VanEck Semiconductor ETF NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end: SEPTEMBER 30

Date of reporting period: MARCH 31, 2022

ITEM 1. REPORTS TO SHAREHOLDERS

SEMI-ANNUAL REPORT
March 31, 2022
(unaudited)

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


	800.826.2333	vaneck.com

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

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 2022 (unaudited)

Dear Fellow Shareholders:

The world has certainly changed since I wrote you at the end of September 2021. Our market outlook then was: growth investments (including crypto) were overvalued, value (especially commodity equities) was attractive and the U.S. Federal Reserve (Fed) would tap the brakes and not slam them so as to precipitate a recession. And that stocks would be “OK” in 2022. My view has not changed much.

The Economy

The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.

While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.

Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.

Multi-Year Investment Themes

We continue to focus on two multi-year investment themes.

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

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

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

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

VANECK ETF TRUST

PRESIDENT’S LETTER
(unaudited) (continued)

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

Jan F. van Eck
CEO and President
VanEck ETF Trust

April 6, 2022

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2021 to March 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2021 - March 31, 2022(a)
Biotech ETF
Actual	$1,000.00	$805.20	0.35%	$1.58
Hypothetical(b)	$1,000.00	$1,023.19	0.35%	$1.77
Digital Assets Mining ETF
Actual(c)	$1,000.00	$1,243.50	0.50%	$0.37
Hypothetical(b)	$1,000.00	$1,022.44	0.50%	$2.52
Digital Transformation ETF
Actual	$1,000.00	$719.80	0.50%	$2.14
Hypothetical(b)	$1,000.00	$1,022.44	0.50%	$2.52
Environmental Services ETF
Actual	$1,000.00	$1,060.70	0.55%	$2.83
Hypothetical(b)	$1,000.00	$1,022.19	0.55%	$2.77
Gaming ETF
Actual	$1,000.00	$834.30	0.62%	$2.84
Hypothetical(b)	$1,000.00	$1,021.84	0.62%	$3.13
Pharmaceutical ETF
Actual	$1,000.00	$1,105.70	0.35%	$1.84
Hypothetical(b)	$1,000.00	$1,023.19	0.35%	$1.77
Retail ETF
Actual	$1,000.00	$1,041.10	0.35%	$1.78
Hypothetical(b)	$1,000.00	$1,023.19	0.35%	$1.77

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2021 - March 31, 2022(a)
Semiconductor ETF
Actual	$1,000.00	$1,056.70	0.35%	$1.79
Hypothetical(b)	$1,000.00	$1,023.19	0.35%	$1.77
Video Gaming and eSports ETF
Actual	$1,000.00	$925.10	0.54%	$2.59
Hypothetical(b)	$1,000.00	$1,022.24	0.54%	$2.72

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses
(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from March 8, 2022 (commencement of operations) to March 31, 2022) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
China: 3.6%
BeiGene Ltd. (ADR) *		93,329	$	17,601,849
Germany: 4.8%
BioNTech SE (ADR) *		134,505		22,941,173
Ireland: 3.2%
ICON Plc (USD) *		64,079		15,585,294
Switzerland: 1.2%
CRISPR Therapeutics AG (USD) *†		91,423		5,738,622
United States: 87.1%
10X Genomics, Inc. *		79,055		6,013,714
Alnylam Pharmaceuticals, Inc. *		100,006		16,329,980
Amgen, Inc.		259,315		62,707,553
Biogen, Inc. *		100,735		21,214,791
BioMarin Pharmaceutical, Inc. *		155,937		12,022,743
Bio-Techne Corp.		47,220		20,448,149
Charles River Laboratories International, Inc. *		56,779		16,123,533
Exact Sciences Corp. *		182,408		12,753,967
Gilead Sciences, Inc.		535,747		31,850,159
Guardant Health, Inc. *		97,300		6,445,152
Illumina, Inc. *		72,087		25,187,198
Incyte Corp. *		173,898		13,810,979

	Number of Shares		Value
United States (continued)
Intellia Therapeutics, Inc. *		78,228	$	5,684,829
IQVIA Holdings, Inc. *		103,278		23,878,906
Moderna, Inc. *		213,242		36,733,067
Natera, Inc. *		113,254		4,607,173
Novavax, Inc. *		99,894		7,357,193
QIAGEN NV *		266,179		13,042,771
Regeneron Pharmaceuticals, Inc. *		45,596		31,845,158
Seagen, Inc. *		132,961		19,153,032
Vertex Pharmaceuticals, Inc. *		125,008		32,623,338
				419,833,385
Total Common Stocks (Cost: $515,186,201)				481,700,323

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $481,706)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		481,706		481,706
Total Investments: 100.0% (Cost: $515,667,907)				482,182,029
Other assets less liabilities: 0.0%				92,631
NET ASSETS: 100.0%			$	482,274,660

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,828,416.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments				Value
Biotechnology		73.8	%	$	354,975,606
Health Care Services		1.3			6,445,152
Life Sciences Tools & Services		24.9			120,279,565
		100.0	%	$	481,700,323

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	481,700,323	$	—	$	—	$	481,700,323
Money Market Fund		481,706		—		—		481,706
Total Investments	$	482,182,029	$	—	$	—	$	482,182,029


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 8.2%
Iris Energy Ltd. (USD) *		10,452	$	163,783
Mawson Infrastructure Group, Inc. (USD) *		17,786		90,886
				254,669
Canada: 18.5%
Bitfarms Ltd. (USD) *		34,787		130,452
DMG Blockchain Solutions, Inc. *		77,999		43,088
Hive Blockchain Technologies Ltd. (USD) *		89,421		190,467
Hut 8 Mining Corp. (USD) *		38,837		214,380
				578,387
China: 8.4%
BIT Mining Ltd. (ADR) *		17,694		49,366
Canaan, Inc. (ADR) *		28,752		156,123
Ebang International Holdings, Inc. (USD) *		47,660		55,286
				260,775
Germany: 5.8%
Northern Data AG # *		2,853		182,370
United Kingdom: 4.1%
Argo Blockchain Plc (ADR) *		12,962		127,805

	Number of Shares		Value
United States: 55.1%
Bit Digital, Inc. *		17,959	$	64,652
Block, Inc. *		1,128		152,957
Cipher Mining, Inc. *		16,240		59,114
Cleanspark, Inc. *		10,811		133,732
Coinbase Global, Inc. *		706		134,041
Core Scientific, Inc. *		9,488		78,086
Galaxy Digital Holdings Ltd. (CAD) *		5,773		98,447
Greenidge Generation Holdings, Inc. *		4,817		41,426
Marathon Digital Holdings, Inc. *		10,927		305,410
Riot Blockchain, Inc. *		16,664		352,777
Silvergate Capital Corp. *		727		109,464
Stronghold Digital Mining, Inc. *		5,923		34,649
Terawulf, Inc. *		10,884		91,426
Voyager Digital Ltd. (CAD) *		11,226		60,307
				1,716,488
Total Common Stocks (Cost: $2,849,321)				3,120,494
Total Investments: 100.1% (Cost: $2,849,321)				3,120,494
Liabilities in excess of other assets: (0.1)%				(2,733)
NET ASSETS: 100.0%			$	3,117,761

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $182,370 which represents 5.8% of net assets.

Summary of Investments by Sector	% of Investments			Value
Financials		10.9	%	$	341,952
Information Technology		89.1			2,778,542
		100.0	%	$	3,120,494

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	254,669	$	—	$	—	$	254,669
Canada		578,387		—		—		578,387
China		260,775		—		—		260,775
Germany		—		182,370		—		182,370
United Kingdom		127,805		—		—		127,805
United States		1,716,488		—		—		1,716,488
Total Investments	$	2,938,124	$	182,370	$	—	$	3,120,494

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 5.7%
Iris Energy Ltd. (USD) *		163,397	$	2,560,431
Mawson Infrastructure Group, Inc. (USD) *		251,527		1,285,303
				3,845,734
Canada: 12.8%
Bitfarms Ltd. (USD) * †		741,908		2,782,155
Hive Blockchain Technologies Ltd. (USD) *		1,440,178		3,067,579
Hut 8 Mining Corp. (USD) *		477,509		2,635,850
				8,485,584
China: 5.0%
BIT Mining Ltd. (ADR) *		238,132		664,388
Canaan, Inc. (ADR) * †		493,481		2,679,602
				3,343,990
Germany: 6.2%
Bitcoin Group SE # *		18,280		778,389
Northern Data AG # *		51,953		3,320,947
				4,099,336
Jersey, Channel Islands: 1.2%
Coinshares International Ltd. (SEK) # * †		96,146		811,683
United Kingdom: 3.4%
Argo Blockchain Plc (ADR) * †		228,234		2,250,387
United States: 65.6%
Bakkt Holdings, Inc. *		194,489		1,198,052
Bit Digital, Inc. * †		267,282		962,215

	Number of Shares		Value
United States (continued)
Block, Inc. *		42,649	$	5,783,205
Cleanspark, Inc. * †		191,480		2,368,608
Coinbase Global, Inc. *		26,750		5,078,755
Core Scientific, Inc. *		365,422		3,007,423
Galaxy Digital Holdings Ltd. (CAD) * †		212,519		3,624,078
Marathon Digital Holdings, Inc. * †		151,491		4,234,173
MicroStrategy, Inc. * †		8,188		3,981,988
Riot Blockchain, Inc. * †		194,841		4,124,784
Silvergate Capital Corp. *		32,973		4,964,745
Stronghold Digital Mining, Inc. *		88,537		517,941
Terawulf, Inc. *		160,876		1,351,358
Voyager Digital Ltd. (CAD) * †		457,615		2,458,346
				43,655,671
Total Common Stocks (Cost: $75,071,660)				66,492,385

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 15.2% (Cost: $10,135,391)
Money Market Fund: 15.2%
State Street Navigator Securities Lending Government Money Market Portfolio		10,135,391		10,135,391
Total Investments: 115.1% (Cost: $85,207,051)				76,627,776
Liabilities in excess of other assets: (15.1)%				(10,040,977)
NET ASSETS: 100.0%			$	66,586,799

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $10,638,004.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,911,019 which represents 7.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		24.8	%	$	16,455,701
Information Technology		75.2			50,036,684
		100.0	%	$	66,492,385

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	3,845,734	$	—	$	—	$	3,845,734
Canada		8,485,584		—		—		8,485,584
China		3,343,990		—		—		3,343,990
Germany		—		4,099,336		—		4,099,336
Jersey, Channel Islands		—		811,683		—		811,683
United Kingdom		2,250,387		—		—		2,250,387
United States		43,655,671		—		—		43,655,671
Money Market Fund		10,135,391		—		—		10,135,391
Total Investments	$	71,716,757	$	4,911,019	$	—	$	76,627,776

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Canada: 5.5%
GFL Environmental, Inc. (USD)		81,961	$	2,667,011
Loop Industries, Inc. (USD) * †		177,253		1,576,665
				4,243,676
United States: 94.5%
ABM Industries, Inc.		56,804		2,615,256
Aris Water Solution, Inc.		83,100		1,512,420
Casella Waste Systems, Inc. *		29,077		2,548,599
Clean Harbors, Inc. *		23,270		2,597,863
Darling Ingredients, Inc. *		34,413		2,766,117
Donaldson Co., Inc.		48,178		2,501,884
Ecolab, Inc.		44,381		7,835,909
Energy Recovery, Inc. *		76,220		1,535,071
Evoqua Water Technologies Corp. *		55,534		2,608,987
Heritage-Crystal Clean, Inc. *		51,634		1,528,883
Montrose Environmental Group, Inc. *		48,511		2,567,687
PureCycle Technologies, Inc. * †		268,480		2,147,840
Republic Services, Inc.		57,763		7,653,598
Schnitzer Steel Industries, Inc.		53,503		2,778,946
Stericycle, Inc. *		44,818		2,640,677

	Number of Shares		Value
United States (continued)
STERIS Plc		10,787	$	2,607,973
Tennant Co.		29,698		2,340,202
Tetra Tech, Inc.		15,092		2,489,274
US Ecology, Inc. *		53,334		2,553,632
Vertex Energy, Inc. * †		175,817		1,747,621
Waste Connections, Inc.		54,999		7,683,360
Waste Management, Inc.		48,791		7,733,374
				72,995,173
Total Common Stocks (Cost: $69,657,510)				77,238,849

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6% (Cost: $2,011,242)
Money Market Fund: 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio		2,011,242		2,011,242
Total Investments: 102.6% (Cost: $71,668,752)				79,250,091
Liabilities in excess of other assets: (2.6)%				(1,985,599)
NET ASSETS: 100.0%			$	77,264,492

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,128,255.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		3.6	%	$	2,766,117
Energy		2.3			1,747,621
Health Care		3.4			2,607,973
Industrials		72.1			55,777,777
Materials		18.6			14,339,361
		100.0	%	$	77,238,849

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	77,238,849	$	—	$	—	$	77,238,849
Money Market Fund		2,011,242		—		—		2,011,242
Total Investments	$	79,250,091	$	—	$	—	$	79,250,091


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 13.6%
Aristocrat Leisure Ltd. #		247,904	$	6,752,440
Crown Resorts Ltd. # *		131,316		1,254,912
Star Entertainment Group Ltd. # *		344,057		835,538
Tabcorp Holdings Ltd. #		784,773		3,137,687
				11,980,577
Cambodia: 0.7%
NagaCorp Ltd. (HKD) #		670,000		593,726
China: 6.9%
Galaxy Entertainment Group Ltd. (HKD) #		880,240		5,209,979
Melco Resorts & Entertainment Ltd. (ADR) *		64,823		495,248
SJM Holdings Ltd. (HKD) # *		801,000		393,393
				6,098,620
France: 2.2%
La Francaise des Jeux SAEM 144A #		48,824		1,948,183
Greece: 1.4%
OPAP SA #		84,677		1,239,714
Ireland: 6.9%
Flutter Entertainment Plc # * †		52,368		6,070,043
Japan: 1.1%
Heiwa Corp. # †		27,300		407,857
Sankyo Co. Ltd. #		18,979		527,911
				935,768
Malaysia: 3.9%
Genting Bhd #		967,300		1,073,965
Genting Malaysia Bhd #		1,270,698		896,752
Genting Singapore Ltd. (SGD) #		2,500,600		1,496,787
				3,467,504
Malta: 1.1%
Kindred Group Plc (SDR) #		86,210		948,977
New Zealand: 0.5%
SkyCity Entertainment Group Ltd. #		230,150		458,604
South Korea: 1.3%
Kangwon Land, Inc. # *		49,974		1,139,807

	Number of Shares		Value
Sweden: 6.8%
Evolution AB 144A #		58,226	$	5,976,338
United Kingdom: 5.7%
Entain Plc # *		192,201		4,126,546
Playtech Plc *		110,717		862,992
				4,989,538
United States: 47.8%
Boyd Gaming Corp.		28,120		1,849,734
Caesars Entertainment, Inc. *		48,478		3,750,258
Churchill Downs, Inc.		10,744		2,382,804
DraftKings, Inc. * †		160,304		3,121,119
Gaming and Leisure Properties, Inc.		66,551		3,123,238
International Game Technology Plc †		44,912		1,108,428
Las Vegas Sands Corp. *		161,623		6,282,286
MGM Growth Properties LLC		47,668		1,844,752
MGM Resorts International		124,509		5,221,907
Penn National Gaming, Inc. *		42,285		1,793,730
Sands China Ltd. (HKD) # *		1,070,000		2,546,124
Scientific Games Corp. *		25,991		1,526,971
Skillz, Inc. * †		114,258		342,774
VICI Properties, Inc.		152,143		4,329,990
Wynn Macau Ltd. (HKD) # * †		527,600		382,435
Wynn Resorts Ltd. *		31,159		2,484,619
				42,091,169
Total Common Stocks (Cost: $105,441,088)				87,938,568

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2% (Cost: $3,692,629)
Money Market Fund: 4.2%
State Street Navigator Securities Lending Government Money Market Portfolio		3,692,629		3,692,629
Total Investments: 104.1% (Cost: $109,133,717)				91,631,197
Liabilities in excess of other assets: (4.1)%				(3,627,640)
NET ASSETS: 100.0%			$	88,003,557

Definitions:

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

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $47,417,718 which represents 53.9% of net assets.
*	Non-income producing

See Notes to Financial Statements

†	Security fully or partially on loan. Total market value of securities on loan is $4,650,625.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $7,924,521, or 9.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		0.4	%	$	342,774
Consumer Discretionary		89.0			78,297,814
Real Estate		10.6			9,297,980
		100.0	%	$	87,938,568

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	11,980,577	$	—	$	11,980,577
Cambodia		—		593,726		—		593,726
China		495,248		5,603,372		—		6,098,620
France		—		1,948,183		—		1,948,183
Greece		—		1,239,714		—		1,239,714
Ireland		—		6,070,043		—		6,070,043
Japan		—		935,768		—		935,768
Malaysia		—		3,467,504		—		3,467,504
Malta		—		948,977		—		948,977
New Zealand		—		458,604		—		458,604
South Korea		—		1,139,807		—		1,139,807
Sweden		—		5,976,338		—		5,976,338
United Kingdom		862,992		4,126,546		—		4,989,538
United States		39,162,610		2,928,559		—		42,091,169
Money Market Fund		3,692,629		—		—		3,692,629
Total Investments	$	44,213,479	$	47,417,718	$	—	$	91,631,197

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.6%
Denmark: 5.0%
Novo Nordisk A/S (ADR)		170,987	$	18,988,106
France: 4.7%
Sanofi (ADR)		347,351		17,833,000
Ireland: 0.5%
Amarin Corp. Plc (ADR) * †		582,294		1,915,747
Israel: 3.8%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,532,297		14,388,269
Japan: 4.2%
Takeda Pharmaceutical Co. Ltd. (ADR) †		1,127,270		16,142,507
Switzerland: 5.0%
Novartis AG (ADR)		219,555		19,265,951
United Kingdom: 9.7%
AstraZeneca Plc (ADR)		298,473		19,800,699
GlaxoSmithKline Plc (ADR)		391,090		17,035,880
				36,836,579
United States: 66.7%
AbbVie, Inc.		121,180		19,644,490
AmerisourceBergen Corp.		111,312		17,221,080
Bausch Health Cos, Inc. *		440,943		10,075,548
Bristol-Myers Squibb Co.		264,736		19,333,670
Catalent, Inc. *		163,304		18,110,414

	Number of Shares		Value
United States (continued)
Elanco Animal Health, Inc. *		433,126	$	11,300,257
Eli Lilly & Co.		68,631		19,653,859
Jazz Pharmaceuticals Plc *		74,049		11,527,208
Johnson & Johnson		106,501		18,875,172
McKesson Corp.		58,701		17,970,137
Merck & Co., Inc.		231,856		19,023,785
Organon & Co.		328,120		11,461,232
Patterson Companies, Inc.		88,997		2,880,833
Perrigo Co. Plc		142,996		5,495,336
Pfizer, Inc.		368,492		19,076,831
Viatris, Inc.		1,559,040		16,962,355
Zoetis, Inc.		85,280		16,082,955
				254,695,162
Total Common Stocks (Cost: $374,351,566)				380,065,321

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $4,695,057)
Money Market Fund: 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio		4,695,057		4,695,057
Total Investments: 100.8% (Cost: $379,046,623)				384,760,378
Liabilities in excess of other assets: (0.8)%				(3,082,110)
NET ASSETS: 100.0%			$	381,678,268

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $16,251,357.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		5.7	%	$	21,560,237
Health Care Distributors		10.0			38,072,050
Pharmaceuticals		84.3			320,433,034
		100.0	%	$	380,065,321

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	380,065,321	$	—	$	—	$	380,065,321
Money Market Fund		4,695,057		—		—		4,695,057
Total Investments	$	384,760,378	$	—	$	—	$	384,760,378


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
China: 4.0%
JD.com, Inc. (ADR) * †		146,058	$	8,452,376
United States: 96.1%
Amazon.com, Inc. *		14,542		47,406,193
AmerisourceBergen Corp.		21,768		3,367,727
AutoZone, Inc. *		3,021		6,176,676
Bath & Body Works, Inc.		30,463		1,456,131
Best Buy Co., Inc.		29,283		2,661,825
Cardinal Health, Inc.		32,749		1,856,868
Costco Wholesale Corp.		28,667		16,507,892
CVS Health Corp.		87,973		8,903,747
Dollar General Corp.		27,797		6,188,446
Dollar Tree, Inc. *		30,162		4,830,444
Lowe’s Companies, Inc.		44,832		9,064,582
Lululemon Athletica, Inc. *		12,916		4,717,311
McKesson Corp.		21,406		6,553,019
O’Reilly Automotive, Inc. *		9,987		6,840,696
Ross Stores, Inc.		44,257		4,003,488
Sysco Corp.		71,618		5,847,610
Target Corp.		42,195		8,954,623

	Number of Shares		Value
United States (continued)
The Home Depot, Inc.		62,764	$	18,787,148
The Kroger Co.		86,907		4,985,855
The TJX Companies, Inc.		148,946		9,023,149
Ulta Beauty, Inc. *		7,734		3,079,833
Walgreens Boots Alliance, Inc.		98,993		4,431,917
Walmart, Inc.		111,852		16,657,000
Wayfair, Inc. * †		6,723		744,774
				203,046,954
Total Common Stocks (Cost: $215,583,212)				211,499,330

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $298,352)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		298,352		298,352
Total Investments: 100.2% (Cost: $215,881,564)				211,797,682
Liabilities in excess of other assets: (0.2)%				(324,340)
NET ASSETS: 100.0%			$	211,473,342

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $7,876,145.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		67.3	%	$	142,387,695
Consumer Staples		22.9			48,430,273
Health Care		9.8			20,681,362
		100.0	%	$	211,499,330

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	211,499,330	$	—	$	—	$	211,499,330
Money Market Fund		298,352		—		—		298,352
Total Investments	$	211,797,682	$	—	$	—	$	211,797,682


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 9.0%
ASML Holding N.V. (USD)		637,425	$	425,755,280
NXP Semiconductors N.V. (USD)		1,745,663		323,087,308
				748,842,588
Switzerland: 2.4%
STMicroelectronics N.V. (USD)		4,559,558		197,064,097
Taiwan: 10.1%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		8,041,455		838,402,098
United States: 78.5%
Advanced Micro Devices, Inc. *		3,566,477		389,958,595
Analog Devices, Inc.		2,320,346		383,274,752
Applied Materials, Inc.		2,771,381		365,268,016
Broadcom, Inc.		663,391		417,724,045
Cadence Design Systems, Inc. *		1,593,641		262,090,199
Intel Corp.		8,315,310		412,106,764
KLA Corp.		866,040		317,022,602

	Number of Shares		Value
United States (continued)
Lam Research Corp.		689,070	$	370,450,923
Marvell Technology, Inc.		4,571,604		327,829,723
Microchip Technology, Inc.		3,194,865		240,062,156
Micron Technology, Inc.		4,487,057		349,496,870
Monolithic Power Systems, Inc.		294,017		142,798,176
NVIDIA Corp.		3,216,653		877,695,938
ON Semiconductor Corp. *		2,556,234		160,045,811
Qorvo, Inc. *		712,076		88,368,632
Qualcomm, Inc.		2,520,927		385,248,064
Skyworks Solutions, Inc.		1,086,105		144,756,074
Synopsys, Inc. *		930,012		309,945,099
Teradyne, Inc.		1,083,847		128,143,231
Texas Instruments, Inc.		2,296,544		421,369,893
Universal Display Corp.		310,523		51,841,815
				6,545,497,378
Total Common Stocks (Cost: $9,325,404,336)				8,329,806,161
Total Investments: 100.0% (Cost: $9,325,404,336)				8,329,806,161
Other assets less liabilities: 0.0%				1,833,228
NET ASSETS: 100.0%			$	8,331,639,389

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Application Software		6.9	%	$	572,035,298
Semiconductor Equipment		19.2			1,606,640,052
Semiconductors		73.9			6,151,130,811
		100.0	%	$	8,329,806,161

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	8,329,806,161			$	—			$	—			$	8,329,806,161


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
China: 16.4%
Bilibili, Inc. (ADR) * †		414,882	$	10,612,681
Kingsoft Corp. Ltd. (HKD) #		1,807,200		5,758,551
NetEase, Inc. (ADR)		256,427		22,998,938
Tencent Holdings Ltd. (HKD) #		677,100		31,218,052
				70,588,222
France: 2.5%
Ubisoft Entertainment SA # *		241,316		10,665,456
Japan: 21.0%
Bandai Namco Holdings, Inc. #		252,800		19,227,341
Capcom Co. Ltd. # †		410,300		9,977,360
Konami Holdings Corp. #		181,200		11,463,542
Nexon Co. Ltd. #		803,800		19,287,709
Nintendo Co. Ltd. #		49,900		25,263,364
Square Enix Holdings Co. Ltd. #		116,200		5,162,978
				90,382,294
Poland: 1.5%
CD Projekt SA # †		161,842		6,698,383
South Korea: 4.2%
NCSoft Corp. #		35,774		13,719,551
Netmarble Corp. 144A #		47,345		4,326,611
				18,046,162
Sweden: 2.5%
Embracer Group AB # * †		1,303,622		10,978,441
Taiwan: 7.2%
Micro-Star International Co. Ltd. #		1,838,000		8,251,988

	Number of Shares		Value
Taiwan (continued)
Sea Ltd. (ADR) *		189,278	$	22,673,612
				30,925,600
United States: 44.8%
Activision Blizzard, Inc.		332,107		26,605,092
Advanced Micro Devices, Inc. *		260,326		28,464,045
Electronic Arts, Inc.		164,511		20,812,286
NVIDIA Corp.		144,751		39,496,758
Roblox Corp. * †		422,229		19,523,869
Take-Two Interactive Software, Inc. *		117,386		18,046,924
Unity Software, Inc. *		213,253		21,156,830
Zynga, Inc. *		2,050,167		18,943,543
				193,049,347
Total Common Stocks (Cost: $457,868,694)				431,333,905

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8% (Cost: $16,541,259)
Money Market Fund: 3.8%
State Street Navigator Securities Lending Government Money Market Portfolio		16,541,259		16,541,259
Total Investments: 103.9% (Cost: $474,409,953)				447,875,164
Liabilities in excess of other assets: (3.9)%				(16,833,321)
NET ASSETS: 100.0%			$	431,041,843

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $45,295,566.
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $181,999,327 which represents 42.2% of net assets.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,326,611, or 1.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		73.0	%	$	314,736,944
Consumer Discretionary		4.5			19,227,340
Information Technology		22.5			97,369,621
		100.0	%	$	431,333,905

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
China	$	33,611,619	$	36,976,603	$	—	$	70,588,222
France		—		10,665,456		—		10,665,456
Japan		—		90,382,294		—		90,382,294
Poland		—		6,698,383		—		6,698,383
South Korea		—		18,046,162		—		18,046,162
Sweden		—		10,978,441		—		10,978,441
Taiwan		22,673,612		8,251,988		—		30,925,600
United States		193,049,347		—		—		193,049,347
Money Market Fund		16,541,259		—		—		16,541,259
Total Investments	$	265,875,837	$	181,999,327	$	—	$	447,875,164

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

	Biotech ETF			Digital Assets Mining ETF		Digital Transformation ETF			Environmental Services ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	481,700,323		$	3,120,494	$	66,492,385		$	77,238,849
Short-term investments held as collateral for securities loaned (3)		481,706			—		10,135,391			2,011,242
Cash		768,142			—		366,778			758,381
Receivables:
Investment securities sold		—			—		—			8,895,697
Shares of beneficial interest sold		—			147,773		—			—
Dividends and interest		8,180			—		32,392			62,088
Prepaid expenses		—			—		—			891
Total assets		482,958,351			3,268,267		77,026,946			88,967,148
Liabilities:
Payables:
Investment securities purchased		—			147,773		280,810			5,038,265
Shares of beneficial interest redeemed		—			—		—			4,572,045
Collateral for securities loaned		481,706			—		10,135,391			2,011,242
Due to Adviser		136,985			687		23,946			26,880
Due to custodian		—			2,046		—			—
Deferred Trustee fees		64,926			—		—			3,731
Accrued expenses		74			—		—			50,493
Total liabilities		683,691			150,506		10,440,147			11,702,656
NET ASSETS	$	482,274,660		$	3,117,761	$	66,586,799		$	77,264,492
Shares outstanding		2,971,503			75,000		4,425,000			510,000
Net asset value, redemption and offering price per share	$	162.30		$	41.57	$	15.05		$	151.50
Net Assets consist of:
Aggregate paid in capital	$	625,781,897		$	2,801,329	$	99,422,172		$	77,952,463
Total distributable earnings (loss)		(143,507,237	)		316,432		(32,835,373	)		(687,971	)
NET ASSETS	$	482,274,660		$	3,117,761	$	66,586,799		$	77,264,492
(1) Value of securities on loan	$	2,828,416		$	—	$	10,638,004		$	4,128,255
(2) Cost of investments - Unaffiliated issuers	$	515,186,201		$	2,849,321	$	75,071,660		$	69,657,510
(3) Cost of short-term investments held as collateral for securities loaned	$	481,706		$	—	$	10,135,391		$	2,011,242

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

	Gaming ETF			Pharmaceutical ETF			Retail ETF			Semiconductor ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	87,938,568		$	380,065,321		$	211,499,330		$	8,329,806,161
Short-term investments held as collateral for securities loaned (3)		3,692,629			4,695,057			298,352			—
Cash		—			67,322			—			—
Cash denominated in foreign currency, at value (4)		27,481			—			—			—
Receivables:
Investment securities sold		—			4,485,581			—			532,348,976
Shares of beneficial interest sold		—			20,098,092			—			204,591,654
Dividends and interest		173,792			1,177,764			136,094			5,533,639
Prepaid expenses		1,515			—			—			—
Total assets		91,833,985			410,589,137			211,933,776			9,072,280,430
Liabilities:
Payables:
Investment securities purchased		—			20,097,761			—			204,578,719
Shares of beneficial interest redeemed		—			3,985,435			—			532,383,514
Collateral for securities loaned		3,692,629			4,695,057			298,352			—
Line of credit		—			—			—			1,029,163
Due to Adviser		36,886			96,336			62,367			2,507,285
Due to custodian		50,710			—			89,410			43,993
Deferred Trustee fees		9,080			36,037			10,259			97,455
Accrued expenses		41,123			243			46			912
Total liabilities		3,830,428			28,910,869			460,434			740,641,041
NET ASSETS	$	88,003,557		$	381,678,268		$	211,473,342		$	8,331,639,389
Shares outstanding		2,200,000			4,788,138			1,171,531			30,920,937
Net asset value, redemption and offering price per share	$	40.00		$	79.71		$	180.51		$	269.45
Net Assets consist of:
Aggregate paid in capital	$	119,251,295		$	446,073,523		$	220,706,818		$	8,486,796,783
Total distributable earnings (loss)		(31,247,738	)		(64,395,255	)		(9,233,476	)		(155,157,394	)
NET ASSETS	$	88,003,557		$	381,678,268		$	211,473,342		$	8,331,639,389
(1) Value of securities on loan	$	4,650,625		$	16,251,357		$	7,876,145		$	—
(2) Cost of investments - Unaffiliated issuers	$	105,441,088		$	374,351,566		$	215,583,212		$	9,325,404,336
(3) Cost of short-term investments held as collateral for securities loaned	$	3,692,629		$	4,695,057		$	298,352		$	—
(4) Cost of cash denominated in foreign currency	$	27,483		$	—		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

	Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	431,333,905
Short-term investments held as collateral for securities loaned (3)		16,541,259
Cash denominated in foreign currency, at value (4)		3
Receivables:
Shares of beneficial interest sold		1,201
Dividends and interest		1,051,417
Prepaid expenses		4,805
Total assets		448,932,590
Liabilities:
Payables:
Collateral for securities loaned		16,541,259
Line of credit		1,108,113
Due to Adviser		185,102
Deferred Trustee fees		10,578
Accrued expenses		45,695
Total liabilities		17,890,747
NET ASSETS	$	431,041,843
Shares outstanding		7,400,000
Net asset value, redemption and offering price per share	$	58.25
Net Assets consist of:
Aggregate paid in capital	$	416,278,913
Total distributable earnings (loss)		14,762,930
NET ASSETS	$	431,041,843
(1) Value of securities on loan	$	45,295,566
(2) Cost of investments - Unaffiliated issuers	$	457,868,694
(3) Cost of short-term investments held as collateral for securities loaned	$	16,541,259
(4) Cost of cash denominated in foreign currency	$	3

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2022 (unaudited)

	Biotech ETF			Digital Assets Mining ETF (a)			Digital Transformation ETF			Environmental Services ETF
Income:
Dividends	$	1,740,927		$	—		$	—		$	287,679
Interest		—			—			—			18
Securities lending income		9,712			—			1,057,044			54,408
Foreign taxes withheld		—			—			—			(4,263	)
Total income		1,750,639			—			1,057,044			337,842
Expenses:
Management fees		914,396			688			137,876			190,645
Professional fees		—			—			—			29,636
Custody and accounting fees		—			—			—			9,394
Reports to shareholders		—			—			—			5,011
Trustees’ fees and expenses		—			—			—			384
Registration fees		—			—			—			3,060
Insurance		—			—			—			1,465
Interest and taxes		413			—			2,010			360
Other		—			—			—			314
Total expenses		914,809			688			139,886			240,269
Waiver of management fees		—			—			—			(30,199	)
Net expenses		914,809			688			139,886			210,070
Net investment income (loss)		835,830			(688	)		917,158			127,772
Net realized gain (loss) on:
Investments		(11,556,022	)		46,047			(18,418,547	)		(468,349	)
In-kind redemptions		9,340,449			—			234,038			5,650,721
Foreign currency transactions and foreign denominated assets and liabilities		—			(101	)		(16,168	)		5
Net realized gain (loss)		(2,215,573	)		45,946			(18,200,677	)		5,182,377
Net change in unrealized appreciation (depreciation) on:
Investments		(115,468,290	)		271,174			527,132			(1,524,410	)
Net change in unrealized appreciation (depreciation)		(115,468,290	)		271,174			527,132			(1,524,410	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(116,848,033	)	$	316,432		$	(16,756,387	)	$	3,785,739


(a)	For the period March 8, 2022 (commencement of operations) through March 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2022 (unaudited)

	Gaming ETF			Pharmaceutical ETF			Retail ETF			Semiconductor ETF
Income:
Dividends	$	421,008		$	4,042,568		$	1,266,712		$	42,132,908
Interest		—			2			36			1,784
Securities lending income		18,980			87,538			2,154			91,612
Foreign taxes withheld		(2,849	)		(161,640	)		—			(2,335,932	)
Total income		437,139			3,968,468			1,268,902			39,890,372
Expenses:
Management fees		243,572			589,517			397,782			13,088,696
Professional fees		28,013			—			—			—
Custody and accounting fees		12,674			—			—			—
Reports to shareholders		8,058			—			—			—
Trustees’ fees and expenses		927			—			—			—
Registration fees		743			—			—			—
Insurance		2,260			—			—			—
Interest and taxes		1,025			5,782			479			6,898
Other		3,055			—			—			—
Total expenses		300,327			595,299			398,261			13,095,594
Net investment income		136,812			3,373,169			870,641			26,794,778
Net realized gain (loss) on:
Investments		(3,446,702	)		(1,587,046	)		(3,777,297	)		(177,617,503	)
In-kind redemptions		4,615,312			17,371,948			9,876,515			1,124,183,455
Capital gain distributions received		203			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		773			—			—			—
Net realized gain		1,169,586			15,784,902			6,099,218			946,565,952
Net change in unrealized appreciation (depreciation) on:
Investments		(18,200,636	)		13,398,373			(542,611	)		(842,292,191	)
Foreign currency transactions and foreign denominated assets and liabilities		(554	)		—			—			—
Net change in unrealized appreciation (depreciation)		(18,201,190	)		13,398,373			(542,611	)		(842,292,191	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,894,792	)	$	32,556,444		$	6,427,248		$	131,068,539

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2022 (unaudited)

	Video Gaming and eSports ETF
Income:
Dividends	$	3,329,778
Securities lending income		57,298
Foreign taxes withheld		(207,443	)
Total income		3,179,633
Expenses:
Management fees		1,424,600
Professional fees		40,532
Custody and accounting fees		22,317
Reports to shareholders		33,435
Trustees’ fees and expenses		5,807
Registration fees		1,504
Insurance		4,551
Interest and taxes		9,603
Other		4,874
Total expenses		1,547,223
Net investment income		1,632,410
Net realized gain (loss) on:
Investments		1,393,462
In-kind redemptions		39,094,226
Foreign currency transactions and foreign denominated assets and liabilities		(8,049	)
Net realized gain		40,479,639
Net change in unrealized appreciation (depreciation) on:
Investments		(78,366,898	)
Foreign currency transactions and foreign denominated assets and liabilities		(8,743	)
Net change in unrealized appreciation (depreciation)		(78,375,641	)
Net Decrease in Net Assets Resulting from Operations	$	(36,263,592	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Assets Mining ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income (loss)	$	835,830		$	1,199,758		$	(688	)
Net realized gain (loss)		(2,215,573	)		79,266,644			45,946
Net change in unrealized appreciation (depreciation)		(115,468,290	)		36,737,909			271,174
Net increase (decrease) in net assets resulting from operations		(116,848,033	)		117,204,311			316,432
Distributions to shareholders from:
Distributable earnings		(1,180,281	)		(1,699,994	)		—

Share transactions**:
Proceeds from sale of shares		40,311,162			219,670,586			2,801,329
Cost of shares redeemed		(30,128,601	)		(230,504,701	)		—
Increase (decrease) in net assets resulting from share transactions		10,182,561			(10,834,115	)		2,801,329
Total increase (decrease) in net assets		(107,845,753	)		104,670,202			3,117,761
Net Assets, beginning of period		590,120,413			485,450,211			—
Net Assets, end of period	$	482,274,660		$	590,120,413		$	3,117,761
**Shares of Common Stock Issued (no par value)
Shares sold		225,000			1,150,000			75,000
Shares redeemed		(175,000	)		(1,225,000	)		—
Net increase (decrease)		50,000			(75,000	)		75,000


(a)	For the period March 8, 2022 (commencement of operations) through March 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital Transformation ETF						Environmental Services ETF
	Period Ended March 31, 2022			Period Ended September 30, 2021 (a)			Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	917,158		$	2,922		$	127,772		$	135,228
Net realized gain (loss)		(18,200,677	)		(2,316,643	)		5,182,377			8,224,962
Net change in unrealized appreciation (depreciation)		527,132			(9,106,406	)		(1,524,410	)		6,390,584
Net increase (decrease) in net assets resulting from operations		(16,756,387	)		(11,420,127	)		3,785,739			14,750,774
Distributions to shareholders from:
Distributable earnings		(4,600,120	)		—			(200,016	)		(124,993	)

Share transactions**:
Proceeds from sale of shares		44,490,289			58,233,162			21,291,669			40,559,653
Cost of shares redeemed		(2,163,485	)		(1,196,533	)		(14,906,449	)		(18,707,729	)
Increase in net assets resulting from share transactions		42,326,804			57,036,629			6,385,220			21,851,924
Total increase in net assets		20,970,297			45,616,502			9,970,943			36,477,705
Net Assets, beginning of period		45,616,502			—			67,293,549			30,815,844
Net Assets, end of period	$	66,586,799		$	45,616,502		$	77,264,492		$	67,293,549
**Shares of Common Stock Issued (no par value)
Shares sold		2,525,000			2,050,000			140,000			300,000
Shares redeemed		(100,000	)		(50,000	)		(100,000	)		(140,000	)
Net increase		2,425,000			2,000,000			40,000			160,000


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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gaming ETF						Pharmaceutical ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	136,812		$	376,153		$	3,373,169		$	4,717,616
Net realized gain		1,169,586			12,044,047			15,784,902			16,088,881
Net change in unrealized appreciation (depreciation)		(18,201,190	)		(2,950,274	)		13,398,373			20,215,746
Net increase (decrease) in net assets resulting from operations		(16,894,792	)		9,469,926			32,556,444			41,022,243
Distributions to shareholders from:
Distributable earnings		(725,005	)		(349,965	)		(2,790,257	)		(4,063,401	)

Share transactions*:
Proceeds from sale of shares		6,562,409			90,865,077			162,789,288			506,408,386
Cost of shares redeemed		(19,328,458	)		(36,388,492	)		(129,815,574	)		(459,578,185	)
Increase (decrease) in net assets resulting from share transactions		(12,766,049	)		54,476,585			32,973,714			46,830,201
Total increase (decrease) in net assets		(30,385,846	)		63,596,546			62,739,901			83,789,043
Net Assets, beginning of period		118,389,403			54,792,857			318,938,367			235,149,324
Net Assets, end of period	$	88,003,557		$	118,389,403		$	381,678,268		$	318,938,367
*Shares of Common Stock Issued (no par value)
Shares sold		150,000			1,775,000			2,100,000			7,300,000
Shares redeemed		(400,000	)		(725,000	)		(1,700,000	)		(6,700,000	)
Net increase (decrease)		(250,000	)		1,050,000			400,000			600,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Retail ETF						Semiconductor ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	870,641		$	1,987,122		$	26,794,778		$	34,765,102
Net realized gain		6,099,218			54,787,974			946,565,952			1,661,280,446
Net change in unrealized appreciation (depreciation)		(542,611	)		(23,437,570	)		(842,292,191	)		(254,053,014	)
Net increase in net assets resulting from operations		6,427,248			33,337,526			131,068,539			1,441,992,534
Distributions to shareholders from:
Distributable earnings		(1,850,009	)		(1,274,964	)		(38,500,125	)		(29,249,241	)

Share transactions**:
Proceeds from sale of shares		67,184,294			278,009,892			16,257,222,388			15,625,608,376
Cost of shares redeemed		(99,963,083	)		(252,249,346	)		(13,955,762,420	)		(13,747,005,339	)
Increase (decrease) in net assets resulting from share transactions		(32,778,789	)		25,760,546			2,301,459,968			1,878,603,037
Total increase (decrease) in net assets		(28,201,550	)		57,823,108			2,394,028,382			3,291,346,330
Net Assets, beginning of period		239,674,892			181,851,784			5,937,611,007			2,646,264,677
Net Assets, end of period	$	211,473,342		$	239,674,892		$	8,331,639,389		$	5,937,611,007
**Shares of Common Stock Issued (no par value)
Shares sold		350,000			1,600,000			58,000,000			66,350,000
Shares redeemed		(550,000	)		(1,450,000	)		(50,250,000	)		(58,350,000	)
Net increase (decrease)		(200,000	)		150,000			7,750,000			8,000,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Video Gaming and eSports ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)
Operations:
Net investment income	$	1,632,410		$	441,491
Net realized gain		40,479,639			97,749,751
Net change in unrealized appreciation (depreciation)		(78,375,641	)		(77,257,187	)
Net increase (decrease) in net assets resulting from operations		(36,263,592	)		20,934,055
Distributions to shareholders from:
Distributable earnings		(20,504,040	)		(870,225	)

Share transactions**:
Proceeds from sale of shares		16,850,763			266,565,899
Cost of shares redeemed		(160,041,561	)		(177,196,989	)
Increase (decrease) in net assets resulting from share transactions		(143,190,798	)		89,368,910
Total increase (decrease) in net assets		(199,958,430	)		109,432,740
Net Assets, beginning of period		631,000,273			521,567,533
Net Assets, end of period	$	431,041,843		$	631,000,273
**Shares of Common Stock Issued (no par value)
Shares sold		250,000			3,850,000
Shares redeemed		(2,550,000	)		(2,650,000	)
Net increase (decrease)		(2,300,000	)		1,200,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Biotech ETF
				Year Ended September 30,

	Period
	Ended
	March 31,
	2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$201.99			$162.01			$118.04			$136.11			$134.17			$115.25
Net investment income (a)		0.28			0.42			0.59			0.39			0.52			0.58
Net realized and unrealized gain (loss) on investments		(39.57	)		40.17			43.85			(17.91	)		2.10	(b)		18.67
Total from investment operations		(39.29	)		40.59			44.44			(17.52	)		2.62			19.25
Distributions from:
Net investment income		(0.40	)		(0.61	)		(0.47	)		(0.55	)		(0.68	)		(0.33	)
Net asset value, end of period		$162.30			$201.99			$162.01			$118.04			$136.11			$134.17
Total return (c)		(19.48	)%(d)		25.13	%		37.71	%		(12.84	)%		2.00	%		16.77	%

Ratios to average net assets
Gross expenses (e)		0.35	%(f)		0.38	%		0.39	%		0.40	%		0.40	%		0.39	%
Net expenses (e)		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.32	%(f)		0.23	%		0.40	%		0.31	%		0.41	%		0.48	%
Supplemental data
Net assets, end of period (in millions)		$482			$590			$485			$318			$476			$717
Portfolio turnover rate (g)		11	%(d)		41	%		40	%		24	%		30	%		27	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Periods after September 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Assets Mining ETF

	Period Ended March 31, 2022(a)
	(unaudited)
Net asset value, beginning of period		$33.43
Net investment loss (b)		(0.01	)
Net realized and unrealized gain on investments		8.15
Total from investment operations		8.14
Net asset value, end of period		$41.57
Total return (c)		24.35	%(d)

Ratios to average net assets
Expenses		0.50	%(e)
Net investment loss		(0.50	)%(e)
Supplemental data
Net assets, end of period (in millions)		$3
Portfolio turnover rate (f)		8	%(d)


(a)	For the period March 8, 2022 (commencement of operations) through March 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF

	Period Ended March 31, 2022			Period Ended September 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$22.81			$35.25
Net investment income (b)		0.32			—	(c)
Net realized and unrealized loss on investments		(6.20	)		(12.44	)
Total from investment operations		(5.88	)		(12.44	)
Distributions from:
Net investment income		(1.88	)		—
Net asset value, end of period		$15.05			$22.81
Total return (d)		(28.02	)%(e)		(35.30	)%(e)

Ratios to average net assets
Expenses		0.51	%(f)		0.58	%(f)
Expenses excluding interest and taxes		0.50	%(f)		0.58	%(f)
Net investment income		3.33	%(f)		0.02	%(f)
Supplemental data
Net assets, end of period (in millions)		$67			$46
Portfolio turnover rate (g)		46	%(e)		49	%(e)


(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Environmental Services ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$143.18			$99.41			$104.25			$96.64			$86.02			$69.68
Net investment income (a)		0.25			0.36			0.46			0.46			0.42			0.66
Net realized and unrealized gain (loss) on investments		8.44			43.80			(4.83	)		7.47			10.98			16.21
Total from investment operations		8.69			44.16			(4.37	)		7.93			11.40			16.87
Distributions from:
Net investment income		(0.37	)		(0.39	)		(0.47	)		(0.32	)		(0.78	)		(0.53	)
Net asset value, end of period		$151.50			$143.18			$99.41			$104.25			$96.64			$86.02
Total return (b)		6.07	%(c)		44.50	%		(4.23	)%		8.30	%		13.36	%		24.31	%

Ratios to average net assets
Gross expenses		0.63	%(d)		0.71	%		0.85	%		0.81	%		0.98	%		0.95	%
Net expenses		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.56	%		0.55	%
Net expenses excluding interest and taxes		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.34	%(d)		0.27	%		0.47	%		0.47	%		0.47	%		0.86	%
Supplemental data
Net assets, end of period (in millions)		$77			$67			$31			$36			$24			$17
Portfolio turnover rate (e)		17	%(c)		21	%		38	%		20	%		24	%		20	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Gaming ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$48.32			$39.14			$36.61			$39.76			$42.61			$36.15
Net investment income (a)		0.06			0.16			0.51			1.07			1.03			1.13
Net realized and unrealized gain (loss) on investments		(8.03	)		9.24			3.25			(3.09	)		(2.80	)		6.40
Total from investment operations		(7.97	)		9.40			3.76			(2.02	)		(1.77	)		7.53
Distributions from:
Net investment income		(0.35	)		(0.22	)		(1.23	)		(1.13	)		(1.08	)		(1.07	)
Net asset value, end of period		$40.00			$48.32			$39.14			$36.61			$39.76			$42.61
Total return (b)		(16.57	)%(c)		24.06	%		10.03	%		(4.73	)%		(4.51	)%		21.58	%

Ratios to average net assets
Gross expenses		0.62	%(d)		0.62	%		0.92	%		0.94	%		0.86	%		0.94	%
Net expenses		0.62	%(d)		0.62	%		0.65	%		0.66	%		0.66	%		0.65	%
Net expenses excluding interest and taxes		0.61	%(d)		0.62	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.28	%(d)		0.32	%		1.41	%		2.92	%		2.24	%		2.97	%
Supplemental data
Net assets, end of period (in millions)		$88			$118			$55			$24			$26			$23
Portfolio turnover rate (e)		8	%(c)		20	%		29	%		20	%		31	%		22	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Pharmaceutical ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$72.68			$62.08			$56.93			$64.37			$57.75			$57.44
Net investment income (a)		0.75			1.29			1.06			1.04			1.01			1.18
Net realized and unrealized gain (loss) on investments		6.89			10.46			5.14			(7.37	)		6.62			0.26
Total from investment operations		7.64			11.75			6.20			(6.33	)		7.63			1.44
Distributions from:
Net investment income		(0.61	)		(1.15	)		(1.05	)		(1.11	)		(1.01	)		(1.13	)
Net asset value, end of period		$79.71			$72.68			$62.08			$56.93			$64.37			$57.75
Total return (b)		10.57	%(c)		19.10	%		11.02	%		(9.88	)%		13.42	%		2.59	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.40	%		0.42	%		0.43	%		0.43	%		0.40	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.36	%		0.36	%		0.35	%
Net expenses excluding interest and taxes (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.00	%(e)		1.85	%		1.74	%		1.77	%		1.70	%		2.14	%
Supplemental data
Net assets, end of period (in millions)		$382			$319			$235			$142			$276			$285
Portfolio turnover rate (f)		6	%(c)		20	%		18	%		21	%		18	%		40	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Retail ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$174.75			$148.87			$114.49			$111.44			$81.42			$78.02
Net investment income (a)		0.71			1.54			1.22			1.31			1.13			1.15
Net realized and unrealized gain on investments		6.56			25.34			34.25			2.72			30.32			3.64
Total from investment operations		7.27			26.88			35.47			4.03			31.45			4.79
Distributions from:
Net investment income		(1.51	)		(1.00	)		(1.09	)		(0.98	)		(1.43	)		(1.39	)
Net asset value, end of period		$180.51			$174.75			$148.87			$114.49			$111.44			$81.42
Total return (b)		4.11	%(c)		18.13	%		31.22	%		3.82	%		39.01	%		6.25	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.42	%		0.47	%		0.48	%		0.52	%		0.50	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.77	%(e)		0.92	%		0.96	%		1.25	%		1.15	%		1.46	%
Supplemental data
Net assets, end of period (in millions)		$211			$240			$182			$71			$136			$59
Portfolio turnover rate (f)		9	%(c)		12	%		12	%		9	%		16	%		17	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Semiconductor ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$256.25			$174.43			$119.14			$106.41			$93.34			$69.36
Net investment income (a)		1.00			1.71			1.88			1.75			1.19			1.10
Net realized and unrealized gain on investments		13.77			81.61			55.53			12.62			13.28			23.46
Total from investment operations		14.77			83.32			57.41			14.37			14.47			24.56
Distributions from:
Net investment income		(1.57	)		(1.50	)		(2.12	)		(1.64	)		(1.40	)		(0.58	)
Net asset value, end of period		$269.45			$256.25			$174.43			$119.14			$106.41			$93.34
Total return (b)		5.67	%(c)		47.94	%		48.60	%		14.09	%		15.61	%		35.63	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.36	%		0.37	%		0.39	%		0.39	%		0.38	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.72	%(e)		0.72	%		1.31	%		1.68	%		1.14	%		1.38	%
Supplemental data
Net assets, end of period (in millions)		$8,332			$5,938			$2,646			$1,361			$1,215			$800
Portfolio turnover rate (f)		15	%(c)		20	%		14	%		19	%		23	%		22	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Video Gaming and eSports ETF
				Year Ended September 30,
	Period Ended March 31, 2022			2021			2020			Period Ended September 30, 2019(a)
	(unaudited)
Net asset value, beginning of period		$65.05			$61.36			$33.74			$30.88
Net investment income (b)		0.19			0.04			0.03			0.12
Net realized and unrealized gain (loss) on investments		(4.76	)		3.73			27.67			2.75
Total from investment operations		(4.57	)		3.77			27.70			2.87
Distributions from:
Net investment income		(0.05	)		(0.08	)		(0.08	)		(0.01	)
Net realized capital gains		(2.18	)		—			—			—
Total distributions		(2.23	)		(0.08	)		(0.08	)		(0.01	)
Net asset value, end of period		$58.25			$65.05			$61.36			$33.74
Total return (c)		(7.49	)%(d)		6.15	%		82.25	%		9.31	%(d)

Ratios to average net assets
Gross expenses		0.54	%(e)		0.55	%		0.58	%		0.99	%(e)
Net expenses		0.54	%(e)		0.55	%		0.55	%		0.55	%(e)
Net investment income		0.57	%(e)		0.06	%		0.06	%		0.38	%(e)
Supplemental data
Net assets, end of period (in millions)		$431			$631			$522			$39
Portfolio turnover rate (f)		17	%(d)		33	%		25	%		27	%(d)


(a)	For the period October 16, 2018 (commencement of operations) through September 30, 2019.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (unaudited)

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

Fund		Diversification Classification

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

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Funds.

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

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

The following summarizes the Funds’ significant accounting policies.

Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees (the “Board”) considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Board. 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Unitary Management Fee Rate
Biotech ETF	0.35	%
Digital Assets Mining ETF	0.50
Digital Transformation ETF	0.50
Pharmaceutical ETF	0.35
Retail ETF	0.35
Semiconductor ETF	0.35

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

At March 31, 2022, the Adviser owned approximately 53% and 8% of Digital Assets Mining ETF and Digital Transformation ETF, respectively.

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

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

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 period ended March 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Biotech ETF	$	60,362,250	$	60,544,177	$	40,312,358	$	29,988,903
Digital Assets Mining ETF		260,305		255,051		2,798,019		—
Digital Transformation ETF		26,169,060		29,947,115		44,514,862		2,165,289
Environmental Services ETF		12,924,856		12,973,839		21,291,341		14,879,319
Gaming ETF		8,260,522		9,372,731		6,255,855		18,331,208
Pharmaceutical ETF		20,774,410		21,109,819		162,805,245		129,647,657
Retail ETF		19,810,207		21,543,967		67,180,685		99,207,007
Semiconductor ETF		1,131,134,081		1,140,969,637		16,257,447,916		13,952,196,789
Video Gaming and eSports ETF		94,605,625		124,477,741		15,768,196		148,930,469

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

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Biotech ETF	$516,256,072	$34,762,053	$(68,836,096)	$(34,074,043)
Digital Assets Mining ETF	2,849,321	317,479	(46,306)	271,173
Digital Transformation ETF	87,065,762	2,099,355	(12,537,341)	(10,437,986)
Environmental Services ETF	71,657,554	11,235,700	(3,643,163)	7,592,537
Gaming ETF	110,288,734	5,783,292	(24,440,829)	(18,657,537)
Pharmaceutical ETF	379,113,204	27,052,697	(21,405,523)	5,647,174
Retail ETF	215,881,564	11,595,883	(15,679,765)	(4,083,882)
Semiconductor ETF	9,325,651,547	16,629,879	(1,012,475,265)	(995,845,386)
Video Gaming and eSports ETF	475,209,759	45,965,057	(73,299,652)	(27,334,595)

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

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Biotech ETF	$	(10,178,101	)	$	(97,311,461	)	$	(107,489,562	)
Digital Transformation ETF		(2,146,231	)		–			(2,146,231	)
Environmental Services ETF		(4,409,984	)		(9,070,919	)		(13,480,903	)
Gaming ETF		(3,351,540	)		(10,352,992	)		(13,704,532	)
Pharmaceutical ETF		(4,203,891	)		(83,721,198	)		(87,925,089	)
Retail ETF		(2,971,511	)		(8,618,119	)		(11,589,630	)
Semiconductor ETF		(104,617,133	)		(14,778,901	)		(119,396,034	)

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

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

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. In addition, to the extent that a Fund is concentrated in a particular sector or industry, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

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

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

Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral, if any, at March 31, 2022 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2022.

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	2,828,416	$	481,706	$	2,482,428	$	2,964,134
Digital Transformation ETF		10,638,004		10,135,391		1,459,268		11,594,659
Environmental Services ETF		4,128,255		2,011,242		2,191,647		4,202,889
Gaming ETF		4,650,625		3,692,629		1,312,549		5,005,178
Pharmaceutical ETF		16,251,357		4,695,057		12,372,153		17,067,210
Retail ETF		7,876,145		298,352		8,340,806		8,639,158
Video Gaming and eSports ETF		45,295,566		16,541,259		32,900,877		49,442,136

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Biotech ETF	$	481,706
Digital Transformation ETF		10,135,391
Environmental Services ETF		2,011,242
Gaming ETF		3,692,629
Pharmaceutical ETF		4,695,057
Retail ETF		298,352
Video Gaming and eSports ETF		16,541,259

*	Remaining contractual maturity: overnight and continuous

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

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Biotech ETF	29	$157,710	1.43	%
Digital Transformation ETF	38	259,420	1.45
Environmental Services ETF	73	110,849	1.43
Gaming ETF	27	142,835	1.50
Pharmaceutical ETF	162	851,967	1.44
Retail ETF	80	107,128	1.45

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Semiconductor ETF	66	2,540,865	1.47
Video Gaming and eSports ETF	100	669,122	1.46

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

March 31, 2022 (unaudited)

At a meeting held on March 4, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Digital Assets Mining ETF, VanEck Gold and Digital Assets Mining ETF and VanEck Dynamic High Income ETF (the “Funds”).

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

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

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

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

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

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2020 to December 31, 2020 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

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

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

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

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

SEMI-ANNUAL REPORT
March 31, 2022
(unaudited)

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

800.826.2333

vaneck.com

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 2022 (unaudited)

Dear Fellow Shareholders:

The world has certainly changed since I wrote you at the end of September 2021. Our market outlook then was: growth investments (including crypto) were overvalued, value (especially commodity equities) was attractive and the U.S. Federal Reserve (Fed) would tap the brakes and not slam them so as precipitate a recession. And that stocks would be “OK” in 2022. My view has not changed much.

The Economy

Multi-Year Investment Themes

We continue to focus on two multi-year investment themes.

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck
CEO and President
VanEck ETF Trust

April 6, 2022

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2021 to March 31, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2021 - March 31, 2022(a)
Inflation Allocation ETF
Actual	$1,000.00	$1,193.90	0.55%	$3.01
Hypothetical (b)	$1,000.00	$1,022.19	0.55%	$2.77
Long/Flat Trend ETF
Actual	$1,000.00	$1,056.80	0.55%	$2.82
Hypothetical (b)	$1,000.00	$1,022.19	0.55%	$2.77
Morningstar Durable Dividend ETF
Actual	$1,000.00	$1,080.10	0.29%	$1.50
Hypothetical (b)	$1,000.00	$1,023.49	0.29%	$1.46
Morningstar ESG Moat ETF
Actual (c)	$1,000.00	$986.20	0.49%	$2.36
Hypothetical (b)	$1,000.00	$1,022.49	0.49%	$2.47
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$1,006.60	0.52%	$2.60
Hypothetical (b)	$1,000.00	$1,022.34	0.52%	$2.62
Morningstar International Moat ETF
Actual	$1,000.00	$991.20	0.57%	$2.83
Hypothetical (b)	$1,000.00	$1,022.09	0.57%	$2.87
Morningstar Wide Moat ETF
Actual	$1,000.00	$1,029.10	0.46%	$2.33
Hypothetical (b)	$1,000.00	$1,022.64	0.46%	$2.32

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2021 - March 31, 2022(a)
Social Sentiment ETF
Actual	$1,000.00	$785.60	0.75%	$3.34
Hypothetical (b)	$1,000.00	$1,021.19	0.75%	$3.78


(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses
(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from October 6, 2021 (commencement of operations) to March 31, 2022) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.9% (a)
Energy Select Sector SPDR Fund †		51,657	$	3,948,661
First Trust NASDAQ Clean Edge Green Energy Index Fund		11,992		774,923
Global X US Infrastructure Development ETF		138,748		3,923,793
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		963,612		16,998,116
Invesco Solar ETF		9,336		704,495
iShares Global Infrastructure ETF †		79,133		4,024,704
iShares Gold Strategy ETF		12,081		713,016
iShares Gold Trust		6,254		230,335
iShares MSCI Global Metals & Mining Producers ETF		43,101		2,207,633
Nuveen Short-Term REIT ETF		22,235		869,389
Purpose Bitcoin ETF		173,029		1,475,937
SPDR Gold MiniShares Trust		5,993		230,551
SPDR S&P Oil & Gas Exploration & Production ETF †		26,808		3,607,016
VanEck Agribusiness ETF † ‡		33,041		3,454,106
VanEck Energy Income ETF ‡		69,323		4,478,827
VanEck Gold Miners ETF ‡		104,187		3,995,571

	Number of Shares		Value
VanEck Junior Gold Miners ETF ‡		30,903	$	1,448,424
VanEck Low Carbon Energy ETF † ‡		10,254		1,488,234
VanEck Merk Gold Shares		493,541		9,293,377
VanEck Mortgage REIT Income ETF † ‡		37,986		648,801
VanEck Oil Services ETF † ‡		9,440		2,667,272
VanEck Steel ETF † ‡		36,387		2,468,494
Vanguard Real Estate ETF †		91,657		9,932,869
Total Exchange Traded Funds (Cost: $73,731,970)				79,584,544

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.4% (Cost: $7,517,472)
Money Market Fund: 9.4%
State Street Navigator Securities Lending Government Money Market Portfolio		7,517,472		7,517,472
Total Investments: 109.3% (Cost: $81,249,442)				87,102,016
Liabilities in excess of other assets: (9.3)%				(7,395,282)
NET ASSETS: 100.0%			$	79,706,734

Footnotes:

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
†	Security fully or partially on loan. Total market value of securities on loan is $18,993,329.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Agribusiness		4.3	%	$	3,454,106
Digital Currency		1.8			1,475,937
Diversified Commodities Futures		21.4			16,998,116
Energy		14.3			11,395,140
Global Metals and Mining		2.8			2,207,633
Gold Bullion		15.0			11,915,702
Gold Mining		5.0			3,995,572
Industrials		4.9			3,923,793
Oil Services		7.9			6,274,288
Real Estate Investment Trusts		14.4			11,451,059
Steel		3.1			2,468,494
Utilities		5.1			4,024,704
		100.0	%	$	79,584,544

See Notes to Financial Statements

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Transactions in securities of affiliates for the period ended March 31, 2022:

	Value 9/30/2021		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 3/31/2022
VanEck Agribusiness ETF	$	784,573	$	2,579,485	$	(191,863	)	$	(2,828	)	$	17,661	$	284,739		$	3,454,106
VanEck Energy Income ETF		980,050		3,289,302		(255,004	)		(17,816	)		30,569		482,295			4,478,827
VanEck Gold Miners ETF		687,476		2,943,145		(119,934	)		(25,048	)		25,551		509,932			3,995,571
VanEck Junior Gold Miners ETF		–		1,463,858		(46,784	)		(7,707	)		10,559		39,057			1,448,424
VanEck Low Carbon Energy ETF		398,697		1,180,559		(96,661	)		(13,251	)		3,493		18,890			1,488,234
VanEck Mortgage REIT Income ETF		189,021		530,887		(48,292	)		(4,718	)		12,027		(18,097	)		648,801
VanEck Oil Services ETF		480,310		1,874,454		(118,877	)		(15,438	)		8,069		446,823			2,667,272
VanEck Steel ETF		488,167		1,783,342		(119,249	)		(16,073	)		61,126		332,307			2,468,494
VanEck Vectors Unconventional Oil & Gas ETF		667,902		194,648		(951,584	)		249,119			–		(160,085	)		–
	$	4,676,196	$	15,839,680	$	(1,948,248	)	$	146,240		$	169,055	$	1,935,861		$	20,649,729

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	79,584,544	$	—	$	—	$	79,584,544
Money Market Fund		7,517,472		—		—		7,517,472
Total Investments	$	87,102,016	$	—	$	—	$	87,102,016

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUND: 99.8% (a) (Cost: $37,813,594)
Vanguard S&P 500 ETF		103,658	$	43,035,692
Total Investments: 99.8% (Cost: $37,813,594)				43,035,692
Other assets less liabilities: 0.2%				93,143
NET ASSETS: 100.0%			$	43,128,835

Footnotes:

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

Summary of Investments by Sector		% of Investments		Value
Exchanged Traded Fund		100.0%		$	43,035,692

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Exchange Traded Funds		$	43,035,692			$	—			$	—			$	43,035,692

See Notes to Financial Statements

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.4%
Automobiles & Components: 0.1%
Gentex Corp.		1,464	$	42,705
Banks: 4.9%
JPMorgan Chase & Co.		22,331		3,044,162
Capital Goods: 8.9%
3M Co.		8,521		1,268,607
Cummins, Inc.		1,500		307,665
Donaldson Co., Inc.		771		40,038
Eaton Corp. Plc		2,970		450,727
Emerson Electric Co.		4,765		467,208
Hubbell, Inc.		449		82,513
Illinois Tool Works, Inc.		2,370		496,278
Lincoln Electric Holdings, Inc.		358		49,336
Lockheed Martin Corp.		2,175		960,045
Masco Corp.		1,626		82,926
MSC Industrial Direct Co., Inc.		657		55,983
Raytheon Technologies Corp.		11,349		1,124,345
Rockwell Automation, Inc.		684		191,541
				5,577,212
Consumer Durables & Apparel: 0.2%
Garmin Ltd.		1,313		155,735
Consumer Services: 4.4%
McDonald’s Corp.		6,596		1,631,059
Starbucks Corp.		9,264		842,746
Wendy’s Co.		1,297		28,495
Yum! Brands, Inc.		1,926		228,289
				2,730,589
Diversified Financials: 5.4%
BlackRock, Inc.		1,243		949,863
Blackstone, Inc.		8,790		1,115,803
CME Group, Inc.		2,067		491,657
Cohen & Steers, Inc.		212		18,209
Evercore, Inc.		345		38,405
Federated Hermes, Inc.		1,246		42,439
Franklin Resources, Inc.		4,094		114,304
Invesco Ltd.		4,225		97,429
Janus Henderson Group Plc		2,971		104,044
T Rowe Price Group, Inc.		2,557		386,593
				3,358,746
Energy: 2.7%
Coterra Energy, Inc.		5,205		140,379
Kinder Morgan, Inc.		42,015		794,503
The Williams Companies, Inc.		22,553		753,496
				1,688,378
Food & Staples Retailing: 2.5%
Sysco Corp.		4,379		357,545
Walmart, Inc.		8,269		1,231,420
				1,588,965
Food, Beverage & Tobacco: 18.8%
Altria Group, Inc.		46,644		2,437,149
Campbell Soup Co.		2,568		114,456
Conagra Brands, Inc.		6,823		229,048
General Mills, Inc.		7,055		477,765
J M Smucker Co.		1,184		160,325
Mondelez International, Inc.		11,135		699,055
PepsiCo, Inc.		13,711		2,294,947

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Philip Morris International, Inc.		29,941	$	2,812,658
The Coca-Cola Co.		40,780		2,528,360
				11,753,763
Health Care Equipment & Services: 2.2%
Medtronic Plc		11,717		1,300,001
Quest Diagnostics, Inc.		821		112,362
				1,412,363
Household & Personal Products: 1.8%
Colgate-Palmolive Co.		7,394		560,687
Kimberly-Clark Corp.		4,537		558,777
				1,119,464
Insurance: 1.2%
Allstate Corp.		2,826		391,429
Travelers Cos, Inc.		1,843		336,772
				728,201
Materials: 2.2%
Air Products and Chemicals, Inc.		2,139		534,558
Amcor Plc		23,977		271,659
International Flavors & Fragrances, Inc.		2,407		316,111
PPG Industries, Inc.		1,642		215,217
Sensient Technologies Corp.		317		26,612
				1,364,157
Media & Entertainment: 2.7%
Comcast Corp.		36,158		1,692,917
Pharmaceuticals, Biotechnology & Life Sciences: 16.6%
Amgen, Inc.		6,471		1,564,817
Bristol-Myers Squibb Co.		24,126		1,761,922
Gilead Sciences, Inc.		22,060		1,311,467
Johnson & Johnson		17,701		3,137,148
Merck & Co., Inc.		31,575		2,590,729
				10,366,083
Semiconductors & Semiconductor Equipment: 7.4%
Analog Devices, Inc.		3,653		603,402
Broadcom, Inc.		3,760		2,367,597
Skyworks Solutions, Inc.		982		130,881
Texas Instruments, Inc.		8,543		1,567,470
				4,669,350
Software & Services: 1.0%
Broadridge Financial Solutions, Inc.		703		109,464
Paychex, Inc.		2,535		345,951
Western Union Co.		7,767		145,554
				600,969
Technology Hardware & Equipment: 3.7%
Cisco Systems, Inc.		41,025		2,287,554
National Instruments Corp.		1,334		54,147
				2,341,701
Telecommunication Services: 4.6%
Cogent Communications Holdings, Inc.		770		51,089
Verizon Communications, Inc.		55,784		2,841,637
				2,892,726
Utilities: 8.1%
American Electric Power Co., Inc.		5,925		591,137

See Notes to Financial Statements

	Number of Shares			Value
Utilities (continued)
Avangrid, Inc.		999		$	46,693
Dominion Energy, Inc.		9,278	��		788,352
Duke Energy Corp.		10,526			1,175,333
NiSource, Inc.		4,358			138,584
PPL Corp.		17,176			490,547
Public Service Enterprise Group, Inc.		5,734			401,380
Southern Co.		15,357			1,113,536
WEC Energy Group, Inc.		3,464			345,742
					5,091,304
Total Common Stocks (Cost: $58,996,227)					62,219,490
Total Investments: 99.4% (Cost: $58,996,227)					62,219,490
Other assets less liabilities: 0.6%					371,053
NET ASSETS: 100.0%				$	62,590,543

Summary of Investments by Sector	% of Investments			Value
Communication Services		7.3	%	$	4,585,643
Consumer Discretionary		4.7			2,929,029
Consumer Staples		23.2			14,462,192
Energy		2.7			1,688,378
Financials		11.5			7,131,109
Health Care		18.9			11,778,446
Industrials		9.0			5,577,212
Information Technology		12.3			7,612,020
Materials		2.2			1,364,157
Utilities		8.2			5,091,304
		100.0	%	$	62,219,490

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	62,219,490			$	—			$	—			$	62,219,490

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.7%
Capital Goods: 2.4%
Masco Corp.		364	$	18,564
Roper Technologies, Inc.		53		25,028
				43,592
Commercial & Professional Services: 2.3%
Equifax, Inc.		85		20,154
TransUnion		215		22,218
				42,372
Consumer Durables & Apparel: 3.6%
NIKE, Inc.		185		24,894
Polaris, Inc.		405		42,655
				67,549
Consumer Services: 5.9%
McDonald’s Corp.		97		23,986
Starbucks Corp.		431		39,208
Yum! Brands, Inc.		396		46,938
				110,132
Diversified Financials: 14.3%
American Express Co.		149		27,863
BlackRock, Inc.		55		42,029
CME Group, Inc.		112		26,640
Intercontinental Exchange, Inc.		392		51,791
S&P Global, Inc.		60		24,611
State Street Corp.		306		26,659
T Rowe Price Group, Inc.		123		18,596
The Bank of New York Mellon Corp.		934		46,354
				264,543
Energy: 1.8%
Cheniere Energy, Inc.		238		32,999
Food & Staples Retailing: 1.9%
Costco Wholesale Corp.		63		36,279
Food, Beverage & Tobacco: 9.7%
Constellation Brands, Inc.		213		49,058
Kellogg Co.		405		26,118
Mondelez International, Inc.		796		49,973
PepsiCo, Inc.		151		25,274
The Coca-Cola Co.		456		28,272
				178,695
Health Care Equipment & Services: 3.0%
Medtronic Plc		191		21,191
Veeva Systems, Inc. *		168		35,693
				56,884
Household & Personal Products: 1.2%
Colgate-Palmolive Co.		292		22,142
Materials: 2.2%
Ecolab, Inc.		108		19,068
International Flavors & Fragrances, Inc.		169		22,195
				41,263
Media & Entertainment: 8.6%
Alphabet, Inc. *		18		50,064
Comcast Corp.		935		43,777
John Wiley & Sons, Inc.		858		45,500
Walt Disney Co. *		135		18,517
				157,858

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences: 5.7%
Gilead Sciences, Inc.		360	$	21,402
Johnson & Johnson		153		27,116
Merck & Co., Inc.		343		28,143
Thermo Fisher Scientific, Inc.		48		28,351
				105,012
Retailing: 1.4%
Lowe’s Companies, Inc.		127		25,678
Semiconductors & Semiconductor Equipment: 11.6%
Applied Materials, Inc.		339		44,680
Intel Corp.		485		24,037
KLA Corp.		137		50,150
Lam Research Corp.		73		39,246
Monolithic Power Systems, Inc.		67		32,541
Texas Instruments, Inc.		131		24,036
				214,690
Software & Services: 19.5%
Adobe, Inc. *		80		36,450
Aspen Technology, Inc. *		340		56,227
Blackbaud, Inc. *		320		19,158
Intuit, Inc.		50		24,042
Mastercard, Inc.		64		22,872
Microsoft Corp.		166		51,179
Salesforce.com, Inc. *		192		40,765
ServiceNow, Inc. *		82		45,665
Tyler Technologies, Inc. *		47		20,910
Western Union Co.		995		18,646
Workday, Inc. *		99		23,707
				359,621
Transportation: 4.6%
CH Robinson Worldwide, Inc.		503		54,178
Union Pacific Corp.		110		30,053
				84,231
Total Common Stocks (Cost: $1,920,252)				1,843,540
Total Investments: 99.7% (Cost: $1,920,252)				1,843,540
Other assets less liabilities: 0.3%				5,975
NET ASSETS: 100.0%			$	1,849,515

See Notes to Financial Statements

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Communication Services		8.5	%	$	157,857
Consumer Discretionary		11.1			203,358
Consumer Staples		12.9			237,117
Energy		1.8			32,999
Financials		14.3			264,544
Health Care		8.8			161,897
Industrials		9.3			170,195
Information Technology		31.1			574,310
Materials		2.2			41,263
		100.0	%	$	1,843,540

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	1,843,540			$	—			$	—			$	1,843,540

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 5.5%
Australia & New Zealand Banking Group Ltd. #		9,329	$	191,837
Brambles Ltd. #		24,422		180,864
National Australia Bank Ltd. #		8,885		214,663
Westpac Banking Corp. #		22,980		416,640
				1,004,004
Belgium: 1.0%
Anheuser-Busch InBev SA #		3,021		181,665
Brazil: 2.2%
Ambev SA		124,600		403,800
Canada: 2.2%
Royal Bank of Canada		1,797		198,022
Toronto-Dominion Bank		2,493		197,975
				395,997
China: 1.7%
Inner Mongolia Yili Industrial Group Co. Ltd. #		29,800		172,486
JD.com, Inc. (HKD) # *		5,100		144,951
				317,437
France: 4.0%
Airbus SE # * †		2,954		358,517
Safran SA #		1,497		177,269
Sanofi #		1,837		188,901
				724,687
Germany: 1.9%
Bayer AG #		2,910		200,193
GEA Group AG # *		3,417		140,864
				341,057
Ireland: 2.2%
Medtronic Plc (USD)		3,543		393,096
Japan: 0.9%
Japan Tobacco, Inc. #		9,900		169,576
Netherlands: 1.0%
ASML Holding NV #		281		188,857
Sweden: 1.0%
Assa Abloy AB #		7,049		191,162
Switzerland: 4.9%
Julius Baer Group Ltd. #		6,038		351,010
Novartis AG #		2,117		186,622
Roche Holding AG #		895		355,580
				893,212
Taiwan: 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. #		17,000		348,730
United Kingdom: 9.6%
AstraZeneca Plc #		1,440		191,399
BAE Systems Plc #		27,642		260,191
British American Tobacco Plc #		9,254		389,530
GlaxoSmithKline Plc #		8,493		184,182
Imperial Brands Plc #		17,222		363,605
Meggitt Plc # *		19,009		189,600
Unilever Plc #		3,825		174,062
				1,752,569

	Number of Shares		Value
United States: 60.0%
3M Co.		1,065	$	158,557
Adobe, Inc. *		383		174,502
Alphabet, Inc. *		128		356,013
Altria Group, Inc.		3,882		202,835
Amazon.com, Inc. *		116		378,154
Applied Materials, Inc.		1,344		177,139
Aspen Technology, Inc. *		1,238		204,728
Berkshire Hathaway, Inc. *		626		220,922
Biogen, Inc. *		790		166,374
Blackbaud, Inc. *		2,268		135,785
BlackRock, Inc.		249		190,278
Comcast Corp.		3,851		180,304
Compass Minerals International, Inc.		2,908		182,593
Constellation Brands, Inc.		1,579		363,675
Corteva, Inc.		3,959		227,563
Emerson Electric Co.		3,885		380,924
Equifax, Inc.		768		182,093
Gilead Sciences, Inc.		5,552		330,066
Intel Corp.		3,698		183,273
Intercontinental Exchange, Inc.		1,362		179,947
International Flavors & Fragrances, Inc.		1,430		187,802
Kellogg Co.		5,712		368,367
Lam Research Corp.		334		179,562
Lockheed Martin Corp.		546		241,004
Masco Corp.		5,932		302,532
McDonald’s Corp.		1,495		369,684
Merck & Co., Inc.		2,453		201,269
Meta Platforms, Inc. *		539		119,852
Microchip Technology, Inc.		2,438		183,191
Microsoft Corp.		1,153		355,481
Philip Morris International, Inc.		3,854		362,045
Polaris, Inc.		3,289		346,398
Roper Technologies, Inc.		780		368,339
Salesforce.com, Inc. *		1,552		329,521
ServiceNow, Inc. *		591		329,122
T Rowe Price Group, Inc.		1,244		188,080
Teradyne, Inc.		1,546		182,784
The Bank of New York Mellon Corp.		3,312		164,375
The Boeing Co. *		1,916		366,914
The Coca-Cola Co.		3,235		200,570
The Walt Disney Co. *		1,244		170,627
TransUnion		1,823		188,389
Tyler Technologies, Inc. *		413		183,740
Veeva Systems, Inc. *		704		149,572
Wells Fargo & Co.		7,215		349,639
				10,964,584
Total Common Stocks (Cost: $15,939,393)				18,270,433
Total Investments: 100.0% (Cost: $15,939,393)				18,270,433
Liabilities in excess of other assets: 0.0%				(7,555)
NET ASSETS: 100.0%			$	18,262,878

See Notes to Financial Statements

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,112,956 which represents 33.5% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $340,555.

Summary of Investments by Sector	% of Investments			Value
Communication Services		4.5	%	$	826,796
Consumer Discretionary		6.8			1,239,187
Consumer Staples		17.3			3,179,730
Financials		15.7			2,863,389
Health Care		14.0			2,547,253
Industrials		21.1			3,859,705
Information Technology		17.3			3,156,414
Materials		3.3			597,959
		100.0	%	$	18,270,433

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,004,004	$	—	$	1,004,004
Belgium		—		181,665		—		181,665
Brazil		403,800		—		—		403,800
Canada		395,997		—		—		395,997
China		—		317,437		—		317,437
France		—		724,687		—		724,687
Germany		—		341,057		—		341,057
Ireland		393,096		—		—		393,096
Japan		—		169,576		—		169,576
Netherlands		—		188,857		—		188,857
Sweden		—		191,162		—		191,162
Switzerland		—		893,212		—		893,212
Taiwan		—		348,730		—		348,730
United Kingdom		—		1,752,569		—		1,752,569
United States		10,964,584		—		—		10,964,584
Total Investments	$	12,157,477	$	6,112,956	$	—	$	18,270,433

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 98.8%
Australia: 5.2%
Brambles Ltd. #		108,977	$	807,059
Link Administration Holdings Ltd. #		232,893		900,030
Pendal Group Ltd. # †		198,455		686,814
Pinnacle Investment Management Group Ltd. #		109,641		859,718
Westpac Banking Corp. #		53,548		970,854
				4,224,475
Belgium: 1.0%
Anheuser-Busch InBev SA #		13,366		803,751
Canada: 0.9%
CI Financial Corp.		48,508		771,281
China: 20.4%
ANTA Sports Products Ltd. (HKD) #		122,200		1,516,258
Bank of China Ltd. (HKD) #		2,357,000		940,802
Beijing Enterprises Holdings Ltd. (HKD) #		235,000		741,818
BOC Hong Kong Holdings Ltd. (HKD) #		484,000		1,821,630
China Education Group Holdings Ltd. (HKD) # †		494,000		425,165
China Resources Gas Group Ltd. (HKD) #		210,000		884,078
CSPC Pharmaceutical Group Ltd. (HKD) #		804,000		921,483
Innovent Biologics, Inc. (HKD) 144A # *		128,000		430,841
JD.com, Inc. (HKD) # *		22,450		638,069
NetEase, Inc. (HKD) #		85,900		1,550,250
Samsonite International SA (HKD) 144A # *		855,300		1,914,100
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD) #		447,600		859,644
Shenzhou International Group Holdings Ltd. (HKD) #		57,300		756,659
Sinopharm Group Co. Ltd. (HKD) #		719,600		1,633,926
Sun Hung Kai Properties Ltd. (HKD) #		70,000		833,025
Sunny Optical Technology Group Co. Ltd. (HKD) #		41,300		656,058
				16,523,806
Denmark: 2.0%
Danske Bank A/S #		94,953		1,588,706
France: 10.0%
Accor SA # *		25,619		830,200
Airbus SE # * †		6,293		763,760
Amundi SA 144A #		20,864		1,434,952
Dassault Aviation SA #		8,297		1,317,818
Safran SA #		6,625		784,510
Sanofi #		8,044		827,174
Sodexo SA #		9,858		806,845
Thales SA #		10,336		1,301,924
				8,067,183

	Number of Shares		Value
Germany: 6.6%
BASF SE #		12,634	$	725,074
Bayer AG #		14,498		997,387
Bayerische Motoren Werke AG #		16,787		1,459,084
Fresenius SE & Co. KGaA #		23,078		852,245
HeidelbergCement AG #		23,658		1,348,555
				5,382,345
Israel: 0.9%
Nice Ltd. # *		3,517		769,222
Italy: 2.5%
Leonardo SpA # *		203,052		2,029,437
Japan: 8.6%
Asahi Group Holdings Ltd. #		21,900		800,007
Japan Tobacco, Inc. #		44,000		753,673
KDDI Corp. #		27,500		904,343
MEIJI Holdings Co. Ltd. # †		13,300		723,454
Mitsubishi Electric Corp. #		69,500		799,482
Nippon Telegraph & Telephone Corp. #		28,900		842,182
Rakuten Group, Inc. # †		84,700		667,976
Taiyo Yuden Co. Ltd. # †		33,400		1,499,735
				6,990,852
Mexico: 3.4%
Fomento Economico Mexicano SAB de CV		104,400		865,690
Grupo Televisa SAB		792,300		1,857,785
				2,723,475
Netherlands: 3.7%
ABN AMRO Bank NV 144A # †		113,314		1,455,372
Akzo Nobel NV #		8,875		766,972
ING Groep NV #		73,181		768,498
				2,990,842
Singapore: 3.3%
CapitaLand Integrated Commercial Trust #		560,508		928,641
Oversea-Chinese Banking Corp. Ltd. #		96,700		878,544
Singapore Technologies Engineering Ltd. #		299,800		909,450
				2,716,635
South Korea: 4.1%
KT Corp. #		59,615		1,746,151
Samsung Electro-Mechanics Co. Ltd. #		11,452		1,541,954
				3,288,105
Spain: 2.9%
Banco Santander SA #		480,583		1,643,400
Industria de Diseno Textil SA #		30,575		670,544
				2,313,944
Sweden: 1.0%
Swedbank AB # †		52,000		783,570
Switzerland: 1.0%
Julius Baer Group Ltd. #		14,517		843,925
Taiwan: 4.3%
MediaTek, Inc. #		44,000		1,369,303
Taiwan Semiconductor Manufacturing Co. Ltd. #		76,000		1,559,027

See Notes to Financial Statements

	Number of Shares		Value
Taiwan (continued)
Win Semiconductors Corp. #		61,000	$	561,358
				3,489,688
United Kingdom: 14.1%
British American Tobacco Plc #		40,724		1,714,200
HSBC Holdings Plc #		252,205		1,726,637
Imperial Brands Plc #		75,811		1,600,585
Lloyds Banking Group Plc #		2,517,769		1,536,738
Pearson Plc #		96,922		952,494
Swire Properties Ltd. (HKD) #		309,800		765,764
Vodafone Group Plc #		1,009,379		1,658,945
WPP Plc #		111,993		1,469,123
				11,424,486
United States: 2.9%
BRP, Inc. (CAD) †		12,443		1,019,707
Yum China Holdings, Inc.		31,128		1,293,057
				2,312,764
Total Common Stocks (Cost: $80,387,506)				80,038,492

	Number of Shares		Value
PREFERRED SECURITIES: 0.9% (Cost: $732,360)
Germany: 0.9%
Henkel AG & Co. KGaA, #		10,562	$	711,023

Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $81,119,866)				80,749,515

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1% (Cost: $896,745)
Money Market Fund: 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio		896,745		896,745

Total Investments: 100.8% (Cost: $82,016,611)				81,646,260
Liabilities in excess of other assets: (0.8)%				(664,499)
NET ASSETS: 100.0%			$	80,981,761

Definitions:

CAD	Canadian Dollar
HKD	Hong Kong Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $74,941,995 which represents 92.5% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $4,833,388.
*	Non-income producing
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $5,235,265, or 6.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		13.6	%	$	10,981,273
Consumer Discretionary		14.8			11,997,664
Consumer Staples		9.9			7,972,383
Financials		23.2			18,711,440
Health Care		8.0			6,522,701
Industrials		10.8			8,713,440
Information Technology		11.0			8,856,688
Materials		3.5			2,840,601
Real Estate		3.2			2,527,429
Utilities		2.0			1,625,896
		100.0	%	$	80,749,515

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	4,224,475	$	—	$	4,224,475
Belgium		—		803,751		—		803,751
Canada		771,281		—		—		771,281
China		—		16,523,806		—		16,523,806
Denmark		—		1,588,706		—		1,588,706
France		—		8,067,183		—		8,067,183
Germany		—		5,382,345		—		5,382,345
Israel		—		769,222		—		769,222
Italy		—		2,029,437		—		2,029,437
Japan		—		6,990,852		—		6,990,852
Mexico		2,723,475		—		—		2,723,475
Netherlands		—		2,990,842		—		2,990,842
Singapore		—		2,716,635		—		2,716,635
South Korea		—		3,288,105		—		3,288,105
Spain		—		2,313,944		—		2,313,944
Sweden		—		783,570		—		783,570
Switzerland		—		843,925		—		843,925
Taiwan		—		3,489,688		—		3,489,688
United Kingdom		—		11,424,486		—		11,424,486
United States		2,312,764		—		—		2,312,764
Preferred Securities *		—		711,023		—		711,023
Money Market Fund		896,745		—		—		896,745
Total Investments	$	6,704,265	$	74,941,995	$	—	$	81,646,260

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Banks: 2.4%
Wells Fargo & Co.		3,551,066	$	172,084,658
Capital Goods: 10.2%
3M Co.		587,332		87,441,988
Boeing Co. *		943,560		180,691,740
Emerson Electric Co.		1,911,618		187,434,145
Honeywell International, Inc.		439,836		85,583,289
Lockheed Martin Corp.		265,473		117,179,782
Masco Corp.		1,591,255		81,154,005
				739,484,949
Commercial & Professional Services: 3.7%
CoStar Group, Inc. *		1,510,044		100,584,031
Equifax, Inc.		701,218		166,258,788
				266,842,819
Consumer Durables & Apparel: 2.4%
Polaris, Inc. †		1,618,125		170,420,925
Diversified Financials: 4.1%
Berkshire Hathaway, Inc. *		304,346		107,406,747
BlackRock, Inc.		124,201		94,910,678
T Rowe Price Group, Inc.		619,982		93,735,079
				296,052,504
Energy: 1.8%
Cheniere Energy, Inc.		910,675		126,265,089
Food, Beverage & Tobacco: 12.7%
Altria Group, Inc.		1,888,240		98,660,540
Campbell Soup Co.		4,120,833		183,665,527
Constellation Brands, Inc.		777,761		179,133,913
Kellogg Co.		2,811,206		181,294,675
Philip Morris International, Inc.		1,896,551		178,162,001
The Coca-Cola Co.		1,573,533		97,559,046
				918,475,702
Health Care Equipment & Services: 7.6%
Medtronic Plc		1,743,068		193,393,395
Veeva Systems, Inc. *		798,936		169,741,942
Zimmer Biomet Holdings, Inc.		1,475,302		188,691,126
				551,826,463
Materials: 5.6%
Compass Minerals International, Inc. † ‡		3,208,892		201,486,329
Corteva, Inc.		1,925,680		110,688,086
Ecolab, Inc.		521,772		92,124,064
				404,298,479
Media & Entertainment: 6.9%
Alphabet, Inc. *		62,951		175,088,764
Comcast Corp.		1,873,320		87,708,843
Meta Platforms, Inc. *		695,994		154,761,226
Walt Disney Co. *		605,046		82,988,109
				500,546,942
Pharmaceuticals, Biotechnology & Life Sciences: 8.7%
Biogen, Inc. *		809,742		170,531,665
Bristol-Myers Squibb Co.		1,474,691		107,696,684
Gilead Sciences, Inc.		2,735,373		162,617,925
Merck & Co., Inc.		2,300,130		188,725,666
				629,571,940

	Number of Shares		Value
Retailing: 6.2%
Amazon.com, Inc. *		57,128	$	186,234,424
Etsy, Inc. * †		594,963		73,942,002
MercadoLibre, Inc. *		158,857		188,957,224
				449,133,650
Semiconductors & Semiconductor Equipment: 7.5%
Intel Corp.		3,606,542		178,740,222
KLA Corp.		253,574		92,823,298
Lam Research Corp.		166,445		89,482,496
Microchip Technology, Inc.		1,214,770		91,277,818
Teradyne, Inc.		770,491		91,095,151
				543,418,985
Software & Services: 18.8%
Adobe, Inc. *		190,972		87,010,662
Aspen Technology, Inc. *		602,192		99,584,491
Blackbaud, Inc. *		2,541,975		152,188,043
Guidewire Software, Inc. *		1,733,004		163,976,838
Microsoft Corp.		568,064		175,139,812
Salesforce.com, Inc. *		765,118		162,449,854
ServiceNow, Inc. *		291,212		162,173,051
Tyler Technologies, Inc. *		381,364		169,665,030
Western Union Co.		10,078,382		188,868,879
				1,361,056,660
Utilities: 1.4%
Dominion Energy, Inc.		1,199,736		101,941,568
Total Common Stocks (Cost: $7,044,236,259)				7,231,421,333

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% (Cost: $261)
Money Market Fund: 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio		261		261
Total Investments: 100.0% (Cost: $7,044,236,520)				7,231,421,594
Other assets less liabilities: 0.0%				1,797,433
NET ASSETS: 100.0%			$	7,233,219,027

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $79,373,415.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		6.9	%	$	500,546,942
Consumer Discretionary		8.6			619,554,575
Consumer Staples		12.7			918,475,702
Energy		1.8			126,265,089
Financials		6.5			468,137,162
Health Care		16.3			1,181,398,403
Industrials		13.9			1,006,327,768
Information Technology		26.3			1,904,475,645
Materials		5.6			404,298,479
Utilities		1.4			101,941,568
		100.0	%	$	7,231,421,333

Transactions in securities of affiliates for the period ended March 31, 2022:

		Value 9/30/2021				Purchases				Sales Proceeds				Realized Gain (Loss)				Dividend Income				Net Change in Unrealized Appreciation (Depreciation)				Value 3/31/2022
Compass Minerals International, Inc.		$	173,938,089			$	69,003,518			$	(38,911,698	)		$	(3,537,400	)		$	895,459			$	993,820			$	201,486,329

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	7,231,421,333	$	—	$	—	$	7,231,421,333
Money Market Fund		261		—		—		261
Total Investments	$	7,231,421,594	$	—	$	—	$	7,231,421,594

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.3%
Automobiles & Components: 5.4%
Ford Motor Co.	100,797	$	1,704,477
QuantumScape Corp. *	22,515		450,075
Tesla, Inc. *	3,314		3,571,166
			5,725,718
Banks: 2.5%
Bank of America Corp.	16,681		687,591
Citigroup, Inc.	10,629		567,589
JPMorgan Chase & Co.	4,532		617,802
Rocket Cos, Inc.	70,453		783,437
			2,656,419
Capital Goods: 4.6%
Boeing Co. *	7,849		1,503,084
ChargePoint Holdings, Inc. * †	21,970		436,764
General Electric Co.	4,100		375,150
Lockheed Martin Corp.	3,138		1,385,113
Plug Power, Inc. * †	39,188		1,121,169
			4,821,280
Consumer Durables & Apparel: 1.4%
Peloton Interactive, Inc. *	54,334		1,435,504
Consumer Services: 5.8%
Airbnb, Inc. *	5,399		927,332
Carnival Corp. *	34,895		705,577
DraftKings, Inc. *	157,972		3,075,715
McDonald’s Corp.	1,902		470,327
Norwegian Cruise Line Holdings Ltd. *	22,009		481,557
Starbucks Corp.	4,157		378,162
			6,038,670
Diversified Financials: 6.4%
Coinbase Global, Inc. *	8,578		1,628,619
Morgan Stanley	5,132		448,537
SoFi Technologies, Inc. * †	295,126		2,788,941
Upstart Holdings, Inc. *	17,406		1,898,821
			6,764,918
Energy: 3.0%
Devon Energy Corp.	6,129		362,408
Exxon Mobil Corp.	13,107		1,082,507
Marathon Oil Corp.	22,429		563,192
Occidental Petroleum Corp.	23,140		1,312,964
			3,321,071
Food & Staples Retailing: 1.9%
Costco Wholesale Corp.	1,067		614,432
Walmart, Inc.	9,229		1,374,383
			1,988,815
Food, Beverage & Tobacco: 0.5%
The Coca-Cola Co.	7,918		490,916
Health Care Equipment & Services: 0.8%
Teladoc Health, Inc. * †	11,655		840,675
Materials: 1.0%
Alcoa Corp.	4,477		403,064
United States Steel Corp.	16,133		608,859
			1,011,923
Media & Entertainment: 18.0%
Alphabet, Inc. *	562		1,563,119

	Number of Shares		Value
Media & Entertainment (continued)
AMC Entertainment Holdings, Inc. *		181,276	$	4,466,640
Meta Platforms, Inc. *		14,227		3,163,516
Netflix, Inc. *		2,330		872,795
Roblox Corp. *		63,310		2,927,454
Roku, Inc. *		21,651		2,712,221
Snap, Inc. *		25,286		910,043
Twitter, Inc. *		28,280		1,094,153
Walt Disney Co. *		8,478		1,162,842
				18,872,783
Pharmaceuticals, Biotechnology & Life Sciences: 5.8%
Moderna, Inc. *		17,004		2,929,109
Novavax, Inc. *		28,663		2,111,030
Pfizer, Inc.		19,561		1,012,673
				6,052,812
Retailing: 8.5%
Amazon.com, Inc. *		947		3,087,173
GameStop Corp. * †		27,616		4,600,272
Macy’s, Inc.		21,517		524,154
Target Corp.		2,026		429,958
The Home Depot, Inc.		1,422		425,647
				9,067,204
Semiconductors & Semiconductor Equipment: 8.1%
Advanced Micro Devices, Inc. *		26,086		2,852,243
Enphase Energy, Inc. *		2,076		418,895
Intel Corp.		23,598		1,169,517
Micron Technology, Inc.		9,041		704,203
NVIDIA Corp.		12,257		3,344,445
				8,489,303
Software & Services: 20.1%
Affirm Holdings, Inc. * †		56,949		2,635,600
Asana, Inc. *		9,696		387,549
Block, Inc. *		16,948		2,298,149
Cloudflare, Inc. *		3,817		456,895
Crowdstrike Holdings, Inc. *		3,083		700,088
Microsoft Corp.		4,375		1,348,856
Oracle Corp.		5,796		479,503
Palantir Technologies, Inc. *		233,963		3,212,312
PayPal Holdings, Inc. *		27,152		3,140,129
Salesforce.com, Inc. *		6,440		1,367,341
Shopify, Inc. *		3,204		2,165,776
Snowflake, Inc. *		6,538		1,498,052
Trade Desk, Inc. *		6,184		428,242
Zoom Video Communications, Inc. *		7,523		881,921
				21,000,413
Technology Hardware & Equipment: 3.3%
Apple, Inc.		17,518		3,058,818
Cisco Systems, Inc.		7,312		407,717
				3,466,535
Telecommunication Services: 0.9%
AT&T, Inc.		39,412		931,306
Transportation: 2.3%
American Airlines Group, Inc. * †		47,999		875,982
Uber Technologies, Inc. *		25,216		899,707

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Transportation (continued)
United Airlines Holdings, Inc. *		12,595	$	583,904
				2,359,593
Total Common Stocks (Cost: $121,498,225)				105,335,858

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.6% (Cost: $3,815,936)
Money Market Fund: 3.6%
State Street Navigator Securities Lending Government Money Market Portfolio		3,815,936		3,815,936
Total Investments: 103.9% (Cost: $125,314,161)				109,151,794
Liabilities in excess of other assets: (3.9)%				(4,072,993)
NET ASSETS: 100.0%			$	105,078,801

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,721,652.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		18.8	%	$	19,804,089
Consumer Discretionary		21.1			22,267,097
Consumer Staples		2.4			2,479,731
Energy		3.2			3,321,071
Financials		8.9			9,421,336
Health Care		6.5			6,893,487
Industrials		6.8			7,180,872
Information Technology		31.3			32,956,251
Materials		1.0			1,011,924
		100.0	%	$	105,335,858

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	105,335,858	$	—	$	—	$	105,335,858
Money Market Fund		3,815,936		—		—		3,815,936
Total Investments	$	109,151,794	$	—	$	—	$	109,151,794

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

	Inflation Allocation ETF (a)			Long/Flat Trend ETF		Morningstar Durable Dividend ETF		Morningstar ESG Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	58,934,815		$	43,035,692	$	62,219,490	$	1,843,540
Affiliated issuers (3)		20,649,729			—		—		—
Short-term investments held as collateral for securities loaned (4)		7,517,472			—		—		—
Cash		836,150			149,799		55,154		29,856
Receivables:
Investment securities sold		—			—		159,739		—
Shares of beneficial interest sold		3,165,644			—		—		—
Due from Adviser		—			—		—		11,676
Dividends and interest		4,705			—		171,967		1,703
Prepaid expenses		394			485		—		—
Total assets		91,108,909			43,185,976		62,606,350		1,886,775
Liabilities:
Payables:
Investment securities purchased		3,688,207			—		—		—
Collateral for securities loaned		7,517,472			—		—		—
Line of credit		140,719			—		—		—
Due to Adviser		17,537			11,615		15,183		—
Deferred Trustee fees		453			1,189		624		—
Accrued expenses		37,787			44,337		—		37,260
Total liabilities		11,402,175			57,141		15,807		37,260
NET ASSETS	$	79,706,734		$	43,128,835	$	62,590,543	$	1,849,515
Shares outstanding		2,850,000			1,025,000		1,925,000		75,000
Net asset value, redemption and offering price per share	$	27.97		$	42.08	$	32.51	$	24.66
Net Assets consist of:
Aggregate paid in capital	$	84,702,285		$	34,806,086	$	61,498,719	$	1,899,350
Total distributable earnings (loss)		(4,995,551	)		8,322,749		1,091,824		(49,835	)
NET ASSETS	$	79,706,734		$	43,128,835	$	62,590,543	$	1,849,515
(1) Value of securities on loan	$	18,993,329		$	—	$	—	$	—
(2) Cost of investments - Unaffiliated issuers	$	55,202,057		$	37,813,594	$	58,996,227	$	1,920,252
(3) Cost of investments - Affiliated issuers	$	18,529,913		$	—	$	—	$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	7,517,472		$	—	$	—	$	—


(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

	Morningstar Global Wide Moat ETF		Morningstar International Moat ETF			Morningstar Wide Moat ETF		Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	18,270,432	$	80,749,515		$	7,029,935,004	$	105,335,858
Affiliated issuers (3)		—		—			201,486,329		—
Short-term investments held as collateral for securities loaned (4)		—		896,745			261		3,815,936
Cash		—		3,830			—		6,506
Cash denominated in foreign currency, at value (5)		11,240		256,021			—		—
Receivables:
Investment securities sold		—		—			—		991,691
Shares of beneficial interest sold		—		—			7,568,284		—
Dividends and interest		34,467		481,016			9,525,710		29,020
Prepaid expenses		410		968			174,025		—
Total assets		18,316,549		82,388,095			7,248,689,613		110,179,011
Liabilities:
Payables:
Investment securities purchased		—		—			7,564,188		—
Shares of beneficial interest redeemed		—		—			—		991,178
Collateral for securities loaned		—		896,745			261		3,815,936
Line of credit		—		437,609			5,037,230		229,508
Due to Adviser		1,398		26,938			2,720,534		63,588
Due to custodian		16,049		—			—		—
Deferred Trustee fees		236		2,142			137,949		—
Accrued expenses		35,988		42,900			10,424		—
Total liabilities		53,671		1,406,334			15,470,586		5,100,210
NET ASSETS	$	18,262,878	$	80,981,761		$	7,233,219,027	$	105,078,801
Shares outstanding		500,000		2,550,000			96,950,000		5,425,000
Net asset value, redemption and offering price per share	$	36.53	$	31.76		$	74.61	$	19.37
Net Assets consist of:
Aggregate paid in capital	$	15,294,841	$	91,236,886		$	6,902,467,728	$	167,654,328
Total distributable earnings (loss)		2,968,037		(10,255,125	)		330,751,299		(62,575,527	)
NET ASSETS	$	18,262,878	$	80,981,761		$	7,233,219,027	$	105,078,801
(1) Value of securities on loan	$	340,555	$	4,833,388		$	79,373,415	$	9,721,652
(2) Cost of investments - Unaffiliated issuers	$	15,939,392	$	81,119,866		$	6,859,684,642	$	121,498,225
(3) Cost of investments - Affiliated issuers	$	—	$	—		$	184,551,617	$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	—	$	896,745		$	261	$	3,815,936
(5) Cost of cash denominated in foreign currency	$	11,246	$	255,265		$	—	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (unaudited)

	Inflation Allocation ETF (a)			Long/Flat Trend ETF			Morningstar Durable Dividend ETF			Morningstar ESG Moat ETF (b)
Income:
Dividends - unaffiliated issuers	$	2,328,847		$	309,050		$	963,138		$	12,540
Dividends - affiliated issuers		169,055			—			—			—
Interest		32			25			—			—
Securities lending income		17,013			299			15			—
Total income		2,514,947			309,374			963,153			12,540
Expenses:
Management fees		86,774			109,631			78,522			4,177
Professional fees		33,713			27,668			—			24,081
Custody and accounting fees		9,673			8,799			—			20,576
Reports to shareholders		5,057			3,271			—			6,507
Trustees’ fees and expenses		137			287			—			694
Registration fees		2,137			2,872			—			2,691
Insurance		717			751			—			—
Interest and taxes		373			69			525			—
Other		1,293			2,102			—			1,794
Total expenses		139,874			155,450			79,047			60,520
Waiver of management fees		(44,278	)		(34,787	)		—			(4,177	)
Expenses assumed by the Adviser		—			—			—			(51,795	)
Net expenses		95,596			120,663			79,047			4,548
Net investment income		2,419,351			188,711			884,106			7,992
Net realized gain (loss) on:
Investments - unaffiliated issuers		(433,673	)		—			(958,330	)		(30,850	)
Investments - affiliated issuers		146,240			—			—			—
In-kind redemptions - unaffiliated issuers		—			5,878,718			2,762,483			53,538
Net realized gain (loss)		(287,433	)		5,878,718			1,804,153			22,688
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		2,854,159			(3,331,006	)		1,605,023			(76,712	)
Investments - affiliated issuers		1,935,861			—			—			—
Net change in unrealized appreciation (depreciation)		4,790,020			(3,331,006	)		1,605,023			(76,712	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,921,938		$	2,736,423		$	4,293,282		$	(46,032	)


(a)	Consolidated Statement of Operations
(b)	For the period October 6, 2021 (commencement of operations) through March 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (unaudited)

	Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar Wide Moat ETF			Social Sentiment ETF
Income:
Dividends - unaffiliated issuers	$	216,285		$	1,980,787		$	58,556,001		$	424,472
Dividends - affiliated issuers		—			—			895,459			—
Interest		19			—			1,952			—
Securities lending income		333			9,098			13,287			24,981
Foreign taxes withheld		(7,317	)		(101,876	)		—			—
Total income		209,320			1,888,009			59,466,699			449,453
Expenses:
Management fees		42,480			181,407			15,793,074			549,797
Professional fees		24,943			30,271			25,706			—
Custody and accounting fees		13,935			11,816			20,068			—
Reports to shareholders		3,216			4,340			92,879			—
Trustees’ fees and expenses		169			567			41,212			—
Registration fees		1,651			587			33,139			—
Insurance		722			1,492			20,862			—
Interest and taxes		78			3,097			20,579			477
Other		1,938			2,166			7,056			—
Total expenses		89,132			235,743			16,054,575			550,274
Waiver of management fees		(39,965	)		(29,470	)		—			—
Net expenses		49,167			206,273			16,054,575			550,274
Net investment income (loss)		160,153			1,681,736			43,412,124			(100,821	)
Net realized gain (loss) on:
Investments - unaffiliated issuers		587,525			(2,935,527	)		(50,706,198	)		(35,592,520	)
Investments - affiliated issuers		—			—			(5,259,233	)		—
In-kind redemptions - unaffiliated issuers		—			242,304			540,765,669			19,294,806
In-kind redemptions - affiliated issuers		—			—			1,721,833			—
Foreign currency transactions and foreign denominated assets and liabilities		(1,197	)		(13,913	)		—			—
Net realized gain (loss)		586,328			(2,707,136	)		486,522,071			(16,297,714	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(588,992	)		(730,538	)		(325,954,250	)		(17,318,028	)
Investments - affiliated issuers		—			—			993,820			—
Foreign currency transactions and foreign denominated assets and liabilities		(61	)		5,837			—			—
Net change in unrealized appreciation (depreciation)		(589,053	)		(724,701	)		(324,960,430	)		(17,318,028	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	157,428		$	(1,750,101	)	$	204,973,765		$	(33,716,563	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Allocation ETF (a)						Long/Flat Trend ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,419,351		$	63,810		$	188,711		$	296,261
Net realized gain (loss)		(287,433	)		2,155,802			5,878,718			1,967,724
Net change in unrealized appreciation (depreciation)		4,790,020			298,367			(3,331,006	)		5,441,917
Net increase in net assets resulting from operations		6,921,938			2,517,979			2,736,423			7,705,902
Distributions to shareholders from:
Distributable earnings		(2,650,042	)		(870,000	)		(175,010	)		(625,013	)

Share transactions*:
Proceeds from sale of shares		58,879,394			22,438,966			15,768,521			10,130,756
Cost of shares redeemed		—			(16,597,432	)		(16,160,565	)		(7,800,977	)
Increase (decrease) in net assets resulting from share transactions		58,879,394			5,841,534			(392,044	)		2,329,779
Total increase in net assets		63,151,290			7,489,513			2,169,369			9,410,668
Net Assets, beginning of period		16,555,444			9,065,931			40,959,466			31,548,798
Net Assets, end of period	$	79,706,734		$	16,555,444		$	43,128,835		$	40,959,466
*Shares of Common Stock Issued (no par value)
Shares sold		2,200,000			925,000			375,000			250,000
Shares redeemed		—			(725,000	)		(375,000	)		(225,000	)
Net increase		2,200,000			200,000			—			25,000


(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Durable Dividend ETF						Morningstar ESG Moat ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income	$	884,106		$	1,505,290		$	7,992
Net realized gain		1,804,153			3,695,180			22,688
Net change in unrealized appreciation (depreciation)		1,605,023			1,294,475			(76,712	)
Net increase (decrease) in net assets resulting from operations		4,293,282			6,494,945			(46,032	)
Distributions to shareholders from:
Distributable earnings		(836,820	)		(1,311,545	)		(3,803	)

Share transactions**:
Proceeds from sale of shares		22,137,759			38,886,433			2,555,392
Cost of shares redeemed		(14,240,850	)		(25,634,055	)		(656,042	)
Increase in net assets resulting from share transactions		7,896,909			13,252,378			1,899,350
Total increase in net assets		11,353,371			18,435,778			1,849,515
Net Assets, beginning of period		51,237,172			32,801,394			—
Net Assets, end of period	$	62,590,543		$	51,237,172		$	1,849,515
**Shares of Common Stock Issued (no par value)
Shares sold		700,000			1,300,000			100,000
Shares redeemed		(450,000	)		(850,000	)		(25,000	)
Net increase		250,000			450,000			75,000


(a)	For the period October 6, 2021 (commencement of operations) through March 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Global Wide Moat ETF						Morningstar International Moat ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022			Year Ended September 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	160,153		$	226,976		$	1,681,736		$	2,011,501
Net realized gain (loss)		586,328			832,215			(2,707,136	)		3,567,957
Net change in unrealized appreciation (depreciation)		(589,053	)		1,569,691			(724,701	)		2,278,041
Net increase (decrease) in net assets resulting from operations		157,428			2,628,882			(1,750,101	)		7,857,499
Distributions to shareholders from:
Distributable earnings		(1,104,550	)		(360,080	)		(3,150,000	)		(1,260,000	)

Share transactions**:
Proceeds from sale of shares		—			7,288,863			18,714,959			12,422,953
Cost of shares redeemed		—			—			(3,269,926	)		—
Increase in net assets resulting from share transactions		—			7,288,863			15,445,033			12,422,953
Total increase (decrease) in net assets		(947,122	)		9,557,665			10,544,932			19,020,452
Net Assets, beginning of period		19,210,000			9,652,335			70,436,829			51,416,377
Net Assets, end of period	$	18,262,878		$	19,210,000		$	80,981,761		$	70,436,829
**Shares of Common Stock Issued (no par value)
Shares sold		—			200,000			550,000			350,000
Shares redeemed		—			—			(100,000	)		—
Net increase		—			200,000			450,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Wide Moat ETF						Social Sentiment ETF
	Period Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022			Period Ended September 30, 2021 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income (loss)	$	43,412,124		$	72,415,469		$	(100,821	)	$	(314,808	)
Net realized gain (loss)		486,522,071			787,975,019			(16,297,714	)		6,566,363
Net change in unrealized appreciation (depreciation)		(324,960,430	)		424,479,685			(17,318,028	)		1,155,660
Net increase (decrease) in net assets resulting from operations		204,973,765			1,284,870,173			(33,716,563	)		7,407,215
Distributions to shareholders from:
Distributable earnings		(77,004,720	)		(58,997,340	)		—			—

Share transactions*:
Proceeds from sale of shares		2,706,271,881			4,832,747,019			68,929,505			670,932,819
Cost of shares redeemed		(2,200,239,283	)		(2,857,369,614	)		(123,068,352	)		(485,405,823	)
Increase (decrease) in net assets resulting from share transactions		506,032,598			1,975,377,405			(54,138,847	)		185,526,996
Total increase (decrease) in net assets		634,001,643			3,201,250,238			(87,855,410	)		192,934,211
Net Assets, beginning of period		6,599,217,384			3,397,967,146			192,934,211			—
Net Assets, end of period	$	7,233,219,027		$	6,599,217,384		$	105,078,801		$	192,934,211
*Shares of Common Stock Issued (no par value)
Shares sold		36,600,000			68,550,000			2,875,000			27,525,000
Shares redeemed		(29,700,000	)		(40,700,000	)		(5,275,000	)		(19,700,000	)
Net increase (decrease)		6,900,000			27,850,000			(2,400,000	)		7,825,000


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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Inflation Allocation ETF(a)
				Year Ended September 30,
	Period Ended March 31, 2022			2021			2020			2019			Period Ended September 30, 2018(b)
	(unaudited)
Net asset value, beginning of period		$25.47			$20.15			$25.25			$25.39			$25.18
Net investment income (c)		1.83			0.14			0.45			0.31			0.10
Net realized and unrealized gain (loss) on investments		2.83			6.57			(4.94	)		(0.31	)		0.11
Total from investment operations		4.66			6.71			(4.49	)		—			0.21
Distributions from:
Net investment income		(2.16	)		(1.39	)		(0.61	)		(0.14	)		—
Net asset value, end of period		$27.97			$25.47			$20.15			$25.25			$25.39
Total return (d)		19.39	%(e)		34.11	%		(18.32	)%		0.02	%		0.83	%(e)

Ratios to average net assets
Gross expenses (f)		0.81	%(g)		1.60	%		1.12	%		0.93	%		1.57	%(g)
Net expenses (f)		0.55	%(g)		0.56	%		0.55	%		0.55	%		0.55	%(g)
Net expenses excluding interest and taxes (f)		0.55	%(g)		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		13.93	%(g)		0.58	%		1.97	%		1.23	%		0.78	%(g)
Supplemental data
Net assets, end of period (in millions)		$80			$17			$9			$30			$15
Portfolio turnover rate (h)		16	%(e)		76	%		195	%		449	%		130	%(e)


(a)	Consolidated Financial Highlights
(b)	For the period April 9, 2018 (commencement of operations) through September 30, 2018.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long/Flat Trend ETF
				Year Ended September 30,
	Period Ended March 31, 2022			2021			2020			2019			Period Ended September 30, 2018(a)
	(unaudited)
Net asset value, beginning of period		$39.96			$31.55			$28.02			$28.24			$25.03
Net investment income (b)		0.18			0.34			0.40			0.39			0.42
Net realized and unrealized gain (loss) on investments		2.10			8.78			3.56	(c)		(0.35	)		2.89
Total from investment operations		2.28			9.12			3.96			0.04			3.31
Distributions from:
Net investment income		(0.16	)		(0.71	)		(0.43	)		(0.26	)		(0.10	)
Net asset value, end of period		$42.08			$39.96			$31.55			$28.02			$28.24
Total return (d)		5.68	%(e)		29.29	%		14.22	%		0.29	%		13.25	%(e)

Ratios to average net assets
Gross expenses (f)		0.71	%(g)		0.82	%		0.76	%		0.69	%		0.86	%(g)
Net expenses (f)		0.55	%(g)		0.55	%		0.55	%		0.57	%		0.56	%(g)
Net expenses excluding interest and taxes (f)		0.55	%(g)		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		0.86	%(g)		0.91	%		1.38	%		1.47	%		1.58	%(g)
Supplemental data
Net assets, end of period (in millions)		$43			$41			$32			$66			$52
Portfolio turnover rate (h)		0	%(e)		1	%		0	%		59	%		28	%(e)


(a)	For the period October 4, 2017 (commencement of operations) through September 30, 2018.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Durable Dividend ETF
				Year Ended September 30,
	Period Ended March 31, 2022			2021			2020			Period Ended September 30, 2019(a)
	(unaudited)
Net asset value, beginning of period		$30.59			$26.78			$28.24			$25.36
Net investment income (b)		0.51			1.01			0.92			0.75
Net realized and unrealized gain (loss) on investments		1.92			3.71			(1.28	)		2.62
Total from investment operations		2.43			4.72			(0.36	)		3.37
Distributions from:
Net investment income		(0.51	)		(0.91	)		(0.90	)		(0.49	)
Net realized capital gains		—			—			(0.20	)		—
Total distributions		(0.51	)		(0.91	)		(1.10	)		(0.49	)
Net asset value, end of period		$32.51			$30.59			$26.78			$28.24
Total return (c)		8.01	%(d)		17.89	%		(1.26	)%		13.41	%(d)

Ratios to average net assets
Gross expenses (e)		0.29	%(f)		0.53	%		0.73	%		1.14	%(f)
Net expenses (e)		0.29	%(f)		0.29	%		0.29	%		0.29	%(f)
Net investment income		3.27	%(f)		3.38	%		3.44	%		3.00	%(f)
Supplemental data
Net assets, end of period (in millions)		$63			$51			$33			$18
Portfolio turnover rate (g)		22	%(d)		50	%		67	%		94	%(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Periods after September 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar ESG Moat ETF

	Period Ended March 31, 2022(a)
	(unaudited)
Net asset value, beginning of period		$25.05
Net investment income (b)		0.11
Net realized and unrealized loss on investments		(0.45	)
Total from investment operations		(0.34	)
Distributions from:
Net investment income		(0.05	)
Net asset value, end of period		$24.66
Total return (c)		(1.38	)%(d)

Ratios to average net assets
Gross expenses		6.56	%(e)
Net expenses		0.49	%(e)
Net investment income		0.87	%(e)
Supplemental data
Net assets, end of period (in millions)		$2
Portfolio turnover rate (f)		23	%(d)


(a)	For the period October 6, 2021 (commencement of operations) through March 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
				Year Ended September 30,
	Period Ended March 31, 2022			2021			2020			Period Ended September 30, 2019(a)
	(unaudited)
Net asset value, beginning of period		$38.42			$32.17			$28.97			$25.30
Net investment income (b)		0.32			0.54			0.46			0.47
Net realized and unrealized gain on investments		—			6.74			3.47			3.31
Total from investment operations		0.32			7.28			3.93			3.78
Distributions from:
Net investment income		(0.55	)		(0.43	)		(0.34	)		(0.11	)
Net realized capital gains		(1.66	)		(0.60	)		(0.39	)		—
Total distributions		(2.21	)		(1.03	)		(0.73	)		(0.11	)
Net asset value, end of period		$36.53			$38.42			$32.17			$28.97
Total return (c)		0.66	%(d)		22.99	%		13.70	%		15.01	%(d)

Ratios to average net assets
Gross expenses		0.94	%(e)		1.20	%		2.04	%		2.50	%(e)
Net expenses		0.52	%(e)		0.52	%		0.52	%		0.56	%(e)
Net expenses excluding interest and taxes		0.52	%(e)		0.52	%		0.52	%		0.52	%(e)
Net investment income		1.70	%(e)		1.44	%		1.54	%		1.86	%(e)
Supplemental data
Net assets, end of period (in millions)		$18			$19			$10			$6
Portfolio turnover rate (f)		32	%(d)		74	%		68	%		71	%(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar International Moat ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$33.54			$29.38			$30.57			$33.13			$35.49			$28.34
Net investment income (a)		0.76			1.07			0.62			1.00			0.91			0.93
Net realized and unrealized gain (loss) on investments		(1.04	)		3.81			(0.56	)		(2.50	)		(1.27	)		6.59
Total from investment operations		(0.28	)		4.88			0.06			(1.50	)		(0.36	)		7.52
Distributions from:
Net investment income		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(0.98	)		(0.37	)
Net realized capital gains		—			—			—			—			(1.02	)		—
Total distributions		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(2.00	)		(0.37	)
Net asset value, end of period		$31.76			$33.54			$29.38			$30.57			$33.13			$35.49
Total return (b)		(0.88	)%(c)		16.64	%		(0.14	)%		(4.25	)%		(1.14	)%		26.91	%

Ratios to average net assets
Gross expenses		0.65	%(d)		0.76	%		0.76	%		0.69	%		0.72	%		0.84	%
Net expenses		0.57	%(d)		0.57	%		0.58	%		0.57	%		0.57	%		0.56	%
Net expenses excluding interest and taxes		0.56	%(d)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		4.64	%(d)		3.09	%		2.10	%		3.26	%		2.67	%		2.92	%
Supplemental data
Net assets, end of period (in millions)		$81			$70			$51			$83			$89			$82
Portfolio turnover rate (e)		53	%(c)		110	%		94	%		85	%		112	%		129	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Wide Moat ETF
				Year Ended September 30,

	Period Ended March 31, 2022			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$73.28			$54.63			$50.13			$46.73			$40.33			$34.01
Net investment income (a)		0.46			0.96			0.92			0.89			0.73			0.53
Net realized and unrealized gain on investments		1.69			18.59			4.30			3.25			6.13			6.20
Total from investment operations		2.15			19.55			5.22			4.14			6.86			6.73
Distributions from:
Net investment income		(0.82	)		(0.90	)		(0.72	)		(0.74	)		(0.46	)		(0.41	)
Net asset value, end of period		$74.61			$73.28			$54.63			$50.13			$46.73			$40.33
Total return (b)		2.91	%(c)		36.11	%		10.40	%		9.21	%		17.11	%		19.96	%

Ratios to average net assets
Expenses		0.46	%(d)		0.46	%		0.47	%		0.48	%		0.49	%		0.48	%
Net investment income		1.24	%(d)		1.40	%		1.77	%		1.90	%		1.69	%		1.42	%
Supplemental data
Net assets, end of period (in millions)		$7,233			$6,599			$3,398			$2,486			$1,570			$1,286
Portfolio turnover rate (e)		23	%(c)		47	%		48	%		58	%		56	%		53	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Social Sentiment ETF

	Period Ended March 31, 2022			Period Ended September 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$24.66			$25.00
Net investment loss (b)		(0.02	)		(0.03	)
Net realized and unrealized loss on investments		(5.27	)		(0.31	)(c)
Total from investment operations		(5.29	)		(0.34	)
Net asset value, end of period		$19.37			$24.66
Total return (d)		(21.44	)%(e)		(1.38	)%(e)

Ratios to average net assets
Expenses		0.75	%(f)		0.75	%(f)
Net investment loss		(0.14	)%(f)		(0.20	)%(f)
Supplemental data
Net assets, end of period (in millions)		$105			$193
Portfolio turnover rate (g)		132	%(e)		161	%(e)


(a)	For the period March 3, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (unaudited)

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

Fund	Diversification Classification

Inflation Allocation ETF	Non-Diversified
Long/Flat Trend ETF	Diversified
Morningstar Durable Dividend ETF	Diversified
Morningstar ESG Moat ETF	Non-Diversified
Morningstar Global Wide Moat ETF	Diversified
Morningstar International Moat ETF	Diversified
Morningstar Wide Moat ETF	Diversified
Social Sentiment ETF	Non-Diversified

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

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

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for Inflation Allocation ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to Inflation Allocation 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.

The following summarizes the Funds’ significant accounting policies.

Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	value and are considered as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

B.	Basis for Consolidation—The Inflation Allocation ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (the “Subsidiary”), a wholly-owned subsidiary organized under the laws of the Cayman Islands. The Fund’s investment in the Subsidiary may not exceed 25% of the value of the Fund’s total assets at each quarter-end of the Fund’s fiscal year. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation.

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

D.	Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Morningstar Durable Dividend ETF, which are declared and paid quarterly). Income dividends and capital gain distributions are determined

	in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

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

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

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

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

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

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

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

Note 3—Investment Management and Other Agreements—The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2023, to waive management fees and assume expenses to

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the following table.

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

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

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

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the period ended March 31, 2022, the Adviser waived management fees of $20,659 due to such investments held in the Inflation Allocation ETF.

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

	Unitary
	Management
Fund	Fee Rate
Morningstar Durable Dividend ETF		0.29	%
Social Sentiment ETF		0.75

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

At March 31, 2022, the Adviser owned approximately 8% of Morningstar Durable Dividend ETF and 67% of Morningstar ESG Moat ETF.

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

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose certain variable fees on the purchase or redemption of

Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

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

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Inflation Allocation ETF*	$	13,202,141	$	5,705,912	$	52,012,272	$	—
Long/Flat Trend ETF		—		—		15,768,685		16,162,237
Morningstar Durable Dividend ETF		11,999,761		12,045,214		22,125,570		14,215,844
Morningstar ESG Moat ETF		450,482		504,355		2,549,718		598,281
Morningstar Global Wide Moat ETF		6,096,657		7,007,401		—		—
Morningstar International Moat ETF		38,484,184		38,459,517		16,541,576		2,917,456
Morningstar Wide Moat ETF		1,636,154,756		1,676,044,969		2,706,860,006		2,187,133,860
Social Sentiment ETF		195,192,369		194,990,534		68,967,965		123,224,909

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

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

			Gross		Gross			Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Investments		Appreciation		Depreciation			(Depreciation)
Inflation Allocation ETF		$81,130,559		$6,008,587		$(37,130	)		$5,971,457
Long/Flat Trend ETF		37,813,594		5,222,098		–			5,222,098
Morningstar Durable Dividend ETF		59,004,154		4,635,485		(1,420,149	)		3,215,336
Morningstar ESG Moat ETF		1,920,251		58,773		(135,485	)		(76,712)
Morningstar Global Wide Moat ETF		15,941,090		2,730,889		(401,546	)		2,329,343
Morningstar International Moat ETF		82,026,496		4,463,537		(4,843,773	)		(380,236)
Morningstar Wide Moat ETF		7,048,913,127		441,015,271		(258,506,804	)		182,508,467
Social Sentiment ETF		130,502,040		4,930,001		(26,280,247	)		(21,350,246)

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company’s stock performance.

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

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

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2022:

	Market Value
	of Securities		Cash		Non-Cash		Total
Fund	on Loan		Collateral		Collateral		Collateral
Inflation Allocation ETF	$	18,993,329	$	7,517,472	$	12,357,648	$	19,875,120
Morningstar Global Wide Moat ETF		340,555		–		366,388		366,388
Morningstar International Moat ETF		4,833,388		896,745		4,431,187		5,327,932
Morningstar Wide Moat ETF		79,373,415		261		83,629,049		83,629,310
Social Sentiment ETF		9,721,652		3,815,936		6,418,215		10,234,151

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

	Gross Amount of
	Recognized Liabilities
	for Securities Lending
	Transactions* in the
	Statements of Assets
	and Liabilities
Fund	Equity Securities
Inflation Allocation ETF	$	7,517,472
Morningstar International Moat ETF		896,745
Morningstar Wide Moat ETF		261
Social Sentiment ETF		3,815,936

*	Remaining contractual maturity: overnight and continuous

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

			Average
	Days		Daily		Average
Fund	Outstanding		Loan Balance		Interest Rate
Inflation Allocation ETF		15		$520,551		1.50	%
Morningstar Durable Dividend ETF		66		109,487		1.43
Morningstar Global Wide Moat ETF		8		59,470		1.68
Morningstar International Moat ETF		169		277,279		1.45
Morningstar Wide Moat ETF		65		7,564,242		1.47
Social Sentiment ETF		17		186,342		1.59

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

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

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

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

SEMI-ANNUAL REPORT
March 31, 2022
(unaudited)

ENERGY INCOME ETF

EINC^®

800.826.2333

vaneck.com

President’s Letter	3
Explanation of Expenses	5
Schedule of Investments	6
Statement of Assets and Liabilities	7
Statement of Operations	8
Statement of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	11
Fund’s Liquidity Risk Management Program	16

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

VANECK ENERGY INCOME ETF

PRESIDENT’S LETTER

March 31, 2022 (unaudited)

Dear Fellow Shareholders:

The Economy

Multi-Year Investment Themes

We continue to focus on two multi-year investment themes.

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

VANECK ENERGY INCOME ETF

PRESIDENT’S LETTER

(unaudited) (continued)

Jan F. van Eck
CEO and President
VanEck ETF Trust

April 6, 2022

VANECK ENERGY INCOME ETF

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2021 to March 31, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2021 - March 31, 2022(a)
Actual	$1,000.00	$1,213.60	0.46%	$2.54
Hypothetical(b)	$1,000.00	$1,022.64	0.46%	$2.32

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

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 76.3%
Energy: 76.3%
Antero Midstream Corp.		89,521	$	973,093
Archrock, Inc.		26,346		243,174
Cheniere Energy, Inc.		12,926		1,792,190
CNX Resources Corp. *		37,948		786,282
DT Midstream, Inc.		23,192		1,258,398
Enbridge, Inc.		52,374		2,413,918
EnLink Midstream LLC		61,611		594,546
Equitrans Midstream Corp.		87,538		738,821
Gibson Energy, Inc.		41,998		840,195
Hess Midstream LP		8,453		253,590
Keyera Corp.		55,315		1,402,178
Kinder Morgan, Inc.		110,256		2,084,941
ONEOK, Inc.		23,839		1,683,749
Pembina Pipeline Corp.		39,921		1,501,029
Plains GP Holdings LP		54,933		634,476
Targa Resources Corp.		19,017		1,435,213
TC Energy Corp.		41,496		2,341,204
The Williams Companies, Inc.		57,743		1,929,194
Total Common Stocks (Cost: $18,769,396)				22,906,191

	Number of Shares		Value
MASTER LIMITED PARTNERSHIPS: 23.6%
Energy: 23.6%
Crestwood Equity Partners LP		9,169	$	274,336
DCP Midstream LP		8,928		299,624
Energy Transfer LP		127,623		1,428,101
Enterprise Products Partners LP		51,597		1,331,719
Genesis Energy LP		6,769		79,265
Holly Energy Partners LP		4,517		79,906
Magellan Midstream Partners LP		24,064		1,180,820
MPLX LP		34,317		1,138,638
NuStar Energy LP		7,572		109,188
Plains All American Pipeline LP		46,897		504,612
Shell Midstream Partners LP		13,745		195,454
Western Midstream Partners LP		18,199		458,979
Total Master Limited Partnerships (Cost: $6,234,558)				7,080,642
Total Investments: 99.9% (Cost: $25,003,954)				29,986,833
Other assets less liabilities: 0.1%				23,654
NET ASSETS: 100.0%			$	30,010,487

Footnotes:

*	Non-income producing

Summary of Investments by Sector			% of Investments			Value
Energy			100.0	%		$	29,986,833

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	22,906,191	$	—	$	—	$	22,906,191
Master Limited Partnerships *		7,080,642		—		—		7,080,642
Total Investments	$	29,986,833	$	—	$	—	$	29,986,833

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

Assets:
Investments, at value
Unaffiliated issuers (1)	$	29,986,833
Receivables:
Shares of beneficial interest sold		1,614,450
Dividends and interest		59,916
Federal and State Income Taxes		41,381
Total assets		31,702,580
Liabilities:
Payables:
Investment securities purchased		1,614,519
Due to Adviser		10,496
Due to custodian		67,078
Total liabilities		1,692,093
NET ASSETS	$	30,010,487
Shares outstanding		464,720
Net asset value, redemption and offering price per share	$	64.58
Net Assets consist of:
Aggregate paid in capital	$	46,111,071
Total distributable earnings (loss)		(16,100,584)
NET ASSETS	$	30,010,487
(1) Cost of investments - Unaffiliated issuers	$	25,003,954

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF OPERATIONS

For the Six Months Ended March 31, 2022 (unaudited)

Income:
Dividends (net of foreign taxes withheld $33,563)	$	478,878
Distributions from master limited partnerships		273,293
Interest		8
Less: return of capital distributions		(539,162)
Total income		213,017
Expenses:
Management fees		58,411
Interest and taxes		826
Total expenses		59,237

Net investment income		153,780
Net realized gain on:
Investments		746,245
In-kind redemptions		476,940
Foreign currency transactions and foreign denominated assets and liabilities		292
Net realized gain		1,223,477
Net change in unrealized appreciation (depreciation) on:
Investments		3,476,279
Foreign currency transactions and foreign denominated assets and liabilities		(273)
Net change in unrealized appreciation (depreciation)		3,476,006
Net Increase in Net Assets Resulting from Operations	$	4,853,263

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

STATEMENT OF CHANGES IN NET ASSETS

				Year Ended
	Period Ended			September 30,
	March 31, 2022			2021
	(unaudited)
Operations:
Net investment income	$	153,780		$	597,470
Net realized gain		1,223,477			1,631,575
Net change in unrealized appreciation (depreciation)		3,476,006			10,387,964
Net increase in net assets resulting from operations		4,853,263			12,617,009
Distributions to shareholders from:
Distributable earnings		(191,407	)		(659,351	)
Return of capital		(324,730	)		(850,413	)
Total distributions		(516,137	)		(1,509,764	)
Share transactions*:
Proceeds from sale of shares		4,446,146			2,332,086
Cost of shares redeemed		(2,629,376	)		(9,804,516	)
Increase (decrease) in net assets resulting from share transactions		1,816,770			(7,472,430	)
Total increase in net assets		6,153,896			3,634,815
Net Assets, beginning of period		23,856,591			20,221,776
Net Assets, end of period	$	30,010,487		$	23,856,591
* Shares of Common Stock Issued (no par value):
Shares sold		75,000			50,000
Shares redeemed		(50,000	)		(200,000	)
Net increase (decrease)		25,000			(150,000	)

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

							Period			Year Ended November 30,
	Period						Ended
	Ended			Year Ended			September
	March 31,			September			30,
	2022			30, 2021			2020(a)(b)			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$54.25			$34.29			$51.20			$58.32			$68.49			$76.29
Net investment income (loss) (c)		0.34			1.15			0.76			(0.39	)		0.09			0.42
Net realized and unrealized gain (loss) on investments		11.07			21.90			(15.58	)		(1.42	)		(4.44	)		(2.25	)
Total from investment operations		11.41			23.05			(14.82	)		(1.81	)		(4.35	)		(1.83	)
Distributions from:
Net investment income		(0.39	)		(1.37	)		—			(1.77	)		—			—
Return of capital distribution		(0.69	)		(1.72	)		(2.09	)		(3.54	)		(5.82	)		(5.97	)
Total distributions		(1.08	)		(3.09	)		(2.09	)		(5.31	)		(5.82	)		(5.97	)
Net asset value, end of period		$64.58			$54.25			$34.29			$51.20			$58.32			$68.49
Total return (d)		21.36	%(e)		68.88	%		(29.74	)%(e)		(3.66	)%		(7.16	)%		(2.67	)%
Ratios to average net assets
Expenses		0.46	%(f)		0.46	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Expenses excluding interest and taxes		0.45	%(f)		0.45	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Net investment income (loss)		1.18	%(f)		2.43	%		2.17	%(f)(k)		(0.68	)%(h)		0.13	%(i)		0.55	%(j)

Supplemental data
Net assets, end of period (in millions)		$30			$24			$20			$52			$45			$64
Portfolio turnover rate(l)		14	%(e)		24	%		24	%(e)		106	%		34	%		40	%


(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 9). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed is fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	Includes income tax expense of 0.04% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(k)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been lower.
(l)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (unaudited)

The financial statements relate to the Energy Income ETF (the “Fund”). The Fund seeks to provide investment results that correspond generally to the performance, before fees and expenses, of the MVIS^®North America Energy Infrastructure Index (the “Index”). The Fund is classified as “non-diversified”. This means that the Fund may invest more of its assets in securities of a single issuer than that of a diversified fund. Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Fund.

Effective December 2, 2019, the Fund’s federal tax status changed from a taxable C-corporation into a regulated investment company (“RIC”) and the unitary management fee rate changed from 0.82% to 0.45%.

In September 2020, the Board of Trustees (the “Board”) approved changing the Fund’s fiscal year-end from November 30 to September 30.

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

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

The following summarizes the Fund’s significant accounting policies.

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

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

C.	Security Valuation— The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). The Pricing Committee of the Adviser provides oversight of the Fund’s valuation policies and procedures, which are approved by the Board.

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

	The three levels of the fair value hierarchy are described below:

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

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

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

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

D.	Federal Income Taxes— It is the Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

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

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

	assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statement of Operations.

G.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.

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

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

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.45% of the Fund’s average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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

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

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

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

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

VANECK ENERGY INCOME ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

				In-Kind Capital Share Transactions
Purchases		Sales		Purchases		Sales
$	4,420,366	$	3,725,453	$	4,446,119	$	2,629,363

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

As of March 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

		Gross		Gross			Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Investments		Appreciation		Depreciation			(Depreciation)
$	23,615,475	$	6,747,580	$	(376,222	)	$	6,371,358

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund does not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Fund’s financial statements.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended March 31, 2022, the Fund did not incur any interest or penalties.

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

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

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

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

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

Days	Average Daily	Average
Outstanding	Loan Balance	Interest Rate
78	$77,509	1.43%

The outstanding loan balance as of March 31, 2022, if any, is reflected in the Statement of Assets and Liabilities.

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

VANECK ENERGY INCOME ETF

FUND’S LIQUDITY RISK MANAGEMENT PROGRAM

March 31, 2022 (unaudited)

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

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

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

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

EINCSAR

Item 2.

CODE OF ETHICS.

Not applicable.

Item 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

Item 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

Item 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

Item 6.

SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7.

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

Not applicable.

Item 8.

PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9.

PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

Item 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13.

EXHIBITS.

(a)(1)	Not applicable.

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

By (Signature and Title)

/s/ John J. Crimmins, Treasurer & Chief Financial Officer

Date June 8, 2022

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

By (Signature and Title)

/s/ Jan F. van Eck, Chief Executive Officer

Date June 8, 2022

By (Signature and Title)

/s/ John J. Crimmins, Treasurer & Chief Financial Officer

Date June 8, 2022

VanEck Semiconductor ETF (SMH) N-CSRSCertified semi-annual shareholder report (management investment company)