# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-23-001009
**Filing Date:** 2023-3
**Character Count:** 750129
**Document Hash:** 9e5cdb20653794e9e7790e295c2c8ef4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-001009.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0000930413-23-001009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck ETF Trust
- **CENTRAL INDEX KEY:** 0001137360
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 23721996

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

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

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

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

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

## Series and Classes Contracts Data

### VanEck Gold Miners ETF (Series ID: S000009191)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000024980 | VanEck Gold Miners ETF | GDX             |

### VanEck Steel ETF (Series ID: S000013721)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000037682 | VanEck Steel ETF | SLX             |

### VanEck Low Carbon Energy ETF (Series ID: S000016884)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000047031 | VanEck Low Carbon Energy ETF | SMOG            |

### VanEck Russia ETF (Series ID: S000016885)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000047032 | VanEck Russia ETF | RSX             |

### VanEck Agribusiness ETF (Series ID: S000018474)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000051120 | VanEck Agribusiness ETF | MOO             |

### VanEck Uranium+Nuclear Energy ETF (Series ID: S000018475)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000051121 | VanEck Uranium+Nuclear Energy ETF | NLR             |

### VanEck Natural Resources ETF (Series ID: S000022364)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000064328 | VanEck Natural Resources ETF | HAP             |

### VanEck Africa Index ETF (Series ID: S000022901)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000066393 | VanEck Africa Index ETF | AFK             |

### VanEck Vietnam ETF (Series ID: S000022905)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000066397 | VanEck Vietnam ETF | VNM             |

### VanEck Indonesia Index ETF (Series ID: S000024065)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000070695 | VanEck Indonesia Index ETF | IDX             |

### VanEck Egypt Index ETF (Series ID: S000024936)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000074143 | VanEck Egypt Index ETF | EGPT            |

### VanEck Brazil Small-Cap ETF (Series ID: S000025533)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000076451 | VanEck Brazil Small-Cap ETF | BRF             |

### VanEck China Growth Leaders ETF (Series ID: S000025865)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000077335 | VanEck China Growth Leaders ETF | GLCN            |

### VanEck Junior Gold Miners ETF (Series ID: S000026955)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000081187 | VanEck Junior Gold Miners ETF | GDXJ            |

### VanEck India Growth Leaders ETF (Series ID: S000027314)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000082390 | VanEck India Growth Leaders ETF | GLIN            |

### VanEck Rare Earth/Strategic Metals ETF (Series ID: S000030045)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000092114 | VanEck Rare Earth/Strategic Metals ETF | REMX            |

### VanEck Russia Small-Cap ETF (Series ID: S000031766)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000098930 | VanEck Russia Small-Cap ETF | RSXJ            |

### VanEck Oil Services ETF (Series ID: S000034408)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000105866 | VanEck Oil Services ETF | OIH             |

### VanEck Israel ETF (Series ID: S000041167)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000127738 | VanEck Israel ETF | ISRA            |

### VanEck ChiNext ETF (Series ID: S000044444)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000138289 | VanEck ChiNext ETF | CNXT            |

### VanEck Oil Refiners ETF (Series ID: S000050231)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000158570 | VanEck Oil Refiners ETF | CRAK            |

### VanEck Green Metals ETF (Series ID: S000073995)

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

### VanEck Bitcoin Strategy ETF (Series ID: S000074020)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000231346 | VanEck Bitcoin Strategy ETF | XBTF            |

### VanEck Future of Food ETF (Series ID: S000074132)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000231700 | VanEck Future of Food ETF | YUMY            |

### VanEck Digital India ETF (Series ID: S000074784)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000232971 | VanEck Digital India ETF | DGIN            |

### VanEck CLO ETF (Series ID: S000076455)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236336 | VanEck CLO ETF | CLOI            |

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<br> (Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017<br> (Address of principal executive offices) (Zip code)

Van Eck Associates Corporation<br> 666 Third Avenue, New York, NY 10017<br> (Name and address of agent for service)

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

Date of fiscal year end: DECEMBER 31

Date of reporting period: DECEMBER 31, 2022

Item 1. Reports to Shareholders

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](x1_c105580x1x1.jpg) | ANNUAL REPORT<br> December 31, 2022 |

---

---

| | |
|:---|:---|
| Agribusiness ETF | MOO |
| Future of Food ETF | YUMY |
| Gold Miners ETF | GDX<sup>®</sup> |
| Green Metals ETF | GMET |
| Junior Gold Miners ETF | GDXJ<sup>®</sup> |
| Low Carbon Energy ETF | SMOG |
| Natural Resources ETF | HAP |
| Oil Refiners ETF | CRAK |
| Oil Services ETF | OIH |
| Rare Earth/Strategic Metals ETF | REMX |
| Steel ETF | SLX |
| Uranium+Nuclear Energy ETF | NLR |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| [President's Letter](#x1_c105809a001) | 1 |
| [Performance Comparison](#x1_c105809a002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#x1_c105809a003) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Future of Food ETF](#x1_c105809a004) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#x1_c105809a005) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Metals ETF](#x1_c105809a006) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#x1_c105809a007) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#x1_c105809a008) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#x1_c105809a009) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#x1_c105809a010) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#x1_c105809a011) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth/Strategic Metals ETF](#x1_c105809a012) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#x1_c105809a013) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium + Nuclear Energy ETF](#x1_c105809a014) | 17 |
| [About Fund Performance](#x1_c105809a015) | 18 |
| [Explanation of Expenses](#x1_c105809a016) | 19 |
| [Schedule of Investments](#x1_c105809a017) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#x1_c105809a018) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Future of Food ETF](#x1_c105809a019) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#x1_c105809a020) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Metals ETF](#x1_c105809a021) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#x1_c105809a022) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#x1_c105809a023) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#x1_c105809a024) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#x1_c105809a025) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#x1_c105809a026) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth/Strategic Metals ETF](#x1_c105809a027) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#x1_c105809a028) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium+Nuclear Energy ETF](#x1_c105809a029) | 52 |
| [Statements of Assets and Liabilities](#x1_c105809a030) | 54 |
| [Statements of Operations](#x1_c105809a031) | 57 |
| [Statements of Changes in Net Assets](#x1_c105809a032) | 60 |
| [Financial Highlights](#x1_c105809a033) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#x1_c105809a034) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Future of Food ETF](#x1_c105809a035) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#x1_c105809a036) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Metals ETF](#x1_c105809a037) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#x1_c105809a038) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#x1_c105809a039) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#x1_c105809a040) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#x1_c105809a041) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#x1_c105809a042) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth/Strategic Metals ETF](#x1_c105809a043) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#x1_c105809a044) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium+Nuclear Energy ETF](#x1_c105809a045) | 77 |
| [Notes to Financial Statements](#x1_c105809a046) | 78 |
| [Report of Independent Registered Public Accounting Firm](#x1_c105809a047) | 87 |
| [Tax Information](#x1_c105809a048) | 89 |
| [Board of Trustees and Officers](#x1_c105809a049) | 90 |
| [Approval of Investment Management Agreements](#x1_c105809a050) | 93 |

---

Certain information contained in this President's Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds' holdings, the Funds' performance, and the views of the investment adviser are as of December 31, 2022.

VANECK ETFs

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act<sup>1</sup>. I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

**<u>Discussion</u>**

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Monetary Policy: Tightening** 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Fiscal Tightening** 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Global Growth is at Low Levels** 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)<sup>2</sup> Because of higher interest rates, bonds

VANECK ETFs

PRESIDENT'S LETTER

(unaudited) (continued)

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105580x4x1.jpg)

*Jan F. van Eck* 

*CEO and President* 

*VanEck ETF Trust*

January 19, 2023

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

*<sup>1</sup> Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.</u>

*<sup>2</sup> What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.</u>

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

***Agribusiness***

From its highest point towards the end of April, the VanEck Agribusiness ETF fell for most of the rest of the year and the Fund lost 7.95% for the 12 month period. Two sectors contributed positively to the Fund's performance—the materials and industrial sectors, with companies in the chemicals segment of the materials sector contributing the most. The primary detractor from the Fund's performance, however, was the healthcare sector, with those companies in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people), contributing most negatively. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in Chile.

***Future of Food***

With market sentiment showing little favor to growth stocks, the VanEck Future of Food ETF had a disappointing year, losing 26.14% for the 12 month period. Only the industrial sector contributed positively to performance and then only minimally. The greatest detractors from performance were the materials and consumer staples sectors. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in China.

The three top positive contributions to the Fund's performance came from: Corteva (5.4% of Fund net assets†), Deere & Company (6.0% of Fund net assets†) and Valmont Industries (3.8% of Fund net assets†). The companies that detracted most from performance were: Oatly Group (1.3% of Fund net assets†), AppHarvest (0.6% of Fund net assets†) and Tattooed Chef (0.2% of Fund net assets†)*.***

***Gold Miners***

The stocks of both major gold miners and their junior peers had a disappointing year. While persistent inflation might usually have been propitious, the U.S. Federal Reserve Bank's raising of interest rates during the year was not. Perhaps affected more than generally by the many uncertainties that abounded in the market and the rising cost of materials, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 14.48% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 8.87% for the 12 month period.

Among the larger mining stocks, companies in China and the Brazil contributed the most to performance. U.S. and Canadian companies detracted the most from performance. Among the juniors, Brazil and Turkey were the strongest contributors, while Canada detracted by far the most from performance.

The three top positive contributions to the VanEck Gold Miners ETF's performance came from: Northern Star Resources (3.8% of Fund net assets†), Alamos Gold (1.7% of Fund net assets†) and Yamana Gold (2.3% of Fund net assets†). The companies that detracted most from performance were: Newmont Corporation (12.6% of Fund net assets†), Newcrest Mining (4.3% of Fund net assets†) and Evolution Mining (1.6% of Fund net assets†).

The three top positive contributions to the VanEck Junior Gold Miners ETF's performance came from: Yamana Gold (6.0% of Fund net assets†), Koza Altin Isletmeleri (1.8% of Fund net assets†) and Alamos Gold (4.2% of Fund net assets†). The companies that detracted most from performance were: Pan American Silver (3.9% of Fund net assets†), Evolution Mining (3.4% of Fund net assets†) and Equinox Gold (0.9% of Fund net assets†).

***Green Metals***

The VanEck Green Metals ETF had a disappointing year, losing 16.99% for the 12 month period, not least reflecting the market's continuing move away from growth stocks. The greatest positive returns came from companies in the Australia. However, their contributions were significantly counterbalanced by losses from Chinese companies operating across much of the spectrum of green metals.

The three top positive contributions to the Fund's performance came from: Glencore (8.6% of Fund net assets†), Albemarle (5.8% of Fund net assets†) and Teck Resources (5.2% of Fund net assets†). The companies that detracted most from performance were: MMC Norilsk Nickel (sold by Fund by period end), China

VANECK ETFs

MANAGEMENT DISCUSSION (continued)

Northern Rare Earth (Group) High-Tech (2.5% of Fund net assets†) and Zhejiang Huayou Cobalt (3.2% of Fund net assets†).

***Low Carbon Energy***

While traditional energy stocks thrived in 2022, in contrast, reflecting amongst other things the market's negative sentiment towards structural growth, the performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 29.52%. While companies in the information technology sector contributed the most positively to performance, their contributions, together with those in the other sectors contributing positively, were counterbalanced by the significant losses from companies in the consumer discretionary sector. Brazil and Spain were the best performing countries. Companies from China and the U.S. detracted by far the most from performance.

The three top positive contributions to the Fund's performance came from: Enphase Energy (5.5% of Fund net assets†), First Solar (2.5% of Fund net assets†) and Vestas Wind Systems (5.7% of Fund net assets†). The companies that detracted most from performance were: Tesla (6.2% of Fund net assets†), NIO (2.9% of Fund net assets†) and XPeng (1.1% of Fund net assets†)

***Natural Resources***

Natural resources stocks had a volatile, but ultimately successful, year with the VanEck Natural Resources ETF gaining 7.10% over the 12 month period under review. During the year, stocks were helped by commodity prices remaining resilient. The energy sector contributed by far the most to performance, while the healthcare sector was the greatest detractor. U.S. companies contributed by far the most to performance, while Russian companies detracted the most.

The three top positive contributions to the Fund's performance came from: Exxon Mobil (5.2% of Fund net assets†), Chevron (3.9% of Fund net assets†) and Deere & Company (5.9% of Fund net assets†). The companies that detracted most from performance were: Bayer (2.5% of Fund net assets†), Kubota (0.6% of Fund net assets†) and Gazprom (sold by the Fund by period end).

***Oil Refiners***

Benefiting from high traditional energy prices, oil refining stocks had a good year with the VanEck Oil Refiners ETF recording a gain of 18.50% over the 12 month period. Exposure to refiners in the U.S. contributed by far the most to the Fund's total return. The only significant negative contributing countries were Taiwan and South Korea.

The three top positive contributions to the Fund's performance came from: Marathon Petroleum (8.3% of Fund net assets†), Valero Energy (6.7% of Fund net assets†) and Phillips 66 (6.9% of Fund net assets†). The companies that detracted most from performance were: SK Innovation (4.3% of Fund net assets†), Formosa Petrochemical (4.3% of Fund net assets†) and Reliance Industries (7.5% of Fund net assets†).

***Oil Services***

On the back of a strong traditional energy sector and high crude oil prices, oil services stocks performed extremely well in 2022 and the VanEck Oil Services ETF ended the 12 month period up 66.14%. The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance and no countries detracted from performance.

The three top positive contributions to the Fund's performance came from: Schlumberger (19.7% of Fund net assets†), Halliburton (11.7% of Fund net assets†) and Helmerich & Payne (4.5% of Fund net assets†). The companies that detracted from performance were: DMC Global (sold by the Fund by period end) and Core Laboratories (0.8% of Fund net assets†). Oil States International (0.6% of Fund net assets†) contributed least positively.

------

***Rare Earth and Strategic Metals***

The VanEck Rare Earth/Strategic Metals ETF had disappointing year in 2022, losing 30.68%. Despite firm lithium prices during the year, the Fund suffered from the continuing rotation in the market out of growth and into value stocks. The majority of the companies in the Fund's portfolio contributed negatively to returns. And of those few companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving rare earths and cobalt.

The three top positive contributions to the Fund's performance came from: Pilbara Minerals (7.3% of Fund net assets†), Sigma Lithium (4.1% of Fund net assets†) and Eramet (2.5% of Fund net assets†). The companies that detracted most from performance were: China Northern Rare Earth (Group) High-Tech (7.5% of Fund net assets†), MP Materials (4.5% of Fund net assets†) and Zhejiang Huayou Cobalt (7.8% of Fund net assets†).

***Steel***

Strong demand and steel consumption, following the restrictions and lockdowns of 2021, resulted in the VanEck Steel ETF recording a gain of 13.87% for the 12 month period. The U.S., followed by Brazil, were the greatest contributors to performance. Only two countries, China and Luxembourg, detracted from performance and, then, only minimally.

The three top positive contributions to the Fund's performance came from: Vale (12.3% of Fund net assets†), Tenaris (5.1% of Fund net assets†) and Steel Dynamics (5.0% of Fund net assets†). The companies that detracted most from performance were: Ternium (4.6% of Fund net assets†), Companhia Siderurgica Nacional (4.4% of Fund net assets†) and ArcelorMittal (4.8% of Fund net assets†).

***Uranium+Nuclear Energy***

Having had a volatile year, stocks in the VanEck Uranium+Nuclear Energy ETF recorded a gain of 2.10% for the 12 month period. Utilities companies were the greatest contributors to the Fund's positive total return, with only the energy sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in Finland were the greatest detractors from performance.

The three top positive contributions to the Fund's performance came from: Constellation Energy (6.4% of Fund net assets†), PG&E (6.1% of Fund net assets†) and Electricite de France (5.0% of Fund net assets†). The companies that detracted most from performance were: Fortum (4.5% of Fund net assets†), Dominion Energy (8.3% of Fund net assets†) and Endesa (4.4% of Fund net assets†).

*<sup>†</sup>All Funds assets referenced are Total Net Assets as of December 31, 2022.*

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVMOOTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (8.12)% | (7.95)% | (7.64)% | (18.11)% |
| Five Year | 8.45% | 8.47% | 8.61% | 9.42% |
| Ten Year | 6.98% | 6.96% | 7.21% | 12.56% |

---

---

| | |
|:---|:---|
| <sup>1</sup> | MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products. |
|  | *Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.* |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x8x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK FUTURE OF FOOD ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MSCI ACWI<sup>1</sup>** |
| One Year | (26.21)% | (26.14)% | (18.36)% |
| Life\* | (23.20)% | (23.31)% | (14.00)% |

---

<sup>\*</sup> *Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 12/01/21.*

<sup>1</sup> MSCI All Country World Index (MSCI ACWI), (NDUEACWF) represents large- and mid-cap companies across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set.

**Hypothetical Growth of $10,000 (Since Inception)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x9x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **GDMNTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (9.05)% | (8.87)% | (8.63)% | (18.11)% |
| Five Year | 5.33% | 5.34% | 5.68% | 9.42% |
| Ten Year | (3.89)% | (3.87)% | (3.52)% | 12.56% |

---

<sup>1</sup> NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x10x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK GREEN METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVGMETTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (17.14)% | (16.99)% | (16.24)% | (18.11)% |
| Life\* | (14.36)% | (14.58)% | (14.11)% | (14.61)% |

---

<sup>\*</sup> *Inception of Fund: 11/9/21; First Day of Secondary Market Trading: 11/10/21.*

<sup>1</sup> MVIS® Global Clean-Tech Metals Index (MVGMETTR) is a global index that tracks the performance of "Green Metals Companies" which are involved in the production, refining, processing and recycling of green metals. "Green metals" are metals used in the applications, products and processes that enable the energy transition from fossil fuels to cleaner energy sources and technologies.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000 (Since Inception)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x11x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVGDXJTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (14.55)% | (14.48)% | (14.27)% | (18.11)% |
| Five Year | 1.83% | 1.77% | 2.27% | 9.42% |
| Ten Year | (6.61)% | (6.61)% | (6.33)% | 12.56% |

---

---

| | |
|:---|:---|
| 1 | MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x12x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVSMOGTR**<sup>1</sup>** | **SPTR**<sup>2</sup>** |
| One Year | (29.89)% | (29.52)% | (29.57)% | (18.11)% |
| Five Year | 13.18% | 13.31% | 13.93% | 9.42% |
| Ten Year | 13.69% | 13.67% | 13.98% | 12.56% |

---

---

| | |
|:---|:---|
| <sup>1</sup> | MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies. |
|  | *Index data prior to April 26, 2021 reflects that of the Ardour Global IndexSM (Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of the MVIS® Global Low Carbon Energy Index (MVSMOGTR). All Index history reflects a blend of the performance of the aforementioned Indexes.* |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x13x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **RVEIT<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | 7.76% | 7.10% | 7.29% | (18.11)% |
| Five Year | 8.66% | 8.66% | 8.73% | 9.42% |
| Ten Year | 5.82% | 5.79% | 5.95% | 12.56% |

---

<sup>1</sup> VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x14x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVCRAKTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | 19.00% | 18.50% | 18.62% | (18.11)% |
| Five Year | 2.73% | 2.92% | 3.02% | 9.42% |
| Life\* | 8.91% | 8.90% | 8.96% | 10.61% |

---

<sup>\*</sup> *Inception of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15.*

<sup>1</sup> MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000 (Since Inception)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x15x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVOIHTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | 66.07% | 66.14% | 66.49% | (18.11)% |
| Five Year | (8.88)% | (8.86)% | (8.90)% | 9.42% |
| Ten Year | (7.33)% | (7.33)% | (7.44)% | 12.56% |

---

<sup>1</sup> MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x16x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVREMXTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (31.08)% | (30.68)% | (32.23)% | (18.11)% |
| Five Year | 0.81% | 1.07% | 0.21% | 9.42% |
| Ten Year | (3.95)% | (3.97)% | (4.49)% | 12.56% |

---

<sup>1</sup> MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x17x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **STEEL<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | 14.10% | 13.87% | 14.66% | (18.11)% |
| Five Year | 9.55% | 9.59% | 10.22% | 9.42% |
| Ten Year | 5.48% | 5.44% | 5.83% | 12.56% |

---

<sup>1</sup> NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x18x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **MVNLRTR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | 2.24% | 2.10% | 2.56% | (18.11)% |
| Five Year | 4.85% | 4.86% | 4.78% | 9.42% |
| Ten Year | 5.71% | 5.70% | 5.57% | 12.56% |

---

---

| | |
|:---|:---|
| <sup>1</sup> | MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
|  | Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes. |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105580x19x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 18 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund's commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of each Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index's performance is not illustrative of the Fund's performance. Indices are not securities in which investments can be made.

The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Green Metal Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index is published by S-Network Global Indexes, LLC (S-Network).

ICE Data, MarketVector and S-Network are referred to herein as the "Index Providers". The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

**Hypothetical $1,000 investment at beginning of period**

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31, 2022(a)** |
| Agribusiness ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1014.00 | 0.54% | $2.74 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.48 | 0.54% | $2.75 |
| Future of Food ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $567.80 | 0.69% | $2.73 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.73 | 0.69% | $3.52 |
| Gold Miners ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1061.10 | 0.51% | $2.65 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.63 | 0.51% | $2.60 |
| Green Metals ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $992.80 | 0.66% | $3.32 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.88 | 0.66% | $3.36 |
| Junior Gold Miners ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1114.20 | 0.52% | $2.77 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.58 | 0.52% | $2.65 |
| Low Carbon Energy ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $899.80 | 0.65% | $3.11 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.93 | 0.65% | $3.31 |
| Natural Resources ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1119.40 | 0.50% | $2.67 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.68 | 0.50% | $2.55 |

---

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period <br> July 1, 2022 - <br> December 31, 2022(a)** |
| Oil Refiners ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1083.50 | 0.61% | $3.20 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.13 | 0.61% | $3.11 |
| Oil Services ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1319.20 | 0.35% | $2.05 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1023.44 | 0.35% | $1.79 |
| Rare Earth/Strategic Metals ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $890.10 | 0.56% | $2.67 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.38 | 0.56% | $2.85 |
| Steel ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1224.50 | 0.56% | $3.14 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.38 | 0.56% | $2.85 |
| Uranium+Nuclear Energy ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1074.70 | 0.61% | $3.19 |
| &nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.13 | 0.61% | $3.11 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(b)</sup> Assumes annual return of 5% before expenses

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 2.7%** |  |  |
| Incitec Pivot Ltd. | 6506955 | $16498555 |
| Treasury Wine Estates Ltd. | 2173910 | 20003832 |
|  |  | 36502387 |
| **Brazil: 3.0%** |  |  |
| Rumo SA | 4398400 | 15536078 |
| Yara International ASA (NOK) | 556177 | 24291210 |
|  |  | 39827288 |
| **Canada: 6.4%** |  |  |
| Nutrien Ltd. (USD) | 1174736 | 85790970 |
| **Chile: 3.0%** |  |  |
| Sociedad Quimica y Minera de Chile SA (ADR) | 510650 | 40770296 |
| **China: 4.7%** |  |  |
| China Mengniu Dairy Co. Ltd. (HKD) \* | 5806000 | 26181572 |
| Wilmar International Ltd. (SGD) | 11754451 | 36570356 |
|  |  | 62751928 |
| **Denmark: 1.0%** |  |  |
| Bakkafrost P/F (NOK) | 169210 | 10505191 |
| Schouw & Co. A/S | 48955 | 3674604 |
|  |  | 14179795 |
| **Germany: 7.7%** |  |  |
| Bayer AG | 1738025 | 89188813 |
| K+S AG | 720494 | 14161275 |
|  |  | 103350088 |
| **Indonesia: 0.2%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 13844045 | 2580244 |
| **Israel: 1.2%** |  |  |
| ICL Group Ltd. (USD) † | 2135390 | 15609701 |
| **Japan: 3.8%** |  |  |
| Kubota Corp. † | 2778730 | 37758603 |
| Maruha Nichiro Corp. | 125800 | 2380984 |
| NH Foods Ltd. | 282800 | 7853297 |
| Nissui Corp. | 882300 | 3655156 |
|  |  | 51648040 |
| **Malaysia: 2.4%** |  |  |
| IOI Corp. Bhd | 7477155 | 6881065 |
| Kuala Lumpur Kepong Bhd | 1339070 | 6805730 |
| PPB Group Bhd | 2034980 | 8056765 |
| Sime Darby Plantation Bhd | 9372500 | 9904065 |
|  |  | 31647625 |
| **Netherlands: 0.8%** |  |  |
| OCI NV | 300832 | 10723331 |
| **Norway: 3.2%** |  |  |
| Leroy Seafood Group ASA | 941930 | 5248700 |
| Mowi ASA | 1576792 | 26721164 |
| Salmar ASA | 267801 | 10444405 |
|  |  | 42414269 |
| **Russia: 0.0%** |  |  |
| PhosAgro PJSC ∞ | 97916 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 1892 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Russia (continued)** |  |  |
| PhosAgro PJSC (USD) (GDR) ∞ | 1 | $0 |
|  |  | 0 |
| **Singapore: 0.7%** |  |  |
| Charoen Pokphand Indonesia Tbk PT (IDR) | 27160100 | 9858866 |
| **Switzerland: 0.8%** |  |  |
| Bucher Industries AG | 25080 | 10460379 |
| **Taiwan: 0.4%** |  |  |
| Taiwan Fertilizer Co. Ltd. | 2804000 | 4876613 |
| **Thailand: 1.0%** |  |  |
| Charoen Pokphand Foods PCL (NVDR) | 18152736 | 12978603 |
| **United Kingdom: 4.5%** |  |  |
| CNH Industrial NV (USD) | 3339983 | 53640127 |
| Genus Plc | 205530 | 7341324 |
|  |  | 60981451 |
| **United States: 52.4%** |  |  |
| AGCO Corp. | 185318 | 25701753 |
| Archer-Daniels-Midland Co. | 812902 | 75477951 |
| Balchem Corp. | 72580 | 8862744 |
| Beyond Meat, Inc. \* † | 187151 | 2303829 |
| Bunge Ltd. | 355203 | 35438603 |
| CF Industries Holdings, Inc. | 457837 | 39007712 |
| Corteva, Inc. | 1296004 | 76179115 |
| Darling Ingredients, Inc. \* | 476716 | 29837655 |
| Deere & Co. | 249894 | 107144552 |
| Elanco Animal Health, Inc. \* | 999984 | 12219805 |
| FMC Corp. | 341499 | 42619075 |
| Mosaic Co. | 922646 | 40476480 |
| Neogen Corp. \* | 594119 | 9048432 |
| Pilgrim's Pride Corp. \* | 160193 | 3801380 |
| Toro Co. | 298101 | 33745033 |
| Tyson Foods, Inc. | 861121 | 53604782 |
| Zoetis, Inc. | 733520 | 107497356 |
|  |  | 702966257 |
| **Total Common Stocks <br> (Cost: $1,421,100,928)** |  | 1339918131 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |  |
| **Money Market Fund: 0.1% <br> (Cost: $1,586,727)** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1586727 | 1586727 |
| **Total Investments: 100.0% <br> (Cost: $1,422,687,655)** |  | 1341504858 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (481849) |
| **NET ASSETS: 100.0%** |  | $1341023009 |

---

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,362,658. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Materials | 31.3% | $419867078 |
| Consumer Staples | 30.7 | 410768799 |
| Industrials | 21.2 | 283986525 |
| Health Care | 16.8 | 225295729 |
|  | 100.0% | $1339918131 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $36502387 | $— | $36502387 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 39827288 |  | 39827288 |
| &nbsp;&nbsp;&nbsp;Canada | 85790970 |  |  | 85790970 |
| &nbsp;&nbsp;&nbsp;Chile | 40770296 |  |  | 40770296 |
| &nbsp;&nbsp;&nbsp;China |  | 62751928 |  | 62751928 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 14179795 |  | 14179795 |
| &nbsp;&nbsp;&nbsp;Germany |  | 103350088 |  | 103350088 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 2580244 |  | 2580244 |
| &nbsp;&nbsp;&nbsp;Israel | 15609701 |  |  | 15609701 |
| &nbsp;&nbsp;&nbsp;Japan |  | 51648040 |  | 51648040 |
| &nbsp;&nbsp;&nbsp;Malaysia | 8056765 | 23590860 |  | 31647625 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 10723331 |  | 10723331 |
| &nbsp;&nbsp;&nbsp;Norway |  | 42414269 |  | 42414269 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 9858866 |  | 9858866 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 10460379 |  | 10460379 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 4876613 |  | 4876613 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 12978603 |  | 12978603 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 53640127 | 7341324 |  | 60981451 |
| &nbsp;&nbsp;&nbsp;United States | 702966257 |  |  | 702966257 |
| Money Market Fund | 1586727 |  |  | 1586727 |
| **Total Investments** | $908420843 | $433084015 | $0 | $1341504858 |

---

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 95.9%** |  |  |
| **Brazil: 2.2%** |  |  |
| Yara International ASA (NOK) | 1385 | $60490 |
| **Canada: 2.3%** |  |  |
| Maple Leaf Foods, Inc. † | 1650 | 29774 |
| Nutrien Ltd. (USD) | 450 | 32864 |
|  |  | 62638 |
| **China: 2.7%** |  |  |
| Vitasoy International Holdings Ltd. (HKD) | 36000 | 74002 |
| **Denmark: 6.8%** |  |  |
| Chr. Hansen Holding A/S | 1506 | 108003 |
| Novozymes A/S | 1518 | 76781 |
|  |  | 184784 |
| **France: 2.4%** |  |  |
| Danone SA | 1221 | 64161 |
| **Germany: 3.2%** |  |  |
| Symrise AG | 789 | 85433 |
| **Ireland: 3.1%** |  |  |
| Kerry Group Plc | 921 | 83703 |
| **Isle of Man: 0.3%** |  |  |
| Agronomics Ltd. \* | 57531 | 8160 |
| **Israel: 0.0%** |  |  |
| Else Nutrition Holdings, Inc. (CAD) \* † | 2502 | 1016 |
| **Japan: 1.8%** |  |  |
| Kubota Corp. | 3600 | 48918 |
| **Mexico: 3.2%** |  |  |
| Orbia Advance Corp. SAB de CV | 48210 | 85350 |
| **Netherlands: 1.0%** |  |  |
| Corbion NV | 795 | 27116 |
| **Norway: 0.2%** |  |  |
| Atlantic Sapphire ASA \* † | 8175 | 6176 |
| **Philippines: 0.8%** |  |  |
| Monde Nissin Corp. 144A | 110700 | 22088 |
| **Sweden: 2.0%** |  |  |
| BioGaia AB | 2460 | 19726 |
| Oatly Group AB (ADR) \* † | 20139 | 35042 |
|  |  | 54768 |
| **Switzerland: 8.4%** |  |  |
| Bucher Industries AG | 162 | 67567 |
| Givaudan SA | 30 | 91833 |
| Nestle SA | 576 | 66494 |
|  |  | 225894 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States: 55.5%** |  |  |
| AgEagle Aerial Systems, Inc. \* | 2532 | $886 |
| AppHarvest, Inc. \* † | 29643 | 16819 |
| Archer-Daniels-Midland Co. | 867 | 80501 |
| Balchem Corp. | 231 | 28207 |
| Ball Corp. | 1383 | 70727 |
| Benson Hill, Inc. \* | 10593 | 27012 |
| Berry Global Group, Inc. | 522 | 31544 |
| Beyond Meat, Inc. \* † | 1192 | 14674 |
| Bunge Ltd. | 1239 | 123615 |
| Cadiz, Inc. \* † | 4329 | 10823 |
| Conagra Brands, Inc. | 1188 | 45976 |
| Corteva, Inc. | 2471 | 145245 |
| Deere & Co. | 375 | 160786 |
| Ecolab, Inc. | 165 | 24017 |
| FMC Corp. | 543 | 67766 |
| Ginkgo Bioworks Holdings, Inc. \* | 6228 | 10525 |
| Ingredion, Inc. | 1533 | 150128 |
| International Flavors & Fragrances, Inc. | 762 | 79888 |
| John Bean Technologies Corp. | 399 | 36441 |
| Kellogg Co. | 585 | 41675 |
| Lindsay Corp. | 498 | 81099 |
| Local Bounti Corp. \* | 4164 | 5788 |
| Tattooed Chef, Inc. \* † | 4148 | 5102 |
| Titan International, Inc. \* | 2535 | 38836 |
| Trimble, Inc. \* | 1299 | 65677 |
| Tyson Foods, Inc. | 456 | 28386 |
| Valmont Industries, Inc. | 306 | 101185 |
|  |  | 1493328 |
| **Total Common Stocks <br> (Cost: $3,257,054)** |  | 2588025 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** |  |
| **Money Market Fund: 2.7%<br> (Cost: $73,186)** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 73186 | 73186 |
| **Total Investments: 98.6% <br> (Cost: $3,330,240)** |  | 2661211 |
| **Other assets less liabilities: 1.4%** | **Other assets less liabilities: 1.4%** | 36673 |
| **NET ASSETS: 100.0%** |  | $2697884 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
| NOK | Norwegian Krone |
| USD | United States Dollar |

---

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| † | Security fully or partially on loan. Total market value of securities on loan is $104,114. |
| \* | 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, and the value amounted $22,088, or 0.8% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of <br> Investments** | **Value** |
| Materials | 39.6% | $1025791 |
| Consumer Staples | 35.6 | 922130 |
| Industrials | 20.7 | 535718 |
| Information Technology | 2.6 | 65677 |
| Health Care | 0.8 | 19726 |
| Utilities | 0.4 | 10823 |
| Financials | 0.3 | 8160 |
|  | 100.0% | $2588025 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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;Brazil | $— | $60490 | $— | $60490 |
| &nbsp;&nbsp;&nbsp;Canada | 62638 |  |  | 62638 |
| &nbsp;&nbsp;&nbsp;China |  | 74002 |  | 74002 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 184784 |  | 184784 |
| &nbsp;&nbsp;&nbsp;France |  | 64161 |  | 64161 |
| &nbsp;&nbsp;&nbsp;Germany |  | 85433 |  | 85433 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 83703 |  | 83703 |
| &nbsp;&nbsp;&nbsp;Isle of Man |  | 8160 |  | 8160 |
| &nbsp;&nbsp;&nbsp;Israel | 1016 |  |  | 1016 |
| &nbsp;&nbsp;&nbsp;Japan |  | 48918 |  | 48918 |
| &nbsp;&nbsp;&nbsp;Mexico | 85350 |  |  | 85350 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 27116 |  | 27116 |
| &nbsp;&nbsp;&nbsp;Norway |  | 6176 |  | 6176 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 22088 |  | 22088 |
| &nbsp;&nbsp;&nbsp;Sweden | 35042 | 19726 |  | 54768 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 225894 |  | 225894 |
| &nbsp;&nbsp;&nbsp;United States | 1493328 |  |  | 1493328 |
| Money Market Fund | 73186 |  |  | 73186 |
| **Total Investments** | $1750560 | $910651 | $— | $2661211 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 13.3%** |  |  |
| Capricorn Metals Ltd. \* ‡ | 19415300 | $60639778 |
| Evolution Mining Ltd. ‡ | 95106505 | 193675761 |
| Gold Road Resources Ltd. † ‡ | 55764287 | 64292600 |
| Newcrest Mining Ltd. | 36969087 | 516336077 |
| Northern Star Resources Ltd. † ‡ | 60084266 | 447846466 |
| OceanaGold Corp. (CAD) \* † ‡ | 36498333 | 69497546 |
| Perseus Mining Ltd. ‡ | 70874043 | 101580825 |
| Regis Resources Ltd. † ‡ | 39131997 | 54855943 |
| Silver Lake Resources Ltd. \* ‡ | 48187172 | 39070300 |
| West African Resources Ltd. \* ‡ | 52936954 | 42653378 |
|  |  | 1590448674 |
| **Brazil: 8.3%** |  |  |
| Wheaton Precious Metals Corp. (USD) | 18136792 | 708785831 |
| Yamana Gold, Inc. (USD) ‡ | 49807520 | 276431736 |
|  |  | 985217567 |
| **Burkina Faso: 0.5%** |  |  |
| IAMGOLD Corp. (USD) \* † ‡ | 24825934 | 64050910 |
| **Canada: 42.0%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 18295883 | 951202957 |
| Alamos Gold, Inc. (USD) ‡ | 20347023 | 205708403 |
| Aya Gold & Silver, Inc. \* † ‡ | 5440812 | 36219878 |
| B2Gold Corp. (USD) † ‡ | 55694542 | 198829515 |
| Barrick Gold Corp. (USD) | 70705926 | 1214727809 |
| Dundee Precious Metals, Inc. ‡ | 9872633 | 47434105 |
| Endeavour Silver Corp. (USD) \* † ‡ | 9828212 | 31843407 |
| Equinox Gold Corp. (USD) \* † ‡ | 15810646 | 51858919 |
| First Majestic Silver Corp. (USD) † ‡ | 13618783 | 113580650 |
| Fortuna Silver Mines, Inc. (USD) \* † ‡ | 15039606 | 56398522 |
| Franco-Nevada Corp. (USD) | 7691309 | 1049709852 |
| K92 Mining, Inc. \* † ‡ | 12076502 | 68361763 |
| Kinross Gold Corp. (USD) † ‡ | 65092456 | 266228145 |
| New Gold, Inc. (USD) \* ‡ | 35362806 | 34655550 |
| Osisko Gold Royalties Ltd. (USD) † ‡ | 9557838 | 115363105 |
| Pan American Silver Corp. (USD) ‡ | 10911292 | 178290511 |
| Sandstorm Gold Ltd. (USD) † ‡ | 15456059 | 81298870 |
| SilverCrest Metals, Inc. (USD) \* † ‡ | 7603879 | 45623274 |
| SSR Mining, Inc. (USD) ‡ | 10708019 | 167794658 |
| Torex Gold Resources, Inc. \* ‡ | 4449177 | 51060705 |
| Wesdome Gold Mines Ltd. \* ‡ | 7384974 | 40768741 |
|  |  | 5006959339 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **China: 4.6%** |  |  |
| Zhaojin Mining Industry Co. Ltd. (HKD) \* † ‡ | 135245000 | $149510918 |
| Zijin Mining Group Co. Ltd. (HKD) ‡ | 297340000 | 399648130 |
|  |  | 549159048 |
| **Egypt: 0.7%** |  |  |
| Centamin Plc (GBP) ‡ | 59937312 | 81495953 |
| **Kyrgyzstan: 0.5%** |  |  |
| Centerra Gold, Inc. (CAD) ‡ | 11406803 | 59014494 |
| **Peru: 0.8%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) † ‡ | 13149730 | 97965488 |
| **South Africa: 5.2%** |  |  |
| DRDGOLD Ltd. (ADR) † ‡ | 4481052 | 33159785 |
| Gold Fields Ltd. (ADR) † ‡ | 46198984 | 478159484 |
| Harmony Gold Mining Co. Ltd. (ADR) † ‡ | 32034009 | 108915631 |
|  |  | 620234900 |
| **Tanzania: 3.5%** |  |  |
| AngloGold Ashanti Ltd. (ADR) ‡ | 21691565 | 421250192 |
| **Turkey: 0.7%** |  |  |
| Eldorado Gold Corp. (USD) \* ‡ | 9574329 | 80041390 |
| **United Kingdom: 2.3%** |  |  |
| Endeavour Mining Plc (CAD) † ‡ | 12746407 | 272623252 |
| **United States: 17.7%** |  |  |
| Coeur Mining, Inc. \* ‡ | 14560702 | 48923959 |
| Hecla Mining Co. ‡ | 31423391 | 174714054 |
| Newmont Corp. | 31851867 | 1503408122 |
| Royal Gold, Inc. ‡ | 3402236 | 383500043 |
|  |  | 2110546178 |
| **Total Common Stocks**<br> (Cost: $12,022,894,396) |  | 11939007385 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%** |  |
| **Money Market Fund: 1.0%**<br> (Cost: $120,829,768) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 120829768 | 120829768 |
| **Total Investments: 101.1%**<br> (Cost: $12,143,724,164) |  | 12059837153 |
| **Liabilities in excess of other assets: (1.1)%** |  | (125793555) |
| **NET ASSETS: 100.0%** |  | $11934043598 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $225,906,317. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | | |
| **Excluding Collateral for Securities Loaned** | **% of**<br>**Investments** |<br>**Value** |
| Gold | 94.5% | $11302337088 |
| Silver | 5.1 | 591047023 |
| Precious Metals & Minerals | 0.4 | 45623274 |
|  | 100.0% | $11939007385 |

---

See Notes to Financial Statements

------

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Value**<br>**12/31/2021** |<br><br>**Purchases** |<br>**Sales**<br>**Proceeds** |<br>**Realized Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value**<br>**12/31/2022** |
| Alamos Gold, Inc. | $–(a) | $73875892 | $(50671182) | $8411191 | $1980991 | $39312079 | $205708403 |
| AngloGold Ashanti Ltd. | –(a) | 190954945 | (119069001) | 3099864 | 9084881 | (44847629) | 421250192 |
| Aya Gold & Silver, Inc. | –(a) | 15914527 | (10562557) | (849877) |  | (3634438) | 36219878 |
| B2Gold Corp. | –(a) | 98809388 | (59599911) | 4765179 | 8582209 | (30390800) | 198829515 |
| Capricorn Metals Ltd. | –(a) | 23671009 | (15100138) | 974011 |  | 10021790 | 60639778 |
| Centamin Plc | –(a) | 30691285 | (21449329) | (3741765) | 4492785 | 13429240 | 81495953 |
| Centerra Gold, Inc. | –(a) | 53323860 | (46803411) | (19840031) | 3047773 | (30007563) | 59014494 |
| Cia de Minas Buenaventura SAA | –(a) | 51379755 | (30618936) | (9823722) | 958770 | 4097104 | 97965488 |
| Coeur Mining, Inc. | –(a) | 29612046 | (15528574) | (8241029) |  | (14747318) | 48923959 |
| DRDGOLD Ltd. | –(a) | 15966814 | (9685019) | (2968018) | 1409122 | (2893279) | 33159785 |
| Dundee Precious Metals, Inc. | –(a) | 25131009 | (16250600) | 1225686 | 1583520 | (15576898) | 47434105 |
| Eldorado Gold Corp. | –(a) | 39122071 | (23499530) | (8473101) |  | (3366108) | 80041390 |
| Endeavour Mining Plc | –(a) | 134400455 | (89163876) | 9951800 | 8371248 | (26075996) | 272623252 |
| Endeavour Silver Corp. | –(a) | 19891318 | (9714659) | (2502879) |  | (7963462) | 31843407 |
| Equinox Gold Corp. | –(a) | 44244431 | (23443964) | (9199858) |  | (50504810) | 51858919 |
| Evolution Mining Ltd. | –(a) | 109906932 | (63256454) | (11342305) | 3791177 | (84300525) | 193675761 |
| First Majestic Silver Corp. | –(a) | 68786735 | (37539554) | (2896245) | 351509 | (42077210) | 113580650 |
| Fortuna Silver Mines, Inc. | –(a) | 24495443 | (15480815) | (2658432) |  | (746507) | 56398523 |
| Gold Fields Ltd. | –(a) | 235767976 | (147768809) | 40998789 | 14715196 | (86483138) | 478159484 |
| Gold Road Resources Ltd. | –(a) | 31006945 | (14609513) | (361266) | 492166 | 3151800 | 64292600 |
| Harmony Gold Mining Co. Ltd. | 113149948 | 58090129 | (33256594) | (2757961) | 1253161 | (26309891) | 108915631 |
| Hecla Mining Co. | –(a) | 81721895 | (38826611) | 5228955 | 624751 | 1151837 | 174714054 |
| IAMGOLD Corp. | –(a) | 27923069 | (15605865) | (8660258) |  | (6260898) | 64050910 |
| K92 Mining, Inc. | –(a) | 36067974 | (19722625) | (900107) |  | (3083763) | 68361763 |
| Kinross Gold Corp. | –(a) | 154596285 | (98564648) | (15740934) | 7959339 | (99235435) | 266228145 |
| New Gold, Inc. | –(a) | 22284564 | (12598485) | (690722) |  | (19947146) | 34655550 |
| Northern Star Resources Ltd. | –(a) | 184574521 | (119815006) | (12313509) | 8604514 | 37992577 | 447846466 |
| OceanaGold Corp. | –(a) | 33851367 | (20936200) | (4083009) |  | 5910732 | 69497545 |
| Osisko Gold Royalties Ltd. | –(a) | 59894537 | (32940009) | 168372 | 1558409 | (2810419) | 115363105 |
| Pan American Silver Corp. | –(a) | 114414190 | (66594010) | (1238264) | 4800935 | (102792615) | 178290511 |
| Perseus Mining Ltd. | –(a) | 48448473 | (25372011) | 7289689 | 1145960 | 6393509 | 101580825 |
| Regis Resources Ltd. | –(a) | 24139475 | (15302120) | (7332452) | 496729 | 5420214 | 54855943 |
| Royal Gold, Inc. | –(a) | 185756692 | (116713925) | 9601492 | 4600527 | (3512728) | 383500042 |
| Sandstorm Gold Ltd. | –(a) | 60518144 | (15842822) | 2206118 | 659974 | (18578025) | 81298870 |
| Silver Lake Resources Ltd. | –(a) | 30305067 | (14917174) | (2958766) |  | (24580289) | 39070300 |
| SilverCrest Metals, Inc. |  | 48320708 |  |  |  | (2697434) | 45623274 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows: (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Value**<br>**12/31/2021** |<br><br>**Purchases** |<br>**Sales**<br>**Proceeds** |<br>**Realized Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value**<br>**12/31/2022** |
| SSR Mining, Inc. | –(a) | 95842312 | (61940674) | 8104586 | 3039411 | (41608502) | 167794658 |
| Torex Gold Resources, Inc. | –(a) | 21142480 | (13485519) | (3227611) |  | 6768788 | 51060705 |
| Wesdome Gold Mines Ltd. | –(a) | 33716679 | (17758408) | (1109157) |  | (31126900) | 40768741 |
| West African Resources Ltd. | –(a) | 21167084 | (13959207) | (1121314) |  | (7544624) | 42653378 |
| Yamana Gold, Inc. | –(a) | 116985687 | (77029674) | 11948220 | 5965522 | 43032869 | 276431736 |
| Zhaojin Mining Industry Co. Ltd. | –(a) | 55866545 | (37340930) | (4139267) |  | 35362692 | 149510918 |
| Zijin Mining Group Co. Ltd. | –(a) | 174750590 | (116779097) | 56479983 | 8608268 | (20914881) | 399648130 |
|  | $113149948 | $3007331303 | $(1805117446) | $21282076 | $108178847 | $(642574000) | $5994836736 |

---

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

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1**<br>**Quoted**<br>**Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $69497546 | $1520951128 | $— | $1590448674 |
| &nbsp;&nbsp;&nbsp;Brazil | 985217567 |  |  | 985217567 |
| &nbsp;&nbsp;&nbsp;Burkina Faso | 64050910 |  |  | 64050910 |
| &nbsp;&nbsp;&nbsp;Canada | 5006959339 |  |  | 5006959339 |
| &nbsp;&nbsp;&nbsp;China |  | 549159048 |  | 549159048 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 81495953 |  | 81495953 |
| &nbsp;&nbsp;&nbsp;Kyrgyzstan | 59014494 |  |  | 59014494 |
| &nbsp;&nbsp;&nbsp;Peru | 97965488 |  |  | 97965488 |
| &nbsp;&nbsp;&nbsp;South Africa | 620234900 |  |  | 620234900 |
| &nbsp;&nbsp;&nbsp;Tanzania | 421250192 |  |  | 421250192 |
| &nbsp;&nbsp;&nbsp;Turkey | 80041390 |  |  | 80041390 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 272623252 |  |  | 272623252 |
| &nbsp;&nbsp;&nbsp;United States | 2110546178 |  |  | 2110546178 |
| Money Market Fund | 120829768 |  |  | 120829768 |
| **Total Investments** | $9908231024 | $2151606129 | $— | $12059837153 |

---

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 17.2%** |  |  |
| Allkem Ltd. \* | 43939 | $331549 |
| Glencore Plc (GBP) | 292593 | 1941435 |
| IGO Ltd. | 33862 | 308519 |
| Iluka Resources Ltd. | 18067 | 115755 |
| Lynas Rare Earths Ltd. \* | 55731 | 292622 |
| OZ Minerals Ltd. | 20612 | 386978 |
| Pilbara Minerals Ltd. \* | 206573 | 521020 |
|  |  | 3897878 |
| **Canada: 7.3%** |  |  |
| Hudbay Minerals, Inc. (USD) | 11327 | 57428 |
| Ivanhoe Mines Ltd. \* | 32926 | 260016 |
| Lithium Americas Corp. (USD) \* † | 7619 | 144380 |
| Teck Resources Ltd. (USD) | 31065 | 1174878 |
|  |  | 1636702 |
| **Chile: 1.2%** |  |  |
| Lundin Mining Corp. (CAD) | 42933 | 263311 |
| **China: 26.6%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 23000 | 187098 |
| Chengxin Lithium Group Co. Ltd. | 52600 | 283639 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 154468 | 556928 |
| China Rare Earth Resources And Technology Co. Ltd. \* | 43100 | 204288 |
| Ganfeng Lithium Group Co. Ltd. | 97020 | 972040 |
| GEM Co. Ltd. | 342600 | 367423 |
| Inner Mongolia Xingye Mining Co. Ltd. \* | 72700 | 63796 |
| Jiangxi Copper Co. Ltd. | 109503 | 274827 |
| MMG Ltd. (HKD) \* | 204000 | 51962 |
| Nanjing Hanrui Cobalt Co. Ltd. | 15700 | 90754 |
| Ningbo Shanshan Co. Ltd. | 84100 | 220616 |
| Shenghe Resources Holding Co. Ltd. | 87400 | 176172 |
| Tianqi Lithium Corp. \* | 81200 | 925272 |
| Tongling Nonferrous Metals Group Co. Ltd. | 487900 | 219136 |
| Western Mining Co. Ltd. | 122300 | 179276 |
| Youngy Co. Ltd. \* | 14500 | 204318 |
| Yunnan Copper Co. Ltd. | 91100 | 154266 |
| Yunnan Tin Co. Ltd. | 69700 | 141355 |
| Zhejiang Huayou Cobalt Co. Ltd. | 90230 | 722225 |
|  |  | 5995391 |
| **Germany: 0.8%** |  |  |
| Aurubis AG | 2307 | 187231 |
| **Japan: 3.0%** |  |  |
| Mitsubishi Materials Corp. | 6200 | 97455 |
| Sumitomo Metal Mining Co. Ltd. | 17100 | 597664 |
|  |  | 695119 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Liechtenstein: 2.3%** |  |  |
| Antofagasta Plc (GBP) | 28185 | $523513 |
| **Mexico: 5.2%** |  |  |
| Grupo Mexico SAB de CV | 228300 | 801447 |
| Southern Copper Corp. (USD) | 6234 | 376471 |
|  |  | 1177918 |
| **Poland: 1.1%** |  |  |
| KGHM Polska Miedz SA | 8503 | 247056 |
| **Russia: 0.0%** |  |  |
| MMC Norilsk Nickel PJSC ∞ | 4405 | 0 |
| MMC Norilsk Nickel PJSC (ADR) ∞ | 2 | 0 |
|  |  | 0 |
| **South Africa: 15.1%** |  |  |
| Anglo American Platinum Ltd. | 4083 | 340278 |
| Anglo American Plc (GBP) | 48345 | 1883710 |
| Impala Platinum Holdings Ltd. | 48748 | 611754 |
| Northam Platinum Holdings Ltd. \* | 13371 | 147093 |
| Sibanye Stillwater Ltd. (ADR) † | 39938 | 425739 |
|  |  | 3408574 |
| **Sweden: 2.4%** |  |  |
| Boliden AB | 14436 | 543047 |
| **United States: 14.9%** |  |  |
| Albemarle Corp. | 6080 | 1318509 |
| Freeport-McMoRan, Inc. | 43757 | 1662766 |
| Livent Corp. \* | 9993 | 198561 |
| MP Materials Corp. \* | 7679 | 186446 |
|  |  | 3366282 |
| **Zambia: 2.9%** |  |  |
| First Quantum Minerals Ltd. (CAD) | 31471 | 657083 |
| **Total Common Stocks**<br> (Cost: $26,809,490) |  | 22599105 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** |  |
| **Money Market Fund: 2.5%**<br> (Cost: $555,578) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 555578 | 555578 |
| **Total Investments: 102.5%**<br> (Cost: $27,365,068) |  | 23154683 |
| **Liabilities in excess of other assets: (2.5)%** |  | (564257) |
| **NET ASSETS: 100.0%** |  | $22590426 |

---

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $537,745. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | | |
| **Excluding Collateral for Securities Loaned** | **% of**<br>**Investments** |<br>**Value** |
| Diversified Metals & Mining | 57.3% | $12987908 |
| Copper | 22.0 | 4952638 |
| Specialty Chemicals | 11.8 | 2662958 |
| Precious Metals & Minerals | 6.8 | 1524864 |
| Forest Products | 1.3 | 283639 |
| Electrical Components & Equipment | 0.8 | 187098 |
|  | 100.0% | $22599105 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1**<br>**Quoted**<br>**Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $3897878 | $— | $3897878 |
| &nbsp;&nbsp;&nbsp;Canada | 1636702 |  |  | 1636702 |
| &nbsp;&nbsp;&nbsp;Chile | 263311 |  |  | 263311 |
| &nbsp;&nbsp;&nbsp;China |  | 5995391 |  | 5995391 |
| &nbsp;&nbsp;&nbsp;Germany |  | 187231 |  | 187231 |
| &nbsp;&nbsp;&nbsp;Japan |  | 695119 |  | 695119 |
| &nbsp;&nbsp;&nbsp;Liechtenstein |  | 523513 |  | 523513 |
| &nbsp;&nbsp;&nbsp;Mexico | 1177918 |  |  | 1177918 |
| &nbsp;&nbsp;&nbsp;Poland |  | 247056 |  | 247056 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;South Africa | 572832 | 2835742 |  | 3408574 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 543047 |  | 543047 |
| &nbsp;&nbsp;&nbsp;United States | 3366282 |  |  | 3366282 |
| &nbsp;&nbsp;&nbsp;Zambia | 657083 |  |  | 657083 |
| Money Market Fund | 555578 |  |  | 555578 |
| **Total Investments** | $8229706 | $14924977 | $0 | $23154683 |

---

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 17.3%** |  |  |
| Alkane Resources Ltd. \* † | 20039365 | $7291646 |
| Aurelia Metals Ltd. \* † | 47928981 | 4036032 |
| Australian Strategic Materials Ltd. \* | 1 | 1 |
| Bellevue Gold Ltd. \* † | 32567485 | 25159453 |
| Capricorn Metals Ltd. \* | 13616557 | 42528572 |
| Dacian Gold Ltd. \* | 10396606 | 707542 |
| De Grey Mining Ltd. \* † | 57497494 | 50435081 |
| Evolution Mining Ltd. | 62357574 | 126985537 |
| Firefinch Ltd. \* †∞ | 54133739 | 1651986 |
| Gold Road Resources Ltd. | 43256066 | 49871434 |
| Kingsgate Consolidated Ltd. \* † | 10582018 | 12402935 |
| OceanaGold Corp. (CAD) \* † | 26946669 | 51309942 |
| Perseus Mining Ltd. | 54946610 | 78752697 |
| Ramelius Resources Ltd. † | 41687243 | 26547588 |
| Red 5 Ltd. \* † | 89492618 | 12631046 |
| Regis Resources Ltd. † | 28157845 | 39472177 |
| Resolute Mining Ltd. \* † | 40260968 | 5422644 |
| Silver Lake Resources Ltd. \* | 35594421 | 28860061 |
| Silver Mines Ltd. \* † | 61790031 | 8482951 |
| St Barbara Ltd. \* † | 27348096 | 14560589 |
| Tietto Minerals Ltd. \* | 39456992 | 18920412 |
| West African Resources Ltd. \* † | 39109128 | 31511757 |
| Westgold Resources Ltd. \* | 15394391 | 9149755 |
|  |  | 646691838 |
| **Brazil: 6.0%** |  |  |
| Yamana Gold, Inc. (USD) | 40453656 | 224517791 |
| **Burkina Faso: 1.1%** |  |  |
| IAMGOLD Corp. (USD) \* † | 16048740 | 41405749 |
| **Canada: 51.5%** |  |  |
| Alamos Gold, Inc. (USD) | 15586887 | 157583428 |
| Americas Gold & Silver Corp. (USD) \* † | 8810882 | 5007224 |
| Archer Exploration Corp. † | 1728768 | 382767 |
| Aris Mining Corp. † | 5987186 | 14802814 |
| Arizona Metals Corp. \* † | 4732977 | 15055265 |
| Artemis Gold, Inc. \* † | 6188753 | 20051386 |
| Aya Gold & Silver, Inc. \* † | 4267308 | 28407777 |
| B2Gold Corp. (USD) | 36463444 | 130174495 |
| Calibre Mining Corp. \* † | 14638580 | 9723401 |
| Dakota Gold Corp. (USD) \* | 2659304 | 8110877 |
| Discovery Silver Corp. \* † | 10910792 | 11031983 |
| Dundee Precious Metals, Inc. | 6448884 | 30984342 |
| Endeavour Silver Corp. (USD) \* | 8163600 | 26450064 |
| Equinox Gold Corp. (USD) \* † | 10661599 | 34970045 |
| Filo Mining Corp. \* † | 3968508 | 68067549 |
| First Majestic Silver Corp. (USD) † | 10313105 | 86011296 |
| Fortuna Silver Mines, Inc. (USD) \* | 12354467 | 46329251 |
| Gatos Silver, Inc. (USD) \* † | 1619073 | 6622009 |
| Gold Royalty Corp. (USD) † | 5091294 | 11862715 |
| GoldMining, Inc. (USD) \* † | 7588500 | 8575005 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Canada (continued)** |  |  |
| i-80 Gold Corp. \* † | 6319054 | $17628713 |
| K92 Mining, Inc. \* † | 8719908 | 49361005 |
| Karora Resources, Inc. \* † | 6951833 | 23857724 |
| Kinross Gold Corp. (USD) † | 48059033 | 196561445 |
| Liberty Gold Corp. \* † | 12009395 | 4963476 |
| Lundin Gold, Inc. † | 4052501 | 39569422 |
| MAG Silver Corp. (USD) \* † | 3498318 | 54678710 |
| Marathon Gold Corp. \* † | 16634819 | 13013697 |
| Maverix Metals, Inc. (USD) † | 2537226 | 11874218 |
| McEwen Mining, Inc. (USD) \* † | 1882870 | 11033618 |
| Metalla Royalty & Streaming Ltd. (USD) \* † | 1936937 | 9510361 |
| New Found Gold Corp. \* † | 3073245 | 12361478 |
| New Gold, Inc. (USD) \* | 25130809 | 24628193 |
| New Pacific Metals Corp. \* † | 4272862 | 9460560 |
| Novagold Resources, Inc. (USD) \* | 8771418 | 52453080 |
| Orla Mining Ltd. \* † | 8953193 | 36210559 |
| Osisko Gold Royalties Ltd. (USD) † | 5980748 | 72187628 |
| Osisko Mining, Inc. \* † | 11131013 | 28752755 |
| Pan American Silver Corp. (USD) † | 8962576 | 146448492 |
| Prime Mining Corp. \* † | 3614888 | 5069034 |
| Sabina Gold & Silver Corp. \* † | 17898928 | 17569338 |
| Sandstorm Gold Ltd. (USD) | 10847613 | 57058444 |
| Seabridge Gold, Inc. (USD) \* † | 3307150 | 41603947 |
| Silvercorp Metals, Inc. (USD) | 7534234 | 22301333 |
| SilverCrest Metals, Inc. (USD) \* † | 6233713 | 37402278 |
| Skeena Resources Ltd. \* † | 2987679 | 15898126 |
| SSR Mining, Inc. (USD) | 7512649 | 117723210 |
| Sulliden Mining Capital, Inc. \* | 1689990 | 43654 |
| Torex Gold Resources, Inc. \* † | 2874538 | 32989458 |
| Victoria Gold Corp. \* † | 1727478 | 9115811 |
| Wallbridge Mining Co. Ltd. \* † | 31655270 | 4205283 |
| Wesdome Gold Mines Ltd. \* † | 5112521 | 28223667 |
|  |  | 1923962410 |
| **China: 1.5%** |  |  |
| Real Gold Mining Ltd. (HKD) \*∞ | 19287400 | 2 |
| Zhaojin Mining Industry Co. Ltd. (HKD) \* | 51147200 | 56542311 |
|  |  | 56542313 |
| **Egypt: 1.5%** |  |  |
| Centamin Plc (GBP) | 39830678 | 54157234 |
| **Indonesia: 1.1%** |  |  |
| Bumi Resources Minerals Tbk PT \* | 3865578800 | 39501202 |

---

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Jersey, Channel Islands: 0.2%** |  |  |
| Caledonia Mining Corp. Plc (USD) | 478502 | $5933425 |
| **Kyrgyzstan: 0.4%** |  |  |
| Centerra Gold, Inc. (CAD) † | 3180351 | 16453936 |
| **Mexico: 3.5%** |  |  |
| GoGold Resources, Inc. (CAD) \* † | 12029531 | 19265716 |
| Industrias Penoles SAB de CV \* † | 8934663 | 109881145 |
|  |  | 129146861 |
| **Peru: 2.1%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) † | 8677898 | 64650340 |
| Hochschild Mining Plc (GBP) | 15229857 | 12881196 |
|  |  | 77531536 |
| **South Africa: 2.3%** |  |  |
| DRDGOLD Ltd. (ADR) † | 2067716 | 15301098 |
| Harmony Gold Mining Co. Ltd. (ADR) † | 21285095 | 72369323 |
|  |  | 87670421 |
| **Turkey: 3.2%** |  |  |
| Eldorado Gold Corp. (USD) \* † | 6450192 | 53923605 |
| Koza Altin Isletmeleri AS | 2188282 | 66050905 |
|  |  | 119974510 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United Kingdom: 4.0%** |  |  |
| Endeavour Mining Plc | 6117166 | $128730177 |
| Greatland Gold Plc \* † | 218243297 | 21001996 |
|  |  | 149732173 |
| **United States: 4.3%** |  |  |
| Argonaut Gold, Inc. (CAD) \* † | 28755854 | 11035864 |
| Aura Minerals, Inc. (BRL) (BDR) | 1646773 | 9304278 |
| Coeur Mining, Inc. \* | 9006282 | 30261107 |
| Gold Resource Corp. † | 4016780 | 6145673 |
| Hecla Mining Co. | 18849171 | 104801391 |
|  |  | 161548313 |
| **Total Common Stocks**<br> (Cost: $4,422,392,574) |  | 3734769712 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%** |  |
| **Money Market Fund: 4.2%**<br> (Cost: $157,686,725) |  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio | 157686725 | 157686725 |
| **Total Investments: 104.2%**<br> (Cost: $4,580,079,299) |  | 3892456437 |
| **Liabilities in excess of other assets: (4.2)%** |  | (155445365) |
| **NET ASSETS: 100.0%** |  | $3737011072 |

---

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $217,017,532. |
| \* | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | | |
| **Excluding Collateral for Securities Loaned** | **% of**<br>**Investments** |<br>**Value** |
| Gold | 76.8% | $2866316383 |
| Silver | 15.3 | 570291534 |
| Precious Metals & Minerals | 4.2 | 156837438 |
| Diversified Metals & Mining | 3.7 | 141324357 |
|  | 100.0% | $3734769712 |

---

See Notes to Financial Statements

------

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Value**<br>**12/31/2021** |<br><br>**Purchases** |<br>**Sales**<br>**Proceeds** |<br>**Realized Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value**<br>**12/31/2022** |
| Silver Mines Ltd. | $10965205 | $1932563 | $(2819133) | $(454532) | $– | $(1141152) | $–(a) |
| Silvercorp Metals, Inc. | 35008409 | 5510115 | (11506953) | (5735376) | 191415 | (974861) | –(a) |
|  | $45973614 | $7442678 | $(14326086) | $(6189908) | $191415 | $(2116013) | $– |

---

(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 December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1**<br>**Quoted**<br>**Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $51309942 | $593729910 | $1651986 | $646691838 |
| &nbsp;&nbsp;&nbsp;Brazil | 224517791 |  |  | 224517791 |
| &nbsp;&nbsp;&nbsp;Burkina Faso | 41405749 |  |  | 41405749 |
| &nbsp;&nbsp;&nbsp;Canada | 1923962410 |  |  | 1923962410 |
| &nbsp;&nbsp;&nbsp;China |  | 56542311 | 2 | 56542313 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 54157234 |  | 54157234 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 39501202 |  | 39501202 |
| &nbsp;&nbsp;&nbsp;Jersey, Channel Islands | 5933425 |  |  | 5933425 |
| &nbsp;&nbsp;&nbsp;Kyrgyzstan | 16453936 |  |  | 16453936 |
| &nbsp;&nbsp;&nbsp;Mexico | 129146861 |  |  | 129146861 |
| &nbsp;&nbsp;&nbsp;Peru | 64650340 | 12881196 |  | 77531536 |
| &nbsp;&nbsp;&nbsp;South Africa | 87670421 |  |  | 87670421 |
| &nbsp;&nbsp;&nbsp;Turkey | 53923605 | 66050905 |  | 119974510 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 21001996 | 128730177 |  | 149732173 |
| &nbsp;&nbsp;&nbsp;United States | 152244035 | 9304278 |  | 161548313 |
| Money Market Fund | 157686725 |  |  | 157686725 |
| **Total Investments** | $2929907236 | $960897213 | $1651988 | $3892456437 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Austria: 0.6%** |  |  |
| Verbund AG | 13182 | $1104763 |
| **Brazil: 2.9%** |  |  |
| Centrais Eletricas Brasileiras SA (ADR) † | 551877 | 4376385 |
| Cia Energetica de Minas Gerais (ADR) † | 459891 | 933579 |
| Cia Paranaense de Energia (ADR) | 70023 | 503465 |
|  |  | 5813429 |
| **Canada: 3.0%** |  |  |
| Ballard Power Systems, Inc. (USD) \* † | 103341 | 495003 |
| Boralex, Inc. † | 36436 | 1076179 |
| Canadian Solar, Inc. (USD) \* † | 16994 | 525115 |
| Innergex Renewable Energy, Inc. | 54075 | 646529 |
| Northland Power, Inc. | 100003 | 2740405 |
| TransAlta Renewables, Inc. | 43503 | 361201 |
|  |  | 5844432 |
| **Chile: 0.5%** |  |  |
| Enel Americas SA | 7869905 | 1048459 |
| **China: 14.6%** |  |  |
| BYD Co. Ltd. (HKD) | 295500 | 7250254 |
| China Everbright Environment Group Ltd. (HKD) | 1427000 | 635454 |
| China Longyuan Power Group Corp. Ltd. (HKD) | 708000 | 860692 |
| Daqo New Energy Corp. (ADR) \* | 22773 | 879265 |
| GCL Technology Holdings Ltd. (HKD) \* † | 8286000 | 2090833 |
| JinkoSolar Holding Co. Ltd. (ADR) \* † | 14095 | 576204 |
| Li Auto, Inc. (ADR) \* | 246590 | 5030436 |
| NIO, Inc. (ADR) \* | 583074 | 5684971 |
| Xinyi Solar Holdings Ltd. (HKD) | 2212000 | 2434119 |
| XPeng, Inc. (ADR) \* † | 224182 | 2228369 |
| Zhejiang Leapmotor Technologies Ltd. (HKD) 144A \* | 334500 | 1285660 |
|  |  | 28956257 |
| **Denmark: 9.6%** |  |  |
| Orsted AS 144A | 77095 | 6948767 |
| ROCKWOOL International A/S | 3097 | 722826 |
| Vestas Wind Systems A/S | 390984 | 11370800 |
|  |  | 19042393 |
| **France: 0.5%** |  |  |
| Neoen SA 144A | 21964 | 885542 |
| **Germany: 0.8%** |  |  |
| Encavis AG | 45938 | 905666 |
| Nordex SE \* | 50962 | 715096 |
|  |  | 1620762 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Ireland: 1.2%** | | |
| Kingspan Group Plc | 42954 | $2318744 |
| **Italy: 7.3%** |  |  |
| Enel SpA | 2560432 | 13729201 |
| ERG SpA | 22667 | 700430 |
|  |  | 14429631 |
| **Japan: 0.3%** |  |  |
| Horiba Ltd. † | 15084 | 650439 |
| **New Zealand: 2.0%** |  |  |
| Contact Energy Ltd. | 274520 | 1338232 |
| Mercury NZ Ltd. † | 271130 | 954135 |
| Meridian Energy Ltd. | 515447 | 1707857 |
|  |  | 4000224 |
| **Norway: 0.6%** |  |  |
| NEL ASA \* † | 637119 | 897362 |
| Scatec ASA 144A | 42745 | 341999 |
|  |  | 1239361 |
| **Portugal: 1.1%** |  |  |
| EDP Renovaveis SA | 97867 | 2150105 |
| **South Korea: 5.2%** |  |  |
| Hanwha Solutions Corp. \* | 42095 | 1439382 |
| Samsung SDI Co. Ltd. \* | 18776 | 8816127 |
|  |  | 10255509 |
| **Spain: 9.0%** |  |  |
| Acciona SA | 10060 | 1845824 |
| Atlantica Sustainable Infrastructure Plc (USD) | 27240 | 705516 |
| Iberdrola SA | 1319102 | 15352490 |
|  |  | 17903830 |
| **Sweden: 2.8%** |  |  |
| Nibe Industrier AB | 588562 | 5501598 |
| **Switzerland: 0.3%** |  |  |
| Landis+Gyr Group AG | 8718 | 615825 |
| **Taiwan: 0.3%** |  |  |
| Simplo Technology Co. Ltd. | 69000 | 638765 |
| **Thailand: 1.0%** |  |  |
| Energy Absolute PCL (NVDR) | 729700 | 2039344 |
| **United Kingdom: 0.9%** |  |  |
| Johnson Matthey Plc | 66541 | 1692090 |
| **United States: 35.5%** |  |  |
| Array Technologies, Inc. \* | 42318 | 818007 |
| Badger Meter, Inc. | 7753 | 845310 |
| Bloom Energy Corp. \* | 45325 | 866614 |
| Brookfield Renewable Corp. | 46323 | 1275735 |
| EnerSys | 12979 | 958369 |
| Enphase Energy, Inc. \* | 40904 | 10837924 |
| First Solar, Inc. \* | 33019 | 4945916 |
| Fisker, Inc. \* † | 59273 | 430915 |
| FuelCell Energy, Inc. \* † | 137185 | 381374 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 27559 | 798660 |
| Installed Building Products, Inc. | 5945 | 508892 |
| Lucid Group, Inc. \* † | 232847 | 1590345 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| NextEra Energy, Inc. | 202735 | $16948646 |
| Nikola Corp. \* † | 134654 | 290853 |
| Ormat Technologies, Inc. † | 12563 | 1086448 |
| Owens Corning | 29708 | 2534092 |
| Plug Power, Inc. \* † | 171041 | 2115777 |
| Rivian Automotive, Inc. \* | 167462 | 3086325 |
| SolarEdge Technologies, Inc. \* | 20502 | 5807602 |
| Sunnova Energy International, Inc. \* † | 22479 | 404847 |
| Sunrun, Inc. \* | 66873 | 1606289 |
| Tesla, Inc. \* | 99352 | 12238179 |
|  |  | 70377119 |
| **Total Common Stocks** <br> (Cost: $241,046,477) |  | 198128621 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **RIGHTS: 0.0%** <br> (Cost: $0) |  |  |
| **South Korea: 0.0%** |  |  |
| Hanwha Solutions Corp., KRW 37,900.00, exp. 01/09/23 \*∞ | 381 | $286 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $241,046,477) |  | 198128907 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4%** |  |
| **Money Market Fund: 4.4%**<br> (Cost: $8,687,734) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 8687734 | 8687734 |
| **Total Investments: 104.4%**<br> (Cost: $249,734,211) |  | 206816641 |
| **Liabilities in excess of other assets: (4.4)%** |  | (8666648) |
| **NET ASSETS: 100.0%** |  | $198149993 |

---

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| HKD | Hong Kong Dollar |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $12,648,560. |
| \* | Non-income producing |
| ¥ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $9,461,968, or 4.8% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br>Excluding Collateral for Securities Loaned** | **% of <br> Investments** | **Value** |
| Utilities | 41.9% | $82972726 |
| Information Technology | 20.0 | 39663443 |
| Consumer Discretionary | 19.9 | 39334346 |
| Industrials | 16.2 | 32228260 |
| Materials | 1.6 | 3131472 |
| Financials | 0.4 | 798660 |
|  | 100.0% | $198128907 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $1104763 | $— | $1104763 |
| &nbsp;&nbsp;&nbsp;Brazil | 5813429 |  |  | 5813429 |
| &nbsp;&nbsp;&nbsp;Canada | 5844432 |  |  | 5844432 |
| &nbsp;&nbsp;&nbsp;Chile | 1048459 |  |  | 1048459 |
| &nbsp;&nbsp;&nbsp;China | 14399245 | 14557012 |  | 28956257 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 19042393 |  | 19042393 |
| &nbsp;&nbsp;&nbsp;France |  | 885542 |  | 885542 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1620762 |  | 1620762 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 2318744 |  | 2318744 |
| &nbsp;&nbsp;&nbsp;Italy |  | 14429631 |  | 14429631 |
| &nbsp;&nbsp;&nbsp;Japan |  | 650439 |  | 650439 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 4000224 |  | 4000224 |
| &nbsp;&nbsp;&nbsp;Norway |  | 1239361 |  | 1239361 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 2150105 |  | 2150105 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 10255509 |  | 10255509 |
| &nbsp;&nbsp;&nbsp;Spain | 705516 | 17198314 |  | 17903830 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 5501598 |  | 5501598 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 615825 |  | 615825 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 638765 |  | 638765 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 2039344 |  | 2039344 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1692090 |  | 1692090 |
| &nbsp;&nbsp;&nbsp;United States | 70377119 |  |  | 70377119 |
| Rights <sup>\*</sup> |  |  | 286 | 286 |
| Money Market Fund | 8687734 |  |  | 8687734 |
| **Total Investments** | $106875934 | $99940421 | $286 | $206816641 |

---

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

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.2%** |  |  |
| **Argentina: 0.1%** |  |  |
| Bioceres Crop Solutions Corp. (USD) \* | 1531 | $18418 |
| YPF SA (ADR) \* | 6375 | 58586 |
|  |  | 77004 |
| **Australia: 8.6%** |  |  |
| Alumina Ltd. † | 69103 | 71060 |
| Ampol Ltd. | 3861 | 73923 |
| APA Group | 18984 | 138211 |
| Bega Cheese Ltd. † | 16107 | 42360 |
| BHP Group Ltd. | 149476 | 4611946 |
| BlueScope Steel Ltd. | 13621 | 154626 |
| Costa Group Holdings Ltd. † | 27342 | 50885 |
| Elders Ltd. † | 10606 | 72513 |
| Evolution Mining Ltd. | 55315 | 112644 |
| Fortescue Metals Group Ltd. † | 46486 | 647165 |
| Glencore Plc (GBP) | 178825 | 1186553 |
| GrainCorp Ltd. | 15624 | 78456 |
| IGO Ltd. † | 19679 | 179297 |
| Inghams Group Ltd. | 21074 | 40696 |
| Lynas Rare Earths Ltd. \* † | 26543 | 139367 |
| Newcrest Mining Ltd. | 27280 | 381012 |
| Northern Star Resources Ltd. † | 34681 | 258500 |
| Nufarm Ltd./Australia | 18814 | 78126 |
| Origin Energy Ltd. | 27758 | 144707 |
| OZ Minerals Ltd. † | 9064 | 170171 |
| Perseus Mining Ltd. | 41677 | 59734 |
| Rio Tinto Plc (GBP) | 30968 | 2168745 |
| Rural Funds Group | 25416 | 41553 |
| Santos Ltd. | 50940 | 249539 |
| South32 Ltd. | 134257 | 366623 |
| Washington H Soul Pattinson & Co. Ltd. † | 3729 | 69683 |
| Woodside Energy Group Ltd. † | 30737 | 741443 |
|  |  | 12329538 |
| **Austria: 0.3%** |  |  |
| Andritz AG | 2147 | 122531 |
| Mayr Melnhof Karton AG | 259 | 41717 |
| OMV AG | 2284 | 117140 |
| Verbund AG | 1199 | 100486 |
| voestalpine AG | 3300 | 87153 |
|  |  | 469027 |
| **Brazil: 3.8%** |  |  |
| Adecoagro SA (USD) † | 8278 | 68625 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 3750 | 21032 |
| BRF SA (ADR) \* † | 50851 | 80345 |
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 7286 | 77669 |
| Cia Siderurgica Nacional SA (ADR) | 39150 | 108054 |
| Cosan SA | 19400 | 62870 |
| CSN Mineracao SA | 12550 | 9573 |
| Engie Brasil Energia SA | 1900 | 13643 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Brazil (continued)** |  |  |
| Gerdau SA (ADR) | 32519 | $180155 |
| Klabin SA | 33800 | 127686 |
| Minerva SA | 18650 | 45771 |
| Neoenergia SA | 6300 | 18498 |
| Petroleo Brasileiro SA (ADR) | 60309 | 642291 |
| Sao Martinho SA | 11100 | 55769 |
| SLC Agricola SA | 6865 | 60886 |
| Suzano SA | 23700 | 218824 |
| Vale SA (ADR) | 141087 | 2394246 |
| Wheaton Precious Metals Corp. (USD) | 13828 | 540398 |
| Yamana Gold, Inc. (USD) | 29311 | 162676 |
| Yara International ASA (NOK) | 10893 | 475755 |
|  |  | 5364766 |
| **British Virgin Islands: 0.0%** |  |  |
| Lee & Man Paper Manufacturing Ltd. (HKD) | 34500 | 15130 |
| Nine Dragons Paper Holdings Ltd. (HKD) | 45957 | 41784 |
|  |  | 56914 |
| **Canada: 8.9%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 13943 | 724897 |
| Alamos Gold, Inc. | 11987 | 121113 |
| Algonquin Power & Utilities Corp. † | 7278 | 47376 |
| AltaGas Ltd. † | 4529 | 78149 |
| ARC Resources Ltd. † | 10225 | 137722 |
| B2Gold Corp. † | 32503 | 115384 |
| Ballard Power Systems, Inc. \* † | 2541 | 12152 |
| Barrick Gold Corp. (USD) | 53637 | 921484 |
| Boralex, Inc. † | 1076 | 31781 |
| Cameco Corp. (USD) | 12738 | 288770 |
| Canadian Natural Resources Ltd. (USD) † | 18303 | 1016366 |
| Canadian Solar, Inc. (USD) \* † | 538 | 16624 |
| Canadian Utilities Ltd. † | 1937 | 52394 |
| Canfor Corp. \* † | 1768 | 27806 |
| Cenovus Energy, Inc. | 22369 | 433694 |
| Emera, Inc. † | 4346 | 165988 |
| Enbridge, Inc. (USD) | 32790 | 1282089 |
| Filo Mining Corp. \* † | 2478 | 42503 |
| First Majestic Silver Corp. † | 7262 | 60456 |
| Franco-Nevada Corp. | 5828 | 793885 |
| Innergex Renewable Energy, Inc. † | 1615 | 19309 |
| Ivanhoe Mines Ltd. \* † | 16730 | 132116 |
| Kinross Gold Corp. (USD) | 38111 | 155874 |
| Lundin Gold, Inc. | 2668 | 26051 |
| Maple Leaf Foods, Inc. † | 5260 | 94916 |
| Methanex Corp. | 739 | 27958 |
| Northland Power, Inc. | 2600 | 71248 |
| Novagold Resources, Inc. (USD) \* | 6981 | 41746 |
| Nutrien Ltd. (USD) | 38182 | 2788431 |
| Osisko Gold Royalties Ltd. † | 5618 | 67667 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Canada (continued)** |  |  |
| Pan American Silver Corp. (USD) | 6432 | $105099 |
| Pembina Pipeline Corp. † | 8936 | 303110 |
| Sandstorm Gold Ltd. | 7569 | 39774 |
| SNDL, Inc. (USD) \* † | 16794 | 35099 |
| SSR Mining, Inc. (USD) | 6293 | 98611 |
| Stella-Jones, Inc. † | 1878 | 67250 |
| Suncor Energy, Inc. (USD) | 22119 | 701836 |
| TC Energy Corp. (USD) | 15927 | 634850 |
| Teck Resources Ltd. (USD) | 14844 | 561400 |
| Tourmaline Oil Corp. | 5208 | 262601 |
| TransAlta Renewables, Inc. | 1135 | 9424 |
| West Fraser Timber Co. Ltd. | 1627 | 117401 |
|  |  | 12732404 |
| **Chile: 0.7%** |  |  |
| Empresas CMPC SA | 32253 | 53603 |
| Empresas Copec SA | 6013 | 44669 |
| Lundin Mining Corp. (CAD) † | 19397 | 118963 |
| Sociedad Quimica y Minera de Chile SA (ADR) | 10120 | 807981 |
|  |  | 1025216 |
| **China: 1.5%** |  |  |
| Aluminum Corp. of China Ltd. (HKD) | 112000 | 47398 |
| Angang Steel Co. Ltd. (HKD) | 39940 | 10847 |
| Astra Agro Lestari Tbk PT (IDR) | 27700 | 14277 |
| Beijing Enterprises Water Group Ltd. (HKD) | 42000 | 10740 |
| China Coal Energy Co. Ltd. (HKD) † | 32200 | 26146 |
| China Gas Holdings Ltd. (HKD) | 43600 | 63192 |
| China Hongqiao Group Ltd. (HKD) | 73200 | 69043 |
| China Longyuan Power Group Corp. Ltd. (HKD) | 36029 | 43799 |
| China Petroleum & Chemical Corp. (HKD) | 402827 | 194099 |
| China Resources Gas Group Ltd. (HKD) | 14400 | 53723 |
| China Shenhua Energy Co. Ltd. (HKD) | 54591 | 157269 |
| CMOC Group Ltd. (HKD) \* | 108400 | 49663 |
| ENN Energy Holdings Ltd. (HKD) | 12300 | 171818 |
| Hong Kong & China Gas Co. Ltd. (HKD) | 175605 | 166556 |
| Jiangxi Copper Co. Ltd. (HKD) | 31700 | 46544 |
| JinkoSolar Holding Co. Ltd. (ADR) \* † | 532 | 21748 |
| Kunlun Energy Co. Ltd. (HKD) | 58600 | 41665 |
| Maanshan Iron & Steel Co. Ltd. (HKD) † | 40000 | 9282 |
| PetroChina Co. Ltd. (HKD) | 336540 | 153739 |
| Power Assets Holdings Ltd. (HKD) | 21900 | 119702 |
| Shandong Gold Mining Co. Ltd. (HKD) 144A | 21150 | 39085 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **China (continued)** |  |  |
| United Tractors Tbk PT (IDR) | 24500 | $41069 |
| Wilmar International Ltd. (SGD) | 73164 | 227627 |
| Xinyi Solar Holdings Ltd. (HKD) | 48000 | 52820 |
| Yankuang Energy Group Co. Ltd. (HKD) | 22900 | 69658 |
| Zhaojin Mining Industry Co. Ltd. (HKD) \* | 38900 | 43003 |
| Zijin Mining Group Co. Ltd. (HKD) | 173661 | 233414 |
|  |  | 2177926 |
| **Cyprus: 0.0%** |  |  |
| Novolipetsk Steel PJSC (RUB) \*∞ | 26910 | 0 |
| **Czech Republic: 0.1%** |  |  |
| CEZ AS | 2528 | 86009 |
| **Denmark: 0.5%** |  |  |
| Bakkafrost P/F (NOK) | 3514 | 218162 |
| Orsted AS 144A | 2009 | 181076 |
| Vestas Wind Systems A/S | 10439 | 303593 |
|  |  | 702831 |
| **Egypt: 0.1%** |  |  |
| Abou Kir Fertilizers & Chemical Industries | 20394 | 32016 |
| Centamin Plc (GBP) | 35066 | 47679 |
|  |  | 79695 |
| **Finland: 0.9%** |  |  |
| Kemira Oyj | 3029 | 46340 |
| Metsa Board Oyj | 4956 | 46421 |
| Neste Oyj | 6838 | 314405 |
| Stora Enso Oyj | 17021 | 239270 |
| UPM-Kymmene Oyj | 15647 | 583782 |
|  |  | 1230218 |
| **France: 1.9%** |  |  |
| Electricite de France SA | 5579 | 71411 |
| Eramet SA | 239 | 21442 |
| Neoen SA 144A | 543 | 21893 |
| TotalEnergies SE † | 38991 | 2440270 |
| Veolia Environnement SA | 7226 | 185113 |
| Voltalia SA \* | 688 | 12512 |
|  |  | 2752641 |
| **Germany: 3.1%** |  |  |
| Aurubis AG | 878 | 71256 |
| Bayer AG | 69609 | 3572068 |
| E.ON SE | 23584 | 233771 |
| Encavis AG | 1239 | 24427 |
| K+S AG | 13564 | 266600 |
| Nordex SE \* | 1557 | 21848 |
| Siemens Energy AG | 6869 | 128588 |
| Suedzucker AG | 4262 | 74161 |
| VERBIO Vereinigte BioEnergie AG | 208 | 13445 |
|  |  | 4406164 |
| **Greece: 0.0%** |  |  |
| Terna Energy SA | 562 | 12236 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Hungary: 0.0%** | | |
| MOL Hungarian Oil & Gas Plc | 5972 | $41374 |
| **India: 1.1%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) | 25744 | 1579235 |
| **Indonesia: 0.3%** |  |  |
| Adaro Energy Indonesia Tbk PT | 211100 | 52292 |
| Aneka Tambang Tbk | 248100 | 31573 |
| Golden Agri-Resources Ltd. (SGD) | 444319 | 82812 |
| Indah Kiat Pulp & Paper Tbk PT | 77100 | 43200 |
| Merdeka Copper Gold Tbk PT \* | 412047 | 108860 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | 37900 | 17156 |
| Vale Indonesia Tbk PT \* | 60500 | 27521 |
|  |  | 363414 |
| **Ireland: 0.2%** |  |  |
| Smurfit Kappa Group Plc (GBP) | 7799 | 285958 |
| **Israel: 0.3%** |  |  |
| Energix-Renewable Energies Ltd. | 2717 | 8530 |
| Enlight Renewable Energy Ltd. \* | 10368 | 21004 |
| ICL Group Ltd. | 50739 | 365220 |
|  |  | 394754 |
| **Italy: 0.5%** |  |  |
| ACEA SpA | 409 | 5636 |
| Eni SpA | 36575 | 518522 |
| ERG SpA | 592 | 18293 |
| Snam SpA | 33161 | 160312 |
|  |  | 702763 |
| **Japan: 2.4%** |  |  |
| Chubu Electric Power Co., Inc. | 10000 | 102852 |
| Daio Paper Corp. | 2300 | 17552 |
| ENEOS Holdings, Inc. | 45600 | 154457 |
| Idemitsu Kosan Co. Ltd. | 3200 | 74517 |
| Inpex Corp. † | 14900 | 159251 |
| JFE Holdings, Inc. | 13664 | 157703 |
| Kubota Corp. † | 66000 | 896837 |
| Kumiai Chemical Industry Co. Ltd. | 4900 | 33395 |
| Kurita Water Industries Ltd. † | 1065 | 43755 |
| Maruha Nichiro Corp. | 2436 | 46106 |
| NH Foods Ltd. | 5500 | 152734 |
| Nihon Nohyaku Co. Ltd. † | 2200 | 11960 |
| Nippon Sanso Holdings Corp. | 2500 | 36020 |
| Nippon Steel Corp. | 22600 | 390040 |
| Nissan Chemical Corp. | 7800 | 338319 |
| Nisshin Seifun Group, Inc. | 12750 | 159386 |
| Nissui Corp. | 19214 | 79599 |
| Oji Holdings Corp. | 23176 | 93107 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Japan (continued)** |  |  |
| Sakata Seed Corp. | 2000 | $65942 |
| Sumitomo Forestry Co. Ltd. † | 4083 | 71774 |
| Sumitomo Metal Mining Co. Ltd. | 6600 | 230677 |
| Tokyo Gas Co. Ltd. | 6000 | 116851 |
|  |  | 3432834 |
| **Kazakhstan: 0.0%** |  |  |
| NAC Kazatomprom JSC (USD) (GDR) | 1914 | 53752 |
| **Liechtenstein: 0.1%** |  |  |
| Antofagasta Plc (GBP) | 10126 | 188082 |
| **Luxembourg: 0.3%** |  |  |
| ArcelorMittal SA | 14321 | 376689 |
| **Malaysia: 0.5%** |  |  |
| IOI Corp. Bhd | 159194 | 146503 |
| Kuala Lumpur Kepong Bhd | 28378 | 144229 |
| Petronas Dagangan Bhd | 3700 | 19319 |
| Petronas Gas Bhd | 10900 | 42351 |
| PPB Group Bhd | 32300 | 127880 |
| Press Metal Aluminium Holdings Bhd | 100100 | 110906 |
| QL Resources Bhd | 68300 | 85433 |
| United Plantations BHD | 11200 | 38900 |
|  |  | 715521 |
| **Mexico: 0.6%** |  |  |
| Fresnillo Plc (GBP) | 5498 | 59772 |
| Gruma SAB de CV | 12810 | 171398 |
| Grupo Mexico SAB de CV | 91264 | 320382 |
| Industrias Penoles SAB de CV \* | 5732 | 70494 |
| Southern Copper Corp. (USD) | 2520 | 152183 |
|  |  | 774229 |
| **Netherlands: 0.7%** |  |  |
| OCI NV † | 6360 | 226706 |
| Tenaris SA (ADR) | 17427 | 612733 |
| Ternium SA (ADR) † | 5796 | 177126 |
|  |  | 1016565 |
| **Norway: 1.3%** |  |  |
| Aker BP ASA | 6448 | 199320 |
| Austevoll Seafood ASA | 6144 | 55109 |
| Equinor ASA | 15774 | 563802 |
| Mowi ASA | 28525 | 483400 |
| NEL ASA \* † | 16589 | 23365 |
| Norsk Hydro ASA | 39450 | 293163 |
| Salmar ASA | 5917 | 230767 |
| Var Energi ASA † | 6548 | 22481 |
|  |  | 1871407 |
| **Peru: 0.1%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) | 8425 | 62766 |
| **Poland: 0.2%** |  |  |
| KGHM Polska Miedz SA | 4027 | 117005 |
| Polski Koncern Naftowy ORLEN SA | 9432 | 138414 |
|  |  | 255419 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Portugal: 0.1%** |  |  |
| EDP Renovaveis SA | 2561 | $56264 |
| Galp Energia SGPS SA | 7957 | 107024 |
| Navigator Co. SA | 6437 | 23729 |
|  |  | 187017 |
| **Russia: 0.0%** |  |  |
| Evraz Plc (GBP) \*∞ | 10824 | 0 |
| Gazprom PJSC ∞ | 125520 | 0 |
| LUKOIL PJSC ∞ | 3739 | 0 |
| MMC Norilsk Nickel PJSC ∞ | 1284 | 0 |
| MMC Norilsk Nickel PJSC (ADR) ∞ | 17 | 0 |
| Novatek PJSC ∞ | 19580 | 0 |
| PhosAgro PJSC ∞ | 4623 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 89 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 |
| Polyus PJSC (USD) (GDR) \*∞ | 1669 | 0 |
| Ros Agro Plc (USD) (GDR) ∞ | 4076 | 0 |
| Rosneft Oil Co. PJSC ∞ | 13000 | 0 |
| Severstal PAO (USD) (GDR) \*∞ | 4118 | 0 |
| Surgutneftegas PJSC ∞ | 371430 | 0 |
| Tatneft PJSC (ADR) ∞ | 2680 | 0 |
|  |  | 0 |
| **Saudi Arabia: 0.0%** |  |  |
| S-Oil Corp. (KRW) | 667 | 44392 |
| **Singapore: 0.2%** |  |  |
| Charoen Pokphand Indonesia Tbk PT (IDR) | 516800 | 187593 |
| First Resources Ltd. | 25400 | 28093 |
| Keppel Infrastructure Trust | 43500 | 17523 |
| Olam Group Ltd. | 61709 | 67249 |
|  |  | 300458 |
| **South Africa: 2.0%** |  |  |
| African Rainbow Minerals Ltd. | 3127 | 52765 |
| Anglo American Platinum Ltd. | 1742 | 145179 |
| Anglo American Plc (GBP) | 37328 | 1454445 |
| Astral Foods Ltd. | 2750 | 26304 |
| Gold Fields Ltd. (ADR) † | 27320 | 282762 |
| Harmony Gold Mining Co. Ltd. (ADR) | 18939 | 64393 |
| Impala Platinum Holdings Ltd. | 26004 | 326332 |
| Northam Platinum Holdings Ltd. \* | 9117 | 100295 |
| Omnia Holdings Ltd. | 11850 | 43569 |
| Royal Bafokeng Platinum Ltd. | 1966 | 19161 |
| Sasol Ltd. | 9416 | 150057 |
| Sibanye Stillwater Ltd. | 84188 | 222890 |
|  |  | 2888152 |
| **South Korea: 0.6%** |  |  |
| Coway Co. Ltd. \* | 576 | 25574 |
| CS Wind Corp. | 253 | 13878 |
| Hyundai Steel Co. \* | 2452 | 59765 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **South Korea (continued)** |  |  |
| Korea Zinc Co. Ltd. \* | 271 | $121449 |
| POSCO Holdings, Inc. | 2123 | 464622 |
| SK Innovation Co. Ltd. \* | 860 | 105063 |
| SK, Inc. | 590 | 88507 |
|  |  | 878858 |
| **Spain: 1.1%** |  |  |
| Atlantica Sustainable Infrastructure Plc (USD) | 694 | 17975 |
| Enagas SA † | 3682 | 61043 |
| Iberdrola SA | 102906 | 1197681 |
| Repsol SA | 21197 | 336384 |
|  |  | 1613083 |
| **Sweden: 0.8%** |  |  |
| Billerud AB | 6724 | 82145 |
| Boliden AB | 7926 | 298156 |
| Epiroc AB | 9887 | 180299 |
| Holmen AB | 2730 | 108664 |
| Husqvarna AB | 29145 | 204999 |
| SSAB AB | 18130 | 94579 |
| Svenska Cellulosa AB SCA | 18047 | 228896 |
|  |  | 1197738 |
| **Taiwan: 0.4%** |  |  |
| China Steel Corp. | 340472 | 329913 |
| Formosa Petrochemical Corp. | 18920 | 49387 |
| Sinon Corp. | 28000 | 33152 |
| Taiwan Fertilizer Co. Ltd. | 50200 | 87306 |
|  |  | 499758 |
| **Tanzania: 0.2%** |  |  |
| AngloGold Ashanti Ltd. (ADR) | 12829 | 249139 |
| **Thailand: 0.3%** |  |  |
| B Grimm Power PCL (NVDR) | 10100 | 11603 |
| Energy Absolute PCL (NVDR) | 14200 | 39686 |
| PTT Exploration & Production PCL (NVDR) | 21700 | 110510 |
| PTT PCL (NVDR) | 222400 | 213412 |
| SCG Packaging PCL (NVDR) | 34000 | 55916 |
|  |  | 431127 |
| **Turkey: 0.5%** |  |  |
| Eldorado Gold Corp. (USD) \* | 5619 | 46975 |
| Eregli Demir ve Celik Fabrikalari TAS | 49220 | 108055 |
| Gubre Fabrikalari TAS \* | 3665 | 51746 |
| Hektas Ticaret TAS \* | 174435 | 350114 |
| Iskenderun Demir ve Celik AS | 4382 | 7769 |
| Koza Altin Isletmeleri AS | 1402 | 42318 |
| Turkiye Petrol Rafinerileri AS \* | 2393 | 67757 |
|  |  | 674734 |
| **United Kingdom: 5.0%** |  |  |
| BP Plc | 287177 | 1648703 |
| Centrica Plc | 93822 | 108575 |
| CNH Industrial NV (USD) | 67794 | 1088772 |
| DS Smith Plc | 39946 | 153317 |
| Endeavour Mining Plc (CAD) | 5588 | 119517 |
| Kumba Iron Ore Ltd. (ZAR) † | 1653 | 47677 |
| Mondi Plc | 14397 | 242248 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United Kingdom (continued)** |  |  |
| Pennon Group Plc | 2772 | $29654 |
| Severn Trent Plc | 2501 | 79502 |
| Shell Plc | 112444 | 3154026 |
| SSE Plc | 17053 | 348973 |
| United Utilities Group Plc | 7135 | 84825 |
|  |  | 7105789 |
| **United States: 49.7%** |  |  |
| A.O. Smith Corp. | 1329 | 76072 |
| Advanced Drainage Systems, Inc. | 786 | 64428 |
| AGCO Corp. | 4377 | 607046 |
| Alcoa Corp. | 5178 | 235444 |
| Ameresco, Inc. \* † | 338 | 19313 |
| American States Water Co. | 391 | 36187 |
| American Vanguard Corp. | 1957 | 42486 |
| American Water Works Co., Inc. | 1933 | 294628 |
| Andersons, Inc. | 2223 | 77783 |
| Antero Resources Corp. \* | 4423 | 137069 |
| APA Corp. | 5191 | 242316 |
| Archer-Daniels-Midland Co. | 38679 | 3591345 |
| ATI, Inc. \* | 3776 | 112751 |
| Atmos Energy Corp. | 2265 | 253839 |
| Baker Hughes Co. | 16157 | 477116 |
| Benson Hill, Inc. \* † | 11153 | 28440 |
| Boise Cascade Co. | 1173 | 80550 |
| Bunge Ltd. | 10523 | 1049880 |
| California Water Service Group | 579 | 35111 |
| Cal-Maine Foods, Inc. | 2733 | 148812 |
| CF Industries Holdings, Inc. | 13833 | 1178572 |
| Cheniere Energy, Inc. | 3972 | 595641 |
| Chesapeake Energy Corp. † | 1816 | 171376 |
| Chevron Corp. | 31345 | 5626114 |
| Chord Energy Corp. | 634 | 86738 |
| Civitas Resources, Inc. | 1179 | 68299 |
| Clearway Energy, Inc. | 862 | 27472 |
| Cleveland-Cliffs, Inc. \* † | 14944 | 240748 |
| Commercial Metals Co. | 3406 | 164510 |
| ConocoPhillips | 20185 | 2381830 |
| Corteva, Inc. | 50541 | 2970800 |
| Coterra Energy, Inc. | 12504 | 307223 |
| Darling Ingredients, Inc. \* | 11235 | 703199 |
| Deere & Co. | 19799 | 8489019 |
| Devon Energy Corp. | 10505 | 646163 |
| Diamondback Energy, Inc. | 2697 | 368896 |
| Elanco Animal Health, Inc. \* | 33453 | 408796 |
| EOG Resources, Inc. | 9491 | 1229274 |
| EQT Corp. | 5646 | 191004 |
| Essential Utilities, Inc. | 2790 | 133167 |
| Evoqua Water Technologies Corp. \* | 1279 | 50648 |
| Exxon Mobil Corp. | 66669 | 7353591 |
| Farmland Partners, Inc. | 3562 | 44383 |
| First Solar, Inc. \* | 1064 | 159377 |
| FMC Corp. | 8880 | 1108224 |
| Franklin Electric Co., Inc. | 412 | 32857 |
| Freeport-McMoRan, Inc. | 41621 | 1581598 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Fresh Del Monte Produce, Inc. | 2663 | $69744 |
| FuelCell Energy, Inc. \* † | 4315 | 11996 |
| Graphic Packaging Holding Co. | 9152 | 203632 |
| Green Plains, Inc. \* | 609 | 18574 |
| Halliburton Co. | 14675 | 577461 |
| Hecla Mining Co. | 17245 | 95882 |
| Hess Corp. | 4510 | 639608 |
| HF Sinclair Corp. | 2520 | 130763 |
| Howmet Aerospace, Inc. | 12117 | 477531 |
| Imperial Oil Ltd. † | 2979 | 145196 |
| Ingredion, Inc. | 4476 | 438335 |
| International Paper Co. | 10626 | 367978 |
| Intrepid Potash, Inc. \* | 652 | 18823 |
| Itron, Inc. \* | 477 | 24160 |
| Kinder Morgan, Inc. | 31843 | 575721 |
| Lindsay Corp. | 772 | 125720 |
| Louisiana-Pacific Corp. | 2125 | 125800 |
| LSB Industries, Inc. \* | 3935 | 52335 |
| Marathon Oil Corp. | 10265 | 277874 |
| Marathon Petroleum Corp. | 7583 | 882585 |
| Matador Resources Co. | 1761 | 100800 |
| Mission Produce, Inc. \* | 2982 | 34651 |
| Mosaic Co. | 24055 | 1055293 |
| Murphy Oil Corp. | 2399 | 103181 |
| Murphy USA, Inc. | 292 | 81626 |
| National Fuel Gas Co. | 1417 | 89696 |
| New Fortress Energy, Inc. † | 1273 | 54001 |
| Newmont Corp. | 24300 | 1146960 |
| NextEra Energy, Inc. | 21080 | 1762288 |
| NiSource, Inc. | 6558 | 179820 |
| NOV, Inc. | 6328 | 132192 |
| Nucor Corp. † | 7523 | 991607 |
| Occidental Petroleum Corp. | 14699 | 925890 |
| ONEOK, Inc. | 7200 | 473040 |
| Ormat Technologies, Inc. † | 596 | 51542 |
| Ovintiv, Inc. | 4010 | 203347 |
| Packaging Corp. of America | 2730 | 349194 |
| PDC Energy, Inc. | 1475 | 93633 |
| Pentair Plc | 1747 | 78580 |
| PG&E Corp. \* | 34019 | 553149 |
| Phillips 66 | 7646 | 795796 |
| Pilgrim's Pride Corp. \* | 2818 | 66871 |
| Pioneer Natural Resources Co. | 3727 | 851210 |
| Plug Power, Inc. \* † | 5513 | 68196 |
| PotlatchDeltic Corp. | 2379 | 104652 |
| Primo Water Corp. | 1650 | 25641 |
| Range Resources Corp. | 3813 | 95401 |
| Rayonier, Inc. | 4373 | 144134 |
| Reliance Steel & Aluminum Co. | 1714 | 346982 |
| Reliance Worldwide Corp. Ltd. (AUD) | 7197 | 14332 |
| Royal Gold, Inc. | 2006 | 226116 |
| Schlumberger Ltd. | 22950 | 1226907 |
| Scotts Miracle-Gro Co. † | 2881 | 139988 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Seaboard Corp. | 18 | $67954 |
| SJW Group | 285 | 23139 |
| SolarEdge Technologies, Inc. \* | 586 | 165996 |
| Southern Co. | 17615 | 1257887 |
| Southwestern Energy Co. \* | 15905 | 93044 |
| Steel Dynamics, Inc. | 4873 | 476092 |
| SunPower Corp. \* † | 886 | 15975 |
| Sylvamo Corp. | 1129 | 54858 |
| Targa Resources Corp. | 3595 | 264232 |
| The Williams Companies, Inc. | 19710 | 648459 |
| Toro Co. | 7351 | 832133 |
| Tractor Supply Co. | 7797 | 1754091 |
| Tyson Foods, Inc. | 19969 | 1243070 |
| UGI Corp. | 3379 | 125260 |
| United States Steel Corp. | 6832 | 171142 |
| Valero Energy Corp. | 6226 | 789830 |
| Vital Farms, Inc. \* | 1788 | 26677 |
| Watts Water Technologies, Inc. | 286 | 41822 |
| Westrock Co. | 7556 | 265669 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Weyerhaeuser Co. | 22098 | $685038 |
| Xylem, Inc. | 1914 | 211631 |
|  |  | 70970568 |
| **Zambia: 0.2%** |  |  |
| First Quantum Minerals Ltd. (CAD) | 16392 | 342249 |
| **Total Common Stocks** <br> (Cost: $129,019,248) |  | 143000413 |
| **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: $3,416,156) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 3416156 | 3416156 |
| **Total Investments: 102.6%** <br> (Cost: $132,435,404) |  | 146416569 |
| **Liabilities in excess of other assets: (2.6)%** |  | (3733076) |
| **NET ASSETS: 100.0%** |  | $142683493 |

---

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar GBP British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| RUB | Russian Ruble |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,835,434. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,821,289, or 1.3% of net assets. |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br> Excluding Collateral for Securities Loaned** | **% of <br> Investments** | **Value** |
| Energy | 35.3% | $50538808 |
| Materials | 34.7 | 49605957 |
| Industrials | 10.1 | 14426972 |
| Consumer Staples | 7.8 | 11198318 |
| Utilities | 6.9 | 9820844 |
| Health Care | 2.8 | 4015964 |
| Consumer Discretionary | 1.4 | 1933065 |
| Real Estate | 0.7 | 1019760 |
| Information Technology | 0.3 | 440725 |
|  | 100.0% | $143000413 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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;Argentina | $77004 | $— | $— | $77004 |
| &nbsp;&nbsp;&nbsp;Australia |  | 12329538 |  | 12329538 |
| &nbsp;&nbsp;&nbsp;Austria |  | 469027 |  | 469027 |
| &nbsp;&nbsp;&nbsp;Brazil | 4254459 | 1110307 |  | 5364766 |
| &nbsp;&nbsp;&nbsp;British Virgin Islands |  | 56914 |  | 56914 |
| &nbsp;&nbsp;&nbsp;Canada | 12732404 |  |  | 12732404 |
| &nbsp;&nbsp;&nbsp;Chile | 1025216 |  |  | 1025216 |
| &nbsp;&nbsp;&nbsp;China | 21748 | 2156178 |  | 2177926 |
| &nbsp;&nbsp;&nbsp;Cyprus |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Czech Republic | 86009 |  |  | 86009 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 702831 |  | 702831 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 79695 |  | 79695 |
| &nbsp;&nbsp;&nbsp;Finland |  | 1230218 |  | 1230218 |
| &nbsp;&nbsp;&nbsp;France |  | 2752641 |  | 2752641 |
| &nbsp;&nbsp;&nbsp;Germany |  | 4406164 |  | 4406164 |
| &nbsp;&nbsp;&nbsp;Greece |  | 12236 |  | 12236 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 41374 |  | 41374 |
| &nbsp;&nbsp;&nbsp;India |  | 1579235 |  | 1579235 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 363414 |  | 363414 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 285958 |  | 285958 |
| &nbsp;&nbsp;&nbsp;Israel |  | 394754 |  | 394754 |
| &nbsp;&nbsp;&nbsp;Italy |  | 702763 |  | 702763 |
| &nbsp;&nbsp;&nbsp;Japan |  | 3432834 |  | 3432834 |
| &nbsp;&nbsp;&nbsp;Kazakhstan |  | 53752 |  | 53752 |
| &nbsp;&nbsp;&nbsp;Liechtenstein |  | 188082 |  | 188082 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 376689 |  | 376689 |
| &nbsp;&nbsp;&nbsp;Malaysia | 232632 | 482889 |  | 715521 |
| &nbsp;&nbsp;&nbsp;Mexico | 714457 | 59772 |  | 774229 |
| &nbsp;&nbsp;&nbsp;Netherlands | 789859 | 226706 |  | 1016565 |
| &nbsp;&nbsp;&nbsp;Norway |  | 1871407 |  | 1871407 |
| &nbsp;&nbsp;&nbsp;Peru | 62766 |  |  | 62766 |
| &nbsp;&nbsp;&nbsp;Poland |  | 255419 |  | 255419 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 187017 |  | 187017 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 44392 |  | 44392 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 300458 |  | 300458 |
| &nbsp;&nbsp;&nbsp;South Africa | 517323 | 2370829 |  | 2888152 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 878858 |  | 878858 |
| &nbsp;&nbsp;&nbsp;Spain | 17975 | 1595108 |  | 1613083 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1197738 |  | 1197738 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 499758 |  | 499758 |
| &nbsp;&nbsp;&nbsp;Tanzania | 249139 |  |  | 249139 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 431127 |  | 431127 |
| &nbsp;&nbsp;&nbsp;Turkey | 98721 | 576013 |  | 674734 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1208289 | 5897500 |  | 7105789 |
| &nbsp;&nbsp;&nbsp;United States | 70956236 | 14332 |  | 70970568 |
| &nbsp;&nbsp;&nbsp;Zambia | 342249 |  |  | 342249 |
| Money Market Fund | 3416156 |  |  | 3416156 |
| **Total Investments** | $96802642 | $49613927 | $0 | $146416569 |

---

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br>of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 3.2%** |  |  |
| Ampol Ltd. † | 65446 | $1253043 |
| **Austria: 4.6%** |  |  |
| OMV AG | 34788 | 1784178 |
| **Finland: 5.5%** |  |  |
| Neste Oyj | 46266 | 2127269 |
| **Greece: 1.6%** |  |  |
| Motor Oil Hellas Corinth Refineries SA | 26561 | 616775 |
| **Hungary: 3.6%** |  |  |
| MOL Hungarian Oil & Gas Plc | 200038 | 1385871 |
| **India: 7.5%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) | 47661 | 2923706 |
| **Japan: 11.0%** |  |  |
| Cosmo Energy Holdings Co. Ltd. | 22200 | 584497 |
| ENEOS Holdings, Inc. | 577900 | 1957474 |
| Idemitsu Kosan Co. Ltd. | 75268 | 1752727 |
|  |  | 4294698 |
| **Poland: 5.4%** |  |  |
| Polski Koncern Naftowy ORLEN SA | 144860 | 2125808 |
| **Portugal: 4.8%** |  |  |
| Galp Energia SGPS SA | 140230 | 1886134 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Saudi Arabia: 2.4%** |  |  |
| S-Oil Corp. (KRW) | 14233 | $947280 |
| **South Korea: 6.7%** |  |  |
| HD Hyundai Co. Ltd. | 20661 | 935069 |
| SK Innovation Co. Ltd. \* | 13775 | 1682847 |
|  |  | 2617916 |
| **Taiwan: 4.3%** |  |  |
| Formosa Petrochemical Corp. | 638000 | 1665388 |
| **Thailand: 3.3%** |  |  |
| IRPC PCL (NVDR) | 4899400 | 426727 |
| Thai Oil PCL (NVDR) | 535600 | 868178 |
|  |  | 1294905 |
| **Turkey: 4.1%** |  |  |
| Turkiye Petrol Rafinerileri AS \* | 56396 | 1596825 |
| **United States: 32.1%** |  |  |
| CVR Energy, Inc. | 12709 | 398300 |
| Delek US Holdings, Inc. | 22786 | 615222 |
| HF Sinclair Corp. | 33499 | 1738263 |
| Marathon Petroleum Corp. | 27963 | 3254614 |
| PBF Energy, Inc. | 29181 | 1190001 |
| Phillips 66 | 25890 | 2694631 |
| Valero Energy Corp. | 20604 | 2613823 |
|  |  | 12504854 |
| **Total Common Stocks**<br> (Cost: $39,000,463) |  | 39024650 |
| **Total Investments: 100.1%**<br> (Cost: $39,000,463) |  | 39024650 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (32935) |
| **NET ASSETS: 100.0%** |  | $38991715 |

---

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $56,309. |
| \* | 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, and the value amounted $2,923,706, or 7.5% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Energy | 100.0% | $39024650 |

---

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $1253043 | $— | $1253043 |
| &nbsp;&nbsp;&nbsp;Austria |  | 1784178 |  | 1784178 |
| &nbsp;&nbsp;&nbsp;Finland |  | 2127269 |  | 2127269 |
| &nbsp;&nbsp;&nbsp;Greece |  | 616775 |  | 616775 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1385871 |  | 1385871 |
| &nbsp;&nbsp;&nbsp;India |  | 2923706 |  | 2923706 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4294698 |  | 4294698 |
| &nbsp;&nbsp;&nbsp;Poland |  | 2125808 |  | 2125808 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 1886134 |  | 1886134 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 947280 |  | 947280 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 2617916 |  | 2617916 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 1665388 |  | 1665388 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 1294905 |  | 1294905 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 1596825 |  | 1596825 |
| &nbsp;&nbsp;&nbsp;United States | 12504854 |  |  | 12504854 |
| **Total Investments** | $12504854 | $26519796 | $— | $39024650 |

---

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Bermuda: 4.6%** |  |  |
| Valaris Ltd. (USD) \* | 1757766 | $118860137 |
| **Netherlands: 5.0%** |  |  |
| Tenaris SA (ADR) † | 3685033 | 129565760 |
| **United Kingdom: 4.4%** |  |  |
| TechnipFMC Plc (USD) \* | 9354759 | 114034512 |
| **United States: 86.0%** |  |  |
| Baker Hughes Co. | 7362106 | 217402990 |
| Cactus, Inc. | 1940081 | 97508471 |
| ChampionX Corp. | 3788971 | 109842269 |
| Core Laboratories NV † | 995140 | 20171488 |
| Dril-Quip, Inc. \* | 824981 | 22414734 |
| Expro Group Holdings NV \* † | 2800366 | 50770636 |
| Halliburton Co. | 7702315 | 303086095 |
| Helix Energy Solutions Group, Inc. \* | 4633767 | 34197200 |
| Helmerich & Payne, Inc. | 2346389 | 116310503 |
| Liberty Energy, Inc. | 4169787 | 66758290 |
| Nabors Industries Ltd. \* | 345754 | 53546922 |
| NexTier Oilfield Solutions, Inc. \* | 7845153 | 72489214 |
| NOV, Inc. | 5843850 | 122078026 |
| Oceaneering International, Inc. \* | 3012233 | 52683955 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Oil States International, Inc. \* | 2133219 | $15913814 |
| Patterson-UTI Energy, Inc. | 6617669 | 111441546 |
| ProPetro Holding Corp. \* | 2895403 | 30025329 |
| RPC, Inc. | 4648954 | 41329201 |
| Schlumberger Ltd. | 9542602 | 510147503 |
| Select Energy Services, Inc. | 3274911 | 30260178 |
| Transocean Ltd. \* † | 25131307 | 114598760 |
| US Silica Holdings, Inc. \* | 2310730 | 28884125 |
|  |  | 2221861249 |
| **Total Common Stocks**<br> (Cost: $2,499,084,561) |  | 2584321658 |
| **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: $22,295,028) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 22295028 | 22295028 |
| **Total Investments: 100.9%**<br> (Cost: $2,521,379,589) | **Total Investments: 100.9%**<br> (Cost: $2,521,379,589) | 2606616686 |
| **Liabilities in excess of other assets: (0.9)%** | **Liabilities in excess of other assets: (0.9)%** | (22229216) |
| **NET ASSETS: 100.0%** |  | $2584387470 |

---

**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 $85,090,759. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | % **of**<br> **Investments** | **Value** |
| Oil & Gas Equipment & Services | 80.1% | $2069563790 |
| Oil & Gas Drilling | 19.9 | 514757868 |
|  | 100.0% | $2584321658 |

---

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 12/31/2021** | **Purchases** | **Sales<br> Proceeds** | **Realized Gain<br> (Loss)** | **Dividend<br> Income** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 12/31/2022** |
| Nabors Industries Ltd. | $35558614 | $102967725 | $(114228645) | $18500081 | $– | $10749147 | $–(a) |
| Patterson-UTI Energy, Inc. | 100436962 | 225246247 | (299268996) | 70752928 | 1612186 | 14274405 | –(a) |
| Select Energy Services, Inc. | 33115316 | 67744637 | (81005304) | 7306430 | 193602 | 3099099 | –(a) |
| Transocean Ltd. | 89632915 | 200188179 | (219535903) | 4336325 |  | 39977244 | –(a) |
| US Silica Holdings, Inc. | 36741836 | 74550959 | (94946982) | 6501635 | – | 6036677 | –(a) |
|  | $295485643 | $670697747 | $(808985830) | $107397399 | $1805788 | $74136572 | $– |

---

(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 December 31, 2022 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 <sup>\*</sup> | $2584321658 | $— | $— | $2584321658 |
| Money Market Fund | 22295028 |  |  | 22295028 |
| **Total Investments** | $2606616686 | $— | $— | $2606616686 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 39.5%** |  |  |
| Allkem Ltd. \* | 5044046 | $38060672 |
| AVZ Minerals Ltd. \* †∞ | 69192235 | 22081219 |
| Core Lithium Ltd. \* † | 29698271 | 20414470 |
| Iluka Resources Ltd. | 4191159 | 26852710 |
| ioneer Ltd. \* † | 29616940 | 7552280 |
| Lake Resources NL \* † | 21057023 | 11312902 |
| Liontown Resources Ltd. \* † | 24904413 | 22089063 |
| Lynas Rare Earths Ltd. \* † | 7411002 | 38912279 |
| Pilbara Minerals Ltd. \* | 18189210 | 45876947 |
| Sayona Mining Ltd. \* † | 127000793 | 16094805 |
|  |  | 249247347 |
| **Brazil: 4.1%** |  |  |
| Sigma Lithium Corp. (USD) \* † | 919302 | 25942703 |
| **Canada: 5.3%** |  |  |
| Lithium Americas Corp. (USD) \* † | 1359857 | 25769290 |
| Standard Lithium Ltd. (USD) \* † | 2605702 | 7686821 |
|  |  | 33456111 |
| **China: 31.4%** |  |  |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 13205811 | 47612983 |
| Ganfeng Lithium Group Co. Ltd. (HKD) 144A † | 3730040 | 27653736 |
| Shenghe Resources Holding Co. Ltd. | 15116287 | 30469804 |
| Tianqi Lithium Corp. (HKD) \* † | 1870000 | 13333646 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **China (continued)** |  |  |
| Xiamen Tungsten Co. Ltd. | 10462424 | $29480588 |
| Zhejiang Huayou Cobalt Co. Ltd. | 6186569 | 49518958 |
|  |  | 198069715 |
| **France: 2.5%** |  |  |
| Eramet SA † | 176037 | 15793224 |
| **Netherlands: 3.2%** |  |  |
| AMG Advanced Metallurgical Group NV | 552746 | 20369478 |
| **United States: 13.9%** |  |  |
| Livent Corp. \* † | 1572938 | 31254278 |
| MP Materials Corp. \* | 1167888 | 28356321 |
| Piedmont Lithium, Inc. \* † | 241954 | 10650815 |
| Tronox Holdings Plc | 1287102 | 17646168 |
|  |  | 87907582 |
| **Total Common Stocks**<br> (Cost: $604,345,687) |  | 630786160 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%** |  |
| **Money Market Fund: 6.9%**<br> (Cost: $43,492,601) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 43492601 | 43492601 |
| **Total Investments: 106.8%**<br> (Cost: $647,838,288) |  | 674278761 |
| **Liabilities in excess of other assets: (6.8)%** |  | (43071793) |
| **NET ASSETS: 100.0%** |  | $631206968 |

---

**Definitions:**

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 $151,605,612. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $27,653,736, or 4.4% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br> <u>Excluding Collateral for Securities Loaned</u>** | **% of<br> Investments** | **Value** |
| Materials | 100.0% | $630786160 |

---

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $227166128 | $22081219 | $249247347 |
| &nbsp;&nbsp;&nbsp;Brazil | 25942703 |  |  | 25942703 |
| &nbsp;&nbsp;&nbsp;Canada | 33456111 |  |  | 33456111 |
| &nbsp;&nbsp;&nbsp;China |  | 198069715 |  | 198069715 |
| &nbsp;&nbsp;&nbsp;France |  | 15793224 |  | 15793224 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 20369478 |  | 20369478 |
| &nbsp;&nbsp;&nbsp;United States | 87907582 |  |  | 87907582 |
| Money Market Fund | 43492601 |  |  | 43492601 |
| **Total Investments** | $190798997 | $461398545 | $22081219 | $674278761 |

---

The following table reconciles the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out are assessed at the beginning of the year.

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2021 | $— |
| Realized gain (loss) | 5246629 |
| Net change in unrealized appreciation (depreciation) | (18982804) |
| Purchases | 5240672 |
| Sales | (23774958) |
| Transfers in/out of level 3 | 54351680 |
| Balance as of December 31, 2022 | $22081219 |

---

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value as of**<br> **December**<br> **31, 2022** | **Valuation**<br> **Technique** | **Unobservable**<br> **Input**<br> **Description**<sup>(1)</sup> | **Unobservable**<br> **Input** | **Impact to**<br> **Valuation from an**<br> **Increase in Input**<sup>(2)</sup> |
| Common Stock |  |  |  |  |  |
|  | $22081219 | Market Approach | Market comparables | 20% | Increase |
|  |  |  | Discount for lack of marketability | 25% | Decrease |

---

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** | | |
| **Australia: 11.6%** | | |
| Rio Tinto Plc (ADR) † | 163092 | $11612151 |
| **Brazil: 21.0%** |  |  |
| Cia Siderurgica Nacional SA (ADR) | 1679819 | 4636300 |
| Gerdau SA (ADR) | 774846 | 4292647 |
| Vale SA (ADR) | 704634 | 11957639 |
|  |  | 20886586 |
| **Canada: 0.7%** |  |  |
| Algoma Steel Group, Inc. (USD) † | 101865 | 645824 |
| **Luxembourg: 5.1%** |  |  |
| ArcelorMittal SA (USD) | 192071 | 5036102 |
| **Netherlands: 9.9%** |  |  |
| Tenaris SA (ADR) | 149135 | 5243587 |
| Ternium SA (ADR) | 152870 | 4671707 |
|  |  | 9915294 |
| **South Korea: 5.0%** |  |  |
| POSCO Holdings, Inc. (ADR) † | 92371 | 5031448 |
| **United States: 46.8%** |  |  |
| ATI, Inc. \* | 150004 | 4479119 |
| Carpenter Technology Corp. | 47517 | 1755278 |
| Cleveland-Cliffs, Inc. \* † | 290887 | 4686190 |
| Commercial Metals Co. | 91404 | 4414813 |
| Gibraltar Industries, Inc. \* | 30378 | 1393743 |
| Nucor Corp. † | 50104 | 6604208 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value** |
| **United States (continued)** |  |  |
| Olympic Steel, Inc. | 10917 | $366593 |
| Reliance Steel & Aluminum Co. | 21878 | 4428982 |
| Ryerson Holding Corp. | 36304 | 1098559 |
| Schnitzer Steel Industries, Inc. | 26235 | 804103 |
| Steel Dynamics, Inc. | 48408 | 4729462 |
| SunCoke Energy, Inc. | 81805 | 705977 |
| TimkenSteel Corp. \* | 43618 | 792539 |
| United States Steel Corp. | 176045 | 4409927 |
| Warrior Met Coal, Inc. | 50664 | 1755001 |
| Worthington Industries, Inc. | 85792 | 4264720 |
|  |  | 46689214 |
| **Total Common Stocks**<br> (Cost: $116,358,302) |  | 99816619 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** |  |
| **Money Market Fund: 2.5%**<br> (Cost: $2,476,643) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2476643 | 2476643 |
| **Total Investments: 102.6%**<br> (Cost: $118,834,945) |  | 102293262 |
| **Liabilities in excess of other assets: (2.6)%** | **Liabilities in excess of other assets: (2.6)%** | (2596083) |
| **NET ASSETS: 100.0%** |  | $99697179 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $21,413,508. |
| \* | Non-income producing |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Materials | 93.3% | $93179290 |
| Energy | 5.3 | 5243586 |
| Industrials | 1.4 | 1393743 |
|  | 100.0% | $99816619 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 <sup>\*</sup> | $99816619 | $— | $— | $99816619 |
| Money Market Fund | 2476643 |  |  | 2476643 |
| **Total Investments** | $102293262 | $— | $— | $102293262 |

---

\* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 3.6%** |  |  |
| Boss Energy Ltd. \* | 379815 | $544324 |
| Paladin Energy Ltd. \* † | 3027671 | 1422987 |
|  |  | 1967311 |
| **Canada: 13.1%** |  |  |
| Cameco Corp. (USD) | 136626 | 3097311 |
| Denison Mines Corp. (USD) \* † | 951911 | 1094698 |
| Global Atomic Corp. \* † | 205410 | 532115 |
| NexGen Energy Ltd. (USD) \* † | 552247 | 2446454 |
|  |  | 7170578 |
| **China: 4.4%** |  |  |
| CGN Power Co. Ltd. (HKD) 144A | 10186000 | 2419230 |
| **Czech Republic: 4.6%** |  |  |
| CEZ AS | 74137 | 2522335 |
| **Finland: 4.5%** |  |  |
| Fortum Oyj | 146966 | 2440265 |
| **France: 5.0%** |  |  |
| Electricite de France SA | 211332 | 2705042 |
| **Italy: 4.4%** |  |  |
| Endesa SA | 127436 | 2394547 |
| **Japan: 4.8%** |  |  |
| Kyushu Electric Power Co., Inc. | 463400 | 2605332 |
| **Jersey, Channel Islands: 1.4%** |  |  |
| Yellow Cake Plc 144A \* | 174834 | 781753 |
| **Kazakhstan: 4.1%** |  |  |
| NAC Kazatomprom JSC (USD) (GDR) | 79373 | 2229076 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **South Korea: 1.0%** |  |  |
| KEPCO Engineering & Construction Co., Inc. \* | 12632 | $543736 |
| **United States: 49.1%** |  |  |
| BWX Technologies, Inc. | 40393 | 2346025 |
| Centrus Energy Corp. \* † | 15227 | 494573 |
| Constellation Energy Corp. | 40547 | 3495557 |
| Dominion Energy, Inc. | 73770 | 4523576 |
| Energy Fuels, Inc. \* † | 168356 | 1045491 |
| Entergy Corp. | 29851 | 3358238 |
| PG&E Corp. \* † | 205292 | 3338048 |
| PNM Resources, Inc. | 48944 | 2387978 |
| Public Service Enterprise Group, Inc. | 71370 | 4372839 |
| Uranium Energy Corp. \* † | 356571 | 1383495 |
|  |  | 26745820 |
| **Total Common Stocks**<br> (Cost: $50,848,094) |  | 54525025 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%** |  |
| **Money Market Fund: 4.8%**<br> (Cost: $2,598,944) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2598944 | 2598944 |
| **Total Investments: 104.8%**<br> (Cost: $53,447,038) |  | 57123969 |
| **Liabilities in excess of other assets: (4.8)%** | **Liabilities in excess of other assets: (4.8)%** | (2642084) |
| **NET ASSETS: 100.0%** |  | $54481885 |

---

**Definitions:**

GDR Global Depositary Receipt <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 $6,685,964. |
| 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, and the value amounted $3,200,983, or 5.9% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector <br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Utilities | 67.1% | $36562986 |
| Energy | 25.2 | 13758409 |
| Industrials | 6.7 | 3671515 |
| Materials | 1 | 532115 |
|  | 100.0% | $54525025 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $1967311 | $— | $1967311 |
| &nbsp;&nbsp;&nbsp;Canada | 7170578 |  |  | 7170578 |
| &nbsp;&nbsp;&nbsp;China |  | 2419230 |  | 2419230 |
| &nbsp;&nbsp;&nbsp;Czech Republic | 2522335 |  |  | 2522335 |
| &nbsp;&nbsp;&nbsp;Finland |  | 2440265 |  | 2440265 |
| &nbsp;&nbsp;&nbsp;France |  | 2705042 |  | 2705042 |
| &nbsp;&nbsp;&nbsp;Italy |  | 2394547 |  | 2394547 |
| &nbsp;&nbsp;&nbsp;Japan |  | 2605332 |  | 2605332 |
| &nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 781753 |  | 781753 |
| &nbsp;&nbsp;&nbsp;Kazakhstan |  | 2229076 |  | 2229076 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 543736 |  | 543736 |
| &nbsp;&nbsp;&nbsp;United States | 26745820 |  |  | 26745820 |
| Money Market Fund | 2598944 |  |  | 2598944 |
| **Total Investments** | $39037677 | $18086292 | $— | $57123969 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Future of Food<br> ETF** | **Gold Miners ETF** | **Green Metals ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $1339918131 | $2588025 | $5944170649 | $22599105 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  |  | 5994836736 |  |
| Short-term investments held as collateral for securities loaned (4) | 1586727 | 73186 | 120829768 | 555578 |
| Cash | 8420 | 115798 | 30219 | 2595 |
| Cash denominated in foreign currency, at value (5) | 386727 |  | 740914 | 308524 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 2224696 | 5688 | 3983224 | 10884 |
| Prepaid expenses | 16180 |  | 85842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1344140881 | 2782697 | 12064677352 | 23476686 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1586727 | 73186 | 120829768 | 555578 |
| &nbsp;&nbsp;&nbsp;Line of credit | 191510 |  | 3165413 | 318632 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 593215 | 1616 | 5136039 | 11952 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 10011 |  |  |
| Deferred Trustee fees | 492945 |  | 1194420 |  |
| Accrued expenses | 253475 |  | 308114 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3117872 | 84813 | 130633754 | 886260 |
| **NET ASSETS** | $1341023009 | $2697884 | $11934043598 | $22590426 |
| Shares outstanding | 15600000 | 150000 | 416002500 | 800000 |
| Net asset value, redemption and offering price per share | $85.96 | $17.99 | $28.69 | $28.24 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $2207483990 | $3462993 | $23938793497 | $28042618 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (866460981) | (765109) | (12004749899) | (5452192) |
| **NET ASSETS** | $1341023009 | $2697884 | $11934043598 | $22590426 |
| (1) Value of securities on loan | $2362658 | $104114 | $225906317 | $537745 |
| (2) Cost of investments - Unaffiliated issuers | $1421100928 | $3257054 | $5736649935 | $26809490 |
| (3) Cost of investments - Affiliated issuers | $— | $— | $6286244461 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $1586727 | $73186 | $120829768 | $555578 |
| (5) Cost of cash denominated in foreign currency | $379247 | $— | $737813 | $401840 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold<br> Miners ETF** | **Low Carbon<br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $3734769712 | $198128907 | $143000413 | $39024650 |
| Short-term investments held as collateral for securities loaned (3) | 157686725 | 8687734 | 3416156 |  |
| Cash | 2140343 | 247 | 12075 |  |
| Cash denominated in foreign currency, at value (4) | 345817 | 1744264 | 346397 | 389 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 21931 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1982093 | 391730 | 200215 | 129170 |
| Prepaid expenses | 34532 | 4130 |  | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 3896959222 | 208957012 | 146997187 | 39156232 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 157686725 | 8687734 | 3416156 |  |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 1890841 | 758166 | 109158 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 1597577 | 89650 | 60030 | 13186 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 8 |
| Deferred Trustee fees | 313116 | 16099 | 14855 | 843 |
| Accrued expenses | 350732 | 122695 | 64487 | 41322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 159948150 | 10807019 | 4313694 | 164517 |
| **NET ASSETS** | $3737011072 | $198149993 | $142683493 | $38991715 |
| Shares outstanding | 104887446 | 1783298 | 2900000 | 1250000 |
| Net asset value, redemption and offering price per share | $35.63 | $111.11 | $49.20 | $31.19 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $9295287113 | $305567646 | $182795853 | $49777014 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (5558276041) | (107417653) | (40112360) | (10785299) |
| **NET ASSETS** | $3737011072 | $198149993 | $142683493 | $38991715 |
| (1) Value of securities on loan | $217017532 | $12648560 | $6835434 | $56309 |
| (2) Cost of investments - Unaffiliated issuers | $4422392574 | $241046477 | $129019248 | $39000463 |
| (3) Cost of short-term investments held as collateral for securities loaned | $157686725 | $8687734 | $3416156 | $— |
| (4) Cost of cash denominated in foreign currency | $344943 | $1732481 | $345792 | $387 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Rare Earth/<br> Strategic Metals<br> ETF** | **Steel ETF** | **Uranium+Nuclear<br> Energy ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $2584321658 | $630786160 | $99816619 | $54525025 |
| Short-term investments held as collateral for securities loaned (3) | 22295028 | 43492601 | 2476643 | 2598944 |
| Cash | 7241 | 12367 |  | 23046 |
| Cash denominated in foreign currency, at value (4) |  | 1005535 |  | 275 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 5474482 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 30402537 |  | 1474811 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1801733 | 549784 | 183383 | 8903 |
| Prepaid expenses |  | 9320 | 2506 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 2638828197 | 675855767 | 109428444 | 57157332 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 30403382 |  | 5588604 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  |  | 1454822 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 22295028 | 43492601 | 2476643 | 2598944 |
| &nbsp;&nbsp;&nbsp;Line of credit | 803170 | 711048 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 729765 | 297116 | 42709 | 19665 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 73486 |  |
| Deferred Trustee fees | 206442 | 21391 | 17588 | 11370 |
| Accrued expenses | 2940 | 126643 | 77413 | 45468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 54440727 | 44648799 | 9731265 | 2675447 |
| **NET ASSETS** | $2584387470 | $631206968 | $99697179 | $54481885 |
| Shares outstanding | 8500543 | 8274987 | 1725000 | 991632 |
| Net asset value, redemption and offering price per share | $304.03 | $76.28 | $57.80 | $54.94 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $4515251113 | $963175098 | $279810760 | $135999032 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (1930863643) | (331968130) | (180113581) | (81517147) |
| **NET ASSETS** | $2584387470 | $631206968 | $99697179 | $54481885 |
| (1) Value of securities on loan | $85090759 | $151605612 | $21413508 | $6685964 |
| (2) Cost of investments - Unaffiliated issuers | $2499084561 | $604345687 | $116358302 | $50848094 |
| (3) Cost of short-term investments held as collateral for securities loaned | $22295028 | $43492601 | $2476643 | $2598944 |
| (4) Cost of cash denominated in foreign currency | $— | $995505 | $— | $274 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Future of Food<br> ETF** | **Gold Miners ETF** | **Green Metals<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $38558485 | $42643 | $171565996 | $727935 |
| Dividends - affiliated issuers |  |  | 108178847 |  |
| Interest | 12217 | 54 | 82627 |  |
| Securities lending income | 1513610 | 16589 | 1538139 | 3928 |
| Foreign taxes withheld | (4051067) | (4069) | (24829881) | (55710) |
| &nbsp;&nbsp;&nbsp;Total income | 36033245 | 55217 | 256535728 | 676153 |
| **Expenses:** |  |  |  |  |
| Management fees | 7590170 | 17856 | 60561304 | 134921 |
| Professional fees | 45817 |  | 47241 |  |
| Custody and accounting fees | 122851 |  | 182704 |  |
| Reports to shareholders | 137210 |  | 520880 |  |
| Trustees' fees and expenses | 40970 |  | 274827 |  |
| Registration fees | 5937 |  | 19670 |  |
| Insurance | 19925 |  | 131127 |  |
| Interest and taxes | 64124 | 76 | 304257 | 9429 |
| Other | 8526 |  | 33981 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 8035530 | 17932 | 62075991 | 144350 |
| Net investment income | 27997715 | 37285 | 194459737 | 531803 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (49355667) | (98221) | (629322970) | (1104654) |
| Investments - affiliated issuers |  |  | (243269510) |  |
| In-kind redemptions - unaffiliated issuers | 141406093 |  | 574345552 | 56624 |
| In-kind redemptions - affiliated issuers |  |  | 264551586 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (263961) | 1114 | (1451705) | 66611 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 91786465 | (97107) | (35147047) | (981419) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (320294125) | (704103) | (715321927) | (4457081) |
| Investments - affiliated issuers |  |  | (642574000) |  |
| Foreign currency translations and foreign denominated assets and liabilities | (19979) | 195 | 184 | (99095) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (320314104) | (703908) | (1357895743) | (4556176) |
| Net Decrease in Net Assets Resulting from Operations | $(200529924) | $(763730) | $(1198583053) | $(5005792) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold<br> Miners ETF** | **Low Carbon<br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $47425434 | $3732762 | $5499182 | $1590094 |
| Dividends - affiliated issuers | 191415 |  |  |  |
| Interest | 95475 |  | 1306 | 4 |
| Securities lending income | 2053791 | 688553 | 49184 | 682 |
| Foreign taxes withheld | (4854077) | (324728) | (283060) | (149481) |
| &nbsp;&nbsp;&nbsp;Total income | 44912038 | 4096587 | 5266612 | 1441299 |
| **Expenses:** |  |  |  |  |
| Management fees | 19460452 | 1175675 | 668971 | 173888 |
| Professional fees | 35305 | 79283 |  | 44976 |
| Custody and accounting fees | 223115 | 110171 |  | 30145 |
| Reports to shareholders | 167327 | 42842 |  | 4557 |
| Trustees' fees and expenses | 83119 | 5743 |  | 1386 |
| Registration fees | 19401 | 5938 |  | 5937 |
| Insurance | 59397 | 7170 |  | 2184 |
| Interest and taxes | 32243 | 12788 | 12025 | 5710 |
| Other | 17156 | 6456 |  | 3463 |
| &nbsp;&nbsp;&nbsp;Total expenses | 20097515 | 1446066 | 680996 | 272246 |
| Waiver of management fees |  |  |  | (61342) |
| &nbsp;&nbsp;&nbsp;Net expenses | 20097515 | 1446066 | 680996 | 210904 |
| Net investment income | 24814523 | 2650521 | 4585616 | 1230395 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (302421091) | (9539813) | (7695444) | (3146583) |
| Investments - affiliated issuers | (6528287) |  |  |  |
| In-kind redemptions - unaffiliated issuers | 138361289 | 2258899 | 7630957 | 3233533 |
| In-kind redemptions - affiliated issuers | 338379 |  |  |  |
| Capital gain distributions from investment companies |  |  | 44954 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (825255) | (25979) | (60193) | (24850) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (171074965) | (7306893) | (79726) | 62100 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (484302537) | (81996405) | (2080852) | (743365) |
| Investments - affiliated issuers | (2116013) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities | (1825) | 1545 | (1060) | (1718) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (486420375) | (81994860) | (2081912) | (745083) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(632680817) | $(86651232) | $2423978 | $547412 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Rare Earth/<br> Strategic Metals<br> ETF** | **Steel ETF** | **Uranium+<br> Nuclear Energy<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $31762476 | $5756920 | $5705645 | $1072803 |
| Dividends - affiliated issuers | 1805788 |  |  |  |
| Interest | 58085 | 15205 | 2245 | 805 |
| Securities lending income | 48551 | 5159433 | 210525 | 23194 |
| Foreign taxes withheld | (10362) | (356310) | (140916) | (63993) |
| &nbsp;&nbsp;&nbsp;Total income | 33664538 | 10575248 | 5777499 | 1032809 |
| **Expenses:** |  |  |  |  |
| Management fees | 9982726 | 4261430 | 547396 | 237947 |
| Professional fees |  | 39622 | 35008 | 36971 |
| Custody and accounting fees |  | 118791 | 2610 | 27338 |
| Reports to shareholders |  | 125617 | 26751 | 4578 |
| Trustees' fees and expenses |  | 20714 | 2313 | 1126 |
| Registration fees |  | 5937 | 4145 | 5937 |
| Insurance |  | 10206 | 4213 | 1536 |
| Interest and taxes | 35319 | 44222 | 8274 | 2873 |
| Other |  | 5586 | 1345 | 2443 |
| &nbsp;&nbsp;&nbsp;Total expenses | 10018045 | 4632125 | 632055 | 320749 |
| Waiver of management fees |  |  | (21645) | (32334) |
| &nbsp;&nbsp;&nbsp;Net expenses | 10018045 | 4632125 | 610410 | 288415 |
| Net investment income | 23646493 | 5943123 | 5167089 | 744394 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (141003204) | (39414077) | (7471454) | (163174) |
| Investments - affiliated issuers | (13690756) |  |  |  |
| In-kind redemptions - unaffiliated issuers | 622352444 | 64623117 | 5333302 | 1784521 |
| In-kind redemptions - affiliated issuers | 121088155 |  |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (147858) |  | (23608) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 588746639 | 25061182 | (2138152) | 1597739 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 458684816 | (338282384) | 3726233 | (940945) |
| Investments - affiliated issuers | 74136572 |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | 5270 |  | (761) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 532821388 | (338277114) | 3726233 | (941706) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $1145214520 | $(307272809) | $6755170 | $1400427 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Agribusiness ETF** | **Future of Food ETF** | **Future of Food ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Period Ended<br> December 31,<br> 2021 (a)** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $27997715 | $14113197 | $37285 | $1947 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 91786465 | 103047705 | (97107) | (4) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (320314104) | 99471560 | (703908) | 35079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (200529924) | 216632462 | (763730) | 37022 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (28899290) | (13850800) | (38400) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 815012259 | 459439465 | 1030333 | 2432659 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (427267809) | (273313828) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from share transactions | 387744450 | 186125637 | 1030333 | 2432659 |
| Total increase in net assets | 158315236 | 388907299 | 228203 | 2469681 |
| Net Assets, beginning of period | 1182707773 | 793800474 | 2469681 |  |
| Net Assets, end of period | $1341023009 | $1182707773 | $2697884 | $2469681 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 8000000 | 5250000 | 50000 | 100000 |
| Shares redeemed | (4800000) | (3050000) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase | 3200000 | 2200000 | 50000 | 100000 |

---

(a) For the period December 1, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gold Miners ETF** | **Gold Miners ETF** | **Green Metals ETF** | **Green Metals ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Period Ended<br> December 31,<br> 2021 (a)** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $194459737 | $220313648 | $531803 | $(3750) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (35147047) | 703319609 | (981419) | (61930) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1357895743) | (2479630293) | (4556176) | 252259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1198583053) | (1555997036) | (5005792) | 186579 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (197981341) | (224002317) | (580000) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3035577589 | 2030470195 | 14040492 | 15509965 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2978056133) | (3480902948) | (1560818) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | 57521456 | (1450432753) | 12479674 | 15509965 |
| Total increase (decrease) in net assets | (1339042938) | (3230432106) | 6893882 | 15696544 |
| Net Assets, beginning of period | 13273086536 | 16503518642 | 15696544 |  |
| Net Assets, end of period | $11934043598 | $13273086536 | $22590426 | $15696544 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 102100000 | 58150000 | 400000 | 450000 |
| Shares redeemed | (100900000) | (102000000) | (50000) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1200000 | (43850000) | 350000 | 450000 |

---

(a) For the period November 10, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $24814523 | $43598687 | $2650521 | $1432887 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (171074965) | 171809877 | (7306893) | 71875642 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (486420375) | (1538777434) | (81994860) | (84954022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (632680817) | (1323368870) | (86651232) | (11645493) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (19233209) | (80009332) | (2600048) | (1340155) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 674457723 | 455259072 |  | 209712572 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (780321178) | (872059989) | (13347688) | (166136494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | (105863455) | (416800917) | (13347688) | 43576078 |
| Total increase (decrease) in net assets | (757777481) | (1820179119) | (102598968) | 30590430 |
| Net Assets, beginning of year | 4494788553 | 6314967672 | 300748961 | 270158531 |
| Net Assets, end of year | $3737011072 | $4494788553 | $198149993 | $300748961 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 19250000 | 9850000 |  | 1300000 |
| Shares redeemed | (21700000) | (18900000) | (100000) | (1050000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2450000) | (9050000) | (100000) | 250000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natural Resources ETF** | **Natural Resources ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4585616 | $2028234 | $1230395 | $472371 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (79726) | (664371) | 62100 | (1182181) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2081912) | 12884685 | (745083) | 2639228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2423978 | 14248548 | 547412 | 1929418 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4599900) | (2140110) | (1200000) | (470018) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 74958129 | 37659686 | 41125018 | 708375 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (27346895) | (4695212) | (21154594) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from share transactions | 47611234 | 32964474 | 19970424 | 708375 |
| Total increase in net assets | 45435312 | 45072912 | 19317836 | 2167775 |
| Net Assets, beginning of year | 97248181 | 52175269 | 19673879 | 17506104 |
| Net Assets, end of year | $142683493 | $97248181 | $38991715 | $19673879 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 1450000 | 800000 | 1250000 | 25000 |
| Shares redeemed | (600000) | (100000) | (725000) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 850000 | 700000 | 525000 | 25000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Oil Services ETF** | **Rare Earth/Strategic Metals ETF** | **Rare Earth/Strategic Metals ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $23646493 | $24048164 | $5943123 | $685719 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 588746639 | 91476848 | 25061182 | 107316664 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 532821388 | (245287006) | (338277114) | 273354965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1145214520 | (129761994) | (307272809) | 381357348 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (23400039) | (21600606) | (9819927) | (54350856) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4621472112 | 4464669089 | 149331401 | 552129245 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5302018149) | (2893608272) | (214892139) | (187397855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | (680546037) | 1571060817 | (65560738) | 364731390 |
| Total increase (decrease) in net assets | 441268444 | 1419698217 | (382653474) | 691737882 |
| Net Assets, beginning of year | 2143119026 | 723420809 | 1013860442 | 322122560 |
| Net Assets, end of year | $2584387470 | $2143119026 | $631206968 | $1013860442 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 17300000 | 21100000 | 1500000 | 6200000 |
| Shares redeemed | (20400000) | (14200000) | (2300000) | (2050000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (3100000) | 6900000 | (800000) | 4150000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Steel ETF** | **Steel ETF** | **Uranium+Nuclear Energy ETF** | **Uranium+Nuclear Energy ETF** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5167089 | $8722425 | $744394 | $697092 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2138152) | 34079900 | 1597739 | (675324) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3726233 | (25264114) | (941706) | 3159751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6755170 | 17538211 | 1400427 | 3181519 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (5238962) | (8650070) | (1100017) | (700021) |
| &nbsp;&nbsp;&nbsp;Return of capital | (11016) |  |  |  |
| Total distributions | (5249978) | (8650070) | (1100017) | (700021) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 82321434 | 245785508 | 24539686 | 14652183 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (95953186) | (219740003) | (5585128) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | (13631752) | 26045505 | 18954558 | 14652183 |
| Total increase (decrease) in net assets | (12126560) | 34933646 | 19254968 | 17133681 |
| Net Assets, beginning of year | 111823739 | 76890093 | 35226917 | 18093236 |
| Net Assets, end of year | $99697179 | $111823739 | $54481885 | $35226917 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 1300000 | 4125000 | 450000 | 275000 |
| Shares redeemed | (1675000) | (3750000) | (100000) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (375000) | 375000 | 350000 | 275000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $95.38 | $77.82 | $68.59 | $57.11 | $61.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.71 | 1.14 | 0.90 | 0.83 | 0.83 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (9.28) | 17.54 | 9.19 | 11.56 | (4.39) |
| Total from investment operations | (7.57) | 18.68 | 10.09 | 12.39 | (3.56) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.85) | (1.12) | (0.86) | (0.91) | (0.96) |
| Net asset value, end of year | $85.96 | $95.38 | $77.82 | $68.59 | $57.11 |
| **Total return (b)** | (7.95)% | 23.99% | 14.73% | 21.70% | (5.76)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.53% | 0.52% | 0.55% | 0.56% | 0.54% |
| Net investment income | 1.84% | 1.25% | 1.41% | 1.29% | 1.32% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $1341 | $1183 | $794 | $717 | $757 |
| Portfolio turnover rate (c) | 24% | 17% | 13% | 21% | 16% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Future of Food ETF** | **Future of Food ETF** |
|  | **Year Ended<br> December<br> 31, 2022** | **Period<br> Ended<br> December<br> 31,<br> 2021(a)** |
| Net asset value, beginning of period | $24.70 | $24.33 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.29 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.74) | 0.35 |
| Total from investment operations | (6.45) | 0.37 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) |  |
| Net asset value, end of period | $17.99 | $24.70 |
| **Total return (c)** | (26.14)% | 1.53 %(d) |
| **Ratios to average net assets** |  |  |
| Expenses | 0.69% | 0.69 %(e) |
| Net investment income | 1.44% | 0.93 %(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $3 | $2 |
| Portfolio turnover rate (f) | 4% | 0 %(d) |

---

(a) For the period December 1, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $32.00 | $35.98 | $29.34 | $21.07 | $23.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.48 | 0.52 | 0.21 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.31) | (3.97) | 6.62 | 8.27 | (2.21) |
| Total from investment operations | (2.83) | (3.45) | 6.83 | 8.46 | (2.07) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.53) | (0.19) | (0.19) | (0.11) |
| Net asset value, end of year | $28.69 | $32.00 | $35.98 | $29.34 | $21.07 |
| **Total return (b)** | (8.87)% | (9.56)% | 23.30% | 40.15% | (8.92)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.51% | 0.51% | 0.51% | 0.52% | 0.52% |
| Net investment income | 1.61% | 1.53% | 0.61% | 0.76% | 0.66% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $11934 | $13273 | $16504 | $12999 | $10576 |
| Portfolio turnover rate (c) | 17% | 15% | 13% | 14% | 15% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Green Metals ETF** | **Green Metals ETF** |
|  | **Year Ended <br>December <br>31, 2022** | **Period <br>Ended <br>December <br>31, <br>2021(a)** |
| Net asset value, beginning of period | $34.88 | $34.67 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.73 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.64) | 0.22 |
| Total from investment operations | (5.91) | 0.21 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) |  |
| Net asset value, end of period | $28.24 | $34.88 |
| **Total return (c)** | (16.99)% | 0.61 %(d) |
| **Ratios to average net assets** |  |  |
| Expenses | 0.63% | 0.60 %(e) |
| Expenses excluding interest and taxes | 0.59% | 0.59 %(e) |
| Net investment income (loss) | 2.33% | (0.30)%(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $23 | $16 |
| Portfolio turnover rate (f) | 32% | 10 %(d) |

---

(a) For the period November 10, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $41.88 | $54.26 | $42.39 | $30.11 | $34.21 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.24 | 0.39 | 0.22 | 0.08 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.31) | (12.02) | 12.51 | 12.36 | (4.10) |
| Total from investment operations | (6.07) | (11.63) | 12.73 | 12.44 | (3.96) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.75) | (0.86) | (0.16) | (0.14) |
| Net asset value, end of year | $35.63 | $41.88 | $54.26 | $42.39 | $30.11 |
| **Total return (b)** | (14.48)% | (21.44)% | 30.07% | 41.31% | (11.58)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.52% | 0.52% | 0.52% | 0.53% | 0.53% |
| Net investment income | 0.64% | 0.84% | 0.46% | 0.24% | 0.45% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $3737 | $4495 | $6315 | $5219 | $4273 |
| Portfolio turnover rate (c) | 27% | 24% | 34% | 19% | 28% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $159.69 | $165.41 | $75.70 | $55.10 | $60.94 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.45 | 0.78 | 0.16 | 0.05 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (48.57) | (5.79) | 89.64 | 20.55 | (5.76) |
| Total from investment operations | (47.12) | (5.01) | 89.80 | 20.60 | (5.50) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.46) | (0.71) | (0.09) |  | (0.34) |
| Net asset value, end of year | $111.11 | $159.69 | $165.41 | $75.70 | $55.10 |
| **Total return (b)** | (29.52)% | (3.02)% | 118.65% | 37.38% | (9.02)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.61% | 0.55% | 0.64% | 0.65% | 0.65% |
| Net expenses | 0.61% | 0.55% | 0.62% | 0.62% | 0.63% |
| Net expenses excluding interest and taxes | 0.61% | 0.55% | 0.62% | 0.62% | 0.62% |
| Net investment income | 1.13% | 0.49% | 0.16% | 0.08% | 0.44% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $198 | $301 | $270 | $105 | $79 |
| Portfolio turnover rate (c) | 16% | 77% | 84% | 40% | 31% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $47.44 | $38.65 | $37.10 | $32.20 | $37.09 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.66 | 1.21 | 0.84 | 0.96 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.71 | 8.60 | 1.65 (b) | 4.94 | (4.78) |
| Total from investment operations | 3.37 | 9.81 | 2.49 | 5.90 | (3.97) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.61) | (1.02) | (0.94) | (1.00) | (0.92) |
| Net asset value, end of year | $49.20 | $47.44 | $38.65 | $37.10 | $32.20 |
| **Total return (c)** | 7.10% | 25.38% | 6.73% | 18.34% | (10.69)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (d) | 0.50% | 0.78% | 0.90% | 0.79% | 0.72% |
| Net expenses (d) | 0.50% | 0.49% | 0.49% | 0.50% | 0.50% |
| Net expenses excluding interest and taxes (d) | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income | 3.36% | 2.63% | 2.59% | 2.70% | 2.21% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $143 | $97 | $52 | $70 | $77 |
| Portfolio turnover rate (e) | 37% | 26% | 26% | 24% | 23% |

---

(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 include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

(e) Portfolio turnover rate excludes in-kind
 transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $27.14 | $25.01 | $29.01 | $26.95 | $30.40 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.07 | 0.66 | 0.58 | 0.56 | 0.74 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.94 | 2.12 | (3.92) | 1.91 | (3.54) |
| Total from investment operations | 5.01 | 2.78 | (3.34) | 2.47 | (2.80) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.96) | (0.65) | (0.64) | (0.41) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (0.13) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.02) |  |  |
| Total distributions | (0.96) | (0.65) | (0.66) | (0.41) | (0.65) |
| Net asset value, end of year | $31.19 | $27.14 | $25.01 | $29.01 | $26.95 |
| **Total return (b)** | 18.50% | 11.10% | (11.50)% | 9.19% | (9.22)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.78% | 1.02% | 1.29% | 1.03% | 0.72% |
| Net expenses | 0.61% | 0.59% | 0.59% | 0.60% | 0.60% |
| Net expenses excluding interest and taxes | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 3.54% | 2.32% | 2.56% | 1.97% | 2.32% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $39 | $20 | $18 | $35 | $49 |
| Portfolio turnover rate (c) | 40% | 18% | 37% | 30% | 31% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $184.74 | $153.90 | $265.47 | $280.60 | $520.40 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 2.14 | 2.41 | 2.26 | 6.60 | 7.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 120.04 | 30.24 (c) | (111.94) | (15.93)(c) | (240.80) |
| Total from investment operations | 122.18 | 32.65 | (109.68) | (9.33) | (233.80) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.89) | (1.81) | (1.89) | (5.80) | (6.00) |
| Net asset value, end of year | $304.03 | $184.74 | $153.90 | $265.47 | $280.60 |
| **Total return (d)** | 66.14% | 21.18% | (41.31)% | (3.35)% | (44.93)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (e) | 0.35% | 0.36% | 0.40% | 0.39% | 0.38% |
| Net expenses (e) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.83% | 1.21% | 1.68% | 2.28% | 1.44% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2584 | $2143 | $723 | $773 | $1045 |
| Portfolio turnover rate (f) | 17% | 28% | 33% | 29% | 22% |

---

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

(b) Calculated based upon average shares outstanding

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

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

(f) Portfolio turnover rate excludes in-kind
 transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rare Earth/Strategic Metals ETF(a)** | **Rare Earth/Strategic Metals ETF(a)** | **Rare Earth/Strategic Metals ETF(a)** | **Rare Earth/Strategic Metals ETF(a)** | **Rare Earth/Strategic Metals ETF(a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $111.72 | $65.41 | $40.41 | $40.68 | $89.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.68 | 0.08 | 0.58 | 0.90 | 1.98 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (34.93) | 52.12 | 24.95 | (0.54)(c) | (45.48) |
| Total from investment operations | (34.25) | 52.20 | 25.53 | 0.36 | (43.50) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.19) | (5.89) | (0.53) | (0.63) | (5.07) |
| Net asset value, end of year | $76.28 | $111.72 | $65.41 | $40.41 | $40.68 |
| **Total return (d)** | (30.68)% | 80.09% | 63.22% | 0.91% | (48.70)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.54% | 0.53% | 0.63% | 0.64% | 0.63% |
| Net expenses | 0.54% | 0.53% | 0.59% | 0.60% | 0.59% |
| Net expenses excluding interest and taxes | 0.54% | 0.53% | 0.57% | 0.57% | 0.57% |
| Net investment income | 0.70% | 0.08% | 1.44% | 2.14% | 2.73% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $631 | $1014 | $322 | $193 | $93 |
| Portfolio turnover rate (e) | 40% | 74% | 70% | 64% | 68% |

---

(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) 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 include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Steel ETF** | **Steel ETF** | **Steel ETF** | **Steel ETF** | **Steel ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $53.25 | $44.57 | $37.74 | $34.87 | $45.74 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 2.71 | 3.19 | 0.71 | 1.16 | 1.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.72 | 9.25 | 6.95 | 2.75 | (9.99) |
| Total from investment operations | 7.43 | 12.44 | 7.66 | 3.91 | (8.69) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.87) | (3.76) | (0.77) | (1.04) | (2.18) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) |  | (0.06) |  |  |
| Total distributions | (2.88) | (3.76) | (0.83) | (1.04) | (2.18) |
| Net asset value, end of year | $57.80 | $53.25 | $44.57 | $37.74 | $34.87 |
| **Total return (b)** | 13.88% | 27.91% | 20.57% | 11.02% | (18.94)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.58% | 0.56% | 0.95% | 0.71% | 0.61% |
| Net expenses | 0.56% | 0.55% | 0.56% | 0.56% | 0.56% |
| Net expenses excluding interest and taxes | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 4.72% | 5.48% | 2.31% | 3.11% | 2.80% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $100 | $112 | $77 | $66 | $58 |
| Portfolio turnover rate (c) | 20% | 25% | 34% | 19% | 16% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uranium+Nuclear Energy ETF** | **Uranium+Nuclear Energy ETF** | **Uranium+Nuclear Energy ETF** | **Uranium+Nuclear Energy ETF** | **Uranium+Nuclear Energy ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $54.90 | $49.35 | $48.71 | $49.67 | $49.09 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.86 | 1.44 | 0.89 | 1.07 | 1.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.29 | 5.20 | 0.85 | (0.85) | 1.22 |
| Total from investment operations | 1.15 | 6.64 | 1.74 | 0.22 | 2.52 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.11) | (1.09) | (1.10) | (1.18) | (1.94) |
| Net asset value, end of year | $54.94 | $54.90 | $49.35 | $48.71 | $49.67 |
| **Total return (b)** | 2.10% | 13.48% | 3.59% | 0.44% | 5.15% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.67% | 0.89% | 1.25% | 0.93% | 0.85% |
| Net expenses | 0.61% | 0.60% | 0.60% | 0.61% | 0.60% |
| Net expenses excluding interest and taxes | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net investment income | 1.56% | 2.70% | 1.97% | 2.13% | 2.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $54 | $35 | $18 | $23 | $26 |
| Portfolio turnover rate (c) | 53% | 25% | 25% | 15% | 32% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns
 for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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

---

| | |
|:---|:---|
| **Fund** | **Diversification Classification** |
| Agribusiness ETF | Non-Diversified |
| Future of Food ETF | Non-Diversified |
| Gold Miners ETF | Non-Diversified |
| Green Metals ETF | Non-Diversified |
| Junior Gold Miners ETF | Non-Diversified |
| Low Carbon Energy ETF | Non-Diversified |
| Natural Resources ETF | Diversified |
| Oil Refiners ETF | Non-Diversified |
| Oil Services ETF | Non-Diversified |
| Rare Earth/Strategic Metals ETF | Non-Diversified |
| Steel ETF | Non-Diversified |
| Uranium+Nuclear Energy ETF | Non-Diversified |

---

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

---

| | |
|:---|:---|
| **Fund** | **Index** |
| Agribusiness ETF | MVIS<sup>®</sup> Global Agribusiness Index |
| Gold Miners ETF | NYSE<sup>®</sup> Arca<sup>®</sup> Gold Miners Index<sup>®</sup> |
| Green Metals ETF | MVIS<sup>®</sup> Global Clean-Tech Metals Index |
| Junior Gold Miners ETF | MVIS<sup>®</sup> Global Junior Gold Miners Index |
| Low Carbon Energy ETF | MVIS Global Low Carbon Energy Index |
| Natural Resources ETF | VanEck<sup>®</sup> Natural Resources Index |
| Oil Refiners ETF | MVIS<sup>®</sup> Global Oil Refiners Index |
| Oil Services ETF | MVIS<sup>®</sup> US Listed Oil Services 25 Index |
| Rare Earth/Strategic Metals ETF | MVIS<sup>®</sup> Global Rare Earth/Strategic Metals Index |
| Steel ETF | NYSE<sup>®</sup> Arca<sup>®</sup> Steel Index |
| Uranium+Nuclear Energy ETF | MVIS<sup>®</sup> Global Uranium & Nuclear Energy Index |

---

Each Fund, except for Future of Food 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. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.

Van Eck Associates Corporation (the "Adviser") is 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.

------

---

| | |
|:---|:---|
| **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. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board of Trustees ("Trustees") has designated the Adviser as valuation designee under Rule 2a-5 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 of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
|  | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
|  | The 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). |
|  | A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | |
|:---|:---|
|  | present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| **B.** | **Federal Income Taxes—**It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to and net realized capital gains, if any, its shareholders. Therefore, no federal income tax provision is required. |
| **C.** | **Distributions to Shareholders—** Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| **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.** | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 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). |
| **G.** | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|  | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
|  | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

------

**Note 3—Investment Management and Other Agreements—**The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Adviser has agreed, until at least May 1, 2023, 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, 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 year ended December 31, 2022, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management**<br> **Fees** | **Expense**<br> **Limitations** |
| Agribusiness ETF | 0.50% | 0.56% |
| Gold Miners ETF | 0.50 | 0.53 |
| Junior Gold Miners ETF | 0.50 | 0.56 |
| Low Carbon Energy ETF | 0.50 | 0.62 |
| Oil Refiners ETF | 0.50 | 0.59 |
| Rare Earth/Strategic Metals ETF | 0.50 | 0.57 |
| Steel ETF | 0.50 | 0.55 |
| Uranium+Nuclear Energy ETF | 0.50 | 0.60 |

---

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

The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2023.

---

| | |
|:---|:---|
| **Fund** | **Unitary<br> Management<br> Fee Rate** |
| Future of Food ETF | 0.69% |
| Green Metals ETF | 0.59 |
| Natural Resources ETF | 0.49 |
| Oil Services ETF | 0.35 |

---

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

**Note 4—Capital Share Transactions—**As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 5—Investments—**For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **Fund** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Agribusiness ETF | $370691690 | $363136073 | $791451604 | $412761108 |
| Future of Food ETF | 113069 | 196838 | 1010044 |  |
| Gold Miners ETF | 2085463737 | 2003946143 | 3033538853 | 2976076243 |
| Green Metals ETF | 10936938 | 7205499 | 9717579 | 1052995 |
| Junior Gold Miners ETF | 1056470980 | 1043124305 | 669450439 | 777563862 |
| Low Carbon Energy ETF | 38338475 | 38891761 |  | 12716520 |
| Natural Resources ETF | 51659410 | 50256297 | 73085654 | 26672143 |
| Oil Refiners ETF | 16278619 | 13662910 | 35294072 | 17896659 |
| Oil Services ETF | 464729649 | 467952304 | 4622353818 | 5301418049 |
| Rare Earth/Strategic Metals ETF | 339182853 | 361569499 | 115125115 | 161670708 |
| Steel ETF | 22035365 | 22044856 | 82300213 | 95927769 |
| Uranium+Nuclear Energy ETF | 24939501 | 24987059 | 24435290 | 5563677 |

---

**Note 6—Income Taxes—**As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of <br> Investments** | **Gross <br> Unrealized <br> Appreciation** | **Gross <br> Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation <br> (Depreciation)** |
| Agribusiness ETF | $1438873414 | $127086797 | $(224455353) | $(97368556) |
| Future of Food ETF | 3330240 | 182677 | (851706) | (669029) |
| Gold Miners ETF | 12178172195 | 1316474066 | (1434809108) | (118335042) |
| Green Metals ETF | 27522624 | 1387757 | (5755698) | (4367941) |
| Junior Gold Miners ETF | 4723704855 | 254802471 | (1086050890) | (831248419) |
| Low Carbon Energy ETF | 250114134 | 25951974 | (69249467) | (43297493) |
| Natural Resources ETF | 132942945 | 23842868 | (10369244) | 13473624 |
| Oil Refiners ETF | 39297869 | 3241709 | (3514928) | (273219) |
| Oil Services ETF | 2522062130 | 156412100 | (71857544) | 84554556 |
| Rare Earth/Strategic Metals ETF | 670488697 | 120228978 | (116438914) | 3790064 |
| Steel ETF | 120075385 | 2949457 | (20731580) | (17782123) |
| Uranium+Nuclear Energy ETF | 54399192 | 6051796 | (3327019) | 2724777 |

---

At December 31, 2022, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income** | **(Accumulated <br> Capital Losses)/ <br> Undistributed <br> Capital Gains** | **Qualified Late- <br> Year Losses\*** | **Other <br> Temporary <br> Differences** | **Unrealized <br> Appreciation <br> (Depreciation)** | **Total <br> Distributable <br> Earnings (Loss)** |
| Agribusiness ETF | $8907800 | $(777475372) | $– | $(492946) | $(97400463) | $(866460981) |
| Future of Food ETF | 1942 | (98221) |  |  | (668830) | (765109) |
| Gold Miners ETF | 2319299 | (11887543299) |  | (1194419) | (118331480) | (12004749899) |
| Green Metals ETF | 22198 | (1012917) |  |  | (4461473) | (5452192) |
| Junior Gold Miners ETF | 45171638 | (4771882069) |  | (313117) | (831252493) | (5558276041) |
| Low Carbon Energy ETF | 76644 | (64185450) |  | (16099) | (43292748) | (107417653) |
| Natural Resources ETF | 278230 | (53849293) |  | (14855) | 13473558 | (40112360) |
| Oil Refiners ETF | 4851 | (10513424) |  | (842) | (275884) | (10785299) |
| Oil Services ETF | 246455 | (2015454422) |  | (210231) | 84554555 | (1930863643) |
| Rare Earth/Strategic Metals ETF |  | (323294394) | (12451331) | (21392) | 3798987 | (331968130) |
| Steel ETF |  | (162313871) |  | (17587) | (17782123) | (180113581) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br> **Ordinary** <br> **Income** | **(Accumulated** <br> **Capital Losses)/** <br> **Undistributed** <br> **Capital Gains** | **Qualified Late-** <br> **Year Losses\*** | **Other** <br> **Temporary** <br> **Differences** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)** | **Total** <br> **Distributable** <br> **Earnings (Loss)** |
| Uranium+Nuclear Energy ETF | 1103738 | (85333578) | – | (11370) | 2724063 | (81517147) |

---

\* Qualified late year losses incurred after October 31, 2022 are deemed to arise on January 1, 2023.

The tax character of dividends paid to shareholders was follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31,<br> 2021** |
| **<u>Fund</u>** | **Ordinary**<br> **Income** | **Return**<br> **of Capital** | **Ordinary**<br> **Income** |
| Agribusiness ETF | $28899290 | $– | $13850800 |
| Future of Food ETF | 38400 |  |  |
| Gold Miners ETF | 197981341 |  | 224002317 |
| Green Metals ETF | 580000 |  |  |
| Junior Gold Miners ETF | 19233209 |  | 80009332 |
| Low Carbon Energy ETF | 2600048 |  | 1340155 |
| Natural Resources ETF | 4599900 |  | 2140110 |
| Oil Refiners ETF | 1200000 |  | 470018 |
| Oil Services ETF | 23400039 |  | 21600606 |
| Rare Earth/Strategic Metals ETF | 9819927 |  | 54350856 |
| Steel ETF | 5238962 | 11016 | 8650070 |
| Uranium+Nuclear Energy ETF | 1100017 |  | 700021 |

---

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term <br> Capital Losses <br> with No Expiration** | **Long-Term <br> Capital Losses <br> with No Expiration** | **Total** |
| Agribusiness ETF | $(222942771) | $(554532601) | $(777475372) |
| Future of Food ETF | (98221) |  | (98221) |
| Gold Miners ETF | (2025014743) | (9862528556) | (11887543299) |
| Green Metals ETF | (975397) | (37520) | (1012917) |
| Junior Gold Miners ETF | (1682967033) | (3088915036) | (4771882069) |
| Low Carbon Energy ETF | (9742287) | (54443163) | (64185450) |
| Natural Resources ETF | (10260864) | (43588429) | (53849293) |
| Oil Refiners ETF | (5157696) | (5355728) | (10513424) |
| Oil Services ETF | (306893389) | (1708561033) | (2015454422) |
| Rare Earth/Strategic Metals ETF | (75995355) | (247299039) | (323294394) |
| Steel ETF | (16288914) | (146024957) | (162313871) |
| Uranium+Nuclear Energy ETF | (13904116) | (71429462) | (85333578) |

---

During the year ended December 31, 2022, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase <br> (Decrease) <br> in Total Distributable <br> Earnings (Loss)** | **Increase <br> (Decrease) <br> in Aggregate <br> Paid in Capital** |
| Agribusiness ETF | $(141329451) | $141329451 |
| Gold Miners ETF | (815540550) | 815540550 |
| Green Metals ETF | (52979) | 52979 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase <br> (Decrease) <br> in Total Distributable <br> Earnings (Loss)** | **Increase <br> (Decrease) <br> in Aggregate <br> Paid in Capital** |
| Junior Gold Miners ETF | (103862021) | 103862021 |
| Low Carbon Energy ETF | (2245152) | 2245152 |
| Natural Resources ETF | (7577268) | 7577268 |
| Oil Refiners ETF | (3080951) | 3080951 |
| Oil Services ETF | (742204227) | 742204227 |
| Rare Earth/Strategic Metals ETF | (47859056) | 47859056 |
| Steel ETF | (5174596) | 5174596 |
| Uranium+Nuclear Energy ETF | (1719701) | 1719701 |

---

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

**Note 7—Principal Risks—** Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. 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.

Following Russia's large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but trading limitations have remained. There is no assurance that these disruptions will not continue.

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund's investments (and thus a shareholder's investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

------

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

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

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations. The liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as "Deferred Trustee fees" in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2022 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value <br> of Securities <br> on Loan** | **Cash <br> Collateral** | **Non-Cash <br> Collateral** | **Total <br> Collateral** |
| Agribusiness ETF | $2362658 | $1586727 | $896541 | $2483268 |
| Future of Food ETF | 104114 | 73186 | 41499 | 114685 |
| Gold Miners ETF | 225906317 | 120829768 | 116912708 | 237742476 |
| Green Metals ETF | 537745 | 555578 |  | 555578 |
| Junior Gold Miners ETF | 217017532 | 157686725 | 73589682 | 231276407 |
| Low Carbon Energy ETF | 12648560 | 8687734 | 4446192 | 13133926 |
| Natural Resources ETF | 6835434 | 3416156 | 3906333 | 7322489 |
| Oil Refiners ETF | 56309 |  | 59354 | 59354 |
| Oil Services ETF | 85090759 | 22295028 | 64849902 | 87144930 |
| Rare Earth/Strategic Metals ETF | 151605612 | 43492601 | 119970195 | 163462796 |
| Steel ETF | 21413508 | 2476643 | 19599094 | 22075737 |
| Uranium+Nuclear Energy ETF | 6685964 | 2598944 | 4328301 | 6927245 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2022:

---

| | |
|:---|:---|
|  | **Gross Amount of <br> Recognized Liabilities <br> for Securities Lending <br> Transactions\* in the<br> Statements of Assets <br> and Liabilities** |
| **Fund** | **Equity Securities** |
| Agribusiness ETF | $1586727 |
| Future of Food ETF | 73186 |
| Gold Miners ETF | 120829768 |
| Green Metals ETF | 555578 |
| Junior Gold Miners ETF | 157686725 |
| Low Carbon Energy ETF | 8687734 |
| Natural Resources ETF | 3416156 |
| Oil Services ETF | 22295028 |
| Rare Earth/Strategic Metals ETF | 43492601 |
| Steel ETF | 2476643 |
| Uranium+Nuclear Energy ETF | 2598944 |

---

\* 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 year ended December 31, 2022, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days Outstanding** | **Average <br> Daily <br> Loan Balance** | **Average <br> Interest Rate** |
| Agribusiness ETF | 266 | $2247817 | 3.32% |
| Gold Miners ETF | 179 | 17532281 | 3.77 |
| Green Metals ETF | 346 | 352335 | 3.04 |
| Junior Gold Miners ETF | 26 | 17755677 | 2.39 |
| Low Carbon Energy ETF | 237 | 601011 | 3.07 |
| Natural Resources ETF | 244 | 502629 | 3.41 |
| Oil Refiners ETF | 168 | 231444 | 3.69 |
| Oil Services ETF | 204 | 1868091 | 3.20 |
| Rare Earth/Strategic Metals ETF | 209 | 1894947 | 3.03 |
| Steel ETF | 113 | 634847 | 3.20 |
| Uranium+Nuclear Energy ETF | 140 | 182893 | 2.66 |

---

Outstanding loan balances as of December 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the twelve funds listed in the table below.

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twelve of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations and of changes in net assets for the year ended December 31, 2022, including the related notes, and the financial highlights for the year ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| ***Funds*** | |
| VanEck Agribusiness ETF | VanEck Natural Resources ETF |
| VanEck Future of Food ETF | VanEck Oil Refiners ETF |
| VanEck Gold Miners ETF | VanEck Oil Services ETF |
| VanEck Green Metals ETF | VanEck Rare Earth/Strategic Metals ETF |
| VanEck Junior Gold Miners ETF | VanEck Steel ETF |
| VanEck Low Carbon Energy ETF | VanEck Uranium+Nuclear Energy ETF |

---

The financial statements of the Funds as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

 ****

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary Income <br> Amount Paid <br> Per Share** | **Qualified Dividend <br> Income for <br> Individuals\*** | **Dividends Qualifying <br> for the Dividend <br> Received Deduction <br> for Corporations\*** | **Foreign Source <br> Income\*** | **Foreign Taxes <br> Paid Per <br> Share\*\*** |
| Agribusiness ETF | $1.8466 | 78.76% | 27.84% | –% | $– |
| Future of Food ETF | 0.2560 | 100.00 | 48.43 |  |  |
| Gold Miners ETF | 0.4762 | 100.00 | 32.93 | 72.14 | 0.0558 |
| Green Metals ETF | 0.7250 | 100.00 | 8.60 | 83.68 | 0.0696 |
| Junior Gold Miners ETF | 0.1825 | 100.00 | 2.60 | 100.00 |  |
| Low Carbon Energy ETF | 1.4580 | 100.00 | 17.11 | 86.16 | 0.1650 |
| Natural Resources ETF | 1.6140 | 100.00 | 32.53 | 0.26 |  |
| Oil Refiners ETF | 0.9600 | 100.00 | 25.28 | 79.69 | 0.1161 |
| Oil Services ETF | 2.8887 | 100.00 | 83.55 |  |  |
| Rare Earth/Strategic Metals ETF | 1.1867 | 0.75 |  | 1.36 |  |
| Steel ETF | 2.8767 | 71.67 | 12.30 | 1.31 |  |
| Uranium+Nuclear Energy ETF | 1.1093 | 73.96 | 37.08 | 10.16 | 0.0645 |

---

---

| | |
|:---|:---|
| **Fund** | **Return of <br> Capital Per <br> Share\*\*\*** |
| Steel ETF | $0.0061 |

---

\* Expressed as a percentage of the cash distribution grossed up for foreign taxes.

\*\* The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

\*\*\* A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid.

Please consult your tax advisor for proper treatment of this information.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> <br> **and Year of Birth** | **Position(s)** <br> **Held with** <br> **the Trust** | **Term of** <br> **Office**<sup>2</sup> **and** <br> **Length of** <br> **Time Served** | **Principal Occupation(s)** <br> **During Past Five Years** | **Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>3</sup> <br> **Overseen** | **Other Directorships Held** <br> **By Trustee During Past Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** |  |  |  |  |
| David H. Chow, 1957\*† | Trustee Chairperson | Since 2006 <br> 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex<sup>4</sup>, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. |
| Laurie A. Hesslein, 1959\*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. |
| R. Alastair Short, 1953\*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Peter J. Sidebottom, 1962\*† | Chairperson Trustee | Since 2022 <br> Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. |
| Richard D. Stamberger, 1959\*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. |
| ***Interested Trustee*** |  |  |  |  |  |
| Jan F. van Eck, 1963<sup>5</sup> | Trustee, Chief Executive Officer and President | Trustee<br> (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

<sup>2</sup> Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.

<sup>3</sup> The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

------

---

| | |
|:---|:---|
| <sup>4</sup> | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| <sup>5</sup> | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| \* | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Officer's Name,** <br> **Address**<sup>1</sup> **and** <br> **Year of Birth** | **Position(s)** <br> **Held with** <br> **the Trust** | **Term of Office**<sup>2</sup> <br> **And Length of** <br> **Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** |  |  |  |
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer <br> (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary <br> (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |

---

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. |
| Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer <br> (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. <br> <sup>2</sup> Officers are elected yearly by the Trustees.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2022

**VanEck Commodity Index ETF and VanEck Robotics ETF**

At a meeting held on December 1, 2022 (the "Meeting"), the Board of Trustees (the "Board") of VanEck ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreements (the "Investment Management Agreements") between the Trust and each of Van Eck Absolute Return Advisers Corporation and Van Eck Associates Corporation (together, the "Advisers") with respect to the VanEck Commodity Index ETF and VanEck Robotics ETF (the "Funds"), respectively.

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

In advance of the Meeting, the Trustees received materials from the Advisers, including expense information for other funds. The Advisers provided the Trustees with information regarding, among other things, the various aspects of the Funds' proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees' consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the applicable Adviser would provide under each Investment Management Agreement, including such Adviser's agreement to pay all of the direct expenses of each Fund (with respect to the Investment Management Agreement for VanEck Commodity Index ETF, inclusive of any subsidiary expenses) 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 considered the benefits, other than the fees under the Investment Management Agreements, that the Advisers would receive from serving as advisers to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Advisers or the profitability of the Funds to the Advisers because the Funds had not yet commenced operations. In addition, because the Funds 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 Funds by the Advisers, although they concluded that the nature, quality, and extent of the services to be provided by the Advisers were appropriate based on the Trustees' knowledge of the Advisers and their 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 Agreements.

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

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the "Trust") prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds' complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

![](x1_c105580x96x1.jpg)

---

| | | |
|:---|:---|:---|
| Investment Adviser: | VanEck Associates Corporation |  |
| Distributor: | VanEck Securities Corporation |  |
|  | 666 Third Avenue, New York, NY 10017 |  |
|  | vaneck.com |  |
| Account Assistance: | 800.826.2333 | NRAR |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![](x1_c105581x1x1.jpg) | ANNUAL REPORT<br> December 31, 2022 |

---

---

| | |
|:---|:---|
| Africa Index ETF | AFK |
| Brazil Small-Cap ETF | BRF |
| China Growth Leaders ETF | GLCN |
| ChiNext ETF | CNXT |
| Digital India ETF | DGIN |
| Egypt Index ETF | EGPT |
| India Growth Leaders ETF | GLIN |
| Indonesia Index ETF | IDX |
| Israel ETF | ISRA |
| Vietnam ETF | VNM |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[President's Letter](#x1_c105809b001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Management Discussion](#x1_c105809b002) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Performance Comparison](#x1_c105809b003) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#x1_c105809b004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#x1_c105809b005) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Growth Leaders ETF](#x1_c105809b006) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#x1_c105809b007) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#x1_c105809b008) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Egypt Index ETF](#x1_c105809b009) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#x1_c105809b010) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#x1_c105809b011) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#x1_c105809b012) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#x1_c105809b013) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[About Fund Performance](#x1_c105809b014) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Explanation of Expenses](#x1_c105809b015) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#x1_c105809b016) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#x1_c105809b017) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#x1_c105809b018) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Growth Leaders ETF](#x1_c105809b019) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#x1_c105809b020) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#x1_c105809b021) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Egypt Index ETF](#x1_c105809b022) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#x1_c105809b023) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#x1_c105809b024) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#x1_c105809b025) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#x1_c105809b026) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#x1_c105809b027) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#x1_c105809b028) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#x1_c105809b029) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#x1_c105809b030) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#x1_c105809b031) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#x1_c105809b032) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Growth Leaders ETF](#x1_c105809b033) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#x1_c105809b034) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#x1_c105809b035) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Egypt Index ETF](#x1_c105809b036) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#x1_c105809b037) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#x1_c105809b038) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#x1_c105809b039) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#x1_c105809b040) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#x1_c105809b041) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#x1_c105809b042) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#x1_c105809b043) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees and Officers](#x1_c105809b044) | 83 |

---

------

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice.Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds' holdings, the Funds' performance, and the views of the investment adviser are as of December 31, 2022.

VANECK ETFs

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act<sup>1</sup>. I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

**<u>Discussion</u>**

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

**1.** **Monetary Policy: Tightening** 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

**2.** **Fiscal Tightening** 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

**3.** **Global Growth is at Low Levels** 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now<sup>2</sup>.) Because of higher interest rates, bonds

VANECK ETFs

PRESIDENT'S LETTER

(unaudited) (continued)

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105581x4x1.jpg)

*Jan F. van Eck*

*CEO and President*

*VanEck ETF Trust*

January 19, 2023

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

*<sup>1</sup> Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/</u>*.*

*<sup>2</sup> What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/</u>*.*

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

***Market Review***

All funds were to some extent affected by the wide market "downturn" as 2022 progressed and the shift in sentiment away from growth to value stocks. All countries were, also, in one way or another, affected by the fallout from Russia's invasion of Ukraine. In addition, faced by persistent and apparently stubborn inflation, the remedial measures, including raising interest rates (historically, the fastest it has ever been done) and tightening monetary policy, taken by central governments around the world have resulted in significant uncertainty and headwinds in many markets. Not least resulting in the continued fear of recession. By the end of 2022, the success of these measures, for better or for worse, varied considerably country by country and region by region. And the effects on local markets likewise.

***Africa***

The industrial sector, together with real estate, were very small positive contributors to the performance of the VanEck Africa Index ETF, which lost 18.34% for the 12 month period. The communication services and financial sectors were the greatest detractors from performance. Geographically, South Africa, with an average weight during the period of approximately 34%, was the top contributor to Fund returns. The greatest detractor from performance, by country, was Morocco.

The three top positive contributions to the Fund's performance came from: Naspers Ltd. (2.8% of Fund net assets<sup>†</sup>), Perseus Mining Ltd. (2.4% of Fund net assets<sup>†</sup>) and Standard Bank Group Ltd. (2.0% of Fund net assets<sup>†</sup>). The companies that detracted most from performance were: Safaricom Plc (5.5% of Fund net assets<sup>†</sup>), Commercial International Bank Egypt SAE (3.5% of Fund net assets<sup>†</sup>) and Attijariwafa Bank (4.0% of Fund net assets<sup>†</sup>).

***Brazil***

The VanEck Brazil Small-Cap ETF lost 13.31% over the 12 month period under review.

The majority of positive contributions came from four sectors: materials, consumer staples, utilities and energy, with the materials sector contributing the most. However, the negative contributions from the industrial and consumer discretionary sectors alone, with the largest average sector weightings during the year, offset all positive contributions to performance.

The three top positive contributions to the Fund's performance came from: Sao Martinho (sold by the Fund by period end), Alupar Investimento SA (3.5% of Fund net assets<sup>†</sup>) and Petroreconcavo SA (2.8% of Fund net assets<sup>†</sup>). The companies that detracted most from performance were: SMART Global Holdings, Inc. (1.1% of Fund net assets<sup>†</sup>), IRB Brasil Resseguros SA (0.8% of Fund net assets<sup>†</sup>) and Oi SA (0.5% of Fund net assets<sup>†</sup>).

***China***

The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF both recorded negative returns for the year. While the former lost 35.49%, the latter lost 31.65%. Both suffered as a result of the "Covid Zero" policy in China and the country's inability to open up during most of 2022.

The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The industrial sector, with the largest average sector weighting during the year, was the greatest detractor from performance. While no one sector contributed positively to return, the consumer discretionary and communication services sectors detracted the least from performance.

The information technology sector detracted the most from the performance of the VanEck China Growth Leaders ETF. While no one sector contributed positively to return, the utilities sector detracted the least from performance.

The three top positive contributions to the VanEck ChiNext ETF's performance came from: Shenzhen Inovance Technology Co. Ltd. (4.2% of Fund net assets<sup>†</sup>), Shenzhen New Industries Biomedical Engineering Co. Ltd. (0.5% of Fund net assets<sup>†</sup>) and Hunan Goke Microelectronics (sold by the Fund by period end). The

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

three companies that detracted most from performance were: Contemporary Amperex Technology Co. Ltd. (16.3% of Fund net assets<sup>†</sup>), East Money Information Co. Ltd. (6.6% of Fund net assets<sup>†</sup>) and Chongqing Zhifei Biological Products Co. Ltd. (2.2% of Fund net assets<sup>†</sup>).

The three top positive contributions to the VanEck China Growth Leaders ETF's performance came from: Wanhua Chemical Group Co. Ltd. (2.8% of Fund net assets<sup>†</sup>), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (2.7% of Fund net assets<sup>†</sup>) and Huali Industrial Group Co. Ltd. (2.5% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: LONGi Green Energy Technology Co. Ltd. (4.4% of Fund net assets<sup>†</sup>), Sunny Optical Technology (Group) (sold by the Fund by period end) and Wuliangye Yibin Co. Ltd. (5.9% of Fund net assets<sup>†</sup>).

***Egypt***

The VanEck Egypt Index ETF ended 2022 losing 23.67%.

The top performing sector was materials, with the largest average sector weighting during the year. The three sectors detracting most from performance were real estate, information technology and financials. Small cap companies, with the largest average weighting during the period under review, detracted the most from performance.

The three top positive contributions to performance came from: Abou Kir Fertilizers & Chemical Industries (6.6% of Fund net assets<sup>†</sup>), Centamin Plc (4.6% of Fund net assets<sup>†</sup>) and Alexandria Mineral Oils Co. (2.9% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: Commercial International Bank Egypt SAE (7.1% of Fund net assets<sup>†</sup>), Fawry for Banking Technology & Electronic Payment Services SAE (4.4% of Fund net assets<sup>†</sup>) and E-Finance for Digital & Financial Investments (5.9% of Fund net assets<sup>†</sup>).

***India***

The VanEck Digital India ETF, a newly organized ETF, lost 22.56% between its inception on February 15, 2022 and December 31, 2022. All sectors detracted from performance with the information technology detracting the most and the energy sector detracting the least.

The three top positive contributions to performance came from: Redington Ltd. (2.0% of Fund net assets<sup>†</sup>), KPIT Technologies Ltd. (2.5% of Fund net assets<sup>†</sup>) and Bharti Airtel Ltd. (6.6% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: LTIMindtree Ltd. (4.4% of Fund net assets<sup>†</sup>), Wipro Ltd. (5.5% of Fund net assets<sup>†</sup>) and Mphasis Ltd. (3.5% of Fund net assets<sup>†</sup>).

The VanEck India Growth Leaders ETF lost 21.99% over the 12 month period. The information technology sector detracted the most from performance and the communication services sector contributed the most, albeit small amount, positively to performance.

The three top positive contributions to performance came from: Chennai Super Kings Cricket Ltd. (3.0% of Fund net assets<sup>†</sup>), Bharat Electronics Ltd. (3.3% of Fund net assets<sup>†</sup>) and Oil & Natural Gas Corp. Ltd. (5.3% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: Wipro (sold by the Fund by period end), Divi's Laboratories Ltd. (4.3% of Fund net assets<sup>†</sup>) and LTIMindtree Ltd. (3.8% of Fund net assets<sup>†</sup>).

***Indonesia***

Indonesian stocks fell in 2022 with the VanEck Indonesia Index ETF registering a loss of 9.88% for the 12 month period.

The greatest positive contribution to returns came from the energy sector. The greatest negative contribution to returns came from the consumer discretionary sector.

The three top positive contributions to performance came from: Bank Mandiri Persero Tbk PT (6.8% of Fund net assets<sup>†</sup>), Adaro Energy Indonesia Tbk PT (3.6% of Fund net assets<sup>†</sup>) and Bank Rakyat Indonesia Persero

------

Tbk PT (8.4% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: GoTo Gojek Tokopedia Tbk PT (4.3% of Fund net assets<sup>†</sup>), Bank Jago Tbk PT (0.8% of Fund net assets<sup>†</sup>) and Elang Mahkota Teknologi Tbk PT (0.9% of Fund net assets<sup>†</sup>).

***Israel***

The VanEck Israel ETF lost 25.79% in the 12 months period under review.

Only the energy sector contributed positively to performance over the period under review, and then only minimally. The information technology sector, with the largest average weighting over the 12 month period, detracted most from performance.

The three top positive contributions to performance came from: Amdocs Ltd. (4.5% of Fund net assets<sup>†</sup>), Teva Pharmaceutical Industries Ltd. (5.1% of Fund net assets<sup>†</sup>) and SolarEdge Technologies, Inc. (8.2% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: Kornit Digital Ltd. (0.6% of Fund net assets<sup>†</sup>), Nice Ltd. (5.3% of Fund net assets<sup>†</sup>) and Wix.com Ltd. (1.6% of Fund net assets<sup>†</sup>).

***Vietnam***

The VanEck Vietnam ETF lost 44.47% in 2022.

Only the healthcare sector contributed positive returns. All others detracted from performance, with the real estate sector detracting the most.

The three top positive contributions to performance came from: Mani, Inc. (4.5% of Fund net assets<sup>†</sup>), UTI, Inc. (1.1% of Fund net assets<sup>†</sup>) and Feng TAY Enterprise Co. Ltd. (5.1% of Fund net assets<sup>†</sup>). The three companies that detracted most from performance were: No Va Land Investment Group Corp. (2.0% of Fund net assets<sup>†</sup>), Hoa Phat Group JSC (5.9% of Fund net assets<sup>†</sup>) and Thaiholdings (sold by the Fund by period end).

† All Fund assets referenced are Total Net Assets as of December 31, 2022.

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVAFKTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (17.35)% | (18.34)% | (15.99)% | (18.11)% |
| Five Year | (4.76)% | (5.01)% | (3.74)% | 9.42% |
| Ten Year | (3.46)% | (3.43)% | (1.97)% | 12.56% |

---

---

| | |
|:---|:---|
| 1 | MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa. |
|  | *Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes.* |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x8x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVBRFTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (14.75)% | (13.31)% | (13.09)% | (18.11)% |
| Five Year | (7.94)% | (7.64)% | (7.08)% | 9.42% |
| Ten Year | (7.92)% | (7.73)% | (7.12)% | 12.56% |

---

---

| | |
|:---|:---|
| 1 | MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index.<br>| ![](x1_c105581x9x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK CHINA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MGCNGRNR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (31.32)% | (31.65)% | (30.89)% | (18.11)% |
| Five Year | (6.64)% | (6.67)% | (4.10)% | 9.42% |
| Ten Year | 0.12% | 1.09% | 3.30% | 12.56% |

---

---

| | |
|:---|:---|
| <sup>1</sup> | The MarketGrader China All-Cap Growth Leaders Index (MGCNGRNR) is a modified market capitalization weighted, float adjusted index designed to track Chinese companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider's proprietary scoring methodology. |
|  | *Index data prior to May 1, 2020 reflects that of the CSI 300 Index (CSIH0749). From May 1, 2020 forward, the index data reflects that of the MGCNGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.* |
|  | *Index data as of October 31, 2018 for all periods presented reflect the CSIH0749 stream of the Index which is denominated in USD and converted by the index provider using the "offshore" Renminbi (CNH) exchange rate.* |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index.<br>| ![](x1_c105581x10x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **SZ988107**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (35.59)% | (35.49)% | (35.09)% | (18.11)% |
| Five Year | (0.19)% | (0.27)% | 1.73% | 9.42% |
| Life\* | 3.99% | 4.01% | 6.34% | 10.19% |

---

---

| | |
|:---|:---|
| \* | *Inception of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14.* |
| <sup>1</sup> | The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares. |
|  | *Index data prior to December 10, 2021 reflects that of the SME-ChiNext Index (CNI6109). From December 10, 2021 forward, the index data reflects that of the SZ988107. All Index history reflects a blend of the performance of the aforementioned Indexes.* |
|  | *Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the "offshore" Renminbi (CNH) exchange rate.* |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000 (Since Inception)** | **Hypothetical Growth of $10,000 (Since Inception)** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x11x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK DIGITAL INDIA ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVDINDTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| Life\* | (22.42)% | (22.56)% | (21.67)% | (12.85)% |

---

\* *Inception of Fund: 2/15/22; First Day of Secondary Market Trading: 2/16/22.*

<sup>1</sup> MVIS® Digital India Index (MVDIND) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the companies involved in and supporting the digitalization of India.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000 (Since Inception)** | **Hypothetical Growth of $10,000 (Since Inception)** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x12x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on 16 for more information.

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVEGPTTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (24.61)% | (23.67)% | (20.73)% | (18.11)% |
| Five Year | (7.35)% | (7.27)% | (5.22)% | 9.42% |
| Ten Year | (7.12)% | (7.03)% | (3.96)% | 12.56% |

---

<sup>1</sup> MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x13x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK INDIA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MGINGRNR<sup>1</sup>** | **SPTR<sup>2</sup>** |
| One Year | (21.39)% | (21.99)% | (22.38)% | (18.11)% |
| Five Year | (13.01)% | (13.18)% | (12.03)% | 9.42% |
| Ten Year | (2.13)% | (2.09)% | (1.33)% | 12.56% |

---

---

| | |
|:---|:---|
| <sup>1</sup> | The MarketGrader India All-Cap Growth Leaders Index (MGINGRNR) is a modified market capitalization weighted, float adjusted index designed to track Indian companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider's proprietary scoring methodology. |
|  | *Index data prior to May 1, 2020 reflects that of the MVIS<sup>®</sup> India Small-Cap Index (MVSCIFTR). From May 1, 2020 forward, the index data reflects that of the MGINGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.* |
| <sup>2</sup> | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x14x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVIDXTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (9.35)% | (9.88)% | (9.54)% | (18.11)% |
| Five Year | (4.93)% | (4.90)% | (4.65)% | 9.42% |
| Ten Year | (2.82)% | (2.83)% | (2.34)% | 12.56% |

---

<sup>1</sup> MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x15x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **BLSNTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (25.73)% | (25.79)% | (25.61)% | (18.11)% |
| Five Year | 4.30% | 4.31% | 4.73% | 9.42% |
| Life\* | 5.04% | 5.05% | 5.47% | 11.85% |

---

\* *Inception of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13.*

<sup>1</sup> Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli companies.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000 (Since Inception)** | **Hypothetical Growth of $10,000 (Since Inception)** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad-based index.<br>| ![](x1_c105581x16x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 16 for more information.

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | |
| | **Share Price** | **NAV** | **MVVNMTR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (43.73)% | (44.47)% | (44.02)% | (18.11)% |
| Five Year | (7.26)% | (6.94)% | (6.16)% | 9.42% |
| Ten Year | (2.51)% | (2.05)% | (1.03)% | 12.56% |

---

---

| | |
|:---|:---|
| 1 | MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value. |

---

---

| | |
|:---|:---|
| **Hypothetical Growth of $10,000** | **Hypothetical Growth of $10,000** |
| &nbsp;&nbsp;&nbsp; <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund's benchmark and a broad-based index. | ![](x1_c105581x17x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on 16 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund's commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of each Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Africa Index, Brazil Small-Cap Index, Digital India Index, Egypt Index, Indonesia Index, Israel Index and Vietnam Index are published by MarketVector Indexes GmbH (MarketVector). MarketVector is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The China Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange.

MarketVector, MarketGrader, and Shenzhen Securities are "Index Providers." The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

**Hypothetical $1,000 investment at beginning of period**

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31, 2022(a)** |
| Africa Index ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $978.70 | 1.15% | $5.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1019.41 | 1.15% | $5.85 |
| Brazil Small-Cap ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1014.00 | 0.59% | $3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.23 | 0.59% | $3.01 |
| China Growth Leaders ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $797.60 | 0.60% | $2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.18 | 0.60% | $3.06 |
| ChiNext ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $801.60 | 0.65% | $2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.93 | 0.65% | $3.31 |
| Digital India ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $975.80 | 0.76% | $3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.37 | 0.76% | $3.87 |
| Egypt Index ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1159.10 | 1.44% | $7.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1017.95 | 1.44% | $7.32 |
| India Growth Leaders ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1053.80 | 0.78% | $4.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.27 | 0.78% | $3.97 |

---

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31, 2022(a)** |
| Indonesia Index ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $910.60 | 0.57% | $2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.33 | 0.57% | $2.91 |
| Israel ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $968.40 | 0.60% | $2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1022.18 | 0.60% | $3.06 |
| Vietnam ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $815.10 | 0.73% | $3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (b) | $1000.00 | $1021.53 | 0.73% | $3.72 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(b)</sup> Assumes annual return of 5% before expenses

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Australia: 4.6%** |  |  |
| AVZ Minerals Ltd. \*∞ | 1399901 | $446748 |
| Paladin Energy Ltd. \* † | 1160416 | 545389 |
| Perseus Mining Ltd. | 772802 | 1107625 |
|  |  | 2099762 |
| **Canada: 5.4%** |  |  |
| B2Gold Corp. (USD) | 22950 | 81932 |
| Barrick Gold Corp. (USD) | 45073 | 774354 |
| Ivanhoe Mines Ltd. \* † | 202564 | 1599642 |
|  |  | 2455928 |
| **China: 1.3%** |  |  |
| CMOC Group Ltd. (HKD) \* † | 1314000 | 602002 |
| **Egypt: 4.9%** |  |  |
| Centamin Plc (GBP) | 453500 | 616618 |
| Commercial International Bank Egypt SAE (USD) (GDR) | 1348274 | 1610384 |
|  |  | 2227002 |
| **Ghana: 2.9%** |  |  |
| Kosmos Energy Ltd. (USD) \* | 205500 | 1306980 |
| **India: 0.6%** |  |  |
| MakeMyTrip Ltd. (USD) \* † | 10688 | 294668 |
| **Indonesia: 0.4%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 936100 | 174470 |
| **Kenya: 10.1%** |  |  |
| East African Breweries Plc | 483800 | 656697 |
| Equity Group Holdings Plc | 4124200 | 1486678 |
| Safaricom Plc | 12806400 | 2506277 |
|  |  | 4649652 |
| **Morocco: 9.3%** |  |  |
| Attijariwafa Bank | 49543 | 1857122 |
| Bank of Africa | 44829 | 737326 |
| Banque Centrale Populaire | 49894 | 1099304 |
| Co. Sucrerie Marocaine et de Raffinage | 31158 | 566103 |
|  |  | 4259855 |
| **Nigeria: 11.5%** |  |  |
| Guaranty Trust Holding Co.Plc | 31311187 | 1327139 |
| MTN Nigeria Communications Plc | 5197133 | 2050245 |
| Nestle Nigeria Plc | 286718 | 578697 |
| Zenith Bank Plc | 29727817 | 1309115 |
|  |  | 5265196 |
| **Norway: 0.2%** |  |  |
| Scatec ASA 144A | 8801 | 70416 |
| **South Africa: 33.8%** |  |  |
| Absa Group Ltd. | 54426 | 617178 |
| African Rainbow Minerals Ltd. | 8500 | 143428 |
| Anglo American Platinum Ltd. | 4684 | 390366 |
| Anglo American Plc (GBP) | 53499 | 2084530 |
| Aspen Pharmacare Holdings Ltd. | 23260 | 185767 |
| AVI Ltd. | 20370 | 90108 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **South Africa (continued)** |  |  |
| Bid Corp. Ltd. | 18046 | $349837 |
| Bidvest Group Ltd. | 13731 | 173011 |
| Capitec Bank Holdings Ltd. | 7223 | 785175 |
| Clicks Group Ltd. | 14563 | 231159 |
| Discovery Ltd. \* | 22496 | 162494 |
| Exxaro Resources Ltd. | 11453 | 146628 |
| FirstRand Ltd. | 216932 | 787033 |
| Foschini Group Ltd. | 11967 | 70355 |
| Gold Fields Ltd. (ADR) † | 56847 | 588366 |
| Growthpoint Properties Ltd. | 233627 | 199644 |
| Harmony Gold Mining Co.Ltd. (ADR) | 37342 | 126963 |
| Impala Platinum Holdings Ltd. | 55918 | 701733 |
| Investec Plc (GBP) | 40887 | 248702 |
| Life Healthcare Group Holdings Ltd. | 56746 | 56291 |
| Momentum Metropolitan Holdings | 85489 | 85869 |
| Mr Price Group Ltd. | 18350 | 169917 |
| MTN Group Ltd. | 98215 | 732519 |
| MultiChoice Group | 18308 | 126149 |
| Naspers Ltd. | 7664 | 1278910 |
| Nedbank Group Ltd. | 27091 | 338404 |
| Netcare Ltd. | 87755 | 74919 |
| Northam Platinum Holdings Ltd. \* | 15338 | 168732 |
| Old Mutual Ltd. | 221676 | 135805 |
| OUTsurance Group Ltd. | 50224 | 92324 |
| Pepkor Holdings Ltd. 144A | 95859 | 112676 |
| Pick n Pay Stores Ltd. † | 19913 | 66463 |
| Remgro Ltd. | 33369 | 259165 |
| Resilient REIT Ltd. † | 21006 | 66358 |
| Sanlam Ltd. | 127311 | 365276 |
| Sappi Ltd. \* | 23283 | 67166 |
| Sasol Ltd. (ADR) † | 39389 | 618801 |
| Shoprite Holdings Ltd. | 32811 | 434352 |
| Sibanye Stillwater Ltd. (ADR) † | 45717 | 487343 |
| SPAR Group Ltd. | 10201 | 68058 |
| Standard Bank Group Ltd. | 93116 | 917461 |
| Thungela Resources Ltd. | 8939 | 150630 |
| Tiger Brands Ltd. | 7732 | 95438 |
| Vodacom Group Ltd. | 33009 | 237576 |
| Woolworths Holdings Ltd. | 51520 | 200390 |
|  |  | 15489469 |
| **Switzerland: 0.3%** |  |  |
| Mediclinic International Plc (GBP) | 24746 | 147408 |
| **Tanzania: 3.6%** |  |  |
| AngloGold Ashanti Ltd. (ADR) | 29149 | 566073 |
| Helios Towers Plc (GBP) \* † | 869313 | 1102924 |
|  |  | 1668997 |
| **United Arab Emirates: 2.5%** |  |  |
| Itissalat Al-Maghrib (MAD) | 128092 | 1163638 |
| **United Kingdom: 6.3%** |  |  |
| Airtel Africa Plc 144A | 1439357 | 1929825 |

---

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United Kingdom (continued)** |  |  |
| Endeavour Mining Plc | 40029 | $842374 |
| Kumba Iron Ore Ltd. (ZAR) | 4603 | 132765 |
|  |  | 2904964 |
| **United States: 0.3%** |  |  |
| Royal Caribbean Cruises Ltd. \* † | 2687 | 132818 |
| **Zambia: 1.8%** |  |  |
| First Quantum Minerals Ltd. (CAD) | 39455 | 823781 |
| **Zimbabwe: 0.0%** |  |  |
| Delta Corp. Ltd. | 15980 | 5753 |
| Ecocash Holdings Zimbabwe Ltd. \* | 32900 | 1398 |
|  |  | 7151 |
| **Total Common Stocks**<br> (Cost: $44,299,767) |  | 45744157 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **RIGHTS: 0.0%** |  |  |
| (Cost: $0) |  |  |
| **Morocco: 0.0%** |  |  |
| Bank of Africa, MAD 170.00, exp. 10/03/23 \* | 25 | $6 |
| **Total Investments Before Collateral for Securities Loaned: 99.8%** <br> (Cost: $44,299,767) | **Total Investments Before Collateral for Securities Loaned: 99.8%** <br> (Cost: $44,299,767) | 45744163 |
| **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 2.4%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 2.4%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 2.4%** |
| **Money Market Fund: 2.4%** <br> (Cost: $1,102,056) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1102056 | 1102056 |
| **Total Investments: 102.2%** <br> (Cost: $45,401,823) |  | 46846219 |
| **Liabilities in excess of other assets: (2.2)%** | **Liabilities in excess of other assets: (2.2)%** | (986169) |
| **NET ASSETS: 100.0%** |  | $45860050 |

---

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| MAD | Moroccan Dirham |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,236,707. |
| 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, and the value amounted $2,112,917, or 4.6% of net assets. |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Financials | 31.0% | $14223359 |
| Materials | 28.4 | 12971341 |
| Communication Services | 21.6 | 9849153 |
| Consumer Staples | 7.2 | 3317135 |
| Consumer Discretionary | 4.9 | 2259736 |
| Energy | 4.7 | 2149626 |
| Health Care | 1 | 464385 |
| Real Estate | 0.6 | 266001 |
| Industrials | 0.4 | 173011 |
| Utilities | 0.2 | 70416 |
|  | 100.0% | $45744163 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable**<br> **Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $1653014 | $446748 | $2099762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2455928 |  |  | 2455928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 602002 |  | 602002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt |  | 2227002 |  | 2227002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana | 1306980 |  |  | 1306980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 294668 |  |  | 294668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 174470 |  | 174470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenya | 3162974 | 1486678 |  | 4649652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco | 3160551 | 1099304 |  | 4259855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria | 3938057 | 1327139 |  | 5265196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 70416 |  | 70416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 3410940 | 12078529 |  | 15489469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 147408 |  | 147408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania | 566073 | 1102924 |  | 1668997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 1163638 |  |  | 1163638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 2904964 |  | 2904964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 132818 |  |  | 132818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 823781 |  |  | 823781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimbabwe | 7151 |  |  | 7151 |
| Rights <sup>\*</sup> | 6 |  |  | 6 |
| Money Market Fund | 1102056 |  |  | 1102056 |
| **Total Investments** | $21525621 | $24873850 | $446748 | $46846219 |

---

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

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number <br>of Shares** | **Value** |
| **COMMON STOCKS: 83.5%** |  |  |
| **Automobiles & Components: 1.4%** | **Automobiles & Components: 1.4%** | **Automobiles & Components: 1.4%** |
| Mahle-Metal Leve SA | 27350 | $158660 |
| Tupy SA \* | 37850 | 195407 |
|  |  | 354067 |
| **Capital Goods: 2.7%** |  |  |
| Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 217550 | 46738 |
| Armac Locacao Logistica E Servicos SA | 49200 | 109267 |
| Iochpe Maxion SA | 72002 | 160793 |
| Kepler Weber SA | 31900 | 121917 |
| Mills Estruturas e Servicos de Engenharia SA | 73500 | 159075 |
| Portobello SA | 56050 | 87346 |
|  |  | 685136 |
| **Commercial & Professional Services: 1.5%** | **Commercial & Professional Services: 1.5%** | **Commercial & Professional Services: 1.5%** |
| Ambipar Participacoes e Empreendimentos SA | 31300 | 124029 |
| Boa Vista Servicos SA | 117100 | 160558 |
| Orizon Valorizacao de Residuos SA \* | 16300 | 104445 |
|  |  | 389032 |
| **Consumer Durables & Apparel: 7.7%** | **Consumer Durables & Apparel: 7.7%** | **Consumer Durables & Apparel: 7.7%** |
| Cury Construtora e Incorporadora SA | 74600 | 178099 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 187250 | 465390 |
| Direcional Engenharia SA | 57500 | 169953 |
| Even Construtora e Incorporadora SA | 70750 | 61407 |
| Ez Tec Empreendimentos e Participacoes SA | 103552 | 264701 |
| Grendene SA | 140850 | 160614 |
| Guararapes Confeccoes SA | 60250 | 74242 |
| MRV Engenharia e Participacoes SA | 164650 | 236611 |
| Vivara Participacoes SA | 77150 | 327244 |
|  |  | 1938261 |
| **Consumer Services: 7.9%** |  |  |
| Afya Ltd. \* | 21091 | 329441 |
| Anima Holding SA \* | 137550 | 100334 |
| Arco Platform Ltd. \* † | 6063 | 81851 |
| Arcos Dorados Holdings, Inc. | 63040 | 527014 |
| Cogna Educacao \* | 999100 | 401542 |
| Cruzeiro do Sul Educacional SA | 54200 | 39271 |
| CVC Brasil Operadora e Agencia de Viagens SA \* | 159383 | 135563 |
| YDUQS Participacoes SA | 131600 | 252120 |
| Zamp SA \* | 117250 | 121031 |
|  |  | 1988167 |
| **Diversified Financials: 1.1%** |  |  |
| Banco Modal SA \* | 90000 | 37303 |
| BR Advisory Partners Participacoes SA | 32850 | 74416 |
| TC Traders Club SA | 67650 | 28228 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** | **Value** |
| **Diversified Financials (continued)** | **Diversified Financials (continued)** | **Diversified Financials (continued)** | **Diversified Financials (continued)** |
| Vinci Partners Investments Ltd. | 15761 | $| 142479 |
|  |  |  | 282426 |
| **Energy: 10.9%** |  |  |  |
| 3R Petroleum Oleo e Gas SA \* | 121150 |  | 868288 |
| AES Brasil Energia SA | 165890 |  | 303085 |
| Enauta Participacoes SA | 56650 |  | 145836 |
| Karoon Energy Ltd. \* | 376978 |  | 566490 |
| Modec, Inc. \* | 14500 |  | 149242 |
| Petroreconcavo SA | 114400 |  | 715104 |
|  |  |  | 2748045 |
| **Food & Staples Retailing: 2.0%** |  |  |  |
| Cia Brasileira de Distribuicao (ADR) † | 111056 |  | 344273 |
| Dimed SA Distribuidora da Medicamentos | 58750 |  | 112755 |
| Empreendimentos Pague Menos SA \* | 63000 |  | 52371 |
|  |  |  | 509399 |
| **Food, Beverage & Tobacco: 5.4%** | **Food, Beverage & Tobacco: 5.4%** | **Food, Beverage & Tobacco: 5.4%** | **Food, Beverage & Tobacco: 5.4%** |
| Adecoagro SA † | 37952 |  | 314622 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 36400 |  | 204153 |
| Camil Alimentos SA | 63900 |  | 100436 |
| Jalles Machado SA | 100400 |  | 144257 |
| Minerva SA | 181100 |  | 444454 |
| Tres Tentos Agroindustrial SA | 88050 |  | 155554 |
|  |  |  | 1363476 |
| **Health Care Equipment & Services: 5.0%** | **Health Care Equipment & Services: 5.0%** | **Health Care Equipment & Services: 5.0%** | **Health Care Equipment & Services: 5.0%** |
| Alliar Medicos A Frente SA \* | 31100 |  | 127233 |
| Fleury SA | 168299 |  | 492503 |
| Hospital Mater Dei SA | 43500 |  | 59328 |
| Instituto Hermes Pardini SA | 25150 |  | 100273 |
| Odontoprev SA | 153340 |  | 262209 |
| Oncoclinicas do Brasil Servicos Medicos SA \* | 130900 |  | 148841 |
| Qualicorp Consultoria e Corretora de Seguros SA | 62500 |  | 69137 |
|  |  |  | 1259524 |
| **Insurance: 0.8%** |  |  |  |
| IRB Brasil Resseguros SA \* | 1191300 |  | 193190 |
| **Materials: 3.4%** |  |  |  |
| ERO Copper Corp. \* † | 46568 |  | 641084 |
| Irani Papel e Embalagem SA | 75200 |  | 114461 |
| Largo, Inc. \* † | 18175 |  | 97781 |
|  |  |  | 853326 |
| **Media & Entertainment: 0.6%** |  |  |  |
| Meliuz SA 144A \* | 454350 |  | 100798 |
| VTEX \* † | 13560 |  | 50850 |
|  |  |  | 151648 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 0.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.4%** |
| Blau Farmaceutica SA | 22900 |  | 113723 |
| **Real Estate: 7.3%** |  |  |  |
| Aliansce Sonae Shopping Centers SA | 98088 |  | 315696 |
| BR Malls Participacoes SA | 382150 |  | 600911 |
| BR Properties SA | 101050 |  | 124843 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** | **Value** |
| **Real Estate (continued)** |  |  |  |
| Iguatemi SA | 155750 | $| 544222 |
| JHSF Participacoes SA | 183250 |  | 174317 |
| LOG Commercial Properties e Participacoes SA | 24650 |  | 75070 |
|  |  |  | 1835059 |
| **Retailing: 3.6%** |  |  |  |
| C&A Modas SA \* | 76500 |  | 33155 |
| Grupo SBF SA | 70850 |  | 171554 |
| Lojas Quero Quero SA \* | 67800 |  | 53815 |
| Pet Center Comercio e Participacoes SA | 206500 |  | 243629 |
| Via SA \* | 907700 |  | 412692 |
|  |  |  | 914845 |
| **Semiconductors & Semiconductor Equipment: 1.1%** | **Semiconductors & Semiconductor Equipment: 1.1%** | **Semiconductors & Semiconductor Equipment: 1.1%** | **Semiconductors & Semiconductor Equipment: 1.1%** |
| SMART Global Holdings, Inc. \* | 18984 |  | 282482 |
| **Software & Services: 2.7%** |  |  |  |
| Clear Sale SA \* | 48050 |  | 51262 |
| Infracommerce CXAAS SA \* | 163028 |  | 114578 |
| Locaweb Servicos de Internet SA 144A \* | 197700 |  | 263131 |
| Sinqia SA \* | 45600 |  | 129671 |
| Sonda SA | 290625 |  | 111100 |
|  |  |  | 669742 |
| **Technology Hardware & Equipment: 1.0%** | **Technology Hardware & Equipment: 1.0%** | **Technology Hardware & Equipment: 1.0%** | **Technology Hardware & Equipment: 1.0%** |
| Ituran Location and Control Ltd. | 2445 |  | 51663 |
| Multilaser Industrial SA | 151400 |  | 115053 |
| Positivo Tecnologia SA | 43200 |  | 76513 |
|  |  |  | 243229 |
| **Telecommunication Services: 0.9%** | **Telecommunication Services: 0.9%** | **Telecommunication Services: 0.9%** | **Telecommunication Services: 0.9%** |
| Brisanet Participacoes SA | 57350 |  | 29472 |
| Oi SA \* | 3797666 |  | 122834 |
| Unifique Telecomunicacoes SA | 89950 |  | 66055 |
|  |  |  | 218361 |
| **Transportation: 6.7%** |  |  |  |
| Azul SA (ADR) \* † | 65123 |  | 397901 |
| EcoRodovias Infraestrutura e Logistica SA | 237190 |  | 199406 |
| Gol Linhas Aereas Inteligentes SA (ADR) \* † | 75322 |  | 201110 |
| Hidrovias do Brasil SA \* | 323800 |  | 138099 |
| Log-in Logistica Intermodal SA \* | 12100 |  | 80645 |
| Movida Participacoes SA | 90000 |  | 130021 |
| Santos Brasil Participacoes SA | 337250 |  | 498784 |
| Sequoia Logistica e Transportes SA \* | 68650 |  | 39324 |
|  |  |  | 1685290 |
| **Utilities: 9.4%** |  |  |  |
| Alupar Investimento SA | 164337 |  | 880581 |
| Cia de Saneamento de Minas Gerais \* | 134938 |  | 401097 |
| Cia de Saneamento do Parana | 214500 |  | 733923 |
| Light SA | 153350 |  | 135344 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** | **Value** |
| **Utilities (continued)** |  |  |  |
| Omega Energia SA \* | 121302 | $| 220293 |
|  |  |  | 2371238 |
| **Total Common Stocks** <br> (Cost: $28,694,168) |  |  | 21049666 |
| **PREFERRED SECURITIES: 5.6%** |  |  |  |
| **Banks: 2.8%** |  |  |  |
| Banco ABC Brasil SA\* | 55970 |  | 208598 |
| Banco do Estado do Rio Grande do Sul SA | 136550 |  | 251045 |
| Banco Pan SA | 225650 |  | 257588 |
|  |  |  | 717231 |
| **Capital Goods: 1.4%** |  |  |  |
| Marcopolo SA\* | 300759 |  | 161365 |
| Randon SA Implementos e Participacoes | 126900 |  | 196713 |
|  |  |  | 358078 |
| **Information Technology: 1.4%** |  |  |  |
| Cia Ferro Ligas da Bahia | 22550 |  | 227955 |
| Taurus Armas SA | 44300 |  | 111912 |
|  |  |  | 339867 |
| **Total Preferred Securities** <br> (Cost: $1,610,708) |  |  | 1415176 |
| **RIGHTS: 0.0%** |  |  |  |
| (Cost: $0) |  |  |  |
| **Energy: 0.0%** |  |  |  |
| AES Brasil Energia SA, BRL 9.61, exp. 01/09/23 \* | 882 |  | 42 |
| **CLOSED-END FUNDS: 11.0%** |  |  |  |
| CSHG Logistica FI Imobiliario | 16652 |  | 517528 |
| FII BTG Pactual Corporate Office Fund | 17586 |  | 197524 |
| FII Iridium | 25864 |  | 452058 |
| FII UBS Br Receb Imob | 18770 |  | 312066 |
| Kinea Indice de Precos FII | 57246 |  | 995630 |
| Maxi Renda FII | 160462 |  | 306320 |
| **Total Closed-End Funds**<br> (Cost: $2,959,541) |  |  | 2781126 |
| **Total Investments Before Collateral for Securities Loaned: 100.1%<br> (Cost: $33,264,417)** | **Total Investments Before Collateral for Securities Loaned: 100.1%<br> (Cost: $33,264,417)** |  | 25246010 |
| **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 5.2%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 5.2%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 5.2%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 5.2%** |
| **Money Market Fund: 5.2%** | **Money Market Fund: 5.2%** |  |  |

---

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| (Cost: $1,315,000) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1315000 | $1315000 |
| **Total Investments: 105.3%**<br> (Cost: $34,579,417) |  | 26561010 |
| **Liabilities in excess of other assets: (5.3)%** |  | (1336255) |
| **NET ASSETS: 100.0%** |  | $25224755 |

---

**Definitions:**

ADR American Depositary Receipt <br> BRL Brazilian Real

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,864,249. |
| 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, and the value amounted $363,929, or 1.4% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> <u>Excluding Collateral for Securities Loaned</u>** | **% of<br> Investments** | **Value** |
| Consumer Discretionary | 20.6% | $5195340 |
| Real Estate | 14.3 | 3620556 |
| Industrials | 12.3 | 3117535 |
| Utilities | 10.6 | 2674365 |
| Energy | 9.7 | 2444960 |
| Financials | 8.6 | 2188477 |
| Consumer Staples | 7.4 | 1872875 |
| Information Technology | 6.1 | 1535320 |
| Health Care | 5.5 | 1373247 |
| Materials | 3.4 | 853326 |
| Communication Services | 1.5 | 370009 |
|  | 100.0% | $25246010 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $354067 | $— | $354067 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 685136 |  | 685136 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 389032 |  | 389032 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 1938261 |  | 1938261 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 1059337 | 928830 |  | 1988167 |
| &nbsp;&nbsp;&nbsp;Diversified Financials | 142479 | 139947 |  | 282426 |
| &nbsp;&nbsp;&nbsp;Energy |  | 2748045 |  | 2748045 |
| &nbsp;&nbsp;&nbsp;Food & Staples Retailing | 344273 | 165126 |  | 509399 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 314622 | 1048854 |  | 1363476 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 127233 | 1132291 |  | 1259524 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 193190 |  | 193190 |
| &nbsp;&nbsp;&nbsp;Materials | 738865 | 114461 |  | 853326 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment | 50850 | 100798 |  | 151648 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 113723 |  | 113723 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 1835059 |  | 1835059 |
| &nbsp;&nbsp;&nbsp;Retailing |  | 914845 |  | 914845 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 282482 |  |  | 282482 |
| &nbsp;&nbsp;&nbsp;Software & Services |  | 669742 |  | 669742 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment | 51663 | 191566 |  | 243229 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 218361 |  | 218361 |
| &nbsp;&nbsp;&nbsp;Transportation | 599011 | 1086279 |  | 1685290 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 2371238 |  | 2371238 |
| Preferred Securities <sup>\*</sup> |  | 1415176 |  | 1415176 |
| Rights <sup>\*</sup> | 42 |  |  | 42 |
| Closed-End Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financials |  | 1710682 |  | 1710682 |
| &nbsp;&nbsp;&nbsp;Real Estate | 312066 | 758378 |  | 1070444 |
| Money Market Fund | 1315000 |  |  | 1315000 |
| **Total Investments** | $5337923 | $21223087 | $— | $26561010 |

---

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

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** | | |
| **Banks: 0.5%** | | |
| Bank of Chengdu Co. Ltd. | 37200 | $82105 |
| **Capital Goods: 6.1%** |  |  |
| Beijing New Building Materials Plc | 17900 | 66714 |
| E-Commodities Holdings Ltd. | 28000 | 5649 |
| Guangdong Lingxiao Pump Industry Co. Ltd. | 5300 | 12699 |
| Guangzhou KDT Machinery Co. Ltd. | 7360 | 13100 |
| Hangzhou Weiguang Electronic Co. Ltd. | 2600 | 9310 |
| Hangzhou Zhongtai Cryogenic Technology Corp. | 4800 | 9234 |
| IFE Elevators Co. Ltd. | 7400 | 6852 |
| Jiangsu Hengli Hydraulic Co. Ltd. | 25344 | 230905 |
| Jingjin Equipment, Inc. | 4500 | 19147 |
| Keda Industrial Group Co. Ltd. | 26300 | 53865 |
| Naipu Mining Machinery Co. Ltd. \* | 1100 | 4637 |
| Nantong Jianghai Capacitor Co. Ltd. | 10200 | 32908 |
| Shanghai Hanbell Precise Machinery Co. Ltd. | 12600 | 43576 |
| TBEA Co. Ltd. | 73400 | 212341 |
| TKD Science and Technology Co. Ltd. \* | 3500 | 10242 |
| Warom Technology, Inc. Co. | 3200 | 10664 |
| Wuxi Shangji Automation Co. Ltd. | 2940 | 44810 |
| Xinte Energy Co. Ltd. † | 29600 | 54557 |
| Yizumi Holdings Co. Ltd. | 6500 | 16595 |
| Zhuzhou Huarui Precision Cutting Tools Co. Ltd. | 800 | 18572 |
| Zhuzhou Kibing Group Co. Ltd. | 32900 | 54008 |
|  |  | 930385 |
| **Commercial & Professional Services: 0.1%** |  |  |
| Shanghai Foreign Service Holding Group Co. Ltd. | 24900 | 21448 |
| **Consumer Durables & Apparel: 6.9%** |  |  |
| Biem.L.Fdlkk Garment Co. Ltd. | 9300 | 34415 |
| Chow Tai Seng Jewellery Co. Ltd. | 8800 | 17823 |
| DR Corp. Ltd. | 9300 | 84508 |
| Ecovacs Robotics Co. Ltd. | 3400 | 35676 |
| Huali Industrial Group Co. Ltd. | 45400 | 374433 |
| Li Ning Co. Ltd. \* | 52000 | 447177 |
| Tonze New Energy Technology Co. Ltd. | 5600 | 13096 |
| Yantai Tayho Advanced Materials Co. Ltd. | 13400 | 40983 |
|  |  | 1048111 |
| **Diversified Financials: 1.4%** |  |  |
| CSC Financial Co. Ltd. 144A | 119500 | 104232 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Diversified Financials (continued)** |  |  |
| Hithink RoyalFlush Information Network Co. Ltd. | 7624 | $108405 |
|  |  | 212637 |
| **Energy: 9.2%** |  |  |
| Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. | 12000 | 12397 |
| Guanghui Energy Co. Ltd. | 88800 | 115772 |
| Guizhou Panjiang Refined Coal Co. Ltd. | 17100 | 16577 |
| Inner Mongolia Yitai Coal Co. Ltd. | 56000 | 73834 |
| Jinneng Holding Shanxi Coal Industry Co. Ltd. | 15000 | 25825 |
| Jizhong Energy Resources Co. Ltd. | 27800 | 25510 |
| PetroChina Co. Ltd. | 1738000 | 793957 |
| Pingdingshan Tianan Coal Mining Co. Ltd. | 28400 | 44227 |
| Shaanxi Coal Industry Co. Ltd. | 60000 | 160913 |
| Shandong Sunway Chemical Group Co. Ltd. | 17400 | 14746 |
| Shanxi Lanhua Sci-Tech Venture Co. Ltd. | 14000 | 26926 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. | 25300 | 61441 |
| ZJMI Environmental Energy Co. Ltd. | 12200 | 28456 |
|  |  | 1400581 |
| **Food, Beverage & Tobacco: 16.5%** |  |  |
| Anhui Yingjia Distillery Co. Ltd. | 4200 | 37996 |
| Cheng De Lolo Co. Ltd. \* | 12500 | 15285 |
| China Feihe Ltd. 144A | 91000 | 77051 |
| Chongqing Brewery Co. Ltd. | 4300 | 79045 |
| Jiangsu King's Luck Brewery JSC Ltd. | 10700 | 78521 |
| JiuGui Liquor Co. Ltd. | 4900 | 97341 |
| Luzhou Laojiao Co. Ltd. | 15028 | 485208 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 8195 | 336468 |
| Sichuan Swellfun Co. Ltd. | 3700 | 45032 |
| Tongwei Co. Ltd. | 54000 | 300288 |
| Want Want China Holdings Ltd. | 91000 | 60642 |
| Wuliangye Yibin Co. Ltd. | 34630 | 900795 |
|  |  | 2513672 |
| **Health Care Equipment & Services: 6.0%** |  |  |
| Andon Health Co. Ltd. | 5700 | 42066 |
| Dian Diagnostics Group Co. Ltd. | 10700 | 38809 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. | 5500 | 62061 |
| Guangzhou Wondfo Biotech Co. Ltd. | 6430 | 29583 |
| Hangzhou Alltest Biotech Co. Ltd. | 700 | 10542 |
| Intco Medical Technology Co. Ltd. | 12280 | 37300 |
| Jafron Biomedical Co. Ltd. | 12750 | 57033 |
| Jiangsu Bioperfectus Technologies Co. Ltd. | 877 | 11108 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Health Care Equipment & Services (continued)** | **Health Care Equipment & Services (continued)** |  |
| JiangXi Sanxin Medtec Co. Ltd. | 7000 | $8699 |
| Sansure Biotech, Inc. | 5776 | 18337 |
| Shanghai Kindly Enterprise Development Group Co. Ltd. | 5500 | 10938 |
| Shanghai MicroPort Endovascular MedTech Group Co. Ltd. | 1400 | 38110 |
| Shanghai ZJ Bio-Tech Co. Ltd. | 3255 | 15680 |
| Shenzhen Bioeasy Biotechnology Co. Ltd. | 4100 | 10159 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 9144 | 416629 |
| Shenzhen YHLO Biotech Co. Ltd. | 7300 | 20710 |
| Tofflon Science & Technology Group Co. Ltd. | 7600 | 26024 |
| Wuhan Easydiagnosis Biomedicine Co. Ltd. | 2300 | 19027 |
| Zhejiang Gongdong Medical Technology Co. Ltd. | 2400 | 36594 |
|  |  | 909409 |
| **Household & Personal Products: 0.1%** | **Household & Personal Products: 0.1%** |  |
| Tongling Jieya Biologic Technology Co. Ltd. | 1800 | 8779 |
| **Industrials: 0.0%** |  |  |
| Sichuan Languang Justbon Services Group Co. Ltd. ∞ | 3300 | 0 |
| **Materials: 18.7%** |  |  |
| Anhui Guangxin Agrochemical Co. Ltd. | 7500 | 31822 |
| China Hongqiao Group Ltd. | 58600 | 55272 |
| China Jushi Co. Ltd. | 51300 | 101429 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 44800 | 161524 |
| City Development Environment Co. Ltd. | 4500 | 6156 |
| CNSIG Inner Mongolia Chemical Industry Co. Ltd. | 17600 | 37269 |
| Dalian Bio-Chem Co. Ltd. \* | 2200 | 5580 |
| DeHua TB New Decoration Materials Co. Ltd. | 8000 | 12524 |
| Dongyue Group Ltd. | 32000 | 35050 |
| Epoxy Base Electronic Material Corp. Ltd. | 10500 | 7528 |
| Fufeng Group Ltd. | 31000 | 18803 |
| Fujian Yongan Forestry Group \* | 6400 | 7656 |
| Ganfeng Lithium Group Co. Ltd. | 42200 | 422801 |
| Guangzhou Tinci Materials Technology Co. Ltd. | 36500 | 230808 |
| Hoshine Silicon Industry Co. Ltd. | 4100 | 49044 |
| Huafon Chemical Co. Ltd. | 72600 | 71189 |
| Hubei Yihua Chemical Industry Co. Ltd. \* | 12700 | 26970 |
| Hunan Haili Chemical Industry Co. Ltd. \* | 8100 | 8724 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials (continued)** |  |  |
| Inner Mongolia ERDOS Resources Co. Ltd. | 27280 | $59736 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. | 38900 | 22375 |
| Jiangsu Changhai Composite Materials Co. Ltd. | 7200 | 14692 |
| Jiangsu Huachang Chemical Co. Ltd. | 12100 | 12721 |
| Jiangsu Sopo Chemical Co. | 11200 | 13127 |
| Jiangxi Chenguang New Materials Co. Ltd. | 3760 | 17502 |
| KBC Corp. Ltd. | 1210 | 38285 |
| Lier Chemical Co. Ltd. | 9100 | 23572 |
| Lihuayi Weiyuan Chemical Co. Ltd. \* | 12100 | 36240 |
| Luoyang Jianlong Micro-Nano New Material Co. Ltd. | 758 | 12115 |
| Luxi Chemical Group Co. Ltd. | 28300 | 50548 |
| Nantong Jiangshan Agrochemical & Chemical LLC | 3300 | 20981 |
| Perennial Energy Holdings Ltd. | 10000 | 910 |
| Satellite Chemical Co. Ltd. | 42255 | 94437 |
| Shaanxi Xinghua Chemistry Co. Ltd. | 7000 | 5110 |
| Shandong Fiberglass Group Co. Ltd. | 8180 | 9617 |
| Shandong Haihua Co. Ltd. | 12200 | 13880 |
| Shandong Head Group Co. Ltd. | 4700 | 15193 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. | 32600 | 155936 |
| Shandong Jinjing Science & Technology Co. Ltd. | 21800 | 27345 |
| Shanghai Chlor-Alkali Chemical Co. Ltd. | 7000 | 9929 |
| Shenghe Resources Holding Co. Ltd. | 32800 | 66115 |
| Shenma Industry Co. Ltd. | 13200 | 14787 |
| Sichuan Anning Iron and Titanium Co. Ltd. | 4600 | 22137 |
| Sichuan Hebang Biotechnology Co. Ltd. | 120900 | 53069 |
| Sichuan Meifeng Chemical IND | 11000 | 12592 |
| Sichuan Xinjinlu Group Co. Ltd. \* | 12100 | 10237 |
| Sichuan Yahua Industrial Group Co. Ltd. | 23500 | 78768 |
| Suzhou TA&A Ultra Clean Technology Co. Ltd. | 11100 | 89433 |
| Wanhua Chemical Group Co. Ltd. | 31500 | 420800 |
| Xinjiang Xuefeng Sci-Tech Group Co. Ltd. | 12100 | 14491 |
| Zangge Mining Co. Ltd. | 9600 | 35937 |
| Zhejiang Jiahua Energy Chemical Industry Co. Ltd. | 19100 | 23062 |
| Zhejiang Oceanking Development Co. Ltd. | 10000 | 19089 |

---

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Materials (continued)** |  |  |  |
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. | 19240 | $| 42029 |
|  |  |  | 2846946 |
| **Media & Entertainment: 6.8%** |  |  |  |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. | 33200 |  | 86524 |
| G-bits Network Technology Xiamen Co. Ltd. | 800 |  | 36062 |
| Heilongjiang Publishing & Media Co. Ltd. | 10600 |  | 15194 |
| Kingnet Network Co. Ltd. \* | 33900 |  | 32126 |
| Lecron Industrial Development Group Co. Ltd. \* | 26000 |  | 36549 |
| Shenzhen Shengxunda Technology Co. Ltd. | 1200 |  | 7260 |
| Tencent Holdings Ltd. | 19400 |  | 822620 |
|  |  |  | 1036335 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 7.6%** | **Pharmaceuticals, Biotechnology & Life Sciences: 7.6%** | **Pharmaceuticals, Biotechnology & Life Sciences: 7.6%** | **Pharmaceuticals, Biotechnology & Life Sciences: 7.6%** |
| Beijing Hotgen Biotech Co. Ltd. | 1145 |  | 10066 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. | 9761 |  | 178341 |
| Changchun High & New Technology Industry Group, Inc. | 6700 |  | 160880 |
| Chengdu Kanghua Biological Products Co. Ltd. | 1700 |  | 20766 |
| China Medical System Holdings Ltd. | 27000 |  | 42252 |
| Chongqing Zhifei Biological Products Co. Ltd. | 21500 |  | 272731 |
| Daan Gene Co. Ltd. | 30400 |  | 68284 |
| Getein Biotech, Inc. | 6000 |  | 10825 |
| Guangdong Hybribio Biotech Co. Ltd. | 8200 |  | 19944 |
| Hainan Poly Pharm Co. Ltd. | 7500 |  | 26679 |
| Hangzhou Biotest Biotech Co. Ltd. | 2383 |  | 15872 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. | 6300 |  | 24773 |
| Jenkem Technology Co. Ltd. | 604 |  | 13621 |
| Porton Pharma Solutions Ltd. | 6300 |  | 37121 |
| Shandong WIT Dyne Health Co. Ltd. | 3900 |  | 25616 |
| Shenyang Xingqi Pharmaceutical Co. Ltd. | 1700 |  | 30663 |
| Tonghua Dongbao Pharmaceutical Co. Ltd. | 28200 |  | 37409 |
| Xiamen Amoytop Biotech Co. Ltd. | 2800 |  | 15742 |
| Zhejiang Garden Bio-Chemical High-tech Co. Ltd. | 6900 |  | 14333 |
| Zhejiang NHU Co. Ltd. | 35392 |  | 95843 |
| Zhejiang Orient Gene Biotech Co. Ltd. | 3203 |  | 35650 |
|  |  |  | 1157411 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Real Estate: 1.6%** |  |  |  |
| A-Living Smart City Services Co. Ltd. 144A † | 14500 | $| 17377 |
| CIFI Ever Sunshine Services Group Ltd. † | 20000 |  | 11117 |
| Country Garden Services Holdings Co. Ltd. | 45000 |  | 110398 |
| Evergrande Property Services Group Ltd. 144A \*∞ | 44000 |  | 0 |
| Longfor Group Holdings Ltd. 144A † | 31500 |  | 96937 |
| Tianjin Jinbin Development Co. Ltd. \* | 26100 |  | 8834 |
|  |  |  | 244663 |
| **Retailing: 0.3%** |  |  |  |
| Easyhome New Retail Group Co. Ltd. | 56400 |  | 33298 |
| Focus Technology Co. Ltd. | 4700 |  | 12217 |
|  |  |  | 45515 |
| **Semiconductors & Semiconductor Equipment: 13.3%** | **Semiconductors & Semiconductor Equipment: 13.3%** | **Semiconductors & Semiconductor Equipment: 13.3%** | **Semiconductors & Semiconductor Equipment: 13.3%** |
| Amlogic Shanghai Co. Ltd. \* | 3600 |  | 36583 |
| GigaDevice Semiconductor, Inc. | 10580 |  | 156419 |
| LONGi Green Energy Technology Co. Ltd. | 110190 |  | 670410 |
| SG Micro Corp. | 5100 |  | 126957 |
| Shanghai Bright Power Semiconductor Co. Ltd. | 1429 |  | 23073 |
| Shanghai Fullhan Microelectronics Co. Ltd. | 2500 |  | 18072 |
| Shenzhen Sunmoon Microelectronics Co. Ltd. | 1566 |  | 10389 |
| StarPower Semiconductor Ltd. | 2200 |  | 104563 |
| Suzhou Novosense Microelectronics Co. Ltd. | 2400 |  | 109876 |
| Thinkon Semiconductor Jinzhou Corp. | 2100 |  | 12355 |
| Unigroup Guoxin Microelectronics Co. Ltd. | 13700 |  | 260317 |
| Wuxi ETEK Microelectronics Co. Ltd. | 1020 |  | 8292 |
| Xinjiang Daqo New Energy Co. Ltd. | 39400 |  | 270623 |
| Yangling Metron New Material, Inc. | 5300 |  | 37544 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. | 5400 |  | 40992 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 14100 |  | 129391 |
|  |  |  | 2015856 |
| **Software & Services: 0.4%** |  |  |  |
| Chinasoft International Ltd. \* | 58000 |  | 50214 |
| Sichuan Jiuyuan Yinhai Software Co. Ltd. | 5000 |  | 10844 |
|  |  |  | 61058 |
| **Technology Hardware & Equipment: 2.1%** | **Technology Hardware & Equipment: 2.1%** | **Technology Hardware & Equipment: 2.1%** |  |
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. | 2600 |  | 38005 |
| Eoptolink Technology, Inc. Ltd. | 9823 |  | 33641 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Hardware & Equipment (continued)** | **Technology Hardware & Equipment (continued)** |  |
| Maxscend Microelectronics Co. Ltd. | 6020 | $99341 |
| Sihui Fuji Electronic Technology Co. Ltd. | 2000 | 9084 |
| Suzhou Etron Technologies Co. Ltd. | 1300 | 4915 |
| Wuxi Xinje Electric Co. Ltd. | 1400 | 9157 |
| Yealink Network Technology Corp. Ltd. | 9800 | 85742 |
| Zhuzhou Hongda Electronics Corp. Ltd. | 4900 | 31210 |
|  |  | 311095 |
| **Transportation: 2.1%** |  |  |
| Anhui Expressway Co. Ltd. | 6500 | 6867 |
| Antong Holdings Co. Ltd. \* | 89000 | 42287 |
| Bondex Supply Chain Management Co. Ltd. | 4500 | 10365 |
| COSCO SHIPPING Holdings Co. Ltd. | 145000 | 215113 |
| Eastern Air Logistics Co. Ltd. | 8200 | 18084 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **Transportation (continued)** |  |  |  |
| Shanghai Zhonggu Logistics Co. Ltd. |  | 15600 | $32717 |
|  |  |  | 325433 |
| **Utilities: 0.2%** |  |  |  |
| Ningbo Shimao Energy Co. Ltd. |  | 3400 | 8214 |
| Xinjiang Xintai Natural Gas Co. Ltd. |  | 6300 | 19785 |
|  |  |  | 27999 |
| **Total Common Stocks** <br> (Cost: $16,930,683) |  |  | 15199438 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |
| **Money Market Fund: 0.0%**<br> (Cost: $8) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 8 | 8 |
| **Total Investments: 99.9%** <br> (Cost: $16,930,691) |  |  | 15199446 |
| **Other assets less liabilities: 0.1%** | **Other assets less liabilities: 0.1%** |  | 13057 |
| **NET ASSETS: 100.0%** |  |  | $15212503 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $101,895. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $295,597, or 1.9% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Materials | 18.7% | $2846946 |
| Consumer Staples | 16.6 | 2522451 |
| Information Technology | 15.8 | 2388009 |
| Health Care | 13.6 | 2066820 |
| Energy | 9.2 | 1400581 |
| Industrials | 8.4 | 1277266 |
| Consumer Discretionary | 7.2 | 1093626 |
| Communication Services | 6.8 | 1036335 |
| Financials | 1.9 | 294742 |
| Real Estate | 1.6 | 244663 |
| Utilities | 0.2 | 27999 |
|  | 100.0% | $15199438 |

---

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | $— | $82105 | $— | $82105 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 930385 |  | 930385 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 21448 |  | 21448 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 1048111 |  | 1048111 |
| &nbsp;&nbsp;&nbsp;Diversified Financials |  | 212637 |  | 212637 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1400581 |  | 1400581 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 2513672 |  | 2513672 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 909409 |  | 909409 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products |  | 8779 |  | 8779 |
| &nbsp;&nbsp;&nbsp;Industrials |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Materials |  | 2846946 |  | 2846946 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 1036335 |  | 1036335 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 1157411 |  | 1157411 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 244663 | 0 | 244663 |
| &nbsp;&nbsp;&nbsp;Retailing |  | 45515 |  | 45515 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 2015856 |  | 2015856 |
| &nbsp;&nbsp;&nbsp;Software & Services |  | 61058 |  | 61058 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 311095 |  | 311095 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 325433 |  | 325433 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 27999 |  | 27999 |
| Money Market Fund | 8 |  |  | 8 |
| **Total Investments** | $8 | $15199438 | $0 | $15199446 |

---

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** | | |
| **Automobiles & Components: 0.3%** | **Automobiles & Components: 0.3%** | **Automobiles & Components: 0.3%** |
| Fulin Precision Co. Ltd. \* | 33000 | $68601 |
| **Capital Goods: 36.3%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 18500 | 150492 |
| Contemporary Amperex Technology Co. Ltd. | 58600 | 3317628 |
| Dongguan Yiheda Automation Co. Ltd. | 3460 | 32842 |
| East Group Co. Ltd. | 47500 | 46804 |
| Eve Energy Co. Ltd. | 57296 | 725164 |
| Gaona Aero Material Co. Ltd. | 12200 | 80718 |
| Ginlong Technologies Co. Ltd. \* | 7850 | 203844 |
| Guangzhou Great Power Energy & Technology Co. Ltd. | 14200 | 159618 |
| Hunan Zhongke Electric Co. Ltd. | 28200 | 83564 |
| JL Mag Rare-Earth Co. Ltd. | 16300 | 68800 |
| Luoyang Xinqianglian Slewing Bearing Co. Ltd. | 8200 | 63222 |
| Qingdao TGOOD Electric Co. Ltd. | 28700 | 63029 |
| Shenzhen Inovance Technology Co. Ltd. | 84485 | 846961 |
| Shenzhen Yinghe Technology Co. Ltd. | 16000 | 40731 |
| Sungrow Power Supply Co. Ltd. | 45900 | 739879 |
| Sunwoda Electronic Co. Ltd. | 62700 | 191113 |
| Suzhou Maxwell Technologies Co. Ltd. | 4040 | 239832 |
| Wuxi Lead Intelligent Equipment Co. Ltd. | 45720 | 264994 |
| Xi'an Triangle Defense Co. Ltd. | 12500 | 68633 |
|  |  | 7387868 |
| **Commercial & Professional Services: 1.3%** | **Commercial & Professional Services: 1.3%** |  |
| Beijing Originwater Technology Co. Ltd. | 84000 | 57349 |
| Centre Testing International Group Co. Ltd. | 65100 | 209513 |
|  |  | 266862 |
| **Consumer Durables & Apparel: 0.3%** | **Consumer Durables & Apparel: 0.3%** |  |
| Huali Industrial Group Co. Ltd. | 7000 | 57733 |
| **Consumer Services: 0.7%** |  |  |
| Songcheng Performance Development Co. Ltd. | 67321 | 141914 |
| **Diversified Financials: 7.2%** |  |  |
| East Money Information Co. Ltd. | 477120 | 1332717 |
| Hithink RoyalFlush Information Network Co. Ltd. | 9300 | 132237 |
|  |  | 1464954 |
| **Food, Beverage & Tobacco: 4.2%** |  |  |
| Wens Foodstuffs Group Co. Ltd. | 244060 | 691701 |
| Yihai Kerry Arawana Holdings Co. Ltd. | 25900 | 162710 |
|  |  | 854411 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Health Care Equipment & Services: 12.1%** | **Health Care Equipment & Services: 12.1%** |  |
| Aier Eye Hospital Group Co. Ltd. | 137762 | $617089 |
| Dian Diagnostics Group Co. Ltd. | 21600 | 78372 |
| Guangzhou Wondfo Biotech Co. Ltd. | 11600 | 53451 |
| Intco Medical Technology Co. Ltd. | 20020 | 60830 |
| Jafron Biomedical Co. Ltd. | 20000 | 89454 |
| Lepu Medical Technology Beijing Co. Ltd. | 56313 | 186615 |
| Ovctek China, Inc. | 20900 | 107667 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 21200 | 965932 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | 13300 | 96142 |
| Tofflon Science & Technology Group Co. Ltd. | 11600 | 39720 |
| Winner Medical Co. Ltd. | 5200 | 53692 |
| Winning Health Technology Group Co. Ltd. | 80666 | 119848 |
|  |  | 2468812 |
| **Household & Personal Products: 1.4%** | **Household & Personal Products: 1.4%** |  |
| By-health Co. Ltd. | 45500 | 149707 |
| Yunnan Botanee Bio- Technology Group Co. Ltd. | 5800 | 124752 |
|  |  | 274459 |
| **Materials: 7.8%** |  |  |
| CNGR Advanced Material Co. Ltd. | 8900 | 84150 |
| Ganzhou Teng Yuan Cobalt New Material Co. Ltd. | 2200 | 21883 |
| Huabao Flavours & Fragrances Co. Ltd. | 5600 | 19003 |
| Hubei Dinglong Co. Ltd. | 31800 | 97732 |
| Hubei Feilihua Quartz Glass Co. Ltd. | 18900 | 150221 |
| Nanjing Hanrui Cobalt Co. Ltd. | 10300 | 59536 |
| Shandong Dongyue |  |  |
| Organosilicon Material Co. Ltd. | 15500 | 26112 |
| Shandong Sinocera Functional Material Co. Ltd. | 35800 | 142442 |
| Shandong Weifang Rainbow Chemical Co. Ltd. | 4200 | 52820 |
| Shenzhen Capchem Technology Co. Ltd. | 21800 | 136757 |
| Shenzhen Dynanonic Co. Ltd. | 5360 | 177517 |
| Shenzhen Senior Technology Material Co. Ltd. | 45691 | 140070 |
| Sinofibers Technology Co. Ltd. | 15700 | 111326 |
| Sunresin New Materials Co. Ltd. | 7400 | 74277 |
| Suzhou TA&A Ultra Clean Technology Co. Ltd. | 18000 | 145025 |
| Weihai Guangwei Composites Co. Ltd. | 13700 | 142828 |
|  |  | 1581699 |

---

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Media & Entertainment: 1.3%** |  |  |  |
| Beijing Enlight Media Co. Ltd. | 49442 | $| 61817 |
| Kunlun Tech Co. Ltd. | 34200 |  | 71017 |
| Mango Excellent Media Co. Ltd. | 28470 |  | 123167 |
|  |  |  | 256001 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 12.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 12.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 12.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 12.5%** |
| Anhui Anke Biotechnology Group Co. Ltd. | 49400 |  | 66775 |
| Betta Pharmaceuticals Co. Ltd. | 11300 |  | 80419 |
| BGI Genomics Co. Ltd. | 10700 |  | 79913 |
| China Resources Boya Bio-pharmaceutical Group Co. Ltd. | 13100 |  | 69149 |
| Chongqing Zhifei Biological Products Co. Ltd. | 34869 |  | 442318 |
| Hangzhou Tigermed Consulting Co. Ltd. | 24159 |  | 364598 |
| Imeik Technology Development Co. Ltd. | 4100 |  | 334763 |
| PharmaBlock Sciences Nanjing, Inc. | 7200 |  | 83550 |
| Pharmaron Beijing Co. Ltd. | 23850 |  | 233923 |
| Porton Pharma Solutions Ltd. | 15400 |  | 90750 |
| Shenzhen Kangtai Biological Products Co. Ltd. | 26720 |  | 121477 |
| Sino Biological, Inc. | 2600 |  | 37445 |
| Walvax Biotechnology Co. Ltd. | 74400 |  | 430781 |
| Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd. | 12600 |  | 100210 |
|  |  |  | 2536071 |
| **Semiconductors & Semiconductor Equipment: 6.0%** | **Semiconductors & Semiconductor Equipment: 6.0%** | **Semiconductors & Semiconductor Equipment: 6.0%** | **Semiconductors & Semiconductor Equipment: 6.0%** |
| Hangzhou Chang Chuan Technology Co. Ltd. | 15600 |  | 100372 |
| Ingenic Semiconductor Co. Ltd. | 11100 |  | 112887 |
| Risen Energy Co. Ltd. \* | 29900 |  | 106995 |
| SG Micro Corp. | 10550 |  | 262615 |
| Shenzhen SC New Energy Technology Corp. | 11100 |  | 182381 |
| Wuhan DR Laser Technology Corp. Ltd. | 3600 |  | 65435 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Yangling Metron New Material, Inc. | 7040 | $49869 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. | 11800 | 89546 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 27100 | 248674 |
|  |  | 1218774 |
| **Software & Services: 2.6%** |  |  |
| Beijing Sinnet Technology Co. Ltd. | 63000 | 74172 |
| Longshine Technology Group Co. Ltd. | 21900 | 69505 |
| Sangfor Technologies, Inc. | 10600 | 172486 |
| Thunder Software Technology Co. Ltd. | 14500 | 209721 |
|  |  | 525884 |
| **Technology Hardware & Equipment: 6.1%** | **Technology Hardware & Equipment: 6.1%** |  |
| Anker Innovations Technology Co. Ltd. | 7100 | 60734 |
| Chaozhou Three-Circle Group Co. Ltd. | 56900 | 252142 |
| Lens Technology Co. Ltd. | 89268 | 135541 |
| Leyard Optoelectronic Co. Ltd. | 92700 | 75678 |
| Maxscend Microelectronics Co. Ltd. | 14021 | 231234 |
| Shenzhen Sunway Communication Co. Ltd. | 37101 | 88375 |
| Wuhan Raycus Fiber Laser Technologies Co. Ltd. \* | 13310 | 45439 |
| Wuhu Token Science Co. Ltd. | 93900 | 80866 |
| Yealink Network Technology Corp. Ltd. | 14900 | 130363 |
| Zhongji Innolight Co. Ltd. | 26500 | 103337 |
| Zhuzhou Hongda Electronics Corp. Ltd. | 6100 | 38855 |
|  |  | 1242564 |
| **Total Common Stocks** <br> (Cost: $17,606,453) |  | 20346607 |
| **Total Investments: 100.1%** <br> (Cost: $17,606,453) |  | 20346607 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (21891) |
| **NET ASSETS: 100.0%** |  | $20324716 |

---

------

**Footnotes:**

\* Non-income producing

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Industrials | 37.6% | $7654730 |
| Health Care | 24.6 | 5004883 |
| Information Technology | 14.7 | 2987222 |
| Materials | 7.8 | 1581699 |
| Financials | 7.2 | 1464954 |
| Consumer Staples | 5.5 | 1128870 |
| Consumer Discretionary | 1.3 | 268248 |
| Communication Services | 1.3 | 256001 |
|  | 100.0% | $20346607 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 <sup>\*</sup> | $— | $20346607 | $— | $20346607 |

---

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

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** | | |
| **Capital Goods: 0.7%** | | |
| IndiaMart InterMesh Ltd. 144A | 183 | $9537 |
| **Commercial & Professional Services: 2.0%** | **Commercial & Professional Services: 2.0%** |  |
| L&T Technology Services Ltd. 144A | 630 | 28016 |
| **Consumer Durables & Apparel: 1.2%** |  |  |
| Dixon Technologies India Ltd. | 355 | 16721 |
| **Consumer Services: 2.1%** |  |  |
| MakeMyTrip Ltd. \* | 1043 | 28756 |
| **Diversified Financials: 1.5%** |  |  |
| ICICI Securities Ltd. 144A | 1925 | 11561 |
| Indian Energy Exchange Ltd. 144A | 5359 | 9052 |
|  |  | 20613 |
| **Energy: 8.1%** |  |  |
| Reliance Industries Ltd. 144A (GDR) | 1827 | 112076 |
| **Insurance: 1.0%** |  |  |
| PB Fintech Ltd. \* | 2680 | 14498 |
| **Media & Entertainment: 5.4%** |  |  |
| Affle India Ltd. \* | 795 | 10384 |
| Info Edge India Ltd. | 1365 | 64812 |
|  |  | 75196 |
| **Retailing: 2.6%** |  |  |
| Zomato Ltd. \* | 50977 | 36544 |
| **Software & Services: 58.7%** |  |  |
| Coforge Ltd. | 364 | 17101 |
| Cyient Ltd. | 1867 | 18269 |
| Happiest Minds Technologies Ltd. | 876 | 9318 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services (continued)** |  |  |
| HCL Technologies Ltd. | 6535 | $81954 |
| Infosys Ltd. (ADR) | 6025 | 108510 |
| KPIT Technologies Ltd. | 4087 | 34712 |
| LTIMindtree Ltd. 144A | 1156 | 60936 |
| Mphasis Ltd. | 2058 | 49018 |
| One 97 Communications Ltd. \* | 3871 | 24831 |
| Oracle Financial Services Software Ltd. | 515 | 18808 |
| Persistent Systems Ltd. | 930 | 43477 |
| Tanla Platforms Ltd. | 1653 | 14229 |
| Tata Consultancy Services Ltd. | 2494 | 98081 |
| Tata Elxsi Ltd. | 371 | 28157 |
| Tech Mahindra Ltd. | 5586 | 68504 |
| Wipro Ltd. (ADR) | 16390 | 76377 |
| WNS Holdings Ltd. (ADR) \* | 799 | 63912 |
|  |  | 816194 |
| **Technology Hardware & Equipment: 2.0%** | **Technology Hardware & Equipment: 2.0%** |  |
| Redington Ltd. | 13009 | 28390 |
| **Telecommunication Services: 13.5%** | **Telecommunication Services: 13.5%** |  |
| Bharti Airtel Ltd. | 9388 | 91298 |
| Indus Towers Ltd. | 16070 | 36897 |
| Tata Communications Ltd. | 1699 | 26135 |
| Tata Teleservices Maharashtra Ltd. \* | 11657 | 13017 |
| Vodafone Idea Ltd. \* | 199508 | 18984 |
|  |  | 186331 |
| **Transportation: 1.2%** |  |  |
| Delhivery Ltd. \* | 4334 | 17357 |
| **Total Common Stocks** <br> (Cost: $1,747,837) |  | 1390229 |
| **Total Investments: 100.0%** <br> (Cost: $1,747,837) |  | 1390229 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (612) |
| **NET ASSETS: 100.0%** |  | $1389617 |

---

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $231,178, or 16.6% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Information Technology | 60.7% | $844587 |
| Communication Services | 18.8 | 261527 |
| Energy | 8.1 | 112075 |
| Consumer Discretionary | 5.9 | 82020 |
| Industrials | 4.0 | 54910 |
| Financials | 2.5 | 35110 |
|  | 100.0% | $1390229 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Goods | $— | $9537 | $— | $9537 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 28016 |  | 28016 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 16721 |  | 16721 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 28756 |  |  | 28756 |
| &nbsp;&nbsp;&nbsp;Diversified Financials |  | 20613 |  | 20613 |
| &nbsp;&nbsp;&nbsp;Energy |  | 112076 |  | 112076 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 14498 |  | 14498 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 75196 |  | 75196 |
| &nbsp;&nbsp;&nbsp;Retailing |  | 36544 |  | 36544 |
| &nbsp;&nbsp;&nbsp;Software & Services | 248799 | 567395 |  | 816194 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 28390 |  | 28390 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 186331 |  | 186331 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 17357 |  | 17357 |
| **Total Investments** | $277555 | $1112674 | $— | $1390229 |

---

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** | | | |
| **Automobiles & Components: 1.5%** | **Automobiles & Components: 1.5%** | **Automobiles & Components: 1.5%** | **Automobiles & Components: 1.5%** |
| Ghabbour Auto |  | 1611582 | $347918 |
| **Banks: 7.2%** |  |  |  |
| Commercial International Bank Egypt SAE (GDR) |  | 1373790 | 1640861 |
| **Capital Goods: 4.5%** |  |  |  |
| ElSewedy Electric Co. \* |  | 2125077 | 1033047 |
| **Consumer Durables & Apparel: 2.3%** | **Consumer Durables & Apparel: 2.3%** |  |  |
| Oriental Weavers |  | 1280025 | 537760 |
| **Consumer Services: 3.6%** |  |  |  |
| Cairo Investment & Real Estate Development Co. SAE |  | 1570244 | 824741 |
| **Diversified Financials: 6.9%** |  |  |  |
| Egyptian Financial Group-Hermes Holding Co. \* |  | 1451457 | 1048356 |
| Egyptian Financial Group-Hermes Holding Co. (GDR) \* |  | 462969 | 532414 |
|  |  |  | 1580770 |
| **Energy: 4.6%** |  |  |  |
| Capricorn Energy Plc \* |  | 336203 | 1058768 |
| **Food, Beverage & Tobacco: 8.1%** |  |  |  |
| Eastern Co. SAE |  | 3219937 | 1863900 |
| **Health Care Equipment & Services: 4.9%** | **Health Care Equipment & Services: 4.9%** | **Health Care Equipment & Services: 4.9%** |  |
| Cleopatra Hospital \* |  | 3871074 | 834910 |
| Ibnsina Pharma SAE |  | 3325605 | 290176 |
|  |  |  | 1125086 |
| **Materials: 23.7%** |  |  |  |
| Abou Kir Fertilizers & Chemical Industries |  | 967311 | 1518553 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials (continued)** |  |  |
| Alexandria Mineral Oils Co. | 2627574 | $673069 |
| Centamin Plc | 783216 | 1064928 |
| Egypt Kuwait Holding Co. SAE | 726790 | 928691 |
| Ezz Steel Co. SAE | 776683 | 731218 |
| Sidi Kerir Petrochemicals Co. \* | 969968 | 513836 |
|  |  | 5430295 |
| **Real Estate: 16.3%** |  |  |
| Emaar Misr for Development SAE \* | 3237702 | 406197 |
| Heliopolis Housing \* | 2055540 | 660929 |
| Medinet Nasr Housing \* | 6581926 | 864697 |
| Palm Hills Developments SAE | 6687710 | 529866 |
| Talaat Moustafa Group | 3164392 | 1275462 |
|  |  | 3737151 |
| **Retailing: 1.1%** |  |  |
| MM Group for Industry & International Trade SAE \* | 1382189 | 262198 |
| **Software & Services: 10.4%** |  |  |
| E-Finance for Digital & Financial Investments | 1764187 | 1356894 |
| Fawry for Banking & Payment Technology Services SAE \* | 4806818 | 1020053 |
|  |  | 2376947 |
| **Telecommunication Services: 5.0%** |  |  |
| Telecom Egypt Co. | 1135948 | 1151795 |
| **Total Common Stocks** <br> (Cost: $23,089,541) |  | 22971237 |
| **Total Investments: 100.1%** <br> (Cost: $23,089,541) |  | 22971237 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (14419) |
| **NET ASSETS: 100.0%** |  | $22956818 |

---

------

**Definitions:**

GDR Global Depositary Receipt

**Footnotes:**

\* Non-income producing

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Materials | 23.6% | $5430295 |
| Real Estate | 16.3 | 3737151 |
| Financials | 14.1 | 3221631 |
| Information Technology | 10.4 | 2376947 |
| Consumer Discretionary | 8.5 | 1972617 |
| Consumer Staples | 8.1 | 1863900 |
| Communication Services | 5.0 | 1151795 |
| Health Care | 4.9 | 1125086 |
| Energy | 4.6 | 1058768 |
| Industrials | 4.5 | 1033047 |
|  | 100.0% | $22971237 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $347918 | $— | $347918 |
| &nbsp;&nbsp;&nbsp;Banks |  | 1640861 |  | 1640861 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 1033047 |  | 1033047 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | 537760 |  |  | 537760 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 824741 |  | 824741 |
| &nbsp;&nbsp;&nbsp;Diversified Financials | 1580770 |  |  | 1580770 |
| &nbsp;&nbsp;&nbsp;Energy | 1058768 |  |  | 1058768 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 1863900 |  | 1863900 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 290176 | 834910 |  | 1125086 |
| &nbsp;&nbsp;&nbsp;Materials |  | 5430295 |  | 5430295 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 3737151 |  | 3737151 |
| &nbsp;&nbsp;&nbsp;Retailing |  | 262198 |  | 262198 |
| &nbsp;&nbsp;&nbsp;Software & Services |  | 2376947 |  | 2376947 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 1151795 |  | 1151795 |
| **Total Investments** | $3467474 | $19503763 | $— | $22971237 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Automobiles & Components: 0.5%** |  |  |
| FIEM Industries Ltd. | 1605 | $33597 |
| Mahindra CIE Automotive Ltd. | 35645 | 147846 |
| Minda Corp. Ltd. | 26029 | 64202 |
|  |  | 245645 |
| **Capital Goods: 12.0%** |  |  |
| Apar Industries Ltd. | 6523 | 141423 |
| Astral Ltd. | 33684 | 798288 |
| Bharat Electronics Ltd. | 1411647 | 1703301 |
| Grindwell Norton Ltd. | 19329 | 416671 |
| Hindustan Aeronautics Ltd. | 33646 | 1028627 |
| J Kumar Infraprojects Ltd. | 13416 | 44035 |
| Jamna Auto Industries Ltd. | 74071 | 93662 |
| Kajaria Ceramics Ltd. | 35120 | 491143 |
| KEI Industries Ltd. | 22816 | 403036 |
| Schaeffler India Ltd. | 14885 | 493996 |
| Timken India Ltd. | 9131 | 342600 |
| Voltamp Transformers Ltd. | 3067 | 102674 |
|  |  | 6059456 |
| **Consumer Durables & Apparel: 3.3%** |  |  |
| Gokaldas Exports Ltd. \* | 17145 | 75609 |
| KPR Mill Ltd. | 38005 | 236975 |
| Mirza International Ltd. \* | 16281 | 48457 |
| Monte Carlo Fashions Ltd. | 2044 | 17047 |
| Page Industries Ltd. | 2160 | 1116562 |
| Vardhman Textiles Ltd. \* | 45174 | 179910 |
|  |  | 1674560 |
| **Consumer Services: 0.2%** |  |  |
| Easy Trip Planners Ltd. \* | 186914 | 118872 |
| **Diversified Financials: 1.5%** |  |  |
| Angel One Ltd. | 14695 | 232365 |
| CRISIL Ltd. | 8573 | 317259 |
| ICICI Securities Ltd. 144A | 34109 | 204842 |
|  |  | 754466 |
| **Energy: 12.9%** |  |  |
| Coal India Ltd. | 888463 | 2417019 |
| Great Eastern Shipping Co. Ltd. | 35793 | 290319 |
| Oil & Natural Gas Corp. Ltd. | 1534649 | 2731793 |
| Oil India Ltd. | 153714 | 388097 |
| Petronet LNG Ltd. | 319966 | 832226 |
|  |  | 6659454 |
| **Food, Beverage & Tobacco: 8.0%** |  |  |
| Dwarikesh Sugar Industries Ltd. | 45260 | 57413 |
| ITC Ltd. | 630434 | 2523470 |
| Radico Khaitan Ltd. | 100 | 1222 |
| Varun Beverages Ltd. | 97461 | 1555357 |
|  |  | 4137462 |
| **Materials: 29.8%** |  |  |
| Balaji Amines Ltd. | 3989 | 130417 |
| Castrol India Ltd. | 202373 | 301000 |
| Clean Science & Technology Ltd. | 7767 | 139337 |
| Coromandel International Ltd. | 49399 | 529231 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 26241 | 226451 |
| Deepak Nitrite Ltd. | 28854 | 690581 |
| EID Parry India Ltd. | 32356 | 222259 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Materials (continued)** |  |  |  |
| Fine Organic Industries Ltd. | 3237 | $| 224422 |
| Fineotex Chemical Ltd. | 10926 |  | 33303 |
| GHCL Ltd. | 24430 |  | 150411 |
| Gujarat Alkalies & Chemicals Ltd. | 7965 |  | 73620 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 37854 |  | 254178 |
| Gujarat State Fertilizers & Chemicals Ltd. | 93594 |  | 157853 |
| Hindalco Industries Ltd. | 491021 |  | 2807129 |
| Jindal Steel & Power Ltd. | 174209 |  | 1221880 |
| JK Paper Ltd. | 30849 |  | 152169 |
| Meghmani Finechem Ltd. \* | 5006 |  | 75461 |
| National Aluminium Co. Ltd. | 370362 |  | 359715 |
| NMDC Ltd. | 473691 |  | 703782 |
| NMDC Steel Ltd. \* | 447321 |  | 208169 |
| PCBL Ltd. | 71442 |  | 111779 |
| PI Industries Ltd. | 34478 |  | 1423902 |
| Polyplex Corp. Ltd. | 5638 |  | 108308 |
| Rain Industries Ltd. | 75959 |  | 155951 |
| Sharda Cropchem Ltd. | 9087 |  | 56436 |
| Sumitomo Chemical India Ltd. | 52535 |  | 309853 |
| Tata Steel Ltd. | 1931039 |  | 2630090 |
| Tinplate Co. of India Ltd. | 10163 |  | 41072 |
| Vedanta Ltd. | 492866 |  | 1834403 |
| West Coast Paper Mills Ltd. | 11930 |  | 75264 |
|  |  |  | 15408426 |
| **Media & Entertainment: 4.3%** |  |  |  |
| Affle India Ltd. \* | 20051 |  | 261895 |
| Brightcom Group Ltd. | 636872 |  | 225351 |
| Chennai Super Kings Cricket Ltd. \*∞ ø | 1298085 |  | 1526697 |
| Sun TV Network Ltd. | 34269 |  | 201281 |
|  |  |  | 2215224 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 11.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 11.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 11.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 11.5%** |
| Ajanta Pharma Ltd. | 16008 |  | 234327 |
| Divi's Laboratories Ltd. | 53810 |  | 2216366 |
| Laurus Labs Ltd. 144A | 143415 |  | 649101 |
| Sun Pharmaceutical Industries Ltd. | 234287 |  | 2833233 |
|  |  |  | 5933027 |
| **Software & Services: 15.4%** |  |  |  |
| Coforge Ltd. | 15389 |  | 722989 |
| Happiest Minds Technologies Ltd. | 17069 |  | 181554 |
| Infosys Ltd. (ADR) | 141266 |  | 2544201 |
| LTIMindtree Ltd. 144A | 37427 |  | 1972880 |
| Mastek Ltd. | 5400 |  | 111373 |
| Persistent Systems Ltd. | 21665 |  | 1012833 |
| Tanla Platforms Ltd. | 26679 |  | 229653 |
| Tata Elxsi Ltd. | 14834 |  | 1125832 |
|  |  |  | 7901315 |
| **Transportation: 0.5%** |  |  |  |
| Allcargo Logistics Ltd. | 27374 |  | 133329 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Transportation (continued)** |  |  |
| VRL Logistics Ltd. | 11956 | $78035 |
|  |  | 211364 |
| **Total Common Stocks**<br> (Cost: $47,460,393) |  | 51319271 |
| **Total Investments: 99.9%**<br> (Cost: $47,460,393) |  | 51319271 |
| **Other assets less liabilities: 0.1%** |  | 51638 |
| **NET ASSETS: 100.0%** |  | $51370909 |

---

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| ADR | American Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| \* | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| ø | Restricted Security – the aggregate value of restricted securities is $1,526,697, or 3.0% of net assets |
| 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, and the value amounted $2,826,823, or 5.5% of net assets. |

---

Restricted securities held by the Fund as of December 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition**<br> **Date** | **Number of**<br> **Shares** | **Acquisition**<br> **Cost** | **Value** | **% of**<br> **Net Assets** |
| Chennai Super Kings Cricket Ltd. | 10/08/2015 | 1298085 | $35108 | $1526697 | 3.0% |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Materials | 30.0% | $15408425 |
| Information Technology | 15.4 | 7901315 |
| Energy | 13.0 | 6659454 |
| Industrials | 12.2 | 6270820 |
| Health Care | 11.5 | 5933026 |
| Consumer Staples | 8.1 | 4137462 |
| Communication Services | 4.3 | 2215225 |
| Consumer Discretionary | 4.0 | 2039078 |
| Financials | 1.5 | 754466 |
|  | 100.0% | $51319271 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $245645 | $— | $245645 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 6059456 |  | 6059456 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 1674560 |  | 1674560 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 118872 |  | 118872 |
| &nbsp;&nbsp;&nbsp;Diversified Financials |  | 754466 |  | 754466 |
| &nbsp;&nbsp;&nbsp;Energy |  | 6659454 |  | 6659454 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 4137462 |  | 4137462 |
| &nbsp;&nbsp;&nbsp;Materials |  | 15408426 |  | 15408426 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 688527 | 1526697 | 2215224 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 5933027 |  | 5933027 |
| &nbsp;&nbsp;&nbsp;Software & Services | 2544201 | 5357114 |  | 7901315 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 211364 |  | 211364 |
| **Total Investments** | $2544201 | $47248373 | $1526697 | $51319271 |

---

The following table reconciles the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2022:

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2021 | $1021381 |
| Realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation) | 505316 |
| Purchases |  |
| Sales |  |
| Transfers in/out of level 3 | – |
| Balance as of December 31, 2022 | $1526697 |

---

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value as of**<br> **December**<br> **31, 2022** | **Valuation**<br> **Technique** | **Unobservable**<br> **Input**<br> **Description**<sup>(1)</sup> | **Unobservable**<br> **Input** | **Impact to**<br> **Valuation from an**<br> **Increase in Input**<sup>(2)</sup> |
| Common Stock |  |  |  |  |  |
| Media & Entertainment | $1526697 | Market Approach | Revenue Multiple | 16x – 18x | Increase |
| Media & Entertainment |  |  | Discount for lack<br> of marketability | 17½% | Decrease |
|  |  |  | Discount for lack<br> of control | 20% | Decrease |

---

---

| |
|:---|
| (1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments. |
| (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Automobiles & Components: 6.1%** |  |  |
| Astra International Tbk PT | 5458500 | $1997536 |
| **Banks: 29.0%** |  |  |
| Allo Bank Indonesia Tbk PT \* | 962900 | 109087 |
| Bank Aladin Syariah Tbk PT \* | 1712900 | 155693 |
| Bank Central Asia Tbk PT | 4931000 | 2703855 |
| Bank Jago Tbk PT \* | 1146100 | 273541 |
| Bank Mandiri Persero Tbk PT | 3514102 | 2240922 |
| Bank Negara Indonesia Persero Tbk PT | 2203632 | 1305580 |
| Bank Rakyat Indonesia Persero Tbk PT | 8753533 | 2775309 |
|  |  | 9563987 |
| **Capital Goods: 1.8%** |  |  |
| Jardine Cycle & Carriage Ltd. † | 27988 | 596790 |
| **Diversified Financials: 0.4%** |  |  |
| BFI Finance Indonesia Tbk PT | 2169800 | 146945 |
| **Energy: 12.9%** |  |  |
| Adaro Energy Indonesia Tbk PT | 4724500 | 1170319 |
| Banpu PCL (NVDR) | 2372629 | 937885 |
| Bukit Asam Tbk PT | 1157100 | 274421 |
| Bumi Resources Tbk PT \* | 82269800 | 850839 |
| Indo Tambangraya Megah Tbk PT | 116800 | 293347 |
| United Tractors Tbk PT | 440769 | 738850 |
|  |  | 4265661 |
| **Food & Staples Retailing: 3.0%** |  |  |
| Sumber Alfaria Trijaya Tbk PT | 5765400 | 982586 |
| **Food, Beverage & Tobacco: 7.4%** |  |  |
| Charoen Pokphand Indonesia Tbk PT | 2131400 | 773678 |
| First Pacific Co. Ltd. | 601250 | 179103 |
| Golden Agri-Resources Ltd. | 1086400 | 202483 |
| Gudang Garam Tbk PT | 136400 | 157765 |
| Indofood CBP Sukses Makmur Tbk PT | 654600 | 420347 |
| Indofood Sukses Makmur Tbk PT | 1296900 | 560621 |
| Japfa Comfeed Indonesia Tbk PT | 1558900 | 129625 |
|  |  | 2423622 |
| **Health Care Equipment & Services: 1.0%** |  |  |
| Mitra Keluarga Karyasehat Tbk PT | 1599297 | 327378 |
| **Household & Personal Products: 1.5%** |  |  |
| Unilever Indonesia Tbk PT | 1690500 | 510656 |
| **Materials: 14.5%** |  |  |
| Aneka Tambang Tbk | 2484700 | 316197 |
| Avia Avian Tbk PT | 4575500 | 185166 |
| Barito Pacific Tbk PT | 8065116 | 391045 |
| Berkah Beton Sadaya Tbk PT | 8641000 | 410749 |
| Bumi Resources Minerals Tbk PT \* | 23874400 | 243965 |
| Chandra Asri Petrochemical Tbk PT | 2044536 | 337489 |
| Indah Kiat Pulp & Paper Tbk PT | 759600 | 425615 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Materials (continued)** |  |  |  |
| Indocement Tunggal Prakarsa Tbk PT | 532900 | $| 338835 |
| Merdeka Copper Gold Tbk PT \* | 3703795 |  | 978516 |
| Nickel Industries Ltd. † | 435701 |  | 287154 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | 367900 |  | 166537 |
| Semen Indonesia Persero Tbk PT | 981062 |  | 414304 |
| Vale Indonesia Tbk PT \* | 616400 |  | 280394 |
|  |  |  | 4775966 |
| **Media & Entertainment: 0.9%** |  |  |  |
| Elang Mahkota Teknologi Tbk PT | 4522900 |  | 298909 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 2.4%** |  |  |  |
| Kalbe Farma Tbk PT | 5816000 |  | 780778 |
| **Real Estate: 1.7%** |  |  |  |
| Bumi Serpong Damai Tbk PT \* | 2501700 |  | 147706 |
| Ciputra Development Tbk PT | 2576995 |  | 155633 |
| Pakuwon Jati Tbk PT | 4410400 |  | 129151 |
| Summarecon Agung Tbk PT | 3218700 |  | 124842 |
|  |  |  | 557332 |
| **Retailing: 5.1%** |  |  |  |
| Bukalapak.com PT Tbk \* | 16136300 |  | 270882 |
| GoTo Gojek Tokopedia Tbk PT \* | 244504200 |  | 1418463 |
|  |  |  | 1689345 |
| **Telecommunication Services: 10.2%** |  |  |  |
| Indosat Tbk PT | 333500 |  | 132370 |
| Sarana Menara Nusantara Tbk PT | 6178900 |  | 436797 |
| Smartfren Telecom Tbk PT \* | 32544500 |  | 138223 |
| Telkom Indonesia Persero Tbk PT (ADR) † | 92361 |  | 2202810 |
| Tower Bersama Infrastructure Tbk PT | 1807200 |  | 266959 |
| XL Axiata Tbk PT | 1235575 |  | 169824 |
|  |  |  | 3346983 |
| **Transportation: 0.8%** |  |  |  |
| Jasa Marga Persero Tbk PT \* | 643250 |  | 123106 |
| Transcoal Pacific Tbk PT | 295400 |  | 150864 |
|  |  |  | 273970 |
| **Utilities: 1.1%** |  |  |  |
| Perusahaan Gas Negara Tbk PT | 3079300 |  | 347959 |
| **Total Common Stocks**<br> (Cost: $43,125,132) |  |  | 32886403 |
| **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 0.7%** |
| **Money Market Fund: 0.7%** |  |  |  |

---

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares** | **Value** |
| (Cost: $214,156) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 214156 | $214156 |
| **Total Investments: 100.5%**<br> (Cost: $43,339,288) |  | 33100559 |
| **Liabilities in excess of other assets: (0.5)%** |  | (162993) |
| **NET ASSETS: 100.0%** |  | $32937566 |

---

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,005,397. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Financials | 29.5% | $9710932 |
| Materials | 14.5 | 4775966 |
| Energy | 13.0 | 4265661 |
| Consumer Staples | 11.9 | 3916864 |
| Consumer Discretionary | 11.2 | 3686881 |
| Communication Services | 11.1 | 3645892 |
| Health Care | 3.4 | 1108156 |
| Industrials | 2.6 | 870760 |
| Real Estate | 1.7 | 557332 |
| Utilities | 1.1 | 347959 |
|  | 100.0% | $32886403 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $1997536 | $— | $1997536 |
| &nbsp;&nbsp;&nbsp;Banks | 155693 | 9408294 |  | 9563987 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 596790 |  | 596790 |
| &nbsp;&nbsp;&nbsp;Diversified Financials |  | 146945 |  | 146945 |
| &nbsp;&nbsp;&nbsp;Energy | 850839 | 3414822 |  | 4265661 |
| &nbsp;&nbsp;&nbsp;Food & Staples Retailing |  | 982586 |  | 982586 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 2423622 |  | 2423622 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 327378 |  | 327378 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products |  | 510656 |  | 510656 |
| &nbsp;&nbsp;&nbsp;Materials | 595915 | 4180051 |  | 4775966 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 298909 |  | 298909 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 780778 |  | 780778 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 557332 |  | 557332 |
| &nbsp;&nbsp;&nbsp;Retailing |  | 1689345 |  | 1689345 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 2202810 | 1144173 |  | 3346983 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 273970 |  | 273970 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 347959 |  | 347959 |
| Money Market Fund | 214156 |  |  | 214156 |
| **Total Investments** | $4019413 | $29081146 | $— | $33100559 |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Automobiles & Components: 0.8%** |  |  |
| Mobileye Global, Inc. \* | 13384 | $469243 |
| **Banks: 17.5%** |  |  |
| Bank Hapoalim BM | 340120 | 3050783 |
| Bank Leumi Le-Israel BM | 413725 | 3432749 |
| FIBI Holdings Ltd. | 5773 | 238812 |
| First International Bank Of Israel Ltd. | 13274 | 521563 |
| Israel Discount Bank Ltd. | 331507 | 1733776 |
| Mizrahi Tefahot Bank Ltd. | 41872 | 1346296 |
|  |  | 10323979 |
| **Capital Goods: 4.2%** |  |  |
| Ashtrom Group Ltd. | 8928 | 166870 |
| Elbit Systems Ltd. † | 6920 | 1135157 |
| Elco Ltd. | 2396 | 122156 |
| Electra Ltd. | 325 | 174840 |
| Kornit Digital Ltd. \* | 14186 | 325853 |
| Leonardo DRS, Inc. \* | 14122 | 180479 |
| Shapir Engineering and Industry Ltd. | 25452 | 199988 |
| Shikun & Binui Ltd. \* | 56379 | 156714 |
|  |  | 2462057 |
| **Commercial & Professional Services: 0.2%** |  |  |
| Danel Adir Yeoshua Ltd. | 1201 | 93915 |
| **Consumer Durables & Apparel: 0.4%** |  |  |
| Delta Galil Ltd. | 3311 | 138047 |
| Maytronics Ltd. | 12617 | 125020 |
|  |  | 263067 |
| **Consumer Services: 0.4%** |  |  |
| 888 Holdings Plc \* | 110528 | 116094 |
| Fattal Holdings 1998 Ltd. \* | 1585 | 133090 |
|  |  | 249184 |
| **Diversified Financials: 1.5%** |  |  |
| Isracard Ltd. | 55022 | 159644 |
| Plus500 Ltd. | 27384 | 591562 |
| Tel Aviv Stock Exchange Ltd. | 25645 | 153254 |
|  |  | 904460 |
| **Energy: 2.3%** |  |  |
| Delek Group Ltd. \* | 3177 | 346793 |
| Energean Plc | 33822 | 528711 |
| Oil Refineries Ltd. | 652644 | 227911 |
| Paz Oil Co. Ltd. \* | 1839 | 228458 |
|  |  | 1331873 |
| **Food & Staples Retailing: 0.7%** |  |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 2430 | 169280 |
| Shufersal Ltd. | 38751 | 222221 |
|  |  | 391501 |
| **Food, Beverage & Tobacco: 0.5%** |  |  |
| Strauss Group Ltd. | 11446 | 301480 |
| **Health Care Equipment & Services: 4.1%** |  |  |
| Inmode Ltd. \* | 25365 | 905531 |
| Nano-X Imaging Ltd. \* | 15780 | 116456 |
| Novocure Ltd. \* † | 16377 | 1201253 |
| OPKO Health, Inc. \* † | 144164 | 180205 |
|  |  | 2403445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Insurance: 2.9%** |  |  |  |
| Clal Insurance Enterprises Holdings Ltd. \* | 18340 | $| 307419 |
| Harel Insurance Investments & Financial Services Ltd. | 37952 |  | 332162 |
| Lemonade, Inc. \* † | 16424 |  | 224680 |
| Menora Mivtachim Holdings Ltd. | 7137 |  | 138074 |
| Migdal Insurance & Financial Holdings Ltd. \* | 128706 |  | 146306 |
| Phoenix Holdings Ltd. | 51380 |  | 545955 |
|  |  |  | 1694596 |
| **Materials: 3.1%** |  |  |  |
| ICL Group Ltd. | 192419 |  | 1406583 |
| Israel Corp. Ltd. | 1280 |  | 447714 |
|  |  |  | 1854297 |
| **Media & Entertainment: 1.4%** |  |  |  |
| Perion Network Ltd. \* | 13636 |  | 344991 |
| Playtika Holding Corp. \* | 24501 |  | 208503 |
| Taboola.com Ltd. \* † | 51562 |  | 158811 |
| Tremor International Ltd. (ADR) \* † | 14007 |  | 90345 |
|  |  |  | 802650 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** |
| Taro Pharmaceutical Industries Ltd. \* | 2805 |  | 81457 |
| Teva Pharmaceutical Industries Ltd. (ADR) \* | 331551 |  | 3023745 |
|  |  |  | 3105202 |
| **Real Estate: 5.3%** |  |  |  |
| Airport City Ltd. \* | 15593 |  | 248755 |
| Alony Hetz Properties & Investments Ltd. | 34751 |  | 352784 |
| Amot Investments Ltd. | 44627 |  | 261133 |
| Azrieli Group Ltd. | 12342 |  | 819940 |
| Big Shopping Centers Ltd. \* | 2845 |  | 290062 |
| Gav-Yam Lands Corp. Ltd. | 9462 |  | 73659 |
| Israel Canada T.R Ltd. | 30794 |  | 66534 |
| Mega Or Holdings Ltd. | 2844 |  | 77682 |
| Melisron Ltd. | 6766 |  | 483228 |
| Mivne Real Estate KD Ltd. | 112094 |  | 355171 |
| Summit Real Estate Holdings Ltd. | 7770 |  | 98043 |
|  |  |  | 3126991 |
| **Retailing: 1.8%** |  |  |  |
| Delek Automotive Systems Ltd. | 10856 |  | 126693 |
| Fiverr International Ltd. \* † | 9949 |  | 289914 |
| Fox Wizel Ltd. | 1343 |  | 121814 |
| Global-e Online Ltd. \* | 22293 |  | 460128 |
| Tadiran Group Ltd. | 874 |  | 87015 |
|  |  |  | 1085564 |
| **Semiconductors & Semiconductor Equipment: 12.2%** | **Semiconductors & Semiconductor Equipment: 12.2%** | **Semiconductors & Semiconductor Equipment: 12.2%** | **Semiconductors & Semiconductor Equipment: 12.2%** |
| Camtek Ltd. \* † | 7980 |  | 175241 |
| CEVA, Inc. \* | 5742 |  | 146880 |
| Nova Ltd. \* † | 7909 |  | 646007 |
| SolarEdge Technologies, Inc. \* | 17065 |  | 4834003 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Tower Semiconductor Ltd. \* | 32715 | $1413288 |
|  |  | 7215419 |
| **Software & Services: 27.5%** |  |  |
| Amdocs Ltd. | 28961 | 2632555 |
| Check Point Software Technologies Ltd. \* | 29780 | 3757045 |
| CyberArk Software Ltd. \* | 12017 | 1558004 |
| Formula Systems 1985 Ltd. | 1143 | 82308 |
| Hilan Ltd. | 3031 | 149703 |
| JFrog Ltd. \* | 22454 | 478944 |
| LivePerson, Inc. \* † | 14565 | 147689 |
| Magic Software Enterprises Ltd. | 6159 | 97620 |
| Matrix IT Ltd. | 7467 | 155123 |
| Monday.com Ltd. \* | 5181 | 632082 |
| Nice Ltd. (ADR) \* † | 16164 | 3108337 |
| One Software Technologies Ltd. | 7521 | 104468 |
| Payoneer Global, Inc. \* † | 60586 | 331405 |
| Sapiens International Corp. NV | 9747 | 180124 |
| SentinelOne, Inc. \* † | 52496 | 765917 |
| Varonis Systems, Inc. \* | 24677 | 590767 |
| Verint Systems, Inc. \* | 14157 | 513616 |
| Wix.com Ltd. \* | 11965 | 919271 |
|  |  | 16204978 |
| **Technology Hardware & Equipment: 1.5%** |  |  |
| AudioCodes Ltd. | 7437 | 133048 |
| Gilat Satellite Networks Ltd. \* † | 15171 | 87992 |
| Nano Dimension Ltd. (ADR) \* † | 84407 | 194136 |
| Radware Ltd. \* | 11052 | 218277 |
| Stratasys Ltd. \* | 18492 | 219315 |
|  |  | 852768 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Telecommunication Services: 2.5%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 684851 | $1170406 |
| Cellcom Israel Ltd. \* | 22372 | 116877 |
| Partner Communications Co. Ltd. \* | 25268 | 182151 |
|  |  | 1469434 |
| **Transportation: 0.8%** |  |  |
| ZIM Integrated Shipping Services Ltd. † | 27782 | 477573 |
| **Utilities: 3.1%** |  |  |
| Energix-Renewable Energies Ltd. | 63183 | 198366 |
| Enlight Renewable Energy Ltd. \* | 189529 | 383958 |
| Kenon Holdings Ltd. | 5118 | 167986 |
| OPC Energy Ltd. \* | 15226 | 169620 |
| Ormat Technologies, Inc. | 10457 | 904321 |
|  |  | 1824251 |
| **Total Common Stocks**<br> (Cost: $50,380,123) |  | 58907927 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%** |
| **Money Market Fund: 1.7%**<br> (Cost: $1,025,144) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1025144 | 1025144 |
| **Total Investments: 101.7%** <br> (Cost: $51,405,267) |  | 59933071 |
| **Liabilities in excess of other assets: (1.7)%** |  | (1011942) |
| **NET ASSETS: 100.0%** |  | $58921129 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,492,363. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br>Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Information Technology | 41.2% | $24273165 |
| Financials | 21.9 | 12923035 |
| Health Care | 9.4 | 5508647 |
| Real Estate | 5.3 | 3126991 |
| Industrials | 5.2 | 3033545 |
| Communication Services | 3.9 | 2272084 |
| Consumer Discretionary | 3.4 | 2067058 |
| Materials | 3.1 | 1854297 |
| Utilities | 3.1 | 1824251 |
| Energy | 2.3 | 1331873 |
| Consumer Staples | 1.2 | 692981 |
|  | 100.0% | $58907927 |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles & Components | $469243 | $— | $— | $469243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks |  | 10323979 |  | 10323979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Goods | 1641489 | 820568 |  | 2462057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 93915 |  | 93915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 263067 |  | 263067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services |  | 249184 |  | 249184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Financials |  | 904460 |  | 904460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 1331873 |  | 1331873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing |  | 391501 |  | 391501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 301480 |  | 301480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 2403445 |  |  | 2403445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 224680 | 1469916 |  | 1694596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 1406583 | 447714 |  | 1854297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media & Entertainment | 802650 |  |  | 802650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | 3105202 |  |  | 3105202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 3126991 |  | 3126991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retailing | 750042 | 335522 |  | 1085564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 7215419 |  |  | 7215419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software & Services | 15713376 | 491602 |  | 16204978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware & Equipment | 852768 |  |  | 852768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunication Services |  | 1469434 |  | 1469434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 477573 |  |  | 477573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 904321 | 919930 |  | 1824251 |
| Money Market Fund | 1025144 |  |  | 1025144 |
| **Total Investments** | $36991935 | $22941136 | $— | $59933071 |

---

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.5%** |  |  |
| **Banks: 6.2%** |  |  |
| Bank for Foreign Trade of Vietnam JSC \* | 5373545 | $18248108 |
| Saigon - Hanoi Commercial Joint Stock Bank \* | 12770500 | 5390152 |
| Saigon Thuong Tin Commercial JSB \* | 2140400 | 2041692 |
|  |  | 25679952 |
| **Capital Goods: 4.9%** |  |  |
| Development Investment Construction JSC \* | 5309986 | 3215570 |
| Gelex Group JSC | 6446564 | 3370388 |
| Ha Do Group JSC | 1481120 | 1968692 |
| Hoang Huy Investment Financial Services JSC | 6070120 | 1746589 |
| IDICO Corp. JSC | 2747710 | 3694694 |
| JAKS Resources Bhd \* | 33413900 | 1781981 |
| Tasco JSC \* | 3233000 | 1933629 |
| Vietnam Construction and Import-Export JSC | 3402190 | 2487809 |
|  |  | 20199352 |
| **Consumer Durables & Apparel: 13.1%** |  |  |
| Eclat Textile Co. Ltd. | 1234160 | 19812074 |
| Feng TAY Enterprise Co. Ltd. | 3123000 | 20922604 |
| Hansae Co. Ltd. † | 312545 | 3837643 |
| Taiwan Paiho Ltd. | 5094000 | 9394527 |
|  |  | 53966848 |
| **Diversified Financials: 8.0%** |  |  |
| Sai Gon-Ha Noi Securities JSC \* | 6617850 | 2358004 |
| SSI Securities Corp. | 17475408 | 13079375 |
| Viet Capital Securities JSC | 5439550 | 5350941 |
| VIX Securities JSC | 9364780 | 2570512 |
| VNDirect Securities Corp. | 17057480 | 9739839 |
|  |  | 33098671 |
| **Energy: 1.3%** |  |  |
| PetroVietnam Drilling & Well Services JSC \* | 3471588 | 2627355 |
| PetroVietnam Technical Services Corp. | 2895000 | 2627911 |
|  |  | 5255266 |
| **Food, Beverage & Tobacco: 18.1%** |  |  |
| HAGL JSC \* | 8249000 | 3200267 |
| Hoang Anh Gia Lai International Agriculture JSC \* | 10070400 | 1776346 |
| KIDO Group Corp. | 1265630 | 3489542 |
| Masan Group Corp. | 5119776 | 20187170 |
| Saigon Beer Alcohol Beverage Corp. | 1213000 | 8589964 |
| Thanh Thanh Cong - Bien Hoa JSC \* | 6544081 | 4021574 |
| Vietnam Dairy Products JSC | 8775241 | 28324458 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Food, Beverage & Tobacco (continued)** |  |  |
| Vinh Hoan Corp. | 1736000 | $5130541 |
|  |  | 74719862 |
| **Health Care Equipment & Services: 4.5%** |  |  |
| Mani, Inc. | 1218500 | 18578836 |
| **Insurance: 0.9%** |  |  |
| Bao Viet Holdings | 1826396 | 3607840 |
| **Materials: 8.9%** |  |  |
| Duc Giang Chemicals JSC | 2444232 | 6104408 |
| Hoa Phat Group JSC | 31916297 | 24363854 |
| Hoa Sen Group \* | 4867140 | 2378116 |
| Petrovietnam Fertilizer & Chemicals JSC | 2296700 | 4174353 |
|  |  | 37020731 |
| **Real Estate: 21.2%** |  |  |
| Khang Dien House Trading and Investment JSC \* | 1899240 | 2128741 |
| Kinh Bac City Development Holding Corp. \* | 4649200 | 4752344 |
| No Va Land Investment Group Corp. \* | 14026058 | 8329366 |
| Phat Dat Real Estate Development Corp. \* | 5084400 | 2933100 |
| Van Phu - Invest Investment JSC \* | 2015960 | 4602125 |
| Vincom Retail JSC \* | 7311522 | 8151120 |
| Vingroup JSC \* | 11619749 | 26470456 |
| Vinhomes JSC 144A | 14907067 | 30303048 |
|  |  | 87670300 |
| **Technology Hardware & Equipment: 9.9%** |  |  |
| BH Co. Ltd. \* † | 506526 | 9023699 |
| Dreamtech Co. Ltd. \* | 551685 | 3996376 |
| INTOPS Co. Ltd. | 217588 | 4790792 |
| KH Vatec Co. Ltd. \* † | 339182 | 3746522 |
| Mcnex Co. Ltd. | 250843 | 5555707 |
| Seojin System Co. Ltd. \* † | 482413 | 6708490 |
| Synopex, Inc. \* | 1269006 | 2503109 |
| UTI, Inc. \* | 224221 | 4596913 |
|  |  | 40921608 |
| **Transportation: 1.5%** |  |  |
| Vietjet Aviation JSC \* | 1332640 | 6200180 |
| **Utilities: 1.0%** |  |  |
| PetroVietnam Power Corp. \* | 8864610 | 3999479 |
| **Total Common Stocks**<br> (Cost: $420,078,920) |  | 410918925 |
| **EXCHANGE TRADED FUND:0.0%**<br> (Cost: $42,158) |  |  |
| DCVFMVN Diamond ETF | 62610 | 59573 |
| **Total Investments: 99.5%** <br> (Cost: $420,121,078) |  | 410978498 |
| **Other assets less liabilities: 0.5%** |  | 2091039 |
| **NET ASSETS: 100.0%** |  | $413069537 |

---

------

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(continued)

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,862,078. |
| 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, and the value amounted $30,303,048, or 7.3% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Real Estate | 21.3% | $87670300 |
| Consumer Staples | 18.2 | 74719862 |
| Financials | 15.2 | 62386463 |
| Consumer Discretionary | 13.1 | 53966848 |
| Information Technology | 10 | 40921608 |
| Materials | 9 | 37020731 |
| Industrials | 6.4 | 26399532 |
| Health Care | 4.5 | 18578836 |
| Energy | 1.3 | 5255266 |
| Utilities | 1 | 3999479 |
| Exchange Traded Fund | 0 | 59573 |
|  | 100.0% | $410978498 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | $— | $25679952 | $— | $25679952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Goods | 5628323 | 14571029 |  | 20199352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 53966848 |  | 53966848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Financials | 2358004 | 30740667 |  | 33098671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2627911 | 2627355 |  | 5255266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 3489542 | 71230320 |  | 74719862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 18578836 |  | 18578836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 3607840 |  | 3607840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials |  | 37020731 |  | 37020731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 11262466 | 76407834 |  | 87670300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 40921608 |  | 40921608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 6200180 |  | 6200180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 3999479 |  | 3999479 |
| Exchange Traded Fund |  | 59573 |  | 59573 |
| **Total Investments** | $25366246 | $385612252 | $— | $410978498 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Brazil Small-Cap<br>ETF** | **China Growth<br>Leaders ETF** | **ChiNext ETF** |
| **Assets:** | | | | |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers (2) | $45744163 | $25246010 | $15199438 | $20346607 |
| Short-term investments held as collateral for securities loaned (3) | 1102056 | 1315000 | 8 |  |
| Cash |  | 233062 | 41567 |  |
| Cash denominated in foreign currency, at value (4) | 3973280 | 982523 | 31338 | 93494 (a) |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 40327 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  | 23492 | 37518 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 11065 | 77605 | 2589 |  |
| Prepaid expenses | 1234 | 1104 | 1046 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 50872125 | 27855304 | 15299478 | 20478730 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 26673 | 1204450 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1102056 | 1315000 | 8 |  |
| &nbsp;&nbsp;&nbsp;Line of credit | 1999836 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 20262 | 10464 |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 1763285 |  |  | 73296 |
| Deferred Trustee fees | 12276 | 33084 | 5349 | 1184 |
| Accrued expenses | 87687 | 67551 | 81618 | 79534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 5012075 | 2630549 | 86975 | 154014 |
| **NET ASSETS** | $45860050 | $25224755 | $15212503 | $20324716 |
| Shares outstanding | 2900000 | 1850000 | 600000 | 650000 |
| Net asset value, redemption and offering price per share | $15.81 | $13.64 | $25.35 | $31.27 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $116281448 | $195111461 | $20774307 | $21540098 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (70421398) | (169886706) | (5561804) | (1215382) |
| **NET ASSETS** | $45860050 | $25224755 | $15212503 | $20324716 |
| (1) Value of securities on loan | $3236707 | $1864249 | $101895 | $— |
| (2) Cost of investments - Unaffiliated issuers | $44299767 | $33264417 | $16930683 | $17606453 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1102056 | $1315000 | $8 | $— |
| (4) Cost of cash denominated in foreign currency | $4751898 | $982509 | $30974 | $94540 |

---

(a) Includes $21,439 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital India ETF** | **Egypt Index ETF** | **India Growth <br> Leaders ETF (a)** | **Indonesia Index <br> ETF** |
| **Assets:** | | | | |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $1390229 | $22971237 | $51319271 | $32886403 |
| Short-term investments held as collateral for securities loaned (3) |  |  |  | 214156 |
| Cash | 109 | 2432301 | 150040 | 179555 |
| Cash denominated in foreign currency, at value (4) | 197 | 2109842 | 29215 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  | 8208 | 1210 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;Dividends and interest |  | 21351 | 6273 | 1255 |
| Prepaid expenses |  | 1032 | 1274 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1390535 | 27543971 | 51507283 | 33283688 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  |  |  | 214156 |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 4502867 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 918 | 19815 | 22114 |  |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 17935 |
| Deferred Trustee fees |  | 5418 | 13968 | 27695 |
| Accrued expenses |  | 59053 | 100292 | 86336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 918 | 4587153 | 136374 | 346122 |
| **NET ASSETS** | $1389617 | $22956818 | $51370909 | $32937566 |
| Shares outstanding | 50000 | 1124974 | 1574967 | 1900000 |
| Net asset value, redemption and offering price per share | $27.79 | $20.41 | $32.62 | $17.34 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $1815466 | $63548286 | $129541203 | $162309857 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (425849) | (40591468) | (78170294) | (129372291) |
| **NET ASSETS** | $1389617 | $22956818 | $51370909 | $32937566 |
| (1) Value of securities on loan | $— | $— | $— | $1005397 |
| (2) Cost of investments - Unaffiliated issuers | $1747837 | $23089541 | $47460393 | $43125132 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $— | $— | $214156 |
| (4) Cost of cash denominated in foreign currency | $197 | $2113268 | $29205 | $— |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Israel ETF** | **Vietnam ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $58907927 | $410978498 |
| Short-term investments held as collateral for securities loaned (3) | 1025144 |  |
| Cash | 66863 | 822345 |
| Cash denominated in foreign currency, at value (4) |  | 4683603 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  | 335928 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 17767 | 1565879 |
| Prepaid expenses | 2240 | 7122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 60019941 | 418393375 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 4882601 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1025144 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 20601 | 174143 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 11 |  |
| Deferred Trustee fees | 4309 | 49256 |
| Accrued expenses | 48747 | 217838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1098812 | 5323838 |
| **NET ASSETS** | $58921129 | $413069537 |
| Shares outstanding | 1650000 | 35150000 |
| Net asset value, redemption and offering price per share | $35.71 | $11.75 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $60976162 | $770868112 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (2055033) | (357798575) |
| **NET ASSETS** | $58921129 | $413069537 |
| (1) Value of securities on loan | $6492363 | $3862078 |
| (2) Cost of investments - Unaffiliated issuers | $50380123 | $420121078 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1025144 | $— |
| (4) Cost of cash denominated in foreign currency | $— | $4665956 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Brazil Small-Cap <br> ETF** | **China Growth <br> Leaders ETF** | **ChiNext ETF** |
| **Income:** | | | | |
| Dividends | $2492044 | $991148 | $453727 | $113784 |
| Interest | 12 |  | 12840 | 4022 |
| Securities lending income | 43967 | 39404 | 2817 |  |
| Foreign taxes withheld | (266401) | (55287) | (33896) | (11688) |
| &nbsp;&nbsp;&nbsp;Total income | 2269622 | 975265 | 435488 | 106118 |
| **Expenses:** |  |  |  |  |
| Management fees | 265905 | 147700 | 91730 | 124671 |
| Professional fees | 39129 | 38969 | 33957 | 63391 |
| Custody and accounting fees | 69993 | 43917 | 35056 | 45407 |
| Reports to shareholders | 11988 | 3955 | 5083 | 10918 |
| Trustees' fees and expenses | 1230 | 609 | 486 | 750 |
| Registration fees | 5937 | 5937 | 4580 | 8270 |
| Insurance | 2425 | 2379 | 1636 | 2372 |
| Interest and taxes | 121525 | 1065 | 39706 | 55610 |
| Other | 3053 | 533 | 587 | 1489 |
| &nbsp;&nbsp;&nbsp;Total expenses | 521185 | 245064 | 212821 | 312878 |
| Waiver of management fees |  | (69706) | (91730) | (124671) |
| Expenses assumed by the Adviser |  |  | (10930) | (26077) |
| &nbsp;&nbsp;&nbsp;Net expenses | 521185 | 175358 | 110161 | 162130 |
| Net investment income (loss) | 1748437 | 799907 | 325327 | (56012) |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (4088310) | (1546157) | (3715135) | (3574107) |
| In-kind redemptions | 191465 | 47871 | (182451) |  |
| Increase from payment from Advisor (See Note 3) |  |  | 22940 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (168305) | (3824) | (3812) | (66777) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (4065150) | (1502110) | (3878458) | (3640884) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (7790943) | (2566170) | (4265341) | (9384706) |
| Foreign currency translations and foreign denominated assets and liabilities | (733349) | 2439 | (7025) | (4554) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8524292) | (2563731) | (4272366) | (9389260) |
| Net Decrease in Net Assets Resulting from Operations | $(10841005) | $(3265934) | $(7825497) | $(13086156) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital India <br> ETF (a)** | **Egypt Index ETF** | **India Growth <br> Leaders ETF (b)** | **Indonesia Index <br> ETF** |
| **Income:** | | | | |
| Dividends | $21590 | $734155 | $1736087 | $1918317 |
| Interest |  | 1475 | 2056 | 2233 |
| Securities lending income |  | 410 |  | 535 |
| Foreign taxes withheld | (4122) | (35094) | (363921) | (342099) |
| &nbsp;&nbsp;&nbsp;Total income | 17468 | 700946 | 1374222 | 1578986 |
| **Expenses:** |  |  |  |  |
| Management fees | 10128 | 84239 | 281518 | 281236 |
| Professional fees |  | 36097 | 51785 | 37877 |
| Custody and accounting fees |  | 35455 | 54186 | 42230 |
| Reports to shareholders |  | 4040 | 5196 | 4934 |
| Trustees' fees and expenses |  | 355 | 6597 | 1253 |
| Registration fees |  | 5937 | 4569 | 5937 |
| Insurance |  | 1508 | 2530 | 2295 |
| Interest and taxes | 118 | 50401 | 35199 | 663 |
| Other |  | 9091 | 6883 | 955 |
| &nbsp;&nbsp;&nbsp;Total expenses | 10246 | 227123 | 448463 | 377380 |
| Waiver of management fees |  | (18353) |  | (56101) |
| &nbsp;&nbsp;&nbsp;Net expenses | 10246 | 208770 | 448463 | 321279 |
| Net investment income | 7222 | 492176 | 925759 | 1257707 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (68176) | (1511415) | 1428008 | (5494998) |
| In-kind redemptions |  | 35058 | 485407 | 4472124 |
| Foreign currency transactions and foreign denominated assets and liabilities | 6212 | (270570) | (351827) | (19579) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (61964) | (1746927) | 1561588 | (1042453) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (357607) | (3995557) | (19322983) | (4318178) |
| Foreign currency translations and foreign denominated assets and liabilities |  | (7606) | (1991) | (155) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (357607) | (4003163) | (19324974) | (4318333) |
| Net Decrease in Net Assets Resulting from Operations | $(412349) | $(5257914) | $(16837627) | $(4103079) |

---

(a) For the period February 16, 2022 (commencement of operations)
 through December 31, 2022.

(b) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Israel ETF** | **Vietnam ETF** |
| **Income:** |  |  |
| Dividends | $1650725 | $7918666 |
| Interest | 1221 | 32874 |
| Securities lending income | 125422 | 92011 |
| Foreign taxes withheld | (369397) | (456178) |
| &nbsp;&nbsp;&nbsp;Total income | 1407971 | 7587373 |
| **Expenses:** |  |  |
| Management fees | 339749 | 2120507 |
| Professional fees | 36128 | 57027 |
| Custody and accounting fees | 37579 | 318908 |
| Reports to shareholders | 5617 | 38501 |
| Trustees' fees and expenses | 1813 | 9388 |
| Registration fees | 5937 | 960 |
| Insurance | 3232 | 9911 |
| Interest and taxes | 2211 | 258144 |
| Other | 602 | 457 |
| &nbsp;&nbsp;&nbsp;Total expenses | 432868 | 2813803 |
| Waiver of management fees | (29747) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 403121 | 2813803 |
| Net investment income | 1004850 | 4773570 |
| **Net realized gain (loss) on:** |  |  |
| Investments | (2646009) | (55476093) |
| In-kind redemptions | 474851 | 321029 |
| Foreign currency transactions and foreign denominated assets and liabilities | (9595) | (1031762) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (2180753) | (56186826) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments | (19705769) | (200784341) |
| Foreign currency translations and foreign denominated assets and liabilities | (31) | (211) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (19705800) | (200784552) |
| Net Decrease in Net Assets Resulting from Operations | $(20881703) | $(252197808) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Africa Index ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1748437 | $1512749 | $799907 | $1031653 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4065150) | 607063 | (1502110) | 4567945 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8524292) | (935663) | (2563731) | (14729558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (10841005) | 1184149 | (3265934) | (9129960) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1670110) | (2475050) | (971850) | (951015) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (3075) |  |
| Total distributions | (1670110) | (2475050) | (974925) | (951015) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 13099656 | 1379038 | 976221 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (817849) | (5051376) | (3800241) | (13670320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | (817849) | 8048280 | (2421203) | (12694099) |
| Total increase (decrease) in net assets | (13328964) | 6757379 | (6662062) | (22775074) |
| Net Assets, beginning of year | 59189014 | 52431635 | 31886817 | 54661891 |
| Net Assets, end of year | $45860050 | $59189014 | $25224755 | $31886817 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold |  | 600000 | 100000 | 50000 |
| Shares redeemed | (50000) | (250000) | (200000) | (650000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (50000) | 350000 | (100000) | (600000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Growth Leaders ETF** | **China Growth Leaders ETF** | **ChiNext ETF** | **ChiNext ETF** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $325327 | $209347 | $(56012) | $(56408) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3901398) | 2246096 | (3640884) | 15492912 |
| &nbsp;&nbsp;&nbsp;Increase from payment from Advisor (See Note 3) | 22940 |  |  | 19569 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4272366) | (7717109) | (9389260) | (11688824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (7825497) | (5261666) | (13086156) | 3767249 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (345000) | (1404410) |  | (3198624) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (601386) |
| Total distributions | (345000) | (1404410) |  | (3800010) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3181758) | (18287121) | (7788438) | (7716947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in net assets resulting from share transactions | (3181758) | (18287121) | (7788438) | (7716947) |
| Total decrease in net assets | (11352255) | (24953197) | (20874594) | (7749708) |
| Net Assets, beginning of year | 26564758 | 51517955 | 41199310 | 48949018 |
| Net Assets, end of year | $15212503 | $26564758 | $20324716 | $41199310 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares redeemed | (100000) | (400000) | (200000) | (150000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (100000) | (400000) | (200000) | (150000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Digital India ETF** | **Egypt Index ETF** | **Egypt Index ETF** |
|  | **Period Ended <br> December 31, <br> 2022 (a)** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $7222 | $492176 | $629784 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (61964) | (1746927) | (1215585) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (357607) | (4003163) | 2368154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (412349) | (5257914) | 1782353 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (13500) | (300031) | (565063) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1815466 | 9835882 | 10557639 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (2992178) | (9316583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from share transactions | 1815466 | 6843704 | 1241056 |
| Total increase in net assets | 1389617 | 1285759 | 2458346 |
| Net Assets, beginning of period |  | 21671059 | 19212713 |
| Net Assets, end of period | $1389617 | $22956818 | $21671059 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 50000 | 475000 | 425000 |
| Shares redeemed |  | (150000) | (375000) |
| &nbsp;&nbsp;&nbsp;Net increase | 50000 | 325000 | 50000 |

---

(a) For the period February 16, 2022 (commencement of operations)
 through December 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **India Growth Leaders ETF (a)** | **India Growth Leaders ETF (a)** | **Indonesia Index ETF** | **Indonesia Index ETF** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $925759 | $163404 | $1257707 | $521549 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1561588 | 14403481 | (1042453) | (5923730) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (19324974) | 4822915 | (4318333) | 4485428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (16837627) | 19389800 | (4103079) | (916753) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (875052) |  | (1200040) | (570015) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8391562 | 2036081 | 37473208 | 26398550 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (17649066) | (11443172) | (53056741) | (6936585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | (9257504) | (9407091) | (15583533) | 19461965 |
| Total increase (decrease) in net assets | (26970183) | 9982709 | (20886652) | 17975197 |
| Net Assets, beginning of year | 78341092 | 68358383 | 53824218 | 35849021 |
| Net Assets, end of year | $51370909 | $78341092 | $32937566 | $53824218 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 250000 | 50000 | 1800000 | 1300000 |
| Shares redeemed | (500000) | (300000) | (2600000) | (350000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (250000) | (250000) | (800000) | 950000 |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Israel ETF** | **Israel ETF** | **Vietnam ETF** | **Vietnam ETF** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1004850 | $463888 | $4773570 | $3102974 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2180753) | 5192896 | (56186826) | 48603835 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (19705800) | 1978244 | (200784552) | 56165880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (20881703) | 7635028 | (252197808) | 107872689 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (799920) | (1025145) | (3867660) | (2850715) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1155251 | 5887632 | 130365153 | 41690264 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1016637) | (7100586) | (51914363) | (13317449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | 138614 | (1212954) | 78450790 | 28372815 |
| Total increase (decrease) in net assets | (21543009) | 5396929 | (177614678) | 133394789 |
| Net Assets, beginning of year | 80464138 | 75067209 | 590684215 | 457289426 |
| Net Assets, end of year | $58921129 | $80464138 | $413069537 | $590684215 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 25000 | 125000 | 10700000 | 2200000 |
| Shares redeemed | (25000) | (150000) | (3200000) | (650000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) |  | (25000) | 7500000 | 1550000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $20.06 | $20.17 | $20.50 | $20.08 | $24.81 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.60 | 0.53 | 0.52 | 1.09 | 0.57 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.27) | 0.20 (b) | (0.05) | 0.62 | (4.96) |
| Total from investment operations | (3.67) | 0.73 | 0.47 | 1.71 | (4.39) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) | (0.84) | (0.80) | (1.29) | (0.34) |
| Net asset value, end of year | $15.81 | $20.06 | $20.17 | $20.50 | $20.08 |
| **Total return (c)** | (18.34)% | 3.69% | 2.29% | 8.52% | (17.70)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.98% | 0.77% | 0.92% | 0.90% | 0.91% |
| Net expenses | 0.98% | 0.77% | 0.79% | 0.79% | 0.78% |
| Net expenses excluding interest and taxes | 0.75% | 0.77% | 0.78% | 0.78% | 0.78% |
| Net investment income | 3.29% | 2.50% | 3.00% | 5.13% | 2.44% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $46 | $59 | $52 | $50 | $55 |
| Portfolio turnover rate (d) | 33% | 37% | 37% | 46% | 23% |

---

(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 include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $16.35 | $21.44 | $27.50 | $20.09 | $23.33 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.44 | 0.48 | 0.33 | 0.58 | 0.68 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.59) | (5.08) | (6.04) | 7.42 | (3.34) |
| &nbsp;&nbsp;&nbsp;Payment from Adviser |  |  |  | 0.11 (b) |  |
| Total from investment operations | (2.15) | (4.60) | (5.71) | 8.11 | (2.66) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.49) | (0.35) | (0.70) | (0.58) |
| &nbsp;&nbsp;&nbsp;Return of capital | — (c) |  |  |  |  |
| Total distributions | (0.56) | (0.49) | (0.35) | (0.77) | (0.58) |
| Net asset value, end of year | $13.64 | $16.35 | $21.44 | $27.50 | $20.09 |
| **Total return (d)** | (13.30)% | (21.38)% | (20.75)% | 40.81 %(b) | (11.66)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.83 %(e) | 0.84 %(e) | 0.84% | 0.73% | 0.73% |
| Net expenses | 0.59 %(e) | 0.59 %(e) | 0.60% | 0.63% | 0.60% |
| Net expenses excluding interest and taxes | 0.59 %(e) | 0.59 %(e) | 0.59% | 0.59% | 0.59% |
| Net investment income | 2.71 %(e) | 2.32 %(e) | 1.73% | 2.52% | 3.25% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $25 | $32 | $55 | $98 | $88 |
| Portfolio turnover rate (f) | 42% | 56% | 31% | 38% | 45% |

---

(a) Calculated based upon average shares outstanding

(b) For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3).

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

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

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Growth Leaders ETF** | **China Growth Leaders ETF** | **China Growth Leaders ETF** | **China Growth Leaders ETF** | **China Growth Leaders ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $37.95 | $46.83 | $42.14 | $31.58 | $48.37 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.52 | 0.26 | 0.38 | 0.63 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (12.58) | (7.13) | 10.29 | 10.55 | (14.35) |
| &nbsp;&nbsp;&nbsp;Payment from Adviser | 0.04 (b) |  | 0.05 (c) |  |  |
| Total from investment operations | (12.02) | (6.87) | 10.72 | 11.18 | (13.94) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) | (0.36) | (0.07) | (0.62) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (1.65) | (5.96) |  | (2.54) |
| Total distributions | (0.58) | (2.01) | (6.03) | (0.62) | (2.85) |
| Net asset value, end of year | $25.35 | $37.95 | $46.83 | $42.14 | $31.58 |
| **Total return (d)** | (31.65)%(b) | (14.67)% | 25.95 %(c) | 35.40% | (28.79)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.16% | 1.40% | 1.27% | 1.07% | 1.17% |
| Net expenses | 0.60% | 0.60% | 0.60% | 0.61% | 0.85% |
| Net expenses excluding interest and taxes (e) | 0.60% | 0.60% | 0.60% | 0.61% | 0.72% |
| Net investment income | 1.77% | 0.57% | 0.90% | 1.60% | 0.95% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $15 | $27 | $52 | $67 | $54 |
| Portfolio turnover rate (f) | 73% | 59% | 199% | 42% | 34% |

---

(a) Calculated based upon average shares outstanding

(b) For the year ended December 31, 2022, 0.11% of total return, representing $0.04 per share, consisted of a payment from the Adviser (See Note 3).

(c) For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3).

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(e) Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $48.47 | $48.95 | $29.81 | $20.97 | $34.79 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.08) | (0.06) | 0.03 | 0.10 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (17.12) | 4.03 | 19.09 | 8.88 | (13.85) |
| &nbsp;&nbsp;&nbsp;Payment from Adviser |  | 0.02 (b) | 0.02 (c) |  |  |
| Total from investment operations | (17.20) | 3.99 | 19.14 | 8.98 | (13.82) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | — (d) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (3.74) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.73) |  |  |  |
| Total distributions |  | (4.47) |  | (0.14) |  |
| Net asset value, end of year | $31.27 | $48.47 | $48.95 | $29.81 | $20.97 |
| **Total return (e)** | (35.49)% | 8.21 %(b) | 64.23 %(c) | 42.80% | (39.72)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.25% | 0.89% | 1.15% | 1.08% | 1.33% |
| Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.82% |
| Net expenses excluding interest and taxes (f) | 0.65% | 0.65% | 0.65% | 0.65% | 0.78% |
| Net investment income (loss) | (0.22)% | (0.12)% | 0.07% | 0.39% | 0.09% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $20 | $41 | $49 | $30 | $16 |
| Portfolio turnover rate (g) | 10% | 59% | 96% | 43% | 36% |

---

(a) Calculated based upon average shares outstanding

(b) For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).

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

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

(e) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(f) Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.

(g) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Digital India <br> ETF** |
|  | **Period<br> Ended<br> December<br> 31,<br> 2022(a)** |
| Net asset value, beginning of period | $36.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (8.33) |
| Total from investment operations | (8.19) |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) |
| Net asset value, end of period | $27.79 |
| **Total return (c)** | (22.56)%(d) |
| **Ratios to average net assets** |  |
| Expenses | 0.76 %(e) |
| Expenses excluding interest | 0.75 %(e) |
| Net investment income | 0.53 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $1 |
| Portfolio turnover rate (f) | 22 %(d) |

---

(a) For the period February 16, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Egypt Index ETF** | **Egypt Index ETF** | **Egypt Index ETF** | **Egypt Index ETF** | **Egypt Index ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $27.09 | $25.62 | $29.20 | $28.28 | $32.89 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.61 | 0.75 | 0.61 | 0.59 | 0.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (7.02) | 1.38 | (3.56) | 0.93 (b) | (4.73) |
| Total from investment operations | (6.41) | 2.13 | (2.95) | 1.52 | (4.13) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.66) | (0.63) | (0.60) | (0.48) |
| Net asset value, end of year | $20.41 | $27.09 | $25.62 | $29.20 | $28.28 |
| **Total return (c)** | (23.67)% | 8.36% | (10.09)% | 5.42% | (12.56)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.35% | 1.10% | 1.11% | 1.11% | 1.19% |
| Net expenses | 1.24% | 1.02% | 0.98% | 1.01% | 0.98% |
| Net expenses excluding interest and taxes | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
| Net investment income | 2.92% | 2.92% | 2.43% | 1.88% | 1.73% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $23 | $22 | $19 | $31 | $33 |
| Portfolio turnover rate (d) | 66% | 73% | 27% | 76% | 41% |

---

(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 include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $42.93 | $32.94 | $32.76 | $42.36 | $68.40 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.59 | 0.08 | 0.15 | 0.50 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (10.34) | 9.91 | 0.11 (c) | (9.68) | (25.97) |
| Total from investment operations | (9.75) | 9.99 | 0.26 | (9.18) | (25.99) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) |  | (0.08) | (0.42) | (0.05) |
| Net asset value, end of year | $32.62 | $42.93 | $32.94 | $32.76 | $42.36 |
| **Total return (d)** | (22.67)% | 30.30% | 0.80% | (21.65)% | (38.00)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.80% | 1.00% | 1.24% | 0.86% | 0.83% |
| Net expenses | 0.80% | 0.90% | 1.05% | 0.86% | 0.83% |
| Net expenses excluding interest and taxes | 0.73% | 0.83% | 0.85% | 0.83% | 0.80% |
| Net investment income (loss) | 1.64% | 0.22% | 0.55% | 1.35% | (0.03)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $51 | $78 | $68 | $122 | $187 |
| Portfolio turnover rate (e) | 102% | 67% | 133% | 51% | 39% |

---

(a) Consolidated Financial Highlights

(b) Calculated based upon average shares outstanding

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

(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $19.93 | $20.49 | $22.68 | $21.85 | $24.75 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.45 | 0.27 | 0.36 | 0.40 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.41) | (0.61) | (2.21) | 0.90 | (2.78) |
| Total from investment operations | (1.96) | (0.34) | (1.85) | 1.30 | (2.42) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (0.22) | (0.34) | (0.47) | (0.48) |
| Net asset value, end of year | $17.34 | $19.93 | $20.49 | $22.68 | $21.85 |
| **Total return (b)** | (9.88)% | (1.65)% | (8.20)% | 5.97% | (9.79)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.67% | 0.82% | 0.97% | 0.80% | 0.75% |
| Net expenses | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Net investment income | 2.24% | 1.38% | 2.03% | 1.78% | 1.61% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $33 | $54 | $36 | $41 | $45 |
| Portfolio turnover rate (c) | 25% | 36% | 13% | 10% | 14% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Israel ETF** | **Israel ETF** | **Israel ETF** | **Israel ETF** | **Israel ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $48.77 | $44.82 | $35.03 | $28.05 | $30.37 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.61 | 0.27 | 0.08 | 0.19 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (13.19) | 4.30 | 9.79 | 7.27 | (2.38) |
| Total from investment operations | (12.58) | 4.57 | 9.87 | 7.46 | (2.11) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.62) | (0.08) | (0.48) | (0.21) |
| Net asset value, end of year | $35.71 | $48.77 | $44.82 | $35.03 | $28.05 |
| **Total return (b)** | (25.79)% | 10.20% | 28.14% | 26.64% | (6.94)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.64% | 0.71% | 0.80% | 0.94% | 1.02% |
| Net expenses | 0.59% | 0.59% | 0.60% | 0.62% | 0.60% |
| Net expenses excluding interest and taxes | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 1.48% | 0.57% | 0.24% | 0.60% | 0.85% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $59 | $80 | $75 | $58 | $46 |
| Portfolio turnover rate (c) | 12% | 32% | 22% | 14% | 23% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(c) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $21.36 | $17.52 | $16.05 | $14.84 | $17.45 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.18 | 0.11 | 0.08 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (9.68) | 3.83 | 1.46 | 1.19 | (2.66) |
| Total from investment operations | (9.50) | 3.94 | 1.54 | 1.33 | (2.49) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.10) | (0.06) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |  |
| Total distributions | (0.11) | (0.10) | (0.07) | (0.12) | (0.12) |
| Net asset value, end of year | $11.75 | $21.36 | $17.52 | $16.05 | $14.84 |
| **Total return (b)** | (44.47)% | 22.52% | 9.72% | 8.86% | (14.15)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.66 %(c) | 0.59 %(c) | 0.61% | 0.66% | 0.68% |
| Expenses excluding interest and taxes | 0.60 %(c) | 0.58 %(c) | 0.60% | 0.63% | 0.64% |
| Net investment income | 1.13 %(c) | 0.58 %(c) | 0.55% | 0.89% | 0.98% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $413 | $591 | $457 | $443 | $318 |
| Portfolio turnover rate (d) | 57% | 57% | 33% | 33% | 49% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

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

(d) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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

---

| | |
|:---|:---|
| **Fund** | **Diversification Classification** |
| Africa Index ETF | Diversified |
| Brazil Small-Cap ETF | Diversified |
| China Growth Leaders ETF | Diversified |
| ChiNext ETF | Diversified |
| Digital India ETF | Non-Diversified |
| Egypt Index ETF | Non-Diversified |
| India Growth Leaders ETF | Diversified |
| Indonesia Index ETF | Non-Diversified |
| Israel ETF | Non-Diversified |
| Vietnam 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** |
| Africa Index ETF | MVIS<sup>®</sup> GDP Africa Index |
| Brazil Small-Cap ETF | MVIS<sup>®</sup> Brazil Small-Cap Index |
| China Growth Leaders ETF | MarketGrader China All-Cap Growth Leaders Index |
| ChiNext ETF | ChiNext Index |
| Digital India ETF | MVIS<sup>®</sup> Digital India Index |
| Egypt Index ETF | MVIS<sup>®</sup> Egypt Index |
| India Growth Leaders ETF | MarketGrader India All-Cap Growth Leaders Index |
| Indonesia Index ETF | MVIS<sup>®</sup> Indonesia Index |
| Israel ETF | Bluestar Israel Global Index<sup>®</sup> |
| Vietnam ETF | MVIS<sup>®</sup> Vietnam 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. China Asset Management (Hong Kong) Limited (the "Sub-Adviser") is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser. India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the "Subsidiary"), a wholly owned subsidiary organized in the Republic of Mauritius.

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

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

The following summarizes the Funds' significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation—** The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy. The Board of Trustees ("Trustees") has designated Van Eck Associates Corporation (the "Adviser") as valuation designee under Rule 2a-5 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 of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

The 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).

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

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis for Consolidation—** The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the "Fund") in order to effect

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | |
|:---|:---|
|  | certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation. |
| **C.** | **Federal Income Taxes—**It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| **D.** | **Distributions to Shareholders—** Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| **E.** | **Currency Translation—** Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| **F.** | **Restricted Securities—**The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments. |
| **G.** | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 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.** | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|  | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
|  | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

------

At December 31, 2022, ChiNext ETF included $21,439 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

**Note 3—Investment Management and Other Agreements—**The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Adviser has agreed, until at least May 1, 2023, 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 the expense limitations for the Funds listed in the table below. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2022.

The management fee rates and expense limitations for the year ended December 31, 2022, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management <br> Fees** | **Expense <br> Limitations** |
| Africa Index ETF | 0.50% | 0.78% |
| Brazil Small-Cap ETF | 0.50 | 0.59 |
| China Growth Leaders ETF | 0.50 | 0.60 |
| ChiNext ETF | 0.50 | 0.65 |
| Egypt Index ETF | 0.50 | 0.94 |
| India Growth Leaders ETF | 0.50 | 0.75 |
| Indonesia Index ETF | 0.50 | 0.57 |
| Israel ETF | 0.50 | 0.59 |
| Vietnam ETF | 0.50 | 0.76 |

---

Digital India ETF utilizes 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.

---

| | |
|:---|:---|
| **Fund** | **Unitary<br> Management<br> Fee Rate** |
| Digital India ETF | 0.75% |

---

During the year ended December 31, 2019, the Adviser reimbursed the Brazil Small-Cap ETF $372,975 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. The per share and total return impacts to the Funds are reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. This reimbursement is reflected in the Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2022, the Adviser reimbursed the China Growth Leaders ETF $22,940 for an operational error. This reimbursement is reflected in the Statements of Operations and Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 4—Capital Share Transactions—**As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

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

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

**Note 5—Investments—**For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **Fund** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Africa Index ETF | $17552003 | $18721334 | $— | $560535 |
| Brazil Small-Cap ETF | 12633631 | 14779375 | 226352 | 531094 |
| China Growth Leaders ETF | 13541101 | 15872277 |  | 882020 |
| ChiNext ETF | 2626842 | 10497025 |  |  |
| Digital India ETF | 1654965 | 335259 | 496307 |  |
| Egypt Index ETF | 17316308 | 11158482 | 1690411 | 547617 |
| India Growth Leaders ETF | 58300644 | 67436446 | 417720 | 875289 |
| Indonesia Index ETF | 13964044 | 14064512 | 37475469 | 53028444 |
| Israel ETF | 8560912 | 8172842 | 1155545 | 1016499 |
| Vietnam ETF | 321158198 | 246770040 | 5324691 | 1049085 |

---

**Note 6—Income Taxes—**As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Africa Index ETF | $46252934 | $6763966 | $(6170681) | $593285 |
| Brazil Small-Cap ETF | 39375018 | 176653 | (12990661) | (12814008) |
| China Growth Leaders ETF | 16992220 | 1902708 | (3695482) | (1792774) |
| ChiNext ETF | 17967101 | 6777978 | (4398472) | 2379506 |
| Digital India ETF | 1748364 | 14339 | (372474) | (358135) |
| Egypt Index ETF | 26063511 | 1864399 | (4956673) | (3092274) |
| India Growth Leaders ETF | 48167280 | 7988308 | (4836317) | 3151991 |
| Indonesia Index ETF | 44004510 | 1603724 | (12507675) | (10903951) |
| Israel ETF | 52759742 | 17832411 | (10659082) | 7173329 |
| Vietnam ETF | 445969342 | 62814374 | (97805218) | (34990844) |

---

At December 31, 2022, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses)/<br> Undistributed<br> Capital Gains** | **Qualified<br> Late-Year<br> Losses\*** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Africa Index ETF | $– | $(70215623) | $(8094) | $(12262) | $(185419) | $(70421398) |
| Brazil Small-Cap ETF |  | (157030770) | (11998) | (33084) | (12810855) | (169886707) |
| China Growth Leaders ETF |  | (3763883) | (157) | (5349) | (1792414) | (5561803) |
| ChiNext ETF |  | (3568859) | (23800) | (1183) | 2378460 | (1215382) |
| Digital India ETF |  | (67649) | (66) |  | (358135) | (425850) |
| Egypt Index ETF | 288392 | (37774647) |  | (5417) | (3099796) | (40591468) |
| India Growth Leaders ETF |  | (81296051) | (11402) | (13969) | 3151127 | (78170295) |
| Indonesia Index ETF | 75920 | (118516416) |  | (27694) | (10904099) | (129372289) |
| Israel ETF | 481536 | (9705588) |  | (4310) | 7173329 | (2055033) |
| Vietnam ETF | 5603903 | (328368401) |  | (49255) | (34984822) | (357798575) |

---

*\*Qualified late year losses incurred after October 31, 2022 are deemed to arise on January 1, 2023.*

The tax character of dividends paid to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Fund** | **Ordinary <br> Income\*** | **Return <br> of Capital** | **Ordinary <br> Income\*** | **Long-Term <br>Capital Gains** | **Return <br> of Capital** |
| Africa Index ETF | $1670110 | $– | $2475050 | $– | $– |
| Brazil Small-Cap ETF | 971850 | 3075 | 951015 |  |  |
| China Growth Leaders ETF | 345000 |  | 751240 | 653170 |  |
| ChiNext ETF |  |  |  | 3198624 | 601386 |
| Digital India ETF | 13500 |  |  |  |  |
| Egypt Index ETF | 300031 |  | 565063 |  |  |
| India Growth Leaders ETF | 875052 |  |  |  |  |
| Indonesia Index ETF | 1200040 |  | 570015 |  |  |
| Israel ETF | 799920 |  | 1025145 |  |  |
| Vietnam ETF | 3867660 |  | 2850715 |  |  |

---

*\** *Includes short-term capital gains (if any).*

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:"

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Capital Losses<br> with No Expiration** | **Long-Term<br> Capital Losses<br> with No Expiration** | **Total** |
| Africa Index ETF | $(12547079) | $(57668544) | $(70215623) |
| Brazil Small-Cap ETF | (21976616) | (135054154) | (157030770) |
| China Growth Leaders ETF | (2569318) | (1194565) | (3763883) |
| ChiNext ETF | (3379373) | (189486) | (3568859) |
| Digital India ETF | (67649) |  | (67649) |
| Egypt Index ETF | (14077698) | (23696949) | (37774647) |
| India Growth Leaders ETF | (15686824) | (65609227) | (81296051) |
| Indonesia Index ETF | (39262199) | (79254217) | (118516416) |
| Israel ETF | (2029019) | (7676569) | (9705588) |
| Vietnam ETF | (108199071) | (220169330) | (328368401) |

---

During the year ended December 31, 2022, India Growth Leaders ETF utilized $1,793,784 of its capital loss carryovers available from prior years.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

During the year ended December 31, 2022, as a result of permanent book to tax differences, primarily due to earnings attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| Africa Index ETF | $(160115) | $160115 |
| Brazil Small-Cap ETF | (39284) | 39284 |
| China Growth Leaders ETF | 182450 | (182450) |
| ChiNext ETF | 99125 | (99125) |
| Egypt Index ETF | (31482) | 31482 |
| India Growth Leaders ETF | (485407) | 485407 |
| Indonesia Index ETF | (4337974) | 4337974 |
| Israel ETF | (448875) | 448875 |
| Vietnam ETF | (321025) | 321025 |

---

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

**Investments in China:** Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the China Growth Leaders ETF and ChiNext ETF (the "Funds"). China generally imposes withholding income tax ("WHT") at a rate of 10% on dividends derived by non-PRC resident enterprises (including a Qualified Foreign Institutional Investor ("QFII") and a Renminbi Qualified Foreign Institutional Investor ("RQFII")) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes these Funds, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC MOF to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Funds could be subject to additional tax liabilities.

**Investments in India:** As a result of renegotiation of the India Mauritius Tax treaty, India commenced taxation on capital gains arising from disposition of shares acquired on or after April 1, 2017 in a company resident in India, with shares acquired on or before March 31, 2017 being grandfathered as exempt from capital gains taxation subject to treaty relief. India currently assesses a capital gains tax on shares sold on the exchange of 15% on short term capital gains and 10% on long term capital gains (plus applicable surcharge

------

and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

**Note 7—Principal Risks—**Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss. There may be limitations or delays in the convertibility or repatriation of certain African currencies, which would adversely affect the U.S. dollar value and/or liquidity of a Fund's investments denominated in such African currencies. This may impair a Fund's ability to achieve its investment objective and/or may impede a Fund's ability to satisfy redemption requests in timely manner.

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

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund's investments (and thus a shareholder's investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

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

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

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations. The liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities. Digital India ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2022 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 December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total <br>Collateral** |
| Africa Index ETF | $3236707 | $1102056 | $2287585 | $3389641 |
| Brazil Small-Cap ETF | 1864249 | 1315000 | 680940 | 1995940 |
| China Growth Leaders ETF | 101895 | 8 | 108138 | 108146 |
| Indonesia Index ETF | 1005397 | 214156 | 834979 | 1049135 |
| Israel ETF | 6492363 | 1025144 | 5648169 | 6673313 |
| Vietnam ETF | 3862078 |  | 4081681 | 4081681 |

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The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2022:

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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** |
| Africa Index ETF | $1102056 |
| Brazil Small-Cap ETF | 1315000 |
| China Growth Leaders ETF | 8 |
| Indonesia Index ETF | 214156 |
| Israel ETF | 1025144 |

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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 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 year ended December 31, 2022, the following Funds borrowed under this Facility:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average<br> Daily<br>Loan Balance** | **Average <br>Interest Rate** |
| Africa Index ETF | 359 | $2150642 | 3.03% |
| Brazil Small-Cap ETF | 36 | 145352 | 2.17 |
| China Growth Leaders ETF | 192 | 936797 | 1.99 |
| ChiNext ETF | 341 | 653230 | 2.97 |
| Egypt Index ETF | 354 | 1492969 | 3.03 |
| India Growth Leaders ETF | 210 | 604181 | 2.81 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Days<br>Outstanding** | **Days<br>Outstanding** | **Average<br>Daily<br>Loan Balance** | **Average<br>Daily<br>Loan Balance** | **Average<br>Interest Rate** | **Average<br>Interest Rate** |
| Indonesia Index ETF |  | 29 |  | 255067 |  | 1.97 |
| Israel ETF |  | 27 |  | 216322 |  | 4.40 |
| Vietnam ETF |  | 280 |  | 3646561 |  | 2.60 |

---

Outstanding loan balances as of December 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck India Growth Leaders ETF) of each of the funds indicated in the table below (ten of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| ***Funds*** | |
| VanEck Africa Index ETF (1) | VanEck Egypt Index ETF (1) |
| VanEck Brazil Small-Cap ETF | VanEck India Growth Leaders ETF (3) |
| VanEck China Growth Leaders ETF (1) | VanEck Indonesia Index ETF (1) |
| VanEck ChiNext ETF (1) | VanEck Israel ETF (1) |
| VanEck Digital India ETF (2) | VanEck Vietnam ETF (1) |

---

(1) Statement of operations, statement of changes in net assets and financial highlights for the year ended December 31, 2022

(2) Statement of operations, statement of changes in net assets and financial highlights for the period February 16, 2022 (commencement of operations) through December 31, 2022

(3) Consolidated statement of operations, consolidated statement of changes in net assets and consolidated financial highlights for the year ended December 31, 2022

The financial statements of the Funds (other than VanEck India Growth Leaders ETF) as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

The financial statements of VanEck India Growth Leaders ETF as of and for the year ended December 31, 2021, and the financial highlights for each of the years ended on or prior to December 31, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated March 10, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

------

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary Income<br> Amount Paid<br> Per Share** | **Qualified Dividend<br> Income for<br> Individuals\*** | **Dividends Qualifying<br>for the Dividend<br>Received Deduction<br> for Corporations\*** | **Foreign Source<br> Income\*** | **Foreign Taxes<br> Paid Per<br> Share\*\*** |
| Africa Index ETF | $0.5759 | 68.27% | –% | 100.00% | $0.0912 |
| Brazil Small-Cap ETF | 0.5553 | 2.48 |  | 91.20 | 0.0313 |
| China Growth Leaders ETF | 0.5750 | 97.65 |  | 93.10 | 0.0565 |
| Digital India ETF | 0.2700 | 100.00 |  | 77.47 | 0.0824 |
| Egypt Index ETF | 0.2667 | 100.00 |  | 88.10 | 0.0305 |
| India Growth Leaders ETF | 0.5556 | 100.00 |  | 100.00 | 0.2287 |
| Indonesia Index ETF | 0.6316 | 100.00 |  | 99.13 | 0.1800 |
| Israel ETF | 0.4848 | 97.93 | 0.35 | 83.96 | 0.2239 |
| Vietnam ETF | 0.1140 | 9.67 |  | 73.67 | 0.0127 |

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| | |
|:---|:---|
| **Fund** | **Return of<br>Capital Per<br>Share\*\*\*** |
| Brazil Small-Cap ETF | $0.0018 |

---

*\* Expressed as a percentage of the cash distribution grossed up for foreign taxes.*

*\*\* The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.*

*\*\*\* A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid.*

*Please consult your tax advisor for proper treatment of this information.*

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>1</sup> and Year of Birth** | **Position(s)<br> Held with <br> the Trust** | **Term of<br> Office<sup>2</sup> and<br> Length of<br> Time Served** | **Principal Occupation(s)<br> During Past Five Years** | **Number of<br> Portfolios<br> in Fund<br> Complex<sup>3</sup> Overseen** | **Other Directorships Held<br> By Trustee During Past Five Years** |
| ***Independent Trustees*** |  |  |  |  |  |
| David H. Chow, 1957\*† | Trustee Chairperson | Since 2006 <br> 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex<sup>4</sup>, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. |
| Laurie A. Hesslein, 1959\*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. |
| R. Alastair Short, 1953\*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Peter J. Sidebottom, 1962\*† | Chairperson Trustee | Since 2022 <br> Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. |
| Richard D. Stamberger, 1959\*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. |
| ***Interested Trustee*** |  |  |  |  |  |
| Jan F. van Eck, 1963<sup>5</sup> | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

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<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

<sup>2</sup> Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.

<sup>3</sup> The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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| | |
|:---|:---|
| <sup>4</sup> | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| <sup>5</sup> | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| <sup>\*</sup> | Member of the Audit Committee. |
| <sup>†</sup> | Member of the Nominating and Corporate Governance Committee. |

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| | | | |
|:---|:---|:---|:---|
| **Officer's Name,<br> Address<sup>1</sup> and<br> Year of Birth** | **Position(s)<br> Held with<br> the Trust** | **Term of Office<sup>2</sup> And Length of<br> Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** |  |  |  |
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |

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------

---

| | | | |
|:---|:---|:---|:---|
| James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. |
| Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

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<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. <br> <sup>2</sup> Officers are elected yearly by the Trustees.

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the "Trust") prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds' complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

![](x1_c105581x88x1.jpg)

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| | | |
|:---|:---|:---|
| Investment Adviser: | VanEck Associates Corporation |  |
| Distributor: | VanEck Securities Corporation |  |
|  | 666 Third Avenue, New York, NY 10017 |  |
|  | vaneck.com |  |
| Account Assistance: | 800.826.2333 | INTLAR |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](x1_c105724x1x1.jpg) | ANNUAL REPORT<br> December 31, 2022 |

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CLO ETF CLOI

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[President's Letter](#x1_c105809c001) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Management Discussion](#x1_c105809c002) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Performance Comparison](#x1_c105809c003) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[About Fund Performance](#x1_c105809c004) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Explanation of Expenses](#x1_c105809c005) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#x1_c105809c006) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#x1_c105809c007) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#x1_c105809c008) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#x1_c105809c009) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#x1_c105809c010) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#x1_c105809c011) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#x1_c105809c012) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#x1_c105809c013) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees and Officers](#x1_c105809c014) | 22 |

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Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Fund's holdings, the Fund's performance, and the views of the investment adviser are as of December 31, 2022.

VANECK CLO ETF

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act<sup>1</sup>. I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

**<u>Discussion</u>**

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

**1. Monetary Policy: Tightening**

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

**2. Fiscal Tightening**

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

**3. Global Growth is at Low Levels**

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and

China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now<sup>2</sup>.) Because of higher interest rates, bonds

VANECK CLO ETF

PRESIDENT'S LETTER

(unaudited) (continued)

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for the Fund for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105724x4x1.jpg)

*Jan F. van Eck <br> CEO and President <br> VanEck ETF Trust*

January 19, 2023

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

*<sup>1</sup>* *Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/</u>*.*

*<sup>2</sup>* *What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/</u>*.*

VANECK CLO ETF

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Collateralized loan obligations ("CLOs") are securitized, actively managed portfolios of leveraged loans. Because of the subordination and other built-in risk protections they provide, CLOs allow investors to gain investment grade credit exposure with a yield pickup versus similarly rated bonds and loans. The CLO market has grown significantly over the past twenty years and is now valued at over $1 trillion globally.

The VanEck CLO ETF, a newly organized ETF, returned 3.26% between its inception on June 21, 2022 and December 31, 2022. The Fund invests primarily in investment grade CLOs and is actively managed by PineBridge Investments, the Fund's sub-adviser. During this period, the Fund outperformed the J.P. Morgan CLO Index by 0.57%. Outperformance was driven by security selection, particularly within AA and BBB rated CLOs. In addition, allocation among rating buckets also generated outperformance. In particular, the portfolio became more conservative in late summer amid volatility in the loan and CLO markets.

VANECK CLO ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **JCLOAGTR**<sup>1</sup> |
| Life\* | 3.55% | 3.26% | 2.69% |

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<sup>\*</sup> *Inception of Fund: 6/21/22; First Day of Secondary Market Trading: 6/22/22.*

<sup>1</sup> J.P. Morgan Collateralized Loan Obligation Index (CLOIE) (JCLOAGTR) is comprised of US dollar denominated broadly syndicated arbitrage CLOs.

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| | |
|:---|:---|
| **Hypothetical Growth of $10,000 (Since Inception)** | **Hypothetical Growth of $10,000 (Since Inception)** |
| &nbsp;&nbsp;&nbsp;This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad based index. | ![](x1_c105724x6x1.jpg) |

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**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 7 for more information.

VANECK CLO ETF

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of the Fund did not trade in the secondary market until after the Fund's commencement, for the period from commencement to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

VANECK CLO ETF

EXPLANATION OF EXPENSES

(unaudited)

**Hypothetical $1,000 investment at beginning of period**

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br> **Account**<br> **Value**<br> **July 1, 2022** | **Ending**<br> **Account**<br> **Value**<br> **December 31, 2022** | **Annualized**<br> **Expense**<br> **Ratio**<br> **During Period** | **Expenses Paid**<br> **During the Period**<br> **July 1, 2022 -**<br> **December 31, 2022(a)** |
| Actual | $1000.00 | $1031.80 | 0.40% | $2.05 |
| Hypothetical(b) | $1000.00 | $1023.19 | 0.40% | $2.04 |

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<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(b)</sup> Assumes annual return of 5% before expenses

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

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| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 98.5%** | **COLLATERALIZED LOAN OBLIGATIONS: 98.5%** | **COLLATERALIZED LOAN OBLIGATIONS: 98.5%** |
| &nbsp;&nbsp;&nbsp;Ares LXI CLO Ltd. 144A<br> 5.89% (ICE LIBOR USD 3 Month+1.65%), 10/20/34 | $2500 | $2405219 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-4 Ltd. 144A<br> 5.89% (ICE LIBOR USD 3 Month+1.65%), 10/20/34 | 1750 | 1676766 |
| &nbsp;&nbsp;&nbsp;Barings Clo Ltd. 2022-II 144A<br> 4.28% (Term SOFR USD 3 Month+1.80%), 07/15/35 | 1250 | 1231951 |
| &nbsp;&nbsp;&nbsp;Cedar Funding VIII Clo Ltd. 144A<br> 5.73% (ICE LIBOR USD 3 Month+1.65%), 10/17/34 | 1750 | 1669635 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2014-III Ltd. 144A<br> 5.77% (ICE LIBOR USD 3 Month+1.45%), 10/22/31 | 1250 | 1213579 |
| &nbsp;&nbsp;&nbsp;Dryden 109 CLO Ltd. 144A<br> 5.96% (Term SOFR USD 3 Month+2.00%), 04/20/35 | 1250 | 1197396 |
| &nbsp;&nbsp;&nbsp;Dryden 45 Senior Loan Fund 144A<br> 5.48% (ICE LIBOR USD 3 Month+1.40%), 10/15/30 | 1250 | 1212765 |
| &nbsp;&nbsp;&nbsp;Dryden 80 CLO Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.75%), 01/17/33 | 1250 | 1202870 |
| &nbsp;&nbsp;&nbsp;6.01% (Term SOFR USD 3 Month+2.15%), 01/17/33 | 1250 | 1189271 |
| Dryden 93 CLO Ltd. 144A |  |  |

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| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 98.5% (continued)** | **COLLATERALIZED LOAN OBLIGATIONS: 98.5% (continued)** | **COLLATERALIZED LOAN OBLIGATIONS: 98.5% (continued)** |
| &nbsp;&nbsp;&nbsp;5.68% (ICE LIBOR USD 3 Month+1.60%), 01/15/34 | $1750 | $1686384 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 15 Ltd. 144A<br> 5.38% (Term SOFR USD 3 Month+1.34%), 04/22/35 | 1250 | 1225334 |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Opportunities IX Ltd. 144A<br> 5.71% (ICE LIBOR USD 3 Month+1.30%), 10/29/29 | 1250 | 1222426 |
| &nbsp;&nbsp;&nbsp;Gulf Stream Meridian 1 Ltd. 144A<br> 5.45% (ICE LIBOR USD 3 Month+1.37%), 04/15/33 | 1250 | 1225694 |
| &nbsp;&nbsp;&nbsp;Gulf Stream Meridian 4 Ltd. 144A<br> 5.28% (ICE LIBOR USD 3 Month+1.20%), 07/15/34 | 1250 | 1222329 |
| &nbsp;&nbsp;&nbsp;Myers Park CLO Ltd. 144A<br> 5.64% (ICE LIBOR USD 3 Month+1.40%), 10/20/30 | 1250 | 1210658 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2020-19 Ltd. 144A<br> 5.94% (ICE LIBOR USD 3 Month+1.70%), 10/20/34 | 1750 | 1676164 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2021-22 Ltd. 144A<br> 5.42% (ICE LIBOR USD 3 Month+1.18%), 12/02/34 | 1250 | 1217328 |
| &nbsp;&nbsp;&nbsp;Signal Peak CLO 10 Ltd. 144A<br> 6.33% (ICE LIBOR USD 3 Month+2.05%), 07/21/34 | 1250 | 1179371 |
|  |  | 24865140 |
| **Total Collateralized Loan Obligations** <br> (Cost: $24,603,050) |  | 24865140 |
| **Total Investments: 98.5%** <br> (Cost: $24,603,050) |  | 24865140 |
| **Other assets less liabilities: 1.5%** |  | 377129 |
| **NET ASSETS: 100.0%** |  | $25242269 |

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**Definitions:**

LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

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| | |
|:---|:---|
| 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, and the value amounted $24,865,140, or 98.5% of net assets. |

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| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of <br> Investments** | **Value** |
| Financials | 100.0% | $24865140 |

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See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Collateralized Loan Obligations | $— | $24865140 | $— | $24865140 |

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See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022

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| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (1) | $24865140 |
| Cash | 77646 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | 308038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 25250824 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 8555 |
| **NET ASSETS** | $25242269 |
| Shares outstanding | 500000 |
| Net asset value, redemption and offering price per share | $50.48 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $25000000 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 242269 |
| **NET ASSETS** | $25242269 |
| (1) Cost of investments - Unaffiliated issuers | $24603050 |

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See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2022 (a)

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| | |
|:---|:---|
| **Income:** | |
| Interest | $639973 |
| &nbsp;&nbsp;&nbsp;Total income | 639973 |
| **Expenses:** |  |
| Management fees | 53044 |
| &nbsp;&nbsp;&nbsp;Total expenses | 53044 |
| &nbsp;&nbsp;&nbsp;Net investment income | 586929 |
| **Net realized loss on:** |  |
| Investments | (42600) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (42600) |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 262090 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 262090 |
| **Net Increase in Net Assets Resulting from Operations** | $806419 |

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(a) For the period June 22, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF CHANGES IN NET ASSETS

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| | |
|:---|:---|
|  | **Period<br>Ended<br>December 31,<br>2022 (a)** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $586929 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (42600) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 262090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 806419 |
| **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (564150) |
| **Share transactions\*:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from share transactions | 25000000 |
| Total increase in net assets | 25242269 |
| Net Assets, beginning of period |  |
| Net Assets, end of period | $25242269 |
| **\* Shares of Common Stock Issued (no par value):** |  |
| Shares sold | 500000 |
| &nbsp;&nbsp;&nbsp;Net increase | 500000 |

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(a) For the period June 22, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK CLO ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

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| | |
|:---|:---|
|  | **Period<br> Ended<br> December<br> 31, 2022(a)** |
| Net asset value, beginning of period | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.43 |
| Total from investment operations | 1.61 |
| Distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.13) |
| Net asset value, end of period | $50.48 |
| **Total return (c)** | 3.26% (d) |
| **Ratios to average net assets** |  |
| Expenses | 0.40% (e) |
| Net investment income | 4.43% (e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $25 |
| Portfolio turnover rate(f) | 15% (d) |

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(a) For the period June 22, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

**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 to the CLO ETF (the "Fund"). The Fund is actively managed and seeks to achieve its investment objective by primarily investing in investment-grade debt tranches of collateralized loan obligations ("CLOs"). The Fund is classified as non-diversified, as defined in the 1940 Act. Van Eck Associates Corporation (the "Adviser") serves as the investment adviser for the Fund.

**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 Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies*.

The following summarizes the Fund's significant accounting policies.

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| | |
|:---|:---|
| **A.** | **Security Valuation—** The Fund values its 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. 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 (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Board of Trustees ("Trustees") has designated the Adviser as valuation designee under Rule 2a-5 to perform the Fund 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 of Rule 2a-5. Among other things, these procedures allow the Fund 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 Fund's 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 Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments. |
|  | The Fund utilizes 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: |

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VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

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| | |
|:---|:---|
|  | 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). |
|  | A summary of the inputs and the levels used to value the Fund's investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments. |
| **B.** | **Federal Income Taxes—**It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| **C.** | **Distributions to Shareholders—** Dividends to shareholders from net investment income, if any, are declared and paid monthly by the Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
| **D.** | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|  | The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations. |
|  | In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

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**Note 3—Investment Management and Other Agreements—**The Adviser is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.40% of the Fund's average daily net assets. The Adviser has agreed to pay all expenses of the Fund except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses, until at least May 1, 2024.

In addition, Van Eck Securities Corporation (the "Distributor"), an affiliate of the Adviser, acts as the Fund's distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor. At December 31, 2022, the Adviser owned approximately 64% of the Fund.

**Note 4—Capital Share Transactions—**As of December 31, 2022, 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 Fund generally consists of the in-kind contribution or distribution of a designated portfolio of securities ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Fund may issue Creation Units in

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advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Fund, 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 Fund 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 Statement of Changes in Net Assets.

**Note 5—Investments—**For the period ended December 31, 2022, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term investments, aggregated to $28,359,975 and $3,714,325, respectively.

**Note 6—Income Taxes—**As of December 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $24603050 | $270764 | $(8674) | $262090 |

---

At December 31, 2022, the components of total distributable earnings (losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses)/<br> Undistributed<br> Capital Gains** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| $22779 | $(42600) | $262090 | $242269 |

---

The tax character of dividends paid to shareholders were as follows:

---

| |
|:---|
| **December 31, 2022** |
| **Ordinary<br> Income** |
| $564150 |

---

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term<br> Capital Losses<br> with No Expiration** | **Long-Term<br> Capital Losses<br> with No Expiration** | **Total** |
| $(42600) | $– $| (42600) |

---

Each year, the Fund assesses the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2022, the Fund did not have reclassifications.

The Fund recognizes 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 Fund's 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 Fund may be subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes, if any, on both realized and unrealized appreciation.

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended December 31, 2022, the Fund did not incur any interest or penalties.

**Note 7—Principal Risks—** Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Investments in debt instruments involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Fund's assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, and including "covenant lite" loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund invests primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund's portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset.

CLOs are generally privately-issued securities, and are normally purchased pursuant to Rule144A or Regulation S under the Securities Act of 1933, as amended. Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration.

Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by the Fund and may adversely affect the value of the Fund's shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity.

The Fund invests in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate ("LIBOR"). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rates. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could adversely impact (i) volatility and liquidity in markets that are tied to LIBOR, (ii) the market for, or value of, specific securities or payments linked to those reference rates resulting in a reduction in the value of certain instruments held by the Fund, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other interest rates may adversely affect the Fund's performance and/or net asset value. Alternatives to LIBOR are established or in development in most major currencies including the Secured Overnight Financing Rate ("SOFR") that is intended to replace the U.S. dollar LIBOR.

------

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund's investments (and thus a shareholder's investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

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

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

**Note 9—Bank Line of Credit—** The Fund 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 Fund at the request of the shareholders and other temporary or emergency purposes. The Fund have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2022, the Fund had no borrowing under the Facility.

VANECK CLO ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck CLO ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck CLO ETF (one of the funds constituting VanEck ETF Trust, referred to hereafter as the "Fund") as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 22, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the period June 22, 2022 (commencement of operations) through December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> New York, New York<br> February 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK CLO ETF

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022. Please consult your tax advisor for proper treatment of this information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Payable: | Monthly |
| &nbsp;&nbsp;Ordinary Income Paid Per Share | $1.1283 |
| &nbsp;&nbsp;Section 163(j) – Interest Dividends | 99.84% \* |

---

\* This amount represents distributions paid during the taxable year ended December 31, 2022 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

VANECK CLO ETF

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup><br> **and Year of Birth** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of**<br> **Office**<sup>2</sup> **and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<sup>3</sup><br> **Overseen** | **Other Directorships Held**<br> **By Trustee During Past Five Years** |
| ***Independent*** |  |  |  |  |  |
| ***Trustees*** |  |  |  |  |  |
| David H. Chow, 1957\*† | Trustee Chairperson | Since 2006<br> 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex<sup>4</sup>, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. |
| Laurie A. Hesslein, 1959\*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. |
| R. Alastair Short, 1953\*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Peter J. Sidebottom, 1962\*† | Chairperson Trustee | Since 2022<br> Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. |
| Richard D. Stamberger, 1959\*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. |
| ***Interested Trustee*** | ***Interested Trustee*** |  |  |  |  |
| Jan F. van Eck, 1963<sup>5</sup> | Trustee, Chief Executive Officer and President | Trustee<br> (Since 2006);<br> Chief Executive<br> Officer and President <br> (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

<sup>2</sup> Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.

<sup>3</sup> The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

------

---

| | |
|:---|:---|
| <sup>4</sup> | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| <sup>5</sup> | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| \* | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Officer's Name,**<br> **Address**<sup>1</sup> **and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of Office**<sup>2</sup><br> **And Length of**<br> **Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** | ***Officer Information*** |  |  |
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |

---

VANECK CLO ETF

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. |
| Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016);<br> Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. <br> <sup>2</sup> Officers are elected yearly by the Trustees.

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the "Trust") prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Fund's complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

---

| | | |
|:---|:---|:---|
| ![](x1_c105724x28x1.jpg) | ![](x1_c105724x28x1.jpg) |  |
| Investment Adviser: | VanEck Associates Corporation |  |
| Distributor: | VanEck Securities Corporation |  |
|  | 666 Third Avenue, New York, NY 10017 |  |
|  | vaneck.com |  |
| Account Assistance: | 800.826.2333 | CLOIAR |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![](x1_c105725x1x1.jpg) | ANNUAL REPORT<br> December 31, 2022 |

---

BITCOIN STRATEGY ETF XBTF

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| [President's Letter](#x1_c105809d001) | 3 |
| [Management Discussion](#x1_c105809d002) | 5 |
| [Performance Comparison](#x1_c105809d003) | 6 |
| [About Fund Performance](#x1_c105809d004) | 7 |
| [Explanation of Expenses](#x1_c105809d005) | 8 |
| [Schedule of Investments](#x1_c105809d006) | 9 |
| [Statement of Assets and Liabilities](#x1_c105809d007) | 10 |
| [Statement of Operations](#x1_c105809d008) | 11 |
| [Statement of Changes in Net Assets](#x1_c105809d009) | 12 |
| [Financial Highlights](#x1_c105809d010) | 13 |
| [Notes to Financial Statements](#x1_c105809d011) | 14 |
| [Report of Independent Registered Public Accounting Firm](#x1_c105809d012) | 21 |
| [Board of Trustees and Officers](#x1_c105809d013) | 22 |

---

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Fund's holdings, the Fund's performance, and the views of the investment adviser are as of December 31, 2022.

VANECK BITCOIN STRATEGY ETF

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act<sup>1</sup>. I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash.

Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

**<u>Discussion</u>**

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Monetary Policy: Tightening** 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Fiscal Tightening** 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Global Growth is at Low Levels** 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now<sup>2</sup>.) Because of higher interest rates, bonds

VANECK BITCOIN STRATEGY ETF

PRESIDENT'S LETTER

(unaudited) (continued)

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for the Fund for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105725x4x1.jpg)

*Jan F. van Eck<br> CEO and President<br> VanEck ETF Trust*

January 19, 2023

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

*<sup>1</sup> Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/</u>*.*

*<sup>2</sup> What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/</u>*.*

VANECK BITCOIN STRATEGY ETF

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

The VanEck Bitcoin Strategy ETF seeks capital appreciation by investing in bitcoin futures contracts. The fund is actively managed and offers exposure to bitcoin-linked investments through an accessible exchange traded vehicle.

Over the 12 month period under review, the fund lost 62.72% due to a significant drop in bitcoin futures' prices. The market sentiment soured in 2022 and escalated into a full bear market as bitcoin and the broader digital asset class saw significant extended losses. This was primarily driven by macroeconomic factors such as a dramatic rise in interest rates, in addition to idiosyncratic events including the bankruptcy of a major digital asset exchange, the failure of a top ten coin Terra Luna, and others.

VANECK BITCOIN STRATEGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **Share Price** | **NAV** | **BBR**<sup>1</sup> | **SPTR**<sup>2</sup> |
| One Year | (64.69)% | (62.72)% | (63.98)% | (18.11)% |
| Life\* | (69.42)% | (69.40)% | (69.85)% | (14.79)% |

---

<sup>\*</sup> *Inception of Fund: 11/15/21; First Day of Secondary Market Trading: 11/16/21.*

<sup>1</sup> MVIS® CryptoCompare Bitcoin Benchmark Rate (BBR) is designed to be a robust price for Bitcoin in USD, based on one hour median weighted prices.

<sup>2</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000 (Since Inception)**

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| | |
|:---|:---|
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund's benchmark and a broad based index. | ![](x1_c105725x6x1.jpg) |

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**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 7 for more information.

VANECK BITCOIN STRATEGY ETF

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of the Fund did not trade in the secondary market until after the Fund's commencement, for the period from commencement to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** Investment return and value of the shares of the fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

The Index Providers do not sponsor, endorse, or promote the Fund and bear no liability with respect to the Fund or any security. Index returns assume the reinvestment of all income and do not reflect any management fees, interest expense, brokerage expenses or income tax benefit/(expense) associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Bitcoin Strategy Index is published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation.

MarketVector is an "Index Provider." The Index Provider does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.

VANECK BITCOIN STRATEGY ETF

EXPLANATION OF EXPENSES

(unaudited)

**Hypothetical $1,000 investment at beginning of period**

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31, 2022(a)** |
| Actual | $1000.00 | $921.90 | 0.68% | $3.29 |
| Hypothetical(b) | $1000.00 | $1021.78 | 0.68% | $3.47 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(b)</sup> Assumes annual return of 5% before expenses

VANECK BITCOIN STRATEGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Par<br> (000's)** | **Value** |
| **Short-Term Investments: 80.4%** |  |  |
| **United States Treasury Obligations: 80.4%** | **United States Treasury Obligations: 80.4%** |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/24/23 (a) | $3000 | $2993287 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 03/07/23 (a) | 4000 | 3970531 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.03%, 01/26/23 (a) | 4000 | 3990096 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 03/09/23 (a) | 3000 | 2977043 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.32%, 03/21/23 (a) | 3000 | 2972910 |
|  |  | 16903867 |
| **Total Short-Term Investments: 80.4%** <br> (Cost: $16,900,068) |  | 16903867 |
| **Other assets less liabilities: 19.6%** |  | 4131604 |
| **NET ASSETS: 100.0%** |  | $21035471 |

---

------

**Futures Contracts**

<u>Long Exposure</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reference Entity** | **Number of<br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| CME BITCOIN | 254 | 01/27/23 | $20999450 | $116181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $11,988,360.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Government Activity | 100.0% | $16903867 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 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 | $— | $16903867 | $— | $16903867 |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts | $116181 | $— | $— | $116181 |

---

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (1) | $16903867 |
| Cash | 2704632 |
| Cash on deposit with broker for futures contracts | 1296460 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal and State Income Taxes | 922 |
| Prepaid taxes | 20217 |
| Variation margin on futures contracts | 119165 |
| Net deferred tax |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 21046603 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | 11132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 11132 |
| **NET ASSETS** | $21035471 |
| Shares outstanding | 1250000 |
| Net asset value, redemption and offering price per share | $16.83 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate paid in capital | $47606779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (26571308) |
| **NET ASSETS** | $21035471 |
| (1) Cost of investments - Unaffiliated issuers | $16900068 |

---

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| **Income:** |  |
| Interest . | $253717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income | 253717 |
| **Expenses:** |  |
| Management fees | 143584 |
| FCM fees | 15170 |
| State franchise taxes | 2765 |
| Interest | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 161603 |
| Reimbursement by the Adviser | (15170) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 146433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, before income taxes | 107284 |
| Net current and deferred tax benefit/(expense) (See Note 6) | (21621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, net of income taxes | 85663 |
| **Net realized (loss) on:** |  |
| Investments | (2210) |
| Futures contracts | (23054008) |
| Current and deferred tax benefit/(expense) (See Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss, net of income taxes | (23056218) |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 3750 |
| Futures contracts | 1156917 |
| Current and deferred tax benefit/(expense) (See Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation), net of income taxes | 1160667 |
| **Net Decrease in Net Assets Resulting from Operations** | $(21809888) |

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See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2022** | **Period<br> Ended<br> December 31,<br> 2021 (a)** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $85663 | $(11326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (23056218) | (3709407) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1160667 | (1040687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (21809888) | (4761420) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 27850090 | 20573281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (816592) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from share transactions | 27033498 | 20573281 |
| Total increase in net assets | 5223610 | 15811861 |
| Net Assets, beginning of period | 15811861 |  |
| Net Assets, end of period | $21035471 | $15811861 |
| **\* Shares of Common Stock Issued (no par value):** |  |  |
| Shares sold | 950000 | 350000 |
| Shares redeemed | (50000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase | 900000 | 350000 |

---

(a) For the period November 16, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December<br> 31, 2022** | **Period<br> Ended<br> December<br> 31, 2021(a)** |
| Net asset value, beginning of period | $45.18 | $63.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.12 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (28.47) | (18.69) |
| Total from investment operations | (28.35) | (18.73) |
| Net asset value, end of period | $16.83 | $45.18 |
| **Total return (c)** | (62.75)% | (29.31)%(d) |
| **Ratios to average net assets** |  |  |
| Gross expenses | 0.73% | 0.65 %(e) |
| Net expenses | 0.66% | 0.65 %(e) |
| Net expenses excluding interest and taxes | 0.65% | 0.65 %(e) |
| Net investment income (loss) | 0.49% | (0.62)%(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $21 | $16 |
| Portfolio turnover rate(f) | —% | — %(d) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period November 16, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(d) Not Annualized

(e) Annualized

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

**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 to the Bitcoin Strategy ETF (the "Fund"). The Fund is actively managed and seeks to achieve its investment objective by investing in standardized, cash-settled bitcoin futures contracts ("Bitcoin Futures") traded on the Chicago Mercantile Exchange. The Fund is classified as "non-diversified". This means that the Fund may invest more of its assets in securities of a single issuer than that of a diversified fund. Van Eck Absolute Return Advisers Corporation (the "Adviser") serves as the investment adviser for the Fund and is subject to the supervision of the Board of Trustees (the "Trustees").

**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 Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies*.

The following summarizes the Fund's significant accounting policies.

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| | |
|:---|:---|
| **A.** | **Security Valuation—** The Fund values its 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. 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 (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Trustees 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 ("NAV") and are categorized as Level 1 in the fair value hierarchy. The Trustees have designated the Adviser as valuation designee under Rule 2a-5 to perform the Fund's 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 of Rule 2a-5. Among other things, these procedures allow the Fund 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 Fund's 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 Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments. |
|  | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value |

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| | |
|:---|:---|
|  | 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 the Fund's own assumptions in determining the fair value of investments). |
|  | A summary of the inputs and the levels used to value the Fund's investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about the valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments. |
| **B.** | **Federal and Other Income Taxes—** The Fund intends to invest primarily in Bitcoin Futures, which generally are treated as futures contracts on property for federal income tax purposes. As such, they do not generate qualifying income for the purpose of qualifying as a Regulated Investment Company ("RIC") for tax purposes. Accordingly, the Fund does not intend to qualify, and will not qualify as a RIC pursuant to Subchapter M of the Internal Revenue Code and will be taxed as a C-corporation. As a C-corporation, the Fund is obligated to pay federal, state and local income tax on its taxable income. The amount of taxes currently payable by the Fund will vary depending on the amount of income and gains derived from investments and such taxes will reduce the return on an investment in the Fund. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund's shares will be reduced by the accrual of any current or deferred tax liabilities. |
|  | The tax expense or benefit attributable to certain components of income will be included in the Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Deferred tax assets and liabilities are calculated utilizing effective tax rates expected to be applied to taxable income in the years the temporary differences are realized or settled. A valuation allowance will be recognized if, based on the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realizable. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that operating and capital loss carryforwards may expire unused. It is the Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations. |
| **C.** | **Distributions to Shareholders—** Distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid annually. Because the Fund is taxed as a C corporation, all of the distributions paid by the Fund will be treated as dividend income for U.S. federal income tax purposes. Unlike a RIC, the Fund will not pay capital gain dividends. |
| **D.** | **Use of Derivative Instruments—** The Fund invests in futures contracts, which are derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a |

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VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| |
|:---|
| 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. In the case of cash-settled Bitcoin Futures, the underlying reference asset is bitcoin. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. |
| 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 Bitcoin 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. Bitcoin Strategy ETF held futures contracts for 12 months during the period ended December 31, 2022, of which the average notional amount for the period was $21,102,795. Futures contracts held by Bitcoin Strategy ETF at December 31, 2022 are reflected in the Schedule of Investments. |
| At December 31, 2022, the Fund held the following derivatives (not designated as hedging instruments under GAAP): |

---

---

| | |
|:---|:---|
| | **Asset<br> Derivatives** |
| | **Digital Assets<br> Risk** |
| Futures Contracts<sup>1</sup> | $119165 |

---

<sup>1</sup> Statements of Assets and Liabilities location: Variation margin for futures contracts

The impact of transactions in derivative instruments during the year ended December 31, 2022, was as follows:

---

| | |
|:---|:---|
|  | **Digital Assets<br> Risk** |
| Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $(23054008) |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Futures contracts<sup>2</sup> | $1156917 |

---

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

------

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| | |
|:---|:---|
| **E.** | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received from or delivered to that counterparty based on the terms of the agreements. The Fund may pledge or receive cash and/or securities as collateral for derivative instruments. Collateral held for derivative instruments at December 31, 2022 is presented in the Statement of Assets and Liabilities. For financial reporting purposes, the Fund presents derivative instruments on a gross basis in the Statement of Assets and Liabilities. |
|  | Futures contracts held by the Fund are not subject to a master netting agreements or other similar arrangements. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedules of Investments and Statements of Assets and Liabilities for collateral received or pledged as of December 31, 2022. |
| **F.** | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date. |
|  | The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations. |
|  | In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund 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 is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.65% of the Fund's average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, acquired fund fees and expenses, interest expense, offering costs, trading expenses (except that the Adviser will pay any net account or similar fees charged by futures commission merchants), taxes, extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants ("FCMs") until at least May 1, 2023.

Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund's distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and distributor.

At December 31, 2022, the Adviser owned approximately 16% of the Fund.

**Note 4— Capital Share Transactions —** As of December 31, 2022, 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"). Due to various legal and operational constraints, Creation Units of the Fund are issued principally for cash.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Fund 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 Statement of Changes in Net Assets.

**Note 5—Investments—**During the year ended December 31, 2022, the Fund had no purchases and sales of investments, other than U.S. government securities and short-term obligations.

**Note 6—Income Taxes—** The income tax expense/(benefit) for the respective categories on the Statement of Operations for the year ended December 31, 2022 are as follows:

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Investment<br> Loss** | **Net Realized<br> Loss** | **Change in Net<br> Unrealized<br> Depreciation** | **Total** |
| Current tax expense (benefit) | $21621 | $— | $— | $21621 |
| Deferred tax expense (benefit) | 2509 | (5106953) | 257088 | (4847356) |
| Change in Valuation Allowance | (2509) | 5106953 | (257088) | 4847356 |
| Total | $21621 | $— | $— | $21621 |
| The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund's federal and state income tax expense / (benefit) consists of the following: | The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund's federal and state income tax expense / (benefit) consists of the following: | The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund's federal and state income tax expense / (benefit) consists of the following: | The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund's federal and state income tax expense / (benefit) consists of the following: | The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund's federal and state income tax expense / (benefit) consists of the following: |
|  | **Federal** | **State** | **Total** |  |
| Current tax expense (benefit) | $19753 | $1868 | $21621 |  |
| Deferred tax expense (benefit) | (4595687) | (251669) | (4847356) |  |
| Change in Valuation Allowance | 4595687 | 251669 | 4847356 |  |
| Total | $19753 | $1868 | $21621 |  |

---

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes.

There were no differences between the Fund's income tax expense/(benefit) (current and deferred) calculated by applying the federal statutory income tax rate to net investment income/(loss) and realized and unrealized gain/(loss) on investments as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br> December 31, 2022** | **For the Year Ended <br> December 31, 2022** |
|  | **Amount** | **Rate** |
| Income tax expense/(benefit) at statutory rates | $(4595687) | 21.00% |
| State income tax, net of federal benefit | (251669) | 1.15 |
| Change in Valuation Allowance | 4847356 | (22.15) |
| Net income tax expense/(benefit) |  |  |
| Components of the Fund's deferred tax assets and liabilities are as follows: | Components of the Fund's deferred tax assets and liabilities are as follows: | Components of the Fund's deferred tax assets and liabilities are as follows: |
|  | **For the Year <br> Ended December<br> 31, 2022** |  |
| **Deferred Tax Assets/(Liabilities):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryfoward | $5902852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryforward |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | (842) |  |
| **Net Deferred Tax Asset/(Liability) before valuation allowance** | 5902010 |  |
| Less Valuation Allowance | (5902010) |  |
| **Net Deferred Tax Asset/(Liability)** | $— |  |

---

The Fund reviews the recoverability of its deferred tax asset based upon the weight of the available evidence. When assessing the recoverability of its deferred tax assets, management considers available carrybacks,

------

reversing temporary taxable differences, projections of future taxable income and tax planning (if any). The Fund has recorded a valuation allowance of $5,902,010 against its net deferred tax asset at December 31, 2022 as the Fund believes it is more-likely-than-not the asset will not be realized within the relevant carryforward periods. The Fund may be required to modify the estimates or assumptions it uses regarding the deferred tax asset or liability as new information becomes available. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund's shares will also be reduced by the accrual of any deferred tax liabilities.

The Fund recognizes the tax benefits of uncertain positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. and State tax returns filed or expected to be filed since inception of the Fund. The Fund's tax years are open for examination by U.S. and state tax authorities for all applicable periods. The Fund is not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change materially in the next year.

During the year ended December 31, 2022, the Fund utilized $11,326 of its net operating loss carryforward available from the prior year.

As of December 31, 2022, the Fund had the following estimated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Period <br> Generated** | **Amount** | **Expiration** |
| 12/31/2021 | $(4750143) | 12/31/2026 |
| 12/31/2022 | (21899302) | 12/31/2027 |
| Total | (26649445) |  |

---

For corporations, capital losses can only be used to offset capital gains and cannot be used to offset ordinary income. Therefore, the use of this capital loss carryforward is dependent upon the Fund generating sufficient net capital gains prior to the expiration of the loss carryforward.

There are no differences between the book and tax unrealized appreciation / depreciation on the Fund's investments.

**Note 7—Principal Risks—**The Fund's assets are concentrated in Bitcoin Futures. By concentrating the Fund's assets, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on bitcoin or the digital asset industry will negatively impact the Fund to a greater extent than if the Fund's net assets were invested in a wider variety of sectors or industries.

Bitcoin and Bitcoin Futures are relatively new asset classes and therefore the Fund's investments in Bitcoin Futures are subject to unique and substantial risks, including the risk that the value of the Fund's investments could decline rapidly, including to zero. Bitcoin and Bitcoin Futures have historically been more volatile than traditional asset classes.

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in the Fund could be heightened and the Fund's investments (and thus a shareholder's investment in the Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

The rules dealing with U.S. federal income taxation and the rates themselves are constantly under review in the legislative process and by the Internal Revenue Service ("IRS") and the U.S. Treasury Department. Changes in tax laws or regulations or future interpretations of such laws or regulations could adversely affect the Fund and/or the Fund's shareholders. Changes in the laws or regulations of the United States, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

VANECK BITCOIN STRATEGY ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Bitcoin Strategy ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck Bitcoin Strategy ETF (one of the funds constituting VanEck ETF Trust, referred to hereafter as the "Fund") as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the period ended December 31, 2021, and the financial highlights for the period ended December 31, 2021 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent and brokers. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK BITCOIN STRATEGY ETF

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup> <br> **and Year of Birth** | **Position(s)** <br> **Held with** <br> **the Trust** | **Term of** <br> **Office**<sup>2</sup> **and** <br> **Length of** <br> **Time Served** | **Principal Occupation(s)** <br> **During Past Five Years** | **Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>3</sup> <br> **Overseen** | **Other Directorships Held** <br> **By Trustee During Past Five Years** |
| ***Independent*** <br> ***Trustees*** |  |  |  |  |  |
| David H. Chow, 1957\*† | Trustee Chairperson | Since 2006 <br> 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex<sup>4</sup>, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. |
| Laurie A. Hesslein, 1959\*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. |
| R. Alastair Short, 1953\*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Peter J. Sidebottom, 1962\*† | Chairperson Trustee | Since 2022 <br> Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. |
| Richard D. Stamberger, 1959\*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. |
| ***Interested Trustee*** |  |  |  |  |  |
| Jan F. van Eck, 1963<sup>5</sup> | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

<sup>2</sup> Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.

<sup>3</sup> The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

------

---

| | |
|:---|:---|
| <sup>4</sup> | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| <sup>5</sup> | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| \* | Member of the Audit Committee. |
| <sup>†</sup> | Member of the Nominating and Corporate Governance Committee. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Officer's Name,**<br> **Address**<sup>1</sup> **and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of Office**<sup>2</sup><br> **And Length of**<br> **Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** |  |  |  |
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |

---

VANECK BITCOIN STRATEGY ETF

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. |
| Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. <br> <sup>2</sup> Officers are elected yearly by the Trustees.

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the "Trust") prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Fund's complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

![](x1_c105725x28x1.jpg)

Investment Adviser: VanEck Associates Corporation <br> Distributor: VanEck Securities Corporation <br> 666 Third Avenue, New York, NY 10017 <br> vaneck.com <br> Account Assistance: 800.826.2333 XBTFAR

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](x1_c105723x1x1.jpg) | ANNUAL REPORT<br>December 31, 2022 |

---

Russia ETF RSX <br> Russia Small-Cap ETF RSXJ

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[President's Letter](#x1_c105809e001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Management Discussion](#x1_c105809e002) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Performance Comparison](#x1_c105809e018) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#x1_c105809e003) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#x1_c105809e004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[About Fund Performance](#x1_c105809e005) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Explanation of Expenses](#x1_c105809e006) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#x1_c105809e019) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#x1_c105809e007) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#x1_c105809e008) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#x1_c105809e009) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#x1_c105809e010) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#x1_c105809e011) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#x1_c105809e012) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#x1_c105809e020) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#x1_c105809e013) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#x1_c105809e014) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#x1_c105809e015) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#x1_c105809e016) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees and Officers](#x1_c105809e017) | 28 |

---

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Fund's holdings, the Fund's performance, and the views of the investment adviser are as of December 31, 2022.

VANECK ETFs

PRESIDENT'S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act.<sup>1</sup> I think we're still going through that final phase of U.S. Federal Reserve ("Fed") tightening, and we don't yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn't be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

Discussion

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that's just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn't create a great environment for financial assets. If we're in the last, third act of the play, the third act may last a very long time.

There are three things investors are facing, none of which is particularly positive for financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index ("CPI") receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can't control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don't reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That's not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we're unlikely to see another big stimulus spending bill regardless of who controls government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades. The range in China growth estimates is from low (1% to 3%) to "high" (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don't believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)<sup>2</sup> Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK ETFs

PRESIDENT'S LETTER

(unaudited) (continued)

We thank you for investing in VanEck's investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

![](x1_c105723x4x1.jpg)

*Jan F. van Eck* 

*CEO and President* 

*VanEck ETF Trust*

January 19, 2023

 

*PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to "VanEck News & Insights". Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.*

** 

*<sup>1</sup>* *Market Volatility Has One Final Act,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/</u>*.*

*<sup>2</sup>* *What to Buy? Bonds. When? Now,* <u>https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/</u>*.*

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

**Performance Overview**

The VanEck Russia ETF (RSX) and the VanEck Russia Small-Cap ETF (RSXJ) (together, the "Funds") returned -98.62% and -98.66%, respectively, for the 12 month period ending December 31, 2022.

**Market and Fund Review**

The large-scale invasion of Ukraine by Russia on February 24, 2022 resulted in a significant decline in the value of Russian securities and its currency. The effect of geopolitical affairs and sanctions imposed by the United States and other countries on transactions in Russian equities, and on related clearance and payment systems, have rendered a substantial number of the Funds' positions illiquid, including many depositary receipts. The Funds' inability to buy, sell, and take or make delivery of Russian securities has made it impossible to manage the Funds consistent with their investment objectives.

Effective March 2, 2022, RSXJ suspended the creation of new shares until further notice. RSX did the same effective March 3, 2022. CBOE BZX Exchange, Inc. halted trading for the Funds on March 4, 2022. On September 29, 2022, the Board of Trustees of the Trust approved a Plan of Liquidation and Termination of the Funds, contingent on obtaining regulatory relief which was received on December 28, 2022. On January 12, 2023, the Funds made an initial liquidating distribution to shareholders of a portion of their liquid assets, with the balance held in reserve to meet transaction costs for an extended period. Please see the Notes to the Financial Statements for more information on the plan of liquidation.

VANECK RUSSIA ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **NAV** | **SPTR**<sup>1</sup> |
| One Year | (98.62)% | (18.11)% |
| Five Year | (53.76)% | 9.42% |
| Ten Year | (33.19)% | 12.56% |

---

<sup>1</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index. | ![](x1_c105723x6x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 6 for more information.

VANECK RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Average Annual Total Return** |
| | **NAV** | **SPTR**<sup>1</sup> |
| One Year | (98.66)% | (18.11)% |
| Five Year | (57.94)% | 9.42% |
| Ten Year | (35.01)% | 12.56% |

---

<sup>1</sup> The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the index proportionate to its market value.

**Hypothetical Growth of $10,000**

---

| | |
|:---|:---|
| <br> This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index. | ![](x1_c105723x7x1.jpg) |

---

**Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.**

See "About Fund Performance" on page 6 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

**The performance data quoted represents past performance. Past performance is not a guarantee of future results.** Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

**Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.**

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. The Funds are in the process of liquidating their assets and winding up their business pursuant to a plan of liquidation (see Note 2).

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

**Hypothetical $1,000 investment at beginning of period**

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value<br> July 1, 2022** | **Ending<br> Account<br> Value<br> December 31, 2022** | **Annualized<br> Expense<br> Ratio<br> During Period(a)** | **Expenses Paid<br> During the Period<br> July 1, 2022 -<br> December 31, 2022(b)** |
| Russia ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $911.30 | 0.41% | $1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (c) | $1000.00 | $1023.14 | 0.41% | $2.09 |
| Russia Small-Cap ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $690.30 | 66.24% | $282.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (c) | $1000.00 | $691.28 | 66.24% | $282.38 |

---

<sup>(a)</sup> During the period the Funds incurred significant expenses outside of their expense limitations. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Funds. (See Note 4).

<sup>(b)</sup> Expenses are equal to the Fund's annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).

<sup>(c)</sup> Assumes annual return of 5% before expenses

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 10.2%** |  |  |
| **Banks: 0.0%** |  |  |
| Sberbank of Russia PJSC \*∞ | 46050016 | $0 |
| TCS Group Holding Plc (GDR) \*∞ | 1390470 | 0 |
| VTB Bank PJSC \*∞ | 66877350000 | 0 |
|  |  | 0 |
| **Diversified Financials: 0.0%** |  |  |
| Moscow Exchange MICEX-RTS PJSC \*∞ | 17946312 | 0 |
| **Energy: 0.0%** |  |  |
| Gazprom PJSC ∞ | 45772138 | 0 |
| LUKOIL PJSC ∞ | 2063982 | 0 |
| Novatek PJSC ∞ | 7452940 | 0 |
| Rosneft Oil Co. PJSC ∞ | 16922345 | 0 |
| Surgutneftegas PJSC ∞ | 125211510 | 0 |
| Surgutneftegas PJSC (ADR) \*∞ | 1364815 | 0 |
| Tatneft PJSC (ADR) ∞ | 3393156 | 0 |
|  |  | 0 |
| **Food & Staples Retailing: 0.0%** |  |  |
| Magnit PJSC \*∞ | 1226365 | 0 |
| X5 Retail Group NV (GDR) \*∞ | 1970269 | 0 |
|  |  | 0 |
| **Materials: 0.0%** |  |  |
| Alrosa PJSC \*∞ | 33188190 | 0 |
| Evraz Plc \*∞ | 266000 | 0 |
| MMC Norilsk Nickel PJSC ∞ | 529178 | 0 |
| MMC Norilsk Nickel PJSC (ADR) ∞ | 4 | 0 |
| Novolipetsk Steel PJSC \*∞ | 22272460 | 0 |
| PhosAgro PJSC ∞ | 705974 | 0 |
| PhosAgro PJSC (GDR) ∞ | 13644 | 0 |
| Polyus PJSC (GDR) \*∞ | 1155875 | 0 |
| Raspadskaya OJSC ∞ | 730890 | 0 |
| Severstal PAO (GDR) \*∞ | 3405164 | 0 |
|  |  | 0 |
| **Media & Entertainment: 0.0%** |  |  |
| VK Co. Ltd. (GDR) \*∞ | 2338938 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Media & Entertainment (continued)** | **Media & Entertainment (continued)** | |
| Yandex NV \*∞ | 1754686 | $0 |
|  |  | 0 |
| **Retailing: 0.0%** |  |  |
| Ozon Holdings Plc (ADR) \* †∞ | 1881257 | 0 |
| **Telecommunication Services: 10.2%** |  |  |
| Mobile TeleSystems PJSC ∞ | 14853038 | 0 |
| Rostelecom PJSC ∞ | 13944591 | 0 |
| VEON Ltd. (ADR) \* | 7364667 | 3608687 |
|  |  | 3608687 |
| **Utilities: 0.0%** |  |  |
| Inter RAO UES PJSC ∞ | 482502010 | 0 |
| Irkutsk Electronetwork Co. JSC \*∞ | 7410870 | 0 |
|  |  | 0 |
| **Total Common Stocks** <br> (Cost: $1,834,371,125) |  | 3608687 |
| **PREFERRED SECURITIES: 0.0%**<br> (Cost: $46,034,628) |  |  |
| **Energy: 0.0%** |  |  |
| Transneft PJSC ∞ | 20972 | 0 |
| **Total Investments Before Collateral for** <br> **Securities Loaned: 10.2%**<br> **(Cost: $1,880,405,753)** |  | 3608687 |
| **SHORT-TERM INVESTMENT HELD AS <br> COLLATERAL FOR SECURITIES ON LOAN: 6.0%** |  |  |
| **Money Market Fund: 6.0%** <br> (Cost: $2,120,680) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2120680 | 2120680 |
| **Total Investments: 16.2%** <br> (Cost: $1,882,526,433) |  | 5729367 |
| **Other assets less liabilities: 83.8%** |  | 29644126 |
| **NET ASSETS: 100.0%** |  | $35373493 |

---

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

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

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Communication Services | 100.0% | $3608687 |
| Consumer Staples | 0.0 | 0 |
| Energy | 0.0 | 0 |
| Financials | 0.0 | 0 |
| Materials | 0.0 | 0 |
| Utilities | 0.0 | 0 |
| Consumer Discretionary | 0.0 | 0 |
|  | 100.0% | $3608687 |

---

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1**<br>**Quoted**<br>**Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | $— | $— | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Diversified Financials |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Energy |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Food & Staples Retailing |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Materials |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Retailing |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 3608687 |  | 0 | 3608687 |
| &nbsp;&nbsp;&nbsp;Utilities |  |  | 0 | 0 |
| Preferred Securities <sup>\*</sup> |  |  | 0 | 0 |
| Money Market Fund | 2120680 |  |  | 2120680 |
| **Total Investments** | $5729367 | $— | $0 | $5729367 |

---

<br> <sup>\*</sup> See Schedule of Investments for industry sector breakouts.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2021 | $7 |
| Realized gain (loss) | (21145145) |
| Net change in unrealized appreciation (depreciation) | (1836577767) |
| Purchases | 722916033 |
| Sales | (141692268) |
| Transfers in/out of level 3 | 1276499140 |
| Balance as of December 31, 2022 | $0 |
|  | **Preferred Securities** |
| Balance as of December 31, 2021 | $– |
| Realized gain (loss) | 180310 |
| Net change in unrealized appreciation (depreciation) | (41702109) |
| Purchases | 13652856 |
| Sales | (2781681) |
| Transfers in/out of level 3 | 30650624 |
| Balance as of December 31, 2022 | $0 |

---

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 0.0%** | | |
| **Banks: 0.0%** | | |
| Credit Bank of Moscow PJSC \*∞ | 21005200 | $0 |
| **Commercial & Professional Services: 0.0%** |  |  |
| HeadHunter Group Plc (ADR) ∞ | 31919 | 0 |
| **Diversified Financials: 0.0%** |  |  |
| SFI PJSC \*∞ | 2663 | 0 |
| **Energy: 0.0%** |  |  |
| Sovcomflot PJSC \*∞ | 989960 | 0 |
| **Food & Staples Retailing: 0.0%** |  |  |
| Lenta International Co. PJSC (GDR) \*∞ | 263199 | 0 |
| **Food, Beverage & Tobacco: 0.0%** |  |  |
| Beluga Group PJSC ∞ | 11235 | 0 |
| Ros Agro Plc (GDR) ∞ | 77690 | 0 |
|  |  | 0 |
| **Materials: 0.0%** |  |  |
| Mechel PJSC \*∞ | 438883 | 0 |
| Raspadskaya OJSC ∞ | 703205 | 0 |
| Segezha Group PJSC 144A ∞ | 8945900 | 0 |
|  |  | 0 |
| **Real Estate: 0.0%** |  |  |
| Etalon Group Plc (GDR) \*∞ | 394873 | 0 |
| LSR Group PJSC \*∞ | 103574 | 0 |
| Samolet Group ∞ | 16988 | 0 |
|  |  | 0 |
| **Retailing: 0.0%** |  |  |
| Detsky Mir PJSC 144A \*∞ | 1155798 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **Retailing (continued)** | | | |
| M.Video PJSC \*∞ |  | 110194 | $0 |
|  |  |  | 0 |
| **Telecommunication Services: 0.0%** | **Telecommunication Services: 0.0%** |  |  |
| Sistema PJSFC \*∞ |  | 6612640 | 0 |
| **Transportation: 0.0%** |  |  |  |
| Aeroflot PJSC \*∞ |  | 1885382 | 0 |
| Globaltrans Investment Plc (GDR) \*∞ |  | 182773 | 0 |
| Novorossiysk Commercial Sea Port PJSC ∞ |  | 8972400 | 0 |
|  |  |  | 0 |
| **Utilities: 0.0%** |  |  |  |
| Mosenergo PJSC ∞ |  | 19492800 | 0 |
| OGK-2 PJSC ∞ |  | 51450600 | 0 |
| TGC-1 PJSC \*∞ |  | 1701100000 | 0 |
| Unipro PJSC \*∞ |  | 24734000 | 0 |
|  |  |  | 0 |
| **Total Common Stocks** <br> (Cost: $24,435,670) |  |  | 0 |
| **PREFERRED SECURITIES: 0.0%**<br> (Cost: $341,612) |  |  |  |
| **Utilities: 0.0%** |  |  |  |
| Rosseti Lenenergo PJSC ∞ |  | 171506 | 0 |
| **Total Investments: 0.0%** <br> (Cost: $24,777,282) |  |  | 0 |
| **Other assets less liabilities: 100.0%** |  |  | 391824 |
| **NET ASSETS: 100.0%** |  |  | $391824 |

---

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| \* | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $0, or 0% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of <br> Investments** | **Value** |
| Communication Services | 0.0% | $0 |
| Consumer Discretionary | 0.0 | 0 |
| Consumer Staples | 0.0 | 0 |
| Energy | 0.0 | 0 |
| Financials | 0.0 | 0 |
| Industrials | 0.0 | 0 |
| Materials | 0.0 | 0 |
| Real Estate | 0.0 | 0 |
| Utilities | 0.0 | 0 |
|  | 0.0% | $0 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1**<br>**Quoted**<br>**Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Value** |
| Common Stocks <sup>\*</sup> | $— | $— | 0 | $0 |
| Preferred Securities <sup>\*</sup> |  |  | 0 | 0 |
| **Total Investments** | $— | $— | $0 | $0 |

---

<br> <sup>\*</sup> See Schedule of Investments for industry sector breakouts.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2021 | $— |
| Realized gain (loss) | (752023) |
| Net change in unrealized appreciation (depreciation) | (24975164) |
| Purchases | 6983310 |
| Sales | (2814077) |
| Transfers in/out of level 3 | 21557954 |
| Balance as of December 31, 2022 | $0 |
|  | **Preferred Securities** |
| Balance as of December 31, 2021 | $— |
| Realized gain (loss) | 1992 |
| Net change in unrealized appreciation (depreciation) | (381457) |
| Purchases | 63913 |
| Sales | (50575) |
| Transfers in/out of level 3 | 366127 |
| Balance as of December 31, 2022 | $0 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $3608687 | $— |
| Short-term investments held as collateral for securities loaned (3) | 2120680 |  |
| Cash | 29630080 | 476636 |
| Cash denominated in foreign currency, at value (4) | 17163 | 563 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 2428323 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 2298 |  |
| Prepaid expenses | 4510 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 37811741 | 478200 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 2120680 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 1158 |
| Deferred Trustee fees | 175696 | 3275 |
| Accrued expenses | 141872 | 81943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2438248 | 86376 |
| **NET ASSETS** | $35373493 | $391824 |
| Shares outstanding | 95900000 | 883318 |
| Net asset value, redemption and offering price per share | $0.37 | $0.44 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $3613069711 | $43562652 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (3577696218) | (43170828) |
| **NET ASSETS** | $35373493 | $391824 |
| (1) Value of securities on loan | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $1880405753 | $24777282 |
| (3) Cost of short-term investments held as collateral for securities loaned | $2120680 | $— |
| (4) Cost of cash denominated in foreign currency | $17081 | $613 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Income:** |  |  |
| Dividends | $6029128 | $124416 |
| Interest | 427362 | 9322 |
| Securities lending income | 32552 | 4137 |
| Foreign taxes withheld | (931036) | (18453) |
| &nbsp;&nbsp;&nbsp;Total income | 5558006 | 119422 |
| **Expenses:** |  |  |
| Management fees | 1089445 | 20102 |
| Professional fees | 189037 | 187384 |
| Custody and accounting fees | 57751 | 16325 |
| Reports to shareholders | 62583 | 4881 |
| Trustees' fees and expenses | 33885 | 369 |
| Registration fees | 2027 | 2487 |
| Insurance | 17130 | 1564 |
| Interest and taxes | 8611 | 440 |
| Other | 5387 | 690 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1465856 | 234242 |
| Waiver of management fees |  | (20102) |
| Expenses assumed by the Adviser |  | (16937) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1465856 | 197203 |
| Net investment income (loss) | 4092150 | (77781) |
| **Net realized gain (loss) on:** |  |  |
| Investments | (138419523) | (2282770) |
| In-kind redemptions | 22896653 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 8290 | 4421 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (115514580) | (2278349) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments | (1868385142) | (25642092) |
| Foreign currency translations and foreign denominated assets and liabilities | 535 | 2550 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1868384607) | (25639542) |
| Net Decrease in Net Assets Resulting from Operations | $(1979807037) | $(27995672) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Russia ETF** | **Russia ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** |
|  | **Year Ended**<br>**December 31,<br> 2022** | **Year Ended**<br>**December 31,<br> 2021** | **Year Ended**<br>**December 31,<br> 2022** | **Year Ended**<br>**December 31,<br> 2021** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4092150 | $84131813 | $(77781) | $946084 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (115514580) | 203235534 | (2278349) | (508274) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1868384607) | 678586 | (25639542) | (1125055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1979807037) | 288045933 | (27995672) | (687245) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (80501120) |  | (1464299) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (60709) |
| Total distributions |  | (80501120) |  | (1525008) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 761823584 | 378385798 | 4207920 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (122926443) | (830831688) |  | (5605927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from share transactions | 638897141 | (452445890) | 4207920 | (5605927) |
| Total decrease in net assets | (1340909896) | (244901077) | (23787752) | (7818180) |
| Net Assets, beginning of year | 1376283389 | 1621184466 | 24179576 | 31997756 |
| Net Assets, end of year | $35373493 | $1376283389 | $391824 | $24179576 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 49250000 | 12900000 | 150000 |  |
| Shares redeemed | (4800000) | (29500000) |  | (150000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 44450000 | (16600000) | 150000 | (150000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Russia ETF** |  | **Russia Small-cap<br> ETF** |  |
| **Cash Flows from Operating Activities** |  |  |  |  |
| Net decrease in net assets resulting from operations | $(1979807037) |  | $(27995672) |  |
| Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | (17782236) | (1) | (3243978) | (2) |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 22940896 | (3) | 3747112 |  |
| &nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable | 12123732 |  | 68930 |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | 2425 |  | (300) |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in investment securities sold | (2428323) |  | 24138 |  |
| &nbsp;&nbsp;&nbsp;Decrease in investment securities purchased | (516151) |  |  |  |
| &nbsp;&nbsp;&nbsp;Decrease in due to Adviser | (615768) |  | (26099) |  |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses | (738425) |  | (142297) |  |
| &nbsp;&nbsp;&nbsp;Decrease in deferred trustee fees | (28051) |  | (537) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation from investments | 1868385142 |  | 25642092 |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments in securities | 138436326 |  | 2282770 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | (22896653) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | 17075877 |  | 356159 |  |
| **Cash Flows from Financing Activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Decrease in line of credit borrowing | (6501506) |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19179903 | (1) | 596 | (2) |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (108456) | (3) |  |  |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 12569941 |  | 596 |  |
| &nbsp;&nbsp;&nbsp;Net change in cash | 29645818 |  | 356755 |  |
| &nbsp;&nbsp;&nbsp;Cash at beginning of year (including foreign currency) | 1425 |  | 120444 |  |
| &nbsp;&nbsp;&nbsp;Cash at end of year (including foreign currency) | $29647243 |  | $477199 |  |
| **Supplemental disclosure of cash flow information** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense paid during the period | $8553 |  | $382 |  |

---

(1) Amount shown excludes in-kind subscriptions of $742,643,681.

(2) Amount shown excludes in-kind subscriptions of $4,207,324

(3) Amount shown excludes in-kind redemptions of $122,817,987

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Russia ETF** | **Russia ETF** | **Russia ETF** | **Russia ETF** | **Russia ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $26.75 | $23.82 | $24.96 | $18.79 | $21.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.05 | 1.39 | 0.97 | 1.20 | 0.88 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (26.43) | 3.06 | (1.31) | 6.39 | (2.26) |
| Total from investment operations | (26.38) | 4.45 | (0.34) | 7.59 | (1.38) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.52) | (0.79) | (1.42) | (0.97) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |  |
| Total distributions |  | (1.52) | (0.80) | (1.42) | (0.97) |
| Net asset value, end of year | $0.37 | $26.75 | $23.82 | $24.96 | $18.79 |
| **Total return (b)** | (98.62)% | 18.74% | (1.38)% | 40.40% | (6.47)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.60 %(c) | 0.56% | 0.61% | 0.67% | 0.65% |
| Expenses excluding interest, a portion of depositary receipt fees and taxes (d) | 0.59 %(c) | 0.56% | 0.60% | 0.65% | 0.64% |
| Net investment income | 1.67% | 4.99% | 4.45% | 5.40% | 4.09% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $35 | $1376 | $1621 | $1282 | $1326 |
| Portfolio turnover rate (e) | 4% | 20% | 25% | 15% | 20% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(c) During the period the fund incurred significant expenses outside of its expense limitation. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its managemnent fee for the Fund (See Note 4).

(d) Ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 4).

(e) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $32.97 | $36.22 | $35.94 | $27.61 | $40.68 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.09) | 1.12 | 1.12 | 1.53 | 1.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (32.44) | (2.29) | 0.74 | 8.45 | (13.02) |
| Total from investment operations | (32.53) | (1.17) | 1.86 | 9.98 | (11.85) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.00) | (1.58) | (1.65) | (1.22) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.08) |  |  |  |
| Total distributions |  | (2.08) | (1.58) | (1.65) | (1.22) |
| Net asset value, end of year | $0.44 | $32.97 | $36.22 | $35.94 | $27.61 |
| **Total return (b)** | (98.66)% | (3.29)% | 5.23% | 36.17% | (29.09)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 5.34 %(c) | 1.08% | 1.31% | 1.20% | 0.94% |
| Net expenses | 4.50 %(c) | 0.75% | 0.75% | 0.77% | 0.76% |
| Net expenses excluding interest, a portion of depositary receipt fees and taxes (d) | 4.49 %(c) | 0.75% | 0.75% | 0.75% | 0.75% |
| Net investment income (loss) | (1.77)% | 3.01% | 3.45% | 4.67% | 3.22% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $— (e) | $24 | $32 | $35 | $33 |
| Portfolio turnover rate (f) | 68% | 47% | 47% | 30% | 49% |

---

(a) Calculated based upon average shares outstanding

(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.

(c) During the period the fund incurred significant expenses outside of its expense limitation. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its managemnent fee for the Fund (See Note 4).

(d) Ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 4).

(e) Amount is less than $500,000.

(f) Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

**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").

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Diversification Classification</u>** |
| Russia ETF | Non-Diversified |
| Russia Small-Cap ETF | Non-Diversified |

---

Each Fund's stated investment objective is to seek 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. However, due to the suspension of the rebalancing of the Russia Index and the ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Index</u>** |
| Russia ETF | MVIS Russia Index |
| Russia Small-Cap ETF | MVIS Russia Small-Cap Index |

---

**Note 2—Plan of Liquidation—** Russia's large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds' operations during the year ended December 31, 2022. The governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

As a result, the fair value of Russian securities held by the Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds' investments in equity securities, including depositary receipts, illiquid.

Since March 4, 2022, Cboe BZX Exchange, Inc., the listing exchange for the Funds have halted trading of shares of the Funds. There can be no assurance that trading of shares of the Funds will resume.

Subsequent to February 24, 2022, certain Russian securities held by the Fund had declared dividends, however there is no assurance these dividends can be collected by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2022.

On September 29, 2022, the Board of Trustees of the Trust (the "Board") unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders.

On January 12, 2023, the Funds made an initial liquidating distribution to shareholders of current liquid assets, less a reserve to meet the Funds' expected transaction costs for an extended period (see Note 12).

The Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period of time, if circumstances involving Russian securities markets do not improve.

------

The Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

It is expected that the Funds will remain in existence until at least December 31, 2023, to allow the Funds to sell the securities and depositary receipts, if conditions permit. The Funds may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). After December 31, 2023, the Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders would receive any liquidating distribution relating to the Russian securities and depositary receipts after the initial distribution, described above. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale and the distribution; other Fund operating and liquidation expenses will be paid out of the reserve.

The Funds incurred additional legal expenses as a result of the plan of liquidation. These legal fees are not included in the Funds' expense limitations (See Note 4).

**Note 3—Significant Accounting Policies—**The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

The following summarizes the Funds' significant accounting policies.

**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. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board has designated Van Eck Associates Corp. (the "Adviser") as valuation designee under Rule 2a-5 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 of Rule 2a-5. 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| | |
|:---|:---|
|  | Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
|  | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
|  | The holdings of the Funds at December 31, 2022 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy. |
|  | 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). |
|  | 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 from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| **D.** | **Currency Translation—** Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in |

---

------

---

| | |
|:---|:---|
|  | unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of December 31, 2022. |
| **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.** | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 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). |
| **G.** | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. |
|  | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
|  | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 4—Investment Management and Other Agreements—**The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. Effective March 11, 2022, the Adviser voluntarily agreed to waive all of its management fee payable by each Fund. The Adviser may eliminate such management fee waiver in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses; and for Russia ETF and Russia Small-Cap ETF, depositary receipt fees up to 0.10% and 0.08% of average daily net assets, respectively) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/ assumed by the Adviser for the year ended December 31, 2022.

The management fee rates and expense limitations for the year ended December 31, 2022, are as follows:

---

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

---

\* Fee rates reflected are those in effect before voluntary waivers.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 5—Capital Share Transactions—**As of December 31, 2022, 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.

Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

**Note 6—Investments—**For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Russia ETF | $11617636 | $22940896 | $742643681 | $122817987 |
| Russia Small-Cap ETF | 3227428 | 3747112 | 4207324 |  |

---

**Note 7—Income Taxes—**As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Russia ETF | $1884164072 | $41731 | $(1878476436) | $(1878434705) |
| Russia Small-Cap ETF | 25328758 |  | (25328758) | (25328758) |

---

At December 31, 2022, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Russia ETF | $– | $(1699085904) | $(175696) | $(1878434618) | $(3577696218) |
| Russia Small-Cap ETF |  | (17838747) | (3274) | (25328807) | (43170828) |

---

The tax character of dividends paid to shareholders was as follows:

------

---

| | | | |
|:---|:---|:---|:---|
|  | **December<br> 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **<u>Fund</u>** | **Ordinary**<br> **Income\*** | **Ordinary**<br> **Income\*** | **Return**<br> **of Capital** |
| Russia ETF | $– | $80501120 | $– |
| Russia Small-Cap ETF |  | 1464299 | 60709 |

---

\* Includes distributions from short-term capital gains, if any.

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Short-Term<br> Capital Losses<br> with No Expiration** | **Long-Term<br> Capital Losses<br> with No Expiration** | **Total** |
| Russia ETF | $(300452708) | $(1398633196) | $(1699085904) |
| Russia Small-Cap ETF | (5643438) | (12195309) | (17838747) |

---

During the year ended December 31, 2022, as a result of permanent book to tax differences, primarily due to earnings attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| Russia ETF | $(30524075) | $30524075 |
| Russia Small-Cap ETF | 75256 | (75256) |

---

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

**Note 8—Principal Risks—**Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund's investments (and thus a shareholder's investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

Russia's large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds' operations during the year ended December 31, 2022. The governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

As a result of the current conditions related to Russian securities and Russian markets, the Fund is unable to dispose of the Russian securities in its portfolio and the Fund's portfolio has become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices.

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

**Note 9—Trustee Deferred Compensation Plan—**The Trust has a Deferred Compensation Plan (the "Plan") for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations. The liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities.

**Note 10—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if

------

any, at December 31, 2022 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' remaining securities on loan and related collateral as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Russia ETF | $– $| 2120680 | $6191528 | $8312208 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2022:

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets<br> and Liabilities** |
| **<u>Fund</u>** | **Equity Securities** |
| Russia ETF | $2120680 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 11—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 participating 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. As of February 25, 2022 the Funds ceased participation in the Facility. The Funds were subsequently removed from the agreement effective November 1, 2022. Activity below represents activity from January 1, 2022 through February 25, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days <br>Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Russia ETF | 38 | $4898797 | 1.43% |

---

**Note 12—Subsequent Event Review—** The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The Funds had an initial liquidating distribution on January 12, 2023 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Record Date** | **Ex-Date** | **Payable Date** | **Liquidating<br> Distribution** |
| Russia ETF | 1/12/2023 | 1/12/2023 | 1/12/2023 | $0.0313 |
| Russia Small-Cap ETF | 1/12/2023 | 1/12/2023 | 1/12/2023 | 0.0567 |

---

The Chicago Board Options Exchange delisted the Funds on January 12, 2023. As a result of the delisting, the fund is no longer considered an exchange traded fund.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Russia ETF and VanEck Russia Small-Cap ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VanEck Russia ETF and VanEck Russia Small-Cap ETF (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations, changes in net assets, and cash flows, including the related notes, and the financial highlights for the year ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of each of their operations, changes in each of their net assets, each of their cash flows and each of the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

***Emphasis of Matter***

As discussed in Note 2 to the financial statements, on September 29, 2022, the Board of Trustees unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders. The Funds may be terminated at the discretion of the Funds' Board based on the facts and circumstances as discussed in Note 2.

/s/PricewaterhouseCoopers LLP<br> New York, New York<br> February 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

------

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<sup>1</sup><br> **and Year of Birth** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of**<br> **Office**<sup>2</sup> **and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<sup>3</sup><br> **Overseen** | **Other Directorships Held**<br> **By Trustee During Past Five Years** |
| ***Independent Trustees*** |  |  |  |  |  |
| David H. Chow, 1957\*† | Trustee Chairperson | Since 2006<br> 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex<sup>4</sup>, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. |
| Laurie A. Hesslein, 1959\*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. |
| R. Alastair Short, 1953\*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children's Village. Formerly, Independent Director, Tremont offshore funds. |
| Peter J. Sidebottom, 1962\*† | Chairperson Trustee | Since 2022<br> Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. |
| Richard D. Stamberger, 1959\*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. |
| ***Interested Trustee*** |  |  |  |  |  |
| Jan F. van Eck, 1963<sup>5</sup> | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |

---

<sup>1</sup> The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

<sup>2</sup> Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.

<sup>3</sup> The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

------

---

| | |
|:---|:---|
| <sup>4</sup> | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| <sup>5</sup> | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| \* | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Officer's Name,**<br> **Address**<sup>1</sup> **and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of Office**<sup>2</sup><br> **And Length of**<br> **Time Served** | **Principal Occupation(s) During Past Five Years** |
| ***Officer Information*** |  |  |  |
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. |
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. |
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. |
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. |
| Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. |
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. |
| F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. |
| Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. |
| Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. |
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. |
| Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. |
| Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |

---

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. |
| Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. |
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |

---

1 The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. <br> 2 Officers are elected yearly by the Trustees.

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the "Trust") prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Fund's complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

![](x1_c105723x33x1.jpg)

---

| | | |
|:---|:---|:---|
| Investment Adviser: | VanEck Associates Corporation |  |
| Distributor: | VanEck Securities Corporation |  |
|  | 666 Third Avenue, New York, NY 10017 |  |
|  | vaneck.com |  |
| Account Assistance: | 800.826.2333 | RUSSIAAR |

---

Item 2. CODE OF ETHICS. <br>

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

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

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

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

(e) Not applicable.

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

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. <br>

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

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. <br>

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| | |
|:---|:---|
|  | The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31. |
| (a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2022 and December 31, 2021, were $544,095 and $0, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2022 and December 31, 2021, were $243,500 and $0 respectively. |
| (d) | All Other Fees |
|  | None. |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
|  | The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |

---

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

(g) Not applicable.

(h) Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. <br>

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short served as Chairman of the Audit Committee until December 1, 2022. Since such date, Ms. Hesslein is the Chairwoman of the Audit Committee.

Item 6. SCHEDULE OF INVESTMENTS. <br>

Information included in Item 1. <br>

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. <br>

Not applicable. <br>

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

Item 11. CONTROLS AND PROCEDURES. <br>

&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)).

(b) There were no changes in the registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
 reporting.

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

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

(b) Not applicable.

Item 13. EXHIBITS. <br>

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| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c105809_ex99-codeeth.htm) |
| (a)(2) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT](c105809_ex99-cert.htm). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c105809_ex99-906cert.htm)

SIGNATURES

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

(Registrant) VANECK ETF TRUST

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| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |

---

<br> Date <u>March 10, 2023</u>

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

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

---

<br> Date <u>March 10, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |

---

<br> Date <u>March 10, 2023</u>

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST

VANECK FUNDS

VANECK ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;o honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships;

o full, fair, accurate, timely and understandable disclosure
in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Company;

o compliance with applicable laws and governmental rules
and regulations;

o the prompt internal reporting of violations of the Code
to an appropriate person or persons identified in the Code; and

o accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT
CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally
to the detriment of the Company;

o not cause the Company to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the benefit the Company;

o not use material non-public knowledge of portfolio transactions
made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect
of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;o service as a director on the board of any public or private
company;

o the receipt of any non-nominal gifts;

o the receipt of any entertainment from any company with
which the Company has current or prospective business dealings unless such entertainment is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety.

o any ownership interest in, or any consulting or employment
relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator
or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;o a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should familiarize himself with the
disclosure requirements generally applicable to the Company;

o Each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's
directors and auditors, and to governmental regulators and self-regulatory organizations;

o Each Covered Officer should, to the extent appropriate
within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the
SEC and in other public communications made by the Funds; and

o It is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;o report at least annually all affiliations or other relationships
related to conflicts of interest that the Company's Directors and Officers Questionnaire covers;

o upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

o annually thereafter affirm to the Board that he has complied
with the requirements of the Code;

o not retaliate against any other Covered Officer or any
employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith, and

o notify the Compliance Officer promptly if he knows of any
violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;o the Compliance Officer or other designated senior legal
officer will take all appropriate action to investigate any potential violations reported to him;

o if, after such investigation, the Compliance Officer believes
that no violation has occurred, the Compliance Officer is not required to take any further action;

o any matter that the Compliance Officer believes is a violation
will be reported to the Committee;

o if the Committee concurs that a violation has occurred,
it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation
to dismiss the Covered Officer;

o the Committee will be responsible for granting waivers,
as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

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

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: <u>March 10, 2023</u> |  |
|  | /s/ Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

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

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: <u>March 10, 2023</u> |  |
|  | /s/ John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Treasurer & Chief Financial Officer |

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## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Africa Index ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, Digital India ETF, ChiNext ETF, Egypt Index ETF, Indonesia Index ETF, India Growth Leaders ETF, Israel ETF, Russia ETF, Russia Small-Cap ETF, Vietnam ETF, Agribusiness ETF, Future of Food ETF, Gold Miners ETF, Green Metals ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Steel ETF, Uranium+Nuclear Energy ETF, CLO ETF and Bitcoin Strategy ETF), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck ETF Trust for the period ending December 31, 2022 (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 Market ETF Trust.

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| | |
|:---|:---|
| Dated: March 10, 2023 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: March 10, 2023 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Treasurer & Chief Financial Officer |
|  | VanEck ETF Trust |

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