N-CSR 1 c105809_ncsr.htm

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: DECEMBER 31

Date of reporting period: DECEMBER 31, 2022

Item 1. Reports to Shareholders

ANNUAL REPORT
December 31, 2022

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


800.826.2333	vaneck.com

	President’s Letter	1
	Performance Comparison
	Agribusiness ETF	6
	Future of Food ETF	7
	Gold Miners ETF	8
	Green Metals ETF	9
	Junior Gold Miners ETF	10
	Low Carbon Energy ETF	11
	Natural Resources ETF	12
	Oil Refiners ETF	13
	Oil Services ETF	14
	Rare Earth/Strategic Metals ETF	15
	Steel ETF	16
	Uranium + Nuclear Energy ETF	17
	About Fund Performance	18
	Explanation of Expenses	19
	Schedule of Investments
	Agribusiness ETF	21
	Future of Food ETF	23
	Gold Miners ETF	25
	Green Metals ETF	29
	Junior Gold Miners ETF	31
	Low Carbon Energy ETF	34
	Natural Resources ETF	37
	Oil Refiners ETF	45
	Oil Services ETF	47
	Rare Earth/Strategic Metals ETF	49
	Steel ETF	51
	Uranium+Nuclear Energy ETF	52
	Statements of Assets and Liabilities	54
	Statements of Operations	57
	Statements of Changes in Net Assets	60
	Financial Highlights
	Agribusiness ETF	66
	Future of Food ETF	67
	Gold Miners ETF	68
	Green Metals ETF	69
	Junior Gold Miners ETF	70
	Low Carbon Energy ETF	71
	Natural Resources ETF	72
	Oil Refiners ETF	73
	Oil Services ETF	74
	Rare Earth/Strategic Metals ETF	75
	Steel ETF	76
	Uranium+Nuclear Energy ETF	77
	Notes to Financial Statements	78
	Report of Independent Registered Public Accounting Firm	87
	Tax Information	89
	Board of Trustees and Officers	90
	Approval of Investment Management Agreements	93

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

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act¹. I think we’re still going through that final phase of U.S. Federal Reserve (“Fed”) tightening, and we don’t yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn’t be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

Discussion

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

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

1.	Monetary Policy: Tightening

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

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

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

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

2.	Fiscal Tightening

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

3.	Global Growth is at Low Levels

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

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

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

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

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

Jan F. van Eck

CEO and President

VanEck ETF Trust

January 19, 2023

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

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

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

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Agribusiness

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

Future of Food

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

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

Gold Miners

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

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

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

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

Green Metals

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

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

VANECK ETFs

MANAGEMENT DISCUSSION (continued)

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

Low Carbon Energy

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

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

Natural Resources

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

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

Oil Refiners

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

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

Oil Services

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

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

Rare Earth and Strategic Metals

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

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

Steel

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

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

Uranium+Nuclear Energy

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

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

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

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVMOOTR¹			SPTR²
One Year		(8.12	)%		(7.95	)%		(7.64	)%		(18.11	)%
Five Year		8.45	%		8.47	%		8.61	%		9.42	%
Ten Year		6.98	%		6.96	%		7.21	%		12.56	%

¹	MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products.

	Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

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

See “About Fund Performance” on page 18 for more information.

VANECK FUTURE OF FOOD ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MSCI ACWI¹
One Year		(26.21	)%		(26.14	)%		(18.36	)%
Life*		(23.20	)%		(23.31	)%		(14.00	)%

^*	Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 12/01/21.

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			GDMNTR¹			SPTR²
One Year		(9.05	)%		(8.87	)%		(8.63	)%		(18.11	)%
Five Year		5.33	%		5.34	%		5.68	%		9.42	%
Ten Year		(3.89	)%		(3.87	)%		(3.52	)%		12.56	%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK GREEN METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVGMETTR¹			SPTR²
One Year		(17.14	)%		(16.99	)%		(16.24	)%		(18.11	)%
Life*		(14.36	)%		(14.58	)%		(14.11	)%		(14.61	)%

^*	Inception of Fund: 11/9/21; First Day of Secondary Market Trading: 11/10/21.

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

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVGDXJTR¹			SPTR²
One Year		(14.55	)%		(14.48	)%		(14.27	)%		(18.11	)%
Five Year		1.83	%		1.77	%		2.27	%		9.42	%
Ten Year		(6.61	)%		(6.61	)%		(6.33	)%		12.56	%

1	MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price			NAV			MVSMOGTR¹			SPTR²
One Year		(29.89	)%		(29.52	)%		(29.57	)%		(18.11	)%
Five Year		13.18	%		13.31	%		13.93	%		9.42	%
Ten Year		13.69	%		13.67	%		13.98	%		12.56	%

¹	MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies.

	Index data prior to April 26, 2021 reflects that of the Ardour Global IndexSM (Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of the MVIS® Global Low Carbon Energy Index (MVSMOGTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			RVEIT¹			SPTR²
One Year		7.76	%		7.10	%		7.29	%		(18.11	)%
Five Year		8.66	%		8.66	%		8.73	%		9.42	%
Ten Year		5.82	%		5.79	%		5.95	%		12.56	%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVCRAKTR¹			SPTR²
One Year		19.00	%		18.50	%		18.62	%		(18.11	)%
Five Year		2.73	%		2.92	%		3.02	%		9.42	%
Life*		8.91	%		8.90	%		8.96	%		10.61	%

^*	Inception of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15.

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

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVOIHTR¹			SPTR²
One Year		66.07	%		66.14	%		66.49	%		(18.11	)%
Five Year		(8.88	)%		(8.86	)%		(8.90	)%		9.42	%
Ten Year		(7.33	)%		(7.33	)%		(7.44	)%		12.56	%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVREMXTR¹			SPTR²
One Year		(31.08	)%		(30.68	)%		(32.23	)%		(18.11	)%
Five Year		0.81	%		1.07	%		0.21	%		9.42	%
Ten Year		(3.95	)%		(3.97	)%		(4.49	)%		12.56	%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			STEEL¹			SPTR²
One Year		14.10	%		13.87	%		14.66	%		(18.11	)%
Five Year		9.55	%		9.59	%		10.22	%		9.42	%
Ten Year		5.48	%		5.44	%		5.83	%		12.56	%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVNLRTR¹			SPTR²
One Year		2.24	%		2.10	%		2.56	%		(18.11	)%
Five Year		4.85	%		4.86	%		4.78	%		9.42	%
Ten Year		5.71	%		5.70	%		5.57	%		12.56	%

¹	MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy.

	Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

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

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Agribusiness ETF
Actual	$1,000.00	$1,014.00	0.54%	$2.74
Hypothetical (b)	$1,000.00	$1,022.48	0.54%	$2.75
Future of Food ETF
Actual	$1,000.00	$567.80	0.69%	$2.73
Hypothetical (b)	$1,000.00	$1,021.73	0.69%	$3.52
Gold Miners ETF
Actual	$1,000.00	$1,061.10	0.51%	$2.65
Hypothetical (b)	$1,000.00	$1,022.63	0.51%	$2.60
Green Metals ETF
Actual	$1,000.00	$992.80	0.66%	$3.32
Hypothetical (b)	$1,000.00	$1,021.88	0.66%	$3.36
Junior Gold Miners ETF
Actual	$1,000.00	$1,114.20	0.52%	$2.77
Hypothetical (b)	$1,000.00	$1,022.58	0.52%	$2.65
Low Carbon Energy ETF
Actual	$1,000.00	$899.80	0.65%	$3.11
Hypothetical (b)	$1,000.00	$1,021.93	0.65%	$3.31
Natural Resources ETF
Actual	$1,000.00	$1,119.40	0.50%	$2.67
Hypothetical (b)	$1,000.00	$1,022.68	0.50%	$2.55

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Oil Refiners ETF
Actual	$1,000.00	$1,083.50	0.61%	$3.20
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11
Oil Services ETF
Actual	$1,000.00	$1,319.20	0.35%	$2.05
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$890.10	0.56%	$2.67
Hypothetical (b)	$1,000.00	$1,022.38	0.56%	$2.85
Steel ETF
Actual	$1,000.00	$1,224.50	0.56%	$3.14
Hypothetical (b)	$1,000.00	$1,022.38	0.56%	$2.85
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,074.70	0.61%	$3.19
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 2.7%
Incitec Pivot Ltd.		6,506,955	$	16,498,555
Treasury Wine Estates Ltd.		2,173,910		20,003,832
				36,502,387
Brazil: 3.0%
Rumo SA		4,398,400		15,536,078
Yara International ASA (NOK)		556,177		24,291,210
				39,827,288
Canada: 6.4%
Nutrien Ltd. (USD)		1,174,736		85,790,970
Chile: 3.0%
Sociedad Quimica y Minera de Chile SA (ADR)		510,650		40,770,296
China: 4.7%
China Mengniu Dairy Co. Ltd. (HKD) *		5,806,000		26,181,572
Wilmar International Ltd. (SGD)		11,754,451		36,570,356
				62,751,928
Denmark: 1.0%
Bakkafrost P/F (NOK)		169,210		10,505,191
Schouw & Co. A/S		48,955		3,674,604
				14,179,795
Germany: 7.7%
Bayer AG		1,738,025		89,188,813
K+S AG		720,494		14,161,275
				103,350,088
Indonesia: 0.2%
Golden Agri-Resources Ltd. (SGD)		13,844,045		2,580,244
Israel: 1.2%
ICL Group Ltd. (USD) †		2,135,390		15,609,701
Japan: 3.8%
Kubota Corp. †		2,778,730		37,758,603
Maruha Nichiro Corp.		125,800		2,380,984
NH Foods Ltd.		282,800		7,853,297
Nissui Corp.		882,300		3,655,156
				51,648,040
Malaysia: 2.4%
IOI Corp. Bhd		7,477,155		6,881,065
Kuala Lumpur Kepong Bhd		1,339,070		6,805,730
PPB Group Bhd		2,034,980		8,056,765
Sime Darby Plantation Bhd		9,372,500		9,904,065
				31,647,625
Netherlands: 0.8%
OCI NV		300,832		10,723,331
Norway: 3.2%
Leroy Seafood Group ASA		941,930		5,248,700
Mowi ASA		1,576,792		26,721,164
Salmar ASA		267,801		10,444,405
				42,414,269
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1,892		0

	Number of Shares		Value
Russia (continued)
PhosAgro PJSC (USD) (GDR) ∞		1	$	0
				0
Singapore: 0.7%
Charoen Pokphand Indonesia Tbk PT (IDR)		27,160,100		9,858,866
Switzerland: 0.8%
Bucher Industries AG		25,080		10,460,379
Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd.		2,804,000		4,876,613
Thailand: 1.0%
Charoen Pokphand Foods PCL (NVDR)		18,152,736		12,978,603
United Kingdom: 4.5%
CNH Industrial NV (USD)		3,339,983		53,640,127
Genus Plc		205,530		7,341,324
				60,981,451
United States: 52.4%
AGCO Corp.		185,318		25,701,753
Archer-Daniels-Midland Co.		812,902		75,477,951
Balchem Corp.		72,580		8,862,744
Beyond Meat, Inc. * †		187,151		2,303,829
Bunge Ltd.		355,203		35,438,603
CF Industries Holdings, Inc.		457,837		39,007,712
Corteva, Inc.		1,296,004		76,179,115
Darling Ingredients, Inc. *		476,716		29,837,655
Deere & Co.		249,894		107,144,552
Elanco Animal Health, Inc. *		999,984		12,219,805
FMC Corp.		341,499		42,619,075
Mosaic Co.		922,646		40,476,480
Neogen Corp. *		594,119		9,048,432
Pilgrim’s Pride Corp. *		160,193		3,801,380
Toro Co.		298,101		33,745,033
Tyson Foods, Inc.		861,121		53,604,782
Zoetis, Inc.		733,520		107,497,356
				702,966,257
Total Common Stocks (Cost: $1,421,100,928)				1,339,918,131

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $1,586,727)
State Street Navigator Securities Lending Government Money Market Portfolio		1,586,727		1,586,727
Total Investments: 100.0% (Cost: $1,422,687,655)				1,341,504,858
Liabilities in excess of other assets: 0.0%				(481,849	)
NET ASSETS: 100.0%			$	1,341,023,009

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		31.3	%	$	419,867,078
Consumer Staples		30.7			410,768,799
Industrials		21.2			283,986,525
Health Care		16.8			225,295,729
		100.0	%	$	1,339,918,131

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	36,502,387	$	—	$	36,502,387
Brazil		—		39,827,288		—		39,827,288
Canada		85,790,970		—		—		85,790,970
Chile		40,770,296		—		—		40,770,296
China		—		62,751,928		—		62,751,928
Denmark		—		14,179,795		—		14,179,795
Germany		—		103,350,088		—		103,350,088
Indonesia		—		2,580,244		—		2,580,244
Israel		15,609,701		—		—		15,609,701
Japan		—		51,648,040		—		51,648,040
Malaysia		8,056,765		23,590,860		—		31,647,625
Netherlands		—		10,723,331		—		10,723,331
Norway		—		42,414,269		—		42,414,269
Russia		—		—		0		0
Singapore		—		9,858,866		—		9,858,866
Switzerland		—		10,460,379		—		10,460,379
Taiwan		—		4,876,613		—		4,876,613
Thailand		—		12,978,603		—		12,978,603
United Kingdom		53,640,127		7,341,324		—		60,981,451
United States		702,966,257		—		—		702,966,257
Money Market Fund		1,586,727		—		—		1,586,727
Total Investments	$	908,420,843	$	433,084,015	$	0	$	1,341,504,858

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 95.9%
Brazil: 2.2%
Yara International ASA (NOK)		1,385	$	60,490
Canada: 2.3%
Maple Leaf Foods, Inc. †		1,650		29,774
Nutrien Ltd. (USD)		450		32,864
				62,638
China: 2.7%
Vitasoy International Holdings Ltd. (HKD)		36,000		74,002
Denmark: 6.8%
Chr. Hansen Holding A/S		1,506		108,003
Novozymes A/S		1,518		76,781
				184,784
France: 2.4%
Danone SA		1,221		64,161
Germany: 3.2%
Symrise AG		789		85,433
Ireland: 3.1%
Kerry Group Plc		921		83,703
Isle of Man: 0.3%
Agronomics Ltd. *		57,531		8,160
Israel: 0.0%
Else Nutrition Holdings, Inc. (CAD) * †		2,502		1,016
Japan: 1.8%
Kubota Corp.		3,600		48,918
Mexico: 3.2%
Orbia Advance Corp. SAB de CV		48,210		85,350
Netherlands: 1.0%
Corbion NV		795		27,116
Norway: 0.2%
Atlantic Sapphire ASA * †		8,175		6,176
Philippines: 0.8%
Monde Nissin Corp. 144A		110,700		22,088
Sweden: 2.0%
BioGaia AB		2,460		19,726
Oatly Group AB (ADR) * †		20,139		35,042
				54,768
Switzerland: 8.4%
Bucher Industries AG		162		67,567
Givaudan SA		30		91,833
Nestle SA		576		66,494
				225,894

	Number of Shares		Value
United States: 55.5%
AgEagle Aerial Systems, Inc. *		2,532	$	886
AppHarvest, Inc. * †		29,643		16,819
Archer-Daniels-Midland Co.		867		80,501
Balchem Corp.		231		28,207
Ball Corp.		1,383		70,727
Benson Hill, Inc. *		10,593		27,012
Berry Global Group, Inc.		522		31,544
Beyond Meat, Inc. * †		1,192		14,674
Bunge Ltd.		1,239		123,615
Cadiz, Inc. * †		4,329		10,823
Conagra Brands, Inc.		1,188		45,976
Corteva, Inc.		2,471		145,245
Deere & Co.		375		160,786
Ecolab, Inc.		165		24,017
FMC Corp.		543		67,766
Ginkgo Bioworks Holdings, Inc. *		6,228		10,525
Ingredion, Inc.		1,533		150,128
International Flavors & Fragrances, Inc.		762		79,888
John Bean Technologies Corp.		399		36,441
Kellogg Co.		585		41,675
Lindsay Corp.		498		81,099
Local Bounti Corp. *		4,164		5,788
Tattooed Chef, Inc. * †		4,148		5,102
Titan International, Inc. *		2,535		38,836
Trimble, Inc. *		1,299		65,677
Tyson Foods, Inc.		456		28,386
Valmont Industries, Inc.		306		101,185
				1,493,328
Total Common Stocks (Cost: $3,257,054)				2,588,025

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%
Money Market Fund: 2.7% (Cost: $73,186)
State Street Navigator Securities Lending Government Money Market Portfolio		73,186		73,186
Total Investments: 98.6% (Cost: $3,330,240)				2,661,211
Other assets less liabilities: 1.4%				36,673
NET ASSETS: 100.0%			$	2,697,884

Definitions:

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

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $104,114.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $22,088, or 0.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		39.6	%	$	1,025,791
Consumer Staples		35.6			922,130
Industrials		20.7			535,718
Information Technology		2.6			65,677
Health Care		0.8			19,726
Utilities		0.4			10,823
Financials		0.3			8,160
		100.0	%	$	2,588,025

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	—	$	60,490	$	—	$	60,490
Canada		62,638		—		—		62,638
China		—		74,002		—		74,002
Denmark		—		184,784		—		184,784
France		—		64,161		—		64,161
Germany		—		85,433		—		85,433
Ireland		—		83,703		—		83,703
Isle of Man		—		8,160		—		8,160
Israel		1,016		—		—		1,016
Japan		—		48,918		—		48,918
Mexico		85,350		—		—		85,350
Netherlands		—		27,116		—		27,116
Norway		—		6,176		—		6,176
Philippines		—		22,088		—		22,088
Sweden		35,042		19,726		—		54,768
Switzerland		—		225,894		—		225,894
United States		1,493,328		—		—		1,493,328
Money Market Fund		73,186		—		—		73,186
Total Investments	$	1,750,560	$	910,651	$	—	$	2,661,211

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 13.3%
Capricorn Metals Ltd. * ‡		19,415,300	$	60,639,778
Evolution Mining Ltd. ‡		95,106,505		193,675,761
Gold Road Resources Ltd. † ‡		55,764,287		64,292,600
Newcrest Mining Ltd.		36,969,087		516,336,077
Northern Star Resources Ltd. † ‡		60,084,266		447,846,466
OceanaGold Corp. (CAD) * † ‡		36,498,333		69,497,546
Perseus Mining Ltd. ‡		70,874,043		101,580,825
Regis Resources Ltd. † ‡		39,131,997		54,855,943
Silver Lake Resources Ltd. * ‡		48,187,172		39,070,300
West African Resources Ltd. * ‡		52,936,954		42,653,378
				1,590,448,674
Brazil: 8.3%
Wheaton Precious Metals Corp. (USD)		18,136,792		708,785,831
Yamana Gold, Inc. (USD) ‡		49,807,520		276,431,736
				985,217,567
Burkina Faso: 0.5%
IAMGOLD Corp. (USD) * † ‡		24,825,934		64,050,910
Canada: 42.0%
Agnico Eagle Mines Ltd. (USD)		18,295,883		951,202,957
Alamos Gold, Inc. (USD) ‡		20,347,023		205,708,403
Aya Gold & Silver, Inc. * † ‡		5,440,812		36,219,878
B2Gold Corp. (USD) † ‡		55,694,542		198,829,515
Barrick Gold Corp. (USD)		70,705,926		1,214,727,809
Dundee Precious Metals, Inc. ‡		9,872,633		47,434,105
Endeavour Silver Corp. (USD) * † ‡		9,828,212		31,843,407
Equinox Gold Corp. (USD) * † ‡		15,810,646		51,858,919
First Majestic Silver Corp. (USD) † ‡		13,618,783		113,580,650
Fortuna Silver Mines, Inc. (USD) * † ‡		15,039,606		56,398,522
Franco-Nevada Corp. (USD)		7,691,309		1,049,709,852
K92 Mining, Inc. * † ‡		12,076,502		68,361,763
Kinross Gold Corp. (USD) † ‡		65,092,456		266,228,145
New Gold, Inc. (USD) * ‡		35,362,806		34,655,550
Osisko Gold Royalties Ltd. (USD) † ‡		9,557,838		115,363,105
Pan American Silver Corp. (USD) ‡		10,911,292		178,290,511
Sandstorm Gold Ltd. (USD) † ‡		15,456,059		81,298,870
SilverCrest Metals, Inc. (USD) * † ‡		7,603,879		45,623,274
SSR Mining, Inc. (USD) ‡		10,708,019		167,794,658
Torex Gold Resources, Inc. * ‡		4,449,177		51,060,705
Wesdome Gold Mines Ltd. * ‡		7,384,974		40,768,741
				5,006,959,339

	Number of Shares		Value
China: 4.6%
Zhaojin Mining Industry Co. Ltd. (HKD) * † ‡		135,245,000	$	149,510,918
Zijin Mining Group Co. Ltd. (HKD) ‡		297,340,000		399,648,130
				549,159,048
Egypt: 0.7%
Centamin Plc (GBP) ‡		59,937,312		81,495,953
Kyrgyzstan: 0.5%
Centerra Gold, Inc. (CAD) ‡		11,406,803		59,014,494
Peru: 0.8%
Cia de Minas Buenaventura SAA (ADR) † ‡		13,149,730		97,965,488
South Africa: 5.2%
DRDGOLD Ltd. (ADR) † ‡		4,481,052		33,159,785
Gold Fields Ltd. (ADR) † ‡		46,198,984		478,159,484
Harmony Gold Mining Co. Ltd. (ADR) † ‡		32,034,009		108,915,631
				620,234,900
Tanzania: 3.5%
AngloGold Ashanti Ltd. (ADR) ‡		21,691,565		421,250,192
Turkey: 0.7%
Eldorado Gold Corp. (USD) * ‡		9,574,329		80,041,390
United Kingdom: 2.3%
Endeavour Mining Plc (CAD) † ‡		12,746,407		272,623,252
United States: 17.7%
Coeur Mining, Inc. * ‡		14,560,702		48,923,959
Hecla Mining Co. ‡		31,423,391		174,714,054
Newmont Corp.		31,851,867		1,503,408,122
Royal Gold, Inc. ‡		3,402,236		383,500,043
				2,110,546,178
Total Common Stocks (Cost: $12,022,894,396)				11,939,007,385

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%
Money Market Fund: 1.0% (Cost: $120,829,768)
State Street Navigator Securities Lending Government Money Market Portfolio		120,829,768		120,829,768
Total Investments: 101.1% (Cost: $12,143,724,164)				12,059,837,153
Liabilities in excess of other assets: (1.1)%				(125,793,555	)
NET ASSETS: 100.0%			$	11,934,043,598

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

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

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Gold		94.5	%	$	11,302,337,088
Silver		5.1			591,047,023
Precious Metals & Minerals		0.4			45,623,274
		100.0	%	$	11,939,007,385

See Notes to Financial Statements

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

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

Alamos Gold, Inc.		$–(a)		$73,875,892		$(50,671,182	)		$8,411,191			$1,980,991		$39,312,079			$205,708,403
AngloGold Ashanti Ltd.		–(a)		190,954,945		(119,069,001	)		3,099,864			9,084,881		(44,847,629	)		421,250,192
Aya Gold & Silver, Inc.		–(a)		15,914,527		(10,562,557	)		(849,877	)		–		(3,634,438	)		36,219,878
B2Gold Corp.		–(a)		98,809,388		(59,599,911	)		4,765,179			8,582,209		(30,390,800	)		198,829,515
Capricorn Metals Ltd.		–(a)		23,671,009		(15,100,138	)		974,011			–		10,021,790			60,639,778
Centamin Plc		–(a)		30,691,285		(21,449,329	)		(3,741,765	)		4,492,785		13,429,240			81,495,953
Centerra Gold, Inc.		–(a)		53,323,860		(46,803,411	)		(19,840,031	)		3,047,773		(30,007,563	)		59,014,494
Cia de Minas Buenaventura SAA		–(a)		51,379,755		(30,618,936	)		(9,823,722	)		958,770		4,097,104			97,965,488
Coeur Mining, Inc.		–(a)		29,612,046		(15,528,574	)		(8,241,029	)		–		(14,747,318	)		48,923,959
DRDGOLD Ltd.		–(a)		15,966,814		(9,685,019	)		(2,968,018	)		1,409,122		(2,893,279	)		33,159,785
Dundee Precious Metals, Inc.		–(a)		25,131,009		(16,250,600	)		1,225,686			1,583,520		(15,576,898	)		47,434,105
Eldorado Gold Corp.		–(a)		39,122,071		(23,499,530	)		(8,473,101	)		–		(3,366,108	)		80,041,390
Endeavour Mining Plc		–(a)		134,400,455		(89,163,876	)		9,951,800			8,371,248		(26,075,996	)		272,623,252
Endeavour Silver Corp.		–(a)		19,891,318		(9,714,659	)		(2,502,879	)		–		(7,963,462	)		31,843,407
Equinox Gold Corp.		–(a)		44,244,431		(23,443,964	)		(9,199,858	)		–		(50,504,810	)		51,858,919
Evolution Mining Ltd.		–(a)		109,906,932		(63,256,454	)		(11,342,305	)		3,791,177		(84,300,525	)		193,675,761
First Majestic Silver Corp.		–(a)		68,786,735		(37,539,554	)		(2,896,245	)		351,509		(42,077,210	)		113,580,650
Fortuna Silver Mines, Inc.		–(a)		24,495,443		(15,480,815	)		(2,658,432	)		–		(746,507	)		56,398,523
Gold Fields Ltd.		–(a)		235,767,976		(147,768,809	)		40,998,789			14,715,196		(86,483,138	)		478,159,484
Gold Road Resources Ltd.		–(a)		31,006,945		(14,609,513	)		(361,266	)		492,166		3,151,800			64,292,600
Harmony Gold Mining Co. Ltd.		113,149,948		58,090,129		(33,256,594	)		(2,757,961	)		1,253,161		(26,309,891	)		108,915,631
Hecla Mining Co.		–(a)		81,721,895		(38,826,611	)		5,228,955			624,751		1,151,837			174,714,054
IAMGOLD Corp.		–(a)		27,923,069		(15,605,865	)		(8,660,258	)		–		(6,260,898	)		64,050,910
K92 Mining, Inc.		–(a)		36,067,974		(19,722,625	)		(900,107	)		–		(3,083,763	)		68,361,763
Kinross Gold Corp.		–(a)		154,596,285		(98,564,648	)		(15,740,934	)		7,959,339		(99,235,435	)		266,228,145
New Gold, Inc.		–(a)		22,284,564		(12,598,485	)		(690,722	)		–		(19,947,146	)		34,655,550
Northern Star Resources Ltd.		–(a)		184,574,521		(119,815,006	)		(12,313,509	)		8,604,514		37,992,577			447,846,466
OceanaGold Corp.		–(a)		33,851,367		(20,936,200	)		(4,083,009	)		–		5,910,732			69,497,545
Osisko Gold Royalties Ltd.		–(a)		59,894,537		(32,940,009	)		168,372			1,558,409		(2,810,419	)		115,363,105
Pan American Silver Corp.		–(a)		114,414,190		(66,594,010	)		(1,238,264	)		4,800,935		(102,792,615	)		178,290,511
Perseus Mining Ltd.		–(a)		48,448,473		(25,372,011	)		7,289,689			1,145,960		6,393,509			101,580,825
Regis Resources Ltd.		–(a)		24,139,475		(15,302,120	)		(7,332,452	)		496,729		5,420,214			54,855,943
Royal Gold, Inc.		–(a)		185,756,692		(116,713,925	)		9,601,492			4,600,527		(3,512,728	)		383,500,042
Sandstorm Gold Ltd.		–(a)		60,518,144		(15,842,822	)		2,206,118			659,974		(18,578,025	)		81,298,870
Silver Lake Resources Ltd.		–(a)		30,305,067		(14,917,174	)		(2,958,766	)		–		(24,580,289	)		39,070,300
SilverCrest Metals, Inc.		–		48,320,708		–			–			–		(2,697,434	)		45,623,274

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

SSR Mining, Inc.		–(a)		95,842,312		(61,940,674	)		8,104,586			3,039,411		(41,608,502	)		167,794,658
Torex Gold Resources, Inc.		–(a)		21,142,480		(13,485,519	)		(3,227,611	)		–		6,768,788			51,060,705
Wesdome Gold Mines Ltd.		–(a)		33,716,679		(17,758,408	)		(1,109,157	)		–		(31,126,900	)		40,768,741
West African Resources Ltd.		–(a)		21,167,084		(13,959,207	)		(1,121,314	)		–		(7,544,624	)		42,653,378
Yamana Gold, Inc.		–(a)		116,985,687		(77,029,674	)		11,948,220			5,965,522		43,032,869			276,431,736
Zhaojin Mining Industry Co. Ltd.		–(a)		55,866,545		(37,340,930	)		(4,139,267	)		–		35,362,692			149,510,918
Zijin Mining Group Co. Ltd.		–(a)		174,750,590		(116,779,097	)		56,479,983			8,608,268		(20,914,881	)		399,648,130
		$113,149,948		$3,007,331,303		$(1,805,117,446	)		$21,282,076			$108,178,847		$(642,574,000	)		$5,994,836,736


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

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	69,497,546	$	1,520,951,128	$	—	$	1,590,448,674
Brazil		985,217,567		—		—		985,217,567
Burkina Faso		64,050,910		—		—		64,050,910
Canada		5,006,959,339		—		—		5,006,959,339
China		—		549,159,048		—		549,159,048
Egypt		—		81,495,953		—		81,495,953
Kyrgyzstan		59,014,494		—		—		59,014,494
Peru		97,965,488		—		—		97,965,488
South Africa		620,234,900		—		—		620,234,900
Tanzania		421,250,192		—		—		421,250,192
Turkey		80,041,390		—		—		80,041,390
United Kingdom		272,623,252		—		—		272,623,252
United States		2,110,546,178		—		—		2,110,546,178
Money Market Fund		120,829,768		—		—		120,829,768
Total Investments	$	9,908,231,024	$	2,151,606,129	$	—	$	12,059,837,153

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 17.2%
Allkem Ltd. *		43,939	$	331,549
Glencore Plc (GBP)		292,593		1,941,435
IGO Ltd.		33,862		308,519
Iluka Resources Ltd.		18,067		115,755
Lynas Rare Earths Ltd. *		55,731		292,622
OZ Minerals Ltd.		20,612		386,978
Pilbara Minerals Ltd. *		206,573		521,020
				3,897,878
Canada: 7.3%
Hudbay Minerals, Inc. (USD)		11,327		57,428
Ivanhoe Mines Ltd. *		32,926		260,016
Lithium Americas Corp. (USD) * †		7,619		144,380
Teck Resources Ltd. (USD)		31,065		1,174,878
				1,636,702
Chile: 1.2%
Lundin Mining Corp. (CAD)		42,933		263,311
China: 26.6%
Beijing Easpring Material Technology Co. Ltd.		23,000		187,098
Chengxin Lithium Group Co. Ltd.		52,600		283,639
China Northern Rare Earth Group High-Tech Co. Ltd.		154,468		556,928
China Rare Earth Resources And Technology Co. Ltd. *		43,100		204,288
Ganfeng Lithium Group Co. Ltd.		97,020		972,040
GEM Co. Ltd.		342,600		367,423
Inner Mongolia Xingye Mining Co. Ltd. *		72,700		63,796
Jiangxi Copper Co. Ltd.		109,503		274,827
MMG Ltd. (HKD) *		204,000		51,962
Nanjing Hanrui Cobalt Co. Ltd.		15,700		90,754
Ningbo Shanshan Co. Ltd.		84,100		220,616
Shenghe Resources Holding Co. Ltd.		87,400		176,172
Tianqi Lithium Corp. *		81,200		925,272
Tongling Nonferrous Metals Group Co. Ltd.		487,900		219,136
Western Mining Co. Ltd.		122,300		179,276
Youngy Co. Ltd. *		14,500		204,318
Yunnan Copper Co. Ltd.		91,100		154,266
Yunnan Tin Co. Ltd.		69,700		141,355
Zhejiang Huayou Cobalt Co. Ltd.		90,230		722,225
				5,995,391
Germany: 0.8%
Aurubis AG		2,307		187,231
Japan: 3.0%
Mitsubishi Materials Corp.		6,200		97,455
Sumitomo Metal Mining Co. Ltd.		17,100		597,664
				695,119

	Number of Shares		Value
Liechtenstein: 2.3%
Antofagasta Plc (GBP)		28,185	$	523,513
Mexico: 5.2%
Grupo Mexico SAB de CV		228,300		801,447
Southern Copper Corp. (USD)		6,234		376,471
				1,177,918
Poland: 1.1%
KGHM Polska Miedz SA		8,503		247,056
Russia: 0.0%
MMC Norilsk Nickel PJSC ∞		4,405		0
MMC Norilsk Nickel PJSC (ADR) ∞		2		0
				0
South Africa: 15.1%
Anglo American Platinum Ltd.		4,083		340,278
Anglo American Plc (GBP)		48,345		1,883,710
Impala Platinum Holdings Ltd.		48,748		611,754
Northam Platinum Holdings Ltd. *		13,371		147,093
Sibanye Stillwater Ltd. (ADR) †		39,938		425,739
				3,408,574
Sweden: 2.4%
Boliden AB		14,436		543,047
United States: 14.9%
Albemarle Corp.		6,080		1,318,509
Freeport-McMoRan, Inc.		43,757		1,662,766
Livent Corp. *		9,993		198,561
MP Materials Corp. *		7,679		186,446
				3,366,282
Zambia: 2.9%
First Quantum Minerals Ltd. (CAD)		31,471		657,083
Total Common Stocks (Cost: $26,809,490)				22,599,105

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $555,578)
State Street Navigator Securities Lending Government Money Market Portfolio		555,578		555,578
Total Investments: 102.5% (Cost: $27,365,068)				23,154,683
Liabilities in excess of other assets: (2.5)%				(564,257	)
NET ASSETS: 100.0%			$	22,590,426

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

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

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Diversified Metals & Mining		57.3	%	$	12,987,908
Copper		22.0			4,952,638
Specialty Chemicals		11.8			2,662,958
Precious Metals & Minerals		6.8			1,524,864
Forest Products		1.3			283,639
Electrical Components & Equipment		0.8			187,098
		100.0	%	$	22,599,105

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	3,897,878	$	—	$	3,897,878
Canada		1,636,702		—		—		1,636,702
Chile		263,311		—		—		263,311
China		—		5,995,391		—		5,995,391
Germany		—		187,231		—		187,231
Japan		—		695,119		—		695,119
Liechtenstein		—		523,513		—		523,513
Mexico		1,177,918		—		—		1,177,918
Poland		—		247,056		—		247,056
Russia		—		—		0		0
South Africa		572,832		2,835,742		—		3,408,574
Sweden		—		543,047		—		543,047
United States		3,366,282		—		—		3,366,282
Zambia		657,083		—		—		657,083
Money Market Fund		555,578		—		—		555,578
Total Investments	$	8,229,706	$	14,924,977	$	0	$	23,154,683

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 17.3%
Alkane Resources Ltd. * †		20,039,365	$	7,291,646
Aurelia Metals Ltd. * †		47,928,981		4,036,032
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. * †		32,567,485		25,159,453
Capricorn Metals Ltd. *		13,616,557		42,528,572
Dacian Gold Ltd. *		10,396,606		707,542
De Grey Mining Ltd. * †		57,497,494		50,435,081
Evolution Mining Ltd.		62,357,574		126,985,537
Firefinch Ltd. * †∞		54,133,739		1,651,986
Gold Road Resources Ltd.		43,256,066		49,871,434
Kingsgate Consolidated Ltd. * †		10,582,018		12,402,935
OceanaGold Corp. (CAD) * †		26,946,669		51,309,942
Perseus Mining Ltd.		54,946,610		78,752,697
Ramelius Resources Ltd. †		41,687,243		26,547,588
Red 5 Ltd. * †		89,492,618		12,631,046
Regis Resources Ltd. †		28,157,845		39,472,177
Resolute Mining Ltd. * †		40,260,968		5,422,644
Silver Lake Resources Ltd. *		35,594,421		28,860,061
Silver Mines Ltd. * †		61,790,031		8,482,951
St Barbara Ltd. * †		27,348,096		14,560,589
Tietto Minerals Ltd. *		39,456,992		18,920,412
West African Resources Ltd. * †		39,109,128		31,511,757
Westgold Resources Ltd. *		15,394,391		9,149,755
				646,691,838
Brazil: 6.0%
Yamana Gold, Inc. (USD)		40,453,656		224,517,791
Burkina Faso: 1.1%
IAMGOLD Corp. (USD) * †		16,048,740		41,405,749
Canada: 51.5%
Alamos Gold, Inc. (USD)		15,586,887		157,583,428
Americas Gold & Silver Corp. (USD) * †		8,810,882		5,007,224
Archer Exploration Corp. †		1,728,768		382,767
Aris Mining Corp. †		5,987,186		14,802,814
Arizona Metals Corp. * †		4,732,977		15,055,265
Artemis Gold, Inc. * †		6,188,753		20,051,386
Aya Gold & Silver, Inc. * †		4,267,308		28,407,777
B2Gold Corp. (USD)		36,463,444		130,174,495
Calibre Mining Corp. * †		14,638,580		9,723,401
Dakota Gold Corp. (USD) *		2,659,304		8,110,877
Discovery Silver Corp. * †		10,910,792		11,031,983
Dundee Precious Metals, Inc.		6,448,884		30,984,342
Endeavour Silver Corp. (USD) *		8,163,600		26,450,064
Equinox Gold Corp. (USD) * †		10,661,599		34,970,045
Filo Mining Corp. * †		3,968,508		68,067,549
First Majestic Silver Corp. (USD) †		10,313,105		86,011,296
Fortuna Silver Mines, Inc. (USD) *		12,354,467		46,329,251
Gatos Silver, Inc. (USD) * †		1,619,073		6,622,009
Gold Royalty Corp. (USD) †		5,091,294		11,862,715
GoldMining, Inc. (USD) * †		7,588,500		8,575,005

	Number of Shares		Value
Canada (continued)
i-80 Gold Corp. * †		6,319,054	$	17,628,713
K92 Mining, Inc. * †		8,719,908		49,361,005
Karora Resources, Inc. * †		6,951,833		23,857,724
Kinross Gold Corp. (USD) †		48,059,033		196,561,445
Liberty Gold Corp. * †		12,009,395		4,963,476
Lundin Gold, Inc. †		4,052,501		39,569,422
MAG Silver Corp. (USD) * †		3,498,318		54,678,710
Marathon Gold Corp. * †		16,634,819		13,013,697
Maverix Metals, Inc. (USD) †		2,537,226		11,874,218
McEwen Mining, Inc. (USD) * †		1,882,870		11,033,618
Metalla Royalty & Streaming Ltd. (USD) * †		1,936,937		9,510,361
New Found Gold Corp. * †		3,073,245		12,361,478
New Gold, Inc. (USD) *		25,130,809		24,628,193
New Pacific Metals Corp. * †		4,272,862		9,460,560
Novagold Resources, Inc. (USD) *		8,771,418		52,453,080
Orla Mining Ltd. * †		8,953,193		36,210,559
Osisko Gold Royalties Ltd. (USD) †		5,980,748		72,187,628
Osisko Mining, Inc. * †		11,131,013		28,752,755
Pan American Silver Corp. (USD) †		8,962,576		146,448,492
Prime Mining Corp. * †		3,614,888		5,069,034
Sabina Gold & Silver Corp. * †		17,898,928		17,569,338
Sandstorm Gold Ltd. (USD)		10,847,613		57,058,444
Seabridge Gold, Inc. (USD) * †		3,307,150		41,603,947
Silvercorp Metals, Inc. (USD)		7,534,234		22,301,333
SilverCrest Metals, Inc. (USD) * †		6,233,713		37,402,278
Skeena Resources Ltd. * †		2,987,679		15,898,126
SSR Mining, Inc. (USD)		7,512,649		117,723,210
Sulliden Mining Capital, Inc. *		1,689,990		43,654
Torex Gold Resources, Inc. * †		2,874,538		32,989,458
Victoria Gold Corp. * †		1,727,478		9,115,811
Wallbridge Mining Co. Ltd. * †		31,655,270		4,205,283
Wesdome Gold Mines Ltd. * †		5,112,521		28,223,667
				1,923,962,410
China: 1.5%
Real Gold Mining Ltd. (HKD) *∞		19,287,400		2
Zhaojin Mining Industry Co. Ltd. (HKD) *		51,147,200		56,542,311
				56,542,313
Egypt: 1.5%
Centamin Plc (GBP)		39,830,678		54,157,234
Indonesia: 1.1%
Bumi Resources Minerals Tbk PT *		3,865,578,800		39,501,202

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Jersey, Channel Islands: 0.2%
Caledonia Mining Corp. Plc (USD)		478,502	$	5,933,425
Kyrgyzstan: 0.4%
Centerra Gold, Inc. (CAD) †		3,180,351		16,453,936
Mexico: 3.5%
GoGold Resources, Inc. (CAD) * †		12,029,531		19,265,716
Industrias Penoles SAB de CV * †		8,934,663		109,881,145
				129,146,861
Peru: 2.1%
Cia de Minas Buenaventura SAA (ADR) †		8,677,898		64,650,340
Hochschild Mining Plc (GBP)		15,229,857		12,881,196
				77,531,536
South Africa: 2.3%
DRDGOLD Ltd. (ADR) †		2,067,716		15,301,098
Harmony Gold Mining Co. Ltd. (ADR) †		21,285,095		72,369,323
				87,670,421
Turkey: 3.2%
Eldorado Gold Corp. (USD) * †		6,450,192		53,923,605
Koza Altin Isletmeleri AS		2,188,282		66,050,905
				119,974,510

	Number of Shares		Value
United Kingdom: 4.0%
Endeavour Mining Plc		6,117,166	$	128,730,177
Greatland Gold Plc * †		218,243,297		21,001,996
				149,732,173
United States: 4.3%
Argonaut Gold, Inc. (CAD) * †		28,755,854		11,035,864
Aura Minerals, Inc. (BRL) (BDR)		1,646,773		9,304,278
Coeur Mining, Inc. *		9,006,282		30,261,107
Gold Resource Corp. †		4,016,780		6,145,673
Hecla Mining Co.		18,849,171		104,801,391
				161,548,313
Total Common Stocks (Cost: $4,422,392,574)				3,734,769,712


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%
Money Market Fund: 4.2% (Cost: $157,686,725)
State Street Navigator Securities Lending Government Money Market Portfolio		157,686,725		157,686,725
Total Investments: 104.2% (Cost: $4,580,079,299)				3,892,456,437
Liabilities in excess of other assets: (4.2)%				(155,445,365	)
NET ASSETS: 100.0%			$	3,737,011,072

Definitions:

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

Footnotes:

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

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Gold		76.8	%	$	2,866,316,383
Silver		15.3			570,291,534
Precious Metals & Minerals		4.2			156,837,438
Diversified Metals & Mining		3.7			141,324,357
		100.0	%	$	3,734,769,712

See Notes to Financial Statements

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

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

Silver Mines Ltd.		$10,965,205		$1,932,563		$(2,819,133	)		$(454,532	)		$–		$(1,141,152	)		$–(a)
Silvercorp Metals, Inc.		35,008,409		5,510,115		(11,506,953	)		(5,735,376	)		191,415		(974,861	)		–(a)
		$45,973,614		$7,442,678		$(14,326,086	)		$(6,189,908	)		$191,415		$(2,116,013	)		$–


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

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	51,309,942	$	593,729,910	$	1,651,986	$	646,691,838
Brazil		224,517,791		—		—		224,517,791
Burkina Faso		41,405,749		—		—		41,405,749
Canada		1,923,962,410		—		—		1,923,962,410
China		—		56,542,311		2		56,542,313
Egypt		—		54,157,234		—		54,157,234
Indonesia		—		39,501,202		—		39,501,202
Jersey, Channel Islands		5,933,425		—		—		5,933,425
Kyrgyzstan		16,453,936		—		—		16,453,936
Mexico		129,146,861		—		—		129,146,861
Peru		64,650,340		12,881,196		—		77,531,536
South Africa		87,670,421		—		—		87,670,421
Turkey		53,923,605		66,050,905		—		119,974,510
United Kingdom		21,001,996		128,730,177		—		149,732,173
United States		152,244,035		9,304,278		—		161,548,313
Money Market Fund		157,686,725		—		—		157,686,725
Total Investments	$	2,929,907,236	$	960,897,213	$	1,651,988	$	3,892,456,437

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Austria: 0.6%
Verbund AG		13,182	$	1,104,763
Brazil: 2.9%
Centrais Eletricas Brasileiras SA (ADR) †		551,877		4,376,385
Cia Energetica de Minas Gerais (ADR) †		459,891		933,579
Cia Paranaense de Energia (ADR)		70,023		503,465
				5,813,429
Canada: 3.0%
Ballard Power Systems, Inc. (USD) * †		103,341		495,003
Boralex, Inc. †		36,436		1,076,179
Canadian Solar, Inc. (USD) * †		16,994		525,115
Innergex Renewable Energy, Inc.		54,075		646,529
Northland Power, Inc.		100,003		2,740,405
TransAlta Renewables, Inc.		43,503		361,201
				5,844,432
Chile: 0.5%
Enel Americas SA		7,869,905		1,048,459
China: 14.6%
BYD Co. Ltd. (HKD)		295,500		7,250,254
China Everbright Environment Group Ltd. (HKD)		1,427,000		635,454
China Longyuan Power Group Corp. Ltd. (HKD)		708,000		860,692
Daqo New Energy Corp. (ADR) *		22,773		879,265
GCL Technology Holdings Ltd. (HKD) * †		8,286,000		2,090,833
JinkoSolar Holding Co. Ltd. (ADR) * †		14,095		576,204
Li Auto, Inc. (ADR) *		246,590		5,030,436
NIO, Inc. (ADR) *		583,074		5,684,971
Xinyi Solar Holdings Ltd. (HKD)		2,212,000		2,434,119
XPeng, Inc. (ADR) * †		224,182		2,228,369
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A *		334,500		1,285,660
				28,956,257
Denmark: 9.6%
Orsted AS 144A		77,095		6,948,767
ROCKWOOL International A/S		3,097		722,826
Vestas Wind Systems A/S		390,984		11,370,800
				19,042,393
France: 0.5%
Neoen SA 144A		21,964		885,542
Germany: 0.8%
Encavis AG		45,938		905,666
Nordex SE *		50,962		715,096
				1,620,762

	Number of Shares		Value
Ireland: 1.2%
Kingspan Group Plc		42,954	$	2,318,744
Italy: 7.3%
Enel SpA		2,560,432		13,729,201
ERG SpA		22,667		700,430
				14,429,631
Japan: 0.3%
Horiba Ltd. †		15,084		650,439
New Zealand: 2.0%
Contact Energy Ltd.		274,520		1,338,232
Mercury NZ Ltd. †		271,130		954,135
Meridian Energy Ltd.		515,447		1,707,857
				4,000,224
Norway: 0.6%
NEL ASA * †		637,119		897,362
Scatec ASA 144A		42,745		341,999
				1,239,361
Portugal: 1.1%
EDP Renovaveis SA		97,867		2,150,105
South Korea: 5.2%
Hanwha Solutions Corp. *		42,095		1,439,382
Samsung SDI Co. Ltd. *		18,776		8,816,127
				10,255,509
Spain: 9.0%
Acciona SA		10,060		1,845,824
Atlantica Sustainable Infrastructure Plc (USD)		27,240		705,516
Iberdrola SA		1,319,102		15,352,490
				17,903,830
Sweden: 2.8%
Nibe Industrier AB		588,562		5,501,598
Switzerland: 0.3%
Landis+Gyr Group AG		8,718		615,825
Taiwan: 0.3%
Simplo Technology Co. Ltd.		69,000		638,765
Thailand: 1.0%
Energy Absolute PCL (NVDR)		729,700		2,039,344
United Kingdom: 0.9%
Johnson Matthey Plc		66,541		1,692,090
United States: 35.5%
Array Technologies, Inc. *		42,318		818,007
Badger Meter, Inc.		7,753		845,310
Bloom Energy Corp. *		45,325		866,614
Brookfield Renewable Corp.		46,323		1,275,735
EnerSys		12,979		958,369
Enphase Energy, Inc. *		40,904		10,837,924
First Solar, Inc. *		33,019		4,945,916
Fisker, Inc. * †		59,273		430,915
FuelCell Energy, Inc. * †		137,185		381,374
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		27,559		798,660
Installed Building Products, Inc.		5,945		508,892
Lucid Group, Inc. * †		232,847		1,590,345

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
NextEra Energy, Inc.		202,735	$	16,948,646
Nikola Corp. * †		134,654		290,853
Ormat Technologies, Inc. †		12,563		1,086,448
Owens Corning		29,708		2,534,092
Plug Power, Inc. * †		171,041		2,115,777
Rivian Automotive, Inc. *		167,462		3,086,325
SolarEdge Technologies, Inc. *		20,502		5,807,602
Sunnova Energy International, Inc. * †		22,479		404,847
Sunrun, Inc. *		66,873		1,606,289
Tesla, Inc. *		99,352		12,238,179
				70,377,119
Total Common Stocks (Cost: $241,046,477)				198,128,621

	Number of Shares		Value
RIGHTS: 0.0% (Cost: $0)
South Korea: 0.0%
Hanwha Solutions Corp., KRW 37,900.00, exp. 01/09/23 *∞		381	$	286

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $241,046,477)				198,128,907

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4%
Money Market Fund: 4.4% (Cost: $8,687,734)
State Street Navigator Securities Lending Government Money Market Portfolio		8,687,734		8,687,734
Total Investments: 104.4% (Cost: $249,734,211)				206,816,641
Liabilities in excess of other assets: (4.4)%				(8,666,648	)
NET ASSETS: 100.0%			$	198,149,993

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $12,648,560.
*	Non-income producing
¥	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $9,461,968, or 4.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		41.9	%	$	82,972,726
Information Technology		20.0			39,663,443
Consumer Discretionary		19.9			39,334,346
Industrials		16.2			32,228,260
Materials		1.6			3,131,472
Financials		0.4			798,660
		100.0	%	$	198,128,907

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,104,763	$	—	$	1,104,763
Brazil		5,813,429		—		—		5,813,429
Canada		5,844,432		—		—		5,844,432
Chile		1,048,459		—		—		1,048,459
China		14,399,245		14,557,012		—		28,956,257
Denmark		—		19,042,393		—		19,042,393
France		—		885,542		—		885,542
Germany		—		1,620,762		—		1,620,762
Ireland		—		2,318,744		—		2,318,744
Italy		—		14,429,631		—		14,429,631
Japan		—		650,439		—		650,439
New Zealand		—		4,000,224		—		4,000,224
Norway		—		1,239,361		—		1,239,361
Portugal		—		2,150,105		—		2,150,105
South Korea		—		10,255,509		—		10,255,509
Spain		705,516		17,198,314		—		17,903,830
Sweden		—		5,501,598		—		5,501,598
Switzerland		—		615,825		—		615,825
Taiwan		—		638,765		—		638,765
Thailand		—		2,039,344		—		2,039,344
United Kingdom		—		1,692,090		—		1,692,090
United States		70,377,119		—		—		70,377,119
Rights ^*		—		—		286		286
Money Market Fund		8,687,734		—		—		8,687,734
Total Investments	$	106,875,934	$	99,940,421	$	286	$	206,816,641

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.2%
Argentina: 0.1%
Bioceres Crop Solutions Corp. (USD) *		1,531	$	18,418
YPF SA (ADR) *		6,375		58,586
				77,004
Australia: 8.6%
Alumina Ltd. †		69,103		71,060
Ampol Ltd.		3,861		73,923
APA Group		18,984		138,211
Bega Cheese Ltd. †		16,107		42,360
BHP Group Ltd.		149,476		4,611,946
BlueScope Steel Ltd.		13,621		154,626
Costa Group Holdings Ltd. †		27,342		50,885
Elders Ltd. †		10,606		72,513
Evolution Mining Ltd.		55,315		112,644
Fortescue Metals Group Ltd. †		46,486		647,165
Glencore Plc (GBP)		178,825		1,186,553
GrainCorp Ltd.		15,624		78,456
IGO Ltd. †		19,679		179,297
Inghams Group Ltd.		21,074		40,696
Lynas Rare Earths Ltd. * †		26,543		139,367
Newcrest Mining Ltd.		27,280		381,012
Northern Star Resources Ltd. †		34,681		258,500
Nufarm Ltd./Australia		18,814		78,126
Origin Energy Ltd.		27,758		144,707
OZ Minerals Ltd. †		9,064		170,171
Perseus Mining Ltd.		41,677		59,734
Rio Tinto Plc (GBP)		30,968		2,168,745
Rural Funds Group		25,416		41,553
Santos Ltd.		50,940		249,539
South32 Ltd.		134,257		366,623
Washington H Soul Pattinson & Co. Ltd. †		3,729		69,683
Woodside Energy Group Ltd. †		30,737		741,443
				12,329,538
Austria: 0.3%
Andritz AG		2,147		122,531
Mayr Melnhof Karton AG		259		41,717
OMV AG		2,284		117,140
Verbund AG		1,199		100,486
voestalpine AG		3,300		87,153
				469,027
Brazil: 3.8%
Adecoagro SA (USD) †		8,278		68,625
BrasilAgro - Co. Brasileira de Propriedades Agricolas		3,750		21,032
BRF SA (ADR) * †		50,851		80,345
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		7,286		77,669
Cia Siderurgica Nacional SA (ADR)		39,150		108,054
Cosan SA		19,400		62,870
CSN Mineracao SA		12,550		9,573
Engie Brasil Energia SA		1,900		13,643

	Number of Shares		Value
Brazil (continued)
Gerdau SA (ADR)		32,519	$	180,155
Klabin SA		33,800		127,686
Minerva SA		18,650		45,771
Neoenergia SA		6,300		18,498
Petroleo Brasileiro SA (ADR)		60,309		642,291
Sao Martinho SA		11,100		55,769
SLC Agricola SA		6,865		60,886
Suzano SA		23,700		218,824
Vale SA (ADR)		141,087		2,394,246
Wheaton Precious Metals Corp. (USD)		13,828		540,398
Yamana Gold, Inc. (USD)		29,311		162,676
Yara International ASA (NOK)		10,893		475,755
				5,364,766
British Virgin Islands: 0.0%
Lee & Man Paper Manufacturing Ltd. (HKD)		34,500		15,130
Nine Dragons Paper Holdings Ltd. (HKD)		45,957		41,784
				56,914
Canada: 8.9%
Agnico Eagle Mines Ltd. (USD)		13,943		724,897
Alamos Gold, Inc.		11,987		121,113
Algonquin Power & Utilities Corp. †		7,278		47,376
AltaGas Ltd. †		4,529		78,149
ARC Resources Ltd. †		10,225		137,722
B2Gold Corp. †		32,503		115,384
Ballard Power Systems, Inc. * †		2,541		12,152
Barrick Gold Corp. (USD)		53,637		921,484
Boralex, Inc. †		1,076		31,781
Cameco Corp. (USD)		12,738		288,770
Canadian Natural Resources Ltd. (USD) †		18,303		1,016,366
Canadian Solar, Inc. (USD) * †		538		16,624
Canadian Utilities Ltd. †		1,937		52,394
Canfor Corp. * †		1,768		27,806
Cenovus Energy, Inc.		22,369		433,694
Emera, Inc. †		4,346		165,988
Enbridge, Inc. (USD)		32,790		1,282,089
Filo Mining Corp. * †		2,478		42,503
First Majestic Silver Corp. †		7,262		60,456
Franco-Nevada Corp.		5,828		793,885
Innergex Renewable Energy, Inc. †		1,615		19,309
Ivanhoe Mines Ltd. * †		16,730		132,116
Kinross Gold Corp. (USD)		38,111		155,874
Lundin Gold, Inc.		2,668		26,051
Maple Leaf Foods, Inc. †		5,260		94,916
Methanex Corp.		739		27,958
Northland Power, Inc.		2,600		71,248
Novagold Resources, Inc. (USD) *		6,981		41,746
Nutrien Ltd. (USD)		38,182		2,788,431
Osisko Gold Royalties Ltd. †		5,618		67,667

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Canada (continued)
Pan American Silver Corp. (USD)		6,432	$	105,099
Pembina Pipeline Corp. †		8,936		303,110
Sandstorm Gold Ltd.		7,569		39,774
SNDL, Inc. (USD) * †		16,794		35,099
SSR Mining, Inc. (USD)		6,293		98,611
Stella-Jones, Inc. †		1,878		67,250
Suncor Energy, Inc. (USD)		22,119		701,836
TC Energy Corp. (USD)		15,927		634,850
Teck Resources Ltd. (USD)		14,844		561,400
Tourmaline Oil Corp.		5,208		262,601
TransAlta Renewables, Inc.		1,135		9,424
West Fraser Timber Co. Ltd.		1,627		117,401
				12,732,404
Chile: 0.7%
Empresas CMPC SA		32,253		53,603
Empresas Copec SA		6,013		44,669
Lundin Mining Corp. (CAD) †		19,397		118,963
Sociedad Quimica y Minera de Chile SA (ADR)		10,120		807,981
				1,025,216
China: 1.5%
Aluminum Corp. of China Ltd. (HKD)		112,000		47,398
Angang Steel Co. Ltd. (HKD)		39,940		10,847
Astra Agro Lestari Tbk PT (IDR)		27,700		14,277
Beijing Enterprises Water Group Ltd. (HKD)		42,000		10,740
China Coal Energy Co. Ltd. (HKD) †		32,200		26,146
China Gas Holdings Ltd. (HKD)		43,600		63,192
China Hongqiao Group Ltd. (HKD)		73,200		69,043
China Longyuan Power Group Corp. Ltd. (HKD)		36,029		43,799
China Petroleum & Chemical Corp. (HKD)		402,827		194,099
China Resources Gas Group Ltd. (HKD)		14,400		53,723
China Shenhua Energy Co. Ltd. (HKD)		54,591		157,269
CMOC Group Ltd. (HKD) *		108,400		49,663
ENN Energy Holdings Ltd. (HKD)		12,300		171,818
Hong Kong & China Gas Co. Ltd. (HKD)		175,605		166,556
Jiangxi Copper Co. Ltd. (HKD)		31,700		46,544
JinkoSolar Holding Co. Ltd. (ADR) * †		532		21,748
Kunlun Energy Co. Ltd. (HKD)		58,600		41,665
Maanshan Iron & Steel Co. Ltd. (HKD) †		40,000		9,282
PetroChina Co. Ltd. (HKD)		336,540		153,739
Power Assets Holdings Ltd. (HKD)		21,900		119,702
Shandong Gold Mining Co. Ltd. (HKD) 144A		21,150		39,085

	Number of Shares		Value
China (continued)
United Tractors Tbk PT (IDR)		24,500	$	41,069
Wilmar International Ltd. (SGD)		73,164		227,627
Xinyi Solar Holdings Ltd. (HKD)		48,000		52,820
Yankuang Energy Group Co. Ltd. (HKD)		22,900		69,658
Zhaojin Mining Industry Co. Ltd. (HKD) *		38,900		43,003
Zijin Mining Group Co. Ltd. (HKD)		173,661		233,414
				2,177,926
Cyprus: 0.0%
Novolipetsk Steel PJSC (RUB) *∞		26,910		0
Czech Republic: 0.1%
CEZ AS		2,528		86,009
Denmark: 0.5%
Bakkafrost P/F (NOK)		3,514		218,162
Orsted AS 144A		2,009		181,076
Vestas Wind Systems A/S		10,439		303,593
				702,831
Egypt: 0.1%
Abou Kir Fertilizers & Chemical Industries		20,394		32,016
Centamin Plc (GBP)		35,066		47,679
				79,695
Finland: 0.9%
Kemira Oyj		3,029		46,340
Metsa Board Oyj		4,956		46,421
Neste Oyj		6,838		314,405
Stora Enso Oyj		17,021		239,270
UPM-Kymmene Oyj		15,647		583,782
				1,230,218
France: 1.9%
Electricite de France SA		5,579		71,411
Eramet SA		239		21,442
Neoen SA 144A		543		21,893
TotalEnergies SE †		38,991		2,440,270
Veolia Environnement SA		7,226		185,113
Voltalia SA *		688		12,512
				2,752,641
Germany: 3.1%
Aurubis AG		878		71,256
Bayer AG		69,609		3,572,068
E.ON SE		23,584		233,771
Encavis AG		1,239		24,427
K+S AG		13,564		266,600
Nordex SE *		1,557		21,848
Siemens Energy AG		6,869		128,588
Suedzucker AG		4,262		74,161
VERBIO Vereinigte BioEnergie AG		208		13,445
				4,406,164
Greece: 0.0%
Terna Energy SA		562		12,236

See Notes to Financial Statements

	Number of Shares		Value
Hungary: 0.0%
MOL Hungarian Oil & Gas Plc		5,972	$	41,374
India: 1.1%
Reliance Industries Ltd. (USD) 144A (GDR)		25,744		1,579,235
Indonesia: 0.3%
Adaro Energy Indonesia Tbk PT		211,100		52,292
Aneka Tambang Tbk		248,100		31,573
Golden Agri-Resources Ltd. (SGD)		444,319		82,812
Indah Kiat Pulp & Paper Tbk PT		77,100		43,200
Merdeka Copper Gold Tbk PT *		412,047		108,860
Pabrik Kertas Tjiwi Kimia Tbk PT		37,900		17,156
Vale Indonesia Tbk PT *		60,500		27,521
				363,414
Ireland: 0.2%
Smurfit Kappa Group Plc (GBP)		7,799		285,958
Israel: 0.3%
Energix-Renewable Energies Ltd.		2,717		8,530
Enlight Renewable Energy Ltd. *		10,368		21,004
ICL Group Ltd.		50,739		365,220
				394,754
Italy: 0.5%
ACEA SpA		409		5,636
Eni SpA		36,575		518,522
ERG SpA		592		18,293
Snam SpA		33,161		160,312
				702,763
Japan: 2.4%
Chubu Electric Power Co., Inc.		10,000		102,852
Daio Paper Corp.		2,300		17,552
ENEOS Holdings, Inc.		45,600		154,457
Idemitsu Kosan Co. Ltd.		3,200		74,517
Inpex Corp. †		14,900		159,251
JFE Holdings, Inc.		13,664		157,703
Kubota Corp. †		66,000		896,837
Kumiai Chemical Industry Co. Ltd.		4,900		33,395
Kurita Water Industries Ltd. †		1,065		43,755
Maruha Nichiro Corp.		2,436		46,106
NH Foods Ltd.		5,500		152,734
Nihon Nohyaku Co. Ltd. †		2,200		11,960
Nippon Sanso Holdings Corp.		2,500		36,020
Nippon Steel Corp.		22,600		390,040
Nissan Chemical Corp.		7,800		338,319
Nisshin Seifun Group, Inc.		12,750		159,386
Nissui Corp.		19,214		79,599
Oji Holdings Corp.		23,176		93,107

	Number of Shares		Value
Japan (continued)
Sakata Seed Corp.		2,000	$	65,942
Sumitomo Forestry Co. Ltd. †		4,083		71,774
Sumitomo Metal Mining Co. Ltd.		6,600		230,677
Tokyo Gas Co. Ltd.		6,000		116,851
				3,432,834
Kazakhstan: 0.0%
NAC Kazatomprom JSC (USD) (GDR)		1,914		53,752
Liechtenstein: 0.1%
Antofagasta Plc (GBP)		10,126		188,082
Luxembourg: 0.3%
ArcelorMittal SA		14,321		376,689
Malaysia: 0.5%
IOI Corp. Bhd		159,194		146,503
Kuala Lumpur Kepong Bhd		28,378		144,229
Petronas Dagangan Bhd		3,700		19,319
Petronas Gas Bhd		10,900		42,351
PPB Group Bhd		32,300		127,880
Press Metal Aluminium Holdings Bhd		100,100		110,906
QL Resources Bhd		68,300		85,433
United Plantations BHD		11,200		38,900
				715,521
Mexico: 0.6%
Fresnillo Plc (GBP)		5,498		59,772
Gruma SAB de CV		12,810		171,398
Grupo Mexico SAB de CV		91,264		320,382
Industrias Penoles SAB de CV *		5,732		70,494
Southern Copper Corp. (USD)		2,520		152,183
				774,229
Netherlands: 0.7%
OCI NV †		6,360		226,706
Tenaris SA (ADR)		17,427		612,733
Ternium SA (ADR) †		5,796		177,126
				1,016,565
Norway: 1.3%
Aker BP ASA		6,448		199,320
Austevoll Seafood ASA		6,144		55,109
Equinor ASA		15,774		563,802
Mowi ASA		28,525		483,400
NEL ASA * †		16,589		23,365
Norsk Hydro ASA		39,450		293,163
Salmar ASA		5,917		230,767
Var Energi ASA †		6,548		22,481
				1,871,407
Peru: 0.1%
Cia de Minas Buenaventura SAA (ADR)		8,425		62,766
Poland: 0.2%
KGHM Polska Miedz SA		4,027		117,005
Polski Koncern Naftowy ORLEN SA		9,432		138,414
				255,419

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Portugal: 0.1%
EDP Renovaveis SA		2,561	$	56,264
Galp Energia SGPS SA		7,957		107,024
Navigator Co. SA		6,437		23,729
				187,017
Russia: 0.0%
Evraz Plc (GBP) *∞		10,824		0
Gazprom PJSC ∞		125,520		0
LUKOIL PJSC ∞		3,739		0
MMC Norilsk Nickel PJSC ∞		1,284		0
MMC Norilsk Nickel PJSC (ADR) ∞		17		0
Novatek PJSC ∞		19,580		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Ros Agro Plc (USD) (GDR) ∞		4,076		0
Rosneft Oil Co. PJSC ∞		13,000		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PJSC ∞		371,430		0
Tatneft PJSC (ADR) ∞		2,680		0
				0
Saudi Arabia: 0.0%
S-Oil Corp. (KRW)		667		44,392
Singapore: 0.2%
Charoen Pokphand Indonesia Tbk PT (IDR)		516,800		187,593
First Resources Ltd.		25,400		28,093
Keppel Infrastructure Trust		43,500		17,523
Olam Group Ltd.		61,709		67,249
				300,458
South Africa: 2.0%
African Rainbow Minerals Ltd.		3,127		52,765
Anglo American Platinum Ltd.		1,742		145,179
Anglo American Plc (GBP)		37,328		1,454,445
Astral Foods Ltd.		2,750		26,304
Gold Fields Ltd. (ADR) †		27,320		282,762
Harmony Gold Mining Co. Ltd. (ADR)		18,939		64,393
Impala Platinum Holdings Ltd.		26,004		326,332
Northam Platinum Holdings Ltd. *		9,117		100,295
Omnia Holdings Ltd.		11,850		43,569
Royal Bafokeng Platinum Ltd.		1,966		19,161
Sasol Ltd.		9,416		150,057
Sibanye Stillwater Ltd.		84,188		222,890
				2,888,152
South Korea: 0.6%
Coway Co. Ltd. *		576		25,574
CS Wind Corp.		253		13,878
Hyundai Steel Co. *		2,452		59,765

	Number of Shares		Value
South Korea (continued)
Korea Zinc Co. Ltd. *		271	$	121,449
POSCO Holdings, Inc.		2,123		464,622
SK Innovation Co. Ltd. *		860		105,063
SK, Inc.		590		88,507
				878,858
Spain: 1.1%
Atlantica Sustainable Infrastructure Plc (USD)		694		17,975
Enagas SA †		3,682		61,043
Iberdrola SA		102,906		1,197,681
Repsol SA		21,197		336,384
				1,613,083
Sweden: 0.8%
Billerud AB		6,724		82,145
Boliden AB		7,926		298,156
Epiroc AB		9,887		180,299
Holmen AB		2,730		108,664
Husqvarna AB		29,145		204,999
SSAB AB		18,130		94,579
Svenska Cellulosa AB SCA		18,047		228,896
				1,197,738
Taiwan: 0.4%
China Steel Corp.		340,472		329,913
Formosa Petrochemical Corp.		18,920		49,387
Sinon Corp.		28,000		33,152
Taiwan Fertilizer Co. Ltd.		50,200		87,306
				499,758
Tanzania: 0.2%
AngloGold Ashanti Ltd. (ADR)		12,829		249,139
Thailand: 0.3%
B Grimm Power PCL (NVDR)		10,100		11,603
Energy Absolute PCL (NVDR)		14,200		39,686
PTT Exploration & Production PCL (NVDR)		21,700		110,510
PTT PCL (NVDR)		222,400		213,412
SCG Packaging PCL (NVDR)		34,000		55,916
				431,127
Turkey: 0.5%
Eldorado Gold Corp. (USD) *		5,619		46,975
Eregli Demir ve Celik Fabrikalari TAS		49,220		108,055
Gubre Fabrikalari TAS *		3,665		51,746
Hektas Ticaret TAS *		174,435		350,114
Iskenderun Demir ve Celik AS		4,382		7,769
Koza Altin Isletmeleri AS		1,402		42,318
Turkiye Petrol Rafinerileri AS *		2,393		67,757
				674,734
United Kingdom: 5.0%
BP Plc		287,177		1,648,703
Centrica Plc		93,822		108,575
CNH Industrial NV (USD)		67,794		1,088,772
DS Smith Plc		39,946		153,317
Endeavour Mining Plc (CAD)		5,588		119,517
Kumba Iron Ore Ltd. (ZAR) †		1,653		47,677
Mondi Plc		14,397		242,248

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Pennon Group Plc		2,772	$	29,654
Severn Trent Plc		2,501		79,502
Shell Plc		112,444		3,154,026
SSE Plc		17,053		348,973
United Utilities Group Plc		7,135		84,825
				7,105,789
United States: 49.7%
A.O. Smith Corp.		1,329		76,072
Advanced Drainage Systems, Inc.		786		64,428
AGCO Corp.		4,377		607,046
Alcoa Corp.		5,178		235,444
Ameresco, Inc. * †		338		19,313
American States Water Co.		391		36,187
American Vanguard Corp.		1,957		42,486
American Water Works Co., Inc.		1,933		294,628
Andersons, Inc.		2,223		77,783
Antero Resources Corp. *		4,423		137,069
APA Corp.		5,191		242,316
Archer-Daniels-Midland Co.		38,679		3,591,345
ATI, Inc. *		3,776		112,751
Atmos Energy Corp.		2,265		253,839
Baker Hughes Co.		16,157		477,116
Benson Hill, Inc. * †		11,153		28,440
Boise Cascade Co.		1,173		80,550
Bunge Ltd.		10,523		1,049,880
California Water Service Group		579		35,111
Cal-Maine Foods, Inc.		2,733		148,812
CF Industries Holdings, Inc.		13,833		1,178,572
Cheniere Energy, Inc.		3,972		595,641
Chesapeake Energy Corp. †		1,816		171,376
Chevron Corp.		31,345		5,626,114
Chord Energy Corp.		634		86,738
Civitas Resources, Inc.		1,179		68,299
Clearway Energy, Inc.		862		27,472
Cleveland-Cliffs, Inc. * †		14,944		240,748
Commercial Metals Co.		3,406		164,510
ConocoPhillips		20,185		2,381,830
Corteva, Inc.		50,541		2,970,800
Coterra Energy, Inc.		12,504		307,223
Darling Ingredients, Inc. *		11,235		703,199
Deere & Co.		19,799		8,489,019
Devon Energy Corp.		10,505		646,163
Diamondback Energy, Inc.		2,697		368,896
Elanco Animal Health, Inc. *		33,453		408,796
EOG Resources, Inc.		9,491		1,229,274
EQT Corp.		5,646		191,004
Essential Utilities, Inc.		2,790		133,167
Evoqua Water Technologies Corp. *		1,279		50,648
Exxon Mobil Corp.		66,669		7,353,591
Farmland Partners, Inc.		3,562		44,383
First Solar, Inc. *		1,064		159,377
FMC Corp.		8,880		1,108,224
Franklin Electric Co., Inc.		412		32,857
Freeport-McMoRan, Inc.		41,621		1,581,598

	Number of Shares		Value
United States (continued)
Fresh Del Monte Produce, Inc.		2,663	$	69,744
FuelCell Energy, Inc. * †		4,315		11,996
Graphic Packaging Holding Co.		9,152		203,632
Green Plains, Inc. *		609		18,574
Halliburton Co.		14,675		577,461
Hecla Mining Co.		17,245		95,882
Hess Corp.		4,510		639,608
HF Sinclair Corp.		2,520		130,763
Howmet Aerospace, Inc.		12,117		477,531
Imperial Oil Ltd. †		2,979		145,196
Ingredion, Inc.		4,476		438,335
International Paper Co.		10,626		367,978
Intrepid Potash, Inc. *		652		18,823
Itron, Inc. *		477		24,160
Kinder Morgan, Inc.		31,843		575,721
Lindsay Corp.		772		125,720
Louisiana-Pacific Corp.		2,125		125,800
LSB Industries, Inc. *		3,935		52,335
Marathon Oil Corp.		10,265		277,874
Marathon Petroleum Corp.		7,583		882,585
Matador Resources Co.		1,761		100,800
Mission Produce, Inc. *		2,982		34,651
Mosaic Co.		24,055		1,055,293
Murphy Oil Corp.		2,399		103,181
Murphy USA, Inc.		292		81,626
National Fuel Gas Co.		1,417		89,696
New Fortress Energy, Inc. †		1,273		54,001
Newmont Corp.		24,300		1,146,960
NextEra Energy, Inc.		21,080		1,762,288
NiSource, Inc.		6,558		179,820
NOV, Inc.		6,328		132,192
Nucor Corp. †		7,523		991,607
Occidental Petroleum Corp.		14,699		925,890
ONEOK, Inc.		7,200		473,040
Ormat Technologies, Inc. †		596		51,542
Ovintiv, Inc.		4,010		203,347
Packaging Corp. of America		2,730		349,194
PDC Energy, Inc.		1,475		93,633
Pentair Plc		1,747		78,580
PG&E Corp. *		34,019		553,149
Phillips 66		7,646		795,796
Pilgrim’s Pride Corp. *		2,818		66,871
Pioneer Natural Resources Co.		3,727		851,210
Plug Power, Inc. * †		5,513		68,196
PotlatchDeltic Corp.		2,379		104,652
Primo Water Corp.		1,650		25,641
Range Resources Corp.		3,813		95,401
Rayonier, Inc.		4,373		144,134
Reliance Steel & Aluminum Co.		1,714		346,982
Reliance Worldwide Corp. Ltd. (AUD)		7,197		14,332
Royal Gold, Inc.		2,006		226,116
Schlumberger Ltd.		22,950		1,226,907
Scotts Miracle-Gro Co. †		2,881		139,988

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United States (continued)
Seaboard Corp.		18	$	67,954
SJW Group		285		23,139
SolarEdge Technologies, Inc. *		586		165,996
Southern Co.		17,615		1,257,887
Southwestern Energy Co. *		15,905		93,044
Steel Dynamics, Inc.		4,873		476,092
SunPower Corp. * †		886		15,975
Sylvamo Corp.		1,129		54,858
Targa Resources Corp.		3,595		264,232
The Williams Companies, Inc.		19,710		648,459
Toro Co.		7,351		832,133
Tractor Supply Co.		7,797		1,754,091
Tyson Foods, Inc.		19,969		1,243,070
UGI Corp.		3,379		125,260
United States Steel Corp.		6,832		171,142
Valero Energy Corp.		6,226		789,830
Vital Farms, Inc. *		1,788		26,677
Watts Water Technologies, Inc.		286		41,822
Westrock Co.		7,556		265,669

	Number of Shares		Value
United States (continued)
Weyerhaeuser Co.		22,098	$	685,038
Xylem, Inc.		1,914		211,631
				70,970,568
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		16,392		342,249
Total Common Stocks (Cost: $129,019,248)				143,000,413

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $3,416,156)
State Street Navigator Securities Lending Government Money Market Portfolio		3,416,156		3,416,156
Total Investments: 102.6% (Cost: $132,435,404)				146,416,569
Liabilities in excess of other assets: (2.6)%				(3,733,076	)
NET ASSETS: 100.0%			$	142,683,493

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,835,434.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,821,289, or 1.3% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		35.3	%	$	50,538,808
Materials		34.7			49,605,957
Industrials		10.1			14,426,972
Consumer Staples		7.8			11,198,318
Utilities		6.9			9,820,844
Health Care		2.8			4,015,964
Consumer Discretionary		1.4			1,933,065
Real Estate		0.7			1,019,760
Information Technology		0.3			440,725
		100.0	%	$	143,000,413

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	77,004	$	—	$	—	$	77,004
Australia		—		12,329,538		—		12,329,538
Austria		—		469,027		—		469,027
Brazil		4,254,459		1,110,307		—		5,364,766
British Virgin Islands		—		56,914		—		56,914
Canada		12,732,404		—		—		12,732,404
Chile		1,025,216		—		—		1,025,216
China		21,748		2,156,178		—		2,177,926
Cyprus		—		—		0		0
Czech Republic		86,009		—		—		86,009
Denmark		—		702,831		—		702,831
Egypt		—		79,695		—		79,695
Finland		—		1,230,218		—		1,230,218
France		—		2,752,641		—		2,752,641
Germany		—		4,406,164		—		4,406,164
Greece		—		12,236		—		12,236
Hungary		—		41,374		—		41,374
India		—		1,579,235		—		1,579,235
Indonesia		—		363,414		—		363,414
Ireland		—		285,958		—		285,958
Israel		—		394,754		—		394,754
Italy		—		702,763		—		702,763
Japan		—		3,432,834		—		3,432,834
Kazakhstan		—		53,752		—		53,752
Liechtenstein		—		188,082		—		188,082
Luxembourg		—		376,689		—		376,689
Malaysia		232,632		482,889		—		715,521
Mexico		714,457		59,772		—		774,229
Netherlands		789,859		226,706		—		1,016,565
Norway		—		1,871,407		—		1,871,407
Peru		62,766		—		—		62,766
Poland		—		255,419		—		255,419
Portugal		—		187,017		—		187,017
Russia		—		—		0		0
Saudi Arabia		—		44,392		—		44,392
Singapore		—		300,458		—		300,458
South Africa		517,323		2,370,829		—		2,888,152
South Korea		—		878,858		—		878,858
Spain		17,975		1,595,108		—		1,613,083
Sweden		—		1,197,738		—		1,197,738
Taiwan		—		499,758		—		499,758
Tanzania		249,139		—		—		249,139
Thailand		—		431,127		—		431,127
Turkey		98,721		576,013		—		674,734
United Kingdom		1,208,289		5,897,500		—		7,105,789
United States		70,956,236		14,332		—		70,970,568
Zambia		342,249		—		—		342,249
Money Market Fund		3,416,156		—		—		3,416,156
Total Investments	$	96,802,642	$	49,613,927	$	0	$	146,416,569

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 3.2%
Ampol Ltd. †		65,446	$	1,253,043
Austria: 4.6%
OMV AG		34,788		1,784,178
Finland: 5.5%
Neste Oyj		46,266		2,127,269
Greece: 1.6%
Motor Oil Hellas Corinth Refineries SA		26,561		616,775
Hungary: 3.6%
MOL Hungarian Oil & Gas Plc		200,038		1,385,871
India: 7.5%
Reliance Industries Ltd. (USD) 144A (GDR)		47,661		2,923,706
Japan: 11.0%
Cosmo Energy Holdings Co. Ltd.		22,200		584,497
ENEOS Holdings, Inc.		577,900		1,957,474
Idemitsu Kosan Co. Ltd.		75,268		1,752,727
				4,294,698
Poland: 5.4%
Polski Koncern Naftowy ORLEN SA		144,860		2,125,808
Portugal: 4.8%
Galp Energia SGPS SA		140,230		1,886,134

	Number of Shares		Value
Saudi Arabia: 2.4%
S-Oil Corp. (KRW)		14,233	$	947,280
South Korea: 6.7%
HD Hyundai Co. Ltd.		20,661		935,069
SK Innovation Co. Ltd. *		13,775		1,682,847
				2,617,916
Taiwan: 4.3%
Formosa Petrochemical Corp.		638,000		1,665,388
Thailand: 3.3%
IRPC PCL (NVDR)		4,899,400		426,727
Thai Oil PCL (NVDR)		535,600		868,178
				1,294,905
Turkey: 4.1%
Turkiye Petrol Rafinerileri AS *		56,396		1,596,825
United States: 32.1%
CVR Energy, Inc.		12,709		398,300
Delek US Holdings, Inc.		22,786		615,222
HF Sinclair Corp.		33,499		1,738,263
Marathon Petroleum Corp.		27,963		3,254,614
PBF Energy, Inc.		29,181		1,190,001
Phillips 66		25,890		2,694,631
Valero Energy Corp.		20,604		2,613,823
				12,504,854
Total Common Stocks (Cost: $39,000,463)				39,024,650
Total Investments: 100.1% (Cost: $39,000,463)				39,024,650
Liabilities in excess of other assets: (0.1)%				(32,935	)
NET ASSETS: 100.0%			$	38,991,715

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $56,309.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,923,706, or 7.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Energy			100.0	%		$	39,024,650

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,253,043	$	—	$	1,253,043
Austria		—		1,784,178		—		1,784,178
Finland		—		2,127,269		—		2,127,269
Greece		—		616,775		—		616,775
Hungary		—		1,385,871		—		1,385,871
India		—		2,923,706		—		2,923,706
Japan		—		4,294,698		—		4,294,698
Poland		—		2,125,808		—		2,125,808
Portugal		—		1,886,134		—		1,886,134
Saudi Arabia		—		947,280		—		947,280
South Korea		—		2,617,916		—		2,617,916
Taiwan		—		1,665,388		—		1,665,388
Thailand		—		1,294,905		—		1,294,905
Turkey		—		1,596,825		—		1,596,825
United States		12,504,854		—		—		12,504,854
Total Investments	$	12,504,854	$	26,519,796	$	—	$	39,024,650

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 4.6%
Valaris Ltd. (USD) *		1,757,766	$	118,860,137
Netherlands: 5.0%
Tenaris SA (ADR) †		3,685,033		129,565,760
United Kingdom: 4.4%
TechnipFMC Plc (USD) *		9,354,759		114,034,512
United States: 86.0%
Baker Hughes Co.		7,362,106		217,402,990
Cactus, Inc.		1,940,081		97,508,471
ChampionX Corp.		3,788,971		109,842,269
Core Laboratories NV †		995,140		20,171,488
Dril-Quip, Inc. *		824,981		22,414,734
Expro Group Holdings NV * †		2,800,366		50,770,636
Halliburton Co.		7,702,315		303,086,095
Helix Energy Solutions Group, Inc. *		4,633,767		34,197,200
Helmerich & Payne, Inc.		2,346,389		116,310,503
Liberty Energy, Inc.		4,169,787		66,758,290
Nabors Industries Ltd. *		345,754		53,546,922
NexTier Oilfield Solutions, Inc. *		7,845,153		72,489,214
NOV, Inc.		5,843,850		122,078,026
Oceaneering International, Inc. *		3,012,233		52,683,955

	Number of Shares		Value
United States (continued)
Oil States International, Inc. *		2,133,219	$	15,913,814
Patterson-UTI Energy, Inc.		6,617,669		111,441,546
ProPetro Holding Corp. *		2,895,403		30,025,329
RPC, Inc.		4,648,954		41,329,201
Schlumberger Ltd.		9,542,602		510,147,503
Select Energy Services, Inc.		3,274,911		30,260,178
Transocean Ltd. * †		25,131,307		114,598,760
US Silica Holdings, Inc. *		2,310,730		28,884,125
				2,221,861,249
Total Common Stocks (Cost: $2,499,084,561)				2,584,321,658

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $22,295,028)
State Street Navigator Securities Lending Government Money Market Portfolio		22,295,028		22,295,028
Total Investments: 100.9% (Cost: $2,521,379,589)				2,606,616,686
Liabilities in excess of other assets: (0.9)%				(22,229,216	)
NET ASSETS: 100.0%			$	2,584,387,470

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $85,090,759.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Equipment & Services		80.1	%	$	2,069,563,790
Oil & Gas Drilling		19.9			514,757,868
		100.0	%	$	2,584,321,658

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Value 12/31/2021		Purchases		Sales Proceeds			Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 12/31/2022
Nabors Industries Ltd.	$	35,558,614	$	102,967,725	$	(114,228,645	)	$	18,500,081	$	–	$	10,749,147	$	–(a)
Patterson-UTI Energy, Inc.		100,436,962		225,246,247		(299,268,996	)		70,752,928		1,612,186		14,274,405		–(a)
Select Energy Services, Inc.		33,115,316		67,744,637		(81,005,304	)		7,306,430		193,602		3,099,099		–(a)
Transocean Ltd.		89,632,915		200,188,179		(219,535,903	)		4,336,325		–		39,977,244		–(a)
US Silica Holdings, Inc.		36,741,836		74,550,959		(94,946,982	)		6,501,635		–		6,036,677		–(a)
	$	295,485,643	$	670,697,747	$	(808,985,830	)	$	107,397,399	$	1,805,788	$	74,136,572	$	–

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	2,584,321,658	$	—	$	—	$	2,584,321,658
Money Market Fund		22,295,028		—		—		22,295,028
Total Investments	$	2,606,616,686	$	—	$	—	$	2,606,616,686

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 39.5%
Allkem Ltd. *		5,044,046	$	38,060,672
AVZ Minerals Ltd. * †∞		69,192,235		22,081,219
Core Lithium Ltd. * †		29,698,271		20,414,470
Iluka Resources Ltd.		4,191,159		26,852,710
ioneer Ltd. * †		29,616,940		7,552,280
Lake Resources NL * †		21,057,023		11,312,902
Liontown Resources Ltd. * †		24,904,413		22,089,063
Lynas Rare Earths Ltd. * †		7,411,002		38,912,279
Pilbara Minerals Ltd. *		18,189,210		45,876,947
Sayona Mining Ltd. * †		127,000,793		16,094,805
				249,247,347
Brazil: 4.1%
Sigma Lithium Corp. (USD) * †		919,302		25,942,703
Canada: 5.3%
Lithium Americas Corp. (USD) * †		1,359,857		25,769,290
Standard Lithium Ltd. (USD) * †		2,605,702		7,686,821
				33,456,111
China: 31.4%
China Northern Rare Earth Group High-Tech Co. Ltd.		13,205,811		47,612,983
Ganfeng Lithium Group Co. Ltd. (HKD) 144A †		3,730,040		27,653,736
Shenghe Resources Holding Co. Ltd.		15,116,287		30,469,804
Tianqi Lithium Corp. (HKD) * †		1,870,000		13,333,646

	Number of Shares		Value
China (continued)
Xiamen Tungsten Co. Ltd.		10,462,424	$	29,480,588
Zhejiang Huayou Cobalt Co. Ltd.		6,186,569		49,518,958
				198,069,715
France: 2.5%
Eramet SA †		176,037		15,793,224
Netherlands: 3.2%
AMG Advanced Metallurgical Group NV		552,746		20,369,478
United States: 13.9%
Livent Corp. * †		1,572,938		31,254,278
MP Materials Corp. *		1,167,888		28,356,321
Piedmont Lithium, Inc. * †		241,954		10,650,815
Tronox Holdings Plc		1,287,102		17,646,168
				87,907,582
Total Common Stocks (Cost: $604,345,687)				630,786,160

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%
Money Market Fund: 6.9% (Cost: $43,492,601)
State Street Navigator Securities Lending Government Money Market Portfolio		43,492,601		43,492,601
Total Investments: 106.8% (Cost: $647,838,288)				674,278,761
Liabilities in excess of other assets: (6.8)%				(43,071,793	)
NET ASSETS: 100.0%			$	631,206,968

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $151,605,612.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $27,653,736, or 4.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Materials			100.0	%		$	630,786,160

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	227,166,128	$	22,081,219	$	249,247,347
Brazil		25,942,703		—		—		25,942,703
Canada		33,456,111		—		—		33,456,111
China		—		198,069,715		—		198,069,715
France		—		15,793,224		—		15,793,224
Netherlands		—		20,369,478		—		20,369,478
United States		87,907,582		—		—		87,907,582
Money Market Fund		43,492,601		—		—		43,492,601
Total Investments	$	190,798,997	$	461,398,545	$	22,081,219	$	674,278,761

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

	Common Stock
Balance as of December 31, 2021	$	—
Realized gain (loss)		5,246,629
Net change in unrealized appreciation (depreciation)		(18,982,804	)
Purchases		5,240,672
Sales		(23,774,958	)
Transfers in/out of level 3		54,351,680
Balance as of December 31, 2022	$	22,081,219

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

	Value as of December 31, 2022	Valuation Technique	Unobservable Input Description⁽¹⁾	Unobservable Input	Impact to Valuation from an Increase in Input⁽²⁾
Common Stock
	$22,081,219	Market Approach	Market comparables	20%	Increase
			Discount for lack of marketability	25%	Decrease

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

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

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 11.6%
Rio Tinto Plc (ADR) †		163,092	$	11,612,151
Brazil: 21.0%
Cia Siderurgica Nacional SA (ADR)		1,679,819		4,636,300
Gerdau SA (ADR)		774,846		4,292,647
Vale SA (ADR)		704,634		11,957,639
				20,886,586
Canada: 0.7%
Algoma Steel Group, Inc. (USD) †		101,865		645,824
Luxembourg: 5.1%
ArcelorMittal SA (USD)		192,071		5,036,102
Netherlands: 9.9%
Tenaris SA (ADR)		149,135		5,243,587
Ternium SA (ADR)		152,870		4,671,707
				9,915,294
South Korea: 5.0%
POSCO Holdings, Inc. (ADR) †		92,371		5,031,448
United States: 46.8%
ATI, Inc. *		150,004		4,479,119
Carpenter Technology Corp.		47,517		1,755,278
Cleveland-Cliffs, Inc. * †		290,887		4,686,190
Commercial Metals Co.		91,404		4,414,813
Gibraltar Industries, Inc. *		30,378		1,393,743
Nucor Corp. †		50,104		6,604,208

	Number of Shares		Value
United States (continued)
Olympic Steel, Inc.	10,917	$	366,593
Reliance Steel & Aluminum Co.	21,878		4,428,982
Ryerson Holding Corp.	36,304		1,098,559
Schnitzer Steel Industries, Inc.	26,235		804,103
Steel Dynamics, Inc.	48,408		4,729,462
SunCoke Energy, Inc.	81,805		705,977
TimkenSteel Corp. *	43,618		792,539
United States Steel Corp.	176,045		4,409,927
Warrior Met Coal, Inc.	50,664		1,755,001
Worthington Industries, Inc.	85,792		4,264,720
			46,689,214
Total Common Stocks (Cost: $116,358,302)			99,816,619

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $2,476,643)
State Street Navigator Securities Lending Government Money Market Portfolio	2,476,643		2,476,643
Total Investments: 102.6% (Cost: $118,834,945)			102,293,262
Liabilities in excess of other assets: (2.6)%			(2,596,083	)
NET ASSETS: 100.0%		$	99,697,179

Definitions:

ADR		American Depositary Receipt
USD		United States Dollar

Footnotes:

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		93.3	%	$	93,179,290
Energy		5.3			5,243,586
Industrials		1.4			1,393,743
		100.0	%	$	99,816,619

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	99,816,619	$	—	$	—	$	99,816,619
Money Market Fund		2,476,643		—		—		2,476,643
Total Investments	$	102,293,262	$	—	$	—	$	102,293,262

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 3.6%
Boss Energy Ltd. *		379,815	$	544,324
Paladin Energy Ltd. * †		3,027,671		1,422,987
				1,967,311
Canada: 13.1%
Cameco Corp. (USD)		136,626		3,097,311
Denison Mines Corp. (USD) * †		951,911		1,094,698
Global Atomic Corp. * †		205,410		532,115
NexGen Energy Ltd. (USD) * †		552,247		2,446,454
				7,170,578
China: 4.4%
CGN Power Co. Ltd. (HKD) 144A		10,186,000		2,419,230
Czech Republic: 4.6%
CEZ AS		74,137		2,522,335
Finland: 4.5%
Fortum Oyj		146,966		2,440,265
France: 5.0%
Electricite de France SA		211,332		2,705,042
Italy: 4.4%
Endesa SA		127,436		2,394,547
Japan: 4.8%
Kyushu Electric Power Co., Inc.		463,400		2,605,332
Jersey, Channel Islands: 1.4%
Yellow Cake Plc 144A *		174,834		781,753
Kazakhstan: 4.1%
NAC Kazatomprom JSC (USD) (GDR)		79,373		2,229,076

	Number of Shares		Value
South Korea: 1.0%
KEPCO Engineering & Construction Co., Inc. *		12,632	$	543,736
United States: 49.1%
BWX Technologies, Inc.		40,393		2,346,025
Centrus Energy Corp. * †		15,227		494,573
Constellation Energy Corp.		40,547		3,495,557
Dominion Energy, Inc.		73,770		4,523,576
Energy Fuels, Inc. * †		168,356		1,045,491
Entergy Corp.		29,851		3,358,238
PG&E Corp. * †		205,292		3,338,048
PNM Resources, Inc.		48,944		2,387,978
Public Service Enterprise Group, Inc.		71,370		4,372,839
Uranium Energy Corp. * †		356,571		1,383,495
				26,745,820
Total Common Stocks (Cost: $50,848,094)				54,525,025

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%
Money Market Fund: 4.8% (Cost: $2,598,944)
State Street Navigator Securities Lending Government Money Market Portfolio		2,598,944		2,598,944
Total Investments: 104.8% (Cost: $53,447,038)				57,123,969
Liabilities in excess of other assets: (4.8)%				(2,642,084	)
NET ASSETS: 100.0%			$	54,481,885

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,685,964.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,200,983, or 5.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		67.1	%	$	36,562,986
Energy		25.2			13,758,409
Industrials		6.7			3,671,515
Materials		1.0			532,115
		100.0	%	$	54,525,025

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,967,311	$	—	$	1,967,311
Canada		7,170,578		—		—		7,170,578
China		—		2,419,230		—		2,419,230
Czech Republic		2,522,335		—		—		2,522,335
Finland		—		2,440,265		—		2,440,265
France		—		2,705,042		—		2,705,042
Italy		—		2,394,547		—		2,394,547
Japan		—		2,605,332		—		2,605,332
Jersey, Channel Islands		—		781,753		—		781,753
Kazakhstan		—		2,229,076		—		2,229,076
South Korea		—		543,736		—		543,736
United States		26,745,820		—		—		26,745,820
Money Market Fund		2,598,944		—		—		2,598,944
Total Investments	$	39,037,677	$	18,086,292	$	—	$	57,123,969

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,339,918,131		$	2,588,025		$	5,944,170,649		$	22,599,105
Affiliated issuers (3)		—			—			5,994,836,736			—
Short-term investments held as collateral for securities loaned (4)		1,586,727			73,186			120,829,768			555,578
Cash		8,420			115,798			30,219			2,595
Cash denominated in foreign currency, at value (5)		386,727			—			740,914			308,524
Receivables:
Dividends and interest		2,224,696			5,688			3,983,224			10,884
Prepaid expenses		16,180			—			85,842			—
Total assets		1,344,140,881			2,782,697			12,064,677,352			23,476,686
Liabilities:
Payables:
Collateral for securities loaned		1,586,727			73,186			120,829,768			555,578
Line of credit		191,510			—			3,165,413			318,632
Due to Adviser		593,215			1,616			5,136,039			11,952
Due to custodian		—			10,011			—			—
Deferred Trustee fees		492,945			—			1,194,420			—
Accrued expenses		253,475			—			308,114			98
Total liabilities		3,117,872			84,813			130,633,754			886,260
NET ASSETS	$	1,341,023,009		$	2,697,884		$	11,934,043,598		$	22,590,426
Shares outstanding		15,600,000			150,000			416,002,500			800,000
Net asset value, redemption and offering price per share	$	85.96		$	17.99		$	28.69		$	28.24
Net Assets consist of:
Aggregate paid in capital	$	2,207,483,990		$	3,462,993		$	23,938,793,497		$	28,042,618
Total distributable earnings (loss)		(866,460,981	)		(765,109	)		(12,004,749,899	)		(5,452,192	)
NET ASSETS	$	1,341,023,009		$	2,697,884		$	11,934,043,598		$	22,590,426
(1) Value of securities on loan	$	2,362,658		$	104,114		$	225,906,317		$	537,745
(2) Cost of investments - Unaffiliated issuers	$	1,421,100,928		$	3,257,054		$	5,736,649,935		$	26,809,490
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	6,286,244,461		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	1,586,727		$	73,186		$	120,829,768		$	555,578
(5) Cost of cash denominated in foreign currency	$	379,247		$	—		$	737,813		$	401,840

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,734,769,712		$	198,128,907		$	143,000,413		$	39,024,650
Short-term investments held as collateral for securities loaned (3)		157,686,725			8,687,734			3,416,156			—
Cash		2,140,343			247			12,075			—
Cash denominated in foreign currency, at value (4)		345,817			1,744,264			346,397			389
Receivables:
Investment securities sold		—			—			21,931			—
Dividends and interest		1,982,093			391,730			200,215			129,170
Prepaid expenses		34,532			4,130			—			2,023
Total assets		3,896,959,222			208,957,012			146,997,187			39,156,232
Liabilities:
Payables:
Collateral for securities loaned		157,686,725			8,687,734			3,416,156			—
Line of credit		—			1,890,841			758,166			109,158
Due to Adviser		1,597,577			89,650			60,030			13,186
Due to custodian		—			—			—			8
Deferred Trustee fees		313,116			16,099			14,855			843
Accrued expenses		350,732			122,695			64,487			41,322
Total liabilities		159,948,150			10,807,019			4,313,694			164,517
NET ASSETS	$	3,737,011,072		$	198,149,993		$	142,683,493		$	38,991,715
Shares outstanding		104,887,446			1,783,298			2,900,000			1,250,000
Net asset value, redemption and offering price per share	$	35.63		$	111.11		$	49.20		$	31.19
Net Assets consist of:
Aggregate paid in capital	$	9,295,287,113		$	305,567,646		$	182,795,853		$	49,777,014
Total distributable earnings (loss)		(5,558,276,041	)		(107,417,653	)		(40,112,360	)		(10,785,299	)
NET ASSETS	$	3,737,011,072		$	198,149,993		$	142,683,493		$	38,991,715
(1) Value of securities on loan	$	217,017,532		$	12,648,560		$	6,835,434		$	56,309
(2) Cost of investments - Unaffiliated issuers	$	4,422,392,574		$	241,046,477		$	129,019,248		$	39,000,463
(3) Cost of short-term investments held as collateral for securities loaned	$	157,686,725		$	8,687,734		$	3,416,156		$	—
(4) Cost of cash denominated in foreign currency	$	344,943		$	1,732,481		$	345,792		$	387

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,584,321,658		$	630,786,160		$	99,816,619		$	54,525,025
Short-term investments held as collateral for securities loaned (3)		22,295,028			43,492,601			2,476,643			2,598,944
Cash		7,241			12,367			—			23,046
Cash denominated in foreign currency, at value (4)		—			1,005,535			—			275
Receivables:
Investment securities sold		—			—			5,474,482			—
Shares of beneficial interest sold		30,402,537			—			1,474,811			—
Dividends and interest		1,801,733			549,784			183,383			8,903
Prepaid expenses		—			9,320			2,506			1,139
Total assets		2,638,828,197			675,855,767			109,428,444			57,157,332
Liabilities:
Payables:
Investment securities purchased		30,403,382			—			5,588,604			—
Shares of beneficial interest redeemed		—			—			1,454,822			—
Collateral for securities loaned		22,295,028			43,492,601			2,476,643			2,598,944
Line of credit		803,170			711,048			—			—
Due to Adviser		729,765			297,116			42,709			19,665
Due to custodian		—			—			73,486			—
Deferred Trustee fees		206,442			21,391			17,588			11,370
Accrued expenses		2,940			126,643			77,413			45,468
Total liabilities		54,440,727			44,648,799			9,731,265			2,675,447
NET ASSETS	$	2,584,387,470		$	631,206,968		$	99,697,179		$	54,481,885
Shares outstanding		8,500,543			8,274,987			1,725,000			991,632
Net asset value, redemption and offering price per share	$	304.03		$	76.28		$	57.80		$	54.94
Net Assets consist of:
Aggregate paid in capital	$	4,515,251,113		$	963,175,098		$	279,810,760		$	135,999,032
Total distributable earnings (loss)		(1,930,863,643	)		(331,968,130	)		(180,113,581	)		(81,517,147	)
NET ASSETS	$	2,584,387,470		$	631,206,968		$	99,697,179		$	54,481,885
(1) Value of securities on loan	$	85,090,759		$	151,605,612		$	21,413,508		$	6,685,964
(2) Cost of investments - Unaffiliated issuers	$	2,499,084,561		$	604,345,687		$	116,358,302		$	50,848,094
(3) Cost of short-term investments held as collateral for securities loaned	$	22,295,028		$	43,492,601		$	2,476,643		$	2,598,944
(4) Cost of cash denominated in foreign currency	$	—		$	995,505		$	—		$	274

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Income:
Dividends - unaffiliated issuers	$	38,558,485		$	42,643		$	171,565,996		$	727,935
Dividends - affiliated issuers		—			—			108,178,847			—
Interest		12,217			54			82,627			—
Securities lending income		1,513,610			16,589			1,538,139			3,928
Foreign taxes withheld		(4,051,067	)		(4,069	)		(24,829,881	)		(55,710	)
Total income		36,033,245			55,217			256,535,728			676,153
Expenses:
Management fees		7,590,170			17,856			60,561,304			134,921
Professional fees		45,817			—			47,241			—
Custody and accounting fees		122,851			—			182,704			—
Reports to shareholders		137,210			—			520,880			—
Trustees’ fees and expenses		40,970			—			274,827			—
Registration fees		5,937			—			19,670			—
Insurance		19,925			—			131,127			—
Interest and taxes		64,124			76			304,257			9,429
Other		8,526			—			33,981			—
Total expenses		8,035,530			17,932			62,075,991			144,350
Net investment income		27,997,715			37,285			194,459,737			531,803

Net realized gain (loss) on:
Investments - unaffiliated issuers		(49,355,667	)		(98,221	)		(629,322,970	)		(1,104,654	)
Investments - affiliated issuers		—			—			(243,269,510	)		—
In-kind redemptions - unaffiliated issuers		141,406,093			—			574,345,552			56,624
In-kind redemptions - affiliated issuers		—			—			264,551,586			—
Foreign currency transactions and foreign denominated assets and liabilities		(263,961	)		1,114			(1,451,705	)		66,611
Net realized gain (loss)		91,786,465			(97,107	)		(35,147,047	)		(981,419	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(320,294,125	)		(704,103	)		(715,321,927	)		(4,457,081	)
Investments - affiliated issuers		—			—			(642,574,000	)		—
Foreign currency translations and foreign denominated assets and liabilities		(19,979	)		195			184			(99,095	)
Net change in unrealized appreciation (depreciation)		(320,314,104	)		(703,908	)		(1,357,895,743	)		(4,556,176	)
Net Decrease in Net Assets Resulting from Operations	$	(200,529,924	)	$	(763,730	)	$	(1,198,583,053	)	$	(5,005,792	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	47,425,434		$	3,732,762		$	5,499,182		$	1,590,094
Dividends - affiliated issuers		191,415			—			—			—
Interest		95,475			—			1,306			4
Securities lending income		2,053,791			688,553			49,184			682
Foreign taxes withheld		(4,854,077	)		(324,728	)		(283,060	)		(149,481	)

Total income		44,912,038			4,096,587			5,266,612			1,441,299
Expenses:
Management fees		19,460,452			1,175,675			668,971			173,888
Professional fees		35,305			79,283			—			44,976
Custody and accounting fees		223,115			110,171			—			30,145
Reports to shareholders		167,327			42,842			—			4,557
Trustees’ fees and expenses		83,119			5,743			—			1,386
Registration fees		19,401			5,938			—			5,937
Insurance		59,397			7,170			—			2,184
Interest and taxes		32,243			12,788			12,025			5,710
Other		17,156			6,456			—			3,463

Total expenses		20,097,515			1,446,066			680,996			272,246
Waiver of management fees		—			—			—			(61,342	)

Net expenses		20,097,515			1,446,066			680,996			210,904

Net investment income		24,814,523			2,650,521			4,585,616			1,230,395

Net realized gain (loss) on:
Investments - unaffiliated issuers		(302,421,091	)		(9,539,813	)		(7,695,444	)		(3,146,583	)
Investments - affiliated issuers		(6,528,287	)		—			—			—
In-kind redemptions - unaffiliated issuers		138,361,289			2,258,899			7,630,957			3,233,533
In-kind redemptions - affiliated issuers		338,379			—			—			—
Capital gain distributions from investment companies		—			—			44,954			—
Foreign currency transactions and foreign denominated assets and liabilities		(825,255	)		(25,979	)		(60,193	)		(24,850	)

Net realized gain (loss)		(171,074,965	)		(7,306,893	)		(79,726	)		62,100

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(484,302,537	)		(81,996,405	)		(2,080,852	)		(743,365	)
Investments - affiliated issuers		(2,116,013	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		(1,825	)		1,545			(1,060	)		(1,718	)
Net change in unrealized appreciation (depreciation)		(486,420,375	)		(81,994,860	)		(2,081,912	)		(745,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(632,680,817	)	$	(86,651,232	)	$	2,423,978		$	547,412

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+ Nuclear Energy ETF
Income:
Dividends - unaffiliated issuers	$	31,762,476		$	5,756,920		$	5,705,645		$	1,072,803
Dividends - affiliated issuers		1,805,788			—			—			—
Interest		58,085			15,205			2,245			805
Securities lending income		48,551			5,159,433			210,525			23,194
Foreign taxes withheld		(10,362	)		(356,310	)		(140,916	)		(63,993	)
Total income		33,664,538			10,575,248			5,777,499			1,032,809
Expenses:
Management fees		9,982,726			4,261,430			547,396			237,947
Professional fees		—			39,622			35,008			36,971
Custody and accounting fees		—			118,791			2,610			27,338
Reports to shareholders		—			125,617			26,751			4,578
Trustees’ fees and expenses		—			20,714			2,313			1,126
Registration fees		—			5,937			4,145			5,937
Insurance		—			10,206			4,213			1,536
Interest and taxes		35,319			44,222			8,274			2,873
Other		—			5,586			1,345			2,443
Total expenses		10,018,045			4,632,125			632,055			320,749
Waiver of management fees		—			—			(21,645	)		(32,334	)
Net expenses		10,018,045			4,632,125			610,410			288,415
Net investment income		23,646,493			5,943,123			5,167,089			744,394

Net realized gain (loss) on:
Investments - unaffiliated issuers		(141,003,204	)		(39,414,077	)		(7,471,454	)		(163,174	)
Investments - affiliated issuers		(13,690,756	)		—			—			—
In-kind redemptions - unaffiliated issuers		622,352,444			64,623,117			5,333,302			1,784,521
In-kind redemptions - affiliated issuers		121,088,155			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(147,858	)		—			(23,608	)
Net realized gain (loss)		588,746,639			25,061,182			(2,138,152	)		1,597,739

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		458,684,816			(338,282,384	)		3,726,233			(940,945	)
Investments - affiliated issuers		74,136,572			—			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			5,270			—			(761	)
Net change in unrealized appreciation (depreciation)		532,821,388			(338,277,114	)		3,726,233			(941,706	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,145,214,520		$	(307,272,809	)	$	6,755,170		$	1,400,427

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						Future of Food ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Period Ended December 31, 2021 (a)
Operations:
Net investment income	$	27,997,715		$	14,113,197		$	37,285		$	1,947
Net realized gain (loss)		91,786,465			103,047,705			(97,107	)		(4	)
Net change in unrealized appreciation (depreciation)		(320,314,104	)		99,471,560			(703,908	)		35,079
Net increase (decrease) in net assets resulting from operations		(200,529,924	)		216,632,462			(763,730	)		37,022
Distributions to shareholders from:
Distributable earnings		(28,899,290	)		(13,850,800	)		(38,400	)		—

Share transactions*:
Proceeds from sale of shares		815,012,259			459,439,465			1,030,333			2,432,659
Cost of shares redeemed		(427,267,809	)		(273,313,828	)		—			—
Increase in net assets resulting from share transactions		387,744,450			186,125,637			1,030,333			2,432,659
Total increase in net assets		158,315,236			388,907,299			228,203			2,469,681
Net Assets, beginning of period		1,182,707,773			793,800,474			2,469,681			—
Net Assets, end of period	$	1,341,023,009		$	1,182,707,773		$	2,697,884		$	2,469,681
*Shares of Common Stock Issued (no par value)
Shares sold		8,000,000			5,250,000			50,000			100,000
Shares redeemed		(4,800,000	)		(3,050,000	)		—			—
Net increase		3,200,000			2,200,000			50,000			100,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Period Ended December 31, 2021 (a)
Operations:
Net investment income (loss)	$	194,459,737		$	220,313,648		$	531,803		$	(3,750	)
Net realized gain (loss)		(35,147,047	)		703,319,609			(981,419	)		(61,930	)
Net change in unrealized appreciation (depreciation)		(1,357,895,743	)		(2,479,630,293	)		(4,556,176	)		252,259
Net increase (decrease) in net assets resulting from operations		(1,198,583,053	)		(1,555,997,036	)		(5,005,792	)		186,579
Distributions to shareholders from:
Distributable earnings		(197,981,341	)		(224,002,317	)		(580,000	)		—

Share transactions*:
Proceeds from sale of shares		3,035,577,589			2,030,470,195			14,040,492			15,509,965
Cost of shares redeemed		(2,978,056,133	)		(3,480,902,948	)		(1,560,818	)		—
Increase (decrease) in net assets resulting from share transactions		57,521,456			(1,450,432,753	)		12,479,674			15,509,965
Total increase (decrease) in net assets		(1,339,042,938	)		(3,230,432,106	)		6,893,882			15,696,544
Net Assets, beginning of period		13,273,086,536			16,503,518,642			15,696,544			—
Net Assets, end of period	$	11,934,043,598		$	13,273,086,536		$	22,590,426		$	15,696,544
*Shares of Common Stock Issued (no par value)
Shares sold		102,100,000			58,150,000			400,000			450,000
Shares redeemed		(100,900,000	)		(102,000,000	)		(50,000	)		—
Net increase (decrease)		1,200,000			(43,850,000	)		350,000			450,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	24,814,523		$	43,598,687		$	2,650,521		$	1,432,887
Net realized gain (loss)		(171,074,965	)		171,809,877			(7,306,893	)		71,875,642
Net change in unrealized appreciation (depreciation)		(486,420,375	)		(1,538,777,434	)		(81,994,860	)		(84,954,022	)
Net decrease in net assets resulting from operations		(632,680,817	)		(1,323,368,870	)		(86,651,232	)		(11,645,493	)
Distributions to shareholders from:
Distributable earnings		(19,233,209	)		(80,009,332	)		(2,600,048	)		(1,340,155	)

Share transactions*:
Proceeds from sale of shares		674,457,723			455,259,072			—			209,712,572
Cost of shares redeemed		(780,321,178	)		(872,059,989	)		(13,347,688	)		(166,136,494	)
Increase (decrease) in net assets resulting from share transactions		(105,863,455	)		(416,800,917	)		(13,347,688	)		43,576,078
Total increase (decrease) in net assets		(757,777,481	)		(1,820,179,119	)		(102,598,968	)		30,590,430
Net Assets, beginning of year		4,494,788,553			6,314,967,672			300,748,961			270,158,531
Net Assets, end of year	$	3,737,011,072		$	4,494,788,553		$	198,149,993		$	300,748,961
*Shares of Common Stock Issued (no par value)
Shares sold		19,250,000			9,850,000			—			1,300,000
Shares redeemed		(21,700,000	)		(18,900,000	)		(100,000	)		(1,050,000	)
Net increase (decrease)		(2,450,000	)		(9,050,000	)		(100,000	)		250,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	4,585,616		$	2,028,234		$	1,230,395		$	472,371
Net realized gain (loss)		(79,726	)		(664,371	)		62,100			(1,182,181	)
Net change in unrealized appreciation (depreciation)		(2,081,912	)		12,884,685			(745,083	)		2,639,228
Net increase in net assets resulting from operations		2,423,978			14,248,548			547,412			1,929,418
Distributions to shareholders from:
Distributable earnings		(4,599,900	)		(2,140,110	)		(1,200,000	)		(470,018	)

Share transactions*:
Proceeds from sale of shares		74,958,129			37,659,686			41,125,018			708,375
Cost of shares redeemed		(27,346,895	)		(4,695,212	)		(21,154,594	)		—
Increase in net assets resulting from share transactions		47,611,234			32,964,474			19,970,424			708,375
Total increase in net assets		45,435,312			45,072,912			19,317,836			2,167,775
Net Assets, beginning of year		97,248,181			52,175,269			19,673,879			17,506,104
Net Assets, end of year	$	142,683,493		$	97,248,181		$	38,991,715		$	19,673,879
*Shares of Common Stock Issued (no par value)
Shares sold		1,450,000			800,000			1,250,000			25,000
Shares redeemed		(600,000	)		(100,000	)		(725,000	)		—
Net increase		850,000			700,000			525,000			25,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF						Rare Earth/Strategic Metals ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	23,646,493		$	24,048,164		$	5,943,123		$	685,719
Net realized gain		588,746,639			91,476,848			25,061,182			107,316,664
Net change in unrealized appreciation (depreciation)		532,821,388			(245,287,006	)		(338,277,114	)		273,354,965
Net increase (decrease) in net assets resulting from operations		1,145,214,520			(129,761,994	)		(307,272,809	)		381,357,348
Distributions to shareholders from:
Distributable earnings		(23,400,039	)		(21,600,606	)		(9,819,927	)		(54,350,856	)

Share transactions*:
Proceeds from sale of shares		4,621,472,112			4,464,669,089			149,331,401			552,129,245
Cost of shares redeemed		(5,302,018,149	)		(2,893,608,272	)		(214,892,139	)		(187,397,855	)
Increase (decrease) in net assets resulting from share transactions		(680,546,037	)		1,571,060,817			(65,560,738	)		364,731,390
Total increase (decrease) in net assets		441,268,444			1,419,698,217			(382,653,474	)		691,737,882
Net Assets, beginning of year		2,143,119,026			723,420,809			1,013,860,442			322,122,560
Net Assets, end of year	$	2,584,387,470		$	2,143,119,026		$	631,206,968		$	1,013,860,442
*Shares of Common Stock Issued (no par value)
Shares sold		17,300,000			21,100,000			1,500,000			6,200,000
Shares redeemed		(20,400,000	)		(14,200,000	)		(2,300,000	)		(2,050,000	)
Net increase (decrease)		(3,100,000	)		6,900,000			(800,000	)		4,150,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium+Nuclear Energy ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	5,167,089		$	8,722,425		$	744,394		$	697,092
Net realized gain (loss)		(2,138,152	)		34,079,900			1,597,739			(675,324	)
Net change in unrealized appreciation (depreciation)		3,726,233			(25,264,114	)		(941,706	)		3,159,751
Net increase in net assets resulting from operations		6,755,170			17,538,211			1,400,427			3,181,519
Distributions to shareholders from:
Distributable earnings		(5,238,962	)		(8,650,070	)		(1,100,017	)		(700,021	)
Return of capital		(11,016	)		—			—			—
Total distributions		(5,249,978	)		(8,650,070	)		(1,100,017	)		(700,021	)

Share transactions*:
Proceeds from sale of shares		82,321,434			245,785,508			24,539,686			14,652,183
Cost of shares redeemed		(95,953,186	)		(219,740,003	)		(5,585,128	)		—
Increase (decrease) in net assets resulting from share transactions		(13,631,752	)		26,045,505			18,954,558			14,652,183
Total increase (decrease) in net assets		(12,126,560	)		34,933,646			19,254,968			17,133,681
Net Assets, beginning of year		111,823,739			76,890,093			35,226,917			18,093,236
Net Assets, end of year	$	99,697,179		$	111,823,739		$	54,481,885		$	35,226,917
*Shares of Common Stock Issued (no par value)
Shares sold		1,300,000			4,125,000			450,000			275,000
Shares redeemed		(1,675,000	)		(3,750,000	)		(100,000	)		—
Net increase (decrease)		(375,000	)		375,000			350,000			275,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Agribusiness ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$95.38			$77.82			$68.59			$57.11			$61.63
Net investment income (a)		1.71			1.14			0.90			0.83			0.83
Net realized and unrealized gain (loss) on investments		(9.28	)		17.54			9.19			11.56			(4.39	)
Total from investment operations		(7.57	)		18.68			10.09			12.39			(3.56	)
Distributions from:
Net investment income		(1.85	)		(1.12	)		(0.86	)		(0.91	)		(0.96	)
Net asset value, end of year		$85.96			$95.38			$77.82			$68.59			$57.11
Total return (b)		(7.95	)%		23.99	%		14.73	%		21.70	%		(5.76	)%

Ratios to average net assets
Expenses		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Net investment income		1.84	%		1.25	%		1.41	%		1.29	%		1.32	%
Supplemental data
Net assets, end of year (in millions)		$1,341			$1,183			$794			$717			$757
Portfolio turnover rate (c)		24	%		17	%		13	%		21	%		16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Future of Food ETF

	Year Ended December 31, 2022			Period Ended December 31, 2021(a)

Net asset value, beginning of period		$24.70			$24.33
Net investment income (b)		0.29			0.02
Net realized and unrealized gain (loss) on investments		(6.74	)		0.35
Total from investment operations		(6.45	)		0.37
Distributions from:
Net investment income		(0.26	)		—
Net asset value, end of period		$17.99			$24.70
Total return (c)		(26.14	)%		1.53	%(d)

Ratios to average net assets
Expenses		0.69	%		0.69	%(e)
Net investment income		1.44	%		0.93	%(e)
Supplemental data
Net assets, end of period (in millions)		$3			$2
Portfolio turnover rate (f)		4	%		0	%(d)

(a)	For the period December 1, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gold Miners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$32.00			$35.98			$29.34			$21.07			$23.25
Net investment income (a)		0.48			0.52			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		(3.31	)		(3.97	)		6.62			8.27			(2.21	)
Total from investment operations		(2.83	)		(3.45	)		6.83			8.46			(2.07	)
Distributions from:
Net investment income		(0.48	)		(0.53	)		(0.19	)		(0.19	)		(0.11	)
Net asset value, end of year		$28.69			$32.00			$35.98			$29.34			$21.07
Total return (b)		(8.87	)%		(9.56	)%		23.30	%		40.15	%		(8.92	)%

Ratios to average net assets
Expenses		0.51	%		0.51	%		0.51	%		0.52	%		0.52	%
Net investment income		1.61	%		1.53	%		0.61	%		0.76	%		0.66	%
Supplemental data
Net assets, end of year (in millions)		$11,934			$13,273			$16,504			$12,999			$10,576
Portfolio turnover rate (c)		17	%		15	%		13	%		14	%		15	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Metals ETF

	Year Ended December 31, 2022			Period Ended December 31, 2021(a)

Net asset value, beginning of period		$34.88			$34.67
Net investment income (loss) (b)		0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		(6.64	)		0.22
Total from investment operations		(5.91	)		0.21
Distributions from:
Net investment income		(0.73	)		—
Net asset value, end of period		$28.24			$34.88
Total return (c)		(16.99	)%		0.61	%(d)

Ratios to average net assets
Expenses		0.63	%		0.60	%(e)
Expenses excluding interest and taxes		0.59	%		0.59	%(e)
Net investment income (loss)		2.33	%		(0.30	)%(e)
Supplemental data
Net assets, end of period (in millions)		$23			$16
Portfolio turnover rate (f)		32	%		10	%(d)

(a)	For the period November 10, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Junior Gold Miners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$41.88			$54.26			$42.39			$30.11			$34.21
Net investment income (a)		0.24			0.39			0.22			0.08			0.14
Net realized and unrealized gain (loss) on investments		(6.31	)		(12.02	)		12.51			12.36			(4.10	)
Total from investment operations		(6.07	)		(11.63	)		12.73			12.44			(3.96	)
Distributions from:
Net investment income		(0.18	)		(0.75	)		(0.86	)		(0.16	)		(0.14	)
Net asset value, end of year		$35.63			$41.88			$54.26			$42.39			$30.11
Total return (b)		(14.48	)%		(21.44	)%		30.07	%		41.31	%		(11.58	)%

Ratios to average net assets
Expenses		0.52	%		0.52	%		0.52	%		0.53	%		0.53	%
Net investment income		0.64	%		0.84	%		0.46	%		0.24	%		0.45	%
Supplemental data
Net assets, end of year (in millions)		$3,737			$4,495			$6,315			$5,219			$4,273
Portfolio turnover rate (c)		27	%		24	%		34	%		19	%		28	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Low Carbon Energy ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$159.69			$165.41			$75.70			$55.10			$60.94
Net investment income (a)		1.45			0.78			0.16			0.05			0.26
Net realized and unrealized gain (loss) on investments		(48.57	)		(5.79	)		89.64			20.55			(5.76	)
Total from investment operations		(47.12	)		(5.01	)		89.80			20.60			(5.50	)
Distributions from:
Net investment income		(1.46	)		(0.71	)		(0.09	)		—			(0.34	)
Net asset value, end of year		$111.11			$159.69			$165.41			$75.70			$55.10
Total return (b)		(29.52	)%		(3.02	)%		118.65	%		37.38	%		(9.02	)%

Ratios to average net assets
Gross expenses		0.61	%		0.55	%		0.64	%		0.65	%		0.65	%
Net expenses		0.61	%		0.55	%		0.62	%		0.62	%		0.63	%
Net expenses excluding interest and taxes		0.61	%		0.55	%		0.62	%		0.62	%		0.62	%
Net investment income		1.13	%		0.49	%		0.16	%		0.08	%		0.44	%
Supplemental data
Net assets, end of year (in millions)		$198			$301			$270			$105			$79
Portfolio turnover rate (c)		16	%		77	%		84	%		40	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Natural Resources ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$47.44			$38.65			$37.10			$32.20			$37.09
Net investment income (a)		1.66			1.21			0.84			0.96			0.81
Net realized and unrealized gain (loss) on investments		1.71			8.60			1.65	(b)		4.94			(4.78	)
Total from investment operations		3.37			9.81			2.49			5.90			(3.97	)
Distributions from:
Net investment income		(1.61	)		(1.02	)		(0.94	)		(1.00	)		(0.92	)
Net asset value, end of year		$49.20			$47.44			$38.65			$37.10			$32.20
Total return (c)		7.10	%		25.38	%		6.73	%		18.34	%		(10.69	)%

Ratios to average net assets
Gross expenses (d)		0.50	%		0.78	%		0.90	%		0.79	%		0.72	%
Net expenses (d)		0.50	%		0.49	%		0.49	%		0.50	%		0.50	%
Net expenses excluding interest and taxes (d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.36	%		2.63	%		2.59	%		2.70	%		2.21	%
Supplemental data
Net assets, end of year (in millions)		$143			$97			$52			$70			$77
Portfolio turnover rate (e)		37	%		26	%		26	%		24	%		23	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Periods after December 31, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Refiners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$27.14			$25.01			$29.01			$26.95			$30.40
Net investment income (a)		1.07			0.66			0.58			0.56			0.74
Net realized and unrealized gain (loss) on investments		3.94			2.12			(3.92	)		1.91			(3.54	)
Total from investment operations		5.01			2.78			(3.34	)		2.47			(2.80	)
Distributions from:
Net investment income		(0.96	)		(0.65	)		(0.64	)		(0.41	)		(0.52	)
Net realized capital gains		—			—			—			—			(0.13	)
Return of capital		—			—			(0.02	)		—			—
Total distributions		(0.96	)		(0.65	)		(0.66	)		(0.41	)		(0.65	)
Net asset value, end of year		$31.19			$27.14			$25.01			$29.01			$26.95
Total return (b)		18.50	%		11.10	%		(11.50	)%		9.19	%		(9.22	)%

Ratios to average net assets
Gross expenses		0.78	%		1.02	%		1.29	%		1.03	%		0.72	%
Net expenses		0.61	%		0.59	%		0.59	%		0.60	%		0.60	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.54	%		2.32	%		2.56	%		1.97	%		2.32	%
Supplemental data
Net assets, end of year (in millions)		$39			$20			$18			$35			$49
Portfolio turnover rate (c)		40	%		18	%		37	%		30	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Services ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$184.74			$153.90			$265.47			$280.60			$520.40
Net investment income (b)		2.14			2.41			2.26			6.60			7.00
Net realized and unrealized gain (loss) on investments		120.04			30.24	(c)		(111.94	)		(15.93	)(c)		(240.80	)
Total from investment operations		122.18			32.65			(109.68	)		(9.33	)		(233.80	)
Distributions from:
Net investment income		(2.89	)		(1.81	)		(1.89	)		(5.80	)		(6.00	)
Net asset value, end of year		$304.03			$184.74			$153.90			$265.47			$280.60
Total return (d)		66.14	%		21.18	%		(41.31	)%		(3.35	)%		(44.93	)%

Ratios to average net assets
Gross expenses (e)		0.35	%		0.36	%		0.40	%		0.39	%		0.38	%
Net expenses (e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.83	%		1.21	%		1.68	%		2.28	%		1.44	%
Supplemental data
Net assets, end of year (in millions)		$2,584			$2,143			$723			$773			$1,045
Portfolio turnover rate (f)		17	%		28	%		33	%		29	%		22	%

(a)	On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Periods after December 31, 2021 reflect a unitary management fee structure.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Rare Earth/Strategic Metals ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$111.72			$65.41			$40.41			$40.68			$89.25
Net investment income (b)		0.68			0.08			0.58			0.90			1.98
Net realized and unrealized gain (loss) on investments		(34.93	)		52.12			24.95			(0.54	)(c)		(45.48	)
Total from investment operations		(34.25	)		52.20			25.53			0.36			(43.50	)
Distributions from:
Net investment income		(1.19	)		(5.89	)		(0.53	)		(0.63	)		(5.07	)
Net asset value, end of year		$76.28			$111.72			$65.41			$40.41			$40.68
Total return (d)		(30.68	)%		80.09	%		63.22	%		0.91	%		(48.70	)%

Ratios to average net assets
Gross expenses		0.54	%		0.53	%		0.63	%		0.64	%		0.63	%
Net expenses		0.54	%		0.53	%		0.59	%		0.60	%		0.59	%
Net expenses excluding interest and taxes		0.54	%		0.53	%		0.57	%		0.57	%		0.57	%
Net investment income		0.70	%		0.08	%		1.44	%		2.14	%		2.73	%
Supplemental data
Net assets, end of year (in millions)		$631			$1,014			$322			$193			$93
Portfolio turnover rate (e)		40	%		74	%		70	%		64	%		68	%

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Steel ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$53.25			$44.57			$37.74			$34.87			$45.74
Net investment income (a)		2.71			3.19			0.71			1.16			1.30
Net realized and unrealized gain (loss) on investments		4.72			9.25			6.95			2.75			(9.99	)
Total from investment operations		7.43			12.44			7.66			3.91			(8.69	)
Distributions from:
Net investment income		(2.87	)		(3.76	)		(0.77	)		(1.04	)		(2.18	)
Return of capital		(0.01	)		—			(0.06	)		—			—
Total distributions		(2.88	)		(3.76	)		(0.83	)		(1.04	)		(2.18	)
Net asset value, end of year		$57.80			$53.25			$44.57			$37.74			$34.87
Total return (b)		13.88	%		27.91	%		20.57	%		11.02	%		(18.94	)%

Ratios to average net assets
Gross expenses		0.58	%		0.56	%		0.95	%		0.71	%		0.61	%
Net expenses		0.56	%		0.55	%		0.56	%		0.56	%		0.56	%
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		4.72	%		5.48	%		2.31	%		3.11	%		2.80	%
Supplemental data
Net assets, end of year (in millions)		$100			$112			$77			$66			$58
Portfolio turnover rate (c)		20	%		25	%		34	%		19	%		16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Uranium+Nuclear Energy ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$54.90			$49.35			$48.71			$49.67			$49.09
Net investment income (a)		0.86			1.44			0.89			1.07			1.30
Net realized and unrealized gain (loss) on investments		0.29			5.20			0.85			(0.85	)		1.22
Total from investment operations		1.15			6.64			1.74			0.22			2.52
Distributions from:
Net investment income		(1.11	)		(1.09	)		(1.10	)		(1.18	)		(1.94	)
Net asset value, end of year		$54.94			$54.90			$49.35			$48.71			$49.67
Total return (b)		2.10	%		13.48	%		3.59	%		0.44	%		5.15	%

Ratios to average net assets
Gross expenses		0.67	%		0.89	%		1.25	%		0.93	%		0.85	%
Net expenses		0.61	%		0.60	%		0.60	%		0.61	%		0.60	%
Net expenses excluding interest and taxes		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.56	%		2.70	%		1.97	%		2.13	%		2.58	%
Supplemental data
Net assets, end of year (in millions)		$54			$35			$18			$23			$26
Portfolio turnover rate (c)		53	%		25	%		25	%		15	%		32	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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

Fund	Diversification Classification

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

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

Fund	Index

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

Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.

Van Eck Associates Corporation (the “Adviser”) is the investment adviser for the Funds.

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

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

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

	Level 1 — Quoted prices in active markets for identical securities.

	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

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

C.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

D.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

G.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.

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

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

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

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

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

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

Fund	Unitary Management Fee Rate
Future of Food ETF		0.69	%
Green Metals ETF		0.59
Natural Resources ETF		0.49
Oil Services ETF		0.35

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Agribusiness ETF	$	370,691,690	$	363,136,073	$	791,451,604	$	412,761,108
Future of Food ETF		113,069		196,838		1,010,044		—
Gold Miners ETF		2,085,463,737		2,003,946,143		3,033,538,853		2,976,076,243
Green Metals ETF		10,936,938		7,205,499		9,717,579		1,052,995
Junior Gold Miners ETF		1,056,470,980		1,043,124,305		669,450,439		777,563,862
Low Carbon Energy ETF		38,338,475		38,891,761		—		12,716,520
Natural Resources ETF		51,659,410		50,256,297		73,085,654		26,672,143
Oil Refiners ETF		16,278,619		13,662,910		35,294,072		17,896,659
Oil Services ETF		464,729,649		467,952,304		4,622,353,818		5,301,418,049
Rare Earth/Strategic Metals ETF		339,182,853		361,569,499		115,125,115		161,670,708
Steel ETF		22,035,365		22,044,856		82,300,213		95,927,769
Uranium+Nuclear Energy ETF		24,939,501		24,987,059		24,435,290		5,563,677

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

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Agribusiness ETF		$1,438,873,414		$127,086,797		$(224,455,353)		$(97,368,556)
Future of Food ETF		3,330,240		182,677		(851,706)		(669,029)
Gold Miners ETF		12,178,172,195		1,316,474,066		(1,434,809,108)		(118,335,042)
Green Metals ETF		27,522,624		1,387,757		(5,755,698)		(4,367,941)
Junior Gold Miners ETF		4,723,704,855		254,802,471		(1,086,050,890)		(831,248,419)
Low Carbon Energy ETF		250,114,134		25,951,974		(69,249,467)		(43,297,493)
Natural Resources ETF		132,942,945		23,842,868		(10,369,244)		13,473,624
Oil Refiners ETF		39,297,869		3,241,709		(3,514,928)		(273,219)
Oil Services ETF		2,522,062,130		156,412,100		(71,857,544)		84,554,556
Rare Earth/Strategic Metals ETF		670,488,697		120,228,978		(116,438,914)		3,790,064
Steel ETF		120,075,385		2,949,457		(20,731,580)		(17,782,123)
Uranium+Nuclear Energy ETF		54,399,192		6,051,796		(3,327,019)		2,724,777

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

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains		Qualified Late- Year Losses*		Other Temporary Differences		Unrealized Appreciation (Depreciation)		Total Distributable Earnings (Loss)
Agribusiness ETF		$8,907,800		$(777,475,372)		$–		$(492,946)		$(97,400,463)		$(866,460,981)
Future of Food ETF		1,942		(98,221)		–		–		(668,830)		(765,109)
Gold Miners ETF		2,319,299		(11,887,543,299)		–		(1,194,419)		(118,331,480)		(12,004,749,899)
Green Metals ETF		22,198		(1,012,917)		–		–		(4,461,473)		(5,452,192)
Junior Gold Miners ETF		45,171,638		(4,771,882,069)		–		(313,117)		(831,252,493)		(5,558,276,041)
Low Carbon Energy ETF		76,644		(64,185,450)		–		(16,099)		(43,292,748)		(107,417,653)
Natural Resources ETF		278,230		(53,849,293)		–		(14,855)		13,473,558		(40,112,360)
Oil Refiners ETF		4,851		(10,513,424)		–		(842)		(275,884)		(10,785,299)
Oil Services ETF		246,455		(2,015,454,422)		–		(210,231)		84,554,555		(1,930,863,643)
Rare Earth/Strategic Metals ETF		–		(323,294,394)		(12,451,331)		(21,392)		3,798,987		(331,968,130)
Steel ETF		–		(162,313,871)		–		(17,587)		(17,782,123)		(180,113,581)

Fund		Undistributed Ordinary Income				(Accumulated Capital Losses)/ Undistributed Capital Gains				Qualified Late- Year Losses*				Other Temporary Differences				Unrealized Appreciation (Depreciation)				Total Distributable Earnings (Loss)
Uranium+Nuclear Energy ETF			1,103,738				(85,333,578	)			–				(11,370	)			2,724,063				(81,517,147	)

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

The tax character of dividends paid to shareholders was follows:

	December 31, 2022			December 31, 2021
Fund	Ordinary Income	Return of Capital			Ordinary Income
Agribusiness ETF	$28,899,290		$–		$13,850,800
Future of Food ETF	38,400		–		–
Gold Miners ETF	197,981,341		–		224,002,317
Green Metals ETF	580,000		–		–
Junior Gold Miners ETF	19,233,209		–		80,009,332
Low Carbon Energy ETF	2,600,048		–		1,340,155
Natural Resources ETF	4,599,900		–		2,140,110
Oil Refiners ETF	1,200,000		–		470,018
Oil Services ETF	23,400,039		–		21,600,606
Rare Earth/Strategic Metals ETF	9,819,927		–		54,350,856
Steel ETF	5,238,962	11,016			8,650,070
Uranium+Nuclear Energy ETF	1,100,017		–		700,021

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Agribusiness ETF	$	(222,942,771	)	$	(554,532,601	)	$	(777,475,372	)
Future of Food ETF		(98,221	)		–			(98,221	)
Gold Miners ETF		(2,025,014,743	)		(9,862,528,556	)		(11,887,543,299	)
Green Metals ETF		(975,397	)		(37,520	)		(1,012,917	)
Junior Gold Miners ETF		(1,682,967,033	)		(3,088,915,036	)		(4,771,882,069	)
Low Carbon Energy ETF		(9,742,287	)		(54,443,163	)		(64,185,450	)
Natural Resources ETF		(10,260,864	)		(43,588,429	)		(53,849,293	)
Oil Refiners ETF		(5,157,696	)		(5,355,728	)		(10,513,424	)
Oil Services ETF		(306,893,389	)		(1,708,561,033	)		(2,015,454,422	)
Rare Earth/Strategic Metals ETF		(75,995,355	)		(247,299,039	)		(323,294,394	)
Steel ETF		(16,288,914	)		(146,024,957	)		(162,313,871	)
Uranium+Nuclear Energy ETF		(13,904,116	)		(71,429,462	)		(85,333,578	)

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

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)		Increase (Decrease) in Aggregate Paid in Capital
Agribusiness ETF	$	(141,329,451)	$	141,329,451
Gold Miners ETF		(815,540,550)		815,540,550
Green Metals ETF		(52,979)		52,979

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)		Increase (Decrease) in Aggregate Paid in Capital
Junior Gold Miners ETF		(103,862,021)		103,862,021
Low Carbon Energy ETF		(2,245,152)		2,245,152
Natural Resources ETF		(7,577,268)		7,577,268
Oil Refiners ETF		(3,080,951)		3,080,951
Oil Services ETF		(742,204,227)		742,204,227
Rare Earth/Strategic Metals ETF		(47,859,056)		47,859,056
Steel ETF		(5,174,596)		5,174,596
Uranium+Nuclear Energy ETF		(1,719,701)		1,719,701

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

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

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

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

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

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

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

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

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

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	2,362,658	$	1,586,727	$	896,541	$	2,483,268
Future of Food ETF		104,114		73,186		41,499		114,685
Gold Miners ETF		225,906,317		120,829,768		116,912,708		237,742,476
Green Metals ETF		537,745		555,578		–		555,578
Junior Gold Miners ETF		217,017,532		157,686,725		73,589,682		231,276,407
Low Carbon Energy ETF		12,648,560		8,687,734		4,446,192		13,133,926
Natural Resources ETF		6,835,434		3,416,156		3,906,333		7,322,489
Oil Refiners ETF		56,309		–		59,354		59,354
Oil Services ETF		85,090,759		22,295,028		64,849,902		87,144,930
Rare Earth/Strategic Metals ETF		151,605,612		43,492,601		119,970,195		163,462,796
Steel ETF		21,413,508		2,476,643		19,599,094		22,075,737
Uranium+Nuclear Energy ETF		6,685,964		2,598,944		4,328,301		6,927,245

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund		Equity Securities
Agribusiness ETF	$	1,586,727
Future of Food ETF		73,186
Gold Miners ETF		120,829,768
Green Metals ETF		555,578
Junior Gold Miners ETF		157,686,725
Low Carbon Energy ETF		8,687,734
Natural Resources ETF		3,416,156
Oil Services ETF		22,295,028
Rare Earth/Strategic Metals ETF		43,492,601
Steel ETF		2,476,643
Uranium+Nuclear Energy ETF		2,598,944

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility

(the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		266		$2,247,817		3.32	%
Gold Miners ETF		179		17,532,281		3.77
Green Metals ETF		346		352,335		3.04
Junior Gold Miners ETF		26		17,755,677		2.39
Low Carbon Energy ETF		237		601,011		3.07
Natural Resources ETF		244		502,629		3.41
Oil Refiners ETF		168		231,444		3.69
Oil Services ETF		204		1,868,091		3.20
Rare Earth/Strategic Metals ETF		209		1,894,947		3.03
Steel ETF		113		634,847		3.20
Uranium+Nuclear Energy ETF		140		182,893		2.66

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

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

*Funds*

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

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

Basis for Opinions

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

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

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

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

Fund		Return of Capital Per Share***
Steel ETF			$0.0061

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

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

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

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent* *Trustees*

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

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

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2022

VanEck Commodity Index ETF and VanEck Robotics ETF

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

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

In advance of the Meeting, the Trustees received materials from the Advisers, including expense information for other funds. The Advisers provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the applicable Adviser would provide under each Investment Management Agreement, including such Adviser’s agreement to pay all of the direct expenses of each Fund (with respect to the Investment Management Agreement for VanEck Commodity Index ETF, inclusive of any subsidiary expenses) excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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

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

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

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

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

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

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

ANNUAL REPORT
December 31, 2022

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


800.826.2333	vaneck.com

President’s Letter		1
Management Discussion		3
Performance Comparison
Africa Index ETF		6
Brazil Small-Cap ETF		7
China Growth Leaders ETF		8
ChiNext ETF		9
Digital India ETF		10
Egypt Index ETF		11
India Growth Leaders ETF		12
Indonesia Index ETF		13
Israel ETF		14
Vietnam ETF		15
About Fund Performance		16
Explanation of Expenses		17
Schedule of Investments
Africa Index ETF		19
Brazil Small-Cap ETF		22
China Growth Leaders ETF		26
ChiNext ETF		31
Digital India ETF		34
Egypt Index ETF		36
India Growth Leaders ETF		38
Indonesia Index ETF		41
Israel ETF		44
Vietnam ETF		47
Statements of Assets and Liabilities		49
Statements of Operations		52
Statements of Changes in Net Assets		55
Financial Highlights
Africa Index ETF		60
Brazil Small-Cap ETF		61
China Growth Leaders ETF		62
ChiNext ETF		63
Digital India ETF		64
Egypt Index ETF		65
India Growth Leaders ETF		66
Indonesia Index ETF		67
Israel ETF		68
Vietnam ETF		69
Notes to Financial Statements		70
Report of Independent Registered Public Accounting Firm		80
Tax Information		82
Board of Trustees and Officers		83

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

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1.	Monetary Policy: Tightening

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

2.	Fiscal Tightening

3.	Global Growth is at Low Levels

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now².) Because of higher interest rates, bonds

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

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

Jan F. van Eck

CEO and President

VanEck ETF Trust

January 19, 2023

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

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

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Market Review

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

Africa

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

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

Brazil

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

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

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

China

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

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

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

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

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

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

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

Egypt

The VanEck Egypt Index ETF ended 2022 losing 23.67%.

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

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

India

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

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

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

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

Indonesia

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

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

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

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

Israel

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

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

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

Vietnam

The VanEck Vietnam ETF lost 44.47% in 2022.

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

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

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

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVAFKTR¹	SPTR²
One Year	(17.35)%	(18.34)%	(15.99)%	(18.11)%
Five Year	(4.76)%	(5.01)%	(3.74)%	9.42%
Ten Year	(3.46)%	(3.43)%	(1.97)%	12.56%

1	MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa.

	Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVBRFTR¹	SPTR²
One Year	(14.75)%	(13.31)%	(13.09)%	(18.11)%
Five Year	(7.94)%	(7.64)%	(7.08)%	9.42%
Ten Year	(7.92)%	(7.73)%	(7.12)%	12.56%

1	MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK CHINA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MGCNGRNR¹	SPTR²
One Year	(31.32)%	(31.65)%	(30.89)%	(18.11)%
Five Year	(6.64)%	(6.67)%	(4.10)%	9.42%
Ten Year	0.12%	1.09%	3.30%	12.56%

¹	The MarketGrader China All-Cap Growth Leaders Index (MGCNGRNR) is a modified market capitalization weighted, float adjusted index designed to track Chinese companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology.

	Index data prior to May 1, 2020 reflects that of the CSI 300 Index (CSIH0749). From May 1, 2020 forward, the index data reflects that of the MGCNGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.

	Index data as of October 31, 2018 for all periods presented reflect the CSIH0749 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	SZ988107¹	SPTR²
One Year	(35.59)%	(35.49)%	(35.09)%	(18.11)%
Five Year	(0.19)%	(0.27)%	1.73%	9.42%
Life*	3.99%	4.01%	6.34%	10.19%

*	Inception of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14.

¹	The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.

	Index data prior to December 10, 2021 reflects that of the SME-ChiNext Index (CNI6109). From December 10, 2021 forward, the index data reflects that of the SZ988107. All Index history reflects a blend of the performance of the aforementioned Indexes.

	Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK DIGITAL INDIA ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVDINDTR¹	SPTR²
Life*	(22.42)%	(22.56)%	(21.67)%	(12.85)%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 16 for more information.

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVEGPTTR¹	SPTR²
One Year	(24.61)%	(23.67)%	(20.73)%	(18.11)%
Five Year	(7.35)%	(7.27)%	(5.22)%	9.42%
Ten Year	(7.12)%	(7.03)%	(3.96)%	12.56%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK INDIA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MGINGRNR¹	SPTR²
One Year	(21.39)%	(21.99)%	(22.38)%	(18.11)%
Five Year	(13.01)%	(13.18)%	(12.03)%	9.42%
Ten Year	(2.13)%	(2.09)%	(1.33)%	12.56%

¹	The MarketGrader India All-Cap Growth Leaders Index (MGINGRNR) is a modified market capitalization weighted, float adjusted index designed to track Indian companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology.

	Index data prior to May 1, 2020 reflects that of the MVIS^®India Small-Cap Index (MVSCIFTR). From May 1, 2020 forward, the index data reflects that of the MGINGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVIDXTR¹	SPTR²
One Year	(9.35)%	(9.88)%	(9.54)%	(18.11)%
Five Year	(4.93)%	(4.90)%	(4.65)%	9.42%
Ten Year	(2.82)%	(2.83)%	(2.34)%	12.56%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	BLSNTR¹	SPTR²
One Year	(25.73)%	(25.79)%	(25.61)%	(18.11)%
Five Year	4.30%	4.31%	4.73%	9.42%
Life*	5.04%	5.05%	5.47%	11.85%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 16 for more information.

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVVNMTR¹	SPTR²
One Year	(43.73)%	(44.47)%	(44.02)%	(18.11)%
Five Year	(7.26)%	(6.94)%	(6.16)%	9.42%
Ten Year	(2.51)%	(2.05)%	(1.03)%	12.56%

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

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

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 16 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio During Period			Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Africa Index ETF
Actual		$1,000.00		$978.70		1.15	%		$5.74
Hypothetical (b)		$1,000.00		$1,019.41		1.15	%		$5.85
Brazil Small-Cap ETF
Actual		$1,000.00		$1,014.00		0.59	%		$3.00
Hypothetical (b)		$1,000.00		$1,022.23		0.59	%		$3.01
China Growth Leaders ETF
Actual		$1,000.00		$797.60		0.60	%		$2.72
Hypothetical (b)		$1,000.00		$1,022.18		0.60	%		$3.06
ChiNext ETF
Actual		$1,000.00		$801.60		0.65	%		$2.95
Hypothetical (b)		$1,000.00		$1,021.93		0.65	%		$3.31
Digital India ETF
Actual		$1,000.00		$975.80		0.76	%		$3.78
Hypothetical (b)		$1,000.00		$1,021.37		0.76	%		$3.87
Egypt Index ETF
Actual		$1,000.00		$1,159.10		1.44	%		$7.84
Hypothetical (b)		$1,000.00		$1,017.95		1.44	%		$7.32
India Growth Leaders ETF
Actual		$1,000.00		$1,053.80		0.78	%		$4.04
Hypothetical (b)		$1,000.00		$1,021.27		0.78	%		$3.97

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio During Period			Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Indonesia Index ETF
Actual		$1,000.00		$910.60		0.57	%		$2.74
Hypothetical (b)		$1,000.00		$1,022.33		0.57	%		$2.91
Israel ETF
Actual		$1,000.00		$968.40		0.60	%		$2.98
Hypothetical (b)		$1,000.00		$1,022.18		0.60	%		$3.06
Vietnam ETF
Actual		$1,000.00		$815.10		0.73	%		$3.34
Hypothetical (b)		$1,000.00		$1,021.53		0.73	%		$3.72

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 4.6%
AVZ Minerals Ltd. *∞		1,399,901	$	446,748
Paladin Energy Ltd. * †		1,160,416		545,389
Perseus Mining Ltd.		772,802		1,107,625
				2,099,762
Canada: 5.4%
B2Gold Corp. (USD)		22,950		81,932
Barrick Gold Corp. (USD)		45,073		774,354
Ivanhoe Mines Ltd. * †		202,564		1,599,642
				2,455,928
China: 1.3%
CMOC Group Ltd. (HKD) * †		1,314,000		602,002
Egypt: 4.9%
Centamin Plc (GBP)		453,500		616,618
Commercial International Bank Egypt SAE (USD) (GDR)		1,348,274		1,610,384
				2,227,002
Ghana: 2.9%
Kosmos Energy Ltd. (USD) *		205,500		1,306,980
India: 0.6%
MakeMyTrip Ltd. (USD) * †		10,688		294,668
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		936,100		174,470
Kenya: 10.1%
East African Breweries Plc		483,800		656,697
Equity Group Holdings Plc		4,124,200		1,486,678
Safaricom Plc		12,806,400		2,506,277
				4,649,652
Morocco: 9.3%
Attijariwafa Bank		49,543		1,857,122
Bank of Africa		44,829		737,326
Banque Centrale Populaire		49,894		1,099,304
Co. Sucrerie Marocaine et de Raffinage		31,158		566,103
				4,259,855
Nigeria: 11.5%
Guaranty Trust Holding Co.Plc		31,311,187		1,327,139
MTN Nigeria Communications Plc		5,197,133		2,050,245
Nestle Nigeria Plc		286,718		578,697
Zenith Bank Plc		29,727,817		1,309,115
				5,265,196
Norway: 0.2%
Scatec ASA 144A		8,801		70,416
South Africa: 33.8%
Absa Group Ltd.		54,426		617,178
African Rainbow Minerals Ltd.		8,500		143,428
Anglo American Platinum Ltd.		4,684		390,366
Anglo American Plc (GBP)		53,499		2,084,530
Aspen Pharmacare Holdings Ltd.		23,260		185,767
AVI Ltd.		20,370		90,108

	Number of Shares		Value
South Africa (continued)
Bid Corp. Ltd.		18,046	$	349,837
Bidvest Group Ltd.		13,731		173,011
Capitec Bank Holdings Ltd.		7,223		785,175
Clicks Group Ltd.		14,563		231,159
Discovery Ltd. *		22,496		162,494
Exxaro Resources Ltd.		11,453		146,628
FirstRand Ltd.		216,932		787,033
Foschini Group Ltd.		11,967		70,355
Gold Fields Ltd. (ADR) †		56,847		588,366
Growthpoint Properties Ltd.		233,627		199,644
Harmony Gold Mining Co.Ltd. (ADR)		37,342		126,963
Impala Platinum Holdings Ltd.		55,918		701,733
Investec Plc (GBP)		40,887		248,702
Life Healthcare Group Holdings Ltd.		56,746		56,291
Momentum Metropolitan Holdings		85,489		85,869
Mr Price Group Ltd.		18,350		169,917
MTN Group Ltd.		98,215		732,519
MultiChoice Group		18,308		126,149
Naspers Ltd.		7,664		1,278,910
Nedbank Group Ltd.		27,091		338,404
Netcare Ltd.		87,755		74,919
Northam Platinum Holdings Ltd. *		15,338		168,732
Old Mutual Ltd.		221,676		135,805
OUTsurance Group Ltd.		50,224		92,324
Pepkor Holdings Ltd. 144A		95,859		112,676
Pick n Pay Stores Ltd. †		19,913		66,463
Remgro Ltd.		33,369		259,165
Resilient REIT Ltd. †		21,006		66,358
Sanlam Ltd.		127,311		365,276
Sappi Ltd. *		23,283		67,166
Sasol Ltd. (ADR) †		39,389		618,801
Shoprite Holdings Ltd.		32,811		434,352
Sibanye Stillwater Ltd. (ADR) †		45,717		487,343
SPAR Group Ltd.		10,201		68,058
Standard Bank Group Ltd.		93,116		917,461
Thungela Resources Ltd.		8,939		150,630
Tiger Brands Ltd.		7,732		95,438
Vodacom Group Ltd.		33,009		237,576
Woolworths Holdings Ltd.		51,520		200,390
				15,489,469
Switzerland: 0.3%
Mediclinic International Plc (GBP)		24,746		147,408
Tanzania: 3.6%
AngloGold Ashanti Ltd. (ADR)		29,149		566,073
Helios Towers Plc (GBP) * †		869,313		1,102,924
				1,668,997
United Arab Emirates: 2.5%
Itissalat Al-Maghrib (MAD)		128,092		1,163,638
United Kingdom: 6.3%
Airtel Africa Plc 144A		1,439,357		1,929,825

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United Kingdom (continued)
Endeavour Mining Plc		40,029	$	842,374
Kumba Iron Ore Ltd. (ZAR)		4,603		132,765
				2,904,964
United States: 0.3%
Royal Caribbean Cruises Ltd. * †		2,687		132,818
Zambia: 1.8%
First Quantum Minerals Ltd. (CAD)		39,455		823,781
Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		5,753
Ecocash Holdings Zimbabwe Ltd. *		32,900		1,398
				7,151
Total Common Stocks (Cost: $44,299,767)				45,744,157

	Number of Shares		Value
RIGHTS: 0.0%
(Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 170.00, exp. 10/03/23 *		25	$	6

Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $44,299,767)				45,744,163

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,102,056)
State Street Navigator Securities Lending Government Money Market Portfolio		1,102,056		1,102,056
Total Investments: 102.2% (Cost: $45,401,823)				46,846,219
Liabilities in excess of other assets: (2.2)%				(986,169	)
NET ASSETS: 100.0%			$	45,860,050

Definitions:

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

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,236,707.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,112,917, or 4.6% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		31.0	%	$	14,223,359
Materials		28.4			12,971,341
Communication Services		21.6			9,849,153
Consumer Staples		7.2			3,317,135
Consumer Discretionary		4.9			2,259,736
Energy		4.7			2,149,626
Health Care		1.0			464,385
Real Estate		0.6			266,001
Industrials		0.4			173,011
Utilities		0.2			70,416
		100.0	%	$	45,744,163

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,653,014	$	446,748	$	2,099,762
Canada		2,455,928		—		—		2,455,928
China		—		602,002		—		602,002
Egypt		—		2,227,002		—		2,227,002
Ghana		1,306,980		—		—		1,306,980
India		294,668		—		—		294,668
Indonesia		—		174,470		—		174,470
Kenya		3,162,974		1,486,678		—		4,649,652
Morocco		3,160,551		1,099,304		—		4,259,855
Nigeria		3,938,057		1,327,139		—		5,265,196
Norway		—		70,416		—		70,416
South Africa		3,410,940		12,078,529		—		15,489,469
Switzerland		—		147,408		—		147,408
Tanzania		566,073		1,102,924		—		1,668,997
United Arab Emirates		1,163,638		—		—		1,163,638
United Kingdom		—		2,904,964		—		2,904,964
United States		132,818		—		—		132,818
Zambia		823,781		—		—		823,781
Zimbabwe		7,151		—		—		7,151
Rights ^*		6		—		—		6
Money Market Fund		1,102,056		—		—		1,102,056
Total Investments	$	21,525,621	$	24,873,850	$	446,748	$	46,846,219

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 83.5%
Automobiles & Components: 1.4%
Mahle-Metal Leve SA		27,350	$	158,660
Tupy SA *		37,850		195,407
				354,067
Capital Goods: 2.7%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		217,550		46,738
Armac Locacao Logistica E Servicos SA		49,200		109,267
Iochpe Maxion SA		72,002		160,793
Kepler Weber SA		31,900		121,917
Mills Estruturas e Servicos de Engenharia SA		73,500		159,075
Portobello SA		56,050		87,346
				685,136
Commercial & Professional Services: 1.5%
Ambipar Participacoes e Empreendimentos SA		31,300		124,029
Boa Vista Servicos SA		117,100		160,558
Orizon Valorizacao de Residuos SA *		16,300		104,445
				389,032
Consumer Durables & Apparel: 7.7%
Cury Construtora e Incorporadora SA		74,600		178,099
Cyrela Brazil Realty SA Empreendimentos e Participacoes		187,250		465,390
Direcional Engenharia SA		57,500		169,953
Even Construtora e Incorporadora SA		70,750		61,407
Ez Tec Empreendimentos e Participacoes SA		103,552		264,701
Grendene SA		140,850		160,614
Guararapes Confeccoes SA		60,250		74,242
MRV Engenharia e Participacoes SA		164,650		236,611
Vivara Participacoes SA		77,150		327,244
				1,938,261
Consumer Services: 7.9%
Afya Ltd. *		21,091		329,441
Anima Holding SA *		137,550		100,334
Arco Platform Ltd. * †		6,063		81,851
Arcos Dorados Holdings, Inc.		63,040		527,014
Cogna Educacao *		999,100		401,542
Cruzeiro do Sul Educacional SA		54,200		39,271
CVC Brasil Operadora e Agencia de Viagens SA *		159,383		135,563
YDUQS Participacoes SA		131,600		252,120
Zamp SA *		117,250		121,031
				1,988,167
Diversified Financials: 1.1%
Banco Modal SA *		90,000		37,303
BR Advisory Partners Participacoes SA		32,850		74,416
TC Traders Club SA		67,650		28,228

	Number of Shares		Value
Diversified Financials (continued)
Vinci Partners Investments Ltd.		15,761	$	142,479
				282,426
Energy: 10.9%
3R Petroleum Oleo e Gas SA *		121,150		868,288
AES Brasil Energia SA		165,890		303,085
Enauta Participacoes SA		56,650		145,836
Karoon Energy Ltd. *		376,978		566,490
Modec, Inc. *		14,500		149,242
Petroreconcavo SA		114,400		715,104
				2,748,045
Food & Staples Retailing: 2.0%
Cia Brasileira de Distribuicao (ADR) †		111,056		344,273
Dimed SA Distribuidora da Medicamentos		58,750		112,755
Empreendimentos Pague Menos SA *		63,000		52,371
				509,399
Food, Beverage & Tobacco: 5.4%
Adecoagro SA †		37,952		314,622
BrasilAgro - Co. Brasileira de Propriedades Agricolas		36,400		204,153
Camil Alimentos SA		63,900		100,436
Jalles Machado SA		100,400		144,257
Minerva SA		181,100		444,454
Tres Tentos Agroindustrial SA		88,050		155,554
				1,363,476
Health Care Equipment & Services: 5.0%
Alliar Medicos A Frente SA *		31,100		127,233
Fleury SA		168,299		492,503
Hospital Mater Dei SA		43,500		59,328
Instituto Hermes Pardini SA		25,150		100,273
Odontoprev SA		153,340		262,209
Oncoclinicas do Brasil Servicos Medicos SA *		130,900		148,841
Qualicorp Consultoria e Corretora de Seguros SA		62,500		69,137
				1,259,524
Insurance: 0.8%
IRB Brasil Resseguros SA *		1,191,300		193,190
Materials: 3.4%
ERO Copper Corp. * †		46,568		641,084
Irani Papel e Embalagem SA		75,200		114,461
Largo, Inc. * †		18,175		97,781
				853,326
Media & Entertainment: 0.6%
Meliuz SA 144A *		454,350		100,798
VTEX * †		13,560		50,850
				151,648
Pharmaceuticals, Biotechnology & Life Sciences: 0.4%
Blau Farmaceutica SA		22,900		113,723
Real Estate: 7.3%
Aliansce Sonae Shopping Centers SA		98,088		315,696
BR Malls Participacoes SA		382,150		600,911
BR Properties SA		101,050		124,843

See Notes to Financial Statements

	Number of Shares		Value
Real Estate (continued)
Iguatemi SA		155,750	$	544,222
JHSF Participacoes SA		183,250		174,317
LOG Commercial Properties e Participacoes SA		24,650		75,070
				1,835,059
Retailing: 3.6%
C&A Modas SA *		76,500		33,155
Grupo SBF SA		70,850		171,554
Lojas Quero Quero SA *		67,800		53,815
Pet Center Comercio e Participacoes SA		206,500		243,629
Via SA *		907,700		412,692
				914,845
Semiconductors & Semiconductor Equipment: 1.1%
SMART Global Holdings, Inc. *		18,984		282,482
Software & Services: 2.7%
Clear Sale SA *		48,050		51,262
Infracommerce CXAAS SA *		163,028		114,578
Locaweb Servicos de Internet SA 144A *		197,700		263,131
Sinqia SA *		45,600		129,671
Sonda SA		290,625		111,100
				669,742
Technology Hardware & Equipment: 1.0%
Ituran Location and Control Ltd.		2,445		51,663
Multilaser Industrial SA		151,400		115,053
Positivo Tecnologia SA		43,200		76,513
				243,229
Telecommunication Services: 0.9%
Brisanet Participacoes SA		57,350		29,472
Oi SA *		3,797,666		122,834
Unifique Telecomunicacoes SA		89,950		66,055
				218,361
Transportation: 6.7%
Azul SA (ADR) * †		65,123		397,901
EcoRodovias Infraestrutura e Logistica SA		237,190		199,406
Gol Linhas Aereas Inteligentes SA (ADR) * †		75,322		201,110
Hidrovias do Brasil SA *		323,800		138,099
Log-in Logistica Intermodal SA *		12,100		80,645
Movida Participacoes SA		90,000		130,021
Santos Brasil Participacoes SA		337,250		498,784
Sequoia Logistica e Transportes SA *		68,650		39,324
				1,685,290
Utilities: 9.4%
Alupar Investimento SA		164,337		880,581
Cia de Saneamento de Minas Gerais *		134,938		401,097
Cia de Saneamento do Parana		214,500		733,923
Light SA		153,350		135,344

	Number of Shares		Value
Utilities (continued)
Omega Energia SA *		121,302	$	220,293
				2,371,238
Total Common Stocks (Cost: $28,694,168)				21,049,666

PREFERRED SECURITIES: 5.6%
Banks: 2.8%
Banco ABC Brasil SA*		55,970		208,598
Banco do Estado do Rio Grande do Sul SA		136,550		251,045
Banco Pan SA		225,650		257,588
				717,231
Capital Goods: 1.4%
Marcopolo SA*		300,759		161,365
Randon SA Implementos e Participacoes		126,900		196,713
				358,078
Information Technology: 1.4%
Cia Ferro Ligas da Bahia		22,550		227,955
Taurus Armas SA		44,300		111,912
				339,867
Total Preferred Securities (Cost: $1,610,708)				1,415,176

RIGHTS: 0.0%
(Cost: $0)
Energy: 0.0%
AES Brasil Energia SA, BRL 9.61, exp. 01/09/23 *		882		42

CLOSED-END FUNDS: 11.0%
CSHG Logistica FI Imobiliario		16,652		517,528
FII BTG Pactual Corporate Office Fund		17,586		197,524
FII Iridium		25,864		452,058
FII UBS Br Receb Imob		18,770		312,066
Kinea Indice de Precos FII		57,246		995,630
Maxi Renda FII		160,462		306,320
Total Closed-End Funds (Cost: $2,959,541)				2,781,126
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $33,264,417)				25,246,010

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.2%
Money Market Fund: 5.2%

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
(Cost: $1,315,000)
State Street Navigator Securities Lending Government Money Market Portfolio		1,315,000	$	1,315,000
Total Investments: 105.3% (Cost: $34,579,417)				26,561,010
Liabilities in excess of other assets: (5.3)%				(1,336,255	)
NET ASSETS: 100.0%			$	25,224,755

Definitions:

ADR	American Depositary Receipt
BRL	Brazilian Real

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,864,249.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $363,929, or 1.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		20.6	%	$	5,195,340
Real Estate		14.3			3,620,556
Industrials		12.3			3,117,535
Utilities		10.6			2,674,365
Energy		9.7			2,444,960
Financials		8.6			2,188,477
Consumer Staples		7.4			1,872,875
Information Technology		6.1			1,535,320
Health Care		5.5			1,373,247
Materials		3.4			853,326
Communication Services		1.5			370,009
		100.0	%	$	25,246,010

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	354,067	$	—	$	354,067
Capital Goods		—		685,136		—		685,136
Commercial & Professional Services		—		389,032		—		389,032
Consumer Durables & Apparel		—		1,938,261		—		1,938,261
Consumer Services		1,059,337		928,830		—		1,988,167
Diversified Financials		142,479		139,947		—		282,426
Energy		—		2,748,045		—		2,748,045
Food & Staples Retailing		344,273		165,126		—		509,399
Food, Beverage & Tobacco		314,622		1,048,854		—		1,363,476
Health Care Equipment & Services		127,233		1,132,291		—		1,259,524
Insurance		—		193,190		—		193,190
Materials		738,865		114,461		—		853,326
Media & Entertainment		50,850		100,798		—		151,648
Pharmaceuticals, Biotechnology & Life Sciences		—		113,723		—		113,723
Real Estate		—		1,835,059		—		1,835,059
Retailing		—		914,845		—		914,845
Semiconductors & Semiconductor Equipment		282,482		—		—		282,482
Software & Services		—		669,742		—		669,742
Technology Hardware & Equipment		51,663		191,566		—		243,229
Telecommunication Services		—		218,361		—		218,361
Transportation		599,011		1,086,279		—		1,685,290
Utilities		—		2,371,238		—		2,371,238
Preferred Securities ^*		—		1,415,176		—		1,415,176
Rights ^*		42		—		—		42
Closed-End Funds
Financials		—		1,710,682		—		1,710,682
Real Estate		312,066		758,378		—		1,070,444
Money Market Fund		1,315,000		—		—		1,315,000
Total Investments	$	5,337,923	$	21,223,087	$	—	$	26,561,010

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 0.5%
Bank of Chengdu Co. Ltd.		37,200	$	82,105
Capital Goods: 6.1%
Beijing New Building Materials Plc		17,900		66,714
E-Commodities Holdings Ltd.		28,000		5,649
Guangdong Lingxiao Pump Industry Co. Ltd.		5,300		12,699
Guangzhou KDT Machinery Co. Ltd.		7,360		13,100
Hangzhou Weiguang Electronic Co. Ltd.		2,600		9,310
Hangzhou Zhongtai Cryogenic Technology Corp.		4,800		9,234
IFE Elevators Co. Ltd.		7,400		6,852
Jiangsu Hengli Hydraulic Co. Ltd.		25,344		230,905
Jingjin Equipment, Inc.		4,500		19,147
Keda Industrial Group Co. Ltd.		26,300		53,865
Naipu Mining Machinery Co. Ltd. *		1,100		4,637
Nantong Jianghai Capacitor Co. Ltd.		10,200		32,908
Shanghai Hanbell Precise Machinery Co. Ltd.		12,600		43,576
TBEA Co. Ltd.		73,400		212,341
TKD Science and Technology Co. Ltd. *		3,500		10,242
Warom Technology, Inc. Co.		3,200		10,664
Wuxi Shangji Automation Co. Ltd.		2,940		44,810
Xinte Energy Co. Ltd. †		29,600		54,557
Yizumi Holdings Co. Ltd.		6,500		16,595
Zhuzhou Huarui Precision Cutting Tools Co. Ltd.		800		18,572
Zhuzhou Kibing Group Co. Ltd.		32,900		54,008
				930,385
Commercial & Professional Services: 0.1%
Shanghai Foreign Service Holding Group Co. Ltd.		24,900		21,448
Consumer Durables & Apparel: 6.9%
Biem.L.Fdlkk Garment Co. Ltd.		9,300		34,415
Chow Tai Seng Jewellery Co. Ltd.		8,800		17,823
DR Corp. Ltd.		9,300		84,508
Ecovacs Robotics Co. Ltd.		3,400		35,676
Huali Industrial Group Co. Ltd.		45,400		374,433
Li Ning Co. Ltd. *		52,000		447,177
Tonze New Energy Technology Co. Ltd.		5,600		13,096
Yantai Tayho Advanced Materials Co. Ltd.		13,400		40,983
				1,048,111
Diversified Financials: 1.4%
CSC Financial Co. Ltd. 144A		119,500		104,232

	Number of Shares		Value
Diversified Financials (continued)
Hithink RoyalFlush Information Network Co. Ltd.		7,624	$	108,405
				212,637
Energy: 9.2%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd.		12,000		12,397
Guanghui Energy Co. Ltd.		88,800		115,772
Guizhou Panjiang Refined Coal Co. Ltd.		17,100		16,577
Inner Mongolia Yitai Coal Co. Ltd.		56,000		73,834
Jinneng Holding Shanxi Coal Industry Co. Ltd.		15,000		25,825
Jizhong Energy Resources Co. Ltd.		27,800		25,510
PetroChina Co. Ltd.		1,738,000		793,957
Pingdingshan Tianan Coal Mining Co. Ltd.		28,400		44,227
Shaanxi Coal Industry Co. Ltd.		60,000		160,913
Shandong Sunway Chemical Group Co. Ltd.		17,400		14,746
Shanxi Lanhua Sci-Tech Venture Co. Ltd.		14,000		26,926
Shanxi Lu’an Environmental Energy Development Co. Ltd.		25,300		61,441
ZJMI Environmental Energy Co. Ltd.		12,200		28,456
				1,400,581
Food, Beverage & Tobacco: 16.5%
Anhui Yingjia Distillery Co. Ltd.		4,200		37,996
Cheng De Lolo Co. Ltd. *		12,500		15,285
China Feihe Ltd. 144A		91,000		77,051
Chongqing Brewery Co. Ltd.		4,300		79,045
Jiangsu King’s Luck Brewery JSC Ltd.		10,700		78,521
JiuGui Liquor Co. Ltd.		4,900		97,341
Luzhou Laojiao Co. Ltd.		15,028		485,208
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		8,195		336,468
Sichuan Swellfun Co. Ltd.		3,700		45,032
Tongwei Co. Ltd.		54,000		300,288
Want Want China Holdings Ltd.		91,000		60,642
Wuliangye Yibin Co. Ltd.		34,630		900,795
				2,513,672
Health Care Equipment & Services: 6.0%
Andon Health Co. Ltd.		5,700		42,066
Dian Diagnostics Group Co. Ltd.		10,700		38,809
Guangzhou Kingmed Diagnostics Group Co. Ltd.		5,500		62,061
Guangzhou Wondfo Biotech Co. Ltd.		6,430		29,583
Hangzhou Alltest Biotech Co. Ltd.		700		10,542
Intco Medical Technology Co. Ltd.		12,280		37,300
Jafron Biomedical Co. Ltd.		12,750		57,033
Jiangsu Bioperfectus Technologies Co. Ltd.		877		11,108

See Notes to Financial Statements

	Number of Shares		Value
Health Care Equipment & Services (continued)
JiangXi Sanxin Medtec Co. Ltd.		7,000	$	8,699
Sansure Biotech, Inc.		5,776		18,337
Shanghai Kindly Enterprise Development Group Co. Ltd.		5,500		10,938
Shanghai MicroPort Endovascular MedTech Group Co. Ltd.		1,400		38,110
Shanghai ZJ Bio-Tech Co. Ltd.		3,255		15,680
Shenzhen Bioeasy Biotechnology Co. Ltd.		4,100		10,159
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		9,144		416,629
Shenzhen YHLO Biotech Co. Ltd.		7,300		20,710
Tofflon Science & Technology Group Co. Ltd.		7,600		26,024
Wuhan Easydiagnosis Biomedicine Co. Ltd.		2,300		19,027
Zhejiang Gongdong Medical Technology Co. Ltd.		2,400		36,594
				909,409
Household & Personal Products: 0.1%
Tongling Jieya Biologic Technology Co. Ltd.		1,800		8,779
Industrials: 0.0%
Sichuan Languang Justbon Services Group Co. Ltd. ∞		3,300		0
Materials: 18.7%
Anhui Guangxin Agrochemical Co. Ltd.		7,500		31,822
China Hongqiao Group Ltd.		58,600		55,272
China Jushi Co. Ltd.		51,300		101,429
China Northern Rare Earth Group High-Tech Co. Ltd.		44,800		161,524
City Development Environment Co. Ltd.		4,500		6,156
CNSIG Inner Mongolia Chemical Industry Co. Ltd.		17,600		37,269
Dalian Bio-Chem Co. Ltd. *		2,200		5,580
DeHua TB New Decoration Materials Co. Ltd.		8,000		12,524
Dongyue Group Ltd.		32,000		35,050
Epoxy Base Electronic Material Corp. Ltd.		10,500		7,528
Fufeng Group Ltd.		31,000		18,803
Fujian Yongan Forestry Group *		6,400		7,656
Ganfeng Lithium Group Co. Ltd.		42,200		422,801
Guangzhou Tinci Materials Technology Co. Ltd.		36,500		230,808
Hoshine Silicon Industry Co. Ltd.		4,100		49,044
Huafon Chemical Co. Ltd.		72,600		71,189
Hubei Yihua Chemical Industry Co. Ltd. *		12,700		26,970
Hunan Haili Chemical Industry Co. Ltd. *		8,100		8,724

	Number of Shares		Value
Materials (continued)
Inner Mongolia ERDOS Resources Co. Ltd.		27,280	$	59,736
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd.		38,900		22,375
Jiangsu Changhai Composite Materials Co. Ltd.		7,200		14,692
Jiangsu Huachang Chemical Co. Ltd.		12,100		12,721
Jiangsu Sopo Chemical Co.		11,200		13,127
Jiangxi Chenguang New Materials Co. Ltd.		3,760		17,502
KBC Corp. Ltd.		1,210		38,285
Lier Chemical Co. Ltd.		9,100		23,572
Lihuayi Weiyuan Chemical Co. Ltd. *		12,100		36,240
Luoyang Jianlong Micro-Nano New Material Co. Ltd.		758		12,115
Luxi Chemical Group Co. Ltd.		28,300		50,548
Nantong Jiangshan Agrochemical & Chemical LLC		3,300		20,981
Perennial Energy Holdings Ltd.		10,000		910
Satellite Chemical Co. Ltd.		42,255		94,437
Shaanxi Xinghua Chemistry Co. Ltd.		7,000		5,110
Shandong Fiberglass Group Co. Ltd.		8,180		9,617
Shandong Haihua Co. Ltd.		12,200		13,880
Shandong Head Group Co. Ltd.		4,700		15,193
Shandong Hualu Hengsheng Chemical Co. Ltd.		32,600		155,936
Shandong Jinjing Science & Technology Co. Ltd.		21,800		27,345
Shanghai Chlor-Alkali Chemical Co. Ltd.		7,000		9,929
Shenghe Resources Holding Co. Ltd.		32,800		66,115
Shenma Industry Co. Ltd.		13,200		14,787
Sichuan Anning Iron and Titanium Co. Ltd.		4,600		22,137
Sichuan Hebang Biotechnology Co. Ltd.		120,900		53,069
Sichuan Meifeng Chemical IND		11,000		12,592
Sichuan Xinjinlu Group Co. Ltd. *		12,100		10,237
Sichuan Yahua Industrial Group Co. Ltd.		23,500		78,768
Suzhou TA&A Ultra Clean Technology Co. Ltd.		11,100		89,433
Wanhua Chemical Group Co. Ltd.		31,500		420,800
Xinjiang Xuefeng Sci-Tech Group Co. Ltd.		12,100		14,491
Zangge Mining Co. Ltd.		9,600		35,937
Zhejiang Jiahua Energy Chemical Industry Co. Ltd.		19,100		23,062
Zhejiang Oceanking Development Co. Ltd.		10,000		19,089

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Materials (continued)
Zhejiang Xinan Chemical Industrial Group Co. Ltd.		19,240	$	42,029
				2,846,946
Media & Entertainment: 6.8%
37 Interactive Entertainment Network Technology Group Co. Ltd.		33,200		86,524
G-bits Network Technology Xiamen Co. Ltd.		800		36,062
Heilongjiang Publishing & Media Co. Ltd.		10,600		15,194
Kingnet Network Co. Ltd. *		33,900		32,126
Lecron Industrial Development Group Co. Ltd. *		26,000		36,549
Shenzhen Shengxunda Technology Co. Ltd.		1,200		7,260
Tencent Holdings Ltd.		19,400		822,620
				1,036,335
Pharmaceuticals, Biotechnology & Life Sciences: 7.6%
Beijing Hotgen Biotech Co. Ltd.		1,145		10,066
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.		9,761		178,341
Changchun High & New Technology Industry Group, Inc.		6,700		160,880
Chengdu Kanghua Biological Products Co. Ltd.		1,700		20,766
China Medical System Holdings Ltd.		27,000		42,252
Chongqing Zhifei Biological Products Co. Ltd.		21,500		272,731
Daan Gene Co. Ltd.		30,400		68,284
Getein Biotech, Inc.		6,000		10,825
Guangdong Hybribio Biotech Co. Ltd.		8,200		19,944
Hainan Poly Pharm Co. Ltd.		7,500		26,679
Hangzhou Biotest Biotech Co. Ltd.		2,383		15,872
Hubei Jumpcan Pharmaceutical Co. Ltd.		6,300		24,773
Jenkem Technology Co. Ltd.		604		13,621
Porton Pharma Solutions Ltd.		6,300		37,121
Shandong WIT Dyne Health Co. Ltd.		3,900		25,616
Shenyang Xingqi Pharmaceutical Co. Ltd.		1,700		30,663
Tonghua Dongbao Pharmaceutical Co. Ltd.		28,200		37,409
Xiamen Amoytop Biotech Co. Ltd.		2,800		15,742
Zhejiang Garden Bio-Chemical High-tech Co. Ltd.		6,900		14,333
Zhejiang NHU Co. Ltd.		35,392		95,843
Zhejiang Orient Gene Biotech Co. Ltd.		3,203		35,650
				1,157,411

	Number of Shares		Value
Real Estate: 1.6%
A-Living Smart City Services Co. Ltd. 144A †		14,500	$	17,377
CIFI Ever Sunshine Services Group Ltd. †		20,000		11,117
Country Garden Services Holdings Co. Ltd.		45,000		110,398
Evergrande Property Services Group Ltd. 144A *∞		44,000		0
Longfor Group Holdings Ltd. 144A †		31,500		96,937
Tianjin Jinbin Development Co. Ltd. *		26,100		8,834
				244,663
Retailing: 0.3%
Easyhome New Retail Group Co. Ltd.		56,400		33,298
Focus Technology Co. Ltd.		4,700		12,217
				45,515
Semiconductors & Semiconductor Equipment: 13.3%
Amlogic Shanghai Co. Ltd. *		3,600		36,583
GigaDevice Semiconductor, Inc.		10,580		156,419
LONGi Green Energy Technology Co. Ltd.		110,190		670,410
SG Micro Corp.		5,100		126,957
Shanghai Bright Power Semiconductor Co. Ltd.		1,429		23,073
Shanghai Fullhan Microelectronics Co. Ltd.		2,500		18,072
Shenzhen Sunmoon Microelectronics Co. Ltd.		1,566		10,389
StarPower Semiconductor Ltd.		2,200		104,563
Suzhou Novosense Microelectronics Co. Ltd.		2,400		109,876
Thinkon Semiconductor Jinzhou Corp.		2,100		12,355
Unigroup Guoxin Microelectronics Co. Ltd.		13,700		260,317
Wuxi ETEK Microelectronics Co. Ltd.		1,020		8,292
Xinjiang Daqo New Energy Co. Ltd.		39,400		270,623
Yangling Metron New Material, Inc.		5,300		37,544
Yangzhou Yangjie Electronic Technology Co. Ltd.		5,400		40,992
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		14,100		129,391
				2,015,856
Software & Services: 0.4%
Chinasoft International Ltd. *		58,000		50,214
Sichuan Jiuyuan Yinhai Software Co. Ltd.		5,000		10,844
				61,058
Technology Hardware & Equipment: 2.1%
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd.		2,600		38,005
Eoptolink Technology, Inc. Ltd.		9,823		33,641

See Notes to Financial Statements

	Number of Shares		Value
Technology Hardware & Equipment (continued)
Maxscend Microelectronics Co. Ltd.		6,020	$	99,341
Sihui Fuji Electronic Technology Co. Ltd.		2,000		9,084
Suzhou Etron Technologies Co. Ltd.		1,300		4,915
Wuxi Xinje Electric Co. Ltd.		1,400		9,157
Yealink Network Technology Corp. Ltd.		9,800		85,742
Zhuzhou Hongda Electronics Corp. Ltd.		4,900		31,210
				311,095
Transportation: 2.1%
Anhui Expressway Co. Ltd.		6,500		6,867
Antong Holdings Co. Ltd. *		89,000		42,287
Bondex Supply Chain Management Co. Ltd.		4,500		10,365
COSCO SHIPPING Holdings Co. Ltd.		145,000		215,113
Eastern Air Logistics Co. Ltd.		8,200		18,084

	Number of Shares		Value
Transportation (continued)
Shanghai Zhonggu Logistics Co. Ltd.		15,600	$	32,717
				325,433
Utilities: 0.2%
Ningbo Shimao Energy Co. Ltd.		3,400		8,214
Xinjiang Xintai Natural Gas Co. Ltd.		6,300		19,785
				27,999
Total Common Stocks (Cost: $16,930,683)				15,199,438


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $8)
State Street Navigator Securities Lending Government Money Market Portfolio		8		8
Total Investments: 99.9% (Cost: $16,930,691)				15,199,446
Other assets less liabilities: 0.1%				13,057
NET ASSETS: 100.0%			$	15,212,503

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $101,895.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $295,597, or 1.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		18.7	%	$	2,846,946
Consumer Staples		16.6			2,522,451
Information Technology		15.8			2,388,009
Health Care		13.6			2,066,820
Energy		9.2			1,400,581
Industrials		8.4			1,277,266
Consumer Discretionary		7.2			1,093,626
Communication Services		6.8			1,036,335
Financials		1.9			294,742
Real Estate		1.6			244,663
Utilities		0.2			27,999
		100.0	%	$	15,199,438

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	82,105	$	—	$	82,105
Capital Goods		—		930,385		—		930,385
Commercial & Professional Services		—		21,448		—		21,448
Consumer Durables & Apparel		—		1,048,111		—		1,048,111
Diversified Financials		—		212,637		—		212,637
Energy		—		1,400,581		—		1,400,581
Food, Beverage & Tobacco		—		2,513,672		—		2,513,672
Health Care Equipment & Services		—		909,409		—		909,409
Household & Personal Products		—		8,779		—		8,779
Industrials		—		—		0		0
Materials		—		2,846,946		—		2,846,946
Media & Entertainment		—		1,036,335		—		1,036,335
Pharmaceuticals, Biotechnology & Life Sciences		—		1,157,411		—		1,157,411
Real Estate		—		244,663		0		244,663
Retailing		—		45,515		—		45,515
Semiconductors & Semiconductor Equipment		—		2,015,856		—		2,015,856
Software & Services		—		61,058		—		61,058
Technology Hardware & Equipment		—		311,095		—		311,095
Transportation		—		325,433		—		325,433
Utilities		—		27,999		—		27,999
Money Market Fund		8		—		—		8
Total Investments	$	8	$	15,199,438	$	0	$	15,199,446

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 0.3%
Fulin Precision Co. Ltd. *		33,000	$	68,601
Capital Goods: 36.3%
Beijing Easpring Material Technology Co. Ltd.		18,500		150,492
Contemporary Amperex Technology Co. Ltd.		58,600		3,317,628
Dongguan Yiheda Automation Co. Ltd.		3,460		32,842
East Group Co. Ltd.		47,500		46,804
Eve Energy Co. Ltd.		57,296		725,164
Gaona Aero Material Co. Ltd.		12,200		80,718
Ginlong Technologies Co. Ltd. *		7,850		203,844
Guangzhou Great Power Energy & Technology Co. Ltd.		14,200		159,618
Hunan Zhongke Electric Co. Ltd.		28,200		83,564
JL Mag Rare-Earth Co. Ltd.		16,300		68,800
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		8,200		63,222
Qingdao TGOOD Electric Co. Ltd.		28,700		63,029
Shenzhen Inovance Technology Co. Ltd.		84,485		846,961
Shenzhen Yinghe Technology Co. Ltd.		16,000		40,731
Sungrow Power Supply Co. Ltd.		45,900		739,879
Sunwoda Electronic Co. Ltd.		62,700		191,113
Suzhou Maxwell Technologies Co. Ltd.		4,040		239,832
Wuxi Lead Intelligent Equipment Co. Ltd.		45,720		264,994
Xi’an Triangle Defense Co. Ltd.		12,500		68,633
				7,387,868
Commercial & Professional Services: 1.3%
Beijing Originwater Technology Co. Ltd.		84,000		57,349
Centre Testing International Group Co. Ltd.		65,100		209,513
				266,862
Consumer Durables & Apparel: 0.3%
Huali Industrial Group Co. Ltd.		7,000		57,733
Consumer Services: 0.7%
Songcheng Performance Development Co. Ltd.		67,321		141,914
Diversified Financials: 7.2%
East Money Information Co. Ltd.		477,120		1,332,717
Hithink RoyalFlush Information Network Co. Ltd.		9,300		132,237
				1,464,954
Food, Beverage & Tobacco: 4.2%
Wens Foodstuffs Group Co. Ltd.		244,060		691,701
Yihai Kerry Arawana Holdings Co. Ltd.		25,900		162,710
				854,411

	Number of Shares		Value
Health Care Equipment & Services: 12.1%
Aier Eye Hospital Group Co. Ltd.		137,762	$	617,089
Dian Diagnostics Group Co. Ltd.		21,600		78,372
Guangzhou Wondfo Biotech Co. Ltd.		11,600		53,451
Intco Medical Technology Co. Ltd.		20,020		60,830
Jafron Biomedical Co. Ltd.		20,000		89,454
Lepu Medical Technology Beijing Co. Ltd.		56,313		186,615
Ovctek China, Inc.		20,900		107,667
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		21,200		965,932
Shenzhen New Industries Biomedical Engineering Co. Ltd.		13,300		96,142
Tofflon Science & Technology Group Co. Ltd.		11,600		39,720
Winner Medical Co. Ltd.		5,200		53,692
Winning Health Technology Group Co. Ltd.		80,666		119,848
				2,468,812
Household & Personal Products: 1.4%
By-health Co. Ltd.		45,500		149,707
Yunnan Botanee Bio- Technology Group Co. Ltd.		5,800		124,752
				274,459
Materials: 7.8%
CNGR Advanced Material Co. Ltd.		8,900		84,150
Ganzhou Teng Yuan Cobalt New Material Co. Ltd.		2,200		21,883
Huabao Flavours & Fragrances Co. Ltd.		5,600		19,003
Hubei Dinglong Co. Ltd.		31,800		97,732
Hubei Feilihua Quartz Glass Co. Ltd.		18,900		150,221
Nanjing Hanrui Cobalt Co. Ltd.		10,300		59,536
Shandong Dongyue
Organosilicon Material Co. Ltd.		15,500		26,112
Shandong Sinocera Functional Material Co. Ltd.		35,800		142,442
Shandong Weifang Rainbow Chemical Co. Ltd.		4,200		52,820
Shenzhen Capchem Technology Co. Ltd.		21,800		136,757
Shenzhen Dynanonic Co. Ltd.		5,360		177,517
Shenzhen Senior Technology Material Co. Ltd.		45,691		140,070
Sinofibers Technology Co. Ltd.		15,700		111,326
Sunresin New Materials Co. Ltd.		7,400		74,277
Suzhou TA&A Ultra Clean Technology Co. Ltd.		18,000		145,025
Weihai Guangwei Composites Co. Ltd.		13,700		142,828
				1,581,699

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Media & Entertainment: 1.3%
Beijing Enlight Media Co. Ltd.		49,442	$	61,817
Kunlun Tech Co. Ltd.		34,200		71,017
Mango Excellent Media Co. Ltd.		28,470		123,167
				256,001
Pharmaceuticals, Biotechnology & Life Sciences: 12.5%
Anhui Anke Biotechnology Group Co. Ltd.		49,400		66,775
Betta Pharmaceuticals Co. Ltd.		11,300		80,419
BGI Genomics Co. Ltd.		10,700		79,913
China Resources Boya Bio-pharmaceutical Group Co. Ltd.		13,100		69,149
Chongqing Zhifei Biological Products Co. Ltd.		34,869		442,318
Hangzhou Tigermed Consulting Co. Ltd.		24,159		364,598
Imeik Technology Development Co. Ltd.		4,100		334,763
PharmaBlock Sciences Nanjing, Inc.		7,200		83,550
Pharmaron Beijing Co. Ltd.		23,850		233,923
Porton Pharma Solutions Ltd.		15,400		90,750
Shenzhen Kangtai Biological Products Co. Ltd.		26,720		121,477
Sino Biological, Inc.		2,600		37,445
Walvax Biotechnology Co. Ltd.		74,400		430,781
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd.		12,600		100,210
				2,536,071
Semiconductors & Semiconductor Equipment: 6.0%
Hangzhou Chang Chuan Technology Co. Ltd.		15,600		100,372
Ingenic Semiconductor Co. Ltd.		11,100		112,887
Risen Energy Co. Ltd. *		29,900		106,995
SG Micro Corp.		10,550		262,615
Shenzhen SC New Energy Technology Corp.		11,100		182,381
Wuhan DR Laser Technology Corp. Ltd.		3,600		65,435

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Yangling Metron New Material, Inc.		7,040	$	49,869
Yangzhou Yangjie Electronic Technology Co. Ltd.		11,800		89,546
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		27,100		248,674
				1,218,774
Software & Services: 2.6%
Beijing Sinnet Technology Co. Ltd.		63,000		74,172
Longshine Technology Group Co. Ltd.		21,900		69,505
Sangfor Technologies, Inc.		10,600		172,486
Thunder Software Technology Co. Ltd.		14,500		209,721
				525,884
Technology Hardware & Equipment: 6.1%
Anker Innovations Technology Co. Ltd.		7,100		60,734
Chaozhou Three-Circle Group Co. Ltd.		56,900		252,142
Lens Technology Co. Ltd.		89,268		135,541
Leyard Optoelectronic Co. Ltd.		92,700		75,678
Maxscend Microelectronics Co. Ltd.		14,021		231,234
Shenzhen Sunway Communication Co. Ltd.		37,101		88,375
Wuhan Raycus Fiber Laser Technologies Co. Ltd. *		13,310		45,439
Wuhu Token Science Co. Ltd.		93,900		80,866
Yealink Network Technology Corp. Ltd.		14,900		130,363
Zhongji Innolight Co. Ltd.		26,500		103,337
Zhuzhou Hongda Electronics Corp. Ltd.		6,100		38,855
				1,242,564
Total Common Stocks (Cost: $17,606,453)				20,346,607
Total Investments: 100.1% (Cost: $17,606,453)				20,346,607
Liabilities in excess of other assets: (0.1)%				(21,891	)
NET ASSETS: 100.0%			$	20,324,716

Footnotes:

*	Non-income producing

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Industrials		37.6	%	$	7,654,730
Health Care		24.6			5,004,883
Information Technology		14.7			2,987,222
Materials		7.8			1,581,699
Financials		7.2			1,464,954
Consumer Staples		5.5			1,128,870
Consumer Discretionary		1.3			268,248
Communication Services		1.3			256,001
		100.0	%	$	20,346,607

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks ^*		$	—			$	20,346,607			$	—			$	20,346,607

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Capital Goods: 0.7%
IndiaMart InterMesh Ltd. 144A		183	$	9,537
Commercial & Professional Services: 2.0%
L&T Technology Services Ltd. 144A		630		28,016
Consumer Durables & Apparel: 1.2%
Dixon Technologies India Ltd.		355		16,721
Consumer Services: 2.1%
MakeMyTrip Ltd. *		1,043		28,756
Diversified Financials: 1.5%
ICICI Securities Ltd. 144A		1,925		11,561
Indian Energy Exchange Ltd. 144A		5,359		9,052
				20,613
Energy: 8.1%
Reliance Industries Ltd. 144A (GDR)		1,827		112,076
Insurance: 1.0%
PB Fintech Ltd. *		2,680		14,498
Media & Entertainment: 5.4%
Affle India Ltd. *		795		10,384
Info Edge India Ltd.		1,365		64,812
				75,196
Retailing: 2.6%
Zomato Ltd. *		50,977		36,544
Software & Services: 58.7%
Coforge Ltd.		364		17,101
Cyient Ltd.		1,867		18,269
Happiest Minds Technologies Ltd.		876		9,318

	Number of Shares		Value
Software & Services (continued)
HCL Technologies Ltd.		6,535	$	81,954
Infosys Ltd. (ADR)		6,025		108,510
KPIT Technologies Ltd.		4,087		34,712
LTIMindtree Ltd. 144A		1,156		60,936
Mphasis Ltd.		2,058		49,018
One 97 Communications Ltd. *		3,871		24,831
Oracle Financial Services Software Ltd.		515		18,808
Persistent Systems Ltd.		930		43,477
Tanla Platforms Ltd.		1,653		14,229
Tata Consultancy Services Ltd.		2,494		98,081
Tata Elxsi Ltd.		371		28,157
Tech Mahindra Ltd.		5,586		68,504
Wipro Ltd. (ADR)		16,390		76,377
WNS Holdings Ltd. (ADR) *		799		63,912
				816,194
Technology Hardware & Equipment: 2.0%
Redington Ltd.		13,009		28,390
Telecommunication Services: 13.5%
Bharti Airtel Ltd.		9,388		91,298
Indus Towers Ltd.		16,070		36,897
Tata Communications Ltd.		1,699		26,135
Tata Teleservices Maharashtra Ltd. *		11,657		13,017
Vodafone Idea Ltd. *		199,508		18,984
				186,331
Transportation: 1.2%
Delhivery Ltd. *		4,334		17,357
Total Common Stocks (Cost: $1,747,837)				1,390,229
Total Investments: 100.0% (Cost: $1,747,837)				1,390,229
Liabilities in excess of other assets: 0.0%				(612	)
NET ASSETS: 100.0%			$	1,389,617

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

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

Summary of Investments by Sector	% of Investments			Value
Information Technology		60.7	%	$	844,587
Communication Services		18.8			261,527
Energy		8.1			112,075
Consumer Discretionary		5.9			82,020
Industrials		4.0			54,910
Financials		2.5			35,110
		100.0	%	$	1,390,229

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	9,537	$	—	$	9,537
Commercial & Professional Services		—		28,016		—		28,016
Consumer Durables & Apparel		—		16,721		—		16,721
Consumer Services		28,756		—		—		28,756
Diversified Financials		—		20,613		—		20,613
Energy		—		112,076		—		112,076
Insurance		—		14,498		—		14,498
Media & Entertainment		—		75,196		—		75,196
Retailing		—		36,544		—		36,544
Software & Services		248,799		567,395		—		816,194
Technology Hardware & Equipment		—		28,390		—		28,390
Telecommunication Services		—		186,331		—		186,331
Transportation		—		17,357		—		17,357
Total Investments	$	277,555	$	1,112,674	$	—	$	1,390,229

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 1.5%
Ghabbour Auto		1,611,582	$	347,918
Banks: 7.2%
Commercial International Bank Egypt SAE (GDR)		1,373,790		1,640,861
Capital Goods: 4.5%
ElSewedy Electric Co. *		2,125,077		1,033,047
Consumer Durables & Apparel: 2.3%
Oriental Weavers		1,280,025		537,760
Consumer Services: 3.6%
Cairo Investment & Real Estate Development Co. SAE		1,570,244		824,741
Diversified Financials: 6.9%
Egyptian Financial Group-Hermes Holding Co. *		1,451,457		1,048,356
Egyptian Financial Group-Hermes Holding Co. (GDR) *		462,969		532,414
				1,580,770
Energy: 4.6%
Capricorn Energy Plc *		336,203		1,058,768
Food, Beverage & Tobacco: 8.1%
Eastern Co. SAE		3,219,937		1,863,900
Health Care Equipment & Services: 4.9%
Cleopatra Hospital *		3,871,074		834,910
Ibnsina Pharma SAE		3,325,605		290,176
				1,125,086
Materials: 23.7%
Abou Kir Fertilizers & Chemical Industries		967,311		1,518,553

	Number of Shares		Value
Materials (continued)
Alexandria Mineral Oils Co.		2,627,574	$	673,069
Centamin Plc		783,216		1,064,928
Egypt Kuwait Holding Co. SAE		726,790		928,691
Ezz Steel Co. SAE		776,683		731,218
Sidi Kerir Petrochemicals Co. *		969,968		513,836
				5,430,295
Real Estate: 16.3%
Emaar Misr for Development SAE *		3,237,702		406,197
Heliopolis Housing *		2,055,540		660,929
Medinet Nasr Housing *		6,581,926		864,697
Palm Hills Developments SAE		6,687,710		529,866
Talaat Moustafa Group		3,164,392		1,275,462
				3,737,151
Retailing: 1.1%
MM Group for Industry & International Trade SAE *		1,382,189		262,198
Software & Services: 10.4%
E-Finance for Digital & Financial Investments		1,764,187		1,356,894
Fawry for Banking & Payment Technology Services SAE *		4,806,818		1,020,053
				2,376,947
Telecommunication Services: 5.0%
Telecom Egypt Co.		1,135,948		1,151,795
Total Common Stocks (Cost: $23,089,541)				22,971,237
Total Investments: 100.1% (Cost: $23,089,541)				22,971,237
Liabilities in excess of other assets: (0.1)%				(14,419	)
NET ASSETS: 100.0%			$	22,956,818

Definitions:

GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Materials		23.6	%	$	5,430,295
Real Estate		16.3			3,737,151
Financials		14.1			3,221,631
Information Technology		10.4			2,376,947
Consumer Discretionary		8.5			1,972,617
Consumer Staples		8.1			1,863,900
Communication Services		5.0			1,151,795
Health Care		4.9			1,125,086
Energy		4.6			1,058,768
Industrials		4.5			1,033,047
		100.0	%	$	22,971,237

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	347,918	$	—	$	347,918
Banks		—		1,640,861		—		1,640,861
Capital Goods		—		1,033,047		—		1,033,047
Consumer Durables & Apparel		537,760		—		—		537,760
Consumer Services		—		824,741		—		824,741
Diversified Financials		1,580,770		—		—		1,580,770
Energy		1,058,768		—		—		1,058,768
Food, Beverage & Tobacco		—		1,863,900		—		1,863,900
Health Care Equipment & Services		290,176		834,910		—		1,125,086
Materials		—		5,430,295		—		5,430,295
Real Estate		—		3,737,151		—		3,737,151
Retailing		—		262,198		—		262,198
Software & Services		—		2,376,947		—		2,376,947
Telecommunication Services		—		1,151,795		—		1,151,795
Total Investments	$	3,467,474	$	19,503,763	$	—	$	22,971,237

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 0.5%
FIEM Industries Ltd.		1,605	$	33,597
Mahindra CIE Automotive Ltd.		35,645		147,846
Minda Corp. Ltd.		26,029		64,202
				245,645
Capital Goods: 12.0%
Apar Industries Ltd.		6,523		141,423
Astral Ltd.		33,684		798,288
Bharat Electronics Ltd.		1,411,647		1,703,301
Grindwell Norton Ltd.		19,329		416,671
Hindustan Aeronautics Ltd.		33,646		1,028,627
J Kumar Infraprojects Ltd.		13,416		44,035
Jamna Auto Industries Ltd.		74,071		93,662
Kajaria Ceramics Ltd.		35,120		491,143
KEI Industries Ltd.		22,816		403,036
Schaeffler India Ltd.		14,885		493,996
Timken India Ltd.		9,131		342,600
Voltamp Transformers Ltd.		3,067		102,674
				6,059,456
Consumer Durables & Apparel: 3.3%
Gokaldas Exports Ltd. *		17,145		75,609
KPR Mill Ltd.		38,005		236,975
Mirza International Ltd. *		16,281		48,457
Monte Carlo Fashions Ltd.		2,044		17,047
Page Industries Ltd.		2,160		1,116,562
Vardhman Textiles Ltd. *		45,174		179,910
				1,674,560
Consumer Services: 0.2%
Easy Trip Planners Ltd. *		186,914		118,872
Diversified Financials: 1.5%
Angel One Ltd.		14,695		232,365
CRISIL Ltd.		8,573		317,259
ICICI Securities Ltd. 144A		34,109		204,842
				754,466
Energy: 12.9%
Coal India Ltd.		888,463		2,417,019
Great Eastern Shipping Co. Ltd.		35,793		290,319
Oil & Natural Gas Corp. Ltd.		1,534,649		2,731,793
Oil India Ltd.		153,714		388,097
Petronet LNG Ltd.		319,966		832,226
				6,659,454
Food, Beverage & Tobacco: 8.0%
Dwarikesh Sugar Industries Ltd.		45,260		57,413
ITC Ltd.		630,434		2,523,470
Radico Khaitan Ltd.		100		1,222
Varun Beverages Ltd.		97,461		1,555,357
				4,137,462
Materials: 29.8%
Balaji Amines Ltd.		3,989		130,417
Castrol India Ltd.		202,373		301,000
Clean Science & Technology Ltd.		7,767		139,337
Coromandel International Ltd.		49,399		529,231
Deepak Fertilisers & Petrochemicals Corp. Ltd.		26,241		226,451
Deepak Nitrite Ltd.		28,854		690,581
EID Parry India Ltd.		32,356		222,259

	Number of Shares		Value
Materials (continued)
Fine Organic Industries Ltd.		3,237	$	224,422
Fineotex Chemical Ltd.		10,926		33,303
GHCL Ltd.		24,430		150,411
Gujarat Alkalies & Chemicals Ltd.		7,965		73,620
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		37,854		254,178
Gujarat State Fertilizers & Chemicals Ltd.		93,594		157,853
Hindalco Industries Ltd.		491,021		2,807,129
Jindal Steel & Power Ltd.		174,209		1,221,880
JK Paper Ltd.		30,849		152,169
Meghmani Finechem Ltd. *		5,006		75,461
National Aluminium Co. Ltd.		370,362		359,715
NMDC Ltd.		473,691		703,782
NMDC Steel Ltd. *		447,321		208,169
PCBL Ltd.		71,442		111,779
PI Industries Ltd.		34,478		1,423,902
Polyplex Corp. Ltd.		5,638		108,308
Rain Industries Ltd.		75,959		155,951
Sharda Cropchem Ltd.		9,087		56,436
Sumitomo Chemical India Ltd.		52,535		309,853
Tata Steel Ltd.		1,931,039		2,630,090
Tinplate Co. of India Ltd.		10,163		41,072
Vedanta Ltd.		492,866		1,834,403
West Coast Paper Mills Ltd.		11,930		75,264
				15,408,426
Media & Entertainment: 4.3%
Affle India Ltd. *		20,051		261,895
Brightcom Group Ltd.		636,872		225,351
Chennai Super Kings Cricket Ltd. *∞ ø		1,298,085		1,526,697
Sun TV Network Ltd.		34,269		201,281
				2,215,224
Pharmaceuticals, Biotechnology & Life Sciences: 11.5%
Ajanta Pharma Ltd.		16,008		234,327
Divi’s Laboratories Ltd.		53,810		2,216,366
Laurus Labs Ltd. 144A		143,415		649,101
Sun Pharmaceutical Industries Ltd.		234,287		2,833,233
				5,933,027
Software & Services: 15.4%
Coforge Ltd.		15,389		722,989
Happiest Minds Technologies Ltd.		17,069		181,554
Infosys Ltd. (ADR)		141,266		2,544,201
LTIMindtree Ltd. 144A		37,427		1,972,880
Mastek Ltd.		5,400		111,373
Persistent Systems Ltd.		21,665		1,012,833
Tanla Platforms Ltd.		26,679		229,653
Tata Elxsi Ltd.		14,834		1,125,832
				7,901,315
Transportation: 0.5%
Allcargo Logistics Ltd.		27,374		133,329

See Notes to Financial Statements

	Number of Shares		Value
Transportation (continued)
VRL Logistics Ltd.		11,956	$	78,035
				211,364
Total Common Stocks (Cost: $47,460,393)				51,319,271
Total Investments: 99.9% (Cost: $47,460,393)				51,319,271
Other assets less liabilities: 0.1%				51,638
NET ASSETS: 100.0%			$	51,370,909


Definitions:

ADR	American Depositary Receipt

Footnotes:

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

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,826,823, or 5.5% of net assets.

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

Security		Acquisition Date		Number of Shares		Acquisition Cost		Value		% of Net Assets
Chennai Super Kings Cricket Ltd.		10/08/2015		1,298,085		$35,108		$1,526,697		3.0	%

Summary of Investments by Sector	% of Investments			Value
Materials		30.0	%	$	15,408,425
Information Technology		15.4			7,901,315
Energy		13.0			6,659,454
Industrials		12.2			6,270,820
Health Care		11.5			5,933,026
Consumer Staples		8.1			4,137,462
Communication Services		4.3			2,215,225
Consumer Discretionary		4.0			2,039,078
Financials		1.5			754,466
		100.0	%	$	51,319,271

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	245,645	$	—	$	245,645
Capital Goods		—		6,059,456		—		6,059,456
Consumer Durables & Apparel		—		1,674,560		—		1,674,560
Consumer Services		—		118,872		—		118,872
Diversified Financials		—		754,466		—		754,466
Energy		—		6,659,454		—		6,659,454
Food, Beverage & Tobacco		—		4,137,462		—		4,137,462
Materials		—		15,408,426		—		15,408,426
Media & Entertainment		—		688,527		1,526,697		2,215,224
Pharmaceuticals, Biotechnology & Life Sciences		—		5,933,027		—		5,933,027
Software & Services		2,544,201		5,357,114		—		7,901,315
Transportation		—		211,364		—		211,364
Total Investments	$	2,544,201	$	47,248,373	$	1,526,697	$	51,319,271

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

	Common Stock
Balance as of December 31, 2021	$	1,021,381
Realized gain (loss)		–
Net change in unrealized appreciation (depreciation)		505,316
Purchases		–
Sales		–
Transfers in/out of level 3		–
Balance as of December 31, 2022	$	1,526,697

	Value as of December 31, 2022	Valuation Technique	Unobservable Input Description⁽¹⁾	Unobservable Input	Impact to Valuation from an Increase in Input⁽²⁾
Common Stock
Media & Entertainment	$1,526,697	Market Approach	Revenue Multiple	16x – 18x	Increase
Media & Entertainment			Discount for lack of marketability	17½%	Decrease
			Discount for lack of control	20%	Decrease

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 6.1%
Astra International Tbk PT		5,458,500	$	1,997,536
Banks: 29.0%
Allo Bank Indonesia Tbk PT *		962,900		109,087
Bank Aladin Syariah Tbk PT *		1,712,900		155,693
Bank Central Asia Tbk PT		4,931,000		2,703,855
Bank Jago Tbk PT *		1,146,100		273,541
Bank Mandiri Persero Tbk PT		3,514,102		2,240,922
Bank Negara Indonesia Persero Tbk PT		2,203,632		1,305,580
Bank Rakyat Indonesia Persero Tbk PT		8,753,533		2,775,309
				9,563,987
Capital Goods: 1.8%
Jardine Cycle & Carriage Ltd. †		27,988		596,790
Diversified Financials: 0.4%
BFI Finance Indonesia Tbk PT		2,169,800		146,945
Energy: 12.9%
Adaro Energy Indonesia Tbk PT		4,724,500		1,170,319
Banpu PCL (NVDR)		2,372,629		937,885
Bukit Asam Tbk PT		1,157,100		274,421
Bumi Resources Tbk PT *		82,269,800		850,839
Indo Tambangraya Megah Tbk PT		116,800		293,347
United Tractors Tbk PT		440,769		738,850
				4,265,661
Food & Staples Retailing: 3.0%
Sumber Alfaria Trijaya Tbk PT		5,765,400		982,586
Food, Beverage & Tobacco: 7.4%
Charoen Pokphand Indonesia Tbk PT		2,131,400		773,678
First Pacific Co. Ltd.		601,250		179,103
Golden Agri-Resources Ltd.		1,086,400		202,483
Gudang Garam Tbk PT		136,400		157,765
Indofood CBP Sukses Makmur Tbk PT		654,600		420,347
Indofood Sukses Makmur Tbk PT		1,296,900		560,621
Japfa Comfeed Indonesia Tbk PT		1,558,900		129,625
				2,423,622
Health Care Equipment & Services: 1.0%
Mitra Keluarga Karyasehat Tbk PT		1,599,297		327,378
Household & Personal Products: 1.5%
Unilever Indonesia Tbk PT		1,690,500		510,656
Materials: 14.5%
Aneka Tambang Tbk		2,484,700		316,197
Avia Avian Tbk PT		4,575,500		185,166
Barito Pacific Tbk PT		8,065,116		391,045
Berkah Beton Sadaya Tbk PT		8,641,000		410,749
Bumi Resources Minerals Tbk PT *		23,874,400		243,965
Chandra Asri Petrochemical Tbk PT		2,044,536		337,489
Indah Kiat Pulp & Paper Tbk PT		759,600		425,615

	Number of Shares		Value
Materials (continued)
Indocement Tunggal Prakarsa Tbk PT		532,900	$	338,835
Merdeka Copper Gold Tbk PT *		3,703,795		978,516
Nickel Industries Ltd. †		435,701		287,154
Pabrik Kertas Tjiwi Kimia Tbk PT		367,900		166,537
Semen Indonesia Persero Tbk PT		981,062		414,304
Vale Indonesia Tbk PT *		616,400		280,394
				4,775,966
Media & Entertainment: 0.9%
Elang Mahkota Teknologi Tbk PT		4,522,900		298,909
Pharmaceuticals, Biotechnology & Life Sciences: 2.4%
Kalbe Farma Tbk PT		5,816,000		780,778
Real Estate: 1.7%
Bumi Serpong Damai Tbk PT *		2,501,700		147,706
Ciputra Development Tbk PT		2,576,995		155,633
Pakuwon Jati Tbk PT		4,410,400		129,151
Summarecon Agung Tbk PT		3,218,700		124,842
				557,332
Retailing: 5.1%
Bukalapak.com PT Tbk *		16,136,300		270,882
GoTo Gojek Tokopedia Tbk PT *		244,504,200		1,418,463
				1,689,345
Telecommunication Services: 10.2%
Indosat Tbk PT		333,500		132,370
Sarana Menara Nusantara Tbk PT		6,178,900		436,797
Smartfren Telecom Tbk PT *		32,544,500		138,223
Telkom Indonesia Persero Tbk PT (ADR) †		92,361		2,202,810
Tower Bersama Infrastructure Tbk PT		1,807,200		266,959
XL Axiata Tbk PT		1,235,575		169,824
				3,346,983
Transportation: 0.8%
Jasa Marga Persero Tbk PT *		643,250		123,106
Transcoal Pacific Tbk PT		295,400		150,864
				273,970
Utilities: 1.1%
Perusahaan Gas Negara Tbk PT		3,079,300		347,959
Total Common Stocks (Cost: $43,125,132)				32,886,403

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
Money Market Fund: 0.7%

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
(Cost: $214,156)
State Street Navigator Securities Lending Government Money Market Portfolio		214,156	$	214,156
Total Investments: 100.5% (Cost: $43,339,288)				33,100,559
Liabilities in excess of other assets: (0.5)%				(162,993	)
NET ASSETS: 100.0%			$	32,937,566


Definitions:

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		29.5	%	$	9,710,932
Materials		14.5			4,775,966
Energy		13.0			4,265,661
Consumer Staples		11.9			3,916,864
Consumer Discretionary		11.2			3,686,881
Communication Services		11.1			3,645,892
Health Care		3.4			1,108,156
Industrials		2.6			870,760
Real Estate		1.7			557,332
Utilities		1.1			347,959
		100.0	%	$	32,886,403

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	1,997,536	$	—	$	1,997,536
Banks		155,693		9,408,294		—		9,563,987
Capital Goods		—		596,790		—		596,790
Diversified Financials		—		146,945		—		146,945
Energy		850,839		3,414,822		—		4,265,661
Food & Staples Retailing		—		982,586		—		982,586
Food, Beverage & Tobacco		—		2,423,622		—		2,423,622
Health Care Equipment & Services		—		327,378		—		327,378
Household & Personal Products		—		510,656		—		510,656
Materials		595,915		4,180,051		—		4,775,966
Media & Entertainment		—		298,909		—		298,909
Pharmaceuticals, Biotechnology & Life Sciences		—		780,778		—		780,778
Real Estate		—		557,332		—		557,332
Retailing		—		1,689,345		—		1,689,345
Telecommunication Services		2,202,810		1,144,173		—		3,346,983
Transportation		—		273,970		—		273,970
Utilities		—		347,959		—		347,959
Money Market Fund		214,156		—		—		214,156
Total Investments	$	4,019,413	$	29,081,146	$	—	$	33,100,559

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Automobiles & Components: 0.8%
Mobileye Global, Inc. *		13,384	$	469,243
Banks: 17.5%
Bank Hapoalim BM		340,120		3,050,783
Bank Leumi Le-Israel BM		413,725		3,432,749
FIBI Holdings Ltd.		5,773		238,812
First International Bank Of Israel Ltd.		13,274		521,563
Israel Discount Bank Ltd.		331,507		1,733,776
Mizrahi Tefahot Bank Ltd.		41,872		1,346,296
				10,323,979
Capital Goods: 4.2%
Ashtrom Group Ltd.		8,928		166,870
Elbit Systems Ltd. †		6,920		1,135,157
Elco Ltd.		2,396		122,156
Electra Ltd.		325		174,840
Kornit Digital Ltd. *		14,186		325,853
Leonardo DRS, Inc. *		14,122		180,479
Shapir Engineering and Industry Ltd.		25,452		199,988
Shikun & Binui Ltd. *		56,379		156,714
				2,462,057
Commercial & Professional Services: 0.2%
Danel Adir Yeoshua Ltd.		1,201		93,915
Consumer Durables & Apparel: 0.4%
Delta Galil Ltd.		3,311		138,047
Maytronics Ltd.		12,617		125,020
				263,067
Consumer Services: 0.4%
888 Holdings Plc *		110,528		116,094
Fattal Holdings 1998 Ltd. *		1,585		133,090
				249,184
Diversified Financials: 1.5%
Isracard Ltd.		55,022		159,644
Plus500 Ltd.		27,384		591,562
Tel Aviv Stock Exchange Ltd.		25,645		153,254
				904,460
Energy: 2.3%
Delek Group Ltd. *		3,177		346,793
Energean Plc		33,822		528,711
Oil Refineries Ltd.		652,644		227,911
Paz Oil Co. Ltd. *		1,839		228,458
				1,331,873
Food & Staples Retailing: 0.7%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,430		169,280
Shufersal Ltd.		38,751		222,221
				391,501
Food, Beverage & Tobacco: 0.5%
Strauss Group Ltd.		11,446		301,480
Health Care Equipment & Services: 4.1%
Inmode Ltd. *		25,365		905,531
Nano-X Imaging Ltd. *		15,780		116,456
Novocure Ltd. * †		16,377		1,201,253
OPKO Health, Inc. * †		144,164		180,205
				2,403,445

	Number of Shares		Value
Insurance: 2.9%
Clal Insurance Enterprises Holdings Ltd. *		18,340	$	307,419
Harel Insurance Investments & Financial Services Ltd.		37,952		332,162
Lemonade, Inc. * †		16,424		224,680
Menora Mivtachim Holdings Ltd.		7,137		138,074
Migdal Insurance & Financial Holdings Ltd. *		128,706		146,306
Phoenix Holdings Ltd.		51,380		545,955
				1,694,596
Materials: 3.1%
ICL Group Ltd.		192,419		1,406,583
Israel Corp. Ltd.		1,280		447,714
				1,854,297
Media & Entertainment: 1.4%
Perion Network Ltd. *		13,636		344,991
Playtika Holding Corp. *		24,501		208,503
Taboola.com Ltd. * †		51,562		158,811
Tremor International Ltd. (ADR) * †		14,007		90,345
				802,650
Pharmaceuticals, Biotechnology & Life Sciences: 5.3%
Taro Pharmaceutical Industries Ltd. *		2,805		81,457
Teva Pharmaceutical Industries Ltd. (ADR) *		331,551		3,023,745
				3,105,202
Real Estate: 5.3%
Airport City Ltd. *		15,593		248,755
Alony Hetz Properties & Investments Ltd.		34,751		352,784
Amot Investments Ltd.		44,627		261,133
Azrieli Group Ltd.		12,342		819,940
Big Shopping Centers Ltd. *		2,845		290,062
Gav-Yam Lands Corp. Ltd.		9,462		73,659
Israel Canada T.R Ltd.		30,794		66,534
Mega Or Holdings Ltd.		2,844		77,682
Melisron Ltd.		6,766		483,228
Mivne Real Estate KD Ltd.		112,094		355,171
Summit Real Estate Holdings Ltd.		7,770		98,043
				3,126,991
Retailing: 1.8%
Delek Automotive Systems Ltd.		10,856		126,693
Fiverr International Ltd. * †		9,949		289,914
Fox Wizel Ltd.		1,343		121,814
Global-e Online Ltd. *		22,293		460,128
Tadiran Group Ltd.		874		87,015
				1,085,564
Semiconductors & Semiconductor Equipment: 12.2%
Camtek Ltd. * †		7,980		175,241
CEVA, Inc. *		5,742		146,880
Nova Ltd. * †		7,909		646,007
SolarEdge Technologies, Inc. *		17,065		4,834,003

See Notes to Financial Statements

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Tower Semiconductor Ltd. *		32,715	$	1,413,288
				7,215,419
Software & Services: 27.5%
Amdocs Ltd.		28,961		2,632,555
Check Point Software Technologies Ltd. *		29,780		3,757,045
CyberArk Software Ltd. *		12,017		1,558,004
Formula Systems 1985 Ltd.		1,143		82,308
Hilan Ltd.		3,031		149,703
JFrog Ltd. *		22,454		478,944
LivePerson, Inc. * †		14,565		147,689
Magic Software Enterprises Ltd.		6,159		97,620
Matrix IT Ltd.		7,467		155,123
Monday.com Ltd. *		5,181		632,082
Nice Ltd. (ADR) * †		16,164		3,108,337
One Software Technologies Ltd.		7,521		104,468
Payoneer Global, Inc. * †		60,586		331,405
Sapiens International Corp. NV		9,747		180,124
SentinelOne, Inc. * †		52,496		765,917
Varonis Systems, Inc. *		24,677		590,767
Verint Systems, Inc. *		14,157		513,616
Wix.com Ltd. *		11,965		919,271
				16,204,978
Technology Hardware & Equipment: 1.5%
AudioCodes Ltd.		7,437		133,048
Gilat Satellite Networks Ltd. * †		15,171		87,992
Nano Dimension Ltd. (ADR) * †		84,407		194,136
Radware Ltd. *		11,052		218,277
Stratasys Ltd. *		18,492		219,315
				852,768

	Number of Shares		Value
Telecommunication Services: 2.5%
Bezeq The Israeli Telecommunication Corp. Ltd.		684,851	$	1,170,406
Cellcom Israel Ltd. *		22,372		116,877
Partner Communications Co. Ltd. *		25,268		182,151
				1,469,434
Transportation: 0.8%
ZIM Integrated Shipping Services Ltd. †		27,782		477,573
Utilities: 3.1%
Energix-Renewable Energies Ltd.		63,183		198,366
Enlight Renewable Energy Ltd. *		189,529		383,958
Kenon Holdings Ltd.		5,118		167,986
OPC Energy Ltd. *		15,226		169,620
Ormat Technologies, Inc.		10,457		904,321
				1,824,251
Total Common Stocks (Cost: $50,380,123)				58,907,927

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,025,144)
State Street Navigator Securities Lending Government Money Market Portfolio		1,025,144		1,025,144
Total Investments: 101.7% (Cost: $51,405,267)				59,933,071
Liabilities in excess of other assets: (1.7)%				(1,011,942	)
NET ASSETS: 100.0%			$	58,921,129

Definitions:

ADR	American Depositary Receipt

Footnotes:

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		41.2	%	$	24,273,165
Financials		21.9			12,923,035
Health Care		9.4			5,508,647
Real Estate		5.3			3,126,991
Industrials		5.2			3,033,545
Communication Services		3.9			2,272,084
Consumer Discretionary		3.4			2,067,058
Materials		3.1			1,854,297
Utilities		3.1			1,824,251
Energy		2.3			1,331,873
Consumer Staples		1.2			692,981
		100.0	%	$	58,907,927

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	469,243	$	—	$	—	$	469,243
Banks		—		10,323,979		—		10,323,979
Capital Goods		1,641,489		820,568		—		2,462,057
Commercial & Professional Services		—		93,915		—		93,915
Consumer Durables & Apparel		—		263,067		—		263,067
Consumer Services		—		249,184		—		249,184
Diversified Financials		—		904,460		—		904,460
Energy		—		1,331,873		—		1,331,873
Food & Staples Retailing		—		391,501		—		391,501
Food, Beverage & Tobacco		—		301,480		—		301,480
Health Care Equipment & Services		2,403,445		—		—		2,403,445
Insurance		224,680		1,469,916		—		1,694,596
Materials		1,406,583		447,714		—		1,854,297
Media & Entertainment		802,650		—		—		802,650
Pharmaceuticals, Biotechnology & Life Sciences		3,105,202		—		—		3,105,202
Real Estate		—		3,126,991		—		3,126,991
Retailing		750,042		335,522		—		1,085,564
Semiconductors & Semiconductor Equipment		7,215,419		—		—		7,215,419
Software & Services		15,713,376		491,602		—		16,204,978
Technology Hardware & Equipment		852,768		—		—		852,768
Telecommunication Services		—		1,469,434		—		1,469,434
Transportation		477,573		—		—		477,573
Utilities		904,321		919,930		—		1,824,251
Money Market Fund		1,025,144		—		—		1,025,144
Total Investments	$	36,991,935	$	22,941,136	$	—	$	59,933,071

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.5%
Banks: 6.2%
Bank for Foreign Trade of Vietnam JSC *		5,373,545	$	18,248,108
Saigon - Hanoi Commercial Joint Stock Bank *		12,770,500		5,390,152
Saigon Thuong Tin Commercial JSB *		2,140,400		2,041,692
				25,679,952
Capital Goods: 4.9%
Development Investment Construction JSC *		5,309,986		3,215,570
Gelex Group JSC		6,446,564		3,370,388
Ha Do Group JSC		1,481,120		1,968,692
Hoang Huy Investment Financial Services JSC		6,070,120		1,746,589
IDICO Corp. JSC		2,747,710		3,694,694
JAKS Resources Bhd *		33,413,900		1,781,981
Tasco JSC *		3,233,000		1,933,629
Vietnam Construction and Import-Export JSC		3,402,190		2,487,809
				20,199,352
Consumer Durables & Apparel: 13.1%
Eclat Textile Co. Ltd.		1,234,160		19,812,074
Feng TAY Enterprise Co. Ltd.		3,123,000		20,922,604
Hansae Co. Ltd. †		312,545		3,837,643
Taiwan Paiho Ltd.		5,094,000		9,394,527
				53,966,848
Diversified Financials: 8.0%
Sai Gon-Ha Noi Securities JSC *		6,617,850		2,358,004
SSI Securities Corp.		17,475,408		13,079,375
Viet Capital Securities JSC		5,439,550		5,350,941
VIX Securities JSC		9,364,780		2,570,512
VNDirect Securities Corp.		17,057,480		9,739,839
				33,098,671
Energy: 1.3%
PetroVietnam Drilling & Well Services JSC *		3,471,588		2,627,355
PetroVietnam Technical Services Corp.		2,895,000		2,627,911
				5,255,266
Food, Beverage & Tobacco: 18.1%
HAGL JSC *		8,249,000		3,200,267
Hoang Anh Gia Lai International Agriculture JSC *		10,070,400		1,776,346
KIDO Group Corp.		1,265,630		3,489,542
Masan Group Corp.		5,119,776		20,187,170
Saigon Beer Alcohol Beverage Corp.		1,213,000		8,589,964
Thanh Thanh Cong - Bien Hoa JSC *		6,544,081		4,021,574
Vietnam Dairy Products JSC		8,775,241		28,324,458

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Vinh Hoan Corp.		1,736,000	$	5,130,541
				74,719,862
Health Care Equipment & Services: 4.5%
Mani, Inc.		1,218,500		18,578,836
Insurance: 0.9%
Bao Viet Holdings		1,826,396		3,607,840
Materials: 8.9%
Duc Giang Chemicals JSC		2,444,232		6,104,408
Hoa Phat Group JSC		31,916,297		24,363,854
Hoa Sen Group *		4,867,140		2,378,116
Petrovietnam Fertilizer & Chemicals JSC		2,296,700		4,174,353
				37,020,731
Real Estate: 21.2%
Khang Dien House Trading and Investment JSC *		1,899,240		2,128,741
Kinh Bac City Development Holding Corp. *		4,649,200		4,752,344
No Va Land Investment Group Corp. *		14,026,058		8,329,366
Phat Dat Real Estate Development Corp. *		5,084,400		2,933,100
Van Phu - Invest Investment JSC *		2,015,960		4,602,125
Vincom Retail JSC *		7,311,522		8,151,120
Vingroup JSC *		11,619,749		26,470,456
Vinhomes JSC 144A		14,907,067		30,303,048
				87,670,300
Technology Hardware & Equipment: 9.9%
BH Co. Ltd. * †		506,526		9,023,699
Dreamtech Co. Ltd. *		551,685		3,996,376
INTOPS Co. Ltd.		217,588		4,790,792
KH Vatec Co. Ltd. * †		339,182		3,746,522
Mcnex Co. Ltd.		250,843		5,555,707
Seojin System Co. Ltd. * †		482,413		6,708,490
Synopex, Inc. *		1,269,006		2,503,109
UTI, Inc. *		224,221		4,596,913
				40,921,608
Transportation: 1.5%
Vietjet Aviation JSC *		1,332,640		6,200,180
Utilities: 1.0%
PetroVietnam Power Corp. *		8,864,610		3,999,479
Total Common Stocks (Cost: $420,078,920)				410,918,925

EXCHANGE TRADED FUND:0.0% (Cost: $42,158)
DCVFMVN Diamond ETF		62,610		59,573

Total Investments: 99.5% (Cost: $420,121,078)				410,978,498
Other assets less liabilities: 0.5%				2,091,039
NET ASSETS: 100.0%			$	413,069,537

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,862,078.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $30,303,048, or 7.3% of net assets.

Summary of Investments by Sector	% of Investments			Value
Real Estate		21.3	%	$	87,670,300
Consumer Staples		18.2			74,719,862
Financials		15.2			62,386,463
Consumer Discretionary		13.1			53,966,848
Information Technology		10.0			40,921,608
Materials		9.0			37,020,731
Industrials		6.4			26,399,532
Health Care		4.5			18,578,836
Energy		1.3			5,255,266
Utilities		1.0			3,999,479
Exchange Traded Fund		0.0			59,573
		100.0	%	$	410,978,498

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	25,679,952	$	—	$	25,679,952
Capital Goods		5,628,323		14,571,029		—		20,199,352
Consumer Durables & Apparel		—		53,966,848		—		53,966,848
Diversified Financials		2,358,004		30,740,667		—		33,098,671
Energy		2,627,911		2,627,355		—		5,255,266
Food, Beverage & Tobacco		3,489,542		71,230,320		—		74,719,862
Health Care Equipment & Services		—		18,578,836		—		18,578,836
Insurance		—		3,607,840		—		3,607,840
Materials		—		37,020,731		—		37,020,731
Real Estate		11,262,466		76,407,834		—		87,670,300
Technology Hardware & Equipment		—		40,921,608		—		40,921,608
Transportation		—		6,200,180		—		6,200,180
Utilities		—		3,999,479		—		3,999,479
Exchange Traded Fund		—		59,573		—		59,573
Total Investments	$	25,366,246	$	385,612,252	$	—	$	410,978,498

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	45,744,163		$	25,246,010		$	15,199,438		$	20,346,607
Short-term investments held as collateral for securities loaned (3)		1,102,056			1,315,000			8			—
Cash		—			233,062			41,567			—
Cash denominated in foreign currency, at value (4)		3,973,280			982,523			31,338			93,494	(a)
Receivables:
Shares of beneficial interest sold		40,327			—			—			—
Due from Adviser		—			—			23,492			37,518
Dividends and interest		11,065			77,605			2,589			—
Prepaid expenses		1,234			1,104			1,046			1,111
Total assets		50,872,125			27,855,304			15,299,478			20,478,730
Liabilities:
Payables:
Investment securities purchased		26,673			1,204,450			—			—
Collateral for securities loaned		1,102,056			1,315,000			8			—
Line of credit		1,999,836			—			—			—
Due to Adviser		20,262			10,464			—			—
Due to custodian		1,763,285			—			—			73,296
Deferred Trustee fees		12,276			33,084			5,349			1,184
Accrued expenses		87,687			67,551			81,618			79,534
Total liabilities		5,012,075			2,630,549			86,975			154,014
NET ASSETS	$	45,860,050		$	25,224,755		$	15,212,503		$	20,324,716
Shares outstanding		2,900,000			1,850,000			600,000			650,000
Net asset value, redemption and offering price per share	$	15.81		$	13.64		$	25.35		$	31.27
Net Assets consist of:
Aggregate paid in capital	$	116,281,448		$	195,111,461		$	20,774,307		$	21,540,098
Total distributable earnings (loss)		(70,421,398	)		(169,886,706	)		(5,561,804	)		(1,215,382	)
NET ASSETS	$	45,860,050		$	25,224,755		$	15,212,503		$	20,324,716
(1) Value of securities on loan	$	3,236,707		$	1,864,249		$	101,895		$	—
(2) Cost of investments - Unaffiliated issuers	$	44,299,767		$	33,264,417		$	16,930,683		$	17,606,453
(3) Cost of short-term investments held as collateral for securities loaned	$	1,102,056		$	1,315,000		$	8		$	—
(4) Cost of cash denominated in foreign currency	$	4,751,898		$	982,509		$	30,974		$	94,540

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Digital India ETF			Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,390,229		$	22,971,237		$	51,319,271		$	32,886,403
Short-term investments held as collateral for securities loaned (3)		—			—			—			214,156
Cash		109			2,432,301			150,040			179,555
Cash denominated in foreign currency, at value (4)		197			2,109,842			29,215			—
Receivables:
Shares of beneficial interest sold		—			8,208			1,210			—
Due from Adviser		—			—			—			177
Dividends and interest		—			21,351			6,273			1,255
Prepaid expenses		—			1,032			1,274			2,142
Total assets		1,390,535			27,543,971			51,507,283			33,283,688
Liabilities:
Payables:
Collateral for securities loaned		—			—			—			214,156
Line of credit		—			4,502,867			—			—
Due to Adviser		918			19,815			22,114			—
Due to custodian		—			—			—			17,935
Deferred Trustee fees		—			5,418			13,968			27,695
Accrued expenses		—			59,053			100,292			86,336
Total liabilities		918			4,587,153			136,374			346,122
NET ASSETS	$	1,389,617		$	22,956,818		$	51,370,909		$	32,937,566
Shares outstanding		50,000			1,124,974			1,574,967			1,900,000
Net asset value, redemption and offering price per share	$	27.79		$	20.41		$	32.62		$	17.34
Net Assets consist of:
Aggregate paid in capital	$	1,815,466		$	63,548,286		$	129,541,203		$	162,309,857
Total distributable earnings (loss)		(425,849	)		(40,591,468	)		(78,170,294	)		(129,372,291	)
NET ASSETS	$	1,389,617		$	22,956,818		$	51,370,909		$	32,937,566
(1) Value of securities on loan	$	—		$	—		$	—		$	1,005,397
(2) Cost of investments - Unaffiliated issuers	$	1,747,837		$	23,089,541		$	47,460,393		$	43,125,132
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	—		$	214,156
(4) Cost of cash denominated in foreign currency	$	197		$	2,113,268		$	29,205		$	—

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Israel ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	58,907,927		$	410,978,498
Short-term investments held as collateral for securities loaned (3)		1,025,144			—
Cash		66,863			822,345
Cash denominated in foreign currency, at value (4)		—			4,683,603
Receivables:
Shares of beneficial interest sold		—			335,928
Dividends and interest		17,767			1,565,879
Prepaid expenses		2,240			7,122
Total assets		60,019,941			418,393,375
Liabilities:
Payables:
Investment securities purchased		—			4,882,601
Collateral for securities loaned		1,025,144			—
Due to Adviser		20,601			174,143
Due to custodian		11			—
Deferred Trustee fees		4,309			49,256
Accrued expenses		48,747			217,838
Total liabilities		1,098,812			5,323,838
NET ASSETS	$	58,921,129		$	413,069,537
Shares outstanding		1,650,000			35,150,000
Net asset value, redemption and offering price per share	$	35.71		$	11.75
Net Assets consist of:
Aggregate paid in capital	$	60,976,162		$	770,868,112
Total distributable earnings (loss)		(2,055,033	)		(357,798,575	)
NET ASSETS	$	58,921,129		$	413,069,537
(1) Value of securities on loan	$	6,492,363		$	3,862,078
(2) Cost of investments - Unaffiliated issuers	$	50,380,123		$	420,121,078
(3) Cost of short-term investments held as collateral for securities loaned	$	1,025,144		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	4,665,956

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Income:
Dividends	$	2,492,044		$	991,148		$	453,727		$	113,784
Interest		12			—			12,840			4,022
Securities lending income		43,967			39,404			2,817			—
Foreign taxes withheld		(266,401	)		(55,287	)		(33,896	)		(11,688	)
Total income		2,269,622			975,265			435,488			106,118
Expenses:
Management fees		265,905			147,700			91,730			124,671
Professional fees		39,129			38,969			33,957			63,391
Custody and accounting fees		69,993			43,917			35,056			45,407
Reports to shareholders		11,988			3,955			5,083			10,918
Trustees’ fees and expenses		1,230			609			486			750
Registration fees		5,937			5,937			4,580			8,270
Insurance		2,425			2,379			1,636			2,372
Interest and taxes		121,525			1,065			39,706			55,610
Other		3,053			533			587			1,489
Total expenses		521,185			245,064			212,821			312,878
Waiver of management fees		—			(69,706	)		(91,730	)		(124,671	)
Expenses assumed by the Adviser		—			—			(10,930	)		(26,077	)
Net expenses		521,185			175,358			110,161			162,130
Net investment income (loss)		1,748,437			799,907			325,327			(56,012	)

Net realized gain (loss) on:
Investments		(4,088,310	)		(1,546,157	)		(3,715,135	)		(3,574,107	)
In-kind redemptions		191,465			47,871			(182,451	)		—
Increase from payment from Advisor (See Note 3)		—			—			22,940			—
Foreign currency transactions and foreign denominated assets and liabilities		(168,305	)		(3,824	)		(3,812	)		(66,777	)
Net realized loss		(4,065,150	)		(1,502,110	)		(3,878,458	)		(3,640,884	)

Net change in unrealized appreciation (depreciation) on:
Investments		(7,790,943	)		(2,566,170	)		(4,265,341	)		(9,384,706	)
Foreign currency translations and foreign denominated assets and liabilities		(733,349	)		2,439			(7,025	)		(4,554	)
Net change in unrealized appreciation (depreciation)		(8,524,292	)		(2,563,731	)		(4,272,366	)		(9,389,260	)
Net Decrease in Net Assets Resulting from Operations	$	(10,841,005	)	$	(3,265,934	)	$	(7,825,497	)	$	(13,086,156	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Digital India ETF (a)			Egypt Index ETF			India Growth Leaders ETF (b)			Indonesia Index ETF
Income:
Dividends	$	21,590		$	734,155		$	1,736,087		$	1,918,317
Interest		—			1,475			2,056			2,233
Securities lending income		—			410			—			535
Foreign taxes withheld		(4,122	)		(35,094	)		(363,921	)		(342,099	)
Total income		17,468			700,946			1,374,222			1,578,986
Expenses:
Management fees		10,128			84,239			281,518			281,236
Professional fees		—			36,097			51,785			37,877
Custody and accounting fees		—			35,455			54,186			42,230
Reports to shareholders		—			4,040			5,196			4,934
Trustees’ fees and expenses		—			355			6,597			1,253
Registration fees		—			5,937			4,569			5,937
Insurance		—			1,508			2,530			2,295
Interest and taxes		118			50,401			35,199			663
Other		—			9,091			6,883			955
Total expenses		10,246			227,123			448,463			377,380
Waiver of management fees		—			(18,353	)		—			(56,101	)
Net expenses		10,246			208,770			448,463			321,279
Net investment income		7,222			492,176			925,759			1,257,707

Net realized gain (loss) on:
Investments		(68,176	)		(1,511,415	)		1,428,008			(5,494,998	)
In-kind redemptions		—			35,058			485,407			4,472,124
Foreign currency transactions and foreign denominated assets and liabilities		6,212			(270,570	)		(351,827	)		(19,579	)
Net realized gain (loss)		(61,964	)		(1,746,927	)		1,561,588			(1,042,453	)

Net change in unrealized appreciation (depreciation) on:
Investments		(357,607	)		(3,995,557	)		(19,322,983	)		(4,318,178	)
Foreign currency translations and foreign denominated assets and liabilities		—			(7,606	)		(1,991	)		(155	)
Net change in unrealized appreciation (depreciation)		(357,607	)		(4,003,163	)		(19,324,974	)		(4,318,333	)
Net Decrease in Net Assets Resulting from Operations	$	(412,349	)	$	(5,257,914	)	$	(16,837,627	)	$	(4,103,079	)

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Israel ETF			Vietnam ETF
Income:
Dividends	$	1,650,725		$	7,918,666
Interest		1,221			32,874
Securities lending income		125,422			92,011
Foreign taxes withheld		(369,397	)		(456,178	)
Total income		1,407,971			7,587,373
Expenses:
Management fees		339,749			2,120,507
Professional fees		36,128			57,027
Custody and accounting fees		37,579			318,908
Reports to shareholders		5,617			38,501
Trustees’ fees and expenses		1,813			9,388
Registration fees		5,937			960
Insurance		3,232			9,911
Interest and taxes		2,211			258,144
Other		602			457
Total expenses		432,868			2,813,803
Waiver of management fees		(29,747	)		—
Net expenses		403,121			2,813,803
Net investment income		1,004,850			4,773,570

Net realized gain (loss) on:
Investments		(2,646,009	)		(55,476,093	)
In-kind redemptions		474,851			321,029
Foreign currency transactions and foreign denominated assets and liabilities		(9,595	)		(1,031,762	)
Net realized loss		(2,180,753	)		(56,186,826	)

Net change in unrealized appreciation (depreciation) on:
Investments		(19,705,769	)		(200,784,341	)
Foreign currency translations and foreign denominated assets and liabilities		(31	)		(211	)
Net change in unrealized appreciation (depreciation)		(19,705,800	)		(200,784,552	)
Net Decrease in Net Assets Resulting from Operations	$	(20,881,703	)	$	(252,197,808	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Brazil Small-Cap ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	1,748,437		$	1,512,749		$	799,907		$	1,031,653
Net realized gain (loss)		(4,065,150	)		607,063			(1,502,110	)		4,567,945
Net change in unrealized appreciation (depreciation)		(8,524,292	)		(935,663	)		(2,563,731	)		(14,729,558	)
Net increase (decrease) in net assets resulting from operations		(10,841,005	)		1,184,149			(3,265,934	)		(9,129,960	)
Distributions to shareholders from:
Distributable earnings		(1,670,110	)		(2,475,050	)		(971,850	)		(951,015	)
Return of capital		—			—			(3,075	)		—
Total distributions		(1,670,110	)		(2,475,050	)		(974,925	)		(951,015	)

Share transactions*:
Proceeds from sale of shares		—			13,099,656			1,379,038			976,221
Cost of shares redeemed		(817,849	)		(5,051,376	)		(3,800,241	)		(13,670,320	)
Increase (decrease) in net assets resulting from share transactions		(817,849	)		8,048,280			(2,421,203	)		(12,694,099	)
Total increase (decrease) in net assets		(13,328,964	)		6,757,379			(6,662,062	)		(22,775,074	)
Net Assets, beginning of year		59,189,014			52,431,635			31,886,817			54,661,891
Net Assets, end of year	$	45,860,050		$	59,189,014		$	25,224,755		$	31,886,817
*Shares of Common Stock Issued (no par value)
Shares sold		—			600,000			100,000			50,000
Shares redeemed		(50,000	)		(250,000	)		(200,000	)		(650,000	)
Net increase (decrease)		(50,000	)		350,000			(100,000	)		(600,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Growth Leaders ETF						ChiNext ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income (loss)	$	325,327		$	209,347		$	(56,012	)	$	(56,408	)
Net realized gain (loss)		(3,901,398	)		2,246,096			(3,640,884	)		15,492,912
Increase from payment from Advisor (See Note 3)		22,940			—			—			19,569
Net change in unrealized appreciation (depreciation)		(4,272,366	)		(7,717,109	)		(9,389,260	)		(11,688,824	)
Net increase (decrease) in net assets resulting from operations		(7,825,497	)		(5,261,666	)		(13,086,156	)		3,767,249
Distributions to shareholders from:
Distributable earnings		(345,000	)		(1,404,410	)		—			(3,198,624	)
Return of capital		—			—			—			(601,386	)
Total distributions		(345,000	)		(1,404,410	)		—			(3,800,010	)

Share transactions*:
Cost of shares redeemed		(3,181,758	)		(18,287,121	)		(7,788,438	)		(7,716,947	)
Decrease in net assets resulting from share transactions		(3,181,758	)		(18,287,121	)		(7,788,438	)		(7,716,947	)
Total decrease in net assets		(11,352,255	)		(24,953,197	)		(20,874,594	)		(7,749,708	)
Net Assets, beginning of year		26,564,758			51,517,955			41,199,310			48,949,018
Net Assets, end of year	$	15,212,503		$	26,564,758		$	20,324,716		$	41,199,310
*Shares of Common Stock Issued (no par value)
Shares redeemed		(100,000	)		(400,000	)		(200,000	)		(150,000	)
Net decrease		(100,000	)		(400,000	)		(200,000	)		(150,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital India ETF			Egypt Index ETF
	Period Ended December 31, 2022 (a)			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	7,222		$	492,176		$	629,784
Net realized loss		(61,964	)		(1,746,927	)		(1,215,585	)
Net change in unrealized appreciation (depreciation)		(357,607	)		(4,003,163	)		2,368,154
Net increase (decrease) in net assets resulting from operations		(412,349	)		(5,257,914	)		1,782,353
Distributions to shareholders from:
Distributable earnings		(13,500	)		(300,031	)		(565,063	)

Share transactions*:
Proceeds from sale of shares		1,815,466			9,835,882			10,557,639
Cost of shares redeemed		—			(2,992,178	)		(9,316,583	)
Increase in net assets resulting from share transactions		1,815,466			6,843,704			1,241,056
Total increase in net assets		1,389,617			1,285,759			2,458,346
Net Assets, beginning of period		—			21,671,059			19,212,713
Net Assets, end of period	$	1,389,617		$	22,956,818		$	21,671,059
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			475,000			425,000
Shares redeemed		—			(150,000	)		(375,000	)
Net increase		50,000			325,000			50,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	India Growth Leaders ETF (a)						Indonesia Index ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	925,759		$	163,404		$	1,257,707		$	521,549
Net realized gain (loss)		1,561,588			14,403,481			(1,042,453	)		(5,923,730	)
Net change in unrealized appreciation (depreciation)		(19,324,974	)		4,822,915			(4,318,333	)		4,485,428
Net increase (decrease) in net assets resulting from operations		(16,837,627	)		19,389,800			(4,103,079	)		(916,753	)
Distributions to shareholders from:
Distributable earnings		(875,052	)		—			(1,200,040	)		(570,015	)

Share transactions*:
Proceeds from sale of shares		8,391,562			2,036,081			37,473,208			26,398,550
Cost of shares redeemed		(17,649,066	)		(11,443,172	)		(53,056,741	)		(6,936,585	)
Increase (decrease) in net assets resulting from share transactions		(9,257,504	)		(9,407,091	)		(15,583,533	)		19,461,965
Total increase (decrease) in net assets		(26,970,183	)		9,982,709			(20,886,652	)		17,975,197
Net Assets, beginning of year		78,341,092			68,358,383			53,824,218			35,849,021
Net Assets, end of year	$	51,370,909		$	78,341,092		$	32,937,566		$	53,824,218
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			50,000			1,800,000			1,300,000
Shares redeemed		(500,000	)		(300,000	)		(2,600,000	)		(350,000	)
Net increase (decrease)		(250,000	)		(250,000	)		(800,000	)		950,000

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Israel ETF						Vietnam ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	1,004,850		$	463,888		$	4,773,570		$	3,102,974
Net realized gain (loss)		(2,180,753	)		5,192,896			(56,186,826	)		48,603,835
Net change in unrealized appreciation (depreciation)		(19,705,800	)		1,978,244			(200,784,552	)		56,165,880
Net increase (decrease) in net assets resulting from operations		(20,881,703	)		7,635,028			(252,197,808	)		107,872,689
Distributions to shareholders from:
Distributable earnings		(799,920	)		(1,025,145	)		(3,867,660	)		(2,850,715	)

Share transactions*:
Proceeds from sale of shares		1,155,251			5,887,632			130,365,153			41,690,264
Cost of shares redeemed		(1,016,637	)		(7,100,586	)		(51,914,363	)		(13,317,449	)
Increase (decrease) in net assets resulting from share transactions		138,614			(1,212,954	)		78,450,790			28,372,815
Total increase (decrease) in net assets		(21,543,009	)		5,396,929			(177,614,678	)		133,394,789
Net Assets, beginning of year		80,464,138			75,067,209			590,684,215			457,289,426
Net Assets, end of year	$	58,921,129		$	80,464,138		$	413,069,537		$	590,684,215
*Shares of Common Stock Issued (no par value)
Shares sold		25,000			125,000			10,700,000			2,200,000
Shares redeemed		(25,000	)		(150,000	)		(3,200,000	)		(650,000	)
Net increase (decrease)		—			(25,000	)		7,500,000			1,550,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Africa Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	20.06		$	20.17		$	20.50		$	20.08		$	24.81
Net investment income (a)		0.60			0.53			0.52			1.09			0.57
Net realized and unrealized gain (loss) on investments		(4.27	)		0.20	(b)		(0.05	)		0.62			(4.96	)
Total from investment operations		(3.67	)		0.73			0.47			1.71			(4.39	)
Distributions from:
Net investment income		(0.58	)		(0.84	)		(0.80	)		(1.29	)		(0.34	)
Net asset value, end of year	$	15.81		$	20.06		$	20.17		$	20.50		$	20.08
Total return (c)		(18.34	)%		3.69	%		2.29	%		8.52	%		(17.70	)%

Ratios to average net assets
Gross expenses		0.98	%		0.77	%		0.92	%		0.90	%		0.91	%
Net expenses		0.98	%		0.77	%		0.79	%		0.79	%		0.78	%
Net expenses excluding interest and taxes		0.75	%		0.77	%		0.78	%		0.78	%		0.78	%
Net investment income		3.29	%		2.50	%		3.00	%		5.13	%		2.44	%
Supplemental data
Net assets, end of year (in millions)		$46			$59			$52			$50			$55
Portfolio turnover rate (d)		33	%		37	%		37	%		46	%		23	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Brazil Small-Cap ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	16.35		$	21.44		$	27.50		$	20.09		$	23.33
Net investment income (a)		0.44			0.48			0.33			0.58			0.68
Net realized and unrealized gain (loss) on investments		(2.59	)		(5.08	)		(6.04	)		7.42			(3.34	)
Payment from Adviser		—			—			—			0.11	(b)		—
Total from investment operations		(2.15	)		(4.60	)		(5.71	)		8.11			(2.66	)
Distributions from:
Net investment income		(0.56	)		(0.49	)		(0.35	)		(0.70	)		(0.58	)
Return of capital		—	(c)		—			—			—			—
Total distributions		(0.56	)		(0.49	)		(0.35	)		(0.77	)		(0.58	)
Net asset value, end of year	$	13.64		$	16.35		$	21.44		$	27.50		$	20.09
Total return (d)		(13.30	)%		(21.38	)%		(20.75	)%		40.81	%(b)		(11.66	)%

Ratios to average net assets
Gross expenses		0.83	%(e)		0.84	%(e)		0.84	%		0.73	%		0.73	%
Net expenses		0.59	%(e)		0.59	%(e)		0.60	%		0.63	%		0.60	%
Net expenses excluding interest and taxes		0.59	%(e)		0.59	%(e)		0.59	%		0.59	%		0.59	%
Net investment income		2.71	%(e)		2.32	%(e)		1.73	%		2.52	%		3.25	%
Supplemental data
Net assets, end of year (in millions)		$25			$32			$55			$98			$88
Portfolio turnover rate (f)		42	%		56	%		31	%		38	%		45	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3).
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	China Growth Leaders ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	37.95		$	46.83		$	42.14		$	31.58		$	48.37
Net investment income (a)		0.52			0.26			0.38			0.63			0.41
Net realized and unrealized gain (loss) on investments		(12.58	)		(7.13	)		10.29			10.55			(14.35	)
Payment from Adviser		0.04	(b)		—			0.05	(c)		—			—
Total from investment operations		(12.02	)		(6.87	)		10.72			11.18			(13.94	)
Distributions from:
Net investment income		(0.58	)		(0.36	)		(0.07	)		(0.62	)		(0.31	)
Net realized capital gains		—			(1.65	)		(5.96	)		—			(2.54	)
Total distributions		(0.58	)		(2.01	)		(6.03	)		(0.62	)		(2.85	)
Net asset value, end of year	$	25.35		$	37.95		$	46.83		$	42.14		$	31.58
Total return (d)		(31.65	)%(b)		(14.67	)%		25.95	%(c)		35.40	%		(28.79	)%

Ratios to average net assets
Gross expenses		1.16	%		1.40	%		1.27	%		1.07	%		1.17	%
Net expenses		0.60	%		0.60	%		0.60	%		0.61	%		0.85	%
Net expenses excluding interest and taxes (e)		0.60	%		0.60	%		0.60	%		0.61	%		0.72	%
Net investment income		1.77	%		0.57	%		0.90	%		1.60	%		0.95	%
Supplemental data
Net assets, end of year (in millions)		$15			$27			$52			$67			$54
Portfolio turnover rate (f)		73	%		59	%		199	%		42	%		34	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2022, 0.11% of total return, representing $0.04 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3).
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	ChiNext ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	48.47		$	48.95		$	29.81		$	20.97		$	34.79
Net investment income (loss) (a)		(0.08	)		(0.06	)		0.03			0.10			0.03
Net realized and unrealized gain (loss) on investments		(17.12	)		4.03			19.09			8.88			(13.85	)
Payment from Adviser		—			0.02	(b)		0.02	(c)		—			—
Total from investment operations		(17.20	)		3.99			19.14			8.98			(13.82	)
Distributions from:
Net investment income		—			—			—	(d)		(0.14	)		—
Net realized capital gains		—			(3.74	)		—			—			—
Return of capital		—			(0.73	)		—			—			—
Total distributions		—			(4.47	)		—			(0.14	)		—
Net asset value, end of year	$	31.27		$	48.47		$	48.95		$	29.81		$	20.97
Total return (e)		(35.49	)%		8.21	%(b)		64.23	%(c)		42.80	%		(39.72	)%

Ratios to average net assets
Gross expenses		1.25	%		0.89	%		1.15	%		1.08	%		1.33	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.82	%
Net expenses excluding interest and taxes (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.78	%
Net investment income (loss)		(0.22	)%		(0.12	)%		0.07	%		0.39	%		0.09	%
Supplemental data
Net assets, end of year (in millions)		$20			$41			$49			$30			$16
Portfolio turnover rate (g)		10	%		59	%		96	%		43	%		36	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(d)	Amount represents less than $0.005 per share.
(e)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(f)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital India ETF

	Period Ended December 31, 2022(a)

Net asset value, beginning of period	$	36.25
Net investment income (b)		0.14
Net realized and unrealized loss on investments		(8.33	)
Total from investment operations		(8.19	)
Distributions from:
Net investment income		(0.27	)
Net asset value, end of period	$	27.79
Total return (c)		(22.56	)%(d)

Ratios to average net assets
Expenses		0.76	%(e)
Expenses excluding interest		0.75	%(e)
Net investment income		0.53	%(e)
Supplemental data
Net assets, end of period (in millions)		$1
Portfolio turnover rate (f)		22	%(d)

(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Egypt Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	27.09		$	25.62		$	29.20		$	28.28		$	32.89
Net investment income (a)		0.61			0.75			0.61			0.59			0.60
Net realized and unrealized gain (loss) on investments		(7.02	)		1.38			(3.56	)		0.93	(b)		(4.73	)
Total from investment operations		(6.41	)		2.13			(2.95	)		1.52			(4.13	)
Distributions from:
Net investment income		(0.27	)		(0.66	)		(0.63	)		(0.60	)		(0.48	)
Net asset value, end of year	$	20.41		$	27.09		$	25.62		$	29.20		$	28.28
Total return (c)		(23.67	)%		8.36	%		(10.09	)%		5.42	%		(12.56	)%

Ratios to average net assets
Gross expenses		1.35	%		1.10	%		1.11	%		1.11	%		1.19	%
Net expenses		1.24	%		1.02	%		0.98	%		1.01	%		0.98	%
Net expenses excluding interest and taxes		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		2.92	%		2.92	%		2.43	%		1.88	%		1.73	%
Supplemental data
Net assets, end of year (in millions)		$23			$22			$19			$31			$33
Portfolio turnover rate (d)		66	%		73	%		27	%		76	%		41	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	India Growth Leaders ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	42.93		$	32.94		$	32.76		$	42.36		$	68.40
Net investment income (loss) (b)		0.59			0.08			0.15			0.50			(0.02	)
Net realized and unrealized gain (loss) on investments		(10.34	)		9.91			0.11	(c)		(9.68	)		(25.97	)
Total from investment operations		(9.75	)		9.99			0.26			(9.18	)		(25.99	)
Distributions from:
Net investment income		(0.56	)		—			(0.08	)		(0.42	)		(0.05	)
Net asset value, end of year	$	32.62		$	42.93		$	32.94		$	32.76		$	42.36
Total return (d)		(22.67	)%		30.30	%		0.80	%		(21.65	)%		(38.00	)%

Ratios to average net assets
Gross expenses		0.80	%		1.00	%		1.24	%		0.86	%		0.83	%
Net expenses		0.80	%		0.90	%		1.05	%		0.86	%		0.83	%
Net expenses excluding interest and taxes		0.73	%		0.83	%		0.85	%		0.83	%		0.80	%
Net investment income (loss)		1.64	%		0.22	%		0.55	%		1.35	%		(0.03	)%
Supplemental data
Net assets, end of year (in millions)		$51			$78			$68			$122			$187
Portfolio turnover rate (e)		102	%		67	%		133	%		51	%		39	%

(a)	Consolidated Financial Highlights
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Indonesia Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	19.93		$	20.49		$	22.68		$	21.85		$	24.75
Net investment income (a)		0.45			0.27			0.36			0.40			0.36
Net realized and unrealized gain (loss) on investments		(2.41	)		(0.61	)		(2.21	)		0.90			(2.78	)
Total from investment operations		(1.96	)		(0.34	)		(1.85	)		1.30			(2.42	)
Distributions from:
Net investment income		(0.63	)		(0.22	)		(0.34	)		(0.47	)		(0.48	)
Net asset value, end of year	$	17.34		$	19.93		$	20.49		$	22.68		$	21.85
Total return (b)		(9.88	)%		(1.65	)%		(8.20	)%		5.97	%		(9.79	)%

Ratios to average net assets
Gross expenses		0.67	%		0.82	%		0.97	%		0.80	%		0.75	%
Net expenses		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income		2.24	%		1.38	%		2.03	%		1.78	%		1.61	%
Supplemental data
Net assets, end of year (in millions)		$33			$54			$36			$41			$45
Portfolio turnover rate (c)		25	%		36	%		13	%		10	%		14	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Israel ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	48.77		$	44.82		$	35.03		$	28.05		$	30.37
Net investment income (a)		0.61			0.27			0.08			0.19			0.27
Net realized and unrealized gain (loss) on investments		(13.19	)		4.30			9.79			7.27			(2.38	)
Total from investment operations		(12.58	)		4.57			9.87			7.46			(2.11	)
Distributions from:
Net investment income		(0.48	)		(0.62	)		(0.08	)		(0.48	)		(0.21	)
Net asset value, end of year	$	35.71		$	48.77		$	44.82		$	35.03		$	28.05
Total return (b)		(25.79	)%		10.20	%		28.14	%		26.64	%		(6.94	)%

Ratios to average net assets
Gross expenses		0.64	%		0.71	%		0.80	%		0.94	%		1.02	%
Net expenses		0.59	%		0.59	%		0.60	%		0.62	%		0.60	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.48	%		0.57	%		0.24	%		0.60	%		0.85	%
Supplemental data
Net assets, end of year (in millions)		$59			$80			$75			$58			$46
Portfolio turnover rate (c)		12	%		32	%		22	%		14	%		23	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Vietnam ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	21.36		$	17.52		$	16.05		$	14.84		$	17.45
Net investment income (a)		0.18			0.11			0.08			0.14			0.17
Net realized and unrealized gain (loss) on investments		(9.68	)		3.83			1.46			1.19			(2.66	)
Total from investment operations		(9.50	)		3.94			1.54			1.33			(2.49	)
Distributions from:
Net investment income		(0.11	)		(0.10	)		(0.06	)		(0.12	)		(0.12	)
Return of capital		—			—			(0.01	)		—			—
Total distributions		(0.11	)		(0.10	)		(0.07	)		(0.12	)		(0.12	)
Net asset value, end of year	$	11.75		$	21.36		$	17.52		$	16.05		$	14.84
Total return (b)		(44.47	)%		22.52	%		9.72	%		8.86	%		(14.15	)%

Ratios to average net assets
Expenses		0.66	%(c)		0.59	%(c)		0.61	%		0.66	%		0.68	%
Expenses excluding interest and taxes		0.60	%(c)		0.58	%(c)		0.60	%		0.63	%		0.64	%
Net investment income		1.13	%(c)		0.58	%(c)		0.55	%		0.89	%		0.98	%
Supplemental data
Net assets, end of year (in millions)		$413			$591			$457			$443			$318
Portfolio turnover rate (d)		57	%		57	%		33	%		33	%		49	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

Fund	Diversification Classification

Africa Index ETF	Diversified
Brazil Small-Cap ETF	Diversified
China Growth Leaders ETF	Diversified
ChiNext ETF	Diversified
Digital India ETF	Non-Diversified
Egypt Index ETF	Non-Diversified
India Growth Leaders ETF	Diversified
Indonesia Index ETF	Non-Diversified
Israel ETF	Non-Diversified
Vietnam ETF	Non-Diversified

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

Fund	Index

Africa Index ETF	MVIS^®GDP Africa Index
Brazil Small-Cap ETF	MVIS^®Brazil Small-Cap Index
China Growth Leaders ETF	MarketGrader China All-Cap Growth Leaders Index
ChiNext ETF	ChiNext Index
Digital India ETF	MVIS^®Digital India Index
Egypt Index ETF	MVIS^®Egypt Index
India Growth Leaders ETF	MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF	MVIS^®Indonesia Index
Israel ETF	Bluestar Israel Global Index^®
Vietnam ETF	MVIS^®Vietnam Index

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser. India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius.

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.

Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated Van Eck Associates Corporation (the “Adviser”) as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.

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

D.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

E.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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

G.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

H.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.

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

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

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

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

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

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

Digital India ETF utilizes a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Fund		Unitary Management Fee Rate
Digital India ETF			0.75	%

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

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Africa Index ETF	$	17,552,003	$	18,721,334	$	—	$	560,535
Brazil Small-Cap ETF		12,633,631		14,779,375		226,352		531,094
China Growth Leaders ETF		13,541,101		15,872,277		—		882,020
ChiNext ETF		2,626,842		10,497,025		—		—
Digital India ETF		1,654,965		335,259		496,307		—
Egypt Index ETF		17,316,308		11,158,482		1,690,411		547,617
India Growth Leaders ETF		58,300,644		67,436,446		417,720		875,289
Indonesia Index ETF		13,964,044		14,064,512		37,475,469		53,028,444
Israel ETF		8,560,912		8,172,842		1,155,545		1,016,499
Vietnam ETF		321,158,198		246,770,040		5,324,691		1,049,085

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Africa Index ETF		$46,252,934		$6,763,966		$(6,170,681)		$593,285
Brazil Small-Cap ETF		39,375,018		176,653		(12,990,661)		(12,814,008)
China Growth Leaders ETF		16,992,220		1,902,708		(3,695,482)		(1,792,774)
ChiNext ETF		17,967,101		6,777,978		(4,398,472)		2,379,506
Digital India ETF		1,748,364		14,339		(372,474)		(358,135)
Egypt Index ETF		26,063,511		1,864,399		(4,956,673)		(3,092,274)
India Growth Leaders ETF		48,167,280		7,988,308		(4,836,317)		3,151,991
Indonesia Index ETF		44,004,510		1,603,724		(12,507,675)		(10,903,951)
Israel ETF		52,759,742		17,832,411		(10,659,082)		7,173,329
Vietnam ETF		445,969,342		62,814,374		(97,805,218)		(34,990,844)

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

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Qualified Late-Year Losses*			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Africa Index ETF		$–		$(70,215,623	)		$(8,094	)		$(12,262	)		$(185,419	)		$(70,421,398	)
Brazil Small-Cap ETF		–		(157,030,770	)		(11,998	)		(33,084	)		(12,810,855	)		(169,886,707	)
China Growth Leaders ETF		–		(3,763,883	)		(157	)		(5,349	)		(1,792,414	)		(5,561,803	)
ChiNext ETF		–		(3,568,859	)		(23,800	)		(1,183	)		2,378,460			(1,215,382	)
Digital India ETF		–		(67,649	)		(66	)		–			(358,135	)		(425,850	)
Egypt Index ETF		288,392		(37,774,647	)		–			(5,417	)		(3,099,796	)		(40,591,468	)
India Growth Leaders ETF		–		(81,296,051	)		(11,402	)		(13,969	)		3,151,127			(78,170,295	)
Indonesia Index ETF		75,920		(118,516,416	)		–			(27,694	)		(10,904,099	)		(129,372,289	)
Israel ETF		481,536		(9,705,588	)		–			(4,310	)		7,173,329			(2,055,033	)
Vietnam ETF		5,603,903		(328,368,401	)		–			(49,255	)		(34,984,822	)		(357,798,575	)

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

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

December 31, 2022

December 31, 2021

Fund

Ordinary
Income*

Return
of Capital

Ordinary
Income*

Long-Term
Capital Gains

Return
of Capital

Africa Index ETF

1,670,110

$–

2,475,050

$–

Brazil Small-Cap ETF

971,850

3,075

951,015

–

China Growth Leaders ETF

345,000

–

751,240

653,170

–

ChiNext ETF

–

3,198,624

601,386

Digital India ETF

13,500

–

Egypt Index ETF

300,031

–

565,063

–

India Growth Leaders ETF

875,052

–

Indonesia Index ETF

1,200,040

–

570,015

–

Israel ETF

799,920

–

1,025,145

–

Vietnam ETF

3,867,660

–

2,850,715

–

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

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Africa Index ETF	$	(12,547,079	)	$	(57,668,544	)	$	(70,215,623	)
Brazil Small-Cap ETF		(21,976,616	)		(135,054,154	)		(157,030,770	)
China Growth Leaders ETF		(2,569,318	)		(1,194,565	)		(3,763,883	)
ChiNext ETF		(3,379,373	)		(189,486	)		(3,568,859	)
Digital India ETF		(67,649	)		–			(67,649	)
Egypt Index ETF		(14,077,698	)		(23,696,949	)		(37,774,647	)
India Growth Leaders ETF		(15,686,824	)		(65,609,227	)		(81,296,051	)
Indonesia Index ETF		(39,262,199	)		(79,254,217	)		(118,516,416	)
Israel ETF		(2,029,019	)		(7,676,569	)		(9,705,588	)
Vietnam ETF		(108,199,071	)		(220,169,330	)		(328,368,401	)

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Africa Index ETF	$	(160,115	)	$	160,115
Brazil Small-Cap ETF		(39,284	)		39,284
China Growth Leaders ETF		182,450			(182,450	)
ChiNext ETF		99,125			(99,125	)
Egypt Index ETF		(31,482	)		31,482
India Growth Leaders ETF		(485,407	)		485,407
Indonesia Index ETF		(4,337,974	)		4,337,974
Israel ETF		(448,875	)		448,875
Vietnam ETF		(321,025	)		321,025

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

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

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

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

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	3,236,707	$	1,102,056	$	2,287,585	$	3,389,641
Brazil Small-Cap ETF		1,864,249		1,315,000		680,940		1,995,940
China Growth Leaders ETF		101,895		8		108,138		108,146
Indonesia Index ETF		1,005,397		214,156		834,979		1,049,135
Israel ETF		6,492,363		1,025,144		5,648,169		6,673,313
Vietnam ETF		3,862,078		–		4,081,681		4,081,681

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	1,102,056
Brazil Small-Cap ETF		1,315,000
China Growth Leaders ETF		8
Indonesia Index ETF		214,156
Israel ETF		1,025,144

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Africa Index ETF		359	$	2,150,642		3.03	%
Brazil Small-Cap ETF		36		145,352		2.17
China Growth Leaders ETF		192		936,797		1.99
ChiNext ETF		341		653,230		2.97
Egypt Index ETF		354		1,492,969		3.03
India Growth Leaders ETF		210		604,181		2.81

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Indonesia Index ETF		29		255,067		1.97
Israel ETF		27		216,322		4.40
Vietnam ETF		280		3,646,561		2.60

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

*Funds*

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

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

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

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

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

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

Basis for Opinions

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

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

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

Fund		Return of Capital Per Share***
Brazil Small-Cap ETF		$	0.0018

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

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

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.
Interested Trustee

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
^*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

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

ANNUAL REPORT
December 31, 2022

CLO ETF

CLOI


800.826.2333	vaneck.com

President’s Letter	3
Management Discussion	5
Performance Comparison	6
About Fund Performance	7
Explanation of Expenses	8
Schedule of Investments	9
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	20
Tax Information	21
Board of Trustees and Officers	22

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

VANECK CLO ETF

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1. Monetary Policy: Tightening

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

2. Fiscal Tightening

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and

China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

VANECK CLO ETF

PRESIDENT’S LETTER

(unaudited) (continued)

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

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

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 19, 2023

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

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

VANECK CLO ETF

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Collateralized loan obligations (“CLOs”) are securitized, actively managed portfolios of leveraged loans. Because of the subordination and other built-in risk protections they provide, CLOs allow investors to gain investment grade credit exposure with a yield pickup versus similarly rated bonds and loans. The CLO market has grown significantly over the past twenty years and is now valued at over $1 trillion globally.

The VanEck CLO ETF, a newly organized ETF, returned 3.26% between its inception on June 21, 2022 and December 31, 2022. The Fund invests primarily in investment grade CLOs and is actively managed by PineBridge Investments, the Fund’s sub-adviser. During this period, the Fund outperformed the J.P. Morgan CLO Index by 0.57%. Outperformance was driven by security selection, particularly within AA and BBB rated CLOs. In addition, allocation among rating buckets also generated outperformance. In particular, the portfolio became more conservative in late summer amid volatility in the loan and CLO markets.

VANECK CLO ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	JCLOAGTR¹
Life*	3.55%	3.26%	2.69%

^*	Inception of Fund: 6/21/22; First Day of Secondary Market Trading: 6/22/22.

¹	J.P. Morgan Collateralized Loan Obligation Index (CLOIE) (JCLOAGTR) is comprised of US dollar denominated broadly syndicated arbitrage CLOs.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad based index.

See “About Fund Performance” on page 7 for more information.

VANECK CLO ETF

ABOUT FUND PERFORMANCE

(unaudited)

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

The performance data quoted represents past performance. Past performance is not a guarantee of future results. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

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

VANECK CLO ETF

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Actual	$1,000.00	$1,031.80	0.40%	$2.05
Hypothetical(b)	$1,000.00	$1,023.19	0.40%	$2.04

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.5%
Ares LXI CLO Ltd. 144A 5.89% (ICE LIBOR USD 3 Month+1.65%), 10/20/34	$	2,500		$	2,405,219
Bain Capital Credit CLO 2021-4 Ltd. 144A 5.89% (ICE LIBOR USD 3 Month+1.65%), 10/20/34		1,750			1,676,766
Barings Clo Ltd. 2022-II 144A 4.28% (Term SOFR USD 3 Month+1.80%), 07/15/35		1,250			1,231,951
Cedar Funding VIII Clo Ltd. 144A 5.73% (ICE LIBOR USD 3 Month+1.65%), 10/17/34		1,750			1,669,635
CIFC Funding 2014-III Ltd. 144A 5.77% (ICE LIBOR USD 3 Month+1.45%), 10/22/31		1,250			1,213,579
Dryden 109 CLO Ltd. 144A 5.96% (Term SOFR USD 3 Month+2.00%), 04/20/35		1,250			1,197,396
Dryden 45 Senior Loan Fund 144A 5.48% (ICE LIBOR USD 3 Month+1.40%), 10/15/30		1,250			1,212,765
Dryden 80 CLO Ltd. 144A 5.61% (Term SOFR USD 3 Month+1.75%), 01/17/33		1,250			1,202,870
6.01% (Term SOFR USD 3 Month+2.15%), 01/17/33		1,250			1,189,271
Dryden 93 CLO Ltd. 144A

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.5% (continued)
5.68% (ICE LIBOR USD 3 Month+1.60%), 01/15/34	$	1,750		$	1,686,384
Elmwood CLO 15 Ltd. 144A 5.38% (Term SOFR USD 3 Month+1.34%), 04/22/35		1,250			1,225,334
GoldenTree Loan Opportunities IX Ltd. 144A 5.71% (ICE LIBOR USD 3 Month+1.30%), 10/29/29		1,250			1,222,426
Gulf Stream Meridian 1 Ltd. 144A 5.45% (ICE LIBOR USD 3 Month+1.37%), 04/15/33		1,250			1,225,694
Gulf Stream Meridian 4 Ltd. 144A 5.28% (ICE LIBOR USD 3 Month+1.20%), 07/15/34		1,250			1,222,329
Myers Park CLO Ltd. 144A 5.64% (ICE LIBOR USD 3 Month+1.40%), 10/20/30		1,250			1,210,658
OCP CLO 2020-19 Ltd. 144A 5.94% (ICE LIBOR USD 3 Month+1.70%), 10/20/34		1,750			1,676,164
OCP CLO 2021-22 Ltd. 144A 5.42% (ICE LIBOR USD 3 Month+1.18%), 12/02/34		1,250			1,217,328
Signal Peak CLO 10 Ltd. 144A 6.33% (ICE LIBOR USD 3 Month+2.05%), 07/21/34		1,250			1,179,371
					24,865,140
Total Collateralized Loan Obligations (Cost: $24,603,050)					24,865,140

Total Investments: 98.5% (Cost: $24,603,050)					24,865,140
Other assets less liabilities: 1.5%					377,129
NET ASSETS: 100.0%				$	25,242,269

Definitions:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,865,140, or 98.5% of net assets.

Summary of Investments by Sector			% of Investments			Value
Financials			100.0	%		$	24,865,140

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Collateralized Loan Obligations		$	—			$	24,865,140			$	—			$	24,865,140

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022

Assets:
Investments, at value
Unaffiliated issuers (1)	$	24,865,140
Cash		77,646
Receivables:
Interest		308,038
Total assets		25,250,824

Liabilities:
Payables:
Due to Adviser		8,555
Total liabilities		8,555
NET ASSETS	$	25,242,269
Shares outstanding		500,000
Net asset value, redemption and offering price per share	$	50.48

Net Assets consist of:
Aggregate paid in capital	$	25,000,000
Total distributable earnings (loss)		242,269
NET ASSETS	$	25,242,269
(1) Cost of investments - Unaffiliated issuers	$	24,603,050

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2022 (a)

Income:
Interest	$	639,973
Total income		639,973
Expenses:
Management fees		53,044
Total expenses		53,044
Net investment income		586,929
Net realized loss on:
Investments		(42,600	)
Net realized loss		(42,600	)
Net change in unrealized appreciation (depreciation) on:
Investments		262,090
Net change in unrealized appreciation (depreciation)		262,090
Net Increase in Net Assets Resulting from Operations	$	806,419

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended December 31, 2022 (a)
Operations:
Net investment income	$	586,929
Net realized loss		(42,600	)
Net change in unrealized appreciation (depreciation)		262,090

Net increase in net assets resulting from operations		806,419
Distributions to shareholders from:
Distributable earnings		(564,150	)

Share transactions*:
Proceeds from sale of shares		25,000,000

Increase in net assets resulting from share transactions		25,000,000

Total increase in net assets		25,242,269
Net Assets, beginning of period		—
Net Assets, end of period	$	25,242,269
* Shares of Common Stock Issued (no par value):
Shares sold		500,000

Net increase		500,000

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK CLO ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Period Ended December 31, 2022(a)

Net asset value, beginning of period		$50.00
Net investment income (b)		1.18
Net realized and unrealized gain on investments		0.43
Total from investment operations		1.61
Distributions from:
Net investment income		(1.13	)
Net asset value, end of period		$50.48

Total return (c)		3.26%	(d)
Ratios to average net assets
Expenses		0.40%	(e)
Net investment income		4.43%	(e)

Supplemental data
Net assets, end of period (in millions)		$25
Portfolio turnover rate(f)		15%	(d)

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

These financial statements relate to the CLO ETF (the “Fund”). The Fund is actively managed and seeks to achieve its investment objective by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”). The Fund is classified as non-diversified, as defined in the 1940 Act. Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Fund.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.

The following summarizes the Fund’s significant accounting policies.

A.	Security Valuation— The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee under Rule 2a-5 to perform the Fund fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund’s valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

	The Fund utilizes various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

	Level 1 — Quoted prices in active markets for identical securities.

	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

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

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

C.	Distributions to Shareholders— Dividends to shareholders from net investment income, if any, are declared and paid monthly by the Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.

D.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned.

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

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

In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Fund’s distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor. At December 31, 2022, the Adviser owned approximately 64% of the Fund.

The consideration for the purchase or redemption of Creation Units of the Fund generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Fund may issue Creation Units in

advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Fund, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

Note 5—Investments—For the period ended December 31, 2022, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term investments, aggregated to $28,359,975 and $3,714,325, respectively.

Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	24,603,050			$	270,764			$	(8,674	)		$	262,090

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

Undistributed Ordinary Income				(Accumulated Capital Losses)/ Undistributed Capital Gains				Unrealized Appreciation (Depreciation)				Total Distributable Earnings (Loss)
$	22,779			$	(42,600	)		$	262,090			$	242,269

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

December 31, 2022
		Ordinary Income
	$	564,150

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

Short-Term Capital Losses with No Expiration				Long-Term Capital Losses with No Expiration				Total
$	(42,600	)		$	—			$	(42,600	)

Each year, the Fund assesses the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2022, the Fund did not have reclassifications.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund may be subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes, if any, on both realized and unrealized appreciation.

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended December 31, 2022, the Fund did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Investments in debt instruments involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Fund’s assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, and including “covenant lite” loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund invests primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset.

CLOs are generally privately-issued securities, and are normally purchased pursuant to Rule144A or Regulation S under the Securities Act of 1933, as amended. Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration.

Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity.

The Fund invests in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rates. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could adversely impact (i) volatility and liquidity in markets that are tied to LIBOR, (ii) the market for, or value of, specific securities or payments linked to those reference rates resulting in a reduction in the value of certain instruments held by the Fund, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other interest rates may adversely affect the Fund’s performance and/or net asset value. Alternatives to LIBOR are established or in development in most major currencies including the Secured Overnight Financing Rate (“SOFR”) that is intended to replace the U.S. dollar LIBOR.

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

Note 9—Bank Line of Credit— The Fund may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund at the request of the shareholders and other temporary or emergency purposes. The Fund have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2022, the Fund had no borrowing under the Facility.

VANECK CLO ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck CLO ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck CLO ETF (one of the funds constituting VanEck ETF Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 22, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the period June 22, 2022 (commencement of operations) through December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2023

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

VANECK CLO ETF

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022. Please consult your tax advisor for proper treatment of this information.



Payable:	Monthly
Ordinary Income Paid Per Share	$ 1.1283
Section 163(j) – Interest Dividends	99.84% *

* This amount represents distributions paid during the taxable year ended December 31, 2022 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

VANECK CLO ETF

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent*
*Trustees*

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.
*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

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

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK CLO ETF

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

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

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



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

ANNUAL REPORT
December 31, 2022

BITCOIN STRATEGY ETF

XBTF


800.826.2333	vaneck.com

President’s Letter	3
Management Discussion	5
Performance Comparison	6
About Fund Performance	7
Explanation of Expenses	8
Schedule of Investments	9
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	21
Board of Trustees and Officers	22

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

VANECK BITCOIN STRATEGY ETF

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

Discussion

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

1.	Monetary Policy: Tightening

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

2.	Fiscal Tightening

3.	Global Growth is at Low Levels

VANECK BITCOIN STRATEGY ETF

PRESIDENT’S LETTER

(unaudited) (continued)

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

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 19, 2023

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

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

VANECK BITCOIN STRATEGY ETF

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

The VanEck Bitcoin Strategy ETF seeks capital appreciation by investing in bitcoin futures contracts. The fund is actively managed and offers exposure to bitcoin-linked investments through an accessible exchange traded vehicle.

Over the 12 month period under review, the fund lost 62.72% due to a significant drop in bitcoin futures’ prices. The market sentiment soured in 2022 and escalated into a full bear market as bitcoin and the broader digital asset class saw significant extended losses. This was primarily driven by macroeconomic factors such as a dramatic rise in interest rates, in addition to idiosyncratic events including the bankruptcy of a major digital asset exchange, the failure of a top ten coin Terra Luna, and others.

VANECK BITCOIN STRATEGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			BBR¹			SPTR²
One Year		(64.69	)%		(62.72	)%		(63.98	)%		(18.11	)%
Life*		(69.42	)%		(69.40	)%		(69.85	)%		(14.79	)%

^*	Inception of Fund: 11/15/21; First Day of Secondary Market Trading: 11/16/21.

¹	MVIS® CryptoCompare Bitcoin Benchmark Rate (BBR) is designed to be a robust price for Bitcoin in USD, based on one hour median weighted prices.

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

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad based index.

See “About Fund Performance” on page 7 for more information.

VANECK BITCOIN STRATEGY ETF

ABOUT FUND PERFORMANCE

(unaudited)

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

The Index Providers do not sponsor, endorse, or promote the Fund and bear no liability with respect to the Fund or any security. Index returns assume the reinvestment of all income and do not reflect any management fees, interest expense, brokerage expenses or income tax benefit/(expense) associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Bitcoin Strategy Index is published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation.

MarketVector is an “Index Provider.” The Index Provider does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.

VANECK BITCOIN STRATEGY ETF

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Actual	$1,000.00	$921.90	0.68%	$3.29
Hypothetical(b)	$1,000.00	$1,021.78	0.68%	$3.47

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK BITCOIN STRATEGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Par (000’s)		Value
Short-Term Investments: 80.4%
United States Treasury Obligations: 80.4%
United States Treasury Bills
0.00%, 01/24/23 (a)	$	3,000	$	2,993,287
0.00%, 03/07/23 (a)		4,000		3,970,531
3.03%, 01/26/23 (a)		4,000		3,990,096
4.18%, 03/09/23 (a)		3,000		2,977,043
4.32%, 03/21/23 (a)		3,000		2,972,910
				16,903,867
Total Short-Term Investments: 80.4% (Cost: $16,900,068)				16,903,867
Other assets less liabilities: 19.6%				4,131,604
NET ASSETS: 100.0%			$	21,035,471

Futures Contracts

Long Exposure

Reference Entity		Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
CME BITCOIN		254		01/27/23		$20,999,450		$116,181

(a)	All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $11,988,360.

Summary of Investments by Sector		% of Investments				Value
Government Activity			100.0%			$	16,903,867

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	16,903,867	$	—	$	16,903,867

Other Financial Instruments:
Futures Contracts	$	116,181	$	—	$	—	$	116,181

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022

Assets:
Investments, at value
Unaffiliated issuers (1)	$	16,903,867
Cash		2,704,632
Cash on deposit with broker for futures contracts		1,296,460
Receivables:
Shares of beneficial interest sold		1,340
Federal and State Income Taxes		922
Prepaid taxes		20,217
Variation margin on futures contracts		119,165
Net deferred tax		—
Total assets		21,046,603
Liabilities:
Payables:
Due to Adviser		11,132
Total liabilities		11,132
NET ASSETS	$	21,035,471
Shares outstanding		1,250,000
Net asset value, redemption and offering price per share	$	16.83
Net Assets consist of:
Aggregate paid in capital	$	47,606,779
Total distributable earnings (loss)		(26,571,308	)
NET ASSETS	$	21,035,471
(1) Cost of investments - Unaffiliated issuers	$	16,900,068

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2022

Income:
Interest .	$	253,717
Total income		253,717
Expenses:
Management fees		143,584
FCM fees		15,170
State franchise taxes		2,765
Interest		84
Total expenses		161,603
Reimbursement by the Adviser		(15,170	)
Net expenses		146,433
Net investment income, before income taxes		107,284
Net current and deferred tax benefit/(expense) (See Note 6)		(21,621	)
Net investment income, net of income taxes		85,663
Net realized (loss) on:
Investments		(2,210	)
Futures contracts		(23,054,008	)
Current and deferred tax benefit/(expense) (See Note 6)		—

Net realized loss, net of income taxes		(23,056,218	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,750
Futures contracts		1,156,917
Current and deferred tax benefit/(expense) (See Note 6)		—
Net change in unrealized appreciation (depreciation), net of income taxes		1,160,667
Net Decrease in Net Assets Resulting from Operations	$	(21,809,888	)

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022			Period Ended December 31, 2021 (a)
Operations:
Net investment income (loss)	$	85,663		$	(11,326	)
Net realized loss		(23,056,218	)		(3,709,407	)
Net change in unrealized appreciation (depreciation)		1,160,667			(1,040,687	)

Net decrease in net assets resulting from operations		(21,809,888	)		(4,761,420	)

Share transactions*:
Proceeds from sale of shares		27,850,090			20,573,281
Cost of shares redeemed		(816,592	)		—

Increase in net assets resulting from share transactions		27,033,498			20,573,281

Total increase in net assets		5,223,610			15,811,861
Net Assets, beginning of period		15,811,861			—
Net Assets, end of period	$	21,035,471		$	15,811,861
* Shares of Common Stock Issued (no par value):
Shares sold		950,000			350,000
Shares redeemed		(50,000	)		—

Net increase		900,000			350,000

(a)	For the period November 16, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Year Ended December 31, 2022			Period Ended December 31, 2021(a)

Net asset value, beginning of period	$	45.18		$	63.91
Net investment income (loss) (b)		0.12			(0.04	)
Net realized and unrealized loss on investments		(28.47	)		(18.69	)
Total from investment operations		(28.35	)		(18.73	)
Net asset value, end of period	$	16.83		$	45.18

Total return (c)		(62.75	)%		(29.31	)%(d)
Ratios to average net assets
Gross expenses		0.73	%		0.65	%(e)
Net expenses		0.66	%		0.65	%(e)
Net expenses excluding interest and taxes		0.65	%		0.65	%(e)
Net investment income (loss)		0.49	%		(0.62	)%(e)

Supplemental data
Net assets, end of period (in millions)		$21			$16
Portfolio turnover rate(f)		—	%		—	%(d)

(a)	For the period November 16, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust.

These financial statements relate to the Bitcoin Strategy ETF (the “Fund”). The Fund is actively managed and seeks to achieve its investment objective by investing in standardized, cash-settled bitcoin futures contracts (“Bitcoin Futures”) traded on the Chicago Mercantile Exchange. The Fund is classified as “non-diversified”. This means that the Fund may invest more of its assets in securities of a single issuer than that of a diversified fund. Van Eck Absolute Return Advisers Corporation (the “Adviser”) serves as the investment adviser for the Fund and is subject to the supervision of the Board of Trustees (the “Trustees”).

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The following summarizes the Fund’s significant accounting policies.

A.	Security Valuation— The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1 in the fair value hierarchy (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value (“NAV”) and are categorized as Level 1 in the fair value hierarchy. The Trustees have designated the Adviser as valuation designee under Rule 2a-5 to perform the Fund’s fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund’s valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

	The Fund utilizes various methods to measure the fair value of its investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value

	hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

	The three levels of the fair value hierarchy are described below:

	Level 1 - Quoted prices in active markets for identical securities.

	Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

B.	Federal and Other Income Taxes— The Fund intends to invest primarily in Bitcoin Futures, which generally are treated as futures contracts on property for federal income tax purposes. As such, they do not generate qualifying income for the purpose of qualifying as a Regulated Investment Company (“RIC”) for tax purposes. Accordingly, the Fund does not intend to qualify, and will not qualify as a RIC pursuant to Subchapter M of the Internal Revenue Code and will be taxed as a C-corporation. As a C-corporation, the Fund is obligated to pay federal, state and local income tax on its taxable income. The amount of taxes currently payable by the Fund will vary depending on the amount of income and gains derived from investments and such taxes will reduce the return on an investment in the Fund. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will be reduced by the accrual of any current or deferred tax liabilities.

	The tax expense or benefit attributable to certain components of income will be included in the Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Deferred tax assets and liabilities are calculated utilizing effective tax rates expected to be applied to taxable income in the years the temporary differences are realized or settled. A valuation allowance will be recognized if, based on the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realizable. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that operating and capital loss carryforwards may expire unused. It is the Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations.

C.	Distributions to Shareholders— Distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid annually. Because the Fund is taxed as a C corporation, all of the distributions paid by the Fund will be treated as dividend income for U.S. federal income tax purposes. Unlike a RIC, the Fund will not pay capital gain dividends.

D.	Use of Derivative Instruments— The Fund invests in futures contracts, which are derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

	notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

	Futures Contracts— Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. In the case of cash-settled Bitcoin Futures, the underlying reference asset is bitcoin. “Cash-settled” means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement.

	Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/ or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are generally made or received by the Fund each day depending on the fluctuations in the value of the Bitcoin Futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Bitcoin Strategy ETF held futures contracts for 12 months during the period ended December 31, 2022, of which the average notional amount for the period was $21,102,795. Futures contracts held by Bitcoin Strategy ETF at December 31, 2022 are reflected in the Schedule of Investments.

	At December 31, 2022, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

	Asset Derivatives
	Digital Assets Risk

Futures Contracts¹	$	119,165

¹	Statements of Assets and Liabilities location: Variation margin for futures contracts

The impact of transactions in derivative instruments during the year ended December 31, 2022, was as follows:

	Digital Assets Risk
Realized gain (loss):
Futures contracts¹	$	(23,054,008	)
Net change in unrealized appreciation (depreciation):
Futures contracts²	$	1,156,917

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

E.	Offsetting Assets and Liabilities— In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received from or delivered to that counterparty based on the terms of the agreements. The Fund may pledge or receive cash and/or securities as collateral for derivative instruments. Collateral held for derivative instruments at December 31, 2022 is presented in the Statement of Assets and Liabilities. For financial reporting purposes, the Fund presents derivative instruments on a gross basis in the Statement of Assets and Liabilities.

	Futures contracts held by the Fund are not subject to a master netting agreements or other similar arrangements. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedules of Investments and Statements of Assets and Liabilities for collateral received or pledged as of December 31, 2022.

F.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date.

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

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.65% of the Fund’s average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, acquired fund fees and expenses, interest expense, offering costs, trading expenses (except that the Adviser will pay any net account or similar fees charged by futures commission merchants), taxes, extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants (“FCMs”) until at least May 1, 2023.

Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund’s distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and distributor.

At December 31, 2022, the Adviser owned approximately 16% of the Fund.

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

Note 5—Investments—During the year ended December 31, 2022, the Fund had no purchases and sales of investments, other than U.S. government securities and short-term obligations.

Note 6—Income Taxes— The income tax expense/(benefit) for the respective categories on the Statement of Operations for the year ended December 31, 2022 are as follows:

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

	Net Investment Loss			Net Realized Loss			Change in Net Unrealized Depreciation			Total
Current tax expense (benefit)		$21,621			$—			$—			$21,621
Deferred tax expense (benefit)		2,509			(5,106,953	)		257,088			(4,847,356	)
Change in Valuation Allowance		(2,509	)		5,106,953			(257,088	)		4,847,356
Total		$21,621			$—			$—			$21,621

The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund’s federal and state income tax expense / (benefit) consists of the following:

	Federal			State			Total
Current tax expense (benefit)		$19,753			$1,868			$21,621
Deferred tax expense (benefit)		(4,595,687	)		(251,669	)		(4,847,356	)
Change in Valuation Allowance		4,595,687			251,669			4,847,356
Total		$19,753			$1,868			$21,621

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes.

There were no differences between the Fund’s income tax expense/(benefit) (current and deferred) calculated by applying the federal statutory income tax rate to net investment income/(loss) and realized and unrealized gain/(loss) on investments as follows:

	For the Year Ended December 31, 2022
	Amount			Rate
Income tax expense/(benefit) at statutory rates		$(4,595,687	)		21.00%
State income tax, net of federal benefit		(251,669	)		1.15
Change in Valuation Allowance		4,847,356			(22.15	)
Net income tax expense/(benefit)		—			—

Components of the Fund’s deferred tax assets and liabilities are as follows:

	For the Year Ended December 31, 2022
Deferred Tax Assets/(Liabilities):
Capital loss carryfoward	$	5,902,852
Net operating loss carryforward		—
Unrealized gain on investments		(842	)
Net Deferred Tax Asset/(Liability) before valuation allowance		5,902,010

Less Valuation Allowance		(5,902,010	)

Net Deferred Tax Asset/(Liability)	$	—

The Fund reviews the recoverability of its deferred tax asset based upon the weight of the available evidence. When assessing the recoverability of its deferred tax assets, management considers available carrybacks,

reversing temporary taxable differences, projections of future taxable income and tax planning (if any). The Fund has recorded a valuation allowance of $5,902,010 against its net deferred tax asset at December 31, 2022 as the Fund believes it is more-likely-than-not the asset will not be realized within the relevant carryforward periods. The Fund may be required to modify the estimates or assumptions it uses regarding the deferred tax asset or liability as new information becomes available. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will also be reduced by the accrual of any deferred tax liabilities.

The Fund recognizes the tax benefits of uncertain positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. and State tax returns filed or expected to be filed since inception of the Fund. The Fund’s tax years are open for examination by U.S. and state tax authorities for all applicable periods. The Fund is not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change materially in the next year.

During the year ended December 31, 2022, the Fund utilized $11,326 of its net operating loss carryforward available from the prior year.

As of December 31, 2022, the Fund had the following estimated capital loss carryforwards:

Period Generated		Amount			Expiration
	12/31/2021	$	(4,750,143	)		12/31/2026
	12/31/2022		(21,899,302	)		12/31/2027
	Total		(26,649,445	)

For corporations, capital losses can only be used to offset capital gains and cannot be used to offset ordinary income. Therefore, the use of this capital loss carryforward is dependent upon the Fund generating sufficient net capital gains prior to the expiration of the loss carryforward.

There are no differences between the book and tax unrealized appreciation / depreciation on the Fund’s investments.

Note 7—Principal Risks—The Fund’s assets are concentrated in Bitcoin Futures. By concentrating the Fund’s assets, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on bitcoin or the digital asset industry will negatively impact the Fund to a greater extent than if the Fund’s net assets were invested in a wider variety of sectors or industries.

Bitcoin and Bitcoin Futures are relatively new asset classes and therefore the Fund’s investments in Bitcoin Futures are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero. Bitcoin and Bitcoin Futures have historically been more volatile than traditional asset classes.

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

The rules dealing with U.S. federal income taxation and the rates themselves are constantly under review in the legislative process and by the Internal Revenue Service (“IRS”) and the U.S. Treasury Department. Changes in tax laws or regulations or future interpretations of such laws or regulations could adversely affect the Fund and/or the Fund’s shareholders. Changes in the laws or regulations of the United States, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

A more complete description of risks is included in the Fund’s Prospectus and Statement of Additional Information

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Fund as directed by the Trustees. The Adviser is responsible for paying the expenses associated with the Plan.

VANECK BITCOIN STRATEGY ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Bitcoin Strategy ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck Bitcoin Strategy ETF (one of the funds constituting VanEck ETF Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent and brokers. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

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

VANECK BITCOIN STRATEGY ETF

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent* *Trustees*

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK BITCOIN STRATEGY ETF

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

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

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

ANNUAL REPORT
December 31, 2022

Russia ETF	RSX
Russia Small-Cap ETF	RSXJ


	800.826.2333	vaneck.com

President’s Letter		1
Management Discussion		3
Performance Comparison
Russia ETF		4
Russia Small-Cap ETF		5
About Fund Performance		6
Explanation of Expenses		7
Schedule of Investments
Russia ETF		8
Russia Small-Cap ETF		10
Statements of Assets and Liabilities		12
Statements of Operations		13
Statements of Changes in Net Assets		14
Statements of Cash Flows		15
Financial Highlights
Russia ETF		16
Russia Small-Cap ETF		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		26
Board of Trustees and Officers		28

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

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

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

Discussion

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

1.	Monetary Policy: Tightening

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

2.	Fiscal Tightening

3.	Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades. The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)²Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck

CEO and President

VanEck ETF Trust

January 19, 2023

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

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

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Performance Overview

The VanEck Russia ETF (RSX) and the VanEck Russia Small-Cap ETF (RSXJ) (together, the “Funds”) returned -98.62% and -98.66%, respectively, for the 12 month period ending December 31, 2022.

Market and Fund Review

The large-scale invasion of Ukraine by Russia on February 24, 2022 resulted in a significant decline in the value of Russian securities and its currency. The effect of geopolitical affairs and sanctions imposed by the United States and other countries on transactions in Russian equities, and on related clearance and payment systems, have rendered a substantial number of the Funds’ positions illiquid, including many depositary receipts. The Funds’ inability to buy, sell, and take or make delivery of Russian securities has made it impossible to manage the Funds consistent with their investment objectives.

Effective March 2, 2022, RSXJ suspended the creation of new shares until further notice. RSX did the same effective March 3, 2022. CBOE BZX Exchange, Inc. halted trading for the Funds on March 4, 2022. On September 29, 2022, the Board of Trustees of the Trust approved a Plan of Liquidation and Termination of the Funds, contingent on obtaining regulatory relief which was received on December 28, 2022. On January 12, 2023, the Funds made an initial liquidating distribution to shareholders of a portion of their liquid assets, with the balance held in reserve to meet transaction costs for an extended period. Please see the Notes to the Financial Statements for more information on the plan of liquidation.

VANECK RUSSIA ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	NAV	SPTR¹
One Year	(98.62)%	(18.11)%
Five Year	(53.76)%	9.42%
Ten Year	(33.19)%	12.56%

¹	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index.

See “About Fund Performance” on page 6 for more information.

VANECK RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	NAV	SPTR¹
One Year	(98.66)%	(18.11)%
Five Year	(57.94)%	9.42%
Ten Year	(35.01)%	12.56%

¹	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index.

See “About Fund Performance” on page 6 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Annualized Expense Ratio During Period(a)		Expenses Paid During the Period July 1, 2022 - December 31, 2022(b)
Russia ETF
Actual	$	1,000.00		$911.30		0.41%		$1.98
Hypothetical (c)	$	1,000.00		$1,023.14		0.41%		$2.09
Russia Small-Cap ETF
Actual	$	1,000.00		$690.30		66.24%		$282.21
Hypothetical (c)	$	1,000.00		$691.28		66.24%		$282.38

^(a)	During the period the Funds incurred significant expenses outside of their expense limitations. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Funds. (See Note 4).
^(b)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(c)	Assumes annual return of 5% before expenses

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 10.2%
Banks: 0.0%
Sberbank of Russia PJSC *∞		46,050,016	$	0
TCS Group Holding Plc (GDR) *∞		1,390,470		0
VTB Bank PJSC *∞		66,877,350,000		0
				0
Diversified Financials: 0.0%
Moscow Exchange MICEX-RTS PJSC *∞		17,946,312		0
Energy: 0.0%
Gazprom PJSC ∞		45,772,138		0
LUKOIL PJSC ∞		2,063,982		0
Novatek PJSC ∞		7,452,940		0
Rosneft Oil Co. PJSC ∞		16,922,345		0
Surgutneftegas PJSC ∞		125,211,510		0
Surgutneftegas PJSC (ADR) *∞		1,364,815		0
Tatneft PJSC (ADR) ∞		3,393,156		0
				0
Food & Staples Retailing: 0.0%
Magnit PJSC *∞		1,226,365		0
X5 Retail Group NV (GDR) *∞		1,970,269		0
				0
Materials: 0.0%
Alrosa PJSC *∞		33,188,190		0
Evraz Plc *∞		266,000		0
MMC Norilsk Nickel PJSC ∞		529,178		0
MMC Norilsk Nickel PJSC (ADR) ∞		4		0
Novolipetsk Steel PJSC *∞		22,272,460		0
PhosAgro PJSC ∞		705,974		0
PhosAgro PJSC (GDR) ∞		13,644		0
Polyus PJSC (GDR) *∞		1,155,875		0
Raspadskaya OJSC ∞		730,890		0
Severstal PAO (GDR) *∞		3,405,164		0
				0
Media & Entertainment: 0.0%
VK Co. Ltd. (GDR) *∞		2,338,938		0

	Number of Shares		Value
Media & Entertainment (continued)
Yandex NV *∞		1,754,686	$	0
				0
Retailing: 0.0%
Ozon Holdings Plc (ADR) * †∞		1,881,257		0
Telecommunication Services: 10.2%
Mobile TeleSystems PJSC ∞		14,853,038		0
Rostelecom PJSC ∞		13,944,591		0
VEON Ltd. (ADR) *		7,364,667		3,608,687
				3,608,687
Utilities: 0.0%
Inter RAO UES PJSC ∞		482,502,010		0
Irkutsk Electronetwork Co. JSC *∞		7,410,870		0
				0
Total Common Stocks (Cost: $1,834,371,125)				3,608,687

PREFERRED SECURITIES: 0.0% (Cost: $46,034,628)
Energy: 0.0%
Transneft PJSC ∞		20,972		0

Total Investments Before Collateral for Securities Loaned: 10.2% (Cost: $1,880,405,753)				3,608,687

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.0%
Money Market Fund: 6.0% (Cost: $2,120,680)
State Street Navigator Securities Lending Government Money Market Portfolio		2,120,680		2,120,680
Total Investments: 16.2% (Cost: $1,882,526,433)				5,729,367
Other assets less liabilities: 83.8%				29,644,126
NET ASSETS: 100.0%			$	35,373,493

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $0.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		100.0	%	$	3,608,687
Consumer Staples		0.0			0
Energy		0.0			0
Financials		0.0			0
Materials		0.0			0
Utilities		0.0			0
Consumer Discretionary		0.0			0
		100.0	%	$	3,608,687

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Banks	$	—	$	—	$	0	$	0
Diversified Financials		—		—		0		0
Energy		—		—		0		0
Food & Staples Retailing		—		—		0		0
Materials		—		—		0		0
Media & Entertainment		—		—		0		0
Retailing		—		—		0		0
Telecommunication Services		3,608,687		—		0		3,608,687
Utilities		—		—		0		0
Preferred Securities ^*		—		—		0		0
Money Market Fund		2,120,680		—		—		2,120,680
Total Investments	$	5,729,367	$	—	$	0	$	5,729,367


^*	See Schedule of Investments for industry sector breakouts.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

	Common Stock
Balance as of December 31, 2021	$7
Realized gain (loss)	(21,145,145	)
Net change in unrealized appreciation (depreciation)	(1,836,577,767	)
Purchases	722,916,033
Sales	(141,692,268	)
Transfers in/out of level 3	1,276,499,140
Balance as of December 31, 2022	$0

	Preferred Securities
Balance as of December 31, 2021	$–
Realized gain (loss)	180,310
Net change in unrealized appreciation (depreciation)	(41,702,109)
Purchases	13,652,856
Sales	(2,781,681	)
Transfers in/out of level 3	30,650,624
Balance as of December 31, 2022	$0

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Credit Bank of Moscow PJSC *∞		21,005,200	$	0
Commercial & Professional Services: 0.0%
HeadHunter Group Plc (ADR) ∞		31,919		0
Diversified Financials: 0.0%
SFI PJSC *∞		2,663		0
Energy: 0.0%
Sovcomflot PJSC *∞		989,960		0
Food & Staples Retailing: 0.0%
Lenta International Co. PJSC (GDR) *∞		263,199		0
Food, Beverage & Tobacco: 0.0%
Beluga Group PJSC ∞		11,235		0
Ros Agro Plc (GDR) ∞		77,690		0
				0
Materials: 0.0%
Mechel PJSC *∞		438,883		0
Raspadskaya OJSC ∞		703,205		0
Segezha Group PJSC 144A ∞		8,945,900		0
				0
Real Estate: 0.0%
Etalon Group Plc (GDR) *∞		394,873		0
LSR Group PJSC *∞		103,574		0
Samolet Group ∞		16,988		0
				0
Retailing: 0.0%
Detsky Mir PJSC 144A *∞		1,155,798		0

	Number of Shares		Value
Retailing (continued)
M.Video PJSC *∞		110,194	$	0
				0
Telecommunication Services: 0.0%
Sistema PJSFC *∞		6,612,640		0
Transportation: 0.0%
Aeroflot PJSC *∞		1,885,382		0
Globaltrans Investment Plc (GDR) *∞		182,773		0
Novorossiysk Commercial Sea Port PJSC ∞		8,972,400		0
				0
Utilities: 0.0%
Mosenergo PJSC ∞		19,492,800		0
OGK-2 PJSC ∞		51,450,600		0
TGC-1 PJSC *∞		1,701,100,000		0
Unipro PJSC *∞		24,734,000		0
				0
Total Common Stocks (Cost: $24,435,670)				0

PREFERRED SECURITIES: 0.0% (Cost: $341,612)
Utilities: 0.0%
Rosseti Lenenergo PJSC ∞		171,506		0

Total Investments: 0.0% (Cost: $24,777,282)				0
Other assets less liabilities: 100.0%				391,824
NET ASSETS: 100.0%			$	391,824

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $0, or 0% of net assets.

Summary of Investments by Sector	% of Investments			Value
Communication Services		0.0	%	$	0
Consumer Discretionary		0.0			0
Consumer Staples		0.0			0
Energy		0.0			0
Financials		0.0			0
Industrials		0.0			0
Materials		0.0			0
Real Estate		0.0			0
Utilities		0.0			0
		0.0	%	$	0

See Notes to Financial Statements

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks ^*	$	—	$	—		0	$	0
Preferred Securities ^*		—		—		0		0
Total Investments	$	—	$	—	$	0	$	0


^*	See Schedule of Investments for industry sector breakouts.

	Common Stock
Balance as of December 31, 2021	$	—
Realized gain (loss)		(752,023	)
Net change in unrealized appreciation (depreciation)		(24,975,164	)
Purchases		6,983,310
Sales		(2,814,077	)
Transfers in/out of level 3		21,557,954
Balance as of December 31, 2022	$	0

		Preferred Securities
Balance as of December 31, 2021	$	—
Realized gain (loss)		1,992
Net change in unrealized appreciation (depreciation)		(381,457	)
Purchases		63,913
Sales		(50,575	)
Transfers in/out of level 3		366,127
Balance as of December 31, 2022	$	0

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Russia ETF			Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,608,687		$	—
Short-term investments held as collateral for securities loaned (3)		2,120,680			—
Cash		29,630,080			476,636
Cash denominated in foreign currency, at value (4)		17,163			563
Receivables:
Investment securities sold		2,428,323			—
Dividends and interest		2,298			—
Prepaid expenses		4,510			1,001
Total assets		37,811,741			478,200
Liabilities:
Payables:
Collateral for securities loaned		2,120,680			—
Due to Adviser		—			1,158
Deferred Trustee fees		175,696			3,275
Accrued expenses		141,872			81,943
Total liabilities		2,438,248			86,376
NET ASSETS	$	35,373,493		$	391,824
Shares outstanding		95,900,000			883,318
Net asset value, redemption and offering price per share	$	0.37		$	0.44
Net Assets consist of:
Aggregate paid in capital	$	3,613,069,711		$	43,562,652
Total distributable earnings (loss)		(3,577,696,218	)		(43,170,828	)
NET ASSETS	$	35,373,493		$	391,824
(1) Value of securities on loan	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	1,880,405,753		$	24,777,282
(3) Cost of short-term investments held as collateral for securities loaned	$	2,120,680		$	—
(4) Cost of cash denominated in foreign currency	$	17,081		$	613

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Russia ETF			Russia Small-Cap ETF
Income:
Dividends	$	6,029,128		$	124,416
Interest		427,362			9,322
Securities lending income		32,552			4,137
Foreign taxes withheld		(931,036	)		(18,453	)
Total income		5,558,006			119,422
Expenses:
Management fees		1,089,445			20,102
Professional fees		189,037			187,384
Custody and accounting fees		57,751			16,325
Reports to shareholders		62,583			4,881
Trustees’ fees and expenses		33,885			369
Registration fees		2,027			2,487
Insurance		17,130			1,564
Interest and taxes		8,611			440
Other		5,387			690
Total expenses		1,465,856			234,242
Waiver of management fees		—			(20,102	)
Expenses assumed by the Adviser		—			(16,937	)
Net expenses		1,465,856			197,203
Net investment income (loss)		4,092,150			(77,781	)

Net realized gain (loss) on:
Investments		(138,419,523	)		(2,282,770	)
In-kind redemptions		22,896,653			—
Foreign currency transactions and foreign denominated assets and liabilities		8,290			4,421
Net realized loss		(115,514,580	)		(2,278,349	)

Net change in unrealized appreciation (depreciation) on:
Investments		(1,868,385,142	)		(25,642,092	)
Foreign currency translations and foreign denominated assets and liabilities		535			2,550
Net change in unrealized appreciation (depreciation)		(1,868,384,607	)		(25,639,542	)
Net Decrease in Net Assets Resulting from Operations	$	(1,979,807,037	)	$	(27,995,672	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia ETF						Russia Small-Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021

Operations:
Net investment income (loss)	$	4,092,150		$	84,131,813		$	(77,781	)	$	946,084
Net realized gain (loss)		(115,514,580	)		203,235,534			(2,278,349	)		(508,274	)
Net change in unrealized appreciation (depreciation)		(1,868,384,607	)		678,586			(25,639,542	)		(1,125,055	)
Net increase (decrease) in net assets resulting from operations		(1,979,807,037	)		288,045,933			(27,995,672	)		(687,245	)
Distributions to shareholders from:
Distributable earnings		—			(80,501,120	)		—			(1,464,299	)
Return of capital		—			—			—			(60,709	)
Total distributions		—			(80,501,120	)		—			(1,525,008	)

Share transactions*:
Proceeds from sale of shares		761,823,584			378,385,798			4,207,920			—
Cost of shares redeemed		(122,926,443	)		(830,831,688	)		—			(5,605,927	)
Increase (decrease) in net assets resulting from share transactions		638,897,141			(452,445,890	)		4,207,920			(5,605,927	)
Total decrease in net assets		(1,340,909,896	)		(244,901,077	)		(23,787,752	)		(7,818,180	)
Net Assets, beginning of year		1,376,283,389			1,621,184,466			24,179,576			31,997,756
Net Assets, end of year	$	35,373,493		$	1,376,283,389		$	391,824		$	24,179,576
*Shares of Common Stock Issued (no par value)
Shares sold		49,250,000			12,900,000			150,000			—
Shares redeemed		(4,800,000	)		(29,500,000	)		—			(150,000	)
Net increase (decrease)		44,450,000			(16,600,000	)		150,000			(150,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2022

	Russia ETF				Russia Small-cap ETF
Cash Flows from Operating Activities
Net decrease in net assets resulting from operations	$	(1,979,807,037	)		$	(27,995,672	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Investment securities purchased		(17,782,236	)	(1)		(3,243,978	)	(2)
Investment securities sold		22,940,896		(3)		3,747,112
Decrease in dividends and interest receivable		12,123,732				68,930
(Increase) decrease in prepaid expenses		2,425				(300	)
(Increase) decrease in investment securities sold		(2,428,323	)			24,138
Decrease in investment securities purchased		(516,151	)			—
Decrease in due to Adviser		(615,768	)			(26,099	)
Decrease in accrued expenses		(738,425	)			(142,297	)
Decrease in deferred trustee fees		(28,051	)			(537	)
Net change in unrealized depreciation from investments		1,868,385,142				25,642,092
Net realized loss on investments in securities		138,436,326				2,282,770
Net realized gain on in-kind redemptions		(22,896,653	)			—
Net cash used in operating activities		17,075,877				356,159

Cash Flows from Financing Activities
Decrease in line of credit borrowing		(6,501,506	)			—
Proceeds from shares sold		19,179,903		(1)		596		(2)
Cost of shares redeemed		(108,456	)	(3)		—
Net cash provided by financing activities		12,569,941				596
Net change in cash		29,645,818				356,755
Cash at beginning of year (including foreign currency)		1,425				120,444
Cash at end of year (including foreign currency)	$	29,647,243			$	477,199

Supplemental disclosure of cash flow information
Interest expense paid during the period	$	8,553			$	382


(1)	Amount shown excludes in-kind subscriptions of $742,643,681.
(2)	Amount shown excludes in-kind subscriptions of $4,207,324
(3)	Amount shown excludes in-kind redemptions of $122,817,987

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Russia ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$26.75			$23.82			$24.96			$18.79			$21.14
Net investment income (a)		0.05			1.39			0.97			1.20			0.88
Net realized and unrealized gain (loss) on investments		(26.43	)		3.06			(1.31	)		6.39			(2.26	)
Total from investment operations		(26.38	)		4.45			(0.34	)		7.59			(1.38	)
Distributions from:
Net investment income		—			(1.52	)		(0.79	)		(1.42	)		(0.97	)
Return of capital		—			—			(0.01	)		—			—
Total distributions		—			(1.52	)		(0.80	)		(1.42	)		(0.97	)
Net asset value, end of year		$0.37			$26.75			$23.82			$24.96			$18.79
Total return (b)		(98.62	)%		18.74	%		(1.38	)%		40.40	%		(6.47	)%

Ratios to average net assets
Expenses		0.60	%(c)		0.56	%		0.61	%		0.67	%		0.65	%
Expenses excluding interest, a portion of depositary receipt fees and taxes (d)		0.59	%(c)		0.56	%		0.60	%		0.65	%		0.64	%
Net investment income		1.67	%		4.99	%		4.45	%		5.40	%		4.09	%
Supplemental data
Net assets, end of year (in millions)		$35			$1,376			$1,621			$1,282			$1,326
Portfolio turnover rate (e)		4	%		20	%		25	%		15	%		20	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	During the period the fund incurred significant expenses outside of its expense limitation. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its managemnent fee for the Fund (See Note 4).
(d)	Ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 4).
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Russia Small-Cap ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$32.97			$36.22			$35.94			$27.61			$40.68
Net investment income (loss) (a)		(0.09	)		1.12			1.12			1.53			1.17
Net realized and unrealized gain (loss) on investments		(32.44	)		(2.29	)		0.74			8.45			(13.02	)
Total from investment operations		(32.53	)		(1.17	)		1.86			9.98			(11.85	)
Distributions from:
Net investment income		—			(2.00	)		(1.58	)		(1.65	)		(1.22	)
Return of capital		—			(0.08	)		—			—			—
Total distributions		—			(2.08	)		(1.58	)		(1.65	)		(1.22	)
Net asset value, end of year		$0.44			$32.97			$36.22			$35.94			$27.61
Total return (b)		(98.66	)%		(3.29	)%		5.23	%		36.17	%		(29.09	)%

Ratios to average net assets
Gross expenses		5.34	%(c)		1.08	%		1.31	%		1.20	%		0.94	%
Net expenses		4.50	%(c)		0.75	%		0.75	%		0.77	%		0.76	%
Net expenses excluding interest, a portion of depositary receipt fees and taxes (d)		4.49	%(c)		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		(1.77	)%		3.01	%		3.45	%		4.67	%		3.22	%
Supplemental data
Net assets, end of year (in millions)		$—	(e)		$24			$32			$35			$33
Portfolio turnover rate (f)		68	%		47	%		47	%		30	%		49	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	During the period the fund incurred significant expenses outside of its expense limitation. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its managemnent fee for the Fund (See Note 4).
(d)	Ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 4).
(e)	Amount is less than $500,000.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

Fund		Diversification Classification

Russia ETF		Non-Diversified
Russia Small-Cap ETF		Non-Diversified

Each Fund’s stated investment objective is to seek to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. However, due to the suspension of the rebalancing of the Russia Index and the ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Fund		Index

Russia ETF		MVIS Russia Index
Russia Small-Cap ETF		MVIS Russia Small-Cap Index

Note 2—Plan of Liquidation— Russia’s large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds’ operations during the year ended December 31, 2022. The governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

As a result, the fair value of Russian securities held by the Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds’ investments in equity securities, including depositary receipts, illiquid.

Since March 4, 2022, Cboe BZX Exchange, Inc., the listing exchange for the Funds have halted trading of shares of the Funds. There can be no assurance that trading of shares of the Funds will resume.

Subsequent to February 24, 2022, certain Russian securities held by the Fund had declared dividends, however there is no assurance these dividends can be collected by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2022.

On September 29, 2022, the Board of Trustees of the Trust (the “Board”) unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders.

On January 12, 2023, the Funds made an initial liquidating distribution to shareholders of current liquid assets, less a reserve to meet the Funds’ expected transaction costs for an extended period (see Note 12).

The Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period of time, if circumstances involving Russian securities markets do not improve.

The Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

It is expected that the Funds will remain in existence until at least December 31, 2023, to allow the Funds to sell the securities and depositary receipts, if conditions permit. The Funds may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). After December 31, 2023, the Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders would receive any liquidating distribution relating to the Russian securities and depositary receipts after the initial distribution, described above. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale and the distribution; other Fund operating and liquidation expenses will be paid out of the reserve.

The Funds incurred additional legal expenses as a result of the plan of liquidation. These legal fees are not included in the Funds’ expense limitations (See Note 4).

Note 3—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

The following summarizes the Funds’ significant accounting policies.

Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board has designated Van Eck Associates Corp. (the “Adviser”) as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

	The holdings of the Funds at December 31, 2022 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

	Level 1 — Quoted prices in active markets for identical securities.

	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

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

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

C.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

D.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in

	unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of December 31, 2022.

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

G.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

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

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

Note 4—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser voluntarily agreed to waive all of its management fee payable by each Fund. The Adviser may eliminate such management fee waiver in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses; and for Russia ETF and Russia Small-Cap ETF, depositary receipt fees up to 0.10% and 0.08% of average daily net assets, respectively) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/ assumed by the Adviser for the year ended December 31, 2022.

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

Fund	Management Fees*			Expense Limitations
Russia ETF		0.50	%		0.62	%
Russia Small-Cap ETF		0.50			0.67

*	Fee rates reflected are those in effect before voluntary waivers.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 5—Capital Share Transactions—As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

Note 6—Investments—For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Russia ETF	$	11,617,636	$	22,940,896	$	742,643,681	$	122,817,987
Russia Small-Cap ETF		3,227,428		3,747,112		4,207,324		—

Note 7—Income Taxes—As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Russia ETF		$1,884,164,072		$41,731		$(1,878,476,436)		$(1,878,434,705)
Russia Small-Cap ETF		25,328,758		–		(25,328,758)		(25,328,758)

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

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Russia ETF		$–		$(1,699,085,904	)		$(175,696	)		$(1,878,434,618	)		$(3,577,696,218	)
Russia Small-Cap ETF		–		(17,838,747	)		(3,274	)		(25,328,807	)		(43,170,828	)

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

December
31, 2022

December 31, 2021

Fund

Ordinary
Income*

Return
of Capital

Russia ETF

$–

$80,501,120

$–

Russia Small-Cap ETF

–

1,464,299

60,709

*	Includes distributions from short-term capital gains, if any.

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Russia ETF	$	(300,452,708	)	$	(1,398,633,196	)	$	(1,699,085,904	)
Russia Small-Cap ETF		(5,643,438	)		(12,195,309	)		(17,838,747	)

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Russia ETF	$	(30,524,075	)	$	30,524,075
Russia Small-Cap ETF		75,256			(75,256	)

Note 8—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Russia’s large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds’ operations during the year ended December 31, 2022. The governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

As a result of the current conditions related to Russian securities and Russian markets, the Fund is unable to dispose of the Russian securities in its portfolio and the Fund’s portfolio has become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices.

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

Note 9—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

Note 10—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if

any, at December 31, 2022 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ remaining securities on loan and related collateral as of December 31, 2022:

Fund		Market Value of Securities on Loan				Cash Collateral				Non-Cash Collateral				Total Collateral
Russia ETF		$	–			$	2,120,680			$	6,191,528			$	8,312,208

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Russia ETF	$	2,120,680

*	Remaining contractual maturity: overnight and continuous

Note 11—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The participating Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. As of February 25, 2022 the Funds ceased participation in the Facility. The Funds were subsequently removed from the agreement effective November 1, 2022. Activity below represents activity from January 1, 2022 through February 25, 2022:

Fund		Days Outstanding				Average Daily Loan Balance				Average Interest Rate
Russia ETF			38				$4,898,797				1.43	%

Note 12—Subsequent Event Review— The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The Funds had an initial liquidating distribution on January 12, 2023 as follows:

Fund	Record Date	Ex-Date	Payable Date	Liquidating Distribution
Russia ETF	1/12/2023	1/12/2023	1/12/2023		$0.0313
Russia Small-Cap ETF	1/12/2023	1/12/2023	1/12/2023		0.0567

The Chicago Board Options Exchange delisted the Funds on January 12, 2023. As a result of the delisting, the fund is no longer considered an exchange traded fund.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Russia ETF and VanEck Russia Small-Cap ETF

Opinions on the Financial Statements

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

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

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

Emphasis of Matter

As discussed in Note 2 to the financial statements, on September 29, 2022, the Board of Trustees unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders. The Funds may be terminated at the discretion of the Funds’ Board based on the facts and circumstances as discussed in Note 2.

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2023

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

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent Trustees*

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

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

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

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

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

Item 2.	CODE OF ETHICS.

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

(b)	The Registrant’s code of ethics is reasonably described in this Form N-CSR.

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

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

(e)	Not applicable.

(f)	The Registrant’s Code of Ethics is attached as an Exhibit hereto.

Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.

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

Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.

	The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31.

(a)	Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2022 and December 31, 2021, were $544,095 and $0, respectively.

(b)	Audit-Related Fees. Not applicable.

(c)	Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2022 and December 31, 2021, were $243,500 and $0 respectively.

(d)	All Other Fees

	None.

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

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

(f)	Not applicable.

(g)	Not applicable.

(h)	Not applicable.

Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short served as Chairman of the Audit Committee until December 1, 2022. Since such date, Ms. Hesslein is the Chairwoman of the Audit Committee.

Item 6.	SCHEDULE OF INVESTMENTS.

	Information included in Item 1.

Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

	Not applicable.

Item 8.	PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

	Not applicable.

Item 9.	PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

	Not applicable.

Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

	None.

Item 11.	CONTROLS AND PROCEDURES.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.	DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)	Not applicable.

(b)	Not applicable.

Item 13.	EXHIBITS.

(a)(1)	The code of ethics is attached as EX-99.CODE ETH

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

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, Treasurer and CFO


Date	March 10, 2023

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, CEO


Date	March 10, 2023


By (Signature and Title)	/s/ John J. Crimmins, Treasurer and CFO


Date	March 10, 2023