N-CSR 1 c102592_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

(Formerly known as VanEck Vectors ETF Trust)

(Exact name of registrant as specified in charter)

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

Van Eck Associates Corporation
666 THIRD AVENUE, NEW YORK, NY 10017
(Name and address of agent for service)

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

Date of fiscal year end: SEPTEMBER 30

Date of reporting period: SEPTEMBER 30, 2021

Item 1. Report to Shareholders

ANNUAL REPORT
September 30, 2021

Biotech ETF	BBH
Digital Transformation ETF	DAPP
Environmental Services ETF	EVX^®
Gaming ETF	BJK^®
Pharmaceutical ETF	PPH^®
Retail ETF	RTH^®
Semiconductor ETF	SMH^®
Video Gaming and eSports ETF	ESPO^®


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
Biotech ETF	6
Digital Transformation ETF	7
Environmental Services ETF	8
Gaming ETF	9
Pharmaceutical ETF	10
Retail ETF	11
Semiconductor ETF	12
Video Gaming and eSports ETF	13
About Fund Performance	14
Explanation of Expenses	15
Schedule of Investments
Biotech ETF	17
Digital Transformation ETF	18
Environmental Services ETF	20
Gaming ETF	21
Pharmaceutical ETF	23
Retail ETF	24
Semiconductor ETF	25
Video Gaming and eSports ETF	26
Statements of Assets and Liabilities	28
Statements of Operations	30
Statements of Changes in Net Assets	32
Financial Highlights
Biotech ETF	36
Digital Transformation ETF	37
Environmental Services ETF	38
Gaming ETF	39
Pharmaceutical ETF	40
Retail ETF	41
Semiconductor ETF	42
Video Gaming and eSports ETF	43
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	52
Tax Information	54
Board of Trustees and Officers	55
Approval of Investment Management Agreements	58

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. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2021.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2021

(unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

The Economy

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”¹We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets. The markets today are pondering the question, “Are we hitting the brakes too hard?” I think not.

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research note²that said over half of the S&P 500^®Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

Multi-Year Investment Themes

So what to do in your portfolio? We are focusing on two multi-year investment themes.

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. New open-source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

Another surprise that has affected commodity prices is that, as the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and is why I believe that commodity equities are an interesting investment that people should have in their portfolios.

We sincerely 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 September 30, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck

CEO and President
VanEck ETF Trust

October 18, 2021

¹	A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

²	Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2021 (unaudited)

Biotech

Biotech stocks had a good year, with the VanEck Biotech ETF gaining 25.13%. Rising steadily during the 12 month period, stocks hit highs in mid-October 2020 and early-February 2021 (both followed by downturns), and in early-August 2021. However, even after quite a significant sell-off in the first week of September 2021, the Fund ended the period having made a gain.

While, by mid-September 2020, the FDA had approved 40 “novel drugs”,¹over the next three months (despite COVID-19) a further 13 were added and the total tally for the year was 53.2 By mid-September 2021, a little down on the previous year at the same time, some 37 novel drugs had already been approved.³

The three top positive contributions to the Fund’s performance came from: Moderna (10.4% of Fund net assets^†), BioNTech (3.8% of Fund net assets^†) and Alexion Pharmaceuticals (not held at period end^†). The companies that detracted most from performance were: Vertex Pharmaceuticals (5.2% of Fund net assets^†), Amgen (8.6% of Fund net assets^†) and Sarepta Therapeutics (sold by Fund by period end^†).

Environmental Services

The VanEck Environmental Services ETF had an excellent year, gaining 44.50% over the 12 month period under review. Following a slight dip at the end of October 2020, environmental services stocks climbed slowly but surely through the end of the reporting period without any further, noteworthy declines.

Following the slowdown in economic activity resulting from the COVID-19 virus earlier in 2020, the pace of activity became more rapid as the year progressed “with many firms able to sustain and even beat revenue forecasts in the pandemic year.”⁴

Growth in 2021 has been, and continues to be driven, amongst other factors, by: corporations’ increasing commitment to ESG and sustainability, consolidation and M&A activity, sustained interested in both reuse and recycling and last, but not least, by the changing regulatory backdrop.

Large-cap stocks contributed the greatest total returns, followed, respectively, by mid- and small-cap stocks. Covanta Holding (3.1% of Fund net assets^†), Darling Ingredients (3.0% of Fund net assets^†) and Cantel Medical (sold by Fund by period end) were the top three contributors. PureCycle Technologies (3.0% of Fund net assets^†), Energy Recovery (3.1% of Fund net assets^†) and Clean Harbors (3.4% of Fund net assets^†) were the only three companies to detract from performance.

Gaming

The VanEck Gaming ETF posted a gain of 24.06% for the 12 month period. Gaming stocks continued to recover strongly in the final quarter of 2020 and into 2021, reaching highs in March, April and June. Thereafter, however, even following a recovery in early-September, the final two quarters of the reporting period proved to be disappointing.

In Macau, China, the world’s biggest gaming hub, while notably down on the figures for 2019, the gross revenue from “Games of Fortune” (as the Macau authorities describe them) in October 2020 through to the end of the year were not only relatively stable, but also demonstrated a noted improvement on prior months.⁵Thereafter, revenues again remained relatively stable and, after April, considerably improved on 2020, but in August 2021, however, they nearly halved.⁶In September, on the one hand, earlier in the month we saw optimism that lighter COVID-19 restrictions might help increase traffic and, on the other, later in the month, casino stocks fell across the board as the Macau government indicated that it would seek greater oversight and planned to impose more onerous concession agreements, moves that “could wrest control of the lucrative industry away from foreign shareholders.”⁷

In Nevada, during the 12 month period, we saw the “gaming win”⁸remain relatively stable each month and trend higher as the period progressed—from a low of $683,733,423 in December 2020 to $1,359,876,493 in July 2021⁹

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

U.S.-, Sweden- and Australia-listed companies were the leading contributors to performance. Two countries detracted from performance: China and Cambodia.

Pharmaceutical

Despite a slight dip at the end of October 2020, pharmaceutical stocks had a solid, if uneventful, 12 months. By the end of the period, after somewhat of a downturn from early-September, the VanEck Pharmaceutical ETF had gained 19.10%. Vaccines for COVID-19 and expectations of potential higher government spending on drug discovery and development have helped underpin investor optimism in the sector.

While Eli Lilly, Catalent and Bausch Health Companies (4.7%, 4.3% and 3.0% of Fund net assets, respectively^†) were the three largest positive contributors to performance, Takeda Pharmaceutical (4.4% of Fund net assets^†), Viatris (4.4% of Fund net assets^†) and Novartis (4.9% of Fund net assets^†) were the Fund’s three largest detractors.

Retail

Despite sudden declines from mid- to end-October 2020 and from mid-February to early-March 2021, retail stocks had a satisfactory 12 months and the VanEck Retail ETF returned 18.13% for the period under review. While “brick and mortar”, e.g., department stores, retail has taken a battering during the COVID-19 pandemic (no customers and no staff—a continuing problem), those companies with well-developed ecommerce capabilities and those involved in specialty retail or deemed “essential” during the crisis have benefited.

Businesses involved in the consumer discretionary sub-sector specialty retail contributed by far the most to the positive performance of the Fund. Home Depot (15.4% of Fund net assets^†), Target (4.4% of Fund net assets^†) and CVS Health (4.6% of Fund net assets^†) were the three top contributors to total returns. While no single sector (or sub-sector) detracted from performance, companies in the consumer discretionary textiles, apparel and luxury goods sub-sector contributed the least to performance. And just three companies detracted from performance: Wayfair (0.8% of Fund net assets^†), JD.com (4.1% of Fund net assets^†) and Best Buy (1.6% of Fund net assets^†).

Semiconductor

The VanEck Semiconductor ETF had an excellent year, returning 47.94% for the 12 month period under review. In 2021 in particular, the industry has had to deal with the disruption (and with demand outstripping supply), resulting from the well-publicized chip shortage which has affected anything from auto production to consumer tech (including smartphones).¹⁰Despite this shortage, many companies have continued to perform well and semiconductor sales have remained firm. Sales in August 2021 alone were up 29.7% year-on-year and 3.3% month-on-month.¹¹

Large-capitalization stocks continued to be key drivers of the Fund’s returns. Taiwan Semiconductor Manufacturing Company, Applied Materials and ASML Holding (15.5%, 4.6% and 6.8% of Fund net assets, respectively^†) were the three top contributing companies. A single company detracted from performance, Synopsys (2.4% of Fund net assets^†) with Intel (5.4% of Fund net assets^†) and Universal Display (0.4% of Fund net assets^†) contributing the least positively to total returns.

Video Games and eSports

In contrast with the 12 months ending September 30, 2020, video gaming and esports stocks provided disappointing, albeit positive, returns during the reporting period with the VanEck Video Gaming and eSports ETF up 6.15%. As the early restrictions on movement associated with the COVID-19 pandemic have subsided, consumers around the world have been forced to be inside less and less and traditional entertainment options have become more plentiful. Against this backdrop, video game-related revenue growth, having soared to all-time highs, have now pulled back to more normalized levels.

Leading contributing companies over the period were Sea, NVIDIA, and Bilibili (6.5%, 8.1% and 3.8% of the Fund’s net assets respectively^†). The three companies detracting most from performance were: CD Projekt (1.6% of Fund net assets^†), NEXON Company (3.4% of Fund net assets^†) and Ubisoft Entertainment (2.8% of Fund net assets^†).

† All Fund assets referenced are Total Net Assets as of September 30, 2021.

¹Food & Drug Administration: : Novel Drug Approvals for 2020, September 2, 2020, https://www.fda.gov/drugs/new-drugs-fda-cder-snew-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2020 (Accessed September 16, 2020)

²Food & Drug Administration: New Drug Therapy Approvals 2020, January 2021, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2020 (Accessed September 22, 2021)

³Food & Drug Administration: New Drug Therapy Approvals 2021, September 2021, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2021 (Accessed October 2, 2021)

⁴Engineering News-Record: 2021 Top 200 Environmental Firms: Market is Whirlwind of Change, July 14, 2021, https://www.enr.com/articles/52090-top-200-environmental-firms-market-is-whirlwind-of-change

⁵Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2020/index.html

⁶Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2021/index.html

⁷The Financial Times: Macau casino operators fear end of winning streak with new gaming law, September 21, 2021, https://www.ft.com/content/417f2513-37b2-4900-ac36-4729df36ae1b

⁸Or “gross revenue,” defined (in short) as: the total of all:

(a) Cash received as winnings;

(b) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and

(c) Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act, https://www.leg.state.nv.us/NRS/NRS-463.html#NRS463Sec0161

⁹Nevada Gaming Control Board: Abbreviated Revenue Release, http://gaming.nv.gov/index.aspx?page=172

¹⁰Vox: The chip shortage is getting worse, August 5, 2021, https://www.vox.com/recode/2021/8/5/22611031/chip-shortage-cars-electronics-automakers-gm-tesla-playstation-xbox

¹¹Semiconductor Industry Association: Global Semiconductor Sales Increase 29.7% Year-to-Year, 3.3% Month-to-Month in August, October 4, 2021, https://www.semiconductors.org/global-semiconductor-sales-increase-29-7-year-to-year-3-3-month-to-month-in-august/

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBBHTR¹	SPTR²
One Year	25.16%	25.13%	25.36%	30.00%
Five Year	12.36%	12.33%	12.52%	16.90%
Life*	19.87%	19.86%	20.06%	15.87%


^*	Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

¹	MVIS® US Listed Biotech 25 Index (MVBBHTR) 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 biotech industry.

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.

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 14 for more information.

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAPPTR¹	SPTR²
Life*	(35.26)%	(35.30)%	(35.13)%	5.03%


^*	Commencement of Fund: 4/12/21; First Day of Secondary Market Trading: 4/13/21.

¹	MVIS® Global Digital Assets Equity Index (MVDAPPTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset 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 (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 14 for more information.

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	AXENVTR¹	SPTR²
One Year	43.96%	44.50%	45.33%	30.00%
Five Year	16.14%	16.13%	16.61%	16.90%
Ten Year	13.27%	13.42%	13.94%	16.63%


¹	NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-listed companies involved in environmental 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 (Ten Year)

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 14 for more information.

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBJKTR¹	SPTR²
One Year	24.61%	24.06%	25.29%	30.00%
Five Year	8.60%	8.59%	9.13%	16.90%
Ten Year	8.75%	8.59%	8.98%	16.63%


¹	MVIS® Global Gaming Index (MVBJKTR) 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 casino and gaming industry.

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 (Ten Year)

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 14 for more information.

VANECK PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVPPHTR¹	SPTR²
One Year	19.14%	19.10%	18.75%	30.00%
Five Year	6.79%	6.75%	6.60%	16.90%
Life*	9.80%	9.67%	9.56%	15.87%


^*	Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

¹	MVIS® US Listed Pharmaceutical 25 Index (MVPPHTR) 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 pharmaceutical industry.

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 14 for more information.

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRTHTR¹	SPTR²
One Year	18.22%	18.13%	18.11%	30.00%
Five Year	18.94%	18.91%	18.78%	16.90%
Life*	18.63%	18.49%	18.33%	15.87%


^*	Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

¹	MVIS® US Listed Retail 25 Index (MVRTHTR) 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 retail industry.

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 14 for more information.

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMHTR¹	SPTR²
One Year	48.14%	47.94%	48.11%	30.00%
Five Year	31.47%	31.51%	31.51%	16.90%
Life*	26.20%	26.23%	26.18%	15.87%


^*	Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

¹	MVIS® US Listed Semiconductor 25 Index (MVSMHTR) 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 semiconductor industry.

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 14 for more information.

VANECK VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVESPOTR¹	SPTR²
One Year	5.75%	6.15%	7.35%	30.00%
Life*	28.80%	28.83%	29.92%	17.66%


^*	Commencement of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.

¹	The MVIS® Global Video Gaming and eSports Index (MVESPOTR) 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 video gaming and eSports.

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 broad-based index.

See “About Fund Performance” on page 14 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

The Biotech Index, Digital Transformation Index, Gaming Index, Pharmaceutical Index, Retail Index, Semiconductor Index and Video Gaming and eSports Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Environmental Services Index is published by ICE Data Indices, LLC (ICE Data).

MVIS and ICE Data 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, April 1, 2021 to September 30, 2021.

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 April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2021 - September 30, 2021*
Biotech ETF
Actual	$1,000.00	$1,152.90	0.35%	$1.89
Hypothetical**	$1,000.00	$1,023.31	0.35%	$1.78
Digital Transformation ETF
Actual ***	$1,000.00	$647.00	0.58%	$2.24
Hypothetical**	$1,000.00	$1,022.16	0.58%	$2.94
Environmental Services ETF
Actual	$1,000.00	$1,083.50	0.55%	$2.87
Hypothetical**	$1,000.00	$1,022.31	0.55%	$2.79
Gaming ETF
Actual	$1,000.00	$906.50	0.61%	$2.92
Hypothetical**	$1,000.00	$1,022.01	0.61%	$3.09
Pharmaceutical ETF
Actual	$1,000.00	$1,063.70	0.35%	$1.81
Hypothetical**	$1,000.00	$1,023.31	0.35%	$1.78
Retail ETF
Actual	$1,000.00	$1,058.90	0.35%	$1.81
Hypothetical**	$1,000.00	$1,023.31	0.35%	$1.78
Semiconductor ETF
Actual	$1,000.00	$1,053.10	0.35%	$1.80
Hypothetical**	$1,000.00	$1,023.31	0.35%	$1.78

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2021 - September 30, 2021*
Video Gaming and eSports ETF
Actual	$1,000.00	$954.20	0.57%	$2.79
Hypothetical**	$1,000.00	$1,022.21	0.57%	$2.89


*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2021), 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).
**	Assumes annual return of 5% before expenses
***	Expenses are equal to the Fund’s annualized expense ratio (for the period from April 13, 2021 (commencement of operations) to September 30, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
China: 3.3%
BeiGene Ltd. (ADR) *		52,822	$	19,174,386
Germany: 3.9%
BioNTech SE (ADR) *		84,828		23,157,196
Ireland: 4.9%
ICON Plc (USD) *		109,770		28,761,935
Switzerland: 1.7%
CRISPR Therapeutics AG (USD) * †		87,917		9,840,550
United States: 86.1%
10X Genomics, Inc. *		64,782		9,430,964
Alnylam Pharmaceuticals, Inc. *		92,701		17,502,876
Amgen, Inc.		228,255		48,538,426
Biogen, Inc. *		98,560		27,891,494
BioMarin Pharmaceutical, Inc. *		148,975		11,514,278
Bio-Techne Corp.		48,899		23,694,988
Charles River Laboratories International, Inc. *		60,602		25,008,627

	Number of Shares		Value
United States (continued)
Exact Sciences Corp. * †		195,593	$	18,669,352
Gilead Sciences, Inc.		468,984		32,758,532
Guardant Health, Inc. *		131,690		16,462,567
Illumina, Inc. *		68,448		27,763,193
Incyte Corp. *		168,665		11,600,779
Intellia Therapeutics, Inc. *		66,874		8,971,147
IQVIA Holdings, Inc. *		121,003		28,985,059
Moderna, Inc. *		175,770		67,646,842
Natera, Inc. *		117,348		13,077,261
Novavax, Inc. *		93,200		19,321,292
QIAGEN NV * †		293,518		15,169,010
Regeneron Pharmaceuticals, Inc. *		47,359		28,660,720
Seagen, Inc. *		150,779		25,602,274
Vertex Pharmaceuticals, Inc. *		165,604		30,038,910
				508,308,591
Total Common Stocks (Cost: $507,260,247)				589,242,658
Total Investments: 99.9% (Cost: $507,260,247)				589,242,658
Other assets less liabilities: 0.1%				877,755
NET ASSETS: 100.0%			$	590,120,413

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 $24,961,286.

Summary of Investments by Sector	% of Investments			Value
Biotechnology		70.3	%	$	413,966,315
Health Care Services		2.8			16,462,567
Life Sciences Tools & Services		26.9			158,813,776
		100.0	%	$	589,242,658

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks ^*		$	589,242,658			$	—			$	—			$	589,242,658

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Canada: 13.7%
Bitfarms Ltd. (USD) *		412,765	$	1,754,251
DMG Blockchain Solutions, Inc. *		623,956		453,124
Hive Blockchain Technologies Ltd. (USD) * †		766,010		2,045,247
Hut 8 Mining Corp. (USD) *		238,397		2,002,535
				6,255,157
China: 7.8%
BC Technology Group Ltd. (HKD) # *		556,000		876,079
Canaan, Inc. (ADR) * †		287,833		1,758,660
Ebang International Holdings, Inc. (USD) *		489,798		930,616
				3,565,355
Germany: 5.3%
Northern Data AG * †		27,995		2,404,160
Hong Kong: 5.4%
BIT Mining Ltd. (ADR) *		208,774		1,705,684
Diginex Ltd. (USD) *		131,477		425,985
Huobi Technology Holdings Ltd. # *		349,500		357,795
				2,489,464
Jersey, Channel Islands: 1.4%
Coinshares International Ltd. (SEK) # * †		82,136		629,102
United Kingdom: 4.4%
Argo Blockchain Plc # * †		1,285,664		2,005,536
United States: 61.9%
Bit Digital, Inc. * †		151,732		1,097,022

	Number of Shares		Value
United States (continued)
Cipher Mining, Inc. * †		102,815	$	1,063,107
Cleanspark, Inc. *		126,572		1,466,969
Coinbase Global, Inc. *		16,766		3,813,930
Galaxy Digital Holdings Ltd. (CAD) * †		115,966		1,889,362
GreenBox POS *		75,430		625,315
Marathon Digital Holdings, Inc. *		101,579		3,207,865
MicroStrategy, Inc. *		5,508		3,185,827
Riot Blockchain, Inc. *		106,854		2,746,148
Silvergate Capital Corp. *		26,716		3,085,698
Square, Inc. *		16,995		4,076,081
Voyager Digital Ltd. (CAD) * †		195,954		1,972,146
				28,229,470
Total Common Stocks (Cost: $54,684,650)				45,578,244

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.9% (Cost: $4,964,972)
Money Market Fund: 10.9%
State Street Navigator Securities Lending Government Money Market Portfolio		4,964,972		4,964,972
Total Investments: 110.8% (Cost: $59,649,622)				50,543,216
Liabilities in excess of other assets: (10.8)%				(4,926,714)
NET ASSETS: 100.0%			$	45,616,502

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
SEK	Swedish Krona
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $7,998,120.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $3,868,512 which represents 8.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		23.5	%	$	10,720,156
Information Technology		76.5			34,858,088
		100.0	%	$	45,578,244

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	6,255,157	$	—	$	—	$	6,255,157
China		2,689,276		876,079		—		3,565,355
Germany		2,404,160		—		—		2,404,160
Hong Kong		2,131,669		357,795		—		2,489,464
Jersey, Channel Islands		—		629,102		—		629,102
United Kingdom		—		2,005,536		—		2,005,536
United States		28,229,470		—		—		28,229,470
Money Market Fund		4,964,972		—		—		4,964,972
Total Investments	$	46,674,704	$	3,868,512	$	—	$	50,543,216

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Canada: 5.4%
GFL Environmental, Inc. (USD) †		58,036	$	2,156,037
Loop Industries, Inc. (USD) * †		128,311		1,466,595
				3,622,632
United States: 94.5%
ABM Industries, Inc.		46,964		2,113,850
Advanced Emissions Solutions, Inc. *		207,817		1,327,951
Casella Waste Systems, Inc. *		28,221		2,143,103
Clean Harbors, Inc. *		21,381		2,220,845
Covanta Holding Corp.		105,278		2,118,193
Darling Ingredients, Inc. *		28,056		2,017,226
Donaldson Co., Inc.		35,122		2,016,354
Ecolab, Inc.		31,029		6,473,270
Energy Recovery, Inc. * †		108,738		2,069,284
Evoqua Water Technologies Corp. *		55,743		2,093,707
Heritage-Crystal Clean, Inc. *		48,496		1,405,414
Montrose Environmental Group, Inc. *		35,768		2,208,316
PureCycle Technologies, Inc. * †		163,865		2,176,127
Republic Services, Inc.		54,884		6,589,373
Schnitzer Steel Industries, Inc.		51,650		2,262,787

	Number of Shares		Value
United States (continued)
Sharps Compliance Corp. *		155,922	$	1,289,475
Stericycle, Inc. *		31,222		2,122,159
STERIS Plc		9,843		2,010,728
Tennant Co.		29,441		2,177,162
Tetra Tech, Inc.		14,629		2,184,695
US Ecology, Inc. *		39,434		1,275,690
Waste Connections, Inc.		53,049		6,680,461
Waste Management, Inc.		44,373		6,627,551
				63,603,721
Total Common Stocks (Cost: $58,120,603)				67,226,353

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8% (Cost: $1,227,822)
Money Market Fund: 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio		1,227,822		1,227,822
Total Investments: 101.7% (Cost: $59,348,425)				68,454,175
Liabilities in excess of other assets: (1.7)%				(1,160,626)
NET ASSETS: 100.0%			$	67,293,549

Definitions:
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $3,719,858.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		3.0	%	$	2,017,227
Health Care		4.9			3,300,203
Industrials		71.7			48,202,194
Materials		20.4			13,706,729
		100.0	%	$	67,226,353

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	67,226,353	$	—	$	—	$	67,226,353
Money Market Fund		1,227,822		—		—		1,227,822
Total Investments	$	68,454,175	$	—	$	—	$	68,454,175

See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 11.7%
Aristocrat Leisure Ltd. #		241,427	$	8,022,362
Crown Resorts Ltd. # *		164,339		1,124,023
Star Entertainment Group Ltd. # *		456,952		1,450,195
Tabcorp Holdings Ltd. #		958,509		3,327,660
				13,924,240
Cambodia: 0.6%
NagaCorp Ltd. (HKD) #		842,000		718,357
France: 2.3%
La Francaise des Jeux SAEM 144A #		53,564		2,755,536
Greece: 1.4%
OPAP SA #		104,956		1,624,600
Hong Kong: 0.9%
Melco International
Development Ltd. # *		229,000		269,761
Melco Resorts & Entertainment Ltd. (ADR) *		82,720		847,053
				1,116,814
Ireland: 7.7%
Flutter Entertainment Plc # *		45,735		9,075,404
Italy: 1.2%
International Game Technology Plc (USD) * †		55,330		1,456,286
Japan: 1.0%
Heiwa Corp. # †		30,100		562,068
Sankyo Co. Ltd. #		23,279		577,254
				1,139,322
Macao: 5.1%
Galaxy Entertainment Group Ltd. (HKD) # *		1,030,240		5,286,193
SJM Holdings Ltd. (HKD) # * †		1,134,000		770,752
				6,056,945
Malaysia: 3.5%
Genting Bhd		1,183,700		1,425,020
Genting Malaysia Bhd #		1,554,898		1,110,802
Genting Singapore Ltd. (SGD) #		3,058,100		1,612,621
				4,148,443
Malta: 1.5%
Kindred Group Plc (SDR) #		115,421		1,732,011

	Number of Shares		Value
New Zealand: 0.6%
SkyCity Entertainment Group Ltd. #		303,389	$	669,595
South Korea: 1.4%
Kangwon Land, Inc. # *		68,074		1,635,604
Sweden: 7.7%
Evolution AB 144A #		60,069		9,102,886
United Kingdom: 6.0%
Entain Plc # *		223,159		6,378,274
Playtech Plc *		114,002		721,229
				7,099,503
United States: 47.3%
Boyd Gaming Corp. *		28,446		1,799,494
Caesars Entertainment, Inc. *		55,295		6,208,523
Churchill Downs, Inc.		12,672		3,042,294
DraftKings, Inc. * †		164,209		7,908,306
Gaming and Leisure Properties, Inc.		78,343		3,628,848
Las Vegas Sands Corp. *		177,672		6,502,795
MGM China Holdings Ltd. (HKD) # *		100		62
MGM Growth Properties LLC		58,294		2,232,660
MGM Resorts International		153,293		6,614,593
Penn National Gaming, Inc. *		42,279		3,063,536
Sands China Ltd. (HKD) # *		1,309,600		2,680,098
Scientific Games Corp. *		34,302		2,849,467
Skillz, Inc. * †		124,332		1,220,940
VICI Properties, Inc. †		165,091		4,690,235
Wynn Macau Ltd. (HKD) # * †		561,600		472,584
Wynn Resorts Ltd. * †		36,182		3,066,425
				55,980,860
Total Common Stocks (Cost: $117,538,290)				118,236,406

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0% (Cost: $1,210,699)
Money Market Fund: 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio		1,210,699		1,210,699
Total Investments: 100.9% (Cost: $118,748,989)				119,447,105
Liabilities in excess of other assets: (0.9)%				(1,057,702)
NET ASSETS: 100.0%			$	118,389,403

Definitions:
ADR	American Depositary Receipt
HKD	Hong Kong Dollar
SDR	Swedish Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued
	securities is $60,958,702 which represents 51.5% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $19,046,196.
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 $11,858,422, or 10.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		1.0	%	$	1,220,940
Consumer Discretionary		90.1			106,463,723
Real Estate		8.9			10,551,743
		100.0	%	$	118,236,406

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	13,924,240	$	—	$	13,924,240
Cambodia		—		718,357		—		718,357
France		—		2,755,536		—		2,755,536
Greece		—		1,624,600		—		1,624,600
Hong Kong		847,053		269,761		—		1,116,814
Ireland		—		9,075,404		—		9,075,404
Italy		1,456,286		—		—		1,456,286
Japan		—		1,139,322		—		1,139,322
Macao		—		6,056,945		—		6,056,945
Malaysia		1,425,020		2,723,423		—		4,148,443
Malta		—		1,732,011		—		1,732,011
New Zealand		—		669,595		—		669,595
South Korea		—		1,635,604		—		1,635,604
Sweden		—		9,102,886		—		9,102,886
United Kingdom		721,229		6,378,274		—		7,099,503
United States		52,828,116		3,152,744		—		55,980,860
Money Market Fund		1,210,699		—		—		1,210,699
Total Investments	$	58,488,403	$	60,958,702	$	—	$	119,447,105

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.7%
Denmark: 5.0%
Novo Nordisk A/S (ADR)		165,036	$	15,845,106
France: 5.0%
Sanofi SA (ADR)		331,587		15,985,809
Ireland: 0.7%
Amarin Corp. Plc (ADR) * †		477,546		2,435,485
Israel: 3.8%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,260,713		12,279,345
Japan: 4.5%
Takeda Pharmaceutical Co. Ltd. (ADR) †		872,651		14,294,023
Switzerland: 4.9%
Novartis AG (ADR)		189,781		15,520,290
United Kingdom: 9.9%
AstraZeneca Plc (ADR)		291,206		17,489,832
GlaxoSmithKline Plc (ADR) †		369,132		14,104,534
				31,594,366
United States: 65.9%
AbbVie, Inc.		150,590		16,244,143
AmerisourceBergen Corp.		120,322		14,372,463
Bausch Health Cos, Inc. *		340,243		9,475,768
Bristol-Myers Squibb Co.		255,994		15,147,165
Catalent, Inc. *		105,074		13,982,197

	Number of Shares		Value
United States (continued)
Elanco Animal Health, Inc. *		356,377	$	11,364,863
Eli Lilly & Co.		65,214		15,067,695
Jazz Pharmaceuticals Plc *		58,779		7,653,614
Johnson & Johnson		96,679		15,613,659
McKesson Corp.		72,548		14,464,620
Merck & Co., Inc.		220,530		16,564,008
Organon & Co.		293,122		9,611,470
Patterson Companies, Inc.		59,361		1,789,141
Perrigo Co. Plc		118,111		5,590,194
Pfizer, Inc.		357,324		15,368,505
Viatris, Inc.		1,027,988		13,929,237
Zoetis, Inc.		71,453		13,871,885
				210,110,627
Total Common Stocks (Cost: $325,749,670)				318,065,051

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4% (Cost: $17,187,701)
Money Market Fund: 5.4%
State Street Navigator Securities Lending Government Money Market Portfolio		17,187,701		17,187,701
Total Investments: 105.1% (Cost: $342,937,371)				335,252,752
Liabilities in excess of other assets: (5.1)%				(16,314,385)
NET ASSETS: 100.0%			$	318,938,367

Definitions:
ADR	American Depositary Receipt

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $21,722,584.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		5.9	%	$	18,679,628
Health Care Distributors		9.6			30,626,224
Pharmaceuticals		84.5			268,759,199
		100.0	%	$	318,065,051

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	318,065,051	$	—	$	—	$	318,065,051
Money Market Fund		17,187,701		—		—		17,187,701
Total Investments	$	335,252,752	$	—	$	—	$	335,252,752

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 4.1%
JD.com, Inc. (ADR) *		137,051	$	9,900,564
United States: 95.9%
Amazon.com, Inc. *		14,122		46,391,335
AmerisourceBergen Corp.		28,177		3,365,743
AutoZone, Inc. *		4,161		7,065,336
Bath & Body Works, Inc.		34,027		2,144,722
Best Buy Co., Inc.		36,182		3,824,799
Cardinal Health, Inc.		48,065		2,377,295
Costco Wholesale Corp.		26,725		12,008,879
CVS Health Corp.		129,914		11,024,502
Dollar General Corp.		36,464		7,735,473
Dollar Tree, Inc. *		41,354		3,958,405
Lowe’s Companies, Inc.		60,979		12,370,200
Lululemon Athletica, Inc. *		15,467		6,259,495
McKesson Corp.		28,442		5,670,766
O’Reilly Automotive, Inc. *		13,471		8,231,589
Ross Stores, Inc.		57,988		6,311,994
Sysco Corp.		92,981		7,299,009
Target Corp.		45,514		10,412,238
The Gap, Inc.		63,966		1,452,028

	Number of Shares		Value
United States (continued)
The Home Depot, Inc.		112,604	$	36,963,389
The Kroger Co.		128,806		5,207,627
The TJX Companies, Inc.		160,428		10,585,039
Walgreens Boots Alliance, Inc.		115,307		5,425,194
Walmart, Inc.		84,401		11,763,811
Wayfair, Inc. * †		7,645		1,953,374
				229,802,242
Total Common Stocks (Cost: $243,244,076)				239,702,806

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $293,092)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		293,092		293,092
Total Investments: 100.1% (Cost: $243,537,168)				239,995,898
Liabilities in excess of other assets: (0.1)%				(321,006)
NET ASSETS: 100.0%			$	239,674,892

Definitions:
ADR	American Depositary Receipt

Footnotes:
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,855,514.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		73.2	%	$	175,559,981
Consumer Staples		17.4			41,704,520
Health Care		9.4			22,438,305
		100.0	%	$	239,702,806

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks ^*	$	239,702,806	$	—	$	—	$	239,702,806
Money Market Fund		293,092		—		—		293,092
Total Investments	$	239,995,898	$	—	$	—	$	239,995,898

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.8%
Netherlands: 9.6%
ASML Holding N.V. (USD)		538,867	$	401,515,190
NXP Semiconductors N.V. (USD)		871,339		170,669,170
				572,184,360
Switzerland: 1.9%
STMicroelectronics N.V. (USD) †		2,533,870		110,552,748
Taiwan: 15.5%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		8,253,872		921,544,809
United States: 72.8%
Advanced Micro Devices, Inc. *		2,648,492		272,529,827
Analog Devices, Inc.		1,698,144		284,405,157
Applied Materials, Inc.		2,105,354		271,022,220
Broadcom, Inc.		568,770		275,813,636
Cadence Design Systems, Inc. *		804,626		121,852,562
Intel Corp.		5,832,259		310,742,760
KLA Corp.		450,458		150,682,706
Lam Research Corp.		460,526		262,108,373
Marvell Technology, Inc.		2,324,878		140,213,392
Microchip Technology, Inc.		808,196		124,050,004
Micron Technology, Inc.		3,890,835		276,171,468
NVIDIA Corp.		3,216,957		666,424,812
ON Semiconductor Corp. *		1,241,352		56,816,681

	Number of Shares		Value
United States (continued)
Qorvo, Inc. *		384,226	$	64,238,745
Qualcomm, Inc.		2,192,221		282,752,665
Skyworks Solutions, Inc.		556,625		91,720,668
Synopsys, Inc. *		475,468		142,359,874
Teradyne, Inc.		556,049		60,703,869
Texas Instruments, Inc.		1,654,840		318,076,796
Universal Display Corp.		154,846		26,472,472
Xilinx, Inc.		838,972		126,676,382
				4,325,835,069
Total Common Stocks (Cost: $6,083,422,970)				5,930,116,986

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $86,922,750)
Money Market Fund: 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio		86,922,750		86,922,750
Total Investments: 101.3% (Cost: $6,170,345,720)				6,017,039,736
Liabilities in excess of other assets: (1.3)%				(79,428,729)
NET ASSETS: 100.0%			$	5,937,611,007

Definitions:
ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $87,531,989.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Application Software		4.5	%	$	264,212,435
Semiconductor Equipment		19.3			1,146,032,359
Semiconductors		76.2			4,519,872,192
		100.0	%	$	5,930,116,986

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	5,930,116,986	$	—	$	—	$	5,930,116,986
Money Market Fund		86,922,750		—		—		86,922,750
Total Investments	$	6,017,039,736	$	—	$	—	$	6,017,039,736

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 17.9%
Bilibili, Inc. (ADR) * †		359,097	$	23,761,449
Kingsoft Corp. Ltd. (HKD) #		2,163,000		8,611,723
NetEase, Inc. (ADR)		377,108		32,205,023
Tencent Holdings Ltd. (HKD) #		812,000		48,475,358
				113,053,553
France: 2.7%
Ubisoft Entertainment SA # *		285,408		17,099,717
Japan: 20.4%
Bandai Namco Holdings, Inc. #		403,400		30,250,555
Capcom Co. Ltd. #		514,000		14,246,223
Konami Holdings Corp. # †		255,500		15,974,350
Nexon Co. Ltd. #		1,361,300		21,794,782
Nintendo Co. Ltd. #		83,000		39,564,719
Square Enix Holdings Co. Ltd. #		125,300		6,679,947
				128,510,576
Poland: 1.6%
CD Projekt SA # †		205,787		9,937,283
South Korea: 4.2%
NCSoft Corp. #		40,363		20,446,024
Netmarble Corp. 144A #		62,710		6,189,947
				26,635,971
Sweden: 2.8%
Embracer Group AB # * †		1,390,342		13,331,512
Stillfront Group AB # * †		672,297		4,236,458
				17,567,970
Taiwan: 8.1%
Micro-Star International Co. Ltd. #		2,170,000		10,008,413

	Number of Shares		Value
Taiwan (continued)
Sea Ltd. (ADR) *		129,448	$	41,258,961
				51,267,374
United States: 42.3%
Activision Blizzard, Inc.		469,015		36,297,071
Advanced Micro Devices, Inc. *		451,421		46,451,221
Electronic Arts, Inc.		213,814		30,415,041
NVIDIA Corp.		245,195		50,794,596
Roblox Corp. * †		368,943		27,873,644
Take-Two Interactive Software, Inc. *		193,230		29,770,946
Unity Software, Inc. * †		230,582		29,110,977
Zynga, Inc. *		2,134,909		16,075,865
				266,789,361
Total Common Stocks (Cost: $579,029,696)				630,861,805

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $9,305,364)
Money Market Fund: 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio		9,305,364		9,305,364
Total Investments: 101.5% (Cost: $588,335,060)				640,167,169
Liabilities in excess of other assets: (1.5)%				(9,166,896)
NET ASSETS: 100.0%			$	631,000,273

Definitions:
ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $46,566,368.
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $266,847,011 which represents 42.3% 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 $6,189,947, or 1.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		73.6	%	$	464,246,042
Consumer Discretionary		4.8			30,250,555
Information Technology		21.6			136,365,208
		100.0	%	$	630,861,805

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
China	$	55,966,472	$	57,087,081	$	—	$	113,053,553
France		—		17,099,717		—		17,099,717
Japan		—		128,510,576		—		128,510,576
Poland		—		9,937,283		—		9,937,283
South Korea		—		26,635,971		—		26,635,971
Sweden		—		17,567,970		—		17,567,970
Taiwan		41,258,961		10,008,413		—		51,267,374
United States		266,789,361		—		—		266,789,361
Money Market Fund		9,305,364		—		—		9,305,364
Total Investments	$	373,320,158	$	266,847,011	$	—	$	640,167,169

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	Biotech ETF		Digital Transformation ETF		Environmental Services ETF		Gaming ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	589,242,658	$	45,578,244	$	67,226,353	$	118,236,406
Short-term investments held as collateral for securities loaned (3)		—		4,964,972		1,227,822		1,210,699
Cash		1,186,817		1,143,669		121,420		158,021
Receivables:
Investment securities sold		—		—		8,189,958		—
Shares of beneficial interest sold		5,042,409		—		4,427,492		658
Dividends and interest		10,357		54,261		45,575		128,503
Prepaid expenses		—		—		2,100		3,150
Total assets		595,482,241		51,741,146		81,240,720		119,737,437
Liabilities:
Payables:
Investment securities purchased		5,042,503		1,137,857		8,253,745		—
Shares of beneficial interest redeemed		—		—		4,362,412		—
Collateral for securities loaned		—		4,964,972		1,227,822		1,210,699
Due to Adviser		170,847		21,815		31,403		52,078
Deferred Trustee fees		64,926		—		3,589		8,813
Accrued expenses		83,552		—		68,200		76,444
Total liabilities		5,361,828		6,124,644		13,947,171		1,348,034
NET ASSETS	$	590,120,413	$	45,616,502	$	67,293,549	$	118,389,403
Shares outstanding		2,921,503		2,000,000		470,000		2,450,000
Net asset value, redemption and offering price per share	$	201.99	$	22.81	$	143.18	$	48.32
Net Assets consist of:
Aggregate paid in capital	$	615,599,336	$	57,095,368	$	71,567,242	$	132,017,344
Total distributable earnings (loss)		(25,478,923)		(11,478,866)		(4,273,693)		(13,627,941)
NET ASSETS	$	590,120,413	$	45,616,502	$	67,293,549	$	118,389,403
(1) Value of securities on loan	$	24,961,286	$	7,998,120	$	3,719,858	$	19,046,196
(2) Cost of investments - Unaffiliated issuers	$	507,260,247	$	54,684,650	$	58,120,603	$	117,538,290
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	4,964,972	$	1,227,822	$	1,210,699

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	Pharmaceutical ETF		Retail ETF		Semiconductor ETF		Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	318,065,051	$	239,702,806	$	5,930,116,986	$	630,861,805
Short-term investments held as collateral for securities loaned (3)		17,187,701		293,092		86,922,750		9,305,364
Cash		167,317		7,850		5,025,946		105,930
Cash denominated in foreign currency, at value (4)		—		—		—		5,403,302
Receivables:
Investment securities sold		—		—		179,426,084		362,254
Shares of beneficial interest sold		3,666,229		—		217,872,871		601
Dividends and interest		911,461		101,803		4,267,379		253,044
Prepaid expenses		—		—		—		5,250
Total assets		339,997,759		240,105,551		6,423,632,016		646,297,550
Liabilities:
Payables:
Investment securities purchased		3,666,457		—		217,866,158		5,584,531
Shares of beneficial interest redeemed		—		—		179,430,840		—
Collateral for securities loaned		17,187,701		293,092		86,922,750		9,305,364
Due to Adviser		101,322		55,887		1,500,685		282,575
Deferred Trustee fees		36,037		10,259		97,454		9,660
Accrued expenses		67,875		71,421		203,122		115,147
Total liabilities		21,059,392		430,659		486,021,009		15,297,277
NET ASSETS	$	318,938,367	$	239,674,892	$	5,937,611,007	$	631,000,273
Shares outstanding		4,388,138		1,371,531		23,170,937		9,700,000
Net asset value, redemption and offering price per share	$	72.68	$	174.75	$	256.25	$	65.05
Net Assets consist of:
Aggregate paid in capital	$	413,099,809	$	253,485,607	$	6,185,336,815	$	559,469,711
Total distributable earnings (loss)		(94,161,442)		(13,810,715)		(247,725,808)		71,530,562
NET ASSETS	$	318,938,367	$	239,674,892	$	5,937,611,007	$	631,000,273
(1) Value of securities on loan	$	21,722,584	$	1,855,514	$	87,531,989	$	46,566,368
(2) Cost of investments - Unaffiliated issuers	$	325,749,670	$	243,244,076	$	6,083,422,970	$	579,029,696
(3) Cost of short-term investments held as collateral for securities loaned	$	17,187,701	$	293,092	$	86,922,750	$	9,305,364
(4) Cost of cash denominated in foreign currency	$	—	$	—	$	—	$	5,466,241

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	Biotech ETF		Digital Transformation ETF (a)		Environmental Services ETF		Gaming ETF
Income:
Dividends	$	3,012,996	$	15,969	$	376,963	$	1,069,642
Interest		—		—		50		255
Securities lending income		47,903		83,172		40,788		60,281
Foreign taxes withheld		—		(3,249)		(5,732)		(23,428)
Total income		3,060,899		95,892		412,069		1,106,750
Expenses:
Management fees		1,851,610		92,680		251,107		584,280
Professional fees		53,468		—		50,642		52,348
Custody and accounting fees		36,116		—		30,829		56,474
Reports to shareholders		32,675		—		11,331		24,786
IOPV fees		1,192		—		—		1,509
Trustees’ fees and expenses		4,575		—		652		619
Registration fees		4,001		—		5,705		393
Insurance		15,838		—		2,201		2,513
Interest		10,792		290		475		2,653
Other		4,992		—		2,128		5,022
Total expenses		2,015,259		92,970		355,070		730,597
Waiver of management fees		(154,118)		—		(78,229)		—
Net expenses		1,861,141		92,970		276,841		730,597
Net investment income		1,199,758		2,922		135,228		376,153
Net realized gain (loss) on:
Investments		(24,416,406)		(2,364,313)		(155,063)		(886,045)
In-kind redemptions		103,683,050		65,835		8,380,048		12,931,064
Foreign currency transactions and foreign denominated assets and liabilities		—		(18,165)		(23)		(972)
Net realized gain (loss)		79,266,644		(2,316,643)		8,224,962		12,044,047
Net change in unrealized appreciation (depreciation) on:
Investments		36,737,909		(9,106,406)		6,390,584		(2,949,714)
Foreign currency transactions and foreign denominated assets and liabilities		—		—		—		(560)
Net change in unrealized appreciation (depreciation)		36,737,909		(9,106,406)		6,390,584		(2,950,274)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	117,204,311	$	(11,420,127)	$	14,750,774	$	9,469,926

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	Pharmaceutical ETF		Retail ETF		Semiconductor ETF		Video Gaming and eSports ETF
Income:
Dividends	$	5,700,146	$	2,739,929	$	54,596,802	$	4,826,056
Interest		56		77		1,013		260
Securities lending income		63,193		2,302		155,164		201,732
Foreign taxes withheld		(147,132)		—		(2,970,022)		(484,235)
Total income		5,616,263		2,742,308		51,782,957		4,543,813
Expenses:
Management fees		891,904		754,573		16,978,049		3,743,207
Professional fees		55,293		53,339		58,253		56,570
Custody and accounting fees		33,339		35,931		16,678		109,763
Reports to shareholders		17,084		27,964		311,785		115,377
IOPV fees		1,331		1,243		1,228		1,045
Trustees’ fees and expenses		3,027		2,690		105,774		10,936
Registration fees		8,095		8,564		60,601		40,006
Insurance		9,301		7,400		51,573		6,442
Interest		7,745		766		26,142		9,590
Other		3,312		2,865		37,548		9,386
Total expenses		1,030,431		895,335		17,647,631		4,102,322
Waiver of management fees		(131,784)		(140,149)		(629,776)		—
Net expenses		898,647		755,186		17,017,855		4,102,322
Net investment income		4,717,616		1,987,122		34,765,102		441,491
Net realized gain (loss) on:
Investments		(18,293,702)		(1,818,601)		(44,455,745)		22,646,579
In-kind redemptions		34,382,583		56,606,575		1,705,736,191		75,126,692
Foreign currency transactions and foreign denominated assets and liabilities		—		—		—		(23,520)
Net realized gain		16,088,881		54,787,974		1,661,280,446		97,749,751
Net change in unrealized appreciation (depreciation) on:
Investments		20,215,746		(23,437,570)		(254,053,014)		(77,263,466)
Foreign currency transactions and foreign denominated assets and liabilities		—		—		—		6,279
Net change in unrealized appreciation (depreciation)		20,215,746		(23,437,570)		(254,053,014)		(77,257,187)
Net Increase in Net Assets Resulting from Operations	$	41,022,243	$	33,337,526	$	1,441,992,534	$	20,934,055

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF				Digital Transformation ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Period Ended September 30, 2021 (a)

Operations:
Net investment income	$	1,199,758	$	1,628,771	$	2,922
Net realized gain (loss)		79,266,644		3,573,293		(2,316,643)
Net change in unrealized appreciation (depreciation)		36,737,909		111,943,737		(9,106,406)
Net increase (decrease) in net assets resulting from operations		117,204,311		117,145,801		(11,420,127)
Distributions to shareholders from:
Distributable earnings		(1,699,994)		(1,250,208)		—

Share transactions**:
Proceeds from sale of shares		219,670,586		195,549,299		58,233,162
Cost of shares redeemed		(230,504,701)		(144,293,768)		(1,196,533)
Increase (decrease) in net assets resulting from share transactions		(10,834,115)		51,255,531		57,036,629
Total increase in net assets		104,670,202		167,151,124		45,616,502
Net Assets, beginning of period		485,450,211		318,299,087		—
Net Assets, end of period	$	590,120,413	$	485,450,211	$	45,616,502
**Shares of Common Stock Issued (no par value)
Shares sold		1,150,000		1,275,000		2,050,000
Shares redeemed		(1,225,000)		(975,000)		(50,000)
Net increase (decrease)		(75,000)		300,000		2,000,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Environmental Services ETF				Gaming ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	135,228	$	159,675	$	376,153	$	467,263
Net realized gain (loss)		8,224,962		(1,782,863)		12,044,047		(1,364,835)
Net change in unrealized appreciation (depreciation)		6,390,584		239,751		(2,950,274)		8,615,747
Net increase (decrease) in net assets resulting from operations		14,750,774		(1,383,437)		9,469,926		7,718,175
Distributions to shareholders from:
Distributable earnings		(124,993)		(165,025)		(349,965)		(800,020)

Share transactions**:
Proceeds from sale of shares		40,559,653		12,786,779		90,865,077		33,435,454
Cost of shares redeemed		(18,707,729)		(16,911,063)		(36,388,492)		(9,359,864)
Increase (decrease) in net assets resulting from share transactions		21,851,924		(4,124,284)		54,476,585		24,075,590
Total increase (decrease) in net assets		36,477,705		(5,672,746)		63,596,546		30,993,745
Net Assets, beginning of year		30,815,844		36,488,590		54,792,857		23,799,112
Net Assets, end of year	$	67,293,549	$	30,815,844	$	118,389,403	$	54,792,857
**Shares of Common Stock Issued (no par value)
Shares sold		300,000		130,000		1,775,000		1,000,000
Shares redeemed		(140,000)		(170,000)		(725,000)		(250,000)
Net increase (decrease)		160,000		(40,000)		1,050,000		750,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Pharmaceutical ETF				Retail ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	4,717,616	$	3,499,787	$	1,987,122	$	1,033,181
Net realized gain		16,088,881		4,349,184		54,787,974		7,270,080
Net change in unrealized appreciation (depreciation)		20,215,746		20,416,513		(23,437,570)		24,679,366
Net increase in net assets resulting from operations		41,022,243		28,265,484		33,337,526		32,982,627
Distributions to shareholders from:
Distributable earnings		(4,063,401)		(3,321,670)		(1,274,964)		(950,056)

Share transactions**:
Proceeds from sale of shares		506,408,386		388,323,148		278,009,892		145,515,451
Cost of shares redeemed		(459,578,185)		(319,778,063)		(252,249,346)		(66,852,325)
Increase in net assets resulting from share transactions		46,830,201		68,545,085		25,760,546		78,663,126
Total increase in net assets		83,789,043		93,488,899		57,823,108		110,695,697
Net Assets, beginning of year		235,149,324		141,660,425		181,851,784		71,156,087
Net Assets, end of year	$	318,938,367	$	235,149,324	$	239,674,892	$	181,851,784
**Shares of Common Stock Issued (no par value)
Shares sold		7,300,000		6,450,000		1,600,000		1,150,000
Shares redeemed		(6,700,000)		(5,150,000)		(1,450,000)		(550,000)
Net increase		600,000		1,300,000		150,000		600,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Semiconductor ETF				Video Gaming and eSports ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	34,765,102	$	24,886,743	$	441,491	$	103,970
Net realized gain (loss)		1,661,280,446		539,805,772		97,749,751		(926,333)
Net change in unrealized appreciation (depreciation)		(254,053,014)		193,386,180		(77,257,187)		126,217,297
Net increase in net assets resulting from operations		1,441,992,534		758,078,695		20,934,055		125,394,934
Distributions to shareholders from:
Distributable earnings		(29,249,241)		(19,250,343)		(870,225)		(125,100)

Share transactions**:
Proceeds from sale of shares		15,625,608,376		13,726,301,764		266,565,899		357,494,489
Cost of shares redeemed		(13,747,005,339)		(13,179,602,021)		(177,196,989)		—
Increase in net assets resulting from share transactions		1,878,603,037		546,699,743		89,368,910		357,494,489
Total increase in net assets		3,291,346,330		1,285,528,095		109,432,740		482,764,323
Net Assets, beginning of year		2,646,264,677		1,360,736,582		521,567,533		38,803,210
Net Assets, end of year	$	5,937,611,007	$	2,646,264,677	$	631,000,273	$	521,567,533
**Shares of Common Stock Issued (no par value)
Shares sold		66,350,000		99,350,000		3,850,000		7,350,000
Shares redeemed		(58,350,000)		(95,600,000)		(2,650,000)		—
Net increase		8,000,000		3,750,000		1,200,000		7,350,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Biotech ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year	$	162.01		$	118.04		$	136.11		$	134.17		$	115.25
Net investment income (a)		0.42			0.59			0.39			0.52			0.58
Net realized and unrealized gain (loss) on investments		40.17			43.85			(17.91	)		2.10	(b)		18.67
Total from investment operations		40.59			44.44			(17.52	)		2.62			19.25
Distributions from:
Net investment income		(0.61	)		(0.47	)		(0.55	)		(0.68	)		(0.33	)
Net asset value, end of year	$	201.99		$	162.01		$	118.04		$	136.11		$	134.17
Total return (c)		25.13	%		37.71	%		(12.84	)%		2.00	%		16.77	%
Ratios to average net assets
Gross expenses		0.38	%		0.39	%		0.40	%		0.40	%		0.39	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.23	%		0.40	%		0.31	%		0.41	%		0.48	%
Supplemental data
Net assets, end of year (in millions)		$590			$485			$318			$476			$717
Portfolio turnover rate (d)		41	%		40	%		24	%		30	%		27	%

(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 period:

	Digital
	Transformation
	ETF

	Period Ended
	September 30,
	2021(a)

Net asset value, beginning of period		$35.25
Net investment income (b)		—	(c)
Net realized and unrealized loss on investments		(12.44	)
Total from investment operations		(12.44	)
Net asset value, end of period		$22.81
Total return (d)		(35.30)%	(e)
Ratios to average net assets
Expenses		0.58%	(f)
Net investment income		0.02%	(f)
Supplemental data
Net assets, end of period (in millions)		$46
Portfolio turnover rate (g)		49%	(e)

(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns 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)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Environmental Services ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$99.41		$	104.25			$96.64		$	86.02		$	69.68
Net investment income (a)		0.36			0.46			0.46			0.42			0.66
Net realized and unrealized gain (loss) on investments		43.80			(4.83	)		7.47			10.98			16.21
Total from investment operations		44.16			(4.37	)		7.93			11.40			16.87
Distributions from:
Net investment income		(0.39	)		(0.47	)		(0.32	)		(0.78	)		(0.53	)
Net asset value, end of year	$	143.18			$99.41		$	104.25		$	96.64		$	86.02
Total return (b)		44.50	%		(4.23	)%		8.30	%		13.36	%		24.31	%
Ratios to average net assets
Gross expenses		0.71	%		0.85	%		0.81	%		0.98	%		0.95	%
Net expenses		0.55	%		0.55	%		0.55	%		0.56	%		0.55	%
Net expenses excluding interest expense		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.27	%		0.47	%		0.47	%		0.47	%		0.86	%
Supplemental data
Net assets, end of year (in millions)		$67			$31			$36			$24			$17
Portfolio turnover rate (c)		21	%		38	%		20	%		24	%		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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gaming ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year	$	39.14		$	36.61		$	39.76		$	42.61		$	36.15
Net investment income (a)		0.16			0.51			1.07			1.03			1.13
Net realized and unrealized gain (loss) on investments		9.24			3.25			(3.09	)		(2.80	)		6.40
Total from investment operations		9.40			3.76			(2.02	)		(1.77	)		7.53
Distributions from:
Net investment income		(0.22	)		(1.23	)		(1.13	)		(1.08	)		(1.07	)
Net asset value, end of year	$	48.32		$	39.14		$	36.61		$	39.76		$	42.61
Total return (b)		24.06	%		10.03	%		(4.73	)%		(4.51	)%		21.58	%
Ratios to average net assets
Gross expenses		0.62	%		0.92	%		0.94	%		0.86	%		0.94	%
Net expenses		0.62	%		0.65	%		0.66	%		0.66	%		0.65	%
Net expenses excluding interest expense		0.62	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.32	%		1.41	%		2.92	%		2.24	%		2.97	%
Supplemental data
Net assets, end of year (in millions)		$118			$55			$24			$26			$23
Portfolio turnover rate (c)		20	%		29	%		20	%		31	%		22	%

(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:

	Pharmaceutical ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year	$	62.08		$	56.93		$	64.37		$	57.75		$	57.44
Net investment income (a)		1.29			1.06			1.04			1.01			1.18
Net realized and unrealized gain (loss) on investments		10.46			5.14			(7.37	)		6.62			0.26
Total from investment operations		11.75			6.20			(6.33	)		7.63			1.44
Distributions from:
Net investment income		(1.15	)		(1.05	)		(1.11	)		(1.01	)		(1.13	)
Net asset value, end of year	$	72.68		$	62.08		$	56.93		$	64.37		$	57.75
Total return (b)		19.10	%		11.02	%		(9.88	)%		13.42	%		2.59	%
Ratios to average net assets
Gross expenses		0.40	%		0.42	%		0.43	%		0.43	%		0.40	%
Net expenses		0.35	%		0.35	%		0.36	%		0.36	%		0.35	%
Net expenses excluding interest expense		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.85	%		1.74	%		1.77	%		1.70	%		2.14	%
Supplemental data
Net assets, end of year (in millions)		$319			$235			$142			$276			$285
Portfolio turnover rate (c)		20	%		18	%		21	%		18	%		40	%

(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:

	Retail ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year	$	148.87		$	114.49		$	111.44			$81.42		$	78.02
Net investment income (a)		1.54			1.22			1.31			1.13			1.15
Net realized and unrealized gain on investments		25.34			34.25			2.72			30.32			3.64
Total from investment operations		26.88			35.47			4.03			31.45			4.79
Distributions from:
Net investment income		(1.00	)		(1.09	)		(0.98	)		(1.43	)		(1.39	)
Net asset value, end of year	$	174.75		$	148.87		$	114.49		$111.44			$	81.42
Total return (b)		18.13	%		31.22	%		3.82	%		39.01	%		6.25	%
Ratios to average net assets
Gross expenses		0.42	%		0.47	%		0.48	%		0.52	%		0.50	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.92	%		0.96	%		1.25	%		1.15	%		1.46	%
Supplemental data
Net assets, end of year (in millions)		$240			$182			$71			$136			$59
Portfolio turnover rate (c)		12	%		12	%		9	%		16	%		17	%

(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:

	Semiconductor ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year	$	174.43		$	119.14		$	106.41			$93.34		$	69.36
Net investment income (a)		1.71			1.88			1.75			1.19			1.10
Net realized and unrealized gain on investments		81.61			55.53			12.62			13.28			23.46
Total from investment operations		83.32			57.41			14.37			14.47			24.56
Distributions from:
Net investment income		(1.50	)		(2.12	)		(1.64	)		(1.40	)		(0.58	)
Net asset value, end of year	$	256.25		$	174.43		$	119.14		$	106.41		$	93.34
Total return (b)		47.94	%		48.60	%		14.09	%		15.61	%		35.63	%
Ratios to average net assets
Gross expenses		0.36	%		0.37	%		0.39	%		0.39	%		0.38	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.72	%		1.31	%		1.68	%		1.14	%		1.38	%
Supplemental data
Net assets, end of year (in millions)		$5,938			$2,646			$1,361			$1,215			$800
Portfolio turnover rate (c)		20	%		14	%		19	%		23	%		22	%

(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:

	Video Gaming and eSports ETF

	Year Ended September 30,						Period Ended
							September 30,
	2021			2020			2019(a)

Net asset value, beginning of period	$	61.36		$	33.74			$30.88
Net investment income (b)		0.04			0.03			0.12
Net realized and unrealized gain on investments		3.73			27.67			2.75
Total from investment operations		3.77			27.70			2.87
Distributions from:
Net investment income		(0.08	)		(0.08	)		(0.01	)
Net asset value, end of period	$	65.05		$	61.36			$33.74
Total return (c)		6.15	%		82.25	%		9.31%	(d)
Ratios to average net assets
Gross expenses		0.55	%		0.58	%		0.99%	(e)
Net expenses		0.55	%		0.55	%		0.55%	(e)
Net investment income		0.06	%		0.06	%		0.38%	(e)
Supplemental data
Net assets, end of period (in millions)		$631			$522			$39
Portfolio turnover rate (f)		33	%		25	%		27%	(d)

(a)	For the period October 16, 2018 (commencement of operations) through September 30, 2019.
(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

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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

Fund		Diversification Classification

Biotech ETF		Non-Diversified
Digital Transformation ETF		Non-Diversified
Environmental Services ETF		Non-Diversified
Gaming ETF		Non-Diversified
Pharmaceutical ETF		Non-Diversified
Retail ETF		Non-Diversified
Semiconductor ETF		Non-Diversified
Video Gaming and eSports ETF		Non-Diversified

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.

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.

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, using methods approved by the Board of Trustees, 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 Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. 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.	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 taxable income 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 (except for dividends from net investment income on Pharmaceutical ETF, which are declared and paid quarterly). 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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 September 30, 2021, 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.

	The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

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

Note 3—Investment Management and Other Agreements— The Adviser 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 February 1, 2022, 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 listed in the table below.

The management fee rates and expense limitations for the year ended September 30, 2021, are as follows:

Fund	Management Fees			Expense Limitations
Biotech ETF		0.35	%		0.35	%
Environmental Services ETF		0.50			0.55
Gaming ETF		0.50			0.65
Pharmaceutical ETF		0.35			0.35
Retail ETF		0.35			0.35
Semiconductor ETF		0.35			0.35
Video Gaming and eSports ETF		0.50			0.55

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

Digital Transformation ETF utilizes a unitary management fee structure where the Adviser is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. Effective August 4, 2021, the unitary management fee rate for the Fund is 0.50% (prior to that date, the unitary management fee rate was 0.65%).

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 September 30, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

Note 5—Investments— For the year ended September 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Biotech ETF	$	216,407,908	$	219,220,626	$	211,009,606	$	220,621,134
Digital Transformation ETF		19,116,563		17,749,923		56,811,273		1,194,785
Environmental Services ETF		11,138,126		10,586,218		40,519,827		18,780,261
Gaming ETF		25,414,430		22,623,665		86,473,521		34,746,055
Pharmaceutical ETF		50,433,213		49,557,997		493,062,108		446,279,307
Retail ETF		27,157,415		28,106,264		278,024,307		250,746,384
Semiconductor ETF		956,714,564		963,082,096		12,243,011,039		10,362,474,280
Video Gaming and eSports ETF		246,383,948		241,128,193		248,458,612		165,581,023

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 6—Income Taxes— As of September 30, 2021, 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)
Biotech ETF	$	507,848,412	$	112,857,745	$	(31,463,499	)	$	81,394,246
Digital Transformation ETF		61,508,333		519,001		(11,484,118	)		(10,965,117	)
Environmental Services ETF		59,353,572		10,958,914		(1,858,311	)		9,100,603
Gaming ETF		119,926,644		19,519,206		(19,998,745	)		(479,539	)
Pharmaceutical ETF		343,003,952		13,659,698		(21,410,898	)		(7,751,200	)
Retail ETF		243,537,168		5,092,632		(8,633,902	)		(3,541,270	)
Semiconductor ETF		6,170,592,931		146,472,175		(300,025,370	)		(153,553,195	)
Video Gaming and eSports ETF		589,134,866		112,790,534		(61,758,231	)		51,032,303

At September 30, 2021, the components of distributable earnings (loss) 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)
Biotech ETF	$	681,319	$	(107,489,562	)	$	(64,926	)	$	81,394,246		$	(25,478,923	)
Digital Transformation ETF		1,632,489		(2,146,231	)		(7	)		(10,965,117	)		(11,478,866	)
Environmental Services ETF		110,196		(13,480,903	)		(3,589	)		9,100,603			(4,273,693	)
Gaming ETF		564,611		(13,704,532	)		(8,813	)		(479,207	)		(13,627,941	)
Pharmaceutical ETF		1,550,884		(87,925,089	)		(36,037	)		(7,751,200	)		(94,161,442	)
Retail ETF		1,330,445		(11,589,630	)		(10,259	)		(3,541,271	)		(13,810,715	)
Semiconductor ETF		25,320,876		(119,396,034	)		(97,455	)		(153,553,195	)		(247,725,808	)
Video Gaming and eSports ETF		18,472,320		2,029,952			(9,660	)		51,037,950			71,530,562

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

Fund	2021 Ordinary Income		2020 Ordinary Income
Biotech ETF	$	1,699,994	$	1,250,208
Environmental Services ETF		124,993		165,025
Gaming ETF		349,965		800,020
Pharmaceutical ETF		4,063,401		3,321,670
Retail ETF		1,274,964		950,056
Semiconductor ETF		29,249,241		19,250,343
Video Gaming and eSports ETF		870,225		125,100

At September 30, 2021, 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
Biotech ETF	$	(10,178,101	)	$	(97,311,461	)	$	(107,489,562	)
Digital Transformation ETF		(2,146,231	)		–			(2,146,231	)
Environmental Services ETF		(4,409,984	)		(9,070,919	)		(13,480,903	)
Gaming ETF		(3,351,540	)		(10,352,992	)		(13,704,532	)
Pharmaceutical ETF		(4,203,891	)		(83,721,198	)		(87,925,089	)
Retail ETF		(2,971,511	)		(8,618,119	)		(11,589,630	)
Semiconductor ETF		(104,617,133	)		(14,778,901	)		(119,396,034	)

During the year ended September 30, 2021, Video Gaming and eSports ETF utilized $890,112 of its capital loss carryforward available from prior years.

During the period ended September 30, 2021, as a result of permanent book to tax differences primarily due to the tax treatment of in-kind redemptions, and the accumulated earnings applicable to the redemption of shares, the Funds incurred differences that affected distributable earnings (loss) 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
Biotech ETF	$	(103,568,546	)	$	103,568,546
Digital Transformation ETF		(58,739	)		58,739
Environmental Services ETF		(8,378,563	)		8,378,563
Gaming ETF		(12,580,773	)		12,580,773
Pharmaceutical ETF		(33,962,321	)		33,962,321
Retail ETF		(56,586,756	)		56,586,756
Semiconductor ETF		(1,705,104,401	)		1,705,104,401
Video Gaming and eSports ETF		(76,537,801	)		76,537,801

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2021, 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.

The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Except for the Digital Transformation ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. The Adviser is responsible for paying the expenses associated with the Plan for the Digital Transformation ETF, and therefore the Fund bears no costs or liabilities relative to the Plan.

Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral, if any, at September 30, 2021 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of September 30, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	24,961,286	$	–	$	25,096,171	$	25,096,171
Digital Transformation ETF		7,998,120		4,964,972		3,401,388		8,366,360
Environmental Services ETF		3,719,858		1,227,822		2,722,700		3,950,522
Gaming ETF		19,046,196		1,210,699		18,464,889		19,675,588
Pharmaceutical ETF		21,722,584		17,187,701		5,057,856		22,245,557
Retail ETF		1,855,514		293,092		1,714,740		2,007,832
Semiconductor ETF		87,531,989		86,922,750		1,856,281		88,779,031
Video Gaming and eSports ETF		46,566,368		9,305,364		41,750,251		51,055,615

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2021:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Digital Transformation ETF	$	4,964,972
Environmental Services ETF		1,227,822
Gaming ETF		1,210,699
Pharmaceutical ETF		17,187,701
Retail ETF		293,092
Semiconductor ETF		86,922,750
Video Gaming and eSports ETF		9,305,364

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit— The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended September 30, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Biotech ETF		51	$	2,100,695		1.43	%
Digital Transformation ETF		11		680,180		1.44
Environmental Services ETF		10		249,349		1.45
Gaming ETF		55		370,629		1.43
Pharmaceutical ETF		295		549,212		1.44
Retail ETF		10		102,594		1.46
Semiconductor ETF		191		2,241,609		1.44
Video Gaming and eSports ETF		178		1,181,963		1.43

Outstanding loan balances as of September 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Subsequent Event Review— The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued. Effective October 1, 2021, the Funds listed in the table below converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all of the expenses of each Fund (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses).

Fund	Unitary Management Fee Rate
Biotech ETF		0.35	%
Pharmaceutical ETF		0.35
Retail ETF		0.35
Semiconductor ETF		0.35

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Report of Independent Registered Public Accounting Firm

To the Shareholders of VanEck Biotech ETF, VanEck Digital Transformation ETF, VanEck Environmental Services ETF, VanEck Gaming ETF, VanEck Pharmaceutical ETF, VanEck Retail ETF, VanEck Semiconductor ETF and VanEck Video Gaming and eSports ETF and the Board of Trustees of VanEck ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Biotech ETF, VanEck Digital Transformation ETF, VanEck Environmental Services ETF, VanEck Gaming ETF, VanEck Pharmaceutical ETF, VanEck Retail ETF, VanEck Semiconductor ETF and VanEck Video Gaming and eSports ETF (collectively referred to as the “Funds”) (eight of the series constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of September 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (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 (eight of the series constituting VanEck ETF Trust) as of September 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the VanEck ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights

VanEck Biotech ETF VanEck Environmental Services ETF VanEck Gaming ETF VanEck Pharmaceutical ETF VanEck Retail ETF VanEck Semiconductor ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the five years in the period ended September 30, 2021
VanEck Digital Transformation ETF	For the period from April 13, 2021 (commencement of operations) through September 30, 2021	For the period from April 13, 2021 (commencement of operations) through September 30, 2021	For the period from April 13, 2021 (commencement of operations) through September 30, 2021

VanEck Video Gaming and eSports ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the two years in the period ended September 30, 2021 and the period October 16, 2018 (commencement of operations) through September 30, 2019

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our 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 Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we

plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our 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 procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, New York
November 19, 2021

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during each Fund’s current fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.

Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor for proper treatment of this information.

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2021:

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**
Biotech ETF	$	0.60790		100.00%		100.00%		–%		$–
Environmental Services ETF		0.39060		100.00		100.00		–		–
Gaming ETF		0.22220		57.69		11.69		81.01		0.009154
Pharmaceutical ETF		1.15110		98.60		74.18		–		–
Retail ETF		1.00270		100.00		100.00		–		–
Semiconductor ETF		1.50220		91.75		82.35		–		–
Video Gaming and eSports ETF		0.08490		72.05		8.43		55.60		0.011393

*	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. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

September 30, 2021 (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*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	60	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee.

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).	60	Trustee, First Eagle Senior Loan Fund. Formerly, 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).	72	Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	60	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 (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	72	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	72	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.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS (unaudited) (continued)

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 1940 Act. 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. Formerly, Associate, Clifford Chance US LLP.

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.

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 Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Arian Neiron, 1979	Vice President	Since 2018	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; 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 Portfolio Administration of VEAC. Formerly, Assistance Vice President, Portfolio Operations of VEAC.

¹	The address for each 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

September 30, 2021 (unaudited)

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Biotech ETF, Digital Transformation ETF, Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF, Social Sentiment ETF and Video Gaming and eSports ETF (each, a “Fund” and together, the “Funds”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021 (the “May Meeting”). At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Digital Transformation ETF and Social Sentiment ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund, while the expense information prepared by Broadridge was only available for the VanEck Social Sentiment ETF. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May Meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, where applicable, the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time.

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, except for the VanEck Morningstar Wide Moat ETF and Social Sentiment ETF, each of which had management fees (after the effect of any applicable fee waiver) above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds and the VanEck Environmental Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its peer group of funds, while each of the VanEck Gaming ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF and Morningstar Wide Moat ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its respective peer group of funds and the VanEck Social Sentiment ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and equal to the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Fund since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

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

Subsequent to the approval of the Investment Management Agreements at the Renewal Meeting, at a meeting held on September 14, 2021 (the “September Meeting”), the Board of the Trust, including all of the Independent Trustees, approved amended and restated Investment Management Agreements (the “Amended and Restated Investment Management Agreements”) between the Trust and the Adviser to (i) convert the VanEck Biotech ETF, VanEck Pharmaceutical ETF, VanEck Retail ETF, VanEck Semiconductor ETF and VanEck Morningstar Durable Dividend ETF (each, a “Converting Fund”) to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of each Converting Fund (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to the existing management fee rate for each Converting Fund, and (ii) to reduce

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited) (continued)

the unitary management fee rate with respect to the VanEck Digital Transformation ETF. The Investment Management Agreements and the Amended and Restated Investment Management Agreements are collectively referred to as the “Agreements.”

The Board’s approval of the Amended and Restated 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. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Converting Fund and VanEck Digital Transformation ETF they received at the Renewal Meeting to approve the Investment Management Agreements, as well as additional information obtained at other meetings of the Board. Some of the additional factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreements and representations from the Adviser that the services to be provided by the Adviser to the Converting Funds and VanEck Digital Transformation ETF would not decrease in scope or quality under the unitary fee structure or the reduced unitary management fee rate, respectively. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Converting Funds.

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

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

ANNUAL REPORT
September 30, 2021

Inflation Allocation ETF	RAAX^®
Long/Flat Trend ETF	LFEQ^®
Morningstar Durable Dividend ETF	DURA^®
Morningstar Global Wide Moat ETF	GOAT^®
Morningstar International Moat ETF	MOTI^®
Morningstar Wide Moat ETF	MOAT^®
Social Sentiment ETF	BUZZ


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
Inflation Allocation ETF	5
Long/Flat Trend ETF	6
Morningstar Durable Dividend ETF	7
Morningstar Global Wide Moat ETF	8
Morningstar International Moat ETF	9
Morningstar Wide Moat ETF	10
Social Sentiment ETF	11
About Fund Performance	12
Explanation of Expenses	13
Schedule of Investments
Inflation Allocation ETF	15
Long/Flat Trend ETF	17
Morningstar Durable Dividend ETF	18
Morningstar Global Wide Moat ETF	20
Morningstar International Moat ETF	22
Morningstar Wide Moat ETF	25
Social Sentiment ETF	27
Statements of Assets and Liabilities	29
Statements of Operations	31
Statements of Changes in Net Assets	33
Financial Highlights
Inflation Allocation ETF	37
Long/Flat Trend ETF	38
Morningstar Durable Dividend ETF	39
Morningstar Global Wide Moat ETF	40
Morningstar International Moat ETF	41
Morningstar Wide Moat ETF	42
Social Sentiment ETF	43
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	53
Tax Information	55
Board of Trustees and Officers	56
Approval of Investment Management Agreements	59

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2021
(unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

The Economy

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research note²that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

Multi-Year Investment Themes

So what to do in your portfolio? We are focusing on two multi-year investment themes.

We sincerely 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 September, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck
CEO and President
VanEck ETF Trust

October 18, 2021

¹ A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

² Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2021 (unaudited)

Market Review

Inflation Allocation

In its pursuit of long-term total return, VanEck Inflation Allocation ETF (RAAX^®) (formerly VanEck Real Asset Allocation ETF) seeks to maximize real returns, while seeking to reduce downside risk during sustained market declines. The Fund seeks to achieve this by allocating primarily to exchange-traded products that provide exposure to real assets, which include commodities, real estate, natural resources, master limited partnerships (MLPs) and infrastructure. The Fund seeks to reduce downside risk by using a rules-based approach to determine when to allocate to cash and cash equivalents.

Over the 12 month period, the Fund returned +34.11%. Resources assets and, in particular, diversified commodities, contributed by far the most positively to the Fund’s total return. Financial assets, in the form, of gold and gold mining stocks detracted the most from performance, but, even then, not significantly.

Long/Flat Trend

VanEck Long/Flat Trend ETF (LFEQ^®) returned +29.29% in the 12 month period ended September 30, 2021. The Fund takes a guided allocation approach designed to help investors manage risk in the U.S. equity market. The Fund seeks to track the Ned Davis Research CMG US Large Cap Long/Flat Index (NDRCMGLF) from Ned Davis Research (NDR), a world-renowned provider of institutional quality research. It is a rules-based index that follows a proprietary model developed by NDR and CMG Capital Management Group, Inc. (CMG).

The model measures the overall health of the market through an evaluation of market breadth. In this case, market breadth refers to advancing and declining price trends and countertrends at the GICS^®1industry group level. The model computes a robust moving average score daily to capture multi-industry and multi-term trend and countertrend measures to gauge overall market health. It then calculates the score’s directional trend to see if it is improving or declining. Collectively, the score and its directional trend determine the equity allocation of either 100%, 50%, or 0%. At 0%, the allocation would be entirely to cash.

The model’s long-term trend indicators remained bullish throughout the period under review and kept it fully invested, which allowed the Fund to fully participate in the market. The Fund’s allocation to equities remained unchanged over the 12 month period.²

Morningstar Durable Dividend

VanEck Morningstar Durable Dividend ETF (DURA^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® US Dividend Valuation Index^SM (MSUSDVTU). The index is intended to track the overall performance of high dividend yielding U.S. companies with strong financial health and attractive valuations according to Morningstar.

The Fund returned +17.89% over the 12 month period under review. The consumer staples, financial and health care sectors were the top contributors to performance. While not one sector detracted from performance for the period, the communications services, materials and energy sectors contributed the least to performance.

Morningstar Global Wide Moat

VanEck Morningstar Global Wide Moat ETF (GOAT^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® Global Wide Moat Focus Index^SM (MSGWMFNU). The index is intended to track the overall performance of global companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

VanEck Morningstar Global Wide Moat ETF returned +22.99% for the 12 month period under review. The information technology, industrial and communication services sectors contributed most to performance. The utilities sector was the only sector to detract from performance and then only minimally. Companies in

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

the United States contributed by far the most to performance, while those in Belgium, Sweden and Taiwan detracted the most.

Morningstar International Moat

Launched over six years ago as a means to capture moat-based opportunities abroad, VanEck Morningstar International Moat ETF (MOTI^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® Global ex-US Moat Focus Index^SM (MGEUMFUN). The index is intended to track the overall performance of wide and narrow moat rated companies in developed and emerging markets outside the U.S. with sustainable competitive advantages at attractive prices according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

For the 12 month period under review, the Fund returned +16.64%. The three sectors providing the greatest contributions to performance were: financial, communication services and energy. Only two sectors, consumer discretionary and utilities detracted from performance. While companies in Switzerland contributed the most to performance, those in the U.S. detracted the most.

Morningstar Wide Moat

VanEck Morningstar Wide Moat ETF (MOAT^®), now with a nine year track record, seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® Wide Moat Focus Index^SM (MWMFTR). The index targets U.S. companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations in the view of Morningstar’s team of more than 100 equity analysts.³

According to the forward-looking process of Morningstar’s Equity Research group, companies with moats have the potential to create above-average returns for longer periods of time. The index’s approach to investing in U.S. companies with wide economic moats when they are attractively priced has resulted in long-term outperformance versus the broad U.S. equity market.⁴

The Fund returned +36.11% for the 12 month period under review. The primary drivers of performance were the Fund’s exposure to the financial, information technology and industrial sectors. Only one sector detracted from performance, utilities, and then only minimally.

Social Sentiment

Launched in March 2021 as a means of providing exposure to U.S. large cap stocks with the highest degree of positive social sentiment and bullish investor perception, based on content aggregated from online sources including social media, news articles, blog posts and other alternative datasets, VanEck Social Sentiment ETF (BUZZ) seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the BUZZ NextGen AI US Sentiment Leaders Index (BUZZTR).

Over the period from inception to September 30, 2021, the Fund returned -1.38%. While the information technology sector contributed by far the most positively to performance, followed by the health care and communication services sectors, their aggregate contribution (together with those of the three other positively-contributing sectors) were outweighed by the negative contributions from the industrial, consumer discretionary, materials and energy sectors.

¹ Global Industry Classification Standard (GICS®) is a widely accepted equity securities classification system developed by Morgan Stanley Capital International (MSCI) and Standard & Poor’s.

² Allocations to equities (long) represented by the S&P 500® Index. The S&P 500 Index consists of 500 widely held U.S. common stocks covering the industrial, utility, financial and transportation sectors. Allocations to cash (flat) represented by the Solactive 13-week U.S. T-bill Index. The Solactive 13-week U.S. T-bill Index is a rules-based index mirroring the performance of the current U.S. 13-week T-bill.

³Equity analysts referred to are part of Morningstar’s Equity Research group which consists of various wholly-owned subsidiaries of Morningstar, Inc., including but not limited to, Morningstar Research Services LLC.

⁴ Based on the Morningstar Wide Moat Focus Index versus the Morningstar US Market Index from the period 2/14/2007–9/30/2021.

VANECK INFLATION ALLOCATION ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	BCOMTR¹
One Year	34.00%	34.11%	42.29%
Life*	2.90%	2.91%	5.19%

	*	Commencement of Fund: 4/9/18; First Day of Secondary Market Trading: 4/10/18.

	¹	The Bloomberg Commodity Index (BCOMTR) is the Fund’s broad-based benchmark index. BCOMTR is calculated on an excess return basis and reflects commodity futures price movements.

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 12 for more information.

VANECK LONG/FLAT TREND ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	NDRCMGLF¹	SPTR²
One Year	29.15%	29.29%	30.00%	30.00%
Life*	13.89%	13.84%	14.54%	16.30%

	*	Commencement of Fund: 10/4/17; First Day of Secondary Market Trading: 10/5/17.

	¹	The Ned Davis Research CMG US Large Cap Long/Flat Index (the “NDR CMG Index”) (NDRCMGLF) is a rules-based index that follows a proprietary model developed by Ned Davis Research, Inc. in conjunction with CMG Capital Management Group, Inc. To help limit potential loss associated with adverse market conditions, the model produces trade signals to dictate the NDR CMG Index’s equity allocation ranging from 100% fully invested (i.e., “long”) to 100% in cash (i.e., “flat”). When the NDR CMG Index is long, or 100% fully invested, it will be allocated to the S&P 500 Index. When the NDR CMG Index is flat, or 100% cash, it will be allocated to the Solactive 13-week U.S. T-bill Index.

	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 12 for more information.

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUSDVTU¹	SPTR²
One Year	17.81%	17.89%	18.22%	30.00%
Life*	10.04%	9.99%	10.28%	19.78%

	*	Commencement of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.

	¹	The Morningstar^® US Dividend Valuation IndexSM (MSUSDVTU) is a rules-based index intended to offer exposure to companies that Morningstar determines have a high dividend yield, strong financial health and an attractive uncertainty-adjusted valuation.

	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 12 for more information.

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSGWMFNU¹	SPTR²
One Year	22.96%	22.99%	23.61%	30.00%
Life*	17.81%	17.69%	18.00%	19.78%

	*	Commencement of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.

	¹	The Morningstar^® Global Wide Moat Focus IndexSM (MSGWMFNU) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors.

	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 12 for more information.

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MGEUMFUN¹	SPTR²
One Year	16.93%	16.64%	18.06%	30.00%
Five Year	6.93%	6.95%	7.69%	16.90%
Life*	4.64%	4.63%	5.36%	14.45%

	*	Commencement of Fund: 7/13/15; First Day of Secondary Market Trading: 7/14/15.

	¹	Morningstar^® Global ex-US Moat Focus IndexSM (MGEUMFUN) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide and narrow moat 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 12 for more information.

VANECK MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MWMFTR¹	SPTR²
One Year	36.15%	36.11%	36.88%	30.00%
Five Year	18.14%	18.18%	18.74%	16.90%
Life*	16.07%	16.08%	16.65%	15.18%

	*	Commencement of Fund: 4/24/12; First Day of Secondary Market Trading: 4/25/12.

	¹	Morningstar^® Wide Moat Focus IndexSM (MWMFTR) is a rules-based index intended to offer exposure to companies that Morningstar, Inc. determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat 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 12 for more information.

VANECK SOCIAL SENTIMENT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	BUZZTR¹	SPTR²
Life*	(1.36)%	(1.38)%	(1.12)%	12.22%

	*	Commencement of Fund: 3/2/21; First Day of Secondary Market Trading: 3/3/21.

	¹	The BUZZ NextGen AI US Sentiment Leaders Index (BUZZTR) is designed to track the performance of a subset of U.S. companies which are selected by analyzing data from online sources to identify those companies which rank highest in terms of bullish perception and breadth of discussion.

	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 12 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

The Morningstar^® Global ex-US Moat Focus Index^SM, Morningstar^® Global Wide Moat Focus Index^SM, Morningstar^® US Dividend Valuation Index^SMand Morningstar^® Wide Moat Focus Index^SM are published by Morningstar. The Morningstar name and logo are registered trademarks of Morningstar. Morningstar Global ex-US Moat Focus Index^SM, Morningstar Global Wide Moat Focus Index^SM, Morningstar^® US Dividend Valuation Index^SM and Morningstar Wide Moat Focus Index^SM are service marks of Morningstar. The Ned Davis Research CMG US Large Cap Long/Flat Index is published by Ned Davis Research, Inc. (“NDR”). The BUZZ NextGen AI US Sentiment Leaders Index is published by BUZZ Holdings ULC.

Morningstar, NDR and BUZZ Holdings ULC 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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2021 to September 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2021 - September 30, 2021*
Inflation Allocation ETF
Actual	$1,000.00	$1,061.30	0.55%	$2.84
Hypothetical**	$1,000.00	$1,022.31	0.55%	$2.79
Long/Flat Trend ETF
Actual	$1,000.00	$1,086.80	0.55%	$2.88
Hypothetical**	$1,000.00	$1,022.31	0.55%	$2.79
Morningstar Durable Dividend ETF
Actual	$1,000.00	$1,027.70	0.29%	$1.47
Hypothetical**	$1,000.00	$1,023.61	0.29%	$1.47
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$1,046.40	0.52%	$2.67
Hypothetical**	$1,000.00	$1,022.46	0.52%	$2.64
Morningstar International Moat ETF
Actual	$1,000.00	$942.10	0.57%	$2.78
Hypothetical**	$1,000.00	$1,022.21	0.57%	$2.89
Morningstar Wide Moat ETF
Actual	$1,000.00	$1,059.30	0.46%	$2.37
Hypothetical**	$1,000.00	$1,022.76	0.46%	$2.33

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2021 - September 30, 2021*
Social Sentiment ETF
Actual	$1,000.00	$1,021.30	0.75%	$3.80
Hypothetical**	$1,000.00	$1,021.31	0.75%	$3.80

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2021), 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).
**	Assumes annual return of 5% before expenses

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.8% (a)
Energy Select Sector SPDR Fund †	13,294	$	692,484
First Trust NASDAQ Clean Edge Green Energy Index Fund	3,126		195,688
Global X US Infrastructure Development ETF	36,140		918,317
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF †	171,308		3,606,034
Invesco Solar ETF	2,437		194,838
iShares Global Infrastructure ETF	20,431		937,783
iShares Gold Strategy ETF	14,865		798,845
iShares Gold Trust	6,254		208,946
iShares MSCI Global Metals & Mining Producers ETF †	10,824		441,403
Nuveen Short-Term REIT ETF	5,790		204,329
Purpose Bitcoin ETF	48,131		395,637
SPDR Gold MiniShares Trust	11,986		209,276
VanEck Agribusiness ETF ‡	8,599		784,573
VanEck Energy Income ETF ‡	18,068		980,050
VanEck Gold Miners ETF † ‡	23,328		687,476
VanEck Low Carbon Energy ETF † ‡	2,676		398,697
VanEck Merk Gold Shares	35,943		614,266
VanEck Mortgage REIT Income ETF ‡	9,938		189,021
VanEck Oil Services ETF ‡	2,438		480,310
VanEck Steel ETF ‡	8,842		488,167
VanEck Vectors Unconventional Oil & Gas ETF ‡	4,688		667,902
Vanguard Real Estate ETF †	23,876		2,430,099

Total Exchange Traded Funds (Cost: $15,461,586)			16,524,141

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
(Cost: $17,691)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio	17,691		17,691
Total Investments: 99.9%
(Cost: $15,479,277)			16,541,832
Other assets less liabilities: 0.1%			13,612
NET ASSETS: 100.0%		$	16,555,444

Footnotes:

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

†	Security fully or partially on loan. Total market value of securities on loan is $3,377,660.

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

See Notes to Financial Statements

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Agribusiness		4.7	%	$	784,573
Digital Currency		2.4			395,637
Diversified Commodities Futures		21.8			3,606,034
Energy		14.9			2,461,757
Global Metals and Mining		2.7			441,403
Gold Bullion		11.1			1,831,333
Gold Mining		4.2			687,476
Industrials		5.6			918,317
Oil Services		2.9			480,310
Real Estate Investment Trusts		17.1			2,823,449
Steel		2.9			488,167
Unconventional Oil & Gas		4.0			667,902
Utilities		5.7			937,783
		100.0	%	$	16,524,141

Transactions in securities of affiliates for the period ended September 30, 2021:

	Value 9/30/2020		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 9/30/2021

VanEck Agribusiness ETF	$	659,441	$	1,420,329	$	(1,448,848	)	$	142,467		$	10,276	$	11,184		$	784,573
VanEck Energy Income ETF		404,867		1,229,347		(872,681	)		98,759	(a)		4,310		154,638	(b)		980,050
VanEck Gold Miners ETF		473,870		1,161,596		(754,738	)		(42,071	)		3,812		(151,181	)		687,476
VanEck Low Carbon Energy ETF		437,983		1,515,634		(1,515,848	)		76,468			431		(115,540	)		398,697
VanEck Mortgage REIT Income ETF		–		210,303		(14,760	)		(126	)		1,176		(5,501	)(c)		189,021
VanEck Oil Services ETF		244,277		726,252		(690,780	)		116,192			5,579		84,369			480,310
VanEck Steel ETF		341,239		832,355		(829,734	)		125,857			10,835		18,450			488,167
VanEck Vectors Coal ETF		349,211		–		(391,053	)		60,691			–		(18,849	)		–
VanEck Vectors Unconventional Oil & Gas ETF		265,145		778,133		(717,536	)		132,856			6,883		209,304			667,902
	$	3,176,033	$	7,873,949	$	(7,235,978	)	$	711,093		$	43,302	$	186,874		$	4,676,196

(a)	Includes Return of Capital distribution reclassification of $7,955.
(b)	Includes Return of Capital distribution reclassification of $26,925.
(c)	Includes Return of Capital distribution reclassification of $895.

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	16,524,141	$	—	$	—	$	16,524,141
Money Market Fund		17,691		—		—		17,691
Total Investments	$	16,541,832	$	—	$	—	$	16,541,832

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
EXCHANGE TRADED FUND: 99.8% (a)
(Cost: $32,328,428)
Vanguard S&P 500 ETF †		103,655	$	40,881,532

Total Investments: 99.8% (Cost: $32,328,428)				40,881,532
Other assets less liabilities: 0.2%				77,934
NET ASSETS: 100.0%			$	40,959,466

Footnotes:

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

†	Security fully or partially on loan. Total market value of securities on loan is $6,769,482.

Summary of Investments by Sector			% of Investments				Value
Exchanged Traded Fund			100.0	%		$	40,881,532

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds		$	40,881,532		$	—		$	—		$	40,881,532

See Notes to Financial Statements

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.4%
Automobiles & Components: 0.1%
Gentex Corp.		1,201	$	39,609
Banks: 5.1%
JPMorgan Chase & Co.		15,923		2,606,436
Capital Goods: 7.7%
3M Co.		5,832		1,023,050
Emerson Electric Co.		3,755		353,721
General Dynamics Corp.		1,646		322,665
Honeywell International, Inc.		3,679		780,978
Hubbell, Inc.		344		62,151
L3Harris Technologies, Inc.		1,067		234,996
Lincoln Electric Holdings, Inc.		284		36,576
Lockheed Martin Corp.		2,319		800,287
MSC Industrial Direct Co., Inc.		552		44,265
Northrop Grumman Corp.		802		288,840
				3,947,529
Consumer Services: 4.0%
McDonald’s Corp.		5,162		1,244,610
Starbucks Corp.		5,749		634,172
Yum! Brands, Inc.		1,441		176,249
				2,055,031
Diversified Financials: 3.0%
BlackRock, Inc.		765		641,575
CME Group, Inc.		2,084		403,004
Cohen & Steers, Inc.		150		12,565
Evercore, Inc.		246		32,883
Federated Hermes, Inc.		1,023		33,248
Franklin Resources, Inc.		3,092		91,894
Janus Henderson Group Plc		1,913		79,064
T Rowe Price Group, Inc.		1,327		261,021
				1,555,254
Energy: 1.3%
The Williams Companies, Inc.		25,468		660,640
Food & Staples Retailing: 1.8%
Walmart, Inc.		6,539		911,406
Food, Beverage & Tobacco: 16.5%
Altria Group, Inc.		40,094		1,825,079
Hormel Foods Corp.		2,047		83,927
Keurig Dr Pepper, Inc.		3,369		115,085
Mondelez International, Inc.		9,318		542,121
PepsiCo, Inc.		11,705		1,760,549
Philip Morris International, Inc.		23,116		2,191,166
The Coca-Cola Co.		36,603		1,920,559
				8,438,486
Health Care Equipment & Services: 1.8%
Medtronic Plc		7,577		949,777
Household & Personal Products: 0.9%
Colgate-Palmolive Co.		6,193		468,067
Insurance: 1.9%
Allstate Corp.		2,149		273,589
Chubb Ltd.		2,483		430,751
Travelers Cos, Inc.		1,743		264,953
				969,293
Materials: 1.2%
Air Products and Chemicals, Inc.		1,506		385,702

	Number of Shares		Value
Materials (continued)
International Flavors & Fragrances, Inc.		1,624	$	217,161
Valvoline, Inc.		932		29,060
				631,923
Media & Entertainment: 2.6%
Comcast Corp.		23,416		1,309,657
Pharmaceuticals, Biotechnology & Life Sciences: 20.3%
AbbVie, Inc.		22,222		2,397,087
Amgen, Inc.		5,733		1,219,123
Bristol-Myers Squibb Co.		21,154		1,251,682
Gilead Sciences, Inc.		15,541		1,085,539
Johnson & Johnson		14,682		2,371,143
Merck & Co., Inc.		27,593		2,072,510
				10,397,084
Semiconductors & Semiconductor Equipment: 5.0%
Analog Devices, Inc.		2,830		473,968
Qualcomm, Inc.		6,658		858,749
Texas Instruments, Inc.		6,402		1,230,529
				2,563,246
Software & Services: 0.2%
Western Union Co.		5,616		113,555
Technology Hardware & Equipment: 4.0%
Cisco Systems, Inc.		33,541		1,825,637
Corning, Inc.		5,984		218,356
				2,043,993
Telecommunication Services: 10.0%
AT&T, Inc.		96,794		2,614,406
Cogent Communications Holdings, Inc.		557		39,458
Verizon Communications, Inc.		45,615		2,463,666
				5,117,530
Transportation: 0.6%
Norfolk Southern Corp.		1,286		307,675
Utilities: 11.4%
Alliant Energy Corp.		2,081		116,494
Ameren Corp.		1,957		158,517
American Electric Power Co., Inc.		5,219		423,678
Atmos Energy Corp.		1,070		94,374
Avangrid, Inc. (USD)		728		35,381
Consolidated Edison, Inc.		4,417		320,630
Dominion Energy, Inc.		9,405		686,753
DTE Energy Co.		2,186		244,198
Duke Energy Corp.		9,084		886,508
NextEra Energy, Inc.		10,930		858,224
NiSource, Inc.		4,356		105,546
OGE Energy Corp.		2,893		95,353
PPL Corp.		13,444		374,819
Sempra Energy		3,230		408,595
Southern Co.		13,116		812,798

See Notes to Financial Statements

	Number of Shares		Value
Utilities (continued)
WEC Energy Group, Inc.		2,793	$	246,343
				5,868,211
Total Common Stocks
(Cost: $49,336,162)				50,954,402
Total Investments: 99.4%
(Cost: $49,336,162)				50,954,402
Other assets less liabilities: 0.6%				282,770
NET ASSETS: 100.0%			$	51,237,172

Definitions:

USD	United States Dollar

Summary of Investments by Sector	% of Investments			Value
Communication Services		12.6	%	$	6,427,187
Consumer Discretionary		4.1			2,094,640
Consumer Staples		19.3			9,817,959
Energy		1.3			660,640
Financials		10.1			5,130,983
Health Care		22.3			11,346,861
Industrials		8.4			4,255,204
Information Technology		9.2			4,720,794
Materials		1.2			631,923
Utilities		11.5			5,868,211
		100.0	%	$	50,954,402

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	50,954,402			$	—			$	—			$	50,954,402

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Argentina: 1.2%
MercadoLibre, Inc. (USD) *		134	$	225,040
Australia: 3.8%
Australia & New Zealand Banking Group Ltd. #		8,892		178,426
National Australia Bank Ltd. #		9,510		187,391
Westpac Banking Corp. #		19,988		369,341
				735,158
Belgium: 0.8%
Anheuser-Busch InBev SA/NV #		2,585		146,690
Canada: 4.0%
Royal Bank of Canada		3,888		386,790
Toronto-Dominion Bank		5,870		388,522
				775,312
China: 2.6%
Tencent Holdings Ltd. (HKD) #		2,400		143,277
Yum China Holdings, Inc. (USD)		6,212		360,979
				504,256
Denmark: 1.2%
Novo Nordisk A/S #		2,351		226,749
France: 4.0%
Airbus SE # *		2,937		389,577
Safran SA #		2,986		377,867
				767,444
Germany: 1.2%
GEA Group AG # *		4,830		220,697
Japan: 3.8%
Hoshizaki Corp. #		2,000		181,451
Japan Tobacco, Inc. #		10,100		197,406
Nabtesco Corp. #		9,100		343,206
				722,063
Sweden: 0.8%
Elekta AB # †		14,464		162,091
Switzerland: 4.0%
Julius Baer Group Ltd. #		5,959		395,532
Novartis AG #		2,279		186,696
Roche Holding AG #		516		188,143
				770,371
Taiwan: 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. #		18,000		372,278
United Kingdom: 8.5%
AstraZeneca Plc #		1,756		211,778
BAE Systems Plc #		26,089		197,739
British American Tobacco Plc #		5,361		187,523
GlaxoSmithKilne Plc #		10,047		189,753
Imperial Brands Plc #		18,222		381,412
Meggitt Plc # *		28,898		285,309
Unilever Plc #		3,209		173,852
				1,627,366
United States: 62.1%
3M Co.		989		173,490
Alphabet, Inc. *		150		401,028
Altria Group, Inc.		3,941		179,394
Amazon.com, Inc. *		55		180,677

	Number of Shares		Value
United States (continued)
Applied Materials, Inc.		1,501	$	193,224
Aspen Technology, Inc. *		1,387		170,324
Bank of New York Mellon Corp.		3,785		196,214
Berkshire Hathaway, Inc. *		1,417		386,756
Biogen, Inc. *		624		176,586
Blackbaud, Inc. *		5,447		383,196
BlackRock, Inc.		217		181,989
Boeing Co. *		949		208,723
Bristol-Myers Squibb Co.		5,986		354,192
Cheniere Energy, Inc. *		2,229		217,706
Comcast Corp.		3,390		189,603
Compass Minerals International, Inc.		6,327		407,459
Constellation Brands, Inc.		1,760		370,814
Corteva, Inc.		9,052		380,908
Emerson Electric Co.		4,035		380,097
Equifax, Inc.		728		184,490
Facebook, Inc. *		1,120		380,117
General Dynamics Corp.		981		192,305
Gilead Sciences, Inc.		2,790		194,881
Intel Corp.		3,743		199,427
Intercontinental Exchange, Inc.		1,686		193,586
Lam Research Corp.		344		195,788
Masco Corp.		3,361		186,704
McDonald’s Corp.		1,667		401,930
Medtronic Plc		3,033		380,187
Microchip Technology, Inc.		1,300		199,537
Microsoft Corp.		1,407		396,661
Pfizer, Inc.		4,312		185,459
Philip Morris International, Inc.		3,906		370,250
Polaris, Inc.		3,219		385,186
Roper Technologies, Inc.		837		373,411
Salesforce.com, Inc. *		798		216,434
ServiceNow, Inc. *		670		416,921
The Coca-Cola Co.		3,519		184,642
Thermo Fisher Scientific, Inc.		395		225,675
Tyler Technologies, Inc. *		415		190,340
Veeva Systems, Inc. *		1,283		369,722
Wells Fargo & Co.		9,221		427,947
Western Union Co.		8,263		167,078
Zimmer Biomet Holdings, Inc.		1,203		176,071
				11,927,129
Total Common Stocks (Cost: $16,262,612)				19,182,644
Total Investments: 99.9% (Cost: $16,262,612)				19,182,644
Other assets less liabilities: 0.1%				27,356
NET ASSETS: 100.0%			$	19,210,000

See Notes to Financial Statements

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,894,184 which represents 30.7% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $153,978.

Summary of Investments by Sector	% of Investments			Value
Communication Services		5.8	%	$	1,114,024
Consumer Discretionary		8.1			1,553,813
Consumer Staples		11.4			2,191,983
Energy		1.1			217,706
Financials		17.2			3,292,495
Health Care		16.9			3,227,983
Industrials		19.3			3,695,066
Information Technology		16.1			3,101,207
Materials		4.1			788,367
		100.0	%	$	19,182,644

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	225,040	$	—	$	—	$	225,040
Australia		—		735,158		—		735,158
Belgium		—		146,690		—		146,690
Canada		775,312		—		—		775,312
China		360,979		143,277		—		504,256
Denmark		—		226,749		—		226,749
France		—		767,444		—		767,444
Germany		—		220,697		—		220,697
Japan		—		722,063		—		722,063
Sweden		—		162,091		—		162,091
Switzerland		—		770,371		—		770,371
Taiwan		—		372,278		—		372,278
United Kingdom		—		1,627,366		—		1,627,366
United States		11,927,129		—		—		11,927,129
Total Investments	$	13,288,460	$	5,894,184	$	—	$	19,182,644

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 3.9%
Link Administration Holdings Ltd. #		412,407	$	1,292,175
Telstra Corp. Ltd. #		280,784		786,132
Westpac Banking Corp. #		37,396		691,009
				2,769,316
Belgium: 2.8%
Anheuser-Busch InBev SA/NV #		22,265		1,263,467
Proximus SADP #		35,551		705,856
				1,969,323
China: 13.3%
Agricultural Bank of China Ltd. #		1,516,000		689,548
ANTA Sports Products Ltd. (HKD) #		33,000		623,155
Bank of China Ltd. (HKD) #		2,076,000		733,524
BOC Hong Kong Holdings Ltd. (HKD) #		448,500		1,351,518
China Education Group Holdings Ltd. (HKD) # †		333,000		574,398
China Gas Holdings Ltd. (HKD) #		245,200		724,184
China Resources Pharmaceutical Group Ltd. (HKD) 144A #		1,227,500		602,476
Innovent Biologics, Inc. (HKD) 144A # *		86,500		833,016
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD) #		344,200		667,127
Sinopharm Group Co. Ltd. (HKD) #		265,600		696,021
Tencent Holdings Ltd. (HKD) #		9,500		567,138
Yum China Holdings, Inc. (USD)		11,572		672,449
Yutong Bus Co. Ltd. #		378,120		663,467
				9,398,021
Denmark: 2.0%
Danske Bank A/S #		85,197		1,436,111
France: 9.2%
Accor SA # *		21,139		754,149
Dassault Aviation SA #		12,800		1,439,582
Safran SA #		5,936		751,178
Sanofi #		14,523		1,398,766
Sodexo SA # *		8,512		744,297
Thales SA #		14,694		1,425,402
				6,513,374
Germany: 5.8%
Bayerische Motoren Werke AG #		14,827		1,408,982
Continental AG # *		10,816		1,174,778
Fresenius SE & Co. KGaA #		28,216		1,351,263
Vitesco Technologies Group AG *		2,067		122,197
				4,057,220
Hong Kong: 1.8%
Sun Hung Kai Properties Ltd. #		99,500		1,242,391
Italy: 2.9%
Leonardo SpA # *		179,386		1,467,806

	Number of Shares		Value
Italy (continued)
Telecom Italia SpA #		1,451,531	$	567,858
				2,035,664
Japan: 3.3%
Japan Tobacco, Inc. #		36,000		703,623
KDDI Corp. #		23,800		781,604
Murata Manufacturing Co. Ltd. #		9,800		864,658
				2,349,885
Luxembourg: 3.9%
Millicom International Cellular SA (SDR) # *		38,180		1,383,686
Samsonite International SA (HKD) 144A # *		653,100		1,402,533
				2,786,219
Mexico: 1.3%
America Movil SAB de CV		999,000		887,914
Netherlands: 6.9%
ABN AMRO Bank NV 144A # * †		112,737		1,627,341
ING Groep NV # †		110,462		1,606,784
Koninklijke KPN NV #		238,878		752,081
Royal Dutch Shell Plc (GBP) #		38,723		861,775
				4,847,981
Singapore: 5.2%
CapitaLand Integrated Commercial Trust #		1,007,308		1,500,161
CapitaLand Investment Ltd. *		280,000		701,237
Singapore Technologies Engineering Ltd. #		514,700		1,436,968
				3,638,366
South Korea: 3.1%
KT Corp. #		25,461		696,341
SK Telecom Co. Ltd. #		5,374		1,459,666
				2,156,007
Spain: 3.1%
Banco Santander SA # *		394,788		1,430,806
Telefonica SA # *		159,611		749,375
				2,180,181
Sweden: 3.4%
Svenska Handelsbanken AB #		69,365		777,366
Swedbank AB #		79,891		1,612,053
				2,389,419
Switzerland: 4.2%
Credit Suisse Group AG #		74,800		738,032
Dufry AG # *		14,120		792,444
Roche Holding AG #		1,833		668,344
Zurich Insurance Group AG #		1,847		754,547
				2,953,367
Taiwan: 4.8%
MediaTek, Inc. #		22,000		708,124
Taiwan Semiconductor Manufacturing Co. Ltd. #		67,000		1,385,700
Win Semiconductors Corp. #		120,000		1,319,493
				3,413,317
United Kingdom: 18.3%
British American Tobacco Plc #		19,051		666,388
BT Group Plc # *		314,687		675,105
GlaxoSmithKilne Plc #		35,703		674,304

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Hang Seng Bank Ltd. (HKD) #		39,800	$	681,726
HSBC Holdings Plc #		264,152		1,382,140
Imperial Brands Plc #		67,968		1,422,665
Lloyds Banking Group Plc #		2,423,005		1,509,192
Meggitt Plc # *		113,222		1,117,836
Smiths Group Plc #		35,556		686,102
Swire Properties Ltd. (HKD) #		517,200		1,292,079
Vodafone Group Plc #		855,041		1,302,026
WPP Plc #		109,531		1,468,483
				12,878,046

	Number of Shares		Value
United States: 0.9%
MGM China Holdings Ltd. (HKD) # * †		448,800	$	279,400
Sands China Ltd. (HKD) # *		167,200		342,175
				621,575
Total Common Stocks (Cost: $70,163,510)				70,523,697
Total Investments: 100.1% (Cost: $70,163,510)				70,523,697
Liabilities in excess of other assets: (0.1)%				(86,868)
NET ASSETS: 100.0%			$	70,436,829

Definitions:
GBP	British Pound
HKD	Hong Kong Dollar
SDR	Swedish Depositary Receipt
USD	United States Dollar

Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $68,139,900 which represents 96.7% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $3,438,469.
*	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 $4,465,366, or 6.3% of net assets.

Summary of Investments by Sector	% of Investments			Value
Communication Services		18.1	%	$	12,783,264
Consumer Discretionary		12.6			8,890,956
Consumer Staples		5.8			4,056,143
Energy		1.2			861,775
Financials		24.2			17,021,697
Health Care		9.9			6,891,319
Industrials		12.7			8,988,340
Information Technology		7.8			5,570,151
Real Estate		6.7			4,735,868
Utilities		1.0			724,184
		100.0	%	$	70,523,697

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,769,316	$	—	$	2,769,316
Belgium		—		1,969,323		—		1,969,323
China		672,449		8,725,572		—		9,398,021
Denmark		—		1,436,111		—		1,436,111
France		—		6,513,374		—		6,513,374
Germany		122,197		3,935,023		—		4,057,220
Hong Kong		—		1,242,391		—		1,242,391
Italy		—		2,035,664		—		2,035,664
Japan		—		2,349,885		—		2,349,885
Luxembourg		—		2,786,219		—		2,786,219
Mexico		887,914		—		—		887,914
Netherlands		—		4,847,981		—		4,847,981
Singapore		701,237		2,937,129		—		3,638,366
South Korea		—		2,156,007		—		2,156,007
Spain		—		2,180,181		—		2,180,181
Sweden		—		2,389,419		—		2,389,419
Switzerland		—		2,953,367		—		2,953,367
Taiwan		—		3,413,317		—		3,413,317
United Kingdom		—		12,878,046		—		12,878,046
United States		—		621,575		—		621,575
Total Investments	$	2,383,797	$	68,139,900	$	—	$	70,523,697

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 2.8%
Wells Fargo & Co.		3,936,166	$	182,677,464
Capital Goods: 11.1%
Boeing Co. *		754,533		165,951,988
Emerson Electric Co.		830,345		78,218,499
General Dynamics Corp.		437,749		85,811,936
Lockheed Martin Corp.		458,065		158,078,232
Masco Corp.		1,434,884		79,707,806
Raytheon Technologies Corp.		1,033,051		88,801,064
Roper Technologies, Inc.		177,448		79,164,876
				735,734,401
Commercial & Professional Services: 1.2%
Equifax, Inc.		310,666		78,728,978
Consumer Durables & Apparel: 2.5%
Polaris, Inc.		1,374,108		164,425,763
Consumer Services: 1.3%
McDonald’s Corp.		352,848		85,075,181
Diversified Financials: 3.7%
Berkshire Hathaway, Inc. *		604,695		165,045,453
Intercontinental Exchange, Inc.		719,858		82,654,096
				247,699,549
Energy: 2.8%
Cheniere Energy, Inc. *		1,933,132		188,809,002
Food, Beverage & Tobacco: 12.2%
Altria Group, Inc.		3,446,983		156,906,666
Campbell Soup Co.		1,989,983		83,201,189
Constellation Brands, Inc.		751,423		158,317,312
Kellogg Co.		2,618,279		167,360,394
Philip Morris International, Inc.		1,667,253		158,038,912
The Coca-Cola Co.		1,502,080		78,814,137
				802,638,610
Health Care Equipment & Services: 7.2%
Cerner Corp.		1,040,412		73,369,854
Medtronic Plc		1,294,635		162,282,497
Veeva Systems, Inc. *		278,632		80,293,383
Zimmer Biomet Holdings, Inc.		1,093,871		160,098,960
				476,044,694
Materials: 5.1%
Compass Minerals
International, Inc. ‡		2,700,902		173,938,089
Corteva, Inc.		3,864,260		162,608,061
				336,546,150
Media & Entertainment: 6.3%
Alphabet, Inc. *		64,009		171,129,342
Comcast Corp.		1,447,231		80,943,630
Facebook, Inc. *		478,073		162,253,195
				414,326,167
Pharmaceuticals, Biotechnology & Life Sciences: 12.3%
Biogen, Inc. *		480,693		136,031,312
Bristol-Myers Squibb Co.		2,555,261		151,194,793
Gilead Sciences, Inc.		2,408,068		168,203,550
Merck & Co., Inc.		2,213,253		166,237,433
Pfizer, Inc.		2,119,999		91,181,157
Thermo Fisher Scientific, Inc.		168,651		96,355,376
				809,203,621

	Number of Shares		Value
Retailing: 2.4%
Amazon.com, Inc. *		47,644	$	156,512,446
Semiconductors & Semiconductor
Equipment: 6.3%
Intel Corp.		3,070,627		163,603,007
KLA Corp.		254,218		85,038,463
Lam Research Corp.		146,711		83,500,566
Microchip Technology, Inc.		554,854		85,164,540
				417,306,576
Software & Services: 19.0%
Aspen Technology, Inc. *		1,255,760		154,207,328
Blackbaud, Inc. *		2,325,163		163,575,217
Guidewire Software, Inc. *		1,419,882		168,781,373
Microsoft Corp.		600,653		169,336,094
Salesforce.com, Inc. *		666,458		180,756,739
ServiceNow, Inc. *		155,069		96,494,787
Tyler Technologies, Inc. *		363,628		166,777,982
Western Union Co.		7,514,577		151,944,747
				1,251,874,267
Transportation: 1.3%
CH Robinson Worldwide, Inc.		960,714		83,582,118
Utilities: 2.4%
Dominion Energy, Inc.		2,175,280		158,838,946
Total Common Stocks
(Cost: $6,077,878,429)				6,590,023,933
Total Investments: 99.9%
(Cost: $6,077,878,429)				6,590,023,933
Other assets less liabilities: 0.1%				9,193,451
NET ASSETS: 100.0%			$	6,599,217,384

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

*	Non-income producing
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector	% of Investments			Value
Communication Services		6.3	%	$	414,326,167
Consumer Discretionary		6.2			406,013,390
Consumer Staples		12.2			802,638,610
Energy		2.9			188,809,002
Financials		6.5			430,377,013
Health Care		19.5			1,285,248,315
Industrials		13.6			898,045,497
Information Technology		25.3			1,669,180,843
Materials		5.1			336,546,150
Utilities		2.4			158,838,946
		100.0%		$	6,590,023,933

Transactions in securities of affiliates for the period ended September 30, 2021:

		Value 9/30/2020				Purchases				Sales Proceeds				Realized Gain (Loss)				Dividend Income				Net Change in Unrealized Appreciation (Depreciation)				Value 9/30/2021
Compass Minerals International, Inc.		$	–(a)			$	123,593,866			$	(49,569,744)			$	(1,727,277)			$	5,676,150			$	5,480,356			$	173,938,089

(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 September 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	6,590,023,933			$	—			$	—			$	6,590,023,933

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
Automobiles & Components: 6.1%
Ford Motor Co. *		212,874	$	3,014,296
General Motors Co. *		29,890		1,575,502
QuantumScape Corp. * †		41,618		1,021,306
Tesla, Inc. *		8,175		6,339,550
				11,950,654
Banks: 3.2%
Bank of America Corp.		27,013		1,146,702
Citigroup, Inc.		14,155		993,398
Rocket Cos, Inc.		149,334		2,395,317
Wells Fargo & Co.		35,861		1,664,309
				6,199,726
Capital Goods: 9.5%
Boeing Co. *		18,133		3,988,172
General Electric Co.		8,739		900,379
Lockheed Martin Corp.		7,750		2,674,525
Plug Power, Inc. * †		244,252		6,238,196
Virgin Galactic Holdings, Inc. *		172,558		4,365,717
				18,166,989
Consumer Durables & Apparel: 2.1%
Lululemon Athletica, Inc. *		2,787		1,127,899
Peloton Interactive, Inc. *		33,181		2,888,406
				4,016,305
Consumer Services: 5.4%
Airbnb, Inc. *		12,904		2,164,646
Carnival Corp. *		66,195		1,655,537
DraftKings, Inc. * †		82,134		3,955,573
Penn National Gaming, Inc. *		24,730		1,791,936
Starbucks Corp.		6,408		706,866
				10,274,558
Diversified Financials: 0.4%
Goldman Sachs Group, Inc.		2,191		828,264
Energy: 0.8%
Exxon Mobil Corp.		25,169		1,480,441
Food & Staples Retailing: 1.0%
Walmart, Inc.		13,335		1,858,632
Food, Beverage & Tobacco: 0.4%
Beyond Meat, Inc. * †		6,854		721,452
Materials: 2.5%
Barrick Gold Corp. (USD)		104,476		1,885,792
Cleveland-Cliffs, Inc. * †		84,597		1,675,867
United States Steel Corp.		49,072		1,078,112
				4,639,771
Media & Entertainment: 16.0%
Activision Blizzard, Inc.		10,153		785,741
Alphabet, Inc. *		741		1,981,078
AMC Entertainment Holdings, Inc. *		127,159		4,839,672
Facebook, Inc. *		9,311		3,160,060
Netflix, Inc. *		5,602		3,419,125

	Number of Shares		Value
Media & Entertainment (continued)
Pinterest, Inc. *		33,674	$	1,715,690
Roku, Inc. *		13,644		4,275,347
Snap, Inc. *		23,053		1,702,925
Spotify Technology SA (USD) *		3,378		761,199
Twitter, Inc. *		37,126		2,242,039
ViacomCBS, Inc.		48,511		1,916,670
Walt Disney Co. *		23,811		4,028,107
				30,827,653
Pharmaceuticals, Biotechnology & Life
Sciences: 10.3%
AbbVie, Inc.		10,112		1,090,781
Agilent Technologies, Inc.		13,812		2,175,804
Johnson & Johnson		5,048		815,252
Moderna, Inc. *		13,536		5,209,465
Novavax, Inc. *		23,725		4,918,430
Pfizer, Inc.		134,037		5,764,931
				19,974,663
Real Estate: 0.8%
Opendoor Technologies, Inc. * †		78,643		1,614,541
Retailing: 9.4%
Amazon.com, Inc. *		1,766		5,801,381
Chewy, Inc. * †		19,698		1,341,631
GameStop Corp. *		30,975		5,435,183
Macy’s, Inc.		94,457		2,134,728
Target Corp.		10,702		2,448,297
The Home Depot, Inc.		3,059		1,004,147
				18,165,367
Semiconductors & Semiconductor
Equipment: 7.6%
Advanced Micro Devices, Inc. *		58,119		5,980,445
Intel Corp.		22,115		1,178,287
Micron Technology, Inc.		23,903		1,696,635
NVIDIA Corp.		27,819		5,762,984
				14,618,351
Software & Services: 19.6%
BlackBerry Ltd. (USD) *		574,997		5,594,721
C3.ai, Inc. * †		42,763		1,981,637
Crowdstrike Holdings, Inc. *		8,459		2,079,053
Digital Turbine, Inc. *		43,661		3,001,694
DocuSign, Inc. *		4,864		1,252,140
Microsoft Corp.		12,410		3,498,627
Palantir Technologies, Inc. *		236,120		5,676,324
PayPal Holdings, Inc. *		7,582		1,972,912
Salesforce.com, Inc. *		6,859		1,860,298
Shopify, Inc. (USD) *		693		939,556
Snowflake, Inc. *		6,494		1,963,980
Square, Inc. *		7,997		1,918,000
Unity Software, Inc. *		13,101		1,654,001
Visa, Inc.		6,385		1,422,259

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Software & Services (continued)
Zoom Video Communications, Inc. *		12,241	$	3,201,022
				38,016,224
Technology Hardware & Equipment: 2.9%
Apple, Inc.		40,044		5,666,226
Telecommunication Services: 0.8%
AT&T, Inc.		56,234		1,518,880

	Number of Shares		Value
Transportation: 1.2%
American Airlines Group, Inc. *		51,507	$	1,056,924
Uber Technologies, Inc. *		31,555		1,413,664
				2,470,588
Total Common Stocks (Cost: $191,853,624)				193,009,285
Total Investments: 100.0% (Cost: $191,853,624)				193,009,285
Liabilities in excess of other assets: 0.0%				(75,074)
NET ASSETS: 100.0%			$	192,934,211

Definitions:
USD	United States Dollar

Footnotes:
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,589,466.

Summary of Investments by Sector	% of Investments			Value
Communication Services		16.8	%	$	32,346,532
Consumer Discretionary		23.0			44,406,883
Consumer Staples		1.4			2,580,084
Energy		0.8			1,480,441
Financials		3.6			7,027,990
Health Care		10.3			19,974,664
Industrials		10.7			20,637,578
Information Technology		30.2			58,300,802
Materials		2.4			4,639,770
Real Estate		0.8			1,614,541
		100.0	%	$	193,009,285

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs					Level 3 Significant Unobservable Inputs					Value
Common Stocks *		$	193,009,285			$		—			$		—			$	193,009,285

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	Inflation Allocation ETF (a)		Long/Flat Trend ETF		Morningstar Durable Dividend ETF		Morningstar Global Wide Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	11,847,945	$	40,881,532	$	50,954,402	$	19,182,644
Affiliated issuers (3)		4,676,196		—		—		—
Short-term investments held as collateral for securities loaned (4)		17,691		—		—		—
Cash		81,213		20,999		218,812		65,220
Cash denominated in foreign currency, at value (5)		—		—		—		2,435
Receivables:
Investment securities sold		—		—		—		2,418
Shares of beneficial interest sold		636,747		—		—		—
Due from Adviser		2,262		—		—		—
Dividends and interest		360		142,535		130,629		25,269
Prepaid expenses		1,048		1,058		—		1,052
Total assets		17,263,462		41,046,124		51,303,843		19,279,038
Liabilities:
Payables:
Investment securities purchased		635,020		—		—		2,424
Collateral for securities loaned		17,691		—		—		—
Due to Adviser		—		26,216		11,890		7,778
Deferred Trustee fees		430		1,140		624		212
Accrued expenses		54,877		59,302		54,157		58,624
Total liabilities		708,018		86,658		66,671		69,038
NET ASSETS	$	16,555,444	$	40,959,466	$	51,237,172	$	19,210,000
Shares outstanding		650,000		1,025,000		1,675,000		500,000
Net asset value, redemption and offering price per share	$	25.47	$	39.96	$	30.59	$	38.42
Net Assets consist of:
Aggregate paid in capital	$	25,822,891	$	35,198,129	$	53,601,809	$	15,294,841
Total distributable earnings (loss)		(9,267,447)		5,761,337		(2,364,637)		3,915,159
NET ASSETS	$	16,555,444	$	40,959,466	$	51,237,172	$	19,210,000
(1) Value of securities on loan	$	3,377,660	$	6,769,482	$	—	$	153,978
(2) Cost of investments - Unaffiliated issuers	$	10,997,164	$	32,328,428	$	49,336,162	$	16,262,612
(3) Cost of investments - Affiliated issuers	$	4,464,422	$	—	$	—	$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	17,691	$	—	$	—	$	—
(5) Cost of cash denominated in foreign currency	$	—	$	—	$	—	$	2,424

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	Morningstar International Moat ETF		Morningstar Wide Moat ETF		Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	70,523,697	$	6,416,085,844	$	193,009,285
Affiliated issuers (3)		—		173,938,089		—
Cash		8,425		2,325,019		34,803
Receivables:
Investment securities sold		872,514		—		1,844,710
Shares of beneficial interest sold		—		3,709,826		—
Dividends and interest		196,162		9,708,266		18,589
Prepaid expenses		2,100		20,970		—
Total assets		71,602,898		6,605,788,014		194,907,387
Liabilities:
Payables:
Investment securities purchased		78,981		3,709,437		—
Shares of beneficial interest redeemed		—		—		1,842,896
Line of credit		453,234		—		—
Due to Adviser		24,345		2,508,452		130,280
Due to custodian		533,098		—		—
Deferred Trustee fees		2,055		128,457		—
Accrued expenses		74,356		224,284		—
Total liabilities		1,166,069		6,570,630		1,973,176
NET ASSETS	$	70,436,829	$	6,599,217,384	$	192,934,211
Shares outstanding		2,100,000		90,050,000		7,825,000
Net asset value, redemption and offering price per share	$	33.54	$	73.28	$	24.66
Net Assets consist of:
Aggregate paid in capital	$	75,791,854	$	6,396,435,130	$	221,793,175
Total distributable earnings (loss)		(5,355,025)		202,782,254		(28,858,964)
NET ASSETS	$	70,436,829	$	6,599,217,384	$	192,934,211
(1) Value of securities on loan	$	3,438,469	$	—	$	17,589,466
(2) Cost of investments - Unaffiliated issuers	$	70,163,510	$	5,919,881,233	$	191,853,624
(3) Cost of investments - Affiliated issuers	$	—	$	157,997,196	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	Inflation Allocation ETF (a)		Long/Flat Trend ETF		Morningstar Durable Dividend ETF		Morningstar Global Wide Moat ETF
Income:
Dividends - unaffiliated issuers	$	61,889	$	474,209	$	1,634,573	$	319,744
Dividends - affiliated issuers		43,302		—		—		—
Interest		66		53		—		54
Securities lending income		19,544		314		1,354		846
Foreign taxes withheld		—		—		—		(11,532)
Total income		124,801		474,576		1,635,927		309,112
Expenses:
Management fees		54,195		162,038		129,126		70,997
Professional fees		68,314		54,615		51,682		53,203
Custody and accounting fees		28,057		25,927		31,599		45,602
Reports to shareholders		8,382		8,121		9,611		7,431
IOPV fees		1,043		1,110		1,045		1,045
Trustees’ fees and expenses		346		769		704		241
Registration fees		8,122		6,082		5,655		4,253
Insurance		1,800		2,003		2,873		1,689
Interest		959		161		1,444		46
Other		3,079		4,215		3,345		4,333
Total expenses		174,297		265,041		237,084		188,840
Waiver of management fees		(54,195)		(86,726)		(106,447)		(70,997)
Expenses assumed by the Adviser		(59,111)		—		—		(35,707)
Net expenses		60,991		178,315		130,637		82,136
Net investment income		63,810		296,261		1,505,290		226,976
Net realized gain (loss) on:
Investments - unaffiliated issuers		410,893		54,124		(500,103)		832,212
Investments - affiliated issuers		(24,557)		—		—		—
In-kind redemptions - unaffiliated issuers		1,033,816		1,913,600		4,195,283		—
In-kind redemptions - affiliated issuers		735,650		—		—		—
Foreign currency transactions and foreign denominated assets and liabilities		—		—		—		3
Net realized gain		2,155,802		1,967,724		3,695,180		832,215
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		111,493		5,441,917		1,294,475		1,569,722
Investments – affiliated issuers		186,874		—		—		—
Foreign currency transactions and foreign denominated assets and liabilities		—		—		—		(31)
Net change in unrealized appreciation (depreciation)		298,367		5,441,917		1,294,475		1,569,691
Net Increase in Net Assets Resulting from Operations	$	2,517,979	$	7,705,902	$	6,494,945	$	2,628,882

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	Morningstar International Moat ETF		Morningstar Wide Moat ETF		Social Sentiment ETF (a)
Income:
Dividends - unaffiliated issuers	$	2,488,149	$	90,744,979	$	824,796
Dividends - affiliated issuers		—		5,676,150		—
Interest		0		2,528		—
Securities lending income		23,303		2,346		30,896
Foreign taxes withheld		(130,839)		—		(2,965)
Total income		2,380,613		96,426,003		852,727
Expenses:
Management fees		324,991		23,313,143		1,166,411
Professional fees		60,567		79,967		—
Custody and accounting fees		78,396		15,727		—
Reports to shareholders		8,217		272,025		—
IOPV fees		1,255		1,255		—
Trustees’ fees and expenses		1,289		86,374		—
Registration fees		4,011		74,971		—
Insurance		3,711		44,824		—
Interest		5,069		50,606		1,124
Other		5,427		71,642		—
Total expenses		492,933		24,010,534		1,167,535
Waiver of management fees		(123,821)		—		—
Net expenses		369,112		24,010,534		1,167,535
Net investment income (loss)		2,011,501		72,415,469		(314,808)
Net realized gain (loss) on:
Investments		3,563,449		(30,048,357)		(32,222,984)
In-kind redemptions - unaffiliated issuers		—		819,750,653		38,789,347
In-kind redemptions - affiliated issuers		—		(1,727,277)		—
Foreign currency transactions and foreign denominated assets and liabilities		4,508		—		—
Net realized gain		3,567,957		787,975,019		6,566,363
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		2,290,293		418,999,329		1,155,660
Investments – affiliated issuers		—		5,480,356		—
Foreign currency transactions and foreign denominated assets and liabilities		(12,252)		—		—
Net change in unrealized appreciation (depreciation)		2,278,041		424,479,685		1,155,660
Net Increase in Net Assets Resulting from Operations	$	7,857,499	$	1,284,870,173	$	7,407,215

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

	Inflation Allocation ETF (a)				Long/Flat Trend ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	63,810	$	427,161	$	296,261	$	715,794
Net realized gain (loss)		2,155,802		(7,397,492)		1,967,724		(675,324)
Net change in unrealized appreciation (depreciation)		298,367		1,385		5,441,917		(1,380,712)
Net increase (decrease) in net assets resulting from operations		2,517,979		(6,968,946)		7,705,902		(1,340,242)
Distributions to shareholders from:
Distributable earnings		(870,000)		(700,005)		(625,013)		(1,000,040)
Share transactions**:
Proceeds from sale of shares		22,438,966		7,646,301		10,130,756		18,877,077
Cost of shares redeemed		(16,597,432)		(21,216,119)		(7,800,977)		(50,838,556)
Increase (decrease) in net assets resulting from share transactions		5,841,534		(13,569,818)		2,329,779		(31,961,479)
Total increase (decrease) in net assets		7,489,513		(21,238,769)		9,410,668		(34,301,761)
Net Assets, beginning of year		9,065,931		30,304,700		31,548,798		65,850,559
Net Assets, end of year	$	16,555,444	$	9,065,931	$	40,959,466	$	31,548,798
**Shares of Common Stock Issued (no par value)
Shares sold		925,000		300,000		250,000		650,000
Shares redeemed		(725,000)		(1,050,000)		(225,000)		(2,000,000)
Net increase (decrease)		200,000		(750,000)		25,000		(1,350,000)

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

	Morningstar Durable Dividend ETF				Morningstar Global Wide Moat ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	1,505,290	$	943,919	$	226,976	$	122,187
Net realized gain (loss)		3,695,180		(1,506,494)		832,215		207,702
Net change in unrealized appreciation (depreciation)		1,294,475		253,694		1,569,691		908,233
Net increase (decrease) in net assets resulting from operations		6,494,945		(308,881)		2,628,882		1,238,122
Distributions to shareholders from:
Distributable earnings		(1,311,545)		(991,310)		(360,080)		(181,250)

Share transactions**:
Proceeds from sale of shares		38,886,433		33,663,334		7,288,863		2,802,272
Cost of shares redeemed		(25,634,055)		(17,916,809)		—		—
Increase in net assets resulting from share transactions		13,252,378		15,746,525		7,288,863		2,802,272
Total increase in net assets		18,435,778		14,446,334		9,557,665		3,859,144
Net Assets, beginning of year		32,801,394		18,355,060		9,652,335		5,793,191
Net Assets, end of year	$	51,237,172	$	32,801,394	$	19,210,000	$	9,652,335
**Shares of Common Stock Issued (no par value)
Shares sold		1,300,000		1,250,000		200,000		100,000
Shares redeemed		(850,000)		(675,000)		—		—
Net increase		450,000		575,000		200,000		100,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

	Morningstar International Moat ETF				Morningstar Wide Moat ETF
	Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2021		Year Ended September 30, 2020

Operations:
Net investment income	$	2,011,501	$	1,341,877	$	72,415,469	$	55,436,421
Net realized gain (loss)		3,567,957		(5,136,388)		787,975,019		250,211,385
Net change in unrealized appreciation (depreciation)		2,278,041		2,152,119		424,479,685		(32,450,558)
Net increase (decrease) in net assets resulting from operations		7,857,499		(1,642,392)		1,284,870,173		273,197,248

Distributions to shareholders from:
Distributable earnings		(1,260,000)		(2,750,000)		(58,997,340)		(43,002,000)

Share transactions**:
Proceeds from sale of shares		12,422,953		7,963,287		4,832,747,019		2,395,475,138
Cost of shares redeemed		—		(34,704,740)		(2,857,369,614)		(1,714,078,307)
Increase (decrease) in net assets resulting from share transactions		12,422,953		(26,741,453)		1,975,377,405		681,396,831
Total increase (decrease) in net assets		19,020,452		(31,133,845)		3,201,250,238		911,592,079
Net Assets, beginning of year		51,416,377		82,550,222		3,397,967,146		2,486,375,067
Net Assets, end of year	$	70,436,829	$	51,416,377	$	6,599,217,384	$	3,397,967,146
**Shares of Common Stock Issued (no par value)
Shares sold		350,000		250,000		68,550,000		45,150,000
Shares redeemed		—		(1,200,000)		(40,700,000)		(32,550,000)
Net increase (decrease)		350,000		(950,000)		27,850,000		12,600,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

	Social Sentiment ETF
	Period Ended September 30, 2021 (a)

Operations:
Net investment loss	$	(314,808)
Net realized gain		6,566,363
Net change in unrealized appreciation (depreciation)		1,155,660
Net increase in net assets resulting from operations		7,407,215

Share transactions**:
Proceeds from sale of shares		670,932,819
Cost of shares redeemed		(485,405,823)
Increase in net assets resulting from share transactions		185,526,996
Total increase in net assets		192,934,211
Net Assets, beginning of period		—
Net Assets, end of period	$	192,934,211

**Shares of Common Stock Issued (no par value)
Shares sold		27,525,000
Shares redeemed		(19,700,000)
Net increase		7,825,000

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Inflation Allocation ETF (a)

	Year Ended September 30,									Period Ended
										September 30,
	2021			2020			2019			2018(b)

Net asset value, beginning of period		$20.15			$25.25			$25.39			$25.18
Net investment income (c)		0.14			0.45			0.31			0.10
Net realized and unrealized gain (loss) on investments		6.57			(4.94	)		(0.31	)		0.11
Total from investment operations		6.71			(4.49	)		—			0.21
Distributions from:
Net investment income		(1.39	)		(0.61	)		(0.14	)		—
Net asset value, end of period		$25.47			$20.15			$25.25			$25.39
Total return (d)		34.11	%		(18.32	)%		0.02	%		0.83%	(e)
Ratios to average net assets
Gross expenses (f)		1.60	%		1.12	%		0.93	%		1.57%	(g)
Net expenses (f)		0.56	%		0.55	%		0.55	%		0.55%	(g)
Net expenses excluding interest expense (f)		0.55	%		0.55	%		0.55	%		0.55%	(g)
Net investment income (f)		0.58	%		1.97	%		1.23	%		0.78%	(g)
Supplemental data
Net assets, end of period (in millions)		$17			$9			$30			$15
Portfolio turnover rate (h)		76	%		195	%		449	%		130%	(e)

(a)	Consolidated Financial Highlights
(b)	For the period April 9, 2018 (commencement of operations) through September 30, 2018.
(c)	Calculated based upon average shares outstanding
(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)	Not Annualized
(f)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long/Flat Trend ETF

	Year Ended September 30,									Period Ended
										September 30,
	2021			2020			2019			2018(a)

Net asset value, beginning of period		$31.55			$28.02			$28.24			$25.03
Net investment income (b)		0.34			0.40			0.39			0.42
Net realized and unrealized gain (loss) on investments		8.78			3.56	(c)		(0.35	)		2.89
Total from investment operations		9.12			3.96			0.04			3.31
Distributions from:
Net investment income		(0.71	)		(0.43	)		(0.26	)		(0.10	)
Net asset value, end of period		$39.96			$31.55			$28.02			$28.24
Total return (d)		29.29	%		14.22	%		0.29	%		13.25%	(e)
Ratios to average net assets
Gross expenses (f)		0.82	%		0.76	%		0.69	%		0.86%	(g)
Net expenses (f)		0.55	%		0.55	%		0.57	%		0.56%	(g)
Net expenses excluding interest expense (f)		0.55	%		0.55	%		0.55	%		0.55%	(g)
Net investment income (f)		0.91	%		1.38	%		1.47	%		1.58%	(g)
Supplemental data
Net assets, end of period (in millions)		$41			$32			$66			$52
Portfolio turnover rate (h)		1	%		0	%		59	%		28%	(e)

(a)	For the period October 4, 2017 (commencement of operations) through September 30, 2018.
(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)	Not Annualized
(f)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Durable Dividend ETF

	Year Ended September 30,						Period Ended
							September 30,
	2021			2020			2019(a)

Net asset value, beginning of period		$26.78			$28.24			$25.36
Net investment income (b)		1.01			0.92			0.75
Net realized and unrealized gain (loss) on investments		3.71			(1.28	)		2.62
Total from investment operations		4.72			(0.36	)		3.37
Distributions from:
Net investment income		(0.91	)		(0.90	)		(0.49	)
Net realized capital gains		—			(0.20	)		—
Total distributions		(0.91	)		(1.10	)		(0.49	)
Net asset value, end of period		$30.59			$26.78			$28.24
Total return (c)		17.89	%		(1.26	)%		13.41%	(d)
Ratios to average net assets
Gross expenses		0.53	%		0.73	%		1.14%	(e)
Net expenses		0.29	%		0.29	%		0.29%	(e)
Net investment income		3.38	%		3.44	%		3.00%	(e)
Supplemental data
Net assets, end of period (in millions)		$51			$33			$18
Portfolio turnover rate (f)		50	%		67	%		94%	(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(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 period:

	Morningstar Global Wide Moat ETF

	Year Ended September 30,						Period Ended
							September 30,
	2021			2020			2019(a)

Net asset value, beginning of period		$32.17			$28.97			$25.30
Net investment income (b)		0.54			0.46			0.47
Net realized and unrealized gain on investments		6.74			3.47			3.31
Total from investment operations		7.28			3.93			3.78
Distributions from:
Net investment income		(0.43	)		(0.34	)		(0.11	)
Net realized capital gains		(0.60	)		(0.39	)		—
Total distributions		(1.03	)		(0.73	)		(0.11	)
Net asset value, end of period		$38.42			$32.17			$28.97
Total return (c)		22.99	%		13.70	%		15.01%	(d)
Ratios to average net assets
Gross expenses		1.20	%		2.04	%		2.50%	(e)
Net expenses		0.52	%		0.52	%		0.56%	(e)
Net expenses excluding interest expense		0.52	%		0.52	%		0.52%	(e)
Net investment income		1.44	%		1.54	%		1.86%	(e)
Supplemental data
Net assets, end of period (in millions)		$19			$10			$6
Portfolio turnover rate (f)		74	%		68	%		71%	(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(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:

	Morningstar International Moat ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$29.38			$30.57			$33.13			$35.49			$28.34
Net investment income (a)		1.07			0.62			1.00			0.91			0.93
Net realized and unrealized gain (loss) on investments		3.81			(0.56	)		(2.50	)		(1.27	)		6.59
Total from investment operations		4.88			0.06			(1.50	)		(0.36	)		7.52
Distributions from:
Net investment income		(0.72	)		(1.25	)		(1.06	)		(0.98	)		(0.37	)
Net realized capital gains		—			—			—			(1.02	)		—
Total distributions		(0.72	)		(1.25	)		(1.06	)		(2.00	)		(0.37	)
Net asset value, end of year		$33.54			$29.38			$30.57			$33.13			$35.49
Total return (b)		16.64	%		(0.14	)%		(4.25	)%		(1.14	)%		26.91	%
Ratios to average net assets
Gross expenses		0.76	%		0.76	%		0.69	%		0.72	%		0.84	%
Net expenses		0.57	%		0.58	%		0.57	%		0.57	%		0.56	%
Net expenses excluding interest expense		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		3.09	%		2.10	%		3.26	%		2.67	%		2.92	%
Supplemental data
Net assets, end of year (in millions)		$70			$51			$83			$89			$82
Portfolio turnover rate (c)		110	%		94	%		85	%		112	%		129	%

(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:

	Morningstar Wide Moat ETF
	Year Ended September 30,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$54.63			$50.13			$46.73			$40.33			$34.01
Net investment income (a)		0.96			0.92			0.89			0.73			0.53
Net realized and unrealized gain on investments		18.59			4.30			3.25			6.13			6.20
Total from investment operations		19.55			5.22			4.14			6.86			6.73
Distributions from:
Net investment income		(0.90	)		(0.72	)		(0.74	)		(0.46	)		(0.41	)
Net asset value, end of year		$73.28			$54.63			$50.13			$46.73			$40.33
Total return (b)		36.11	%		10.40	%		9.21	%		17.11	%		19.96	%
Ratios to average net assets
Expenses		0.46	%		0.47	%		0.48	%		0.49	%		0.48	%
Net investment income		1.40	%		1.77	%		1.90	%		1.69	%		1.42	%
Supplemental data
Net assets, end of year (in millions)		$6,599			$3,398			$2,486			$1,570			$1,286
Portfolio turnover rate (c)		47	%		48	%		58	%		56	%		53	%

(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:

	Social
	Sentiment
	ETF
	Period
	Ended
	September
	30,
	2021(a)

Net asset value, beginning of period		$25.00
Net investment loss (b)		(0.03	)
Net realized and unrealized loss on investments		(0.31)	(c)
Total from investment operations		(0.34	)
Net asset value, end of period		$24.66
Total return (d)		(1.38)%	(e)
Ratios to average net assets
Expenses		0.75%	(f)
Net investment (loss)		(0.20)%	(f)
Supplemental data
Net assets, end of period (in millions)		$193
Portfolio turnover rate (g)		161%	(e)

(a)	For the period March 3, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns 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)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), formerly known as VanEck Vectors ETF 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
Inflation Allocation ETF *		Non-Diversified
Long/Flat Trend ETF		Diversified
Morningstar Durable Dividend ETF		Non-Diversified
Morningstar Global Wide Moat ETF		Non-Diversified
Morningstar International Moat ETF		Diversified
Morningstar Wide Moat ETF		Diversified
Social Sentiment ETF		Non-Diversified

*	Formerly known as Real Asset Allocation ETF

Each Fund, except for Inflation Allocation 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.

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

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.

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, using methods approved by the Board of Trustees, 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 Pricing Committee of Van Eck Associates Corporation (“VEAC”) and Van Eck Absolute Return Advisers Corporation (“VEARA”) (VEAC and

	VEARA, collectively referred to as the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

	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 Inflation Allocation ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (the “Subsidiary”), a wholly-owned subsidiary organized under the laws of the Cayman Islands. The Fund’s investment in the Subsidiary may not exceed 25% of the value of the Fund’s total assets at each quarter-end of the Fund’s fiscal year. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary 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 taxable income to its shareholders. Therefore, no federal income tax provision is required.

D.	Dividends and 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 (except for dividends from net investment income from Morningstar Durable Dividend ETF, which are declared and paid quarterly). Income dividends and capital gain distributions are determined

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	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 are 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 September 30, 2021, 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.

	The character of distributions received from certain investment in underlying funds may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data provided by the underlying funds if actual amounts are not available. After each calendar year end, the underlying funds report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

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

Note 3—Investment Management and Other Agreements—VEAC is the investment adviser to the Long/Flat Trend ETF, Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF and Social Sentiment ETF. VEARA is the investment

adviser to the Inflation Allocation ETF and its Subsidiary. VEARA is a wholly-owned subsidiary of VEAC. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the following table.

The Social Sentiment ETF utilizes 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.

The management fee rate and expense limitations for the year ended September 30, 2021, are as follows:

	Management			Expense
Fund	Fees			Limitations
Inflation Allocation ETF		0.50	%		0.55	%
Long/Flat Trend ETF		0.50			0.55
Morningstar Durable Dividend ETF		0.29			0.29
Morningstar Global Wide Moat ETF		0.45			0.52
Morningstar International Moat ETF		0.50			0.56
Morningstar Wide Moat ETF		0.45			0.49
Social Sentiment ETF		0.75			0.75

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

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the year ended September 30, 2021, the Adviser waived management fees of $16,117 due to such investments held in the Inflation Allocation ETF.

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

At September 30, 2021, the Adviser owned approximately 9% of Morningstar Durable Dividend ETF.

Note 4—Capital Share Transactions—As of September 30, 2021, 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”).

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose certain 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 September 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Inflation Allocation ETF	$	8,660,989	$	9,477,167	$	19,085,157	$	13,204,255
Long/Flat Trend ETF		165,794		536,740		10,132,070		7,800,900
Morningstar Durable Dividend ETF		22,090,090		23,131,774		38,880,376		24,484,629
Morningstar Global Wide Moat ETF		11,490,682		11,623,446		7,245,017		—
Morningstar International Moat ETF		72,283,939		70,011,904		11,219,713		—
Morningstar Wide Moat ETF		2,379,447,069		2,406,399,798		4,778,284,328		2,769,935,930
Social Sentiment ETF		417,699,806		417,166,917		662,726,607		477,972,236

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

Note 6—Income Taxes—As of September 30, 2021, 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:

				Gross		Gross	Net Unrealized
		Tax Cost of		Unrealized		Unrealized	Appreciation
Fund	Investments		Appreciation		Depreciation		(Depreciation)
Inflation Allocation ETF	$	15,360,396	$	1,487,978	$	(293,396)	$	1,194,582
Long/Flat Trend ETF		32,328,428		8,755,583		(202,480)		8,553,103
Morningstar Durable Dividend ETF		49,344,089		2,761,735		(1,151,422)		1,610,313
Morningstar Global Wide Moat ETF		16,264,309		3,223,693		(305,358)		2,918,335
Morningstar International Moat ETF		70,173,395		4,946,962		(4,596,660)		350,302
Morningstar Wide Moat ETF		6,082,555,036		641,457,284	(133,988,387)			507,468,897
Social Sentiment ETF		197,041,503		10,774,495		(14,806,715)		(4,032,220)

At September 30, 2021, the components of distributable earnings (loss) 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)
Inflation Allocation ETF	$	339,647	$	(8,907,362	)	$	(1,762,287	)	$	1,062,555		$	(9,267,447	)
Long/Flat Trend ETF		60,956		(2,851,582	)		(1,140	)		8,553,103			5,761,337
Morningstar Durable Dividend ETF		414,511		(4,388,836	)		(625	)		1,610,313			(2,364,637	)
Morningstar Global Wide Moat ETF		763,693		233,380			(211	)		2,918,297			3,915,159
Morningstar International Moat ETF		1,737,608		(7,435,470	)		(2,056	)		344,893			(5,355,025	)
Morningstar Wide Moat ETF		55,338,453		(359,896,639	)		(128,457	)		507,468,897			202,782,254
Social Sentiment ETF		–		(24,826,598	)		(147	)		(4,032,219	)		(28,858,964	)

The tax character of dividends paid to shareholders during the years ended September 30, 2021 and September 30, 2020 were as follows:

	2021				2020
Fund	Ordinary Income		Long-Term Capital Gains		Ordinary Income
Inflation Allocation ETF	$	870,000	$	–	$	700,005
Long/Flat Trend ETF		625,013		–		1,000,040
Morningstar Durable Dividend ETF		1,311,545		–		991,310
Morningstar Global Wide Moat ETF		247,940		112,140		181,250
Morningstar International Moat ETF		1,260,000		–		2,750,000
Morningstar Wide Moat ETF		58,997,340		–		43,002,000

At September 30, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

	Short-Term			Long-Term
	Capital Losses			Capital Losses
Fund	with No Expiration			with No Expiration			Total
Inflation Allocation ETF	$	(8,907,362	)	$	–		$	(8,907,362	)
Long/Flat Trend ETF		(2,767,138	)		(84,444	)		(2,851,582	)
Morningstar Durable Dividend ETF		(3,280,928	)		(1,107,908	)		(4,388,836	)
Morningstar International Moat ETF		(1,121,585	)		(6,313,885	)		(7,435,470	)
Morningstar Wide Moat ETF		(241,017,667	)		(118,878,972	)		(359,896,639	)
Social Sentiment ETF		(24,826,598	)		–			(24,826,598	)

During the year ended September 30, 2021, Inflation Allocation ETF, Long/Flat Trend ETF and Morningstar International Moat ETF utilized $31,762, $54,124 and $3,557,223, respectively, of their capital loss carryforwards available from prior years.

During the year ended September 30, 2021, as a result of permanent book to tax differences primarily due to the tax treatment of in-kind redemptions, net operating losses and differences in the treatment of income and realized gains from the Inflation Allocation ETF’s controlled foreign corporation subsidiary, the Funds incurred differences that affected distributable earnings / (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

	Increase			Increase
	(Decrease)			(Decrease)
	in Total Distributable			in Aggregate
Fund	Earnings (Loss)			Paid in Capital
Inflation Allocation ETF	$	(2,103,666	)	$	2,103,666
Long/Flat Trend ETF		(1,913,599	)		1,913,599
Morningstar Durable Dividend ETF		(4,183,247	)		4,183,247
Morningstar Wide Moat ETF		(816,453,524	)		816,453,524
Social Sentiment ETF		(36,266,179	)		36,266,179

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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.

Long/Flat Trend ETF may invest in shares of other funds, including ETFs that track the S&P 500 Index. As a result, the Fund will indirectly be exposed to the risks of an investment in the underlying funds. Shares of other funds have many of the same risks as direct investments in common stocks or bonds. In addition, the market value of the Fund’s shares is expected to rise and fall as the value of the underlying index or bond rises and falls. The market value of such funds’ shares may differ from the net asset value of the particular fund.

Inflation Allocation ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund. In addition, the Fund may gain exposure to the cryptocurrency Bitcoin by investing in pooled investment vehicles that invest in Bitcoin, which generally operates without central authority (such as a bank) and is not backed by any government; nor is it legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the United States is still developing. Cryptocurrencies are susceptible to theft, loss and destruction. Accordingly, the Fund’s indirect investment in Bitcoin is also susceptible to these risks. Cryptocurrency exchanges have in the past, and may in the future, stop operating or permanently shut down due to fraud, cybersecurity issues, manipulation, technical glitches, hackers or malware, which may also affect the price of Bitcoin and thus the Fund’s indirect investment in Bitcoin.

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

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

Except for the Social Sentiment ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. The Adviser is responsible for paying the expenses associated with the Plan for the Social Sentiment ETF, and therefore the Fund bears no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while 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 September 30, 2021, 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 September 30, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Inflation Allocation ETF	$	3,377,660	$	17,691	$	3,448,050	$	3,465,741
Long/Flat Trend ETF		6,769,482		–		7,002,937		7,002,937
Morningstar Global Wide Moat ETF		153,978		–		162,227		162,227
Morningstar International Moat ETF		3,438,469		–		3,625,963		3,625,963
Social Sentiment ETF		17,589,466		–		18,036,175		18,036,175

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2021:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Inflation Allocation ETF	$	17,691

*	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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

the time of borrowings. During the year ended September 30, 2021, the following Funds borrowed under this Facility:

			Average
	Days		Daily		Average
Fund	Outstanding		Loan Balance		Interest Rate
Inflation Allocation ETF		9	$	470,087		1.45	%
Morningstar Durable Dividend ETF		102		125,741		1.44
Morningstar Global Wide Moat ETF		1		149,840		1.46
Morningstar International Moat ETF		267		218,981		1.44
Morningstar Wide Moat ETF		178		6,526,172		1.44
Social Sentiment ETF		52		203,723		1.45

Outstanding loan balances as of September 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective October 1, 2021, the Morningstar Durable Dividend ETF converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all of the expenses the Fund (excluding the fee payment under the investment management agreement of 0.29% of average net assets, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses).

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Inflation Allocation ETF, VanEck Long/Flat Trend ETF, VanEck Morningstar Durable Dividend ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar International Moat ETF, VanEck Morningstar Wide Moat ETF and VanEck Social Sentiment ETF and the Board of Trustees of VanEck ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities (consolidated as it relates to VanEck Inflation Allocation ETF) of VanEck Inflation Allocation ETF, VanEck Long/Flat Trend ETF, VanEck Morningstar Durable Dividend ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar International Moat ETF, VanEck Morningstar Wide Moat ETF and VanEck Social Sentiment ETF (collectively referred to as the “Funds”) (seven of the series constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments (consolidated as it relates to VanEck Inflation Allocation ETF), as of September 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights (consolidated as it relates to VanEck Inflation Allocation ETF) for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position (consolidated as it relates to VanEck Inflation Allocation ETF) of each of the Funds (seven of the series constituting VanEck ETF Trust) at September 30, 2021, and the results of their operations, changes in net assets and financial highlights (consolidated as it relates to VanEck Inflation Allocation ETF) for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting	Statement of	Statements of Changes in Net	Financial Highlights
the VanEck ETF Trust	Operations	Assets

VanEck Inflation Allocation ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the three years in the period ended September 30, 2021 and the period from April 9, 2018 (commencement of operations) through September 30, 2018
VanEck Long/Flat Trend ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the three years in the period ended September 30, 2021 and the period from October 4, 2017 (commencement of operations) through September 30, 2018
VanEck Morningstar Durable Dividend ETF VanEck Morningstar Global Wide Moat ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the two years in the period ended September 30, 2021 and the period from October 30, 2018 (commencement of operations) through September 30, 2019
VanEck Morningstar International Moat ETF VanEck Morningstar Wide Moat ETF	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the five years in the period ended September 30, 2021
VanEck Social Sentiment ETF	For the period from March 3, 2021 (commencement of operations) through September 30, 2021	For the period from March 3, 2021 (commencement of operations) through September 30, 2021	For the period from March 3, 2021 (commencement of operations) through September 30, 2021

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, New York

November 19, 2021

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2021:

Dividends

Qualifying

Qualified

for the

Short-

Dividend

Term

Qualified

Received

Foreign

Federal

Capital

Long-Term

Ordinary Income

Dividend

Deduction

Foreign

Taxes

Obligation

Gains

Capital

Amount Paid

Income for

for

Source

Paid Per

Interest

Per

Gain Per

Fund

Per Share

Individuals*

Corporations*

Income*

Share**

***

Share****

Inflation Allocation ETF

$1.39200

5.32%

0.58%

–%

$–

1.74%

$–

Long/Flat Trend ETF

0.71430

100.00

–

Morningstar Durable Dividend ETF

0.91380

100.00

–

Morningstar Global Wide Moat ETF

0.70840

100.00

58.84

–

0.279800

0.320400

Morningstar International Moat ETF

0.72000

78.30

0.19

99.02

0.070550

–

Morningstar Wide Moat ETF

0.90210

100.00

–

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

*** Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.

**** These amounts represent Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

September 30, 2021 (unaudited)

				Number of
		Term of		Portfolios
	Position(s)	Office²and		in Fund
Name, Address¹	Held with	Length of	Principal Occupation(s)	Complex³	Other Directorships Held
and Year of Birth	the Trust	Time Served	During Past Five Years	Overseen	By Trustee During Past Five Years
Independent Trustees
David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	60	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee.

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).	60	Trustee, First Eagle Senior Loan Fund. Formerly, 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).	72	Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	60	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 (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	72	Director, Food and Friends, Inc., 2013 to present.

Interested Trustee

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and 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	72	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 1940 Act. 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,	Position(s)	Term of Office²
Address¹and	Held with	And Length of
Year of Birth	the Trust	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. Formerly, Associate, Clifford Chance US LLP.

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.

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 Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Arian Neiron, 1979	Vice President	Since 2018	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; 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.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS (unaudited) (continued)

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 Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

¹	The address for each 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

September 30, 2021 (unaudited)

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Biotech ETF, Digital Transformation ETF, Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF, Social Sentiment ETF and Video Gaming and eSports ETF (each, a “Fund” and together, the “Funds”).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited) (continued)

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

VanEck Inflation Allocation ETF

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited) (continued)

performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed upon limit for a period of time.

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the small number of funds with directly competing strategies. The Trustees noted that the Fund had underperformed its benchmark for the one- and two-year periods ended December 31, 2020 and for the period since its inception on April 10, 2018 through December 31, 2020, but also that the Fund’s risk profile was lower than that of its benchmark during these periods. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees (after the effect of any applicable fee waiver) below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its peer group of funds. The Trustees reviewed the amount by which the Fund’s total expense ratio exceeded the average and median of its peer group and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on the Fund since its inception. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.

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

VanEck Morningstar ESG Moat ETF

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited) (continued)

that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.

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

ANNUAL REPORT
September 30, 2021

Energy Income ETF

EINC^®


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison	4
About Fund Performance	5
Explanation of Expenses	6
Schedule of Investments	7
Statement of Assets and Liabilities	8
Statement of Operations	9
Statement of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	18
Tax Information	19
Board of Trustees and Officers	20
Approval of Investment Management Agreements	23

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. The information contained herein regarding each index has been provided by the relevant index provider. 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 September 30, 2021.

VANECK ENERGY INCOME ETF

PRESIDENT’S LETTER

September 30, 2021

(unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

The Economy

Multi-Year Investment Themes

So what to do in your portfolio? We are focusing on two multi-year investment themes.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for the twelve month period ended September 30, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

VANECK ENERGY INCOME ETF

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck
CEO and President
VanEck ETF Trust

October 18, 2021

¹	A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

²	Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

VANECK ENERGY INCOME ETF

MANAGEMENT DISCUSSION

September 30, 2021 (unaudited)

As the world started to claw its way out from the COVID-19 pandemic, robust and rising energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Both crude oil and natural gas prices recovered strongly, as did demand. Having started the 12 month period at $38.72 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period 48.39% higher at $75.03 a barrel. The outlook for energy infrastructure remains encouraging as demand has increased in the U.S. for natural gas, gasoline, diesel and jet oil.

For the 12 months ended September 30, 2021, the VanEck Energy Income ETF gained 68.88% on a total return basis. The three greatest contributors to performance were all involved, in particular, in the natural gas market: Targa Resources (4.9% of Fund net assets†), ONEOK (5.9% of Fund net assets†) and Cheniere Energy (6.3% of Fund net assets†). Only two companies, CNX Resources (1.4% of Fund net assets†) and New Fortress Energy (sold before end of period) detracted from overall performance.

† All Fund assets referenced are Total Net Assets as of September 30, 2021.

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVEINCTG¹	SPTR²
One Year	69.25%	68.88%	71.13%	30.00%
Five Year	0.72%	0.77%	0.19%	16.90%
Life*	(8.38)%	(8.37)%	(8.14)%	15.01%

	*	Commencement of Fund: 3/12/12; First Day of Secondary Market Trading: 3/13/12.

	¹	MVIS North America Energy Infrastructure Index (MVEINCTG) is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means to track the overall performance of North American companies involved in the midstream energy segment, which includes MLPs and corporations involved in oil and gas storage and transportation.

		Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index (the “MLP Index” or “YMLPTR”), a rules-based index designed to provide investors a means of tracking the performance of selected MLPs which are publicly traded on a U.S. securities exchange. 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 (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 5 for more information.

VANECK ENERGY INCOME ETF

ABOUT FUND PERFORMANCE

(unaudited)

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

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

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

The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds 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.

Energy Income Index is published by MV Index Solutions GmbH (MVIS^®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation.

MVIS and Solactive are referred to herein as the “Index Providers”.

VANECK ENERGY INCOME 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, April 1, 2021 to September 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2021 - September 30, 2021*
Actual	$1,000.00	$1,154.80	0.46%	$2.48
Hypothetical**	$1,000.00	$1,022.76	0.46%	$2.33

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2021), 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).
**	Assumes annual return of 5% before expenses

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

	Number of Shares		Value
COMMON STOCKS: 76.7%
Energy: 74.6%
Antero Midstream Corp.		58,613	$	610,748
Cheniere Energy, Inc. *		15,440		1,508,025
CNX Resources Corp. *		26,752		337,610
DT Midstream, Inc.		17,812		823,627
Enbridge, Inc. (USD)		45,840		1,824,432
EnLink Midstream LLC		42,211		287,879
Equitrans Midstream Corp.		64,896		658,045
Gibson Energy, Inc.		26,981		495,482
Inter Pipeline Ltd.		66,429		1,046,312
Keyera Corp.		38,456		967,624
Kinder Morgan, Inc.		100,737		1,685,330
ONEOK, Inc.		24,323		1,410,491
Pembina Pipeline Corp. (USD)		37,275		1,181,245
Plains GP Holdings LP		35,746		385,163
Targa Resources Corp.		23,521		1,157,468
TC Energy Corp. (USD)		38,068		1,830,690
The Williams Companies, Inc.		60,811		1,577,437
				17,787,608
Transportation: 2.1%
Macquarie Infrastructure Holdings LLC		12,592		510,732
Total Common Stocks (Cost: $16,721,499)				18,298,340

	Number of Shares		Value
MASTER LIMITED PARTNERSHIPS: 23.2%
Energy: 23.2%
Cheniere Energy Partners LP		3,763	$	153,041
Crestwood Equity Partners LP		5,074		144,000
DCP Midstream LP		7,695		217,230
Energy Transfer LP		110,379		1,057,431
Enterprise Products Partners LP		46,684		1,010,242
Magellan Midstream Partners LP		19,163		873,450
MPLX LP		30,899		879,694
NuStar Energy LP		6,493		102,200
Phillips 66 Partners LP		5,770		206,854
Plains All American Pipeline LP		40,436		411,234
Shell Midstream Partners LP (USD)		11,849		139,463
Western Midstream Partners LP		15,656		328,150
Total Master Limited Partnerships (Cost: $5,593,231)				5,522,989
Total Investments: 99.9% (Cost: $22,314,730)				23,821,329
Other assets less liabilities: 0.1%				35,262
NET ASSETS: 100.0%			$	23,856,591

Definitions:

USD	United States Dollar

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Energy		97.9	%	$	23,310,598
Industrials		2.1			510,731
		100.0	%	$	23,821,329

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	18,298,340	$	—	$	—	$	18,298,340
Master Limited Partnerships *		5,522,989		—		—		5,522,989
Total Investments	$	23,821,329	$	—	$	—	$	23,821,329

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2021

Assets:
Investments, at value Unaffiliated issuers (1)	$	23,821,329
Receivables:
Dividends and interest		37,945
Federal and State Income Taxes		63,800
Total assets		23,923,074
Liabilities:
Payables:
Due to Adviser		8,613
Due to custodian		57,870
Total liabilities		66,483
NET ASSETS	$	23,856,591
Shares outstanding		439,720
Net asset value, redemption and offering price per share	$	54.25
Net Assets consist of:
Aggregate paid in capital	$	44,619,031
Total distributable earnings (loss)		(20,762,440)
NET ASSETS	$	23,856,591
(1) Cost of investments - Unaffiliated issuers	$	22,314,730

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF OPERATIONS

For the Year Ended September 30, 2021

Income:
Dividends (net of foreign taxes withheld $74,564)	$	1,141,109
Distributions from master limited partnerships		541,228
Interest		35
Less: return of capital distributions		(972,659)
Total income		709,713
Expenses:
Management fees		110,883
Interest		1,209
Taxes		151
Total expenses		112,243

Net investment income		597,470
Net realized gain (loss) on:
Investments		(416,228)
In-kind redemptions		2,044,086
Foreign currency transactions and foreign denominated assets and liabilities		3,717
Net realized gain		1,631,575
Net change in unrealized appreciation (depreciation) on:
Investments		10,387,808
Foreign currency transactions and foreign denominated assets and liabilities		156
Net change in unrealized appreciation (depreciation)		10,387,964
Net Increase in Net Assets Resulting from Operations	$	12,617,009

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021		Period Ended September 30, 2020 (a)		Year Ended November 30, 2019
Operations:
Net investment income (loss)	$	597,470	$	485,906	$	(271,988)
Net realized gain (loss)		1,631,575		(1,783,860)		1,226,721
Net change in unrealized appreciation (depreciation)		10,387,964		(8,835,082)		(2,149,500)
Net increase (decrease) in net assets resulting from operations		12,617,009		(10,133,036)		(1,194,767)

Distributions to shareholders from:
Distributable earnings		(659,351)		—		(1,204,891)
Return of capital		(850,413)		(1,350,025)		(2,453,758)

Total distributions		(1,509,764)		(1,350,025)		(3,658,649)
Share transactions *:
Proceeds from sale of shares		2,332,086		3,706,837		18,778,764
Cost of shares redeemed		(9,804,516)		(23,530,656)		(7,487,335)

Net increase (decrease) in net assets resulting from share transactions		(7,472,430)		(19,823,819)		11,291,429
Total increase (decrease) in net assets		3,634,815		(31,306,880)		6,438,013
Net Assets:
Beginning of period		20,221,776		51,528,656		45,090,643
End of period	$	23,856,591	$	20,221,776	$	51,528,686

* Shares of Common Stock Issued (no par value): (b)
Shares sold		50,000		83,333		366,667
Shares redeemed		(200,000)		(500,000)		(133,333)
Net increase (decrease)		(150,000)		(416,667)		233,334

(a)	The Fund changed is fiscal year-end from November 30 to September 30.
(b)	Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 9).

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

				Period			Year Ended November 30,
	Year Ended September 30, 2021			Ended September 30, 2020(a)(b)			2019			2018			2017			2016(c)

Net asset value, beginning of period		$34.29			$51.20			$58.32			$68.49			$76.29			$93.90
Net investment income (loss)(d)		1.15			0.76			(0.39	)		0.09			0.42			(0.06	)
Net realized and unrealized gain (loss) on investments		21.90			(15.58	)		(1.42	)		(4.44	)		(2.25	)		(9.93	)
Total from investment operations		23.05			(14.82	)		(1.81	)		(4.35	)		(1.83	)		(9.99	)
Distributions from:
Net investment income		(1.37	)		—			(1.77	)		—			—			—
Return of capital distribution		(1.72	)		(2.09	)		(3.54	)		(5.82	)		(5.97	)		(7.62	)
Total distributions		(3.09	)		(2.09	)		(5.31	)		(5.82	)		(5.97	)		(7.62	)
Net asset value, end of period		$54.25			$34.29			$51.20			$58.32			$68.49			$76.29
Total return(e)		68.88	%		(29.74	)%(f)		(3.66	)%		(7.16	)%		(2.67	)%		(8.40	)%
Ratios to average net assets
Expenses		0.46	%		0.45	%(g)(h)		1.41	%(i)		0.73	%(j)		0.86	%(k)		0.88	%
Expenses excluding interest expense and taxes		0.45	%		0.45	%(g)(h)		1.41	%(i)		0.73	%(j)		0.86	%(k)		0.88	%
Net investment income (loss)		2.43	%		2.17	%(g)(I)		(0.68	)%(i)		0.13	%(j)		0.55	%(k)		(0.34	)%
Supplemental data
Net assets, end of year (in millions)		$24			$20			$52			$45			$64			$95
Portfolio turnover rate(m)		24	%		24	%(f)		106	%		34	%		40	%		46	%

The financial highlights include financial information of the Predecessor Fund through February 21, 2016 (See Note 1).

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 9). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split.
(b)	The Fund changed is fiscal year-end from November 30 to September 30.
(c)	On June 29, 2016, the Fund effected a 1 for 5 reverse share split (See Note 9). Per share data prior to June 29, 2016 has been adjusted to reflect the reverse share split.
(d)	Calculated based upon average shares outstanding
(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)	Not Annualized
(g)	Annualized
(h)	Includes income tax expense of 1.56% and adviser reimbursement of (1.56%). If the adviser had not reimbursed the Fund, the ratio would have been higher.
(i)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(k)	Includes income tax expense of 0.04% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(l)	Includes income tax expense of 1.56% and adviser reimbursement of (1.56%). If the adviser had not reimbursed the Fund, the ratio would have been lower.
(m)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF 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.

The financial statements relate to the Energy Income ETF (the “Fund”). The Fund seeks to provide investment results that correspond generally to the performance, before fees and expenses, of the MVIS^®North America Energy Infrastructure Index (the “Index”). 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 Associates Corporation (the “Adviser”) serves as the investment adviser for the Fund and is subject to the supervision of the Board of Trustees (the “Board”).

Effective February 22, 2016, the shareholders of the Yorkville High Income MLP ETF (the “Predecessor Fund”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for the transfer of all the assets and assumption of certain of the liabilities of the Predecessor Fund, the issuance of shares of the Fund to the shareholders of the Predecessor Fund and the liquidation and termination of the Predecessor Fund. The Predecessor Fund had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Fund. The financial highlights include the financial information of the Predecessor Fund through February 21, 2016.

Effective December 2, 2019, the Fund’s underlying benchmark index changed from the Solactive High Income MLP Index to the MVIS^®North American Energy Infrastructure Index, the Fund’s federal tax status changed from a taxable C-corporation into a regulated investment company (“RIC”) and the unitary management fee rate changed from 0.82% to 0.45%.

In September 2020, the Board approved changing the Fund’s fiscal year-end from November 30 to September 30.

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

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The following summarizes the Fund’s significant accounting policies.

A.	Return of Capital Estimates—Distributions received by the Fund generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available to the Fund and other industry sources. These estimates may subsequently be revised based on information received from Master Limited Partnerships (“MLPs’’) after the MLP’s tax reporting periods are concluded.

B.	Master Limited Partnerships— Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Fund invests a portion of its total assets in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). Thus, unlike investors in corporate securities, direct MLP investors are generally not

	subject to double taxation (i.e., corporate level tax and tax on corporate dividends). The Fund invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes.

C.	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. 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). 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 Pricing Committee of the Adviser provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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.

D.	Federal and Other Income Taxes— Effective December 2, 2019, the Fund changed its investment objective such that it is now the Fund’s policy to comply with the provisions of the Internal Revenue Code

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

	applicable to a RIC for current and future tax years. The Fund intends to distribute all of its taxable income to its shareholders.

E.	Dividends and Distributions to Shareholders— On a quarterly basis, the Fund distributes substantially all of its dividends and distributions received, less Fund expenses. All distributions are recorded on the ex-dividend date. The estimated characterization of the distributions paid will be either an ordinary income, capital gain or return of capital. Dividends and distributions that exceed earnings and profit for tax purposes are reported as a return of capital. The actual tax characterization of the distributions made during the current year will not be determined until after the end of the fiscal year when the Fund can determine its earnings and profits and, therefore, may differ from the preliminary estimates.

F.	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 Statement 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 Statement of Operations.

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. 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.

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 0.45% 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, taxes and extraordinary expenses.

The Adviser agreed to reimburse the Fund for any differences between the estimated and actual taxes remaining from its prior treatment as a C corporation. These amounts are reflected in the Financial Highlights.

Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund’s 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 September 30, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Fund generally consists of the in-kind contribution or distribution of securities constituting the Fund’s 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 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 year ended September 30, 2021, 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
Purchases		Sales		Purchases		Sales
$	5,692,534	$	6,077,058	$	2,328,990	$	9,031,878

Note 6—Income Taxes— Beginning December 2, 2019, the Fund changed its investment objective such that it is now the Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies (“RIC”) for future tax years. As a result, the Fund generally will not pay corporate level taxes on its income and capital gains that are distributed to shareholders.

As of September 30, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	20,926,250			$	3,037,181			$	(142,102	)		$	2,895,079

At September 30, 2021, the components of total distributable earnings (loss) on a tax basis were as follows:

Undistributed Ordinary Income				Accumulated Capital Losses/ Undistributed Capital Gains				Other Temporary Differences				Unrealized Appreciation (Depreciation)				Total Distributable Earnings (Loss)
$	–			$	(22,595,369	)		$	(1,062,402	)		$	2,895,331			$	(20,762,440	)

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

September 30, 2021					September 30, 2020
	Ordinary Income		Return of Capital			Return of Capital
	$	659,351	$	850,413		$	1,350,025

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

(continued)

At September 30, 2021, the Fund had the following capital loss carryforwards available to offset future capital gains:

Year of Expiration	Short-Term Capital Losses			Long-Term Capital Losses		Total Capital Losses
9/30/2022	$	(12,847,636	)	$	-	$	(12,847,636	)
9/30/2023		(6,679,603	)		-		(6,679,603	)
9/30/2024		(1,612,600	)		-		(1,612,600	)
No expiration		(1,084,464	)		(371,066)		(1,455,530	)
Total	$	(22,224,303	)	$	(371,066)	$	(22,595,369	)

During the year ended September 30, 2021, $89,478,335 of the Fund’s capital loss carryovers available from prior years expired un-utilized.

During the year ended September 30, 2021, as a result of permanent book to tax differences primarily due to the expiration of capital loss carryovers, treatment of tax gains / losses on in-kind redemptions, and book/tax differences from the Fund’s partnership investments, the Fund incurred differences that affected distributable earnings / (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Increase (Decrease) in Total Distributable Earnings (Loss)				Increase (Decrease) in Aggregate Paid in Capital
$	87,721,147			$	(87,721,147	)

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 does 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 Fund’s financial statements.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2021, the Fund did not incur any interest or penalties.

Note 7—Principal Risks—The Fund’s assets are concentrated in a limited number sectors or industries. 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 that sector or 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.

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

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 the Trustees 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 Fund as directed by the Trustees. The Adviser is responsible for paying the expenses associated with the Plan.

Note 9—Share Split—The Fund executed a 1-for-5 reverse share split for shareholders of record before the open of markets on June 29, 2016. The Fund executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020.

Note 10—Bank Line of Credit—The Fund, along with other funds of the Trust, 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 has 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 September 30, 2021, the Fund borrowed under this Facility:

Days Outstanding		Average Daily Loan Balance				Average Interest Rate
135		$	127,738			1.44	%

The outstanding loan balance as of September 30, 2021, if any, is reflected in the Statement of Assets and Liabilities.

Note 11—Subsequent Event Review—The Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

VANECK ENERGY INCOME ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Energy Income ETF and the Board of Trustees of VanEck ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of VanEck Energy Income ETF (the “Fund”) (one of the series constituting VanEck ETF Trust (the “Trust”)), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year ended September 30, 2021, the statements of changes in net assets for the year ended September 30, 2021, the period from December 1, 2019 through September 30, 2020 and for the year end ended November 30, 2019, the financial highlights for the year ended September 30, 2021, for the period from December 1, 2019 through September 30, 2020 and each of the four years in the period ended November 30, 2019 and the related notes (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 (one of the series constituting the Trust) at September 30, 2021, and the results of its operations for the year ended September 30, 2021, the changes in its net assets for the year ended September 30, 2021, the period from December 1, 2019 through September 30, 2020 and for the year end ended November 30, 2019 and its financial highlights for the year ended September 30, 2021, for the period from December 1, 2019 through September 30, 2020 and each of the four years in the period ended November 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’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 Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our 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 procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, New York
November 19, 2021

VANECK ENERGY INCOME ETF

TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during the Fund’s current fiscal year as required by federal laws.

Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022.

A return of capital is not considered taxable income to shareholders. Pursuant to IRC Section 301(c), the portion of a distribution which is a dividend (as defined under IRC Section 316) 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 pursuant to Internal Revenue Code Sections 301(c)(2) and 1016(a) (4), should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held at each of the respective record dates.

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

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2021:

Payable Date	Income Dividends		Return of Capital (Non Dividend) Distribution		Total Distribution Per Share		Qualified Dividend Income for Individuals *		Dividends Qualifying for the Dividend Received Deduction for Corporations *
11/13/2020	$	0.197130	$	0.459970	$	0.657100	100.00	%	6.60	%
02/23/2021		0.189769		0.204531		0.394300	100.00		21.52
05/21/2021		0.357928		0.385772		0.743700	100.00		21.52
08/20/2021		0.624317		0.672883		1.297200	100.00		21.52
	$	1.369144	$	1.723156	$	3.092300	100.00	%	19.00	%

* Expressed as a percentage of the income dividends.

VANECK ENERGY INCOME ETF

BOARD OF TRUSTEES AND OFFICERS

September 30, 2021 (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*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	60	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee.

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).	60	Trustee, First Eagle Senior Loan Fund. Formerly, 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).	72	Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	60	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 (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	72	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	72	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 1940 Act. 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. Formerly, Associate, Clifford Chance US LLP.

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.

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 Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Arian Neiron, 1979	Vice President	Since 2018	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; 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.

VANECK ENERGY INCOME ETF

BOARD OF TRUSTEES AND OFFICERS (unaudited) (continued)

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 Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

VANECK ENERGY INCOME ETF

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited)

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In reviewing performance information for the Fund against its peer group, the Trustees considered that the Fund seeks to track a different index than the funds in its designated peer group and, therefore, the Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 7, 2021 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides, under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio. In evaluating the performance of the Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of the Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Fund was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and equal to the median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

VANECK ENERGY INCOME ETF

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2021 (unaudited) (continued)

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset class in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.


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

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 September 30.

(a)

Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended September 30, 2021 and September 30, 2020, were $414,900 and $390,306 respectively.

(b)

Audit-Related Fees. Not applicable.

(c)

Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended September 30, 2021 and September 30, 2020 were $167,267 and $220,039 respectively.

(d)

All Other Fees

None.

(e)

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

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

(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. Messrs. Chow, Hesslein, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman 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 MANAGERS 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 COMPANIES.

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

December 7, 2021

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	December 7, 2021

By	(Signature and Title)	/s/ John J. Crimmins, Treasurer and CFO

Date

December 7, 2021