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

VanEck AA-BB CLO ETF

Ticker: CLOB

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period September 24, 2024 (inception of Fund) to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck AA-BB CLO ETF	$12^{Footnote Reference(a)}	0.45%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund launched on September 24, 2024 and therefore does not have a full calendar year of performance.
Strong collateralized loan obligation total returns were driven by high base rates, even as the Federal Reserve began cutting rates in September, and spread tightening driven by a supportive technical and fundamental backdrop.
Since inception, the Fund performed approximately in line with its benchmark, the J.P. Morgan CLOIE Balanced Mezzanine Index.
Security selection within BBB rated tranches contributed positively to returns relative to the benchmark, while the underweight to BB rated tranche detracted from relative performance.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/24/2024).

	CLOB	US00	JCLOBAME
Sep-24	$10,000	$10,000	$10,000
Sep-24	$10,031	$9,970	$10,025
Oct-24	$10,116	$9,726	$10,123
Nov-24	$10,205	$9,824	$10,205
Dec-24	$10,288	$9,665	$10,285

Average Annual Total Returns

.	Life*
VanEck AA-BB CLO ETF	2.88%
J.P. Morgan CLOIE Balanced Mezzanine Index (JCLOBAME)	2.85%
ICE BofA US Broad Market Index (US00)	(3.35)%

* Inception of Fund: 9/24/24

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics

Total Net Assets$60,731,230
Number of Portfolio Holdings35
Portfolio Turnover Rate-%
Advisory Fees Paid$58,156

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.7%
Collateralized Loan Obligations		99.3%

Top Ten Holdings (% of Total Net Assets)

Sound Point CLO XXIX Ltd., 8.39%, 4/25/2034		5.8%
BlueMountain CLO XXXII Ltd., 11.52%, 10/15/2034		5.4%
LCM 39 Ltd., 11.66%, 10/15/2034		4.2%
KKR CLO 27 LTD, 10.66%, 1/15/2035		4.1%
Trinitas CLO XIX Ltd., 7.31%, 10/20/2033		4.1%
Wind River 2022-1 CLO Ltd., 6.47%, 7/20/2035		4.1%
LCM 39 Ltd., 7.91%, 10/15/2034		4.1%
Sound Point CLO XXXI Ltd., 8.14%, 10/25/2034		4.1%
Signal Peak CLO 4 Ltd., 8.08%, 10/26/2034		3.8%
Fort Washington CLO 2019-1, 6.92%, 10/20/2037		3.7%

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Need Additional Information?

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

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

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Africa Index ETF

Ticker: AFK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Africa Index ETF	$93	0.88%

How did the Fund perform last year?

The Fund posted a positive return over the period, with regional performance shaped by a balance of opportunities and challenges. While robust infrastructure investments and growing sectors, like technology and consumer goods, supported gains, high inflation, currency volatility and political instability in some markets tempered broader growth, resulting in varied outcomes across the continent.
From a country risk perspective, South Africa contributed the most to the Fund’s performance during the period, followed by Kenya and Morocca. Nigeria detracted the most from the Fund’s performance during the period, followed by the United States and the United Arab Emirates.
In terms of sectors, the financials sector contributed the most to the Fund’s performance during the period, followed by materials and consumer discretionary. The energy sector detracted the most from the Fund’s performance during the period, followed by communication services and health care.
The leading individual contributors to performance were CMOC Group Ltd., Equity Group Holdings Ltd. and Safaricom PLC.
The leading individual detractors to performance were MTN Nigeria Communications PLC, Kosmos Energy Ltd. and Maroc Telecom SA.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	AFK	NDUEACWF	MVAFKTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,630	$9,844	$9,591	$9,700
Feb 15	$9,718	$10,392	$9,663	$10,257
Mar 15	$9,553	$10,231	$9,519	$10,095
Apr 15	$10,191	$10,528	$10,167	$10,192
May 15	$9,702	$10,514	$9,681	$10,323
Jun 15	$9,385	$10,266	$9,386	$10,123
Jul 15	$8,492	$10,355	$8,488	$10,335
Aug 15	$7,832	$9,646	$7,836	$9,712
Sep 15	$7,626	$9,296	$7,622	$9,471
Oct 15	$7,782	$10,026	$7,808	$10,270
Nov 15	$7,210	$9,943	$7,230	$10,301
Dec 15	$7,059	$9,764	$7,093	$10,138
Jan 16	$6,506	$9,175	$6,489	$9,635
Feb 16	$6,708	$9,112	$6,745	$9,622
Mar 16	$7,406	$9,787	$7,445	$10,275
Apr 16	$8,291	$9,931	$8,326	$10,315
May 16	$7,983	$9,944	$8,034	$10,500
Jun 16	$7,882	$9,884	$7,929	$10,527
Jul 16	$8,221	$10,310	$8,308	$10,915
Aug 16	$7,928	$10,344	$8,010	$10,931
Sep 16	$8,112	$10,408	$8,208	$10,933
Oct 16	$8,205	$10,231	$8,312	$10,733
Nov 16	$7,687	$10,309	$7,845	$11,131
Dec 16	$8,043	$10,531	$8,249	$11,351
Jan 17	$8,551	$10,819	$8,732	$11,566
Feb 17	$8,163	$11,123	$8,682	$12,025
Mar 17	$8,295	$11,259	$8,718	$12,039
Apr 17	$8,387	$11,434	$8,904	$12,163
May 17	$8,611	$11,687	$9,120	$12,334
Jun 17	$8,719	$11,740	$9,201	$12,411
Jul 17	$9,280	$12,068	$9,817	$12,666
Aug 17	$9,608	$12,114	$9,991	$12,705
Sep 17	$9,332	$12,348	$9,724	$12,967
Oct 17	$9,372	$12,605	$9,770	$13,270
Nov 17	$9,720	$12,849	$10,145	$13,677
Dec 17	$10,135	$13,056	$10,614	$13,829
Jan 18	$10,654	$13,793	$11,147	$14,621
Feb 18	$10,466	$13,213	$10,999	$14,082
Mar 18	$10,409	$12,931	$10,912	$13,724
Apr 18	$10,368	$13,054	$10,882	$13,777
May 18	$9,898	$13,070	$10,390	$14,108
Jun 18	$9,625	$13,000	$10,124	$14,195
Jul 18	$9,649	$13,392	$10,148	$14,724
Aug 18	$9,028	$13,497	$9,490	$15,203
Sep 18	$8,853	$13,555	$9,325	$15,290
Oct 18	$8,248	$12,540	$8,690	$14,245
Nov 18	$8,395	$12,723	$8,837	$14,535
Dec 18	$8,341	$11,827	$8,807	$13,223
Jan 19	$9,143	$12,761	$9,631	$14,282
Feb 19	$9,077	$13,102	$9,589	$14,741
Mar 19	$8,994	$13,267	$9,498	$15,027
Apr 19	$9,218	$13,715	$9,735	$15,636
May 19	$8,607	$12,901	$9,110	$14,642
Jun 19	$9,276	$13,746	$9,828	$15,674
Jul 19	$8,819	$13,786	$9,370	$15,899
Aug 19	$8,414	$13,459	$8,926	$15,647
Sep 19	$8,416	$13,742	$8,857	$15,940
Oct 19	$8,507	$14,119	$8,958	$16,286
Nov 19	$8,633	$14,463	$9,101	$16,877
Dec 19	$9,052	$14,973	$9,579	$17,386
Jan 20	$8,496	$14,807	$9,020	$17,379
Feb 20	$7,685	$13,611	$8,091	$15,949
Mar 20	$5,673	$11,774	$6,043	$13,979
Apr 20	$6,544	$13,035	$7,059	$15,771
May 20	$6,778	$13,602	$7,216	$16,522
Jun 20	$7,291	$14,036	$7,731	$16,850
Jul 20	$7,651	$14,779	$8,173	$17,801
Aug 20	$7,886	$15,683	$8,460	$19,080
Sep 20	$7,787	$15,178	$8,338	$18,355
Oct 20	$8,004	$14,809	$8,556	$17,867
Nov 20	$8,606	$16,634	$9,297	$19,823
Dec 20	$9,259	$17,406	$9,981	$20,585
Jan 21	$9,517	$17,327	$10,271	$20,377
Feb 21	$9,636	$17,729	$10,339	$20,939
Mar 21	$9,524	$18,202	$10,256	$21,856
Apr 21	$9,847	$18,998	$10,593	$23,022
May 21	$10,287	$19,294	$11,064	$23,183
Jun 21	$9,901	$19,548	$10,676	$23,724
Jul 21	$9,864	$19,682	$10,648	$24,288
Aug 21	$9,989	$20,175	$10,763	$25,026
Sep 21	$9,512	$19,342	$10,296	$23,863
Oct 21	$9,752	$20,329	$10,592	$25,534
Nov 21	$9,234	$19,839	$10,029	$25,357
Dec 21	$9,601	$20,633	$10,444	$26,494
Jan 22	$9,759	$19,620	$10,541	$25,123
Feb 22	$10,079	$19,113	$10,900	$24,371
Mar 22	$10,139	$19,527	$11,018	$25,276
Apr 22	$9,400	$17,964	$10,257	$23,071
May 22	$9,103	$17,985	$9,962	$23,114
Jun 22	$8,010	$16,469	$8,711	$21,206
Jul 22	$8,213	$17,619	$8,907	$23,161
Aug 22	$7,931	$16,970	$8,625	$22,217
Sep 22	$7,155	$15,346	$7,911	$20,170
Oct 22	$7,259	$16,272	$8,022	$21,804
Nov 22	$8,221	$17,534	$9,107	$23,022
Dec 22	$7,840	$16,844	$8,774	$21,696
Jan 23	$8,307	$18,051	$9,319	$23,059
Feb 23	$7,863	$17,534	$8,922	$22,496
Mar 23	$7,821	$18,075	$8,831	$23,322
Apr 23	$7,623	$18,334	$8,728	$23,686
May 23	$7,135	$18,138	$8,274	$23,789
Jun 23	$7,307	$19,191	$8,355	$25,361
Jul 23	$7,917	$19,894	$9,181	$26,176
Aug 23	$7,350	$19,338	$8,524	$25,759
Sep 23	$7,090	$18,538	$8,326	$24,531
Oct 23	$6,652	$17,981	$7,854	$24,015
Nov 23	$7,098	$19,640	$8,446	$26,208
Dec 23	$7,178	$20,584	$8,689	$27,399
Jan 24	$6,839	$20,704	$8,356	$27,859
Feb 24	$6,726	$21,593	$8,145	$29,347
Mar 24	$7,533	$22,271	$9,141	$30,291
Apr 24	$7,561	$21,536	$9,220	$29,054
May 24	$7,856	$22,411	$9,543	$30,494
Jun 24	$7,959	$22,910	$9,703	$31,589
Jul 24	$8,155	$23,279	$9,956	$31,973
Aug 24	$8,316	$23,870	$10,174	$32,749
Sep 24	$8,649	$24,425	$10,607	$33,448
Oct 24	$8,417	$23,877	$10,319	$33,145
Nov 24	$8,251	$24,770	$10,109	$35,090
Dec 24	$7,950	$24,183	$9,764	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Africa Index ETF	10.76%	(2.56)%	(2.27)%
MVIS^® GDP Africa Index (MVAFKTR)	12.37%	0.38%	(0.24)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$43,146,093
Number of Portfolio Holdings71
Portfolio Turnover Rate44%
Advisory Fees Paid$222,487

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.1%
Other Investments		1.1%
Consumer Staples		4.9%
Energy		5.4%
Consumer Discretionary		10.3%
Communication Services		12.7%
Materials		27.7%
Financials		37.8%

Top Ten Holdings (% of Total Net Assets)

Attijariwafa Bank		8.0%
Naspers Ltd.		5.5%
Airtel Africa Plc		5.0%
Anglo American Plc		4.4%
Ivanhoe Mines Ltd.		4.1%
Barrick Gold Corp.		3.7%
Guaranty Trust Holding Co. Plc		3.5%
Banque Centrale Populaire		3.4%
FirstRand Ltd.		3.1%
Itissalat Al-Maghrib		3.1%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

The Fund's net expense ratio decreased to 0.88% for the year ended December 31, 2024 from 1.31% for the year ended December 31, 2023 primarily as a result of decreased interest expense.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Agribusiness ETF

Ticker: MOO

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Agribusiness ETF	$51	0.55%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on agricultural commodities and agribusiness equities, particularly in the final months of the year.
The Fund’s exposure to the health care industry was the primary detractor from Fund performance, followed by the consumer staples and industrials sectors. No sector contributed positively to performance for the period.
Exposure to companies in the United States, Germany and Canada detracted most from performance, stemming partially from having dominant weights in the Fund.
The Fund’s exposure to Malaysia, Thailand and the Faroe Islands were modest positive contributors to performance for the period.
The primary individual detractors from Fund performance were Bayer, Archer-Daniels-Midland and Zoetis.
The leading individual contributors to performance were Corteva, Deere & Company and Tyson Foods.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	MOO	NDUEACWF	MVMOOTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,125	$9,844	$10,113	$9,700
Feb 15	$10,595	$10,392	$10,572	$10,257
Mar 15	$10,213	$10,231	$10,188	$10,095
Apr 15	$10,386	$10,528	$10,365	$10,192
May 15	$10,837	$10,514	$10,811	$10,323
Jun 15	$10,492	$10,266	$10,468	$10,123
Jul 15	$10,217	$10,355	$10,198	$10,335
Aug 15	$9,509	$9,646	$9,497	$9,712
Sep 15	$8,732	$9,296	$8,702	$9,471
Oct 15	$9,243	$10,026	$9,214	$10,270
Nov 15	$9,274	$9,943	$9,235	$10,301
Dec 15	$9,104	$9,764	$9,084	$10,138
Jan 16	$8,609	$9,175	$8,540	$9,635
Feb 16	$8,738	$9,112	$8,700	$9,622
Mar 16	$9,129	$9,787	$9,086	$10,275
Apr 16	$9,509	$9,931	$9,506	$10,315
May 16	$9,603	$9,944	$9,562	$10,500
Jun 16	$9,384	$9,884	$9,311	$10,527
Jul 16	$9,593	$10,310	$9,554	$10,915
Aug 16	$9,988	$10,344	$9,937	$10,931
Sep 16	$9,769	$10,408	$9,703	$10,933
Oct 16	$9,659	$10,231	$9,613	$10,733
Nov 16	$9,965	$10,309	$9,904	$11,131
Dec 16	$10,264	$10,531	$10,220	$11,351
Jan 17	$10,674	$10,819	$10,623	$11,566
Feb 17	$10,750	$11,123	$10,699	$12,025
Mar 17	$10,670	$11,259	$10,622	$12,039
Apr 17	$10,902	$11,434	$10,862	$12,163
May 17	$10,960	$11,687	$10,909	$12,334
Jun 17	$11,007	$11,740	$10,938	$12,411
Jul 17	$11,331	$12,068	$11,274	$12,666
Aug 17	$11,259	$12,114	$11,198	$12,705
Sep 17	$11,775	$12,348	$11,709	$12,967
Oct 17	$12,024	$12,605	$11,956	$13,270
Nov 17	$12,244	$12,849	$12,170	$13,677
Dec 17	$12,490	$13,056	$12,441	$13,829
Jan 18	$13,063	$13,793	$12,932	$14,621
Feb 18	$12,652	$13,213	$12,553	$14,082
Mar 18	$12,506	$12,931	$12,368	$13,724
Apr 18	$12,558	$13,054	$12,458	$13,777
May 18	$12,668	$13,070	$12,559	$14,108
Jun 18	$12,601	$13,000	$12,498	$14,195
Jul 18	$12,960	$13,392	$12,843	$14,724
Aug 18	$13,152	$13,497	$13,039	$15,203
Sep 18	$13,333	$13,555	$13,223	$15,290
Oct 18	$12,475	$12,540	$12,374	$14,245
Nov 18	$12,676	$12,723	$12,567	$14,535
Dec 18	$11,770	$11,827	$11,683	$13,223
Jan 19	$12,704	$12,761	$12,598	$14,282
Feb 19	$12,787	$13,102	$12,693	$14,741
Mar 19	$12,875	$13,267	$12,770	$15,027
Apr 19	$13,283	$13,715	$13,176	$15,636
May 19	$12,502	$12,901	$12,416	$14,642
Jun 19	$13,776	$13,746	$13,666	$15,674
Jul 19	$13,789	$13,786	$13,715	$15,899
Aug 19	$13,595	$13,459	$13,500	$15,647
Sep 19	$13,576	$13,742	$13,484	$15,940
Oct 19	$13,759	$14,119	$13,682	$16,286
Nov 19	$13,654	$14,463	$13,574	$16,877
Dec 19	$14,324	$14,973	$14,253	$17,386
Jan 20	$13,570	$14,807	$13,543	$17,379
Feb 20	$12,537	$13,611	$12,433	$15,949
Mar 20	$10,721	$11,774	$10,685	$13,979
Apr 20	$11,630	$13,035	$11,573	$15,771
May 20	$12,285	$13,602	$12,182	$16,522
Jun 20	$12,580	$14,036	$12,482	$16,850
Jul 20	$13,382	$14,779	$13,288	$17,801
Aug 20	$14,189	$15,683	$14,109	$19,080
Sep 20	$14,108	$15,178	$14,031	$18,355
Oct 20	$13,859	$14,809	$13,781	$17,867
Nov 20	$15,679	$16,634	$15,607	$19,823
Dec 20	$16,434	$17,406	$16,348	$20,585
Jan 21	$16,647	$17,327	$16,582	$20,377
Feb 21	$17,888	$17,729	$17,804	$20,939
Mar 21	$18,479	$18,202	$18,391	$21,856
Apr 21	$19,267	$18,998	$19,193	$23,022
May 21	$19,614	$19,294	$19,518	$23,183
Jun 21	$19,239	$19,548	$19,160	$23,724
Jul 21	$19,381	$19,682	$19,309	$24,288
Aug 21	$19,606	$20,175	$19,544	$25,026
Sep 21	$19,252	$19,342	$19,231	$23,863
Oct 21	$20,145	$20,329	$20,094	$25,534
Nov 21	$19,180	$19,839	$19,158	$25,357
Dec 21	$20,377	$20,633	$20,354	$26,494
Jan 22	$19,877	$19,620	$19,826	$25,123
Feb 22	$20,519	$19,113	$20,500	$24,371
Mar 22	$22,312	$19,527	$22,333	$25,276
Apr 22	$21,056	$17,964	$21,095	$23,071
May 22	$21,215	$17,985	$21,206	$23,114
Jun 22	$18,498	$16,469	$18,474	$21,206
Jul 22	$19,617	$17,619	$19,596	$23,161
Aug 22	$19,393	$16,970	$19,409	$22,217
Sep 22	$17,255	$15,346	$17,275	$20,170
Oct 22	$18,986	$16,272	$18,998	$21,804
Nov 22	$19,905	$17,534	$19,875	$23,022
Dec 22	$18,758	$16,844	$18,799	$21,696
Jan 23	$20,082	$18,051	$20,081	$23,059
Feb 23	$19,383	$17,534	$19,417	$22,496
Mar 23	$18,985	$18,075	$18,993	$23,322
Apr 23	$18,657	$18,334	$18,662	$23,686
May 23	$16,845	$18,138	$16,841	$23,789
Jun 23	$17,817	$19,191	$17,805	$25,361
Jul 23	$19,114	$19,894	$19,110	$26,176
Aug 23	$18,249	$19,338	$18,259	$25,759
Sep 23	$17,197	$18,538	$17,218	$24,531
Oct 23	$15,836	$17,981	$15,835	$24,015
Nov 23	$16,061	$19,640	$16,065	$26,208
Dec 23	$17,148	$20,584	$17,172	$27,399
Jan 24	$15,963	$20,704	$16,012	$27,859
Feb 24	$16,330	$21,593	$16,357	$29,347
Mar 24	$16,908	$22,271	$16,939	$30,291
Apr 24	$16,089	$21,536	$16,143	$29,054
May 24	$16,340	$22,411	$16,341	$30,494
Jun 24	$15,786	$22,910	$15,807	$31,589
Jul 24	$16,195	$23,279	$16,227	$31,973
Aug 24	$16,570	$23,870	$16,588	$32,749
Sep 24	$16,972	$24,425	$17,000	$33,448
Oct 24	$16,044	$23,877	$16,091	$33,145
Nov 24	$16,189	$24,770	$16,215	$35,090
Dec 24	$15,049	$24,183	$15,094	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Agribusiness ETF	(12.24)%	0.99%	4.17%
MVIS^® Global Agribusiness Index (MVMOOTR)	(12.10)%	1.15%	4.20%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$570,086,922
Number of Portfolio Holdings51
Portfolio Turnover Rate12%
Advisory Fees Paid$3,686,740

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Health Care		16.1%
Industrials		20.2%
Materials		28.2%
Consumer Staples		35.4%

Top Ten Holdings (% of Total Net Assets)

Deere & Co.		8.0%
Zoetis, Inc.		7.8%
Corteva, Inc.		7.1%
Nutrien Ltd.		6.5%
Bayer AG		6.1%
Archer-Daniels-Midland Co.		5.6%
Tyson Foods, Inc.		4.9%
CF Industries Holdings, Inc.		4.2%
Kubota Corp.		3.9%
Bunge Global SA		3.0%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck BDC Income ETF

Ticker: BIZD

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck BDC Income ETF	$29^{Footnote Reference(a)}	0.42%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 8.11% on a total return basis.
Business development companies (BDCs) benefited from high base rates, even as the Federal Reserve began cutting rates in September, providing positive total returns during the period.
Resilient credit fundamentals in the direct lending market also supported BDC performance, as average non-accrual levels remained low.
Ares Capital Corp. was the top contributor to Fund performance during the period, while Goldman Sachs BDC, Inc. was the greatest detractor.
The Fund’s utilization of index-linked swaps to achieve its investment objective was not a significant factor to performance during the period.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	BIZD	SPTR	MVBDCTRG
Dec 14	$10,000	$10,000	$10,000
Jan 15	$10,096	$9,700	$9,865
Feb 15	$10,668	$10,257	$10,425
Mar 15	$10,662	$10,095	$10,419
Apr 15	$10,795	$10,192	$10,555
May 15	$10,638	$10,323	$10,402
Jun 15	$10,353	$10,123	$10,123
Jul 15	$10,099	$10,335	$9,878
Aug 15	$10,158	$9,712	$9,938
Sep 15	$9,338	$9,471	$9,131
Oct 15	$9,740	$10,270	$9,525
Nov 15	$10,510	$10,301	$10,280
Dec 15	$9,540	$10,138	$9,564
Jan 16	$9,205	$9,635	$9,002
Feb 16	$9,447	$9,622	$9,240
Mar 16	$10,243	$10,275	$10,012
Apr 16	$10,473	$10,315	$10,229
May 16	$10,333	$10,500	$10,081
Jun 16	$10,633	$10,527	$10,368
Jul 16	$11,248	$10,915	$10,965
Aug 16	$11,770	$10,931	$11,468
Sep 16	$11,594	$10,933	$11,296
Oct 16	$11,436	$10,733	$11,140
Nov 16	$11,902	$11,131	$11,588
Dec 16	$12,015	$11,351	$11,939
Jan 17	$12,361	$11,566	$12,022
Feb 17	$12,966	$12,025	$12,608
Mar 17	$13,075	$12,039	$12,721
Apr 17	$13,267	$12,163	$12,909
May 17	$12,464	$12,334	$12,130
Jun 17	$12,685	$12,411	$12,349
Jul 17	$12,777	$12,666	$12,442
Aug 17	$12,078	$12,705	$11,768
Sep 17	$12,593	$12,967	$12,279
Oct 17	$12,242	$13,270	$11,945
Nov 17	$12,387	$13,677	$12,083
Dec 17	$11,954	$13,829	$11,964
Jan 18	$12,103	$14,621	$11,814
Feb 18	$11,659	$14,082	$11,380
Mar 18	$12,007	$13,724	$11,721
Apr 18	$12,195	$13,777	$11,913
May 18	$12,665	$14,108	$12,369
Jun 18	$12,604	$14,195	$12,313
Jul 18	$13,203	$14,724	$12,896
Aug 18	$13,388	$15,203	$13,084
Sep 18	$13,203	$15,290	$12,901
Oct 18	$12,660	$14,245	$12,377
Nov 18	$12,731	$14,535	$12,444
Dec 18	$11,259	$13,223	$11,318
Jan 19	$13,009	$14,282	$12,721
Feb 19	$13,416	$14,741	$13,119
Mar 19	$13,286	$15,027	$12,996
Apr 19	$13,813	$15,636	$13,512
May 19	$13,363	$14,642	$13,073
Jun 19	$13,864	$15,674	$13,567
Jul 19	$14,019	$15,899	$13,726
Aug 19	$14,047	$15,647	$13,755
Sep 19	$14,379	$15,940	$14,081
Oct 19	$14,273	$16,286	$13,974
Nov 19	$14,747	$16,877	$14,442
Dec 19	$14,583	$17,386	$14,598
Jan 20	$14,989	$17,379	$14,685
Feb 20	$13,471	$15,949	$13,198
Mar 20	$8,345	$13,979	$8,112
Apr 20	$9,978	$15,771	$9,685
May 20	$11,202	$16,522	$10,855
Jun 20	$11,210	$16,850	$10,853
Jul 20	$11,191	$17,801	$10,822
Aug 20	$11,721	$19,080	$11,335
Sep 20	$11,659	$18,355	$11,278
Oct 20	$11,157	$17,867	$10,788
Nov 20	$13,560	$19,823	$13,106
Dec 20	$13,543	$20,585	$13,411
Jan 21	$14,177	$20,377	$13,716
Feb 21	$15,646	$20,939	$15,141
Mar 21	$16,344	$21,856	$15,824
Apr 21	$17,343	$23,022	$16,814
May 21	$17,655	$23,183	$17,119
Jun 21	$17,732	$23,724	$17,214
Jul 21	$17,849	$24,288	$17,334
Aug 21	$18,079	$25,026	$17,564
Sep 21	$18,080	$23,863	$17,569
Oct 21	$18,888	$25,534	$18,367
Nov 21	$18,413	$25,357	$17,910
Dec 21	$18,936	$26,494	$18,424
Jan 22	$19,339	$25,123	$18,822
Feb 22	$19,294	$24,371	$18,784
Mar 22	$19,635	$25,276	$19,134
Apr 22	$18,770	$23,071	$18,299
May 22	$18,128	$23,114	$17,675
Jun 22	$16,922	$21,206	$16,492
Jul 22	$18,295	$23,161	$17,854
Aug 22	$18,268	$22,217	$17,828
Sep 22	$15,591	$20,170	$15,195
Oct 22	$17,440	$21,804	$17,009
Nov 22	$18,265	$23,022	$17,813
Dec 22	$17,274	$21,696	$16,846
Jan 23	$18,696	$23,059	$18,232
Feb 23	$18,948	$22,496	$18,480
Mar 23	$18,092	$23,322	$17,652
Apr 23	$18,282	$23,686	$17,824
May 23	$18,461	$23,789	$17,993
Jun 23	$19,299	$25,361	$18,814
Jul 23	$20,387	$26,176	$19,878
Aug 23	$20,365	$25,759	$19,856
Sep 23	$20,687	$24,531	$20,177
Oct 23	$19,795	$24,015	$19,292
Nov 23	$21,056	$26,208	$20,520
Dec 23	$21,926	$27,399	$21,375
Jan 24	$22,270	$27,859	$21,712
Feb 24	$22,263	$29,347	$21,705
Mar 24	$23,125	$30,291	$22,542
Apr 24	$23,407	$29,054	$22,805
May 24	$24,353	$30,494	$23,727
Jun 24	$24,043	$31,589	$23,417
Jul 24	$24,085	$31,973	$23,463
Aug 24	$23,732	$32,749	$23,117
Sep 24	$23,893	$33,448	$23,276
Oct 24	$24,124	$33,145	$23,503
Nov 24	$25,143	$35,090	$24,498
Dec 24	$25,306	$34,254	$24,659

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck BDC Income ETF	15.41%	11.65%	9.73%
MVIS^® US Business Development Companies Index (MVBDCTRG)	15.36%	11.05%	9.45%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

MVBDCTRG replaced the MVIS^® US Business Development Companies Index (MVBIZDTG) effective June 19, 2023. Index history prior to June 19, 2023 reflects the performance of the MVIS^® US Business Development Companies Index.

Key Fund Statistics

Total Net Assets$1,369,247,289
Number of Portfolio Holdings29
Portfolio Turnover Rate17%
Advisory Fees Paid$3,204,490

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		1.0%
Other Investments		0.7%
Financials		98.3%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.0%

Top Ten Holdings (% of Total Net Assets)

Ares Capital Corp.		22.7%
Blackstone Secured Lending Fund		13.2%
FS KKR Capital Corp.		9.8%
Main Street Capital Corp.		5.0%
Hercules Capital, Inc.		4.9%
Golub Capital BDC, Inc.		4.7%
Blue Owl Capital Corp.		4.6%
Sixth Street Specialty Lending, Inc.		3.5%
Morgan Stanley Direct Lending Fund		2.9%
Prospect Capital Corp.		2.7%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

Effective May 31, 2024, the Fund’s principal investment strategies changed to include investments or instruments that have investment exposure to securities that comprise the Fund’s benchmark index, the MVIS^® US Business Development Companies Index, such as swaps and other derivative instruments that have investment exposure to BDCs.

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Absolute Return Advisers Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Brazil Small-Cap ETF

Ticker: BRF

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Brazil Small-Cap ETF	$49	0.60%

How did the Fund perform last year?

The Fund posted a negative return due to fiscal uncertainty, currency depreciation and policy tightening, which negatively impacted local equities over the period. Declining commodity prices and political uncertainty around tax reforms further pressured equity markets, while high borrowing costs limited corporate earnings growth.
There were no positive contributors to the Fund’s performance from a sector-level perspective.
The leading individual contributors to performance were Ambipar Participacoes e Empreendimentos SA, Marfrig Global Foods SA and Santos Brasil Participacoes SA.
The consumer discretionary sector detracted the most from the Fund’s performance during the period followed by industrials and materials.
The leading individual detractors from performance were Azul SA Sponsored ADR Pfd, Azzas 2154 SA and Cogna Educacao SA.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	BRF	NDUEACWF	MVBRFTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$8,629	$9,844	$8,625	$9,700
Feb 15	$8,634	$10,392	$8,580	$10,257
Mar 15	$7,621	$10,231	$7,620	$10,095
Apr 15	$8,427	$10,528	$8,476	$10,192
May 15	$7,734	$10,514	$7,744	$10,323
Jun 15	$7,791	$10,266	$7,828	$10,123
Jul 15	$6,703	$10,355	$6,762	$10,335
Aug 15	$5,817	$9,646	$5,825	$9,712
Sep 15	$5,026	$9,296	$5,045	$9,471
Oct 15	$5,506	$10,026	$5,559	$10,270
Nov 15	$5,393	$9,943	$5,367	$10,301
Dec 15	$5,103	$9,764	$5,150	$10,138
Jan 16	$4,648	$9,175	$4,658	$9,635
Feb 16	$4,902	$9,112	$4,978	$9,622
Mar 16	$6,066	$9,787	$6,196	$10,275
Apr 16	$6,647	$9,931	$6,681	$10,315
May 16	$6,124	$9,944	$6,201	$10,500
Jun 16	$7,395	$9,884	$7,478	$10,527
Jul 16	$8,368	$10,310	$8,473	$10,915
Aug 16	$8,495	$10,344	$8,567	$10,931
Sep 16	$8,324	$10,408	$8,418	$10,933
Oct 16	$9,130	$10,231	$9,298	$10,733
Nov 16	$7,948	$10,309	$8,036	$11,131
Dec 16	$8,211	$10,531	$8,325	$11,351
Jan 17	$9,339	$10,819	$9,489	$11,566
Feb 17	$10,206	$11,123	$10,354	$12,025
Mar 17	$10,155	$11,259	$10,174	$12,039
Apr 17	$10,359	$11,434	$10,443	$12,163
May 17	$9,986	$11,687	$10,126	$12,334
Jun 17	$9,956	$11,740	$10,127	$12,411
Jul 17	$11,272	$12,068	$11,444	$12,666
Aug 17	$12,072	$12,114	$12,292	$12,705
Sep 17	$12,618	$12,348	$12,865	$12,967
Oct 17	$12,220	$12,605	$12,456	$13,270
Nov 17	$11,858	$12,849	$12,111	$13,677
Dec 17	$12,458	$13,056	$12,727	$13,829
Jan 18	$13,526	$13,793	$13,895	$14,621
Feb 18	$13,168	$13,213	$13,457	$14,082
Mar 18	$12,826	$12,931	$13,056	$13,724
Apr 18	$12,212	$13,054	$12,571	$13,777
May 18	$10,482	$13,070	$10,757	$14,108
Jun 18	$9,601	$13,000	$9,921	$14,195
Jul 18	$10,333	$13,392	$10,524	$14,724
Aug 18	$9,249	$13,497	$9,322	$15,203
Sep 18	$9,072	$13,555	$9,340	$15,290
Oct 18	$10,947	$12,540	$11,188	$14,245
Nov 18	$10,829	$12,723	$11,040	$14,535
Dec 18	$11,006	$11,827	$11,285	$13,223
Jan 19	$12,750	$12,761	$13,036	$14,282
Feb 19	$12,475	$13,102	$12,776	$14,741
Mar 19	$11,800	$13,267	$12,150	$15,027
Apr 19	$12,146	$13,715	$12,387	$15,636
May 19	$11,992	$12,901	$12,329	$14,642
Jun 19	$13,162	$13,746	$13,530	$15,674
Jul 19	$13,714	$13,786	$14,252	$15,899
Aug 19	$12,791	$13,459	$13,173	$15,647
Sep 19	$12,806	$13,742	$13,160	$15,940
Oct 19	$13,396	$14,119	$13,792	$16,286
Nov 19	$13,242	$14,463	$13,679	$16,877
Dec 19	$15,498	$14,973	$15,960	$17,386
Jan 20	$14,775	$14,807	$15,301	$17,379
Feb 20	$13,063	$13,611	$13,401	$15,949
Mar 20	$7,418	$11,774	$7,709	$13,979
Apr 20	$8,128	$13,035	$8,469	$15,771
May 20	$8,578	$13,602	$8,771	$16,522
Jun 20	$9,416	$14,036	$9,692	$16,850
Jul 20	$10,433	$14,779	$10,834	$17,801
Aug 20	$10,008	$15,683	$10,379	$19,080
Sep 20	$9,392	$15,178	$9,730	$18,355
Oct 20	$8,979	$14,809	$9,300	$17,867
Nov 20	$11,122	$16,634	$11,520	$19,823
Dec 20	$12,281	$17,406	$12,751	$20,585
Jan 21	$11,323	$17,327	$11,814	$20,377
Feb 21	$10,809	$17,729	$11,304	$20,939
Mar 21	$11,252	$18,202	$11,694	$21,856
Apr 21	$12,172	$18,998	$12,695	$23,022
May 21	$13,409	$19,294	$13,939	$23,183
Jun 21	$14,164	$19,548	$14,662	$23,724
Jul 21	$12,870	$19,682	$13,551	$24,288
Aug 21	$12,399	$20,175	$13,043	$25,026
Sep 21	$10,982	$19,342	$11,475	$23,863
Oct 21	$9,405	$20,329	$9,850	$25,534
Nov 21	$9,170	$19,839	$9,556	$25,357
Dec 21	$9,655	$20,633	$10,141	$26,494
Jan 22	$10,450	$19,620	$10,949	$25,123
Feb 22	$10,151	$19,113	$10,683	$24,371
Mar 22	$11,852	$19,527	$12,387	$25,276
Apr 22	$10,468	$17,964	$10,918	$23,071
May 22	$10,679	$17,985	$11,186	$23,114
Jun 22	$8,256	$16,469	$8,636	$21,206
Jul 22	$8,745	$17,619	$9,108	$23,161
Aug 22	$9,476	$16,970	$9,958	$22,217
Sep 22	$9,027	$15,346	$9,434	$20,170
Oct 22	$9,902	$16,272	$10,237	$21,804
Nov 22	$8,786	$17,534	$9,095	$23,022
Dec 22	$8,371	$16,844	$8,814	$21,696
Jan 23	$9,097	$18,051	$9,551	$23,059
Feb 23	$8,101	$17,534	$8,558	$22,496
Mar 23	$8,188	$18,075	$8,626	$23,322
Apr 23	$8,570	$18,334	$9,007	$23,686
May 23	$9,652	$18,138	$10,097	$23,789
Jun 23	$11,161	$19,191	$11,706	$25,361
Jul 23	$11,738	$19,894	$12,332	$26,176
Aug 23	$10,533	$19,338	$11,125	$25,759
Sep 23	$10,104	$18,538	$10,727	$24,531
Oct 23	$9,127	$17,981	$9,654	$24,015
Nov 23	$10,429	$19,640	$11,033	$26,208
Dec 23	$11,396	$20,584	$12,116	$27,399
Jan 24	$10,571	$20,704	$11,266	$27,859
Feb 24	$10,644	$21,593	$11,319	$29,347
Mar 24	$10,845	$22,271	$11,555	$30,291
Apr 24	$9,681	$21,536	$10,325	$29,054
May 24	$9,370	$22,411	$9,967	$30,494
Jun 24	$8,891	$22,910	$9,530	$31,589
Jul 24	$9,013	$23,279	$9,620	$31,973
Aug 24	$9,483	$23,870	$10,091	$32,749
Sep 24	$9,610	$24,425	$10,274	$33,448
Oct 24	$8,901	$23,877	$9,514	$33,145
Nov 24	$8,253	$24,770	$8,829	$35,090
Dec 24	$7,437	$24,183	$7,953	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Brazil Small-Cap ETF	(34.74)%	(13.66)%	(2.92)%
MVIS^® Brazil Small-Cap Index (MVBRFTR)	(34.36)%	(13.00)%	(2.26)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$16,069,834
Number of Portfolio Holdings94
Portfolio Turnover Rate30%
Advisory Fees Paid$30,144

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		3.3%
Other Investments		0.9%
Real Estate		3.1%
Information Technology		3.4%
Health Care		4.0%
Materials		7.1%
Utilities		7.3%
Financials		8.2%
Consumer Staples		10.3%
Energy		13.5%
Industrials		18.1%
Consumer Discretionary		20.8%

Top Ten Holdings (% of Total Net Assets)

Brava Energia		4.9%
Alupar Investimento SA		3.2%
Ambipar Participacoes e Empreendimentos SA		3.2%
Modec, Inc.		3.2%
Santos Brasil Participacoes SA		3.1%
Inter & Co., Inc.		3.1%
Marfrig Global Foods SA		2.9%
Marcopolo SA		2.8%
ERO Copper Corp.		2.7%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2.5%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck China Bond ETF

Ticker: CBON

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck China Bond ETF	$34^{Footnote Reference(a)}	0.50%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 1.78% on a total return basis.
The Fund had a positive return over the period, benefiting from lower Chinese government bond yields which reflected accommodative monetary policies, tepid inflation and weak economic data domestically.
Policy bank, sovereign and corporate bonds contributed positively to returns over the period.
Local interest rates contributed positively to returns during the period, however currency depreciation detracted from performance.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	CBON	GBMP	CFIICNDS	CHQU01TR	US00
Dec 14	$10,000	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,094	$10,001	$10,017	$10,017	$10,221
Feb 15	$10,162	$9,915	$10,107	$10,108	$10,116
Mar 15	$10,151	$9,827	$10,084	$10,085	$10,167
Apr 15	$10,323	$9,919	$10,257	$10,258	$10,128
May 15	$10,336	$9,751	$10,342	$10,342	$10,103
Jun 15	$10,375	$9,705	$10,367	$10,367	$9,994
Jul 15	$10,460	$9,730	$10,470	$10,470	$10,066
Aug 15	$10,236	$9,737	$10,175	$10,175	$10,051
Sep 15	$10,327	$9,785	$10,352	$10,353	$10,119
Oct 15	$10,491	$9,805	$10,575	$10,575	$10,122
Nov 15	$10,368	$9,654	$10,406	$10,407	$10,094
Dec 15	$10,313	$9,698	$10,368	$10,368	$10,060
Jan 16	$10,216	$9,791	$10,344	$10,344	$10,205
Feb 16	$10,261	$10,002	$10,444	$10,444	$10,280
Mar 16	$10,469	$10,259	$10,653	$10,654	$10,370
Apr 16	$10,343	$10,390	$10,508	$10,508	$10,408
May 16	$10,231	$10,262	$10,409	$10,410	$10,413
Jun 16	$10,179	$10,560	$10,362	$10,363	$10,606
Jul 16	$10,297	$10,640	$10,514	$10,514	$10,675
Aug 16	$10,233	$10,592	$10,475	$10,476	$10,660
Sep 16	$10,310	$10,644	$10,557	$10,557	$10,651
Oct 16	$10,163	$10,362	$10,428	$10,428	$10,565
Nov 16	$9,866	$9,957	$10,125	$10,126	$10,312
Dec 16	$9,650	$9,916	$9,884	$9,884	$10,324
Jan 17	$9,861	$10,024	$10,057	$10,057	$10,348
Feb 17	$9,782	$10,075	$10,024	$10,024	$10,418
Mar 17	$9,736	$10,088	$10,005	$10,005	$10,414
Apr 17	$9,723	$10,200	$9,912	$9,913	$10,492
May 17	$9,916	$10,350	$10,073	$10,074	$10,575
Jun 17	$9,981	$10,342	$10,174	$10,175	$10,566
Jul 17	$10,074	$10,511	$10,265	$10,265	$10,610
Aug 17	$10,256	$10,616	$10,452	$10,452	$10,709
Sep 17	$10,212	$10,523	$10,434	$10,434	$10,653
Oct 17	$10,205	$10,482	$10,406	$10,407	$10,661
Nov 17	$10,175	$10,591	$10,385	$10,385	$10,647
Dec 17	$10,317	$10,630	$10,570	$10,570	$10,697
Jan 18	$10,736	$10,747	$10,974	$10,974	$10,573
Feb 18	$10,761	$10,652	$11,008	$11,008	$10,474
Mar 18	$10,906	$10,765	$11,220	$11,221	$10,541
Apr 18	$10,981	$10,599	$11,283	$11,284	$10,465
May 18	$10,809	$10,517	$11,152	$11,152	$10,538
Jun 18	$10,512	$10,471	$10,859	$10,859	$10,527
Jul 18	$10,354	$10,454	$10,707	$10,708	$10,528
Aug 18	$10,337	$10,458	$10,682	$10,683	$10,597
Sep 18	$10,293	$10,371	$10,641	$10,641	$10,529
Oct 18	$10,217	$10,264	$10,593	$10,593	$10,446
Nov 18	$10,312	$10,300	$10,739	$10,740	$10,507
Dec 18	$10,447	$10,508	$10,949	$10,949	$10,702
Jan 19	$10,793	$10,669	$11,308	$11,309	$10,811
Feb 19	$10,825	$10,609	$11,340	$11,340	$10,810
Mar 19	$10,834	$10,744	$11,344	$11,345	$11,022
Apr 19	$10,764	$10,714	$11,227	$11,227	$11,024
May 19	$10,529	$10,865	$11,005	$11,006	$11,223
Jun 19	$10,674	$11,105	$11,170	$11,170	$11,369
Jul 19	$10,694	$11,079	$11,213	$11,214	$11,399
Aug 19	$10,345	$11,318	$10,868	$10,869	$11,709
Sep 19	$10,387	$11,199	$10,904	$10,904	$11,639
Oct 19	$10,520	$11,273	$11,028	$11,028	$11,670
Nov 19	$10,605	$11,183	$11,144	$11,145	$11,664
Dec 19	$10,727	$11,241	$11,294	$11,295	$11,652
Jan 20	$10,754	$11,391	$11,449	$11,449	$11,888
Feb 20	$10,860	$11,475	$11,514	$11,515	$12,105
Mar 20	$10,781	$11,226	$11,445	$11,446	$12,019
Apr 20	$10,954	$11,436	$11,658	$11,658	$12,229
May 20	$10,716	$11,499	$11,369	$11,370	$12,291
Jun 20	$10,825	$11,602	$11,433	$11,434	$12,374
Jul 20	$10,945	$11,971	$11,528	$11,529	$12,565
Aug 20	$11,146	$11,932	$11,733	$11,734	$12,461
Sep 20	$11,264	$11,893	$11,842	$11,843	$12,459
Oct 20	$11,478	$11,881	$12,064	$12,065	$12,398
Nov 20	$11,677	$12,086	$12,279	$12,279	$12,519
Dec 20	$11,922	$12,236	$12,528	$12,528	$12,533
Jan 21	$12,015	$12,106	$12,653	$12,654	$12,435
Feb 21	$11,923	$11,865	$12,591	$12,592	$12,213
Mar 21	$11,885	$11,642	$12,514	$12,514	$12,084
Apr 21	$12,110	$11,786	$12,766	$12,766	$12,188
May 21	$12,351	$11,879	$13,038	$13,039	$12,225
Jun 21	$12,196	$11,801	$12,878	$12,878	$12,328
Jul 21	$12,306	$11,951	$13,028	$13,028	$12,461
Aug 21	$12,370	$11,901	$13,095	$13,095	$12,444
Sep 21	$12,371	$11,672	$13,095	$13,096	$12,325
Oct 21	$12,478	$11,640	$13,201	$13,202	$12,327
Nov 21	$12,593	$11,604	$13,367	$13,367	$12,376
Dec 21	$12,677	$11,576	$13,466	$13,467	$12,335
Jan 22	$12,714	$11,322	$13,560	$13,560	$12,077
Feb 22	$12,823	$11,181	$13,636	$13,636	$11,924
Mar 22	$12,743	$10,835	$13,561	$13,562	$11,590
Apr 22	$12,234	$10,245	$13,031	$13,031	$11,164
May 22	$12,238	$10,272	$13,036	$13,037	$11,212
Jun 22	$12,191	$9,946	$12,987	$12,988	$11,062
Jul 22	$12,180	$10,169	$12,988	$12,989	$11,317
Aug 22	$11,990	$9,763	$12,810	$12,810	$11,010
Sep 22	$11,585	$9,242	$12,385	$12,385	$10,525
Oct 22	$11,303	$9,176	$12,118	$12,119	$10,381
Nov 22	$11,636	$9,607	$12,416	$12,417	$10,757
Dec 22	$11,916	$9,648	$12,723	$12,723	$10,712
Jan 23	$12,229	$9,955	$13,055	$13,056	$11,034
Feb 23	$11,914	$9,632	$12,740	$12,740	$10,757
Mar 23	$12,107	$9,936	$12,977	$12,977	$11,030
Apr 23	$12,136	$9,986	$12,939	$12,939	$11,100
May 23	$11,814	$9,797	$12,655	$12,655	$10,980
Jun 23	$11,648	$9,798	$12,442	$12,443	$10,940
Jul 23	$11,902	$9,854	$12,719	$12,719	$10,931
Aug 23	$11,715	$9,726	$12,563	$12,564	$10,862
Sep 23	$11,673	$9,436	$12,488	$12,489	$10,592
Oct 23	$11,600	$9,317	$12,439	$12,440	$10,428
Nov 23	$11,934	$9,784	$12,809	$12,810	$10,886
Dec 23	$12,029	$10,191	$12,964	$12,964	$11,290
Jan 24	$12,006	$10,062	$12,980	$12,980	$11,276
Feb 24	$12,011	$9,929	$13,025	$13,025	$11,122
Mar 24	$11,938	$9,984	$12,957	$12,958	$11,215
Apr 24	$11,995	$9,726	$13,022	$13,022	$10,945
May 24	$12,011	$9,858	$13,066	$13,067	$11,130
Jun 24	$12,012	$9,877	$13,072	$13,105	$11,237
Jul 24	$12,183	$10,153	$13,268	$13,338	$11,497
Aug 24	$12,418	$10,388	$13,530	$13,584	$11,660
Sep 24	$12,560	$10,563	$13,711	$13,753	$11,817
Oct 24	$12,382	$10,208	$13,496	$13,530	$11,528
Nov 24	$12,218	$10,252	$13,339	$13,418	$11,644
Dec 24	$12,209	$10,022	$13,312	$13,483	$11,456

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck China Bond ETF	1.50%	2.62%	2.02%
FTSE Chinese Broad Bond 0-10 Years (CFIICNDS)	2.69%	3.34%	2.90%
ICE BofA Global Broad Market Plus Index (GBMP)	(1.66)%	(2.27)%	0.02%
ChinaBond China High Quality Bond Index (CHQU01TR)	4.01%	3.61%	3.03%
ICE BofA US Broad Market Index (US00)	1.47%	(0.34)%	1.37%

CFIICNDS replaced the ChinaBond China High Quality Bond Index (CHQU01TR) effective May 31, 2024. Index history prior to May 31, 2024 reflects the performance of the ChinaBond China High Quality Bond Index.

Effective May 31, 2024, the index that the Fund seeks to track changed from the ChinaBond China High Quality Bond Index to the FTSE Chinese Broad Bond 0 – 10 Diversified Select Index.

Key Fund Statistics

Total Net Assets$21,994,090
Number of Portfolio Holdings35
Portfolio Turnover Rate72%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		7.9%
Industrials		4.9%
Energy		8.0%
Government		16.2%
Utilities		21.4%
Financials		41.6%

Top Ten Holdings (% of Total Net Assets)

China Everbright Bank Co. Ltd., 2.72%, 9/25/2026		5.0%
Bank of Communications Co. Ltd., 2.70%, 9/26/2026		5.0%
China Railway Group Ltd., 2.58%, 8/3/2025		4.9%
China Government Bond, 1.99%, 4/9/2025		4.9%
China Three Gorges Corp., 4.15%, 5/11/2026		4.7%
China Huaneng Group Co. Ltd., 3.95%, 4/21/2026		4.7%
China Government Bond, 2.67%, 11/25/2033		4.7%
Guangdong Hengjian Investment Holding Co. Ltd., 3.28%, 1/14/2027		4.6%
State Grid Corp. of China, 2.88%, 8/30/2027		4.2%
China Petroleum & Chemical Corp., 3.20%, 7/27/2026		4.2%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

Effective May 31, 2024, the Fund’s investment objective changed to reflect a change in the index that the Fund seeks to track from the ChinaBond China High Quality Bond Index to the FTSE Chinese Broad Bond 0 – 10 Diversified Select Index.

Accordingly, the Fund’s principal investment strategies changed to reflect the change in index.

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck ChiNext ETF

Ticker: CNXT

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck ChiNext ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck ChiNext ETF	$70	0.65%

How did the Fund perform last year?

The Fund posted a positive return over the period, as local equities benefitted from government stimulus measures, strong export performance and increased investment in key sectors like manufacturing and infrastructure.
The industrials sector contributed the most to the Fund’s performance during the period followed by financials and information technology.
The leading individual contributors to performance were Contemporary Amperex Technology Co., Ltd. Class A, East Money Information Co., Ltd Class A and Zhongji Innolight Co., Ltd. Class A.
The health care sector detracted the most from the Fund’s performance during the period, followed by materials and consumer staples.
The leading individual detractors to performance were Chongqing Zhifei Biological Products Co., Ltd. Class A, Maxscend Microelectronics Company Limited Class A and Walvax Biotechnology Co., Ltd. Class A.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	CNXT	NDUEACWF	SPTR	SZ988107
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$11,140	$9,844	$9,700	$11,133
Feb 15	$12,399	$10,392	$10,257	$12,336
Mar 15	$14,951	$10,231	$10,095	$14,849
Apr 15	$16,892	$10,528	$10,192	$17,138
May 15	$20,661	$10,514	$10,323	$20,881
Jun 15	$16,920	$10,266	$10,123	$17,399
Jul 15	$15,350	$10,355	$10,335	$15,795
Aug 15	$11,965	$9,646	$9,712	$12,699
Sep 15	$11,878	$9,296	$9,471	$12,619
Oct 15	$14,077	$10,026	$10,270	$14,638
Nov 15	$14,521	$9,943	$10,301	$15,034
Dec 15	$14,594	$9,764	$10,138	$15,065
Jan 16	$10,472	$9,175	$9,635	$11,336
Feb 16	$9,801	$9,112	$9,622	$10,801
Mar 16	$11,923	$9,787	$10,275	$12,691
Apr 16	$11,465	$9,931	$10,315	$12,346
May 16	$11,430	$9,944	$10,500	$12,265
Jun 16	$11,843	$9,884	$10,527	$12,448
Jul 16	$11,535	$10,310	$10,915	$12,119
Aug 16	$11,780	$10,344	$10,931	$12,444
Sep 16	$11,458	$10,408	$10,933	$12,071
Oct 16	$11,353	$10,231	$10,733	$12,100
Nov 16	$11,259	$10,309	$11,131	$12,065
Dec 16	$10,210	$10,531	$11,351	$10,963
Jan 17	$10,189	$10,819	$11,566	$10,954
Feb 17	$10,521	$11,123	$12,025	$11,291
Mar 17	$10,542	$11,259	$12,039	$11,306
Apr 17	$10,332	$11,434	$12,163	$11,130
May 17	$10,294	$11,687	$12,334	$11,068
Jun 17	$10,962	$11,740	$12,411	$11,796
Jul 17	$10,976	$12,068	$12,666	$11,829
Aug 17	$11,825	$12,114	$12,705	$12,687
Sep 17	$11,969	$12,348	$12,967	$12,845
Oct 17	$12,441	$12,605	$13,270	$13,390
Nov 17	$12,021	$12,849	$13,677	$12,996
Dec 17	$12,187	$13,056	$13,829	$13,195
Jan 18	$12,369	$13,793	$14,621	$13,548
Feb 18	$12,205	$13,213	$14,082	$13,519
Mar 18	$12,366	$12,931	$13,724	$13,817
Apr 18	$11,567	$13,054	$13,777	$12,783
May 18	$11,588	$13,070	$14,108	$12,870
Jun 18	$10,250	$13,000	$14,195	$11,416
Jul 18	$9,858	$13,392	$14,724	$10,903
Aug 18	$9,003	$13,497	$15,203	$9,990
Sep 18	$8,814	$13,555	$15,290	$9,814
Oct 18	$7,637	$12,540	$14,245	$8,496
Nov 18	$7,878	$12,723	$14,535	$8,764
Dec 18	$7,346	$11,827	$13,223	$8,201
Jan 19	$7,700	$12,761	$14,282	$8,568
Feb 19	$9,423	$13,102	$14,741	$10,573
Mar 19	$10,201	$13,267	$15,027	$11,455
Apr 19	$9,703	$13,715	$15,636	$10,876
May 19	$8,614	$12,901	$14,642	$9,712
Jun 19	$9,055	$13,746	$15,674	$10,175
Jul 19	$9,283	$13,786	$15,899	$10,522
Aug 19	$9,146	$13,459	$15,647	$10,308
Sep 19	$9,250	$13,742	$15,940	$10,433
Oct 19	$9,707	$14,119	$16,286	$10,988
Nov 19	$9,633	$14,463	$16,877	$10,866
Dec 19	$10,490	$14,973	$17,386	$11,823
Jan 20	$10,712	$14,807	$17,379	$12,538
Feb 20	$11,302	$13,611	$15,949	$13,008
Mar 20	$9,866	$11,774	$13,979	$11,682
Apr 20	$10,812	$13,035	$15,771	$12,887
May 20	$10,708	$13,602	$16,522	$12,546
Jun 20	$12,673	$14,036	$16,850	$14,864
Jul 20	$14,834	$14,779	$17,801	$17,453
Aug 20	$14,969	$15,683	$19,080	$17,635
Sep 20	$14,426	$15,178	$18,355	$16,852
Oct 20	$15,245	$14,809	$17,867	$17,960
Nov 20	$15,450	$16,634	$19,823	$18,248
Dec 20	$17,227	$17,406	$20,585	$20,302
Jan 21	$18,036	$17,327	$20,377	$21,497
Feb 21	$17,275	$17,729	$20,939	$20,553
Mar 21	$15,747	$18,202	$21,856	$18,692
Apr 21	$17,193	$18,998	$23,022	$20,643
May 21	$18,219	$19,294	$23,183	$22,113
Jun 21	$19,138	$19,548	$23,724	$22,901
Jul 21	$18,523	$19,682	$24,288	$22,067
Aug 21	$17,829	$20,175	$25,026	$21,226
Sep 21	$17,869	$19,342	$23,863	$21,384
Oct 21	$18,825	$20,329	$25,534	$22,470
Nov 21	$19,124	$19,839	$25,357	$22,767
Dec 21	$18,641	$20,633	$26,494	$22,154
Jan 22	$16,561	$19,620	$25,123	$19,415
Feb 22	$16,414	$19,113	$24,371	$19,387
Mar 22	$14,850	$19,527	$25,276	$17,791
Apr 22	$12,304	$17,964	$23,071	$14,873
May 22	$12,800	$17,985	$23,114	$15,357
Jun 22	$15,001	$16,469	$21,206	$17,896
Jul 22	$14,149	$17,619	$23,161	$16,894
Aug 22	$13,209	$16,970	$22,217	$15,891
Sep 22	$11,381	$15,346	$20,170	$13,775
Oct 22	$10,983	$16,272	$21,804	$13,249
Nov 22	$11,916	$17,534	$23,022	$13,995
Dec 22	$12,026	$16,844	$21,696	$14,380
Jan 23	$13,642	$18,051	$23,059	$16,302
Feb 23	$12,373	$17,534	$22,496	$14,905
Mar 23	$12,374	$18,075	$23,322	$14,922
Apr 23	$11,944	$18,334	$23,686	$14,348
May 23	$10,946	$18,138	$23,789	$13,209
Jun 23	$10,899	$19,191	$25,361	$13,104
Jul 23	$11,206	$19,894	$26,176	$13,447
Aug 23	$10,316	$19,338	$25,759	$12,383
Sep 23	$9,847	$18,538	$24,531	$11,788
Oct 23	$9,564	$17,981	$24,015	$11,540
Nov 23	$9,585	$19,640	$26,208	$11,600
Dec 23	$9,464	$20,584	$27,399	$11,472
Jan 24	$7,827	$20,704	$27,859	$9,416
Feb 24	$8,926	$21,593	$29,347	$10,785
Mar 24	$8,863	$22,271	$30,291	$10,784
Apr 24	$9,128	$21,536	$29,054	$11,079
May 24	$8,898	$22,411	$30,494	$10,791
Jun 24	$8,259	$22,910	$31,589	$10,036
Jul 24	$8,396	$23,279	$31,973	$10,165
Aug 24	$7,997	$23,870	$32,749	$9,712
Sep 24	$11,044	$24,425	$33,448	$13,551
Oct 24	$11,134	$23,877	$33,145	$13,235
Nov 24	$11,351	$24,770	$35,090	$13,410
Dec 24	$10,698	$24,183	$34,254	$12,760

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck ChiNext ETF	13.04%	0.39%	0.68%
ChiNext Index (SZ988107)	11.23%	1.54%	2.47%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

SZ988107 replaced the SME-ChiNext Index (CNI6109) effective December 10, 2021. Index history prior to December 10, 2021 reflects the performance of the SME-ChiNext Index.

Key Fund Statistics

Total Net Assets$33,330,640
Number of Portfolio Holdings98
Portfolio Turnover Rate109%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Consumer Discretionary		1.2%
Communication Services		1.8%
Consumer Staples		3.9%
Materials		4.0%
Financials		12.3%
Health Care		15.3%
Information Technology		25.5%
Industrials		35.8%

Top Ten Holdings (% of Total Net Assets)

Contemporary Amperex Technology Co. Ltd.		20.8%
East Money Information Co. Ltd.		9.8%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		4.2%
Shenzhen Inovance Technology Co. Ltd.		3.3%
Zhongji Innolight Co. Ltd.		3.3%
Sungrow Power Supply Co. Ltd.		3.3%
Wens Foodstuff Group Co. Ltd.		2.7%
Eoptolink Technology, Inc. Ltd.		2.2%
Eve Energy Co. Ltd.		1.8%
Hithink RoyalFlush Information Network Co. Ltd.		1.8%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck CLO ETF

Ticker: CLOI

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CLO ETF	$42	0.40%

How did the Fund perform last year?

Strong collateralized loan obligation total returns were driven by high base rates, even as the Federal Reserve began cutting rates in September, and spread tightening driven by a supportive technical and fundamental backdrop.
The Fund performed approximately in line with its benchmark, the J.P. Morgan Collateralized Loan Obligation Index.
Security selection within AAA and BBB rated CLOs contributed positively to returns relative to the benchmark, while the underweight to lower rated tranches detracted from relative performance.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (6/21/2022).

	CLOI	US00	JCLOAGTR
Jun 22	$10,000	$10,000	$10,000
Jun 22	$10,008	$10,186	$9,978
Jul 22	$10,072	$10,422	$10,035
Aug 22	$10,171	$10,139	$10,126
Sep 22	$10,010	$9,692	$9,967
Oct 22	$10,024	$9,559	$10,000
Nov 22	$10,218	$9,906	$10,186
Dec 22	$10,326	$9,864	$10,269
Jan 23	$10,500	$10,161	$10,436
Feb 23	$10,588	$9,906	$10,496
Mar 23	$10,579	$10,157	$10,472
Apr 23	$10,662	$10,222	$10,571
May 23	$10,703	$10,110	$10,621
Jun 23	$10,798	$10,074	$10,726
Jul 23	$10,919	$10,065	$10,901
Aug 23	$10,990	$10,003	$10,988
Sep 23	$11,066	$9,754	$11,054
Oct 23	$11,103	$9,603	$11,090
Nov 23	$11,203	$10,024	$11,229
Dec 23	$11,293	$10,396	$11,352
Jan 24	$11,381	$10,384	$11,459
Feb 24	$11,449	$10,241	$11,531
Mar 24	$11,550	$10,328	$11,614
Apr 24	$11,621	$10,078	$11,697
May 24	$11,728	$10,249	$11,797
Jun 24	$11,786	$10,347	$11,855
Jul 24	$11,857	$10,587	$11,933
Aug 24	$11,930	$10,737	$11,991
Sep 24	$12,001	$10,882	$12,073
Oct 24	$12,068	$10,616	$12,152
Nov 24	$12,146	$10,722	$12,225
Dec 24	$12,212	$10,549	$12,294

Average Annual Total Returns

.	1 Year	Life*
VanEck CLO ETF	8.14%	8.22%
J.P. Morgan Collateralized Loan Obligation Index (JCLOAGTR)	8.31%	8.51%
ICE BofA US Broad Market Index (US00)	1.47%	2.14%

* Inception of Fund: 6/21/22

Key Fund Statistics

Total Net Assets$791,666,784
Number of Portfolio Holdings138
Portfolio Turnover Rate68%
Advisory Fees Paid$1,725,428

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.6)%
Government		1.4%
Collateralized Loan Obligations		99.2%

Top Ten Holdings (% of Total Net Assets)

AGL CLO 5 Ltd., 6.54%, 7/20/2034		2.9%
Generate CLO 9 LTD, 6.22%, 1/20/2038		2.5%
OZLM XIX Ltd., 6.01%, 1/15/2035		2.1%
BlueMountain CLO XXXV Ltd., 6.48%, 10/22/2037		1.9%
Sagard-Halseypoint CLO 8 Ltd., 5.70%, 1/30/2038		1.8%
LCM 39 Ltd., 6.66%, 10/15/2034		1.8%
Rockford Tower CLO 2021-3 Ltd., 6.09%, 1/15/2038		1.7%
Bain Capital Credit CLO 2021-2 Ltd., 7.75%, 7/16/2034		1.6%
TCW CLO 2021-1 Ltd., 6.45%, 1/20/2038		1.5%
Rockford Tower CLO 2022-3 Ltd., 6.06%, 7/20/2037		1.5%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck CMCI Commodity Strategy ETF

Ticker: CMCI

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CMCI Commodity Strategy ETF	$67	0.65%

How did the Fund perform last year?

The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.
Commodities showed mixed performance in 2024. Persistent inflation and strong demand initially pushed prices higher, but weaker-than-expected recovery efforts in China and anticipation of higher tariffs from the incoming administration pressured prices in the latter part of the year.
Precious metals, energy and industrial metals were the Fund’s largest contributors. Cocoa led individual gains with unprecedented price increases, driven by the largest global supply deficit in over 60 years. Gold also made significant contributions, reaching all-time highs due to strong central bank purchases, economic uncertainty and elevated geopolitical risks.
Soybeans and corn were the Fund’s largest detractors, as favorable growing conditions in the U.S. and record yields from major producers like Brazil created a global supply glut.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/21/2023).

	CMCI	SPTR	BCOMTR	CMCITR
Aug 23	$10,000	$10,000	$10,000	$10,000
Aug 23	$10,167	$10,252	$10,185	$10,173
Sep 23	$10,195	$9,763	$10,114	$10,208
Oct 23	$10,107	$9,558	$10,141	$10,129
Nov 23	$9,998	$10,430	$9,913	$10,029
Dec 23	$9,768	$10,904	$9,646	$9,803
Jan 24	$9,920	$11,087	$9,684	$9,966
Feb 24	$9,826	$11,680	$9,542	$9,880
Mar 24	$10,246	$12,055	$9,857	$10,310
Apr 24	$10,520	$11,563	$10,123	$10,600
May 24	$10,553	$12,136	$10,300	$10,634
Jun 24	$10,412	$12,572	$10,142	$10,505
Jul 24	$10,012	$12,725	$9,733	$10,109
Aug 24	$9,969	$13,033	$9,737	$10,071
Sep 24	$10,308	$13,312	$10,211	$10,415
Oct 24	$10,191	$13,191	$10,022	$10,311
Nov 24	$10,158	$13,965	$10,062	$10,285
Dec 24	$10,248	$13,632	$10,165	$10,384

Average Annual Total Returns

.	1 Year	Life*
VanEck CMCI Commodity Strategy ETF	4.91%	1.82%
UBS CM Commodity Index (CMCITR)	5.93%	2.81%
S&P 500 Index (SPTR)	25.02%	25.55%
Bloomberg Commodity Index Total Return (BCOMTR)	5.38%	1.21%

* Inception of Fund: 8/21/23

Key Fund Statistics

Total Net Assets$2,424,046
Number of Portfolio Holdings15
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(1.0)%
Money Market Fund		3.6%
Government		97.4%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.8%

Top Ten Holdings (% of Total Net Assets)

United States Treasury Bills, 4.76%, 2/20/2025		14.4%
United States Treasury Bills, 4.99%, 1/23/2025		13.4%
United States Treasury Bills, 4.66%, 3/6/2025		13.3%
United States Treasury Bills, 4.69%, 2/27/2025		11.3%
United States Treasury Bills, 4.98%, 1/30/2025		10.3%
United States Treasury Bills, 4.78%, 2/13/2025		10.3%
United States Treasury Bills, 4.37%, 5/22/2025		8.1%
United States Treasury Bills, 5.06%, 1/16/2025		5.2%
United States Treasury Bills, 4.32%, 3/20/2025		4.1%
Invesco Treasury Portfolio - Institutional Class		3.6%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Absolute Return Advisers Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Digital India ETF

Ticker: DGIN

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Digital India ETF	$82	0.74%

How did the Fund perform last year?

The Fund posted a positive return over the period, driven by continued growth and investment related to India’s ongoing digitization.
The consumer discretionary sector contributed the most to the Fund’s performance during the period followed by information technology and communication services.
The leading individual contributors to performance were Zomato Ltd., PB Fintech Ltd. and Bharti Airtel Ltd.
The energy sector was the sole detractor from the Fund’s performance.
The leading individual detractors to performance were Jio Financial Services Ltd., Vodafone Idea Ltd. and Tata Elxsi Ltd.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (2/15/2022).

	DGIN	NDUEACWF	MVDINDTR	SPTR
Feb 22	$10,000	$10,000	$10,000	$10,000
Feb 22	$9,648	$9,732	$9,626	$9,790
Mar 22	$10,154	$9,942	$10,255	$10,153
Apr 22	$9,197	$9,146	$9,307	$9,268
May 22	$8,547	$9,157	$8,612	$9,285
Jun 22	$7,936	$8,385	$7,951	$8,519
Jul 22	$8,281	$8,971	$8,302	$9,304
Aug 22	$8,187	$8,641	$8,344	$8,925
Sep 22	$7,770	$7,813	$7,894	$8,103
Oct 22	$7,911	$8,285	$7,980	$8,759
Nov 22	$8,427	$8,928	$8,448	$9,248
Dec 22	$7,744	$8,576	$7,833	$8,715
Jan 23	$7,849	$9,191	$7,898	$9,263
Feb 23	$7,763	$8,928	$7,861	$9,037
Mar 23	$7,741	$9,203	$7,813	$9,369
Apr 23	$7,929	$9,335	$8,003	$9,515
May 23	$8,206	$9,235	$8,330	$9,556
Jun 23	$8,668	$9,771	$8,777	$10,188
Jul 23	$8,792	$10,129	$8,923	$10,515
Aug 23	$8,994	$9,846	$9,185	$10,348
Sep 23	$9,105	$9,439	$9,308	$9,854
Oct 23	$8,878	$9,155	$9,038	$9,647
Nov 23	$9,496	$10,000	$9,736	$10,528
Dec 23	$10,072	$10,480	$10,421	$11,006
Jan 24	$10,591	$10,542	$10,997	$11,191
Feb 24	$10,869	$10,994	$11,348	$11,789
Mar 24	$10,640	$11,339	$11,074	$12,168
Apr 24	$10,478	$10,965	$10,983	$11,671
May 24	$10,412	$11,411	$10,850	$12,250
Jun 24	$11,396	$11,665	$12,055	$12,689
Jul 24	$12,112	$11,853	$12,864	$12,844
Aug 24	$12,532	$12,154	$13,542	$13,155
Sep 24	$12,497	$12,436	$13,568	$13,436
Oct 24	$11,961	$12,157	$12,921	$13,314
Nov 24	$12,525	$12,612	$13,581	$14,096
Dec 24	$12,392	$12,313	$13,508	$13,760

Average Annual Total Returns

.	1 Year	Life*
VanEck Digital India ETF	23.03%	7.75%
MVIS^® Digital India Index (MVDINDTR)	29.63%	11.03%
MSCI ACWI Index (NDUEACWF)	17.49%	7.51%
S&P 500 Index (SPTR)	25.02%	11.75%

* Inception of Fund: 2/15/22

Key Fund Statistics

Total Net Assets$27,762,075
Number of Portfolio Holdings45
Portfolio Turnover Rate28%
Advisory Fees Paid$162,211

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.9%
Industrials		3.6%
Energy		7.9%
Consumer Discretionary		11.6%
Financials		13.7%
Communication Services		16.0%
Information Technology		46.3%

Top Ten Holdings (% of Total Net Assets)

Reliance Industries Ltd.		7.9%
Infosys Ltd.		7.8%
Bharti Airtel Ltd.		6.7%
Tata Consultancy Services Ltd.		6.7%
Zomato Ltd.		5.9%
HCL Technologies Ltd.		5.6%
Tech Mahindra Ltd.		4.5%
Jio Financial Services Ltd.		4.4%
Wipro Ltd.		4.3%
PB Fintech Ltd.		3.9%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Gold Miners ETF

Ticker: GDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Gold Miners ETF	$54	0.51%

How did the Fund perform last year?

During the period, gold prices reached all-time highs, driven by strong central bank buying, economic uncertainty and elevated geopolitical risks. Although gold mining stocks collectively underperformed the metal stocks during the year, they still benefited significantly from expanded margins and attractive valuations.
The Fund’s exposure to Canada, South Africa and China were the largest positive contributors to performance for the period.
The leading individual contributors to performance were Agnico Eagle Mines, Anglogold Ashanti and Kinross Gold Corp.
The Fund’s exposure to the United States, United Kingdom and Peru were the leading detractors from performance for the period.
The leading individual detractors from performance were Barrick Gold Corp., Newmont Corp. and SSR Mining.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	GDX	NDUEACWF	GDMNTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$12,056	$9,844	$12,035	$9,700
Feb 15	$11,525	$10,392	$11,529	$10,257
Mar 15	$9,924	$10,231	$9,936	$10,095
Apr 15	$10,966	$10,528	$10,957	$10,192
May 15	$10,629	$10,514	$10,641	$10,323
Jun 15	$9,636	$10,266	$9,643	$10,123
Jul 15	$7,477	$10,355	$7,478	$10,335
Aug 15	$7,629	$9,646	$7,632	$9,712
Sep 15	$7,461	$9,296	$7,457	$9,471
Oct 15	$8,128	$10,026	$8,145	$10,270
Nov 15	$7,461	$9,943	$7,452	$10,301
Dec 15	$7,507	$9,764	$7,518	$10,138
Jan 16	$7,770	$9,175	$7,768	$9,635
Feb 16	$10,549	$9,112	$10,570	$9,622
Mar 16	$10,948	$9,787	$10,991	$10,275
Apr 16	$14,051	$9,931	$14,077	$10,315
May 16	$12,360	$9,944	$12,397	$10,500
Jun 16	$15,167	$9,884	$15,215	$10,527
Jul 16	$16,710	$10,310	$16,746	$10,915
Aug 16	$13,936	$10,344	$14,015	$10,931
Sep 16	$14,445	$10,408	$14,542	$10,933
Oct 16	$13,438	$10,231	$13,479	$10,733
Nov 16	$11,370	$10,309	$11,469	$11,131
Dec 16	$11,479	$10,531	$11,595	$11,351
Jan 17	$13,092	$10,819	$13,182	$11,566
Feb 17	$12,565	$11,123	$12,664	$12,025
Mar 17	$12,483	$11,259	$12,580	$12,039
Apr 17	$12,258	$11,434	$12,334	$12,163
May 17	$12,461	$11,687	$12,566	$12,334
Jun 17	$12,099	$11,740	$12,205	$12,411
Jul 17	$12,538	$12,068	$12,639	$12,666
Aug 17	$13,520	$12,114	$13,628	$12,705
Sep 17	$12,609	$12,348	$12,732	$12,967
Oct 17	$12,340	$12,605	$12,468	$13,270
Nov 17	$12,302	$12,849	$12,436	$13,677
Dec 17	$12,856	$13,056	$13,003	$13,829
Jan 18	$13,110	$13,793	$13,257	$14,621
Feb 18	$11,783	$13,213	$11,941	$14,082
Mar 18	$12,142	$12,931	$12,276	$13,724
Apr 18	$12,314	$13,054	$12,483	$13,777
May 18	$12,336	$13,070	$12,501	$14,108
Jun 18	$12,314	$13,000	$12,468	$14,195
Jul 18	$11,755	$13,392	$11,918	$14,724
Aug 18	$10,295	$13,497	$10,421	$15,203
Sep 18	$10,240	$13,555	$10,390	$15,290
Oct 18	$10,439	$12,540	$10,591	$14,245
Nov 18	$10,561	$12,723	$10,720	$14,535
Dec 18	$11,708	$11,827	$11,875	$13,223
Jan 19	$12,586	$12,761	$12,763	$14,282
Feb 19	$12,364	$13,102	$12,558	$14,741
Mar 19	$12,464	$13,267	$12,652	$15,027
Apr 19	$11,614	$13,715	$11,787	$15,636
May 19	$11,975	$12,901	$12,149	$14,642
Jun 19	$14,242	$13,746	$14,466	$15,674
Jul 19	$14,854	$13,786	$15,127	$15,899
Aug 19	$16,614	$13,459	$16,881	$15,647
Sep 19	$14,917	$13,742	$15,191	$15,940
Oct 19	$15,593	$14,119	$15,848	$16,286
Nov 19	$15,033	$14,463	$15,299	$16,877
Dec 19	$16,409	$14,973	$16,731	$17,386
Jan 20	$16,219	$14,807	$16,491	$17,379
Feb 20	$14,824	$13,611	$15,150	$15,949
Mar 20	$13,101	$11,774	$13,383	$13,979
Apr 20	$18,143	$13,035	$18,554	$15,771
May 20	$19,161	$13,602	$19,597	$16,522
Jun 20	$20,476	$14,036	$20,848	$16,850
Jul 20	$24,077	$14,779	$24,528	$17,801
Aug 20	$23,605	$15,683	$24,125	$19,080
Sep 20	$21,931	$15,178	$22,369	$18,355
Oct 20	$20,986	$14,809	$21,430	$17,867
Nov 20	$19,353	$16,634	$19,790	$19,823
Dec 20	$20,232	$17,406	$20,694	$20,585
Jan 21	$19,406	$17,327	$19,904	$20,377
Feb 21	$17,542	$17,729	$17,990	$20,939
Mar 21	$18,208	$18,202	$18,615	$21,856
Apr 21	$19,289	$18,998	$19,778	$23,022
May 21	$22,056	$19,294	$22,608	$23,183
Jun 21	$19,075	$19,548	$19,536	$23,724
Jul 21	$19,638	$19,682	$20,138	$24,288
Aug 21	$18,335	$20,175	$18,798	$25,026
Sep 21	$16,554	$19,342	$16,960	$23,863
Oct 21	$17,847	$20,329	$18,296	$25,534
Nov 21	$17,886	$19,839	$18,355	$25,357
Dec 21	$18,298	$20,633	$18,754	$26,494
Jan 22	$17,284	$19,620	$17,692	$25,123
Feb 22	$19,689	$19,113	$20,206	$24,371
Mar 22	$21,949	$19,527	$22,503	$25,276
Apr 22	$20,100	$17,964	$20,662	$23,071
May 22	$18,210	$17,985	$18,731	$23,114
Jun 22	$15,714	$16,469	$16,146	$21,206
Jul 22	$15,003	$17,619	$15,398	$23,161
Aug 22	$13,647	$16,970	$14,045	$22,217
Sep 22	$13,743	$15,346	$14,106	$20,170
Oct 22	$13,857	$16,272	$14,236	$21,804
Nov 22	$16,547	$17,534	$16,946	$23,022
Dec 22	$16,674	$16,844	$17,136	$21,696
Jan 23	$18,587	$18,051	$19,087	$23,059
Feb 23	$15,910	$17,534	$16,360	$22,496
Mar 23	$18,849	$18,075	$19,416	$23,322
Apr 23	$19,545	$18,334	$20,122	$23,686
May 23	$17,890	$18,138	$18,400	$23,789
Jun 23	$17,460	$19,191	$17,945	$25,361
Jul 23	$18,234	$19,894	$18,759	$26,176
Aug 23	$17,039	$19,338	$17,590	$25,759
Sep 23	$15,652	$18,538	$16,160	$24,531
Oct 23	$16,329	$17,981	$16,833	$24,015
Nov 23	$18,175	$19,640	$18,734	$26,208
Dec 23	$18,378	$20,584	$18,953	$27,399
Jan 24	$16,559	$20,704	$17,090	$27,859
Feb 24	$15,537	$21,593	$16,047	$29,347
Mar 24	$18,607	$22,271	$19,194	$30,291
Apr 24	$19,664	$21,536	$20,367	$29,054
May 24	$20,912	$22,411	$21,586	$30,494
Jun 24	$20,121	$22,910	$20,786	$31,589
Jul 24	$22,322	$23,279	$23,054	$31,973
Aug 24	$22,813	$23,870	$23,617	$32,749
Sep 24	$23,505	$24,425	$24,342	$33,448
Oct 24	$23,838	$23,877	$24,688	$33,145
Nov 24	$22,198	$24,770	$22,937	$35,090
Dec 24	$20,246	$24,183	$20,969	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Gold Miners ETF	10.17%	4.29%	7.31%
NYSE Arca Gold Miners Index (GDMNTR)	10.64%	4.62%	7.69%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$12,660,494,046
Number of Portfolio Holdings58
Portfolio Turnover Rate15%
Advisory Fees Paid$67,983,659

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Other Investments		0.4%
Silver		5.7%
Gold		93.9%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Newmont Corp.		12.2%
Agnico Eagle Mines Ltd.		11.3%
Barrick Gold Corp.		7.8%
Wheaton Precious Metals Corp.		7.4%
Franco-Nevada Corp.		6.5%
Gold Fields Ltd.		3.9%
Anglogold Ashanti Plc		3.8%
Kinross Gold Corp.		3.8%
Northern Star Resources Ltd.		3.6%
Zijin Mining Group Co. Ltd.		3.6%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Green Metals ETF

Ticker: GMET

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Green Metals ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Green Metals ETF	$58	0.61%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on industrial metals broadly.
The Fund’s exposure to Australia and the United States were by far the leading detractors from performance for the period, followed by the United Kingdom.
The leading individual detractors from performance were Glencore, Albermarle and Pilbara Minerals.
The Fund’s exposure to companies in Zambia, Canada and Mexico were modest positive contributors to performance.
The leading individual contributors to performance were Anglo American, First Quantum Minerals and Ivanho Mines.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (11/9/2021).

	GMET	NDUEACWF	MVGMETTR	SPTR
Nov 21	$10,000	$10,000	$10,000	$10,000
Nov 21	$9,936	$9,607	$9,937	$9,758
Dec 21	$10,061	$9,992	$10,035	$10,196
Jan 22	$9,699	$9,501	$9,583	$9,668
Feb 22	$10,958	$9,256	$10,922	$9,379
Mar 22	$10,647	$9,456	$10,684	$9,727
Apr 22	$9,060	$8,699	$9,132	$8,879
May 22	$9,580	$8,709	$9,595	$8,895
Jun 22	$8,412	$7,975	$8,419	$8,161
Jul 22	$8,390	$8,532	$8,382	$8,913
Aug 22	$8,154	$8,218	$8,222	$8,550
Sep 22	$7,555	$7,431	$7,625	$7,762
Oct 22	$7,718	$7,880	$7,746	$8,391
Nov 22	$9,021	$8,491	$8,985	$8,860
Dec 22	$8,352	$8,157	$8,405	$8,349
Jan 23	$9,681	$8,741	$9,681	$8,874
Feb 23	$8,645	$8,491	$8,695	$8,657
Mar 23	$8,387	$8,753	$8,410	$8,975
Apr 23	$8,300	$8,878	$8,324	$9,115
May 23	$7,560	$8,783	$7,602	$9,155
Jun 23	$8,006	$9,293	$8,034	$9,760
Jul 23	$8,522	$9,634	$8,567	$10,073
Aug 23	$7,573	$9,364	$7,636	$9,913
Sep 23	$7,373	$8,977	$7,443	$9,440
Oct 23	$6,528	$8,707	$6,572	$9,242
Nov 23	$6,682	$9,511	$6,738	$10,086
Dec 23	$7,339	$9,968	$7,417	$10,544
Jan 24	$6,536	$10,026	$6,618	$10,721
Feb 24	$6,548	$10,456	$6,614	$11,293
Mar 24	$7,255	$10,785	$7,359	$11,657
Apr 24	$7,847	$10,429	$7,974	$11,181
May 24	$8,099	$10,852	$8,168	$11,735
Jun 24	$7,358	$11,094	$7,455	$12,156
Jul 24	$7,238	$11,273	$7,319	$12,304
Aug 24	$7,014	$11,559	$7,104	$12,603
Sep 24	$7,792	$11,828	$7,907	$12,872
Oct 24	$7,364	$11,562	$7,471	$12,755
Nov 24	$7,170	$11,995	$7,259	$13,504
Dec 24	$6,455	$11,711	$6,555	$13,182

Average Annual Total Returns

.	1 Year	Life*
VanEck Green Metals ETF	(12.05)%	(13.01)%
MVIS^® Global Clean-Tech Metals Index (MVGMETTR)	(11.61)%	(12.58)%
MSCI ACWI Index (NDUEACWF)	17.49%	5.15%
S&P 500 Index (SPTR)	25.02%	9.19%

* Inception of Fund: 11/9/21

Key Fund Statistics

Total Net Assets$17,851,319
Number of Portfolio Holdings57
Portfolio Turnover Rate20%
Advisory Fees Paid$142,382

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Other Investments		0.9%
Electrical Components & Equipment		2.2%
Precious Metals & Minerals		4.3%
Specialty Chemicals		10.5%
Copper		31.8%
Diversified Metals & Mining		50.2%

Top Ten Holdings (% of Total Net Assets)

Anglo American Plc		8.1%
Freeport-McMoRan, Inc.		7.9%
Glencore Plc		7.1%
Teck Resources Ltd.		6.4%
Grupo Mexico SAB de CV		6.1%
Amman Mineral Internasional PT		4.2%
Southern Copper Corp.		4.2%
Antofagasta Plc		4.0%
Boliden AB		3.8%
Albemarle Corp.		3.2%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

The Fund's net expense ratio decreased to 0.61% for the year ended December 31, 2024 from 0.66% for the year ended December 31, 2023 primarily as a result of decreased interest expense.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck India Growth Leaders ETF

Ticker: GLIN

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck India Growth Leaders ETF	$82	0.76%

How did the Fund perform last year?

The Fund posted a positive return over the period, despite Indian equities facing moderate headwinds, including lowing corporate earnings, foreign fund outflows and weaker economic indicators.
The industrials sector contributed the most to the Fund’s performance during the period, followed by financials and information technology.
The leading individual contributors to performance were Shriram Finance Ltd., Cummins India Ltd. and HCL Technologies Ltd.
The communication services sector was the sole detractor from the Fund’s performance.
The leading individual detractors to performance were IndusInd Bank Ltd., LTIMindtree Ltd. and ABB India Ltd.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	GLIN	NDUEACWF	MGINGRNR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,692	$9,844	$10,678	$9,700
Feb 15	$11,055	$10,392	$11,004	$10,257
Mar 15	$10,494	$10,231	$10,464	$10,095
Apr 15	$10,036	$10,528	$10,035	$10,192
May 15	$9,966	$10,514	$9,978	$10,323
Jun 15	$9,614	$10,266	$9,614	$10,123
Jul 15	$10,674	$10,355	$10,666	$10,335
Aug 15	$9,117	$9,646	$9,136	$9,712
Sep 15	$9,371	$9,296	$9,364	$9,471
Oct 15	$9,719	$10,026	$9,773	$10,270
Nov 15	$9,883	$9,943	$9,912	$10,301
Dec 15	$10,107	$9,764	$10,212	$10,138
Jan 16	$8,943	$9,175	$8,934	$9,635
Feb 16	$7,447	$9,112	$7,503	$9,622
Mar 16	$8,783	$9,787	$8,861	$10,275
Apr 16	$9,264	$9,931	$9,377	$10,315
May 16	$9,139	$9,944	$9,241	$10,500
Jun 16	$9,829	$9,884	$9,825	$10,527
Jul 16	$10,399	$10,310	$10,419	$10,915
Aug 16	$10,552	$10,344	$10,599	$10,931
Sep 16	$10,716	$10,408	$10,742	$10,933
Oct 16	$11,283	$10,231	$11,319	$10,733
Nov 16	$9,795	$10,309	$9,869	$11,131
Dec 16	$9,632	$10,531	$9,720	$11,351
Jan 17	$10,550	$10,819	$10,610	$11,566
Feb 17	$11,402	$11,123	$11,496	$12,025
Mar 17	$12,275	$11,259	$12,378	$12,039
Apr 17	$13,299	$11,434	$13,424	$12,163
May 17	$13,024	$11,687	$13,157	$12,334
Jun 17	$13,179	$11,740	$13,114	$12,411
Jul 17	$13,996	$12,068	$13,918	$12,666
Aug 17	$13,634	$12,114	$13,478	$12,705
Sep 17	$13,169	$12,348	$12,937	$12,967
Oct 17	$14,651	$12,605	$14,410	$13,270
Nov 17	$15,165	$12,849	$14,919	$13,677
Dec 17	$16,074	$13,056	$15,875	$13,829
Jan 18	$15,681	$13,793	$15,505	$14,621
Feb 18	$14,617	$13,213	$14,554	$14,082
Mar 18	$13,418	$12,931	$13,158	$13,724
Apr 18	$13,877	$13,054	$13,804	$13,777
May 18	$12,662	$13,070	$12,559	$14,108
Jun 18	$11,388	$13,000	$11,282	$14,195
Jul 18	$11,757	$13,392	$11,632	$14,724
Aug 18	$11,747	$13,497	$11,640	$15,203
Sep 18	$9,341	$13,555	$9,306	$15,290
Oct 18	$9,191	$12,540	$9,158	$14,245
Nov 18	$9,811	$12,723	$9,769	$14,535
Dec 18	$9,966	$11,827	$9,966	$13,223
Jan 19	$9,336	$12,761	$9,308	$14,282
Feb 19	$9,034	$13,102	$9,032	$14,741
Mar 19	$10,317	$13,267	$10,221	$15,027
Apr 19	$9,891	$13,715	$9,782	$15,636
May 19	$9,780	$12,901	$9,659	$14,642
Jun 19	$8,964	$13,746	$8,879	$15,674
Jul 19	$7,860	$13,786	$7,833	$15,899
Aug 19	$7,458	$13,459	$7,408	$15,647
Sep 19	$7,615	$13,742	$7,546	$15,940
Oct 19	$7,840	$14,119	$7,784	$16,286
Nov 19	$7,800	$14,463	$7,749	$16,877
Dec 19	$7,808	$14,973	$7,754	$17,386
Jan 20	$8,277	$14,807	$8,250	$17,379
Feb 20	$7,475	$13,611	$7,391	$15,949
Mar 20	$4,803	$11,774	$4,860	$13,979
Apr 20	$5,483	$13,035	$5,641	$15,771
May 20	$5,474	$13,602	$5,670	$16,522
Jun 20	$5,781	$14,036	$5,986	$16,850
Jul 20	$6,325	$14,779	$6,570	$17,801
Aug 20	$6,547	$15,683	$6,816	$19,080
Sep 20	$6,713	$15,178	$7,016	$18,355
Oct 20	$6,768	$14,809	$7,040	$17,867
Nov 20	$7,210	$16,634	$7,587	$19,823
Dec 20	$7,871	$17,406	$8,213	$20,585
Jan 21	$7,729	$17,327	$8,097	$20,377
Feb 21	$7,826	$17,729	$8,170	$20,939
Mar 21	$8,162	$18,202	$8,549	$21,856
Apr 21	$8,395	$18,998	$8,844	$23,022
May 21	$9,105	$19,294	$9,591	$23,183
Jun 21	$9,314	$19,548	$9,794	$23,724
Jul 21	$9,661	$19,682	$10,171	$24,288
Aug 21	$10,200	$20,175	$10,771	$25,026
Sep 21	$10,110	$19,342	$10,728	$23,863
Oct 21	$9,905	$20,329	$10,460	$25,534
Nov 21	$9,638	$19,839	$10,239	$25,357
Dec 21	$10,165	$20,633	$10,776	$26,494
Jan 22	$9,603	$19,620	$10,138	$25,123
Feb 22	$9,108	$19,113	$9,578	$24,371
Mar 22	$9,575	$19,527	$10,161	$25,276
Apr 22	$9,111	$17,964	$9,708	$23,071
May 22	$8,160	$17,985	$8,672	$23,114
Jun 22	$7,518	$16,469	$7,821	$21,206
Jul 22	$8,177	$17,619	$8,540	$23,161
Aug 22	$8,148	$16,970	$8,638	$22,217
Sep 22	$7,709	$15,346	$8,138	$20,170
Oct 22	$7,877	$16,272	$8,293	$21,804
Nov 22	$8,317	$17,534	$8,726	$23,022
Dec 22	$7,930	$16,844	$8,365	$21,696
Jan 23	$8,072	$18,051	$8,487	$23,059
Feb 23	$7,716	$17,534	$8,147	$22,496
Mar 23	$7,757	$18,075	$8,199	$23,322
Apr 23	$8,119	$18,334	$8,604	$23,686
May 23	$8,374	$18,138	$8,933	$23,789
Jun 23	$8,845	$19,191	$9,385	$25,361
Jul 23	$9,089	$19,894	$9,677	$26,176
Aug 23	$9,141	$19,338	$9,783	$25,759
Sep 23	$9,375	$18,538	$10,054	$24,531
Oct 23	$9,215	$17,981	$9,873	$24,015
Nov 23	$9,994	$19,640	$10,733	$26,208
Dec 23	$10,745	$20,584	$11,647	$27,399
Jan 24	$11,175	$20,704	$12,130	$27,859
Feb 24	$11,634	$21,593	$12,758	$29,347
Mar 24	$11,526	$22,271	$12,520	$30,291
Apr 24	$11,750	$21,536	$12,893	$29,054
May 24	$11,701	$22,411	$12,794	$30,494
Jun 24	$12,405	$22,910	$13,714	$31,589
Jul 24	$13,053	$23,279	$14,429	$31,973
Aug 24	$13,206	$23,870	$14,751	$32,749
Sep 24	$13,350	$24,425	$14,846	$33,448
Oct 24	$12,666	$23,877	$13,962	$33,145
Nov 24	$12,685	$24,770	$13,883	$35,090
Dec 24	$12,475	$24,183	$13,710	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck India Growth Leaders ETF	16.11%	9.82%	2.24%
Market Grader India All-Cap Growth Leaders Index (MGINGRNR)	17.71%	12.07%	3.21%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

MGINGRNR replaced the MVIS^® India Small-Cap Index (MVSCIFTR) effective May 1, 2020. Index history prior to May 1, 2020 reflects the performance of the MVIS^® India Small-Cap Index.

Key Fund Statistics

Total Net Assets$153,357,318
Number of Portfolio Holdings80
Portfolio Turnover Rate47%
Advisory Fees Paid$718,989

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		0.2%
Real Estate		1.9%
Consumer Staples		4.8%
Materials		5.2%
Energy		6.4%
Health Care		9.9%
Industrials		11.7%
Consumer Discretionary		14.4%
Information Technology		19.3%
Financials		26.0%

Top Ten Holdings (% of Total Net Assets)

HCL Technologies Ltd.		5.6%
Dr. Reddy's Laboratories Ltd.		5.4%
ICICI Bank Ltd.		5.4%
State Bank of India		5.3%
Trent Ltd.		5.2%
Varun Beverages Ltd.		4.8%
Tata Consultancy Services Ltd.		4.7%
Infosys Ltd.		4.6%
Bajaj Auto Ltd.		4.2%
Coal India Ltd.		4.1%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

The Fund's net expense ratio decreased to 0.76% for the year ended December 31, 2024 from 0.87% for the year ended December 31, 2023 primarily as a result of decreased interest expense.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Indonesia Index ETF

Ticker: IDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Indonesia Index ETF	$55	0.57%

How did the Fund perform last year?

The Fund posted a negative return over the period due to currency weakness, high interest rates that constrained corporate earnings and foreign investment outflows.
The utilities sector contributed the most to the Fund’s performance during the period, followed by energy.
The leading individual contributors to performance were PT Barito Renewables Energy Tbk, PT Chandra Asri Pacific Tbk and PT Alamtri Resources Indonesia Tbk.
The communication services sector detracted the most from the Fund’s performance during the period, followed by financials and materials.
The leading individual detractors to performance were PT Telkom Indonesia (Persero) Tbk Sponsored ADR Class B, PT Bank Rakyat Indonesia (Persero) Tbk Class B and PT GoTo Gojek Tokopedia Tbk.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	IDX	NDUEACWF	MVIDXTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,873	$9,844	$9,900	$9,700
Feb 15	$10,119	$10,392	$10,116	$10,257
Mar 15	$10,140	$10,231	$10,141	$10,095
Apr 15	$9,334	$10,528	$9,363	$10,192
May 15	$9,556	$10,514	$9,565	$10,323
Jun 15	$8,791	$10,266	$8,811	$10,123
Jul 15	$8,294	$10,355	$8,308	$10,335
Aug 15	$7,471	$9,646	$7,486	$9,712
Sep 15	$6,612	$9,296	$6,611	$9,471
Oct 15	$7,636	$10,026	$7,675	$10,270
Nov 15	$7,479	$9,943	$7,503	$10,301
Dec 15	$7,731	$9,764	$7,813	$10,138
Jan 16	$7,997	$9,175	$7,949	$9,635
Feb 16	$8,401	$9,112	$8,441	$9,622
Mar 16	$8,721	$9,787	$8,759	$10,275
Apr 16	$8,620	$9,931	$8,683	$10,315
May 16	$8,249	$9,944	$8,320	$10,500
Jun 16	$9,159	$9,884	$9,157	$10,527
Jul 16	$9,656	$10,310	$9,679	$10,915
Aug 16	$9,702	$10,344	$9,807	$10,931
Sep 16	$9,866	$10,408	$9,933	$10,933
Oct 16	$9,892	$10,231	$9,999	$10,733
Nov 16	$8,793	$10,309	$8,895	$11,131
Dec 16	$9,083	$10,531	$9,217	$11,351
Jan 17	$9,203	$10,819	$9,308	$11,566
Feb 17	$9,326	$11,123	$9,460	$12,025
Mar 17	$9,672	$11,259	$9,791	$12,039
Apr 17	$9,906	$11,434	$10,047	$12,163
May 17	$10,055	$11,687	$10,199	$12,334
Jun 17	$10,217	$11,740	$10,367	$12,411
Jul 17	$10,247	$12,068	$10,399	$12,666
Aug 17	$10,277	$12,114	$10,420	$12,705
Sep 17	$10,072	$12,348	$10,220	$12,967
Oct 17	$10,170	$12,605	$10,331	$13,270
Nov 17	$10,068	$12,849	$10,223	$13,677
Dec 17	$10,750	$13,056	$10,942	$13,829
Jan 18	$11,401	$13,793	$11,609	$14,621
Feb 18	$11,032	$13,213	$11,259	$14,082
Mar 18	$10,276	$12,931	$10,436	$13,724
Apr 18	$9,781	$13,054	$10,014	$13,777
May 18	$9,825	$13,070	$10,039	$14,108
Jun 18	$9,038	$13,000	$9,233	$14,195
Jul 18	$9,299	$13,392	$9,478	$14,724
Aug 18	$9,316	$13,497	$9,514	$15,203
Sep 18	$9,095	$13,555	$9,298	$15,290
Oct 18	$8,635	$12,540	$8,820	$14,245
Nov 18	$9,625	$12,723	$9,822	$14,535
Dec 18	$9,698	$11,827	$9,919	$13,223
Jan 19	$10,603	$12,761	$10,828	$14,282
Feb 19	$10,071	$13,102	$10,328	$14,741
Mar 19	$10,088	$13,267	$10,325	$15,027
Apr 19	$10,204	$13,715	$10,449	$15,636
May 19	$9,742	$12,901	$9,952	$14,642
Jun 19	$10,266	$13,746	$10,515	$15,674
Jul 19	$10,304	$13,786	$10,622	$15,899
Aug 19	$9,957	$13,459	$10,226	$15,647
Sep 19	$9,680	$13,742	$9,930	$15,940
Oct 19	$9,980	$14,119	$10,249	$16,286
Nov 19	$9,665	$14,463	$9,930	$16,877
Dec 19	$10,277	$14,973	$10,553	$17,386
Jan 20	$9,743	$14,807	$10,046	$17,379
Feb 20	$8,612	$13,611	$8,704	$15,949
Mar 20	$5,822	$11,774	$5,998	$13,979
Apr 20	$6,771	$13,035	$6,985	$15,771
May 20	$7,083	$13,602	$7,247	$16,522
Jun 20	$7,555	$14,036	$7,713	$16,850
Jul 20	$7,850	$14,779	$8,040	$17,801
Aug 20	$8,052	$15,683	$8,268	$19,080
Sep 20	$7,235	$15,178	$7,405	$18,355
Oct 20	$7,652	$14,809	$7,946	$17,867
Nov 20	$8,879	$16,634	$9,135	$19,823
Dec 20	$9,435	$17,406	$9,693	$20,585
Jan 21	$9,141	$17,327	$9,435	$20,377
Feb 21	$9,272	$17,729	$9,575	$20,939
Mar 21	$8,809	$18,202	$9,061	$21,856
Apr 21	$8,836	$18,998	$9,126	$23,022
May 21	$8,541	$19,294	$8,973	$23,183
Jun 21	$8,329	$19,548	$8,575	$23,724
Jul 21	$8,174	$19,682	$8,429	$24,288
Aug 21	$8,630	$20,175	$8,856	$25,026
Sep 21	$8,726	$19,342	$8,998	$23,863
Oct 21	$9,420	$20,329	$9,660	$25,534
Nov 21	$9,154	$19,839	$9,408	$25,357
Dec 21	$9,280	$20,633	$9,532	$26,494
Jan 22	$9,228	$19,620	$9,428	$25,123
Feb 22	$9,561	$19,113	$9,767	$24,371
Mar 22	$9,872	$19,527	$10,160	$25,276
Apr 22	$10,313	$17,964	$10,624	$23,071
May 22	$10,017	$17,985	$10,299	$23,114
Jun 22	$9,185	$16,469	$9,421	$21,206
Jul 22	$9,277	$17,619	$9,514	$23,161
Aug 22	$9,568	$16,970	$9,853	$22,217
Sep 22	$9,050	$15,346	$9,359	$20,170
Oct 22	$8,947	$16,272	$9,205	$21,804
Nov 22	$8,920	$17,534	$9,140	$23,022
Dec 22	$8,363	$16,844	$8,622	$21,696
Jan 23	$8,778	$18,051	$9,019	$23,059
Feb 23	$8,487	$17,534	$8,839	$22,496
Mar 23	$8,615	$18,075	$8,870	$23,322
Apr 23	$8,992	$18,334	$9,257	$23,686
May 23	$8,626	$18,138	$8,886	$23,789
Jun 23	$8,731	$19,191	$8,959	$25,361
Jul 23	$8,890	$19,894	$9,153	$26,176
Aug 23	$8,768	$19,338	$9,041	$25,759
Sep 23	$8,546	$18,538	$8,827	$24,531
Oct 23	$7,772	$17,981	$8,014	$24,015
Nov 23	$8,265	$19,640	$8,523	$26,208
Dec 23	$8,523	$20,584	$8,804	$27,399
Jan 24	$8,047	$20,704	$8,311	$27,859
Feb 24	$8,160	$21,593	$8,413	$29,347
Mar 24	$8,144	$22,271	$8,408	$30,291
Apr 24	$8,047	$21,536	$8,330	$29,054
May 24	$7,908	$22,411	$8,141	$30,494
Jun 24	$7,955	$22,910	$8,216	$31,589
Jul 24	$8,198	$23,279	$8,450	$31,973
Aug 24	$9,009	$23,870	$9,298	$32,749
Sep 24	$9,014	$24,425	$9,330	$33,448
Oct 24	$8,627	$23,877	$8,947	$33,145
Nov 24	$8,028	$24,770	$8,305	$35,090
Dec 24	$7,823	$24,183	$8,123	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Indonesia Index ETF	(8.21)%	(5.31)%	(2.43)%
MVIS^® Indonesia Index (MVIDXTR)	(7.74)%	(5.10)%	(2.06)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$30,092,306
Number of Portfolio Holdings57
Portfolio Turnover Rate23%
Advisory Fees Paid$79,669

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Real Estate		1.2%
Health Care		2.2%
Consumer Discretionary		4.3%
Industrials		7.1%
Communication Services		7.9%
Utilities		8.0%
Energy		9.2%
Consumer Staples		11.2%
Materials		22.1%
Financials		26.8%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Bank Central Asia Tbk PT		7.9%
Bank Rakyat Indonesia Persero Tbk PT		7.9%
Barito Renewables Energy Tbk PT		7.1%
Bank Mandiri Persero Tbk PT		6.7%
Amman Mineral Internasional PT		6.3%
Telkom Indonesia Persero Tbk PT		5.5%
Astra International Tbk PT		5.0%
Chandra Asri Pacific Tbk PT		4.5%
GoTo Gojek Tokopedia Tbk PT		3.7%
Bank Negara Indonesia Persero Tbk PT		3.4%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck International High Yield Bond ETF

Ticker: IHY

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck International High Yield Bond ETF	$28^{Footnote Reference(a)}	0.41%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 5.23% on a total return basis.
The Fund had a positive return, benefitting from spread tightening and high yields, despite the strength of the U.S. dollar over the period.
Issuers in the Energy, Telecom and Basic Industry sectors contributed the most to performance. There were no sectors with negative returns during the period.
In terms of country of risk, the United Kingdom, Canadian and French issuers had the highest contribution to performance while Luxembourg, Ghana and Swiss issuers detracted.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	IHY	GBMI	HXUS	US00
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,779	$9,997	$9,708	$10,221
Feb 15	$10,023	$9,912	$9,958	$10,116
Mar 15	$9,848	$9,830	$9,791	$10,167
Apr 15	$10,230	$9,915	$10,181	$10,128
May 15	$10,205	$9,751	$10,157	$10,103
Jun 15	$10,139	$9,706	$10,095	$9,994
Jul 15	$10,096	$9,742	$10,071	$10,066
Aug 15	$9,951	$9,763	$9,944	$10,051
Sep 15	$9,712	$9,819	$9,686	$10,119
Oct 15	$10,022	$9,828	$10,008	$10,122
Nov 15	$9,841	$9,676	$9,846	$10,094
Dec 15	$9,643	$9,725	$9,688	$10,060
Jan 16	$9,536	$9,823	$9,524	$10,205
Feb 16	$9,561	$10,039	$9,556	$10,280
Mar 16	$10,143	$10,278	$10,152	$10,370
Apr 16	$10,464	$10,409	$10,476	$10,408
May 16	$10,382	$10,294	$10,406	$10,413
Jun 16	$10,416	$10,585	$10,442	$10,606
Jul 16	$10,667	$10,662	$10,712	$10,675
Aug 16	$10,827	$10,611	$10,886	$10,660
Sep 16	$10,893	$10,660	$10,955	$10,651
Oct 16	$10,818	$10,375	$10,886	$10,565
Nov 16	$10,629	$9,979	$10,690	$10,312
Dec 16	$10,733	$9,936	$10,849	$10,324
Jan 17	$11,021	$10,035	$11,114	$10,348
Feb 17	$11,083	$10,080	$11,198	$10,418
Mar 17	$11,099	$10,089	$11,225	$10,414
Apr 17	$11,306	$10,205	$11,457	$10,492
May 17	$11,459	$10,354	$11,632	$10,575
Jun 17	$11,492	$10,344	$11,691	$10,566
Jul 17	$11,728	$10,509	$11,944	$10,610
Aug 17	$11,811	$10,617	$12,034	$10,709
Sep 17	$11,892	$10,522	$12,132	$10,653
Oct 17	$11,914	$10,486	$12,169	$10,661
Nov 17	$11,966	$10,592	$12,212	$10,647
Dec 17	$11,980	$10,626	$12,260	$10,697
Jan 18	$12,258	$10,735	$12,511	$10,573
Feb 18	$12,037	$10,642	$12,299	$10,474
Mar 18	$12,037	$10,754	$12,300	$10,541
Apr 18	$11,974	$10,589	$12,232	$10,465
May 18	$11,698	$10,520	$11,935	$10,538
Jun 18	$11,629	$10,481	$11,860	$10,527
Jul 18	$11,821	$10,459	$12,059	$10,528
Aug 18	$11,670	$10,473	$11,914	$10,597
Sep 18	$11,796	$10,377	$12,042	$10,529
Oct 18	$11,586	$10,272	$11,816	$10,446
Nov 18	$11,451	$10,300	$11,675	$10,507
Dec 18	$11,427	$10,510	$11,698	$10,702
Jan 19	$11,868	$10,663	$12,106	$10,811
Feb 19	$12,020	$10,605	$12,285	$10,810
Mar 19	$12,096	$10,747	$12,361	$11,022
Apr 19	$12,222	$10,719	$12,501	$11,024
May 19	$12,078	$10,878	$12,360	$11,223
Jun 19	$12,456	$11,108	$12,763	$11,369
Jul 19	$12,460	$11,076	$12,775	$11,399
Aug 19	$12,362	$11,332	$12,668	$11,709
Sep 19	$12,416	$11,205	$12,727	$11,639
Oct 19	$12,633	$11,273	$12,949	$11,670
Nov 19	$12,681	$11,184	$13,004	$11,664
Dec 19	$12,884	$11,231	$13,278	$11,652
Jan 20	$12,972	$11,392	$13,334	$11,888
Feb 20	$12,754	$11,487	$13,120	$12,105
Mar 20	$11,023	$11,262	$11,236	$12,019
Apr 20	$11,651	$11,469	$11,849	$12,229
May 20	$12,162	$11,523	$12,389	$12,291
Jun 20	$12,477	$11,622	$12,759	$12,374
Jul 20	$13,041	$11,994	$13,354	$12,565
Aug 20	$13,278	$11,954	$13,619	$12,461
Sep 20	$13,026	$11,916	$13,393	$12,459
Oct 20	$13,054	$11,898	$13,421	$12,398
Nov 20	$13,693	$12,094	$14,126	$12,519
Dec 20	$13,990	$12,235	$14,510	$12,533
Jan 21	$14,006	$12,109	$14,482	$12,435
Feb 21	$14,063	$11,871	$14,557	$12,213
Mar 21	$13,889	$11,652	$14,373	$12,084
Apr 21	$14,133	$11,791	$14,640	$12,188
May 21	$14,280	$11,881	$14,828	$12,225
Jun 21	$14,171	$11,805	$14,704	$12,328
Jul 21	$14,103	$11,963	$14,626	$12,461
Aug 21	$14,176	$11,908	$14,716	$12,444
Sep 21	$13,909	$11,688	$14,448	$12,325
Oct 21	$13,725	$11,659	$14,253	$12,327
Nov 21	$13,420	$11,628	$13,920	$12,376
Dec 21	$13,600	$11,594	$14,106	$12,335
Jan 22	$13,232	$11,333	$13,730	$12,077
Feb 22	$12,771	$11,188	$13,248	$11,924
Mar 22	$12,629	$10,831	$12,993	$11,590
Apr 22	$12,002	$10,241	$12,346	$11,164
May 22	$11,969	$10,263	$12,288	$11,212
Jun 22	$11,067	$9,947	$11,338	$11,062
Jul 22	$11,372	$10,172	$11,621	$11,317
Aug 22	$11,199	$9,755	$11,469	$11,010
Sep 22	$10,558	$9,240	$10,808	$10,525
Oct 22	$10,678	$9,180	$10,909	$10,381
Nov 22	$11,377	$9,616	$11,679	$10,757
Dec 22	$11,626	$9,638	$11,943	$10,712
Jan 23	$12,135	$9,937	$12,503	$11,034
Feb 23	$11,860	$9,617	$12,236	$10,757
Mar 23	$11,975	$9,925	$12,359	$11,030
Apr 23	$12,097	$9,979	$12,499	$11,100
May 23	$11,877	$9,784	$12,288	$10,980
Jun 23	$12,127	$9,789	$12,554	$10,940
Jul 23	$12,332	$9,828	$12,771	$10,931
Aug 23	$12,228	$9,706	$12,677	$10,862
Sep 23	$12,087	$9,405	$12,530	$10,592
Oct 23	$11,963	$9,282	$12,408	$10,428
Nov 23	$12,573	$9,752	$13,047	$10,886
Dec 23	$13,044	$10,174	$13,537	$11,290
Jan 24	$13,037	$10,042	$13,563	$11,276
Feb 24	$13,064	$9,892	$13,623	$11,122
Mar 24	$13,115	$9,954	$13,709	$11,215
Apr 24	$12,959	$9,684	$13,578	$10,945
May 24	$13,211	$9,818	$13,864	$11,130
Jun 24	$13,234	$9,836	$13,902	$11,237
Jul 24	$13,489	$10,121	$14,171	$11,497
Aug 24	$13,812	$10,351	$14,519	$11,660
Sep 24	$14,037	$10,523	$14,784	$11,817
Oct 24	$13,838	$10,160	$14,597	$11,528
Nov 24	$13,743	$10,210	$14,516	$11,644
Dec 24	$13,637	$9,962	$14,406	$11,456

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck International High Yield Bond ETF	4.54%	1.14%	3.15%
ICE BofA ML Global ex-US Issuers High Yield Constrained Index (HXUS)	6.42%	1.65%	3.72%
ICE BofA Global Broad Market Index (GBMI)	(2.08)%	(2.37)%	(0.04)%
ICE BofA US Broad Market Index (US00)	1.47%	(0.34)%	1.37%

Key Fund Statistics

Total Net Assets$22,617,739
Number of Portfolio Holdings365
Portfolio Turnover Rate19%
Advisory Fees Paid$69,979

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.1%
Other Investments		0.8%
Real Estate		1.9%
Consumer Non-Cyclicals		2.9%
Healthcare		4.2%
Utilities		6.8%
Consumer Cyclicals		8.1%
Basic Materials		8.9%
Energy		10.9%
Technology		11.3%
Industrials		13.6%
Financials		28.5%

Top Ten Holdings (% of Total Net Assets)

UniCredit SpA, 2.73%, 1/15/2032		0.9%
SoftBank Group Corp., 5.12%, 9/19/2027		0.9%
Electricite de France SA, 3.38% (Perpetual)		0.9%
CFAMC III Co. Ltd., 4.25%, 11/7/2027		0.9%
Virgin Media Vendor Financing Notes III DAC, 4.88%, 7/15/2028		0.8%
Vodafone Group Plc, 8.00%, 8/30/2086		0.6%
Jerrold Finco Plc, 5.25%, 1/15/2027		0.6%
Mobico Group Plc, 4.25% (Perpetual)		0.5%
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 9/15/2029		0.5%
Bellis Finco Plc, 4.00%, 2/16/2027		0.5%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Israel ETF

Ticker: ISRA

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Israel ETF	$67	0.59%

How did the Fund perform last year?

The Fund posted a positive return over the period, as the Israeli economy continued to rebound from the effects of the Israel-Hamas war. Israel’s economy benefited from participating in global economic growth trends, particularly cybersecurity and AI.
The financials sector contributed the most to the Fund’s performance, followed by health care and information technology.
The leading individual contributors to performance were Teva Pharmaceutical Industries Ltd. Sponsored ADR, CyberArk Software Ltd. and Bank Leumi Le-Israel BM.
The communication services sector detracted the most from the Fund’s performance during the period, followed by materials and utilities.
The leading individual detractors to performance were SolarEdge Technologies, Inc., NICE Ltd. Sponsored ADR and Perion Network Ltd.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	ISRA	NDUEACWF	BLSNTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,756	$9,844	$9,759	$9,700
Feb 15	$10,250	$10,392	$10,246	$10,257
Mar 15	$10,572	$10,231	$10,590	$10,095
Apr 15	$10,849	$10,528	$10,876	$10,192
May 15	$11,052	$10,514	$11,076	$10,323
Jun 15	$10,940	$10,266	$10,953	$10,123
Jul 15	$11,390	$10,355	$11,432	$10,335
Aug 15	$10,511	$9,646	$10,540	$9,712
Sep 15	$9,740	$9,296	$9,765	$9,471
Oct 15	$10,169	$10,026	$10,234	$10,270
Nov 15	$10,145	$9,943	$10,134	$10,301
Dec 15	$9,869	$9,764	$9,900	$10,138
Jan 16	$9,215	$9,175	$9,188	$9,635
Feb 16	$9,112	$9,112	$9,151	$9,622
Mar 16	$9,574	$9,787	$9,603	$10,275
Apr 16	$9,345	$9,931	$9,396	$10,315
May 16	$9,307	$9,944	$9,340	$10,500
Jun 16	$9,136	$9,884	$9,137	$10,527
Jul 16	$9,561	$10,310	$9,594	$10,915
Aug 16	$9,674	$10,344	$9,709	$10,931
Sep 16	$9,571	$10,408	$9,641	$10,933
Oct 16	$9,184	$10,231	$9,228	$10,733
Nov 16	$9,352	$10,309	$9,398	$11,131
Dec 16	$9,345	$10,531	$9,393	$11,351
Jan 17	$9,592	$10,819	$9,631	$11,566
Feb 17	$9,951	$11,123	$10,009	$12,025
Mar 17	$10,104	$11,259	$10,165	$12,039
Apr 17	$10,320	$11,434	$10,384	$12,163
May 17	$10,574	$11,687	$10,635	$12,334
Jun 17	$10,713	$11,740	$10,798	$12,411
Jul 17	$10,665	$12,068	$10,744	$12,666
Aug 17	$9,968	$12,114	$10,053	$12,705
Sep 17	$10,376	$12,348	$10,424	$12,967
Oct 17	$10,362	$12,605	$10,429	$13,270
Nov 17	$10,449	$12,849	$10,526	$13,677
Dec 17	$10,743	$13,056	$10,828	$13,829
Jan 18	$11,210	$13,793	$11,334	$14,621
Feb 18	$10,768	$13,213	$10,915	$14,082
Mar 18	$10,548	$12,931	$10,621	$13,724
Apr 18	$10,559	$13,054	$10,674	$13,777
May 18	$11,107	$13,070	$11,227	$14,108
Jun 18	$11,051	$13,000	$11,130	$14,195
Jul 18	$11,422	$13,392	$11,536	$14,724
Aug 18	$11,967	$13,497	$12,121	$15,203
Sep 18	$11,737	$13,555	$11,859	$15,290
Oct 18	$10,955	$12,540	$11,088	$14,245
Nov 18	$11,266	$12,723	$11,402	$14,535
Dec 18	$9,998	$11,827	$10,139	$13,223
Jan 19	$11,078	$12,761	$11,220	$14,282
Feb 19	$11,284	$13,102	$11,447	$14,741
Mar 19	$11,245	$13,267	$11,431	$15,027
Apr 19	$11,587	$13,715	$11,765	$15,636
May 19	$11,014	$12,901	$11,266	$14,642
Jun 19	$11,548	$13,746	$11,771	$15,674
Jul 19	$11,961	$13,786	$12,188	$15,899
Aug 19	$11,682	$13,459	$11,888	$15,647
Sep 19	$11,707	$13,742	$11,914	$15,940
Oct 19	$12,033	$14,119	$12,244	$16,286
Nov 19	$12,667	$14,463	$12,901	$16,877
Dec 19	$12,661	$14,973	$12,903	$17,386
Jan 20	$12,928	$14,807	$13,196	$17,379
Feb 20	$12,136	$13,611	$12,458	$15,949
Mar 20	$10,124	$11,774	$10,387	$13,979
Apr 20	$11,366	$13,035	$11,626	$15,771
May 20	$12,200	$13,602	$12,293	$16,522
Jun 20	$11,890	$14,036	$12,071	$16,850
Jul 20	$12,849	$14,779	$13,030	$17,801
Aug 20	$13,515	$15,683	$13,769	$19,080
Sep 20	$12,911	$15,178	$13,179	$18,355
Oct 20	$13,139	$14,809	$13,444	$17,867
Nov 20	$14,683	$16,634	$14,994	$19,823
Dec 20	$16,223	$17,406	$16,537	$20,585
Jan 21	$16,512	$17,327	$16,882	$20,377
Feb 21	$16,437	$17,729	$16,838	$20,939
Mar 21	$16,005	$18,202	$16,335	$21,856
Apr 21	$16,962	$18,998	$17,348	$23,022
May 21	$16,911	$19,294	$17,261	$23,183
Jun 21	$17,282	$19,548	$17,654	$23,724
Jul 21	$17,152	$19,682	$17,549	$24,288
Aug 21	$17,484	$20,175	$17,878	$25,026
Sep 21	$17,110	$19,342	$17,536	$23,863
Oct 21	$18,243	$20,329	$18,667	$25,534
Nov 21	$17,402	$19,839	$17,854	$25,357
Dec 21	$17,878	$20,633	$18,337	$26,494
Jan 22	$16,495	$19,620	$16,871	$25,123
Feb 22	$16,927	$19,113	$17,344	$24,371
Mar 22	$17,024	$19,527	$17,491	$25,276
Apr 22	$15,559	$17,964	$16,012	$23,071
May 22	$14,885	$17,985	$15,266	$23,114
Jun 22	$13,701	$16,469	$14,028	$21,206
Jul 22	$15,018	$17,619	$15,402	$23,161
Aug 22	$15,181	$16,970	$15,607	$22,217
Sep 22	$13,290	$15,346	$13,669	$20,170
Oct 22	$14,029	$16,272	$14,417	$21,804
Nov 22	$14,151	$17,534	$14,455	$23,022
Dec 22	$13,268	$16,844	$13,642	$21,696
Jan 23	$14,109	$18,051	$14,475	$23,059
Feb 23	$13,320	$17,534	$13,700	$22,496
Mar 23	$13,356	$18,075	$13,717	$23,322
Apr 23	$13,008	$18,334	$13,396	$23,686
May 23	$12,962	$18,138	$13,337	$23,789
Jun 23	$13,102	$19,191	$13,465	$25,361
Jul 23	$13,757	$19,894	$14,169	$26,176
Aug 23	$12,843	$19,338	$13,237	$25,759
Sep 23	$12,462	$18,538	$12,830	$24,531
Oct 23	$10,638	$17,981	$10,964	$24,015
Nov 23	$12,251	$19,640	$12,635	$26,208
Dec 23	$13,239	$20,584	$13,725	$27,399
Jan 24	$13,191	$20,704	$13,647	$27,859
Feb 24	$14,155	$21,593	$14,623	$29,347
Mar 24	$14,189	$22,271	$14,719	$30,291
Apr 24	$13,179	$21,536	$13,647	$29,054
May 24	$13,588	$22,411	$14,043	$30,494
Jun 24	$13,573	$22,910	$14,066	$31,589
Jul 24	$13,992	$23,279	$14,491	$31,973
Aug 24	$14,744	$23,870	$15,248	$32,749
Sep 24	$14,808	$24,425	$15,335	$33,448
Oct 24	$14,952	$23,877	$15,517	$33,145
Nov 24	$16,184	$24,770	$16,767	$35,090
Dec 24	$16,607	$24,183	$17,241	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Israel ETF	25.44%	5.58%	5.20%
BlueStar^® Israel Global Index (BLSNTR)	25.62%	5.97%	5.60%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$87,781,893
Number of Portfolio Holdings83
Portfolio Turnover Rate10%
Advisory Fees Paid$273,353

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Consumer Staples		1.1%
Energy		1.5%
Communication Services		1.5%
Materials		1.6%
Utilities		2.4%
Consumer Discretionary		3.1%
Real Estate		3.9%
Industrials		6.1%
Health Care		12.5%
Financials		24.5%
Information Technology		41.7%

Top Ten Holdings (% of Total Net Assets)

Teva Pharmaceutical Industries Ltd.		10.9%
Check Point Software Technologies Ltd.		6.9%
CyberArk Software Ltd.		6.8%
Bank Leumi Le-Israel BM		5.9%
Bank Hapoalim BM		5.6%
Nice Ltd.		4.3%
Wix.com Ltd.		4.1%
Monday.com Ltd.		3.6%
Amdocs Ltd.		3.4%
Mizrahi Tefahot Bank Ltd.		2.9%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck J.P. Morgan EM Local Currency Bond ETF

Ticker: EMLC

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck J.P. Morgan EM Local Currency Bond ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck J.P. Morgan EM Local Currency Bond ETF	$20^{Footnote Reference(a)}	0.30%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 1.43% on a total return basis.
The Fund had a positive return during the period, reflecting relatively high yields and strong fundamentals in emerging markets despite strength in the U.S. dollar.
Bonds denominated in South African Rand, Thai Baht and Malaysian Ringgit were the largest contributors to performance, while bonds denominated in Brazilian Real, Mexican Peso and Colombian Peso detracted the most.
Currency depreciation weighed on returns during the period, however this was offset by local interest rates.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	EMLC	GBMP	GBIEMCOR	US00
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,070	$10,001	$10,029	$10,221
Feb 15	$9,929	$9,915	$9,899	$10,116
Mar 15	$9,655	$9,827	$9,625	$10,167
Apr 15	$9,935	$9,919	$9,907	$10,128
May 15	$9,686	$9,751	$9,664	$10,103
Jun 15	$9,564	$9,705	$9,547	$9,994
Jul 15	$9,315	$9,730	$9,310	$10,066
Aug 15	$8,846	$9,737	$8,832	$10,051
Sep 15	$8,590	$9,785	$8,597	$10,119
Oct 15	$8,953	$9,805	$8,961	$10,122
Nov 15	$8,766	$9,654	$8,766	$10,094
Dec 15	$8,536	$9,698	$8,573	$10,060
Jan 16	$8,579	$9,791	$8,589	$10,205
Feb 16	$8,693	$10,002	$8,716	$10,280
Mar 16	$9,452	$10,259	$9,498	$10,370
Apr 16	$9,689	$10,390	$9,745	$10,408
May 16	$9,186	$10,262	$9,235	$10,413
Jun 16	$9,699	$10,560	$9,765	$10,606
Jul 16	$9,762	$10,640	$9,838	$10,675
Aug 16	$9,760	$10,592	$9,835	$10,660
Sep 16	$9,926	$10,644	$10,014	$10,651
Oct 16	$9,854	$10,362	$9,946	$10,565
Nov 16	$9,171	$9,957	$9,254	$10,312
Dec 16	$9,284	$9,916	$9,426	$10,324
Jan 17	$9,550	$10,024	$9,653	$10,348
Feb 17	$9,721	$10,075	$9,819	$10,418
Mar 17	$9,901	$10,088	$10,029	$10,414
Apr 17	$10,019	$10,200	$10,146	$10,492
May 17	$10,199	$10,350	$10,336	$10,575
Jun 17	$10,247	$10,342	$10,391	$10,566
Jul 17	$10,446	$10,511	$10,591	$10,610
Aug 17	$10,608	$10,616	$10,763	$10,709
Sep 17	$10,577	$10,523	$10,733	$10,653
Oct 17	$10,285	$10,482	$10,438	$10,661
Nov 17	$10,447	$10,591	$10,621	$10,647
Dec 17	$10,584	$10,630	$10,808	$10,697
Jan 18	$11,062	$10,747	$11,254	$10,573
Feb 18	$10,937	$10,652	$11,127	$10,474
Mar 18	$11,025	$10,765	$11,240	$10,541
Apr 18	$10,726	$10,599	$10,925	$10,465
May 18	$10,143	$10,517	$10,335	$10,538
Jun 18	$9,809	$10,471	$10,017	$10,527
Jul 18	$10,044	$10,454	$10,240	$10,528
Aug 18	$9,407	$10,458	$9,590	$10,597
Sep 18	$9,598	$10,371	$9,803	$10,529
Oct 18	$9,488	$10,264	$9,689	$10,446
Nov 18	$9,706	$10,300	$9,934	$10,507
Dec 18	$9,771	$10,508	$10,062	$10,702
Jan 19	$10,331	$10,669	$10,599	$10,811
Feb 19	$10,245	$10,609	$10,488	$10,810
Mar 19	$10,078	$10,744	$10,333	$11,022
Apr 19	$10,078	$10,714	$10,304	$11,024
May 19	$10,042	$10,865	$10,289	$11,223
Jun 19	$10,617	$11,105	$10,879	$11,369
Jul 19	$10,714	$11,079	$10,991	$11,399
Aug 19	$10,245	$11,318	$10,526	$11,709
Sep 19	$10,346	$11,199	$10,611	$11,639
Oct 19	$10,584	$11,273	$10,868	$11,670
Nov 19	$10,392	$11,183	$10,659	$11,664
Dec 19	$10,738	$11,241	$11,082	$11,652
Jan 20	$10,671	$11,391	$10,962	$11,888
Feb 20	$10,324	$11,475	$10,608	$12,105
Mar 20	$9,187	$11,226	$9,429	$12,019
Apr 20	$9,494	$11,436	$9,779	$12,229
May 20	$9,951	$11,499	$10,262	$12,291
Jun 20	$10,033	$11,602	$10,333	$12,374
Jul 20	$10,347	$11,971	$10,673	$12,565
Aug 20	$10,319	$11,932	$10,642	$12,461
Sep 20	$10,131	$11,893	$10,451	$12,459
Oct 20	$10,166	$11,881	$10,496	$12,398
Nov 20	$10,721	$12,086	$11,073	$12,519
Dec 20	$11,057	$12,236	$11,465	$12,533
Jan 21	$10,969	$12,106	$11,345	$12,435
Feb 21	$10,701	$11,865	$11,052	$12,213
Mar 21	$10,352	$11,642	$10,713	$12,084
Apr 21	$10,578	$11,786	$10,947	$12,188
May 21	$10,808	$11,879	$11,214	$12,225
Jun 21	$10,713	$11,801	$11,090	$12,328
Jul 21	$10,651	$11,951	$11,038	$12,461
Aug 21	$10,739	$11,901	$11,124	$12,444
Sep 21	$10,368	$11,672	$10,750	$12,325
Oct 21	$10,229	$11,640	$10,599	$12,327
Nov 21	$9,916	$11,604	$10,282	$12,376
Dec 21	$10,026	$11,576	$10,407	$12,335
Jan 22	$10,058	$11,322	$10,435	$12,077
Feb 22	$9,748	$11,181	$10,032	$11,924
Mar 22	$9,561	$10,835	$9,879	$11,590
Apr 22	$9,041	$10,245	$9,337	$11,164
May 22	$9,151	$10,272	$9,460	$11,212
Jun 22	$8,750	$9,946	$9,058	$11,062
Jul 22	$8,738	$10,169	$9,060	$11,317
Aug 22	$8,769	$9,763	$9,089	$11,010
Sep 22	$8,358	$9,242	$8,668	$10,525
Oct 22	$8,279	$9,176	$8,584	$10,381
Nov 22	$8,822	$9,607	$9,153	$10,757
Dec 22	$9,008	$9,648	$9,347	$10,712
Jan 23	$9,343	$9,955	$9,688	$11,034
Feb 23	$9,104	$9,632	$9,438	$10,757
Mar 23	$9,440	$9,936	$9,798	$11,030
Apr 23	$9,504	$9,986	$9,872	$11,100
May 23	$9,412	$9,797	$9,790	$10,980
Jun 23	$9,679	$9,798	$10,062	$10,940
Jul 23	$9,905	$9,854	$10,289	$10,931
Aug 23	$9,658	$9,726	$10,039	$10,862
Sep 23	$9,331	$9,436	$9,695	$10,592
Oct 23	$9,261	$9,317	$9,628	$10,428
Nov 23	$9,736	$9,784	$10,129	$10,886
Dec 23	$10,079	$10,191	$10,367	$11,290
Jan 24	$9,931	$10,062	$10,173	$11,276
Feb 24	$9,875	$9,929	$10,140	$11,122
Mar 24	$9,784	$9,984	$10,135	$11,215
Apr 24	$9,602	$9,726	$9,940	$10,945
May 24	$9,762	$9,858	$10,112	$11,130
Jun 24	$9,642	$9,877	$9,989	$11,237
Jul 24	$9,854	$10,153	$10,216	$11,497
Aug 24	$10,148	$10,388	$10,520	$11,660
Sep 24	$10,454	$10,563	$10,845	$11,817
Oct 24	$9,979	$10,208	$10,354	$11,528
Nov 24	$9,917	$10,252	$10,301	$11,644
Dec 24	$9,739	$10,022	$10,118	$11,456

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck J.P. Morgan EM Local Currency Bond ETF	(3.37)%	(1.93)%	(0.26)%
JPMorgan GBI-EMG Core Index (GBIEMCOR)	(2.40)%	(1.80)%	0.12%
ICE BofA Global Broad Market Plus Index (GBMP)	(1.66)%	(2.27)%	0.02%
ICE BofA US Broad Market Index (US00)	1.47%	(0.34)%	1.37%

Key Fund Statistics

Total Net Assets$2,590,553,260
Number of Portfolio Holdings436
Portfolio Turnover Rate25%
Advisory Fees Paid$4,841,441

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Other Investments		0.2%
Financials		6.8%
Government		91.6%

Top Ten Holdings (% of Total Net Assets)

Brazil Letras do Tesouro Nacional, 0.00%, 7/1/2026		1.0%
Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2026		1.0%
Turkiye Government Bond, 26.20%, 10/5/2033		0.8%
Republic of South Africa Government Bond, 8.75%, 2/28/2048		0.8%
Republic of South Africa Government Bond, 8.00%, 1/31/2030		0.8%
Republic of South Africa Government Bond, 8.88%, 2/28/2035		0.8%
Republic of South Africa Government Bond, 8.25%, 3/31/2032		0.7%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2029		0.7%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027		0.7%
Turkiye Government Bond, 31.08%, 11/8/2028		0.7%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Junior Gold Miners ETF

Ticker: GDXJ

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Junior Gold Miners ETF	$55	0.51%

How did the Fund perform last year?

During the period, gold prices reached all-time highs, driven by strong central bank buying, economic uncertainty and elevated geopolitical risks. Although gold mining stocks collectively underperformed the metal stocks during the year, they still benefited significantly from expanded margins and attractive valuations.
The Fund’s exposure to Canada was by far the largest positive contributor to performance for the period, followed by South Africa.
The leading individual contributors to performance were Kinross Gold Corp., Alamos Gold and Harmony Gold Mining.
The Fund’s exposure in Mexico, Peru and the United Kingdom were the leading detractors from performance for the period.
The leading individual detractors from performance were B2Gold, SSR Mining and Compania de Minas Buenaventura.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	GDXJ	NDUEACWF	MVGDXJTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$11,498	$9,844	$11,467	$9,700
Feb 15	$11,077	$10,392	$11,096	$10,257
Mar 15	$9,547	$10,231	$9,608	$10,095
Apr 15	$10,458	$10,528	$10,482	$10,192
May 15	$10,707	$10,514	$10,763	$10,323
Jun 15	$10,021	$10,266	$10,055	$10,123
Jul 15	$8,041	$10,355	$8,071	$10,335
Aug 15	$8,415	$9,646	$8,447	$9,712
Sep 15	$8,145	$9,296	$8,185	$9,471
Oct 15	$8,548	$10,026	$8,603	$10,270
Nov 15	$7,858	$9,943	$7,865	$10,301
Dec 15	$8,052	$9,764	$8,085	$10,138
Jan 16	$7,989	$9,175	$8,021	$9,635
Feb 16	$10,783	$9,112	$10,829	$9,622
Mar 16	$11,692	$9,787	$11,758	$10,275
Apr 16	$16,011	$9,931	$16,084	$10,315
May 16	$14,172	$9,944	$14,234	$10,500
Jun 16	$17,854	$9,884	$17,946	$10,527
Jul 16	$20,887	$10,310	$20,962	$10,915
Aug 16	$17,540	$10,344	$17,630	$10,931
Sep 16	$18,508	$10,408	$18,654	$10,933
Oct 16	$17,029	$10,231	$17,015	$10,733
Nov 16	$14,340	$10,309	$14,442	$11,131
Dec 16	$13,990	$10,531	$14,156	$11,351
Jan 17	$16,579	$10,819	$16,689	$11,566
Feb 17	$16,270	$11,123	$16,327	$12,025
Mar 17	$15,900	$11,259	$15,987	$12,039
Apr 17	$14,338	$11,434	$14,258	$12,163
May 17	$13,919	$11,687	$13,872	$12,334
Jun 17	$14,744	$11,740	$14,646	$12,411
Jul 17	$14,779	$12,068	$14,679	$12,666
Aug 17	$15,829	$12,114	$15,715	$12,705
Sep 17	$14,815	$12,348	$14,737	$12,967
Oct 17	$14,100	$12,605	$14,037	$13,270
Nov 17	$13,959	$12,849	$13,903	$13,677
Dec 17	$15,093	$13,056	$15,032	$13,829
Jan 18	$14,850	$13,793	$14,785	$14,621
Feb 18	$13,822	$13,213	$13,789	$14,082
Mar 18	$14,153	$12,931	$14,093	$13,724
Apr 18	$14,361	$13,054	$14,345	$13,777
May 18	$14,427	$13,070	$14,396	$14,108
Jun 18	$14,409	$13,000	$14,364	$14,195
Jul 18	$13,986	$13,392	$13,965	$14,724
Aug 18	$12,292	$13,497	$12,221	$15,203
Sep 18	$12,071	$13,555	$12,059	$15,290
Oct 18	$12,084	$12,540	$12,066	$14,245
Nov 18	$11,802	$12,723	$11,792	$14,535
Dec 18	$13,345	$11,827	$13,341	$13,223
Jan 19	$14,608	$12,761	$14,612	$14,282
Feb 19	$14,404	$13,102	$14,432	$14,741
Mar 19	$14,076	$13,267	$14,101	$15,027
Apr 19	$13,013	$13,715	$13,025	$15,636
May 19	$13,053	$12,901	$13,052	$14,642
Jun 19	$15,535	$13,746	$15,566	$15,674
Jul 19	$16,832	$13,786	$16,931	$15,899
Aug 19	$18,297	$13,459	$18,337	$15,647
Sep 19	$16,217	$13,742	$16,281	$15,940
Oct 19	$17,316	$14,119	$17,374	$16,286
Nov 19	$16,825	$14,463	$16,889	$16,877
Dec 19	$18,858	$14,973	$18,968	$17,386
Jan 20	$18,508	$14,807	$18,515	$17,379
Feb 20	$16,485	$13,611	$16,588	$15,949
Mar 20	$12,785	$11,774	$12,872	$13,979
Apr 20	$18,131	$13,035	$18,342	$15,771
May 20	$20,441	$13,602	$20,647	$16,522
Jun 20	$22,027	$14,036	$22,092	$16,850
Jul 20	$27,013	$14,779	$27,105	$17,801
Aug 20	$26,725	$15,683	$26,951	$19,080
Sep 20	$24,771	$15,178	$24,943	$18,355
Oct 20	$23,662	$14,809	$23,860	$17,867
Nov 20	$22,194	$16,634	$22,415	$19,823
Dec 20	$24,529	$17,406	$24,827	$20,585
Jan 21	$22,723	$17,327	$23,081	$20,377
Feb 21	$20,838	$17,729	$21,160	$20,939
Mar 21	$20,243	$18,202	$20,513	$21,856
Apr 21	$21,448	$18,998	$21,787	$23,022
May 21	$24,615	$19,294	$25,120	$23,183
Jun 21	$21,066	$19,548	$21,388	$23,724
Jul 21	$20,694	$19,682	$21,042	$24,288
Aug 21	$19,499	$20,175	$19,816	$25,026
Sep 21	$17,304	$19,342	$17,599	$23,863
Oct 21	$19,577	$20,329	$19,925	$25,534
Nov 21	$19,283	$19,839	$19,634	$25,357
Dec 21	$19,269	$20,633	$19,615	$26,494
Jan 22	$17,637	$19,620	$17,928	$25,123
Feb 22	$19,918	$19,113	$20,310	$24,371
Mar 22	$21,622	$19,527	$22,051	$25,276
Apr 22	$19,908	$17,964	$20,350	$23,071
May 22	$18,164	$17,985	$18,563	$23,114
Jun 22	$14,790	$16,469	$15,097	$21,206
Jul 22	$15,447	$17,619	$15,744	$23,161
Aug 22	$13,606	$16,970	$13,887	$22,217
Sep 22	$13,480	$15,346	$13,753	$20,170
Oct 22	$13,587	$16,272	$13,854	$21,804
Nov 22	$16,281	$17,534	$16,540	$23,022
Dec 22	$16,478	$16,844	$16,815	$21,696
Jan 23	$18,007	$18,051	$18,383	$23,059
Feb 23	$15,542	$17,534	$15,895	$22,496
Mar 23	$18,344	$18,075	$18,785	$23,322
Apr 23	$18,427	$18,334	$18,861	$23,686
May 23	$17,086	$18,138	$17,481	$23,789
Jun 23	$16,429	$19,191	$16,795	$25,361
Jul 23	$17,366	$19,894	$17,779	$26,176
Aug 23	$16,679	$19,338	$17,124	$25,759
Sep 23	$14,925	$18,538	$15,353	$24,531
Oct 23	$15,485	$17,981	$15,934	$24,015
Nov 23	$17,768	$19,640	$18,272	$26,208
Dec 23	$17,760	$20,584	$18,261	$27,399
Jan 24	$15,846	$20,704	$16,317	$27,859
Feb 24	$14,765	$21,593	$15,201	$29,347
Mar 24	$17,949	$22,271	$18,469	$30,291
Apr 24	$18,985	$21,536	$19,623	$29,054
May 24	$21,100	$22,411	$21,708	$30,494
Jun 24	$19,734	$22,910	$20,333	$31,589
Jul 24	$21,401	$23,279	$22,037	$31,973
Aug 24	$21,427	$23,870	$22,130	$32,749
Sep 24	$22,819	$24,425	$23,595	$33,448
Oct 24	$24,069	$23,877	$24,921	$33,145
Nov 24	$22,251	$24,770	$22,980	$35,090
Dec 24	$20,411	$24,183	$21,129	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Junior Gold Miners ETF	14.93%	1.60%	7.40%
MVIS^® Global Junior Gold Miners Index (MVGDXJTR)	15.71%	2.18%	7.77%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$4,434,193,232
Number of Portfolio Holdings85
Portfolio Turnover Rate28%
Advisory Fees Paid$24,359,121

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Diversified Metals & Mining		4.4%
Precious Metals & Minerals		5.1%
Silver		14.6%
Gold		75.7%

Top Ten Holdings (% of Total Net Assets)

Alamos Gold, Inc.		7.3%
Pan American Silver Corp.		6.3%
Harmony Gold Mining Co. Ltd.		5.9%
Evolution Mining Ltd.		5.6%
B2Gold Corp.		5.0%
IAMGOLD Corp.		2.4%
Industrias Penoles SAB de CV		2.4%
Osisko Gold Royalties Ltd.		2.3%
Endeavour Mining Plc		2.2%
Hecla Mining Co.		2.1%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Low Carbon Energy ETF

Ticker: SMOG

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Low Carbon Energy ETF	$59	0.61%

How did the Fund perform last year?

During the period, the performance of low carbon energy companies was mixed as the various segments navigated regulatory uncertainty associated with the re-election of Donald Trump, persistent inflation, anticipation of higher tariffs and China’s weak recovery efforts.
The Fund’s exposure to information technology and industrials were the top detractors from a sector perspective while Denmark, China and South Korea were the leading country detractors from performance for the period.
The Fund’s exposure to consumer discretionary and utilities were the strongest contributors to performance from a sector perspective while the United States was by far the largest positive contributing country for the period.
The leading individual contributors to performance were Tesla, NextEra Energy and BYD Co.
The leading individual detractors from performance were Vestas Wind Systems, Samsung SDI and Li Auto, Inc.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	SMOG	NDUEACWF	MVSMOGTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,752	$9,844	$9,745	$9,700
Feb 15	$10,819	$10,392	$10,789	$10,257
Mar 15	$10,673	$10,231	$10,657	$10,095
Apr 15	$11,326	$10,528	$11,323	$10,192
May 15	$11,701	$10,514	$11,692	$10,323
Jun 15	$11,316	$10,266	$11,303	$10,123
Jul 15	$10,813	$10,355	$10,801	$10,335
Aug 15	$9,682	$9,646	$9,689	$9,712
Sep 15	$9,166	$9,296	$9,152	$9,471
Oct 15	$9,730	$10,026	$9,721	$10,270
Nov 15	$9,730	$9,943	$9,721	$10,301
Dec 15	$10,145	$9,764	$10,154	$10,138
Jan 16	$9,197	$9,175	$9,137	$9,635
Feb 16	$9,188	$9,112	$9,178	$9,622
Mar 16	$9,850	$9,787	$9,818	$10,275
Apr 16	$9,740	$9,931	$9,703	$10,315
May 16	$9,502	$9,944	$9,457	$10,500
Jun 16	$9,314	$9,884	$9,229	$10,527
Jul 16	$9,696	$10,310	$9,626	$10,915
Aug 16	$9,803	$10,344	$9,727	$10,931
Sep 16	$9,961	$10,408	$9,857	$10,933
Oct 16	$9,610	$10,231	$9,525	$10,733
Nov 16	$9,368	$10,309	$9,273	$11,131
Dec 16	$9,611	$10,531	$9,541	$11,351
Jan 17	$10,061	$10,819	$9,973	$11,566
Feb 17	$10,266	$11,123	$10,182	$12,025
Mar 17	$10,456	$11,259	$10,367	$12,039
Apr 17	$10,817	$11,434	$10,749	$12,163
May 17	$11,140	$11,687	$11,068	$12,334
Jun 17	$11,299	$11,740	$11,228	$12,411
Jul 17	$11,465	$12,068	$11,403	$12,666
Aug 17	$11,096	$12,114	$11,031	$12,705
Sep 17	$11,411	$12,348	$11,346	$12,967
Oct 17	$11,869	$12,605	$11,803	$13,270
Nov 17	$11,354	$12,849	$11,294	$13,677
Dec 17	$11,716	$13,056	$11,673	$13,829
Jan 18	$12,118	$13,793	$12,072	$14,621
Feb 18	$11,741	$13,213	$11,728	$14,082
Mar 18	$11,595	$12,931	$11,536	$13,724
Apr 18	$11,655	$13,054	$11,646	$13,777
May 18	$11,682	$13,070	$11,665	$14,108
Jun 18	$11,168	$13,000	$11,159	$14,195
Jul 18	$11,645	$13,392	$11,623	$14,724
Aug 18	$11,745	$13,497	$11,718	$15,203
Sep 18	$11,203	$13,555	$11,194	$15,290
Oct 18	$10,453	$12,540	$10,447	$14,245
Nov 18	$11,418	$12,723	$11,403	$14,535
Dec 18	$10,659	$11,827	$10,663	$13,223
Jan 19	$11,825	$12,761	$11,833	$14,282
Feb 19	$12,295	$13,102	$12,316	$14,741
Mar 19	$12,044	$13,267	$12,067	$15,027
Apr 19	$12,731	$13,715	$12,766	$15,636
May 19	$11,429	$12,901	$11,486	$14,642
Jun 19	$12,582	$13,746	$12,633	$15,674
Jul 19	$12,785	$13,786	$12,861	$15,899
Aug 19	$12,044	$13,459	$12,110	$15,647
Sep 19	$12,370	$13,742	$12,449	$15,940
Oct 19	$12,824	$14,119	$12,912	$16,286
Nov 19	$13,442	$14,463	$13,541	$16,877
Dec 19	$14,643	$14,973	$14,758	$17,386
Jan 20	$15,025	$14,807	$15,165	$17,379
Feb 20	$14,415	$13,611	$14,522	$15,949
Mar 20	$11,652	$11,774	$11,785	$13,979
Apr 20	$13,736	$13,035	$13,885	$15,771
May 20	$14,932	$13,602	$15,072	$16,522
Jun 20	$15,801	$14,036	$15,963	$16,850
Jul 20	$18,038	$14,779	$18,242	$17,801
Aug 20	$21,174	$15,683	$21,437	$19,080
Sep 20	$21,208	$15,178	$21,496	$18,355
Oct 20	$22,302	$14,809	$22,609	$17,867
Nov 20	$28,493	$16,634	$28,937	$19,823
Dec 20	$32,017	$17,406	$32,519	$20,585
Jan 21	$34,026	$17,327	$34,683	$20,377
Feb 21	$31,362	$17,729	$31,891	$20,939
Mar 21	$30,359	$18,202	$30,850	$21,856
Apr 21	$29,341	$18,998	$29,997	$23,022
May 21	$29,042	$19,294	$29,612	$23,183
Jun 21	$31,166	$19,548	$31,705	$23,724
Jul 21	$30,571	$19,682	$31,141	$24,288
Aug 21	$31,404	$20,175	$32,097	$25,026
Sep 21	$28,872	$19,342	$29,577	$23,863
Oct 21	$34,033	$20,329	$34,784	$25,534
Nov 21	$33,262	$19,839	$34,044	$25,357
Dec 21	$31,049	$20,633	$31,810	$26,494
Jan 22	$26,726	$19,620	$27,172	$25,123
Feb 22	$27,815	$19,113	$28,443	$24,371
Mar 22	$28,216	$19,527	$28,951	$25,276
Apr 22	$24,710	$17,964	$25,444	$23,071
May 22	$25,225	$17,985	$25,805	$23,114
Jun 22	$24,321	$16,469	$24,820	$21,206
Jul 22	$26,667	$17,619	$27,218	$23,161
Aug 22	$25,376	$16,970	$26,002	$22,217
Sep 22	$22,048	$15,346	$22,638	$20,170
Oct 22	$21,693	$16,272	$22,197	$21,804
Nov 22	$23,992	$17,534	$24,359	$23,022
Dec 22	$21,883	$16,844	$22,404	$21,696
Jan 23	$24,028	$18,051	$24,500	$23,059
Feb 23	$22,960	$17,534	$23,510	$22,496
Mar 23	$23,965	$18,075	$24,483	$23,322
Apr 23	$22,754	$18,334	$23,248	$23,686
May 23	$22,656	$18,138	$23,162	$23,789
Jun 23	$24,225	$19,191	$24,764	$25,361
Jul 23	$25,578	$19,894	$26,157	$26,176
Aug 23	$22,777	$19,338	$23,327	$25,759
Sep 23	$20,798	$18,538	$21,323	$24,531
Oct 23	$18,656	$17,981	$19,072	$24,015
Nov 23	$20,512	$19,640	$20,990	$26,208
Dec 23	$22,177	$20,584	$22,723	$27,399
Jan 24	$19,058	$20,704	$19,551	$27,859
Feb 24	$19,600	$21,593	$20,059	$29,347
Mar 24	$19,706	$22,271	$20,176	$30,291
Apr 24	$19,227	$21,536	$19,755	$29,054
May 24	$20,963	$22,411	$21,436	$30,494
Jun 24	$19,418	$22,910	$19,911	$31,589
Jul 24	$20,766	$23,279	$21,242	$31,973
Aug 24	$20,783	$23,870	$21,305	$32,749
Sep 24	$22,688	$24,425	$23,311	$33,448
Oct 24	$20,769	$23,877	$21,290	$33,145
Nov 24	$20,679	$24,770	$21,181	$35,090
Dec 24	$20,144	$24,183	$20,709	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Low Carbon Energy ETF	(9.17)%	6.59%	7.25%
MVIS^® Global Low Carbon Energy Index (MVSMOGTR)	(8.86)%	7.01%	7.55%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

MVSMOGTR replaced the Ardour Global Index℠ (Extra Liquid) (AGIXLT) effective April 26, 2021. Index history prior to April 26, 2021 reflects the performance of the Ardour Global Index℠.

Key Fund Statistics

Total Net Assets$122,203,937
Number of Portfolio Holdings59
Portfolio Turnover Rate23%
Advisory Fees Paid$690,106

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Other Investments		1.5%
Information Technology		12.5%
Industrials		16.0%
Consumer Discretionary		28.6%
Utilities		41.5%

Top Ten Holdings (% of Total Net Assets)

NextEra Energy, Inc.		8.1%
Tesla, Inc.		8.0%
Iberdrola SA		7.3%
Enel SpA		6.7%
BYD Co. Ltd.		6.1%
First Solar, Inc.		4.4%
Vestas Wind Systems A/S		3.7%
Owens Corning		3.5%
Li Auto, Inc.		3.0%
Kingspan Group Plc		2.6%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Mortgage REIT Income ETF

Ticker: MORT

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Mortgage REIT Income ETF	$30^{Footnote Reference(a)}	0.42%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 7.88% on a total return basis.
The Fund had a positive total return during the period, despite elevated interest rates and low mortgage originations.
Residential mortgage REITs (mREITs) were top contributors to performance while commercial and hybrid mREITs also contributed positively, but to a lesser extent.
AGNC Investment Corp. was the top contributor to Fund performance during the period, while Ready Capital Corp. was the greatest detractor.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	MORT	SPTR	MVMORTTG
Dec 14	$10,000	$10,000	$10,000
Jan 15	$10,362	$9,700	$9,982
Feb 15	$10,524	$10,257	$10,141
Mar 15	$10,616	$10,095	$10,233
Apr 15	$10,549	$10,192	$10,175
May 15	$10,589	$10,323	$10,216
Jun 15	$9,793	$10,123	$9,450
Jul 15	$10,069	$10,335	$9,724
Aug 15	$9,676	$9,712	$9,350
Sep 15	$9,411	$9,471	$9,093
Oct 15	$9,396	$10,270	$9,092
Nov 15	$9,537	$10,301	$9,230
Dec 15	$9,092	$10,138	$9,019
Jan 16	$8,789	$9,635	$8,512
Feb 16	$9,015	$9,622	$8,732
Mar 16	$9,653	$10,275	$9,357
Apr 16	$9,847	$10,315	$9,546
May 16	$10,289	$10,500	$9,977
Jun 16	$10,618	$10,527	$10,305
Jul 16	$11,009	$10,915	$10,689
Aug 16	$11,124	$10,931	$10,807
Sep 16	$11,184	$10,933	$10,867
Oct 16	$11,186	$10,733	$10,862
Nov 16	$11,375	$11,131	$11,048
Dec 16	$11,191	$11,351	$11,109
Jan 17	$11,559	$11,566	$11,235
Feb 17	$12,190	$12,025	$11,851
Mar 17	$12,535	$12,039	$12,195
Apr 17	$13,012	$12,163	$12,664
May 17	$12,853	$12,334	$12,511
Jun 17	$13,171	$12,411	$12,821
Jul 17	$13,202	$12,666	$12,857
Aug 17	$13,402	$12,705	$13,057
Sep 17	$13,602	$12,967	$13,250
Oct 17	$13,170	$13,270	$12,832
Nov 17	$13,253	$13,677	$12,915
Dec 17	$13,220	$13,829	$13,216
Jan 18	$12,616	$14,621	$12,294
Feb 18	$12,187	$14,082	$11,881
Mar 18	$13,017	$13,724	$12,697
Apr 18	$13,053	$13,777	$12,737
May 18	$13,438	$14,108	$13,117
Jun 18	$13,668	$14,195	$13,344
Jul 18	$14,149	$14,724	$13,825
Aug 18	$14,219	$15,203	$13,897
Sep 18	$13,985	$15,290	$13,673
Oct 18	$13,712	$14,245	$13,399
Nov 18	$13,926	$14,535	$13,613
Dec 18	$12,686	$13,223	$12,678
Jan 19	$14,174	$14,282	$13,870
Feb 19	$14,150	$14,741	$13,854
Mar 19	$14,326	$15,027	$14,031
Apr 19	$14,619	$15,636	$14,324
May 19	$13,685	$14,642	$13,412
Jun 19	$14,365	$15,674	$14,088
Jul 19	$14,662	$15,899	$14,387
Aug 19	$13,784	$15,647	$13,532
Sep 19	$14,650	$15,940	$14,381
Oct 19	$15,038	$16,286	$14,768
Nov 19	$15,234	$16,877	$14,964
Dec 19	$15,337	$17,386	$15,469
Jan 20	$16,279	$17,379	$15,997
Feb 20	$14,846	$15,949	$14,597
Mar 20	$6,556	$13,979	$6,428
Apr 20	$7,803	$15,771	$7,630
May 20	$8,032	$16,522	$7,858
Jun 20	$9,183	$16,850	$8,997
Jul 20	$9,663	$17,801	$9,465
Aug 20	$9,864	$19,080	$9,666
Sep 20	$9,733	$18,355	$9,536
Oct 20	$9,720	$17,867	$9,532
Nov 20	$11,502	$19,823	$11,286
Dec 20	$11,980	$20,585	$12,012
Jan 21	$12,035	$20,377	$11,813
Feb 21	$13,134	$20,939	$12,895
Mar 21	$13,866	$21,856	$13,624
Apr 21	$14,491	$23,022	$14,244
May 21	$14,528	$23,183	$14,286
Jun 21	$14,771	$23,724	$14,529
Jul 21	$14,324	$24,288	$14,086
Aug 21	$14,686	$25,026	$14,446
Sep 21	$14,395	$23,863	$14,164
Oct 21	$14,951	$25,534	$14,719
Nov 21	$14,033	$25,357	$13,820
Dec 21	$14,210	$26,494	$13,999
Jan 22	$13,995	$25,123	$13,793
Feb 22	$13,059	$24,371	$12,876
Mar 22	$13,529	$25,276	$13,341
Apr 22	$12,355	$23,071	$12,175
May 22	$12,722	$23,114	$12,541
Jun 22	$11,365	$21,206	$11,203
Jul 22	$12,995	$23,161	$12,827
Aug 22	$12,012	$22,217	$11,860
Sep 22	$9,163	$20,170	$9,026
Oct 22	$10,411	$21,804	$10,257
Nov 22	$11,272	$23,022	$11,110
Dec 22	$10,405	$21,696	$10,263
Jan 23	$12,096	$23,059	$11,931
Feb 23	$11,110	$22,496	$10,964
Mar 23	$10,092	$23,322	$9,976
Apr 23	$10,261	$23,686	$10,140
May 23	$9,927	$23,789	$9,813
Jun 23	$11,177	$25,361	$11,057
Jul 23	$11,667	$26,176	$11,539
Aug 23	$11,416	$25,759	$11,293
Sep 23	$10,845	$24,531	$10,731
Oct 23	$9,701	$24,015	$9,586
Nov 23	$11,085	$26,208	$10,956
Dec 23	$11,993	$27,399	$11,847
Jan 24	$11,431	$27,859	$11,294
Feb 24	$11,340	$29,347	$11,207
Mar 24	$11,858	$30,291	$11,730
Apr 24	$11,143	$29,054	$11,018
May 24	$11,628	$30,494	$11,500
Jun 24	$11,680	$31,589	$11,556
Jul 24	$12,424	$31,973	$12,297
Aug 24	$12,692	$32,749	$12,566
Sep 24	$12,854	$33,448	$12,731
Oct 24	$12,211	$33,145	$12,089
Nov 24	$12,532	$35,090	$12,411
Dec 24	$12,021	$34,254	$11,905

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Mortgage REIT Income ETF	0.24%	(4.76)%	1.86%
MVIS^® US Mortgage REITs Index (MVMORTTG)	0.49%	(5.10)%	1.76%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$287,979,104
Number of Portfolio Holdings26
Portfolio Turnover Rate26%
Advisory Fees Paid$773,849

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.2)%
Financial Services		100.2%

Top Ten Holdings (% of Total Net Assets)

Annaly Capital Management, Inc.		12.7%
AGNC Investment Corp.		11.6%
Starwood Property Trust, Inc.		8.3%
Rithm Capital Corp.		7.6%
Arbor Realty Trust, Inc.		5.2%
Blackstone Mortgage Trust, Inc.		4.8%
Ladder Capital Corp.		4.1%
Dynex Capital, Inc.		3.6%
Chimera Investment Corp.		3.6%
Ready Capital Corp.		3.5%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Natural Resources ETF

Ticker: HAP

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Natural Resources ETF	$43	0.44%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on commodities and resource equities, particularly in the final months of the year.
The Fund’s exposure to materials, health care and consumer staples were the top detractors from a sector perspective while Australia, Germany and Brazil were the leading country detractors from performance for the period.
The leading individual detractors from performance were Bayer, Vale and Archer-Daniels-Midland.
The Fund’s exposure to energy, utilities and consumer discretionary were the strongest contributors to performance from a sector perspective while the United States, Canada and Spain were the largest positive contributing countries for the period.
The leading individual contributors to performance were NextEra Energy, Exxon Mobile and Deere & Company.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	HAP	NDUEACWF	MVGNRTR	RVEIT	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,855	$9,844	$9,839	$9,839	$9,700
Feb 15	$10,341	$10,392	$10,320	$10,320	$10,257
Mar 15	$9,781	$10,231	$9,769	$9,769	$10,095
Apr 15	$10,454	$10,528	$10,437	$10,437	$10,192
May 15	$10,335	$10,514	$10,308	$10,308	$10,323
Jun 15	$9,890	$10,266	$9,863	$9,863	$10,123
Jul 15	$9,259	$10,355	$9,245	$9,245	$10,335
Aug 15	$8,669	$9,646	$8,656	$8,656	$9,712
Sep 15	$7,963	$9,296	$7,938	$7,938	$9,471
Oct 15	$8,701	$10,026	$8,686	$8,686	$10,270
Nov 15	$8,488	$9,943	$8,467	$8,467	$10,301
Dec 15	$8,052	$9,764	$8,051	$8,051	$10,138
Jan 16	$7,738	$9,175	$7,702	$7,702	$9,635
Feb 16	$8,080	$9,112	$8,076	$8,076	$9,622
Mar 16	$8,687	$9,787	$8,685	$8,685	$10,275
Apr 16	$9,460	$9,931	$9,461	$9,461	$10,315
May 16	$9,130	$9,944	$9,125	$9,125	$10,500
Jun 16	$9,356	$9,884	$9,320	$9,320	$10,527
Jul 16	$9,627	$10,310	$9,614	$9,614	$10,915
Aug 16	$9,588	$10,344	$9,578	$9,578	$10,931
Sep 16	$9,692	$10,408	$9,669	$9,669	$10,933
Oct 16	$9,548	$10,231	$9,542	$9,542	$10,733
Nov 16	$9,832	$10,309	$9,805	$9,805	$11,131
Dec 16	$10,060	$10,531	$10,068	$10,068	$11,351
Jan 17	$10,468	$10,819	$10,451	$10,451	$11,566
Feb 17	$10,390	$11,123	$10,383	$10,383	$12,025
Mar 17	$10,359	$11,259	$10,354	$10,354	$12,039
Apr 17	$10,334	$11,434	$10,338	$10,338	$12,163
May 17	$10,238	$11,687	$10,239	$10,239	$12,334
Jun 17	$10,216	$11,740	$10,220	$10,220	$12,411
Jul 17	$10,680	$12,068	$10,683	$10,683	$12,666
Aug 17	$10,645	$12,114	$10,650	$10,650	$12,705
Sep 17	$11,010	$12,348	$11,018	$11,018	$12,967
Oct 17	$11,169	$12,605	$11,178	$11,178	$13,270
Nov 17	$11,334	$12,849	$11,339	$11,339	$13,677
Dec 17	$11,784	$13,056	$11,821	$11,821	$13,829
Jan 18	$12,274	$13,793	$12,297	$12,297	$14,621
Feb 18	$11,587	$13,213	$11,653	$11,653	$14,082
Mar 18	$11,467	$12,931	$11,482	$11,482	$13,724
Apr 18	$11,762	$13,054	$11,811	$11,811	$13,777
May 18	$11,905	$13,070	$11,950	$11,950	$14,108
Jun 18	$11,762	$13,000	$11,817	$11,817	$14,195
Jul 18	$11,905	$13,392	$11,957	$11,957	$14,724
Aug 18	$11,746	$13,497	$11,795	$11,795	$15,203
Sep 18	$12,004	$13,555	$12,068	$12,068	$15,290
Oct 18	$11,127	$12,540	$11,189	$11,189	$14,245
Nov 18	$11,108	$12,723	$11,167	$11,167	$14,535
Dec 18	$10,525	$11,827	$10,588	$10,588	$13,223
Jan 19	$11,521	$12,761	$11,587	$11,587	$14,282
Feb 19	$11,626	$13,102	$11,704	$11,704	$14,741
Mar 19	$11,695	$13,267	$11,763	$11,763	$15,027
Apr 19	$11,812	$13,715	$11,883	$11,883	$15,636
May 19	$10,936	$12,901	$11,018	$11,018	$14,642
Jun 19	$12,008	$13,746	$12,080	$12,080	$15,674
Jul 19	$11,780	$13,786	$11,891	$11,891	$15,899
Aug 19	$11,259	$13,459	$11,335	$11,335	$15,647
Sep 19	$11,522	$13,742	$11,598	$11,598	$15,940
Oct 19	$11,665	$14,119	$11,755	$11,755	$16,286
Nov 19	$11,788	$14,463	$11,871	$11,871	$16,877
Dec 19	$12,455	$14,973	$12,552	$12,552	$17,386
Jan 20	$11,562	$14,807	$11,691	$11,691	$17,379
Feb 20	$10,429	$13,611	$10,471	$10,471	$15,949
Mar 20	$8,449	$11,774	$8,522	$8,522	$13,979
Apr 20	$9,507	$13,035	$9,579	$9,579	$15,771
May 20	$9,987	$13,602	$9,998	$9,998	$16,522
Jun 20	$10,203	$14,036	$10,221	$10,221	$16,850
Jul 20	$10,718	$14,779	$10,746	$10,746	$17,801
Aug 20	$11,313	$15,683	$11,359	$11,359	$19,080
Sep 20	$10,900	$15,178	$10,933	$10,933	$18,355
Oct 20	$10,679	$14,809	$10,712	$10,712	$17,867
Nov 20	$12,481	$16,634	$12,550	$12,550	$19,823
Dec 20	$13,293	$17,406	$13,349	$13,349	$20,585
Jan 21	$13,475	$17,327	$13,553	$13,553	$20,377
Feb 21	$14,804	$17,729	$14,854	$14,854	$20,939
Mar 21	$15,328	$18,202	$15,383	$15,383	$21,856
Apr 21	$15,783	$18,998	$15,863	$15,863	$23,022
May 21	$16,307	$19,294	$16,384	$16,384	$23,183
Jun 21	$15,872	$19,548	$15,928	$15,928	$23,724
Jul 21	$15,733	$19,682	$15,794	$15,794	$24,288
Aug 21	$15,816	$20,175	$15,881	$15,881	$25,026
Sep 21	$15,603	$19,342	$15,700	$15,700	$23,863
Oct 21	$16,406	$20,329	$16,472	$16,472	$25,534
Nov 21	$15,749	$19,839	$15,833	$15,833	$25,357
Dec 21	$16,667	$20,633	$16,745	$16,745	$26,494
Jan 22	$17,012	$19,620	$17,059	$17,059	$25,123
Feb 22	$17,743	$19,113	$17,821	$17,821	$24,371
Mar 22	$19,236	$19,527	$19,361	$19,361	$25,276
Apr 22	$18,195	$17,964	$18,353	$18,353	$23,071
May 22	$18,681	$17,985	$18,798	$18,798	$23,114
Jun 22	$15,947	$16,469	$16,019	$16,019	$21,206
Jul 22	$16,791	$17,619	$16,848	$16,848	$23,161
Aug 22	$16,751	$16,970	$16,870	$16,870	$22,217
Sep 22	$15,220	$15,346	$15,327	$15,327	$20,170
Oct 22	$16,980	$16,272	$17,066	$17,066	$21,804
Nov 22	$18,478	$17,534	$18,534	$18,534	$23,022
Dec 22	$17,850	$16,844	$17,966	$17,966	$21,696
Jan 23	$18,926	$18,051	$19,012	$19,012	$23,059
Feb 23	$17,898	$17,534	$18,020	$18,020	$22,496
Mar 23	$17,921	$18,075	$18,009	$18,009	$23,322
Apr 23	$17,944	$18,334	$18,031	$18,031	$23,686
May 23	$16,385	$18,138	$16,490	$16,490	$23,789
Jun 23	$17,483	$19,191	$17,587	$17,587	$25,361
Jul 23	$18,611	$19,894	$18,728	$18,728	$26,176
Aug 23	$18,090	$19,338	$18,228	$18,228	$25,759
Sep 23	$17,835	$18,538	$17,973	$17,973	$24,531
Oct 23	$17,062	$17,981	$17,162	$17,162	$24,015
Nov 23	$17,616	$19,640	$17,722	$17,722	$26,208
Dec 23	$18,265	$20,584	$18,401	$18,401	$27,399
Jan 24	$17,617	$20,704	$17,768	$17,768	$27,859
Feb 24	$17,720	$21,593	$17,833	$17,833	$29,347
Mar 24	$19,091	$22,271	$19,225	$19,163	$30,291
Apr 24	$18,999	$21,536	$19,159	$19,059	$29,054
May 24	$19,648	$22,411	$19,766	$19,477	$30,494
Jun 24	$18,767	$22,910	$18,895	$18,815	$31,589
Jul 24	$19,202	$23,279	$19,331	$19,159	$31,973
Aug 24	$19,244	$23,870	$19,366	$19,266	$32,749
Sep 24	$19,782	$24,425	$19,909	$19,745	$33,448
Oct 24	$18,976	$23,877	$19,103	$19,006	$33,145
Nov 24	$19,073	$24,770	$19,186	$19,504	$35,090
Dec 24	$17,535	$24,183	$17,655	$18,021	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Natural Resources ETF	(4.00)%	7.08%	5.78%
MarketVector™ Global Natural Resources Index (MVGNRTR)	(4.06)%	7.06%	5.85%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
VanEck^® Natural Resources Index (RVEIT)	(2.07)%	7.50%	6.07%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

MVGNRTR replaced the VanEck^® Natural Resources Index (RVEIT) effective March 15, 2024. Index history prior to March 15, 2024 reflects the performance of the VanEck^® Natural Resources Index.

Effective March 15, 2024, the index that the Fund seeks to track changed from the VanEck^® Natural Resources Index to the MarketVector™ Global Natural Resources Index.

Key Fund Statistics

Total Net Assets$125,367,006
Number of Portfolio Holdings126
Portfolio Turnover Rate54%
Advisory Fees Paid$526,053

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Other Investments		1.4%
Health Care		1.9%
Consumer Staples		6.9%
Industrials		9.1%
Utilities		10.1%
Energy		31.5%
Materials		39.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Shell Plc		5.2%
Exxon Mobil Corp.		5.1%
Deere & Co.		5.1%
Chevron Corp.		5.0%
NextEra Energy, Inc.		4.9%
BHP Group Ltd.		3.6%
Iberdrola SA		3.3%
Corteva, Inc.		3.1%
Rio Tinto Plc		2.1%
Nutrien Ltd.		2.0%

Material Fund Changes

The following material fund changes occurred during the period ended December 31, 2024:

Effective March 15, 2024, the Fund's investment objective changed to reflect a change in the index that the Fund seeks to track from the VanEck^® Natural Resources Index to the MarketVector™ Global Natural Resources Index.

Accordingly, the Fund’s principal investment strategies changed to reflect the change in index.

Effective March 15, 2024 the Fund's contractual management fee was reduced from 0.49% to 0.40%.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Office and Commercial REIT ETF

Ticker: DESK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Office and Commercial REIT ETF	$56	0.52%

How did the Fund perform last year?

The Fund provided positive total return during the period, despite elevated interest rates and continued distress in the office real estate sector.
Office real estate investment trust (REIT) sector performance was supported by improved sentiment following increasing implementation of return-to-office initiatives.
Vornado Realty Trust was the top contributor to Fund performance during the period, while Hudson Pacific Properties was the greatest detractor.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/19/2023).

	DESK	SPTR	MVORTTRG
Sep 23	$10,000	$10,000	$10,000
Sep 23	$9,259	$9,653	$9,260
Oct 23	$8,433	$9,450	$8,437
Nov 23	$9,520	$10,313	$9,525
Dec 23	$11,170	$10,781	$11,181
Jan 24	$10,554	$10,963	$10,569
Feb 24	$10,510	$11,548	$10,530
Mar 24	$10,915	$11,920	$10,946
Apr 24	$10,300	$11,433	$10,328
May 24	$10,414	$12,000	$10,445
Jun 24	$10,584	$12,430	$10,623
Jul 24	$12,118	$12,581	$12,165
Aug 24	$12,574	$12,887	$12,630
Sep 24	$13,199	$13,162	$13,267
Oct 24	$13,318	$13,042	$13,391
Nov 24	$13,694	$13,808	$13,776
Dec 24	$12,984	$13,479	$13,064

Average Annual Total Returns

.	1 Year	Life*
VanEck Office and Commercial REIT ETF	16.24%	22.59%
MarketVector™ US Listed Office and Commercial REITs Index (MVORTTRG)	16.84%	23.18%
S&P 500 Index (SPTR)	25.02%	26.22%

* Inception of Fund: 9/19/23

Key Fund Statistics

Total Net Assets$2,150,321
Number of Portfolio Holdings25
Portfolio Turnover Rate17%
Advisory Fees Paid$6,344

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Real Estate Investment Trusts		100.1%

Top Ten Holdings (% of Total Net Assets)

Vornado Realty Trust		9.8%
BXP, Inc.		9.7%
Kilroy Realty Corp.		9.7%
SL Green Realty Corp.		8.9%
Cousins Properties, Inc.		7.7%
Highwoods Properties, Inc.		4.7%
COPT Defense Properties		4.4%
Douglas Emmett, Inc.		4.4%
Simon Property Group, Inc.		4.1%
Realty Income Corp.		4.0%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Oil Refiners ETF

Ticker: CRAK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Refiners ETF	$58	0.62%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, Russian sanctions and a more subdued global growth outlook weighed on energy equities, particularly in the final months of the year.
The Fund’s exposure in the United States, Finland and Taiwan were the top detractors from performance for the period.
The leading individual detractors from performance were Neste Corp., Formosa Petrochemical Corp. and HF Sinclair.
The Fund’s exposure to Japan and Portugal were largest positive contributors to performance for the period.
The leading individual contributors to performance were ENEOS, Idemitsu Kosan and Galp Energia.

How did the Fund perform since inception?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/18/2015).

	CRAK	NDUEACWF	MVCRAKTR	SPTR
Aug 15	$10,000	$10,000	$10,000	$10,000
Aug 15	$9,332	$9,460	$9,323	$9,412
Sep 15	$9,134	$9,117	$9,123	$9,179
Oct 15	$9,909	$9,832	$9,931	$9,953
Nov 15	$10,344	$9,751	$10,352	$9,983
Dec 15	$10,016	$9,575	$10,059	$9,825
Jan 16	$9,563	$8,998	$9,525	$9,338
Feb 16	$9,217	$8,936	$9,226	$9,325
Mar 16	$10,301	$9,598	$10,294	$9,958
Apr 16	$10,128	$9,740	$10,201	$9,996
May 16	$9,584	$9,752	$9,603	$10,176
Jun 16	$9,456	$9,693	$9,418	$10,202
Jul 16	$9,558	$10,111	$9,560	$10,578
Aug 16	$9,813	$10,145	$9,826	$10,593
Sep 16	$10,143	$10,207	$10,123	$10,595
Oct 16	$10,291	$10,034	$10,320	$10,402
Nov 16	$10,398	$10,110	$10,384	$10,787
Dec 16	$10,972	$10,328	$10,987	$11,000
Jan 17	$10,983	$10,611	$10,982	$11,209
Feb 17	$11,446	$10,908	$11,441	$11,654
Mar 17	$11,835	$11,042	$11,820	$11,668
Apr 17	$11,956	$11,214	$11,949	$11,787
May 17	$11,835	$11,462	$11,817	$11,953
Jun 17	$12,193	$11,514	$12,181	$12,028
Jul 17	$12,950	$11,835	$12,944	$12,275
Aug 17	$13,434	$11,881	$13,403	$12,313
Sep 17	$14,044	$12,110	$14,013	$12,567
Oct 17	$14,807	$12,362	$14,777	$12,860
Nov 17	$15,385	$12,601	$15,331	$13,254
Dec 17	$16,229	$12,804	$16,217	$13,402
Jan 18	$16,656	$13,527	$16,609	$14,169
Feb 18	$15,647	$12,959	$15,719	$13,647
Mar 18	$15,946	$12,681	$15,882	$13,300
Apr 18	$17,206	$12,802	$17,216	$13,351
May 18	$17,425	$12,818	$17,416	$13,673
Jun 18	$16,918	$12,749	$16,907	$13,757
Jul 18	$18,381	$13,133	$18,355	$14,269
Aug 18	$18,605	$13,236	$18,580	$14,734
Sep 18	$18,968	$13,294	$18,950	$14,818
Oct 18	$16,918	$12,298	$16,966	$13,805
Nov 18	$16,069	$12,478	$16,058	$14,086
Dec 18	$14,733	$11,599	$14,757	$12,814
Jan 19	$16,089	$12,515	$16,055	$13,841
Feb 19	$15,838	$12,849	$15,833	$14,286
Mar 19	$15,728	$13,011	$15,751	$14,563
Apr 19	$15,794	$13,450	$15,809	$15,153
May 19	$14,274	$12,652	$14,321	$14,190
Jun 19	$15,198	$13,481	$15,206	$15,190
Jul 19	$15,301	$13,520	$15,376	$15,408
Aug 19	$14,266	$13,200	$14,289	$15,164
Sep 19	$15,429	$13,477	$15,465	$15,448
Oct 19	$16,399	$13,846	$16,457	$15,782
Nov 19	$16,017	$14,184	$16,056	$16,355
Dec 19	$16,087	$14,684	$16,153	$16,849
Jan 20	$14,351	$14,522	$14,457	$16,842
Feb 20	$12,732	$13,349	$12,652	$15,456
Mar 20	$9,622	$11,547	$9,652	$13,547
Apr 20	$11,584	$12,783	$11,576	$15,284
May 20	$12,187	$13,339	$12,103	$16,011
Jun 20	$12,131	$13,766	$12,044	$16,330
Jul 20	$11,906	$14,494	$11,859	$17,251
Aug 20	$12,010	$15,381	$12,005	$18,491
Sep 20	$11,001	$14,885	$10,978	$17,788
Oct 20	$10,389	$14,523	$10,339	$17,315
Nov 20	$13,138	$16,313	$13,143	$19,210
Dec 20	$14,237	$17,071	$14,232	$19,949
Jan 21	$14,408	$16,993	$14,435	$19,748
Feb 21	$16,063	$17,387	$16,027	$20,292
Mar 21	$15,500	$17,851	$15,464	$21,181
Apr 21	$15,983	$18,631	$15,992	$22,311
May 21	$17,004	$18,921	$16,974	$22,467
Jun 21	$16,795	$19,171	$16,763	$22,992
Jul 21	$15,586	$19,303	$15,562	$23,538
Aug 21	$15,986	$19,786	$15,989	$24,253
Sep 21	$16,627	$18,969	$16,687	$23,125
Oct 21	$17,076	$19,937	$17,075	$24,746
Nov 21	$15,062	$19,457	$15,099	$24,574
Dec 21	$15,817	$20,235	$15,864	$25,675
Jan 22	$16,480	$19,241	$16,420	$24,347
Feb 22	$16,217	$18,744	$16,192	$23,618
Mar 22	$17,562	$19,150	$17,648	$24,495
Apr 22	$17,577	$17,617	$17,720	$22,359
May 22	$19,185	$17,638	$19,265	$22,400
Jun 22	$17,298	$16,151	$17,330	$20,551
Jul 22	$17,712	$17,279	$17,679	$22,446
Aug 22	$17,990	$16,643	$18,051	$21,530
Sep 22	$15,850	$15,050	$15,924	$19,547
Oct 22	$17,590	$15,958	$17,643	$21,130
Nov 22	$19,420	$17,196	$19,373	$22,311
Dec 22	$18,743	$16,519	$18,817	$21,025
Jan 23	$19,684	$17,703	$19,708	$22,346
Feb 23	$18,913	$17,196	$19,004	$21,801
Mar 23	$19,140	$17,726	$19,156	$22,602
Apr 23	$18,517	$17,981	$18,535	$22,954
May 23	$17,434	$17,788	$17,486	$23,054
Jun 23	$18,192	$18,821	$18,233	$24,578
Jul 23	$20,087	$19,510	$20,154	$25,367
Aug 23	$20,268	$18,965	$20,332	$24,963
Sep 23	$20,828	$18,180	$20,821	$23,773
Oct 23	$19,938	$17,634	$19,858	$23,273
Nov 23	$21,009	$19,261	$20,964	$25,399
Dec 23	$21,366	$20,187	$21,371	$26,552
Jan 24	$21,898	$20,305	$21,955	$26,999
Feb 24	$22,063	$21,176	$22,031	$28,440
Mar 24	$23,871	$21,841	$23,875	$29,355
Apr 24	$22,948	$21,121	$22,994	$28,156
May 24	$22,617	$21,978	$22,546	$29,552
Jun 24	$22,353	$22,468	$22,338	$30,613
Jul 24	$22,372	$22,830	$22,386	$30,985
Aug 24	$22,387	$23,410	$22,326	$31,737
Sep 24	$21,492	$23,954	$21,433	$32,415
Oct 24	$19,497	$23,416	$19,526	$32,121
Nov 24	$19,641	$24,292	$19,611	$34,006
Dec 24	$18,168	$23,717	$18,159	$33,196

Average Annual Total Returns

.	1 Year	5 Years	Life*
VanEck Oil Refiners ETF	(14.97)%	2.46%	6.58%
MVIS^® Global Oil Refiners Index (MVCRAKTR)	(15.03)%	2.37%	6.57%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.65%
S&P 500 Index (SPTR)	25.02%	14.53%	13.66%

* Inception of Fund: 8/18/15

Key Fund Statistics

Total Net Assets$24,854,244
Number of Portfolio Holdings26
Portfolio Turnover Rate23%
Advisory Fees Paid$95,766

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Energy		99.9%

Top Ten Holdings (% of Total Net Assets)

Reliance Industries Ltd.		8.0%
Phillips 66		7.7%
Marathon Petroleum Corp.		6.8%
Valero Energy Corp.		6.3%
ENEOS Holdings, Inc.		6.3%
Galp Energia SGPS SA		5.5%
Idemitsu Kosan Co. Ltd.		5.2%
OMV AG		4.7%
ORLEN SA		4.4%
Neste Oyj		4.4%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Oil Services ETF

Ticker: OIH

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Services ETF	$33	0.35%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, Russian sanctions and a more subdued global growth outlook weighed on energy equities, particularly in the final months of the year.
The Fund’s majority exposure to the United States contributed negatively to performance for the period.
Leading individual detractors to return were Schlumberger Ltd., the Fund’s largest holding during the period, Haliburton Company and Transocean Ltd.
The leading individual contributors to performance were Baker Hughes, TechnipFMC and Tenaris.
The Fund’s exposure to the United Kingdom and Netherlands contributed positively to performance for the period.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	OIH	NDUEACWF	MVOIHTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,253	$9,844	$9,246	$9,700
Feb 15	$9,721	$10,392	$9,704	$10,257
Mar 15	$9,390	$10,231	$9,366	$10,095
Apr 15	$10,872	$10,528	$10,842	$10,192
May 15	$10,212	$10,514	$10,179	$10,323
Jun 15	$9,713	$10,266	$9,677	$10,123
Jul 15	$8,718	$10,355	$8,686	$10,335
Aug 15	$8,777	$9,646	$8,738	$9,712
Sep 15	$7,654	$9,296	$7,618	$9,471
Oct 15	$8,523	$10,026	$8,483	$10,270
Nov 15	$8,671	$9,943	$8,627	$10,301
Dec 15	$7,542	$9,764	$7,505	$10,138
Jan 16	$6,929	$9,175	$6,894	$9,635
Feb 16	$6,880	$9,112	$6,843	$9,622
Mar 16	$7,599	$9,787	$7,555	$10,275
Apr 16	$8,558	$9,931	$8,506	$10,315
May 16	$8,010	$9,944	$7,960	$10,500
Jun 16	$8,338	$9,884	$8,286	$10,527
Jul 16	$8,039	$10,310	$7,990	$10,915
Aug 16	$7,907	$10,344	$7,857	$10,931
Sep 16	$8,338	$10,408	$8,283	$10,933
Oct 16	$8,013	$10,231	$7,959	$10,733
Nov 16	$9,311	$10,309	$9,246	$11,131
Dec 16	$9,648	$10,531	$9,579	$11,351
Jan 17	$9,642	$10,819	$9,573	$11,566
Feb 17	$9,281	$11,123	$9,211	$12,025
Mar 17	$8,911	$11,259	$8,845	$12,039
Apr 17	$8,069	$11,434	$8,009	$12,163
May 17	$7,505	$11,687	$7,449	$12,334
Jun 17	$7,169	$11,740	$7,117	$12,411
Jul 17	$7,184	$12,068	$7,102	$12,666
Aug 17	$6,420	$12,114	$6,345	$12,705
Sep 17	$7,551	$12,348	$7,465	$12,967
Oct 17	$7,016	$12,605	$6,936	$13,270
Nov 17	$7,106	$12,849	$7,023	$13,677
Dec 17	$7,723	$13,056	$7,647	$13,829
Jan 18	$8,145	$13,793	$8,067	$14,621
Feb 18	$7,056	$13,213	$6,988	$14,082
Mar 18	$7,088	$12,931	$7,018	$13,724
Apr 18	$8,056	$13,054	$7,978	$13,777
May 18	$8,059	$13,070	$7,980	$14,108
Jun 18	$7,801	$13,000	$7,725	$14,195
Jul 18	$7,715	$13,392	$7,643	$14,724
Aug 18	$7,332	$13,497	$7,266	$15,203
Sep 18	$7,477	$13,555	$7,413	$15,290
Oct 18	$6,103	$12,540	$6,050	$14,245
Nov 18	$5,367	$12,723	$5,320	$14,535
Dec 18	$4,254	$11,827	$4,213	$13,223
Jan 19	$5,118	$12,761	$5,071	$14,282
Feb 19	$5,184	$13,102	$5,135	$14,741
Mar 19	$5,218	$13,267	$5,169	$15,027
Apr 19	$5,057	$13,715	$5,009	$15,636
May 19	$3,969	$12,901	$3,931	$14,642
Jun 19	$4,490	$13,746	$4,448	$15,674
Jul 19	$4,368	$13,786	$4,330	$15,899
Aug 19	$3,478	$13,459	$3,447	$15,647
Sep 19	$3,564	$13,742	$3,533	$15,940
Oct 19	$3,380	$14,119	$3,351	$16,286
Nov 19	$3,541	$14,463	$3,511	$16,877
Dec 19	$4,111	$14,973	$4,078	$17,386
Jan 20	$3,378	$14,807	$3,347	$17,379
Feb 20	$2,775	$13,611	$2,747	$15,949
Mar 20	$1,247	$11,774	$1,222	$13,979
Apr 20	$1,700	$13,035	$1,667	$15,771
May 20	$1,838	$13,602	$1,801	$16,522
Jun 20	$1,886	$14,036	$1,849	$16,850
Jul 20	$1,937	$14,779	$1,899	$17,801
Aug 20	$1,942	$15,683	$1,902	$19,080
Sep 20	$1,514	$15,178	$1,485	$18,355
Oct 20	$1,482	$14,809	$1,454	$17,867
Nov 20	$2,138	$16,634	$2,096	$19,823
Dec 20	$2,413	$17,406	$2,366	$20,585
Jan 21	$2,548	$17,327	$2,499	$20,377
Feb 21	$3,144	$17,729	$3,093	$20,939
Mar 21	$2,997	$18,202	$2,949	$21,856
Apr 21	$2,864	$18,998	$2,819	$23,022
May 21	$3,335	$19,294	$3,283	$23,183
Jun 21	$3,435	$19,548	$3,379	$23,724
Jul 21	$2,995	$19,682	$2,948	$24,288
Aug 21	$2,912	$20,175	$2,866	$25,026
Sep 21	$3,089	$19,342	$3,042	$23,863
Oct 21	$3,297	$20,329	$3,247	$25,534
Nov 21	$2,797	$19,839	$2,755	$25,357
Dec 21	$2,924	$20,633	$2,882	$26,494
Jan 22	$3,571	$19,620	$3,520	$25,123
Feb 22	$3,927	$19,113	$3,871	$24,371
Mar 22	$4,471	$19,527	$4,408	$25,276
Apr 22	$4,179	$17,964	$4,120	$23,071
May 22	$4,647	$17,985	$4,582	$23,114
Jun 22	$3,683	$16,469	$3,631	$21,206
Jul 22	$3,827	$17,619	$3,774	$23,161
Aug 22	$3,792	$16,970	$3,739	$22,217
Sep 22	$3,341	$15,346	$3,296	$20,170
Oct 22	$4,723	$16,272	$4,661	$21,804
Nov 22	$4,826	$17,534	$4,762	$23,022
Dec 22	$4,858	$16,844	$4,798	$21,696
Jan 23	$5,275	$18,051	$5,211	$23,059
Feb 23	$4,963	$17,534	$4,902	$22,496
Mar 23	$4,432	$18,075	$4,379	$23,322
Apr 23	$4,381	$18,334	$4,330	$23,686
May 23	$3,943	$18,138	$3,896	$23,789
Jun 23	$4,596	$19,191	$4,543	$25,361
Jul 23	$5,490	$19,894	$5,428	$26,176
Aug 23	$5,443	$19,338	$5,381	$25,759
Sep 23	$5,508	$18,538	$5,446	$24,531
Oct 23	$5,186	$17,981	$5,129	$24,015
Nov 23	$4,992	$19,640	$4,937	$26,208
Dec 23	$5,014	$20,584	$4,960	$27,399
Jan 24	$4,739	$20,704	$4,690	$27,859
Feb 24	$4,811	$21,593	$4,760	$29,347
Mar 24	$5,452	$22,271	$5,395	$30,291
Apr 24	$5,075	$21,536	$5,023	$29,054
May 24	$5,207	$22,411	$5,153	$30,494
Jun 24	$5,124	$22,910	$5,072	$31,589
Jul 24	$5,467	$23,279	$5,413	$31,973
Aug 24	$4,834	$23,870	$4,786	$32,749
Sep 24	$4,596	$24,425	$4,550	$33,448
Oct 24	$4,448	$23,877	$4,405	$33,145
Nov 24	$4,907	$24,770	$4,860	$35,090
Dec 24	$4,484	$24,183	$4,440	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Oil Services ETF	(10.57)%	1.75%	(7.71)%
MVIS^® US Listed Oil Services 25 Index (MVOIHTR)	(10.49)%	1.72%	(7.80)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$1,505,829,019
Number of Portfolio Holdings26
Portfolio Turnover Rate17%
Advisory Fees Paid$6,413,847

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Oil & Gas Drilling		17.8%
Oil & Gas Equipment & Services		82.3%

Top Ten Holdings (% of Total Net Assets)

Schlumberger NV		19.5%
Baker Hughes Co.		13.2%
Halliburton Co.		7.0%
Tenaris SA		5.1%
TechnipFMC Plc		4.9%
Noble Corp. Plc		4.6%
NOV, Inc.		4.5%
ChampionX Corp.		4.4%
Weatherford International Plc		4.2%
Cactus, Inc.		4.1%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Preferred Securities ex Financials ETF

Ticker: PFXF

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Preferred Securities ex Financials ETF	$28^{Footnote Reference(a)}	0.40%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full year would be higher than the amount shown.
Footnote^(b)	Annualized

How did the Fund perform during the period?

The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 7.57% on a total return basis.
The Fund had a positive total return during the period amid a benign credit environment that allowed for accumulation of coupon payments.
Telecommunications and real estate exposures were top contributors to Fund performance during the period, while basic materials was the greatest detractor.
From an issuer perspective, Lumen Technologies, Inc. was the top contributor performance, while Albemarle Corp. detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	PFXF	US00	PFAN	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,243	$10,221	$10,160	$9,700
Feb 15	$10,364	$10,116	$10,282	$10,257
Mar 15	$10,235	$10,167	$10,158	$10,095
Apr 15	$10,354	$10,128	$10,282	$10,192
May 15	$10,370	$10,103	$10,302	$10,323
Jun 15	$10,088	$9,994	$10,024	$10,123
Jul 15	$10,242	$10,066	$10,176	$10,335
Aug 15	$10,150	$10,051	$10,084	$9,712
Sep 15	$9,903	$10,119	$9,843	$9,471
Oct 15	$10,107	$10,122	$10,045	$10,270
Nov 15	$10,043	$10,094	$9,986	$10,301
Dec 15	$9,969	$10,060	$10,007	$10,138
Jan 16	$10,027	$10,205	$9,962	$9,635
Feb 16	$10,119	$10,280	$10,056	$9,622
Mar 16	$10,554	$10,370	$10,490	$10,275
Apr 16	$10,745	$10,408	$10,676	$10,315
May 16	$10,852	$10,413	$10,778	$10,500
Jun 16	$11,079	$10,606	$11,012	$10,527
Jul 16	$11,235	$10,675	$11,160	$10,915
Aug 16	$11,196	$10,660	$11,116	$10,931
Sep 16	$11,126	$10,651	$11,038	$10,933
Oct 16	$10,989	$10,565	$10,911	$10,733
Nov 16	$10,553	$10,312	$10,470	$11,131
Dec 16	$10,547	$10,324	$10,539	$11,351
Jan 17	$10,920	$10,348	$10,823	$11,566
Feb 17	$11,124	$10,418	$11,008	$12,025
Mar 17	$11,176	$10,414	$11,055	$12,039
Apr 17	$11,268	$10,492	$11,140	$12,163
May 17	$11,268	$10,575	$11,129	$12,334
Jun 17	$11,363	$10,566	$11,217	$12,411
Jul 17	$11,464	$10,610	$11,309	$12,666
Aug 17	$11,528	$10,709	$11,371	$12,705
Sep 17	$11,522	$10,653	$11,361	$12,967
Oct 17	$11,529	$10,661	$11,374	$13,270
Nov 17	$11,516	$10,647	$11,362	$13,677
Dec 17	$11,417	$10,697	$11,319	$13,829
Jan 18	$11,273	$10,573	$11,121	$14,621
Feb 18	$11,266	$10,474	$11,106	$14,082
Mar 18	$11,343	$10,541	$11,188	$13,724
Apr 18	$11,333	$10,465	$11,178	$13,777
May 18	$11,454	$10,538	$11,296	$14,108
Jun 18	$11,694	$10,527	$11,534	$14,195
Jul 18	$11,777	$10,528	$11,622	$14,724
Aug 18	$11,963	$10,597	$11,821	$15,203
Sep 18	$11,767	$10,529	$11,627	$15,290
Oct 18	$11,459	$10,446	$11,325	$14,245
Nov 18	$11,264	$10,507	$11,133	$14,535
Dec 18	$10,929	$10,702	$10,877	$13,223
Jan 19	$11,803	$10,811	$11,662	$14,282
Feb 19	$12,005	$10,810	$11,866	$14,741
Mar 19	$12,178	$11,022	$12,039	$15,027
Apr 19	$12,228	$11,024	$12,100	$15,636
May 19	$12,260	$11,223	$12,131	$14,642
Jun 19	$12,516	$11,369	$12,392	$15,674
Jul 19	$12,765	$11,399	$12,642	$15,899
Aug 19	$12,871	$11,709	$12,753	$15,647
Sep 19	$13,019	$11,639	$12,904	$15,940
Oct 19	$13,031	$11,670	$12,920	$16,286
Nov 19	$12,937	$11,664	$12,830	$16,877
Dec 19	$13,132	$11,652	$13,127	$17,386
Jan 20	$13,471	$11,888	$13,369	$17,379
Feb 20	$12,664	$12,105	$12,572	$15,949
Mar 20	$10,784	$12,019	$10,711	$13,979
Apr 20	$12,162	$12,229	$12,073	$15,771
May 20	$12,443	$12,291	$12,357	$16,522
Jun 20	$12,148	$12,374	$12,053	$16,850
Jul 20	$12,864	$12,565	$12,768	$17,801
Aug 20	$13,104	$12,461	$13,010	$19,080
Sep 20	$13,013	$12,459	$12,920	$18,355
Oct 20	$13,193	$12,398	$13,101	$17,867
Nov 20	$13,811	$12,519	$13,720	$19,823
Dec 20	$14,181	$12,533	$14,179	$20,585
Jan 21	$14,122	$12,435	$14,038	$20,377
Feb 21	$13,939	$12,213	$13,854	$20,939
Mar 21	$14,474	$12,084	$14,391	$21,856
Apr 21	$14,690	$12,188	$14,630	$23,022
May 21	$14,797	$12,225	$14,735	$23,183
Jun 21	$15,015	$12,328	$14,944	$23,724
Jul 21	$15,249	$12,461	$15,189	$24,288
Aug 21	$15,319	$12,444	$15,294	$25,026
Sep 21	$15,128	$12,325	$15,096	$23,863
Oct 21	$15,580	$12,327	$15,531	$25,534
Nov 21	$15,125	$12,376	$15,129	$25,357
Dec 21	$15,912	$12,335	$15,878	$26,494
Jan 22	$15,151	$12,077	$15,143	$25,123
Feb 22	$14,669	$11,924	$14,690	$24,371
Mar 22	$15,039	$11,590	$15,049	$25,276
Apr 22	$14,160	$11,164	$14,144	$23,071
May 22	$14,472	$11,212	$14,463	$23,114
Jun 22	$13,450	$11,062	$13,490	$21,206
Jul 22	$14,367	$11,317	$14,387	$23,161
Aug 22	$13,892	$11,010	$13,923	$22,217
Sep 22	$13,028	$10,525	$13,100	$20,170
Oct 22	$12,788	$10,381	$12,875	$21,804
Nov 22	$13,414	$10,757	$13,515	$23,022
Dec 22	$12,871	$10,712	$12,955	$21,696
Jan 23	$14,205	$11,034	$14,288	$23,059
Feb 23	$13,981	$10,757	$14,077	$22,496
Mar 23	$13,723	$11,030	$13,816	$23,322
Apr 23	$13,806	$11,100	$13,897	$23,686
May 23	$13,620	$10,980	$13,706	$23,789
Jun 23	$14,059	$10,940	$14,180	$25,361
Jul 23	$14,087	$10,931	$14,197	$26,176
Aug 23	$14,080	$10,862	$14,198	$25,759
Sep 23	$13,565	$10,592	$13,685	$24,531
Oct 23	$12,945	$10,428	$13,054	$24,015
Nov 23	$14,072	$10,886	$14,193	$26,208
Dec 23	$14,339	$11,290	$14,468	$27,399
Jan 24	$14,670	$11,276	$14,802	$27,859
Feb 24	$14,919	$11,122	$15,053	$29,347
Mar 24	$14,835	$11,215	$14,997	$30,291
Apr 24	$14,502	$10,945	$14,654	$29,054
May 24	$15,091	$11,130	$15,247	$30,494
Jun 24	$14,814	$11,237	$14,958	$31,589
Jul 24	$14,786	$11,497	$14,961	$31,973
Aug 24	$15,373	$11,660	$15,579	$32,749
Sep 24	$15,868	$11,817	$16,070	$33,448
Oct 24	$15,715	$11,528	$15,905	$33,145
Nov 24	$15,800	$11,644	$16,000	$35,090
Dec 24	$15,599	$11,456	$15,860	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Preferred Securities ex Financials ETF	8.79%	3.50%	4.55%
ICE Exchange-Listed Fixed & Adj Rate Non-Financial Pref Sec Ind (PFAN)	9.62%	3.85%	4.72%
ICE BofA US Broad Market Index (US00)	1.47%	(0.34)%	1.37%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

PFAN replaced the Wells Fargo^® Hybrid and Preferred Securities ex Financials Index (WHPSL) effective June 1, 2021. Index history prior to June 1, 2021 reflects the performance of the Wells Fargo^® Hybrid and Preferred Securities ex Financials Index.

Key Fund Statistics

Total Net Assets$1,901,051,826
Number of Portfolio Holdings100
Portfolio Turnover Rate30%
Advisory Fees Paid$4,898,451

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		2.4%
Diversified Retail		1.3%
Investment Banking & Investment Services		1.4%
Real Estate Operations		1.9%
Machinery; Equipment & Components		2.1%
Chemicals		3.5%
Multiline Utilities		3.6%
Computers Phones & Household Electronics		3.6%
Automobiles & Auto Parts		3.8%
Food & Tobacco		4.5%
Telecommunications Services		13.1%
Aerospace & Defense		13.2%
Residential & Commercial REITs		21.0%
Electric Utilities & IPPs		24.4%

Top Ten Holdings (% of Total Net Assets)

Boeing Co., 6.00%, 10/15/2027		13.2%
NextEra Energy, Inc., 7.30%, 6/1/2027		3.7%
Hewlett Packard Enterprise Co., 7.62%, 9/1/2027		3.6%
Albemarle Corp., 7.25%, 3/1/2027		3.5%
NextEra Energy, Inc., 6.93%, 9/1/2025		3.1%
AT&T, Inc., 4.75%		2.6%
NextEra Energy, Inc., 7.23%, 11/1/2027		2.6%
AT&T, Inc., 5.35%, 11/1/2066		2.4%
AT&T, Inc., 5.00%		1.9%
Duke Energy Corp., 5.75%		1.8%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Rare Earth and Strategic Metals ETF

Ticker: REMX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Rare Earth and Strategic Metals ETF	$47	0.58%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on industrial metals broadly.
The Fund’s exposure to Australia was by far the leading detractor from performance for the period, followed by Canada and the United Kingdom.
The leading individual detractors from performance were Liontown Resources, Pilbara Minerals and Albermarle.
The Fund’s exposure to China was the largest positive contributor to performance for the period, albeit a very small positive contribution.
The leading individual contributors to performance were China Northern Rare Earth, Xiamen Tungsten, and Jinduicheng Molybdenum Co.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	REMX	NDUEACWF	MVREMXTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,388	$9,844	$9,385	$9,700
Feb 15	$10,447	$10,392	$10,417	$10,257
Mar 15	$9,859	$10,231	$9,820	$10,095
Apr 15	$10,820	$10,528	$10,783	$10,192
May 15	$10,239	$10,514	$10,181	$10,323
Jun 15	$8,792	$10,266	$8,734	$10,123
Jul 15	$7,623	$10,355	$7,545	$10,335
Aug 15	$6,846	$9,646	$6,773	$9,712
Sep 15	$5,889	$9,296	$5,802	$9,471
Oct 15	$6,359	$10,026	$6,302	$10,270
Nov 15	$6,120	$9,943	$6,046	$10,301
Dec 15	$5,624	$9,764	$5,589	$10,138
Jan 16	$4,888	$9,175	$4,800	$9,635
Feb 16	$5,398	$9,112	$5,344	$9,622
Mar 16	$6,047	$9,787	$5,979	$10,275
Apr 16	$6,610	$9,931	$6,574	$10,315
May 16	$6,569	$9,944	$6,499	$10,500
Jun 16	$6,799	$9,884	$6,675	$10,527
Jul 16	$7,021	$10,310	$6,931	$10,915
Aug 16	$6,947	$10,344	$6,869	$10,931
Sep 16	$6,610	$10,408	$6,551	$10,933
Oct 16	$6,586	$10,231	$6,557	$10,733
Nov 16	$7,190	$10,309	$7,160	$11,131
Dec 16	$7,105	$10,531	$7,078	$11,351
Jan 17	$7,883	$10,819	$7,810	$11,566
Feb 17	$8,157	$11,123	$8,089	$12,025
Mar 17	$7,564	$11,259	$7,491	$12,039
Apr 17	$7,232	$11,434	$7,166	$12,163
May 17	$7,316	$11,687	$7,223	$12,334
Jun 17	$7,396	$11,740	$7,318	$12,411
Jul 17	$9,061	$12,068	$8,955	$12,666
Aug 17	$9,742	$12,114	$9,595	$12,705
Sep 17	$10,755	$12,348	$10,586	$12,967
Oct 17	$11,453	$12,605	$11,259	$13,270
Nov 17	$12,041	$12,849	$11,818	$13,677
Dec 17	$12,892	$13,056	$12,729	$13,829
Jan 18	$13,295	$13,793	$13,108	$14,621
Feb 18	$13,026	$13,213	$12,926	$14,082
Mar 18	$12,081	$12,931	$11,786	$13,724
Apr 18	$11,834	$13,054	$11,650	$13,777
May 18	$11,145	$13,070	$10,935	$14,108
Jun 18	$10,079	$13,000	$9,867	$14,195
Jul 18	$9,603	$13,392	$9,421	$14,724
Aug 18	$8,805	$13,497	$8,642	$15,203
Sep 18	$8,775	$13,555	$8,604	$15,290
Oct 18	$7,770	$12,540	$7,582	$14,245
Nov 18	$8,060	$12,723	$7,845	$14,535
Dec 18	$6,614	$11,827	$6,477	$13,223
Jan 19	$7,116	$12,761	$6,866	$14,282
Feb 19	$7,765	$13,102	$7,517	$14,741
Mar 19	$7,638	$13,267	$7,378	$15,027
Apr 19	$7,038	$13,715	$6,787	$15,636
May 19	$7,282	$12,901	$7,045	$14,642
Jun 19	$7,365	$13,746	$7,098	$15,674
Jul 19	$6,804	$13,786	$6,609	$15,899
Aug 19	$5,974	$13,459	$5,762	$15,647
Sep 19	$6,188	$13,742	$5,963	$15,940
Oct 19	$6,094	$14,119	$5,872	$16,286
Nov 19	$6,137	$14,463	$5,905	$16,877
Dec 19	$6,674	$14,973	$6,428	$17,386
Jan 20	$6,337	$14,807	$6,190	$17,379
Feb 20	$5,596	$13,611	$5,327	$15,949
Mar 20	$4,641	$11,774	$4,498	$13,979
Apr 20	$5,206	$13,035	$5,045	$15,771
May 20	$5,550	$13,602	$5,324	$16,522
Jun 20	$5,663	$14,036	$5,386	$16,850
Jul 20	$6,539	$14,779	$6,256	$17,801
Aug 20	$6,803	$15,683	$6,539	$19,080
Sep 20	$6,335	$15,178	$6,000	$18,355
Oct 20	$6,685	$14,809	$6,348	$17,867
Nov 20	$9,022	$16,634	$8,574	$19,823
Dec 20	$10,893	$17,406	$10,384	$20,585
Jan 21	$12,506	$17,327	$11,997	$20,377
Feb 21	$13,861	$17,729	$13,236	$20,939
Mar 21	$12,478	$18,202	$11,873	$21,856
Apr 21	$13,350	$18,998	$12,824	$23,022
May 21	$13,853	$19,294	$13,540	$23,183
Jun 21	$14,231	$19,548	$13,657	$23,724
Jul 21	$17,945	$19,682	$17,257	$24,288
Aug 21	$19,562	$20,175	$18,926	$25,026
Sep 21	$17,246	$19,342	$16,827	$23,863
Oct 21	$19,349	$20,329	$18,649	$25,534
Nov 21	$20,513	$19,839	$19,916	$25,357
Dec 21	$19,618	$20,633	$18,979	$26,494
Jan 22	$17,800	$19,620	$17,027	$25,123
Feb 22	$19,298	$19,113	$18,530	$24,371
Mar 22	$20,743	$19,527	$20,304	$25,276
Apr 22	$16,760	$17,964	$16,579	$23,071
May 22	$17,904	$17,985	$17,471	$23,114
Jun 22	$15,278	$16,469	$14,284	$21,206
Jul 22	$16,292	$17,619	$15,039	$23,161
Aug 22	$16,870	$16,970	$15,921	$22,217
Sep 22	$14,632	$15,346	$13,886	$20,170
Oct 22	$15,061	$16,272	$14,185	$21,804
Nov 22	$16,335	$17,534	$15,144	$23,022
Dec 22	$13,599	$16,844	$12,862	$21,696
Jan 23	$16,913	$18,051	$15,837	$23,059
Feb 23	$15,111	$17,534	$14,406	$22,496
Mar 23	$14,565	$18,075	$13,787	$23,322
Apr 23	$14,201	$18,334	$13,402	$23,686
May 23	$14,140	$18,138	$13,437	$23,789
Jun 23	$14,838	$19,191	$14,079	$25,361
Jul 23	$14,557	$19,894	$13,818	$26,176
Aug 23	$12,624	$19,338	$12,028	$25,759
Sep 23	$11,928	$18,538	$11,377	$24,531
Oct 23	$10,206	$17,981	$9,642	$24,015
Nov 23	$10,154	$19,640	$9,618	$26,208
Dec 23	$11,017	$20,584	$10,493	$27,399
Jan 24	$8,584	$20,704	$8,088	$27,859
Feb 24	$9,336	$21,593	$8,805	$29,347
Mar 24	$9,151	$22,271	$8,615	$30,291
Apr 24	$9,006	$21,536	$8,622	$29,054
May 24	$9,263	$22,411	$8,771	$30,494
Jun 24	$7,594	$22,910	$7,200	$31,589
Jul 24	$7,451	$23,279	$7,043	$31,973
Aug 24	$7,195	$23,870	$6,881	$32,749
Sep 24	$8,282	$24,425	$7,956	$33,448
Oct 24	$8,315	$23,877	$7,973	$33,145
Nov 24	$8,187	$24,770	$7,868	$35,090
Dec 24	$7,132	$24,183	$6,886	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Rare Earth and Strategic Metals ETF	(35.27)%	1.34%	(3.32)%
MVIS^® Global Rare Earth/Strategic Metals Index (MVREMXTR)	(34.38)%	1.38%	(3.66)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$219,591,299
Number of Portfolio Holdings25
Portfolio Turnover Rate34%
Advisory Fees Paid$1,502,321

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Materials		99.9%

Top Ten Holdings (% of Total Net Assets)

Arcadium Lithium Plc		8.8%
Albemarle Corp.		7.3%
Sociedad Quimica y Minera de Chile SA		6.9%
China Northern Rare Earth Group High-Tech Co. Ltd.		6.5%
Lynas Rare Earths Ltd.		5.8%
Pilbara Minerals Ltd.		5.1%
MP Materials Corp.		4.8%
Jinduicheng Molybdenum Co. Ltd.		4.5%
Xiamen Tungsten Co. Ltd.		4.5%
Ganfeng Lithium Group Co. Ltd.		4.4%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

Effective May 1, 2024, the Fund's name changed from VanEck Rare Earth/Strategic Metals ETF to VanEck Rare Earth and Strategic Metals ETF.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Russia ETF

Ticker: RSX

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia ETF	$100	0.32%

How did the Fund perform last year?

Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.
Performance during the period resulted from sales of investments which were previously being fair valued at zero, a corporate action, securities loaned close outs, and interest on money market fund holdings.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

	RSX	NDUEACWF	SPTR
Dec 14	$10,000	$10,000	$10,000
Jan 15	$9,501	$9,844	$9,700
Feb 15	$11,580	$10,392	$10,257
Mar 15	$11,270	$10,231	$10,095
Apr 15	$12,973	$10,528	$10,192
May 15	$12,505	$10,514	$10,323
Jun 15	$11,897	$10,266	$10,123
Jul 15	$11,290	$10,355	$10,335
Aug 15	$10,742	$9,646	$9,712
Sep 15	$10,346	$9,296	$9,471
Oct 15	$11,026	$10,026	$10,270
Nov 15	$11,026	$9,943	$10,301
Dec 15	$10,039	$9,764	$10,138
Jan 16	$9,827	$9,175	$9,635
Feb 16	$9,855	$9,112	$9,622
Mar 16	$11,256	$9,787	$10,275
Apr 16	$12,137	$9,931	$10,315
May 16	$11,625	$9,944	$10,500
Jun 16	$11,967	$9,884	$10,527
Jul 16	$12,206	$10,310	$10,915
Aug 16	$12,459	$10,344	$10,931
Sep 16	$12,746	$10,408	$10,933
Oct 16	$12,643	$10,231	$10,733
Nov 16	$13,238	$10,309	$11,131
Dec 16	$14,649	$10,531	$11,351
Jan 17	$14,958	$10,819	$11,566
Feb 17	$14,145	$11,123	$12,025
Mar 17	$14,367	$11,259	$12,039
Apr 17	$14,506	$11,434	$12,163
May 17	$13,728	$11,687	$12,334
Jun 17	$13,242	$11,740	$12,411
Jul 17	$13,811	$12,068	$12,666
Aug 17	$14,819	$12,114	$12,705
Sep 17	$15,465	$12,348	$12,967
Oct 17	$15,201	$12,605	$13,270
Nov 17	$15,055	$12,849	$13,677
Dec 17	$15,325	$13,056	$13,829
Jan 18	$16,985	$13,793	$14,621
Feb 18	$16,891	$13,213	$14,082
Mar 18	$16,362	$12,931	$13,724
Apr 18	$15,383	$13,054	$13,777
May 18	$15,253	$13,070	$14,108
Jun 18	$15,180	$13,000	$14,195
Jul 18	$15,753	$13,392	$14,724
Aug 18	$14,506	$13,497	$15,203
Sep 18	$15,731	$13,555	$15,290
Oct 18	$15,086	$12,540	$14,245
Nov 18	$14,897	$12,723	$14,535
Dec 18	$14,333	$11,827	$13,223
Jan 19	$16,103	$12,761	$14,282
Feb 19	$15,683	$13,102	$14,741
Mar 19	$15,783	$13,267	$15,027
Apr 19	$16,400	$13,715	$15,636
May 19	$16,568	$12,901	$14,642
Jun 19	$18,109	$13,746	$15,674
Jul 19	$17,985	$13,786	$15,899
Aug 19	$17,067	$13,459	$15,647
Sep 19	$17,421	$13,742	$15,940
Oct 19	$18,417	$14,119	$16,286
Nov 19	$18,557	$14,463	$16,877
Dec 19	$20,123	$14,973	$17,386
Jan 20	$19,814	$14,807	$17,379
Feb 20	$17,330	$13,611	$15,949
Mar 20	$13,546	$11,774	$13,979
Apr 20	$15,392	$13,035	$15,771
May 20	$16,587	$13,602	$16,522
Jun 20	$16,784	$14,036	$16,850
Jul 20	$17,603	$14,779	$17,801
Aug 20	$18,238	$15,683	$19,080
Sep 20	$16,913	$15,178	$18,355
Oct 20	$15,753	$14,809	$17,867
Nov 20	$18,208	$16,634	$19,823
Dec 20	$19,846	$17,406	$20,585
Jan 21	$19,710	$17,327	$20,377
Feb 21	$20,445	$17,729	$20,939
Mar 21	$21,442	$18,202	$21,856
Apr 21	$21,555	$18,998	$23,022
May 21	$23,380	$19,294	$23,183
Jun 21	$24,172	$19,548	$23,724
Jul 21	$23,887	$19,682	$24,288
Aug 21	$24,435	$20,175	$25,026
Sep 21	$25,295	$19,342	$23,863
Oct 21	$26,581	$20,329	$25,534
Nov 21	$23,470	$19,839	$25,357
Dec 21	$23,566	$20,633	$26,494
Jan 22	$21,153	$19,620	$25,123
Feb 22	$6,896	$19,113	$24,371
Mar 22	$301	$19,527	$25,276
Apr 22	$298	$17,964	$23,071
May 22	$277	$17,985	$23,114
Jun 22	$356	$16,469	$21,206
Jul 22	$333	$17,619	$23,161
Aug 22	$327	$16,970	$22,217
Sep 22	$305	$15,346	$20,170
Oct 22	$304	$16,272	$21,804
Nov 22	$334	$17,534	$23,022
Dec 22	$324	$16,844	$21,696
Jan 23	$325	$18,051	$23,059
Feb 23	$327	$17,534	$22,496
Mar 23	$329	$18,075	$23,322
Apr 23	$330	$18,334	$23,686
May 23	$506	$18,138	$23,789
Jun 23	$661	$19,191	$25,361
Jul 23	$663	$19,894	$26,176
Aug 23	$669	$19,338	$25,759
Sep 23	$1,271	$18,538	$24,531
Oct 23	$1,276	$17,981	$24,015
Nov 23	$1,282	$19,640	$26,208
Dec 23	$1,286	$20,584	$27,399
Jan 24	$3,796	$20,704	$27,859
Feb 24	$3,905	$21,593	$29,347
Mar 24	$3,921	$22,271	$30,291
Apr 24	$3,954	$21,536	$29,054
May 24	$3,952	$22,411	$30,494
Jun 24	$6,075	$22,910	$31,589
Jul 24	$6,119	$23,279	$31,973
Aug 24	$6,488	$23,870	$32,749
Sep 24	$6,514	$24,425	$33,448
Oct 24	$6,661	$23,877	$33,145
Nov 24	$6,693	$24,770	$35,090
Dec 24	$6,710	$24,183	$34,254

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Russia ETF	421.94%	(19.72)%	(3.91)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$32,177,706
Number of Portfolio Holdings29
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(0.5)%
Money Market Fund		100.5%

Footnote	Description
Footnote^*	Includes securities being fair valued at zero.

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2024:

The Fund's net expense ratio decreased to 0.32% for the year ended December 31, 2024 from 0.47% for the year ended December 31, 2023 primarily as a result of increased average net assets.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Russia Small-Cap ETF

Ticker: RSXJ

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia Small-Cap ETF	$282	0.72%

How did the Fund perform last year?

Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.
Performance during the period resulted from sales of investments which were previously being fair valued at zero and interest on money market fund holdings.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

	RSXJ	NDUEACWF	SPTR
Dec 14	$10,000	$10,000	$10,000
Jan 15	$9,398	$9,844	$9,700
Feb 15	$11,352	$10,392	$10,257
Mar 15	$10,867	$10,231	$10,095
Apr 15	$12,592	$10,528	$10,192
May 15	$12,561	$10,514	$10,323
Jun 15	$11,413	$10,266	$10,123
Jul 15	$10,934	$10,355	$10,335
Aug 15	$10,133	$9,646	$9,712
Sep 15	$9,520	$9,296	$9,471
Oct 15	$10,898	$10,026	$10,270
Nov 15	$10,770	$9,943	$10,301
Dec 15	$10,048	$9,764	$10,138
Jan 16	$9,137	$9,175	$9,635
Feb 16	$9,465	$9,112	$9,622
Mar 16	$11,609	$9,787	$10,275
Apr 16	$12,676	$9,931	$10,315
May 16	$12,832	$9,944	$10,500
Jun 16	$13,919	$9,884	$10,527
Jul 16	$14,705	$10,310	$10,915
Aug 16	$15,397	$10,344	$10,931
Sep 16	$16,479	$10,408	$10,933
Oct 16	$17,322	$10,231	$10,733
Nov 16	$18,477	$10,309	$11,131
Dec 16	$20,203	$10,531	$11,351
Jan 17	$21,651	$10,819	$11,566
Feb 17	$21,013	$11,123	$12,025
Mar 17	$21,768	$11,259	$12,039
Apr 17	$21,757	$11,434	$12,163
May 17	$21,901	$11,687	$12,334
Jun 17	$20,843	$11,740	$12,411
Jul 17	$21,316	$12,068	$12,666
Aug 17	$22,921	$12,114	$12,705
Sep 17	$22,666	$12,348	$12,967
Oct 17	$22,964	$12,605	$13,270
Nov 17	$21,794	$12,849	$13,677
Dec 17	$22,428	$13,056	$13,829
Jan 18	$23,795	$13,793	$14,621
Feb 18	$23,492	$13,213	$14,082
Mar 18	$23,299	$12,931	$13,724
Apr 18	$21,022	$13,054	$13,777
May 18	$20,735	$13,070	$14,108
Jun 18	$19,903	$13,000	$14,195
Jul 18	$19,611	$13,392	$14,724
Aug 18	$17,962	$13,497	$15,203
Sep 18	$17,846	$13,555	$15,290
Oct 18	$16,760	$12,540	$14,245
Nov 18	$17,036	$12,723	$14,535
Dec 18	$15,905	$11,827	$13,223
Jan 19	$17,880	$12,761	$14,282
Feb 19	$17,777	$13,102	$14,741
Mar 19	$17,685	$13,267	$15,027
Apr 19	$18,019	$13,715	$15,636
May 19	$18,192	$12,901	$14,642
Jun 19	$19,902	$13,746	$15,674
Jul 19	$20,247	$13,786	$15,899
Aug 19	$19,551	$13,459	$15,647
Sep 19	$19,646	$13,742	$15,940
Oct 19	$19,776	$14,119	$16,286
Nov 19	$20,215	$14,463	$16,877
Dec 19	$21,657	$14,973	$17,386
Jan 20	$22,975	$14,807	$17,379
Feb 20	$20,581	$13,611	$15,949
Mar 20	$14,530	$11,774	$13,979
Apr 20	$16,441	$13,035	$15,771
May 20	$17,569	$13,602	$16,522
Jun 20	$18,806	$14,036	$16,850
Jul 20	$19,958	$14,779	$17,801
Aug 20	$20,574	$15,683	$19,080
Sep 20	$19,734	$15,178	$18,355
Oct 20	$18,745	$14,809	$17,867
Nov 20	$21,698	$16,634	$19,823
Dec 20	$22,790	$17,406	$20,585
Jan 21	$22,530	$17,327	$20,377
Feb 21	$23,292	$17,729	$20,939
Mar 21	$22,933	$18,202	$21,856
Apr 21	$23,046	$18,998	$23,022
May 21	$23,595	$19,294	$23,183
Jun 21	$23,111	$19,548	$23,724
Jul 21	$23,086	$19,682	$24,288
Aug 21	$24,101	$20,175	$25,026
Sep 21	$23,688	$19,342	$23,863
Oct 21	$25,007	$20,329	$25,534
Nov 21	$22,408	$19,839	$25,357
Dec 21	$22,043	$20,633	$26,494
Jan 22	$19,859	$19,620	$25,123
Feb 22	$8,564	$19,113	$24,371
Mar 22	$502	$19,527	$25,276
Apr 22	$448	$17,964	$23,071
May 22	$453	$17,985	$23,114
Jun 22	$428	$16,469	$21,206
Jul 22	$428	$17,619	$23,161
Aug 22	$416	$16,970	$22,217
Sep 22	$379	$15,346	$20,170
Oct 22	$350	$16,272	$21,804
Nov 22	$323	$17,534	$23,022
Dec 22	$295	$16,844	$21,696
Jan 23	$292	$18,051	$23,059
Feb 23	$294	$17,534	$22,496
Mar 23	$295	$18,075	$23,322
Apr 23	$295	$18,334	$23,686
May 23	$295	$18,138	$23,789
Jun 23	$296	$19,191	$25,361
Jul 23	$306	$19,894	$26,176
Aug 23	$307	$19,338	$25,759
Sep 23	$309	$18,538	$24,531
Oct 23	$310	$17,981	$24,015
Nov 23	$312	$19,640	$26,208
Dec 23	$312	$20,584	$27,399
Jan 24	$313	$20,704	$27,859
Feb 24	$316	$21,593	$29,347
Mar 24	$317	$22,271	$30,291
Apr 24	$318	$21,536	$29,054
May 24	$320	$22,411	$30,494
Jun 24	$321	$22,910	$31,589
Jul 24	$1,388	$23,279	$31,973
Aug 24	$1,393	$23,870	$32,749
Sep 24	$2,094	$24,425	$33,448
Oct 24	$2,101	$23,877	$33,145
Nov 24	$2,119	$24,770	$35,090
Dec 24	$2,125	$24,183	$34,254

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Russia Small-Cap ETF	580.57%	(37.14)%	(14.35)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$338,805
Number of Portfolio Holdings23
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(18.6)%
Money Market Fund		118.6%

Footnote	Description
Footnote^*	Includes securities being fair valued at zero.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Steel ETF

Ticker: SLX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Steel ETF	$51	0.56%

How did the Fund perform last year?

During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on industrial metals broadly.
The Fund’s notable exposure to materials was the leading sector detractor from performance while exposure to Brazil, the United States and South Korea were the leading detractors from performance for the period.
The leading individual detractors from performance were Vale, Companhia Sinderurgica Nacional and Cleveland-Cliffs.
The Fund’s exposure to energy was the only contributing sector to performance and Canada was the only positive country contributor to performance for the period.
The leading individual contributors to performance were Carpenter Technology, ATI and Tenaris.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	SLX	NDUEACWF	SPTR	STEELTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$8,925	$9,844	$9,700	$8,927
Feb 15	$9,594	$10,392	$10,257	$9,595
Mar 15	$8,801	$10,231	$10,095	$8,806
Apr 15	$9,952	$10,528	$10,192	$9,966
May 15	$9,312	$10,514	$10,323	$9,324
Jun 15	$8,581	$10,266	$10,123	$8,592
Jul 15	$7,602	$10,355	$10,335	$7,614
Aug 15	$7,173	$9,646	$9,712	$7,185
Sep 15	$6,107	$9,296	$9,471	$6,102
Oct 15	$6,733	$10,026	$10,270	$6,717
Nov 15	$6,336	$9,943	$10,301	$6,316
Dec 15	$5,797	$9,764	$10,138	$5,784
Jan 16	$5,215	$9,175	$9,635	$5,201
Feb 16	$5,779	$9,112	$9,622	$5,762
Mar 16	$7,413	$9,787	$10,275	$7,372
Apr 16	$8,803	$9,931	$10,315	$8,749
May 16	$7,410	$9,944	$10,500	$7,363
Jun 16	$8,209	$9,884	$10,527	$8,155
Jul 16	$9,554	$10,310	$10,915	$9,489
Aug 16	$8,835	$10,344	$10,931	$8,774
Sep 16	$9,186	$10,408	$10,933	$9,121
Oct 16	$9,863	$10,231	$10,733	$9,796
Nov 16	$11,775	$10,309	$11,131	$11,698
Dec 16	$11,349	$10,531	$11,351	$11,270
Jan 17	$12,373	$10,819	$11,566	$12,289
Feb 17	$12,856	$11,123	$12,025	$12,777
Mar 17	$12,112	$11,259	$12,039	$12,048
Apr 17	$11,412	$11,434	$12,163	$11,359
May 17	$10,965	$11,687	$12,334	$10,916
Jun 17	$11,556	$11,740	$12,411	$11,504
Jul 17	$12,352	$12,068	$12,666	$12,301
Aug 17	$12,802	$12,114	$12,705	$12,754
Sep 17	$12,658	$12,348	$12,967	$12,614
Oct 17	$12,712	$12,605	$13,270	$12,673
Nov 17	$12,718	$12,849	$13,677	$12,682
Dec 17	$14,058	$13,056	$13,829	$14,046
Jan 18	$15,204	$13,793	$14,621	$15,189
Feb 18	$15,114	$13,213	$14,082	$15,107
Mar 18	$14,072	$12,931	$13,724	$14,064
Apr 18	$14,881	$13,054	$13,777	$14,875
May 18	$14,705	$13,070	$14,108	$14,708
Jun 18	$13,930	$13,000	$14,195	$13,940
Jul 18	$14,733	$13,392	$14,724	$14,750
Aug 18	$13,568	$13,497	$15,203	$13,590
Sep 18	$14,118	$13,555	$15,290	$14,155
Oct 18	$13,109	$12,540	$14,245	$13,149
Nov 18	$12,347	$12,723	$14,535	$12,383
Dec 18	$11,395	$11,827	$13,223	$11,426
Jan 19	$12,964	$12,761	$14,282	$12,985
Feb 19	$13,082	$13,102	$14,741	$13,109
Mar 19	$13,069	$13,267	$15,027	$13,104
Apr 19	$12,601	$13,715	$15,636	$12,637
May 19	$11,490	$12,901	$14,642	$11,528
Jun 19	$12,801	$13,746	$15,674	$12,848
Jul 19	$12,178	$13,786	$15,899	$12,227
Aug 19	$10,657	$13,459	$15,647	$10,699
Sep 19	$11,083	$13,742	$15,940	$11,132
Oct 19	$11,274	$14,119	$16,286	$11,330
Nov 19	$11,998	$14,463	$16,877	$12,062
Dec 19	$12,651	$14,973	$17,386	$12,751
Jan 20	$11,270	$14,807	$17,379	$11,344
Feb 20	$9,848	$13,611	$15,949	$9,919
Mar 20	$7,350	$11,774	$13,979	$7,390
Apr 20	$7,988	$13,035	$15,771	$8,034
May 20	$8,749	$13,602	$16,522	$8,804
Jun 20	$9,258	$14,036	$16,850	$9,319
Jul 20	$9,601	$14,779	$17,801	$9,668
Aug 20	$10,323	$15,683	$19,080	$10,408
Sep 20	$10,369	$15,178	$18,355	$10,461
Oct 20	$10,749	$14,809	$17,867	$10,861
Nov 20	$13,334	$16,634	$19,823	$13,476
Dec 20	$15,254	$17,406	$20,585	$15,465
Jan 21	$14,817	$17,327	$20,377	$15,029
Feb 21	$16,598	$17,729	$20,939	$16,843
Mar 21	$19,066	$18,202	$21,856	$19,399
Apr 21	$20,270	$18,998	$23,022	$20,627
May 21	$21,624	$19,294	$23,183	$22,018
Jun 21	$21,206	$19,548	$23,724	$21,606
Jul 21	$22,152	$19,682	$24,288	$22,579
Aug 21	$21,389	$20,175	$25,026	$21,812
Sep 21	$18,889	$19,342	$23,863	$19,258
Oct 21	$19,268	$20,329	$25,534	$19,665
Nov 21	$17,777	$19,839	$25,357	$18,151
Dec 21	$19,511	$20,633	$26,494	$19,926
Jan 22	$19,186	$19,620	$25,123	$19,602
Feb 22	$22,002	$19,113	$24,371	$22,488
Mar 22	$24,870	$19,527	$25,276	$25,467
Apr 22	$22,825	$17,964	$23,071	$23,384
May 22	$23,037	$17,985	$23,114	$23,622
Jun 22	$18,145	$16,469	$21,206	$18,595
Jul 22	$19,760	$17,619	$23,161	$20,254
Aug 22	$19,382	$16,970	$22,217	$19,881
Sep 22	$17,474	$15,346	$20,170	$17,912
Oct 22	$19,456	$16,272	$21,804	$19,948
Nov 22	$22,875	$17,534	$23,022	$23,461
Dec 22	$22,218	$16,844	$21,696	$22,848
Jan 23	$26,141	$18,051	$23,059	$26,903
Feb 23	$25,399	$17,534	$22,496	$26,152
Mar 23	$24,534	$18,075	$23,322	$25,289
Apr 23	$23,411	$18,334	$23,686	$24,143
May 23	$21,384	$18,138	$23,789	$22,068
Jun 23	$24,605	$19,191	$25,361	$25,417
Jul 23	$27,165	$19,894	$26,176	$28,071
Aug 23	$25,917	$19,338	$25,759	$26,800
Sep 23	$25,142	$18,538	$24,531	$26,013
Oct 23	$24,066	$17,981	$24,015	$24,908
Nov 23	$26,894	$19,640	$26,208	$27,847
Dec 23	$29,157	$20,584	$27,399	$30,288
Jan 24	$27,438	$20,704	$27,859	$28,513
Feb 24	$27,911	$21,593	$29,347	$29,018
Mar 24	$28,662	$22,271	$30,291	$29,827
Apr 24	$27,187	$21,536	$29,054	$28,307
May 24	$28,214	$22,411	$30,494	$29,404
Jun 24	$26,322	$22,910	$31,589	$27,441
Jul 24	$27,747	$23,279	$31,973	$28,939
Aug 24	$26,372	$23,870	$32,749	$27,529
Sep 24	$27,833	$24,425	$33,448	$29,063
Oct 24	$26,516	$23,877	$33,145	$27,699
Nov 24	$28,136	$24,770	$35,090	$29,401
Dec 24	$23,928	$24,183	$34,254	$25,029

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Steel ETF	(17.93)%	13.59%	9.12%
NYSE Arca Steel Index (STEELTR)	(17.36)%	14.44%	9.61%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$74,583,472
Number of Portfolio Holdings27
Portfolio Turnover Rate14%
Advisory Fees Paid$458,495

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Industrials		2.4%
Energy		5.1%
Materials		92.4%

Top Ten Holdings (% of Total Net Assets)

Rio Tinto Plc		10.9%
Vale SA		8.3%
Nucor Corp.		5.7%
Tenaris SA		5.1%
ArcelorMittal SA		5.0%
Steel Dynamics, Inc.		5.0%
Reliance, Inc.		5.0%
United States Steel Corp.		4.9%
POSCO Holdings, Inc.		4.9%
ATI, Inc.		4.6%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Uranium and Nuclear ETF

Ticker: NLR

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Uranium and Nuclear ETF	$60	0.56%

How did the Fund perform last year?

During the period, nuclear energy companies benefited from increasing demand for electricity driven, in large part, by the notable spending by large tech companies on infrastructure and power sources to support the growth of generative artificial intelligence.
The Fund’s exposure to utilities and industrials were the top contributing sectors to performance and the United States was by far the leading positive country contributor to performance for the period.
The leading individual contributors to performance were Constellation Energy, Paladin Energy and PSE&G.
The Fund’s exposure to energy and materials (e.g., uranium miners) were the leading sector detractors from performance while exposure to the United Kingdom, South Korea and Czech Republic were the leading country detractors from performance for the period.
The leading individual detractors from performance were Energy Fuels, Boss Energy and Yellow Cake.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	NLR	NDUEACWF	MVNLRTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$10,064	$9,844	$10,061	$9,700
Feb 15	$9,728	$10,392	$9,697	$10,257
Mar 15	$9,577	$10,231	$9,549	$10,095
Apr 15	$9,683	$10,528	$9,665	$10,192
May 15	$9,829	$10,514	$9,799	$10,323
Jun 15	$9,369	$10,266	$9,332	$10,123
Jul 15	$9,711	$10,355	$9,681	$10,335
Aug 15	$9,188	$9,646	$9,160	$9,712
Sep 15	$9,054	$9,296	$9,000	$9,471
Oct 15	$9,390	$10,026	$9,326	$10,270
Nov 15	$9,004	$9,943	$8,922	$10,301
Dec 15	$9,074	$9,764	$9,019	$10,138
Jan 16	$9,164	$9,175	$9,059	$9,635
Feb 16	$9,164	$9,112	$9,087	$9,622
Mar 16	$9,808	$9,787	$9,718	$10,275
Apr 16	$9,645	$9,931	$9,610	$10,315
May 16	$9,695	$9,944	$9,596	$10,500
Jun 16	$10,118	$9,884	$9,966	$10,527
Jul 16	$10,112	$10,310	$10,015	$10,915
Aug 16	$9,705	$10,344	$9,585	$10,931
Sep 16	$9,765	$10,408	$9,619	$10,933
Oct 16	$9,699	$10,231	$9,577	$10,733
Nov 16	$9,394	$10,309	$9,251	$11,131
Dec 16	$9,878	$10,531	$9,719	$11,351
Jan 17	$9,916	$10,819	$9,743	$11,566
Feb 17	$10,209	$11,123	$10,028	$12,025
Mar 17	$10,344	$11,259	$10,149	$12,039
Apr 17	$10,269	$11,434	$10,102	$12,163
May 17	$10,715	$11,687	$10,533	$12,334
Jun 17	$10,450	$11,740	$10,257	$12,411
Jul 17	$10,707	$12,068	$10,525	$12,666
Aug 17	$10,983	$12,114	$10,787	$12,705
Sep 17	$10,705	$12,348	$10,511	$12,967
Oct 17	$11,131	$12,605	$10,921	$13,270
Nov 17	$11,314	$12,849	$11,096	$13,677
Dec 17	$10,696	$13,056	$10,476	$13,829
Jan 18	$10,661	$13,793	$10,433	$14,621
Feb 18	$10,323	$13,213	$10,128	$14,082
Mar 18	$10,658	$12,931	$10,399	$13,724
Apr 18	$11,140	$13,054	$10,916	$13,777
May 18	$10,998	$13,070	$10,771	$14,108
Jun 18	$11,105	$13,000	$10,873	$14,195
Jul 18	$11,364	$13,392	$11,119	$14,724
Aug 18	$11,347	$13,497	$11,110	$15,203
Sep 18	$11,513	$13,555	$11,267	$15,290
Oct 18	$11,292	$12,540	$11,060	$14,245
Nov 18	$11,456	$12,723	$11,208	$14,535
Dec 18	$11,246	$11,827	$10,982	$13,223
Jan 19	$11,491	$12,761	$11,210	$14,282
Feb 19	$11,724	$13,102	$11,438	$14,741
Mar 19	$11,737	$13,267	$11,444	$15,027
Apr 19	$11,602	$13,715	$11,315	$15,636
May 19	$11,119	$12,901	$10,849	$14,642
Jun 19	$11,561	$13,746	$11,275	$15,674
Jul 19	$11,256	$13,786	$10,991	$15,899
Aug 19	$11,166	$13,459	$10,891	$15,647
Sep 19	$11,291	$13,742	$11,030	$15,940
Oct 19	$11,114	$14,119	$10,870	$16,286
Nov 19	$10,929	$14,463	$10,681	$16,877
Dec 19	$11,296	$14,973	$11,045	$17,386
Jan 20	$11,575	$14,807	$11,338	$17,379
Feb 20	$10,796	$13,611	$10,539	$15,949
Mar 20	$9,164	$11,774	$8,972	$13,979
Apr 20	$9,883	$13,035	$9,645	$15,771
May 20	$10,329	$13,602	$10,052	$16,522
Jun 20	$9,851	$14,036	$9,590	$16,850
Jul 20	$10,327	$14,779	$10,048	$17,801
Aug 20	$10,362	$15,683	$10,095	$19,080
Sep 20	$10,311	$15,178	$10,046	$18,355
Oct 20	$10,505	$14,809	$10,234	$17,867
Nov 20	$11,244	$16,634	$10,957	$19,823
Dec 20	$11,702	$17,406	$11,397	$20,585
Jan 21	$11,476	$17,327	$11,194	$20,377
Feb 21	$11,265	$17,729	$10,984	$20,939
Mar 21	$12,417	$18,202	$12,103	$21,856
Apr 21	$12,707	$18,998	$12,363	$23,022
May 21	$12,891	$19,294	$12,511	$23,183
Jun 21	$12,411	$19,548	$12,076	$23,724
Jul 21	$12,281	$19,682	$11,950	$24,288
Aug 21	$12,750	$20,175	$12,400	$25,026
Sep 21	$12,538	$19,342	$12,219	$23,863
Oct 21	$13,154	$20,329	$12,800	$25,534
Nov 21	$12,756	$19,839	$12,425	$25,357
Dec 21	$13,279	$20,633	$12,899	$26,494
Jan 22	$12,831	$19,620	$12,449	$25,123
Feb 22	$13,034	$19,113	$12,672	$24,371
Mar 22	$13,799	$19,527	$13,409	$25,276
Apr 22	$13,356	$17,964	$13,009	$23,071
May 22	$13,687	$17,985	$13,294	$23,114
Jun 22	$12,616	$16,469	$12,248	$21,206
Jul 22	$13,423	$17,619	$13,030	$23,161
Aug 22	$13,609	$16,970	$13,236	$22,217
Sep 22	$12,471	$15,346	$12,146	$20,170
Oct 22	$13,000	$16,272	$12,640	$21,804
Nov 22	$13,759	$17,534	$13,341	$23,022
Dec 22	$13,558	$16,844	$13,229	$21,696
Jan 23	$14,342	$18,051	$13,964	$23,059
Feb 23	$13,622	$17,534	$13,287	$22,496
Mar 23	$13,691	$18,075	$13,335	$23,322
Apr 23	$13,931	$18,334	$13,563	$23,686
May 23	$13,420	$18,138	$13,078	$23,789
Jun 23	$14,687	$19,191	$14,277	$25,361
Jul 23	$15,096	$19,894	$14,680	$26,176
Aug 23	$15,814	$19,338	$15,408	$25,759
Sep 23	$17,472	$18,538	$17,030	$24,531
Oct 23	$17,174	$17,981	$16,705	$24,015
Nov 23	$18,175	$19,640	$17,707	$26,208
Dec 23	$18,442	$20,584	$17,965	$27,399
Jan 24	$19,476	$20,704	$19,018	$27,859
Feb 24	$19,059	$21,593	$18,571	$29,347
Mar 24	$19,606	$22,271	$19,102	$30,291
Apr 24	$19,889	$21,536	$19,450	$29,054
May 24	$22,364	$22,411	$21,760	$30,494
Jun 24	$20,706	$22,910	$20,200	$31,589
Jul 24	$20,318	$23,279	$19,789	$31,973
Aug 24	$19,487	$23,870	$18,993	$32,749
Sep 24	$21,630	$24,425	$21,076	$33,448
Oct 24	$23,403	$23,877	$22,839	$33,145
Nov 24	$24,533	$24,770	$23,878	$35,090
Dec 24	$21,120	$24,183	$20,598	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Uranium and Nuclear ETF	14.52%	13.33%	7.76%
MVIS^® Global Uranium & Nuclear Energy Index (MVNLRTR)	14.66%	13.28%	7.49%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$749,018,081
Number of Portfolio Holdings26
Portfolio Turnover Rate36%
Advisory Fees Paid$1,409,980

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Industrials		14.1%
Energy		36.9%
Utilities		49.0%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Public Service Enterprise Group, Inc.		8.5%
Constellation Energy Corp.		8.1%
PG&E Corp.		7.7%
Cameco Corp.		6.2%
BWX Technologies, Inc.		5.9%
Endesa SA		5.8%
CEZ AS		5.3%
CGN Power Co. Ltd.		4.9%
Fortum Oyj		4.7%
NAC Kazatomprom JSC		4.7%

Material Fund Changes

The following material fund changes occurred during the period ended December 31, 2024:

Effective May 1, 2024, the Fund's name changed from VanEck Uranium+Nuclear Energy ETF to VanEck Uranium and Nuclear ETF.

The Fund's net expense ratio decreased to 0.56% for the year ended December 31, 2024 from 0.61% for the year ended December 31, 2023 primarily as a result of an increase in average net assets.

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Vietnam ETF

Ticker: VNM

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Vietnam ETF	$65	0.68%

How did the Fund perform last year?

The Fund posted a negative return over the period with high interest rates, regulatory delays in land and housing laws and a slowing economy driving significant foreign investor net sales.
The materials sector contributed the most to the Fund’s performance, followed by utilities.
The leading individual contributors to performance were JSC Bank for Foreign Trade of Vietnam, Duc Giang Chemicals Group JSC and Van Phu - Invest Investment JSC.
The real estate sector detracted the most from the Fund’s performance during the period, followed by financials and industrials.
The leading individual detractors to performance were VNDirect Securities Corp., No Va Land Investment Group Corp. and Vingroup JSC.

How did the Fund perform over the past 10 years?

Cumulative Performance Based on $10,000 Investment

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

	VNM	NDUEACWF	MVVNMLTR	SPTR
Dec 14	$10,000	$10,000	$10,000	$10,000
Jan 15	$9,766	$9,844	$9,764	$9,700
Feb 15	$10,186	$10,392	$10,159	$10,257
Mar 15	$8,981	$10,231	$8,996	$10,095
Apr 15	$9,299	$10,528	$9,333	$10,192
May 15	$9,326	$10,514	$9,357	$10,323
Jun 15	$9,613	$10,266	$9,657	$10,123
Jul 15	$9,841	$10,355	$9,883	$10,335
Aug 15	$8,652	$9,646	$8,708	$9,712
Sep 15	$8,328	$9,296	$8,393	$9,471
Oct 15	$9,023	$10,026	$9,193	$10,270
Nov 15	$8,365	$9,943	$8,484	$10,301
Dec 15	$8,113	$9,764	$8,297	$10,138
Jan 16	$7,671	$9,175	$7,738	$9,635
Feb 16	$7,622	$9,112	$7,752	$9,622
Mar 16	$7,682	$9,787	$7,817	$10,275
Apr 16	$7,947	$9,931	$8,109	$10,315
May 16	$7,897	$9,944	$8,055	$10,500
Jun 16	$8,079	$9,884	$8,224	$10,527
Jul 16	$8,283	$10,310	$8,451	$10,915
Aug 16	$8,371	$10,344	$8,566	$10,931
Sep 16	$8,398	$10,408	$8,545	$10,933
Oct 16	$7,980	$10,231	$8,151	$10,733
Nov 16	$7,435	$10,309	$7,591	$11,131
Dec 16	$7,319	$10,531	$7,509	$11,351
Jan 17	$7,534	$10,819	$7,724	$11,566
Feb 17	$7,692	$11,123	$7,887	$12,025
Mar 17	$7,906	$11,259	$8,133	$12,039
Apr 17	$7,934	$11,434	$8,173	$12,163
May 17	$8,064	$11,687	$8,310	$12,334
Jun 17	$8,380	$11,740	$8,642	$12,411
Jul 17	$8,380	$12,068	$8,647	$12,666
Aug 17	$8,324	$12,114	$8,595	$12,705
Sep 17	$8,397	$12,348	$8,662	$12,967
Oct 17	$8,990	$12,605	$9,279	$13,270
Nov 17	$9,605	$12,849	$9,914	$13,677
Dec 17	$9,936	$13,056	$10,274	$13,829
Jan 18	$11,011	$13,793	$11,366	$14,621
Feb 18	$10,715	$13,213	$11,109	$14,082
Mar 18	$11,028	$12,931	$11,462	$13,724
Apr 18	$10,304	$13,054	$10,687	$13,777
May 18	$9,483	$13,070	$9,826	$14,108
Jun 18	$9,061	$13,000	$9,416	$14,195
Jul 18	$9,272	$13,392	$9,601	$14,724
Aug 18	$9,466	$13,497	$9,832	$15,203
Sep 18	$9,614	$13,555	$9,999	$15,290
Oct 18	$8,730	$12,540	$9,058	$14,245
Nov 18	$8,907	$12,723	$9,247	$14,535
Dec 18	$8,531	$11,827	$8,877	$13,223
Jan 19	$8,859	$12,761	$9,203	$14,282
Feb 19	$9,439	$13,102	$9,844	$14,741
Mar 19	$9,537	$13,267	$9,933	$15,027
Apr 19	$9,635	$13,715	$10,029	$15,636
May 19	$9,169	$12,901	$9,596	$14,642
Jun 19	$9,267	$13,746	$9,660	$15,674
Jul 19	$9,266	$13,786	$9,726	$15,899
Aug 19	$9,058	$13,459	$9,468	$15,647
Sep 19	$9,460	$13,742	$9,885	$15,940
Oct 19	$9,419	$14,119	$9,873	$16,286
Nov 19	$9,259	$14,463	$9,688	$16,877
Dec 19	$9,287	$14,973	$9,742	$17,386
Jan 20	$8,628	$14,807	$9,135	$17,379
Feb 20	$8,026	$13,611	$8,353	$15,949
Mar 20	$6,107	$11,774	$6,484	$13,979
Apr 20	$7,184	$13,035	$7,566	$15,771
May 20	$7,864	$13,602	$8,245	$16,522
Jun 20	$7,812	$14,036	$8,166	$16,850
Jul 20	$8,004	$14,779	$8,418	$17,801
Aug 20	$8,486	$15,683	$8,958	$19,080
Sep 20	$8,620	$15,178	$9,051	$18,355
Oct 20	$8,618	$14,809	$9,049	$17,867
Nov 20	$9,273	$16,634	$9,787	$19,823
Dec 20	$10,190	$17,406	$10,759	$20,585
Jan 21	$9,801	$17,327	$10,408	$20,377
Feb 21	$10,254	$17,729	$10,861	$20,939
Mar 21	$10,404	$18,202	$10,987	$21,856
Apr 21	$11,022	$18,998	$11,713	$23,022
May 21	$11,389	$19,294	$12,122	$23,183
Jun 21	$12,021	$19,548	$12,758	$23,724
Jul 21	$11,266	$19,682	$11,957	$24,288
Aug 21	$11,423	$20,175	$12,144	$25,026
Sep 21	$11,259	$19,342	$12,040	$23,863
Oct 21	$11,888	$20,329	$12,676	$25,534
Nov 21	$12,094	$19,839	$12,932	$25,357
Dec 21	$12,485	$20,633	$13,354	$26,494
Jan 22	$11,596	$19,620	$12,297	$25,123
Feb 22	$11,472	$19,113	$12,223	$24,371
Mar 22	$11,100	$19,527	$11,933	$25,276
Apr 22	$10,054	$17,964	$10,829	$23,071
May 22	$9,404	$17,985	$10,107	$23,114
Jun 22	$8,506	$16,469	$9,120	$21,206
Jul 22	$8,632	$17,619	$9,247	$23,161
Aug 22	$8,926	$16,970	$9,619	$22,217
Sep 22	$7,625	$15,346	$8,266	$20,170
Oct 22	$6,725	$16,272	$7,250	$21,804
Nov 22	$7,241	$17,534	$7,730	$23,022
Dec 22	$6,933	$16,844	$7,475	$21,696
Jan 23	$7,564	$18,051	$8,120	$23,059
Feb 23	$6,685	$17,534	$7,267	$22,496
Mar 23	$7,196	$18,075	$7,777	$23,322
Apr 23	$7,171	$18,334	$7,750	$23,686
May 23	$7,389	$18,138	$8,028	$23,789
Jun 23	$7,853	$19,191	$8,509	$25,361
Jul 23	$8,791	$19,894	$9,548	$26,176
Aug 23	$8,979	$19,338	$9,781	$25,759
Sep 23	$8,049	$18,538	$8,782	$24,531
Oct 23	$6,854	$17,981	$7,447	$24,015
Nov 23	$7,795	$19,640	$8,491	$26,208
Dec 23	$8,039	$20,584	$8,783	$27,399
Jan 24	$7,902	$20,704	$8,661	$27,859
Feb 24	$8,336	$21,593	$9,093	$29,347
Mar 24	$8,565	$22,271	$9,288	$30,291
Apr 24	$7,628	$21,536	$8,370	$29,054
May 24	$7,927	$22,411	$8,648	$30,494
Jun 24	$7,575	$22,910	$8,317	$31,589
Jul 24	$7,528	$23,279	$8,238	$31,973
Aug 24	$7,840	$23,870	$8,597	$32,749
Sep 24	$7,943	$24,425	$8,737	$33,448
Oct 24	$7,468	$23,877	$8,230	$33,145
Nov 24	$7,338	$24,770	$8,054	$35,090
Dec 24	$7,220	$24,183	$7,961	$34,254

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Vietnam ETF	(10.19)%	(4.91)%	(3.21)%
MarketVector™ Vietnam Local Index (MVVNMLTR)	(9.37)%	(3.96)%	(2.26)%
MSCI ACWI Index (NDUEACWF)	17.49%	10.06%	9.23%
S&P 500 Index (SPTR)	25.02%	14.53%	13.10%

Key Fund Statistics

Total Net Assets$417,171,094
Number of Portfolio Holdings46
Portfolio Turnover Rate21%
Advisory Fees Paid$2,501,778

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Utilities		1.1%
Energy		1.9%
Industrials		10.3%
Materials		12.0%
Consumer Staples		18.2%
Financials		27.9%
Real Estate		28.5%

Top Ten Holdings (% of Total Net Assets)

Vingroup JSC		8.0%
Vinhomes JSC		8.0%
Vietnam Dairy Products JSC		7.1%
Hoa Phat Group JSC		6.4%
Bank for Foreign Trade of Vietnam JSC		6.0%
SSI Securities Corp.		5.6%
Masan Group Corp.		4.9%
Vietcap Securities JSC		3.2%
VNDirect Securities Corp.		2.9%
VIX Securities JSC		2.8%

Householding

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

Transactions in securities of affiliates for the year ended December 31, 2024 were as follows:

Transactions in securities of affiliates for the year ended December 31, 2024 were as follows: (continued)

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

Transactions in securities of affiliates for the year ended December 31, 2024 were as follows:

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2024. Transfers in/out are assessed at the beginning of the year.

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

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”).

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.

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.

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

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

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

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 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 the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee 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. Any Russian securities held in the Funds at December 31, 2024 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

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.

The impact of transactions in derivative instruments during the year ended December 31, 2024, was as follows:

1 Consolidated Statement of Operations location: Net realized gain (loss) on swap contracts

2 Consolidated Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

Interest income, including amortization of premiums and discounts, is accrued as earned. The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2025, to waive fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the year ended December 31, 2024, are as follows:

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended December 31, 2024.

Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2025.

The unitary management fee rates for the year ended December 31, 2024, are as follows:

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 December 31, 2024, the Adviser owned approximately 80% of CMCI Commodity Strategy ETF.

Note 4—Capital Share Transactions—As of December 31, 2024 there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

Note 5—Investments—For the year ended December 31, 2024, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

Note 6—Income Taxes—As of December 31, 2024, 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:

At December 31, 2024, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

* Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2024. These losses are deemed to arise on the first day of the funds’ next taxable year.

During the year ended December 31, 2024, Junior Gold Miners ETF utilized $32,591,965 of its capital loss carryover available from prior years.

During the year ended December 31, 2024, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and differences in the treatment of income and realized gains from controlled foreign corporation subsidiaries, the Funds incurred differences

that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2024, 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. Additionally, the 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, difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions, and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

The CMCI Commodity Strategy ETF may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject

the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

As a result of the current conditions related to Russian securities and Russian markets, the Agribusiness ETF, Green Metals ETF and Natural Resources ETF have been unable to dispose of the Russian securities in its portfolios, with limited exceptions, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia recently took actions that impact the custody of equity securities of Russian issuers and may be detrimental to the Funds ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Funds. Additionally, while certain Russian securities held by the Agribusiness ETF, Green Metals ETF and Natural Resources ETF have declared dividends, there is no assurance these dividends can be realized by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2024.

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

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

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

Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2024 is presented on a gross basis in the Schedules of Investments and Statements of

Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2024:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2024:

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2024, the following Funds borrowed under this Facility:

Outstanding loan balances as of December 31, 2024, if any, are reflected in the Statements of Assets and Liabilities.

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

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

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 CMCI Commodity Strategy ETF), of each of the funds listed in the table below (twelve of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2024, 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 (the consolidated financial highlights for VanEck CMCI Commodity Strategy ETF) for each of the periods indicated therein (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 listed in the table below as of December 31, 2024, the results of each of their operations, and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

(1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023.

(2) Consolidated statement of operations for the year ended December 31, 2024 and consolidated statement of changes in net assets for the year ended December 31, 2024 and the period August 22, 2023 (commencement of operations) through December 31, 2023.

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

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.

financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, 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.

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

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2024. Please consult your tax advisor for proper treatment of this information:

(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct their portion of the taxes in computing your taxable income or take a credit for such taxes against their tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(b) All or a portion of a shareholder’s total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(d) These amounts represent distributions paid during the taxable year ended December 31, 2024 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2024 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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

At a meeting held on December 17, 2024 (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 agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Nuclear Innovators ETF (the “Fund”).

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

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

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

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

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

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2024:

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

The AA-BB CLO ETF and CLO ETF are actively managed exchange-traded funds that seek capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”).

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. ChiNext ETF seeks to achieve its investment objective by primarily investing directly in A-shares through the Shanghai and Shenzhen-Hong Kong Stock Connect Programs (the “Programs”).

Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Funds. PineBridge Investments LLC (the “Sub-Adviser”) is a Sub-Adviser for the AA-BB CLO ETF and CLO ETF.

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

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy.

The Funds’ 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 the 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.

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.

cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2024 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).

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 May 1, 2025, to waive management fees and assume expenses to prevent 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 December 31, 2024, are as follows:

Refer to the Statements of Operations for the amounts assumed by the Adviser for the year ended December 31, 2024.

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 expense.

During the year ended December 31, 2020, the Adviser reimbursed the ChiNext ETF $17,518 for transactional loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

Note 4—Capital Share Transactions—As of December 31, 2024, 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”).

investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

At December 31, 2024, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

*Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2024. These losses are deemed to arise on the first day of the funds’ next taxable year.

During the year ended December 31, 2024, Digital India ETF and India Growth Leaders ETF utilized $94,458 and $10,636,880, respectively, of their capital loss carryovers available from prior years.

During the year ended December 31, 2024, as a result of permanent book to tax differences, primarily due to earnings attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

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

Investments in India: India currently assesses a capital gains tax on shares sold on the exchange of 20% on short term capital gains and 12.5% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

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

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

The AA-BB CLO ETF and CLO ETF assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may individually be rated below investment grade or equivalent unrated loans, and including “covenant lite” loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Funds are invested. The Funds invest primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in

stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Funds’ portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset.

Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by a Fund and may adversely affect the value of a Fund’s shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity.

Office and Commercial REIT ETF invests in Office and Commercial Real Estate Companies and is exposed to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Investment Trusts (“REITs”) are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers or tenants and self-liquidation. REITs also must satisfy specific requirements of the Internal Revenue Code in order to qualify for tax-free pass-through income. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing the return to the Fund on its investment in such company. In addition, REITs, like mutual funds, have expenses, including management and administration fees, that are paid by their shareholders. As a result, shareholders will absorb their proportionate share of duplicate levels of fees when the Fund invests in REITs.

Equity REITs that invest in commercial real estate may be adversely affected by conditions in the real estate market, failure of tenants to renew leases and decline in rental values.

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

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

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

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

Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2024 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2024:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2024:

Note 10—Bank Line of Credit— The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2024, the following Funds borrowed under this Facility:

Outstanding loan balances as of December 31, 2024, if any, are reflected in the Statements of Assets and Liabilities.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck India Growth Leaders ETF) of each of the funds listed in the table below (eleven of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2024, 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 (the consolidated financial highlights for VanEck India Growth Leaders ETF) for each of the periods indicated therein (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 listed in the table below as of December 31, 2024, the results of each their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

(1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023

(2) Consolidated statement of operations for the year ended December 31, 2024 and consolidated statement of changes in net assets for the years ended December 31, 2024 and 2023

(3) Statement of operations for the year ended December 31, 2024, and statement of changes in net assets for the year ended December 31, 2024 and the period September 20, 2023 (commencement of operations) through December 31, 2023

(4) Statement of operations and statement of changes in net assets for the period September 25, 2024 (commencement of operations) through December 31, 2024

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

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

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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 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 opinion.

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

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2024. Please consult your tax advisor for proper treatment of this information:

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

(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct their portion of the taxes in computing their taxable income or take a credit for such taxes against their tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(c) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and 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 use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(d) All or a portion of a shareholder’s total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(e) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

At a meeting held on September 4, 2024 (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 agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck AA-BB CLO ETF (the “Fund”) and (ii) a sub-advisory agreement between the Adviser and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the Fund. The Investment Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the 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 and the Sub-Adviser, including expense information for other funds. The Adviser and/or the Sub-Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment programs, fee arrangements and service provider arrangements, as well as the rationale for retaining a sub-adviser to manage the Fund’s investments in collateralized loan obligation (“CLO”) securities. The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser at the Meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser and the Sub-Adviser would provide under, the Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Fund, excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in CLO securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies, including another series of the Trust. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement. The Trustees concluded that the Adviser and the Sub-Adviser and their personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the 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 Agreements are in the best interest of the Fund and its shareholders.

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

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”).

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.

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for BDC Income. Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the “Adviser”.

The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. BDC Income may invest in swaps and other types of derivative instruments that have investment exposure to BDCs, including swaps on the benchmark index and/or swaps on the components that comprise the benchmark index. BDC Income may also invest in exchange-traded notes.

In December 2024, the Funds’ Board of Trustees (“Trustees”) approved changing the Funds’ fiscal year-end from April 30 to December 31.

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

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).

The Trustees have designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee 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.

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

underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap position held by the BDC Income ETF at December 31, 2024 is reflected in the Fund’s Schedule of Investments.

During the eight months ended December 31, 2024, the BDC Income ETF held total return swap contracts for three months with an average monthly notional amount of $15,146,980.

The impact of transactions in derivative instruments during the eight months ended December 31, 2024 was as follows:

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 September 1, 2025, to waive management fees and assume expenses to prevent 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 expense limitations and management fee rates for the period ended December 31, 2024 and the year ended April 30, 2024 are as follows:

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended December 31, 2024 and the year ended April 30. 2024.

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

Note 5—Investments—For the period ended December 31, 2024, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

Note 6—Income Taxes—As of December 31, 2024, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

At December 31, 2024, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

^These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

* Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2024. These losses are deemed to arise on the first day of the funds’ next taxable year.

During the period ended December 31, 2024, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended December 31, 2024 and the year ended April 30, 2024, the Funds did not incur any interest or penalties.

China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

On November 7, 2018, the People’s Republic of China (“PRC”) issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the former Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

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.

Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except BDC Income, China Bond, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

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

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. BDC Income may invest in total return swap agreements that provide economic exposure to the investment returns of underlying BDC companies. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security.

China Bond, International High Yield, and J.P. Morgan EM invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

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

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed

securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates. Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

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 May 1, 2021, for BDC Income, International High Yield, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021.

For China Bond and J.P. Morgan EM, 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 December 31, 2024 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2024:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2024:

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 period ended December 31, 2024, the following Funds borrowed under this Facility:

During the year ended April 30, 2024, the following Funds borrowed under this Facility:

Outstanding loan balances as of December 31, 2024, if any, are reflected in the Statements of Assets and Liabilities.

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

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 (six of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2024, the related statements of operations for the period May 1, 2024 through December 31, 2024 and for the year ended April 30, 2024, and the statements of changes in net assets, including the related notes, and the financial highlights for the period May 1, 2024 through December 31, 2024 and the years ended April 30, 2024 and 2023 (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 listed in the table below as of December 31, 2024, the results of each of their operations for the period May 1, 2024 through December 31, 2024 and for the year ended April 30, 2024, the changes in each of their net assets and each of the financial highlights for the period May 1, 2024 through December 31, 2024 and the years ended April 30, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, 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 opinion

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

The following information is provided with respect to the distributions paid during the period from May 1, 2024 through December 31, 2024. 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, shareholders should use the information provided to them on their Form 1099-DIV. If you do not receive a Form 1099, please visit the Funds’ website at https://www.vaneck.com/us/en/resources/tax-information/ for the calendar year tax information for the funds. Please consult your tax advisor regarding the appropriate treatment of these distributions.

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and 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 use the more detailed information provided on Form 8937 -Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(b) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(c) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.

(d) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualfied Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.

To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2024 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(f) These amounts represent distributions paid during the taxable year ended December 31, 2024 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

(c) These amounts represent distributions paid during the taxable year ended December 31, 2024 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

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

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2024. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

The summary of inputs used to value the Fund’s investments as of December 31, 2024 is as follows:

There were no share transactions for the years ended December 31, 2024 and December 31, 2023, respectively.

Prior to the Funds’ plan of liquidation (See Note 2), the Funds sought to replicate as closely as possible, before fees and expenses, the price and yield performance of their index. Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index were decommissioned. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Note 2—Plan of Liquidation—Russia’s large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds’ operations since March 2022. The governments of the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.

As a result, the fair value of Russian securities held by the Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds’ investments in equity securities, including depositary receipts, illiquid.

On September 29, 2022, the Board of Trustees of the Trust (the Trustees”) unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders. Furthermore, because the Funds have been delisted by Cboe BZX Exchange, Inc. in connection with the liquidation of the Funds, the Funds are no longer exchange-traded funds and we do not anticipate that there will be a trading market for your shares. Upon payment of the final liquidating distribution, the Funds will be terminated.

The Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period of time, if circumstances involving Russian securities markets do not improve.

On January 24, 2024 and February 6, 2024, RSX sold its shares of X5 Retail Group NV. On January 15, 2024 RSX sold all of its shares of TCS Group Holding. On April 15, 2024 RSX made a liquidating distribution to shareholders in the amount of the proceeds from the sales of these shares.

On June 25, 2024, RSX sold all of its shares of Mobile Telesystems PJSC. During the year, RSX executed partial close outs of Ozon Holdings PLC shares on loan. On October 2, 2024, RSX made a liquidating distribution to shareholders in the amount of the proceeds from the aforementioned transactions.

On July 3, 2024, RSXJ sold its shares of Headhunter Group PLC, and on September 6, 2024, it sold its shares of Ros Agro PLC. On October 2, 2024, RSXJ made a liquidating distribution to shareholders in the amount of the proceeds from the sale of these shares.

While certain Russian securities held by the Funds have declared dividends, there is no assurance these dividends can be collected by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2024.

The Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any additional liquidating distributions relating to the Russian securities and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale.

Refer to the Liquidation FAQ posted on the Funds’ webpages for additional information.

Note 3—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

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 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).

The Trustees have designated Van Eck Associates Corp. (the “Adviser”) as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

The holdings of the Funds at December 31, 2024 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

Note 4—Investment Management and Other Agreements—Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds’ management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver in its sole discretion as any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2024.

The management fee rates and expense limitations for the year ended December 31, 2024, are as follows:

Refer to the Statements of Operations for the amounts assumed by the Adviser for the year ended December 31, 2024.

In connection with the Plan of Liquidation (Note 2), the Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

Note 5—Capital Share Transactions—As of December 31, 2024, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

Note 6—Investments—For the year ended December 31, 2024, purchases and sales of investments (excluding short-term investments) were as follows:

Note 7—Income Taxes—As of December 31, 2024, 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:

At December 31, 2024, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

Each year, the Funds assess the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2024, the Funds did not have any reclassifications.

Note 8—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the 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, difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions, and legal systems that do not protect property risks as well as the laws of the United States.

As a result of the current conditions related to Russian securities and Russian markets as outlined in the Plan of Liquidation (Note 2), the Funds are unable to dispose of the Russian securities in their portfolios, with limited exceptions, and the Funds’ portfolios have become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices. Russia recently took actions that impact the custody of equity securities of Russian issuers and may be detrimental to a Fund’s ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to a Fund.

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

Note 9—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

Note 10—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S.

government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2024 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ remaining securities on loan and related collateral as of December 31, 2024:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2024:

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Russia ETF and VanEck Russia Small-Cap ETF

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VanEck Russia ETF and VanEck Russia Small-Cap ETF (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2024, the related statements of operations and cash flows for the year ended December 31, 2024, the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2024, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2024 and each of the financial highlights for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Funds, and management is in process of executing its liquidation plan.

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

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2024. Please consult your tax advisor for proper treatment of this information:

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and 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 use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(b) These amounts represent distributions paid during the taxable year ended December 31, 2024 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(c) These amounts represent distributions paid during the taxable year ended December 31, 2024 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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

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.

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.

(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.

	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).

	The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31.

(a)	Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2024 and December 31, 2023, were $659,250 and $564,525, respectively.

(b)	Audit-Related Fees. Not applicable.

(c)	Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2024 and December 31, 2023, were $261,700 and $243,000 respectively.

(d)	All Other Fees

	None.

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

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

(f)	Not applicable.

(g)	Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant’s investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2024 and December 31, 2023, were $321,927 and $47,365 respectively.

(h)	The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

	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. Ms. Hesslein is the Chairperson of the Audit Committee.

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


	ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION December 31, 2024

Agribusiness ETF	MOO
CMCI Commodity Strategy ETF	CMCI
Gold Miners ETF	GDX^®
Green Metals ETF	GMET
Junior Gold Miners ETF	GDXJ^®
Low Carbon Energy ETF	SMOG
Natural Resources ETF	HAP
Oil Refiners ETF	CRAK
Oil Services ETF	OIH
Rare Earth and Strategic Metals ETF	REMX
Steel ETF	SLX
Uranium and Nuclear ETF	NLR

Schedule of Investments
Agribusiness ETF	3
CMCI Commodity Strategy ETF	5
Gold Miners ETF	6
Green Metals ETF	9
Junior Gold Miners ETF	11
Low Carbon Energy ETF	14
Natural Resources ETF	16
Oil Refiners ETF	19
Oil Services ETF	21
Rare Earth and Strategic Metals ETF	22
Steel ETF	24
Uranium and Nuclear ETF	25
Statements of Assets and Liabilities	27
Statements of Operations	30
Statements of Changes in Net Assets	33
Financial Highlights
Agribusiness ETF	39
CMCI Commodity Strategy ETF	40
Gold Miners ETF	41
Green Metals ETF	42
Junior Gold Miners ETF	43
Low Carbon Energy ETF	44
Natural Resources ETF	45
Oil Refiners ETF	46
Oil Services ETF	47
Rare Earth and Strategic Metals ETF	48
Steel ETF	49
Uranium and Nuclear ETF	50
Notes to Financial Statements	51
Report of Independent Registered Public Accounting Firm	63
Tax Information	65
Changes In and Disagreements with Accountants	67
Proxy Disclosures	67
Remuneration Paid to Directors, Officers and Others	67
Approval of Investment Management Agreements	68

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 2.9%
Incitec Pivot Ltd.		2,900,110	$	5,249,553
Treasury Wine Estates Ltd. †		1,581,811		11,083,687
				16,333,240
Brazil: 2.8%
Rumo SA		2,565,100		7,405,280
Yara International ASA (NOK)		323,346		8,579,190
				15,984,470
Canada: 6.5%
Nutrien Ltd. (USD) †		823,735		36,862,141

China: 4.2%
China Mengniu Dairy Co. Ltd. (HKD)		4,534,000		10,141,388
Wilmar International Ltd. (SGD)		6,084,851		13,825,672
				23,967,060
Denmark: 1.3%
Bakkafrost P/F (NOK)		100,822		5,633,685
Schouw & Co. A/S		27,768		2,079,286
				7,712,971
Germany: 6.7%
Bayer AG		1,735,728		34,659,378
K+S AG		345,081		3,732,988
				38,392,366
Indonesia: 0.3%
Golden Agri-Resources Ltd. (SGD) †		10,348,745		2,010,275

Israel: 1.0%
ICL Group Ltd. (USD) †		1,169,842		5,779,019

Japan: 5.7%
Kubota Corp. †		1,893,730		21,964,231
Maruha Nichiro Corp.		96,400		1,856,023
NH Foods Ltd.		175,000		5,670,072
Nissui Corp.		495,800		2,823,936
				32,314,262
Malaysia: 3.5%
IOI Corp. Bhd		6,048,155		5,246,390
Kuala Lumpur Kepong Bhd		919,270		4,480,702
PPB Group Bhd		1,192,780		3,306,440
SD Guthrie Bhd		6,112,000		6,762,864
				19,796,396
Netherlands: 0.6%
OCI NV * †		292,250		3,272,250

Norway: 4.3%
Leroy Seafood Group ASA		567,202		2,455,119
Mowi ASA		890,849		15,302,614
Salmar ASA		146,658		6,986,489
				24,744,222
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
PhosAgro PJSC (USD) (GDR) ∞		1,892		0
				0

Item 1.	REPORTS TO STOCKHOLDERS.

	Number of Shares		Value
Singapore: 0.7%
Charoen Pokphand Indonesia Tbk PT (IDR)		14,124,700	$	4,177,296

Switzerland: 0.9%
Bucher Industries AG		14,172		5,106,468

Taiwan: 0.5%
Taiwan Fertilizer Co. Ltd.		1,688,000		2,629,264

Thailand: 1.3%
Charoen Pokphand Foods PCL (NVDR)		10,837,336		7,236,908

United Kingdom: 2.7%
CNH Industrial NV (USD)		1,160,774		13,151,569
Genus Plc		113,762		2,205,913
				15,357,482
United States: 54.0%
AGCO Corp. †		111,674		10,439,286
Archer-Daniels-Midland Co.		630,625		31,859,175
Balchem Corp.		42,739		6,966,243
Bunge Global SA		218,386		16,981,695
CF Industries Holdings, Inc.		284,013		24,231,989
Corteva, Inc.		710,510		40,470,650
Darling Ingredients, Inc. *		281,210		9,473,965
Deere & Co.		108,345		45,905,777
Elanco Animal Health, Inc. *		616,320		7,463,635
FMC Corp.		183,933		8,940,983
Mosaic Co.		561,622		13,804,669
Neogen Corp. * †		250,515		3,041,252
Pilgrim’s Pride Corp. *		96,750		4,391,483
Toro Co.		139,562		11,178,916
Tyson Foods, Inc.		489,967		28,143,704
Zoetis, Inc.		273,986		44,640,539
				307,933,961
Total Common Stocks (Cost: $823,606,818)				569,610,051

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5%
Money Market Fund: 4.5% (Cost: $25,787,398)
State Street Navigator Securities Lending Government Money Market Portfolio		25,787,398		25,787,398
Total Investments: 104.4% (Cost: $849,394,216)				595,397,449
Liabilities in excess of other assets: (4.4)%				(25,310,527)
NET ASSETS: 100.0%			$	570,086,922

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

†	Security fully or partially on loan. Total market value of securities on loan is $75,227,196.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	16,333,240	$	—	$	16,333,240
Brazil		—		15,984,470		—		15,984,470
Canada		36,862,141		—		—		36,862,141
China		—		23,967,060		—		23,967,060
Denmark		—		7,712,971		—		7,712,971
Germany		—		38,392,366		—		38,392,366
Indonesia		2,010,275		—		—		2,010,275
Israel		5,779,019		—		—		5,779,019
Japan		—		32,314,262		—		32,314,262
Malaysia		—		19,796,396		—		19,796,396
Netherlands		—		3,272,250		—		3,272,250
Norway		2,455,119		22,289,103		—		24,744,222
Russia		—		—		0		0
Singapore		4,177,296		—		—		4,177,296
Switzerland		—		5,106,468		—		5,106,468
Taiwan		—		2,629,264		—		2,629,264
Thailand		—		7,236,908		—		7,236,908
United Kingdom		15,357,482		—		—		15,357,482
United States		307,933,961		—		—		307,933,961
Money Market Fund		25,787,398		—		—		25,787,398
Total Investments	$	400,362,691	$	195,034,758	$	0	$	595,397,449

	Par (000’s)		Value
Short-Term Investments: 100.9%
United States Treasury Obligations: 97.3%
United States Treasury Bills
4.26%, 04/03/25	$	75	$	74,200
4.29%, 06/05/25		75		73,676
4.32%, 03/20/25		100		99,111
4.37%, 05/22/25 †		200		196,798
4.57%, 03/13/25 (a)		25		24,797
4.66%, 03/06/25 (a)		325		322,623
4.69%, 02/27/25 (a)		275		273,200
4.76%, 02/20/25 (a)		350		348,019
4.78%, 02/13/25		250		248,766

	Par (000’s)		Value
United States Treasury Obligations (continued)
4.98%, 01/30/25	$	250	$	249,178
4.99%, 01/23/25 (a)		325		324,196
5.06%, 01/16/25		125		124,794
				2,359,358


	Number of Shares		Value
Money Market Fund: 3.6%
Invesco Treasury Portfolio - Institutional Class		87,674		87,674
Total Short-Term Investments: 100.9% (Cost: $2,445,388)				2,447,032
Liabilities in excess of other assets: (0.9)%				(22,986)
NET ASSETS: 100.0%			$	2,424,046

†	Security fully or partially on loan. Total market value of securities on loan is $177,119.
(a)	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $372,823.
(b)	The rate shown reflects the rate in effect at December 31, 2024: Secured Overnight Financing Rate + 0.40%.

	Number of Shares		Value
Canada (continued)
Wesdome Gold Mines Ltd. *		6,281,623	$	56,386,979
				5,598,075,040
China: 4.8%
Zhaojin Mining Industry Co. Ltd. (HKD) †		114,900,500		161,379,723
Zijin Mining Group Co. Ltd. (HKD)		251,000,000		452,922,592
				614,302,315
Colombia: 0.2%
Aris Mining Corp. (USD) * †		7,163,064		25,070,724

Kyrgyzstan: 0.4%
Centerra Gold, Inc. (CAD)		8,857,464		50,378,289

Peru: 1.0%
Cia de Minas Buenaventura SAA (ADR)		10,633,837		122,501,802

South Africa: 9.7%
Anglogold Ashanti Plc (USD)		21,082,368		486,581,053
DRDGOLD Ltd. (ADR) †		3,623,692		31,272,462
Gold Fields Ltd. (ADR) †		37,512,718		495,167,878
Harmony Gold Mining Co. Ltd. (ADR) †		26,605,042		218,427,395
				1,231,448,788
Turkey: 1.0%
Eldorado Gold Corp. (USD) * †		8,588,299		127,708,006

United Kingdom: 1.7%
Endeavour Mining Plc (CAD) †		10,231,361		185,319,812
Pan African Resources Plc (ZAR) †		85,022,759		37,076,610
				222,396,422
United States: 16.9%
Coeur Mining, Inc. *		16,733,187		95,713,830
Hecla Mining Co.		26,700,097		131,097,476
Newmont Corp.		41,602,792		1,548,455,918
Royal Gold, Inc.		2,756,051		363,385,324
				2,138,652,548
Total Common Stocks (Cost: $11,825,300,943)				12,654,983,670

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $108,494,073)
State Street Navigator Securities Lending Government Money Market Portfolio		108,494,073		108,494,073
Total Investments: 100.8% (Cost: $11,933,795,016)				12,763,477,743
Liabilities in excess of other assets: (0.8)%				(102,983,697)
NET ASSETS: 100.0%			$	12,660,494,046

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

	Value 12/31/2023	Purchases	Sales Proceeds	Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value 12/31/2024	Dividend Income
Alamos Gold, Inc.	$284,088,752	$88,726,227	$(145,208,378)	$52,857,754	$44,255,618	$–(a)	$1,964,396
Anglogold Ashanti Plc	417,374,016	198,641,818	(228,245,389)	42,649,681	56,160,927	–(a)	8,431,580
Aya Gold & Silver, Inc.	47,946,082	12,664,714	(23,464,641)	6,065,366	(2,323,306)	–(a)	–
B2Gold Corp.	218,670,230	39,121,529	(77,986,151)	(21,678,512)	(24,014,502)	–(a)	10,204,018
Capricorn Metals Ltd.	64,357,270	16,349,462	(25,512,309)	6,854,255	4,705,060	–(a)	–
Centamin Plc	78,287,286	17,312,911	(132,925,375)	17,734,958	19,590,220	–	2,363,830
Centerra Gold, Inc.	68,886,604	13,253,124	(31,220,967)	(380,493)	(159,979)	–(a)	2,135,965
Cia de Minas Buenaventura SAA	205,742,835	41,559,777	(86,592,012)	20,798,792	(59,007,590)	–(a)	1,017,260
Coeur Mining, Inc.	66,343,103	20,054,943	(43,602,468)	3,279,912	49,638,340	–(a)	–
DRDGOLD Ltd.	36,573,291	7,835,671	(17,106,737)	(1,889,292)	5,859,529	–(a)	898,764
Dundee Precious Metals, Inc.	62,084,591	15,098,776	(33,496,515)	10,079,448	14,110,055	–(a)	1,382,181
Eldorado Gold Corp.	140,005,664	32,030,306	(67,543,505)	16,241,464	6,974,077	–(a)	–
Emerald Resources NL	68,071,396	15,447,923	(29,592,808)	7,457,961	(6,260,124)	–(a)	–
Endeavour Mining Plc	295,156,410	51,479,146	(113,290,027)	(2,508,687)	(45,517,030)	–(a)	9,825,467
Equinox Gold Corp.	81,436,451	39,507,847	(26,021,647)	3,325,846	(2,411,180)	–(a)	–
Evolution Mining Ltd.	283,073,281	54,511,384	(117,610,867)	757,923	25,791,117	–(a)	4,357,850
First Majestic Silver Corp.	93,898,600	20,915,176	(39,763,883)	(13,416,562)	7,825,573	–(a)	252,878
Fortuna Mining Corp.	62,927,515	14,920,696	(32,268,999)	6,156,220	4,602,942	–(a)	–
Genesis Minerals Ltd.	71,007,737	17,915,818	(32,664,267)	4,203,785	11,456,856	–(a)	–
Gold Road Resources Ltd.	77,002,407	12,517,168	(27,369,326)	1,378,980	(6,170,278)	–(a)	539,341
Harmony Gold Mining Co. Ltd.	202,861,280	55,024,755	(117,897,662)	46,395,266	32,043,756	–(a)	4,251,044
Hecla Mining Co.	158,228,894	36,027,698	(71,570,325)	3,082,318	5,328,891	–(a)	1,178,838
IAMGOLD Corp.	64,792,910	41,633,583	(46,191,826)	6,706,467	56,592,321	–(a)	–
K92 Mining, Inc.	61,432,909	13,570,117	(28,467,907)	800,291	12,844,928	–(a)	–
Kinross Gold Corp.	395,220,582	95,166,754	(213,097,979)	64,598,188	135,614,577	–(a)	7,185,944
MAG Silver Corp.	57,024,772	12,712,461	(28,983,779)	2,939,523	15,193,296	–(a)	–
New Gold, Inc.	53,176,256	16,863,117	(24,961,013)	8,699,675	28,430,639	–(a)	–
Northern Star Resources Ltd.	568,109,598	87,501,455	(213,114,360)	31,814,109	(16,336,911)	–(a)	14,728,923


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

	Number of Shares		Value
Indonesia: 5.0%
Amman Mineral Internasional PT *		1,427,900	$	748,930
Merdeka Copper Gold Tbk PT *		1,468,600		147,105
				896,035
Japan: 3.3%
Mitsubishi Materials Corp. †		8,000		121,077
Sumitomo Metal Mining Co. Ltd.		20,700		472,494
				593,571
Liechtenstein: 4.0%
Antofagasta Plc (GBP)		36,051		714,437

Mexico: 10.3%
Grupo Mexico SAB de CV		228,200		1,085,755
Southern Copper Corp. (USD)		8,152		742,892
				1,828,647
Poland: 1.7%
KGHM Polska Miedz SA		10,689		297,801

Russia: 0.0%
GMK Norilskiy Nickel PAO *∞		440,500		0
GMK Norilskiy Nickel PAO (ADR) *∞		2		0
				0
South Africa: 12.5%
Anglo American Platinum Ltd. †		6,716		202,593
Anglo American Plc (GBP)		49,071		1,451,468
Impala Platinum Holdings Ltd. *		60,207		281,513
Northam Platinum Holdings Ltd.		26,379		136,173
Sibanye Stillwater Ltd. (ADR) * †		43,793		144,517
				2,216,264
Sweden: 3.8%
Boliden AB		24,107		679,144

United Kingdom: 1.1%
Johnson Matthey Plc		11,351		190,509

United States: 14.2%
Albemarle Corp. †		6,613		569,247
Arcadium Lithium Plc *		78,669		403,572
Freeport-McMoRan, Inc.		37,081		1,412,044
MP Materials Corp. *		8,876		138,466
				2,523,329
Zambia: 2.8%
First Quantum Minerals Ltd. (CAD) *		39,110		503,900

Total Common Stocks (Cost: $23,302,694)				17,840,405

^†	Security fully or partially on loan. Total market value of securities on loan is $2,269,078.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

	Number of Shares		Value
Turkey (continued)
Koza Altin Isletmeleri AS *		41,201,528	$	26,272,283
Koza Anadolu Metal Madencilik Isletmeleri AS *		7,988,504		16,774,265
				127,982,159
United Kingdom: 2.7%
Endeavour Mining Plc †		5,356,943		95,726,308
Greatland Gold Plc * †		268,716,059		21,403,942
				117,130,250
United States: 4.5%
Aura Minerals, Inc. (BRL) (BDR)		4,189,680		16,985,037
Coeur Mining, Inc. *		11,642,507		66,595,140
Gatos Silver, Inc. *		1,221,479		17,076,277
Hecla Mining Co.		18,849,593		92,551,502
i-80 Gold Corp. * †		13,426,031		6,511,625
				199,719,581
Total Common Stocks (Cost: $4,267,156,661)				4,426,610,761

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5%
(Cost: $23,683,945)
State Street Navigator Securities Lending Government Money Market Portfolio		23,683,945		23,683,945
Total Investments: 100.4% (Cost: $4,290,840,606)				4,450,294,706
Liabilities in excess of other assets: (0.4)%				(16,101,474)
NET ASSETS: 100.0%			$	4,434,193,232

	Number of Shares		Value
COMMON STOCKS: 100.1%
Austria: 0.7%
Verbund AG		12,036	$	872,429

Brazil: 3.4%
Centrais Eletricas Brasileiras SA (ADR) †		460,136		2,631,978
Cia Energetica de Minas Gerais (ADR) †		545,917		966,273
Cia Paranaense de Energia - Copel (ADR) †		85,929		509,559
				4,107,810
Canada: 3.8%
Boralex, Inc. †		32,506		648,900
Brookfield Renewable Corp. (USD) †		50,138		1,386,817
Innergex Renewable Energy, Inc. †		55,943		313,128
Northland Power, Inc. †		90,749		1,129,472
TransAlta Corp. (USD) †		79,957		1,131,392
				4,609,709
Chile: 0.5%
Enel Americas SA		7,186,064		631,198

China: 16.9%
BYD Co. Ltd. (HKD)		218,500		7,430,625
China Everbright Environment Group Ltd. (HKD)		1,166,000		578,314
China Longyuan Power Group Corp. Ltd. (HKD)		803,000		662,322
Daqo New Energy Corp. (ADR) * †		20,067		390,103
GCL Technology Holdings Ltd. (HKD) *		7,614,000		1,051,358
Li Auto, Inc. (ADR) * †		151,172		3,626,616
NIO, Inc. (ADR) *		519,404		2,264,601
Xinyi Solar Holdings Ltd. (HKD) †		2,094,000		835,128
XPeng, Inc. (ADR) *		253,875		3,000,803
Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A * †		195,300		807,758
				20,647,628
Denmark: 7.2%
Orsted AS 144A *		70,397		3,177,628
ROCKWOOL International A/S		3,099		1,102,369
Vestas Wind Systems A/S *		326,952		4,483,272
				8,763,269
France: 1.0%
Neoen SA 144A		29,009		1,191,351

Germany: 0.4%
Nordex SE *		46,635		545,906

Ireland: 2.6%
Kingspan Group Plc		43,986		3,196,593

Italy: 7.0%
Enel SpA		1,148,026		8,189,744

	Number of Shares		Value
Italy (continued)
ERG SpA †		20,698	$	421,345
				8,611,089
Japan: 0.7%
Horiba Ltd. †		13,784		792,230

New Zealand: 3.2%
Contact Energy Ltd.		279,127		1,485,619
Mercury NZ Ltd.		249,981		819,057
Meridian Energy Ltd.		475,243		1,573,567
				3,878,243
Portugal: 1.0%
EDP Renovaveis SA * †		112,220		1,165,170

South Korea: 2.6%
Hanwha Solutions Corp. *		36,461		392,805
Samsung SDI Co. Ltd. *		17,145		2,833,876
				3,226,681
Spain: 8.1%
Acciona SA †		9,186		1,033,363
Iberdrola SA		647,707		8,922,530
				9,955,893
Sweden: 1.8%
Nibe Industrier AB †		570,604		2,232,845

Switzerland: 0.5%
Landis+Gyr Group AG		9,144		580,328

Taiwan: 0.5%
Simplo Technology Co. Ltd.		54,000		653,722

United Kingdom: 1.4%
Drax Group Plc		115,279		934,113
Johnson Matthey Plc		45,048		756,062
				1,690,175
United States: 36.8%
Bloom Energy Corp. * †		49,335		1,095,730
EnerSys		11,262		1,040,947
Enphase Energy, Inc. *		38,714		2,658,878
First Solar, Inc. *		30,677		5,406,514
HA Sustainable Infrastructure Capital, Inc. †		27,408		735,357
Installed Building Products, Inc.		6,493		1,137,898
Lucid Group, Inc. * †		459,509		1,387,717
NextEra Energy, Inc.		138,596		9,935,947
Ormat Technologies, Inc.		14,629		990,676
Owens Corning		25,219		4,295,300
Plug Power, Inc. * †		267,880		570,584
QuantumScape Corp. * †		132,885		689,673
Rivian Automotive, Inc. * †		237,456		3,158,165
Sunrun, Inc. * †		46,751		432,447
Tesla, Inc. *		24,138		9,747,890
TopBuild Corp. *		5,599		1,743,193
				45,026,916
Total Common Stocks (Cost: $168,828,963)				122,379,185

†	Security fully or partially on loan. Total market value of securities on loan is $20,806,287.
*	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. These securities have an aggregate value of $5,176,737, or 4.2% of net assets.

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 9.8%
BHP Group Ltd. (ADR) †		91,764	$	4,480,836
Evolution Mining Ltd.		94,715		280,042
Fortescue Ltd. †		89,062		1,003,212
Glencore Plc (GBP)		361,109		1,591,023
Northern Star Resources Ltd.		50,485		479,822
Rio Tinto Ltd. †		13,590		985,769
Rio Tinto Plc (ADR)		44,426		2,612,693
South32 Ltd.		203,327		426,633
Woodside Energy Group Ltd. (ADR)		24,827		387,301
				12,247,331
Brazil: 3.7%
Centrais Eletricas Brasileiras SA (ADR) †		89,162		510,007
Petroleo Brasileiro SA (ADR) †		35,215		416,946
Suzano SA (ADR) †		50,477		510,827
Vale SA (ADR)		167,245		1,483,463
Wheaton Precious Metals Corp. (USD)		18,721		1,052,869
Yara International ASA (NOK)		26,060		691,438
				4,665,550
Canada: 11.0%
Agnico Eagle Mines Ltd. (USD)		23,172		1,812,282
Alamos Gold, Inc. (USD)		24,025		443,021
Barrick Gold Corp. (USD)		88,649		1,374,059
Cameco Corp. (USD)		19,283		990,953
Canadian Natural Resources Ltd. (USD) †		23,696		731,495
Cenovus Energy, Inc. (USD)		19,227		291,289
Enbridge, Inc. (USD) †		31,623		1,341,764
Franco-Nevada Corp. (USD)		8,493		998,692
Kinross Gold Corp. (USD)		59,040		547,301
Northland Power, Inc. †		24,101		299,964
Nutrien Ltd. (USD) †		55,224		2,471,274
Pan American Silver Corp. (USD)		20,841		421,405
Pembina Pipeline Corp. (USD) †		8,988		332,107
South Bow Corp. (USD) †		5,672		133,689
Suncor Energy, Inc. (USD)		19,259		687,161
TC Energy Corp. (USD) †		12,194		567,387
West Fraser Timber Co. Ltd. (USD)		4,558		394,495
				13,838,338
China: 0.8%
Wilmar International Ltd. (SGD)		431,564		980,577

Denmark: 1.1%
Orsted AS 144A *		12,933		583,778
Vestas Wind Systems A/S *		56,867		779,779
				1,363,557
Finland: 1.0%
Stora Enso Oyj †		39,884		401,258

	Number of Shares		Value
Finland (continued)
UPM-Kymmene Oyj		33,255	$	914,190
				1,315,448
France: 1.5%
TotalEnergies SE (ADR) †		34,277		1,868,096

Germany: 1.9%
Bayer AG		117,197		2,340,214

India: 1.0%
Reliance Industries Ltd. (USD) 144A (GDR) †		22,462		1,275,842

Indonesia: 0.4%
Amman Mineral Internasional PT *		941,000		493,552

Israel: 0.0%
Enlight Renewable Energy Ltd. *		1		14

Italy: 0.4%
Eni SpA (ADR) †		19,672		538,226

Japan: 2.4%
JFE Holdings, Inc.		37,464		422,344
Kubota Corp. †		118,200		1,370,930
Nippon Steel Corp.		44,100		887,261
Oji Holdings Corp.		88,676		339,310
				3,019,845
Liechtenstein: 0.4%
Antofagasta Plc (GBP)		23,890		473,438

Luxembourg: 0.5%
ArcelorMittal SA (USD) †		26,610		615,489

Mexico: 0.6%
Grupo Mexico SAB de CV		170,264		810,101

New Zealand: 0.6%
Contact Energy Ltd.		69,366		369,192
Meridian Energy Ltd.		112,770		373,390
				742,582
Norway: 1.1%
Equinor ASA (ADR)		16,243		384,797
Mowi ASA		60,362		1,036,872
				1,421,669
Portugal: 0.2%
EDP Renovaveis SA * †		30,161		313,159

Russia: 0.0%
Evraz Plc (GBP) *∞		10,824		0
Gazprom PJSC *∞		125,520		0
GMK Norilskiy Nickel PAO *∞		128,400		0
GMK Norilskiy Nickel PAO (ADR) *∞		17		0
LUKOIL PJSC ∞		3,739		0
Novatek PJSC ∞		19,580		0
Novolipetsk Steel PJSC ∞		26,910		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		1		0