N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: SEPTEMBER 30

Date of reporting period: SEPTEMBER 30, 2023

Item 1. Report to Shareholders

ANNUAL REPORT September 30, 2023

Biotech ETF	BBH
Digital Transformation ETF	DAPP
Energy Income ETF	EINC
Environmental Services ETF	EVX
Gaming ETF	BJK
Green Infrastructure ETF	RNEW
Pharmaceutical ETF	PPH
Retail ETF	RTH
Robotics ETF	IBOT
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	7
Digital Transformation ETF	8
Energy Income ETF	9
Environmental Services ETF	10
Gaming ETF	11
Green Infrastructure ETF	12
Pharmaceutical ETF	13
Retail ETF	14
Semiconductor ETF	15
Video Gaming and eSports ETF	16
About Fund Performance	17
Explanation of Expenses	18
Schedule of Investments
Biotech ETF	20
Digital Transformation ETF	21
Energy Income ETF	22
Environmental Services ETF	23
Gaming ETF	24
Green Infrastructure ETF	26
Pharmaceutical ETF	28
Retail ETF	29
Robotics ETF	30
Semiconductor ETF	32
Video Gaming and eSports ETF	33
Statements of Assets and Liabilities	35
Statements of Operations	38
Statements of Changes in Net Assets	41
Financial Highlights
Biotech ETF	47
Digital Transformation ETF	48
Energy Income ETF	49
Environmental Services ETF	50
Gaming ETF	51
Green Infrastructure ETF	52
Pharmaceutical ETF	53
Retail ETF	54
Robotics ETF	55
Semiconductor ETF	56
Video Gaming and eSports ETF	57
Notes to Financial Statements	58
Report of Independent Registered Public Accounting Firm	69
Tax Information	72
Board of Trustees and Officers	73
Approval of Investment Management Agreements	76

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, 2023.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—were negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.

Discussion

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

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

1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.1 trillion toward the end of September 2023.¹

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected.

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

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

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. This has obviously not been true for long-term bonds, which have lost money as their interest rates increased almost to short-term rates.

This waning period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends, Episode 113, released on October 13, 2023.

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

We thank you for investing with VanEck. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended September 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

October 16, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.³ Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, September 28, 2023, https://www.federalreserve.gov/releases/h41/20230928/
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/
3 https://www.vaneck.com/us/en/subscribe/

2

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2023 (unaudited)

Biotech

Biotech stocks performed positively overall in the 12 months period, with the VanEck Biotech ETF gaining 11.24%. Having hit a high in early-December 2022, biotech stocks essentially oscillated and moved sideways for the rest of the period, but ended the year up on its start. Larger companies were able to maintain the financial impetus they had achieved during COVID-19 and continued to grow. However, such growth proved more difficult for medium-size and small biotech companies.

By end-September 2022, the FDA had approved 26 “novel drugs”, ¹ over the next three months a further 11 were added and the total tally for the year was 37. ² By end-September 2023, up on the previous year at the same time, some 40 novel drugs had already been approved. ³

The three top positive contributions to the Fund’s performance came from: Amgen, Inc. (14.4% of Fund net assets^†), Gilead Sciences, Inc. (8.5% of Fund net assets^†) and Seagen, Inc. (4.9% of Fund net assets^†). The companies that detracted most from performance were: Illumina, Inc. (4.1% of Fund net assets^†), BioNTech SE (2.8% of Fund net assets^†) and Alnylam Pharmaceuticals, Inc. (2.7% of Fund net assets^†).

Digital Transformation

The VanEck Digital Transformation ETF registered a gain of 10.29% over the 12 month period. The somewhat lack luster, albeit positive, performance of broadly-based digital transformation stocks can be ascribed to both a lack of enthusiasm—crypto “fatigue”—and continuing negative sentiment in the underlying digital asset space. In addition, neither was helped by continuing scandals in the space, for example, starting in November 2022, that around FTX.

Rising interest rates also squeezed stocks, not least by raising the cost of capital and reducing the value of future earnings: a challenge for companies that might be both “early stage” and still unprofitable.

The three companies that contributed most to the Fund’s performance were: Applied Digital Corp. (5.6% of Fund net assets^†), Bit Digital, Inc. (4.9% of Fund net assets^†) and Riot Platforms, Inc. (5.6% of Fund net assets^†). The three companies that detracted most from performance were: Silvergate Capital Corp. (sold during the period), Argo Blockchain Plc (sold during the period) and Canaan, Inc. (4.9% of Fund net assets^†).

Energy Income

Robust energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Despite volatility during the period, both crude oil and natural gas prices remained firm, as did demand. For example, having started the 12 month period at $75.88 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period just 19.65% higher at $90.79 a barrel.

For the 12 months ended September 30, 2023, the VanEck Energy Income ETF gained 18.70%. The three greatest contributors to performance were: Magellan Midstream Partners LP (acquired by another compay during the period), Targa Resources Corp. (4.6% of Fund net assets^†) and Energy Transfer LP (4.7% of Fund net assets^†). TC Energy Corp. (6.3% of Fund net assets^†), Enbridge, Inc. (8.1% of Fund net assets^†) and NextDecade Corp. (0.6% of Fund net assets^†) detracted the most from overall performance.

Environmental Services

The VanEck Environmental Services ETF had a roller coaster of a financial year, but ended the 12 month period under review with a gain of 10.24%. Having slowly, if erratically, made their way to a high toward the end of July, environmental stocks then fell through the end of September 2023, but remained in positive territory.

Themes in the sector during the 12 month period included the plastic debate and legislation, the demand for skilled labor (and the dearth of such workers) and the beneficial reuse of waste. In addition to corporations’ continuing commitment to ESG and sustainability, consolidation and M&A activity, together with funding

3

VANECK ETFs

MANAGEMENT DISCUSSION(unaudited) (continued)

from infrastructure investment legislation passed in 2021 and 2022’s Inflation Reduction Act were beneficial for environmental services companies.

The three top positive contributions to the Fund’s performance came from: Ecolab, Inc. (10.3% of Fund net assets^†), Evoqua Water Technologies Corp. (acquired by another company during the period) and Clean Harbors, Inc. (3.5% of Fund net assets^†). The three companies that detracted most from performance were: Li-Cycle Holdings Corp. (1.7% of Fund net assets^†), Ambipar Emergency Response (sold during the period) and Darling Ingredients Inc. (3.3% of Fund net assets^†).

Gaming

The VanEck Gaming ETF posted a gain of 22.55% for the 12 month period. Having risen through to highs in the middle of July 2023, gaming stocks declined through the end of September 2023, but remained in positive territory.

In Macau, China, the world’s biggest gaming hub, in 2023, gross gaming revenue (“GGR”) recovery was “so sturdy that the metric could approach 90% of pre-coronavirus levels.” ⁴ In Nevada, during the 11 month period through the end of July 2023, the “gaming win” ⁵ for the majority of months were up year-on-year—ranging from 17.99% in January 2023 and 0.07% in August 2023. The most it was down was 7.62% in November 2022.⁶

The three top positive contributions to the Fund’s performance came from: Flutter Entertainment Plc (8.1% of Fund net assets^†), DraftKings, Inc. (5.7% of Fund net assets^†) and Evolution AB (6.6% of Fund net assets^†). The three companies that detracted most from performance were: Star Entertainment Group Ltd. (0.6% of Fund net assets^†), Kangwon Land, Inc. (0.8% of Fund net assets^†) and Galaxy Entertainment Group Ltd. (5.0% of Fund net assets^†).

Green Infrastructure

Over the period from inception (October 18, 2022) to September 30, 2023, the VanEck Green Infrastructure ETF lost 5.62%. While, as with environmental services stocks, green infrastructure stocks were helped both by funding from infrastructure investment legislation passed in 2021 and 2022’s Inflation Reduction Act, they faced a number of headwinds, not least high interest rates and, in particular, a tight labor market.

The three top positive contributions to the Fund’s performance came from: Tesla, Inc. (5.6% of Fund net assets^†), Quanta Services, Inc. (5.4% of Fund net assets^†) and First Solar, Inc. (4.5% of Fund net assets^†). The three companies that detracted most from performance were: Plug Power, Inc. (2.1% of Fund net assets^†), Enphase Energy, Inc. (3.5% of Fund net assets^†) and Lucid Group, Inc. (4.6% of Fund net assets^†).

Pharmaceutical

Despite a “tough year in the stock market” ⁷ in 2023, pharmaceutical stocks in the VanEck Pharmaceutical ETF had a positive 12 month period gaining 21.14% by September 30, 2023. Also as noted by The Wall Street Journal, while, on the one hand, “[s]urging demand for medications that treat Type 2 diabetes and help patients lose weight has driven a major rally on Wall Street,” ⁸ on the other “[d]rugmakers who sell Covid-19 vaccines and treatments have fared especially poorly.” ⁹

In addition, toward the end of the financial year, the prospect of forthcoming negotiations around drug pricing had started to cast a pall over the space.

The three top positive contributions to the Fund’s performance came from: Novo Nordisk A/S (5.8% of Fund net assets^†), Eli Lilly & Co. (7.5% of Fund net assets^†) and Sanofi (5.1% of Fund net assets^†). The three companies that detracted most from performance were: Catalent, Inc. (1.8% of Fund net assets^†), Pfizer, Inc. (4.8% of Fund net assets^†) and Bristol-Myers Squibb Co. (4.4% of Fund net assets^†).

4

Retail

After a slow first six months, and despite rising inflation, higher interest rates (which reduce the value of future earnings), retail losses worldwide and the fears of recession, in the second six months of the 12 month period retail stocks in the VanEck Retail ETF rose steadily and had gained 9.58% by September 30, 2023.

The three top positive contributions to the Fund’s performance came from: Amazon.com, Inc. (19.5% of Fund net assets^†), Walmart, Inc. (8.7% of Fund net assets^†) and The TJX Companies, Inc. (4.6% of Fund net assets^†). The three companies that detracted most from performance were: JD.com, Inc. (3.7% of Fund net assets^†), Dollar General Corp. (1.5% of Fund net assets^†) and CVS Health Corp. (5.0% of Fund net assets^†).

Robotics

Over the period from inception (April 5, 2023) to September 30, 2023, the VanEck Robotics ETF gained 2.18%. In general, in the robotics space, technology continued to be the main driver of advancements, making robots both more capable and more efficient.

Offering safe, versatile automation in manufacturing and with unique features and minimal programming, cobots (collaborative robots) showed themselves to be an area of particular interest and research. And, indeed, one championed by industry leaders. As costs continued to come down and labor became both more expensive and less available, adoption (and replacement with robots) continued to become more widespread.

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (6.2% of Fund net assets^†), Denso Corp. (4.4% of Fund net assets^†) and Emerson Electric Co. (6.1% of Fund net assets^†). The three companies that detracted most from performance were: Keyence Corp. (4.2% of Fund net assets^†), Hexagon AB (2.3% of Fund net assets^†) and Fanuc Corp. (2.6% of Fund net assets^†)

Semiconductor

In stark contrast to its performance over the previous financial year, by September 30, 2023, the VanEck Semiconductor ETF had gained 58.49%.

Despite the semiconductor market continuing to suffer from the fallout resulting from the trade restrictions between the U.S. and China, the excitement and optimism around artificial intelligence (“AI”) was a significant tailwind and driver of performance.

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (19.7% of Fund net assets^†), Broadcom, Inc. (6.5% of Fund net assets^†) and Taiwan Semiconductor Manufacturing Co., Ltd. (12.6% of Fund net assets^†). The only company that detracted from performance was: Qualcomm, Inc. (4.7% of Fund net assets^†). Qorvo, Inc. (0.4% of Fund net assets^†) and Universal Display Corp. (0.3% of Fund net assets^†) contributed the least.

Video Games and eSports

Video gaming and esports stocks performed positively over the 12 months period, with the VanEck Video Gaming and eSports ETF up 28.11%. In addition to a more encouraging macro-economic environment, the specifically semiconductor-related Fund companies faced fewer difficulties than they had been, for example, declining demand following a period of chip shortages. The market’s more benign attitude to tech stocks also helped. Two further drivers were the growth in AI and an increase in gaming revenues.

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (7.8% of Fund net assets^†), Advanced Micro Devices, Inc. (6.9% of Fund net assets^†) and Tencent Holdings Ltd. (7.8% of Fund net assets^†). The three companies that detracted most from performance were: Embracer Group AB (sold during the period), Krafton, Inc. (1.9% of Fund net assets^†) and Sea Ltd. (5.3% of Fund net assets^†).

5

VANECK ETFs

MANAGEMENT DISCUSSION(unaudited) (continued)

† All Fund assets referenced are Total Net Assets as of September 30, 2023.

Returns based on NAV.

¹ Food & Drug Administration: New Drug Therapy Approvals 2022, October 2, 2023, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2022 (Accessed October 2, 2023)

² Ibid.

³ Food & Drug Administration: New Drug Therapy Approvals 2023, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2023 (Accessed October 2, 2023)

⁴ Casino.org: Macau GGR Could Hit 90% of Pre-COVID Levels in 2023, Fully Recover Next Year, August 8, 2023, https://www.casino.org/news/macau-ggr-could-reach-90-of-pre-covid-levels-this-year/

⁵ Or “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

⁶ Nevada Gaming Control Board/Gaming Commission: Abbreviated Revenue Release, https://gaming.nv.gov/index.aspx?page=172

⁷ The Wall Street Journal: The Big Pharma Stock Trade: Weight Loss Is In, Covid-19 Is Out, September 26, 2023, https://www.wsj.com/finance/stocks/the-big-pharma-stock-trade-weight-loss-is-in-covid-19-is-out-88ef314f

⁸ Ibid.

⁹ Ibid.

6

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBBHTR1	SPTR2
One Year	11.13%	11.24%	11.37%	21.62%
Five Year	3.13%	3.11%	3.25%	9.92%
Ten Year	6.85%	6.84%	7.01%	11.91%

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 (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.

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 17 for more information.

7

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAPPTR1	SPTR2
One Year	10.93%	10.29%	5.25%	21.62%
Life*	(51.27)%	(51.35)%	(52.87)%	3.16%

*	Inception 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.

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 17 for more information.

8

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVEINCTG1	SPTR2
One Year	19.15%	18.70%	19.61%	21.62%
Five Year	6.01%	5.90%	6.06%	9.92%
Ten Year	(5.99)%	(6.01)%	(6.22)%	11.91%

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.
	VanEck Energy Income ETF (the “Fund”) is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.
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.

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 17 for more information.

9

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	AXENVTR1	SPTR2
One Year	10.08%	10.24%	9.92%	21.62%
Five Year	8.60%	8.60%	8.86%	9.92%
Ten Year	9.47%	9.46%	9.85%	11.91%

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.

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 17 for more information.

10

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBJKTR1	SPTR2
One Year	22.52%	22.55%	23.03%	21.62%
Five Year	1.63%	1.70%	2.13%	9.92%
Ten Year	0.56%	0.59%	1.03%	11.91%

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.

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 17 for more information.

11

VANECK GREEN INFRASTRUCTURE ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	IUGIMWT1	SPTR2
Life*	(5.59)%	(5.62)%	(5.48)%	17.14%

*	Inception of Fund: 10/18/22; First Day of Secondary Market Trading: 10/19/22.
1	The Indxx US Green Infrastructure - MCAP Weighted Index (IUGIMWT) is a rules based, modified market capitalization weighted index intended to give investors a means of tracking the overall performance of companies engaged in business activities that seek to establish a sustainable infrastructure to facilitate the holistic use of green energy and positively impact the environment.
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 17 for more information.

12

VANECK PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVPPHTR1	SPTR2
One Year	21.22%	21.14%	20.49%	21.62%
Five Year	6.33%	6.31%	6.00%	9.92%
Ten Year	7.26%	7.24%	7.09%	11.91%

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 (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.

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 17 for more information.

13

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRTHTR1	SPTR2
One Year	9.47%	9.58%	9.57%	21.62%
Five Year	9.52%	9.51%	9.47%	9.92%
Ten Year	13.02%	13.02%	12.93%	11.91%

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 (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.

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 17 for more information.

14

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMHTR1	SPTR2
One Year	58.48%	58.49%	58.56%	21.62%
Five Year	23.60%	23.61%	23.67%	9.92%
Ten Year	23.50%	23.50%	23.52%	11.91%

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 (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.

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 17 for more information.

15

VANECK VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVESPOTR1	SPTR2
One Year	28.17%	28.11%	28.83%	21.62%
Life*	11.92%	11.95%	12.89%	10.80%

*	Inception of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.
1	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.

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 17 for more information.

16

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, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

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

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.

MVBBHTR, MCDAPPTR, MVEINCTG, MVBJKTR, MVPPHTR, MVRTHTR, MVSMHTR and MVESPOTR are published by MarketVector Indexes GmbH (MarketVector), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. AXENVTR is published by ICE Data Indices, LLC (ICE Data). IUGIMWT is published by Indxx.

MarketVector, ICE Data, Indxx and Solactive 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.

17

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, 2023 to September 30, 2023.

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	Ending	Annualized	Expenses Paid
	Account	Account	Expense	During the Period
	Value	Value	Ratio	April 1, 2023 -
	April 1, 2023	September 30, 2023	During Period	September 30, 2023(a)
Biotech ETF
Actual	$1,000.00	$961.30	0.35%	$1.72
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Digital Transformation ETF
Actual	$1,000.00	$1,174.10	0.51%	$2.78
Hypothetical (b)	$1,000.00	$1,022.51	0.51%	$2.59
Energy Income ETF
Actual	$1,000.00	$1,086.70	0.46%	$2.41
Hypothetical (b)	$1,000.00	$1,022.76	0.46%	$2.33
Environmental Services ETF
Actual	$1,000.00	$985.60	0.55%	$2.74
Hypothetical (b)	$1,000.00	$1,022.31	0.55%	$2.79
Gaming ETF
Actual	$1,000.00	$897.80	0.77%	$3.66
Hypothetical (b)	$1,000.00	$1,021.21	0.77%	$3.90
Green Infrastructure ETF
Actual	$1,000.00	$930.40	0.46%	$2.23
Hypothetical (b)	$1,000.00	$1,022.76	0.46%	$2.33
Pharmaceutical ETF
Actual	$1,000.00	$1,041.90	0.36%	$1.84
Hypothetical (b)	$1,000.00	$1,023.26	0.36%	$1.83

18

	Beginning	Ending	Annualized	Expenses Paid
	Account	Account	Expense	During the Period
	Value	Value	Ratio	April 1, 2023 -
	April 1, 2023	September 30, 2023	During Period	September 30, 2023(a)
Retail ETF
Actual	$1,000.00	$1,026.80	0.35%	$1.78
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Robotics ETF
Actual (c)	$1,000.00	$1,021.80	0.47%	$2.32
Hypothetical (b)	$1,000.00	$1,022.71	0.47%	$2.38
Semiconductor ETF
Actual	$1,000.00	$1,101.20	0.35%	$1.84
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Video Gaming and eSports ETF
Actual	$1,000.00	$976.10	0.57%	$2.82
Hypothetical (b)	$1,000.00	$1,022.21	0.57%	$2.89

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses
(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from April 6, 2023 (commencement of operations) to September 30, 2023) 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.

19

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
China: 3.9%
BeiGene Ltd. (ADR) *		98,066	$	17,639,131
Germany: 2.8%
BioNTech SE (ADR) *		116,759		12,684,698
Ireland: 4.5%
ICON Plc (USD) *		81,772		20,136,355
Switzerland: 0.7%
CRISPR Therapeutics AG (USD) * †		71,392		3,240,483
United States: 88.0%
Alnylam Pharmaceuticals, Inc. *		69,704		12,344,578
Amgen, Inc.		240,831		64,725,740
Argenx SE (ADR) *		41,173		20,241,882
Biogen, Inc. *		89,764		23,070,246
BioMarin Pharmaceutical, Inc. *		155,071		13,720,682
Bio-Techne Corp.		154,049		10,486,115

	Number of Shares		Value
United States (continued)
Charles River Laboratories International, Inc. *		50,573	$	9,911,297
Exact Sciences Corp. *		146,538		9,996,822
Gilead Sciences, Inc.		509,072		38,149,856
Illumina, Inc. *		133,164		18,280,754
Incyte Corp. *		153,888		8,890,110
IQVIA Holdings, Inc. *		108,181		21,284,612
Moderna, Inc. *		218,701		22,589,626
Natera, Inc. *		111,612		4,938,831
QIAGEN NV *		219,044		8,871,282
Regeneron Pharmaceuticals, Inc. *		37,940		31,223,102
Repligen Corp. * †		49,428		7,859,546
Sarepta Therapeutics, Inc. *		94,574		11,464,260
Seagen, Inc. *		103,373		21,930,582
Vertex Pharmaceuticals, Inc. *		105,501		36,686,918
				396,666,841
Total Common Stocks (Cost: $469,325,734)				450,367,508
Total Investments: 99.9% (Cost: $469,325,734)				450,367,508
Other assets less liabilities: 0.1%				611,872
NET ASSETS: 100.0%			$	450,979,380

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 $7,078,655.

Summary of Investments by Sector	% of Investments			Value
Biotechnology		78.5	%	$	353,537,547
Life Sciences Tools & Services		21.5			96,829,961
		100.0	%	$	450,367,508

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	450,367,508	$	—	$	—	$	450,367,508

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

20

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.2%
Australia: 4.6%
Iris Energy Ltd. (USD) *		537,173	$	1,992,912
Canada: 13.7%
Bitfarms Ltd. (USD) *		1,740,050		1,861,854
Hive Digital Technologies Ltd. (USD) *		641,077		1,974,517
Hut 8 Mining Corp. (USD) *		1,068,451		2,083,479
				5,919,850
China: 4.9%
Canaan, Inc. (ADR) * †		1,153,932		2,100,156
Germany: 8.8%
Bitcoin Group SE		53,643		1,140,566
Northern Data AG * †		110,076		2,686,860
				3,827,426
Singapore: 4.0%
Bitdeer Technologies Group (USD) * †		179,896		1,734,197
United States: 64.2%
Applied Digital Corp. *		388,727		2,425,657
Bakkt Holdings, Inc. * †		953,948		1,116,119
Bit Digital, Inc. * †		992,064		2,123,017
Block, Inc. *		67,616		2,992,684
Cipher Mining, Inc. * †		682,120		1,589,340
Cleanspark, Inc. *		581,379		2,215,054

	Number of Shares		Value
United States (continued)
Coinbase Global, Inc. *		49,635	$	3,726,596
Galaxy Digital Holdings Ltd. (CAD) * †		612,678		2,261,289
Marathon Digital Holdings, Inc. * †		262,587		2,231,990
MicroStrategy, Inc. *		9,668		3,173,811
Riot Platforms, Inc. *		260,085		2,426,593
Terawulf, Inc. * †		1,177,611		1,483,790
				27,765,940
Total Common Stocks (Cost: $47,361,507)				43,340,481
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 21.6%
Money Market Fund: 21.6% (Cost: $9,346,580)
State Street Navigator Securities Lending Government Money Market Portfolio		9,346,580		9,346,580
Total Investments: 121.8% (Cost: $56,708,087)				52,687,061
Liabilities in excess of other assets: (21.8)%				(9,437,063)
NET ASSETS: 100.0%			$	43,249,998

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,129,530.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		74.1	%	$	32,103,227
Financials		25.9			11,237,254
		100.0	%	$	43,340,481

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,992,912	$	—	$	—	$	1,992,912
Canada		5,919,850		—		—		5,919,850
China		2,100,156		—		—		2,100,156
Germany		—		3,827,426		—		3,827,426
Singapore		1,734,197		—		—		1,734,197
United States		27,765,940		—		—		27,765,940
Money Market Fund		9,346,580		—		—		9,346,580
Total Investments	$	48,859,635	$	3,827,426	$	—	$	52,687,061

See Notes to Financial Statements

21

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 79.5%
Energy: 79.5%
Antero Midstream Corp.		94,722	$	1,134,770
Archrock, Inc.		26,489		333,761
Cheniere Energy, Inc.		18,286		3,034,744
DT Midstream, Inc.		30,460		1,611,943
Enbridge, Inc.		89,067		2,956,134
EnLink Midstream LLC		70,674		863,636
Equitrans Midstream Corp.		104,763		981,629
Gibson Energy, Inc.		53,420		764,183
Hess Midstream LP		15,352		447,204
Keyera Corp.		69,466		1,630,974
Kinder Morgan, Inc.		133,399		2,211,755
Kinetik Holdings, Inc.		7,121		240,334
NextDecade Corp. *		43,783		224,169
ONEOK, Inc.		48,842		3,098,048
Pembina Pipeline Corp.		60,633		1,822,628
Plains GP Holdings LP		59,230		954,788
Shawcor Ltd. *		20,426		238,961
Targa Resources Corp.		19,567		1,677,283
TC Energy Corp.		67,603		2,326,219

	Number of Shares		Value
Energy (continued)
The Williams Companies, Inc.		76,482	$	2,576,679
Total Common Stocks (Cost: $29,221,539)				29,129,842
MASTER LIMITED PARTNERSHIPS: 20.3%
Energy: 20.3%
Crestwood Equity Partners LP		12,119		354,481
Energy Transfer LP		123,246		1,729,141
Enterprise Products Partners LP		62,762		1,717,796
Genesis Energy LP		12,491		128,907
Holly Energy Partners LP		5,292		116,212
MPLX LP		45,026		1,601,575
NuStar Energy LP		11,702		204,083
Plains All American Pipeline LP		59,674		914,206
Western Midstream Partners LP		24,792		675,086
Total Master Limited Partnerships (Cost: $6,009,629)				7,441,487
Total Investments: 99.8% (Cost: $35,231,168)				36,571,329
Other assets less liabilities: 0.2%				63,175
NET ASSETS: 100.0%			$	36,634,504

Footnotes:

* Non-income producing

Summary of Investments by Sector	% of Investments			Value
Energy		100.0	%	$	36,571,329

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	29,129,842	$	—	$	—	$	29,129,842
Master Limited Partnerships *		7,441,487		—		—		7,441,487
Total Investments	$	36,571,329	$	—	$	—	$	36,571,329

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

22

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Canada: 5.0%
GFL Environmental, Inc. (USD)		80,557	$	2,558,490
Li-Cycle Holdings Corp. (USD) * †		378,834		1,344,861
				3,903,351
United States: 94.9%
ABM Industries, Inc.		67,585		2,704,076
Aris Water Solutions, Inc. †		151,604		1,513,008
Casella Waste Systems, Inc. *		33,074		2,523,546
CECO Environmental Corp. *		101,599		1,622,536
Clean Harbors, Inc. *		16,326		2,732,319
Darling Ingredients, Inc. *		48,467		2,529,977
Donaldson Co., Inc.		44,576		2,658,513
Ecolab, Inc.		46,875		7,940,625
Energy Recovery, Inc. *		120,237		2,550,227
Heritage-Crystal Clean, Inc. *		60,670		2,751,385
LanzaTech Global, Inc. *		334,967		1,564,296
Montrose Environmental Group, Inc. *		85,803		2,510,596
PureCycle Technologies, Inc. * †		465,106		2,609,245
Republic Services, Inc.		55,314		7,882,798
Schnitzer Steel Industries, Inc.		57,439		1,599,676

	Number of Shares		Value
United States (continued)
Stericycle, Inc. *		61,133	$	2,733,256
STERIS Plc		12,042		2,642,256
Tennant Co.		35,889		2,661,169
Tetra Tech, Inc.		17,137		2,605,338
Vertex Energy, Inc. * †		323,299		1,438,681
Waste Connections, Inc.		58,239		7,821,498
Waste Management, Inc.		51,553		7,858,739
				73,453,760
Total Common Stocks (Cost: $79,727,163)				77,357,111
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $1,973,216)
State Street Navigator Securities Lending Government Money Market Portfolio		1,973,216		1,973,216
Total Investments: 102.4% (Cost: $81,700,379)				79,330,327
Liabilities in excess of other assets: (2.4)%				(1,891,231)
NET ASSETS: 100.0%			$	77,439,096

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $2,842,105.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Industrials		75.8	%	$	58,596,651
Materials		15.7			12,149,546
Health Care		3.4			2,642,256
Consumer Staples		3.3			2,529,977
Energy		1.8			1,438,681
		100.0	%	$	77,357,111

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	77,357,111	$	—	$	—	$	77,357,111
Money Market Fund		1,973,216		—		—		1,973,216
Total Investments	$	79,330,327	$	—	$	—	$	79,330,327

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

23

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 10.8%
Aristocrat Leisure Ltd.		122,567	$	3,214,440
Lottery Corp. Ltd.		509,098		1,544,361
Star Entertainment Group Ltd. *		267,420		104,500
Star Entertainment Group Ltd. * †		441,243		172,426
Tabcorp Holdings Ltd. †		607,647		367,549
				5,403,276
China: 6.7%
Galaxy Entertainment Group Ltd. (HKD)		418,240		2,502,302
Melco Resorts & Entertainment Ltd. (ADR) *		50,674		501,166
SJM Holdings Ltd. (HKD) * †		825,500		323,505
				3,326,973
France: 2.3%
La Francaise des Jeux SAEM 144A		35,308		1,148,418
Greece: 1.9%
OPAP SA		58,150		974,910
Ireland: 8.1%
Flutter Entertainment Plc *		24,683		4,032,258
Japan: 1.6%
Heiwa Corp. †		18,000		258,704
Sankyo Co. Ltd.		12,179		558,955
				817,659
Malaysia: 4.4%
Genting Bhd		689,700		611,893
Genting Malaysia Bhd		908,598		483,096
Genting Singapore Ltd. (SGD)		1,777,700		1,099,130
				2,194,119
Malta: 0.9%
Kindred Group Plc (SEK) (SDR)		47,588		436,551
South Korea: 0.8%
Kangwon Land, Inc.		34,963		391,224

	Number of Shares		Value
Sweden: 6.6%
Evolution AB 144A		32,495	$	3,297,562
United Kingdom: 4.0%
Entain Plc		130,096		1,476,069
Playtech Plc *		92,065		507,912
				1,983,981
United States: 52.0%
Boyd Gaming Corp.		18,489		1,124,686
Caesars Entertainment, Inc. *		35,750		1,657,013
Churchill Downs, Inc.		12,199		1,415,572
DraftKings, Inc. *		97,195		2,861,421
Gaming and Leisure Properties, Inc.		49,973		2,276,270
International Game Technology Plc †		31,379		951,411
Las Vegas Sands Corp. *		71,657		3,284,757
Light & Wonder, Inc. *		16,889		1,204,692
MGM Resorts International		55,560		2,042,386
Penn Entertainment, Inc. *		25,459		584,284
Sands China Ltd. (HKD) *		716,000		2,177,091
VICI Properties, Inc.		138,457		4,029,099
Wynn Macau Ltd. (HKD) * †		246,800		234,683
Wynn Resorts Ltd.		23,203		2,144,189
				25,987,554
Total Common Stocks (Cost: $64,453,731)				49,994,485
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $193)
State Street Navigator Securities Lending Government Money Market Portfolio		193		193
Total Investments: 100.1% (Cost: $64,453,924)				49,994,678
Liabilities in excess of other assets: (0.1)%				(65,475)
NET ASSETS: 100.0%			$	49,929,203

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
SGD	Singapore Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,644,613.
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 $4,445,980, or 8.9% of net assets.

See Notes to Financial Statements

24

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		87.4	%	$	43,689,116
Real Estate		12.6			6,305,369
		100.0	%	$	49,994,485

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,403,276	$	—	$	5,403,276
China		501,166		2,825,807		—		3,326,973
France		—		1,148,418		—		1,148,418
Greece		—		974,910		—		974,910
Ireland		—		4,032,258		—		4,032,258
Japan		—		817,659		—		817,659
Malaysia		—		2,194,119		—		2,194,119
Malta		—		436,551		—		436,551
South Korea		—		391,224		—		391,224
Sweden		—		3,297,562		—		3,297,562
United Kingdom		507,912		1,476,069		—		1,983,981
United States		23,575,780		2,411,774		—		25,987,554
Money Market Fund		193		—		—		193
Total Investments	$	24,585,051	$	25,409,627	$	—	$	49,994,678

See Notes to Financial Statements

25

VANECK GREEN INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.4%
Automobiles & Components: 24.2%
BorgWarner, Inc.		1,902	$	76,784
Lucid Group, Inc. * †		14,884		83,202
Phinia, Inc.		380		10,180
Rivian Automotive, Inc. * †		6,790		164,860
Tesla, Inc. *		406		101,589
				436,615
Capital Goods: 18.4%
Ameresco, Inc. *		277		10,681
Array Technologies, Inc. *		1,224		27,161
Bloom Energy Corp. * †		1,565		20,752
Donaldson Co., Inc.		984		58,686
Energy Recovery, Inc. *		457		9,693
FuelCell Energy, Inc. * †		3,292		4,214
Hyzon Motors, Inc. *		1,985		2,481
Plug Power, Inc. * †		4,873		37,035
Quanta Services, Inc.		520		97,276
SES AI Corp. *		2,484		5,639
Shoals Technologies Group, Inc. *		1,378		25,149
SunPower Corp. * †		1,420		8,761
Sunrun, Inc. *		1,750		21,980
TPI Composites, Inc. * †		345		914
				330,422
Commercial & Professional Services: 18.9%
Casella Waste Systems, Inc. *		413		31,512
Clean Harbors, Inc. *		439		73,471
Heritage-Crystal Clean, Inc. *		198		8,979
Montrose Environmental Group, Inc. *		244		7,139
Republic Services, Inc.		665		94,769
Stericycle, Inc. *		750		33,533
Waste Management, Inc.		587		89,482
				338,885
Energy: 11.0%
Cheniere Energy, Inc.		648		107,541
Clean Energy Fuels Corp. *		1,809		6,928
Enviva, Inc.		550		4,109
Gevo, Inc. * †		1,925		2,291
Green Plains, Inc. *		483		14,538
New Fortress Energy, Inc. †		1,664		54,546
REX American Resources Corp. *		141		5,742
Tellurian, Inc. * †		4,567		5,298
				200,993

	Number of Shares		Value
Materials: 5.1%
Ecolab, Inc.		539	$	91,307
Semiconductors & Semiconductor Equipment: 8.0%
Enphase Energy, Inc. *		526		63,199
First Solar, Inc. *		496		80,149
				143,348
Technology Hardware & Equipment: 1.2%
Itron, Inc. *		369		22,354
Utilities: 12.6%
Altus Power, Inc. *		1,290		6,773
Brookfield Renewable Corp.		1,398		33,468
Clearway Energy, Inc.		669		14,156
IDACORP, Inc.		411		38,490
Montauk Renewables, Inc. *		1,166		10,622
NextEra Energy Partners LP		721		21,414
Northwestern Energy Group, Inc.		485		23,309
Ormat Technologies, Inc.		484		33,841
Southwest Gas Holdings, Inc.		579		34,977
Sunnova Energy International, Inc. * †		944		9,884
				226,934
Total Common Stocks (Cost: $1,919,472)				1,790,858
MASTER LIMITED PARTNERSHIP: 0.5% (Cost: $7,927)
Utilities: 0.5%
Suburban Propane Partners LP		515		8,266
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $1,927,399)				1,799,124
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%
Money Market Fund: 7.6% (Cost: $136,137)
State Street Navigator Securities Lending Government Money Market Portfolio		136,137		136,137
Total Investments: 107.5% (Cost: $2,063,536)				1,935,261
Liabilities in excess of other assets: (7.5)%				(134,258)
NET ASSETS: 100.0%			$	1,801,003

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $371,984.
*	Non-income producing

See Notes to Financial Statements

26

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Industrials		37.1	%	$	669,307
Consumer Discretionary		24.3			436,616
Utilities		13.1			235,200
Energy		11.2			200,993
Information Technology		9.2			165,701
Materials		5.1			91,307
		100.0	%	$	1,799,124

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,790,858	$	—	$	—	$	1,790,858
Master Limited Partnership *		8,266		—		—		8,266
Money Market Fund		136,137		—		—		136,137
Total Investments	$	1,935,261	$	—	$	—	$	1,935,261

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

27

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.8%
Denmark: 5.8%
Novo Nordisk A/S (ADR)		273,286	$	24,852,629
France: 5.1%
Sanofi (ADR)		409,007		21,939,135
Israel: 4.5%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,872,015		19,094,553
Japan: 4.6%
Takeda Pharmaceutical Co. Ltd. (ADR) †		1,278,300		19,775,301
Switzerland: 5.2%
Novartis AG (ADR) †		220,109		22,420,303
United Kingdom: 14.6%
AstraZeneca Plc (ADR)		321,589		21,778,007
GSK Plc (ADR)		563,552		20,428,760
Haleon Plc (ADR) †		2,470,295		20,577,557
				62,784,324
United States: 60.0%
AbbVie, Inc.		147,973		22,056,855
Bausch Health Cos, Inc. *		505,257		4,153,213
Bristol-Myers Squibb Co.		324,985		18,862,129
Catalent, Inc. *		174,699		7,954,046
Cencora, Inc.		111,020		19,980,269
Elanco Animal Health, Inc. *		526,836		5,921,637
Eli Lilly & Co.		60,074		32,267,548

	Number of Shares		Value
United States (continued)
Jazz Pharmaceuticals Plc *		84,390	$	10,923,442
Johnson & Johnson		167,169		26,036,572
McKesson Corp.		47,153		20,504,482
Merck & Co., Inc.		202,334		20,830,285
Organon & Co.		303,179		5,263,187
Patterson Companies, Inc.		112,105		3,322,792
Perrigo Co. Plc		165,145		5,276,383
Pfizer, Inc.		626,898		20,794,207
Viatris, Inc.		1,603,379		15,809,317
Zoetis, Inc.		103,778		18,055,296
				258,011,660
Total Common Stocks (Cost: $461,858,668)				428,877,905
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%
Money Market Fund: 4.2% (Cost: $18,206,223)
State Street Navigator Securities Lending Government Money Market Portfolio		18,206,223		18,206,223
Total Investments: 104.0% (Cost: $480,064,891)				447,084,128
Liabilities in excess of other assets: (4.0)%				(17,037,832)
NET ASSETS: 100.0%			$	430,046,296

Definitions:

ADR American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $44,033,459.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Pharmaceuticals		79.9	%	$	342,435,949
Health Care Distributors		10.2			43,807,544
Biotechnology		5.1			22,056,855
Personal Care Products		4.8			20,577,557
		100.0	%	$	428,877,905

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	428,877,905	$	—	$	—	$	428,877,905
Money Market Fund		18,206,223		—		—		18,206,223
Total Investments	$	447,084,128	$	—	$	—	$	447,084,128

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

28

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.2%
China: 3.7%
JD.com, Inc. (ADR)		197,662	$	5,757,894
United States: 96.5%
Amazon.com, Inc. *		237,624		30,206,763
AutoZone, Inc. *		1,834		4,658,342
Bath & Body Works, Inc.		20,011		676,372
Best Buy Co., Inc.		21,779		1,512,987
Cardinal Health, Inc.		24,955		2,166,593
Cencora, Inc.		18,959		3,412,051
Costco Wholesale Corp.		21,613		12,210,480
CVS Health Corp.		110,473		7,713,225
Dollar General Corp.		22,281		2,357,330
Dollar Tree, Inc. *		19,997		2,128,681
Lowe’s Companies, Inc.		35,021		7,278,765
Lululemon Athletica, Inc. *		11,212		4,323,459
McKesson Corp.		15,959		6,939,771

	Number of Shares		Value
United States (continued)
O’Reilly Automotive, Inc. *		7,303	$	6,637,405
Ross Stores, Inc.		35,077		3,961,947
Sysco Corp.		56,820		3,752,961
Target Corp.		45,286		5,007,273
The Home Depot, Inc.		45,290		13,684,826
The Kroger Co.		75,989		3,400,508
The TJX Companies, Inc.		79,738		7,087,113
Tractor Supply Co. †		12,401		2,518,023
Ulta Beauty, Inc. *		5,682		2,269,675
Walgreens Boots Alliance, Inc.		77,218		1,717,328
Walmart, Inc.		84,388		13,496,173
				149,118,051
Total Common Stocks (Cost: $167,279,707)				154,875,945
Total Investments: 100.2% (Cost: $167,279,707)				154,875,945
Liabilities in excess of other assets: (0.2)%				(306,633)
NET ASSETS: 100.0%			$	154,569,312

Definitions:

ADR American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,404,518.

Summary of Investments by Sector	% of Investments			Value
Consumer Discretionary		58.5	%	$	90,573,571
Consumer Staples		28.4			44,070,734
Health Care		13.1			20,231,640
		100.0	%	$	154,875,945

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	154,875,945	$	—	$	—	$	154,875,945

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

29

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Austria: 1.3%
ams-OSRAM AG (CHF) *		2,767	$	12,954
Andritz AG		435		21,952
				34,906
Canada: 0.8%
ATS Corp. *		493		21,113
China: 0.6%
Hollysys Automation Technologies Ltd. (USD) *		781		15,495
Finland: 0.6%
Konecranes Oyj		507		16,831
France: 4.3%
Dassault Systemes SE		3,033		112,813
Germany: 6.1%
Duerr AG		532		14,416
Jenoptik AG *		566		14,324
Krones AG		149		15,356
Siemens AG		832		119,069
				163,165
Israel: 1.1%
Nano Dimension Ltd. (ADR) *†		5,453		14,832
Nova Ltd. (USD) *		108		12,144
				26,976
Japan: 20.6%
Amada Co. Ltd.		1,900		19,129
Argo Graphics, Inc.		400		8,889
Azbil Corp.		600		18,356
Daifuku Co. Ltd.		1,500		28,356
Daihen Corp.		400		13,554
Denso Corp.		7,200		115,697
FANUC Corp.		2,600		67,717
Fuji Corp.		900		13,982
Keyence Corp.		300		111,108
Lasertec Corp.		100		15,574
OKUMA Corp. †		300		13,194
Omron Corp.		700		31,196
Optex Group Co. Ltd.		1,100		11,915
Renesas Electronics Corp. *		1,400		21,416
Tokyo Electron Ltd.		200		27,358
Yaskawa Electric Corp.		700		25,244
				542,685
Sweden: 2.3%
Hexagon AB		7,235		61,923
Switzerland: 7.1%
ABB Ltd.		3,760		134,286
Interroll Holding AG		6		16,396
Kardex Holding AG		69		15,053
STMicroelectronics N.V. (USD) †		518		22,357
				188,092

	Number of Shares		Value
United Kingdom: 1.8%
Renishaw Plc		332	$	14,272
TechnipFMC Plc (USD)		1,731		35,209
				49,481
United States: 53.4%
3D Systems Corp. *		1,449		7,115
Altair Engineering, Inc. *		282		17,642
Ambarella, Inc. *		295		15,644
Analog Devices, Inc.		267		46,749
ANSYS, Inc. *		265		78,851
Applied Materials, Inc.		398		55,103
Aspen Technology, Inc. *		182		37,175
Autodesk, Inc. *		656		135,732
Cognex Corp.		731		31,024
Emerson Electric Co.		1,677		161,947
Globus Medical, Inc. *		315		15,640
Intuitive Surgical, Inc. *		171		49,982
KLA Corp.		76		34,858
Lam Research Corp.		73		45,754
Lattice Semiconductor Corp. *		183		15,725
Lincoln Electric Holdings, Inc.		213		38,721
Microchip Technology, Inc.		355		27,708
Novanta, Inc. *		185		26,536
NVIDIA Corp.		377		163,990
ON Semiconductor Corp. *		270		25,097
Onto Innovation, Inc. *		120		15,302
Ouster, Inc. * †		2,281		11,496
PTC, Inc. *		415		58,797
Rockwell Automation, Inc.		345		98,625
Silicon Laboratories, Inc. *		82		9,503
Stratasys Ltd. *		831		11,310
TE Connectivity Ltd.		186		22,977
Teledyne Technologies, Inc. *		147		60,061
Teradyne, Inc.		161		16,174
Texas Instruments, Inc.		431		68,533
				1,403,771
Total Common Stocks (Cost: $2,720,418)				2,637,251
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%
Money Market Fund: 1.0% (Cost: $25,689)
State Street Navigator Securities Lending Government Money Market Portfolio		25,689		25,689
Total Investments: 101.0% (Cost: $2,746,107)				2,662,940
Liabilities in excess of other assets: (1.0)%				(27,647)
NET ASSETS: 100.0%			$	2,635,293

See Notes to Financial Statements

30

Definitions:

ADR	American Depositary Receipt
CHF	Switzerland Franc
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $55,037.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		59.1	%	$	1,558,667
Industrials		32.7			862,057
Consumer Discretionary		4.4			115,697
Health Care		2.5			65,621
Energy		1.3			35,209
		100.0	%	$	2,637,251

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	34,906	$	—	$	34,906
Canada		21,113		—		—		21,113
China		15,495		—		—		15,495
Finland		—		16,831		—		16,831
France		—		112,813		—		112,813
Germany		—		163,165		—		163,165
Israel		26,976		—		—		26,976
Japan		—		542,685		—		542,685
Sweden		—		61,923		—		61,923
Switzerland		22,357		165,735		—		188,092
United Kingdom		49,481		—		—		49,481
United States		1,403,771		—		—		1,403,771
Money Market Fund		25,689		—		—		25,689
Total Investments	$	1,564,882	$	1,098,058	$	—	$	2,662,940

See Notes to Financial Statements

31

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 7.9%
ASML Holding N.V. (USD)		912,632	$	537,229,953
NXP Semiconductors N.V. (USD)		1,026,811		205,280,055
				742,510,008
Switzerland: 1.4%
STMicroelectronics N.V. (USD) †		2,980,880		128,654,781
Taiwan: 12.6%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		13,625,200		1,184,029,880
United States: 78.1%
Advanced Micro Devices, Inc. *		4,591,474		472,095,357
Analog Devices, Inc.		2,256,659		395,118,424
Applied Materials, Inc.		2,948,052		408,157,799
Broadcom, Inc.		738,148		613,090,966
Cadence Design Systems, Inc. *		1,156,648		271,002,626
Intel Corp.		12,211,428		434,116,265
KLA Corp.		619,145		283,977,046
Lam Research Corp.		600,097		376,122,797
Marvell Technology, Inc.		2,965,741		160,535,560
Microchip Technology, Inc.		2,375,944		185,442,429
Micron Technology, Inc.		4,422,314		300,850,021

	Number of Shares		Value
United States (continued)
Monolithic Power Systems, Inc.		185,080	$	85,506,960
NVIDIA Corp.		4,264,724		1,855,112,293
ON Semiconductor Corp. *		1,530,420		142,252,539
Qorvo, Inc. *		395,321		37,741,296
Qualcomm, Inc.		3,937,734		437,324,738
Skyworks Solutions, Inc.		695,733		68,592,317
Synopsys, Inc. *		647,228		297,058,235
Teradyne, Inc.		546,173		54,868,540
Texas Instruments, Inc.		2,687,158		427,284,994
Universal Display Corp.		198,876		31,221,543
				7,337,472,745
Total Common Stocks (Cost: $10,532,247,320)				9,392,667,414
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%
Money Market Fund: 0.2% (Cost: $18,281,891)
State Street Navigator Securities Lending Government Money Market Portfolio		18,281,891		18,281,891
Total Investments: 100.2% (Cost: $10,550,529,211)				9,410,949,305
Liabilities in excess of other assets: (0.2)%				(16,950,828)
NET ASSETS: 100.0%			$	9,393,998,477

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $18,294,661.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Semiconductors		76.3	%	$	7,164,250,417
Semiconductor Materials & Equipment		17.7			1,660,356,135
Application Software		6.0			568,060,862
		100.0	%	$	9,392,667,414

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	9,392,667,414	$	—	$	—	$	9,392,667,414
Money Market Fund		18,281,891		—		—		18,281,891
Total Investments	$	9,410,949,305	$	—	$	—	$	9,410,949,305

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

32

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.7%
Aristocrat Leisure Ltd.		436,341	$	11,443,473
China: 15.7%
Kingsoft Corp. Ltd. (HKD)		1,101,000		3,966,807
NetEase, Inc. (ADR)		152,519		15,276,303
Tencent Holdings Ltd. (HKD)		487,900		18,910,749
				38,153,859
France: 2.1%
Ubisoft Entertainment SA * †		153,547		4,983,031
Japan: 19.8%
Bandai Namco Holdings, Inc.		500,400		10,193,043
Capcom Co. Ltd.		245,500		8,848,689
Konami Group Corp. †		119,600		6,314,925
Nexon Co. Ltd.		356,600		6,381,137
Nintendo Co. Ltd.		327,000		13,607,389
Square Enix Holdings Co. Ltd.		79,600		2,731,451
				48,076,634
Poland: 1.2%
CD Projekt SA †		100,650		2,878,163
South Korea: 3.2%
Krafton, Inc. *		40,369		4,505,970
NCSoft Corp.		19,272		3,168,521
				7,674,491
Taiwan: 7.7%
Micro-Star International Co. Ltd.		1,144,000		5,819,888

	Number of Shares		Value
Taiwan (continued)
Sea Ltd. (ADR) *		292,306	$	12,846,849
				18,666,737
United States: 45.7%
Activision Blizzard, Inc.		179,858		16,840,104
Advanced Micro Devices, Inc. *		163,189		16,779,093
AppLovin Corp. *		211,004		8,431,720
Electronic Arts, Inc.		105,359		12,685,224
GameStop Corp. *		315,781		5,197,755
NVIDIA Corp.		43,308		18,838,547
Roblox Corp. * †		394,094		11,412,962
Take-Two Interactive Software, Inc. *		81,325		11,417,217
Unity Software, Inc. * †		291,783		9,159,068
				110,761,690
Total Common Stocks (Cost: $270,337,698)				242,638,078
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $86,333)
State Street Navigator Securities Lending Government Money Market Portfolio		86,333		86,333
Total Investments: 100.1% (Cost: $270,424,031)				242,724,411
Liabilities in excess of other assets: (0.1)%				(130,342)
NET ASSETS: 100.0%			$	242,594,069

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $27,484,980.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		64.6	%	$	156,775,490
Information Technology		24.4			59,028,317
Consumer Discretionary		11.0			26,834,271
		100.0	%	$	242,638,078

See Notes to Financial Statements

33

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	11,443,473	$	—	$	11,443,473
China		15,276,303		22,877,556		—		38,153,859
France		—		4,983,031		—		4,983,031
Japan		—		48,076,634		—		48,076,634
Poland		—		2,878,163		—		2,878,163
South Korea		—		7,674,491		—		7,674,491
Taiwan		12,846,849		5,819,888		—		18,666,737
United States		110,761,690		—		—		110,761,690
Money Market Fund		86,333		—		—		86,333
Total Investments	$	138,971,175	$	103,753,236	$	—	$	242,724,411

See Notes to Financial Statements

34

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Biotech ETF			Digital Transformation ETF			Energy Income ETF		Environmental Services ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	450,367,508		$	43,340,481		$	36,571,329	$	77,357,111
Short-term investments held as collateral for securities loaned (3)		—			9,346,580			—		1,973,216
Cash		804,510			—			—		948,340
Cash denominated in foreign currency, at value (4)		—			93			21,560		—
Receivables:
Investment securities sold		—			—			—		6,949,165
Shares of beneficial interest sold		—			2,067,480			—		2,900,666
Dividends and interest		8,577			125,903			75,865		183,277
Federal and State income taxes		—			—			18,570		—
Prepaid expenses		—			—			—		2,496
Total assets		451,180,595			54,880,537			36,687,324		90,314,271
Liabilities:
Payables:
Investment securities purchased		—			2,262,052			—		7,917,079
Shares of beneficial interest redeemed		—			—			—		2,897,192
Collateral for securities loaned		—			9,346,580			—		1,973,216
Due to Adviser		135,138			18,072			13,696		27,848
Due to custodian		—			3,835			38,720		—
Deferred Trustee fees		64,926			—			—		3,895
Accrued expenses		1,151			—			404		55,945
Total liabilities		201,215			11,630,539			52,820		12,875,175
NET ASSETS	$	450,979,380		$	43,249,998		$	36,634,504	$	77,439,096
Shares outstanding		2,896,503			7,925,000			564,720		540,000
Net asset value, redemption and offering price per share	$	155.70		$	5.46		$	64.87	$	143.41
Net Assets consist of:
Aggregate paid in capital	$	679,177,136		$	122,590,765		$	36,272,600	$	99,639,332
Total distributable earnings (loss)		(228,197,756	)		(79,340,767	)		361,904		(22,200,236	)
NET ASSETS	$	450,979,380		$	43,249,998		$	36,634,504	$	77,439,096
(1) Value of securities on loan	$	7,078,655		$	9,129,530		$	—	$	2,842,105
(2) Cost of investments - Unaffiliated issuers	$	469,325,734		$	47,361,507		$	35,231,168	$	79,727,163
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	9,346,580		$	—	$	1,973,216
(4) Cost of cash denominated in foreign currency	$	—		$	94		$	21,629	$	—

See Notes to Financial Statements

35

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Gaming ETF			Green Infrastructure ETF			Pharmaceutical ETF			Retail ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	49,994,485		$	1,799,124		$	428,877,905		$	154,875,945
Short-term investments held as collateral for securities loaned (3)		193			136,137			18,206,223			—
Cash		—			1,254			268,391			—
Cash denominated in foreign currency, at value (4)		983,932			—			—			—
Receivables:
Investment securities sold		—			—			—			240,644
Dividends and interest		123,252			1,316			1,062,967			29,057
Prepaid expenses		2,491			—			—			—
Other assets		—			—			799			—
Total assets		51,104,353			1,937,831			448,416,285			155,145,646
Liabilities:
Payables:
Investment securities purchased		103,176			—			—			447,837
Collateral for securities loaned		193			136,137			18,206,223			—
Line of credit		975,249			—			—			—
Due to Adviser		17,560			691			125,571			44,987
Due to custodian		—			—			—			73,251
Deferred Trustee fees		9,250			—			36,037			10,259
Accrued expenses		69,722			—			2,158			—
Total liabilities		1,175,150			136,828			18,369,989			576,334
NET ASSETS	$	49,929,203		$	1,801,003		$	430,046,296		$	154,569,312
Shares outstanding		1,250,000			75,000			5,388,138			921,531
Net asset value, redemption and offering price per share	$	39.94		$	24.01		$	79.81		$	167.73
Net Assets consist of:
Aggregate paid in capital	$	90,456,850		$	1,967,072		$	608,162,970		$	195,128,877
Total distributable earnings (loss)		(40,527,647	)		(166,069	)		(178,116,674	)		(40,559,565	)
NET ASSETS	$	49,929,203		$	1,801,003		$	430,046,296		$	154,569,312
(1) Value of securities on loan	$	1,644,613		$	371,984		$	44,033,459		$	2,404,518
(2) Cost of investments - Unaffiliated issuers	$	64,453,731		$	1,927,399		$	461,858,668		$	167,279,707
(3) Cost of short-term investments held as collateral for securities loaned	$	193		$	136,137		$	18,206,223		$	—
(4) Cost of cash denominated in foreign currency	$	1,019,661		$	—		$	—		$	—

See Notes to Financial Statements

36

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Robotics ETF			Semiconductor ETF (a)			Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,637,251		$	9,392,667,414		$	242,638,078
Short-term investments held as collateral for securities loaned (3)		25,689			18,281,891			86,333
Cash		—			15,816			—
Cash denominated in foreign currency, at value (4)		1,352			—			—
Receivables:
Investment securities sold		—			115,547,968			144,738
Shares of beneficial interest sold		—			259,725,330			—
Dividends and interest		4,039			6,902,542			311,099
Prepaid expenses		—			—			3,995
Total assets		2,668,331			9,793,140,961			243,184,243
Liabilities:
Payables:
Investment securities purchased		—			259,747,319			—
Shares of beneficial interest redeemed		—			115,537,763			—
Collateral for securities loaned		25,689			18,281,891			86,333
Line of credit		—			2,681,978			285,897
Due to Adviser		1,048			2,781,652			100,189
Due to custodian		6,301			—			10
Deferred Trustee fees		—			97,455			11,570
Accrued expenses		—			14,426			106,175
Total liabilities		33,038			399,142,484			590,174
NET ASSETS	$	2,635,293		$	9,393,998,477		$	242,594,069
Shares outstanding		75,000			64,791,874			4,700,000
Net asset value, redemption and offering price per share	$	35.14		$	144.99		$	51.62
Net Assets consist of:
Aggregate paid in capital	$	2,663,384		$	11,411,235,252		$	334,178,314
Total distributable earnings (loss)		(28,091	)		(2,017,236,775	)		(91,584,245	)
NET ASSETS	$	2,635,293		$	9,393,998,477		$	242,594,069
(1) Value of securities on loan	$	55,037		$	18,294,661		$	27,484,980
(2) Cost of investments - Unaffiliated issuers	$	2,720,418		$	10,532,247,320		$	270,337,698
(3) Cost of short-term investments held as collateral for securities loaned	$	25,689		$	18,281,891		$	86,333
(4) Cost of cash denominated in foreign currency	$	1,387		$	—		$	—

(a) Shares outstanding and the Net asset value, redemption and offering price per share have been adjusted to reflect the 2 for 1 share split that occurred on May 5, 2023.

See Notes to Financial Statements

37

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Biotech ETF			Digital Transformation ETF			Energy Income ETF			Environmental Services ETF
Income:
Dividends	$	3,854,084		$	5,049		$	983,575		$	629,342
Interest		12,061			8,161			488			11,622
Securities lending income		15,463			1,125,198			—			395,896
Foreign taxes withheld		—			(757	)		(83,604	)		(8,263	)
Total income		3,881,608			1,137,651			900,459			1,028,597
Expenses:
Management fees		1,720,048			171,468			141,251			367,860
Professional fees		—			—			—			46,129
Custody and accounting fees		—			—			—			26,123
Reports to shareholders		—			—			—			19,116
Trustees’ fees and expenses		—			—			—			2,020
Registration fees		—			—			—			6,236
Insurance		—			—			—			3,961
Interest		12,555			1,927			3,777			696
Other		—			—			—			731
Total expenses		1,732,603			173,395			145,028			472,872
Waiver of management fees		—			—			—			(67,530	)
Net expenses		1,732,603			173,395			145,028			405,342
Net investment income		2,149,005			964,256			755,431			623,255
Net realized gain (loss) on:
Investments		(29,863,524	)		(30,735,200	)		1,546,628			(2,795,898	)
In-kind redemptions		43,634,399			2,117,658			1,515,851			5,522,474
Foreign currency transactions and foreign denominated assets and liabilities		—			1,059			(1,163	)		(30	)
Net realized gain (loss)		13,770,875			(28,616,483	)		3,061,316			2,726,546
Net change in unrealized appreciation (depreciation) on:
Investments		29,952,104			28,753,879			1,699,802			2,443,348
Foreign currency translations and foreign denominated assets and liabilities		—			10			336			—
Net change in unrealized appreciation (depreciation)		29,952,104			28,753,889			1,700,138			2,443,348
Net Increase in Net Assets Resulting from Operations	$	45,871,984		$	1,101,662		$	5,516,885		$	5,793,149

See Notes to Financial Statements

38

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Gaming ETF			Green Infrastructure ETF (a)			Pharmaceutical ETF			Retail ETF
Income:
Dividends	$	1,406,549		$	15,960		$	10,563,459		$	1,960,645
Interest		962			44			4,974			2,272
Securities lending income		23,046			4,329			192,550			1,790
Foreign taxes withheld		(42,483	)		(209	)		(370,319	)		—
Total income		1,388,074			20,124			10,390,664			1,964,707
Expenses:
Management fees		405,066			6,275			1,598,103			533,025
Professional fees		47,053			—			—			—
Custody and accounting fees		50,378			—			—			—
Reports to shareholders		25,240			—			—			—
Trustees’ fees and expenses		3,364			—			—			—
Registration fees		4,116			—			—			—
Insurance		4,065			—			—			—
Interest		60,358			98			51,746			2,253
Other		1,586			—			—			—
Total expenses		601,226			6,373			1,649,849			535,278
Waiver of management fees		(14,282	)		—			—			—
Net expenses		586,944			6,373			1,649,849			535,278
Net investment income		801,130			13,751			8,740,815			1,429,429
Net realized gain (loss) on:
Investments		(4,235,560	)		(48,550	)		(25,289,886	)		(11,866,279	)
In-kind redemptions		7,274,812			78,046			54,604,739			6,316,345
Foreign currency transactions and foreign denominated assets and liabilities		(34,610	)		—			—			—
Net realized gain (loss)		3,004,642			29,496			29,314,853			(5,549,934	)
Net change in unrealized appreciation (depreciation) on:
Investments		14,201,701			(128,274	)		54,260,353			17,476,048
Foreign currency translations and foreign denominated assets and liabilities		33,275			—			—			—
Net change in unrealized appreciation (depreciation)		14,234,976			(128,274	)		54,260,353			17,476,048
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,040,748		$	(85,027	)	$	92,316,021		$	13,355,543

(a) For the period October 19, 2022 (commencement of operations) through September 30, 2023.

See Notes to Financial Statements

39

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Robotics ETF (a)			Semiconductor ETF			Video Gaming and eSports ETF
Income:
Dividends	$	11,040		$	102,705,831		$	3,808,667
Interest		7			82,427			1,955
Securities lending income		81			81,160			370,373
Foreign taxes withheld		(870	)		(5,284,183	)		(199,081	)
Total income		10,258			97,585,235			3,981,914
Expenses:
Management fees		5,375			27,780,972			1,364,139
Professional fees		—			—			56,662
Custody and accounting fees		—			—			55,009
Reports to shareholders		—			—			78,624
Trustees’ fees and expenses		—			—			8,394
Registration fees		—			—			4,124
Insurance		—			—			10,979
Interest		—			139,018			40,293
Other		—			—			2,726
Total expenses		5,375			27,919,990			1,620,950
Waiver of management fees		—			—			(80,104	)
Net expenses		5,375			27,919,990			1,540,846
Net investment income		4,883			69,665,245			2,441,068
Net realized gain (loss) on:
Investments		50,475			(449,434,421	)		(37,558,543	)
In-kind redemptions		—			1,395,219,575			9,877,330
Foreign currency transactions and foreign denominated assets and liabilities		(244	)		—			(3,622	)
Net realized gain (loss)		50,231			945,785,154			(27,684,835	)
Net change in unrealized appreciation (depreciation) on:
Investments		(83,167	)		2,291,380,472			92,967,698
Foreign currency translations and foreign denominated assets and liabilities		(38	)		—			1,149
Net change in unrealized appreciation (depreciation)		(83,205	)		2,291,380,472			92,968,847
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(28,091	)	$	3,306,830,871		$	67,725,080

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

See Notes to Financial Statements

40

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Transformation ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	2,149,005		$	2,058,616		$	964,256		$	1,057,916
Net realized gain (loss)		13,770,875			(52,444,228	)		(28,616,483	)		(43,624,089	)
Net change in unrealized appreciation (depreciation)		29,952,104			(130,892,741	)		28,753,889			(23,668,522	)
Net increase (decrease) in net assets resulting from operations		45,871,984			(181,278,353	)		1,101,662			(66,234,695	)
Distributions to shareholders from:
Distributable earnings		(2,299,941	)		(1,180,281	)		—			(4,600,120	)
Share transactions*:
Proceeds from sale of shares		146,025,652			91,504,466			16,892,224			61,030,371
Cost of shares redeemed		(152,922,723	)		(84,861,837	)		(4,679,909	)		(5,876,037	)
Increase (decrease) in net assets resulting from share transactions		(6,897,071	)		6,642,629			12,212,315			55,154,334
Total increase (decrease) in net assets		36,674,972			(175,816,005	)		13,313,977			(15,680,481	)
Net Assets, beginning of year		414,304,408			590,120,413			29,936,021			45,616,502
Net Assets, end of year	$	450,979,380		$	414,304,408		$	43,249,998		$	29,936,021
*Shares of Common Stock Issued (no par value)
Shares sold		900,000			575,000			2,650,000			4,675,000
Shares redeemed		(950,000	)		(550,000	)		(775,000	)		(625,000	)
Net increase (decrease)		(50,000	)		25,000			1,875,000			4,050,000

See Notes to Financial Statements

41

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Energy Income ETF						Environmental Services ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	755,431		$	568,885		$	623,255		$	279,256
Net realized gain		3,061,316			2,265,596			2,726,546			6,351,893
Net change in unrealized appreciation (depreciation)		1,700,138			(1,867,199	)		2,443,348			(13,919,150	)
Net increase (decrease) in net assets resulting from operations		5,516,885			967,282			5,793,149			(7,288,001	)
Distributions to shareholders from:
Distributable earnings		(674,492	)		(502,535	)		(284,988	)		(200,016	)
Return of capital		(596,281	)		(607,866	)		—			—
Total distributions		(1,270,773	)		(1,110,401	)		(284,988	)		(200,016	)
Share transactions*:
Proceeds from sale of shares		7,944,408			12,633,846			24,471,616			39,446,432
Cost of shares redeemed		(6,231,606	)		(5,671,728	)		(20,455,468	)		(31,337,177	)
Increase in net assets resulting from share transactions		1,712,802			6,962,118			4,016,148			8,109,255
Total increase in net assets		5,958,914			6,818,999			9,524,309			621,238
Net Assets, beginning of year		30,675,590			23,856,591			67,914,787			67,293,549
Net Assets, end of year	$	36,634,504		$	30,675,590		$	77,439,096		$	67,914,787
*Shares of Common Stock Issued (no par value)
Shares sold		125,000			200,000			160,000			270,000
Shares redeemed		(100,000	)		(100,000	)		(140,000	)		(220,000	)
Net increase		25,000			100,000			20,000			50,000

See Notes to Financial Statements

42

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gaming ETF						Green Infrastructure ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Period Ended September 30, 2023 (a)
Operations:
Net investment income	$	801,130		$	528,065		$	13,751
Net realized gain (loss)		3,004,642			(3,103,779	)		29,496
Net change in unrealized appreciation (depreciation)		14,234,976			(29,429,928	)		(128,274	)
Net increase (decrease) in net assets resulting from operations		18,040,748			(32,005,642	)		(85,027	)
Distributions to shareholders from:
Distributable earnings		(424,958	)		(725,005	)		(3,000	)
Share transactions*:
Proceeds from sale of shares		33,573,611			6,562,409			2,535,936
Cost of shares redeemed		(61,822,546	)		(31,658,817	)		(646,906	)
Increase (decrease) in net assets resulting from share transactions		(28,248,935	)		(25,096,408	)		1,889,030
Total increase (decrease) in net assets		(10,633,145	)		(57,827,055	)		1,801,003
Net Assets, beginning of period		60,562,348			118,389,403			—
Net Assets, end of period	$	49,929,203		$	60,562,348		$	1,801,003
*Shares of Common Stock Issued (no par value)
Shares sold		825,000			150,000			100,000
Shares redeemed		(1,425,000	)		(750,000	)		(25,000	)
Net increase (decrease)		(600,000	)		(600,000	)		75,000

(a) For the period October 19, 2022 (commencement of operations) through September 30, 2023.

See Notes to Financial Statements

43

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Pharmaceutical ETF						Retail ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	8,740,815		$	7,412,381		$	1,429,429		$	1,698,794
Net realized gain (loss)		29,314,853			14,321,637			(5,549,934	)		4,533,155
Net change in unrealized appreciation (depreciation)		54,260,353			(79,556,497	)		17,476,048			(26,338,540	)
Net increase (decrease) in net assets resulting from operations		92,316,021			(57,822,479	)		13,355,543			(20,106,591	)
Distributions to shareholders from:
Distributable earnings		(8,998,067	)		(6,817,403	)		(1,700,040	)		(1,850,009	)
Share transactions*:
Proceeds from sale of shares		673,169,628			723,658,357			33,356,739			67,184,294
Cost of shares redeemed		(850,179,679	)		(454,218,449	)		(40,875,022	)		(134,470,494	)
Increase (decrease) in net assets resulting from share transactions		(177,010,051	)		269,439,908			(7,518,283	)		(67,286,200	)
Total increase (decrease) in net assets		(93,692,097	)		204,800,026			4,137,220			(89,242,800	)
Net Assets, beginning of year		523,738,393			318,938,367			150,432,092			239,674,892
Net Assets, end of year	$	430,046,296		$	523,738,393		$	154,569,312		$	150,432,092
*Shares of Common Stock Issued (no par value)
Shares sold		8,700,000			9,450,000			200,000			350,000
Shares redeemed		(11,100,000	)		(6,050,000	)		(250,000	)		(750,000	)
Net increase (decrease)		(2,400,000	)		3,400,000			(50,000	)		(400,000	)

See Notes to Financial Statements

44

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Robotics ETF			Semiconductor ETF (a)
	Period Ended September 30, 2023 (b)			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	4,883		$	69,665,245		$	62,808,505
Net realized gain		50,231			945,785,154			657,047,620
Net change in unrealized appreciation (depreciation)		(83,205	)		2,291,380,472			(3,277,654,394	)
Net increase (decrease) in net assets resulting from operations		(28,091	)		3,306,830,871			(2,557,798,269	)
Distributions to shareholders from:
Distributable earnings		—			(70,999,820	)		(38,500,125	)
Share transactions*:
Proceeds from sale of shares		2,663,384			22,043,690,438			29,465,480,838
Cost of shares redeemed		—			(21,517,123,914	)		(27,175,192,549	)
Increase in net assets resulting from share transactions		2,663,384			526,566,524			2,290,288,289
Total increase (decrease) in net assets		2,635,293			3,762,397,575			(306,010,105	)
Net Assets, beginning of period		—			5,631,600,902			5,937,611,007
Net Assets, end of period	$	2,635,293		$	9,393,998,477		$	5,631,600,902
*Shares of Common Stock Issued (no par value)
Shares sold		75,000			179,150,000			232,100,000
Shares redeemed		—			(175,200,000	)		(217,600,000	)
Net increase		75,000			3,950,000			14,500,000

(a)	Share activity has been adjusted to reflect the 2 for 1 share split which took place on May 5, 2023.
(b)	For the period April 6, 2023 (commencement of operations) through September 30, 2023.

See Notes to Financial Statements

45

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Video Gaming and eSports ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	2,441,068		$	2,378,852
Net realized gain (loss)		(27,684,835	)		11,309,332
Net change in unrealized appreciation (depreciation)		92,968,847			(172,516,427	)
Net increase (decrease) in net assets resulting from operations		67,725,080			(158,828,243	)
Distributions to shareholders from:
Distributable earnings		(2,252,275	)		(20,504,040	)
Share transactions*:
Proceeds from sale of shares		2,456,645			24,147,755
Cost of shares redeemed		(87,599,100	)		(213,552,026	)
Decrease in net assets resulting from share transactions		(85,142,455	)		(189,404,271	)
Total decrease in net assets		(19,669,650	)		(368,736,554	)
Net Assets, beginning of year		262,263,719			631,000,273
Net Assets, end of year	$	242,594,069		$	262,263,719
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			400,000
Shares redeemed		(1,800,000	)		(3,650,000	)
Net decrease		(1,750,000	)		(3,250,000	)

See Notes to Financial Statements

46

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Biotech ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$140.61			$201.99			$162.01			$118.04			$136.11
Net investment income (a)		0.70			0.69			0.42			0.59			0.39
Net realized and unrealized gain (loss) on investments		15.14			(61.67	)		40.17			43.85			(17.91	)
Total from investment operations		15.84			(60.98	)		40.59			44.44			(17.52	)
Distributions from:
Net investment income		(0.75	)		(0.40	)		(0.61	)		(0.47	)		(0.55	)
Net asset value, end of year		$155.70			$140.61			$201.99			$162.01			$118.04
Total return (b)		11.24	%		(30.24	)%		25.13	%		37.71	%		(12.84	)%
Ratios to average net assets
Gross expenses (c)		0.35	%		0.35	%		0.38	%		0.39	%		0.40	%
Net expenses (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.44	%		0.42	%		0.23	%		0.40	%		0.31	%
Supplemental data
Net assets, end of year (in millions)		$451			$414			$590			$485			$318
Portfolio turnover rate (d)		18	%		24	%		41	%		40	%		24	%

(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)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

47

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF
	Year Ended September 30,
	2023			2022			Period Ended September 30, 2021(a)
Net asset value, beginning of period		$4.95			$22.81			$35.25
Net investment income (b)		0.15			0.26			—	(c)
Net realized and unrealized gain (loss) on investments		0.36			(16.24	)		(12.44	)
Total from investment operations		0.51			(15.98	)		(12.44	)
Distributions from:
Net investment income		—			(1.88	)		—
Net asset value, end of period		$5.46			$4.95			$22.81
Total return (d)		10.29	%		(76.33	)%		(35.30	)%(e)
Ratios to average net assets
Expenses		0.51	%		0.50	%		0.58	%(f)
Expenses excluding interest and taxes		0.50	%		0.50	%		N/A
Net investment income		2.81	%		2.28	%		0.02	%(f)
Supplemental data
Net assets, end of period (in millions)		$43			$30			$46
Portfolio turnover rate (g)		57	%		74	%		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

48

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Energy Income ETF(a)
	Year Ended September 30,									Period			Year Ended November 30,
	2023			2022			2021			Ended September 30, 2020(b)			2019			2018
Net asset value, beginning of year		$56.84			$54.25			$34.29			$51.20			$58.32			$68.49
Net investment income (loss) (c)		1.51			1.17			1.15			0.76			(0.39	)		0.09
Net realized and unrealized gain (loss) on investments		9.04			3.67			21.90			(15.58	)		(1.42	)		(4.44	)
Total from investment operations		10.55			4.84			23.05			(14.82	)		(1.81	)		(4.35	)
Distributions from:
Net investment income		(1.34	)		(1.02	)		(1.37	)		—			(1.77	)		—
Return of capital		(1.18	)		(1.23	)		(1.72	)		(2.09	)		(3.54	)		(5.82	)
Total distributions		(2.52	)		(2.25	)		(3.09	)		(2.09	)		(5.31	)		(5.82	)
Net asset value, end of year		$64.87			$56.84			$54.25			$34.29			$51.20			$58.32
Total return (d)		18.70	%		8.79	%		68.88	%		(29.74	)%(e)		(3.66	)%		(7.16	)%
Ratios to average net assets
Expenses		0.46	%		0.48	%		0.46	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)
Expenses excluding interest and taxes		0.45	%		0.45	%		0.45	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)
Net investment income (loss)		2.41	%		1.95	%		2.43	%		2.17	%(f)(j)		(0.68	)%(h)		0.13	%(i)
Supplemental data
Net assets, end of year (in millions)		$37			$31			$24			$20			$52			$45
Portfolio turnover rate (k)		23	%		21	%		24	%		24	%(e)		106	%		34	%

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed its fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns 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)	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.
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	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.
(k)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

49

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Environmental Services ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$130.61			$143.18			$99.41			$104.25			$96.64
Net investment income (a)		1.24			0.56			0.36			0.46			0.46
Net realized and unrealized gain (loss) on investments		12.12			(12.76	)		43.80			(4.83	)		7.47
Total from investment operations		13.36			(12.20	)		44.16			(4.37	)		7.93
Distributions from:
Net investment income		(0.56	)		(0.37	)		(0.39	)		(0.47	)		(0.32	)
Net asset value, end of year		$143.41			$130.61			$143.18			$99.41			$104.25
Total return (b)		10.25	%		(8.56	)%		44.50	%		(4.23	)%		8.30	%
Ratios to average net assets
Gross expenses		0.64	%		0.62	%		0.71	%		0.85	%		0.81	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.85	%		0.39	%		0.27	%		0.47	%		0.47	%
Supplemental data
Net assets, end of year (in millions)		$77			$68			$67			$31			$36
Portfolio turnover rate (c)		22	%		35	%		21	%		38	%		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

50

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gaming ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$32.74			$48.32			$39.14			$36.61			$39.76
Net investment income (a)		0.42			0.25			0.16			0.51			1.07
Net realized and unrealized gain (loss) on investments		6.95			(15.48	)		9.24			3.25			(3.09	)
Total from investment operations		7.37			(15.23	)		9.40			3.76			(2.02	)
Distributions from:
Net investment income		(0.17	)		(0.35	)		(0.22	)		(1.23	)		(1.13	)
Net asset value, end of year		$39.94			$32.74			$48.32			$39.14			$36.61
Total return (b)		22.55	%		(31.72	)%		24.06	%		10.03	%		(4.73	)%
Ratios to average net assets
Gross expenses		0.74	%		0.65	%		0.62	%		0.92	%		0.94	%
Net expenses		0.72	%		0.65	%		0.62	%		0.65	%		0.66	%
Net expenses excluding interest and taxes		0.65	%		0.63	%		0.62	%		0.65	%		0.65	%
Net investment income		0.99	%		0.63	%		0.32	%		1.41	%		2.92	%
Supplemental data
Net assets, end of year (in millions)		$50			$61			$118			$55			$24
Portfolio turnover rate (c)		15	%		16	%		20	%		29	%		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

51

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Infrastructure ETF
	Period Ended September 30, 2023(a)
Net asset value, beginning of period		$25.50
Net investment income (b)		0.24
Net realized and unrealized loss on investments		(1.67	)
Total from investment operations		(1.43	)
Distributions from:
Net investment income		(0.06	)
Net asset value, end of period		$24.01
Total return (c)		(5.62	)%(d)
Ratios to average net assets
Expenses		0.46	%(e)
Expenses excluding interest and taxes		0.45	%(e)
Net investment income		0.99	%(e)
Supplemental data
Net assets, end of period (in millions)		$2
Portfolio turnover rate (f)		12	%(d)

(a)	For the period October 19, 2022 (commencement of operations) through September 30, 2023.
(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

52

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Pharmaceutical ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$67.25			$72.68			$62.08			$56.93			$64.37
Net investment income (a)		1.47			1.32			1.29			1.06			1.04
Net realized and unrealized gain (loss) on Investments		12.65			(5.44	)		10.46			5.14			(7.37	)
Total from investment operations		14.12			(4.12	)		11.75			6.20			(6.33	)
Distributions from:
Net investment income		(1.56	)		(1.31	)		(1.15	)		(1.05	)		(1.11	)
Net asset value, end of year		$79.81			$67.25			$72.68			$62.08			$56.93
Total return (b)		21.14	%		(5.91	)%		19.10	%		11.02	%		(9.88	)%
Ratios to average net assets
Gross expenses (c)		0.36	%		0.36	%		0.40	%		0.42	%		0.43	%
Net expenses (c)		0.36	%		0.36	%		0.35	%		0.35	%		0.36	%
Net expenses excluding interest and taxes (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.91	%		1.74	%		1.85	%		1.74	%		1.77	%
Supplemental data
Net assets, end of year (in millions)		$430			$524			$319			$235			$142
Portfolio turnover rate (d)		22	%		23	%		20	%		18	%		21	%

(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)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

53

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Retail ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$154.84			$174.75			$148.87			$114.49			$111.44
Net investment income (a)		1.56			1.52			1.54			1.22			1.31
Net realized and unrealized gain (loss) on investments		13.17			(19.92	)		25.34			34.25			2.72
Total from investment operations		14.73			(18.40	)		26.88			35.47			4.03
Distributions from:
Net investment income		(1.84	)		(1.51	)		(1.00	)		(1.09	)		(0.98	)
Net asset value, end of year		$167.73			$154.84			$174.75			$148.87			$114.49
Total return (b)		9.58	%		(10.69	)%		18.13	%		31.22	%		3.82	%
Ratios to average net assets
Gross expenses (c)		0.35	%		0.35	%		0.42	%		0.47	%		0.48	%
Net expenses (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.94	%		0.86	%		0.92	%		0.96	%		1.25	%
Supplemental data
Net assets, end of year (in millions)		$155			$150			$240			$182			$71
Portfolio turnover rate (d)		20	%		14	%		12	%		12	%		9	%

(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)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

54

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Robotics ETF
	Period Ended September 30, 2023(a)
Net asset value, beginning of period		$34.39
Net investment income (b)		0.08
Net realized and unrealized gain on investments		0.67
Total from investment operations		0.75
Net asset value, end of period		$35.14
Total return (c)		2.18	%(d)
Ratios to average net assets
Expenses		0.47	%(e)
Net investment income		0.43	%(e)
Supplemental data
Net assets, end of period (in millions)		$3
Portfolio turnover rate (f)		13	%(d)

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

55

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Semiconductor ETF(a)
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$92.56			$128.13			$87.22			$59.57			$53.21
Net investment income (b)		1.11			1.07			0.86			0.94			0.88
Net realized and unrealized gain (loss) on investments		52.52			(35.85	)		40.80			27.77			6.30
Total from investment operations		53.63			(34.78	)		41.66			28.71			7.18
Distributions from:
Net investment income		(1.20	)		(0.79	)		(0.75	)		(1.06	)		(0.82	)
Net asset value, end of year		$144.99			$92.56			$128.13			$87.22			$59.57
Total return (c)		58.49	%		(27.40	)%		47.94	%		48.60	%		14.09	%
Ratios to average net assets
Gross expenses (d)		0.35	%		0.35	%		0.36	%		0.37	%		0.39	%
Net expenses (d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.88	%		0.85	%		0.72	%		1.31	%		1.68	%
Supplemental data
Net assets, end of year (in millions)		$9,394			$5,632			$5,938			$2,646			$1,361
Portfolio turnover rate (e)		18	%		22	%		20	%		14	%		19	%

(a)	On May 5, 2023, the Fund effected a 2 for 1 share split. Per share data has been adjusted to reflect the share split.
(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)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

56

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Video Gaming and eSports ETF
	Year Ended September 30,												Period
	2023			2022			2021			2020			Ended September 30, 2019(a)
Net asset value, beginning of period		$40.66			$65.05			$61.36			$33.74			$30.88
Net investment income (b)		0.44			0.31			0.04			0.03			0.12
Net realized and unrealized gain (loss) on investments		10.91			(22.47	)		3.73			27.67			2.75
Total from investment operations		11.35			(22.16	)		3.77			27.70			2.87
Distributions from:
Net investment income		(0.39	)		(0.05	)		(0.08	)		(0.08	)		(0.01	)
Net realized capital gains		—			(2.18	)		—			—			—
Total distributions		(0.39	)		(2.23	)		(0.08	)		(0.08	)		(0.01	)
Net asset value, end of period		$51.62			$40.66			$65.05			$61.36			$33.74
Total return (c)		28.11	%		(35.42	)%		6.15	%		82.25	%		9.31	%(d)
Ratios to average net assets
Gross expenses		0.59	%		0.56	%		0.55	%		0.58	%		0.99	%(e)
Net expenses		0.56	%		0.56	%		0.55	%		0.55	%		0.55	%(e)
Net expenses excluding interest and taxes		0.55	%		0.55	%		N/A			N/A			N/A
Net investment income		0.89	%		0.52	%		0.06	%		0.06	%		0.38	%(e)
Supplemental data
Net assets, end of period (in millions)		$243			$262			$631			$522			$39
Portfolio turnover rate (f)		30	%		35	%		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

57

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

 September 30, 2023

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

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

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

Fund	Index
Biotech ETF	MVIS® US Listed Biotech 25 Index
Digital Transformation ETF	MVIS Global Digital Assets Equity Index
Energy Income ETF	MVIS® North America Energy Infrastructure Index
Environmental Services ETF	NYSE Arca Environmental Services Index
Gaming ETF	MVIS® Global Gaming Index
Green Infrastructure ETF	Indxx US Green Infrastructure-MCAP Weighted Index
Pharmaceutical ETF	MVIS® US Listed Pharmaceutical 25 Index
Retail ETF	MVIS® US Listed Retail 25 Index
Robotics ETF	BlueStar Robotics Index
Semiconductor ETF	MVIS® US Listed Semiconductor 25 Index
Video Gaming and eSports ETF	MVIS® Global Video Gaming & eSports Index

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

Effective December 2, 2019, the Energy Income ETF federal tax status changed from a taxable C-Corporation into a regulated investment company (“RIC”) and the unitary management fee rate changed from 0.82% to 0.45%. In September 2020, the Board of Trustees (“Trustees”) approved changing the Energy Income ETF’s fiscal year-end from November 30 to September 30.

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

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

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in

58

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

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADR’s”) and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Trustees has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the 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.

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.

59

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

B.	Federal Income Taxes— It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
C.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income on Energy Income ETF and 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.
E.	Restricted Securities— The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
F.	Master Limited Partnerships— The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships (“MLPs”) receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, 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.
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, 2023, 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).

60

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 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, 2024, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the year ended September 30, 2023, are as follows:

Fund	Management Fees			Expense Limitations
Environmental Services ETF		0.50	%		0.55	%
Gaming ETF		0.50			0.65
Video Gaming and eSports ETF		0.50			0.55

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

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

Fund	Unitary Management Fee Rate
Biotech ETF		0.35	%
Digital Transformation ETF		0.50
Energy Income ETF		0.45
Green Infrastructure ETF		0.45
Pharmaceutical ETF		0.35
Retail ETF		0.35
Robotics ETF		0.47
Semiconductor ETF		0.35

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

At September 30, 2023, the Adviser owned approximately 5% of Digital Transformation ETF.

61

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 4—Capital Share Transactions— As of September 30, 2023, 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, 2023, 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	$	95,513,704	$	89,125,673	$	145,977,091	$	159,815,647
Digital Transformation ETF		20,944,329		19,798,737		16,883,210		4,680,830
Energy Income ETF		7,780,928		7,336,604		7,944,721		6,227,907
Environmental Services ETF		17,955,291		15,818,380		24,477,057		22,357,353
Gaming ETF		11,950,119		12,482,620		31,549,212		58,880,655
Green Infrastructure ETF		175,164		495,286		2,535,559		315,484
Pharmaceutical ETF		102,631,445		102,986,044		673,116,561		849,049,786
Retail ETF		30,635,932		31,775,544		33,362,274		39,635,085
Robotics ETF		338,738		329,330		2,660,385		—
Semiconductor ETF		1,465,754,117		1,447,080,564		22,051,581,514		21,543,202,466
Video Gaming and eSports ETF		81,753,585		86,374,714		2,346,630		82,865,571

Note 6—Income Taxes— As of September 30, 2023, 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		$473,065,193		$40,652,524		$(63,350,209	)		$(22,697,685	)
Digital Transformation ETF		61,975,522		6,570,330		(15,858,791	)		(9,288,461	)
Energy Income ETF		33,873,531		5,047,078		(2,349,280	)		2,697,798
Environmental Services ETF		81,832,736		4,326,796		(6,829,205	)		(2,502,409	)
Gaming ETF		65,343,413		1,066,542		(16,415,277	)		(15,348,735	)
Green Infrastructure ETF		2,063,081		135,398		(263,218	)		(127,820	)
Pharmaceutical ETF		480,087,970		9,644,252		(42,648,094	)		(33,003,842	)
Retail ETF		167,300,269		13,652,181		(26,076,505	)		(12,424,324	)
Robotics ETF		2,748,883		146,966		(232,909	)		(85,943	)
Semiconductor ETF		10,551,283,052		165,065,229		(1,305,398,976	)		(1,140,333,747	)
Video Gaming and eSports ETF		279,470,609		34,881,932		(71,628,130	)		(36,746,198	)

62

At September 30, 2023, 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			Post-October Losses Deferred*			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Biotech ETF		$1,406,112		$(206,841,257	)		$–			$(64,926	)		$(22,697,685	)		$(228,197,756	)
Digital Transformation ETF		–		(69,912,777	)		(139,516	)		–			(9,288,474	)		(79,340,767	)
Energy Income ETF		–		(1,612,600	)		–			(722,924	)		2,697,428			361,904
Environmental Services ETF		527,982		(20,221,914	)		–			(3,894	)		(2,502,410	)		(22,200,236	)
Gaming ETF		684,807		(25,817,212	)		–			(9,250	)		(15,385,992	)		(40,527,647	)
Green Infrastructure ETF		10,306		(48,220	)		–			(336	)		(127,819	)		(166,069	)
Pharmaceutical ETF		1,888,610		(146,965,406	)		–			(36,037	)		(33,003,841	)		(178,116,674	)
Retail ETF		908,618		(29,033,600	)		–			(10,259	)		(12,424,324	)		(40,559,565	)
Robotics ETF		57,890		–			–			–			(85,981	)		(28,091	)
Semiconductor ETF		48,294,682		(925,100,255	)		–			(97,455	)		(1,140,333,747	)		(2,017,236,775	)
Video Gaming and eSports ETF		2,439,877		(57,256,150	)		–			(11,570	)		(36,756,402	)		(91,584,245	)

* Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the fund’s next taxable year.

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

	September 30, 2023				September 30, 2022
Fund	Ordinary Income*		Return of Capital		Ordinary Income*		Long-Term Capital Gains		Return of Capital
Biotech ETF		$2,299,941		$–		$1,180,281		$–		$–
Digital Transformation ETF		–		–		4,600,120		–		–
Energy Income ETF		674,492		596,281		502,535		–		607,866
Environmental Services ETF		284,988		–		200,016		–		–
Gaming ETF		424,958		–		725,005		–		–
Green Infrastructure ETF		3,000		–		–		–		–
Pharmaceutical ETF		8,998,067		–		6,817,403		–		–
Retail ETF		1,700,040		–		1,850,009		–		–
Semiconductor ETF		70,999,820		–		38,500,125		–		–
Video Gaming and eSports ETF		2,252,275		–		18,473,600		2,030,440		–

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

At September 30, 2023, the following Funds had capital loss carryforwards available to offset future capital gains:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Biotech ETF	$	(46,630,272	)	$	(160,210,985	)	$	(206,841,257	)
Digital Transformation ETF		(46,165,170	)		(23,747,607	)		(69,912,777	)
Environmental Services ETF		(7,536,970	)		(12,684,944	)		(20,221,914	)
Gaming ETF		(5,730,419	)		(20,086,793	)		(25,817,212	)
Green Infrastructure ETF		(48,215	)		(5	)		(48,220	)
Pharmaceutical ETF		(15,983,233	)		(130,982,173	)		(146,965,406	)
Retail ETF		(7,773,465	)		(21,260,135	)		(29,033,600	)

63

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Semiconductor ETF		(509,346,536	)		(415,753,719	)		(925,100,255	)
Video Gaming and eSports ETF		(1,305,248	)		(55,950,902	)		(57,256,150	)

At September 30, 2023, Energy Income ETF 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
9/30/2024	$	(1,612,600	)	$	–	$	(1,612,600	)

During the year ended September 30, 2023, $5,834,244 of Energy Income ETF capital loss carryover available from prior years expired un-utilized. Additionally, Energy Income ETF utilized $1,327,963 of its capital loss carryovers available from prior years.

During the year ended September 30, 2023, 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	$	(43,402,524	)	$	43,402,524
Digital Transformation ETF		294,334			(294,334	)
Energy Income ETF		4,200,645			(4,200,645	)
Environmental Services ETF		(5,499,457	)		5,499,457
Gaming ETF		(7,047,757	)		7,047,757
Green Infrastructure ETF		(78,042	)		78,042
Pharmaceutical ETF		(54,601,569	)		54,601,569
Retail ETF		(6,286,920	)		6,286,920
Semiconductor ETF		(1,394,967,747	)		1,394,967,747
Video Gaming and eSports ETF		(9,485,196	)		9,485,196

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, 2023, the Funds did not incur any interest or penalties.

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

64

a Fund is concentrated in a particular sector or industry, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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

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

The Green Infrastructure ETF may invest in securities of oil and gas companies whose profitability is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies’ securities can be extremely volatile. In addition, the Fund invests in green infrastructure companies and performance will be impacted on the overall condition of these companies. Green infrastructure related companies are subject to a variety of factors that may adversely affect their business such as higher interest costs, cost of compliance with changes in environmental and other regulations and uncertainty concerning the availability of energy.

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

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

65

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 a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

A unitary management fee was adopted on October 1, 2021, for Biotech ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through September 30, 2021. Digital Transformation ETF, Energy Income ETF, Green Infrastructure ETF and Robotics ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For Environmental Services ETF, Gaming ETF, and Video Gaming and eSports ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend 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, 2023 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, 2023.

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	7,078,655	$	–	$	7,278,575	$	7,278,575
Digital Transformation ETF		9,129,530		9,346,580		324,356		9,670,936
Environmental Services ETF		2,842,105		1,973,216		1,176,060		3,149,276
Gaming ETF		1,644,613		193		1,717,432		1,717,625
Green Infrastructure ETF		371,984		136,137		239,421		375,558
Pharmaceutical ETF		44,033,459		18,206,223		27,067,045		45,273,268
Retail ETF		2,404,518		–		2,457,080		2,457,080
Robotics ETF		55,037		25,689		30,789		56,478
Semiconductor ETF		18,294,661		18,281,891		414,655		18,696,546
Video Gaming and eSports ETF		27,484,980		86,333		27,657,847		27,744,180

66

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2023:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Digital Transformation ETF		$9,346,580
Environmental Services ETF		1,973,216
Gaming ETF		193
Green Infrastructure ETF		136,137
Pharmaceutical ETF		18,206,223
Robotics ETF		25,689
Semiconductor ETF		18,281,891
Video Gaming and eSports ETF		86,333

* 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, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Biotech ETF		186		$409,280		5.91	%
Digital Transformation ETF		79		94,435		6.25
Energy Income ETF		109		142,492		6.14
Environmental Services ETF		30		123,417		6.13
Gaming ETF		349		971,649		5.95
Green Infrastructure ETF		4		200,000		4.43
Pharmaceutical ETF		293		1,064,788		5.95
Retail ETF		49		170,128		5.95
Semiconductor ETF		174		4,752,733		5.94
Video Gaming and eSports ETF		330		696,349		6.01

Outstanding loan balances as of September 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Share Split— The Energy Income ETF executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020. The Semiconductor ETF executed a 2-for-1 share split for shareholders of record before the open of markets on May 5, 2023. The impacts of the share splits have been retroactively applied to each of the prior years presented in the financials highlights.

Note 12— New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored (unaudited) annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

67

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery).

These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

68

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck Biotech ETF (1) VanEck Digital Transformation ETF (1) VanEck Energy Income ETF (1) VanEck Environmental Services ETF (1) VanEck Gaming ETF (1) VanEck Green Infrastructure ETF (2)  VanEck Pharmaceutical ETF (1) VanEck Retail ETF (1) VanEck Robotics ETF (3) VanEck Semiconductor ETF (1) VanEck Video Gaming and eSports ETF (1)

(1) Statement of operations for the year ended September 30, 2023 and the statement of changes in net assets and financial highlights for the years ended September 30, 2023 and September 30, 2022.

(2) Statement of operations, statement of changes in net assets, and financial highlights for the period October 19, 2022 (commencement of operations) through September 30, 2023.

(3) Statement of operations, statement of changes in net assets, and financial highlights for the period April 6, 2023 (commencement of operations) through September 30, 2023.

The financial statements of the Funds as of and for the year or period ended September 30, 2021 and the financial highlights for each of the periods ended on or prior to September 30, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose reports dated November 19, 2021, except for the 2-for-1 share split described in Note 11, as to which the date is November 22, 2023, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

69

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

Our procedures included confirmation of securities owned as of September 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
November 22, 2023

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

70

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Semiconductor ETF and the Board of Trustees of VanEck ETF Trust

Opinion on the Financial Statements

We have audited the accompanying financial highlights of VanEck Semiconductor ETF (the “Fund”) (one of the series constituting VanEck ETF Trust (the “Trust”)) for each of the three years in the period ended September 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial highlights of the Fund for each of the three years in the period ended September 30, 2021, 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 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 audit 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 served as the auditor of one or more of the VanEck investment companies from 1999 to 2022.

New York, New York

November 19, 2021

except for the 2-for-1 share split described in Note 11, as to which the date is

November 22, 2023

71

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 2023 income tax purposes will be sent to them in early 2024. 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, 2023:

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		$0.7488		100.00	%		100.00	%		–	%		$–
Energy Income ETF		1.3393		100.00			64.19			–			–
Environmental Services ETF		0.5588		100.00			100.00			–			–
Gaming ETF		0.1683		82.11			6.92			53.51			0.0068
Green Infrastructure ETF		0.0600		100.00			100.00			–			–
Pharmaceutical ETF		1.5628		100.00			71.37			–			–
Retail ETF		1.8448		100.00			100.00			–			–
Semiconductor ETF †		2.4010		100.00			98.07			–			–
Video Gaming and eSports ETF		0.3917		100.00			11.41			93.55			0.0667

Fund	Return of Capital Per Share***
Energy Income ETF	$1.1821

* 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.

*** 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.

†	Distribution occurred prior to May 5, 2023, when the Fund effected a 2 for 1 share split.
Please retain this information for your records.

72

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

September 30, 2023 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees
David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	70	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	70	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	82	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	70	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	82	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	82	Director, National Committee on US-China Relations.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
5	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.

73

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information
Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	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.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

74

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

75

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited)

At a meeting held on June 8, 2023 (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, Durable High Dividend ETF (formerly, VanEck Morningstar Durable Dividend ETF), Energy Income ETF, Environmental Services ETF, Gaming ETF, Green Infrastructure ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Robotics 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 5, 2023. 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 registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of 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 has a different investment objective 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 Green Infrastructure ETF, Morningstar SMID Moat ETF and Robotics 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. 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 5, 2023 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, (i) (with respect to the VanEck Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF and Video Gaming and eSports ETF) (the “Non-Unitary Funds”) 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 and (ii) (with respect to all the other Funds) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, 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 Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various

76

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 registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Energy Income ETF, Gaming ETF and Video Gaming and eSports ETF each had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Green Infrastructure ETF had management fees equal to the average and below the median of its peer group of funds, and each of the VanEck Long/Flat Trend ETF, Morningstar International Moat ETF and Morningstar Wide Moat ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its respective 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, each of the VanEck Environmental Services ETF and Social Sentiment ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, each of the VanEck Energy Income ETF, Green Infrastructure ETF and Video Gaming and eSports ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, and each of the VanEck Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF and Morningstar Wide Moat ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective 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 fee waivers and/or expense limitations) 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 management 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, as applicable, 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 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 may 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 of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds 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

77

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited) (continued)

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 5, 2023 meeting as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each 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, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.

78

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	THEMATICAR

ANNUAL REPORT
September 30, 2023

Commodity Strategy ETF	PIT
Durable High Dividend ETF	DURA
Inflation Allocation ETF	RAAX
Long/Flat Trend ETF	LFEQ
Morningstar ESG Moat ETF	MOTE
Morningstar Global Wide Moat ETF	MOTG
Morningstar International Moat ETF	MOTI
Morningstar SMID Moat ETF	SMOT
Morningstar Wide Moat ETF	MOAT®
Social Sentiment ETF	BUZZ

800.826.2333 vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
Commodity Strategy ETF	7
Durable High Dividend ETF	8
Inflation Allocation ETF	9
Long/Flat Trend ETF	10
Morningstar ESG MoatETF	11
Morningstar Global Wide Moat ETF	12
Morningstar International Moat ETF	13
Morningstar SMID Moat ETF	14
Morningstar Wide Moat ETF	15
Social Sentiment ETF	16
About Fund Performance	17
Explanation of Expenses	18
Schedule of Investments
Commodity Strategy ETF	20
Durable High Dividend ETF	21
Inflation Allocation ETF	23
Long/Flat Trend ETF	25
Morningstar ESG Moat ETF	26
Morningstar Global Wide Moat ETF	28
Morningstar International Moat ETF	30
Morningstar SMID Moat ETF	33
Morningstar Wide Moat ETF	35
Social Sentiment ETF	37
Statements of Assets and Liabilities	39
Statements of Operations	42
Statements of Changes in Net Assets	45
Financial Highlights
Commodity Strategy ETF	50
Durable High Dividend ETF	51
Inflation Allocation ETF	52
Long/Flat Trend ETF	53
Morningstar ESG Moat ETF	54
Morningstar Global Wide Moat ETF	55
Morningstar International Moat ETF	56
Morningstar SMID Moat ETF	57
Morningstar Wide Moat ETF	58
Social Sentiment ETF	59
Notes to Financial Statements	60
Report of Independent Registered Public Accounting Firm	71
Tax Information	73
Board of Trustees and Officers	74
Approval of Investment Management Agreements	77

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, 2023.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—were negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.

Discussion

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

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

1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.1 trillion toward the end of September 2023.¹

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected.

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

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

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. This has obviously not been true for long-term bonds, which have lost money as their interest rates increased almost to short-term rates.

This waning period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends, Episode 113, released on October 13, 2023.

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

We thank you for investing with VanEck. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended September 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

October 16, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.³ Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, September 28, 2023, https://www.federalreserve.gov/releases/h41/20230928/
2	What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/
3	https://www.vaneck.com/us/en/subscribe/

2

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2023 (unaudited)

Market Review

Commodities

The VanEck Commodity Strategy ETF (PIT), launched on December 20, 2022, seeks to: (1) provide long-term capital appreciation by investing, primarily, in exchange-traded commodity futures contracts across the energy, precious metals, industrial metals, agriculture and livestock sectors; and (2) maximize risk-adjusted returns. The active investment strategy aims to outperform through commodity selection, roll yield enhancements, portfolio construction and risk management.

In the period since its launch on December 20, 2022 to September 30, 2023, the Fund gained 5.80% versus its benchmark, the Bloomberg Commodity Index Total Return, which lost 2.55%. The Fund outperformed due to good commodity selection (“allocation effect”), in the energy, agriculture, as well as industrial and precious metals segments of the portfolio. The selection effect, or placement on the futures curve, was a modest contributor to performance.

At the individual commodity level, the largest contributors to relative performance were underweight exposure and contract selection in natural gas, overweight exposure to sugar, and no exposure to wheat. The largest detractor from relative performance was underweight exposure to euro gas.

Durable High Dividend

The VanEck Durable High 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. 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 gained 12.91% over the 12 month period under review. The Fund’s focus on high yielding companies with strong financial health proved beneficial as it faced both volatile and unsettled markets during the financial year.

The information technology sector was by far the greatest contributor to performance. It was followed by the healthcare and consumer staples sectors. The two sectors that detracted from performance during the period were utilities and communication services. The consumer discretionary sector, while contributing positively to performance, contributed the least.

Inflation Allocation

In its pursuit of long-term total return, the VanEck Inflation Allocation ETF (RAAX) 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 funds 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 to September 30, 2023, the Fund gained 12.95%. The top performing segment of the portfolio was resource assets. This segment was led higher by its exposure to natural resource equities and commodities. The second highest performing segment of the portfolio was financial assets, as gold bullion and equities both generated solid returns during the period. Lastly, the income generating assets produced positive performance while experiencing dispersion across the sub-asset class mix. Specifically, infrastructure and MLPs both posted strong performance, while the negative impacts of higher interest rates and fears of an economic slowdown weighed heavily on publicly traded real estate.

Long/Flat Trend

The VanEck Long/Flat Trend ETF (LFEQ) gained 13.31% in the 12 month period ended September 30, 2023. 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 from Ned Davis

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

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^®1 industry 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.

While over the 12 months ended September 30, 2023, the Fund (and model) was victim to a number of violent bear market rallies to the upside with big downside reversals and continuing volatility, it ended the period in positive territory.

The model (and Fund) entered 2023 with a 50/50 allocation to cash and equities after the model’s breadth² score reached a low, which allowed for partial equity exposure. The beginning of 2023 started off strong as the market rallied the model and the Fund shifted to 100% equities as the breadth score moved back over the threshold of 50. However, broad markets became frothy causing the model’s breadth score to shift above and below the threshold of 50 triggering the Fund to shift subsequently between full equity and cash exposure four times and ending up 100% in equities in April of 2023 as markets stabilized. Most of this volatility was driven by continued concerns around interest rates, inflation and continued geopolitical risks.

Morningstar ESG Moat

The VanEck Morningstar ESG Moat ETF (MOTE) seeks to track as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® US Sustainability Moat Focus Index^SM. The index is a rules-based index intended to offer exposure to attractively priced U.S. companies with long-term competitive advantages, according to Morningstar, that have been screened for ESG risks.

Over the 12 month period to September 30, 2023, the Fund gained 16.97%. By far the largest positive contribution to performance came from the information technology sector. Thereafter, the financial and consumer discretionary sectors contributed the most. Only the materials and energy sectors detracted from performance. While still contributing positively, the consumer staples sector contributed the least positively to performance.

Morningstar Global Wide Moat

The VanEck Morningstar Global Wide Moat ETF (MOTG) 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. 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.

Benefiting from its focus on MOAT-rated companies and valuations, the Fund was provided with resilience in global markets and the VanEck Morningstar Global Wide Moat ETF gained 14.14% for the 12 month period under review.

By far the largest positive contribution to performance came from the information technology sector. Thereafter, the industrial and healthcare sectors contributed the most. The three sectors that detracted from performance were: materials, utilities and consumer discretionary. Companies in the U.S. contributed the most to performance, while those from Japan detracted the most therefrom.

Morningstar International Moat

Launched over eight years ago as a means to capture moat-based opportunities abroad, the 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. The index is intended to track the overall performance of wide and narrow moat rated companies in developed and

4

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.

As with the VanEck Morningstar Global Wide Moat ETF, its focus on MOAT-rated companies and valuations, provided the Fund with resilience in the period’s choppy and volatile markets and, for the 12 month period under review, the Fund gained 22.81%.

The three sectors providing the greatest positive contribution to performance were the financial, information technology and consumer discretionary sectors. While only the real estate sector detracted from performance, the materials and consumer staples sectors contributed the least. Companies in the Netherlands and U.K. contributed the most to performance. Those in Luxembourg and Israel detracted the most, but then only minimally.

Morningstar SMID Moat

Launched on October 4, 2022, the VanEck Morningstar SMID Moat ETF (SMOT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® US Small-Mid Cap Moat Focus Index^SM. The index is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar’s Equity Research team.

In the period it traded from inception to September 30, 2023 (just less than a year) the Fund gained 9.49%. The information technology, industrial and consumer discretionary sectors contributed the most to performance. Only two sectors detracted from performance: healthcare and utilities. The real estate sector contributed the least positively to performance.

Morningstar Wide Moat

The VanEck Morningstar Wide Moat ETF (MOAT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar^® Wide Moat Focus Index^SM. 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 team, 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 gained 27.98% over the 12 month period under review, helped, not least, by its focus on valuations and MOAT-rated companies. The primary drivers of performance were the Fund’s exposure to the information technology, industrial and communication services sectors with the information technology contributing by far the most. Only three sectors, utilities, materials and consumer staples, detracted from performance and, then, only minimally.

Social Sentiment

The VanEck Social Sentiment ETF (BUZZ) provides 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. The Fund 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.

The positive momentum associated with the strong market in 2023 had a generally positive effect on the Fund’s portfolio companies and the VanEck Social Sentiment ETF gained 21.46% over the 12 month period.

The primary driver of performance was the Fund’s exposure to the information technology sector. This was followed by its exposures to the communication services and financial sectors. The healthcare, materials and industrial sectors detracted the most from performance.

5

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

Returns based on NAV.

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

² The breadth score is the composite of Ned Davis’s underlying macro indicators that determine the health of the economy in a specific set of sectors. This overall score helps determine what the overall health of the market is.

³ Equity 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 U.S. Market Index (The index targets 97% of the market capitalization of the U.S. stock market) from the period 2/14/2007 (inception of the index) to 9/30/2023.

6

VANECK COMMODITY STRATEGY ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	BCOMTR1
Life*	5.79%	5.80%	(2.55)%

*	Inception of Fund: 12/20/22; First Day of Secondary Market Trading: 12/21/22.
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.

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 17 for more information.

7

VANECK DURABLE HIGH DIVIDEND ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUSDVTU1	SPTR2
One Year	12.77%	12.91%	13.28%	21.62%
Life*	6.95%	6.97%	7.28%	11.93%

*	Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.
1	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.

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 17 for more information.

8

VANECK INFLATION ALLOCATION ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	BCOMTR1
One Year	13.14%	12.95%	(1.30)%
Five Year	3.74%	3.78%	6.13%
Life*	3.59%	3.61%	5.14%

*	Inception 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.

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 17 for more information.

9

VANECK LONG/FLAT TREND ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	NDRCMGLF1	SPTR2
One Year	13.28%	13.31%	14.13%	21.62%
Five Year	7.19%	7.18%	7.88%	9.92%
Life*	8.18%	8.19%	8.89%	11.09%

*	Inception 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.

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 17 for more information. 

10

VANECK MORNINGSTAR ESG MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUSSMGU1	SPTR2
One Year	16.93%	16.97%	17.54%	21.62%
Life*	(3.46)%	(3.47)%	(3.01)%	0.94%

*	Inception of Fund: 10/5/21; First Day of Secondary Market Trading: 10/6/21.
1	Morningstar® US Sustainability Moat Focus IndexSM (MSUSSMGU) is a rules-based index intended to provide exposure to companies that Morningstar determines are attractively valued and have long-term competitive advantages while excluding those companies with high environmental, social and governance (“ESG”) risks.
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 17 for more information.

11

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSGWMFNU1	SPTR2
One Year	14.11%	14.14%	14.31%	21.62%
Life*	8.25%	8.29%	8.59%	11.93%

*	Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.
1	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.

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 17 for more information.

12

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MGEUMFUN1	SPTR2
One Year	23.53%	22.81%	22.94%	21.62%
Five Year	1.50%	1.42%	2.00%	9.92%
Life*	2.99%	3.00%	3.68%	11.13%

*	Inception 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.

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 17 for more information.

13

VANECK MORNINGSTAR SMID MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUMMFGU1	SPTR2
Life*	9.50%	9.49%	10.06%	15.02%

*	Inception of Fund: 10/4/22; First Day of Secondary Market Trading: 10/5/22.
1	Morningstar® US Small-Mid Cap Moat Focus IndexSM (MSUMMFGU) is a rules-based index intended to offer exposure to small- and mid-cap 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.

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 17 for more information. 

14

VANECK MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MWMFTR1	SPTR2
One Year	28.00%	27.98%	28.61%	21.62%
Five Year	11.68%	11.68%	12.23%	9.92%
Ten Year	12.30%	12.32%	12.89%	11.91%

1	Morningstar® Wide Moat Focus IndexSM (MWMFTR) 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 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 (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.

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 17 for more information.

15

VANECK SOCIAL SENTIMENT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	BUZZTR1	SPTR2
One Year	21.37%	21.46%	21.78%	21.62%
Life*	(16.99)%	(16.97)%	(16.68)%	5.69%

*	Inception 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.

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 17 for more information.

16

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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.

MSUSDVTU, MSUSSMGU, MSGWMFNU, MGEUMFUN, MSUMMFGU, and MWMFTR are published by Morningstar. NDRCMGLF is published by Ned Davis Research, Inc. (“NDR”). BUZZTR is published by BUZZ Holdings ULC.

BCOMTR is a broad-based benchmark published by Bloomberg Index Services Ltd. (Bloomberg). SPTR is a broad-based benchmark published by S&P Dow Jones Indices (S&P).

Morningstar, NDR, BUZZ Holdings ULC, Bloomberg, and S&P 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.

17

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, 2023 to September 30, 2023.

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, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2023 - September 30, 2023(a)
Commodity Strategy ETF
Actual	$1,000.00	$1,091.80	0.55%	$2.88
Hypothetical (b)	$1,000.00	$1,022.31	0.55%	$2.79
Durable High Dividend ETF
Actual	$1,000.00	$982.60	0.30%	$1.49
Hypothetical (b)	$1,000.00	$1,023.56	0.30%	$1.52
Inflation Allocation ETF
Actual	$1,000.00	$1,002.90	0.42%	$2.11
Hypothetical (b)	$1,000.00	$1,022.96	0.42%	$2.13
Long/Flat Trend ETF
Actual	$1,000.00	$1,039.70	0.65%	$3.32
Hypothetical (b)	$1,000.00	$1,021.81	0.65%	$3.29
Morningstar ESG Moat ETF
Actual	$1,000.00	$985.10	0.49%	$2.44
Hypothetical (b)	$1,000.00	$1,022.61	0.49%	$2.48
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$955.00	0.52%	$2.55
Hypothetical (b)	$1,000.00	$1,022.46	0.52%	$2.64
Morningstar International Moat ETF
Actual	$1,000.00	$937.70	0.59%	$2.87
Hypothetical (b)	$1,000.00	$1,022.11	0.59%	$2.99

18

	Beginning Account Value April 1, 2023	Ending Account Value September 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2023 - September 30, 2023(a)
Morningstar SMID Moat ETF
Actual	$1,000.00	$999.90	0.49%	$2.46
Hypothetical (b)	$1,000.00	$1,022.61	0.49%	$2.48
Morningstar Wide Moat ETF
Actual	$1,000.00	$1,026.60	0.47%	$2.39
Hypothetical (b)	$1,000.00	$1,022.71	0.47%	$2.38
Social Sentiment ETF
Actual	$1,000.00	$1,033.00	0.75%	$3.82
Hypothetical (b)	$1,000.00	$1,021.31	0.75%	$3.80

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses

19

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

	Par   (000’s		)	Value
Short-Term Investments: 94.3%
United States Treasury Obligations: 94.3%
United States Treasury Bill
5.23%, 10/17/23 (a)	$	4,601		$	4,590,902
5.30%, 10/24/23 (a)		4,714			4,698,815

	Par   (000’s		)	Value
United States Treasury Obligations (continued)
5.33%, 11/07/23 (a)	$	8,893		$	8,846,123
5.35%, 12/05/23 (a)		6,880			6,815,034
					24,950,874
Total Short-Term Investments: 94.3% (Cost: $24,947,939)					24,950,874
Other assets less liabilities: 5.7%					1,504,087
NET ASSETS: 100.0%				$	26,454,961

Footnotes:

(a) All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $3,910,069.

Futures Contracts

Reference Entity	Type	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Brent Crude Oil	Long	39	12/28/23	$	3,463,979	$	41,863
Copper	Long	23	12/27/23		2,149,063		(35,853	)
Corn	Long	37	09/13/24		931,013		(14,875	)
Gasoline RBOB	Long	26	11/30/23		2,565,763		(142,978	)
Gasoline RBOB	Long	8	09/30/24		749,314		(22,338	)
Gold 100 OZ	Long	17	12/27/23		3,172,370		(130,955	)
LME Zinc	Long	12	12/18/23		795,825		61,381
Natural Gas	Long	19	03/26/24		569,050		(32,916	)
NY Harbor ULSD	Long	13	03/28/24		1,559,267		267,538
NY Harbor ULSD	Long	11	11/30/23		1,458,904		100,953
Soybean	Long	19	11/14/23		1,211,250		(29,795	)
Soybean	Long	10	09/13/24		637,750		(6,548	)
Soybean Meal	Long	7	03/14/24		262,500		(13,312	)
Soybean Oil	Long	6	01/12/24		198,792		(24,420	)
Sugar No. 11	Long	95	04/30/24		2,687,664		206,103
WTI Crude Oil	Long	41	11/20/23		3,640,799		596,593
Net unrealized appreciation/(depreciation) on futures contracts						$	820,441

Summary of Investments by Sector	% of Investments			Value
Government		100.0	%	$	24,950,874

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	24,950,874	$	—	$	24,950,874
Other Financial Instruments:
Futures Contracts	$	820,441	$	—	$	—	$	820,441

See Notes to Financial Statements

20

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.4%
Banks: 5.1%
JPMorgan Chase & Co.		29,938	$	4,341,609
Capital Goods: 5.5%
Emerson Electric Co.		6,549		632,437
General Dynamics Corp.		2,883		637,056
Honeywell International, Inc.		8,027		1,482,908
L3Harris Technologies, Inc.		2,734		476,044
Lockheed Martin Corp.		3,467		1,417,864
MSC Industrial Direct Co., Inc.		845		82,937
				4,729,246
Commercial & Professional Services: 0.7%
Paychex, Inc.		4,845		558,774
Consumer Durables & Apparel: 0.3%
Garmin Ltd.		2,328		244,906
Consumer Services: 4.2%
McDonald’s Corp.		8,737		2,301,675
Starbucks Corp.		13,725		1,252,681
Wendy’s Co.		3,975		81,130
				3,635,486
Consumer Staples Distribution & Retail: 0.7%
Albertsons Cos, Inc.		2,269		51,620
Sysco Corp.		7,890		521,134
				572,754
Energy: 7.3%
Chevron Corp.		26,014		4,386,481
Diamondback Energy, Inc.		4,331		670,785
Kinder Morgan, Inc.		71,786		1,190,212
				6,247,478
Financial Services: 4.9%
BlackRock, Inc.		2,305		1,490,159
CME Group, Inc.		7,384		1,478,424
Cohen & Steers, Inc.		481		30,154
Evercore, Inc.		408		56,255
Federated Hermes, Inc.		1,455		49,281
Franklin Resources, Inc.		7,036		172,945
Invesco Ltd.		12,353		179,366
T Rowe Price Group, Inc.		5,268		552,455
Western Union Co.		15,045		198,293
				4,207,332
Food, Beverage & Tobacco: 17.6%
Altria Group, Inc.		83,352		3,504,952
Campbell Soup Co.		3,908		160,541
Conagra Brands, Inc.		11,884		325,859
General Mills, Inc.		10,710		685,333
Hormel Foods Corp.		4,577		174,063
Kellogg Co.		5,550		330,280
Keurig Dr. Pepper, Inc.		11,029		348,186
Kraft Heinz Co.		21,212		713,572
Mondelez International, Inc.		16,266		1,128,860
PepsiCo, Inc.		20,638		3,496,903
Philip Morris International, Inc.		45,595		4,221,185
				15,089,734
Health Care Equipment & Services: 4.5%
Abbott Laboratories		18,484		1,790,175
Medtronic Plc		24,338		1,907,126

	Number of Shares		Value
Health Care Equipment & Services (continued)
Quest Diagnostics, Inc.		1,303	$	158,784
				3,856,085
Household & Personal Products: 1.9%
Colgate-Palmolive Co.		11,804		839,382
Kimberly-Clark Corp.		6,740		814,529
				1,653,911
Insurance: 1.2%
American International Group, Inc.		8,745		529,947
Travelers Cos, Inc.		2,947		481,274
				1,011,221
Materials: 0.9%
Air Products and Chemicals, Inc.		2,759		781,901
Media & Entertainment: 2.9%
Comcast Corp.		56,396		2,500,599
Pharmaceuticals, Biotechnology & Life Sciences: 18.2%
Amgen, Inc.		9,705		2,608,316
Bristol-Myers Squibb Co.		43,006		2,496,068
Gilead Sciences, Inc.		26,892		2,015,286
Johnson & Johnson		27,403		4,268,017
Pfizer, Inc.		124,857		4,141,507
				15,529,194
Semiconductors & Semiconductor Equipment: 2.7%
Texas Instruments, Inc.		14,481		2,302,624
Technology Hardware & Equipment: 3.8%
Cisco Systems, Inc.		60,007		3,225,976
Transportation: 3.6%
Norfolk Southern Corp.		3,282		646,324
United Parcel Service, Inc.		15,481		2,413,024
				3,059,348
Utilities: 13.4%
Alliant Energy Corp.		4,895		237,163
Ameren Corp.		4,464		334,041
American Water Works Co., Inc.		2,116		262,024
CenterPoint Energy, Inc.		9,357		251,236
CMS Energy Corp.		5,539		294,176
DTE Energy Co.		4,134		410,424
Duke Energy Corp.		19,246		1,698,652
Essential Utilities, Inc.		4,281		146,967
Exelon Corp.		19,110		722,167
FirstEnergy Corp.		13,068		446,664
New Jersey Resources Corp.		1,948		79,147
NextEra Energy, Inc.		30,604		1,753,303
OGE Energy Corp.		5,386		179,515
Pinnacle West Capital Corp.		2,810		207,041
PPL Corp.		15,184		357,735
Public Service Enterprise Group, Inc.		10,099		574,734
Sempra		11,432		777,719
Southern Co.		24,596		1,591,853
WEC Energy Group, Inc.		6,382		514,070

See Notes to Financial Statements

21

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Utilities (continued)
Xcel Energy, Inc.		10,694	$	611,911
				11,450,542
Total Common Stocks (Cost: $87,509,978)				84,998,720
Total Investments: 99.4% (Cost: $87,509,978)				84,998,720
Other assets less liabilities: 0.6%				546,505
NET ASSETS: 100.0%			$	85,545,225

Summary of Investments by Sector	% of Investments			Value
Health Care		22.8	%	$	19,385,279
Consumer Staples		20.4			17,316,399
Utilities		13.5			11,450,542
Financials		11.2			9,560,162
Industrials		9.9			8,347,368
Energy		7.3			6,247,478
Information Technology		6.5			5,528,600
Consumer Discretionary		4.6			3,880,392
Communication Services		2.9			2,500,599
Materials		0.9			781,901
		100.0	%	$	84,998,720

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	84,998,720	$	—	$	—	$	84,998,720

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

22

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.2% (a)
Energy Select Sector SPDR Fund		60,275	$	5,448,257
Global X US Infrastructure Development ETF †		86,489		2,627,536
iShares Global Infrastructure ETF †		241,704		10,463,366
iShares Gold Strategy ETF		6,574		363,333
iShares Gold Trust		6,254		218,827
iShares MSCI Global Metals & Mining Producers ETF †		50,330		2,001,121
Nuveen Short-Term REIT ETF ‡		99,653		2,705,569
SPDR Gold MiniShares Trust		5,993		219,703
SPDR S&P Oil & Gas Exploration & Production ETF †		31,397		4,643,930
VanEck Agribusiness ETF † ‡		37,839		2,977,929
VanEck Commodity Strategy ETF ‡		397,929		21,047,500
VanEck Energy Income ETF † ‡		79,997		5,204,557
VanEck Gold Miners ETF ‡		191,680		5,158,109

	Number of Shares		Value
VanEck Merk Gold Trust		919,099	$	16,442,681
VanEck Oil Services ETF † ‡		10,769		3,715,736
VanEck Steel ETF ‡		42,991		2,818,920
Vanguard Real Estate ETF †		52,378		3,962,920
Total Exchange Traded Funds (Cost: $93,042,853)				90,019,994
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:13.2%
Money Market Fund: 13.2% (Cost: $11,948,436)
State Street Navigator Securities Lending Government Money Market Portfolio		11,948,436		11,948,436
Total Investments: 112.4% (Cost: $104,991,289)				101,968,430
Liabilities in excess of other assets: (12.4)%				(11,316,291	)
NET ASSETS: 100.0%			$	90,652,139

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 $18,931,301.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Commodities Futures		23.4	%	$	21,047,500
Gold Bullion		19.2			17,244,544
Energy		11.8			10,652,814
Utilities		11.6			10,463,366
Oil Services		9.3			8,359,666
Real Estate Investment Trusts		7.4			6,668,489
Gold Mining		5.7			5,158,109
Agribusiness		3.3			2,977,929
Steel		3.2			2,818,920
Industrials		2.9			2,627,536
Global Metals and Mining		2.2			2,001,121
		100.0	%	$	90,019,994

See Notes to Financial Statements

23

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended September 30, 2023 were as follows:

	Value 9/30/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 9/30/2023		Dividend Income
Nuveen Short-Term REIT ETF		$–(a)	$	2,692,684	$	(1,125,249)	$	(8,680)	$	(185,828)	$	2,705,569	$	76,876
VanEck Agribusiness ETF		5,199,181		422,755		(2,700,051)		(251,569)		307,613		2,977,929		110,114
VanEck Commodity Strategy ETF		–		31,832,145		(11,926,025)		(19,337)		1,160,717		21,047,500		–
VanEck Energy Income ETF		7,942,124		663,520		(4,421,795)		106,796*		1,005,611†		5,204,557		164,166
VanEck Gold Miners ETF		5,563,085		4,163,947		(5,567,651)		(115,938)		1,114,666		5,158,109		141,516
VanEck Junior Gold Miners ETF		2,324,276		134,867		(3,071,072)		(616,038)		1,227,967		–		14,023
VanEck Mortgage REIT Income ETF		–		768,446		(642,631)		(124,092)‡		–		–		43,145
VanEck Oil Services ETF		3,715,395		851,924		(2,837,725)		324,150		1,661,992		3,715,736		43,218
VanEck Rare Earth/Strategic Metals ETF		2,488,401		129,208		(2,423,174)		(599,334)		404,899		–		34,512
VanEck Steel ETF		3,321,251		339,065		(1,980,850)		171,352		968,102		2,818,920		194,877
	$	30,553,713	$	41,998,561	$	(36,696,223)	$	(1,132,690)	$	7,665,739	$	43,628,320	$	822,447

(a)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.
*	Includes Return of Capital distribution reclassification of $18,605.
†	Includes Return of Capital distribution reclassification of $73,094.
‡	Includes Return of Capital distribution reclassification of $1,723.

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	90,019,994	$	—	$	—	$	90,019,994
Money Market Fund		11,948,436		—		—		11,948,436
Total Investments	$	101,968,430	$	—	$	—	$	101,968,430

See Notes to Financial Statements

24

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
EXCHANGE TRADED FUND: 99.9% (a) (Cost: $23,654,592)
Vanguard S&P 500 ETF		62,160	$	24,410,232
Total Investments: 99.9% (Cost: $23,654,592)				24,410,232
Other assets less liabilities: 0.1%				18,736
NET ASSETS: 100.0%			$	24,428,968

(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.

Summary of Investments by Sector	% of Investments			Value
Exchanged Traded Fund		100.0	%	$	24,410,232

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	24,410,232	$	—	$	—	$	24,410,232

See Notes to Financial Statements

25

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 1.2%
Harley-Davidson, Inc.		2,321	$	76,732
Banks: 1.0%
Bank of America Corp.		2,384		65,274
Capital Goods: 7.5%
Allegion Plc		1,440		150,048
Emerson Electric Co.		786		75,904
Masco Corp.		1,555		83,115
Rockwell Automation, Inc.		568		162,374
				471,441
Consumer Discretionary Distribution & Retail: 4.2%
Etsy, Inc. *		937		60,511
Lowe’s Companies, Inc.		388		80,642
MercadoLibre, Inc. *		94		119,181
				260,334
Consumer Durables & Apparel: 2.3%
Polaris, Inc.		1,422		148,087
Consumer Services: 2.3%
Starbucks Corp.		774		70,643
Yum! Brands, Inc.		619		77,338
				147,981
Energy: 1.5%
Cheniere Energy, Inc.		565		93,767
Financial Services: 19.3%
American Express Co.		522		77,877
BlackRock, Inc.		231		149,339
CME Group, Inc.		899		179,998
Intercontinental Exchange, Inc.		1,514		166,570
MarketAxess Holdings, Inc.		570		121,775
Mastercard, Inc.		221		87,496
Northern Trust Corp.		874		60,726
State Street Corp.		2,075		138,942
The Bank of New York Mellon Corp.		1,717		73,230
Tradeweb Markets, Inc.		1,185		95,037
Western Union Co.		5,579		73,531
				1,224,521
Food, Beverage & Tobacco: 8.5%
Brown-Forman Corp.		1,266		73,036
Campbell Soup Co.		1,780		73,122
Constellation Brands, Inc.		665		167,134
Kellogg Co.		2,312		137,587
Mondelez International, Inc.		1,169		81,129
				532,008
Health Care Equipment & Services: 4.7%
Medtronic Plc		1,002		78,517
Veeva Systems, Inc. *		434		88,297
Zimmer Biomet Holdings, Inc.		1,210		135,786
				302,600
Household & Personal Products: 2.9%
Clorox Co.		1,056		138,399
Estee Lauder Cos, Inc.		321		46,401
				184,800
Materials: 2.0%
Ecolab, Inc.		468		79,279

	Number of Shares		Value
Materials (continued)
International Flavors & Fragrances, Inc.		736	$	50,173
				129,452
Media & Entertainment: 6.4%
Alphabet, Inc. *		669		87,545
Comcast Corp.		4,194		185,963
John Wiley & Sons, Inc.		1,893		70,363
Walt Disney Co. *		886		71,810
				415,681
Pharmaceuticals, Biotechnology & Life Sciences: 6.0%
Agilent Technologies, Inc.		703		78,609
Biogen, Inc. *		532		136,729
Gilead Sciences, Inc.		1,078		80,785
Thermo Fisher Scientific, Inc.		157		79,469
				375,592
Semiconductors & Semiconductor Equipment: 6.6%
Analog Devices, Inc.		451		78,966
Applied Materials, Inc.		722		99,961
KLA Corp.		197		90,356
Monolithic Power Systems, Inc.		166		76,692
Teradyne, Inc.		787		79,062
				425,037
Software & Services: 18.9%
Autodesk, Inc. *		817		169,045
Blackbaud, Inc. *		1,321		92,893
Fortinet, Inc. *		1,522		89,311
Guidewire Software, Inc. *		1,132		101,880
Intuit, Inc.		195		99,633
Microsoft Corp.		321		101,356
Palo Alto Networks, Inc. *		525		123,081
Roper Technologies, Inc.		181		87,655
Salesforce, Inc. *		399		80,909
ServiceNow, Inc. *		155		86,639
Tyler Technologies, Inc. *		211		81,476
VeriSign, Inc. *		386		78,177
				1,192,055
Technology Hardware & Equipment: 3.7%
Cisco Systems, Inc.		3,243		174,344
Keysight Technologies, Inc. *		508		67,213
				241,557
Transportation: 1.1%
CH Robinson Worldwide, Inc.		806		69,421
Total Common Stocks (Cost: $6,438,008)				6,356,340
Total Investments: 100.1% (Cost: $6,438,008)				6,356,340
Liabilities in excess of other assets: (0.1)%				(7,450)
NET ASSETS: 100.0%			$	6,348,890

See Notes to Financial Statements

26

Footnotes:
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Information Technology		29.3	%	$	1,858,648
Financials		20.3			1,289,795
Consumer Staples		11.3			716,808
Health Care		10.7			678,193
Consumer Discretionary		9.9			633,134
Industrials		8.5			540,862
Communication Services		6.5			415,681
Materials		2.0			129,452
Energy		1.5			93,767
		100.0	%	$	6,356,340

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	6,356,340	$	—	$	—	$	6,356,340

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

27

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 2.1%
ANZ Group Holdings Ltd.		11,534	$	189,898
Westpac Banking Corp.		13,640		185,082
				374,980
Belgium: 2.0%
Anheuser-Busch InBev SA		6,514		361,623
Brazil: 1.9%
Ambev SA *		126,900		332,386
China: 6.0%
Alibaba Group Holding Ltd. (HKD) *		15,700		170,203
Baidu, Inc. (HKD) *		10,350		174,177
Tencent Holdings Ltd. (HKD)		8,500		329,455
Yum China Holdings, Inc. (USD)		6,812		379,565
				1,053,400
Denmark: 1.0%
Chr. Hansen Holding A/S		2,763		169,291
France: 6.3%
Airbus SE		2,619		351,046
Safran SA		2,420		379,774
Sanofi		3,595		386,562
				1,117,382
Germany: 1.8%
Bayer AG		3,433		165,102
GEA Group AG		4,335		159,990
				325,092
Japan: 1.9%
Daifuku Co. Ltd.		9,700		183,367
Nabtesco Corp.		8,100		145,972
				329,339
Netherlands: 1.8%
ASML Holding NV		545		321,324
Singapore: 2.1%
Singapore Exchange Ltd.		52,600		374,773
Sweden: 4.0%
Assa Abloy AB		16,506		360,677
Elekta AB †		51,553		352,090
				712,767
Switzerland: 1.8%
Barry Callebaut AG		97		154,346
Roche Holding AG		617		168,543
				322,889
Taiwan: 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		21,000		342,431
United Kingdom: 9.0%
British American Tobacco Plc		5,816		182,682
Experian Plc		10,261		335,736
GSK Plc		10,718		194,001
Imperial Brands Plc		17,055		346,112
London Stock Exchange Group Plc		3,483		349,215
Unilever Plc		3,706		183,392
				1,591,138

	Number of Shares		Value
United States: 56.5%
Agilent Technologies, Inc.		3,150	$	352,233
Allegion Plc		3,352		349,278
Alphabet, Inc. *		1,562		204,403
Berkshire Hathaway, Inc. *		563		197,219
Biogen, Inc. *		699		179,650
BlackRock, Inc.		538		347,812
BRP, Inc. (CAD)		2,469		187,750
Comcast Corp.		8,701		385,802
Constellation Brands, Inc.		1,484		372,974
Corteva, Inc.		3,369		172,358
Ecolab, Inc.		2,067		350,150
Emerson Electric Co.		4,036		389,756
Equifax, Inc.		1,734		317,634
Etsy, Inc. *		2,022		130,581
Fortinet, Inc. *		2,961		173,751
Gilead Sciences, Inc.		4,935		369,829
Guidewire Software, Inc. *		2,639		237,510
Harley-Davidson, Inc.		5,391		178,226
Intercontinental Exchange, Inc.		1,726		189,894
Kellogg Co.		2,891		172,043
MarketAxess Holdings, Inc.		1,535		327,937
Masco Corp.		3,195		170,773
Medtronic Plc		2,283		178,896
Microchip Technology, Inc.		2,274		177,486
NIKE, Inc.		3,524		336,965
Philip Morris International, Inc.		1,970		182,383
Polaris, Inc.		3,304		344,079
Rockwell Automation, Inc.		599		171,236
Roper Technologies, Inc.		372		180,152
RTX Corp.		2,207		158,838
State Street Corp.		5,236		350,603
Teradyne, Inc.		3,483		349,902
The Bank of New York Mellon Corp.		8,453		360,520
Tradeweb Markets, Inc.		2,724		218,465
Tyler Technologies, Inc. *		487		188,050
Veeva Systems, Inc. *		944		192,057
Walt Disney Co. *		2,098		170,043
Wells Fargo & Co.		9,080		371,009
Zimmer Biomet Holdings, Inc.		2,776		311,523
				9,999,770
Total Common Stocks (Cost: $17,766,155)				17,728,585
Total Investments: 100.1% (Cost: $17,766,155)				17,728,585
Liabilities in excess of other assets: (0.1)%				(15,580)
NET ASSETS: 100.0%			$	17,713,005

See Notes to Financial Statements

28

Definitions:
CAD	Canadian Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $176,506.

Summary of Investments by Sector	% of Investments			Value
Industrials		19.6	%	$	3,474,078
Financials		19.5			3,462,426
Health Care		16.1			2,850,484
Consumer Staples		12.9			2,287,942
Information Technology		11.1			1,970,607
Consumer Discretionary		9.8			1,727,367
Communication Services		7.1			1,263,882
Materials		3.9			691,799
		100.0	%	$	17,728,585

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	374,980	$	—	$	374,980
Belgium		—		361,623		—		361,623
Brazil		332,386		—		—		332,386
China		379,565		673,835		—		1,053,400
Denmark		—		169,291		—		169,291
France		—		1,117,382		—		1,117,382
Germany		—		325,092		—		325,092
Japan		—		329,339		—		329,339
Netherlands		—		321,324		—		321,324
Singapore		—		374,773		—		374,773
Sweden		—		712,767		—		712,767
Switzerland		—		322,889		—		322,889
Taiwan		—		342,431		—		342,431
United Kingdom		—		1,591,138		—		1,591,138
United States		9,999,770		—		—		9,999,770
Total Investments	$	10,711,721	$	7,016,864	$	—	$	17,728,585

See Notes to Financial Statements

29

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 3.0%
AGL Energy Ltd. †		347,635	$	2,397,076
Aurizon Holdings Ltd. †		1,029,823		2,311,374
WiseTech Global Ltd. †		52,872		2,203,098
				6,911,548
Belgium: 2.0%
Anheuser-Busch InBev SA		84,422		4,686,670
Brazil: 0.9%
Ambev SA *		836,400		2,190,762
China: 22.8%
Alibaba Group Holding Ltd. (HKD) *		199,800		2,166,019
Alibaba Health Information Technology Ltd. (HKD) *		3,974,000		2,455,059
ANTA Sports Products Ltd. (HKD)		422,000		4,721,357
ASMPT Ltd. (HKD)		237,100		2,112,233
Beijing Enterprises Holdings Ltd. (HKD)		637,500		2,192,416
China Education Group Holdings Ltd. (HKD)		5,623,000		4,556,227
China Merchants Bank Co. Ltd.		515,700		2,351,825
CSPC Pharmaceutical Group Ltd. (HKD)		2,830,000		2,069,464
NetEase, Inc. (HKD)		246,000		4,932,038
PDD Holdings, Inc. (ADR) *		31,337		3,073,220
Shanghai Pharmaceuticals Holding Co. Ltd.		825,700		2,050,749
Shenzhou International Group Holdings Ltd. (HKD)		239,400		2,276,342
Sino Biopharmaceutical Ltd. (HKD)		5,117,000		1,841,667
SJM Holdings Ltd. (HKD) * †		11,430,000		4,479,310
Tencent Holdings Ltd. (HKD)		110,700		4,290,674
Wharf Real Estate Investment Co. Ltd. (HKD)		571,000		2,200,344
Yum China Holdings, Inc. (USD)		88,256		4,917,624
				52,686,568
Denmark: 2.4%
Pandora A/S		52,860		5,463,401
France: 4.6%
Accor SA		69,974		2,356,873
Alstom SA		174,694		4,157,876
Eurofins Scientific SE		39,795		2,245,915
Worldline SA 144A *		67,234		1,890,021
				10,650,685
Germany: 12.6%
BASF SE		98,405		4,460,616
Bayer AG		43,797		2,106,308
Bayerische Motoren Werke AG		43,458		4,420,166
Continental AG		64,341		4,527,145
Delivery Hero SE 144A *		64,911		1,856,064
Fresenius Medical Care AG & Co. KGaA		53,959		2,323,094

	Number of Shares		Value
Germany (continued)
Fresenius SE & Co. KGaA		169,171	$	5,261,943
Infineon Technologies AG		126,477		4,194,955
				29,150,291
Israel: 0.9%
Nice Ltd. *		12,136		2,073,871
Japan: 3.3%
Kao Corp.		129,700		4,814,257
MEIJI Holdings Co. Ltd.		109,900		2,735,396
				7,549,653
Luxembourg: 2.0%
Millicom International Cellular SA (SEK) (SDR) *		301,634		4,702,270
Netherlands: 8.3%
ABN AMRO Bank NV 144A		163,812		2,318,366
Akzo Nobel NV		31,858		2,300,170
ING Groep NV		359,200		4,740,997
STMicroelectronics NV †		102,493		4,426,082
Universal Music Group NV		207,545		5,423,814
				19,209,429
Singapore: 2.2%
Oversea-Chinese Banking Corp. Ltd.		266,700		2,498,029
United Overseas Bank Ltd.		120,400		2,511,561
				5,009,590
South Korea: 5.2%
KT Corp.		203,297		5,005,962
Samsung Electro-Mechanics Co. Ltd.		44,528		4,524,682
SK Telecom Co. Ltd.		65,567		2,525,906
				12,056,550
Spain: 3.2%
Banco Bilbao Vizcaya Argentaria SA		345,751		2,802,108
Banco Santander SA		644,287		2,456,970
Cellnex Telecom SA 144A *		62,484		2,176,402
				7,435,480
Sweden: 2.0%
Elekta AB †		667,696		4,560,139
Switzerland: 4.7%
Dufry AG *		111,584		4,238,936
Roche Holding AG		16,437		4,490,016
Swatch Group AG		8,499		2,178,089
				10,907,041
Taiwan: 4.9%
MediaTek, Inc.		209,000		4,778,337
Sino-American Silicon Products, Inc.		474,000		2,311,667
Taiwan Semiconductor Manufacturing Co. Ltd.		269,000		4,386,377
				11,476,381
United Kingdom: 13.9%
Admiral Group Plc		90,383		2,612,998
British American Tobacco Plc		76,587		2,405,617
GSK Plc		136,706		2,474,442
HSBC Holdings Plc		323,875		2,535,380
Imperial Brands Plc		221,099		4,486,958
Lloyds Banking Group Plc		8,945,628		4,809,101

See Notes to Financial Statements

30

	Number of Shares		Value
United Kingdom (continued)
Smith & Nephew Plc		336,522	$	4,177,967
Swire Properties Ltd. (HKD)		2,104,200		4,375,642
WPP Plc		472,137		4,207,966
				32,086,071
United States: 1.0%
BRP, Inc. (CAD) †		31,154		2,369,040
Total Common Stocks (Cost: $243,136,191)				231,175,440

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $5,019,136)
State Street Navigator Securities Lending Government Money Market Portfolio		5,019,136	$	5,019,136
Total Investments: 102.1% (Cost: $248,155,327)				236,194,576
Liabilities in excess of other assets: (2.1)%				(4,837,100)
NET ASSETS: 100.0%			$	231,357,476

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $13,990,964.
*	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 $8,240,853, or 3.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		23.3	%	$	53,599,813
Health Care		14.5			33,601,703
Communication Services		14.4			33,265,032
Financials		13.6			31,527,356
Information Technology		13.4			31,011,301
Consumer Staples		10.3			23,774,719
Materials		2.9			6,760,787
Real Estate		2.8			6,575,986
Industrials		2.8			6,469,250
Utilities		2.0			4,589,493
		100.0	%	$	231,175,440

See Notes to Financial Statements

31

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	6,911,548	$	—	$	6,911,548
Belgium		—		4,686,670		—		4,686,670
Brazil		2,190,762		—		—		2,190,762
China		7,990,844		44,695,724		—		52,686,568
Denmark		—		5,463,401		—		5,463,401
France		—		10,650,685		—		10,650,685
Germany		—		29,150,291		—		29,150,291
Israel		—		2,073,871		—		2,073,871
Japan		—		7,549,653		—		7,549,653
Luxembourg		4,702,270		—		—		4,702,270
Netherlands		—		19,209,429		—		19,209,429
Singapore		—		5,009,590		—		5,009,590
South Korea		—		12,056,550		—		12,056,550
Spain		—		7,435,480		—		7,435,480
Sweden		—		4,560,139		—		4,560,139
Switzerland		—		10,907,041		—		10,907,041
Taiwan		—		11,476,381		—		11,476,381
United Kingdom		—		32,086,071		—		32,086,071
United States		2,369,040		—		—		2,369,040
Money Market Fund		5,019,136		—		—		5,019,136
Total Investments	$	22,272,052	$	213,922,524	$	—	$	236,194,576

See Notes to Financial Statements

32

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 6.8%
Adient Plc *		66,967	$	2,457,689
Aptiv Plc *		25,575		2,521,439
BorgWarner, Inc.		58,776		2,372,787
Gentex Corp.		86,076		2,800,913
Harley-Davidson, Inc.		74,146		2,451,267
				12,604,095
Capital Goods: 10.1%
Allegion Plc		23,194		2,416,815
Allison Transmission Holdings, Inc.		24,003		1,417,617
Dover Corp.		17,800		2,483,278
Fortive Corp.		34,711		2,574,168
Fortune Brands Innovations,   Inc.		19,531		1,214,047
ITT, Inc.		14,483		1,418,031
Masco Corp.		45,719		2,443,681
Sensata Technologies Holding   Plc		62,685		2,370,747
WESCO International, Inc.		15,871		2,282,567
				18,620,951
Commercial & Professional Services: 7.3%
Broadridge Financial Solutions, Inc.		8,167		1,462,301
Ceridian HCM Holding, Inc. *		19,070		1,293,900
Equifax, Inc.		12,001		2,198,343
Paycom Software, Inc.		4,070		1,055,229
Robert Half, Inc.		17,974		1,317,135
SS&C Technologies Holdings,   Inc.		44,919		2,360,044
Stericycle, Inc. *		27,515		1,230,196
TransUnion		32,772		2,352,702
				13,269,850
Consumer Discretionary Distribution & Retail: 9.3%
Asbury Automotive Group, Inc. *		11,673		2,685,607
Bath & Body Works, Inc.		68,329		2,309,520
Best Buy Co., Inc.		33,910		2,355,728
Burlington Stores, Inc. *		8,606		1,164,392
CarMax, Inc. *		15,924		1,126,305
eBay, Inc.		58,324		2,571,505
Etsy, Inc. *		13,720		886,038
Lithia Motors, Inc.		4,274		1,262,240
Williams-Sonoma, Inc. †		19,863		3,086,709
				17,448,044
Consumer Durables & Apparel: 5.8%
Brunswick Corp.		16,752		1,323,408
Garmin Ltd.		24,909		2,620,427
Hasbro, Inc.		17,809		1,177,887
Polaris, Inc.		22,866		2,381,265
Ralph Lauren Corp.		11,035		1,281,053
Tapestry, Inc.		70,112		2,015,720
				10,799,760
Consumer Services: 3.6%
Domino’s Pizza, Inc.		3,967		1,502,660
DoorDash, Inc. *		33,661		2,675,040
Expedia Group, Inc. *		11,981		1,234,882

	Number of Shares		Value
Consumer Services (continued)
Wynn Resorts Ltd.		13,553	$	1,252,433
				6,665,015
Consumer Staples Distribution & Retail: 0.7%
The Kroger Co.		28,757		1,286,876
Energy: 2.9%
Equitrans Midstream Corp.		279,782		2,621,557
HF Sinclair Corp.		50,857		2,895,288
				5,516,845
Financial Services: 11.4%
Capital One Financial Corp.		24,613		2,388,692
Discover Financial Services		25,470		2,206,466
Evercore, Inc.		19,978		2,754,567
Global Payments, Inc.		10,198		1,176,747
Interactive Brokers Group, Inc.		13,910		1,204,050
LPL Financial Holdings, Inc.		6,176		1,467,726
MarketAxess Holdings, Inc.		10,625		2,269,925
SEI Investments Co.		43,386		2,613,139
The Bank of New York Mellon Corp.		58,443		2,492,594
Tradeweb Markets, Inc.		18,488		1,482,738
Western Union Co.		102,657		1,353,019
				21,409,663
Food, Beverage & Tobacco: 3.4%
Boston Beer Co., Inc. *		7,451		2,902,387
Ingredion, Inc.		25,098		2,469,643
Kellogg Co.		19,618		1,167,467
				6,539,497
Health Care Equipment & Services: 4.9%
DaVita, Inc. *		26,116		2,468,745
Laboratory Corp. of America Holdings		5,530		1,111,807
ResMed, Inc.		5,944		878,939
Veeva Systems, Inc. *		12,245		2,491,245
Zimmer Biomet Holdings, Inc.		19,225		2,157,430
				9,108,166
Materials: 6.4%
Celanese Corp.		10,230		1,284,070
Dow, Inc.		23,656		1,219,703
DuPont de Nemours, Inc.		35,637		2,658,164
Eastman Chemical Co.		15,701		1,204,581
FMC Corp.		12,211		817,771
LyondellBasell Industries NV		26,954		2,552,544
O-I Glass, Inc. *		129,826		2,171,989
				11,908,822
Media & Entertainment: 8.1%
Electronic Arts, Inc.		10,741		1,293,216
Fox Corp.		79,992		2,495,750
Live Nation Entertainment, Inc. *		30,857		2,562,365
Omnicom Group, Inc.		16,199		1,206,502
Pinterest, Inc. *		100,191		2,708,163
Roblox Corp. * †		31,067		899,700
Take-Two Interactive Software, Inc. *		9,369		1,315,314
Warner Music Group Corp.		85,923		2,697,982
				15,178,992

See Notes to Financial Statements

33

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences: 6.5%
Agilent Technologies, Inc.		21,786	$	2,436,111
Charles River Laboratories International, Inc. *		12,524		2,454,453
Illumina, Inc. *		6,277		861,707
Incyte Corp. *		41,089		2,373,712
Ionis Pharmaceuticals, Inc. *		63,891		2,898,095
IQVIA Holdings, Inc. *		6,059		1,192,108
				12,216,186
Real Estate Management & Development: 0.7%
CBRE Group, Inc. *		16,673		1,231,468
Semiconductors & Semiconductor Equipment: 4.6%
Microchip Technology, Inc.		31,279		2,441,326
NXP Semiconductors N.V.		6,547		1,308,876
Skyworks Solutions, Inc.		24,426		2,408,159
Teradyne, Inc.		24,091		2,420,182
				8,578,543
Software & Services: 2.1%
Cognizant Technology
Solutions Corp.		38,044		2,577,101
Tyler Technologies, Inc. *		3,326		1,284,302
				3,861,403

	Number of Shares		Value
Technology Hardware & Equipment: 4.6%
Corning, Inc.		77,315	$	2,355,788
F5, Inc. *		8,574		1,381,614
Littelfuse, Inc.		9,726		2,405,434
Vontier Corp.		42,096		1,301,608
Zebra Technologies Corp. *		4,766		1,127,302
				8,571,746
Utilities: 0.7%
NiSource, Inc.		49,360		1,218,205
Total Common Stocks (Cost: $192,837,583)				186,034,127
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $106,378)
State Street Navigator Securities Lending Government Money Market Portfolio		106,378		106,378
Total Investments: 100.0% (Cost: $192,943,961)				186,140,505
Other assets less liabilities: 0.0%				28,288
NET ASSETS: 100.0%			$	186,168,793

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,770,577.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		25.6	%	$	47,516,915
Industrials		17.1			31,890,799
Financials		11.5			21,409,662
Health Care		11.5			21,324,352
Information Technology		11.3			21,011,692
Communication Services		8.1			15,178,993
Materials		6.4			11,908,821
Consumer Staples		4.2			7,826,374
Energy		3.0			5,516,846
Real Estate		0.7			1,231,468
Utilities		0.6			1,218,205
		100.0	%	$	186,034,127

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	186,034,127	$	—	$	—	$	186,034,127
Money Market Fund		106,378		—		—		106,378
Total Investments	$	186,140,505	$	—	$	—	$	186,140,505

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

34

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 6.4%
Bank of America Corp.		4,809,789	$	131,692,023
US Bancorp		8,083,941		267,255,089
Wells Fargo & Co.		6,755,544		276,031,528
				674,978,640
Capital Goods: 11.2%
3M Co.		2,653,930		248,460,927
Allegion Plc		2,495,245		260,004,529
Emerson Electric Co.		1,578,886		152,473,021
Honeywell International, Inc.		759,299		140,272,897
Masco Corp.		4,918,263		262,881,157
RTX Corp.		1,677,634		120,739,319
				1,184,831,850
Commercial & Professional Services: 4.6%
Equifax, Inc.		1,291,223		236,526,229
TransUnion		3,525,665		253,107,491
				489,633,720
Consumer Discretionary Distribution & Retail: 3.3%
Amazon.com, Inc. *		1,035,031		131,573,141
Etsy, Inc. *		3,398,297		219,462,020
				351,035,161
Consumer Durables & Apparel: 3.5%
NIKE, Inc.		2,624,980		251,000,587
Polaris, Inc.		1,166,413		121,470,250
				372,470,837
Consumer Services: 1.5%
Domino’s Pizza, Inc.		425,742		161,266,812
Financial Services: 12.8%
Berkshire Hathaway, Inc. *		409,852		143,571,156
BlackRock, Inc.		201,816		130,472,026
Charles Schwab Corp.		5,023,632		275,797,397
Intercontinental Exchange, Inc.		2,490,190		273,970,704
MarketAxess Holdings, Inc.		1,142,999		244,190,306
The Bank of New York Mellon   Corp.		3,152,130		134,438,344
Tradeweb Markets, Inc.		1,983,200		159,052,640
				1,361,492,573
Food, Beverage & Tobacco: 3.8%
Campbell Soup Co.		3,408,751		140,031,491
Kellogg Co.		4,467,289		265,848,369
				405,879,860
Health Care Equipment & Services: 7.1%
Medtronic Plc		3,286,527		257,532,256

	Number of Shares		Value
Health Care Equipment & Services (continued)
Veeva Systems, Inc. *		1,316,991	$	267,941,819
Zimmer Biomet Holdings, Inc.		2,069,302		232,217,070
				757,691,145
Household & Personal Products: 2.2%
Estee Lauder Cos, Inc.		1,596,451		230,766,992
Materials: 7.3%
Corteva, Inc.		5,227,338		267,430,612
Ecolab, Inc.		1,537,608		260,470,795
International Flavors & Fragrances, Inc.		3,698,650		252,136,971
				780,038,378
Media & Entertainment: 7.9%
Alphabet, Inc. *		2,179,143		285,162,653
Comcast Corp.		6,467,154		286,753,608
Walt Disney Co. *		3,257,482		264,018,916
				835,935,177
Pharmaceuticals, Biotechnology & Life Sciences: 12.8%
Agilent Technologies, Inc.		2,344,127		262,120,281
Amgen, Inc.		617,958		166,082,392
Biogen, Inc. *		1,003,462		257,899,769
Gilead Sciences, Inc.		3,673,166		275,267,060
Pfizer, Inc.		7,651,160		253,788,977
Waters Corp. *		523,417		143,526,176
				1,358,684,655
Semiconductors & Semiconductor Equipment: 3.7%
Microchip Technology, Inc.		1,728,337		134,896,703
Teradyne, Inc.		2,591,973		260,389,607
				395,286,310
Software & Services: 10.5%
Fortinet, Inc. *		2,251,318		132,107,340
Guidewire Software, Inc. *		1,921,847		172,966,230
Microsoft Corp.		420,859		132,886,229
Roper Technologies, Inc.		283,025		137,063,347
Salesforce, Inc. *		1,280,453		259,650,260
Tyler Technologies, Inc. *		713,284		275,427,484
				1,110,100,890
Technology Hardware & Equipment: 1.3%
Keysight Technologies, Inc. *		1,045,674		138,353,127
Total Common Stocks (Cost: $10,972,533,574)				10,608,446,127
Total Investments: 99.9% (Cost: $10,972,533,574)				10,608,446,127
Other assets less liabilities: 0.1%				9,148,471
NET ASSETS: 100.0%			$	10,617,594,598

Footnotes:

* Non-income producing

See Notes to Financial Statements

35

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of Investments			Value
Health Care		19.9	%	$	2,116,375,800
Financials		19.2			2,036,471,213
Industrials		15.8			1,674,465,570
Information Technology		15.5			1,643,740,327
Consumer Discretionary		8.3			884,772,810
Communication Services		7.9			835,935,177
Materials		7.4			780,038,378
Consumer Staples		6.0			636,646,852
		100.0	%	$	10,608,446,127

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	10,608,446,127	$	—	$	—	$	10,608,446,127

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

36

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.4%
Automobiles & Components: 10.4%
Ford Motor Co.		71,784	$	891,557
General Motors Co.		19,054		628,210
Lucid Group, Inc. * †		266,117		1,487,594
Rivian Automotive, Inc. * †		48,074		1,167,237
Tesla, Inc. *		6,380		1,596,404
				5,771,002
Banks: 3.4%
Bank of America Corp.		18,248		499,630
Citigroup, Inc.		10,201		419,567
JPMorgan Chase & Co.		3,846		557,747
NU Holdings Ltd. *		50,665		367,321
				1,844,265
Capital Goods: 3.6%
3M Co.		3,070		287,413
Boeing Co. *		3,069		588,266
Plug Power, Inc. * †		91,608		696,221
RTX Corp.		5,526		397,706
				1,969,606
Consumer Discretionary Distribution & Retail: 6.4%
Amazon.com, Inc. *		12,169		1,546,923
Chewy, Inc. *		20,509		374,494
GameStop Corp. *		96,074		1,581,378
				3,502,795
Consumer Durables & Apparel: 0.7%
NIKE, Inc.		3,781		361,539
Consumer Services: 3.2%
Airbnb, Inc. *		3,150		432,212
Carnival Corp. *		30,643		420,422
DraftKings, Inc. *		30,642		902,100
				1,754,734
Consumer Staples Distribution & Retail: 4.9%
Dollar General Corp.		3,728		394,422
Target Corp.		9,052		1,000,880
Walgreens Boots Alliance, Inc.		17,609		391,624
Walmart, Inc.		5,555		888,411
				2,675,337
Energy: 2.4%
Exxon Mobil Corp.		4,522		531,697
Occidental Petroleum Corp.		6,625		429,830
Transocean Ltd. *		39,098		320,995
				1,282,522
Financial Services: 12.5%
Block, Inc. *		12,027		532,315
Charles Schwab Corp.		5,836		320,396
Coinbase Global, Inc. *		20,600		1,546,648
Goldman Sachs Group, Inc.		1,232		398,638
PayPal Holdings, Inc. *		27,328		1,597,595
Robinhood Markets, Inc. *		64,181		629,616
SoFi Technologies, Inc. * †		194,590		1,554,774
Visa, Inc.		1,529		351,685
				6,931,667
Health Care Equipment & Services: 0.7%
CVS Health Corp.		5,547		387,292
Media & Entertainment: 14.9%
Alphabet, Inc. *		11,514		1,506,722

	Number of Shares		Value
Media & Entertainment (continued)
Meta Platforms, Inc. *		5,477	$	1,644,250
Netflix, Inc. *		2,331		880,186
Paramount Global		40,322		520,154
Roblox Corp. * †		20,595		596,431
Roku, Inc. *		7,708		544,108
Snap, Inc. *		57,305		510,588
Walt Disney Co. *		20,846		1,689,568
Warner Bros Discovery, Inc. *		29,359		318,839
				8,210,846
Pharmaceuticals, Biotechnology & Life Sciences: 5.5%
Agilent Technologies, Inc.		4,946		553,062
Apellis Pharmaceuticals, Inc. *		10,601		403,262
Eli Lilly & Co.		756		406,070
Johnson & Johnson		2,509		390,777
Moderna, Inc. *		4,713		486,806
Pfizer, Inc.		25,625		849,981
				3,089,958
Semiconductors & Semiconductor Equipment: 9.7%
Advanced Micro Devices, Inc. *		16,515		1,698,072
Broadcom, Inc.		421		349,674
Enphase Energy, Inc. *		4,606		553,411
Intel Corp.		21,291		756,895
NVIDIA Corp.		3,864		1,680,801
Qualcomm, Inc.		2,701		299,973
				5,338,826
Software & Services: 13.3%
Crowdstrike Holdings, Inc. *		2,402		402,047
Microsoft Corp.		3,786		1,195,430
Oracle Corp.		5,457		578,005
Palantir Technologies, Inc. *		111,247		1,779,953
Palo Alto Networks, Inc. *		2,091		490,214
Salesforce, Inc. *		2,168		439,627
Shopify, Inc. *		20,207		1,102,696
Snowflake, Inc. *		3,170		484,281
Unity Software, Inc. *		15,175		476,343
Zoom Video Communications, Inc. *		6,030		421,738
				7,370,334
Technology Hardware & Equipment: 4.6%
Apple, Inc.		10,021		1,715,695
Cisco Systems, Inc.		7,082		380,728
Super Micro Computer, Inc. *		1,527		418,734
				2,515,157
Telecommunication Services: 1.5%
AT&T, Inc.		34,727		521,600
Verizon Communications, Inc.		10,577		342,801
				864,401
Transportation: 1.7%
American Airlines Group, Inc. *		28,158		360,704
Uber Technologies, Inc. *		11,737		539,785
				900,489
Total Common Stocks (Cost: $55,176,651)				54,770,770

See Notes to Financial Statements

37

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
MASTER LIMITED PARTNERSHIP: 0.6% (Cost: $300,484)
Energy: 0.6%
Energy Transfer LP		23,160	$	324,935
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $55,477,135)				55,095,705
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%
Money Market Fund: 2.6% (Cost: $1,423,473)
State Street Navigator Securities Lending Government Money Market Portfolio		1,423,473		1,423,473
Total Investments: 102.6% (Cost: $56,900,608)				56,519,178
Liabilities in excess of other assets: (2.6)%				(1,434,241)
NET ASSETS: 100.0%			$	55,084,937

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,138,414.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		27.7	%	$	15,224,318
Consumer Discretionary		20.7			11,390,071
Communication Services		16.5			9,075,245
Financials		15.9			8,775,934
Health Care		6.3			3,477,249
Industrials		5.2			2,870,095
Consumer Staples		4.8			2,675,337
Energy		2.9			1,607,456
		100.0	%	$	55,095,705

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	54,770,770	$	—	$	—	$	54,770,770
Master Limited Partnership *		324,935		—		—		324,935
Money Market Fund		1,423,473		—		—		1,423,473
Total Investments	$	56,519,178	$	—	$	—	$	56,519,178

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

38

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Commodity Strategy ETF (a)		Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	24,950,874	$	84,998,720		$	46,391,674		$	24,410,232
Affiliated issuers (3)		—		—			43,628,320			—
Short-term investments held as collateral for securities loaned (4)		—		—			11,948,436			—
Cash		681,250		148,268			657,895			—
Cash on deposit with broker for futures contracts		10,718		—			—			—
Receivables:
Investment securities sold		—		199,028			1,528			—
Dividends and interest		—		223,372			46,859			92,774
Due from custodian		1,505		—			—			—
Prepaid expenses		—		—			2,491			1,009
Variation margin on futures contracts		822,696		—			—			—
Total assets		26,467,043		85,569,388			102,677,203			24,504,015
Liabilities:
Payables:
Collateral for securities loaned		—		—			11,948,436			—
Due to Adviser		12,082		21,667			20,545			9,257
Due to custodian		—		—			—			17,592
Deferred Trustee fees		—		624			833			1,284
Accrued expenses		—		1,872			55,250			46,914
Total liabilities		12,082		24,163			12,025,064			75,047
NET ASSETS	$	26,454,961	$	85,545,225		$	90,652,139		$	24,428,968
Shares outstanding		500,000		2,825,000			3,575,000			650,000
Net asset value, redemption and offering price per share	$	52.91	$	30.28		$	25.36		$	37.58
Net Assets consist of:
Aggregate paid in capital	$	24,904,494	$	101,901,198		$	113,868,096		$	31,392,199
Total distributable earnings (loss).		1,550,467		(16,355,973	)		(23,215,957	)		(6,963,231	)
NET ASSETS	$	26,454,961	$	85,545,225		$	90,652,139		$	24,428,968
(1) Value of securities on loan	$	—	$	—		$	18,931,301		$	—
(2) Cost of investments - Unaffiliated issuers	$	24,947,939	$	87,509,978		$	48,589,821		$	23,654,592
(3) Cost of investments - Affiliated issuers	$	—	$	—		$	44,453,032		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	—	$	—		$	11,948,436		$	—

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

39

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Morningstar ESG Moat ETF			Morningstar Global Wide Moat ETF		Morningstar International Moat ETF			Morningstar SMID Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	6,356,340		$	17,728,585	$	231,175,440		$	186,034,127
Short-term investments held as collateral for securities loaned (3)		—			—		5,019,136			106,378
Cash		28,475			—		26,789			91,848
Cash denominated in foreign currency, at value (4)		—			4,824		374,872			—
Receivables:
Investment securities sold		—			61,936		6,669			—
Due from Adviser		3,092			—		—			—
Dividends and interest		5,377			23,043		613,614			153,575
Prepaid expenses		992			1,003		3,980			2,495
Total assets		6,394,276			17,819,391		237,220,500			186,388,423
Liabilities:
Payables:
Collateral for securities loaned		—			—		5,019,136			106,378
Line of credit		—			—		685,752			—
Due to Adviser		—			1,447		90,278			68,803
Due to custodian		—			50,744		—			—
Deferred Trustee fees		9			292		2,429			51
Accrued expenses		45,377			53,903		65,429			44,398
Total liabilities		45,386			106,386		5,863,024			219,630
NET ASSETS	$	6,348,890		$	17,713,005	$	231,357,476		$	186,168,793
Shares outstanding		275,000			550,000		7,750,000			6,550,000
Net asset value, redemption and offering price per share	$	23.09		$	32.21	$	29.85		$	28.42
Net Assets consist of:
Aggregate paid in capital	$	6,848,649		$	17,701,628	$	261,549,272		$	198,414,087
Total distributable earnings (loss).		(499,759	)		11,377		(30,191,796	)		(12,245,294	)
NET ASSETS	$	6,348,890		$	17,713,005	$	231,357,476		$	186,168,793
(1) Value of securities on loan	$	—		$	176,506	$	13,990,964		$	3,770,577
(2) Cost of investments - Unaffiliated issuers	$	6,438,008		$	17,766,155	$	243,136,191		$	192,837,583
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—	$	5,019,136		$	106,378
(4) Cost of cash denominated in foreign currency	$	—		$	4,822	$	376,594		$	—

See Notes to Financial Statements

40

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

	Morningstar Wide Moat ETF			Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	10,608,446,127		$	55,095,705
Short-term investments held as collateral for securities loaned (3)		—			1,423,473
Cash		2,360,711			17,821
Receivables:
Shares of beneficial interest sold		11,371,924			—
Dividends and interest		11,295,049			7,140
Prepaid expenses		27,305			—
Total assets		10,633,501,116			56,544,139
Liabilities:
Payables:
Investment securities purchased		11,371,170			—
Collateral for securities loaned		—			1,423,473
Due to Adviser		4,036,435			35,729
Deferred Trustee fees		158,863			—
Accrued expenses		340,050			—
Total liabilities		15,906,518			1,459,202
NET ASSETS	$	10,617,594,598		$	55,084,937
Shares outstanding		140,050,000			3,575,000
Net asset value, redemption and offering price per share	$	75.81		$	15.41
Net Assets consist of:
Aggregate paid in capital	$	12,268,734,658		$	162,635,149
Total distributable earnings (loss)		(1,651,140,060	)		(107,550,212	)
NET ASSETS	$	10,617,594,598		$	55,084,937
(1) Value of securities on loan	$	—		$	4,138,414
(2) Cost of investments - Unaffiliated issuers	$	10,972,533,574		$	55,477,135
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	1,423,473

See Notes to Financial Statements

41

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Commodity Strategy ETF (a) (b)			Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF
Income:
Dividends - unaffiliated issuers	$	—		$	3,407,713		$	1,286,492		$	289,925
Dividends - affiliated issuers		—			—			822,447			—
Interest		1,069,026			3,714			15,690			314,558
Securities lending income		—			3,780			145,929			4,040
Total income		1,069,026			3,415,207			2,270,558			608,523
Expenses:
Management fees		119,666			265,758			594,907			146,854
Professional fees		—			—			49,716			43,422
Custody and accounting fees		—			—			23,776			19,282
Reports to shareholders		—			—			30,199			12,226
Trustees’ fees and expenses		—			—			4,713			776
Registration fees		—			—			22,565			6,246
Insurance		—			—			5,370			1,976
Interest		—			10,963			378			32,770
Taxes		561			—			—			—
Other		—			—			470			209
Total expenses		120,227			276,721			732,094			263,761
Waiver of management fees		—			—			(226,801	)		(69,451	)
Net expenses		120,227			276,721			505,293			194,310
Net investment income		948,799			3,138,486			1,765,265			414,213
Net realized gain (loss) on:
Investments - unaffiliated issuers		51			(6,170,862	)		(5,446,152	)		356,499
Investments - affiliated issuers		—			—			(1,646,518	)		—
In-kind redemptions - unaffiliated issuers		—			7,562,823			442,128			2,694,643
In-kind redemptions - affiliated issuers		—			—			513,828			—
Futures		(240,912	)		—			—			—
Net realized gain (loss)		(240,861	)		1,391,961			(6,136,714	)		3,051,142
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		2,935			4,476,449			12,797,071			737,376
Investments - affiliated issuers		—			—			7,665,739			—
Futures		820,441			—			—			—
Net change in unrealized appreciation (depreciation)		823,376			4,476,449			20,462,810			737,376
Net Increase in Net Assets Resulting from Operations	$	1,531,314		$	9,006,896		$	16,091,361		$	4,202,731

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

See Notes to Financial Statements

42

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Morningstar ESG Moat ETF			Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar SMID Moat ETF (a)
Income:
Dividends	$	78,815		$	489,155		$	6,160,473		$	1,235,970
Interest		1,462			708			7,661			1,880
Securities lending income		—			1,626			37,967			5,961
Foreign taxes withheld		—			(25,008	)		(461,051	)		(1,001	)
Total income		80,277			466,481			5,745,050			1,242,810
Expenses:
Management fees		20,723			85,127			837,255			312,440
Professional fees		42,425			51,962			49,780			49,253
Custody and accounting fees		24,022			47,281			99,487			27,567
Reports to shareholders		4,784			12,389			13,581			9,202
Trustees’ fees and expenses		76			475			1,718			2,281
Registration fees		7,156			4,453			5,912			5,737
Insurance		1,710			1,819			4,385			729
Interest		—			265			38,940			631
Other		241			151			163			360
Total expenses		101,137			203,922			1,051,221			408,200
Waiver of management fees		(20,723	)		(85,127	)		(74,555	)		(67,356	)
Expenses assumed by the Adviser		(57,849	)		(20,161	)		—			—
Net expenses		22,565			98,634			976,666			340,844
Net investment income		57,712			367,847			4,768,384			901,966
Net realized gain (loss) on:
Investments		(301,653	)		(182,399	)		(6,052,728	)		(6,285,555	)
In-kind redemptions		289,712			676,852			(404,465	)		5,374,668
Foreign currency transactions and foreign denominated assets and liabilities		—			(751	)		41,911			—
Net realized gain (loss)		(11,941	)		493,702			(6,415,282	)		(910,887	)
Net change in unrealized appreciation (depreciation) on:
Investments		339,632			1,412,388			499,122			(6,803,456	)
Foreign currency translations and foreign denominated assets and liabilities		—			415			6,708			—
Net change in unrealized appreciation (depreciation)		339,632			1,412,803			505,830			(6,803,456	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	385,403		$	2,274,352		$	(1,141,068	)	$	(6,812,377	)

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

See Notes to Financial Statements

43

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

	Morningstar Wide Moat ETF			Social Sentiment ETF
Income:
Dividends	$	123,016,615		$	556,475
Interest		244,448			3,193
Securities lending income		426,893			156,667
Foreign taxes withheld		—			(148	)
Total income		123,687,956			716,187
Expenses:
Management fees		36,450,354			441,044
Professional fees		54,748			282,787
Custody and accounting fees		33,658			—
Reports to shareholders		380,820			—
Trustees’ fees and expenses		198,115			—
Registration fees		71,096			—
Insurance		73,399			—
Interest		417,784			974
Taxes		140			—
Other		58,464			—
Total expenses		37,738,578			724,805
Reimbursement from the Adviser		—			(47,781	)
Reimbursement from insurance proceeds		—			(235,006	)
Net expenses		37,738,578			442,018
Net investment income		85,949,378			274,169
Net realized gain (loss) on:
Investments		(511,563,718	)		(18,022,684	)
In-kind redemptions		1,156,498,228			15,653,746
Foreign currency transactions and foreign denominated assets and liabilities		(30	)		(5	)
Net realized gain (loss)		644,934,480			(2,368,943	)
Net change in unrealized appreciation (depreciation) on:
Investments		811,917,415			12,273,084
Net change in unrealized appreciation (depreciation)		811,917,415			12,273,084
Net Increase in Net Assets Resulting from Operations	$	1,542,801,273		$	10,178,310

See Notes to Financial Statements

44

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Commodity
	Strategy ETF (a)			Durable High Dividend ETF
	Period Ended September 30, 2023 (b)			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	948,799		$	3,138,486		$	2,029,834
Net realized gain (loss)		(240,861	)		1,391,961			365,341
Net change in unrealized appreciation (depreciation)		823,376			4,476,449			(8,605,947	)
Net increase (decrease) in net assets resulting from operations		1,531,314			9,006,896			(6,210,772	)
Distributions to shareholders from:
Distributable earnings		—			(2,908,003	)		(1,834,915	)
Share transactions*:
Proceeds from sale of shares		34,680,818			66,224,810			66,874,815
Cost of shares redeemed		(9,757,171	)		(59,551,888	)		(37,292,890	)
Increase in net assets resulting from share transactions		24,923,647			6,672,922			29,581,925
Total increase in net assets		26,454,961			12,771,815			21,536,238
Net Assets, beginning of period		—			72,773,410			51,237,172
Net Assets, end of period	$	26,454,961		$	85,545,225		$	72,773,410
*Shares of Common Stock Issued (no par value)
Shares sold		700,000			2,125,000			2,175,000
Shares redeemed		(200,000	)		(1,925,000	)		(1,225,000	)
Net increase		500,000			200,000			950,000

(a)	Consolidated Statement of Changes in Net Assets
(b)	For the period December 21, 2022 (commencement of operations) through September 30, 2023.

See Notes to Financial Statements

45

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Allocation ETF (a)						Long/Flat Trend ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	1,765,265		$	3,054,806		$	414,213		$	261,767
Net realized gain (loss)		(6,136,714	)		(1,699,545	)		3,051,142			974,460
Net change in unrealized appreciation (depreciation)		20,462,810			(24,548,223	)		737,376			(8,534,839	)
Net increase (decrease) in net assets resulting from operations		16,091,361			(23,192,962	)		4,202,731			(7,298,612	)
Distributions to shareholders from:
Distributable earnings		(2,100,120	)		(2,650,043	)		(315,038	)		(175,010	)
Share transactions*:
Proceeds from sale of shares		11,559,426			167,278,949			44,255,064			86,232,358
Cost of shares redeemed		(65,965,169	)		(26,924,747	)		(57,288,850	)		(86,143,141	)
Increase (decrease) in net assets resulting from share transactions		(54,405,743	)		140,354,202			(13,033,786	)		89,217
Total increase (decrease) in net assets		(40,414,502	)		114,511,197			(9,146,093	)		(7,384,405	)
Net Assets, beginning of year		131,066,641			16,555,444			33,575,061			40,959,466
Net Assets, end of year	$	90,652,139		$	131,066,641		$	24,428,968		$	33,575,061
*Shares of Common Stock Issued (no par value)
Shares sold		450,000			6,200,000			1,250,000			2,350,000
Shares redeemed		(2,625,000	)		(1,100,000	)		(1,600,000	)		(2,375,000	)
Net increase (decrease)		(2,175,000	)		5,100,000			(350,000	)		(25,000	)

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

46

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar ESG Moat ETF						Morningstar Global Wide Moat ETF
	Year Ended September 30, 2023			Period Ended September 30, 2022 (a)			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	57,712		$	21,554		$	367,847		$	328,329
Net realized gain (loss)		(11,941	)		(56,597	)		493,702			229,786
Net change in unrealized appreciation (depreciation)		339,632			(421,300	)		1,412,803			(4,370,505	)
Net increase (decrease) in net assets resulting from operations		385,403			(456,343	)		2,274,352			(3,812,390	)
Distributions to shareholders from:
Distributable earnings		(37,500	)		(3,803	)		(585,100	)		(1,104,550	)
Share transactions*:
Proceeds from sale of shares		5,221,511			4,181,504			3,399,648			3,251,806
Cost of shares redeemed		(1,711,878	)		(1,230,004	)		(4,920,761	)		—
Increase (decrease) in net assets resulting from share transactions		3,509,633			2,951,500			(1,521,113	)		3,251,806
Total increase (decrease) in net assets		3,857,536			2,491,354			168,139			(1,665,134	)
Net Assets, beginning of period		2,491,354			—			17,544,866			19,210,000
Net Assets, end of period	$	6,348,890		$	2,491,354		$	17,713,005		$	17,544,866
*Shares of Common Stock Issued (no par value)
Shares sold		225,000			175,000			100,000			100,000
Shares redeemed		(75,000	)		(50,000	)		(150,000	)		—
Net increase (decrease)		150,000			125,000			(50,000	)		100,000

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

See Notes to Financial Statements

47

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

							Morningstar
	Morningstar International Moat ETF						SMID Moat ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Period Ended September 30, 2023 (a)
Operations:
Net investment income	$	4,768,384		$	3,051,398		$	901,966
Net realized loss		(6,415,282	)		(8,558,465	)		(910,887	)
Net change in unrealized appreciation (depreciation)		505,830			(12,831,453	)		(6,803,456	)
Net decrease in net assets resulting from operations		(1,141,068	)		(18,338,520	)		(6,812,377	)
Distributions to shareholders from:
Distributable earnings		(1,800,060	)		(3,150,000	)		(66,010	)
Share transactions*:
Proceeds from sale of shares		188,853,511			36,287,916			248,606,020
Cost of shares redeemed		(21,082,385	)		(18,708,747	)		(55,558,840	)
Increase in net assets resulting from share transactions		167,771,126			17,579,169			193,047,180
Total increase (decrease) in net assets		164,829,998			(3,909,351	)		186,168,793
Net Assets, beginning of period		66,527,478			70,436,829			—
Net Assets, end of period	$	231,357,476		$	66,527,478		$	186,168,793
*Shares of Common Stock Issued (no par value)
Shares sold		5,900,000			1,150,000			8,500,000
Shares redeemed		(800,000	)		(600,000	)		(1,950,000	)
Net increase		5,100,000			550,000			6,550,000

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

See Notes to Financial Statements

48

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Wide Moat ETF						Social Sentiment ETF
	Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	85,949,378		$	81,943,156		$	274,169		$	122,917
Net realized gain (loss)		644,934,480			301,662,752			(2,368,943	)		(54,869,039	)
Net change in unrealized appreciation (depreciation)		811,917,415			(1,688,150,367	)		12,273,084			(13,810,175	)
Net increase (decrease) in net assets resulting from operations		1,542,801,273			(1,304,544,459	)		10,178,310			(68,556,297	)
Distributions to shareholders from:
Distributable earnings		(78,997,870	)		(77,004,720	)		(209,840	)		—
Share transactions*:
Proceeds from sale of shares		8,329,731,215			5,173,745,502			81,579,535			101,939,141
Cost of shares redeemed		(5,041,737,828	)		(4,525,615,899	)		(94,100,010	)		(168,680,113	)
Increase (decrease) in net assets resulting from share transactions		3,287,993,387			648,129,603			(12,520,475	)		(66,740,972	)
Total increase (decrease) in net assets		4,751,796,790			(733,419,576	)		(2,552,005	)		(135,297,269	)
Net Assets, beginning of year		5,865,797,808			6,599,217,384			57,636,942			192,934,211
Net Assets, end of year	$	10,617,594,598		$	5,865,797,808		$	55,084,937		$	57,636,942
*Shares of Common Stock Issued (no par value)
Shares sold		109,000,000			74,050,000			5,475,000			4,975,000
Shares redeemed		(66,750,000	)		(66,300,000	)		(6,425,000	)		(8,275,000	)
Net increase (decrease)		42,250,000			7,750,000			(950,000	)		(3,300,000	)

See Notes to Financial Statements

49

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Commodity Strategy ETF(a)
	Period Ended September 30, 2023(b)
Net asset value, beginning of period		$	50.00
Net investment income (c)			1.69
Net realized and unrealized gain on investments			1.22
Total from investment operations			2.91
Net asset value, end of period		$	52.91
Total return (d)			5.82	%(e)
Ratios to average net assets
Expenses			0.55	%(f)
Net investment income			4.36	%(f)
Supplemental data
Net assets, end of period (in millions)			$26
Portfolio turnover rate (g)			0	%(e)

(a)	Consolidated Financial Highlights
(b)	For the period December 21, 2022 (commencement of operations) through September 30, 2023.
(c)	Calculated based upon average shares outstanding
(d)	Returns 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

50

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Durable High Dividend ETF
	Year Ended September 30,																Period
	2023				2022				2021				2020				Ended September 30, 2019(a)
Net asset value, beginning of period		$	27.72			$	30.59			$	26.78			$	28.24			$	25.36
Net investment income (b)			1.07				0.99				1.01				0.92				0.75
Net realized and unrealized gain (loss) on investments			2.50				(2.90	)			3.71				(1.28	)			2.62
Total from investment operations			3.57				(1.91	)			4.72				(0.36	)			3.37
Distributions from:
Net investment income			(1.01	)			(0.96	)			(0.91	)			(0.90	)			(0.49	)
Net realized capital gains			—				—				—				(0.20	)			—
Total distributions			(1.01	)			(0.96	)			(0.91	)			(1.10	)			(0.49	)
Net asset value, end of period		$	30.28			$	27.72			$	30.59			$	26.78			$	28.24
Total return (c)			12.91	%			(6.58	)%			17.89	%			(1.26	)%			13.41	%(d)
Ratios to average net assets
Gross expenses (e)			0.30	%			0.29	%			0.53	%			0.73	%			1.14	%(f)
Net expenses (e)			0.30	%			0.29	%			0.29	%			0.29	%			0.29	%(f)
Net expenses excluding interest and taxes (e)			0.29	%			0.29	%			N/A				N/A				N/A
Net investment income			3.42	%			3.19	%			3.38	%			3.44	%			3.00	%(f)
Supplemental data
Net assets, end of period (in millions)			$86				$73				$51				$33				$18
Portfolio turnover rate (g)			61	%			50	%			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)	Periods after September 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

51

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Inflation Allocation ETF(a)
	Year Ended September 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	22.79			$	25.47			$	20.15			$	25.25			$	25.39
Net investment income (b)			0.37				0.92				0.14				0.45				0.31
Net realized and unrealized gain (loss) on investments			2.58				(1.44	)			6.57				(4.94	)			(0.31	)
Total from investment operations			2.95				(0.52	)			6.71				(4.49	)			—
Distributions from:
Net investment income			(0.38	)			(2.16	)			(1.39	)			(0.61	)			(0.14	)
Net asset value, end of year		$	25.36			$	22.79			$	25.47			$	20.15			$	25.25
Total return (c)			12.95	%			(2.71	)%			34.11	%			(18.32	)%			0.02	%
Ratios to average net assets
Gross expenses (d)			0.61	%			0.63	%			1.60	%			1.12	%			0.93	%
Net expenses (d)			0.42	%			0.51	%			0.56	%			0.55	%			0.55	%
Net expenses excluding interest and taxes (d)			0.42	%			0.51	%			0.55	%			0.55	%			0.55	%
Net investment income (d)			1.48	%			3.56	%			0.58	%			1.97	%			1.23	%
Supplemental data
Net assets, end of year (in millions)			$91				$131				$17				$9				$30
Portfolio turnover rate (e)			70	%			32	%			76	%			195	%			449	%

(a)	Consolidated Financial Highlights
(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

52

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Long/Flat Trend ETF
	Year Ended September 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	33.58			$	39.96			$	31.55			$	28.02			$	28.24
Net investment income (a)			0.51				0.24				0.34				0.40				0.39
Net realized and unrealized gain (loss) on investments			3.90				(6.46	)			8.78				3.56	(b)			(0.35	)
Total from investment operations			4.41				(6.22	)			9.12				3.96				0.04
Distributions from:
Net investment income			(0.41	)			(0.16	)			(0.71	)			(0.43	)			(0.26	)
Net asset value, end of year		$	37.58			$	33.58			$	39.96			$	31.55			$	28.02
Total return (c)			13.27	%			(15.67	)%			29.29	%			14.22	%			0.29	%
Ratios to average net assets
Gross expenses (d)			0.90	%			0.72	%			0.82	%			0.76	%			0.69	%
Net expenses (d)			0.66	%			0.59	%			0.55	%			0.55	%			0.57	%
Net expenses excluding interest and taxes (d)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%
Net investment income (d)			1.41	%			0.60	%			0.91	%			1.38	%			1.47	%
Supplemental data
Net assets, end of year (in millions)			$24				$34				$41				$32				$66
Portfolio turnover rate (e)			115	%			243	%			1	%			0	%			59	%

(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

53

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar ESG Moat ETF
	Year Ended September 30, 2023				Period Ended September 30, 2022(a)
Net asset value, beginning of period		$	19.93			$25.05
Net investment income (b)			0.29			0.25
Net realized and unrealized gain (loss) on investments			3.08			(5.32	)
Total from investment operations			3.37			(5.07	)
Distributions from:
Net investment income			(0.21	)		(0.05	)
Net asset value, end of period		$	23.09			$19.93
Total return (c)			16.97	%		(20.30)%	(d)
Ratios to average net assets
Gross expenses			2.20	%		4.24%	(e)
Net expenses			0.49	%		0.49%	(e)
Net investment income			1.25	%		1.06%	(e)
Supplemental data
Net assets, end of period (in millions)			$6			$2
Portfolio turnover rate (f)			38	%		44%	(d)

(a)	For the period October 6, 2021 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

54

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
	Year Ended September 30,																Period
	2023				2022				2021				2020				Ended September 30, 2019(a)
Net asset value, beginning of period		$	29.24			$	38.42			$	32.17			$	28.97			$	25.30
Net investment income (b)			0.65				0.63				0.54				0.46				0.47
Net realized and unrealized gain (loss) on investments			3.49				(7.60	)			6.74				3.47				3.31
Total from investment operations			4.14				(6.97	)			7.28				3.93				3.78
Distributions from:
Net investment income			(0.70	)			(0.55	)			(0.43	)			(0.34	)			(0.11	)
Net realized capital gains			(0.47	)			(1.66	)			(0.60	)			(0.39	)			—
Total distributions			(1.17	)			(2.21	)			(1.03	)			(0.73	)			(0.11	)
Net asset value, end of period		$	32.21			$	29.24			$	38.42			$	32.17			$	28.97
Total return (c)			14.14	%			(19.41	)%			22.99	%			13.70	%			15.01	%(d)
Ratios to average net assets
Gross expenses			1.08	%			0.96	%			1.20	%			2.04	%			2.50	%(e)
Net expenses			0.52	%			0.52	%			0.52	%			0.52	%			0.56	%(e)
Net expenses excluding interest and taxes			0.52	%			0.52	%			0.52	%			0.52	%			0.52	%(e)
Net investment income			1.94	%			1.76	%			1.44	%			1.54	%			1.86	%(e)
Supplemental data
Net assets, end of period (in millions)			$18				$18				$19				$10				$6
Portfolio turnover rate (f)			73	%			67	%			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

55

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Morningstar International Moat ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$25.10			$33.54			$29.38			$30.57			$33.13
Net investment income (a)		0.89			1.34			1.07			0.62			1.00
Net realized and unrealized gain (loss) on investments		4.81	(b)		(8.28	)		3.81			(0.56	)		(2.50	)
Total from investment operations		5.70			(6.94	)		4.88			0.06			(1.50	)
Distributions from:
Net investment income		(0.95	)		(1.50	)		(0.72	)		(1.25	)		(1.06	)
Net asset value, end of year		$29.85			$25.10			$33.54			$29.38			$30.57
Total return (c)		22.82	%		(21.65	)%		16.64	%		(0.14	)%		(4.25	)%
Ratios to average net assets
Gross expenses		0.63	%		0.67	%		0.76	%		0.76	%		0.69	%
Net expenses		0.58	%		0.58	%		0.57	%		0.58	%		0.57	%
Net expenses excluding interest and taxes		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		2.85	%		4.32	%		3.09	%		2.10	%		3.26	%
Supplemental data
Net assets, end of year (in millions)		$231			$67			$70			$51			$83
Portfolio turnover rate (d)		87	%		105	%		110	%		94	%		85	%

(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

56

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar SMID Moat ETF
	Period Ended September 30, 2023(a)
Net asset value, beginning of period		$26.02
Net investment income (b)		0.37
Net realized and unrealized gain on investments		2.09	(c)
Total from investment operations		2.46
Distributions from:
Net investment income		(0.06	)
Net asset value, end of period		$28.42
Total return (d)		9.49	%(e)
Ratios to average net assets
Gross expenses		0.59	%(f)
Net expenses		0.49	%(f)
Net investment income		1.30	%(f)
Supplemental data
Net assets, end of period (in millions)		$186
Portfolio turnover rate (g)		76	%(e)

(a)	For the period October 5, 2022 (commencement of operations) through September 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns 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

57

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Morningstar Wide Moat ETF
	Year Ended September 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year		$59.98			$73.28			$54.63			$50.13			$46.73
Net investment income (a)		0.78			0.85			0.96			0.92			0.89
Net realized and unrealized gain (loss) on investments		15.86			(13.33	)		18.59			4.30			3.25
Total from investment operations		16.64			(12.48	)		19.55			5.22			4.14
Distributions from:
Net investment income		(0.81	)		(0.82	)		(0.90	)		(0.72	)		(0.74	)
Net asset value, end of year		$75.81			$59.98			$73.28			$54.63			$50.13
Total return (b)		27.98	%		(17.27	)%		36.11	%		10.40	%		9.21	%
Ratios to average net assets
Expenses		0.47	%		0.46	%		0.46	%		0.47	%		0.48	%
Expenses excluding interest and taxes		0.46	%		0.46	%		N/A			N/A			N/A
Net investment income		1.06	%		1.20	%		1.40	%		1.77	%		1.90	%
Supplemental data
Net assets, end of year (in millions)		$10,618			$5,866			$6,599			$3,398			$2,486
Portfolio turnover rate (c)		51	%		51	%		47	%		48	%		58	%

(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

58

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Social Sentiment ETF
	Year Ended September 30,
	2023			2022			Period Ended September 30, 2021(a)
Net asset value, beginning of period		$12.74			$24.66			$25.00
Net investment income (loss) (b)		0.07			0.02			(0.03	)
Net realized and unrealized gain (loss) on investments		2.65			(11.94	)		(0.31	)(c)
Total from investment operations		2.72			(11.92	)		(0.34	)
Distributions from:
Net investment income		(0.05	)		—			—
Net asset value, end of period		$15.41			$12.74			$24.66
Total return (d)		21.46	%		(48.34	)%		(1.38	)%(e)
Ratios to average net assets
Gross expenses		1.23	%		1.16	%		0.75	%(f)
Net expenses		0.75	%		0.75	%		0.75	%(f)
Net investment income (loss)		0.47	%		0.11	%		(0.20	)%(f)
Supplemental data
Net assets, end of period (in millions)		$55			$58			$193
Portfolio turnover rate (g)		232	%		263	%		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

59

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

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

Fund	Diversification Classification
Commodity Strategy ETF	Non-Diversified
Durable High Dividend ETF	Diversified
Inflation Allocation ETF	Diversified
Long/Flat Trend ETF	Diversified
Morningstar ESG Moat ETF	Non-Diversified
Morningstar Global Wide Moat ETF	Diversified
Morningstar International Moat ETF	Diversified
Morningstar SMID Moat ETF	Non-Diversified
Morningstar Wide Moat ETF	Diversified
Social Sentiment ETF	Non-Diversified

Each Fund, except for Commodity Strategy ETF and 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 listed in the table below.

Fund	Index
Durable High Dividend ETF	Morningstar® US Dividend Valuation IndexSM
Long/Flat Trend ETF	Ned Davis Research CMG US Large Cap Long/Flat Index
Morningstar ESG Moat ETF	Morningstar® US Sustainability Moat Focus IndexSM
Morningstar Global Wide Moat ETF	Morningstar® Global Wide Moat Focus IndexSM
Morningstar International Moat ETF	Morningstar® Global ex-US Moat Focus IndexSM
Morningstar SMID Moat ETF	Morningstar® US Small-Mid Cap Moat Focus IndexSM
Morningstar Wide Moat ETF	Morningstar® Wide Moat Focus IndexSM
Social Sentiment ETF	BUZZ NextGen AI US Sentiment Leaders 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.

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

Van Eck Associates Corp. (“VEAC”) serves as the investment adviser for the Funds, except for Commodity Strategy ETF and Inflation Allocation ETF. Van Eck Absolute Return Advisers Corp. (“VEARA”), a wholly owned subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF, Inflation Allocation ETF and their Subsidiaries. VEAC and VEARA are collectively referred to as the “Adviser”.

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

60

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

The following summarizes the Funds’ significant accounting policies.

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

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.	Basis for Consolidation— The Commodity Strategy ETF invests in U.S. treasury securities and Commodity Instruments through the Commodity Strategy Subsidiary and the Inflation Allocation ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (collectively, the “Subsidiaries”, each a wholly-owned “Subsidiary”), organized under the laws of the Cayman Islands. Each Fund’s investments in the Subsidiary may not exceed 25% of the value of the Fund’s total assets at each quarter-end of the Fund’s fiscal year. Consolidated financial statements of the Funds present the financial position and results of operations for each 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 net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
D.	Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Durable High Dividend 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.
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.	Use of Derivative Instruments— Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a

62

disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

Futures Contracts— Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity futures contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are generally made or received by the Fund each day depending on the fluctuations in the value of the Futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Commodity Strategy ETF held futures contracts during the period ended September 30, 2023, the average notional amount for the period was $27,477,557. Futures contracts held by Commodity Strategy ETF at September 30, 2023, are reflected in the Consolidated Schedule of Investments.

At September 30, 2023, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

	Asset Derivatives
	Commodities Futures Risk
Commodity Strategy ETF
Futures contracts1	$	822,696

1 Consolidated Statement of Assets and Liabilities location: Variation margin on futures contracts

The impact of transactions in derivative instruments during the year ended September 30, 2023, was as follows:

	Commodities Futures Risk
Commodity Strategy ETF
Realized gain (loss):
Futures contracts1	$	(240,912	)
Net change in unrealized appreciation (depreciation):
Futures contracts2	$	820,441

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

H. Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivative instruments and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedule of Investments and Statement of Assets and Liabilities for collateral received or pledged as of September 30, 2023. Cash collateral received for securities lending in the form of money market fund investments, if any, at September 30, 2023, is presented in the Schedules

63

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
I.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.
	The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
	The character of distributions received from certain investments may be comprised of income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Funds and other industry sources. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

Note 3—Investment Management and Other Agreements—The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2024, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the following table.

The management fee rate and expense limitations for the year ended September 30, 2023, are as follows:

Fund	Management Fees			Expense Limitations
Inflation Allocation ETF		0.50	%		0.55	%
Long/Flat Trend ETF		0.50			0.55
Morningstar ESG Moat ETF		0.45			0.49
Morningstar Global Wide Moat ETF		0.45			0.52
Morningstar International Moat ETF		0.50			0.56
Morningstar SMID Moat ETF		0.45			0.49
Morningstar Wide Moat ETF		0.45			0.49

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, 2023, the Adviser waived management fees of $226,801 due to such investments held in the Inflation Allocation ETF.

The Funds listed below utilize a unitary management fee structure where the Adviser will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. In addition, for Social Sentiment ETF, the Adviser has (i) agreed to pay the offering costs until at least February 1, 2024 and (ii) contractually agreed to waive or reduce its management fees and/or pay Fund expenses in an amount equal to the Fund’s extraordinary legal expenses up to $500,000 until at least February 1, 2024. During the fiscal years ended September 30, 2022 and 2023, the Fund incurred extraordinary legal expenses of $452,219 and $282,787 respectively. The Fund’s insurance policy covers extraordinary legal expenses in excess of $500,000.

64

Refer to Statement of Operations for the reimbursement from the Adviser and insurance proceeds the Fund received during the year ended September 30, 2023. For Commodity Strategy ETF, the Adviser has agreed to pay and/or reimburse the Fund for the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants (“FCMs”) until at least February 1, 2024.

Fund	Unitary Management Fee Rate
Commodity Strategy ETF	0.55	%
Durable High Dividend ETF	0.29
Social Sentiment ETF	0.75

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, 2023, the Adviser owned approximately 18% of Morningstar ESG Moat ETF and 5% of Durable High Dividend ETF.

Note 4—Capital Share Transactions—As of September 30, 2023, 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 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.

Note 5—Investments—For the year ended September 30, 2023, 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 and U.S. government obligations) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Durable High Dividend ETF		55,016,973		55,998,615		66,243,915		58,427,692
Inflation Allocation ETF*		82,320,153		93,326,700		11,421,082		55,117,548
Long/Flat Trend ETF		81,605,027		24,274,820		39,325,039		76,056,068
Morningstar ESG Moat ETF		1,953,313		1,753,853		5,214,947		1,875,768
Morningstar Global Wide Moat ETF		13,732,435		14,042,974		3,272,320		4,679,352
Morningstar International Moat ETF		167,930,207		141,649,351		162,790,510		18,404,369
Morningstar SMID Moat ETF		62,622,357		58,536,033		248,632,765		58,970,618
Morningstar Wide Moat ETF		4,341,391,276		4,111,182,513		8,329,918,771		5,273,280,164
Social Sentiment ETF		139,812,017		135,988,359		81,581,803		97,801,213

65

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Note 6—Income Taxes—As of September 30, 2023, 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)
Commodity Strategy ETF		$25,828,457		$1,247,363		$(739,906	)		$507,457
Durable High Dividend ETF		87,463,617		1,816,739		(4,281,636	)		(2,464,897	)
Inflation Allocation ETF		106,734,180		3,515,737		(8,301,813	)		(4,786,076	)
Long/Flat Trend ETF		23,693,503		755,757		(39,028	)		716,729
Morningstar ESG Moat ETF		6,556,568		338,685		(538,913	)		(200,228	)
Morningstar Global Wide Moat ETF		17,785,566		964,284		(1,021,265	)		(56,981	)
Morningstar International Moat ETF		248,503,479		7,393,828		(19,702,731	)		(12,308,903	)
Morningstar SMID Moat ETF		192,968,522		4,713,177		(11,541,194	)		(6,828,017	)
Morningstar Wide Moat ETF		10,974,083,850		399,407,541		(765,045,264	)		(365,637,723	)
Social Sentiment ETF		59,293,325		3,157,025		(5,931,172	)		(2,774,147	)

At September 30, 2023, 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)
Commodity Strategy ETF		$1,466,997		$–			$–			$83,470			$1,550,467
Durable High Dividend ETF		721,944		(14,612,396	)		(624	)		(2,464,897	)		(16,355,973	)
Inflation Allocation ETF		588,832		(19,016,497	)		(830	)		(4,787,462	)		(23,215,957	)
Long/Flat Trend ETF		247,032		(7,925,707	)		(1,285	)		716,729			(6,963,231	)
Morningstar ESG Moat ETF		37,974		(337,497	)		(8	)		(200,228	)		(499,759	)
Morningstar Global Wide Moat ETF		233,586		(164,800	)		(289	)		(57,120	)		11,377
Morningstar International Moat ETF		4,684,889		(22,555,259	)		(2,429	)		(12,318,997	)		(30,191,796	)
Morningstar SMID Moat ETF		826,980		(6,244,206	)		(51	)		(6,828,017	)		(12,245,294	)
Morningstar Wide Moat ETF		67,258,773		(1,352,602,247	)		(158,863	)		(365,637,723	)		(1,651,140,060	)
Social Sentiment ETF		203,949		(104,980,014	)		–			(2,774,147	)		(107,550,212	)

The tax character of dividends paid to shareholders during the years ended September 30, 2023 and September 30, 2022 were as follows:

	September 30, 2023				September 30, 2022
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Durable High Dividend ETF		$2,908,003		$–		$1,834,915		$–
Inflation Allocation ETF		2,100,120		–		2,650,043		–
Long/Flat Trend ETF		315,038		–		175,010		–
Morningstar ESG Moat ETF		37,500		–		3,803		–
Morningstar Global Wide Moat ETF		349,984		235,116		871,150		233,400
Morningstar International Moat ETF		1,800,060		–		3,150,000		–
Morningstar SMID Moat ETF		66,010		–		–		–
Morningstar Wide Moat ETF		78,997,870		–		77,004,720		–
Social Sentiment ETF		209,840		–		–		–

66

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

At September 30, 2023, 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
Durable High Dividend ETF	$	(8,462,936	)	$	(6,149,460	)	$	(14,612,396	)
Inflation Allocation ETF		(17,676,615	)		(1,339,882	)		(19,016,497	)
Long/Flat Trend ETF		(7,841,264	)		(84,443	)		(7,925,707	)
Morningstar ESG Moat ETF		(206,985	)		(130,512	)		(337,497	)
Morningstar Global Wide Moat ETF		(164,800	)		–			(164,800	)
Morningstar International Moat ETF		(15,907,224	)		(6,648,035	)		(22,555,259	)
Morningstar SMID Moat ETF		(6,244,206	)		–			(6,244,206	)
Morningstar Wide Moat ETF		(677,985,382	)		(674,616,865	)		(1,352,602,247	)
Social Sentiment ETF		(93,090,241	)		(11,889,773	)		(104,980,014	)

During the year ended September 30, 2023, as a result of permanent book to tax differences primarily due to the tax treatment of in-kind redemptions and differences in the treatment of income and realized gains from the Commodity Strategy ETF and Inflation Allocation ETF’s controlled foreign corporation subsidiaries, 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
Commodity Strategy ETF	$	19,153		$	(19,153	)
Durable High Dividend ETF		(7,578,138	)		7,578,138
Inflation Allocation ETF		(610,213	)		610,213
Long/Flat Trend ETF		(2,694,643	)		2,694,643
Morningstar ESG Moat ETF		(289,709	)		289,709
Morningstar Global Wide Moat ETF		(676,094	)		676,094
Morningstar International Moat ETF		404,465			(404,465	)
Morningstar SMID Moat ETF		(5,366,907	)		5,366,907
Morningstar Wide Moat ETF		(1,154,697,815	)		1,154,697,815
Social Sentiment ETF		(10,011,252	)		10,011,252

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, 2023, 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,

67

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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

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

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. 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. 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.

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

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

68

public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company’s stock performance.

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

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

A unitary management fee was adopted on October 1, 2021, for Durable High Dividend ETF. For this Fund, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through September 30, 2021. Commodity Strategy ETF and Social Sentiment ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For Inflation Allocation ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, and Morningstar Wide Moat ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend 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, 2023, 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, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Inflation Allocation ETF	$	18,931,301	$	11,948,436	$	7,653,395	$	19,601,831
Morningstar Global Wide Moat ETF		176,506		–		182,851		182,851
Morningstar International Moat ETF		13,990,964		5,019,136		9,844,276		14,863,412
Morningstar SMID Moat ETF		3,770,577		106,378		3,731,866		3,838,244
Social Sentiment ETF		4,138,414		1,423,473		2,774,575		4,198,048

69

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2023:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Inflation Allocation ETF	$	11,948,436
Morningstar International Moat ETF		5,019,136
Morningstar SMID Moat ETF		106,378
Social Sentiment ETF		1,423,473

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended September 30, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Commodity Strategy ETF		9	$	936,487		6.43	%
Durable High Dividend ETF		225		293,829		5.74
Long/Flat Trend ETF		15		3,206,437		5.98
Morningstar Global Wide Moat ETF		2		245,359		6.68
Morningstar International Moat ETF		315		690,494		5.96
Morningstar SMID Moat ETF		27		139,706		6.68
Morningstar Wide Moat ETF		196		11,896,813		6.00
Social Sentiment ETF		31		93,646		6.46

Outstanding loan balances as of September 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Regulatory Requirements—On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery).

These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

70

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck Inflation Allocation ETF and VanEck Commodity Strategy ETF) of each of the funds listed in the table below, (ten of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck Commodity Strategy ETF (4)	VanEck Morningstar Global Wide Moat ETF (1)
VanEck Durable High Dividend ETF (1)	VanEck Morningstar International Moat ETF (1)
VanEck Inflation Allocation ETF (2)	VanEck Morningstar SMID Moat ETF (3)
VanEck Long/Flat Trend ETF (1)	VanEck Morningstar Wide Moat ETF (1)
VanEck Morningstar ESG Moat ETF (5)	VanEck Social Sentiment ETF (1)

(1) Statement of operations for the year ended September 30, 2023 and statement of changes in net assets and financial highlights for the years ended 2023 and 2022.

(2) Consolidated statement of operations for the year ended September 30, 2023 and consolidated statement of changes in net assets and consolidated financial highlights for the years ended September 30, 2023 and 2022.

(3) Statement of operations, statement of changes in net assets, and financial highlights for the period October 5, 2022 (commencement of operations) through September 30, 2023.

(4) Consolidated statement of operations, consolidated statement of changes in net assets, and consolidated financial highlights for the period December 21, 2022 (commencement of operations) through September 30, 2023.

(5) Statement of operations for the year ended September 30, 2023, and statement of changes in net assets and financial highlights for the year ended September 30, 2023 and the period October 6, 2021 (commencement of operations) through September 30, 2022.

The financial statements of the Funds as of and for the year or period ended September 30, 2021 and the financial highlights for each of the periods ended on or prior to September 30, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 19, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

71

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
November 22, 2023

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

72

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 2023 income tax purposes will be sent to them in early 2024. 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, 2023:

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**
Durable High Dividend ETF		$1.0136		100.00	%		100.00	%		—%		$—
Inflation Allocation ETF		0.3784		63.11			23.38			9.35		0.0035
Long/Flat Trend ETF		0.4065		69.93			69.06			—		—
Morningstar ESG Moat ETF		0.2143		100.00			100.00			—		—
Morningstar Global Wide Moat ETF		0.7000		100.00			55.31			—		—
Morningstar International Moat ETF		0.9474		34.10			0.53			99.84		0.0806
Morningstar SMID Moat ETF		0.0644		100.00			100.00			—		—
Morningstar Wide Moat ETF		0.8119		100.00			100.00			—		—
Social Sentiment ETF		0.0488		100.00			100.00			—		—

Fund	Qualified Business Income***		Long-Term Capital Gain Per Share
Inflation Allocation ETF		7.00%		$—
Long/Flat Trend ETF		0.53		—
Morningstar Global Wide Moat ETF		—		0.4702

* 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.

*** Qualified Business Income (QBI) under Section 199A represents the percentage of ordinary income distributions that is eligible for the Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers. Tax regulations enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders.

73

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

September 30, 2023 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees
David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	70	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	70	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	82	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	70	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	82	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	82	Director, National Committee on US-China Relations.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
5	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.

74

*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information
Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	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.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

75

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

76

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited)

At a meeting held on June 8, 2023 (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, Durable High Dividend ETF (formerly, VanEck Morningstar Durable Dividend ETF), Energy Income ETF, Environmental Services ETF, Gaming ETF, Green Infrastructure ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Robotics 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 5, 2023. 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 registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of 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 has a different investment objective 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 Green Infrastructure ETF, Morningstar SMID Moat ETF and Robotics 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. 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 5, 2023 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, (i) (with respect to the VanEck Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF and Video Gaming and eSports ETF) (the “Non-Unitary Funds”) 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 and (ii) (with respect to all the other Funds) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, 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 Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various

77

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited) (continued)

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 registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Energy Income ETF, Gaming ETF and Video Gaming and eSports ETF each had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Green Infrastructure ETF had management fees equal to the average and below the median of its peer group of funds, and each of the VanEck Long/Flat Trend ETF, Morningstar International Moat ETF and Morningstar Wide Moat ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its respective 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, each of the VanEck Environmental Services ETF and Social Sentiment ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, each of the VanEck Energy Income ETF, Green Infrastructure ETF and Video Gaming and eSports ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, and each of the VanEck Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF and Morningstar Wide Moat ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective 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 fee waivers and/or expense limitations) 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 management 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, as applicable, 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 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 may 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 of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds 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

78

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 5, 2023 meeting as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each 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, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.

Commodity Strategy ETF

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Commodity Strategy ETF (the “Fund”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. 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 registered funds), 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 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 with the Adviser at the May 5, 2023 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 expenses of the Fund (inclusive of any expenses of the Fund’s subsidiary), except for the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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 registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had slightly outperformed its benchmark for the period since its inception on December 20, 2022 through December 31, 2022. Based on the foregoing, the Trustees

79

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited) (continued)

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 registered funds. 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 median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management 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 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 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 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.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 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 its shareholders.

Inflation Allocation ETF

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Inflation Allocation ETF (the “Fund”).

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

80

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. 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 registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and 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 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 with the Adviser at the May 5, 2023 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 registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one- and three-year periods ended December 31, 2022 and the period since its inception on April 10, 2018 through December 31, 2022, but also that the Fund’s performance continued to serve as a strong inflation hedge during the one-year period ended December 31, 2022. 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 registered funds. 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) below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management 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 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 may 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

81

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2023 (unaudited) (continued)

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 5, 2023 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.

Morningstar Wide Moat Growth ETF and Morningstar Wide Moat Value ETF

At a meeting held on September 7, 2023 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Morningstar Wide Moat Growth ETF and VanEck Morningstar Wide Moat Value ETF (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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the proposed 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 proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, each Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of each Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed-upon limit 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.

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

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

82

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

83

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	STRATAR

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 PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended September 30, 2023 and September 30, 2022, were $389,520 and $334,890 respectively.

(b) Audit-Related Fees. Not applicable.

(c) Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended September 30, 2023 and September 30, 2022 were $188,900 and $171,100 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. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short served as Chairman of the Audit Committee until December 1, 2022. Since such date, Ms. Hesslein is the Chairwoman of the Audit Committee.

Item 6. SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 8. PORTFOLIO 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 8, 2023

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

By (Signature and Title) /s/ Jan F. van Eck, CEO

Date December 8, 2023

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

Date December 8, 2023

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

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

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

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

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

Date:  December 8, 2023

/s/ Jan F. van Eck

Jan F. van Eck

Chief Executive Officer

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

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

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

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

Date:  December 8, 2023

/s/ John J. Crimmins

John J. Crimmins

Treasurer & Chief Financial Officer

EX-99.906 CERT

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Biotech ETF, Digital Transformation ETF, Energy Income ETF, Environmental Services ETF, Gaming ETF, Green Infrastructure ETF, Pharmaceutical ETF, Retail ETF, Robotics ETF, Semiconductor ETF, Video Gaming and eSports ETF, Commodity Strategy ETF, Durable High Dividend ETF, Inflation Allocation ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF and Social Sentiment ETF), do hereby certify, to such officer’s knowledge, that:

The annual report on Form N-CSR of VanEck ETF Trust for the period ending September 30, 2023 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck Vectors ETF Trust.

Dated:  December 8, 2023	/s/ Jan F. van Eck
	Jan F. van Eck
	Chief Executive Officer
	VanEck ETF Trust

Dated:  December 8, 2023	/s/ John J. Crimmins
	John J. Crimmins
	Treasurer & Chief Financial Officer
	VanEck ETF Trust

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