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, 2023

Item 1. Report to Shareholders

SEMI-ANNUAL REPORT
March 31, 2023
(unaudited)

Biotech ETF	BBH
Digital Assets Mining ETF	DAM
Digital Transformation ETF	DAPP
Energy Income ETF	EINC
Environmental Services ETF	EVX
Gaming ETF	BJK
Green Infrastructure ETF	RNEW
Pharmaceutical ETF	PPH
Retail ETF	RTH
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, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 2023 (unaudited)

Dear Fellow Shareholders:

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

Discussion

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

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

1.	Monetary Policy: Tightening

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

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

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

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

2.	Fiscal Tightening

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

3.	Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

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

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

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.¹) Because of higher interest rates, bonds

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

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

First Quarter 2023

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this is offset by China reopening. So, I don’t see these two monetary stimuli as significantly changing the “sideways” trajectory of 2023.

The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended March 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

April 7, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights²”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

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

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, 2022 to March 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value October 1, 2022	Ending Account Value March 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2022 - March 31, 2023(a)
Biotech ETF
Actual	$1,000.00	$1,157.20	0.35%	$1.88
Hypothetical (b)	$1,000.00	$1,023.19	0.35%	$1.77
Digital Assets Mining ETF
Actual	$1,000.00	$919.10	0.51%	$2.44
Hypothetical (b)	$1,000.00	$1,022.39	0.51%	$2.57
Digital Transformation ETF
Actual	$1,000.00	$939.30	0.51%	$2.47
Hypothetical (b)	$1,000.00	$1,022.39	0.51%	$2.57
Energy Income ETF
Actual	$1,000.00	$1,092.30	0.46%	$2.40
Hypothetical (b)	$1,000.00	$1,022.64	0.46%	$2.32
Environmental Services ETF
Actual	$1,000.00	$1,118.60	0.55%	$2.91
Hypothetical (b)	$1,000.00	$1,022.19	0.55%	$2.77
Gaming ETF
Actual	$1,000.00	$1,364.90	0.69%	$4.07
Hypothetical (b)	$1,000.00	$1,021.49	0.69%	$3.48
Green Infrastructure ETF
Actual (c)	$1,000.00	$1,014.40	0.47%	$2.13
Hypothetical (b)	$1,000.00	$1,022.59	0.47%	$2.37

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value October 1, 2022	Ending Account Value March 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period October 1, 2022 - March 31, 2023(a)
Pharmaceutical ETF
Actual	$1,000.00	$1,162.70	0.36%	$1.94
Hypothetical (b)	$1,000.00	$1,023.14	0.36%	$1.82
Retail ETF
Actual	$1,000.00	$1,067.10	0.35%	$1.80
Hypothetical (b)	$1,000.00	$1,023.19	0.35%	$1.77
Semiconductor ETF
Actual	$1,000.00	$1,439.20	0.35%	$2.13
Hypothetical (b)	$1,000.00	$1,023.19	0.35%	$1.77
Video Gaming and eSports ETF
Actual	$1,000.00	$1,312.50	0.56%	$3.23
Hypothetical (b)	$1,000.00	$1,022.14	0.56%	$2.82

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses
(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from October 19, 2022 (commencement of operations) to March 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 3.3%
BeiGene Ltd. (ADR) *		76,485	$	16,484,812
Germany: 3.2%
BioNTech SE (ADR)		126,729		15,786,632
Ireland: 3.7%
ICON Plc (USD) *		85,351		18,230,120
Switzerland: 0.7%
CRISPR Therapeutics AG (USD) * †		81,084		3,667,429
United States: 89.1%
Alnylam Pharmaceuticals, Inc. *		79,779		15,981,329
Amgen, Inc.		248,940		60,181,245
Argenx SE (ADR) *		59,432		22,143,175
Biogen, Inc. *		91,401		25,412,220
BioMarin Pharmaceutical, Inc. *		164,837		16,028,750
Bio-Techne Corp.		164,256		12,186,153
Charles River Laboratories International, Inc. *		53,249		10,746,713

	Number of Shares		Value
United States (continued)
Exact Sciences Corp. * †		164,651	$	11,164,984
Gilead Sciences, Inc.		550,801		45,699,959
Illumina, Inc. *		104,006		24,186,595
Incyte Corp. *		167,182		12,082,243
Intellia Therapeutics, Inc. * †		82,223		3,064,451
IQVIA Holdings, Inc. *		113,611		22,596,092
Moderna, Inc. *		175,372		26,933,632
Natera, Inc. *		115,012		6,385,466
QIAGEN NV * †		234,345		10,763,466
Regeneron Pharmaceuticals, Inc. *		39,568		32,511,839
Repligen Corp. * †		55,053		9,268,723
Sarepta Therapeutics, Inc. *		90,709		12,502,421
Seagen, Inc. *		112,546		22,787,189
Vertex Pharmaceuticals, Inc. *		129,319		40,744,537
				443,371,182
Total Common Stocks (Cost: $487,425,849)				497,540,175
Total Investments: 100.0% (Cost: $487,425,849)				497,540,175
Liabilities in excess of other assets: 0.0%				(59,520)
NET ASSETS: 100.0%			$	497,480,655

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 $26,891,164.

Summary of Investments by Sector	% of Investments			Value
Biotechnology		78.2	%	$	389,562,313
Life Sciences Tools & Services		21.8			107,977,862
		100.0	%	$	497,540,175

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks ^*		$	497,540,175			$	—			$	—			$	497,540,175

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.3%
Australia: 3.9%
Iris Energy Ltd. (USD) *		18,135	$	55,493
Bermuda: 6.4%
Hive Blockchain Technologies Ltd. (USD) * †		27,560		90,673
Canada: 14.3%
Bitfarms Ltd. (USD) *		59,124		57,350
Hut 8 Mining Corp. (USD) *		78,400		145,040
				202,390
China: 10.1%
BC Technology Group Ltd. (HKD) *		44,000		13,023
Canaan, Inc. (ADR) *		42,923		115,892
New Huo Technology Holdings Ltd. (HKD) *		51,000		14,552
				143,467
Germany: 4.4%
Northern Data AG *		4,531		62,588
Jersey, Channel Islands: 1.8%
Coinshares International Ltd. (SEK) *		7,900		25,260
United States: 59.4%
Applied Digital Corp. *		21,548		48,268
Bakkt Holdings, Inc. * †		24,198		41,621
Bit Digital, Inc. * †		31,080		47,863

	Number of Shares		Value
United States (continued)
Block, Inc. *		622	$	42,700
Cipher Mining, Inc. * †		20,996		48,921
Cleanspark, Inc. * †		20,371		56,631
Coinbase Global, Inc. *		769		51,961
Galaxy Digital Holdings Ltd. (CAD) *		16,111		61,427
Marathon Digital Holdings, Inc. *		24,954		217,599
Riot Platforms, Inc. * †		17,101		170,839
Terawulf, Inc. *		55,486		52,035
				839,865
Total Common Stocks (Cost: $1,686,749)				1,419,736

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 14.8%
Money Market Fund: 14.8% (Cost: $209,134)
State Street Navigator Securities Lending Government Money Market Portfolio		209,134		209,134
Total Investments: 115.1% (Cost: $1,895,883)				1,628,870
Liabilities in excess of other assets: (15.1)%				(213,674)
NET ASSETS: 100.0%			$	1,415,196

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $246,246.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		83.4	%	$	1,183,743
Financials		16.6			235,993
		100.0	%	$	1,419,736

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	55,493	$	—	$	—	$	55,493
Bermuda		90,673		—		—		90,673
Canada		202,390		—		—		202,390
China		115,892		27,575		—		143,467
Germany		—		62,588		—		62,588
Jersey, Channel Islands		—		25,260		—		25,260
United States		839,865		—		—		839,865
Money Market Fund		209,134		—		—		209,134
Total Investments	$	1,513,447	$	115,423	$	—	$	1,628,870

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.3%
Australia: 4.3%
Iris Energy Ltd. (USD) *		408,464	$	1,249,900
Bermuda: 4.4%
Hive Blockchain Technologies Ltd. (USD) * †		390,037		1,283,222
Canada: 9.2%
Bitfarms Ltd. (USD) * †		1,265,242		1,227,285
Hut 8 Mining Corp. (USD) * †		787,928		1,457,667
				2,684,952
China: 6.1%
BC Technology Group Ltd. (HKD) *		1,363,500		403,569
Canaan, Inc. (ADR) * †		505,201		1,364,043
				1,767,612
Germany: 8.5%
Bitcoin Group SE		45,475		1,144,929
Northern Data AG *		96,960		1,339,324
				2,484,253
United States: 67.8%
Applied Digital Corp. * †		461,110		1,032,886
Bakkt Holdings, Inc. * †		741,329		1,275,086
Bit Digital, Inc. * †		808,027		1,244,362
Block, Inc. *		23,662		1,624,396
Cipher Mining, Inc. * †		545,853		1,271,837
Cleanspark, Inc. * †		435,924		1,211,869

	Number of Shares		Value
United States (continued)
Coinbase Global, Inc. *		29,272	$	1,977,909
Galaxy Digital Holdings Ltd. (CAD) * †		383,069		1,460,551
Marathon Digital Holdings, Inc. * †		320,403		2,793,913
MicroStrategy, Inc. *		6,935		2,027,239
Riot Platforms, Inc. * †		237,874		2,376,361
Terawulf, Inc. *		1,442,548		1,352,822
				19,649,231
Total Common Stocks (Cost: $37,617,253)				29,119,170

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 27.1%
Money Market Fund: 27.1% (Cost: $7,875,098)
State Street Navigator Securities Lending Government Money Market Portfolio		7,875,098		7,875,098
Total Investments: 127.4% (Cost: $45,492,351)				36,994,268
Liabilities in excess of other assets: (27.4)%				(7,946,431)
NET ASSETS: 100.0%			$	29,047,837

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,187,659.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		72.9	%	$	21,232,731
Financials		27.1			7,886,439
		100.0	%	$	29,119,170

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,249,900	$	—	$	—	$	1,249,900
Bermuda		1,283,222		—		—		1,283,222
Canada		2,684,952		—		—		2,684,952
China		1,364,043		403,569		—		1,767,612
Germany		—		2,484,253		—		2,484,253
United States		19,649,231		—		—		19,649,231
Money Market Fund		7,875,098		—		—		7,875,098
Total Investments	$	34,106,446	$	2,887,822	$	—	$	36,994,268

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 75.9%
Energy: 75.9%
Antero Midstream Corp.		89,983	$	943,922
Archrock, Inc.		19,233		187,906
Cheniere Energy, Inc.		13,118		2,067,397
DT Midstream, Inc.		25,725		1,270,043
Enbridge, Inc.		60,600		2,311,890
EnLink Midstream LLC		66,814		724,264
Equitrans Midstream Corp.		95,010		549,158
Gibson Energy, Inc.		43,745		699,143
Hess Midstream LP		12,156		351,795
Keyera Corp.		58,822		1,287,860
Kinder Morgan, Inc.		100,741		1,763,975
Kinetik Holdings, Inc.		6,777		212,120
ONEOK, Inc.		23,840		1,514,794
Pembina Pipeline Corp.		43,198		1,399,615
Plains GP Holdings LP		59,673		782,910
Shawcor Ltd. *		19,948		183,613
Targa Resources Corp.		17,117		1,248,685
TC Energy Corp.		57,429		2,234,563
The Williams Companies, Inc.		62,240		1,858,486
Total Common Stocks (Cost: $21,814,104)				21,592,139

	Number of Shares		Value
MASTER LIMITED PARTNERSHIPS: 24.1%
Energy: 24.1%
Crestwood Equity Partners LP		8,597	$	214,323
DCP Midstream LP		8,869		370,014
Energy Transfer LP		99,440		1,240,017
Enterprise Products Partners LP		50,293		1,302,589
Genesis Energy LP		8,873		99,910
Holly Energy Partners LP		4,505		78,252
Magellan Midstream Partners LP		21,963		1,191,712
MPLX LP		33,365		1,149,424
NuStar Energy LP		7,520		117,613
Plains All American Pipeline LP		45,753		570,540
Western Midstream Partners LP		19,864		523,814
Total Master Limited Partnerships (Cost: $5,886,658)				6,858,208
Total Investments: 100.0% (Cost: $27,700,762)				28,450,347
Other assets less liabilities: 0.0%				8,448
NET ASSETS: 100.0%			$	28,458,795

Footnotes:

*	Non-income producing

Summary of Investments by Sector		% of Investments				Value
Energy			100.0	%		$	28,450,347

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	21,592,139	$	—	$	—	$	21,592,139
Master Limited Partnerships ^*		6,858,208		—		—		6,858,208
Total Investments	$	28,450,347	$	—	$	—	$	28,450,347

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Canada: 6.4%
GFL Environmental, Inc. (USD)		63,688	$	2,193,415
Li-Cycle Holdings Corp. (USD) * †		420,039		2,364,819
				4,558,234
United States: 93.7%
ABM Industries, Inc.		47,792		2,147,773
Aris Water Solutions, Inc. †		164,229		1,279,344
Casella Waste Systems, Inc. *		26,400		2,182,224
CECO Environmental Corp. *		98,490		1,377,875
Clean Harbors, Inc. *		15,660		2,232,490
Darling Ingredients, Inc. *		38,833		2,267,847
Donaldson Co., Inc.		33,309		2,176,410
Ecolab, Inc.		43,173		7,146,427
Energy Recovery, Inc. *		98,440		2,269,042
Evoqua Water Technologies Corp. *		45,599		2,267,182
Heritage-Crystal Clean, Inc. *		60,499		2,154,369
LanzaTech Global, Inc. *		375,902		1,458,500
Montrose Environmental Group, Inc. * †		62,632		2,234,083
PureCycle Technologies, Inc. * †		376,236		2,633,652
Republic Services, Inc.		51,207		6,924,211

	Number of Shares		Value
United States (continued)
Schnitzer Steel Industries, Inc.		46,728	$	1,453,241
Stericycle, Inc. *		50,022		2,181,459
STERIS Plc		11,633		2,225,160
Tennant Co.		32,281		2,212,217
Tetra Tech, Inc.		14,967		2,198,802
Vertex Energy, Inc. * †		173,493		1,714,111
Waste Connections, Inc.		49,797		6,925,269
Waste Management, Inc.		43,690		7,128,897
				66,790,585
Total Common Stocks (Cost: $69,663,835)				71,348,819

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%
Money Market Fund: 4.8% (Cost: $3,420,543)
State Street Navigator Securities Lending Government Money Market Portfolio		3,420,543		3,420,543
Total Investments: 104.9% (Cost: $73,084,378)				74,769,362
Liabilities in excess of other assets: (4.9)%				(3,476,616)
NET ASSETS: 100.0%			$	71,292,746

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,357,125.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Industrials		75.6	%	$	53,908,381
Materials		15.7			11,233,320
Consumer Staples		3.2			2,267,847
Health Care		3.1			2,225,160
Energy		2.4			1,714,111
		100.0	%	$	71,348,819

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	71,348,819	$	—	$	—	$	71,348,819
Money Market Fund		3,420,543		—		—		3,420,543
Total Investments	$	74,769,362	$	—	$	—	$	74,769,362

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 9.9%
Aristocrat Leisure Ltd.		201,866	$	5,056,974
Lottery Corp. Ltd.		788,925		2,718,673
Star Entertainment Group Ltd. *		669,655		645,795
Tabcorp Holdings Ltd. †		863,300		576,720
				8,998,162
Cambodia: 0.6%
NagaCorp Ltd. (HKD) * †		727,741		567,927
China: 7.7%
Galaxy Entertainment Group Ltd. (HKD) *		812,240		5,433,172
Melco Resorts & Entertainment Ltd. (ADR) *		84,286		1,072,961
SJM Holdings Ltd. (HKD) * †		1,032,500		516,718
				7,022,851
France: 2.5%
La Francaise des Jeux SAEM 144A		55,642		2,323,196
Greece: 1.6%
OPAP SA		88,209		1,417,324
Ireland: 8.7%
Flutter Entertainment Plc *		43,456		7,921,964
Japan: 1.5%
Heiwa Corp.		29,900		591,811
Sankyo Co. Ltd.		18,479		769,703
				1,361,514
Malaysia: 4.7%
Genting Bhd		1,065,700		1,127,990
Genting Malaysia Bhd		1,402,898		844,134
Genting Singapore Ltd. (SGD)		2,754,900		2,327,338
				4,299,462
Malta: 0.9%
Kindred Group Plc (SEK) (SDR)		73,748		826,582
New Zealand: 0.3%
SkyCity Entertainment Group Ltd.		194,759		291,820
South Korea: 0.9%
Kangwon Land, Inc.		54,015		828,504

	Number of Shares		Value
Sweden: 7.2%
Evolution AB 144A		49,031	$	6,575,079
United Kingdom: 4.2%
Entain Plc		188,705		2,937,381
Playtech Plc *		141,315		920,359
				3,857,740
United States: 49.3%
Boyd Gaming Corp.		27,739		1,778,625
Caesars Entertainment, Inc. *		54,328		2,651,750
Churchill Downs, Inc.		11,798		3,032,676
DraftKings, Inc. *		190,783		3,693,559
Gaming and Leisure Properties, Inc.		74,929		3,900,804
International Game Technology Plc †		51,385		1,377,118
Las Vegas Sands Corp. *		122,584		7,042,451
Light & Wonder, Inc. *		26,951		1,618,408
MGM Resorts International		100,136		4,448,041
Penn Entertainment, Inc. * †		45,196		1,340,513
Sands China Ltd. (HKD) *		1,170,000		4,064,540
VICI Properties, Inc.		187,612		6,119,903
Wynn Macau Ltd. (HKD) *		584,800		576,725
Wynn Resorts Ltd. *		29,810		3,336,037
				44,981,150

Total Common Stocks (Cost: $97,549,689)				91,273,275

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
Money Market Fund: 0.7% (Cost: $611,192)
State Street Navigator Securities Lending Government Money Market Portfolio		611,192		611,192
Total Investments: 100.7% (Cost: $98,160,881)				91,884,467
Liabilities in excess of other assets: (0.7)%				(683,282)
NET ASSETS: 100.0%			$	91,201,185

Definitions:

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

Footnotes:

*	Non-income producing

See Notes to Financial Statements

†	Security fully or partially on loan. Total market value of securities on loan is $2,041,888.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $8,898,275, or 9.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		89.0	%	$	81,252,568
Real Estate		11.0			10,020,707
		100.0	%	$	91,273,275

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	8,998,162	$	—	$	8,998,162
Cambodia		—		567,927		—		567,927
China		1,072,961		5,949,890		—		7,022,851
France		—		2,323,196		—		2,323,196
Greece		—		1,417,324		—		1,417,324
Ireland		—		7,921,964		—		7,921,964
Japan		—		1,361,514		—		1,361,514
Malaysia		—		4,299,462		—		4,299,462
Malta		—		826,582		—		826,582
New Zealand		—		291,820		—		291,820
South Korea		—		828,504		—		828,504
Sweden		—		6,575,079		—		6,575,079
United Kingdom		—		3,857,740		—		3,857,740
United States		40,339,885		4,641,265		—		44,981,150
Money Market Fund		611,192		—		—		611,192
Total Investments	$	42,024,038	$	49,860,429	$	—	$	91,884,467

See Notes to Financial Statements

VANECK GREEN INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.5%
Automobiles & Components: 18.9%
BorgWarner, Inc.		1,223	$	60,062
Lucid Group, Inc. * †		7,862		63,210
Rivian Automotive, Inc. * †		2,388		36,966
Tesla, Inc. *		393		81,531
				241,769
Capital Goods: 20.7%
Ameresco, Inc. *		177		8,712
Array Technologies, Inc. *		786		17,198
Bloom Energy Corp. *		937		18,674
Donaldson Co., Inc.		639		41,752
Energy Recovery, Inc. *		292		6,731
FuelCell Energy, Inc. * †		2,118		6,036
Hyzon Motors, Inc. * †		1,294		1,055
Plug Power, Inc. * †		3,044		35,676
Quanta Services, Inc.		454		75,654
SES AI Corp. *		1,598		4,714
Shoals Technologies Group, Inc. *		593		13,514
SunPower Corp. *		910		12,594
Sunrun, Inc. *		1,113		22,427
TPI Composites, Inc. *		219		2,858
				267,595
Commercial & Professional Services: 17.5%
Casella Waste Systems, Inc. *		265		21,905
Clean Harbors, Inc. *		282		40,202
Heritage-Crystal Clean, Inc. *		126		4,487
Montrose Environmental Group, Inc. *		155		5,529
Republic Services, Inc.		500		67,610
Stericycle, Inc. *		481		20,976
Waste Management, Inc.		411		67,063
				227,772
Energy: 10.1%
Cheniere Energy, Inc.		418		65,877
Clean Energy Fuels Corp. *		1,161		5,062
Enviva, Inc. †		349		10,079
Gevo, Inc. * †		1,239		1,908
Green Plains, Inc. *		310		9,607
New Fortress Energy, Inc.		1,090		32,079
REX American Resources Corp. *		91		2,602
Tellurian, Inc. *		2,949		3,627
				130,841

	Number of Shares		Value
Materials: 5.9%
Ecolab, Inc.		457	$	75,647
Semiconductors & Semiconductor Equipment: 11.1%
Enphase Energy, Inc. *		213		44,790
First Solar, Inc. *		447		97,222
				142,012
Technology Hardware & Equipment: 1.0%
Itron, Inc. *		236		13,086
Utilities: 14.3%
Altus Power, Inc. *		829		4,543
Brookfield Renewable Corp.		899		31,420
Clearway Energy, Inc.		429		13,441
IDACORP, Inc.		264		28,599
Montauk Renewables, Inc. *		750		5,903
NextEra Energy Partners LP		452		27,459
NorthWestern Corp.		302		17,474
Ormat Technologies, Inc.		293		24,838
Southwest Gas Holdings, Inc.		350		21,858
Sunnova Energy International, Inc. * †		600		9,372
				184,907
Total Common Stocks (Cost: $1,285,860)				1,283,629

MASTER LIMITED PARTNERSHIP: 0.4% (Cost: $5,362)
Utilities: 0.4%
Suburban Propane Partners LP		331		5,071
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $1,291,222)				1,288,700

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.0%
Money Market Fund: 6.0% (Cost: $77,820)
State Street Navigator Securities Lending Government Money Market Portfolio		77,820		77,820
Total Investments: 105.9% (Cost: $1,369,042)				1,366,520
Liabilities in excess of other assets: (5.9)%				(76,012)
NET ASSETS: 100.0%			$	1,290,508

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $156,045.
*	Non-income producing

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Industrials		38.5	%	$	495,368
Consumer Discretionary		18.8			241,770
Utilities		14.7			189,976
Information Technology		12.0			155,098
Energy		10.1			130,841
Materials		5.9			75,647
		100.0	%	$	1,288,700

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	1,283,629	$	—	$	—	$	1,283,629
Master Limited Partnership *		5,071		—		—		5,071
Money Market Fund		77,820		—		—		77,820
Total Investments	$	1,366,520	$	—	$	—	$	1,366,520


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.3%
Denmark: 6.2%
Novo Nordisk A/S (ADR)		143,864	$	22,894,517
France: 4.9%
Sanofi (ADR)		337,803		18,383,239
Israel: 3.1%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,318,311		11,667,052
Japan: 4.5%
Takeda Pharmaceutical Co. Ltd. (ADR) †		1,016,855		16,757,771
Switzerland: 5.3%
Novartis AG (ADR) †		214,777		19,759,484
United Kingdom: 14.3%
AstraZeneca Plc (ADR)		278,989		19,364,626
GSK Plc (ADR)		479,310		17,053,850
Haleon Plc (ADR) †		2,048,069		16,671,282
				53,089,758
United States: 61.0%
AbbVie, Inc.		133,149		21,219,956
AmerisourceBergen Corp.		106,017		16,974,382
Bausch Health Cos, Inc. *		356,481		2,887,496
Bristol-Myers Squibb Co.		265,850		18,426,064
Catalent, Inc. *		153,035		10,055,930
Elanco Animal Health, Inc. *		364,657		3,427,776
Eli Lilly & Co.		58,739		20,172,147

	Number of Shares		Value
United States (continued)
Jazz Pharmaceuticals Plc *		64,922	$	9,500,036
Johnson & Johnson		181,976		28,206,280
McKesson Corp.		47,594		16,945,844
Merck & Co., Inc.		191,028		20,323,469
Organon & Co.		264,203		6,214,055
Patterson Companies, Inc.		84,347		2,257,969
Perrigo Co. Plc		130,766		4,690,576
Pfizer, Inc.		445,883		18,192,026
Viatris, Inc.		1,210,732		11,647,242
Zoetis, Inc.		94,607		15,746,389
				226,887,637
Total Common Stocks (Cost: $398,511,584)				369,439,458

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.6%
Money Market Fund: 5.6% (Cost: $20,666,021)
State Street Navigator Securities Lending Government Money Market Portfolio		20,666,021		20,666,021
Total Investments: 104.9% (Cost: $419,177,605)				390,105,479
Liabilities in excess of other assets: (4.9)%				(18,367,194)
NET ASSETS: 100.0%			$	371,738,285

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $37,947,465.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Pharmaceuticals		80.0	%	$	295,370,025
Health Care Distributors		9.8			36,178,195
Biotechnology		5.7			21,219,956
Personal Care Products		4.5			16,671,282
		100.0	%	$	369,439,458

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	369,439,458	$	—	$	—	$	369,439,458
Money Market Fund		20,666,021		—		—		20,666,021
Total Investments	$	390,105,479	$	—	$	—	$	390,105,479


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 4.1%
JD.com, Inc. (ADR) †		139,699	$	6,131,389
United States: 95.9%
Amazon.com, Inc. *		310,574		32,079,189
AmerisourceBergen Corp.		16,248		2,601,467
AutoZone, Inc. *		1,599		3,930,582
Bath & Body Works, Inc.		18,349		671,206
Best Buy Co., Inc.		16,967		1,328,007
Cardinal Health, Inc.		19,129		1,444,240
Costco Wholesale Corp.		22,153		11,007,161
CVS Health Corp.		82,233		6,110,734
Dollar General Corp.		18,505		3,894,562
Dollar Tree, Inc. *		17,769		2,550,740
Lowe’s Companies, Inc.		36,255		7,249,912
Lululemon Athletica, Inc. *		11,025		4,015,195
McKesson Corp.		13,501		4,807,031

	Number of Shares		Value
United States (continued)
O’Reilly Automotive, Inc. *		6,397	$	5,430,925
Ross Stores, Inc.		28,503		3,025,023
Sysco Corp.		48,192		3,721,868
Target Corp.		40,139		6,648,223
The Home Depot, Inc.		47,880		14,130,346
The Kroger Co.		62,732		3,097,079
The TJX Companies, Inc.		85,036		6,663,421
Tractor Supply Co.		10,584		2,487,663
Ulta Beauty, Inc. *		4,954		2,703,249
Walgreens Boots Alliance, Inc.		66,139		2,287,087
Walmart, Inc.		84,995		12,532,513
				144,417,423
Total Common Stocks (Cost: $165,228,090)				150,548,812
Total Investments: 100.0% (Cost: $165,228,090)				150,548,812
Liabilities in excess of other assets: 0.0%				(18,881)
NET ASSETS: 100.0%			$	150,529,931

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,824,817.
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Consumer Discretionary		59.7	%	$	89,846,108
Consumer Staples		30.4			45,739,232
Health Care		9.9			14,963,472
		100.0	%	$	150,548,812

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks *

150,548,812

—

150,548,812


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 8.2%
ASML Holding N.V. (USD)		624,400	$	425,035,324
NXP Semiconductors N.V. (USD)		1,247,190		232,569,755
				657,605,079
Switzerland: 2.4%
STMicroelectronics N.V. (USD) †		3,607,164		192,947,203
Taiwan: 11.6%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		9,934,554		924,112,213
United States: 77.8%
Advanced Micro Devices, Inc. *		4,370,192		428,322,518
Analog Devices, Inc.		1,799,720		354,940,778
Applied Materials, Inc.		2,829,930		347,600,302
Broadcom, Inc.		590,067		378,551,583
Cadence Design Systems, Inc. *		1,258,494		264,397,005
Intel Corp.		12,924,276		422,236,097
KLA Corp.		616,622		246,137,004
Lam Research Corp.		680,520		360,757,262
Marvell Technology, Inc.		3,895,452		168,673,072
Microchip Technology, Inc.		2,632,559		220,555,793
Micron Technology, Inc.		5,385,627		324,968,733

	Number of Shares		Value
United States (continued)
Monolithic Power Systems, Inc.		239,622	$	119,940,396
NVIDIA Corp.		3,926,198		1,090,580,018
ON Semiconductor Corp. *		1,879,545		154,724,144
Qorvo, Inc. *		441,142		44,806,793
Qualcomm, Inc.		3,078,221		392,719,435
Skyworks Solutions, Inc.		825,917		97,441,688
Synopsys, Inc. *		741,802		286,521,023
Teradyne, Inc.		689,125		74,087,829
Texas Instruments, Inc.		2,117,107		393,803,073
Universal Display Corp.		239,357		37,131,451
				6,208,895,997
Total Common Stocks (Cost: $9,050,284,448)				7,983,560,492

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $9,284,471)
State Street Navigator Securities Lending Government Money Market Portfolio		9,284,471		9,284,471
Total Investments: 100.1% (Cost: $9,059,568,919)				7,992,844,963
Liabilities in excess of other assets: (0.1)%				(8,660,106)
NET ASSETS: 100.0%			$	7,984,184,857

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $9,817,180.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Semiconductors		74.9	%	$	5,979,024,744
Semiconductor Materials & Equipment		18.2			1,453,617,721
Application Software		6.9			550,918,027
		100.0	%	$	7,983,560,492

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	7,983,560,492	$	—	$	—	$	7,983,560,492
Money Market Fund		9,284,471		—		—		9,284,471
Total Investments	$	7,992,844,963	$	—	$	—	$	7,992,844,963


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 4.2%
Aristocrat Leisure Ltd.		490,206	$	12,280,219
China: 17.6%
Bilibili, Inc. (ADR) *		307,678		7,230,433
Kingsoft Corp. Ltd. (HKD)		1,237,200		6,081,937
NetEase, Inc. (ADR) †		161,661		14,297,299
Tencent Holdings Ltd. (HKD)		482,400		23,574,397
				51,184,066
France: 1.6%
Ubisoft Entertainment SA *		173,027		4,620,009
Japan: 20.7%
Bandai Namco Holdings, Inc.		581,400		12,504,816
Capcom Co. Ltd.		276,600		9,876,242
Konami Group Corp.		146,600		6,712,665
Nexon Co. Ltd. †		464,000		11,053,525
Nintendo Co. Ltd.		392,000		15,189,856
Square Enix Holdings Co. Ltd. †		99,400		4,765,430
				60,102,534
Poland: 1.0%
CD Projekt SA †		114,397		2,967,202
South Korea: 2.2%
NCSoft Corp.		22,075		6,326,050
Sweden: 1.6%
Embracer Group AB * †		1,024,932		4,808,590
Taiwan: 8.0%
Micro-Star International Co. Ltd.		1,206,000		5,732,301

	Number of Shares		Value
Taiwan (continued)
Sea Ltd. (ADR) * †		201,894	$	17,473,925
				23,206,226
United States: 43.0%
Activision Blizzard, Inc.		219,626		18,797,789
Advanced Micro Devices, Inc. *		220,202		21,581,998
Electronic Arts, Inc.		107,632		12,964,274
GameStop Corp. * †		360,581		8,300,575
NVIDIA Corp.		88,847		24,679,031
Roblox Corp. *		292,257		13,145,720
Take-Two Interactive Software, Inc. *		103,902		12,395,509
Unity Software, Inc. *		409,794		13,293,717
				125,158,613
Total Common Stocks (Cost: $311,253,172)				290,653,509

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.9%
Money Market Fund: 7.9% (Cost: $22,980,614)
State Street Navigator Securities Lending Government Money Market Portfolio		22,980,614		22,980,614
Total Investments: 107.8% (Cost: $334,233,786)				313,634,123
Liabilities in excess of other assets: (7.8)%				(22,795,864)
NET ASSETS: 100.0%			$	290,838,259

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $45,312,377.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		66.1	%	$	192,280,852
Information Technology		22.5			65,287,047
Consumer Discretionary		11.4			33,085,610
		100.0	%	$	290,653,509

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, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	12,280,219	$	—	$	12,280,219
China		21,527,732		29,656,334		—		51,184,066
France		—		4,620,009		—		4,620,009
Japan		—		60,102,534		—		60,102,534
Poland		—		2,967,202		—		2,967,202
South Korea		—		6,326,050		—		6,326,050
Sweden		—		4,808,590		—		4,808,590
Taiwan		17,473,925		5,732,301		—		23,206,226
United States		125,158,613		—		—		125,158,613
Money Market Fund		22,980,614		—		—		22,980,614
Total Investments	$	187,140,884	$	126,493,239	$	—	$	313,634,123

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

		Biotech ETF			Digital Assets Mining ETF			Digital Transformation ETF			Energy Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	497,540,175		$	1,419,736		$	29,119,170		$	28,450,347
Short-term investments held as collateral for securities loaned (3)			—			209,134			7,875,098			—
Cash			142,884			—			—			—
Cash denominated in foreign currency, at value (4)			—			4			39			217
Receivables:
Investment securities sold			—			63,087			832,874			—
Dividends and interest			9,865			2,309			68,955			78,027
Federal and State income taxes			—			—			—			18,570
Total assets			497,692,924			1,694,270			37,896,136			28,547,161
Liabilities:
Payables:
Investment securities purchased			—			64,805			893,616			—
Collateral for securities loaned			—			209,134			7,875,098			—
Due to Adviser			145,865			520			11,192			10,706
Due to custodian			—			4,615			68,393			77,593
Deferred Trustee fees			64,926			—			—			—
Accrued expenses			1,478			—			—			67
Total liabilities			212,269			279,074			8,848,299			88,366
NET ASSETS		$	497,480,655		$	1,415,196		$	29,047,837		$	28,458,795
Shares outstanding			3,071,503			125,000			6,250,000			464,720
Net asset value, redemption and offering price per share		$	161.97		$	11.32		$	4.65		$	61.24
Net Assets consist of:
Aggregate paid in capital		$	663,452,130		$	3,716,836		$	111,512,183		$	34,652,924
Total distributable earnings (loss)			(165,971,475	)		(2,301,640	)		(82,464,346	)		(6,194,129	)
NET ASSETS		$	497,480,655		$	1,415,196		$	29,047,837		$	28,458,795
(1)	Value of securities on loan	$	26,891,164		$	246,246		$	8,187,659		$	—
(2)	Cost of investments - Unaffiliated issuers	$	487,425,849		$	1,686,749		$	37,617,253		$	27,700,762
(3)	Cost of short-term investments held as collateral for securities loaned	$	—		$	209,134		$	7,875,098		$	—
(4)	Cost of cash denominated in foreign currency	$	—		$	4		$	39		$	218

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

		Environmental Services ETF			Gaming ETF			Green Infrastructure ETF		Pharmaceutical ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	71,348,819		$	91,273,275		$	1,288,700	$	369,439,458
Short-term investments held as collateral for securities loaned (3)			3,420,543			611,192			77,820		20,666,021
Cash			5			28			1,290		295
Cash denominated in foreign currency, at value (4)			—			972,430			—		—
Receivables:
Investment securities sold			6,237,318			—			—		1,392,923
Shares of beneficial interest sold			2,792,906			—			—		—
Dividends and interest			61,130			199,352			996		1,279,491
Prepaid expenses			1,179			1,240			—		—
Total assets			83,861,900			93,057,517			1,368,806		392,778,188
Liabilities:
Payables:
Investment securities purchased			5,780,291			87,333			—		—
Shares of beneficial interest redeemed			2,878,025			—			—		—
Collateral for securities loaned			3,420,543			611,192			77,820		20,666,021
Line of credit			408,046			1,074,100			—		222,084
Due to Adviser			43,797			39,387			478		113,134
Deferred Trustee fees			3,783			9,027			—		36,037
Accrued expenses			34,669			35,293			—		2,627
Total liabilities			12,569,154			1,856,332			78,298		21,039,903
NET ASSETS		$	71,292,746		$	91,201,185		$	1,290,508	$	371,738,285
Shares outstanding			490,000			2,050,000			50,000		4,788,138
Net asset value, redemption and offering price per share		$	145.50		$	44.49		$	25.81	$	77.64
Net Assets consist of:
Aggregate paid in capital		$	85,792,986		$	118,264,309		$	1,275,249	$	503,030,027
Total distributable earnings (loss)			(14,500,240	)		(27,063,124	)		15,259		(131,291,742	)
NET ASSETS		$	71,292,746		$	91,201,185		$	1,290,508	$	371,738,285
(1)	Value of securities on loan	$	5,357,125		$	2,041,888		$	156,045	$	37,947,465
(2)	Cost of investments - Unaffiliated issuers	$	69,663,835		$	97,549,689		$	1,291,222	$	398,511,584
(3)	Cost of short-term investments held as collateral for securities loaned	$	3,420,543		$	611,192		$	77,820	$	20,666,021
(4)	Cost of cash denominated in foreign currency	$	—		$	979,824		$	—	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

		Retail ETF			Semiconductor ETF (a)			Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	150,548,812		$	7,983,560,492		$	290,653,509
Short-term investments held as collateral for securities loaned (3)			—			9,284,471			22,980,614
Cash			—			—			5,475
Receivables:
Investment securities sold			—			183,641,638			1,687
Shares of beneficial interest sold			—			104,649,839			—
Dividends and interest			74,319			5,919,294			759,733
Prepaid expenses			—			—			3,973
Total assets			150,623,131			8,287,055,734			314,404,991
Liabilities:
Payables:
Investment securities purchased			—			104,645,153			—
Shares of beneficial interest redeemed			—			183,646,585			—
Collateral for securities loaned			—			9,284,471			22,980,614
Line of credit			—			2,787,583			397,460
Due to Adviser			43,162			2,243,118			109,113
Due to custodian			39,254			133,309			4
Deferred Trustee fees			10,259			97,455			11,151
Accrued expenses			525			33,203			68,390
Total liabilities			93,200			302,870,877			23,566,732
NET ASSETS		$	150,529,931		$	7,984,184,857		$	290,838,259
Shares outstanding			921,531			60,641,874			5,500,000
Net asset value, redemption and offering price per share		$	163.35		$	131.66		$	52.88
Net Assets consist of:
Aggregate paid in capital		$	188,111,882		$	9,390,604,649		$	367,833,027
Total distributable earnings (loss)			(37,581,951	)		(1,406,419,792	)		(76,994,768	)
NET ASSETS		$	150,529,931		$	7,984,184,857		$	290,838,259
(1)	Value of securities on loan	$	5,824,817		$	9,817,180		$	45,312,377
(2)	Cost of investments - Unaffiliated issuers	$	165,228,090		$	9,050,284,448		$	311,253,172
(3)	Cost of short-term investments held as collateral for securities loaned	$	—		$	9,284,471		$	22,980,614


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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2023 (unaudited)

	Biotech ETF			Digital Assets Mining ETF			Digital Transformation ETF			Energy Income ETF
Income:
Dividends	$	1,916,512		$	—		$	—		$	525,895
Interest		—			—			494			—
Securities lending income		5,730			9,572			477,222			—
Foreign taxes withheld		—			—			—			(39,378	)
Total income		1,922,242			9,572			477,716			486,517

Expenses:
Management fees		864,484			2,559			63,836			68,977
Interest and taxes		10,185			26			647			1,572
Total expenses		874,669			2,585			64,483			70,549
Net investment income		1,047,573			6,987			413,233			415,968

Net realized gain (loss) on:
Investments		(21,710,139	)		(1,133,290	)		(26,800,784	)		234,956
In-kind redemptions		26,333,651			—			382,358			1,149,365
Foreign currency transactions and foreign denominated assets and liabilities		—			(195	)		739			(1,490	)
Net realized gain (loss)		4,623,512			(1,133,485	)		(26,417,687	)		1,382,831

Net change in unrealized appreciation (depreciation) on:
Investments		59,024,656			1,054,623			24,276,822			1,109,226
Foreign currency translations and foreign denominated assets and liabilities		—			9			49			1,074
Net change in unrealized appreciation (depreciation)		59,024,656			1,054,632			24,276,871			1,110,300
Net Increase (Decrease) in Net Assets Resulting from Operations	$	64,695,741		$	(71,866	)	$	(1,727,583	)	$	2,909,099

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2023 (unaudited)

	Environmental Services ETF			Gaming ETF			Green Infrastructure ETF (a)			Pharmaceutical ETF
Income:
Dividends	$	300,890		$	607,804		$	8,665		$	6,061,421
Interest		383			—			8			2,850
Securities lending income		56,803			15,768			2,408			62,693
Foreign taxes withheld		(4,144	)		(8,526	)		(92	)		(220,867	)
Total income		353,932			615,046			10,989			5,906,097

Expenses:
Management fees		176,178			215,351			2,628			897,727
Professional fees		19,526			19,972			—			—
Custody and accounting fees		12,355			17,389			—			—
Reports to shareholders		7,677			10,781			—			—
Trustees’ fees and expenses		2,588			439			—			—
Registration fees		3,097			1,729			—			—
Insurance		2,055			2,098			—			—
Interest		214			27,332			99			23,379
Other		301			644			—			—
Total expenses		223,991			295,735			2,727			921,106
Waiver of management fees		(29,981	)		—			—			—
Net expenses		194,010			295,735			2,727			921,106
Net investment income		159,922			319,311			8,262			4,984,991

Net realized gain (loss) on:
Investments		(852,892	)		(1,939,189	)		12,518			(9,047,583	)
In-kind redemptions		2,188,283			3,653,261			—			25,331,755
Foreign currency transactions and foreign denominated assets and liabilities		(10	)		(23,641	)		—			—
Net realized gain		1,335,381			1,690,431			12,518			16,284,172

Net change in unrealized appreciation (depreciation) on:
Investments		6,498,385			22,384,532			(2,521	)		58,168,989
Foreign currency translations and foreign denominated assets and liabilities		—			63,240			—			—
Net change in unrealized appreciation (depreciation)		6,498,385			22,447,772			(2,521	)		58,168,989
Net Increase in Net Assets Resulting from Operations	$	7,993,688		$	24,457,514		$	18,259		$	79,438,152


(a)	For the period October 19, 2022 (commencement of operations) through March 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2023 (unaudited)

	Retail ETF			Semiconductor ETF			Video Gaming and eSports ETF
Income:
Dividends	$	937,442		$	51,142,245		$	2,327,632
Interest		885			31,088			2,383
Securities lending income		974			40,859			276,587
Foreign taxes withheld		—			(2,440,678	)		(92,720	)
Total income		939,301			48,773,514			2,513,882
Expenses:
Management fees		267,431			12,008,574			656,145
Professional fees		—			—			24,090
Custody and accounting fees		—			—			22,823
Reports to shareholders		—			—			35,890
Trustees’ fees and expenses		—			—			2,075
Registration fees		—			—			1,574
Insurance		—			—			5,839
Interest		2,197			103,848			16,355
Other		—			—			846
Total expenses		269,628			12,112,422			765,637
Waiver of management fees		—			—			(27,524	)
Net expenses		269,628			12,112,422			738,113
Net investment income		669,673			36,661,092			1,775,769

Net realized gain (loss) on:
Investments		(8,806,001	)		(245,228,123	)		(30,815,054	)
In-kind redemptions		2,982,032			367,010,716			1,774,843
Foreign currency transactions and foreign denominated assets and liabilities		—			—			25,372
Net realized gain (loss)		(5,823,969	)		121,782,593			(29,014,839	)

Net change in unrealized appreciation (depreciation) on:
Investments		15,200,533			2,364,236,422			100,067,656
Foreign currency translations and foreign denominated assets and liabilities		—			—			775
Net change in unrealized appreciation (depreciation)		15,200,533			2,364,236,422			100,068,431
Net Increase in Net Assets Resulting from Operations	$	10,046,237		$	2,522,680,107		$	72,829,361

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Assets Mining ETF
	Period Ended March 31, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Period Ended September 30, 2022 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income (loss)	$	1,047,573		$	2,058,616		$	6,987		$	(5,126	)
Net realized gain (loss)		4,623,512			(52,444,228	)		(1,133,485	)		(904,724	)
Net change in unrealized appreciation (depreciation)		59,024,656			(130,892,741	)		1,054,632			(1,321,637	)
Net increase (decrease) in net assets resulting from operations		64,695,741			(181,278,353	)		(71,866	)		(2,231,487	)
Distributions to shareholders from:
Distributable earnings		(2,299,941	)		(1,180,281	)		—			—

Share transactions*:
Proceeds from sale of shares		109,742,433			91,504,466			255,223			3,463,326
Cost of shares redeemed		(88,961,986	)		(84,861,837	)		—			—
Increase in net assets resulting from share transactions		20,780,447			6,642,629			255,223			3,463,326
Total increase (decrease) in net assets		83,176,247			(175,816,005	)		183,357			1,231,839
Net Assets, beginning of period		414,304,408			590,120,413			1,231,839			—
Net Assets, end of period	$	497,480,655		$	414,304,408		$	1,415,196		$	1,231,839
*Shares of Common Stock Issued (no par value)
Shares sold		675,000			575,000			25,000			100,000
Shares redeemed		(550,000	)		(550,000	)		—			—
Net increase		125,000			25,000			25,000			100,000


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital Transformation ETF						Energy Income ETF
	Period Ended March 31, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	413,233		$	1,057,916		$	415,968		$	568,885
Net realized gain (loss)		(26,417,687	)		(43,624,089	)		1,382,831			2,265,596
Net change in unrealized appreciation (depreciation)		24,276,871			(23,668,522	)		1,110,300			(1,867,199	)
Net increase (decrease) in net assets resulting from operations		(1,727,583	)		(66,234,695	)		2,909,099			967,282
Distributions to shareholders from:
Distributable earnings		—			(4,600,120	)		(422,094	)		(502,535	)
Return of capital		—			—			—			(607,866	)
Total distributions		—			(4,600,120	)		(422,094	)		(1,110,401	)

Share transactions*:
Proceeds from sale of shares		2,227,456			61,030,371			—			12,633,846
Cost of shares redeemed		(1,388,057	)		(5,876,037	)		(4,703,800	)		(5,671,728	)
Increase (decrease) in net assets resulting from share transactions		839,399			55,154,334			(4,703,800	)		6,962,118
Total increase (decrease) in net assets		(888,184	)		(15,680,481	)		(2,216,795	)		6,818,999
Net Assets, beginning of period		29,936,021			45,616,502			30,675,590			23,856,591
Net Assets, end of period	$	29,047,837		$	29,936,021		$	28,458,795		$	30,675,590
*Shares of Common Stock Issued (no par value)
Shares sold		525,000			4,675,000			—			200,000
Shares redeemed		(325,000	)		(625,000	)		(75,000	)		(100,000	)
Net increase (decrease)		200,000			4,050,000			(75,000	)		100,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Environmental Services ETF						Gaming ETF
	Period Ended March 31, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	159,922		$	279,256		$	319,311		$	528,065
Net realized gain (loss)		1,335,381			6,351,893			1,690,431			(3,103,779	)
Net change in unrealized appreciation (depreciation)		6,498,385			(13,919,150	)		22,447,772			(29,429,928	)
Net increase (decrease) in net assets resulting from operations		7,993,688			(7,288,001	)		24,457,514			(32,005,642	)
Distributions to shareholders from:
Distributable earnings		(284,988	)		(200,016	)		(424,958	)		(725,005	)

Share transactions*:
Proceeds from sale of shares		4,160,246			39,446,432			26,691,461			6,562,409
Cost of shares redeemed		(8,490,987	)		(31,337,177	)		(20,085,180	)		(31,658,817	)
Increase (decrease) in net assets resulting from share transactions		(4,330,741	)		8,109,255			6,606,281			(25,096,408	)
Total increase (decrease) in net assets		3,377,959			621,238			30,638,837			(57,827,055	)
Net Assets, beginning of period		67,914,787			67,293,549			60,562,348			118,389,403
Net Assets, end of period	$	71,292,746		$	67,914,787		$	91,201,185		$	60,562,348
*Shares of Common Stock Issued (no par value)
Shares sold		30,000			270,000			675,000			150,000
Shares redeemed		(60,000	)		(220,000	)		(475,000	)		(750,000	)
Net increase (decrease)		(30,000	)		50,000			200,000			(600,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Infrastructure ETF			Pharmaceutical ETF
	Period Ended March 31, 2023 (a)			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)			(unaudited)
Operations:
Net investment income	$	8,262		$	4,984,991		$	7,412,381
Net realized gain		12,518			16,284,172			14,321,637
Net change in unrealized appreciation (depreciation)		(2,521	)		58,168,989			(79,556,497	)
Net increase (decrease) in net assets resulting from operations		18,259			79,438,152			(57,822,479	)
Distributions to shareholders from:
Distributable earnings		(3,000	)		(3,896,835	)		(6,817,403	)

Share transactions*:
Proceeds from sale of shares		1,275,249			273,347,477			723,658,357
Cost of shares redeemed		—			(500,888,902	)		(454,218,449	)
Increase (decrease) in net assets resulting from share transactions		1,275,249			(227,541,425	)		269,439,908
Total increase (decrease) in net assets		1,290,508			(152,000,108	)		204,800,026
Net Assets, beginning of period		—			523,738,393			318,938,367
Net Assets, end of period	$	1,290,508		$	371,738,285		$	523,738,393
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			3,700,000			9,450,000
Shares redeemed		—			(6,700,000	)		(6,050,000	)
Net increase (decrease)		50,000			(3,000,000	)		3,400,000


(a)	For the period October 19, 2022 (commencement of operations) through March 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Retail ETF						Semiconductor ETF (a)
	Period Ended March 31, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	669,673		$	1,698,794		$	36,661,092		$	62,808,505
Net realized gain (loss)		(5,823,969	)		4,533,155			121,782,593			657,047,620
Net change in unrealized appreciation (depreciation)		15,200,533			(26,338,540	)		2,364,236,422			(3,277,654,394	)
Net increase (decrease) in net assets resulting from operations		10,046,237			(20,106,591	)		2,522,680,107			(2,557,798,269	)
Distributions to shareholders from:
Distributable earnings		(1,700,040	)		(1,850,009	)		(70,999,820	)		(38,500,125	)
								’
Share transactions*:
Proceeds from sale of shares		15,709,150			67,184,294			11,416,978,630			29,465,480,838
Cost of shares redeemed		(23,957,508	)		(134,470,494	)		(11,516,074,962	)		(27,175,192,549	)
Increase (decrease) in net assets resulting from share transactions		(8,248,358	)		(67,286,200	)		(99,096,332	)		2,290,288,289
Total increase (decrease) in net assets		97,839			(89,242,800	)		2,352,583,955			(306,010,105	)
Net Assets, beginning of period		150,432,092			239,674,892			5,631,600,902			5,937,611,007
Net Assets, end of period	$	150,529,931		$	150,432,092		$	7,984,184,857		$	5,631,600,902
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			350,000			105,300,000			232,100,000
Shares redeemed		(150,000	)		(750,000	)		(105,500,000	)		(217,600,000	)
Net increase (decrease)		(50,000	)		(400,000	)		(200,000	)		14,500,000

(a)	Share activity has been adjusted to reflect the 2 for 1 share split which took place on May 5, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Video Gaming and eSports ETF
	Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)
Operations:
Net investment income	$	1,775,769		$	2,378,852
Net realized gain (loss)		(29,014,839	)		11,309,332
Net change in unrealized appreciation (depreciation)		100,068,431			(172,516,427	)
Net increase (decrease) in net assets resulting from operations		72,829,361			(158,828,243	)
Distributions to shareholders from:
Distributable earnings		(2,252,275	)		(20,504,040	)

Share transactions*:
Proceeds from sale of shares		2,456,645			24,147,755
Cost of shares redeemed		(44,459,191	)		(213,552,026	)
Decrease in net assets resulting from share transactions		(42,002,546	)		(189,404,271	)
Total increase (decrease) in net assets		28,574,540			(368,736,554	)
Net Assets, beginning of period		262,263,719			631,000,273
Net Assets, end of period	$	290,838,259		$	262,263,719
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			400,000
Shares redeemed		(1,000,000	)		(3,650,000	)
Net decrease		(950,000	)		(3,250,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Biotech ETF
	Period			Year Ended September 30,
	Ended
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$140.61			$201.99			$162.01			$118.04			$136.11			$134.17
Net investment income (a)		0.34			0.69			0.42			0.59			0.39			0.52
Net realized and unrealized gain (loss) on investments		21.77			(61.67	)		40.17			43.85			(17.91	)		2.10	(b)
Total from investment operations		22.11			(60.98	)		40.59			44.44			(17.52	)		2.62
Distributions from:
Net investment income		(0.75	)		(0.40	)		(0.61	)		(0.47	)		(0.55	)		(0.68	)
Net asset value, end of period		$161.97			$140.61			$201.99			$162.01			$118.04			$136.11
Total return (c)		15.72	%(d)		(30.24	)%		25.13	%		37.71	%		(12.84	)%		2.00	%

Ratios to average net assets
Gross expenses (e)		0.35	%(f)		0.35	%		0.38	%		0.39	%		0.40	%		0.40	%
Net expenses (e)		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.42	%(f)		0.42	%		0.23	%		0.40	%		0.31	%		0.41	%
Supplemental data
Net assets, end of period (in millions)		$497			$414			$590			$485			$318			$476
Portfolio turnover rate (g)		13	%(d)		24	%		41	%		40	%		24	%		30	%


(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
	Period			Ended
	Ended			September
	March 31,			30,
	2023			2022(a)
	(unaudited)
Net asset value, beginning of period		$12.32			$33.43
Net investment income (loss) (b)		0.06			(0.06	)
Net realized and unrealized loss on investments		(1.06	)		(21.05	)
Total from investment operations		(1.00	)		(21.11	)
Net asset value, end of period		$11.32			$12.32
Total return (c)		(8.09	)%(d)		(63.15	)%(d)

Ratios to average net assets
Expenses		0.51	%(e)		0.50	%(e)
Expenses excluding interest and taxes		0.50	%(e)		0.50	%(e)
Net investment income (loss)		1.37	%(e)		(0.50	)%(e)
Supplemental data
Net assets, end of period (in millions)		$1			$1
Portfolio turnover rate (f)		36	%(d)		39	%(d)


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF

							Period
	Period						Ended
	Ended			Year Ended			September
	March 31,			September			30,
	2023			30, 2022			2021(a)
	(unaudited)
Net asset value, beginning of period		$4.95			$22.81			$35.25
Net investment income (b)		0.06			0.26			—	(c)
Net realized and unrealized loss on investments		(0.36	)		(16.24	)		(12.44	)
Total from investment operations		(0.30	)		(15.98	)		(12.44	)
Distributions from:
Net investment income		—			(1.88	)		—
Net asset value, end of period		$4.65			$4.95			$22.81
Total return (d)		(6.07	)%(e)		(76.33	)%		(35.30	)%(e)

Ratios to average net assets
Expenses		0.51	%(f)		0.50	%		0.58	%(f)
Expenses excluding interest		0.50	%(f)		0.50	%		0.58	%(f)
Net investment income		3.24	%(f)		2.28	%		0.02	%(f)
Supplemental data
Net assets, end of period (in millions)		$29			$30			$46
Portfolio turnover rate (g)		30	%(e)		74	%		49	%(e)


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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Energy Income ETF (a)

				Year Ended September 30,						Period			Year Ended November 30,
	Period									Ended
	Ended									September
	March 31,									30,
	2023			2022			2021			2020 (b)			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$56.84			$54.25			$34.29			$51.20			$58.32			$68.49			$76.29
Net investment income (loss) (c)		0.84			1.17			1.15			0.76			(0.39	)		0.09			0.42
Net realized and unrealized gain (loss) on investments		4.43			3.67			21.90			(15.58	)		(1.42	)		(4.44	)		(2.25	)
Total from investment operations		5.27			4.84			23.05			(14.82	)		(1.81	)		(4.35	)		(1.83	)
Distributions from:
Net investment income		(0.68	)		(1.02	)		(1.37	)		—			(1.77	)		—			—
Return of capital		(0.19	)		(1.23	)		(1.72	)		(2.09	)		(3.54	)		(5.82	)		(5.97	)
Total distributions		(0.87	)		(2.25	)		(3.09	)		(2.09	)		(5.31	)		(5.82	)		(5.97	)
Net asset value, end of period		$61.24			$56.84			$54.25			$34.29			$51.20			$58.32			$68.49
Total return (d)		9.23	%(e)		8.79	%		68.88	%		(29.74	)%(e)		(3.66	)%		(7.16	)%		(2.67	)%

Ratios to average net assets
Expenses		0.46	%(f)		0.48	%		0.46	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Expenses excluding interest		0.45	%(f)		0.45	%		0.45	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Net investment income (loss)		2.71	%(f)		1.95	%		2.43	%		2.17	%(f)(k)		(0.68)	%(h)		0.13	%(i)		0.55	%(j)
Supplemental data
Net assets, end of period (in millions)		$28			$31			$24			$20			$52			$45			$64
Portfolio turnover rate (l)		7	%(e)		21	%		24	%		24	% (e)		106	%		34	%		40	%


(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed its fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	Includes income tax expense of 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 ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Environmental Services ETF
	Period			Year Ended September 30,
	Ended												’
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$130.61			$143.18			$99.41			$104.25			$96.64			$86.02
Net investment income (a)		0.32			0.56			0.36			0.46			0.46			0.42
Net realized and unrealized gain (loss) on investments		15.13			(12.76	)		43.80			(4.83	)		7.47			10.98
Total from investment operations		15.45			(12.20	)		44.16			(4.37	)		7.93			11.40
Distributions from:
Net investment income		(0.56	)		(0.37	)		(0.39	)		(0.47	)		(0.32	)		(0.78	)
Net asset value, end of period		$145.50			$130.61			$143.18			$99.41			$104.25			$96.64
Total return (b)		11.86	%(c)		(8.56	)%		44.50	%		(4.23	)%		8.30	%		13.36	%

Ratios to average net assets
Gross expenses		0.64	%(d)		0.62	%		0.71	%		0.85	%		0.81	%		0.98	%
Net expenses		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.56	%
Net expenses excluding interest		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.45	%(d)		0.39	%		0.27	%		0.47	%		0.47	%		0.47	%
Supplemental data
Net assets, end of period (in millions)		$71			$68			$67			$31			$36			$24
Portfolio turnover rate (e)		8	%(c)		35	%		21	%		38	%		20	%		24	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	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
	Period			Year Ended September 30,
	Ended
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$32.74			$48.32			$39.14			$36.61			$39.76			$42.61
Net investment income (a)		0.15			0.25			0.16			0.51			1.07			1.03
Net realized and unrealized gain (loss) on investments		11.77			(15.48	)		9.24			3.25			(3.09	)		(2.80	)
Total from investment operations		11.92			(15.23	)		9.40			3.76			(2.02	)		(1.77	)
Distributions from:
Net investment income		(0.17	)		(0.35	)		(0.22	)		(1.23	)		(1.13	)		(1.08	)
Net asset value, end of period		$44.49			$32.74			$48.32			$39.14			$36.61			$39.76
Total return (b)		36.49	%(c)		(31.72	)%		24.06	%		10.03	%		(4.73	)%		(4.51	)%

Ratios to average net assets
Gross expenses		0.69	%(d)		0.65	%		0.62	%		0.92	%		0.94	%		0.86	%
Net expenses		0.69	%(d)		0.65	%		0.62	%		0.65	%		0.66	%		0.66	%
Net expenses excluding interest		0.62	%(d)		0.63	%		0.62	%		0.65	%		0.65	%		0.65	%
Net investment income		0.74	%(d)		0.63	%		0.32	%		1.41	%		2.92	%		2.24	%
Supplemental data
Net assets, end of period (in millions)		$91			$61			$118			$55			$24			$26
Portfolio turnover rate (e)		7	%(c)		16	%		20	%		29	%		20	%		31	%


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

	Green Infrastructure ETF

	Period Ended
	March 31,
	2023(a)
	(unaudited)
Net asset value, beginning of period		$25.50
Net investment income (b)		0.17
Net realized and unrealized gain on investments		0.20
Total from investment operations		0.37
Distributions from:
Net investment income		(0.06	)
Net asset value, end of period		$25.81
Total return (c)		1.44	%(d)

Ratios to average net assets
Expenses		0.47	%(e)
Expenses excluding interest		0.45	%(e)
Net investment income		1.41	%(e)
Supplemental data
Net assets, end of period (in millions)		$1
Portfolio turnover rate (f)		11	%(d)


(a)	For the period October 19, 2022 (commencement of operations) through March 31, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Pharmaceutical ETF
	Period			Year Ended September 30,
	Ended
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$67.25			$72.68			$62.08			$56.93			$64.37			$57.75
Net investment income (a)		0.73			1.32			1.29			1.06			1.04			1.01
Net realized and unrealized gain (loss) on investments		10.17			(5.44	)		10.46			5.14			(7.37	)		6.62
Total from investment operations		10.90			(4.12	)		11.75			6.20			(6.33	)		7.63
Distributions from:
Net investment income		(0.51	)		(1.31	)		(1.15	)		(1.05	)		(1.11	)		(1.01	)
Net asset value, end of period		$77.64			$67.25			$72.68			$62.08			$56.93			$64.37
Total return (b)		16.27	%(c)		(5.91	)%		19.10	%		11.02	%		(9.88	)%		13.42	%

Ratios to average net assets
Gross expenses (d)		0.36	%(e)		0.36	%		0.40	%		0.42	%		0.43	%		0.43	%
Net expenses (d)		0.36	%(e)		0.36	%		0.35	%		0.35	%		0.36	%		0.36	%
Net expenses excluding interest (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.94	%(e)		1.74	%		1.85	%		1.74	%		1.77	%		1.70	%
Supplemental data
Net assets, end of period (in millions)		$372			$524			$319			$235			$142			$276
Portfolio turnover rate (f)		8	%(c)		23	%		20	%		18	%		21	%		18	%


(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
	Period			Year Ended September 30,
	Ended
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$154.84			$174.75			$148.87			$114.49			$111.44			$81.42
Net investment income (a)		0.71			1.52			1.54			1.22			1.31			1.13
Net realized and unrealized gain (loss) on investments		9.64			(19.92	)		25.34			34.25			2.72			30.32
Total from investment operations		10.35			(18.40	)		26.88			35.47			4.03			31.45
Distributions from:
Net investment income		(1.84	)		(1.51	)		(1.00	)		(1.09	)		(0.98	)		(1.43	)
Net asset value, end of period		$163.35			$154.84			$174.75			$148.87			$114.49			$111.44
Total return (b)		6.71	%(c)		(10.69	)%		18.13	%		31.22	%		3.82	%		39.01	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.42	%		0.47	%		0.48	%		0.52	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.88	%(e)		0.86	%		0.92	%		0.96	%		1.25	%		1.15	%
Supplemental data
Net assets, end of period (in millions)		$151			$150			$240			$182			$71			$136
Portfolio turnover rate (f)		14	%(c)		14	%		12	%		12	%		9	%		16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	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(a)
	Period			Year Ended September 30,
	Ended
	March 31,
	2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$92.56			$128.13			$87.22			$59.57			$53.21			$46.67
Net investment income (b)		0.58			1.07			0.86			0.94			0.88			0.60
Net realized and unrealized gain (loss) on investments		39.72			(35.85	)		40.80			27.77			6.30			6.64
Total from investment operations		40.30			(34.78	)		41.66			28.71			7.18			7.24
Distributions from:
Net investment income		(1.20	)		(0.79	)		(0.75	)		(1.06	)		(0.82	)		(0.70	)
Net asset value, end of period		$131.66			$92.56			$128.13			$87.22			$59.57			$53.21
Total return (c)		43.92	%(d)		(27.40	)%		47.94	%		48.60	%		14.09	%		15.61	%

Ratios to average net assets
Gross expenses (e)		0.35	%(f)		0.35	%		0.36	%		0.37	%		0.39	%		0.39	%
Net expenses (e)		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.07	%(f)		0.85	%		0.72	%		1.31	%		1.68	%		1.14	%
Supplemental data
Net assets, end of period (in millions)		$7,984			$5,632			$5,938			$2,646			$1,361			$1,215
Portfolio turnover rate (g)		8	%(d)		22	%		20	%		14	%		19	%		23	%


(a)	On May 5, 2023, the Fund effected a 2 for 1 share split. Per share data has been adjusted to reflect the share split.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	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:

	Video Gaming and eSports ETF
				Year Ended September 30,									Period
	Period												Ended
	Ended												September
	March 31,												30,
	2023			2022			2021			2020			2019(a)
	(unaudited)
Net asset value, beginning of period		$40.66			$65.05			$61.36			$33.74			$30.88
Net investment income (b)		0.30			0.31			0.04			0.03			0.12
Net realized and unrealized gain (loss) on investments		12.31			(22.47	)		3.73			27.67			2.75
Total from investment operations		12.61			(22.16	)		3.77			27.70			2.87
Distributions from:
Net investment income		(0.39	)		(0.05	)		(0.08	)		(0.08	)		(0.01	)
Net realized capital gains		—			(2.18	)		—			—			—
Total distributions		(0.39	)		(2.23	)		(0.08	)		(0.08	)		(0.01	)
Net asset value, end of period		$52.88			$40.66			$65.05			$61.36			$33.74
Total return (c)		31.25	%(d)		(35.42	)%		6.15	%		82.25	%		9.31	%(d)

Ratios to average net assets
Gross expenses		0.58	%(e)		0.56	%		0.55	%		0.58	%		0.99	%(e)
Net expenses		0.56	%(e)		0.56	%		0.55	%		0.55	%		0.55	%(e)
Net expenses excluding interest		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.55	%(e)
Net investment income		1.35	%(e)		0.52	%		0.06	%		0.06	%		0.38	%(e)
Supplemental data
Net assets, end of period (in millions)		$291			$262			$631			$522			$39
Portfolio turnover rate (f)		16	%(d)		35	%		33	%		25	%		27	%(d)


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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2023 (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
Energy Income ETF		Non-Diversified
Environmental Services ETF		Non-Diversified
Gaming ETF		Non-Diversified
Green Infrastructure ETF		Non-Diversified
Pharmaceutical ETF		Non-Diversified
Retail ETF		Non-Diversified
Semiconductor ETF		Non-Diversified
Video Gaming and eSports ETF		Non-Diversified

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

Fund		Index

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

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

Effective December 2, 2019, the Energy Income ETF federal tax status changed from a taxable C-Corporation into a regulated investment company (“RIC”) and the unitary management fee changed from 0.82% to 0.45%.

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

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

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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 within 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.

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.

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

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, 2023, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

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

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

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

The management fee rates and expense limitations for the period ended March 31, 2023, are as follows:

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

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

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

Fund	Unitary Management Fee Rate
Biotech ETF		0.35	%
Digital Assets Mining ETF		0.50
Digital Transformation ETF		0.50
Energy Income ETF		0.45
Green Infrastructure ETF		0.45
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, 2023, the Adviser owned approximately 32% and 6% of Digital Assets Mining ETF and Digital Transformation ETF, respectively.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 4—Capital Share Transactions— As of March 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

Note 5—Investments— For the period ended March 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Biotech ETF	$	64,940,549	$	65,960,669	$	109,698,692	$	88,881,619
Digital Assets Mining ETF		410,607		393,095		248,547		—
Digital Transformation ETF		8,528,272		7,957,553		2,223,332		1,389,504
Energy Income ETF		2,729,421		2,276,345		—		4,703,455
Environmental Services ETF		5,912,995		6,014,507		4,159,753		8,473,940
Gaming ETF		6,158,775		5,744,410		25,270,435		19,127,661
Green Infrastructure ETF		151,095		146,238		1,275,249		—
Pharmaceutical ETF		40,736,521		40,339,407		273,332,146		500,922,794
Retail ETF		21,024,449		23,341,405		15,708,756		22,581,806
Semiconductor ETF		573,823,808		609,415,998		11,425,155,950		11,520,471,479
Video Gaming and eSports ETF		42,526,910		45,641,569		2,346,630		42,097,560

Note 6—Income Taxes— As of March 31, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotech ETF		$488,242,366		$41,508,328		$(32,210,519	)		$9,297,809
Digital Assets Mining ETF		1,943,625		56,777		(371,532	)		(314,755)
Digital Transformation ETF		48,794,681		1,866,604		(13,667,017	)		(11,800,413)
Energy Income ETF		26,221,653		2,400,807		(172,114	)		2,228,693
Environmental Services ETF		73,089,287		6,428,689		(4,748,614	)		1,680,075
Gaming ETF		99,161,953		6,183,935		(13,461,421	)		(7,277,486)
Green Infrastructure ETF		1,369,041		128,390		(130,911	)		(2,521)
Pharmaceutical ETF		419,263,015		10,672,620		(39,830,156	)		(29,157,536)
Retail ETF		165,258,018		7,510,017		(22,219,223	)		(14,709,206)
Semiconductor ETF		9,063,397,323		123,162,612		(1,193,714,972	)		(1,070,552,360)
Video Gaming and eSports ETF		341,398,127		31,909,680		(59,673,684	)		(27,764,004)

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

At September 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Biotech ETF	$	(40,879,490	)	$	(139,258,413	)	$	(180,137,903	)
Digital Assets Mining ETF		(860,394	)		–			(860,394	)
Digital Transformation ETF		(35,520,578	)		(6,360,440	)		(41,881,018	)
Environmental Services ETF		(6,982,916	)		(10,593,566	)		(17,576,482	)
Gaming ETF		(5,343,428	)		(16,231,703	)		(21,575,131	)
Pharmaceutical ETF		(13,037,692	)		(108,578,669	)		(121,616,361	)
Retail ETF		(7,086,711	)		(10,100,668	)		(17,187,379	)
Semiconductor ETF		(431,520,562	)		(41,322,537	)		(472,843,099	)
Video Gaming and eSports ETF		(4,035,116	)		(17,936,862	)		(21,971,978	)

At September 30, 2022, Energy Income ETF had the following capital loss carryforwards available to offset future capital gains:

Year of Expiration	Short-Term Capital Losses			Long-Term Capital Losses		Total Capital Losses
9/30/2023	$	(6,679,603	)	$	–	$	(6,679,603	)
9/30/2024		(1,612,600	)		–		(1,612,600	)
No Expiration		(482,604	)		–		(482,604	)
Total	$	(8,774,807	)	$	–	$	(8,774,807	)

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

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

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, Digital Transformation ETF, Energy Income ETF and Green Infrastructure 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, 2023, are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2023.

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	26,891,164	$	–	$	27,430,850	$	27,430,850
Digital Assets Mining ETF		246,246		209,134		54,641		263,775
Digital Transformation ETF		8,187,659		7,875,098		892,643		8,767,741
Environmental Services ETF		5,357,125		3,420,543		2,071,442		5,491,985
Gaming ETF		2,041,888		611,192		1,479,195		2,090,387
Green Infrastructure ETF		156,045		77,820		83,309		161,129
Pharmaceutical ETF		37,947,465		20,666,021		17,949,261		38,615,282
Retail ETF		5,824,817		–		6,019,603		6,019,603
Semiconductor ETF		9,817,180		9,284,471		839,497		10,123,968
Video Gaming and eSports ETF		45,312,377		22,980,614		23,496,047		46,476,661

The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2023:

			Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund			Equity Securities
Digital Assets Mining ETF			209,134
Digital Transformation ETF			7,875,098
Environmental Services ETF			3,420,543
Gaming ETF			611,192
Green Infrastructure ETF			77,820
Pharmaceutical ETF			20,666,021
Semiconductor ETF			9,284,471
Video Gaming and eSports ETF			22,980,614

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Biotech ETF	131	$484,893	5.67	%
Digital Assets Mining ETF	5	38,758	5.92

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Digital Transformation ETF	27	97,484		5.79
Energy Income ETF	41	160,169		5.42
Environmental Services ETF	6	236,088		5.60
Gaming ETF	171	961,442		5.40
Green Infrastructure ETF	4	200,000		4.43
Pharmaceutical ETF	142	1,077,540		5.52
Retail ETF	49	170,128		5.95
Semiconductor ETF	114	5,668,373		5.67
Video Gaming and eSports ETF	149	692,353		5.45

Outstanding loan balances as of March 31, 2023, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Share Split— The Energy Income ETF executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020.

Note 12—Subsequent Event Review—The Digital Assets Mining ETF had a liquidating distribution of $11.47495 per share on May 1, 2023. The Semiconductor ETF completed a 2 for 1 share split for shareholders of record before the open of markets on May 5, 2023.

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 many 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, 2022 to December 31, 2022 (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, 2023
(unaudited)

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


	800.826.2333	vaneck.com

	President’s Letter	1
	Explanation of Expenses	3
	Schedule of Investments
	Commodity Strategy ETF	5
	Durable High Dividend ETF	6
	Inflation Allocation ETF	8
	Long/Flat Trend ETF	10
	Morningstar ESG Moat ETF	11
	Morningstar Global Wide Moat ETF	13
	Morningstar International Moat ETF	16
	Morningstar SMID Moat ETF	19
	Morningstar Wide Moat ETF	21
	Social Sentiment ETF	23
	Statements of Assets and Liabilities	25
	Statements of Operations	28
	Statements of Changes in Net Assets	31
	Financial Highlights
	Commodity Strategy ETF	36
	Durable High Dividend ETF	37
	Inflation Allocation ETF	38
	Long/Flat Trend ETF	39
	Morningstar ESG Moat ETF	40
	Morningstar Global Wide Moat ETF	41
	Morningstar International Moat ETF	42
	Morningstar SMID Moat ETF	43
	Morningstar Wide Moat ETF	44
	Social Sentiment ETF	45
	Notes to Financial Statements	46
	Funds’ Liquidity Risk Management Program	56

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 2023 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1.	Monetary Policy: Tightening

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

2.	Fiscal Tightening

3.	Global Growth is at Low Levels

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

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

First Quarter 2023

Jan F. van Eck
CEO and President
VanEck ETF Trust

April 7, 2023

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

2	https://www.vaneck.com/us/en/subscribe/.

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, 2022 to March 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value October 1, 2022	Ending Account Value March 31, 2023	Annualized Expense Ratio During Period			Expenses Paid During the Period October 1, 2022 - March 31, 2023(a)
Commodity Strategy ETF
Actual (b)	$1,000.00	$969.30		0.56	%	$1.53
Hypothetical (c)	$1,000.00	$1,022.14		0.56	%	$2.82
Durable High Dividend ETF
Actual	$1,000.00	$1,149.00		0.30	%	$1.61
Hypothetical (c)	$1,000.00	$1,023.44		0.30	%	$1.51
Inflation Allocation ETF
Actual	$1,000.00	$1,126.20		0.43	%	$2.28
Hypothetical (c)	$1,000.00	$1,022.79		0.43	%	$2.17
Long/Flat Trend ETF
Actual	$1,000.00	$1,089.50		0.68	%	$3.54
Hypothetical (c)	$1,000.00	$1,021.54		0.68	%	$3.43
Morningstar ESG Moat ETF
Actual	$1,000.00	$1,187.40		0.49	%	$2.67
Hypothetical (c)	$1,000.00	$1,022.49		0.49	%	$2.47
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$1,195.20		0.52	%	$2.85
Hypothetical (c)	$1,000.00	$1,022.34		0.52	%	$2.62
Morningstar International Moat ETF
Actual	$1,000.00	$1,309.70		0.56	%	$3.22
Hypothetical (c)	$1,000.00	$1,022.14		0.56	%	$2.82

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value October 1, 2022	Ending Account Value March 31, 2023	Annualized Expense Ratio During Period		Expenses Paid During the Period October 1, 2022 - March 31, 2023(a)
Morningstar SMID Moat ETF
Actual (d)	$1,000.00	$1,095.00	0.49	%	$2.50
Hypothetical (c)	$1,000.00	$1,022.49	0.49	%	$2.47
Morningstar Wide Moat ETF
Actual	$1,000.00	$1,246.60	0.47	%	$2.63
Hypothetical (c)	$1,000.00	$1,022.59	0.47	%	$2.37
Social Sentiment ETF
Actual	$1,000.00	$1,175.80	0.75	%	$4.07
Hypothetical (c)	$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, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Expenses are equal to the Fund’s annualized expense ratio (for the period from December 21, 2022 (commencement of operations) to March 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
^(c)	Assumes annual return of 5% before expenses
^(d)	Expenses are equal to the Fund’s annualized expense ratio (for the period from October 5, 2022 (commencement of operations) to March 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Par (000’s)		Value
Short-Term Investments: 94.4%
United States Treasury Obligations: 94.4%
United States Treasury Bill
0.00%, 04/18/23 (a) ^	$	8,898	$	8,881,131
0.00%, 04/25/23 (a) ^		9,400		9,374,071
0.00%, 05/02/23 (a) ^		9,194		9,160,050
0.00%, 07/11/23 ^		4,663		4,603,083
				32,018,335
Total Short-Term Investments: 94.4% (Cost: $32,012,908)				32,018,335
Other assets less liabilities: 5.6%				1,906,598
NET ASSETS: 100.0%			$	33,924,933

^	Zero Coupon Bond
(a)	All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $5,416,928.

Futures Contracts

Reference Entity	Type	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Brent Crude Oil	Long	10	08/31/23	$	787,100	$	1,134
Brent Crude Oil	Long	45	09/29/23		3,523,950		(48,997	)
Copper	Long	18	05/26/23		1,842,525		(41,075	)
Corn	Long	71	09/14/23		2,049,238		(102,593	)
Cotton No. 2	Long	4	12/06/23		166,840		1,666
Gasoline RBOB	Long	50	09/29/23		4,790,519		68,875
Gold	Long	18	06/28/23		3,575,160		191,449
LME Nickel	Long	6	05/15/23		855,000		(104,195	)
LME Zinc	Long	14	05/15/23		1,025,413		(50,314	)
Low Sulfur Gasoil	Long	8	05/11/23		601,400		(50,264	)
Natural Gas	Long	7	08/29/23		192,500		(16,930	)
Natural Gas	Long	21	03/26/24		677,040		10,789
NY Harbor ULSD	Long	29	04/28/23		3,191,891		(155,960	)
Soybean	Long	39	09/14/23		2,628,113		(126,284	)
Soybean Meal	Long	15	10/13/23		634,800		13,979
Soybean Meal	Long	19	10/13/23		618,564		(60,421	)
Sugar No. 11	Long	53	04/28/23		1,320,760		180,970
Sugar No. 11	Long	72	06/30/23		1,760,371		126,879
WTI Crude Oil	Long	50	11/20/23		3,677,500		(61,687	)
WTI Crude Oil	Long	8	08/22/23		600,000		2,276
LME Nickel	Short	6	05/15/23		855,000		(12,425	)
Net unrealized depreciation on futures contracts						$	(233,128	)

Summary of Investments by Sector		% of Investments				Value
Government Activity			100.0	%		$	32,018,335

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	32,018,335	$	—	$	32,018,335
Other Financial Instruments:
Futures Contracts	$	(233,128)	$	—	$	—	$	(233,128)

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.4%
Banks: 8.2%
Bank of America Corp.		116,626	$	3,335,504
JPMorgan Chase & Co.		34,185		4,454,647
				7,790,151
Capital Goods: 4.7%
General Dynamics Corp.		3,148		718,405
Honeywell International, Inc.		8,713		1,665,229
MSC Industrial Direct Co., Inc.		1,073		90,132
Raytheon Technologies Corp.		20,957		2,052,319
				4,526,085
Commercial & Professional Services: 0.9%
Broadridge Financial Solutions, Inc.		1,426		209,009
Paychex, Inc.		5,680		650,871
				859,880
Consumer Durables & Apparel: 0.3%
Garmin Ltd.		2,820		284,594
Consumer Services: 2.1%
Starbucks Corp.		14,412		1,500,722
Wendy’s Co.		3,127		68,106
Yum! Brands, Inc.		3,241		428,071
				1,996,899
Consumer Staples Distribution & Retail: 0.7%
Sysco Corp.		8,297		640,777
Energy: 2.8%
Kinder Morgan, Inc.		79,942		1,399,784
The Williams Companies, Inc.		42,988		1,283,622
				2,683,406
Financial Services: 5.9%
BlackRock, Inc.		2,739		1,832,720
CME Group, Inc.		9,381		1,796,649
Cohen & Steers, Inc.		485		31,021
Evercore, Inc.		503		58,036
Franklin Resources, Inc.		7,316		197,093
Invesco Ltd.		12,407		203,475
T Rowe Price Group, Inc.		6,008		678,303
The Bank of New York Mellon Corp.		13,535		615,030
Western Union Co.		19,397		216,276
				5,628,603
Food, Beverage & Tobacco: 12.1%
Altria Group, Inc.		88,867		3,965,246
Campbell Soup Co.		3,528		193,969
Conagra Brands, Inc.		10,968		411,958
Ingredion, Inc.		1,154		117,396
Kellogg Co.		5,851		391,783
Kraft Heinz Co.		20,959		810,485
Mondelez International, Inc.		19,479		1,358,076
Philip Morris International, Inc.		43,972		4,276,277
				11,525,190
Health Care Equipment & Services: 4.9%
Abbott Laboratories		21,311		2,157,952
Medtronic Plc		28,489		2,296,783
Quest Diagnostics, Inc.		1,387		196,233
				4,650,968
Household & Personal Products: 2.6%
Clorox Co.		2,414		381,991

	Number of Shares		Value
Household & Personal Products (continued)
Colgate-Palmolive Co.		13,764	$	1,034,365
Kimberly-Clark Corp.		7,971		1,069,868
				2,486,224
Insurance: 1.1%
American International Group, Inc.		10,457		526,615
Travelers Cos, Inc.		3,045		521,943
				1,048,558
Materials: 0.9%
Air Products and Chemicals, Inc.		3,129		898,680
Pharmaceuticals, Biotechnology & Life Sciences: 15.2%
Amgen, Inc.		11,698		2,827,991
Gilead Sciences, Inc.		28,814		2,390,698
Johnson & Johnson		30,762		4,768,110
Pfizer, Inc.		111,765		4,560,012
				14,546,811
Semiconductors & Semiconductor Equipment: 7.6%
Broadcom, Inc.		6,814		4,371,454
Texas Instruments, Inc.		15,527		2,888,177
				7,259,631
Software & Services: 4.0%
International Business Machines Corp.		29,346		3,846,967
Technology Hardware & Equipment: 4.4%
Cisco Systems, Inc.		80,119		4,188,221
Telecommunication Services: 5.1%
Cogent Communications Holdings, Inc.		1,534		97,746
Verizon Communications, Inc.		123,328		4,796,226
				4,893,972
Transportation: 2.8%
Norfolk Southern Corp.		3,427		726,524
Union Pacific Corp.		9,930		1,998,512
				2,725,036
Utilities: 13.1%
Alliant Energy Corp.		5,331		284,675
Ameren Corp.		4,632		400,159
American Electric Power Co., Inc.		11,708		1,065,311
CenterPoint Energy, Inc.		10,245		301,818
DTE Energy Co.		4,117		450,976
Duke Energy Corp.		20,544		1,981,880
Entergy Corp.		5,137		553,460
Essential Utilities, Inc.		4,014		175,211
Evergy, Inc.		5,745		351,134
Exelon Corp.		20,907		875,794
FirstEnergy Corp.		13,465		539,408
Hawaiian Electric Industries, Inc.		2,470		94,848
NiSource, Inc.		8,821		246,635
OGE Energy Corp.		5,839		219,897
Pinnacle West Capital Corp.		3,177		251,746
PPL Corp.		15,069		418,768

See Notes to Financial Statements

	Number of Shares		Value
Utilities (continued)
Public Service Enterprise Group, Inc.		11,493	$	717,738
Sempra Energy		6,113		924,041
Southern Co.		28,887		2,009,957
WEC Energy Group, Inc.		6,614		626,941
				12,490,397
Total Common Stocks (Cost: $93,101,266)				94,971,050
Total Investments: 99.4% (Cost: $93,101,266)				94,971,050
Other assets less liabilities: 0.6%				551,691
NET ASSETS: 100.0%			$	95,522,741

Summary of Investments by Sector	% of Investments			Value
Health Care		20.2	%	$	19,197,779
Information Technology		16.1			15,294,819
Consumer Staples		15.4			14,652,191
Financials		15.2			14,467,312
Utilities		13.2			12,490,397
Industrials		8.6			8,111,001
Communication Services		5.2			4,893,972
Energy		2.8			2,683,406
Consumer Discretionary		2.4			2,281,493
Materials		0.9			898,680
		100.0	%	$	94,971,050

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	94,971,050			$	—			$	—			$	94,971,050

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.8% (a)
Energy Select Sector SPDR Fund †		78,991	$	6,542,825
Global X US Infrastructure Development ETF		116,739		3,309,551
iShares Global Infrastructure ETF †		326,204		15,559,930
iShares Gold Strategy ETF		4,367		258,213
iShares Gold Trust		6,254		233,712
iShares MSCI Global Metals & Mining Producers ETF †		67,930		2,901,970
Nuveen Short-Term REIT ETF †		37,430		1,112,573
SPDR Gold MiniShares Trust		5,993		234,386
SPDR S&P Oil & Gas Exploration & Production ETF †		40,666		5,188,575
VanEck Agribusiness ETF † ‡		51,089		4,437,591
VanEck Commodity Strategy ETF ‡		524,412		25,378,341
VanEck Energy Income ETF ‡		107,983		6,578,184
VanEck Gold Miners ETF ‡		294,900		9,540,014
VanEck Merk Gold Trust		1,262,887		24,121,142

	Number of Shares		Value
VanEck Mortgage REIT Income ETF † ‡		48,075	$	543,248
VanEck Oil Services ETF † ‡		13,743		3,808,598
VanEck Steel ETF † ‡		58,041		3,699,533
Vanguard Real Estate ETF †		100,649		8,357,893
Total Exchange Traded Funds (Cost: $125,275,491)				121,806,279

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 11.2%
Money Market Fund: 11.2% (Cost: $13,621,763)
State Street Navigator Securities Lending Government Money Market Portfolio		13,621,763		13,621,763
Total Investments: 111.0% (Cost: $138,897,254)				135,428,042
Liabilities in excess of other assets: (11.0)%				(13,436,231)
NET ASSETS: 100.0%			$	121,991,811

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 $27,582,056.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Commodities Futures		20.8	%	$	25,378,342
Gold Bullion		20.4			24,847,453
Utilities		12.8			15,559,931
Gold Mining		7.8			9,540,015
Real Estate Investment Trusts		7.8			9,470,466
Oil Services		7.3			8,997,173
Exchange Traded Funds		5.8			7,121,431
Energy		5.4			6,542,824
Agribusiness		3.7			4,437,590
Steel		3.1			3,699,533
Industrials		2.7			3,309,551
Global Metals and Mining		2.4			2,901,970
		100.0	%	$	121,806,279

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended March 31, 2023 were as follows:

	Value 9/30/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 3/31/2023
VanEck Agribusiness ETF		$5,199,181		$267,415		$(1,451,570)		$(89,446)		$110,114		$512,011		$4,437,591
VanEck Commodity Strategy ETF		–		30,235,125		(4,356,276)		78,296		–		(578,804)		25,378,341
VanEck Energy Income ETF		7,942,124		414,079		(2,444,085)		56,228*		68,643†		649,426‡		6,578,184
VanEck Gold Miners ETF		5,563,085		3,836,548		(1,869,370)		2,718		141,516		2,007,033		9,540,014
VanEck Junior Gold Miners ETF		2,324,276		134,867		(3,071,072)		(616,038)		14,023		1,227,967		–
VanEck Mortgage REIT Income ETF		–		757,720		(131,367)		(5,227)		22,185		(77,878)		543,248
VanEck Oil Services ETF		3,715,395		484,442		(1,642,768)		215,732		43,218		1,035,797		3,808,598
VanEck Rare Earth/Strategic Metals ETF		2,488,401		129,208		(2,423,174)		(599,334)		34,512		404,899		–
VanEck Steel ETF		3,321,251		203,979		(922,526)		106,621		194,876		990,208		3,699,533
		$30,553,713		$36,463,383		$(18,312,208)		$(850,450)		$629,087		$6,170,659		$53,985,509

*	Includes Return of Capital distribution reclassification of $3,390.
†	Includes Return of Capital distribution reclassification of $39,588.
‡	Includes Return of Capital distribution reclassification of $36,198.

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	121,806,279	$	—	$	—	$	121,806,279
Money Market Fund		13,621,763		—		—		13,621,763
Total Investments	$	135,428,042	$	—	$	—	$	135,428,042

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Par (000’s		)	Value
SHORT-TERM INVESTMENT: 100.3% (Cost: $23,559,068)
United States Treasury Obligations: 100.3%
United States Treasury Bill 0.00%, 06/15/23		23,784,000		$	23,560,400
Total Investments: 100.3% (Cost: $23,559,068)					23,560,400
Liabilities in excess of other assets: (0.3)%					(59,958)
NET ASSETS: 100.0%				$	23,500,442

Summary of Investments by Sector		% of Investments				Value
Government Activity			100.0	%		$	23,560,400

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
United States Treasury Obligations		$	—			$	23,560,400			$	—			$	23,560,400

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 1.0%
Bank of America Corp.		1,490	$	42,614
Capital Goods: 8.8%
Allegion plc		447		47,708
Emerson Electric Co.		1,087		94,721
Masco Corp.		1,936		96,258
Rockwell Automation, Inc.		430		126,184
				364,871
Commercial & Professional Services: 0.9%
TransUnion		584		36,290
Consumer Discretionary Distribution & Retail: 3.1%
Lowe’s Companies, Inc.		255		50,992
MercadoLibre, Inc. *		56		73,811
				124,803
Consumer Durables & Apparel: 3.8%
NIKE, Inc.		419		51,386
Polaris, Inc.		927		102,554
				153,940
Consumer Services: 2.6%
Starbucks Corp.		479		49,878
Yum! Brands, Inc.		420		55,474
				105,352
Consumer Staples Distribution & Retail: 1.2%
Costco Wholesale Corp.		101		50,184
Financial Services: 22.1%
American Express Co.		315		51,959
BlackRock, Inc.		69		46,169
Charles Schwab Corp.		756		39,599
CME Group, Inc.		507		97,101
Intercontinental Exchange, Inc.		982		102,413
MarketAxess Holdings, Inc.		177		69,258
Mastercard, Inc.		145		52,694
Moody’s Corp.		178		54,472
Northern Trust Corp.		556		49,000
S&P Global, Inc.		141		48,613
State Street Corp.		1,282		97,035
The Bank of New York Mellon Corp.		2,148		97,605
Tradeweb Markets, Inc.		674		53,259
Western Union Co.		3,544		39,516
				898,693
Food, Beverage & Tobacco: 8.0%
Brown-Forman Corp.		732		47,046
Constellation Brands, Inc.		397		89,678
Kellogg Co.		1,321		88,454
Mondelez International, Inc.		1,477		102,976
				328,154
Health Care Equipment & Services: 3.5%
Medtronic Plc		1,147		92,471
Zimmer Biomet Holdings, Inc.		393		50,776
				143,247
Household & Personal Products: 3.9%
Clorox Co.		689		109,027
Estee Lauder Cos, Inc.		210		51,757
				160,784

	Number of Shares		Value
Materials: 1.0%
International Flavors & Fragrances, Inc.		451	$	41,474
Media & Entertainment: 4.4%
Alphabet, Inc. *		430		44,604
Comcast Corp.		1,409		53,415
John Wiley & Sons, Inc.		2,158		83,666
				181,685

Pharmaceuticals, Biotechnology & Life Sciences: 4.0%
Biogen, Inc. *		167		46,431
Gilead Sciences, Inc.		773		64,136
Thermo Fisher Scientific, Inc.		89		51,297
				161,864
Semiconductors & Semiconductor Equipment: 9.5%
Analog Devices, Inc.		294		57,983
Applied Materials, Inc.		956		117,425
KLA Corp.		269		107,377
Monolithic Power Systems, Inc.		112		56,060
Teradyne, Inc.		501		53,863
				392,708
Software & Services: 18.3%
Adobe, Inc. *		127		48,942
Autodesk, Inc. *		252		52,456
Blackbaud, Inc. *		865		59,945
Fortinet, Inc. *		946		62,871
Guidewire Software, Inc. *		579		47,507
Intuit, Inc.		122		54,391
Microsoft Corp.		383		110,419
Palo Alto Networks, Inc. *		296		59,123
Roper Technologies, Inc.		233		102,681
ServiceNow, Inc. *		102		47,401
Tyler Technologies, Inc. *		148		52,487
VeriSign, Inc. *		249		52,621
				750,844
Technology Hardware & Equipment: 2.6%
Cisco Systems, Inc.		1,013		52,955
Keysight Technologies, Inc. *		336		54,257
				107,212
Transportation: 1.2%
CH Robinson Worldwide, Inc.		508		50,480
Total Common Stocks (Cost: $3,811,165)				4,095,199
Total Investments: 99.9% (Cost: $3,811,165)				4,095,199
Other assets less liabilities: 0.1%				5,948
NET ASSETS: 100.0%			$	4,101,147

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Information Technology		30.5	%	$	1,250,764
Financials		23.0			941,307
Consumer Staples		13.1			539,122
Industrials		11.0			451,641
Consumer Discretionary		9.5			384,095
Health Care		7.5			305,111
Communication Services		4.4			181,685
Materials		1.0			41,474
		100.0	%	$	4,095,199

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	4,095,199			$	—			$	—			$	4,095,199

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Argentina: 1.5%
MercadoLibre, Inc. (USD) *		214	$	282,065
Australia: 4.8%
ANZ Group Holdings Ltd.		22,712		350,675
Brambles Ltd.		20,676		186,782
Westpac Banking Corp.		24,059		350,971
				888,428
Belgium: 2.2%
Anheuser-Busch InBev SA		6,035		403,015
Brazil: 2.0%
Ambev SA *		130,000		367,418
Canada: 1.9%
Royal Bank of Canada		1,912		182,603
Toronto-Dominion Bank		2,838		169,754
				352,357
China: 4.3%
Baidu, Inc. (HKD) *		10,250		193,122
Tencent Holdings Ltd. (HKD)		4,100		200,363
Yum China Holdings, Inc. (USD)		6,289		398,659
				792,144
Denmark: 1.1%
Chr. Hansen Holding A/S		2,631		200,515
France: 6.6%
Airbus SE		2,925		391,387
Safran SA		2,753		408,278
Sanofi		3,849		418,285
				1,217,950
Germany: 3.3%
Bayer AG		6,350		406,378
GEA Group AG *		4,370		199,707
				606,085
Hong Kong: 1.0%
Hong Kong Exchanges & Clearing Ltd.		4,300		190,595
Japan: 4.8%
Harmonic Drive Systems, Inc.		5,300		176,328
Japan Tobacco, Inc.		9,000		189,662
Kao Corp.		4,500		174,749
Nabtesco Corp.		14,000		343,531
				884,270
Netherlands: 2.2%
ASML Holding NV		604		412,335
Sweden: 0.9%
Elekta AB †		23,069		176,455
Switzerland: 4.0%
Barry Callebaut AG		184		390,451
Novartis AG		2,177		200,195
Roche Holding AG		556		159,116
				749,762
Taiwan: 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd.		12,000		210,295

	Number of Shares		Value
United Kingdom: 9.7%
British American Tobacco Plc		9,318	$	327,391
Experian Plc		10,685		352,646
GSK Plc		10,459		185,230
Imperial Brands Plc		14,825		341,698
London Stock Exchange Group Plc		4,063		395,550
Unilever Plc		3,728		193,628
				1,796,143
United States: 48.4%
3M Co.		1,466		154,091
Allegion plc		1,591		169,807
Applied Materials, Inc.		1,672		205,372
Berkshire Hathaway, Inc. *		594		183,409
Biogen, Inc. *		692		192,397
Blackbaud, Inc. *		3,076		213,167
BlackRock, Inc.		525		351,288
Boeing Co. *		878		186,514
Charles Schwab Corp.		2,245		117,593
Comcast Corp.		5,217		197,776
Constellation Brands, Inc.		1,601		361,650
Dominion Energy, Inc.		3,028		169,296
Ecolab, Inc.		1,139		188,539
Emerson Electric Co.		4,010		349,431
Equifax, Inc.		910		184,584
Fortinet, Inc. *		6,304		418,964
Gilead Sciences, Inc.		2,269		188,259
Intercontinental Exchange, Inc.		1,777		185,323
International Flavors & Fragrances, Inc.		1,752		161,114
Intuit, Inc.		437		194,828
John Wiley & Sons, Inc.		4,182		162,136
Kellogg Co.		5,308		355,424
Lam Research Corp.		369		195,614
Masco Corp.		7,292		362,558
Medtronic Plc		2,366		190,747
Microchip Technology, Inc.		2,153		180,378
Microsoft Corp.		731		210,747
Philip Morris International, Inc.		1,824		177,384
Polaris, Inc.		3,239		358,331
Rockwell Automation, Inc.		698		204,828
Roper Technologies, Inc.		847		373,264
State Street Corp.		4,401		333,112
Teradyne, Inc.		1,762		189,433
The Bank of New York Mellon Corp.		3,654		166,038
US Bancorp		8,245		297,232
Wells Fargo & Co.		8,544		319,375
Western Union Co.		13,680		152,532
Zimmer Biomet Holdings, Inc.		2,928		378,298
				8,980,833
Total Common Stocks (Cost: $16,930,675)				18,510,665

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%
Money Market Fund: 1.0% (Cost: $177,721)
State Street Navigator Securities Lending Government Money Market Portfolio		177,721	$	177,721
Total Investments: 100.8% (Cost: $17,108,396)				18,688,386
Liabilities in excess of other assets: (0.8)%				(140,347)
NET ASSETS: 100.0%			$	18,548,039

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $167,628.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		20.2	%	$	3,746,050
Industrials		19.8			3,670,473
Consumer Staples		17.8			3,282,470
Information Technology		15.1			2,804,397
Health Care		13.5			2,495,360
Consumer Discretionary		5.6			1,039,056
Communication Services		4.1			753,397
Materials		3.0			550,167
Utilities		0.9			169,295
		100.0	%	$	18,510,665

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	282,065	$	—	$	—	$	282,065
Australia		—		888,428		—		888,428
Belgium		—		403,015		—		403,015
Brazil		367,418		—		—		367,418
Canada		352,357		—		—		352,357
China		398,659		393,485		—		792,144
Denmark		—		200,515		—		200,515
France		—		1,217,950		—		1,217,950
Germany		—		606,085		—		606,085
Hong Kong		—		190,595		—		190,595
Japan		—		884,270		—		884,270
Netherlands		—		412,335		—		412,335
Sweden		—		176,455		—		176,455
Switzerland		—		749,762		—		749,762
Taiwan		—		210,295		—		210,295
United Kingdom		—		1,796,143		—		1,796,143
United States		8,980,833		—		—		8,980,833
Money Market Fund		177,721		—		—		177,721
Total Investments	$	10,559,053	$	8,129,333	$	—	$	18,688,386

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Australia: 4.2%
AGL Energy Ltd.		835,812	$	4,517,514
Aurizon Holdings Ltd. †		950,912		2,145,963
WiseTech Global Ltd.		50,270		2,218,884
				8,882,361
Belgium: 2.1%
Anheuser-Busch InBev SA		66,654		4,451,134
Brazil: 1.1%
Ambev SA *		785,200		2,219,203
China: 28.8%
Alibaba Group Holding Ltd. (HKD) *		191,500		2,425,425
Anhui Conch Cement Co. Ltd.		448,047		1,842,306
ANTA Sports Products Ltd. (HKD)		152,400		2,212,698
ASMPT Ltd. (HKD)		498,300		4,942,099
Baidu, Inc. (HKD) *		136,000		2,562,396
Beijing Enterprises Holdings Ltd. (HKD)		578,000		2,080,539
BOC Hong Kong Holdings Ltd. (HKD)		1,176,500		3,662,719
China Education Group Holdings Ltd. (HKD)		1,866,000		1,796,005
China Gas Holdings Ltd. (HKD)		2,845,000		4,005,549
CLP Holdings Ltd. (HKD)		274,000		1,979,947
Link REIT (HKD)		609,080		3,916,500
NetEase, Inc. (HKD)		126,700		2,236,604
Shanghai Junshi Biosciences Co. Ltd. *		200,069		1,397,508
Shanghai Pharmaceuticals Holding Co. Ltd.		679,200		2,014,916
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD)		1,129,300		2,108,906
Sino Biopharmaceutical Ltd. (HKD)		7,195,000		4,032,738
Sinopharm Group Co. Ltd. (HKD)		1,452,000		4,387,579
SJM Holdings Ltd. (HKD) * †		4,201,000		2,102,404
Tencent Holdings Ltd. (HKD)		46,900		2,291,955
WH Group Ltd. (HKD) 144A		6,884,500		4,104,145
Yum China Holdings, Inc. (USD)		69,373		4,397,555
				60,500,493
Denmark: 2.0%
Danske Bank A/S *		102,637		2,068,787
Pandora A/S		22,429		2,156,938
				4,225,725
France: 8.1%
Accor SA *		137,855		4,489,873
Airbus SE		32,244		4,314,493
Alstom SA		150,769		4,112,262
Worldline SA 144A *		98,327		4,186,265
				17,102,893
Germany: 9.4%
BASF SE		41,063		2,159,628

	Number of Shares		Value
Germany (continued)
Bayer AG		33,910	$	2,170,120
Bayerische Motoren Werke AG		41,279		4,532,255
Continental AG		25,335		1,901,750
Fresenius SE & Co. KGaA		151,668		4,102,891
HeidelbergCement AG		34,691		2,537,592
Infineon Technologies AG		58,765		2,417,534
				19,821,770
Israel: 1.1%
Nice Ltd. *		9,912		2,255,084
Japan: 4.8%
Kao Corp.		104,900		4,073,596
MEIJI Holdings Co. Ltd. †		76,800		1,822,230
Murata Manufacturing Co. Ltd.		37,400		2,273,957
Nabtesco Corp. †		80,500		1,975,302
				10,145,085
Luxembourg: 1.0%
Millicom International Cellular SA (SEK) (SDR) *		109,802		2,085,419
Netherlands: 7.3%
ABN AMRO Bank NV 144A		143,764		2,283,829
Akzo Nobel NV		27,560		2,159,470
ING Groep NV		308,500		3,670,128
STMicroelectronics NV		92,150		4,918,919
Universal Music Group NV †		89,313		2,265,896
				15,298,242
Singapore: 1.9%
Oversea-Chinese Banking Corp. Ltd.		214,300		1,999,536
United Overseas Bank Ltd.		84,100		1,888,056
				3,887,592
South Korea: 4.8%
KT Corp.		162,347		3,670,611
Samsung Electro-Mechanics Co. Ltd.		36,064		4,258,121
SK Telecom Co. Ltd.		59,122		2,193,549
				10,122,281
Spain: 1.0%
Cellnex Telecom SA 144A *		56,153		2,187,583
Sweden: 1.0%
Elekta AB †		265,245		2,028,859
Switzerland: 2.8%
Chugai Pharmaceutical Co. Ltd. (JPY)		73,100		1,800,757
Dufry AG *		92,245		4,120,283
				5,921,040
Taiwan: 3.2%
MediaTek, Inc.		91,000		2,359,276
Taiwan Semiconductor Manufacturing Co. Ltd.		249,000		4,363,627
				6,722,903
United Kingdom: 14.6%
BT Group Plc		1,381,230		2,493,796
Experian Plc		55,486		1,831,249
GSK Plc		235,714		4,174,529

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
HSBC Holdings Plc		594,197	$	4,047,789
Imperial Brands Plc		164,418		3,789,636
Lloyds Banking Group Plc		6,883,818		4,056,673
Smith & Nephew Plc		146,764		2,044,811
Swire Properties Ltd. (HKD)		1,524,400		3,923,328
WPP Plc		366,793		4,367,905
				30,729,716
United States: 1.0%
BRP, Inc. (CAD) †		25,410		1,985,711
Total Common Stocks (Cost: $204,237,266)				210,573,094

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $5,155,874)
State Street Navigator Securities Lending Government Money Market Portfolio		5,155,874	$	5,155,874
Total Investments: 102.7% (Cost: $209,393,140)				215,728,968
Liabilities in excess of other assets: (2.7)%				(5,622,477)
NET ASSETS: 100.0%			$	210,106,491

Definitions:

CAD	Canadian Dollar
HKD	Hong Kong Dollar
JPY	Japanese Yen
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,997,413.
*	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 $12,761,822, or 6.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		15.3	%	$	32,120,897
Health Care		14.4			30,263,615
Information Technology		14.2			30,007,499
Financials		13.2			27,863,783
Communication Services		12.5			26,355,714
Consumer Staples		9.7			20,459,944
Industrials		6.8			14,379,269
Utilities		6.0			12,583,548
Materials		4.1			8,698,997
Real Estate		3.8			7,839,828
		100.0	%	$	210,573,094

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, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	8,882,361	$	—	$	8,882,361
Belgium		—		4,451,134		—		4,451,134
Brazil		2,219,203		—		—		2,219,203
China		4,397,555		56,102,938		—		60,500,493
Denmark		—		4,225,725		—		4,225,725
France		—		17,102,893		—		17,102,893
Germany		—		19,821,770		—		19,821,770
Israel		—		2,255,084		—		2,255,084
Japan		—		10,145,085		—		10,145,085
Luxembourg		2,085,419		—		—		2,085,419
Netherlands		—		15,298,242		—		15,298,242
Singapore		—		3,887,592		—		3,887,592
South Korea		—		10,122,281		—		10,122,281
Spain		—		2,187,583		—		2,187,583
Sweden		—		2,028,859		—		2,028,859
Switzerland		—		5,921,040		—		5,921,040
Taiwan		—		6,722,903		—		6,722,903
United Kingdom		—		30,729,716		—		30,729,716
United States		1,985,711		—		—		1,985,711
Money Market Fund		5,155,874		—		—		5,155,874
Total Investments	$	15,843,762	$	199,885,206	$	—	$	215,728,968

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Automobiles & Components: 4.7%
Adient Plc *		15,736	$	644,548
Aptiv Plc *		2,781		312,000
BorgWarner, Inc.		13,863		680,812
Gentex Corp.		22,823		639,729
				2,277,089
Banks: 2.0%
Comerica, Inc.		9,689		420,696
Huntington Bancshares, Inc.		22,539		252,437
M&T Bank Corp.		2,315		276,805
				949,938
Capital Goods: 14.3%
Allegion Plc		2,859		305,141
Carrier Global Corp.		6,764		309,453
Crane Holdings Co.		5,820		660,570
Dover Corp.		4,320		656,381
Fortive Corp.		9,472		645,706
Fortune Brands Innovations, Inc.		5,359		314,734
Graco, Inc.		4,476		326,793
Ingersoll Rand, Inc.		11,081		644,693
ITT, Inc.		7,378		636,721
Masco Corp.		12,740		633,433
Rockwell Automation, Inc.		1,147		336,587
Sensata Technologies Holding Plc		13,551		677,821
WESCO International, Inc.		4,261		658,495
				6,806,528
Commercial & Professional Services: 4.8%
Broadridge Financial Solutions, Inc.		4,488		657,806
Equifax, Inc.		3,194		647,871
SS&C Technologies Holdings, Inc.		11,446		646,356
Stericycle, Inc. *		7,063		308,017
				2,260,050
Consumer Discretionary Distribution & Retail: 8.7%
Advance Auto Parts, Inc.		2,322		282,378
Asbury Automotive Group, Inc. *		3,112		653,520
Bath & Body Works, Inc.		8,304		303,760
Best Buy Co., Inc.		4,010		313,863
eBay, Inc.		14,872		659,871
Etsy, Inc. *		2,876		320,185
Group 1 Automotive, Inc.		3,009		681,298
Lithia Motors, Inc.		1,359		311,116
Nordstrom, Inc.		18,182		295,821
Williams-Sonoma, Inc.		2,630		319,966
				4,141,778
Consumer Durables & Apparel: 6.1%
Garmin Ltd.		6,578		663,852
Hasbro, Inc.		5,356		287,564
Mattel, Inc. *		18,171		334,528
Polaris, Inc.		5,502		608,686
Ralph Lauren Corp.		2,799		326,559
Tapestry, Inc.		15,739		678,508
				2,899,697

	Number of Shares		Value
Energy: 1.9%
Equitrans Midstream Corp.		97,576	$	563,989
HF Sinclair Corp.		6,470		313,019
				877,008
Financial Services: 9.2%
Carlyle Group, Inc.		9,400		291,964
Discover Financial Services		6,052		598,180
Evercore, Inc.		5,324		614,283
Global Payments, Inc.		6,218		654,382
SEI Investments Co.		10,683		614,807
State Street Corp.		3,922		296,856
The Bank of New York Mellon Corp.		13,427		610,123
Tradeweb Markets, Inc.		4,548		359,383
Western Union Co.		24,602		274,312
				4,314,290
Food, Beverage & Tobacco: 4.0%
Boston Beer Co., Inc. *		1,840		604,808
Ingredion, Inc.		6,433		654,429
Kellogg Co.		9,290		622,058
				1,881,295
Health Care Equipment & Services: 5.9%
Baxter International, Inc.		6,060		245,794
DaVita, Inc. *		4,259		345,447
ICU Medical, Inc. * †		2,103		346,911
LivaNova Plc *		6,018		262,264
ResMed, Inc.		2,919		639,232
Veeva Systems, Inc. *		1,698		312,075
Zimmer Biomet Holdings, Inc.		5,073		655,432
				2,807,155
Household & Personal Products: 0.7%
Clorox Co.		2,109		333,728
Materials: 9.0%
Albemarle Corp.		2,510		554,810
Celanese Corp.		5,646		614,793
Dow, Inc.		11,853		649,781
DuPont de Nemours, Inc.		8,944		641,911
Eastman Chemical Co.		3,643		307,251
International Flavors & Fragrances, Inc.		3,049		280,386
Livent Corp. *		27,199		590,762
LyondellBasell Industries NV		7,244		680,139
				4,319,833
Media & Entertainment: 7.6%
Electronic Arts, Inc.		2,902		349,546
Fox Corp.		19,253		655,565
Live Nation Entertainment, Inc. *		4,391		307,370
Omnicom Group, Inc.		3,874		365,473
Paramount Global		16,816		375,165
Pinterest, Inc. *		12,645		344,829
Sirius XM Holdings, Inc.		56,708		225,131
TripAdvisor, Inc. *		15,631		310,432
Warner Music Group Corp.		19,524		651,516
				3,585,027
Pharmaceuticals, Biotechnology & Life Sciences: 3.2%
Biogen, Inc. *		1,242		345,313

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Incyte Corp. *		8,194	$	592,180
Ionis Pharmaceuticals, Inc. *		16,882		603,363
				1,540,856
Real Estate Investment Trusts: 0.6%
Digital Realty Trust, Inc.		3,077		302,500
Real Estate Management & Development: 1.8%
CBRE Group, Inc. *		7,910		575,927
Jones Lang LaSalle, Inc. *		1,944		282,833
				858,760
Semiconductors & Semiconductor Equipment: 4.2%
Microchip Technology, Inc.		7,773		651,222
Monolithic Power Systems, Inc.		1,424		712,768
Skyworks Solutions, Inc.		2,841		335,181
Teradyne, Inc.		3,153		338,979
				2,038,150
Software & Services: 7.2%
Blackbaud, Inc. *		5,809		402,564
Cognizant Technology Solutions Corp.		5,447		331,886
Guidewire Software, Inc. *		4,258		349,369
Manhattan Associates, Inc. *		2,512		388,983

	Number of Shares		Value
Software & Services (continued)
Paycom Software, Inc. *		2,083	$	633,253
Splunk, Inc. *		3,265		313,048
VeriSign, Inc. *		3,115		658,293
Workday, Inc. *		1,778		367,228
				3,444,624
Technology Hardware & Equipment: 4.1%
Corning, Inc.		18,555		654,620
F5, Inc. *		2,037		296,771
Littelfuse, Inc.		2,515		674,246
Vontier Corp.		12,046		329,338
				1,954,975
Total Common Stocks (Cost: $46,496,210)				47,593,281

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $955)
State Street Navigator Securities Lending Government Money Market Portfolio		955		955
Total Investments: 100.0% (Cost: $46,497,165)				47,594,236
Other assets less liabilities: 0.0%				17,585
NET ASSETS: 100.0%			$	47,611,821

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $295,443.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		19.6	%	$	9,318,564
Industrials		19.1			9,066,578
Information Technology		15.6			7,437,750
Financials		11.1			5,264,228
Health Care		9.1			4,348,011
Materials		9.1			4,319,834
Communication Services		7.5			3,585,026
Consumer Staples		4.7			2,215,023
Real Estate		2.4			1,161,259
Energy		1.8			877,008
		100.0	%	$	47,593,281

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	47,593,281	$	—	$	—	$	47,593,281
Money Market Fund		955		—		—		955
Total Investments	$	47,594,236	$	—	$	—	$	47,594,236


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 4.0%
US Bancorp		4,055,057	$	146,184,805
Wells Fargo & Co.		4,189,440		156,601,267
				302,786,072
Capital Goods: 10.5%
3M Co.		1,560,849		164,060,838
Allegion Plc		804,207		85,833,013
Boeing Co. *		461,681		98,074,895
Emerson Electric Co.		1,971,249		171,774,638
Masco Corp.		3,575,232		177,760,535
Rockwell Automation, Inc.		332,485		97,567,723
				795,071,642
Commercial & Professional Services: 4.8%
Equifax, Inc. †		902,798		183,123,546
TransUnion		2,917,490		181,292,829
				364,416,375
Consumer Discretionary Distribution & Retail: 6.6%
Amazon.com, Inc. *		1,948,550		201,265,729
Etsy, Inc. *		1,501,356		167,145,964
MercadoLibre, Inc. *		101,689		134,032,203
				502,443,896
Consumer Durables & Apparel: 2.3%
Polaris, Inc.		1,586,791		175,546,688
Consumer Services: 1.3%
Domino’s Pizza, Inc.		295,539		97,489,450
Financial Services: 8.2%
Berkshire Hathaway, Inc. *		283,031		87,391,482
BlackRock, Inc.		136,377		91,252,578
Intercontinental Exchange, Inc.		1,747,868		182,285,154
State Street Corp.		1,094,552		82,846,641
Tradeweb Markets, Inc.		1,356,695		107,206,039
Western Union Co.		6,512,934		72,619,214
				623,601,108
Food, Beverage & Tobacco: 3.6%
Constellation Brands, Inc.		420,642		95,018,821
Kellogg Co.		2,617,684		175,280,121
				270,298,942
Health Care Equipment & Services: 7.4%
Medtronic Plc		2,306,667		185,963,493
Veeva Systems, Inc. *		1,044,890		192,040,333
Zimmer Biomet Holdings, Inc.		1,437,909		185,777,843
				563,781,669
Materials: 4.8%
Ecolab, Inc.		1,158,517		191,769,319
International Flavors & Fragrances, Inc.		1,885,219		173,364,739
				365,134,058
Media & Entertainment: 11.0%
Alphabet, Inc. *		1,919,231		199,081,832
Comcast Corp.		5,045,351		191,269,256
Meta Platforms, Inc. *		1,206,933		255,797,380
Walt Disney Co. *		1,872,959		187,539,385
				833,687,853
Pharmaceuticals, Biotechnology & Life Sciences: 4.9%
Biogen, Inc. *		649,933		180,700,872

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Gilead Sciences, Inc.		1,146,655	$	95,137,966
Pfizer, Inc.		2,299,259		93,809,767
				369,648,605
Semiconductors & Semiconductor Equipment: 7.9%
Lam Research Corp.		372,483		197,460,688
Microchip Technology, Inc.		1,088,044		91,156,326
Monolithic Power Systems, Inc.		226,032		113,138,057
Teradyne, Inc.		1,820,576		195,730,126
				597,485,197
Software & Services: 21.5%
Adobe, Inc. *		516,168		198,915,662
Fortinet, Inc. *		3,087,396		205,188,338
Intuit, Inc.		221,392		98,703,195
Microsoft Corp.		710,393		204,806,302
Roper Technologies, Inc.		217,308		95,765,463
Salesforce, Inc. *		1,166,488		233,040,973
ServiceNow, Inc. *		420,181		195,266,514
Tyler Technologies, Inc. *		539,935		191,482,549
Workday, Inc. *		994,478		205,399,486
				1,628,568,482
Utilities: 1.1%
Dominion Energy, Inc.		1,441,737		80,607,516
Total Common Stocks (Cost: $7,415,587,755)				7,570,567,553
Total Investments: 99.9% (Cost: $7,415,587,755)				7,570,567,553
Other assets less liabilities: 0.1%				9,737,852
NET ASSETS: 100.0%			$	7,580,305,405

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 $20,527,408.

Summary of Investments by Sector	% of Investments			Value
Information Technology		29.4	%	$	2,226,053,679
Industrials		15.3			1,159,488,017
Health Care		12.4			933,430,274
Financials		12.2			926,387,180
Communication Services		11.0			833,687,853
Consumer Discretionary		10.2			775,480,034
Materials		4.8			365,134,058
Consumer Staples		3.6			270,298,942
Utilities		1.1			80,607,516
		100.0	%	$	7,570,567,553

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks *

7,570,567,553

—

7,570,567,553


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 9.6%
Ford Motor Co.		77,751	$	979,663
Lucid Group, Inc. * †		202,243		1,626,034
Rivian Automotive, Inc. * †		65,888		1,019,946
Tesla, Inc. *		9,357		1,941,203
				5,566,846
Banks: 2.7%
Bank of America Corp.		19,485		557,271
JPMorgan Chase & Co.		7,579		987,619
				1,544,890
Capital Goods: 3.8%
Boeing Co. *		3,354		712,490
Caterpillar, Inc.		1,405		321,520
General Electric Co.		3,418		326,761
Lockheed Martin Corp.		711		336,111
Plug Power, Inc. * †		41,527		486,696
				2,183,578
Consumer Discretionary Distribution & Retail: 7.4%
Amazon.com, Inc. *		17,537		1,811,397
GameStop Corp. * †		92,347		2,125,828
The Home Depot, Inc.		1,169		344,995
				4,282,220
Consumer Services: 6.4%
Airbnb, Inc. *		6,432		800,141
Carnival Corp. * †		78,766		799,475
DraftKings, Inc. *		74,062		1,433,840
Norwegian Cruise Line Holdings Ltd. *		22,506		302,706
Starbucks Corp.		3,262		339,672
				3,675,834
Consumer Staples Distribution & Retail: 3.0%
Costco Wholesale Corp.		948		471,033
Target Corp.		2,354		389,893
Walmart, Inc.		6,165		909,029
				1,769,955
Energy: 3.9%
Devon Energy Corp.		10,989		556,153
Exxon Mobil Corp.		4,924		539,966
Occidental Petroleum Corp.		13,687		854,479
Southwestern Energy Co. *		61,495		307,475
				2,258,073
Financial Services: 8.1%
Block, Inc. *		10,580		726,317
Coinbase Global, Inc. *		27,851		1,881,892
Goldman Sachs Group, Inc.		1,215		397,439
Morgan Stanley		3,822		335,572
PayPal Holdings, Inc. *		8,676		658,855
Robinhood Markets, Inc. *		43,426		421,666
Visa, Inc.		1,481		333,906
				4,755,647
Food, Beverage & Tobacco: 1.4%
Altria Group, Inc.		6,463		288,379
The Coca-Cola Co.		8,716		540,653
				829,032
Materials: 0.5%
United States Steel Corp.		10,149		264,889

	Number of Shares		Value
Media & Entertainment: 15.3%
Alphabet, Inc. *		17,527	$	1,818,076
Meta Platforms, Inc. *		8,906		1,887,538
Netflix, Inc. *		2,413		833,643
Paramount Global		25,805		575,710
Roblox Corp. *		16,103		724,313
Roku, Inc. *		11,798		776,544
Snap, Inc. *		66,185		741,934
Trade Desk, Inc. *		5,339		325,198
Walt Disney Co. *		8,642		865,323
Warner Bros Discovery, Inc. *		27,135		409,739
				8,958,018
Pharmaceuticals, Biotechnology & Life Sciences: 4.4%
AbbVie, Inc.		2,359		375,953
Agilent Technologies, Inc.		5,028		695,574
Johnson & Johnson		2,425		375,875
Moderna, Inc. *		3,785		581,300
Pfizer, Inc.		14,215		579,972
				2,608,674
Real Estate Investment Trusts: 0.7%
Medical Properties Trust, Inc.		46,757		384,343
Semiconductors & Semiconductor Equipment: 11.0%
Advanced Micro Devices, Inc. *		18,275		1,791,133
Enphase Energy, Inc. *		2,248		472,709
First Solar, Inc. *		1,515		329,513
Intel Corp.		36,006		1,176,316
Micron Technology, Inc.		6,958		419,846
NVIDIA Corp.		6,905		1,918,002
Qualcomm, Inc.		2,261		288,458
				6,395,977
Software & Services: 15.7%
Cloudflare, Inc. *		14,899		918,672
Crowdstrike Holdings, Inc. *		4,533		622,200
Microsoft Corp.		5,874		1,693,474
Palantir Technologies, Inc. *		210,397		1,777,855
Palo Alto Networks, Inc. *		1,867		372,915
Salesforce, Inc. *		4,121		823,293
Shopify, Inc. *		24,042		1,152,573
Snowflake, Inc. *		4,657		718,529
Twilio, Inc. *		5,355		356,804
Zoom Video Communications, Inc. *		4,971		367,059
Zscaler, Inc. *		2,978		347,920
				9,151,294
Technology Hardware & Equipment: 3.8%
Apple, Inc.		10,744		1,771,686
Cisco Systems, Inc.		8,428		440,574
				2,212,260
Telecommunication Services: 0.7%
Verizon Communications, Inc.		10,418		405,156
Transportation: 1.5%
American Airlines Group, Inc. *		24,279		358,115

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Transportation (continued)
Uber Technologies, Inc. *		16,256	$	515,315
				873,430
Total Common Stocks (Cost: $55,438,520)				58,120,116

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.2%
Money Market Fund: 6.2% (Cost: $3,584,301)
State Street Navigator Securities Lending Government Money Market Portfolio		3,584,301		3,584,301
Total Investments: 106.1% (Cost: $59,022,821)				61,704,417
Liabilities in excess of other assets: (6.1)%				(3,529,951)
NET ASSETS: 100.0%			$	58,174,466

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,774,869.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		30.5	%	$	17,759,529
Consumer Discretionary		23.3			13,524,900
Communication Services		16.1			9,363,174
Financials		10.9			6,300,537
Industrials		5.3			3,057,009
Health Care		4.5			2,608,675
Consumer Staples		4.4			2,598,988
Energy		3.9			2,258,073
Real Estate		0.7			384,342
Materials		0.4			264,889
		100.0	%	$	58,120,116

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	58,120,116	$	—	$	—	$	58,120,116
Money Market Fund		3,584,301		—		—		3,584,301
Total Investments	$	61,704,417	$	—	$	—	$	61,704,417


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

	Commodity Strategy ETF (a)			Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	32,018,335		$	94,971,050		$	67,820,770		$	23,560,400
Affiliated issuers (3)		—			—			53,985,509			—
Short-term investments held as collateral for securities loaned (4)		—			—			13,621,763			—
Cash		1,325,927			165,689			165,422			907,576
Cash on deposit with broker for futures contracts		578,090			—			—			—
Receivables:
Investment securities sold		—			173,582			627,821			—
Shares of beneficial interest sold		4,849,020			—			—			—
Dividends and interest		—			236,907			75,268			31
Prepaid expenses		—			—			1,640			624
Total assets		38,771,372			95,547,228			136,298,193			24,468,631
Liabilities:
Payables:
Investment securities purchased		4,603,234			—			—			—
Shares of beneficial interest redeemed		—			—			627,387			—
Collateral for securities loaned		—			—			13,621,763			—
Line of credit		—			—			—			879,794
Due to Adviser		13,386			23,362			28,211			45,991
Deferred Trustee fees		—			624			753			1,252
Accrued expenses		—			501			28,268			41,152
Variation margin on futures contracts		229,819			—			—			—
Total liabilities		4,846,439			24,487			14,306,382			968,189
NET ASSETS	$	33,924,933		$	95,522,741		$	121,991,811		$	23,500,442
Shares outstanding		700,000			3,050,000			4,825,000			650,000
Net asset value, redemption and offering price per share	$	48.46		$	31.32		$	25.28		$	36.15
Net Assets consist of:
Aggregate paid in capital	$	34,677,152		$	101,478,666		$	144,548,710		$	29,090,152
Total distributable earnings (loss)		(752,219	)		(5,955,925	)		(22,556,899	)		(5,589,710	)
NET ASSETS	$	33,924,933		$	95,522,741		$	121,991,811		$	23,500,442
(1) Value of securities on loan	$	—		$	—		$	27,582,056		$	—
(2) Cost of investments - Unaffiliated issuers	$	32,012,908		$	93,101,266		$	69,293,141		$	23,559,068
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	55,982,350		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	13,621,763		$	—

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

	Morningstar ESG Moat ETF		Morningstar Global Wide Moat ETF		Morningstar International Moat ETF			Morningstar SMID Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	4,095,199	$	18,510,665	$	210,573,094		$	47,593,281
Short-term investments held as collateral for securities loaned (3)		—		177,721		5,155,874			955
Cash		24,423		14,639		4,997			13,784
Cash denominated in foreign currency, at value (4)		—		8,211		300,820			—
Receivables:
Shares of beneficial interest sold		—		—		—			1,396,800
Due from Adviser		5,655		986		—			—
Dividends and interest		3,779		35,550		446,380			48,766
Prepaid expenses		474		534		1,171			—
Total assets		4,129,530		18,748,306		216,482,336			49,053,586
Liabilities:
Payables:
Investment securities purchased		—		—		—			1,396,568
Shares of beneficial interest redeemed		—		30		18,599			—
Collateral for securities loaned		—		177,721		5,155,874			955
Line of credit		—		—		1,108,710			—
Due to Adviser		—		—		82,631			11,142
Deferred Trustee fees		6		275		2,260			10
Accrued expenses		28,377		22,241		7,771			33,090
Total liabilities		28,383		200,267		6,375,845			1,441,765
NET ASSETS	$	4,101,147	$	18,548,039	$	210,106,491		$	47,611,821
Shares outstanding		175,000		550,000		6,600,000			1,675,000
Net asset value, redemption and offering price per share	$	23.44	$	33.72	$	31.83		$	28.42
Net Assets consist of:
Aggregate paid in capital	$	4,024,476	$	16,918,301	$	225,454,102		$	46,672,369
Total distributable earnings (loss)		76,671		1,629,738		(15,347,611	)		939,452
NET ASSETS	$	4,101,147	$	18,548,039	$	210,106,491		$	47,611,821
(1) Value of securities on loan	$	—	$	167,628	$	6,997,413		$	295,443
(2) Cost of investments - Unaffiliated issuers	$	3,811,165	$	16,930,675	$	204,237,266		$	46,496,210
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	177,721	$	5,155,874		$	955
(4) Cost of cash denominated in foreign currency	$	—	$	8,221	$	296,988		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

	Morningstar Wide Moat ETF			Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	7,570,567,553		$	58,120,116
Short-term investments held as collateral for securities loaned (3)		—			3,584,301
Cash		11,709,031			54,261
Receivables:
Investment securities sold		—			728,474
Shares of beneficial interest sold		32,991,882			—
Dividends and interest		7,519,598			35,522
Prepaid expenses		31,454			—
Total assets		7,622,819,518			62,522,674
Liabilities:
Payables:
Investment securities purchased		39,466,037			—
Shares of beneficial interest redeemed		—			727,855
Collateral for securities loaned		—			3,584,301
Due to Adviser		2,757,345			36,052
Deferred Trustee fees		150,734			—
Accrued expenses		139,997			—
Total liabilities		42,514,113			4,348,208
NET ASSETS	$	7,580,305,405		$	58,174,466
Shares outstanding		102,650,000			3,900,000
Net asset value, redemption and offering price per share	$	73.85		$	14.92
Net Assets consist of:
Aggregate paid in capital	$	8,200,674,088		$	157,573,854
Total distributable earnings (loss)		(620,368,683	)		(99,399,388	)
NET ASSETS	$	7,580,305,405		$	58,174,466
(1) Value of securities on loan	$	20,527,408		$	5,774,869
(2) Cost of investments - Unaffiliated issuers	$	7,415,587,755		$	55,438,520
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	3,584,301

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

	Commodity Strategy ETF (a) (b)			Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF
Income:
Dividends - unaffiliated issuers	$	—		$	1,611,873		$	823,693		$	77,062
Dividends - affiliated issuers		—			—			629,087			—
Interest		334,711			—			5,642			246,508
Securities lending income		—			3,779			96,577			4,002
Total income		334,711			1,615,652			1,554,999			327,572
Expenses:
Management fees		41,823			127,827			338,140			72,985
Professional fees		—			—			21,003			18,375
Custody and accounting fees		—			—			13,254			12,206
Reports to shareholders		—			—			6,829			4,947
Trustees’ fees and expenses		—			—			9,042			1,426
Registration fees		—			—			9,367			3,096
Insurance		—			—			2,997			1,058
Interest and taxes		561			5,768			296			18,375
Other		—			—			1,171			799
Total expenses		42,384			133,595			402,099			133,267
Waiver of management fees		—			—			(112,265	)		(34,608	)
Net expenses		42,384			133,595			289,834			98,659
Net investment income		292,327			1,482,057			1,265,165			228,913

Net realized gain (loss) on:
Investments - unaffiliated issuers		87			(3,348,017	)		(4,856,544	)		361,074
Investments - affiliated issuers		—			—			(1,300,398	)		—
In-kind redemptions - unaffiliated issuers		—			3,290,012			565,578			2,308,554
In-kind redemptions - affiliated issuers		—			—			449,948			—
Futures		(816,942	)		—			—			—
Net realized gain (loss)		(816,855	)		(58,005	)		(5,141,416	)		2,669,628

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		5,437			8,857,490			13,845,798			(16,932	)
Investments - affiliated issuers		—			—			6,170,659			—
Futures		(233,128	)		—			—			—
Net change in unrealized appreciation (depreciation)		(227,691	)		8,857,490			20,016,457			(16,932	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(752,219	)	$	10,281,542		$	16,140,206		$	2,881,609


(a)	Consolidated Statement of Operations
(b)	For the period December 21, 2022 (commencement of operations) through March 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

	Morningstar ESG Moat ETF			Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar SMID Moat ETF (a)
Income:
Dividends	$	36,157		$	238,542		$	794,630		$	274,532
Interest		166			387			—			83
Securities lending income		—			430			4,624			1,459
Foreign taxes withheld		—			(9,249	)		(42,978	)		—
Total income		36,323			230,110			756,276			276,074
Expenses:
Management fees		8,661			39,557			253,356			65,575
Professional fees		19,527			22,385			21,082			27,132
Custody and accounting fees		9,445			17,508			25,524			15,925
Reports to shareholders		1,772			5,109			5,395			4,512
Trustees’ fees and expenses		723			771			537			560
Registration fees		2,755			1,816			2,534			2,424
Insurance		944			991			2,051			—
Interest		—			139			2,046			—
Other		248			830			768			502
Total expenses		44,075			89,106			313,293			116,630
Waiver of management fees		(8,661	)		(39,557	)		(27,488	)		(45,227	)
Expenses assumed by the Adviser		(25,984	)		(3,700	)		—			—
Net expenses		9,430			45,849			285,805			71,403
Net investment income		26,893			184,261			470,471			204,671

Net realized gain (loss) on:
Investments		(252,797	)		(545,396	)		(4,606,847	)		(1,829,174	)
In-kind redemptions		94,888			547,451			(638,811	)		1,532,895
Foreign currency transactions and foreign denominated assets and liabilities		—			(301	)		67,588			—
Net realized gain (loss)		(157,909	)		1,754			(5,178,070	)		(296,279	)

Net change in unrealized appreciation (depreciation) on:
Investments		705,334			3,029,949			18,795,702			1,097,070
Foreign currency translations and foreign denominated assets and liabilities		—			655			19,479			—
Net change in unrealized appreciation (depreciation)		705,334			3,030,604			18,815,181			1,097,070
Net Increase in Net Assets Resulting from Operations	$	574,318		$	3,216,619		$	14,107,582		$	1,005,462


(a)	For the period October 5, 2022 (commencement of operations) through March 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

	Morningstar Wide Moat ETF			Social Sentiment ETF
Income:
Dividends	$	48,936,589		$	312,817
Interest		172,535			524
Securities lending income		419,582			101,941
Foreign taxes withheld		—			(149	)
Total income		49,528,706			415,133
Expenses:
Management fees		15,023,839			217,057
Professional fees		20,269			145,295
Custody and accounting fees		20,158			—
Reports to shareholders		160,177			—
Trustees’ fees and expenses		35,300			—
Registration fees		26,376			—
Insurance		34,071			—
Interest and taxes		253,001			346
Other		24,006			—
Total expenses		15,597,197			362,698
Reimbursement from the Adviser		—			(47,782	)
Reimbursement from insurance proceeds		—			(97,513	)
Net expenses		15,597,197			217,403
Net investment income		33,931,509			197,730

Net realized gain (loss) on:
Investments		(298,190,050	)		(12,044,579	)
In-kind redemptions		352,148,715			4,828,625
Foreign currency transactions and foreign denominated assets and liabilities		—			(5	)
Net realized gain (loss)		53,958,665			(7,215,959	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,330,984,661			15,336,111
Net change in unrealized appreciation (depreciation)		1,330,984,661			15,336,111
Net Increase in Net Assets Resulting from Operations	$	1,418,874,835		$	8,317,882

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Commodity Strategy ETF (a)			Durable High Dividend ETF
	Period Ended March 31, 2023 (b)			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)			(unaudited)
Operations:
Net investment income	$	292,327		$	1,482,057		$	2,029,834
Net realized gain (loss)		(816,855	)		(58,005	)		365,341
Net change in unrealized appreciation (depreciation)		(227,691	)		8,857,490			(8,605,947	)
Net increase (decrease) in net assets resulting from operations		(752,219	)		10,281,542			(6,210,772	)
Distributions to shareholders from:
Distributable earnings		—			(1,360,738	)		(1,834,915	)

Share transactions*:
Proceeds from sale of shares		34,677,152			37,259,706			66,874,815
Cost of shares redeemed		—			(23,431,179	)		(37,292,890	)
Increase in net assets resulting from share transactions		34,677,152			13,828,527			29,581,925
Total increase in net assets		33,924,933			22,749,331			21,536,238
Net Assets, beginning of period		—			72,773,410			51,237,172
Net Assets, end of period	$	33,924,933		$	95,522,741		$	72,773,410
*Shares of Common Stock Issued (no par value)
Shares sold		700,000			1,200,000			2,175,000
Shares redeemed		—			(775,000	)		(1,225,000	)
Net increase		700,000			425,000			950,000


(a)	Consolidated Statement of Changes in Net Assets
(b)	For the period December 21, 2022 (commencement of operations) through March 31, 2023.

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, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	1,265,165		$	3,054,806		$	228,913		$	261,767
Net realized gain (loss)		(5,141,416	)		(1,699,545	)		2,669,628			974,460
Net change in unrealized appreciation (depreciation)		20,016,457			(24,548,223	)		(16,932	)		(8,534,839	)
Net increase (decrease) in net assets resulting from operations		16,140,206			(23,192,962	)		2,881,609			(7,298,612	)
Distributions to shareholders from:
Distributable earnings		(2,100,120	)		(2,650,043	)		(315,038	)		(175,010	)

Share transactions*:
Proceeds from sale of shares		7,035,615			167,278,949			37,011,751			86,232,358
Cost of shares redeemed		(30,150,531	)		(26,924,747	)		(49,652,941	)		(86,143,141	)
Increase (decrease) in net assets resulting from share transactions		(23,114,916	)		140,354,202			(12,641,190	)		89,217
Total increase (decrease) in net assets		(9,074,830	)		114,511,197			(10,074,619	)		(7,384,405	)
Net Assets, beginning of period		131,066,641			16,555,444			33,575,061			40,959,466
Net Assets, end of period	$	121,991,811		$	131,066,641		$	23,500,442		$	33,575,061
*Shares of Common Stock Issued (no par value)
Shares sold		275,000			6,200,000			1,050,000			2,350,000
Shares redeemed		(1,200,000	)		(1,100,000	)		(1,400,000	)		(2,375,000	)
Net increase (decrease)		(925,000	)		5,100,000			(350,000	)		(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 ESG Moat ETF						Morningstar Global Wide Moat ETF
	Period Ended March 31, 2023			Period Ended September 30, 2022 (a)			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	26,893		$	21,554		$	184,261		$	328,329
Net realized gain (loss)		(157,909	)		(56,597	)		1,754			229,786
Net change in unrealized appreciation (depreciation)		705,334			(421,300	)		3,030,604			(4,370,505	)
Net increase (decrease) in net assets resulting from operations		574,318			(456,343	)		3,216,619			(3,812,390	)
Distributions to shareholders from:
Distributable earnings		(37,500	)		(3,803	)		(585,100	)		(1,104,550	)

Share transactions*:
Proceeds from sale of shares		2,175,309			4,181,504			1,700,530			3,251,806
Cost of shares redeemed		(1,102,334	)		(1,230,004	)		(3,328,876	)		—
Increase (decrease) in net assets resulting from share transactions		1,072,975			2,951,500			(1,628,346	)		3,251,806
Total increase (decrease) in net assets		1,609,793			2,491,354			1,003,173			(1,665,134	)
Net Assets, beginning of period		2,491,354			—			17,544,866			19,210,000
Net Assets, end of period	$	4,101,147		$	2,491,354		$	18,548,039		$	17,544,866
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			175,000			50,000			100,000
Shares redeemed		(50,000	)		(50,000	)		(100,000	)		—
Net increase (decrease)		50,000			125,000			(50,000	)		100,000


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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar International Moat ETF						Morningstar SMID Moat ETF
	Period Ended March 31, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income	$	470,471		$	3,051,398		$	204,671
Net realized loss		(5,178,070	)		(8,558,465	)		(296,279	)
Net change in unrealized appreciation (depreciation)		18,815,181			(12,831,453	)		1,097,070
Net increase (decrease) in net assets resulting from operations		14,107,582			(18,338,520	)		1,005,462
Distributions to shareholders from:
Distributable earnings		(1,800,060	)		(3,150,000	)		(66,010	)

Share transactions*:
Proceeds from sale of shares		150,741,840			36,287,916			65,542,970
Cost of shares redeemed		(19,470,349	)		(18,708,747	)		(18,870,601	)
Increase in net assets resulting from share transactions		131,271,491			17,579,169			46,672,369
Total increase (decrease) in net assets		143,579,013			(3,909,351	)		47,611,821
Net Assets, beginning of period		66,527,478			70,436,829			—
Net Assets, end of period	$	210,106,491		$	66,527,478		$	47,611,821
*Shares of Common Stock Issued (no par value)
Shares sold		4,700,000			1,150,000			2,375,000
Shares redeemed		(750,000	)		(600,000	)		(700,000	)
Net increase		3,950,000			550,000			1,675,000


(a)	For the period October 5, 2022 (commencement of operations) through March 31, 2023.

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, 2023			Year Ended September 30, 2022			Period Ended March 31, 2023			Year Ended September 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	33,931,509		$	81,943,156		$	197,730		$	122,917
Net realized gain (loss)		53,958,665			301,662,752			(7,215,959	)		(54,869,039	)
Net change in unrealized appreciation (depreciation)		1,330,984,661			(1,688,150,367	)		15,336,111			(13,810,175	)
Net increase (decrease) in net assets resulting from operations		1,418,874,835			(1,304,544,459	)		8,317,882			(68,556,297	)
Distributions to shareholders from:
Distributable earnings		(78,997,870	)		(77,004,720	)		(209,840	)		—

Share transactions*:
Proceeds from sale of shares		1,803,917,167			5,173,745,502			37,612,155			101,939,141
Cost of shares redeemed		(1,429,286,535	)		(4,525,615,899	)		(45,182,673	)		(168,680,113	)
Increase (decrease) in net assets resulting from share transactions		374,630,632			648,129,603			(7,570,518	)		(66,740,972	)
Total increase (decrease) in net assets		1,714,507,597			(733,419,576	)		537,524			(135,297,269	)
Net Assets, beginning of period		5,865,797,808			6,599,217,384			57,636,942			192,934,211
Net Assets, end of period	$	7,580,305,405		$	5,865,797,808		$	58,174,466		$	57,636,942
*Shares of Common Stock Issued (no par value)
Shares sold		25,900,000			74,050,000			2,700,000			4,975,000
Shares redeemed		(21,050,000	)		(66,300,000	)		(3,325,000	)		(8,275,000	)
Net increase (decrease)		4,850,000			7,750,000			(625,000	)		(3,300,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Commodity Strategy ETF(a)

	Period Ended March 31, 2023 (b)
	(unaudited)
Net asset value, beginning of period	$	50.00
Net investment income (c)		0.53
Net realized and unrealized loss on investments		(2.07	)
Total from investment operations		(1.54	)
Net asset value, end of period	$	48.46
Total return (d)		(3.07	)%(e)

Ratios to average net assets
Expenses		0.56	%(f)
Expenses excluding interest and taxes		0.55	%(f)
Net investment income		3.84	%(f)
Supplemental data
Net assets, end of period (in millions)		$34
Portfolio turnover rate (g)		0	%(e)

(a)	Consolidated Financial Highlights
(b)	For the period December 21, 2022 (commencement of operations) through March 31, 2023.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Durable High Dividend ETF
				Year Ended September 30,									Period
	Period Ended March 31, 2023			2022			2021			2020			Ended September 30, 2019(a)
	(unaudited)
Net asset value, beginning of period	$	27.72		$	30.59		$	26.78		$	28.24		$	25.36
Net investment income (b)		0.52			0.99			1.01			0.92			0.75
Net realized and unrealized gain (loss) on investments		3.59			(2.90	)		3.71			(1.28	)		2.62
Total from investment operations		4.11			(1.91	)		4.72			(0.36	)		3.37
Distributions from:
Net investment income		(0.51	)		(0.96	)		(0.91	)		(0.90	)		(0.49	)
Net realized capital gains		—			—			—			(0.20	)		—
Total distributions		(0.51	)		(0.96	)		(0.91	)		(1.10	)		(0.49	)
Net asset value, end of period	$	31.32		$	27.72		$	30.59		$	26.78		$	28.24
Total return (c)		14.90	%(d)		(6.58	)%		17.89	%		(1.26	)%		13.41	%(d)

Ratios to average net assets
Gross expenses (e)		0.30	%(f)		0.29	%		0.53	%		0.73	%		1.14	%(f)
Net expenses (e)		0.30	%(f)		0.29	%		0.29	%		0.29	%		0.29	%(f)
Net expenses excluding interest, (e)		0.29	%(f)		0.29	%		0.29	%		0.29	%		0.29	%(f)
Net investment income		3.36	%(f)		3.19	%		3.38	%		3.44	%		3.00	%(f)
Supplemental data
Net assets, end of period (in millions)		$96			$73			$51			$33			$18
Portfolio turnover rate (g)		32	%(d)		50	%		50	%		67	%		94	%(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Inflation Allocation ETF(a)
				Year Ended September 30,													Period
	Period Ended March 31, 2023				2022			2021			2020			2019			Ended September 30, 2018(b)
	(unaudited)
Net asset value, beginning of period	$	22.79			$	25.47		$	20.15		$	25.25		$	25.39		$	25.18
Net investment income (c)		0.23				0.92			0.14			0.45			0.31			0.10
Net realized and unrealized gain (loss) on investments		2.64				(1.44	)		6.57			(4.94	)		(0.31	)		0.11
Total from investment operations		2.87				(0.52	)		6.71			(4.49	)		—			0.21
Distributions from:
Net investment income		(0.38	)			(2.16	)		(1.39	)		(0.61	)		(0.14	)		—
Net asset value, end of period	$	25.28			$	22.79		$	25.47		$	20.15		$	25.25		$	25.39
Total return (d)		12.62	%(e)			(2.71	)%		34.11	%		(18.32	)%		0.02	%		0.83	%(e)

Ratios to average net assets
Gross expenses (f)		0.59	%(g)			0.63	%		1.60	%		1.12	%		0.93	%		1.57	%(g)
Net expenses (f)		0.43	%(g)			0.51	%		0.56	%		0.55	%		0.55	%		0.55	%(g)
Net expenses excluding interest (f)		0.43	%(g)			0.51	%		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		1.87	%(g)			3.56	%		0.58	%		1.97	%		1.23	%		0.78	%(g)
Supplemental data
Net assets, end of period (in millions)		$122				$131			$17			$9			$30			$15
Portfolio turnover rate (h)		59	%(e)			32	%		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
	Period Ended March 31, 2023				2022			2021			2020			2019			Ended September 30, 2018(a)
	(unaudited)
Net asset value, beginning of period		$33.58				$39.96		$	31.55		$	28.02		$	28.24		$	25.03
Net investment income (b)		0.27				0.24			0.34			0.40			0.39			0.42
Net realized and unrealized gain (loss) on investments		2.71				(6.46	)		8.78			3.56	(c)		(0.35	)		2.89
Total from investment operations		2.98				(6.22	)		9.12			3.96			0.04			3.31
Distributions from:
Net investment income		(0.41	)			(0.16	)		(0.71	)		(0.43	)		(0.26	)		(0.10	)
Net asset value, end of period		$36.15				$33.58		$	39.96		$	31.55		$	28.02		$	28.24
Total return (d)		8.95	%(e)			(15.67	)%		29.29	%		14.22	%		0.29	%		13.25	%(e)

Ratios to average net assets
Gross expenses (f)		0.91	%(g)			0.72	%		0.82	%		0.76	%		0.69	%		0.86	%(g)
Net expenses (f)		0.68	%(g)			0.59	%		0.55	%		0.55	%		0.57	%		0.56	%(g)
Net expenses excluding interest, (f)		0.55	%(g)			0.55	%		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		1.57	%(g)			0.60	%		0.91	%		1.38	%		1.47	%		1.58	%(g)
Supplemental data
Net assets, end of period (in millions)		$24				$34			$41			$32			$66			$52
Portfolio turnover rate (h)		173	%(e)			243	%		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 ESG Moat ETF

	Period Ended March 31, 2023			Period Ended September 30, 2022(a)
	(unaudited)
Net asset value, beginning of period		$19.93			$25.05
Net investment income (b)		0.16			0.25
Net realized and unrealized gain (loss) on investments		3.56			(5.32	)
Total from investment operations		3.72			(5.07	)
Distributions from:
Net investment income		(0.21	)		(0.05	)
Net asset value, end of period	$23.44			$19.93
Total return (c)		18.74	%(d)		(20.30	)%(d)

Ratios to average net assets
Gross expenses		2.29	%(e)		4.24	%(e)
Net expenses		0.49	%(e)		0.49	%(e)
Net investment income		1.40	%(e)		1.06	%(e)
Supplemental data
Net assets, end of period (in millions)		$4			$2
Portfolio turnover rate (f)		25	%(d)		44	%(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
				Year Ended September 30,										Period
	Period Ended March 31, 2023				2022			2021			2020			Ended September 30, 2019(a)
	(unaudited)
Net asset value, beginning of period	$	29.24			$	38.42		$	32.17		$	28.97		$	25.30
Net investment income (b)		0.34				0.63			0.54			0.46			0.47
Net realized and unrealized gain (loss) on investments		5.31				(7.60	)		6.74			3.47			3.31
Total from investment operations		5.65				(6.97	)		7.28			3.93			3.78
Distributions from:
Net investment income		(0.70	)			(0.55	)		(0.43	)		(0.34	)		(0.11	)
Net realized capital gains		(0.47	)			(1.66	)		(0.60	)		(0.39	)		—
Total distributions		(1.17	)			(2.21	)		(1.03	)		(0.73	)		(0.11	)
Net asset value, end of period	$	33.72			$	29.24		$	38.42		$	32.17		$	28.97
Total return (c)		19.52	%(d)			(19.41	)%		22.99	%		13.70	%		15.01	%(d)

Ratios to average net assets
Gross expenses		1.01	%(e)			0.96	%		1.20	%		2.04	%		2.50	%(e)
Net expenses		0.52	%(e)			0.52	%		0.52	%		0.52	%		0.56	%(e)
Net expenses excluding interest,		0.52	%(e)			0.52	%		0.52	%		0.52	%		0.52	%(e)
Net investment income		2.10	%(e)			1.76	%		1.44	%		1.54	%		1.86	%(e)
Supplemental data
Net assets, end of period (in millions)		$19				$18			$19			$10			$6
Portfolio turnover rate (f)		32	%(d)			67	%		74	%		68	%		71	%(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

				Morningstar International Moat ETF
	Period							Year Ended September 30,
	Ended March 31, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.10			$33.54			$29.38			$30.57			$33.13			$35.49
Net investment income (a)		0.14			1.34			1.07			0.62			1.00			0.91
Net realized and unrealized gain (loss) on investments		7.54			(8.28	)		3.81			(0.56	)		(2.50	)		(1.27	)
Total from investment operations		7.68			(6.94	)		4.88			0.06			(1.50	)		(0.36	)
Distributions from:
Net investment income		(0.95	)		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(0.98	)
Net realized capital gains		—			—			—			—			—			(1.02	)
Total distributions		(0.95	)		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(2.00	)
Net asset value, end of period		$31.83			$25.10			$33.54			$29.38			$30.57			$33.13
Total return (b)		30.97	%(c)		(21.65	)%		16.64	%		(0.14	)%		(4.25	)%		(1.14	)%

Ratios to average net assets
Gross expenses		0.62	%(d)		0.67	%		0.76	%		0.76	%		0.69	%		0.72	%
Net expenses		0.56	%(d)		0.58	%		0.57	%		0.58	%		0.57	%		0.57	%
Net expenses excluding interest,		0.56	%(d)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		0.93	%(d)		4.32	%		3.09	%		2.10	%		3.26	%		2.67	%
Supplemental data
Net assets, end of period (in millions)		$210			$67			$70			$51			$83			$89
Portfolio turnover rate (e)		58	%(c)		105	%		110	%		94	%		85	%		112	%

(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 SMID Moat ETF

	Period Ended March 31, 2023(a)
	(unaudited)
Net asset value, beginning of period		$26.02
Net investment income (b)		0.20
Net realized and unrealized gain on investments		2.26
Total from investment operations		2.46
Distributions from:
Net investment income		(0.06	)
Net asset value, end of period		$28.42
Total return (c)		9.50	%(d)

Ratios to average net assets
Gross expenses		0.80	%(e)
Net expenses		0.49	%(e)
Net investment income		1.40	%(e)
Supplemental data
Net assets, end of period (in millions)		$48
Portfolio turnover rate (f)		41	%(d)

	(a)	For the period October 5, 2022 (commencement of operations) through March 31, 2023.
	(b)	Calculated based upon average shares outstanding
	(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
	(d)	Not Annualized
	(e)	Annualized
	(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

				Morningstar Wide Moat ETF
	Period							Year Ended September 30,
	Ended March 31, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$59.98			$73.28			$54.63			$50.13			$46.73			$40.33
Net investment income (a)		0.34			0.85			0.96			0.92			0.89			0.73
Net realized and unrealized gain (loss) on investments		14.34			(13.33	)		18.59			4.30			3.25			6.13
Total from investment operations		14.68			(12.48	)		19.55			5.22			4.14			6.86
Distributions from:
Net investment income		(0.81	)		(0.82	)		(0.90	)		(0.72	)		(0.74	)		(0.46	)
Net asset value, end of period		$73.85			$59.98			$73.28			$54.63			$50.13			$46.73
Total return (b)		24.66	%(c)		(17.27	)%		36.11	%		10.40	%		9.21	%		17.11	%

Ratios to average net assets
Expenses		0.47	%(d)		0.46	%		0.46	%		0.47	%		0.48	%		0.49	%
Expenses excluding interest, and taxes		0.46	%(d)		0.46	%		0.46	%		0.47	%		0.48	%		0.49	%
Net investment income		1.02	%(d)		1.20	%		1.40	%		1.77	%		1.90	%		1.69	%
Supplemental data
Net assets, end of period (in millions)		$7,580			$5,866			$6,599			$3,398			$2,486			$1,570
Portfolio turnover rate (e)		19	%(c)		51	%		47	%		48	%		58	%		56	%

	(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, 2023			Year Ended September 30, 2022			Period Ended September 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$12.74			$24.66			$25.00
Net investment income (loss) (b)		0.05			0.02			(0.03	)
Net realized and unrealized gain (loss) on investments		2.18			(11.94	)		(0.31	)(c)
Total from investment operations		2.23			(11.92	)		(0.34	)
Distributions from:
Net investment income		(0.05	)		—			—
Net asset value, end of period		$14.92			$12.74			$24.66
Total return (d)		17.58	%(e)		(48.34	)%		(1.38	)%(e)

Ratios to average net assets
Gross expenses		1.25	%(f)		1.16	%		0.75	%(f)
Net expenses		0.75	%(f)		0.75	%		0.75	%(f)
Net investment income (loss)		0.68	%(f)		0.11	%		(0.20	)%(f)
Supplemental data
Net assets, end of period (in millions)		$58			$58			$193
Portfolio turnover rate (g)		108	%(e)		263	%		161	%(e)

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2023 (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

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

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

Fund	Index

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

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

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

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

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

	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:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

	A summary of the inputs and the levels used to value the 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 Commodity Strategy ETF invests in certain ETPs and Commodity Instruments through the Commodity Strategy Subsidiary, (collectively the “Subsidiaries” and each a wholly-owned “Subsidiary”), organized under the laws of Cayman Islands. Each 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 each Fund present the financial position and results of operations for each Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation.

C.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and net realized capital gains, if any, 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 Durable High Dividend ETF, which are declared and paid quarterly). Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

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

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

G.	Use of Derivative Instruments—Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified

	date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

	Futures Contracts—Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity futures contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are generally made or received by the Fund each day depending on the fluctuations in the value of the Futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Commodity Strategy ETF held futures contracts during the period ended March 31, 2023, the average notional amount for the period was $28,207,302. Futures contracts held by Commodity Strategy ETF at March 31, 2023 are reflected in the Schedule of Investments.

	At March 31, 2023, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

	Liability Derivatives
	Commodity Risk
Commodity Strategy ETF
Futures contracts¹	$229,819


¹	Statements of Assets and Liabilities location: Variation margin for futures contracts


	The impact of transactions in derivative instruments during the period ended March 31, 2023, was as follows:

	Commodity Risk
Commodity Strategy ETF
Realized gain (loss):
Futures contracts¹	$(816,942)
Net change in unrealized appreciation (depreciation):
Futures contracts²	$(233,128)


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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	For financial reporting purposes, the Funds presents derivative instruments and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities.

	Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedules of Investments and Statements of Assets and Liabilities for collateral received or pledged as of March 31, 2023.

	Cash collateral received for securities lending in the form of money market fund investments, if any, at March 31, 2023, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

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

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

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

The management fee rates and expense limitations for the period ended March 31, 2023, are as follows:

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

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

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the period ended March 31, 2023, the Adviser waived management fees of $112,265 due to such investments held in the Inflation Allocation ETF.

The Funds listed below utilize a unitary management fee structure where the Adviser will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. In addition, for Social Sentiment ETF, the Adviser has (i) agreed to pay the offering costs until at least February 1, 2024 and (ii) contractually agreed to waive or reduce its management fees and/or pay Fund expenses in an amount equal to the Fund’s extraordinary legal expenses up to $500,000 until at least February 1, 2024. The Fund has insurance policy to cover extraordinary legal expenses in excess of $500,000. Refer to Statement of Operation for the reimbursement from insurance proceeds the Fund received during the period ended March 31, 2023. For Commodity Strategy ETF, the Adviser has agreed to pay and/or reimburse the Fund for the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants (“FCMs”) until at least February 1, 2024.

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

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

At March 31, 2023, the Adviser owned approximately 5% of Durable High Dividend ETF and 29% of Morningstar ESG Moat ETF.

Note 4—Capital Share Transactions—As of March 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 5—Investments—For the period ended March 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Durable High Dividend ETF		28,114,241		28,210,948		37,272,851		23,300,307
Inflation Allocation ETF*		78,550,618		83,004,413		6,915,059		25,972,640
Long/Flat Trend ETF		53,424,503		24,274,820		36,601,349		68,420,357
Morningstar ESG Moat ETF		929,142		1,082,614		2,172,053		960,817
Morningstar Global Wide Moat ETF		5,622,894		6,160,961		1,623,928		3,146,600
Morningstar International Moat ETF		76,652,057		58,582,643		129,463,825		16,977,581
Morningstar SMID Moat ETF		13,544,290		13,463,175		65,565,896		18,854,521
Morningstar Wide Moat ETF		1,306,678,595		1,348,603,876		1,803,689,513		1,441,038,496
Social Sentiment ETF		62,693,936		62,573,560		37,628,190		45,335,920

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

Note 6—Income Taxes—As of March 31, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Commodity Strategy ETF		$32,012,908		$5,588		$(161)		$5,427
Durable High Dividend ETF		93,113,111		3,828,409		(1,970,470)		1,857,939
Inflation Allocation ETF		140,676,606		2,100,587		(7,349,151)		(5,248,564)
Long/Flat Trend ETF		24,756,164		1,332		(1,197,096)		(1,195,764)
Morningstar ESG Moat ETF		3,824,783		351,187		(80,771)		270,416
Morningstar Global Wide Moat ETF		17,110,964		1,990,041		(412,619)		1,577,422
Morningstar International Moat ETF		209,460,202		9,950,631		(3,681,865)		6,268,766
Morningstar SMID Moat ETF		46,497,165		1,950,121		(853,050)		1,097,071
Morningstar Wide Moat ETF		7,418,904,572		494,763,408		(343,100,427)		151,662,981
Social Sentiment ETF		66,884,500	��	4,788,021		(9,968,104)		(5,180,083)

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

At September 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Durable High Dividend ETF		(5,236,742	)		(3,250,213	)		(8,486,955	)
Inflation Allocation ETF		(12,017,104	)		(118,204	)		(12,135,308	)
Long/Flat Trend ETF		(7,039,578	)		(84,443	)		(7,124,021	)
Morningstar ESG Moat ETF		(140,786	)		–			(140,786	)
Morningstar International Moat ETF		(9,629,142	)		(7,130,404	)		(16,759,546	)
Morningstar Wide Moat ETF		(515,103,282	)		(325,969,119	)		(841,072,401	)
Social Sentiment ETF		(80,568,051	)		(6,546,103	)		(87,114,154	)

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.

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

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

Inflation Allocation ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds. In addition, the Fund may gain exposure to the cryptocurrency Bitcoin by investing in pooled investment vehicles that invest in Bitcoin, which generally operates without central authority (such as a bank) and is not backed by any government; nor is it legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the United States is still developing. Cryptocurrencies are susceptible to theft, loss and destruction. 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.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

A unitary management fee was adopted on October 1, 2021, for Durable High Dividend ETF. For this Fund, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through September 30, 2021. Social Sentiment ETF and Commodity Strategy 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, Morningstar SMID Moat ETF, and Morningstar Wide Moat ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at March 31, 2023, is presented on a gross basis in the Schedules of Investments and Statements of Assets

and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Inflation Allocation ETF	$	27,582,056	$	13,621,763	$	14,652,206	$	28,273,969
Morningstar Global Wide Moat ETF		167,628		177,721		–		177,721
Morningstar International Moat ETF		6,997,413		5,155,874		3,198,729		8,354,603
Morningstar SMID Moat ETF		295,443		955		305,293		306,248
Morningstar Wide Moat ETF		20,527,408		–		20,945,518		20,945,518
Social Sentiment ETF		5,774,869		3,584,301		2,347,771		5,932,072

The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2023:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Morningstar Global Wide Moat ETF		177,721
Morningstar International Moat ETF		5,155,874
Morningstar SMID Moat ETF		955
Social Sentiment ETF		3,584,301


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

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Durable High Dividend ETF		149		$257,129		5.39	%
Long/Flat Trend ETF		8		2,182,294		5.90
Morningstar International Moat ETF		135		415,823		5.28
Morningstar Wide Moat ETF		98		15,654,845		5.43

Outstanding loan balances as of March 31, 2023, if any, are reflected in the Statements of Assets and Liabilities.

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

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

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, 2023

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

By (Signature and Title)

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

Date June 8, 2023

By (Signature and Title)

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

Date June 8, 2023

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