# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-26-001812
**Filing Date:** 2026-6
**Character Count:** 430756
**Document Hash:** 78b58447031f23ffc001fa0f1cc0adbf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-001812.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0000930413-26-001812

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 261067327

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

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

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

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

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

## Series and Classes Contracts Data

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

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

### VanEck Digital Native Economy ETF (Series ID: S000020425)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000057274 | VanEck Digital Native Economy ETF | GENZ            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### VanEck Communication Services TruSector ETF (Series ID: S000091807)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000259589 | VanEck Communication Services TruSector ETF | TRUC            |

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end: SEPTEMBER 30

Date of reporting period: MARCH 31, 2026

Item 1. REPORTS TO SHAREHOLDERS

# VanEck Alternative Asset Manager ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Alternative Asset Manager ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Alternative Asset Manager ETF | $18 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$179,703,936

* Number of Portfolio Holdings20

* Portfolio Turnover Rate18%

* Management Fees Paid$240,829

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i9b2bc385dafa5cfaf6a82b17.jpg)

---

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

---

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

---

| | |
|:---|:---|
| Blackstone, Inc. | 12.6% |
| Brookfield Corp. | 11.5% |
| KKR & Co., Inc. | 10.4% |
| Apollo Global Management, Inc. | 8.2% |
| Brookfield Asset Management Ltd. | 6.9% |
| Ares Management Corp. | 4.5% |
| EQT AB | 4.5% |
| Partners Group Holding AG | 4.5% |
| Carlyle Group, Inc. | 4.5% |
| ICG PLC | 4.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Biotech ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Biotech ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Biotech ETF | $19 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$371,592,960

* Number of Portfolio Holdings25

* Portfolio Turnover Rate12%

* Management Fees Paid$654,527

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1634cae9b1776c6dfae07ab1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Life Sciences Tools & Services | 12.7% |
| Biotechnology | 87.2% |

---

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

---

| | |
|:---|:---|
| Gilead Sciences, Inc. | 14.6% |
| Amgen, Inc. | 14.5% |
| Vertex Pharmaceuticals, Inc. | 8.1% |
| Regeneron Pharmaceuticals, Inc. | 7.5% |
| Argenx SE | 5.3% |
| Insmed, Inc. | 4.6% |
| IQVIA Holdings, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 4.1% |
| Natera, Inc. | 4.0% |
| United Therapeutics Corp. | 3.8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Commodity Strategy ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Commodity Strategy ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Commodity Strategy ETF | $34 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$191,315,166

* Number of Portfolio Holdings31

* Portfolio Turnover Rate-%

* Management Fees Paid$240,687

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2a09c4b616f1c594e00918b9.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on futures contracts of 7.2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Communication Services TruSector ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Communication Services TruSector ETF (the "Fund") for the period February 18, 2026 (inception of Fund) to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$35,011,016

* Number of Portfolio Holdings9

* Portfolio Turnover Rate-%

* Management Fees Paid$975

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6077ead9e5d0e30b4c33aff8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Communication Services | 39.9% |
| Exchange Traded Fund | 59.9% |

---

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

---

| | |
|:---|:---|
| State Street Communication Services Select Sector SPDR ETF | 59.9% |
| Alphabet, Inc. Class A | 14.5% |
| Meta Platforms, Inc. | 10.4% |
| Alphabet, Inc. Class C | 9.9% |
| Netflix, Inc. | 3.6% |
| Verizon Communications, Inc. | 0.6% |
| Walt Disney Co. | 0.6% |
| AT&T, Inc. | 0.3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Consumer Discretionary TruSector ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Consumer Discretionary TruSector ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Consumer Discretionary TruSector ETF | $5 | 0.10%<sup>Footnote Reference(b)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$21,598,764

* Number of Portfolio Holdings49

* Portfolio Turnover Rate37%

* Management Fees Paid$8,447

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ibb12f470bcbaea8471ac044f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Consumer Discretionary | 47.7% |
| Exchange Traded Fund | 52.2% |

---

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

---

| | |
|:---|:---|
| State Street Consumer Discretionary Select Sector SPDR ETF | 52.2% |
| Amazon.com, Inc. | 24.5% |
| Tesla, Inc. | 8.9% |
| The Home Depot, Inc. | 2.8% |
| McDonald's Corp. | 1.6% |
| Booking Holdings, Inc. | 1.0% |
| The TJX Companies, Inc. | 0.9% |
| Lowe's Companies, Inc. | 0.6% |
| Starbucks Corp. | 0.5% |
| AutoZone, Inc. | 0.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Digital Native Economy ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Digital Native Economy ETF (the "Fund") (formerly known as VanEck Gaming ETF) for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Digital Native Economy ETF | $27 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$17,260,050

* Number of Portfolio Holdings35

* Portfolio Turnover Rate11%

* Management Fees Paid$13,888

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if4e198d1a6c345b6380210ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Real Estate | 13.4% |
| Consumer Discretionary | 86.5% |

---

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

---

| | |
|:---|:---|
| Aristocrat Leisure Ltd. | 8.1% |
| VICI Properties, Inc. | 8.1% |
| Flutter Entertainment PLC | 6.8% |
| Las Vegas Sands Corp. | 6.7% |
| Gaming and Leisure Properties, Inc. | 5.3% |
| DraftKings, Inc. | 5.3% |
| Galaxy Entertainment Group Ltd. | 4.9% |
| Evolution AB | 4.7% |
| Lottomatica Group Spa | 4.5% |
| Wynn Resorts Ltd. | 4.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Digital Transformation ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Digital Transformation ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Digital Transformation ETF | $22 | 0.52%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$275,188,716

* Number of Portfolio Holdings22

* Portfolio Turnover Rate24%

* Management Fees Paid$822,919

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1887b13f98e619732b77882a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Consumer Discretionary | 4.1% |
| Financials | 32.0% |
| Information Technology | 63.9% |

---

---

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

---

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

---

| | |
|:---|:---|
| Block, Inc. | 8.3% |
| Coinbase Global, Inc. | 7.8% |
| Circle Internet Group, Inc. | 6.6% |
| BitMine Immersion Technologies, Inc. | 6.3% |
| IREN Ltd. | 5.9% |
| Applied Digital Corp. | 5.1% |
| Figure Technology Solutions, Inc. | 5.0% |
| MARA Holdings, Inc. | 4.8% |
| Terawulf, Inc. | 4.8% |
| Hut 8 Corp. | 4.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Durable High Dividend ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Durable High Dividend ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Durable High Dividend ETF | $15 | 0.29%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$39,352,451

* Number of Portfolio Holdings70

* Portfolio Turnover Rate19%

* Management Fees Paid$63,303

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib6affe4f5779dbe5fdce1662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Materials | 2.0% |
| Industrials | 5.9% |
| Information Technology | 6.5% |
| Consumer Discretionary | 6.9% |
| Utilities | 7.0% |
| Financials | 8.5% |
| Communication Services | 9.8% |
| Health Care | 15.3% |
| Energy | 15.9% |
| Consumer Staples | 21.8% |

---

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.6% |
| Chevron Corp. | 5.4% |
| Merck & Co., Inc. | 5.0% |
| Verizon Communications, Inc. | 4.9% |
| AT&T, Inc. | 4.9% |
| The Coca-Cola Co. | 4.7% |
| Philip Morris International, Inc. | 4.7% |
| PepsiCo, Inc. | 4.4% |
| Bank of America Corp. | 4.3% |
| Altria Group, Inc. | 4.1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Energy Income ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Energy Income ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$142,912,572

* Number of Portfolio Holdings31

* Portfolio Turnover Rate4%

* Management Fees Paid$197,857

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i9faa62b5d19cb25466dabd88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Utilities | 4.4% |
| Energy | 95.5% |

---

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

---

| | |
|:---|:---|
| Enbridge, Inc. | 7.9% |
| The Williams Companies, Inc. | 7.7% |
| Kinder Morgan, Inc. | 7.0% |
| Cheniere Energy, Inc. | 6.7% |
| TC Energy Corp. | 6.3% |
| ONEOK, Inc. | 5.7% |
| Targa Resources Corp. | 5.2% |
| Energy Transfer LP | 4.5% |
| Enterprise Products Partners LP | 4.5% |
| Pembina Pipeline Corp. | 4.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Environmental Services ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Environmental Services ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Environmental Services ETF | $28 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$93,134,102

* Number of Portfolio Holdings26

* Portfolio Turnover Rate44%

* Management Fees Paid$176,611

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i092532db2d5f6161b3934f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Consumer Staples | 5.2% |
| Materials | 8.4% |
| Utilities | 8.5% |
| Industrials | 78.0% |

---

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

---

| | |
|:---|:---|
| Waste Management, Inc. | 8.0% |
| Ecolab, Inc. | 7.9% |
| Waste Connections, Inc. | 7.0% |
| Republic Services, Inc. | 6.5% |
| Veolia Environnement SA | 6.2% |
| Xylem, Inc. | 5.5% |
| Darling Ingredients, Inc. | 5.2% |
| Veralto Corp. | 5.0% |
| Core & Main, Inc. | 4.7% |
| Clean Harbors, Inc. | 4.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Fabless Semiconductor ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Fabless Semiconductor ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$151,709,776

* Number of Portfolio Holdings22

* Portfolio Turnover Rate5%

* Management Fees Paid$287,353

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6fe44c96a47521779f2b0adc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Application Software | 9.1% |
| Semiconductors | 90.8% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 19.3% |
| Broadcom, Inc. | 14.0% |
| ARM Holdings PLC | 5.8% |
| Advanced Micro Devices, Inc. | 5.1% |
| Marvell Technology, Inc. | 5.1% |
| Qualcomm, Inc. | 5.0% |
| Monolithic Power Systems, Inc. | 4.7% |
| Synopsys, Inc. | 4.7% |
| Cadence Design Systems, Inc. | 4.4% |
| Lattice Semiconductor Corp. | 4.1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Long/Flat Trend ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Long/Flat Trend ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$25,839,412

* Number of Portfolio Holdings1

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

* Management Fees Paid$31,756

---

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

---

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8fd2069498dfa117066789e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Exchanged Traded Fund | 99.8% |

---

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

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 99.8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Morningstar Global Wide Moat ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Global Wide Moat ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Global Wide Moat ETF | $25 | 0.52%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$16,625,729

* Number of Portfolio Holdings75

* Portfolio Turnover Rate38%

* Management Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iac905e88e2ded833382367c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Materials | 1.1% |
| Communication Services | 6.4% |
| Financials | 7.6% |
| Consumer Discretionary | 10.5% |
| Information Technology | 12.8% |
| Health Care | 16.3% |
| Consumer Staples | 17.6% |
| Industrials | 27.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| BAE Systems PLC | 2.3% |
| Bristol-Myers Squibb Co. | 2.2% |
| GSK PLC | 2.2% |
| Ambev SA | 2.2% |
| Thales SA | 2.2% |
| SF Holding Co. Ltd. | 2.1% |
| Hensoldt AG | 2.1% |
| US Bancorp | 2.1% |
| ASX Ltd. | 2.1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Morningstar International Moat ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar International Moat ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar International Moat ETF | $28 | 0.57%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$184,257,470

* Number of Portfolio Holdings47

* Portfolio Turnover Rate37%

* Management Fees Paid$467,081

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8db881647749ebb3ed1b3eaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Financials | 3.7% |
| Communication Services | 7.2% |
| Materials | 8.0% |
| Information Technology | 8.2% |
| Consumer Discretionary | 13.4% |
| Health Care | 15.0% |
| Consumer Staples | 21.3% |
| Industrials | 23.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Symrise AG | 2.8% |
| Ambev SA | 2.8% |
| JD.com, Inc. | 2.8% |
| Thales SA | 2.8% |
| SF Holding Co. Ltd. | 2.7% |
| Unicharm Corp. | 2.7% |
| Hensoldt AG | 2.7% |
| DSM-Firmenich AG | 2.7% |
| Wuliangye Yibin Co. Ltd. | 2.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Morningstar SMID Moat ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar SMID Moat ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$319,356,075

* Number of Portfolio Holdings114

* Portfolio Turnover Rate47%

* Management Fees Paid$796,381

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i61b1fbc4c620cc01b391e0fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Communication Services | 2.3% |
| Real Estate | 2.4% |
| Utilities | 3.1% |
| Energy | 5.1% |
| Consumer Staples | 8.4% |
| Financials | 8.7% |
| Consumer Discretionary | 9.4% |
| Materials | 11.9% |
| Information Technology | 13.5% |
| Industrials | 16.4% |
| Health Care | 18.7% |

---

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

---

| | |
|:---|:---|
| Devon Energy Corp. | 1.7% |
| Akamai Technologies, Inc. | 1.6% |
| SLB Ltd. | 1.6% |
| Albemarle Corp. | 1.6% |
| Corteva, Inc. | 1.6% |
| Royalty Pharma PLC | 1.5% |
| DuPont de Nemours, Inc. | 1.5% |
| Marvell Technology, Inc. | 1.4% |
| Mondelez International, Inc. | 1.4% |
| Cigna Group | 1.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Morningstar Wide Moat ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat ETF | $23 | 0.46%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$11,601,414,334

* Number of Portfolio Holdings58

* Portfolio Turnover Rate31%

* Management Fees Paid$28,748,757

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ibc54d1f4dc9d5979bd02c30e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Real Estate | 1.1% |
| Communication Services | 2.3% |
| Consumer Discretionary | 7.6% |
| Financials | 7.6% |
| Health Care | 18.1% |
| Consumer Staples | 18.4% |
| Industrials | 19.3% |
| Information Technology | 25.5% |

---

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

---

| | |
|:---|:---|
| Bristol-Myers Squibb Co. | 2.9% |
| Mondelez International, Inc. | 2.8% |
| Constellation Brands, Inc. | 2.7% |
| Kenvue, Inc. | 2.7% |
| Airbnb, Inc. | 2.6% |
| Zoetis, Inc. | 2.6% |
| Brown-Forman Corp. | 2.6% |
| Zimmer Biomet Holdings, Inc. | 2.6% |
| Fortinet, Inc. | 2.6% |
| Clorox Co. | 2.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Morningstar Wide Moat Value ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Value ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat Value ETF | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$6,219,004

* Number of Portfolio Holdings41

* Portfolio Turnover Rate13%

* Management Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4d6a40b404caab9cbba06612.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Materials | 4.0% |
| Consumer Discretionary | 6.3% |
| Information Technology | 8.3% |
| Financials | 8.3% |
| Industrials | 16.7% |
| Health Care | 25.3% |
| Consumer Staples | 31.2% |

---

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

---

| | |
|:---|:---|
| Bristol-Myers Squibb Co. | 4.9% |
| Constellation Brands, Inc. | 4.6% |
| United Parcel Service, Inc. | 4.6% |
| Kenvue, Inc. | 4.5% |
| Brown-Forman Corp. | 4.5% |
| Zimmer Biomet Holdings, Inc. | 4.4% |
| Clorox Co. | 4.4% |
| Danaher Corp. | 4.1% |
| Campbell's Company | 3.7% |
| GE HealthCare Technologies, Inc. | 3.1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Pharmaceutical ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Pharmaceutical ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Pharmaceutical ETF | $19 | 0.36%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$1,244,271,052

* Number of Portfolio Holdings26

* Portfolio Turnover Rate4%

* Management Fees Paid$2,095,390

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i15d7dafe844b4601a708ea04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.6% |
| Biotechnology | 4.1% |
| Health Care Distributors | 8.0% |
| Pharmaceuticals | 87.3% |

---

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

---

| | |
|:---|:---|
| Eli Lilly & Co. | 18.6% |
| Novartis AG | 10.8% |
| Merck & Co., Inc. | 9.7% |
| Pfizer, Inc. | 5.2% |
| Novo Nordisk A/S | 4.8% |
| Sanofi SA | 4.7% |
| Bristol-Myers Squibb Co. | 4.6% |
| GSK PLC | 4.6% |
| AstraZeneca PLC | 4.4% |
| Johnson & Johnson | 4.3% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Real Assets ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Real Assets ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Real Assets ETF | $19 | 0.35%<sup>Footnote Reference(b)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$733,674,858

* Number of Portfolio Holdings17

* Portfolio Turnover Rate14%

* Management Fees Paid$546,980

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i85f6e89f00ba734c32d702e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Gold and Gold Equities | 24.2% |
| Income Assets | 25.6% |
| Resource Assets | 50.1% |

---

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

---

| | |
|:---|:---|
| VanEck Commodity Strategy ETF | 22.2% |
| VanEck Merk Gold ETF | 21.1% |
| Global X US Infrastructure Development ETF | 10.3% |
| VanEck Energy Income ETF | 8.9% |
| State Street Energy Select Sector SPDR ETF | 7.2% |
| VanEck Natural Resources ETF | 4.2% |
| First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund | 3.7% |
| iShares Global Industrials ETF | 3.5% |
| State Street Materials Select Sector SPDR ETF | 3.4% |
| State Street Utilities Select Sector SPDR ETF | 3.4% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Retail ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Retail ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

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

---

---

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

---

### Key Fund Statistics
* Total Net Assets$248,876,955

* Number of Portfolio Holdings26

* Portfolio Turnover Rate4%

* Management Fees Paid$448,947

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i631e7e5f99bbd0294ea1f709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Industrials | 2.8% |
| Health Care | 14.0% |
| Consumer Staples | 28.9% |
| Consumer Discretionary | 54.3% |

---

---

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

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 20.2% |
| Walmart, Inc. | 12.0% |
| Costco Wholesale Corp. | 8.7% |
| The TJX Companies, Inc. | 5.2% |
| The Home Depot, Inc. | 4.8% |
| Lowe's Companies, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 4.4% |
| McKesson Corp. | 4.3% |
| CVS Health Corp. | 4.1% |
| Ross Stores, Inc. | 3.8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Robotics ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Robotics ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Robotics ETF | $24 | 0.47%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$57,013,819

* Number of Portfolio Holdings66

* Portfolio Turnover Rate11%

* Management Fees Paid$87,613

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i942d4396d90336e52c0fece6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Health Care | 1.1% |
| Consumer Discretionary | 2.8% |
| Energy | 2.9% |
| Industrials | 41.8% |
| Information Technology | 51.0% |

---

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

---

| | |
|:---|:---|
| ASML Holding N.V. | 5.9% |
| ABB Ltd. | 5.5% |
| Keyence Corp. | 5.0% |
| Emerson Electric Co. | 4.8% |
| NVIDIA Corp. | 4.7% |
| Autodesk, Inc. | 4.0% |
| Rockwell Automation, Inc. | 3.6% |
| TechnipFMC PLC | 2.9% |
| Denso Corp. | 2.8% |
| FANUC Corp. | 2.8% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Semiconductor ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Semiconductor ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Semiconductor ETF | $19 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$41,367,133,929

* Number of Portfolio Holdings26

* Portfolio Turnover Rate6%

* Management Fees Paid$68,913,912

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](idc17635419d034e36181365d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Application Software | 4.9% |
| Semiconductor Materials & Equipment | 20.3% |
| Semiconductors | 74.7% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 19.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.8% |
| Broadcom, Inc. | 7.8% |
| ASML Holding N.V. | 5.0% |
| KLA Corp. | 4.7% |
| Analog Devices, Inc. | 4.7% |
| Advanced Micro Devices, Inc. | 4.7% |
| Texas Instruments, Inc. | 4.6% |
| Lam Research Corp. | 4.6% |
| Applied Materials, Inc. | 4.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Social Sentiment ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Social Sentiment ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Social Sentiment ETF | $34 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$86,328,181

* Number of Portfolio Holdings76

* Portfolio Turnover Rate103%

* Management Fees Paid$419,011

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i221431433565550c4cc32687.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 1.3% |
| Consumer Staples | 1.6% |
| Energy | 1.9% |
| Health Care | 4.5% |
| Industrials | 5.2% |
| Financials | 11.4% |
| Communication Services | 13.7% |
| Consumer Discretionary | 15.5% |
| Information Technology | 45.0% |

---

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

---

| | |
|:---|:---|
| Netflix, Inc. | 3.3% |
| Amazon.com, Inc. | 3.2% |
| Nebius Group NV | 3.1% |
| Palantir Technologies, Inc. | 3.0% |
| NVIDIA Corp. | 3.1% |
| AST SpaceMobile, Inc. | 3.1% |
| GameStop Corp. | 3.0% |
| Tesla, Inc. | 3.0% |
| Microsoft Corp. | 2.9% |
| SoFi Technologies, Inc. | 2.9% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Technology TruSector ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Technology TruSector ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Technology TruSector ETF | $5 | 0.10%<sup>Footnote Reference(b)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$65,302,120

* Number of Portfolio Holdings74

* Portfolio Turnover Rate12%

* Management Fees Paid$27,295

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i055b0106faaa6b61f007259a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Exchange Traded Fund | 39.6% |
| Information Technology | 60.3% |

---

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

---

| | |
|:---|:---|
| State Street Technology Select Sector SPDR ETF | 39.6% |
| NVIDIA Corp. | 17.2% |
| Apple, Inc. | 15.2% |
| Microsoft Corp. | 11.1% |
| Broadcom, Inc. | 5.9% |
| Micron Technology, Inc. | 0.7% |
| Palantir Technologies, Inc. | 0.6% |
| Advanced Micro Devices, Inc. | 0.6% |
| Cisco Systems, Inc. | 0.5% |
| Oracle Corp. | 0.5% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

# VanEck Video Gaming and eSports ETF

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

### **Semi-Annual Shareholder Report - March 31, 2026**![Image](i655b3e9c857ec1fe545e6f78.jpg)

This semi-annual shareholder report contains important information about the VanEck Video Gaming and eSports ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Video Gaming and eSports ETF | $24 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$261,666,754

* Number of Portfolio Holdings26

* Portfolio Turnover Rate14%

* Management Fees Paid$924,740

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ia75e11a1b3c0070d0b3354ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Information Technology | 7.0% |
| Consumer Discretionary | 13.7% |
| Communication Services | 79.0% |

---

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

---

| | |
|:---|:---|
| Nintendo Co. Ltd. | 7.6% |
| Tencent Holdings Ltd. | 7.4% |
| NetEase, Inc. | 7.1% |
| Electronic Arts, Inc. | 6.9% |
| Roblox Corp. | 5.9% |
| Take-Two Interactive Software, Inc. | 5.4% |
| Unity Software, Inc. | 5.1% |
| Aristocrat Leisure Ltd. | 5.0% |
| International Games System Co. Ltd. | 4.9% |
| Capcom Co. Ltd. | 4.6% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if2302c1a651282a2b893f97a.jpg)

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

Item 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6. INVESTMENTS.

Information included in Item 7.

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

![](x1_c116453x1x1m4.jpg)

March 31, 2026

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

---

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

---

800.826.2333 vaneck.com

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc116453a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Alternative Asset Manager ETF](#xx1xc116453a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc116453a003xm4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc116453a004xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Communication Services TruSector ETF](#xx1xc116453a005xm4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consumer Discretionary TruSector ETF](#xx1xc116453a006xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Native Economy ETF](#xx1xc116453a007xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc116453a008xm4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc116453a009xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc116453a010xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc116453a011xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc116453a012xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc116453a013xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc116453a014xm4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc116453a015xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc116453a016xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc116453a017xm4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc116453a018xm4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc116453a019xm4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc116453a020xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc116453a021xm4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc116453a022xm4) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc116453a023xm4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc116453a024xm4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Technology TruSector ETF](#xx1xc116453a025xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc116453a026xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc116453a027xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc116453a028xm4) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc116453a029xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc116453a030xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Alternative Asset Manager ETF](#xx1xc116453a031xm4) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc116453a032xm4) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc116453a033xm4) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Communication Services TruSector ETF](#xx1xc116453a034xm4) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consumer Discretionary TruSector ETF](#xx1xc116453a035xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Native Economy ETF](#xx1xc116453a036xm4) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc116453a037xm4) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc116453a038xm4) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc116453a039xm4) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc116453a040xm4) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc116453a041xm4) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc116453a042xm4) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc116453a043xm4) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc116453a044xm4) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc116453a045xm4) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc116453a046xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc116453a047xm4) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc116453a048xm4) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc116453a049xm4) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc116453a050xm4) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc116453a051xm4) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc116453a052xm4) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc116453a053xm4) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Technology TruSector ETF](#xx1xc116453a054xm4) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc116453a055xm4) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc116453a056xm4) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants](#xx1xc116453a057xm4) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc116453a058xm4) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc116453a059xm4) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc116453a060xm4) | 111 |

---

VANECK ALTERNATIVE ASSET MANAGER ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Canada: 23.8%** |  |  |
| Brookfield Asset Management Ltd. (USD) | 278906 | $12397372 |
| Brookfield Corp. (USD) | 512401 | 20736868 |
| Fairfax India Holdings Corp. (USD) 144A \* | 116632 | 1871944 |
| Onex Corp. † | 107615 | 7828508 |
|  |  | 42834692 |
| **France: 2.7%** |  |  |
| Eurazeo SE | 104141 | 4916037 |
| **Sweden: 4.5%** |  |  |
| EQT AB | 262283 | 8087116 |
| **Switzerland: 4.5%** |  |  |
| Partners Group Holding AG | 7538 | 8084822 |
| **United Kingdom: 5.8%** |  |  |
| Bridgepoint Group PLC 144A | 793103 | 2461935 |
| ICG PLC | 383930 | 7844967 |
|  |  | 10306902 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States: 58.6%** |  |  |
| Apollo Global Management, Inc. | 132035 | $14711340 |
| Ares Management Corp. | 74966 | 8178791 |
| Blackstone, Inc. | 196378 | 22581505 |
| Blue Owl Capital, Inc. | 619755 | 5658363 |
| Carlyle Group, Inc. | 166327 | 8048564 |
| DigitalBridge Group, Inc. | 285822 | 4407375 |
| HA Sustainable Infrastructure Capital, Inc. | 174465 | 6411589 |
| Hamilton Lane, Inc. | 69079 | 6866453 |
| KKR & Co., Inc. | 202582 | 18738835 |
| StepStone Group, Inc. | 88094 | 4203846 |
| TPG, Inc. | 135686 | 5496640 |
|  |  | 105303301 |
| **Total Common Stocks** <br> (Cost: $204,705,027) |  | 179532870 |
| **Total Investments: 99.9%** <br> (Cost: $204,705,027) |  | 179532870 |
| **Other assets less liabilities: 0.1%** |  | 171066 |
| **NET ASSETS: 100.0%** |  | $179703936 |

---

------

**Definitions:**

USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $218,237. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $4,333,879, or 2.4% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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;Canada | $42834692 | $— | $— | $42834692 |
| &nbsp;&nbsp;&nbsp;France |  | 4916037 |  | 4916037 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 8087116 |  | 8087116 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 8084822 |  | 8084822 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 10306902 |  | 10306902 |
| &nbsp;&nbsp;&nbsp;United States | 105303301 |  |  | 105303301 |
| **Total Investments** | $148137993 | $31394877 | $— | $179532870 |

---

See Notes to Financial Statements

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **China: 3.3%** |  |  |
| BeOne Medicines Ltd. (ADR) \* | 40622 | $12063515 |
| **Germany: 2.2%** |  |  |
| BioNTech SE (ADR) \* | 90077 | 8006044 |
| **Ireland: 1.3%** |  |  |
| ICON PLC (USD) \* | 42718 | 4727174 |
| **Netherlands: 6.4%** |  |  |
| Argenx SE (ADR) \* | 26852 | 19608673 |
| QIAGEN NV (USD) | 106309 | 4256612 |
|  |  | 23865285 |
| **United States: 86.8%** |  |  |
| Alnylam Pharmaceuticals, Inc. \* | 46120 | 15259724 |
| Amgen, Inc. | 153582 | 54037827 |
| Biogen, Inc. \* | 75443 | 13830965 |
| BioMarin Pharmaceutical, Inc. \* | 91597 | 5174314 |
| Bio-Techne Corp. | 95803 | 5006665 |
| Charles River Laboratories International, Inc. \* | 27539 | 4750477 |
| Gilead Sciences, Inc. | 390092 | 54367122 |
| Illumina, Inc. \* | 75133 | 9260894 |
| Incyte Corp. \* | 88766 | 8354656 |
| Insmed, Inc. \* | 104290 | 17053501 |
| IQVIA Holdings, Inc. \* | 93651 | 15971242 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Moderna, Inc. \* † | 226910 | $11527028 |
| Natera, Inc. \* | 73931 | 14785461 |
| Neurocrine Biosciences, Inc. \* | 54628 | 7196693 |
| Regeneron Pharmaceuticals, Inc. | 36132 | 27917028 |
| Revolution Medicines, Inc. \* | 109365 | 10635746 |
| Tempus AI, Inc. \* † | 76175 | 3444633 |
| United Therapeutics Corp. \* | 23856 | 14146131 |
| Vertex Pharmaceuticals, Inc. \* | 67053 | 29941847 |
|  |  | 322661954 |
| **Total Common Stocks** <br> (Cost: $347,497,809) |  | 371323972 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** |  |
| **Money Market Fund: 0.2%**<br> (Cost: $856,425) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 856425 | 856425 |
| **Total Investments: 100.2%**<br> (Cost: $348,354,234) |  | 372180397 |
| **Liabilities in excess of other assets: (0.2)%** |  | (587437) |
| **NET ASSETS: 100.0%** |  | $371592960 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $13,474,473. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $371323972 | $— | $— | $371323972 |
| Money Market Fund | 856425 |  |  | 856425 |
| **Total Investments** | $372180397 | $— | $— | $372180397 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **Short-Term Investments: 93.3%** |  |  |  |
| **United States Treasury Obligations: 93.3%** |  |  |  |
| United States Treasury Bills (y) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.66%, 05/07/26 # | $| 6689 | $6664669 |
| &nbsp;&nbsp;&nbsp;3.66%, 06/04/26 # |  | 67729 | 67294637 |
| &nbsp;&nbsp;&nbsp;3.67%, 04/07/26 # |  | 50627 | 50596539 |
| &nbsp;&nbsp;&nbsp;3.67%, 05/05/26 # |  | 54280 | 54094666 |
|  |  |  | 178650511 |
| **Total Short-Term Investments: 93.3%** <br> (Cost: $178,655,169) | **Total Short-Term Investments: 93.3%** <br> (Cost: $178,655,169) | **Total Short-Term Investments: 93.3%** <br> (Cost: $178,655,169) | 178650511 |
| **Other assets less liabilities: 6.7%** |  |  | 12664655 |
| **NET ASSETS: 100.0%** |  |  | $191315166 |

---

------

**Footnotes:**

# All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $33,277,312.

(y) The rate shown is the calculated yield to maturity.

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Type** | **Number of<br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Brent Crude Oil | Long | 234 | 04/30/26 | $24328980 | $5359988 |
| Cattle Feeder | Long | 27 | 04/30/26 | 4983188 | 121485 |
| Cocoa | Long | 22 | 05/13/26 | 726000 | (169055) |
| Coffee C | Long | 31 | 09/18/26 | 3232913 | (219913) |
| Copper | Long | 88 | 05/27/26 | 12350800 | (482795) |
| Corn | Long | 48 | 05/14/26 | 1098600 | 28517 |
| FCOJ-A | Long | 14 | 05/08/26 | 399000 | 28369 |
| Gasoline RBOB | Long | 135 | 04/30/26 | 18166113 | 3813926 |
| Gold 100 OZ | Long | 68 | 06/26/26 | 31814479 | (3068632) |
| Lean Hogs | Long | 125 | 12/14/26 | 4181250 | 26343 |
| Live Cattle | Long | 66 | 06/30/26 | 6422460 | 436418 |
| LME Copper | Long | 3 | 04/13/26 | 921239 | (76242) |
| LME Copper | Long | 3 | 05/18/26 | 923366 | (59) |
| LME Primary Aluminium | Long | 72 | 04/13/26 | 6338538 | 566969 |
| LME Primary Aluminium | Long | 76 | 05/18/26 | 6657676 | 424843 |
| LME Tin | Long | 2 | 04/13/26 | 466770 | (70340) |
| LME Tin | Long | 2 | 05/18/26 | 467470 | 19500 |
| LME Zinc | Long | 73 | 04/13/26 | 5891374 | (244392) |
| LME Zinc | Long | 75 | 05/18/26 | 6076763 | 278607 |
| Low Sulphur Gasoil | Long | 61 | 05/12/26 | 7559425 | 553378 |
| Natural Gas | Long | 71 | 04/28/26 | 2047640 | (133519) |
| NY Harbor ULSD | Long | 152 | 04/30/26 | 26262498 | 6413783 |
| Platinum | Long | 15 | 07/29/26 | 1477650 | (114449) |
| Silver | Long | 13 | 05/27/26 | 4869735 | (180723) |
| Soybean | Long | 51 | 05/14/26 | 2986050 | 77986 |
| Soybean Oil | Long | 49 | 05/14/26 | 2025072 | 322013 |
| WTI Crude | Long | 225 | 05/19/26 | 20961000 | 694716 |
| LME Copper | Short | 3 | 04/13/26 | 921239 | 260 |
| LME Primary Aluminium | Short | 72 | 04/13/26 | 6338538 | (411699) |
| LME Tin | Short | 2 | 04/13/26 | 466770 | (19105) |
| LME Zinc | Short | 73 | 04/13/26 | 5891374 | (282312) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts |  |  |  | $13693866 |

---

See Notes to Financial Statements

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $178650511 | $— | $178650511 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Futures Contracts | $13693866 | $— | $— | $13693866 |

---

See Notes to Financial Statements

VANECK COMMUNICATION SERVICES TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 39.9%** |  |  |
| **Media & Entertainment: 39.0%** |  |  |
| Alphabet, Inc. Class A | 17690 | $5086937 |
| Alphabet, Inc. Class C | 12035 | 3452360 |
| Meta Platforms, Inc. | 6380 | 3650189 |
| Netflix, Inc. \* | 13050 | 1254758 |
| Walt Disney Co. | 2030 | 195651 |
|  |  | 13639895 |
| **Telecommunication Services: 0.9%** |  |  |
| AT&T, Inc. | 3770 | 109292 |
| Verizon Communications, Inc. | 4205 | 211091 |
|  |  | 320383 |
| **Total Common Stocks** <br> (Cost: $14,070,411) |  | 13960278 |
| **EXCHANGE TRADED FUND: 59.8%(a)** <br> (Cost: $21,069,800) |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| State Street Communication Services Select Sector SPDR ETF † | 189225 | $20977484 |
| **Total Investments Before Collateral for Securities Loaned: 99.7%** <br> (Cost: $35,140,211) | **Total Investments Before Collateral for Securities Loaned: 99.7%** <br> (Cost: $35,140,211) | 34937762 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** |  |
| **Money Market Fund: 0.2%**<br> (Cost: $53,081) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(b) | 53081 | 53081 |
| **Total Investments: 99.9%** <br> (Cost: $35,193,292) |  | 34990843 |
| **Other assets less liabilities: 0.1%** |  | 20173 |
| **NET ASSETS: 100.0%** |  | $35011016 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. |
| (b) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $52,659. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $13960278 | $— | $— | $13960278 |
| Exchange Traded Fund | 20977484 |  |  | 20977484 |
| Money Market Fund | 53081 |  |  | 53081 |
| **Total Investments** | $34990843 | $— | $— | $34990843 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CONSUMER DISCRETIONARY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 47.7%** |  |  |
| **Automobiles & Components: 9.5%** | **Automobiles & Components: 9.5%** |  |
| Aptiv PLC\* | 204 | $14166 |
| Ford Motor Co. | 4202 | 48491 |
| General Motors Co. | 952 | 70924 |
| Tesla, Inc.\* | 5192 | 1930125 |
|  |  | 2063706 |
| **Consumer Discretionary Distribution & Retail: 30.9%** | **Consumer Discretionary Distribution & Retail: 30.9%** |  |
| Amazon.com, Inc.\* | 25410 | 5292140 |
| AutoZone, Inc. \* | 27 | 91200 |
| Best Buy Co., Inc. | 223 | 14317 |
| Carvana Co. \* | 135 | 42441 |
| eBay, Inc. | 499 | 45419 |
| Genuine Parts Co. | 131 | 13853 |
| Lowe's Companies, Inc. | 582 | 137515 |
| O'Reilly Automotive, Inc. \* | 898 | 82894 |
| Pool Corp. | 54 | 10926 |
| Ross Stores, Inc. | 337 | 73004 |
| The Home Depot, Inc. | 1849 | 608118 |
| The TJX Companies, Inc. | 1194 | 190682 |
| Tractor Supply Co. | 577 | 26138 |
| Ulta Beauty, Inc. \* | 24 | 12545 |
| Williams-Sonoma, Inc. | 147 | 26803 |
|  |  | 6667995 |
| **Consumer Durables & Apparel: 1.7%** | **Consumer Durables & Apparel: 1.7%** |  |
| D.R. Horton, Inc. | 297 | 40754 |
| Deckers Outdoor Corp. \* | 137 | 13712 |
| Garmin Ltd. | 172 | 39906 |
| Hasbro, Inc. | 122 | 11419 |
| Lennar Corp. | 209 | 18150 |
| Lululemon Athletica, Inc. \* | 127 | 19444 |
| NIKE, Inc. | 1278 | 67504 |
| NVR, Inc. \* | 5 | 32949 |
| PulteGroup, Inc. | 218 | 25639 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Consumer Durables & Apparel (continued)** | **Consumer Durables & Apparel (continued)** |  |
| Ralph Lauren Corp. | 63 | $21671 |
| Tapestry, Inc. | 235 | 33161 |
|  |  | 324309 |
| **Consumer Services: 5.6%** |  |  |
| Airbnb, Inc.\* | 453 | 57205 |
| Booking Holdings, Inc. | 53 | 223147 |
| Carnival Corp. | 1217 | 31496 |
| Chipotle Mexican Grill, Inc. \* | 1412 | 45198 |
| Darden Restaurants, Inc. | 141 | 27642 |
| Domino's Pizza, Inc. | 51 | 18298 |
| DoorDash, Inc. \* | 419 | 62913 |
| Expedia Group, Inc. | 143 | 33017 |
| Hilton Worldwide Holdings, Inc. | 232 | 70547 |
| Las Vegas Sands Corp. | 303 | 16326 |
| Marriott International, Inc. | 216 | 70647 |
| McDonald's Corp. | 1109 | 344666 |
| MGM Resorts International \* | 218 | 8068 |
| Norwegian Cruise Line Holdings Ltd. \* | 507 | 9481 |
| Royal Caribbean Cruises Ltd. | 268 | 73748 |
| Starbucks Corp. | 1193 | 106881 |
| Wynn Resorts Ltd. | 90 | 9140 |
| Yum! Brands, Inc. | 311 | 48354 |
|  |  | 1256774 |
| **Total Common Stocks <br> (Cost: $11,173,990)** |  | 10312784 |
| **EXCHANGE TRADED FUND: 52.2%(a) <br> (Cost: $12,086,998)** | **EXCHANGE TRADED FUND: 52.2%(a) <br> (Cost: $12,086,998)** |  |
| State Street Consumer Discretionary Select Sector SPDR ETF | 103453 | 11274309 |
| **Total Investments: 99.9% <br> (Cost: $23,260,988)** |  | 21587093 |
| **Other assets less liabilities: 0.1%** | **Other assets less liabilities: 0.1%** | 11671 |
| **NET ASSETS: 100.0%** |  | $21598764 |

---

------

**Footnotes:**

(a) The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. <br> \* Non-income producing

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $10312784 | $— | $— | $10312784 |
| Exchange Traded Fund | 11274309 |  |  | 11274309 |
| **Total Investments** | $21587093 | $— | $— | $21587093 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK DIGITAL NATIVE ECONOMY ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 12.6%** |  |  |
| Aristocrat Leisure Ltd. | 44187 | $1394215 |
| Lottery Corp. Ltd. | 175873 | 651999 |
| Tabcorp Holdings Ltd. | 189108 | 124120 |
|  |  | 2170334 |
| **China: 5.9%** |  |  |
| Galaxy Entertainment Group Ltd. (HKD) | 189240 | 855453 |
| Melco Resorts & Entertainment Ltd. (ADR) \* | 18241 | 103609 |
| SJM Holdings Ltd. (HKD) \* † | 238500 | 63989 |
|  |  | 1023051 |
| **France: 2.4%** |  |  |
| FDJ UNITED † | 13974 | 409941 |
| **Greece: 1.9%** |  |  |
| Allwyn AG | 21466 | 323757 |
| **Guernsey: 1.3%** |  |  |
| Super Group SGHC Ltd. (USD) | 21793 | 235364 |
| **Ireland: 6.8%** |  |  |
| Flutter Entertainment PLC (USD) \* † | 11508 | 1173241 |
| **Italy: 4.5%** |  |  |
| Lottomatica Group Spa | 27113 | 780411 |
| **Japan: 1.9%** |  |  |
| Heiwa Corp. † | 6900 | 81371 |
| Sankyo Co. Ltd. | 19495 | 240561 |
|  |  | 321932 |
| **Macao: 3.0%** |  |  |
| Sands China Ltd. (HKD) | 242400 | 516702 |
| **Malaysia: 3.8%** |  |  |
| Genting Bhd | 253400 | 140498 |
| Genting Malaysia Bhd | 345898 | 152672 |
| Genting Singapore Ltd. (SGD) † | 679900 | 357590 |
|  |  | 650760 |
| **South Korea: 0.9%** |  |  |
| Kangwon Land, Inc. | 13319 | 150280 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Sweden: 4.7%** |  |  |
| Evolution AB 144A | 13034 | $814041 |
| **Switzerland: 1.1%** |  |  |
| Sportradar Group AG (USD) \* † | 11927 | 199658 |
| **United Kingdom: 3.7%** |  |  |
| Brightstar Lottery PLC (USD) † | 10604 | 135095 |
| Entain PLC | 48242 | 361071 |
| Playtech Plc | 32215 | 142864 |
|  |  | 639030 |
| **United States: 45.4%** |  |  |
| Boyd Gaming Corp. | 5423 | 445662 |
| Caesars Entertainment, Inc. \* | 13889 | 367086 |
| Churchill Downs, Inc. | 6926 | 622163 |
| DraftKings, Inc. \* | 42276 | 914007 |
| Gaming and Leisure Properties, Inc. | 20709 | 918858 |
| Las Vegas Sands Corp. | 21378 | 1151847 |
| Light & Wonder, Inc. (CDI) \* | 6244 | 520271 |
| MGM Resorts International \* | 16233 | 600783 |
| Penn Entertainment, Inc. \* | 9593 | 144183 |
| VICI Properties, Inc. | 50715 | 1385534 |
| Wynn Resorts Ltd. | 7491 | 760711 |
|  |  | 7831105 |
| **Total Common Stocks <br> (Cost: $25,298,405)** |  | 17239607 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8%** |  |
| **Money Market Fund: 1.8% <br> (Cost: $315,020)** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 315020 | 315020 |
| **Total Investments: 101.7% <br> (Cost: $25,613,425)** |  | 17554627 |
| **Liabilities in excess of other assets: (1.7)%** | **Liabilities in excess of other assets: (1.7)%** | (294577) |
| **NET ASSETS: 100.0%** |  | $17260050 |

---

------

**Definitions:**

---

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

---

**Footnotes:**

(a) The rate shown is the 7-day yield as of 03/31/26. <br> \* Non-income producing

See Notes to Financial Statements

VANECK DIGITAL NATIVE ECONOMY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $1,892,804. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $814,041, or 4.7% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $2170334 | $— | $2170334 |
| &nbsp;&nbsp;&nbsp;China | 103609 | 919442 |  | 1023051 |
| &nbsp;&nbsp;&nbsp;France |  | 409941 |  | 409941 |
| &nbsp;&nbsp;&nbsp;Greece | 323757 |  |  | 323757 |
| &nbsp;&nbsp;&nbsp;Guernsey | 235364 |  |  | 235364 |
| &nbsp;&nbsp;&nbsp;Ireland | 1173241 |  |  | 1173241 |
| &nbsp;&nbsp;&nbsp;Italy |  | 780411 |  | 780411 |
| &nbsp;&nbsp;&nbsp;Japan |  | 321932 |  | 321932 |
| &nbsp;&nbsp;&nbsp;Macao |  | 516702 |  | 516702 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 650760 |  | 650760 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 150280 |  | 150280 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 814041 |  | 814041 |
| &nbsp;&nbsp;&nbsp;Switzerland | 199658 |  |  | 199658 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 135095 | 503935 |  | 639030 |
| &nbsp;&nbsp;&nbsp;United States | 7310834 | 520271 |  | 7831105 |
| Money Market Fund | 315020 |  |  | 315020 |
| **Total Investments** | $9796578 | $7758049 | $— | $17554627 |

---

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 5.9%** |  |  |
| IREN Ltd. (USD) \* † | 474659 | $16271311 |
| **Canada: 4.6%** |  |  |
| Hut 8 Corp. (USD) \* † | 269862 | 12659226 |
| **Cayman Islands: 3.7%** |  |  |
| Bullish (USD) \* | 284889 | 10179084 |
| **China: 2.9%** |  |  |
| OSL Group Ltd. (HKD) \* † | 4491500 | 8069744 |
| **Japan: 4.1%** |  |  |
| Metaplanet, Inc. \* † | 5843300 | 11373769 |
| **Singapore: 3.1%** |  |  |
| Bitdeer Technologies Group (USD) \* † | 998379 | 8635978 |
| **United States: 75.7%** |  |  |
| Applied Digital Corp. \* † | 591190 | 14034851 |
| Bit Digital, Inc. \* † | 2015684 | 2640546 |
| BitMine Immersion Technologies, Inc. † | 873820 | 17284160 |
| Block, Inc. \* | 379453 | 22835482 |
| Cipher Digital, Inc. \* † | 977701 | 12583012 |
| Circle Internet Group, Inc. \* | 190226 | 18149463 |
| Cleanspark, Inc. \* † | 1263779 | 10754759 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Coinbase Global, Inc. \* | 123492 | $21562938 |
| Core Scientific, Inc. \* † | 834069 | 12477672 |
| Figure Technology Solutions, Inc. \* | 402522 | 13665622 |
| Galaxy Digital, Inc. \* † | 642834 | 11860287 |
| MARA Holdings, Inc. \* † | 1613460 | 13165834 |
| Riot Platforms, Inc. \* † | 931459 | 11512833 |
| Strategy, Inc. \* † | 99739 | 12447427 |
| Terawulf, Inc. \* † | 906362 | 13078804 |
|  |  | 208053690 |
| **Total Common Stocks <br> (Cost: $358,826,632)** | **Total Common Stocks <br> (Cost: $358,826,632)** | 275242802 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.6%** |  |
| **Money Market Fund: 9.6% <br> (Cost: $26,445,722)** | **Money Market Fund: 9.6% <br> (Cost: $26,445,722)** |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 26445722 | 26445722 |
| **Total Investments: 109.6% <br> (Cost: $385,272,354)** | **Total Investments: 109.6% <br> (Cost: $385,272,354)** | 301688524 |
| **Liabilities in excess of other assets: (9.6)%** | **Liabilities in excess of other assets: (9.6)%** | (26499808) |
| **NET ASSETS: 100.0%** |  | $275188716 |

---

------

**Definitions:**

HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $75,841,002. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $16271311 | $— | $— | $16271311 |
| &nbsp;&nbsp;&nbsp;Canada | 12659226 |  |  | 12659226 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 10179084 |  |  | 10179084 |
| &nbsp;&nbsp;&nbsp;China |  | 8069744 |  | 8069744 |
| &nbsp;&nbsp;&nbsp;Japan |  | 11373769 |  | 11373769 |
| &nbsp;&nbsp;&nbsp;Singapore | 8635978 |  |  | 8635978 |
| &nbsp;&nbsp;&nbsp;United States | 208053690 |  |  | 208053690 |
| Money Market Fund | 26445722 |  |  | 26445722 |
| **Total Investments** | $282245011 | $19443513 | $— | $301688524 |

---

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.6%** |  |  |
| **Automobiles & Components: 0.1%** | **Automobiles & Components: 0.1%** |  |
| Gentex Corp. | 1096 | $23948 |
| **Banks: 5.0%** |  |  |
| Bank of America Corp. | 35037 | 1708054 |
| Cullen/Frost Bankers, Inc. | 422 | 57848 |
| M&T Bank Corp. | 985 | 203619 |
|  |  | 1969521 |
| **Capital Goods: 3.3%** |  |  |
| General Dynamics Corp. | 945 | 324343 |
| Honeywell International, Inc. | 2918 | 659555 |
| L3Harris Technologies, Inc. | 565 | 195010 |
| Snap-on, Inc. | 294 | 106787 |
|  |  | 1285695 |
| **Consumer Discretionary Distribution & Retail: 1.5%** | **Consumer Discretionary Distribution & Retail: 1.5%** |  |
| Lowe's Companies, Inc. | 2502 | 591173 |
| **Consumer Durables & Apparel: 0.5%** | **Consumer Durables & Apparel: 0.5%** |  |
| Garmin Ltd. | 541 | 125517 |
| Hasbro, Inc. | 900 | 84240 |
|  |  | 209757 |
| **Consumer Services: 4.8%** |  |  |
| McDonald's Corp. | 3623 | 1125992 |
| Starbucks Corp. | 6590 | 590398 |
| Yum! Brands, Inc. | 1192 | 185332 |
|  |  | 1901722 |
| **Consumer Staples Distribution & Retail: 0.5%** | **Consumer Staples Distribution & Retail: 0.5%** |  |
| Sysco Corp. | 2825 | 201507 |
| **Energy: 15.9%** |  |  |
| Chevron Corp. | 10267 | 2124242 |
| ConocoPhillips | 8049 | 1062468 |
| Devon Energy Corp. | 2233 | 112365 |
| Diamondback Energy, Inc. | 948 | 187505 |
| EOG Resources, Inc. | 3886 | 561799 |
| Exxon Mobil Corp. | 13087 | 2220340 |
|  |  | 6268719 |
| **Financial Services: 3.0%** |  |  |
| BlackRock, Inc. | 712 | 684738 |
| Franklin Resources, Inc. | 3366 | 79505 |
| Invesco Ltd. | 2824 | 68595 |
| Janus Henderson Group PLC | 885 | 45462 |
| MarketAxess Holdings, Inc. | 147 | 24252 |
| T Rowe Price Group, Inc. | 2865 | 258251 |
|  |  | 1160803 |
| **Food, Beverage & Tobacco: 20.4%** | **Food, Beverage & Tobacco: 20.4%** |  |
| Altria Group, Inc. | 24541 | 1619461 |
| Hershey Co. | 865 | 179825 |
| McCormick & Co., Inc. | 1689 | 85193 |
| Mondelez International, Inc. | 10174 | 586429 |
| PepsiCo, Inc. | 11221 | 1742509 |
| Philip Morris International, Inc. | 11085 | 1832794 |
| The Coca-Cola Co. | 24126 | 1834782 |
| Tyson Foods, Inc. | 2110 | 135188 |
|  |  | 8016181 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Health Care Equipment & Services: 5.0%** | **Health Care Equipment & Services: 5.0%** |  |
| Abbott Laboratories | 8724 | $895693 |
| Becton Dickinson & Co. | 1702 | 267606 |
| Medtronic PLC | 9353 | 810437 |
|  |  | 1973736 |
| **Household & Personal Products: 0.9%** | **Household & Personal Products: 0.9%** |  |
| Colgate-Palmolive Co. | 4268 | 363762 |
| **Insurance: 0.5%** |  |  |
| American International Group, Inc. | 2846 | 214161 |
| **Materials: 2.0%** |  |  |
| Air Products and Chemicals, Inc. | 1363 | 395938 |
| CF Industries Holdings, Inc. | 663 | 86084 |
| DuPont de Nemours, Inc. | 3110 | 142438 |
| PPG Industries, Inc. | 1388 | 148349 |
|  |  | 772809 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 10.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 10.3%** |  |
| Amgen, Inc. | 3240 | 1139994 |
| Gilead Sciences, Inc. | 6298 | 877752 |
| Merck & Co., Inc. | 16369 | 1969027 |
| Royalty Pharma PLC | 1611 | 77280 |
|  |  | 4064053 |
| **Semiconductors & Semiconductor Equipment: 6.5%** | **Semiconductors & Semiconductor Equipment: 6.5%** |  |
| Microchip Technology, Inc. | 3568 | 230529 |
| NXP Semiconductors NV | 1126 | 221664 |
| Qualcomm, Inc. | 6410 | 825480 |
| Skyworks Solutions, Inc. | 1789 | 95801 |
| Texas Instruments, Inc. | 6059 | 1176294 |
|  |  | 2549768 |
| **Telecommunication Services: 9.8%** | **Telecommunication Services: 9.8%** |  |
| AT&T, Inc. | 66461 | 1926704 |
| Verizon Communications, Inc. | 38397 | 1927530 |
|  |  | 3854234 |
| **Transportation: 2.6%** |  |  |
| Norfolk Southern Corp. | 949 | 272363 |
| Union Pacific Corp. | 3014 | 731257 |
|  |  | 1003620 |
| **Utilities: 7.0%** |  |  |
| Alliant Energy Corp. | 1726 | 123858 |
| Ameren Corp. | 1620 | 178070 |
| Atmos Energy Corp. | 783 | 144636 |
| CenterPoint Energy, Inc. | 3143 | 135652 |
| Consolidated Edison, Inc. | 2610 | 295400 |
| DTE Energy Co. | 1442 | 210849 |
| Duke Energy Corp. | 5923 | 775558 |
| Evergy, Inc. | 1753 | 143606 |
| FirstEnergy Corp. | 4245 | 215052 |
| New Jersey Resources Corp. | 775 | 42563 |
| Portland General Electric Co. | 1011 | 53350 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Utilities (continued)** |  |  |
| PPL Corp. | 4725 | $180495 |
| WEC Energy Group, Inc. | 2324 | 269049 |
|  |  | 2768138 |
| **Total Common Stocks** <br> (Cost: $36,078,586) |  | 39193307 |
| **Total Investments: 99.6%** <br> (Cost: $36,078,586) |  | 39193307 |
| **Other assets less liabilities: 0.4%** |  | 159144 |
| **NET ASSETS: 100.0%** |  | $39352451 |

---

------

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $39193307 | $— | $— | $39193307 |

---

 

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 76.8%** |  |  |
| **Energy: 72.4%** |  |  |
| Antero Midstream Corp. | 179435 | $4091118 |
| Archrock, Inc. | 80833 | 2812988 |
| Cheniere Energy, Inc. | 33680 | 9557037 |
| DT Midstream, Inc. | 45537 | 6132468 |
| Enbridge, Inc. | 209570 | 11346120 |
| Gibson Energy, Inc. † | 98457 | 2100642 |
| Hess Midstream LP | 32340 | 1257056 |
| Keyera Corp. † | 135982 | 5260004 |
| Kinder Morgan, Inc. | 297345 | 9969978 |
| Kinetik Holdings, Inc. † | 20935 | 1013463 |
| Kodiak Gas Services, Inc. | 39084 | 2279379 |
| ONEOK, Inc. | 90116 | 8145585 |
| Pembina Pipeline Corp. | 142000 | 6355920 |
| Rockpoint Gas Storage, Inc. | 36687 | 736852 |
| South Bow Corp. † | 107711 | 3588930 |
| Targa Resources Corp. | 29705 | 7447935 |
| TC Energy Corp. † | 144656 | 9055466 |
| The Williams Companies, Inc. | 151093 | 10996549 |
| Venture Global, Inc. | 87565 | 1380024 |
|  |  | 103527514 |
| **Utilities: 4.4%** |  |  |
| AltaGas Ltd. | 181766 | 6304514 |
| **Total Common Stocks**<br> (Cost: $94,733,110) |  | 109832028 |
| **MASTER LIMITED PARTNERSHIPS: 23.0%** | **MASTER LIMITED PARTNERSHIPS: 23.0%** |  |
| **Energy: 23.0%** |  |  |
| Cheniere Energy Partners LP | 17282 | 1116936 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Energy (continued)** |  |  |
| Energy Transfer LP | 337239 | $6508713 |
| Enterprise Products Partners LP | 169980 | 6432043 |
| Genesis Energy LP | 28957 | 516303 |
| MPLX LP | 107538 | 6137194 |
| NGL Energy Partners LP \* | 33154 | 408789 |
| Plains All American Pipeline LP | 176325 | 3937337 |
| Plains GP Holdings LP | 74189 | 1801309 |
| Sunoco LP | 43988 | 2857900 |
| Western Midstream Partners LP | 77303 | 3182565 |
| **Total Master Limited Partnerships <br> (Cost: $28,314,127)** | **Total Master Limited Partnerships <br> (Cost: $28,314,127)** | 32899089 |
| **Total Investments Before Collateral for Securities Loaned: 99.8% <br> (Cost: $123,047,237)** | **Total Investments Before Collateral for Securities Loaned: 99.8% <br> (Cost: $123,047,237)** | 142731117 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%** |  |
| **Money Market Fund: 2.6% <br> (Cost: $3,678,984)** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 3678984 | 3678984 |
| **Total Investments: 102.4% <br> (Cost: $126,726,221)** |  | 146410101 |
| **Liabilities in excess of other assets: (2.4)%** | **Liabilities in excess of other assets: (2.4)%** | (3497529) |
| **NET ASSETS: 100.0%** |  | $142912572 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $16,279,893. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $109832028 | $— | $— | $109832028 |
| Master Limited Partnerships \* | 32899089 |  |  | 32899089 |
| Money Market Fund | 3678984 |  |  | 3678984 |
| **Total Investments** | $146410101 | $— | $— | $146410101 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 1.4%** |  |  |
| Cleanaway Waste Management Ltd. † | 802768 | $1261937 |
| **Canada: 4.5%** |  |  |
| GFL Environmental, Inc. (USD) † | 99578 | 4154394 |
| **France: 6.2%** |  |  |
| Veolia Environnement SA | 151168 | 5739202 |
| **Japan: 10.6%** |  |  |
| Daiei Kankyo Co. Ltd. | 27400 | 678512 |
| Kurita Water Industries Ltd. † | 62900 | 3001935 |
| NGK Insulators Ltd. | 145800 | 3748556 |
| Organo Corp. † | 18200 | 1639764 |
| Takuma Co. Ltd. | 48700 | 841210 |
|  |  | 9909977 |
| **Netherlands: 1.5%** |  |  |
| Arcadis NV † | 44485 | 1418661 |
| **United Kingdom: 2.3%** |  |  |
| Drax Group PLC | 182489 | 2148626 |
| **United States: 73.6%** |  |  |
| Advanced Drainage Systems, Inc. | 29311 | 4019417 |
| Casella Waste Systems, Inc. \* † | 24604 | 1952081 |
| Clean Harbors, Inc. \* | 14906 | 4273997 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Core & Main, Inc. \* | 87789 | $4336777 |
| Darling Ingredients, Inc. \* | 77676 | 4804261 |
| Donaldson Co., Inc. | 48765 | 4138686 |
| Ecolab, Inc. | 27698 | 7368222 |
| Federal Signal Corp. | 32518 | 3516497 |
| PureCycle Technologies, Inc. \* † | 78679 | 408344 |
| Republic Services, Inc. | 27855 | 6100802 |
| Tetra Tech, Inc. | 127759 | 3848101 |
| Veralto Corp. | 52481 | 4640370 |
| Waste Connections, Inc. | 40274 | 6542109 |
| Waste Management, Inc. | 32441 | 7454617 |
| Xylem, Inc. | 43112 | 5151884 |
|  |  | 68556165 |
| **Total Common Stocks**<br> (Cost: $85,414,924) |  | 93188962 |
| **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: $871,584) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 871584 | 871584 |
| **Total Investments: 101.0%**<br> (Cost: $86,286,508) |  | 94060546 |
| **Liabilities in excess of other assets: (1.0)%** |  | (926444) |
| **NET ASSETS: 100.0%** |  | $93134102 |

---

**Definitions:**

USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,601,268. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $1261937 | $— | $1261937 |
| &nbsp;&nbsp;&nbsp;Canada | 4154394 |  |  | 4154394 |
| &nbsp;&nbsp;&nbsp;France |  | 5739202 |  | 5739202 |
| &nbsp;&nbsp;&nbsp;Japan |  | 9909977 |  | 9909977 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 1418661 |  | 1418661 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 2148626 |  | 2148626 |
| &nbsp;&nbsp;&nbsp;United States | 68556165 |  |  | 68556165 |
| Money Market Fund | 871584 |  |  | 871584 |
| **Total Investments** | $73582143 | $20478403 | $— | $94060546 |

---

See Notes to Financial Statements

VANECK FABLESS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Taiwan: 2.2%** |  |  |
| Silicon Motion Technology Corp. (ADR) | 29675 | $3332206 |
| **United Kingdom: 5.8%** |  |  |
| ARM Holdings PLC (ADR) \* † | 58546 | 8856839 |
| **United States: 91.9%** |  |  |
| Advanced Micro Devices, Inc. \* | 38143 | 7759430 |
| Allegro MicroSystems, Inc. \* | 53933 | 1700507 |
| Ambarella, Inc. \* | 32999 | 1698624 |
| Astera Labs, Inc. \* | 56383 | 6179577 |
| Broadcom, Inc. | 68619 | 21238267 |
| Cadence Design Systems, Inc. \* | 23905 | 6642482 |
| Cirrus Logic, Inc. \* | 38107 | 5511034 |
| Impinj, Inc. \* † | 15544 | 1596369 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Lattice Semiconductor Corp. \* | 67683 | $6278275 |
| Marvell Technology, Inc. | 77748 | 7700939 |
| Monolithic Power Systems, Inc. | 6564 | 7176749 |
| NVIDIA Corp. | 167991 | 29297631 |
| Power Integrations, Inc. † | 33389 | 1709517 |
| Qualcomm, Inc. | 58253 | 7501821 |
| Rambus, Inc. \* | 71360 | 6139101 |
| Semtech Corp. \* | 54769 | 4211188 |
| Silicon Laboratories, Inc. \* | 19186 | 3993566 |
| SiTime Corp. \* | 13267 | 4581758 |
| Synaptics, Inc. \* † | 19540 | 1368582 |
| Synopsys, Inc. \* | 18045 | 7154482 |
|  |  | 139439899 |
| **Total Common Stocks**<br> (Cost: $155,466,920) |  | 151628944 |
| **Total Investments: 99.9%**<br> (Cost: $155,466,920) |  | 151628944 |
| **Other assets less liabilities: 0.1%** |  | 80832 |
| **NET ASSETS: 100.0%** |  | $151709776 |

---

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $11,707,800. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $151628944 | $— | $— | $151628944 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUND: 99.8%(a)**<br> (Cost: $22,799,184) | **EXCHANGE TRADED FUND: 99.8%(a)**<br> (Cost: $22,799,184) |  |
| Vanguard S&P 500 ETF | 43150 | $25784283 |
| **Total Investments: 99.8%**<br> (Cost: $22,799,184) |  | 25784283 |
| **Other assets less liabilities: 0.2%** |  | 55129 |
| NET ASSETS: 100.0% |  | $25839412 |

---

**Footnotes:**

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

The summary of inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Exchange Traded Funds | $25784283 | $— | $— | $25784283 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 3.9%** |  |  |
| ASX Ltd. | 9540 | $343602 |
| Endeavour Group Ltd. † | 135839 | 305237 |
|  |  | 648839 |
| **Belgium: 1.0%** |  |  |
| Anheuser-Busch InBev SA | 2361 | 162833 |
| **Brazil: 2.2%** |  |  |
| Ambev SA | 125100 | 365338 |
| **China: 17.2%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 19300 | 302556 |
| Baidu, Inc. (HKD) \* | 22250 | 311054 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 42200 | 161649 |
| JD.com, Inc. (HKD) | 11650 | 171749 |
| Jiangsu Yanghe Distillery Co. Ltd. | 19700 | 145252 |
| Luzhou Laojiao Co. Ltd. | 21200 | 323246 |
| Prosus NV (EUR) | 6330 | 292125 |
| SF Holding Co. Ltd. | 64600 | 357959 |
| Tencent Holdings Ltd. (HKD) | 4800 | 302786 |
| Wuliangye Yibin Co. Ltd. | 10900 | 163719 |
| Yum China Holdings, Inc. (USD) | 6845 | 333899 |
|  |  | 2865994 |
| **France: 7.2%** |  |  |
| Bureau Veritas SA | 10864 | 324148 |
| Dassault Aviation SA | 540 | 200355 |
| Pernod Ricard SA | 2048 | 151812 |
| Safran SA | 470 | 153312 |
| Thales SA | 1233 | 360429 |
|  |  | 1190056 |
| **Germany: 8.9%** |  |  |
| Hensoldt AG \* | 3947 | 349191 |
| MTU Aero Engines AG | 430 | 156377 |
| Rheinmetall AG | 183 | 307707 |
| Sartorius Stedim Biotech | 912 | 177062 |
| Siemens Healthineers AG 144A | 7165 | 304737 |
| Symrise AG | 2081 | 177139 |
|  |  | 1472213 |
| **Japan: 2.0%** |  |  |
| Kao Corp. | 4400 | 170867 |
| Sony Group Corp. | 8100 | 168417 |
|  |  | 339284 |
| **Netherlands: 6.6%** |  |  |
| Adyen NV 144A \* | 110 | 109746 |
| BE Semiconductor Industries NV | 889 | 189817 |
| Heineken NV | 2094 | 160558 |
| Koninklijke Philips NV \* † | 12323 | 335997 |
| NXP Semiconductors NV (USD) | 837 | 164772 |
| Universal Music Group NV | 7182 | 138968 |
|  |  | 1099858 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **New Zealand: 1.1%** |  |  |
| Auckland International Airport Ltd. | 39034 | $177468 |
| **Norway: 1.7%** |  |  |
| Kongsberg Gruppen ASA | 6773 | 286990 |
| **Sweden: 0.9%** |  |  |
| Elekta AB | 26561 | 156122 |
| **Switzerland: 1.1%** |  |  |
| Roche Holding AG | 449 | 178311 |
| **Taiwan: 3.7%** |  |  |
| Advantech Co. Ltd. | 20000 | 205079 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7000 | 404842 |
|  |  | 609921 |
| **United Kingdom: 10.2%** |  |  |
| BAE Systems PLC | 13144 | 383935 |
| GSK PLC | 13314 | 365383 |
| Intertek Group PLC | 2997 | 145291 |
| Melrose Industries PLC | 47285 | 319226 |
| Reckitt Benckiser Group PLC | 2147 | 143830 |
| Spirax Group PLC | 3736 | 333930 |
|  |  | 1691595 |
| **United States: 32.3%** |  |  |
| Agilent Technologies, Inc. | 1473 | 167893 |
| Airbnb, Inc. \* | 1278 | 161386 |
| Bristol-Myers Squibb Co. | 6142 | 372512 |
| Broadcom, Inc. | 497 | 153827 |
| Brown-Forman Corp. | 6903 | 182515 |
| Charles Schwab Corp. | 1815 | 170574 |
| Constellation Brands, Inc. | 1153 | 172950 |
| Danaher Corp. | 864 | 163814 |
| Datadog, Inc. \* | 1336 | 157715 |
| Entegris, Inc. | 1464 | 171639 |
| Estee Lauder Cos, Inc. | 1849 | 132703 |
| Etsy, Inc. \* | 6293 | 314524 |
| GE HealthCare Technologies, Inc. | 2036 | 144923 |
| Huntington Ingalls Industries, Inc. | 546 | 207425 |
| LPL Financial Holdings, Inc. | 470 | 141390 |
| MarketAxess Holdings, Inc. | 928 | 153101 |
| Masco Corp. | 2674 | 161429 |
| Meta Platforms, Inc. | 265 | 151614 |
| Microsoft Corp. | 420 | 155471 |
| Mondelez International, Inc. | 3167 | 182546 |
| Northrop Grumman Corp. | 316 | 215588 |
| NVIDIA Corp. | 1847 | 322117 |
| Oracle Corp. | 790 | 116217 |
| Otis Worldwide Corp. | 2044 | 157552 |
| US Bancorp | 6653 | 346023 |
| Walt Disney Co. | 1599 | 154112 |
| Workday, Inc. \* | 797 | 103546 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Zimmer Biomet Holdings, Inc. | 3720 | $336362 |
|  |  | 5371468 |
| **Total Common Stocks**<br> (Cost: $15,723,171) |  | 16616290 |
| **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: $152,485) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 152485 | 152485 |
| **Total Investments: 100.9%**<br> (Cost: $15,875,656) |  | 16768775 |
| **Liabilities in excess of other assets: (0.9)%** |  | (143046) |
| **NET ASSETS: 100.0%** |  | $16625729 |

---

**Definitions:**

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

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $420,568. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $414,483, or 2.5% of net assets. |

---

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;648839 | $&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;648839 |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;162833 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;162833 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;365338 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;365338 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;333899 | &nbsp;&nbsp;&nbsp;2532095 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2865994 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1190056 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1190056 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1472213 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1472213 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;170867 | &nbsp;&nbsp;&nbsp;168417 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;339284 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;164772 | &nbsp;&nbsp;&nbsp;935086 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1099858 |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;177468 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;177468 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;286990 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;286990 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;156122 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;156122 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;178311 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;178311 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;609921 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;609921 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1691595 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1691595 |
| &nbsp;&nbsp;&nbsp;United States | 5371468 |  |  | 5371468 |
| Money Market Fund | 152485 |  |  | 152485 |
| **Total Investments** | $7023287 | $9745488 | $— | $16768775 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 4.1%** |  |  |
| Endeavour Group Ltd. † | 1912472 | $4297421 |
| WiseTech Global Ltd. † | 120061 | 3215603 |
|  |  | 7513024 |
| **Brazil: 2.8%** |  |  |
| Ambev SA | 1765100 | 5154736 |
| **China: 26.2%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 273800 | 4292221 |
| Baidu, Inc. (HKD) \* | 151000 | 2110975 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 1238200 | 4742962 |
| JD.com, Inc. (HKD) | 345650 | 5095703 |
| Jiangsu Yanghe Distillery Co. Ltd. | 607700 | 4480695 |
| Luzhou Laojiao Co. Ltd. | 299500 | 4566615 |
| Prosus NV (EUR) | 89691 | 4139180 |
| SF Holding Co. Ltd. | 913679 | 5062847 |
| Tencent Holdings Ltd. (HKD) | 68500 | 4321006 |
| Wuliangye Yibin Co. Ltd. | 319700 | 4801928 |
| Yum China Holdings, Inc. (USD) | 96623 | 4713270 |
|  |  | 48327402 |
| **Denmark: 4.6%** |  |  |
| Coloplast A/S | 63691 | 4325047 |
| Novo Nordisk A/S | 112780 | 4114269 |
|  |  | 8439316 |
| **France: 12.3%** |  |  |
| Bureau Veritas SA | 153385 | 4576530 |
| Dassault Systemes SE | 208652 | 4210663 |
| Edenred SE | 229867 | 4564240 |
| Pernod Ricard SA | 57295 | 4247107 |
| Thales SA | 17409 | 5088981 |
|  |  | 22687521 |
| **Germany: 12.7%** |  |  |
| Hensoldt AG \* | 55824 | 4938752 |
| Rheinmetall AG | 2588 | 4351615 |
| SAP SE | 12371 | 2102379 |
| Sartorius Stedim Biotech | 13089 | 2541191 |
| Siemens Healthineers AG 144A | 101422 | 4313611 |
| Symrise AG | 61123 | 5202915 |
|  |  | 23450463 |
| **Japan: 7.6%** |  |  |
| Nintendo Co. Ltd. | 45300 | 2579721 |
| Oriental Land Co. Ltd./Japan † | 128100 | 2174959 |
| Unicharm Corp. † | 863000 | 5047593 |
| ZOZO, Inc. † | 611200 | 4269820 |
|  |  | 14072093 |
| **Netherlands: 7.1%** |  |  |
| Adyen NV 144A \* † | 2256 | 2250787 |
| Koninklijke Philips NV \* | 174003 | 4744340 |
| Universal Music Group NV | 223287 | 4320493 |
| Wolters Kluwer NV | 23563 | 1754320 |
|  |  | 13069940 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Sweden: 2.6%** |  |  |
| Elekta AB † | 810549 | $4764311 |
| **Switzerland: 2.7%** |  |  |
| DSM-Firmenich AG (EUR) | 68531 | 4886135 |
| **Taiwan: 3.0%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 96000 | 5552113 |
| **United Kingdom: 11.7%** |  |  |
| BAE Systems PLC | 104177 | 3043004 |
| Diageo PLC | 109623 | 2031133 |
| Experian plc | 66320 | 2285811 |
| GSK PLC | 98347 | 2698984 |
| Melrose Industries PLC | 669337 | 4518765 |
| RELX PLC | 69554 | 2270315 |
| Spirax Group PLC | 52842 | 4723105 |
|  |  | 21571117 |
| **United States: 2.5%** |  |  |
| James Hardie Industries PLC (AUD) \* | 249605 | 4569212 |
| **Total Common Stocks**<br> (Cost: $195,391,707) |  | 184057383 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%** |  |
| **Money Market Fund: 2.8%**<br> (Cost: $5,120,691) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 5120691 | 5120691 |
| **Total Investments: 102.7%**<br> (Cost: $200,512,398) |  | 189178074 |
| **Liabilities in excess of other assets: (2.7)%** |  | (4920604) |
| **NET ASSETS: 100.0%** |  | $184257470 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

------

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,800,072. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $6,564,398, or 3.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $7513024 | $— | $7513024 |
| &nbsp;&nbsp;&nbsp;Brazil | 5154736 |  |  | 5154736 |
| &nbsp;&nbsp;&nbsp;China | 4713270 | 43614132 |  | 48327402 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 8439316 |  | 8439316 |
| &nbsp;&nbsp;&nbsp;France |  | 22687521 |  | 22687521 |
| &nbsp;&nbsp;&nbsp;Germany |  | 23450463 |  | 23450463 |
| &nbsp;&nbsp;&nbsp;Japan | 5047593 | 9024500 |  | 14072093 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 13069940 |  | 13069940 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 4764311 |  | 4764311 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 4886135 |  | 4886135 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 5552113 |  | 5552113 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 21571117 |  | 21571117 |
| &nbsp;&nbsp;&nbsp;United States |  | 4569212 |  | 4569212 |
| Money Market Fund | 5120691 |  |  | 5120691 |
| **Total Investments** | $20036290 | $169141784 | $— | $189178074 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Automobiles & Components: 0.7%** | **Automobiles & Components: 0.7%** |  |
| Gentex Corp. | 97209 | $2124017 |
| **Banks: 0.7%** |  |  |
| US Bancorp | 43134 | 2243399 |
| **Capital Goods: 13.0%** |  |  |
| Acuity, Inc. | 13651 | 3825283 |
| Allegion PLC | 13911 | 2021129 |
| Allison Transmission Holdings, Inc. | 18090 | 2117615 |
| Carrier Global Corp. | 36008 | 2027610 |
| CNH Industrial NV | 189794 | 2087734 |
| Core & Main, Inc. \* | 42318 | 2090509 |
| Generac Holdings, Inc. \* | 13253 | 2588708 |
| Huntington Ingalls Industries, Inc. | 6982 | 2652462 |
| L3Harris Technologies, Inc. | 7741 | 2671806 |
| Masco Corp. | 67936 | 4101296 |
| Nordson Corp. | 9463 | 2517726 |
| Oshkosh Corp. | 17160 | 2526124 |
| Otis Worldwide Corp. | 50256 | 3873732 |
| PACCAR, Inc. | 20081 | 2319356 |
| Sensata Technologies Holding PLC | 65112 | 2293245 |
| United Rentals, Inc. | 2577 | 1877499 |
|  |  | 41591834 |
| **Commercial & Professional Services: 3.4%** |  |  |
| Broadridge Financial Solutions, Inc. | 10104 | 1641698 |
| Equifax, Inc. | 20995 | 3780570 |
| SS&C Technologies Holdings, Inc. | 25830 | 1745333 |
| TransUnion | 55189 | 3818527 |
|  |  | 10986128 |
| **Consumer Discretionary Distribution & Retail: 2.3%** | **Consumer Discretionary Distribution & Retail: 2.3%** |  |
| Asbury Automotive Group, Inc.\* | 9273 | 1812037 |
| Etsy, Inc. \* | 78976 | 3947220 |
| Lithia Motors, Inc.† | 6640 | 1658141 |
|  |  | 7417398 |
| **Consumer Durables & Apparel: 2.6%** | **Consumer Durables & Apparel: 2.6%** |  |
| Brunswick Corp. | 29253 | 2128448 |
| Hasbro, Inc. | 26842 | 2512411 |
| Mattel, Inc. \* | 107304 | 1559127 |
| NIKE, Inc. | 35033 | 1850443 |
|  |  | 8050429 |
| **Consumer Services: 3.9%** |  |  |
| Airbnb, Inc.\* | 33759 | 4263087 |
| Carnival Corp. | 163058 | 4219941 |
| Norwegian Cruise Line Holdings Ltd. \* | 102093 | 1909139 |
| Wynn Resorts Ltd. | 20820 | 2114271 |
|  |  | 12506438 |
| **Energy: 5.1%** |  |  |
| Devon Energy Corp. | 105480 | 5307753 |
| Diamondback Energy, Inc. | 13837 | 2736820 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Energy (continued)** |  |  |
| EOG Resources, Inc. | 19915 | $2879112 |
| SLB Ltd. | 102172 | 5250619 |
|  |  | 16174304 |
| **Equity Real Estate Investment Trusts (REITs): 1.2%** | **Equity Real Estate Investment Trusts (REITs): 1.2%** |  |
| SBA Communications Corp. | 22386 | 3852854 |
| **Financial Services: 8.0%** |  |  |
| Ameriprise Financial, Inc. | 4579 | 2034908 |
| Block, Inc. \* | 32259 | 1941347 |
| Carlyle Group, Inc. | 43310 | 2095771 |
| Fidelity National Information Services, Inc. | 33423 | 1567873 |
| Jack Henry & Associates, Inc. | 24533 | 3877195 |
| LPL Financial Holdings, Inc. | 6002 | 1805582 |
| MarketAxess Holdings, Inc. | 11424 | 1884732 |
| MSCI, Inc. | 3748 | 2020209 |
| Raymond James Financial, Inc. | 13982 | 2024454 |
| Stifel Financial Corp. | 28942 | 2139393 |
| T Rowe Price Group, Inc. | 44437 | 4005551 |
|  |  | 25397015 |
| **Food, Beverage & Tobacco: 6.6%** | **Food, Beverage & Tobacco: 6.6%** |  |
| Brown-Forman Corp. | 84981 | 2246898 |
| Constellation Brands, Inc. | 14194 | 2129100 |
| Hershey Co. | 12332 | 2563699 |
| Ingredion, Inc. | 18649 | 2100996 |
| Kraft Heinz Co. | 176938 | 3979336 |
| Lamb Weston Holdings, Inc. | 83523 | 3529682 |
| Mondelez International, Inc. | 76815 | 4427617 |
|  |  | 20977328 |
| **Health Care Equipment & Services: 10.0%** | **Health Care Equipment & Services: 10.0%** |  |
| Align Technology, Inc.\* | 12080 | 2070874 |
| Becton Dickinson & Co. | 24542 | 3858739 |
| Cigna Group | 16277 | 4341890 |
| Dexcom, Inc. \* | 33325 | 2092810 |
| Elevance Health, Inc. | 6888 | 2016462 |
| GE HealthCare Technologies, Inc. | 54044 | 3846852 |
| Humana, Inc. | 8638 | 1497743 |
| Insulet Corp. \* | 8797 | 1845962 |
| Labcorp Holdings, Inc. | 8370 | 2233200 |
| ResMed, Inc. | 17188 | 3858362 |
| Zimmer Biomet Holdings, Inc. | 46675 | 4220354 |
|  |  | 31883248 |
| **Household & Personal Products: 1.8%** | **Household & Personal Products: 1.8%** |  |
| Clorox Co. | 18645 | 1932181 |
| Estee Lauder Cos, Inc. | 22825 | 1638150 |
| Kimberly-Clark Corp. | 22036 | 2125813 |
|  |  | 5696144 |
| **Materials: 11.9%** |  |  |
| Air Products and Chemicals, Inc. | 9273 | 2693714 |
| Albemarle Corp. | 29078 | 5220373 |
| Amcor PLC † | 104734 | 4163177 |
| AptarGroup, Inc. | 15805 | 1991746 |
| Ball Corp. | 46370 | 2740931 |
| Celanese Corp. | 41096 | 2702884 |
| CF Industries Holdings, Inc. | 29791 | 3868063 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials (continued)** |  |  |
| Corteva, Inc. | 60337 | $5050810 |
| Dow, Inc. | 61622 | 2566556 |
| DuPont de Nemours, Inc. | 101155 | 4632899 |
| International Flavors & Fragrances, Inc. | 34054 | 2470618 |
|  |  | 38101771 |
| **Media & Entertainment: 2.3%** |  |  |
| Omnicom Group, Inc. | 25176 | 1896005 |
| Pinterest, Inc. \* | 82795 | 1518460 |
| Reddit, Inc. \* | 15226 | 2050181 |
| Warner Music Group Corp. | 76855 | 1962877 |
|  |  | 7427523 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 8.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.5%** |  |
| Agilent Technologies, Inc. | 18126 | 2066001 |
| Biogen, Inc. \* | 23247 | 4261873 |
| BioMarin Pharmaceutical, Inc. \* | 76309 | 4310696 |
| Bio-Techne Corp. | 74494 | 3893056 |
| Ionis Pharmaceuticals, Inc. \* | 28058 | 2106875 |
| IQVIA Holdings, Inc. \* | 11839 | 2019023 |
| Royalty Pharma PLC | 102671 | 4925128 |
| Waters Corp. \* | 6917 | 2059883 |
| West Pharmaceutical Services, Inc. | 8526 | 2136957 |
|  |  | 27779492 |
| **Real Estate Investment Trusts: 1.2%** |  |  |
| Crown Castle, Inc. | 48061 | 3907840 |
| **Semiconductors & Semiconductor Equipment: 4.7%** | **Semiconductors & Semiconductor Equipment: 4.7%** |  |
| Entegris, Inc. | 18017 | 2112313 |
| Marvell Technology, Inc. | 46015 | 4557786 |
| Monolithic Power Systems, Inc. | 1994 | 2180140 |
| NXP Semiconductors NV | 19772 | 3892316 |
| ON Semiconductor Corp.\* | 35699 | 2210482 |
|  |  | 14953037 |
| **Software & Services: 6.9%** |  |  |
| Akamai Technologies, Inc.\* † | 46015 | 5284822 |
| Cloudflare, Inc. \* | 10493 | 2165126 |
| Datadog, Inc. \* | 30440 | 3593442 |
| Dynatrace, Inc. \* | 49768 | 1840421 |
| Fortinet, Inc. \* | 26381 | 2155855 |
| Workday, Inc. \* | 10184 | 1323105 |
| Zoom Communications, Inc. \* | 52358 | 4209060 |
| Zscaler, Inc.\* | 9094 | 1275797 |
|  |  | 21847628 |
| **Technology Hardware & Equipment: 2.0%** |  |  |
| Littelfuse, Inc. | 6888 | 2337443 |
| Vontier Corp. | 116121 | 4118812 |
|  |  | 6456255 |
| **Utilities: 3.1%** |  |  |
| Essential Utilities, Inc. | 58208 | 2344036 |
| Evergy, Inc. | 30183 | 2472591 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Utilities (continued)** |  |  |
| FirstEnergy Corp. | 49209 | $2492928 |
| Portland General Electric Co. | 46216 | 2438818 |
|  |  | 9748373 |
| **Total Common Stocks**<br> (Cost: $313,563,818) |  | 319122455 |
| **Total Investments: 99.9%**<br> (Cost: $313,563,818) |  | 319122455 |
| **Other assets less liabilities: 0.1%** |  | 233620 |
| **NET ASSETS: 100.0%** |  | $319356075 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,538,030. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $319122455 | $— | $— | $319122455 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |  |
| **Banks: 1.3%** |  |  |  |
| US Bancorp | 2987372 | $| 155373218 |
| **Capital Goods: 11.0%** |  |  |  |
| Boeing Co.\* | 772239 |  | 153698728 |
| Huntington Ingalls Industries, Inc. † | 490398 |  | 186302200 |
| IDEX Corp. | 882718 |  | 167319197 |
| Masco Corp. | 4884630 |  | 294885113 |
| Northrop Grumman Corp. | 283447 |  | 193378881 |
| Otis Worldwide Corp. | 3613020 |  | 278491582 |
|  |  |  | 1274075701 |
| **Commercial & Professional Services: 6.9%** | **Commercial & Professional Services: 6.9%** | **Commercial & Professional Services: 6.9%** | **Commercial & Professional Services: 6.9%** |
| Broadridge Financial Solutions, Inc. | 1533852 |  | 249220273 |
| Copart, Inc. \* | 4145103 |  | 137617420 |
| Equifax, Inc. | 749047 |  | 134880893 |
| TransUnion† | 3971788 |  | 274808012 |
|  |  |  | 796526598 |
| **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** |
| Amazon.com, Inc.\* | 729461 |  | 151924842 |
| **Consumer Durables & Apparel: 2.4%** | **Consumer Durables & Apparel: 2.4%** | **Consumer Durables & Apparel: 2.4%** |  |
| NIKE, Inc. | 5216209 |  | 275520159 |
| **Consumer Services: 3.9%** |  |  |  |
| Airbnb, Inc.\* | 2425352 |  | 306273451 |
| Chipotle Mexican Grill, Inc.\* | 4624512 |  | 148030629 |
|  |  |  | 454304080 |
| **Financial Services: 6.3%** |  |  |  |
| Blackstone, Inc. | 1407424 |  | 161839686 |
| Charles Schwab Corp. | 1650052 |  | 155071887 |
| LPL Financial Holdings, Inc. | 919718 |  | 276678766 |
| MarketAxess Holdings, Inc. | 841243 |  | 138788270 |
|  |  |  | 732378609 |
| **Food, Beverage & Tobacco: 11.1%** | **Food, Beverage & Tobacco: 11.1%** | **Food, Beverage & Tobacco: 11.1%** | **Food, Beverage & Tobacco: 11.1%** |
| Brown-Forman Corp.† | 11481413 |  | 303568560 |
| Constellation Brands, Inc. | 2119382 |  | 317907300 |
| Hershey Co. | 866345 |  | 180104462 |
| Mondelez International, Inc. | 5520333 |  | 318191994 |
| PepsiCo, Inc. | 1051025 |  | 163213672 |
|  |  |  | 1282985988 |
| **Health Care Equipment & Services: 6.2%** | **Health Care Equipment & Services: 6.2%** | **Health Care Equipment & Services: 6.2%** | **Health Care Equipment & Services: 6.2%** |
| GE HealthCare Technologies, Inc. | 3891943 |  | 277028503 |
| Veeva Systems, Inc. \* | 796298 |  | 139877707 |
| Zimmer Biomet Holdings, Inc.† | 3356387 |  | 303484512 |
|  |  |  | 720390722 |
| **Household & Personal Products: 7.3%** | **Household & Personal Products: 7.3%** | **Household & Personal Products: 7.3%** | **Household & Personal Products: 7.3%** |
| Clorox Co. | 2926596 |  | 303283143 |
| Estee Lauder Cos, Inc. | 3191513 |  | 229054888 |
| Kenvue, Inc. | 17945573 |  | 309381679 |
|  |  |  | 841719710 |
| **Media & Entertainment: 2.3%** | **Media & Entertainment: 2.3%** | **Media & Entertainment: 2.3%** | **Media & Entertainment: 2.3%** |
| Meta Platforms, Inc. | 231653 |  | 132535631 |
| Walt Disney Co. | 1439149 |  | 138705180 |
|  |  |  | 271240811 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences: 11.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 11.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 11.9%** |
| Agilent Technologies, Inc. | 1335149 | $152180283 |
| Bristol-Myers Squibb Co. | 5553038 | 336791756 |
| Danaher Corp. | 1462724 | 277332470 |
| Thermo Fisher Scientific, Inc. | 305382 | 150104415 |
| West Pharmaceutical Services, Inc. | 627794 | 157350288 |
| Zoetis, Inc. | 2575205 | 304414983 |
|  |  | 1378174195 |
| **Real Estate Management & Development: 1.1%** | **Real Estate Management & Development: 1.1%** | **Real Estate Management & Development: 1.1%** |
| CoStar Group, Inc.\* | 3216262 | 129744009 |
| **Semiconductors & Semiconductor Equipment: 8.8%** | **Semiconductors & Semiconductor Equipment: 8.8%** | **Semiconductors & Semiconductor Equipment: 8.8%** |
| Applied Materials, Inc. | 459464 | 157040200 |
| Broadcom, Inc. | 450413 | 139407328 |
| Entegris, Inc. † | 1327177 | 155598231 |
| NVIDIA Corp. | 1666302 | 290603069 |
| NXP Semiconductors NV | 1424329 | 280393407 |
|  |  | 1023042235 |
| **Software & Services: 15.1%** | **Software & Services: 15.1%** |  |
| Adobe, Inc.\* | 459201 | 111622579 |
| Datadog, Inc. \* | 1211357 | 143000694 |
| Fair Isaac Corp. \* | 108058 | 115356237 |
| Fortinet, Inc. \* | 3711593 | 303311380 |
| Microsoft Corp. | 695867 | 257589087 |
| Oracle Corp. | 709670 | 104399554 |
| Palo Alto Networks, Inc. \* | 943248 | 151221519 |
| Salesforce, Inc. | 607523 | 113406319 |
| ServiceNow, Inc. \* | 926410 | 96856166 |
| Tyler Technologies, Inc. \* | 767556 | 262795823 |
| Workday, Inc.\* | 715452 | 92951524 |
|  |  | 1752510882 |
| **Technology Hardware & Equipment: 1.6%** | **Technology Hardware & Equipment: 1.6%** |  |
| Motorola Solutions, Inc. | 420032 | 182281287 |
| **Transportation: 1.4%** |  |  |
| United Parcel Service, Inc. | 1662295 | 163536582 |
| **Total Common Stocks** <br> (Cost: $12,355,157,883) |  | 11585729628 |
| **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: $12,156,279) | **Money Market Fund: 0.1%**<br> (Cost: $12,156,279) | **Money Market Fund: 0.1%**<br> (Cost: $12,156,279) |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 12156279 | 12156279 |
| **Total Investments: 100.0%**<br> (Cost: $12,367,314,162) |  | 11597885907 |
| **Other assets less liabilities: 0.0%** | **Other assets less liabilities: 0.0%** | 3528427 |
| **NET ASSETS: 100.0%** |  | $11601414334 |

---

------

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $231,796,790. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $11585729628 | $— | $— | $11585729628 |
| Money Market Fund | 12156279 |  |  | 12156279 |
| **Total Investments** | $11597885907 | $— | $— | $11597885907 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT VALUE ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |  |
| **Banks: 2.4%** |  |  |  |
| US Bancorp | 2875 | $| 149529 |
| **Capital Goods: 12.1%** |  |  |  |
| Boeing Co.\* | 656 |  | 130564 |
| Huntington Ingalls Industries, Inc. | 156 |  | 59264 |
| IDEX Corp. | 301 |  | 57055 |
| Masco Corp. | 2563 |  | 154728 |
| Northrop Grumman Corp. | 241 |  | 164420 |
| Otis Worldwide Corp. | 2448 |  | 188692 |
|  |  |  | 754723 |
| **Consumer Discretionary Distribution & Retail: 2.0%** | **Consumer Discretionary Distribution & Retail: 2.0%** | **Consumer Discretionary Distribution & Retail: 2.0%** | **Consumer Discretionary Distribution & Retail: 2.0%** |
| Etsy, Inc.\* | 2507 |  | 125300 |
| **Consumer Durables & Apparel: 2.3%** | **Consumer Durables & Apparel: 2.3%** | **Consumer Durables & Apparel: 2.3%** | **Consumer Durables & Apparel: 2.3%** |
| NIKE, Inc. | 2751 |  | 145308 |
| **Consumer Services: 2.0%** |  |  |  |
| Airbnb, Inc.\* | 985 |  | 124386 |
| **Financial Services: 5.9%** |  |  |  |
| Blackstone, Inc. | 564 |  | 64854 |
| Charles Schwab Corp. | 762 |  | 71613 |
| MarketAxess Holdings, Inc. | 901 |  | 148647 |
| S&P Global, Inc. | 193 |  | 82091 |
|  |  |  | 367205 |
| **Food, Beverage & Tobacco: 19.7%** | **Food, Beverage & Tobacco: 19.7%** | **Food, Beverage & Tobacco: 19.7%** | **Food, Beverage & Tobacco: 19.7%** |
| Brown-Forman Corp.† | 10465 |  | 276695 |
| Campbell's Company/The † | 10405 |  | 231719 |
| Constellation Brands, Inc. | 1919 |  | 287850 |
| Hershey Co. | 737 |  | 153215 |
| Mondelez International, Inc. | 2417 |  | 139316 |
| PepsiCo, Inc. | 894 |  | 138829 |
|  |  |  | 1227624 |
| **Health Care Equipment & Services: 7.4%** | **Health Care Equipment & Services: 7.4%** | **Health Care Equipment & Services: 7.4%** | **Health Care Equipment & Services: 7.4%** |
| GE HealthCare Technologies, Inc. | 2659 |  | 189268 |
| Zimmer Biomet Holdings, Inc. | 3041 |  | 274967 |
|  |  |  | 464235 |
| **Household & Personal Products: 11.4%** | **Household & Personal Products: 11.4%** | **Household & Personal Products: 11.4%** | **Household & Personal Products: 11.4%** |
| Clorox Co. | 2642 |  | 273790 |
| Estee Lauder Cos, Inc. | 2136 |  | 153301 |
| Kenvue, Inc. | 16221 |  | 279650 |
|  |  |  | 706741 |
| **Materials: 4.0%** |  |  |  |
| Air Products and Chemicals, Inc. | 554 |  | 160931 |
| Corteva, Inc. | 1041 |  | 87142 |
|  |  |  | 248073 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 17.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 17.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 17.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 17.9%** |
| Agilent Technologies, Inc. | 803 |  | 91526 |
| Bristol-Myers Squibb Co. | 5010 |  | 303856 |
| Danaher Corp. | 1332 |  | 252547 |
| Merck & Co., Inc. | 1318 |  | 158542 |
| Thermo Fisher Scientific, Inc. | 294 |  | 144510 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences (continued)** |
| West Pharmaceutical Services, Inc. | 203 | $50880 |
| Zoetis, Inc. | 878 | 103788 |
|  |  | 1105649 |
| **Semiconductors & Semiconductor Equipment: 4.5%** | **Semiconductors & Semiconductor Equipment: 4.5%** | **Semiconductors & Semiconductor Equipment: 4.5%** |
| Applied Materials, Inc. | 289 | 98777 |
| NXP Semiconductors NV | 925 | 182096 |
|  |  | 280873 |
| **Software & Services: 3.8%** |  |  |
| Adobe, Inc.\* | 249 | 60527 |
| Microsoft Corp. | 343 | 126968 |
| Salesforce, Inc. | 260 | 48534 |
|  |  | 236029 |
| **Transportation: 4.7%** |  |  |
| United Parcel Service, Inc. | 2913 | 286581 |
| **Total Common Stocks** <br> (Cost: $6,700,127) |  | 6222256 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** |  |
| **Money Market Fund: 0.7%**<br>(Cost: $44,889) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 44889 | 44889 |
| **Total Investments: 100.8%**<br> (Cost: $6,745,016) |  | 6267145 |
| **Liabilities in excess of other assets: (0.8)%** | **Liabilities in excess of other assets: (0.8)%** | (48141) |
| **NET ASSETS: 100.0%** |  | $6219004 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $269,348. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $6222256 | $— | $— | $6222256 |
| Money Market Fund | 44889 |  |  | 44889 |
| **Total Investments** | $6267145 | $— | $— | $6267145 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.4%** |  |  |  |
| **Denmark: 4.8%** |  |  |  |
| Novo Nordisk A/S (ADR) |  | 1621481 | $59589427 |
| **France: 4.7%** |  |  |  |
| Sanofi SA (ADR) |  | 1215842 | 58579268 |
| **Israel: 2.8%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. (ADR) \* |  | 1164065 | 35061638 |
| **Japan: 3.1%** |  |  |  |
| Takeda Pharmaceutical Co. Ltd. (ADR) † | Takeda Pharmaceutical Co. Ltd. (ADR) † | 2105494 | 38993749 |
| **Switzerland: 10.8%** |  |  |  |
| Novartis AG (ADR) † |  | 876525 | 133889194 |
| **United Kingdom: 12.2%** |  |  |  |
| AstraZeneca PLC (USD) |  | 276361 | 54503916 |
| GSK PLC (ADR) † |  | 1031808 | 56945483 |
| Haleon PLC (ADR) † |  | 3983354 | 39873374 |
|  |  |  | 151322773 |
| **United States: 61.0%** |  |  |  |
| AbbVie, Inc. |  | 234649 | 51033811 |
| Axsome Therapeutics, Inc. \* |  | 37673 | 6367491 |
| Bausch Health Cos, Inc. \* † |  | 238036 | 1285394 |
| Bristol-Myers Squibb Co. |  | 948719 | 57539807 |
| Cencora, Inc. |  | 147361 | 46291985 |
| Corcept Therapeutics, Inc. \* |  | 68270 | 2751964 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Elanco Animal Health, Inc. \* † | 183073 | $4380937 |
| Eli Lilly & Co. | 251889 | 231679945 |
| Jazz Pharmaceuticals PLC \* | 52466 | 9918697 |
| Johnson & Johnson | 220785 | 53968685 |
| McKesson Corp. | 60904 | 52703885 |
| Merck & Co., Inc. | 1001170 | 120430739 |
| Organon & Co. † | 202676 | 1214029 |
| Perrigo Co. PLC † | 81102 | 871036 |
| Pfizer, Inc. | 2306299 | 64760876 |
| Viatris, Inc. | 823746 | 11128808 |
| Zoetis, Inc. | 364184 | 43050191 |
|  |  | 759378280 |
| **Total Common Stocks**<br> (Cost: $1,288,194,577) |  | 1236814329 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** |  |
| **Money Market Fund: 2.0%**<br> (Cost: $24,348,341) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 24348341 | 24348341 |
| **Total Investments: 101.4%**<br> (Cost: $1,312,542,918) |  | 1261162670 |
| **Liabilities in excess of other assets: (1.4)%** | **Liabilities in excess of other assets: (1.4)%** | (16891618) |
| **NET ASSETS: 100.0%** |  | $1244271052 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $151,113,075. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $1236814329 | $— | $— | $1236814329 |
| Money Market Fund | 24348341 |  |  | 24348341 |
| **Total Investments** | $1261162670 | $— | $— | $1261162670 |

---

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

See Notes to Financial Statements

VANECK REAL ASSETS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED PRODUCTS: 99.8%(a)** |  |  |
| First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund | 165998 | $27153953 |
| Global X US Infrastructure Development ETF † | 1492814 | 75849880 |
| iShares Global Industrials ETF † | 143102 | 25902893 |
| iShares Gold Trust \* | 6194 | 546063 |
| iShares Residential and Multisector Real Estate ETF | 239685 | 19944189 |
| iShares U.S. Infrastructure ETF | 365217 | 20890412 |
| SPDR Gold MiniShares Trust \* | 5936 | 550208 |
| State Street Energy Select Sector SPDR ETF | 864371 | 52951368 |
| State Street Materials Select Sector SPDR ETF † | 498354 | 24902749 |
| State Street Utilities Select Sector SPDR ETF † | 540773 | 24816073 |
| VanEck Commodity Strategy ETF ‡ | 2245510 | 162507559 |
| VanEck Energy Income ETF † ‡ | 552320 | 65071194 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| VanEck Gold Miners ETF † ‡ | 241150 | $22130335 |
| VanEck Merk Gold ETF \* ‡ | 3434628 | 154729991 |
| VanEck Natural Resources ETF † ‡ | 424504 | 30763805 |
| VanEck Uranium and Nuclear ETF † ‡ | 179804 | 23948095 |
| **Total Exchange Traded Products**<br> (Cost: $644,830,155) | **Total Exchange Traded Products**<br> (Cost: $644,830,155) | 732658767 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** |  |
| **Money Market Fund: 2.0%**<br> (Cost: $14,327,214) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(b) | 14327214 | 14327214 |
| **Total Investments: 101.8%**<br> (Cost: $659,157,369) |  | 746985981 |
| **Liabilities in excess of other assets: (1.8)%** | **Liabilities in excess of other assets: (1.8)%** | (13311123) |
| **NET ASSETS: 100.0%** |  | $733674858 |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Each underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. |
| (b) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $98,580,243. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |

---

Transactions in and earnings from securities of affiliates for the period ended March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 9/30/2025** | **Purchases** | **Sales<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 3/31/2026** | **Dividend<br> Income** |
| VanEck Commodity Strategy ETF | $34601288 | $102757873 | $(5529000) | $184490 | $30492908 | $162507559 | $4074723 |
| VanEck Energy Income ETF | 19553577 | 46245646 | (8208048) | 97708 | 7382311 | 65071194 | 569823 |
| VanEck Gold Miners ETF | 5548474 | 17905738 | (1671320) | 247675 | 99768 | 22130335 | 67429 |
| VanEck Merk Gold ETF | –(a) | 110206008 | (1052464) | (12370) | 5200217 | 154729991 |  |
| VanEck Natural Resources ETF |  | 28415991 | (633711) | 24892 | 2956633 | 30763805 | 182534 |
| VanEck Uranium and Nuclear ETF | 7052443 | 19503719 | (1208072) | 169543 | (1569538) | 23948095 | 224806 |
|  | $66755782 | $325034975 | $(18302615) | $711938 | $44562299 | $459150979 | $5119315 |

---

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

See Notes to Financial Statements

VANECK REAL ASSETS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Exchange Traded Products | $732658767 | $— | $— | $732658767 |
| Money Market Fund | 14327214 |  |  | 14327214 |
| **Total Investments** | $746985981 | $— | $— | $746985981 |

---

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Canada: 0.8%** |  |  |
| Lululemon Athletica, Inc. (USD) \* | 13782 | $2110024 |
| **China: 2.5%** |  |  |
| JD.com, Inc. (ADR) † | 206561 | 6108009 |
| **United States: 96.7%** |  |  |
| Amazon.com, Inc. \* | 241037 | 50200776 |
| AutoZone, Inc. \* | 2252 | 7606761 |
| Best Buy Co., Inc. | 22567 | 1448801 |
| Cardinal Health, Inc. | 30492 | 6443265 |
| Carvana Co. \* | 17295 | 5437202 |
| Cencora, Inc. | 23570 | 7404280 |
| Costco Wholesale Corp. | 21859 | 21780963 |
| CVS Health Corp. | 143442 | 10302004 |
| Dollar General Corp. | 26671 | 3166648 |
| Dollar Tree, Inc. \* | 17736 | 1942269 |
| Fastenal Co. | 150732 | 6993965 |
| Lowe's Companies, Inc. | 46714 | 11037584 |
| McKesson Corp. | 12344 | 10682004 |
| O'Reilly Automotive, Inc. \* | 117117 | 10811070 |
| Ross Stores, Inc. | 44089 | 9551000 |
| Sysco Corp. | 58835 | 4196701 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Target Corp. | 54108 | $6557890 |
| The Home Depot, Inc. | 36524 | 12012378 |
| The Kroger Co. | 63029 | 4560778 |
| The TJX Companies, Inc. | 81164 | 12961891 |
| Tractor Supply Co. | 62004 | 2808781 |
| Ulta Beauty, Inc. \* | 5898 | 3082944 |
| Walmart, Inc. | 239430 | 29756360 |
|  |  | 240746315 |
| **Total Common Stocks**<br> (Cost: $215,077,991) |  | 248964348 |
| **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: $2,172) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 2172 | 2172 |
| **Total Investments: 100.0%**<br> (Cost: $215,080,163) |  | 248966520 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (89565) |
| **NET ASSETS: 100.0%** |  | $248876955 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,497,181. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $248964348 | $— | $— | $248964348 |
| Money Market Fund | 2172 |  |  | 2172 |
| **Total Investments** | $248966520 | $— | $— | $248966520 |

---

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

See Notes to Financial Statements

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.6%** |  |  |  |
| **Austria: 1.4%** |  |  |  |
| Andritz AG |  | 11244 | $779640 |
| **Canada: 1.2%** |  |  |  |
| ATS Corp. (USD) \* † |  | 24271 | 684442 |
| **China: 1.1%** |  |  |  |
| UBTech Robotics Corp. Ltd. (HKD) \* † | UBTech Robotics Corp. Ltd. (HKD) \* † | 54150 | 602739 |
| **Finland: 1.6%** |  |  |  |
| Konecranes Oyj † |  | 27249 | 891507 |
| **France: 1.5%** |  |  |  |
| Dassault Systemes SE |  | 42322 | 854071 |
| **Germany: 2.4%** |  |  |  |
| Basler AG \* |  | 5029 | 72983 |
| Duerr AG |  | 27053 | 599748 |
| Krones AG |  | 4497 | 608901 |
| Mensch und Maschine Software SE |  | 1911 | 76454 |
|  |  |  | 1358086 |
| **Israel: 0.8%** |  |  |  |
| Nova Ltd. (USD) \* † |  | 1006 | 436886 |
| **Japan: 26.9%** |  |  |  |
| Advantest Corp. |  | 3200 | 440552 |
| Amada Co. Ltd. |  | 61600 | 866670 |
| Argo Graphics, Inc. |  | 10400 | 95489 |
| Azbil Corp. |  | 82400 | 718234 |
| Daifuku Co. Ltd. |  | 33000 | 1162379 |
| Daihen Corp. |  | 10400 | 768783 |
| Denso Corp. |  | 129400 | 1618501 |
| DMG Mori Co. Ltd. |  | 39500 | 608727 |
| FANUC Corp. |  | 45200 | 1571720 |
| Fuji Corp. |  | 30200 | 919925 |
| Keyence Corp. |  | 8000 | 2840368 |
| Lasertec Corp. |  | 1800 | 399663 |
| Omron Corp. |  | 29900 | 858114 |
| Optex Group Co. Ltd. |  | 6100 | 102890 |
| Renesas Electronics Corp. |  | 25800 | 367976 |
| Tokyo Electron Ltd. |  | 2300 | 570054 |
| Yaskawa Electric Corp. |  | 27000 | 711390 |
| Yokogawa Electric Corp. |  | 26600 | 820050 |
|  |  |  | 15441485 |
| **Netherlands: 6.9%** |  |  |  |
| ASM International NV |  | 600 | 453335 |
| ASML Holding N.V. (USD) |  | 2532 | 3344341 |
| TKH Group NV |  | 3039 | 130268 |
|  |  |  | 3927944 |
| **Norway: 1.0%** |  |  |  |
| AutoStore Holdings Ltd. 144A \* |  | 604552 | 594710 |
| **Sweden: 1.6%** |  |  |  |
| Hexagon AB |  | 97019 | 938293 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Switzerland: 8.0%** |  |  |
| ABB Ltd. | 38657 | $3127671 |
| Interroll Holding AG | 248 | 456622 |
| Kardex Holding AG | 1988 | 595197 |
| STMicroelectronics N.V. (USD) | 13838 | 478103 |
|  |  | 4657593 |
| **United Kingdom: 5.8%** |  |  |
| IMI PLC | 28649 | 971001 |
| Renishaw PLC | 14500 | 674976 |
| TechnipFMC PLC (USD) | 23707 | 1638865 |
|  |  | 3284842 |
| **United States: 39.4%** |  |  |
| Ambarella, Inc. \* | 2796 | 143924 |
| Analog Devices, Inc. | 2077 | 660777 |
| Applied Materials, Inc. | 2685 | 917706 |
| Autodesk, Inc. \* | 9443 | 2260654 |
| Bentley Systems, Inc. | 8032 | 282084 |
| Cognex Corp. | 9278 | 454529 |
| Emerson Electric Co. | 20683 | 2709887 |
| Intuitive Surgical, Inc. \* | 1287 | 593294 |
| Kadant, Inc. † | 2298 | 671820 |
| KLA Corp. | 486 | 715591 |
| Lam Research Corp. | 4273 | 912969 |
| Lattice Semiconductor Corp. \* | 4268 | 395900 |
| Lincoln Electric Holdings, Inc. | 4567 | 1137548 |
| Microchip Technology, Inc. | 5666 | 366080 |
| Novanta, Inc. \* † | 6207 | 733109 |
| NVIDIA Corp. | 15420 | 2689248 |
| ON Semiconductor Corp. \* | 6470 | 400622 |
| Onto Innovation, Inc. \* | 2012 | 412601 |
| Ouster, Inc. \* † | 5737 | 105389 |
| PTC, Inc. \* | 4612 | 657164 |
| Rockwell Automation, Inc. | 5735 | 2058177 |
| Symbotic, Inc. \* | 11752 | 625206 |
| Teledyne Technologies, Inc. \* | 1963 | 1187635 |
| Teradyne, Inc. | 1869 | 554084 |
| Texas Instruments, Inc. | 3503 | 680072 |
|  |  | 22326070 |
| **Total Common Stocks**<br> (Cost: $55,656,622) |  | 56778308 |
| **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: $573,960) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 573960 | 573960 |
| **Total Investments: 100.6%**<br> (Cost: $56,230,582) |  | 57352268 |
| **Liabilities in excess of other assets: (0.6)%** | **Liabilities in excess of other assets: (0.6)%** | (338449) |
| **NET ASSETS: 100.0%** |  | $57013819 |

---

See Notes to Financial Statements

------

**Definitions:**

HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,188,387. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $779640 | $— | $779640 |
| &nbsp;&nbsp;&nbsp;Canada | 684442 |  |  | 684442 |
| &nbsp;&nbsp;&nbsp;China |  | 602739 |  | 602739 |
| &nbsp;&nbsp;&nbsp;Finland |  | 891507 |  | 891507 |
| &nbsp;&nbsp;&nbsp;France |  | 854071 |  | 854071 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1358086 |  | 1358086 |
| &nbsp;&nbsp;&nbsp;Israel | 436886 |  |  | 436886 |
| &nbsp;&nbsp;&nbsp;Japan |  | 15441485 |  | 15441485 |
| &nbsp;&nbsp;&nbsp;Netherlands | 3344341 | 583603 |  | 3927944 |
| &nbsp;&nbsp;&nbsp;Norway |  | 594710 |  | 594710 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 938293 |  | 938293 |
| &nbsp;&nbsp;&nbsp;Switzerland | 478103 | 4179490 |  | 4657593 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2313841 | 971001 |  | 3284842 |
| &nbsp;&nbsp;&nbsp;United States | 22326070 |  |  | 22326070 |
| Money Market Fund | 573960 |  |  | 573960 |
| **Total Investments** | $30157643 | $27194625 | $— | $57352268 |

---

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Netherlands: 6.2%** |  |  |
| ASML Holding N.V. (USD) | 1562800 | $2064193124 |
| NXP Semiconductors NV (USD) | 2604052 | 512633678 |
|  |  | 2576826802 |
| **Switzerland: 0.9%** |  |  |
| STMicroelectronics N.V. (USD) † | 10732546 | 370809464 |
| **Taiwan: 11.8%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 14493801 | 4898180048 |
| **United Kingdom: 0.8%** |  |  |
| ARM Holdings PLC (ADR) \* † | 2091641 | 316423450 |
| **United States: 80.2%** |  |  |
| Advanced Micro Devices, Inc. \* | 9521916 | 1937043372 |
| Analog Devices, Inc. | 6109816 | 1943776862 |
| Applied Materials, Inc. | 5555497 | 1898813320 |
| Astera Labs, Inc. \* | 1676210 | 183712616 |
| Broadcom, Inc. | 10418020 | 3224481370 |
| Cadence Design Systems, Inc. \* | 3622283 | 1006523777 |
| Intel Corp. \* | 40649516 | 1793863141 |
| KLA Corp. | 1331288 | 1960201764 |
| Lam Research Corp. | 8911065 | 1903938148 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Marvell Technology, Inc. | 9832795 | $973938345 |
| Microchip Technology, Inc. | 6394613 | 413155946 |
| Micron Technology, Inc. | 5175800 | 1748592272 |
| Monolithic Power Systems, Inc. | 466026 | 509529527 |
| NVIDIA Corp. | 46596181 | 8126373966 |
| ON Semiconductor Corp. \* | 3996063 | 247436221 |
| Qualcomm, Inc. | 13134082 | 1691407080 |
| Skyworks Solutions, Inc. | 1623465 | 86936551 |
| Synopsys, Inc. \* | 2609543 | 1034631609 |
| Teradyne, Inc. | 1971874 | 584581766 |
| Texas Instruments, Inc. | 9817153 | 1905902083 |
|  |  | 33174839736 |
| **Total Common Stocks**<br> (Cost: $41,700,803,421) |  | 41337079500 |
| **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: $29,784,723) | **Money Market Fund: 0.1%**<br> (Cost: $29,784,723) |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 29784723 | 29784723 |
| **Total Investments: 100.0%**<br> (Cost: $41,730,588,144) |  | 41366864223 |
| **Other assets less liabilities: 0.0%** |  | 269706 |
| **NET ASSETS: 100.0%** |  | $41367133929 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $58,309,241. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $41337079500 | $— | $— | $41337079500 |
| Money Market Fund | 29784723 |  |  | 29784723 |
| **Total Investments** | $41366864223 | $— | $— | $41366864223 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Automobiles & Components: 4.9%** |  |  |
| Rivian Automotive, Inc.\* † | 107569 | $1618913 |
| Tesla, Inc.\* | 7003 | 2603365 |
|  |  | 4222278 |
| **Banks: 0.5%** |  |  |
| JPMorgan Chase & Co. | 1511 | 444476 |
| **Capital Goods: 4.0%** |  |  |
| Bloom Energy Corp.\* | 2655 | 359726 |
| Boeing Co. \* | 2618 | 521061 |
| Rocket Lab Corp. \* | 23754 | 1525482 |
| RTX Corp. | 5552 | 1070981 |
|  |  | 3477250 |
| **Consumer Discretionary Distribution & Retail: 8.0%** | **Consumer Discretionary Distribution & Retail: 8.0%** |  |
| Amazon.com, Inc.\* | 13202 | 2749581 |
| Carvana Co. \* | 3957 | 1244002 |
| GameStop Corp. \* | 113231 | 2608842 |
| MercadoLibre, Inc.\* | 248 | 428797 |
|  |  | 7031222 |
| **Consumer Durables & Apparel: 0.9%** | **Consumer Durables & Apparel: 0.9%** |  |
| Lululemon Athletica, Inc.\* | 2330 | 356723 |
| NIKE, Inc. | 7450 | 393509 |
|  |  | 750232 |
| **Consumer Services: 1.6%** |  |  |
| DoorDash, Inc.\* | 2066 | 310210 |
| DraftKings, Inc. \* | 31080 | 671950 |
| Norwegian Cruise Line Holdings Ltd.\* | 17742 | 331775 |
|  |  | 1313935 |
| **Consumer Staples Distribution & Retail: 1.0%** | **Consumer Staples Distribution & Retail: 1.0%** |  |
| Costco Wholesale Corp. | 276 | 275015 |
| Walmart, Inc. | 4853 | 603131 |
|  |  | 878146 |
| **Energy: 1.9%** |  |  |
| Exxon Mobil Corp. | 3927 | 666255 |
| Venture Global, Inc. | 62859 | 990658 |
|  |  | 1656913 |
| **Financial Services: 10.9%** |  |  |
| Block, Inc.\* | 10689 | 643264 |
| Coinbase Global, Inc. \* | 9331 | 1629286 |
| PayPal Holdings, Inc. | 44044 | 1992110 |
| Robinhood Markets, Inc. \* | 32244 | 2234509 |
| Rocket Cos, Inc. | 31001 | 441764 |
| SoFi Technologies, Inc.\* † | 156283 | 2481774 |
|  |  | 9422707 |
| **Food, Beverage & Tobacco: 0.6%** |  |  |
| Celsius Holdings, Inc.\* † | 14807 | 525352 |
| **Health Care Equipment & Services: 3.4%** |  |  |
| Hims & Hers Health, Inc.\* † | 116033 | 2408845 |
| UnitedHealth Group, Inc. | 2047 | 553898 |
|  |  | 2962743 |
| **Materials: 0.9%** |  |  |
| Barrick Mining Corp. | 8442 | 344349 |
| First Majestic Silver Corp. | 19393 | 416562 |
|  |  | 760911 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Media & Entertainment: 10.5%** |  |  |
| Alphabet, Inc. Class A | 4320 | $1242259 |
| Meta Platforms, Inc. | 2563 | 1466369 |
| Netflix, Inc. \* | 29331 | 2820177 |
| Pinterest, Inc. \* | 17683 | 324306 |
| Reddit, Inc. \* | 4591 | 618178 |
| Snap, Inc. \* | 277234 | 1275276 |
| Trade Desk, Inc.\* | 60631 | 1375717 |
|  |  | 9122282 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 1.1%** | **Pharmaceuticals, Biotechnology & Life Sciences: 1.1%** |  |
| Eli Lilly & Co. | 278 | 255696 |
| Moderna, Inc. \* † | 8345 | 423926 |
| Tempus AI, Inc.\* | 6543 | 295874 |
|  |  | 975496 |
| **Semiconductors & Semiconductor Equipment: 10.9%** | **Semiconductors & Semiconductor Equipment: 10.9%** |  |
| Advanced Micro Devices, Inc.\* | 10143 | 2063390 |
| Broadcom, Inc. | 4123 | 1276110 |
| Intel Corp. \* | 27379 | 1208235 |
| Marvell Technology, Inc. | 5428 | 537643 |
| Micron Technology, Inc. | 4888 | 1651362 |
| NVIDIA Corp. | 15104 | 2634138 |
|  |  | 9370878 |
| **Software & Services: 29.2%** |  |  |
| Adobe, Inc.\* | 3784 | 919815 |
| Applied Digital Corp. \* † | 94173 | 2235667 |
| AppLovin Corp. \* | 2583 | 1028034 |
| Cipher Digital, Inc. \* † | 41016 | 527876 |
| Crowdstrike Holdings, Inc. \* | 1596 | 623094 |
| D-Wave Quantum, Inc. \* † | 15951 | 230173 |
| International Business Machines Corp. | 1690 | 409639 |
| IREN Ltd. \* † | 66865 | 2292132 |
| Microsoft Corp. | 6884 | 2548250 |
| MongoDB, Inc. \* | 1044 | 255540 |
| Nebius Group NV \* † | 25604 | 2656671 |
| Oracle Corp. | 12741 | 1874329 |
| Palantir Technologies, Inc. \* | 18021 | 2636112 |
| Palo Alto Networks, Inc. \* | 2330 | 373546 |
| Salesforce, Inc. | 3966 | 740333 |
| ServiceNow, Inc. \* | 6016 | 628973 |
| Shopify, Inc. \* | 2926 | 347082 |
| Strategy, Inc. \* † | 17256 | 2153549 |
| UiPath, Inc. \* † | 156391 | 1735940 |
| Unity Software, Inc.\* | 34861 | 764850 |
|  |  | 24981605 |
| **Technology Hardware & Equipment: 5.2%** |  |  |
| Apple, Inc. | 8222 | 2086661 |
| IonQ, Inc. \* † | 21503 | 619931 |
| Super Micro Computer, Inc.\* † | 78888 | 1796280 |
|  |  | 4502872 |
| **Telecommunication Services: 3.0%** |  |  |
| AST SpaceMobile, Inc.\* † | 31762 | 2632117 |

---

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Transportation: 1.2%** |  |  |
| Grab Holdings Ltd.\* | 64720 | $236875 |
| Joby Aviation, Inc. \* † | 42602 | 351893 |
| Uber Technologies, Inc.\* | 6500 | 467545 |
|  |  | 1056313 |
| **Utilities: 0.4%** |  |  |
| Oklo, Inc.\* | 6311 | 312962 |
| **Total Common Stocks**<br> (Cost: $98,505,560) |  | 86400690 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4%** |  |
| **Money Market Fund: 5.4%**<br> (Cost: $4,643,807) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 4643807 | 4643807 |
| **Total Investments: 105.5%**<br> (Cost: $103,149,367) |  | 91044497 |
| **Liabilities in excess of other assets: (5.5)%** |  | (4716316) |
| **NET ASSETS: 100.0%** |  | $86328181 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $18,453,529. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $86400690 | $— | $— | $86400690 |
| Money Market Fund | 4643807 |  |  | 4643807 |
| **Total Investments** | $91044497 | $— | $— | $91044497 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK TECHNOLOGY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 60.3%** |  |  |
| **Semiconductors & Semiconductor Equipment: 27.1%** | **Semiconductors & Semiconductor Equipment: 27.1%** |  |
| Advanced Micro Devices, Inc.\* | 1884 | $383262 |
| Analog Devices, Inc. | 463 | 147299 |
| Applied Materials, Inc. | 927 | 316839 |
| Broadcom, Inc. | 12481 | 3862994 |
| First Solar, Inc. \* | 24 | 4734 |
| Intel Corp. \* | 5409 | 238699 |
| KLA Corp. | 64 | 94234 |
| Lam Research Corp. | 1444 | 308525 |
| Microchip Technology, Inc. | 661 | 42707 |
| Micron Technology, Inc. | 1283 | 433449 |
| Monolithic Power Systems, Inc. | 81 | 88561 |
| NVIDIA Corp. | 64200 | 11196481 |
| NXP Semiconductors NV | 376 | 74019 |
| ON Semiconductor Corp. \* | 459 | 28421 |
| Qnity Electronics, Inc. | 195 | 22499 |
| Qualcomm, Inc. | 1185 | 152604 |
| Skyworks Solutions, Inc. | 96 | 5141 |
| Teradyne, Inc. | 107 | 31721 |
| Texas Instruments, Inc. | 1074 | 208506 |
|  |  | 17640695 |
| **Software & Services: 15.5%** |  |  |
| Accenture PLC | 784 | 155459 |
| Adobe, Inc. \* | 486 | 118137 |
| Akamai Technologies, Inc. \* | 85 | 9762 |
| AppLovin Corp. \* | 408 | 162384 |
| Autodesk, Inc. \* | 310 | 74214 |
| Cadence Design Systems, Inc. \* | 410 | 113927 |
| Cognizant Technology Solutions Corp. | 445 | 27301 |
| Crowdstrike Holdings, Inc. \* | 376 | 146794 |
| Datadog, Inc. \* | 349 | 41199 |
| EPAM Systems, Inc. \* | 92 | 12457 |
| Fair Isaac Corp. \* | 39 | 41634 |
| Fortinet, Inc. \* | 812 | 66357 |
| Gartner, Inc. \* | 117 | 18526 |
| Gen Digital, Inc. | 546 | 10281 |
| GoDaddy, Inc. \* | 71 | 5870 |
| International Business Machines Corp. | 1119 | 271234 |
| Intuit, Inc. | 420 | 181600 |
| Microsoft Corp. | 19587 | 7250521 |
| Oracle Corp. | 2213 | 325554 |
| Palantir Technologies, Inc. \* | 2733 | 399783 |
| Palo Alto Networks, Inc. \* | 950 | 152304 |
| PTC, Inc. \* | 44 | 6270 |
| Roper Technologies, Inc. | 23 | 8139 |
| Salesforce, Inc. | 1122 | 209444 |
| ServiceNow, Inc. \* | 1372 | 143443 |
| Synopsys, Inc. \* | 252 | 99913 |
| Trimble, Inc. \* | 259 | 16895 |
| Tyler Technologies, Inc. \* | 72 | 24651 |
| VeriSign, Inc. | 137 | 34025 |
| Workday, Inc.\* | 256 | 33260 |
|  |  | 10161338 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Technology Hardware & Equipment: 17.7%** | **Technology Hardware & Equipment: 17.7%** |  |
| Amphenol Corp. | 1565 | $197738 |
| Apple, Inc. | 38976 | 9891720 |
| Arista Networks, Inc. \* | 1280 | 157158 |
| CDW Corp. | 63 | 7624 |
| Ciena Corp. \* | 80 | 31058 |
| Cisco Systems, Inc. | 4565 | 354198 |
| Coherent Corp. \* | 158 | 37637 |
| Corning, Inc. | 906 | 123189 |
| Dell Technologies, Inc. | 298 | 48911 |
| F5, Inc. \* | 94 | 27197 |
| Hewlett Packard Enterprise Co. | 1578 | 37572 |
| HP, Inc. | 1091 | 20958 |
| Jabil, Inc. | 22 | 5844 |
| Keysight Technologies, Inc. \* | 131 | 36990 |
| Lumentum Holdings, Inc. \* | 119 | 83628 |
| Motorola Solutions, Inc. | 122 | 52944 |
| NetApp, Inc. | 287 | 29386 |
| Sandisk Corp. \* | 92 | 58451 |
| Seagate Technology Holdings PLC | 320 | 125363 |
| Super Micro Computer, Inc. \* | 292 | 6649 |
| TE Connectivity PLC | 291 | 60825 |
| Teledyne Technologies, Inc. \* | 78 | 47191 |
| Western Digital Corp. | 367 | 99270 |
| Zebra Technologies Corp.\* | 82 | 17145 |
|  |  | 11558646 |
| **Total Common Stocks**<br> (Cost: $44,992,284) |  | 39360679 |
| **EXCHANGE TRADED FUND: 39.6%(a)**<br> (Cost: $28,015,131) |  |  |
|  State Street Technology Select Sector SPDR ETF | 194515 | 25851044 |
| **Total Investments: 99.9%**<br> (Cost: $73,007,415) |  | 65211723 |
| **Other assets less liabilities: 0.1%** |  | 90397 |
| **NET ASSETS: 100.0%** |  | $65302120 |

---

See Notes to Financial Statements

VANECK TECHNOLOGY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

------

**Footnotes:**

(a) The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage. <br> \* Non-income producing

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 \* | $39360679 | $— | $— | $39360679 |
| Exchange Traded Fund | 25851044 |  |  | 25851044 |
| **Total Investments** | $65211723 | $— | $— | $65211723 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Australia: 5.0%** |  |  |
| Aristocrat Leisure Ltd. | 417513 | $13173625 |
| **China: 20.8%** |  |  |
| China Ruyi Holdings Ltd. (HKD) \* † | 24248000 | 4746094 |
| Kingsoft Corp. Ltd. (HKD) † | 2172800 | 6331512 |
| NetEase, Inc. (ADR) | 166123 | 18595808 |
| Tencent Holdings Ltd. (HKD) | 306400 | 19327829 |
| XD, Inc. (HKD) † | 690800 | 5390729 |
|  |  | 54391972 |
| **France: 1.4%** |  |  |
| Vivendi SE \* | 1748070 | 3614981 |
| **Japan: 27.1%** |  |  |
| Bandai Namco Holdings, Inc. | 453200 | 11153564 |
| Capcom Co. Ltd. † | 568700 | 11988641 |
| Koei Tecmo Holdings Co. Ltd. † | 266400 | 2733249 |
| Konami Group Corp. † | 96100 | 11813557 |
| Nexon Co. Ltd. | 437600 | 8222983 |
| Nintendo Co. Ltd. | 350000 | 19931619 |
| Square Enix Holdings Co. Ltd. † | 326700 | 5193686 |
|  |  | 71037299 |
| **Poland: 3.8%** |  |  |
| CD Projekt SA | 156215 | 10008083 |
| **South Korea: 7.1%** |  |  |
| Krafton, Inc. | 61576 | 10526846 |
| NCSoft Corp. | 26430 | 3991621 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **South Korea (continued)** |  |  |
| Pearl Abyss Corp. \* | 90353 | $4070354 |
|  |  | 18588821 |
| **Taiwan: 6.8%** |  |  |
| International Games System Co. Ltd. | 537000 | 12827313 |
| Micro-Star International Co. Ltd. | 1809000 | 4913501 |
|  |  | 17740814 |
| **United States: 27.7%** |  |  |
| Electronic Arts, Inc. | 88228 | 17987042 |
| GameStop Corp. \* | 499238 | 11502444 |
| Roblox Corp. \* | 271767 | 15371141 |
| Take-Two Interactive Software, Inc. \* | 71270 | 14075825 |
| Unity Software, Inc. \* | 614221 | 13476009 |
|  |  | 72412461 |
| **Total Common Stocks**<br> (Cost: $285,586,195) |  | 260968056 |
| **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: $6,484,939) | **Money Market Fund: 2.5%**<br> (Cost: $6,484,939) |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.66%(a) | 6484939 | 6484939 |
| **Total Investments: 102.2%**<br> (Cost: $292,071,134) |  | 267452995 |
| **Liabilities in excess of other assets: (2.2)%** |  | (5786241) |
| **NET ASSETS: 100.0%** |  | $261666754 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> HKD Hong Kong Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 03/31/26. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $32,926,531. |

---

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2026 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 | $— | $13173625 | $— | $13173625 |
| &nbsp;&nbsp;&nbsp;China | 18595808 | 35796164 |  | 54391972 |
| &nbsp;&nbsp;&nbsp;France |  | 3614981 |  | 3614981 |
| &nbsp;&nbsp;&nbsp;Japan |  | 71037299 |  | 71037299 |
| &nbsp;&nbsp;&nbsp;Poland |  | 10008083 |  | 10008083 |
| &nbsp;&nbsp;&nbsp;South Korea | 4070354 | 14518467 |  | 18588821 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 17740814 |  | 17740814 |
| &nbsp;&nbsp;&nbsp;United States | 72412461 |  |  | 72412461 |
| Money Market Fund | 6484939 |  |  | 6484939 |
| **Total Investments** | $101563562 | $165889433 | $— | $267452995 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative Asset<br> Manager ETF** | **Biotech ETF** | **Commodity<br> Strategy ETF (a)** | **Communication<br> Services<br> TruSector ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $179532870 | $371323972 | $178650511 | $34937762 |
| Short-term investments held as collateral for securities loaned (3) |  | 856425 |  | 53081 |
| Cash | 187139 | 443003 | 10934535 | 77183 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  | 1445700 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 2139332 |  | 3610474 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 32312 | 1706 |  | 63 |
| Net variation margin on futures contracts |  |  | 13705658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 181891653 | 372625106 | 206901178 | 36513789 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 2140259 |  | 4374774 |  |
| &nbsp;&nbsp;&nbsp;Capital shares redeemed |  |  |  | 1448731 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 856425 |  | 53081 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 47036 | 110569 | 76720 | 961 |
| &nbsp;&nbsp;&nbsp;Due to broker |  |  | 11134076 |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 91 |  |  |  |
| Deferred Trustee fees |  | 64926 |  |  |
| Accrued interest | 331 | 226 | 442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2187717 | 1032146 | 15586012 | 1502773 |
| **NET ASSETS** | $179703936 | $371592960 | $191315166 | $35011016 |
| Shares outstanding | 8400000 | 1976503 | 2650000 | 1450000 |
| Net asset value, per share | $21.39 | $188.01 | $72.19 | $24.15 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $209975279 | $610744532 | $150830592 | $35156704 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (30271343) | (239151572) | 40484574 | (145688) |
| **NET ASSETS** | $179703936 | $371592960 | $191315166 | $35011016 |
| (1) Includes Investment in securities on loan, at market value | $218237 | $13474473 | $— | $52659 |
| (2) Cost of investments - Unaffiliated issuers | $204705027 | $347497809 | $178655169 | $35140211 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $856425 | $— | $53081 |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consumer<br> Discretionary<br> TruSector ETF** | **Digital Native<br> Economy ETF** | **Digital<br> Transformation<br> ETF** | **Durable High<br> Dividend ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $21587093 | $17239607 | $275242802 | $39193307 |
| Short-term investments held as collateral for securities loaned (3) |  | 315020 | 26445722 |  |
| Cash | 13645 | 231 | 8055490 | 61135 |
| Foreign currency, at value (4) |  | 891 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 634244 |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold |  |  | 1120163 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 91 | 55462 | 70924 | 109564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 21600829 | 17611211 | 311569345 | 39364006 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 1086658 |  |
| &nbsp;&nbsp;&nbsp;Capital shares redeemed |  |  | 8723669 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 315020 | 26445722 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 2065 | 7621 | 124136 | 10931 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 444 |  |
| Deferred Trustee fees |  | 11302 |  | 624 |
| Accrued expenses |  | 17218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2065 | 351161 | 36380629 | 11555 |
| **NET ASSETS** | $21598764 | $17260050 | $275188716 | $39352451 |
| Shares outstanding | 910000 | 500000 | 18425000 | 1050000 |
| Net asset value, per share | $23.73 | $34.52 | $14.94 | $37.48 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $24347913 | $57570542 | $428853810 | $55901214 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (2749149) | (40310492) | (153665094) | (16548763) |
| **NET ASSETS** | $21598764 | $17260050 | $275188716 | $39352451 |
| (1) Includes Investment in securities on loan, at market value | $— | $1892804 | $75841002 | $— |
| (2) Cost of investments - Unaffiliated issuers | $23260988 | $25298405 | $358826632 | $36078586 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $315020 | $26445722 | $— |
| (4) Cost of cash denominated in foreign currency | $— | $895 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy Income<br>ETF** | **Environmental<br>Services ETF** | **Fabless<br>Semiconductor<br> ETF** | **Long/Flat Trend<br>ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $142731117 | $93188962 | $151628944 | $25784283 |
| Short-term investments held as collateral for securities loaned (3) | 3678984 | 871584 |  |  |
| Cash |  |  | 109161 | 91988 |
| Foreign currency, at value (4) | 86934 | 17 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 2941183 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 196302 | 133901 | 16602 |  |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes | 14979 |  |  |  |
| Prepaid expenses |  | 26450 |  | 379 |
| Other assets |  |  |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 149649499 | 94220914 | 151754707 | 25876724 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 2938738 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 3678984 | 871584 |  |  |
| &nbsp;&nbsp;&nbsp;Line of credit | 32029 | 172775 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 51120 | 20602 | 44931 | 4890 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 35718 |  |  |  |
| Deferred Trustee fees |  | 5279 |  | 1677 |
| Accrued expenses |  | 16237 |  | 30745 |
| Accrued interest | 338 | 335 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 6736927 | 1086812 | 44931 | 37312 |
| **NET ASSETS** | $142912572 | $93134102 | $151709776 | $25839412 |
| Shares outstanding | 1214720 | 2405000 | 4075000 | 500000 |
| Net asset value, per share | $117.65 | $38.73 | $37.23 | $51.68 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $116891482 | $112938929 | $147449040 | $30487896 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 26021090 | (19804827) | 4260736 | (4648484) |
| **NET ASSETS** | $142912572 | $93134102 | $151709776 | $25839412 |
| (1) Includes Investment in securities on loan, at market value | $16279893 | $5601268 | $11707800 | $— |
| (2) Cost of investments - Unaffiliated issuers | $123047237 | $85414924 | $155466920 | $22799184 |
| (3) Cost of short-term investments held as collateral for securities loaned | $3678984 | $871584 | $— | $— |
| (4) Cost of cash denominated in foreign currency | $86820 | $17 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br>Global Wide Moat<br>ETF** | **Morningstar<br>International<br>Moat ETF** | **Morningstar SMID<br>Moat ETF** | **Morningstar Wide<br>Moat ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $16616290 | $184057383 | $319122455 | $11585729628 |
| Short-term investments held as collateral for securities loaned (3) | 152485 | 5120691 |  | 12156279 |
| Cash | 24015 |  | 111935 | 5555441 |
| Foreign currency, at value (4) | 102 | 100961 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  | 14499883 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 3121 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 36504 | 907813 | 284736 | 15233141 |
| Prepaid expenses | 333 | 1470 | 2278 | 45769 |
| Other assets | 34 | 342 | 83 | 72786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 16832884 | 190188660 | 319521487 | 11633292927 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 10279 |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares redeemed |  |  |  | 14507811 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 152485 | 5120691 |  | 12156279 |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 680044 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 74381 | 125243 | 4668919 |
| Deferred Trustee fees | 446 | 4025 | 1663 | 264685 |
| Accrued expenses | 43875 | 51042 | 38506 | 267116 |
| Accrued interest | 70 | 1007 |  | 13783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 207155 | 5931190 | 165412 | 31878593 |
| **NET ASSETS** | $16625729 | $184257470 | $319356075 | $11601414334 |
| Shares outstanding | 450000 | 5400000 | 9075000 | 119950000 |
| Net asset value, per share | $36.95 | $34.12 | $35.19 | $96.72 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $15062942 | $194666235 | $386446064 | $14332328928 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1562787 | (10408765) | (67089989) | (2730914594) |
| **NET ASSETS** | $16625729 | $184257470 | $319356075 | $11601414334 |
| (1) Includes Investment in securities on loan, at market value | $420568 | $11800072 | $6538030 | $231796790 |
| (2) Cost of investments - Unaffiliated issuers | $15723171 | $195391707 | $313563818 | $12355157883 |
| (3) Cost of short-term investments held as collateral for securities loaned | $152485 | $5120691 | $— | $12156279 |
| (4) Cost of cash denominated in foreign currency | $103 | $100472 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Wide<br>Moat Value ETF** | **Pharmaceutical<br>ETF** | **Real Assets<br>ETF (a)** | **Retail ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $6222256 | $1236814329 | $273507788 | $248964348 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  |  | 459150979 |  |
| Short-term investments held as collateral for securities loaned (4) | 44889 | 24348341 | 14327214 | 2172 |
| Cash | 10660 |  | 1174388 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 44894116 |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold |  |  | 14226370 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 5292 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 11513 | 5046688 | 34882 | 100205 |
| Prepaid expenses | 248 |  | 882 |  |
| Other assets |  |  | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 6294858 | 1311103474 | 762422756 | 249066725 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 14208398 |  |
| &nbsp;&nbsp;&nbsp;Capital shares redeemed |  | 41692948 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 44889 | 24348341 | 14327214 | 2172 |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 326728 |  | 101152 |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 382652 | 170832 | 76015 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 18862 |  |  |
| Deferred Trustee fees | 15 | 36037 | 1559 | 10259 |
| Accrued expenses | 30950 | 22500 | 30062 |  |
| Accrued interest |  | 4354 | 9833 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 75854 | 66832422 | 28747898 | 189770 |
| **NET ASSETS** | $6219004 | $1244271052 | $733674858 | $248876955 |
| Shares outstanding | 175000 | 11938138 | 18050000 | 991531 |
| Net asset value, per share | $35.54 | $104.23 | $40.65 | $251.00 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $6579005 | $1368106622 | $668872630 | $246355940 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (360001) | (123835570) | 64802228 | 2521015 |
| **NET ASSETS** | $6219004 | $1244271052 | $733674858 | $248876955 |
| (1) Includes Investment in securities on loan, at market value | $269348 | $151113075 | $98580243 | $5497181 |
| (2) Cost of investments - Unaffiliated issuers | $6700127 | $1288194577 | $257889388 | $215077991 |
| (3) Cost of investments - Affiliated issuers | $— | $— | $386940767 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $44889 | $24348341 | $14327214 | $2172 |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Robotics ETF** | **Semiconductor<br>ETF** | **Social Sentiment<br>ETF** | **Technology<br>TruSector ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $56778308 | $41337079500 | $86400690 | $65211723 |
| Short-term investments held as collateral for securities loaned (3) | 573960 | 29784723 | 4643807 |  |
| Cash | 78931 | 25194193 |  | 91826 |
| Foreign currency, at value (4) | 520 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 191618721 |  | 3824472 |
| &nbsp;&nbsp;&nbsp;Capital shares sold |  | 574852875 |  | 6697653 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 179973 | 17927956 | 6933 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 57611692 | 42176457968 | 91051430 | 75828904 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 574856162 |  | 6692827 |
| &nbsp;&nbsp;&nbsp;Capital shares redeemed |  | 191617625 |  | 3827230 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 573960 | 29784723 | 4643807 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 23453 | 12963747 | 58252 | 6727 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 21190 |  |
| Deferred Trustee fees |  | 97455 |  |  |
| Accrued interest | 460 | 4327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 597873 | 809324039 | 4723249 | 10526784 |
| **NET ASSETS** | $57013819 | $41367133929 | $86328181 | $65302120 |
| Shares outstanding | 1075000 | 107941874 | 3000000 | 2730000 |
| Net asset value, per share | $53.04 | $383.24 | $28.78 | $23.92 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $55954842 | $34437651911 | $229134498 | $74118306 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1058977 | 6929482018 | (142806317) | (8816186) |
| **NET ASSETS** | $57013819 | $41367133929 | $86328181 | $65302120 |
| (1) Includes Investment in securities on loan, at market value | $3188387 | $58309241 | $18453529 | $— |
| (2) Cost of investments - Unaffiliated issuers | $55656622 | $41700803421 | $98505560 | $73007415 |
| (3) Cost of short-term investments held as collateral for securities loaned | $573960 | $29784723 | $4643807 | $— |
| (4) Cost of cash denominated in foreign currency | $527 | $— | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (unaudited)

---

| | |
|:---|:---|
|  | **Video Gaming<br> and eSports ETF** |
| **Assets:** |  |
| Investments, at value (1) |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $260968056 |
| Short-term investments held as collateral for securities loaned (3) | 6484939 |
| Cash | 78466 |
| Foreign currency, at value (4) | 11 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 789880 |
| Prepaid expenses | 1811 |
| Other assets | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 268324242 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 6484939 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 112232 |
| Deferred Trustee fees | 16169 |
| Accrued expenses | 43610 |
| Accrued interest | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 6657488 |
| **NET ASSETS** | $261666754 |
| Shares outstanding | 2900000 |
| Net asset value, per share | $90.23 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $272240134 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (10573380) |
| **NET ASSETS** | $261666754 |
| (1) Includes Investment in securities on loan, at market value | $32926531 |
| (2) Cost of investments - Unaffiliated issuers | $285586195 |
| (3) Cost of short-term investments held as collateral for securities loaned | $6484939 |
| (4) Cost of cash denominated in foreign currency | $11 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative<br> Asset Manager<br> ETF** | **Biotech ETF** | **Commodity<br> Strategy ETF (a)** | **Communication<br> Services<br> TruSector ETF (b)** |
| **Income:** |  |  |  |  |
| Dividends | $890731 | $1758370 | $— | $21507 |
| Interest | 2579 | 6029 | 1591956 | 41 |
| Securities lending income | 864 | 18976 |  | 63 |
| Net foreign taxes withheld | (30165) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 864009 | 1783375 | 1591956 | 21611 |
| **Expenses:** |  |  |  |  |
| Management fees | 240829 | 654527 | 240687 | 975 |
| Interest | 613 | 18 | 958 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 241442 | 654545 | 241645 | 975 |
| Net investment income | 622567 | 1128830 | 1350311 | 20636 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (4778330) | (14090135) | 957 |  |
| In-kind redemptions | (488) | 26352176 |  | 36125 |
| Futures contracts |  |  | 27126090 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 2899 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4775919) | 12262041 | 27127047 | 36125 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (23744637) | 33442536 | (11666) | (202449) |
| Futures contracts |  |  | 12463464 |  |
| Foreign currency translations and foreign denominated assets and liabilities | 145 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (23744492) | 33442536 | 12451800 | (202449) |
| Net increase (decrease) in net assets resulting from operations | $(27897844) | $46833407 | $40929158 | $(145688) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the period February 19, 2026 (commencement of operations) through March 31, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consumer<br> Discretionary<br> TruSector ETF** | **Digital Native<br> Economy ETF** | **Digital<br> Transformation<br> ETF** | **Durable High<br> Dividend ETF** |
| **Income:** |  |  |  |  |
| Dividends | $73128 | $148168 | $6685 | $780519 |
| Interest | 61 | 1000 | 5514 | 829 |
| Securities lending income | 108 | 2269 | 323274 | 66 |
| Net foreign taxes withheld |  | (3723) |  | (196) |
| &nbsp;&nbsp;&nbsp;Total income | 73297 | 147714 | 335473 | 781218 |
| **Expenses:** |  |  |  |  |
| Management fees | 8447 | 54772 | 822919 | 63303 |
| Professional fees |  | 34834 |  |  |
| Custody and accounting fees |  | 9245 |  |  |
| Reports to shareholders |  | 3672 |  |  |
| Trustees' fees and expenses |  | 114 |  |  |
| Exchange listing fees |  | 1061 |  |  |
| Insurance |  | 415 |  |  |
| Interest |  | 10 | 40688 | 449 |
| Other |  | 3338 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 8447 | 107461 | 863607 | 63752 |
| Expenses assumed by the Adviser |  | (40884) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 8447 | 66577 | 863607 | 63752 |
| Net investment income (loss) | 64850 | 81137 | (528134) | 717466 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (645716) | (1666208) | (38433540) | (1107390) |
| In-kind redemptions | (471289) | (536130) | 54679338 | 2473931 |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (1171) | (5090) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1117005) | (2203509) | 16240708 | 1366541 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (1769143) | (2870250) | (144486472) | 3048025 |
| Foreign currency translations and foreign denominated assets and liabilities |  | (498) | 59 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1769143) | (2870748) | (144486413) | 3048025 |
| Net increase (decrease) in net assets resulting from operations | $(2821298) | $(4993120) | $(128773839) | $5132032 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy Income<br> ETF** | **Environmental<br> Services ETF** | **Fabless<br> Semiconductor<br> ETF** | **Long/Flat Trend<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $1354402 | $448436 | $268220 | $157783 |
| Interest | 1074 | 3412 | 480 | 675 |
| Securities lending income | 43368 | 15833 | 7399 |  |
| Net foreign taxes withheld | (113754) | (14269) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 1285090 | 453412 | 276099 | 158458 |
| **Expenses:** |  |  |  |  |
| Management fees | 197857 | 233352 | 287353 | 67971 |
| Professional fees |  | 52832 |  | 23581 |
| Custody and accounting fees |  | 11822 |  | 10804 |
| Reports to shareholders |  | 9649 |  | 4098 |
| Trustees' fees and expenses |  | 688 |  | 209 |
| Exchange listing fees |  | 3382 |  | 3382 |
| Insurance |  | 1405 |  | 623 |
| Interest | 2626 | 1602 | 1452 |  |
| Other |  | 298 |  | 315 |
| &nbsp;&nbsp;&nbsp;Total expenses | 200483 | 315030 | 288805 | 110983 |
| Expenses assumed by the Adviser |  | (56741) |  | (36215) |
| &nbsp;&nbsp;&nbsp;Net expenses | 200483 | 258289 | 288805 | 74768 |
| Net investment income (loss) | 1084607 | 195123 | (12706) | 83690 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 268226 | 1244559 | (1560057) | 14124 |
| In-kind redemptions | 4289283 | (643) | 11067137 | 231403 |
| Foreign currency transactions and foreign denominated assets and liabilities | (4890) | (6091) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4552619 | 1237825 | 9507080 | 245527 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 13635562 | (1786517) | (13591632) | (869778) |
| Foreign currency translations and foreign denominated assets and liabilities | (111) | (766) |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13635451 | (1787283) | (13591632) | (869778) |
| Net increase (decrease) in net assets resulting from operations | $19272677 | $(354335) | $(4097258) | $(540561) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> Global Wide<br> Moat ETF** | **Morningstar<br> International<br> Moat ETF** | **Morningstar<br> SMID Moat ETF** | **Morningstar<br> Wide Moat ETF** |
| **Income:** |  |  |  |  |
| Dividends | $156527 | $2017511 | $2784799 | $107292083 |
| Interest | 1220 | 1574 | 7233 | 210912 |
| Securities lending income | 384 | 34018 | 3316 | 178111 |
| Net foreign taxes withheld | (8191) | (193532) | (4707) | (425718) |
| &nbsp;&nbsp;&nbsp;Total income | 149940 | 1859571 | 2790641 | 107255388 |
| **Expenses:** |  |  |  |  |
| Management fees | 39848 | 496113 | 801536 | 28748757 |
| Professional fees | 28342 | 31148 | 26501 | 26879 |
| Custody and accounting fees | 23118 | 32367 | 14115 | 82820 |
| Reports to shareholders | 4414 | 18220 | 24894 | 291409 |
| Trustees' fees and expenses | 135 | 1456 | 2806 | 96521 |
| Exchange listing fees | 1990 | 1990 | 2984 | 1990 |
| Insurance | 569 | 2366 | 3329 | 46554 |
| Interest | 71 | 8377 | 850 | 39733 |
| Other | 3337 | 1018 | 1774 | 53464 |
| &nbsp;&nbsp;&nbsp;Total expenses | 101824 | 593055 | 878789 | 29388127 |
| Expenses assumed by the Adviser | (55707) | (29032) | (5155) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 46117 | 564023 | 873634 | 29388127 |
| Net investment income | 103823 | 1295548 | 1917007 | 77867261 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 747818 | 13714558 | (31205557) | (707186633) |
| In-kind redemptions |  |  | 31778792 | 1262988411 |
| Foreign currency transactions and foreign denominated assets and liabilities | (3022) | (20054) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 744796 | 13694504 | 573235 | 555801778 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (1462561) | (25587500) | (6325658) | (736201889) |
| Foreign currency translations and foreign denominated assets and liabilities | (99) | (10239) |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1462660) | (25597739) | (6325658) | (736201889) |
| Net decrease in net assets resulting from operations | $(614041) | $(10607687) | $(3835416) | $(102532850) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> Wide Moat Value<br> ETF** | **Pharmaceutical<br> ETF** | **Real Assets<br> ETF (a)** | **Retail ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $68238 | $16152076 | $1094958 | $1305241 |
| Dividends - affiliated issuers |  |  | 5119315 |  |
| Interest | 471 | 5200 | 22530 | 3381 |
| Securities lending income | 111 | 195675 | 140413 | 1498 |
| Net foreign taxes withheld | (222) | (988088) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 68598 | 15364863 | 6377216 | 1310120 |
| **Expenses:** |  |  |  |  |
| Management fees | 13180 | 2095390 | 895899 | 448947 |
| Professional fees | 27357 | 22500 (b) | 28287 |  |
| Custody and accounting fees | 11084 |  | 13060 |  |
| Reports to shareholders | 3670 |  | 15703 |  |
| Trustees' fees and expenses | 39 |  | 1433 |  |
| Exchange listing fees | 3484 |  | 3979 |  |
| Insurance | 509 |  | 1457 |  |
| Interest |  | 23132 | 10973 | 202 |
| Taxes |  | 1049 |  |  |
| Other | 60 |  | 2259 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 59383 | 2142071 | 973050 | 449149 |
| Waiver of management fees |  |  | (348919) |  |
| Expenses assumed by the Adviser | (45007) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 14376 | 2142071 | 624131 | 449149 |
| Net investment income | 54222 | 13222792 | 5753085 | 860971 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (246741) | (5443242) | (397571) | (2935653) |
| Investments - affiliated issuers |  |  | (287465) |  |
| In-kind redemptions - unaffiliated issuers | 652344 | 115370378 | 746322 | 14941588 |
| In-kind redemptions - affiliated issuers |  |  | 999403 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 405603 | 109927136 | 1060689 | 12005935 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (390608) | 15350806 | 11376961 | (10779887) |
| Investments - affiliated issuers |  |  | 44562299 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (390608) | 15350806 | 55939260 | (10779887) |
| Net increase in net assets resulting from operations | $69217 | $138500734 | $62753034 | $2087019 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) European Union tax reclaim expense (See Note 6).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Robotics ETF** | **Semiconductor<br> ETF** | **Social Sentiment<br> ETF** | **Technology<br> TruSector ETF** |
| **Income:** |  |  |  |  |
| Dividends | $317893 | $136692839 | $165902 | $147401 |
| Interest | 339 | 473664 | 1429 | 2014 |
| Securities lending income | 2601 | 63188 | 44829 | 3893 |
| Net foreign taxes withheld | (31268) | (6855200) | (905) | (75) |
| &nbsp;&nbsp;&nbsp;Total income | 289565 | 130374491 | 211255 | 153233 |
| **Expenses:** |  |  |  |  |
| Management fees | 87613 | 68913912 | 419011 | 27295 |
| Interest | 846 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 88459 | 68913912 | 419011 | 27295 |
| Net investment income (loss) | 201106 | 61460579 | (207756) | 125938 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (9471) | (363011859) | (25558256) | (494165) |
| In-kind redemptions |  | 9358003464 | 23416181 | (599373) |
| Foreign currency transactions and foreign denominated assets and liabilities | (2501) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (11972) | 8994991605 | (2142075) | (1093538) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (947083) | (3547259868) | (25399539) | (8552931) |
| Foreign currency translations and foreign denominated assets and liabilities | (203) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (947286) | (3547259868) | (25399539) | (8552931) |
| Net increase (decrease) in net assets resulting from operations | $(758152) | $5509192316 | $(27749370) | $(9520531) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2026 (unaudited)

---

| | |
|:---|:---|
|  | **Video Gaming<br> and eSports ETF** |
| **Income:** |  |
| Dividends | $1583613 |
| Interest | 6228 |
| Securities lending income | 68966 |
| Net foreign taxes withheld | (100646) |
| &nbsp;&nbsp;&nbsp;Total income | 1558161 |
| **Expenses:** |  |
| Management fees | 926359 |
| Professional fees | 28766 |
| Custody and accounting fees | 33704 |
| Reports to shareholders | 22776 |
| Trustees' fees and expenses | 3552 |
| Exchange listing fees | 1990 |
| Insurance | 2664 |
| Interest | 3240 |
| Other | 803 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1023854 |
| Expenses assumed by the Adviser | (1619) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1022235 |
| Net investment income | 535926 |
| **Net realized gain (loss) on:** |  |
| Investments | (25258219) |
| In-kind redemptions | 53502413 |
| Foreign currency transactions and foreign denominated assets and liabilities | (50353) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 28193841 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (137061063) |
| Foreign currency translations and foreign denominated assets and liabilities | (9287) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (137070350) |
| Net decrease in net assets resulting from operations | $(108340583) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative Asset Manager ETF** | **Alternative Asset Manager ETF** | **Biotech ETF** | **Biotech ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Period Ended<br> September 30,<br> 2025(a)** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $622567 | $122110 | $1128830 | $2343400 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4775919) | 1423857 | 12262041 | 399334 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (23744492) | (1427663) | 33442536 | (33040724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (27897844) | 118304 | 46833407 | (30297990) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (999915) |  | (1900090) | (3149907) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 108529204 | 108919924 | 52498662 | 52631434 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (8965737) | (73170803) | (123842093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 108529204 | 99954187 | (20672141) | (71210659) |
| Total increase (decrease) in net assets | 79631445 | 100072491 | 24261176 | (104658556) |
| Net Assets, beginning of period | 100072491 |  | 347331784 | 451990340 |
| Net Assets, end of period | $179703936 | $100072491 | $371592960 | $347331784 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 4775000 | 3950000 | 280000 | 325000 |
| Shares redeemed |  | (325000) | (400000) | (775000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 4775000 | 3625000 | (120000) | (450000) |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Commodity Strategy ETF (a)** | **Commodity Strategy ETF (a)** | **Communication<br> Services<br> TruSector ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Period Ended<br> March 31, 2026(b)<br> (unaudited)** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1350311 | $1165144 | $20636 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 27127047 | 3754076 | 36125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12451800 | 702359 | (202449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 40929158 | 5621579 | (145688) |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (5649960) | (850000) |  |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 112209204 | 15031110 | 38828509 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  | (3671805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 112209204 | 15031110 | 35156704 |
| Total increase in net assets | 147488402 | 19802689 | 35011016 |
| Net Assets, beginning of period | 43826764 | 24024075 |  |
| Net Assets, end of period | $191315166 | $43826764 | $35011016 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 1850000 | 300000 | 1600000 |
| Shares redeemed |  |  | (150000) |
| &nbsp;&nbsp;&nbsp;Net increase | 1850000 | 300000 | 1450000 |

---

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

(b) For the period February 19, 2026 (commencement of operations) through March 31, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consumer Discretionary TruSector ETF** | **Consumer Discretionary TruSector ETF** | **Digital Native Economy ETF** | **Digital Native Economy ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Period Ended<br> September 30,<br> 2025(a)** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $64850 | $1995 | $81137 | $797531 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1117005) | 4 | (2203509) | (2848671) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1769143) | 95248 | (2870748) | 2103482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (2821298) | 97247 | (4993120) | 52342 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (25098) |  | (749980) | (875025) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 57872301 | 4064193 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (37588581) |  | (3932156) | (10433177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 20283720 | 4064193 | (3932156) | (10433177) |
| Total increase (decrease) in net assets | 17437324 | 4161440 | (9675256) | (11255860) |
| Net Assets, beginning of period | 4161440 |  | 26935306 | 38191166 |
| Net Assets, end of period | $21598764 | $4161440 | $17260050 | $26935306 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 2300000 | 160000 |  |  |
| Shares redeemed | (1550000) |  | (100000) | (250000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 750000 | 160000 | (100000) | (250000) |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital Transformation ETF** | **Digital Transformation ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(528134) | $158412 | $717466 | $1641862 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 16240708 | 100914606 | 1366541 | 645642 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (144486413) | 32088760 | 3048025 | (2203751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (128773839) | 133161778 | 5132032 | 83753 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (6650160) | (812135) | (1706175) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 247912538 | 286595818 | 7974908 | 26321472 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (165241055) | (226587053) | (17058115) | (32740384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 82671483 | 60008765 | (9083207) | (6418912) |
| Total increase (decrease) in net assets | (46102356) | 186520383 | (4763310) | (8041334) |
| Net Assets, beginning of period | 321291072 | 134770689 | 44115761 | 52157095 |
| Net Assets, end of period | $275188716 | $321291072 | $39352451 | $44115761 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 13025000 | 17050000 | 225000 | 775000 |
| Shares redeemed | (9400000) | (13650000) | (475000) | (975000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 3625000 | 3400000 | (250000) | (200000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy Income ETF** | **Energy Income ETF** | **Environmental Services ETF** | **Environmental Services ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1084607 | $1791545 | $195123 | $247204 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4552619 | 11357834 | 1237825 | 6320238 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13635451 | (999462) | (1787283) | 71366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 19272677 | 12149917 | (354335) | 6638808 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1755733) | (2651849) | (169932) | (350020) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 65246353 | 38649374 | 2167856 | 28457559 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13248251) | (31206397) |  | (22683607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 51998102 | 7442977 | 2167856 | 5773952 |
| Total increase in net assets | 69515046 | 16941045 | 1643589 | 12062740 |
| Net Assets, beginning of period | 73397526 | 56456481 | 91490513 | 79427773 |
| Net Assets, end of period | $142912572 | $73397526 | $93134102 | $91490513 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 600000 | 400000 | 55000 | 770000 |
| Shares redeemed | (125000) | (325000) |  | (620000) |
| &nbsp;&nbsp;&nbsp;Net increase | 475000 | 75000 | 55000 | 150000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(12706) | $45879 | $83690 | $255451 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 9507080 | 15197216 | 245527 | 4165390 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (13591632) | 9283660 | (869778) | (1770197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (4097258) | 24526755 | (540561) | 2650644 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (40050) | (9990) | (245000) | (199980) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 49809640 | 187958950 |  | 23934292 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (58669373) | (54185528) | (1339285) | (25230226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (8859733) | 133773422 | (1339285) | (1295934) |
| Total increase (decrease) in net assets | (12997041) | 158290187 | (2124846) | 1154730 |
| Net Assets, beginning of period | 164706817 | 6416630 | 27964258 | 26809528 |
| Net Assets, end of period | $151709776 | $164706817 | $25839412 | $27964258 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 1300000 | 5625000 |  | 525000 |
| Shares redeemed | (1525000) | (1575000) | (25000) | (550000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (225000) | 4050000 | (25000) | (25000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $103823 | $270293 | $1295548 | $3530451 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 744796 | 2382888 | 13694504 | 19276671 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1462660) | (93865) | (25597739) | (9363390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (614041) | 2559316 | (10607687) | 13443732 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2752920) | (811720) | (6324235) | (7250000) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1941055 |  | 7613236 | 15336969 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  | (68772836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 1941055 |  | 7613236 | (53435867) |
| Total increase (decrease) in net assets | (1425906) | 1747596 | (9318686) | (47242135) |
| Net Assets, beginning of period | 18051635 | 16304039 | 193576156 | 240818291 |
| Net Assets, end of period | $16625729 | $18051635 | $184257470 | $193576156 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 50000 |  | 200000 | 450000 |
| Shares redeemed |  |  |  | (2100000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 50000 |  | 200000 | (1650000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br>September 30,<br>2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1917007 | $4433951 | $77867261 | $186592348 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 573235 | 19653964 | 555801778 | 1520528194 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (6325658) | (17085986) | (736201889) | (1430546477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (3835416) | 7001929 | (102532850) | 276574065 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4900375) | (4500405) | (174001010) | (207996750) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 126364153 | 408516989 | 4873138975 | 8552152128 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (170129229) | (420620175) | (5695635426) | (12091387950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (43765076) | (12103186) | (822496451) | (3539235822) |
| Total decrease in net assets | (52500867) | (9601662) | (1099030311) | (3470658507) |
| Net Assets, beginning of period | 371856942 | 381458604 | 12700444645 | 16171103152 |
| Net Assets, end of period | $319356075 | $371856942 | $11601414334 | $12700444645 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 3525000 | 11700000 | 47750000 | 91150000 |
| Shares redeemed | (4750000) | (12300000) | (55900000) | (129800000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (1225000) | (600000) | (8150000) | (38650000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat Value ETF** | **Morningstar Wide Moat Value ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $54222 | $89834 | $13222792 | $13338384 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 405603 | 323825 | 109927136 | 40278559 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (390608) | (226021) | 15350806 | (76413557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 69217 | 187638 | 138500734 | (22796614) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (94995) | (46995) | (6009023) | (13994082) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3763077 | 3260289 | 1654157850 | 1774001048 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2679042) | (3265566) | (1110479209) | (1895640170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 1084035 | (5277) | 543678641 | (121639122) |
| Total increase (decrease) in net assets | 1058257 | 135366 | 676170352 | (158429818) |
| Net Assets, beginning of period | 5160747 | 5025381 | 568100700 | 726530518 |
| Net Assets, end of period | $6219004 | $5160747 | $1244271052 | $568100700 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 100000 | 100000 | 16750000 | 20300000 |
| Shares redeemed | (75000) | (100000) | (11100000) | (21650000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 25000 |  | 5650000 | (1350000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Real Assets ETF (a)** | **Real Assets ETF (a)** | **Retail ETF** | **Retail ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5753085 | $1692766 | $860971 | $2017791 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1060689 | 868158 | 12005935 | 12088574 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 55939260 | 22233580 | (10779887) | 21556621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 62753034 | 24794504 | 2087019 | 35662986 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (5999805) | (1700055) | (2400001) | (1700012) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 511497728 | 82362161 | 25461029 | 58174698 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9169493) | (8291677) | (37652872) | (53736407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 502328235 | 74070484 | (12191843) | 4438291 |
| Total increase (decrease) in net assets | 559081464 | 97164933 | (12504825) | 38401265 |
| Net Assets, beginning of period | 174593394 | 77428461 | 261381780 | 222980515 |
| Net Assets, end of period | $733674858 | $174593394 | $248876955 | $261381780 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 13225000 | 2675000 | 100000 | 250000 |
| Shares redeemed | (250000) | (275000) | (150000) | (230000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 12975000 | 2400000 | (50000) | 20000 |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Robotics ETF** | **Robotics ETF** | **Semiconductor ETF** | **Semiconductor ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $201106 | $110429 | $61460579 | $110158476 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (11972) | 1108204 | 8994991605 | 3982301248 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (947286) | 887524 | (3547259868) | 3544172223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (758152) | 2106157 | 5509192316 | 7636631947 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (120000) | (346470) | (113001833) | (101925490) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 36692807 | 15994655 | 37758453279 | 35374731183 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (12234137) | (33746817219) | (34676474564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 36692807 | 3760518 | 4011636060 | 698256619 |
| Total increase in net assets | 35814655 | 5520205 | 9407826543 | 8232963076 |
| Net Assets, beginning of period | 21199164 | 15678959 | 31959307386 | 23726344310 |
| Net Assets, end of period | $57013819 | $21199164 | $41367133929 | $31959307386 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 650000 | 375000 | 101050000 | 140800000 |
| Shares redeemed |  | (300000) | (91000000) | (139600000) |
| &nbsp;&nbsp;&nbsp;Net increase | 650000 | 75000 | 10050000 | 1200000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Social Sentiment ETF** | **Social Sentiment ETF** | **Technology TruSector ETF** | **Technology TruSector ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Period Ended<br> September 30,<br> 2025(a)** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(207756) | $(120745) | $125938 | $7194 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2142075) | 24696467 | (1093538) | 266 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (25399539) | 11113852 | (8552931) | 757238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (27749370) | 35689574 | (9520531) | 764698 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (280350) | (60353) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 156872785 | 178138404 | 205660298 | 13076976 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (157923420) | (153832962) | (144618968) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (1050635) | 24305442 | 61041330 | 13076976 |
| Total increase (decrease) in net assets | (28800005) | 59714666 | 51460446 | 13841674 |
| Net Assets, beginning of period | 115128186 | 55413520 | 13841674 |  |
| Net Assets, end of period | $86328181 | $115128186 | $65302120 | $13841674 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 4450000 | 6250000 | 8080000 | 530000 |
| Shares redeemed | (4650000) | (5625000) | (5880000) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (200000) | 625000 | 2200000 | 530000 |

---

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** |
|  | **Six Months<br> Ended<br> March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $535926 | $1145398 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 28193841 | 68376899 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (137070350) | 90953385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (108340583) | 160475682 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4640400) | (1222750) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 34762141 | 114588123 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (176776947) | (20957811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (142014806) | 93630312 |
| Total increase (decrease) in net assets | (254995789) | 252883244 |
| Net Assets, beginning of period | 516662543 | 263779299 |
| Net Assets, end of period | $261666754 | $516662543 |
| **\*Transactions in capital shares:** |  |  |
| Shares sold | 300000 | 1050000 |
| Shares redeemed | (1650000) | (250000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1350000) | 800000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Alternative Asset Manager<br> ETF** | **Alternative Asset Manager<br> ETF** |
|  | **Six Months<br>Ended<br>March 31,<br>2026<br>(unaudited)** | **Period<br>Ended<br>September<br>30,<br>2025 (a)** |
| Net asset value, beginning of period | $27.61 | $25.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.13 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.13) | 2.52 (c) |
| Total from investment operations | (6.00) | 2.60 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) |  |
| Net asset value, end of period | $21.39 | $27.61 |
| **Total return (d)** | (21.87)% | 10.38% |
| **Ratios to average net assets** |  |  |
| Expenses | 0.40 %(e) | 0.40 %(e) |
| Net investment income | 1.03 %(e) | 0.84 %(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $180 | $100 |
| Portfolio turnover rate (f) | 18% | 5% |

---

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

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br>March 31,<br>2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $165.67 | $177.49 | $155.70 | $140.61 | $201.99 | $162.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.57 | 1.01 | 0.92 | 0.70 | 0.69 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 22.73 | (11.58) | 21.58 | 15.14 | (61.67) | 40.17 |
| Total from investment operations | 23.30 | (10.57) | 22.50 | 15.84 | (60.98) | 40.59 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.96) | (1.25) | (0.71) | (0.75) | (0.40) | (0.61) |
| Net asset value, end of period | $188.01 | $165.67 | $177.49 | $155.70 | $140.61 | $201.99 |
| **Total return (b)** | 14.04% | (5.93)% | 14.50% | 11.24% | (30.24)% | 25.13% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.38% |
| Net expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.60 %(d) | 0.63% | 0.56% | 0.44% | 0.42% | 0.23% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $372 | $347 | $452 | $451 | $414 | $590 |
| Portfolio turnover rate (e) | 12% | 19% | 19% | 18% | 24% | 41% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity Strategy ETF(a)** | **Commodity Strategy ETF(a)** | **Commodity Strategy ETF(a)** | **Commodity Strategy ETF(a)** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months<br> Ended<br> March 31,<br>2026**<br>**(unaudited)** | **2025** | **2024** | **Period<br> Ended<br> September<br> 30,**<br>**2023 (b)** |
| Net asset value, beginning of period | $54.78 | $48.05 | $52.91 | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (c) | 0.93 | 1.88 | 2.33 | 1.69 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 21.19 | 6.55 | (4.23) | 1.22 |
| Total from investment operations | 22.12 | 8.43 | (1.90) | 2.91 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (4.71) | (1.70) | (2.96) |  |
| Net asset value, end of period | $72.19 | $54.78 | $48.05 | $52.91 |
| **Total return (d)** | 43.32% | 18.15% | (3.41)% | 5.82% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.55 %(e) | 0.55% | 0.55% | 0.55 %(e) |
| Net investment income | 3.09 %(e) | 3.74% | 4.78% | 4.36 %(e) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $191 | $44 | $24 | $26 |
| Portfolio turnover rate (f) | — % | —% | —% | — % |

---

------

(a) Consolidated Financial Highlights

(b) For the period December 21, 2022 (commencement of operations) through September 30, 2023.

(c) Calculated based upon average
 shares outstanding

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Communication<br> Services<br> TruSector ETF** |
|  | **Period Ended<br> March 31,<br> 2026<br> (unaudited)(a)** |
| Net asset value, beginning of period | $25.07 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.98) |
| Total from investment operations | (0.92) |
| Net asset value, end of period | $24.15 |
| **Total return (c)** | (3.69)% |
| **Ratios to average net assets** |  |
| Expenses (d) | 0.10 %(e) |
| Net investment income (d) | 2.12 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $35 |
| Portfolio turnover rate (f) | — % |

---

------

(a) For the period February 19, 2026 (commencement of operations) through March 31, 2026.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Consumer Discretionary<br> TruSector ETF** | **Consumer Discretionary<br> TruSector ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2026<br> (unaudited)** | **Period<br> Ended<br> September<br> 30,<br> 2025 (a)** |
| Net asset value, beginning of period | $26.01 | $24.71 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.10 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.34) | 1.27 |
| Total from investment operations | (2.24) | 1.30 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |
| Net asset value, end of period | $23.73 | $26.01 |
| **Total return (c)** | (8.59)% | 5.24% |
| **Ratios to average net assets** |  |  |
| Expenses (d) | 0.10 %(e) | 0.10 %(e) |
| Net investment income (d) | 0.77 %(e) | 1.15 %(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $22 | $4 |
| Portfolio turnover rate (f) | 37% | — %(g) |

---

------

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

(b) Calculated
 based upon average shares outstanding

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

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

(e) Annualized

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

(g) Amount represents less than 0.5%

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Digital Native Economy ETF** | **Digital Native Economy ETF** | **Digital Native Economy ETF** | **Digital Native Economy ETF** | **Digital Native Economy ETF** | **Digital Native Economy ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $44.89 | $44.93 | $39.94 | $32.74 | $48.32 | $39.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.15 | 1.15 | 0.59 | 0.42 | 0.25 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (9.16) | (0.02) | 5.11 | 6.95 | (15.48) | 9.24 |
| Total from investment operations | (9.01) | 1.13 | 5.70 | 7.37 | (15.23) | 9.40 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.36) | (1.17) | (0.71) | (0.17) | (0.35) | (0.22) |
| Net asset value, end of period | $34.52 | $44.89 | $44.93 | $39.94 | $32.74 | $48.32 |
| **Total return (b)** | (20.56)% | 2.76% | 14.38% | 22.55% | (31.72)% | 24.06% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.98 %(d) | 0.83% | 0.78% | 0.74% | 0.65% | 0.62% |
| Net expenses (c) | 0.61 %(d) | 0.66% | 0.67% | 0.72% | 0.65% | 0.62% |
| Net expenses excluding interest and taxes (c) | 0.61 %(d) | 0.65% | 0.65% | 0.65% | 0.63% | 0.62% |
| Net investment income | 0.74 %(d) | 2.73% | 1.43% | 0.99% | 0.63% | 0.32% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $17 | $27 | $38 | $50 | $61 | $118 |
| Portfolio turnover rate (e) | 11% | 16% | 22% | 15% | 16% | 20% |

---

------

(a) Calculated based upon average shares outstanding

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

(c) Periods after January 31, 2026 reflect a unitary management fee structure.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months**<br> **Ended**<br> **March 31,**<br> **2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period**<br> **Ended**<br> **September**<br> **30,**<br>**2021 (a)** |
| Net asset value, beginning of period | $21.71 | $11.82 | $5.46 | $4.95 | $22.81 | $35.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | (0.03) | 0.01 | 0.09 | 0.15 | 0.26 | — (c) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.74) | 10.46 | 6.27 | 0.36 | (16.24) | (12.44) |
| Total from investment operations | (6.77) | 10.47 | 6.36 | 0.51 | (15.98) | (12.44) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.58) |  |  | (1.88) |  |
| Net asset value, end of period | $14.94 | $21.71 | $11.82 | $5.46 | $4.95 | $22.81 |
| **Total return (d)** | (31.20)% | 90.26% | 116.65% | 10.29% | (76.33)% | (35.30)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.52 %(e) | 0.52% | 0.51% | 0.51% | 0.50% | 0.58 %(e) |
| Expenses excluding interest and taxes | 0.50 %(e) | 0.50% | 0.50% | 0.50% | 0.50% | N/A |
| Net investment income (loss) | (0.32)%(e) | 0.08% | 0.91% | 2.81% | 2.28% | 0.02 %(e) |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $275 | $321 | $135 | $43 | $30 | $46 |
| Portfolio turnover rate (f) | 24% | 74% | 80% | 57% | 74% | 49% |

---

------

(a) For the period April 13, 2021 (commencement of operations) through September 30, 2021.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br> **March 31,**<br> **2026**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $33.94 | $34.77 | $30.28 | $27.72 | $30.59 | $26.78 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.57 | 1.18 | 0.98 | 1.07 | 0.99 | 1.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.61 | (0.80) | 4.56 | 2.50 | (2.90) | 3.71 |
| Total from investment operations | 4.18 | 0.38 | 5.54 | 3.57 | (1.91) | 4.72 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (1.21) | (1.05) | (1.01) | (0.96) | (0.91) |
| Net asset value, end of period | $37.48 | $33.94 | $34.77 | $30.28 | $27.72 | $30.59 |
| **Total return (b)** | 12.55% | 1.28% | 18.79% | 12.91% | (6.58)% | 17.89% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.29 %(d) | 0.30% | 0.30% | 0.30% | 0.29% | 0.53% |
| Net expenses (c) | 0.29 %(d) | 0.30% | 0.30% | 0.30% | 0.29% | 0.29% |
| Net expenses excluding interest and taxes (c) | 0.29 %(d) | 0.29% | 0.29% | 0.29% | 0.29% | N/A |
| Net investment income | 3.29 %(d) | 3.56% | 3.13% | 3.42% | 3.19% | 3.38% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $39 | $44 | $52 | $86 | $73 | $51 |
| Portfolio turnover rate (e) | 19% | 66% | 62% | 61% | 50% | 50% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br> **March 31,**<br> **2026**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $99.22 | $84.93 | $64.87 | $56.84 | $54.25 | $34.29 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.27 | 2.27 | 1.97 | 1.51 | 1.17 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 19.37 | 15.36 | 20.94 | 9.04 | 3.67 | 21.90 |
| Total from investment operations | 20.64 | 17.63 | 22.91 | 10.55 | 4.84 | 23.05 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.23) | (2.26) | (0.55) | (1.34) | (1.02) | (1.37) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.98) | (1.08) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (2.30) | (1.18) | (1.23) | (1.72) |
| Total distributions | (2.21) | (3.34) | (2.85) | (2.52) | (2.25) | (3.09) |
| Net asset value, end of period | $117.65 | $99.22 | $84.93 | $64.87 | $56.84 | $54.25 |
| **Total return (b)** | 21.29% | 21.00% | 36.09% | 18.70% | 8.79% | 68.88% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.46 %(c) | 0.46% | 0.47% | 0.46% | 0.48% | 0.46% |
| Expenses excluding interest and taxes | 0.45 %(c) | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income | 2.47 %(c) | 2.37% | 2.65% | 2.41% | 1.95% | 2.43% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $143 | $73 | $56 | $37 | $31 | $24 |
| Portfolio turnover rate (d) | 4% | 13% | 28% | 23% | 21% | 24% |

---

------

(a) Calculated based upon average shares outstanding

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

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br> **March 31,**<br> **2026**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $38.93 | $36.10 | $28.68 | $26.12 | $28.64 | $19.88 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.08 | 0.11 | 0.17 | 0.25 | 0.11 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | 2.88 | 7.54 | 2.42 | (2.56) | 8.77 |
| Total from investment operations | (0.13) | 2.99 | 7.71 | 2.67 | (2.45) | 8.84 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.16) | (0.29) | (0.11) | (0.07) | (0.08) |
| Net asset value, end of period | $38.73 | $38.93 | $36.10 | $28.68 | $26.12 | $28.64 |
| **Total return (c)** | (0.35)% | 8.33% | 27.08% | 10.25% | (8.56)% | 44.50% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.68 %(d) | 0.62% | 0.62% | 0.64% | 0.62% | 0.71% |
| Net expenses | 0.55 %(d) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 0.42 %(d) | 0.30% | 0.52% | 0.85% | 0.39% | 0.27% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $93 | $91 | $79 | $77 | $68 | $67 |
| Portfolio turnover rate (e) | 44% | 23% | 23% | 22% | 35% | 21% |

---

------

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

(b) Calculated based upon average shares outstanding

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** |
|  | **Six Months**<br>**Ended**<br> **March 31,**<br> **2026**<br> **(unaudited)** |<br>**Year Ended**<br> **September**<br> **30, 2025** | **Period**<br>**Ended**<br> **September**<br> **30,**<br> **2024 (a)** |
| Net asset value, beginning of period | $38.30 | $25.67 | $25.26 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | — (c) | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.06) | 12.61 | 0.39 |
| Total from investment operations | (1.06) | 12.64 | 0.41 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.01) |  |
| Net asset value, end of period | $37.23 | $38.30 | $25.67 |
| **Total return (d)** | (2.78)% | 49.29% | 1.60% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.35 %(e) | 0.35% | 0.35 %(e) |
| Net investment income (loss) | (0.02)%(e) | 0.09% | 0.68 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $152 | $165 | $6 |
| Portfolio turnover rate (f) | 5% | 20% | 7% |

---

------

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

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $53.27 | $48.74 | $37.58 | $33.58 | $39.96 | $31.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.17 | 0.49 | 0.45 | 0.51 | 0.24 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.27) | 4.40 | 11.34 | 3.90 | (6.46) | 8.78 |
| Total from investment operations | (1.10) | 4.89 | 11.79 | 4.41 | (6.22) | 9.12 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (0.36) | (0.63) | (0.41) | (0.16) | (0.71) |
| Net asset value, end of period | $51.68 | $53.27 | $48.74 | $37.58 | $33.58 | $39.96 |
| **Total return (b)** | (2.10)% | 10.07% | 31.72% | 13.27% | (15.67)% | 29.29% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.82 %(d) | 0.80% | 0.84% | 0.90% | 0.72% | 0.82% |
| Net expenses (c) | 0.55 %(d) | 0.55% | 0.61% | 0.66% | 0.59% | 0.55% |
| Net expenses excluding interest and taxes (c) | 0.55 %(d) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income (c) | 0.62 %(d) | 0.98% | 1.06% | 1.41% | 0.60% | 0.91% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $26 | $28 | $27 | $24 | $34 | $41 |
| Portfolio turnover rate (e) | — %(f) | 91% | 1% | 115% | 243% | 1% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

(f) Amount represents less than 0.5%

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $45.13 | $40.76 | $32.21 | $29.24 | $38.42 | $32.17 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.24 | 0.68 | 0.63 | 0.65 | 0.63 | 0.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.54) | 5.72 | 8.57 | 3.49 | (7.60) | 6.74 |
| Total from investment operations | (1.30) | 6.40 | 9.20 | 4.14 | (6.97) | 7.28 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.94) | (0.65) | (0.65) | (0.70) | (0.55) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (5.94) | (1.38) |  | (0.47) | (1.66) | (0.60) |
| Total distributions | (6.88) | (2.03) | (0.65) | (1.17) | (2.21) | (1.03) |
| Net asset value, end of period | $36.95 | $45.13 | $40.76 | $32.21 | $29.24 | $38.42 |
| **Total return (b)** | (3.65)% | 16.82% | 28.93% | 14.14% | (19.41)% | 22.99% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.15 %(c) | 1.14% | 1.15% | 1.08% | 0.96% | 1.20% |
| Net expenses | 0.52 %(c) | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Net investment income | 1.17 %(c) | 1.67% | 1.78% | 1.94% | 1.76% | 1.44% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $17 | $18 | $16 | $18 | $18 | $19 |
| Portfolio turnover rate (d) | 38% | 85% | 78% | 73% | 67% | 74% |

---

------

(a) Calculated based upon average shares outstanding

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

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $37.23 | $35.16 | $29.85 | $25.10 | $33.54 | $29.38 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.24 | 0.65 | 0.93 | 0.89 | 1.34 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.17) | 2.87 | 5.11 | 4.81 (b) | (8.28) | 3.81 |
| Total from investment operations | (1.93) | 3.52 | 6.04 | 5.70 | (6.94) | 4.88 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.18) | (1.45) | (0.73) | (0.95) | (1.50) | (0.72) |
| Net asset value, end of period | $34.12 | $37.23 | $35.16 | $29.85 | $25.10 | $33.54 |
| **Total return (c)** | (5.38)% | 10.88% | 20.56% | 22.82% | (21.65)% | 16.64% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.60 %(d) | 0.63% | 0.61% | 0.63% | 0.67% | 0.76% |
| Net expenses | 0.57 %(d) | 0.58% | 0.58% | 0.58% | 0.58% | 0.57% |
| Net expenses excluding interest and taxes | 0.56 %(d) | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| Net investment income | 1.31 %(d) | 1.94% | 2.99% | 2.85% | 4.32% | 3.09% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $184 | $194 | $241 | $231 | $67 | $70 |
| Portfolio turnover rate (e) | 37% | 110% | 83% | 87% | 105% | 110% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months<br> Ended<br> March 31,<br> 2026**<br>**(unaudited)** | **2025** | **2024** | **Period<br> Ended<br> September<br> 30,**<br>**2023 (a)** |
| Net asset value, beginning of period | $36.10 | $35.00 | $28.42 | $26.02 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.19 | 0.39 | 0.42 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.60) | 1.12 | 6.37 | 2.09 (c) |
| Total from investment operations | (0.41) | 1.51 | 6.79 | 2.46 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) | (0.41) | (0.21) | (0.06) |
| Net asset value, end of period | $35.19 | $36.10 | $35.00 | $28.42 |
| **Total return (d)** | (1.20)% | 4.36% | 23.93% | 9.49% |
| **Ratios to average net assets** |  |  |  |  |
| Gross expenses | 0.49 %(e) | 0.49% | 0.50% | 0.59 %(e) |
| Net expenses | 0.49 %(e) | 0.49% | 0.49% | 0.49 %(e) |
| Net investment income | 1.08 %(e) | 1.12% | 1.33% | 1.30 %(e) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $319 | $372 | $381 | $186 |
| Portfolio turnover rate (f) | 47% | 77% | 76% | 76% |

---

------

(a) For the period October 5, 2022 (commencement of operations) through September
 30, 2023.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $99.14 | $96.98 | $75.81 | $59.98 | $73.28 | $54.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.62 | 1.24 | 1.22 | 0.78 | 0.85 | 0.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.64) | 2.19 | 20.68 | 15.86 | (13.33) | 18.59 |
| Total from investment operations | (1.02) | 3.43 | 21.90 | 16.64 | (12.48) | 19.55 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.40) | (1.27) | (0.73) | (0.81) | (0.82) | (0.90) |
| Net asset value, end of period | $96.72 | $99.14 | $96.98 | $75.81 | $59.98 | $73.28 |
| **Total return (b)** | (1.14)% | 3.61% | 29.02% | 27.98% | (17.27)% | 36.11% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.46 %(c) | 0.46% | 0.47% | 0.47% | 0.46% | 0.46% |
| Expenses excluding interest and taxes | 0.46 %(c) | 0.46% | 0.46% | 0.46% | 0.46% | N/A |
| Net investment income | 1.22 %(c) | 1.33% | 1.42% | 1.06% | 1.20% | 1.40% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $11601 | $12700 | $16171 | $10618 | $5866 | $6599 |
| Portfolio turnover rate (d) | 31% | 55% | 55% | 51% | 51% | 47% |

---

------

(a) Calculated based upon average shares outstanding

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

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar Wide Moat Value ETF** | **Morningstar Wide Moat Value ETF** | **Morningstar Wide Moat Value ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2026<br> (unaudited)** | **Year Ended<br> September<br> 30, 2025** | **Period<br> Ended<br> September<br> 30,<br> 2024 (a)** |
| Net asset value, beginning of period | $34.40 | $33.50 | $29.99 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.34 | 0.59 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.43 | 0.62 | 3.09 |
| Total from investment operations | 1.77 | 1.21 | 3.51 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (0.31) |  |
| Net asset value, end of period | $35.54 | $34.40 | $33.50 |
| **Total return (c)** | 5.08% | 3.68% | 11.71% |
| **Ratios to average net assets** |  |  |  |
| Gross expenses | 2.03 %(d) | 2.09% | 6.72 %(d) |
| Net expenses | 0.49 %(d) | 0.50% | 0.49 %(d) |
| Net expenses excluding interest and taxes | 0.49 %(d) | 0.49% | 0.49 %(d) |
| Net investment income | 1.85 %(d) | 1.83% | 2.61 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $6 | $5 | $5 |
| Portfolio turnover rate (e) | 13% | 44% | 48% |

---

------

(a) For the period March 27, 2024 (commencement of operations) through September 30,
 2024.

(b) Calculated based upon average shares outstanding

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $90.34 | $95.12 | $79.81 | $67.25 | $72.68 | $62.08 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.12 | 1.98 | 1.73 | 1.47 | 1.32 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 13.47 | (4.81) | 15.12 | 12.65 | (5.44) | 10.46 |
| Total from investment operations | 14.59 | (2.83) | 16.85 | 14.12 | (4.12) | 11.75 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (1.95) | (1.54) | (1.56) | (1.31) | (1.15) |
| Net asset value, end of period | $104.23 | $90.34 | $95.12 | $79.81 | $67.25 | $72.68 |
| **Total return (b)** | 16.21% | (2.88)% | 21.33% | 21.14% | (5.91)% | 19.10% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.36 %(d) | 0.36% | 0.36% | 0.36% | 0.36% | 0.40% |
| Net expenses (c) | 0.36 %(d) | 0.36% | 0.36% | 0.36% | 0.36% | 0.35% |
| Net expenses excluding interest and taxes (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 2.21 %(d) | 2.23% | 1.96% | 1.91% | 1.74% | 1.85% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $1244 | $568 | $727 | $430 | $524 | $319 |
| Portfolio turnover rate (e) | 4% | 30% | 12% | 22% | 23% | 20% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $34.40 | $28.95 | $25.36 | $22.79 | $25.47 | $20.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.61 | 0.46 | 1.06 | 0.37 | 0.92 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.46 | 5.53 | 3.47 | 2.58 | (1.44) | 6.57 |
| Total from investment operations | 7.07 | 5.99 | 4.53 | 2.95 | (0.52) | 6.71 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.82) | (0.54) | (0.94) | (0.38) | (2.16) | (1.39) |
| Net asset value, end of period | $40.65 | $34.40 | $28.95 | $25.36 | $22.79 | $25.47 |
| **Total return (c)** | 20.92% | 21.15% | 18.35% | 12.95% | (2.71)% | 34.11% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.54 %(e) | 0.59% | 0.64% | 0.61% | 0.63% | 1.60% |
| Net expenses (d) | 0.35 %(e) | 0.39% | 0.44% | 0.42% | 0.51% | 0.56% |
| Net expenses excluding interest and taxes (d) | 0.34 %(e) | 0.39% | 0.44% | 0.42% | 0.51% | 0.55% |
| Net investment income (d) | 3.22 %(e) | 1.51% | 4.01% | 1.48% | 3.56% | 0.58% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $734 | $175 | $77 | $91 | $131 | $17 |
| Portfolio turnover rate (f) | 14% | 11% | 47% | 70% | 32% | 76% |

---

------

(a) Consolidated Financial Highlights

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Retail ETF** | **Retail ETF** | **Retail ETF** | **Retail ETF** | **Retail ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $250.96 | $218.28 | $167.73 | $154.84 | $174.75 | $148.87 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.85 | 1.97 | 2.15 | 1.56 | 1.52 | 1.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.61 | 32.44 | 50.41 | 13.17 | (19.92) | 25.34 |
| Total from investment operations | 2.46 | 34.41 | 52.56 | 14.73 | (18.40) | 26.88 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.42) | (1.73) | (2.01) | (1.84) | (1.51) | (1.00) |
| Net asset value, end of period | $251.00 | $250.96 | $218.28 | $167.73 | $154.84 | $174.75 |
| **Total return (b)** | 0.98% | 15.84% | 31.53% | 9.58% | (10.69)% | 18.13% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.42% |
| Net expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.67 %(d) | 0.84% | 1.09% | 0.94% | 0.86% | 0.92% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $249 | $261 | $223 | $155 | $150 | $240 |
| Portfolio turnover rate (e) | 4% | 9% | 7% | 20% | 14% | 12% |

---

------

(a) Calculated based upon average shares outstanding

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

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

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Robotics ETF** | **Robotics ETF** | **Robotics ETF** | **Robotics ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months<br>Ended<br>March 31,**<br>**2026**<br>**(unaudited)** | **2025** | **2024** | **Period<br>Ended<br>September**<br>**30,**<br>**2023 (a)** |
| Net asset value, beginning of period | $49.88 | $44.80 | $35.14 | $34.39 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.30 | 0.33 | 0.29 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.06 (c) | 5.90 | 10.19 | 0.67 |
| Total from investment operations | 3.36 | 6.23 | 10.48 | 0.75 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.23) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (0.92) | (0.67) |  |
| Total distributions | (0.20) | (1.15) | (0.82) |  |
| Net asset value, end of period | $53.04 | $49.88 | $44.80 | $35.14 |
| **Total return (d)** | 6.73% | 14.43% | 30.15% | 2.18% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.47 %(e) | 0.47% | 0.47% | 0.47 %(e) |
| Net investment income | 1.08 %(e) | 0.75% | 0.69% | 0.43 %(e) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $57 | $21 | $16 | $3 |
| Portfolio turnover rate (f) | 11% | 25% | 26% | 13% |

---

------

(a) For the period April 6, 2023 (commencement of operations) through September 30, 2023.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br>March 31,<br>2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $326.48 | $245.38 | $144.99 | $92.56 | $128.13 | $87.22 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.58 | 1.17 | 1.19 | 1.11 | 1.07 | 0.86 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 57.28 | 81.00 | 100.24 | 52.52 | (35.85) | 40.80 |
| Total from investment operations | 57.86 | 82.17 | 101.43 | 53.63 | (34.78) | 41.66 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.10) | (1.07) | (1.04) | (1.20) | (0.79) | (0.75) |
| Net asset value, end of period | $383.24 | $326.48 | $245.38 | $144.99 | $92.56 | $128.13 |
| **Total return (c)** | 17.74% | 33.62% | 70.26% | 58.49% | (27.40)% | 47.94% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.35 %(e) | 0.35% | 0.35% | 0.35% | 0.35% | 0.36% |
| Net expenses (d) | 0.35 %(e) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.31 %(e) | 0.46% | 0.56% | 0.88% | 0.85% | 0.72% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $41367 | $31959 | $23726 | $9394 | $5632 | $5938 |
| Portfolio turnover rate (f) | 6% | 12% | 15% | 18% | 22% | 20% |

---

------

(a) On May 5, 2023, the Fund effected a 2 for 1 share split. Per share data prior
 to this date has been adjusted to reflect the share split.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months<br>Ended<br>March 31,**<br>**2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period<br>Ended<br>September**<br>**30,**<br>**2021 (a)** |
| Net asset value, beginning of period | $35.98 | $21.52 | $15.41 | $12.74 | $24.66 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | (0.06) | (0.05) | 0.13 | 0.07 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (7.14) | 14.63 | 6.08 | 2.65 | (11.94) | (0.31)(c) |
| Total from investment operations | (7.20) | 14.58 | 6.21 | 2.72 | (11.92) | (0.34) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.12) | (0.10) | (0.05) |  |  |
| Net asset value, end of period | $28.78 | $35.98 | $21.52 | $15.41 | $12.74 | $24.66 |
| **Total return (d)** | (20.02)% | 67.98% | 40.39% | 21.46% | (48.34)% | (1.38)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.75 %(e) | 0.76% | 0.76% | 1.23 %(f) | 1.16 %(f) | 0.75 %(e) |
| Net expenses | 0.75 %(e) | 0.76% | 0.76% | 0.75% | 0.75% | 0.75 %(e) |
| Net expenses excluding interest and taxes | 0.75 %(e) | 0.75% | 0.75% | 0.75% | 0.75% | N/A |
| Net investment income (loss) | (0.37)%(e) | (0.18)% | 0.68% | 0.47% | 0.11% | (0.20)%(e) |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $86 | $115 | $55 | $55 | $58 | $193 |
| Portfolio turnover rate (g) | 103% | 202% | 230% | 232% | 263% | 161% |

---

------

(a) For the period March 3, 2021 (commencement of operations) through September
 30, 2021.

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

(f) The ratio presented reflects the Fund's extraordinary legal expenses which were paid/reimbursed
 by the Adviser and/or paid from insurance proceeds during the year.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Technology TruSector ETF** | **Technology TruSector ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2026<br> (unaudited)** | **Period<br> Ended<br> September<br> 30,<br> 2025 (a)** |
| Net asset value, beginning of period | $26.12 | $24.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.22) | 1.94 |
| Total from investment operations | (2.16) | 1.97 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |
| Net asset value, end of period | $23.92 | $26.12 |
| **Total return (c)** | (8.28)% | 8.16% |
| **Ratios to average net assets** |  |  |
| Expenses (d) | 0.10 %(e) | 0.10 %(e) |
| Net investment income (d) | 0.46 %(e) | 0.90 %(e) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $65 | $14 |
| Portfolio turnover rate (f) | 12% | 2% |

---

------

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

(b) Calculated based upon average shares outstanding

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

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended<br>March 31,<br>2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $121.57 | $76.46 | $51.62 | $40.66 | $65.05 | $61.36 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.15 | 0.33 | 0.18 | 0.44 | 0.31 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (30.20) | 45.15 | 25.20 | 10.91 | (22.47) | 3.73 |
| Total from investment operations | (30.05) | 45.48 | 25.38 | 11.35 | (22.16) | 3.77 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.29) | (0.37) | (0.54) | (0.39) | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (2.18) |  |
| Total distributions | (1.29) | (0.37) | (0.54) | (0.39) | (2.23) | (0.08) |
| Net asset value, end of period | $90.23 | $121.57 | $76.46 | $51.62 | $40.66 | $65.05 |
| **Total return (b)** | (24.87)% | 59.69% | 49.58% | 28.11% | (35.42)% | 6.15% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.55 %(c) | 0.55% | 0.57% | 0.59% | 0.56% | 0.55% |
| Net expenses | 0.55 %(c) | 0.55% | 0.56% | 0.56% | 0.56% | 0.55% |
| Net expenses excluding interest and taxes | 0.55 %(c) | 0.55% | 0.55% | 0.55% | 0.55% | N/A |
| Net investment income | 0.29 %(c) | 0.34% | 0.30% | 0.89% | 0.52% | 0.06% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $262 | $517 | $264 | $243 | $262 | $631 |
| Portfolio turnover rate (d) | 14% | 53% | 36% | 30% | 35% | 33% |

---

------

(a) Calculated based upon average shares outstanding

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

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (unaudited)

**Note 1—Fund Organization**

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Alternative Asset Manager ETF | Non-Diversified |
| Biotech ETF | Non-Diversified |
| Commodity Strategy ETF | Non-Diversified |
| Communication Services TruSector ETF | Non-Diversified |
| Consumer Discretionary TruSector ETF | Non-Diversified |
| Digital Native Economy ETF\* | Non-Diversified |
| Digital Transformation ETF | Non-Diversified |
| Durable High Dividend ETF | Diversified |
| Energy Income ETF | Non-Diversified |
| Environmental Services ETF | Non-Diversified |
| Fabless Semiconductor ETF | Non-Diversified |
| Long/Flat Trend ETF | Diversified |
| Morningstar Global Wide Moat ETF | Diversified |
| Morningstar International Moat ETF | Diversified |
| Morningstar SMID Moat ETF | Diversified |
| Morningstar Wide Moat ETF | Diversified |
| Morningstar Wide Moat Value ETF | Non-Diversified |
| Pharmaceutical ETF | Non-Diversified |
| Real Assets ETF | Diversified |
| Retail ETF | Non-Diversified |
| Robotics ETF | Non-Diversified |
| Semiconductor ETF | Non-Diversified |
| Social Sentiment ETF | Diversified |
| Technology TruSector ETF | Non-Diversified |
| Video Gaming and eSports ETF | Non-Diversified |

---

*\* Formerly known as Gaming ETF*

The following Funds were created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index listed in the table below.

---

| | |
|:---|:---|
| Fund | Index |
| Alternative Asset Manager ETF | MarketVector<sup>TM</sup> Alternative Asset Managers Index |
| Biotech ETF | MVIS<sup>®</sup> US Listed Biotech 25 Index |
| Digital Native Economy ETF\* | MarketVector™ Digital Native Economy Index |
| Digital Transformation ETF | MVIS<sup>®</sup> Global Digital Assets Equity Index |
| Durable High Dividend ETF | Morningstar<sup>®</sup> US Dividend Valuation Index<sup>SM</sup> |
| Energy Income ETF | MVIS<sup>®</sup> North America Energy Infrastructure Index |
| Environmental Services ETF | MarketVector™ Global Environmental Services Index |
| Fabless Semiconductor ETF | MarketVector™ US Listed Fabless Semiconductor Index |
| Long/Flat Trend ETF | Ned Davis Research CMG US Large Cap Long/Flat Index |
| Morningstar Global Wide Moat ETF | Morningstar<sup>®</sup> Global Wide Moat Focus Index<sup>SM</sup> |
| Morningstar International Moat ETF | Morningstar<sup>®</sup> Global Markets ex-US Wide Moat Focus Index<sup>SM</sup> |
| Morningstar SMID Moat ETF | Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus Index<sup>SM</sup> |
| Morningstar Wide Moat ETF | Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> |
| Morningstar Wide Moat Value ETF | Morningstar<sup>®</sup> US Broad Value Wide Moat Focus Index<sup>SM</sup> |
| Pharmaceutical ETF | MVIS<sup>®</sup> US Listed Pharmaceutical 25 Index |
| Retail ETF | MVIS<sup>®</sup> US Listed Retail 25 Index |
| Robotics ETF | BlueStar<sup>®</sup> Robotics Index |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 1—Fund Organization (continued)**

Semiconductor ETF MVIS<sup>®</sup>US Listed Semiconductor 25 Index <br> Social Sentiment ETF BUZZ NextGen AI US Sentiment Leaders Index <br> Video Gaming and eSports ETF MVIS<sup>®</sup>Global Video Gaming and eSports Index

*\* Effective April 8, 2026, Digital Native Economy ETF index changed from MVIS® Global Gaming Index.*

The Commodity Strategy ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, in exchange-traded commodity futures contracts, exchange-traded and over-the-counter ("OTC") commodity-linked instruments, and pooled investment vehicles, including exchange traded products ("ETPs") that provide exposure to commodities and fixed income investments. The Fund does not invest in commodities directly.

The Communication Services TruSector, Consumer Discretionary TruSector, and Technology TruSector ETFs are actively managed exchange-traded funds that seek to achieve their investment objective by investing, under normal market circumstances, at least 80% of its total assets in equity securities of or instruments providing exposure to their respective sector-related companies.

Using a proprietary, rules-based real asset allocation model, the Real Assets ETF seeks to achieve its investment objective by investing primarily in exchange traded products ("ETPs") that provide exposure to real assets, which include commodities, real estate, natural resources and infrastructure, as well as companies that own, operate, or derive a significant portion of their value from real assets or the production thereof.

Van Eck Associates Corp. ("VEAC") serves as the investment adviser for the Funds, except for Commodity Strategy ETF, Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Real Assets ETF, and Technology TruSector ETF. Van Eck Absolute Return Advisers Corp. ("VEARA"), a wholly-owned subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF, Communication Services TruSetor ETF, Consumer Discretionary TruSector ETF, Real Assets ETF, Technology TruSector ETF and Commodity Strategy ETF and Real Assets ETF Subsidiaries. VEAC and VEARA are collectively referred to as the "Adviser".

**Note 2—Significant Accounting Policies**

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

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

The following summarizes the Funds' significant accounting policies.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
| The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
| Level 1 — Quoted prices in active markets for identical securities. | Level 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 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |

---

------

**Note 2—Significant Accounting Policies (continued)**

---

| | |
|:---|:---|
| **A.** | **Security Valuation (continued)** |
| Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). | Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |
| Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. | Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. |
| Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1. | Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1. |
| The Funds' Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | The Funds' Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
| A summary of the inputs and the levels used to value the Funds' investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | A summary of the inputs and the levels used to value the Funds' investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 2—Significant Accounting Policies (continued)**

---

| | |
|:---|:---|
| **B.** | **Basis for Consolidation** |
| The Commodity Strategy ETF invests in U.S. Treasury securities and Commodity Instruments through the Commodity Strategy Subsidiary and the Real Assets ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (collectively, the "Subsidiaries", each a wholly-owned "Subsidiary"), organized under the laws of Cayman Islands. Each Fund's investments in the Subsidiary may not exceed 25% of the value of the Fund's total assets at each quarter-end of the Fund's fiscal year. Consolidated financial statements of each Fund present the financial position and results of operations for each Fund and its wholly-owned Subsidiary. All interfund account balances and transactions have been eliminated in consolidation. | The Commodity Strategy ETF invests in U.S. Treasury securities and Commodity Instruments through the Commodity Strategy Subsidiary and the Real Assets ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (collectively, the "Subsidiaries", each a wholly-owned "Subsidiary"), organized under the laws of Cayman Islands. Each Fund's investments in the Subsidiary may not exceed 25% of the value of the Fund's total assets at each quarter-end of the Fund's fiscal year. Consolidated financial statements of each Fund present the financial position and results of operations for each Fund and its wholly-owned Subsidiary. All interfund account balances and transactions have been eliminated in consolidation. |
| As of March 31, 2026, the Commodity Strategy ETF and Real Assets ETF held $46,973,545 and $155,783,471 in their Subsidiaries, representing 25% and 21% of the Fund's net assets, respectively. | As of March 31, 2026, the Commodity Strategy ETF and Real Assets ETF held $46,973,545 and $155,783,471 in their Subsidiaries, representing 25% and 21% of the Fund's net assets, respectively. |
| **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. | It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| Each wholly-owned Subsidiary is classified as controlled foreign corporation ("CFC") under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly-owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the each Fund's investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years. | Each wholly-owned Subsidiary is classified as controlled foreign corporation ("CFC") under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly-owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the each Fund's investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years. |
| **D.** | **Distributions to Shareholders** |
| Dividends to shareholders from net investment income and distributions of net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Durable High Dividend ETF, Energy Income ETF, Pharmaceutical ETF and Technology TruSector ETF, which are declared and paid quarterly). Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end. | Dividends to shareholders from net investment income and distributions of net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Durable High Dividend ETF, Energy Income ETF, Pharmaceutical ETF and Technology TruSector ETF, which are declared and paid quarterly). Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end. |
| **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. | 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. |

---

------

**Note 2—Significant Accounting Policies (continued)**

---

| | |
|:---|:---|
| **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 in the Schedules of Investments. | The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the Schedules of Investments. |
| **G.** | **Master Limited Partnerships** |
| The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships ("MLPs") receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the "Code"), and whose interests or "units" are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). The Fund invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes. | The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships ("MLPs") receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the "Code"), and whose interests or "units" are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). The Fund invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes. |
| **H.** | **Use of Derivative Instruments** |
| Certain Funds may invest in derivative instruments, including, but not limited to, options, futures, and swaps. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Funds' derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments. | Certain Funds may invest in derivative instruments, including, but not limited to, options, futures, and swaps. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Funds' derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments. |
| **Futures Contracts** | **Futures Contracts** |
| Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity future contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", are generally made or received by the Fund each day depending on the fluctuations in the value of the futures. Such variation margin is recorded for financial statement purposes 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. | Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity future contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", are generally made or received by the Fund each day depending on the fluctuations in the value of the futures. Such variation margin is recorded for financial statement purposes 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. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 2—Significant Accounting Policies (continued)**

---

| |
|:---|
| Futures Contracts (continued) |
| Commodity Strategy ETF held futures contracts during the six months ended March 31, 2026, which are reflected in the Consolidated Schedule of Investments. The average notional amount for the six months was $99,520,958. |
| At March 31, 2026, the Fund held the following derivatives (not designated as hedging instruments under GAAP): |

---

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Commodities<br> Futures Risk** |
| **Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $13693866 |

---

1 Reflects net unrealized appreciation/depreciation as disclosed in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The impact of transactions in derivative instruments during the six months ended March 31, 2026, was as follows:

---

| | |
|:---|:---|
|  | **Commodities<br> Futures Risk** |
| **Commodity Strategy ETF** |  |
| Realized gain: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $27126090 |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Futures contracts<sup>2</sup> | 12463464 |

---

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

---

| | |
|:---|:---|
| **I.** | **Offsetting Assets and Liabilities** |
| In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. The Funds may pledge cash and or securities as collateral for derivative instruments. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. For financial reporting purposes, the Funds present securities lending assets, liabilities, and derivatives on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at March 31, 2026 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements. | In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. The Funds may pledge cash and or securities as collateral for derivative instruments. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. For financial reporting purposes, the Funds present securities lending assets, liabilities, and derivatives on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at March 31, 2026 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements. |

---

------

**Note 2—Significant Accounting Policies (continued)**

---

| | |
|:---|:---|
| **J.** | **Segment Reporting** |
| The Funds' Chief Financial Officer and the Funds' Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements. | The Funds' Chief Financial Officer and the Funds' Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements. |
| **K.** | **Other** |
| Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. | Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
| The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. | The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 3—Investment Management and Other Agreements**

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

For the Funds listed below, the management fee rates and expense limitations for the six months ended March 31, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Management<br> Fees** | **Expense<br> Limitations** |
| Environmental Services ETF | 0.50% | 0.55% |
| Long/Flat Trend ETF | 0.50 | 0.55 |
| Morningstar Global Wide Moat ETF | 0.45 | 0.52 |
| Morningstar International Moat ETF | 0.50 | 0.56 |
| Morningstar SMID Moat ETF | 0.45 | 0.49 |
| Morningstar Wide Moat ETF | 0.45 | 0.49 |
| Morningstar Wide Moat Value ETF | 0.45 | 0.49 |
| Real Assets ETF | 0.50 | 0.55 |
| Video Gaming and eSports ETF | 0.50 | 0.55 |

---

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

Refer to the Statements of Operations for amounts assumed by the Adviser for the six months ended March 31, 2026.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 3—Investment Management and Other Agreements (continued)**

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the six months ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fees** |
| Alternative Asset Manager ETF | 0.40% |
| Biotech ETF | 0.35 |
| Commodity Strategy ETF | 0.55 |
| Communication Services TruSector ETF | 0.10 |
| Consumer Discretionary TruSector ETF | 0.10 |
| Digital Native Economy ETF\* | 0.50 |
| Digital Transformation ETF | 0.50 |
| Durable High Dividend ETF | 0.29 |
| Energy Income ETF | 0.45 |
| Fabless Semiconductor ETF | 0.35 |
| Pharmaceutical ETF | 0.35 |
| Retail ETF | 0.35 |
| Robotics ETF | 0.47 |
| Semiconductor ETF | 0.35 |
| Social Sentiment ETF | 0.75 |
| Technology TruSector ETF | 0.10 |

---

*\*Effective February 1, 2026 the fund converted to a unitary fee structure. Expenses accrued and waived reflected on the Statement of Operations other than the management fee were accrued prior to conversion.*

For Commodity Strategy ETF, the Adviser has agreed to pay and/or reimburse the Fund for the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants ("FCMs") until at least February 1, 2027.

The Adviser waives the management fees it charges the Real Assets ETF by the amount it collects as a management fee from underlying funds managed by the Adviser. For the six months ended March 31, 2026, the Adviser waived management fees of $348,919 due to such investments.

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

At March 31, 2026, the Adviser owned approximately less than 1% and 71% of the shares outstanding of Digital Transformation ETF and Morningstar Wide Moat Value ETF, respectively.

**Note 4—Capital Share Transactions**

As of March 31, 2026, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

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

------

**Note 4—Capital Share Transactions (continued)**

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

**Note 5—Investments**

For the six months ended March 31, 2026, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Alternative Asset Manager ETF | $21744292 | $21819215 | $108471330 | $— |
| Biotech ETF | 51424096 | 43234737 | 52501950 | 82268825 |
| Communication Services TruSector ETF |  |  | 38772426 | 3668340 |
| Consumer Discretionary TruSector ETF | 6036666 | 6005742 | 57871721 | 37586829 |
| Digital Native Economy ETF | 2398303 | 3220250 |  | 3711901 |
| Digital Transformation ETF | 112882164 | 74840936 | 206844881 | 166589263 |
| Durable High Dividend ETF | 9284621 | 8090705 | 7975176 | 18269798 |
| Energy Income ETF | 3856191 | 3159643 | 65235151 | 13965976 |
| Environmental Services ETF | 42068230 | 41217617 | 2162829 |  |
| Fabless Semiconductor ETF | 9471548 | 7555165 | 49811599 | 60639823 |
| Long/Flat Trend ETF | 110181 | 204415 |  | 1339090 |
| Morningstar Global Wide Moat ETF | 6783344 | 9187301 | 1674702 |  |
| Morningstar International Moat ETF | 73248397 | 76674214 | 6173539 |  |
| Morningstar SMID Moat ETF | 169358636 | 164825389 | 126316711 | 177375393 |
| Morningstar Wide Moat ETF | 3912331159 | 3926253238 | 4873012611 | 5777898592 |
| Morningstar Wide Moat Value ETF | 1524085 | 765204 | 3763644 | 3477083 |
| Pharmaceutical ETF | 50630369 | 41218946 | 1654895235 | 1118587064 |
| Real Assets ETF\* | 154802704 | 51406175 | 405728976 | 6986146 |
| Retail ETF | 9995977 | 9750167 | 25470224 | 39398016 |
| Robotics ETF | 4303172 | 4495059 | 36764786 |  |
| Semiconductor ETF | 2363756790 | 2251555625 | 37759229572 | 33914202991 |
| Social Sentiment ETF | 130396923 | 112305459 | 156896638 | 176088311 |
| Technology TruSector ETF | 6615894 | 6383886 | 205116450 | 144312164 |
| Video Gaming and eSports ETF | 52683758 | 67433031 | 25122959 | 155821824 |

---

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

**Note 6—Income Taxes**

As of March 31, 2026, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Alternative Asset Manager ETF | $205238955 | $1496682 | $(27202767) | $(25706085) |
| Biotech ETF | 349764677 | 51572989 | (29157269) | 22415720 |
| Commodity Strategy ETF | 178605893 |  | 44618 | 44618 |
| Communication Services TruSector ETF | 35193292 | 31981 | (234430) | (202449) |
| Consumer Discretionary TruSector ETF | 23260988 | 4857 | (1678752) | (1673895) |
| Digital Native Economy ETF | 26342458 | 689199 | (9477030) | (8787831) |
| Digital Transformation ETF | 394517220 | 10815054 | (103643750) | (92828696) |
| Durable High Dividend ETF | 36090594 | 3930728 | (828015) | 3102713 |
| Energy Income ETF | 124252743 | 19715809 | 2441549 | 22157358 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 6—Income Taxes (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Environmental Services ETF | $86398854 | $10861253 | $(3199561) | $7661692 |
| Fabless Semiconductor ETF | 155572815 | 10768282 | (14712153) | (3943871) |
| Long/Flat Trend ETF | 22912784 | 2985099 | (113600) | 2871499 |
| Morningstar Global Wide Moat ETF | 15983930 | 1862617 | (1077772) | 784845 |
| Morningstar International Moat ETF | 203420571 | 12528670 | (26771167) | (14242497) |
| Morningstar SMID Moat ETF | 313925374 | 20575542 | (15378461) | 5197081 |
| Morningstar Wide Moat ETF | 12370643031 | 414713739 | (1187470863) | (772757124) |
| Morningstar Wide Moat Value ETF | 6746221 | 91513 | (570589) | (479076) |
| Pharmaceutical ETF | 1312542918 | 54753601 | (106133849) | (51380248) |
| Real Assets ETF | 661502406 | 88409813 | (2926238) | 85483575 |
| Retail ETF | 215772375 | 41919480 | (8725335) | 33194145 |
| Robotics ETF | 56307562 | 4398949 | (3354243) | 1044706 |
| Semiconductor ETF | 41749100573 | 1915475233 | (2297711583) | (382236350) |
| Social Sentiment ETF | 103988470 | 1172217 | (14116190) | (12943973) |
| Technology TruSector ETF | 73007415 | 1275 | (7796967) | (7795692) |
| Video Gaming and eSports ETF | 301333492 | 10833514 | (44714011) | (33880497) |

---

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the six months ended in March 31, 2026, the Funds did not incur any such interest or penalties.

Certain Funds may file withholding tax reclaims in foreign jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The withholding taxes reclaimed, if any, are recorded in income in the Statements of Operations. The fees associated with recovery of foreign withholding taxes are recorded as professional fees in the Statements of Operations. During the six months ended March 31, 2026, the Pharmaceutical ETF incurred such fees amounted to $22,500.

**Note 7—Principal Risks**

Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. In addition, to the extent that a Fund is concentrated in a particular sector or industry, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters.

------

**Note 7—Principal Risks (continued)**

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

Commodity Strategy ETF invests in futures contracts. The usage of futures contracts is subject to risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets. Futures contracts are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve its investment objective. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so. Futures contracts exhibit "futures basis," which refers to the difference between the current market value of the underlying commodity (the "spot" price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled futures contracts generally trade at a premium to the current market value of the underlying commodity. If a negative futures basis exists, the Fund's investments in futures contracts will generally underperform a direct investment in the underlying commodity.

Certain of the Funds' investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of the applicable blockchain network could be affected by internet connectivity disruptions, fraud, consensus failures or cyber security attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price.

Under normal circumstances, the Energy Income ETF invests in securities of MLPs, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash than an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP's operations.

Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Long/Flat Trend ETF, Real Assets ETF, and Technology TruSector ETF may invest in shares of other funds. As a result, the Funds will indirectly be exposed to the risks of an investment in the underlying funds. Shares of other funds have many of the same risks as direct investments in common stocks or bonds. In addition, the market value of the Funds' shares is expected to rise and fall as the value of the underlying index or bond rises and falls. The market value of such funds' shares may differ from the net asset value of the particular fund.

The Robotics ETF invests primarily in the securities of robotics companies and is particularly sensitive to the risks to such companies. Robotics companies and information technology companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 7—Principal Risks (continued)**

Real Assets ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities.

Social Sentiment ETF may concentrate its investment in the information technology and communication services sectors. The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition of these sectors. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. Companies in the communication services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. The index provider relies on social media analytics, which are relatively new and untested. Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.

Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Commodity Strategy ETF and Real Assets ETF.

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

**Note 8—Trustee Deferred Compensation Plan**

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

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations, and the liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities.

In the prior years, the Biotech ETF, Digital Native Economy ETF, Durable High Dividend ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF adopted a unitary management fee, therefore, the liability of the Plan shown as "Deferred Trustee fees" in the Statement of Asset and Liabilities represents amounts accrued through the date of conversion to a unitary management fee structure. Alternative Asset Manager ETF, Commodity Strategy ETF, Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Digital Transformation ETF, Energy Income ETF, Fabless Semiconductor ETF, Robotics ETF, Social Sentiment ETF and Technology TruSector ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

**Note 9—Securities Lending**

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

------

**Note 9—Securities Lending (continued)** 

or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at March 31, 2026, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Alternative Asset Manager ETF | $218237 | $– | $225846 | $225846 |
| Biotech ETF | 13474473 | 856425 | 12159756 | 13016181 |
| Communication Services TruSector ETF | 52659 | 53081 |  | 53081 |
| Digital Native Economy ETF | 1892804 | 315020 | 1600783 | 1915803 |
| Digital Transformation ETF | 75841002 | 26445722 | 47755421 | 74201143 |
| Energy Income ETF | 16279893 | 3678984 | 13385229 | 17064213 |
| Environmental Services ETF | 5601268 | 871584 | 4867705 | 5739289 |
| Fabless Semiconductor ETF | 11707800 |  | 10935030 | 10935030 |
| Morningstar Global Wide Moat ETF | 420568 | 152485 | 290709 | 443194 |
| Morningstar International Moat ETF | 11800072 | 5120691 | 7265325 | 12386016 |
| Morningstar SMID Moat ETF | 6538030 |  | 6437690 | 6437690 |
| Morningstar Wide Moat ETF | 231796790 | 12156279 | 222389451 | 234545730 |
| Morningstar Wide Moat Value ETF | 269348 | 44889 | 230539 | 275428 |
| Pharmaceutical ETF | 151113075 | 24348341 | 131239465 | 155587806 |
| Real Assets ETF | 98580243 | 14327214 | 83153595 | 97480809 |
| Retail ETF | 5497181 | 2172 | 5485889 | 5488061 |
| Robotics ETF | 3188387 | 573960 | 2053788 | 2627748 |
| Semiconductor ETF | 58309241 | 29784723 | 24218396 | 54003119 |
| Social Sentiment ETF | 18453529 | 4643807 | 12782214 | 17426021 |
| Video Gaming and eSports ETF | 32926531 | 6484939 | 28114618 | 34599557 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 9—Securities Lending (continued)**

The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2026:

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| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets and<br> Liabilities** |
| **<u>Fund</u>** | **Equity Securities** |
| Biotech ETF | $856425 |
| Communication Services TruSector ETF | 53081 |
| Digital Native Economy ETF | 315020 |
| Digital Transformation ETF | 26445722 |
| Energy Income ETF | 3678984 |
| Environmental Services ETF | 871584 |
| Morningstar Global Wide Moat ETF | 152485 |
| Morningstar International Moat ETF | 5120691 |
| Morningstar Wide Moat ETF | 12156279 |
| Morningstar Wide Moat Value ETF | 44889 |
| Pharmaceutical ETF | 24348341 |
| Real Assets ETF | 14327214 |
| Retail ETF | 2172 |
| Robotics ETF | 573960 |
| Semiconductor ETF | 29784723 |
| Social Sentiment ETF | 4643807 |
| Video Gaming and eSports ETF | 6484939 |

---

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

**Note 10—Bank Line of Credit**

The Funds may participate in a $200 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the six months ended March 31, 2026, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Alternative Asset Manager ETF | 3 | $885210 | 4.99% |
| Commodity Strategy ETF | 3 | 1062994 | 4.99 |
| Digital Transformation ETF | 55 | 3258033 | 5.08 |
| Durable High Dividend ETF | 27 | 95232 | 5.23 |
| Energy Income ETF | 87 | 198565 | 5.09 |
| Environmental Services ETF | 15 | 723531 | 5.21 |
| Fabless Semiconductor ETF | 90 | 131948 | 4.99 |
| Morningstar Global Wide Moat ETF | 1 | 510522 | 4.99 |
| Morningstar International Moat ETF | 151 | 359272 | 5.13 |
| Morningstar SMID Moat ETF | 10 | 728358 | 5.06 |
| Morningstar Wide Moat ETF | 20 | 10348752 | 4.99 |
| Pharmaceutical ETF | 105 | 1443290 | 5.17 |
| Real Assets ETF | 44 | 1763863 | 5.02 |
| Retail ETF | 9 | 145633 | 4.99 |
| Robotics ETF | 30 | 138211 | 4.99 |
| Video Gaming and eSports ETF | 54 | 342538 | 5.11 |

---

Outstanding loan balances as of March 31, 2026, if any, are reflected in the Statements of Assets and Liabilities.

------

**Note 11—Share Split**

The Semiconductor ETF executed a 2-for-1 share split for shareholders of record before the open of markets on May 5, 2023. The Environmental Services ETF executed a 5-for-1 share split for shareholders of record before the open of markets on February 6, 2025. The impacts of the share splits have been retroactively applied to each of the prior years presented in the Financial Highlights and Statement of Changes in Net Assets.

**Note 12—Subsequent Event Review**

Effective April 8, 2026 the VanEck Gaming ETF changed its name to VanEck Digital Native Economy ETF, and the ticker changed to GENZ. Additionally, the Fund's index changed to the MarketVector™ Digital Native Economy Index.

At a meeting held on March 11, 2026, the Board of Trustees approved changes to the Real Assets ETF principal investment strategy, effective on or about June 1, 2026, including the non-fundamental 80% investment policy, to permit investments in individual equity securities, in addition to ETPs, that provide exposure to real assets. The Fund's investment objective will not change. In connection with these changes, the Fund may experience additional portfolio turnover, which may cause the Fund to incur additional transaction costs and may result in higher taxes when Fund shares are held in a taxable account.

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VanEck Digital Native Economy ETF**

At a meeting held on June 3, 2025 (the "Renewal 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"), approved the continuation of the investment management agreement (the "Investment Management Agreement") between the Trust and Van Eck Associates Corporation (the "Adviser") with respect to the VanEck Digital Native Economy ETF (formerly, "VanEck Gaming ETF") (the "Fund"). A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to the Fund at the Renewal Meeting is available in the Trust's filing on Form N-CSR for the fiscal year ended September 30, 2025.

Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on December 5, 2025 (the "December Meeting"), the Board, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the "Amended and Restated Investment Management Agreement") between the Trust and the Adviser to convert the Fund to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Fund (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to the existing management fee rate for the Fund. The Amended and Restated Investment Management Agreement became effective on February 1, 2026.

The Board's approval of the Amended and Restated Investment Management Agreement was based on a comprehensive consideration of all the information available to the Trustees and was not the result of any single factor. In approving the Amended and Restated Investment Agreement, the Trustees were informed by the information about the expenses of the Fund they received at the Renewal Meeting to approve the Investment Management Agreement, including peer comparisons prepared by Broadridge, as well as additional information obtained at other meetings of the Board. The Board also received materials from the Adviser regarding expense comparisons, giving effect to the proposed changes, to other funds in the Fund's peer group. Some of the additional 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.

Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Fund would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Fund.

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

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

**VanEck Consumer Staples TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Consumer Staples TruSector ETF (the "Fund").

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

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

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

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

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

**VanEck Data Center Supply Chain ETF**

At a meeting held on March 11, 2026 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Data Center Supply Chain ETF (the "Fund").

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

------

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

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

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

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

**VanEck Energy TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Energy TruSector ETF (the "Fund").

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

In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund's proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees' consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

and experience of the portfolio manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser's agreement to pay all of the direct expenses of the Fund, excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund's portfolio.

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

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

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

**VanEck Financials TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Financials TruSector ETF (the "Fund").

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

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

------

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

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

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

**VanEck Healthcare TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Healthcare TruSector ETF (the "Fund").

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

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

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

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

**VanEck Industrials TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Industrials TruSector ETF (the "Fund").

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

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

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

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

In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair

------

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

**VanEck Materials TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Materials TruSector ETF (the "Fund").

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

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

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

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

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

**VanEck Real Estate TruSector ETF**

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Real Estate TruSector ETF (the "Fund").

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

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

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

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

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

**VanEck Space ETF**

At a meeting held on March 11, 2026 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Space ETF (the "Fund").

The Board's approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor.

------

Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

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

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

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

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

**VanEck Utilities TruSector ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Utilities TruSector ETF (the "Fund").

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

In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund's proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees' consideration of the Investment Management Agreement was

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

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

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

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

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)))
 are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this
 paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
 or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

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

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.](c116453_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT](c116453_ex99-906cert.htm) .

SIGNATURES

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

(Registrant) VANECK ETF TRUST

---

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

---

Date <u>June 5, 2026</u>

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

---

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

---

Date <u>June 5, 2026</u>

---

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

---

Date <u>June 5, 2026</u>

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

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

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

Date: <u>June 5, 2026</u>

---

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

---

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

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

Date: <u>June 5, 2026</u>

---

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

---

## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Alternative Asset Manager ETF, Biotech ETF, Commodity Strategy ETF, Communication Services TruSector ETF, Consumer Discretionary TruSector ETF, Digital Transformation ETF, Durable High Dividend ETF, Energy Income ETF, Environmental Services ETF, Fabless Semiconductor ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Value ETF, Pharmaceutical ETF, Real Assets ETF, Retail ETF, Robotics ETF, Semiconductor ETF, Social Sentiment ETF, Technology TruSector ETF, Video Gaming and eSports ETF) do hereby certify, to such officer's knowledge, that:

The semi-annual report on Form N-CSR of VanEck ETF Trust for the period ending March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck ETF Trust.

---

| | |
|:---|:---|
| Dated: June 5, 2026 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: June 5, 2026 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck ETF Trust |

---

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