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: DECEMBER 31

Date of reporting period: JUNE 30, 2023

Item 1. Reports to Shareholders

SEMI-ANNUAL REPORT
June 30, 2023
(unaudited)

Agribusiness ETF	MOO
Future of Food ETF	YUMY
Gold Miners ETF	GDX^®
Green Metals ETF	GMET
Junior Gold Miners ETF	GDXJ^®
Low Carbon Energy ETF	SMOG
Natural Resources ETF	HAP
Oil Refiners ETF	CRAK
Oil Services ETF	OIH
Rare Earth/Strategic Metals ETF	REMX
Steel ETF	SLX
Uranium+Nuclear Energy ETF	NLR


	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 June 30, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

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

Discussion

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

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

1.	Monetary Policy: Tightening

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

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what the Fed is 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. And this is the battle that is at full pitch—the labor market has remained strong.

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

2.	Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, 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. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend.

3.	Global Growth is at Low Levels

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

China growth estimates range from low (1% to 3%) to “high” (4% to 5%). Many “bulls” point to China as a potential catalyst for a better-than-expected economic outlook. I don’t see it. 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 has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

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. While I believe this crisis will prove to be idiosyncratic in nature, I’m worried that it could lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

AI and the instant success of ChatGPT have driven another wave of enthusiasm for tech stocks, but the valuations seem stretched to me. And large-cap earnings are still on a downward or flat trajectory, so I’m not chasing this rally.

My final 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 with VanEck. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

July 7, 2023

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

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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

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

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, January 1, 2023 to June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Agribusiness ETF
Actual	$1,000.00	$949.80	0.54%	$2.61
Hypothetical (b)	$1,000.00	$1,022.12	0.54%	$2.71
Future of Food ETF
Actual	$1,000.00	$957.70	0.71%	$3.45
Hypothetical (b)	$1,000.00	$1,021.27	0.71%	$3.56
Gold Miners ETF
Actual	$1,000.00	$1,047.10	0.52%	$2.64
Hypothetical (b)	$1,000.00	$1,022.22	0.52%	$2.61
Green Metals ETF
Actual	$1,000.00	$958.60	0.67%	$3.25
Hypothetical (b)	$1,000.00	$1,021.47	0.67%	$3.36
Junior Gold Miners ETF
Actual	$1,000.00	$997.00	0.53%	$2.62
Hypothetical (b)	$1,000.00	$1,022.17	0.53%	$2.66
Low Carbon Energy ETF
Actual	$1,000.00	$1,107.00	0.65%	$3.40
Hypothetical (b)	$1,000.00	$1,021.57	0.65%	$3.26
Natural Resources ETF
Actual	$1,000.00	$979.50	0.52%	$2.55
Hypothetical (b)	$1,000.00	$1,022.22	0.52%	$2.61

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Oil Refiners ETF
Actual	$1,000.00	$970.60	0.62%	$3.03
Hypothetical (b)	$1,000.00	$1,021.72	0.62%	$3.11
Oil Services ETF
Actual	$1,000.00	$946.10	0.35%	$1.69
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$1,091.10	0.57%	$2.96
Hypothetical (b)	$1,000.00	$1,021.97	0.57%	$2.86
Steel ETF
Actual	$1,000.00	$1,107.40	0.56%	$2.93
Hypothetical (b)	$1,000.00	$1,022.02	0.56%	$2.81
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,083.30	0.61%	$3.15
Hypothetical (b)	$1,000.00	$1,021.77	0.61%	$3.06

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

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 2.3%
Incitec Pivot Ltd.		5,710,900	$	10,442,282
Treasury Wine Estates Ltd. †		1,974,433		14,795,465
				25,237,747
Brazil: 3.2%
Rumo SA		3,676,900		16,921,057
Yara International ASA (NOK)		505,135		17,880,776
				34,801,833
Canada: 5.9%
Nutrien Ltd. (USD)		1,105,009		65,250,782
Chile: 3.1%
Sociedad Quimica y Minera de Chile SA (ADR)		463,891		33,687,765
China: 4.5%
China Mengniu Dairy Co. Ltd. (HKD) *		5,133,000		19,397,592
Wilmar International Ltd. (SGD)		10,672,151		30,044,603
				49,442,195
Denmark: 1.2%
Bakkafrost P/F (NOK)		153,902		9,223,889
Schouw & Co. A/S		42,721		3,375,959
				12,599,848
Germany: 8.0%
Bayer AG		1,370,517		75,851,114
K+S AG		654,408		11,409,037
				87,260,151
Indonesia: 0.3%
Golden Agri-Resources Ltd. (SGD)		16,910,145		3,066,017
Israel: 0.9%
ICL Group Ltd. (USD) †		1,763,348		9,663,147
Japan: 4.3%
Kubota Corp. †		2,361,830		34,517,117
Maruha Nichiro Corp.		133,200		2,237,744
NH Foods Ltd.		257,000		6,946,239
Nissui Corp.		875,900		3,927,298
				47,628,398
Malaysia: 2.4%
IOI Corp. Bhd		6,578,155		5,266,359
Kuala Lumpur Kepong Bhd		1,548,670		7,301,591
PPB Group Bhd		1,896,980		6,397,100
Sime Darby Plantation Bhd		8,275,800		7,370,767
				26,335,817
Netherlands: 0.6%
OCI NV		274,137		6,583,291
Norway: 3.2%
Leroy Seafood Group ASA		835,164		3,175,163
Mowi ASA †		1,414,427		22,483,332
Salmar ASA †		243,157		9,817,065
				35,475,560
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1		0

	Number of Shares		Value
Russia (continued)
PhosAgro PJSC (USD) (GDR) ∞		1,892	$	0
				0
Singapore: 0.8%
Charoen Pokphand Indonesia Tbk PT (IDR) *		24,668,900		8,671,220
Switzerland: 0.9%
Bucher Industries AG		22,779		10,085,083
Taiwan: 0.5%
Taiwan Fertilizer Co. Ltd.		2,547,000		4,955,265
Thailand: 0.7%
Charoen Pokphand Foods PCL (NVDR)		14,198,136		7,894,125
United Kingdom: 4.3%
CNH Industrial NV (USD)		3,023,151		43,533,374
Genus Plc		148,431		4,094,872
				47,628,246
United States: 52.9%
AGCO Corp.		168,937		22,201,701
Archer-Daniels-Midland Co.		819,343		61,909,557
Balchem Corp.		65,011		8,764,133
Beyond Meat, Inc. * †		184,460		2,394,291
Bunge Ltd.		344,981		32,548,957
CF Industries Holdings, Inc.		406,530		28,221,313
Corteva, Inc.		1,222,853		70,069,477
Darling Ingredients, Inc. *		420,081		26,796,967
Deere & Co.		228,978		92,779,596
Elanco Animal Health, Inc. *		1,027,276		10,334,397
FMC Corp.		307,812		32,117,104
Mosaic Co.		749,431		26,230,085
Neogen Corp. *		473,134		10,290,664
Pilgrim’s Pride Corp. *		137,599		2,957,002
Toro Co.		249,589		25,370,722
Tyson Foods, Inc.		712,834		36,383,047
Zoetis, Inc.		534,468		92,040,734
				581,409,747
Total Common Stocks (Cost: $1,269,499,543)				1,097,676,237

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3%
Money Market Fund: 4.3% (Cost: $47,253,786)
State Street Navigator Securities Lending Government Money Market Portfolio		47,253,786		47,253,786
Total Investments: 104.3% (Cost: $1,316,753,329)				1,144,930,023
Liabilities in excess of other assets: (4.3)%				(46,729,052)
NET ASSETS: 100.0%			$	1,098,200,971

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $47,671,200.
*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		30.5	%	$	334,381,351
Materials		29.6			325,274,455
Industrials		22.4			245,408,649
Health Care		17.5			192,611,782
		100.0	%	$	1,097,676,237

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	25,237,747	$	—	$	25,237,747
Brazil		16,921,057		17,880,776		—		34,801,833
Canada		65,250,782		—		—		65,250,782
Chile		33,687,765		—		—		33,687,765
China		—		49,442,195		—		49,442,195
Denmark		—		12,599,848		—		12,599,848
Germany		—		87,260,151		—		87,260,151
Indonesia		—		3,066,017		—		3,066,017
Israel		9,663,147		—		—		9,663,147
Japan		—		47,628,398		—		47,628,398
Malaysia		6,397,100		19,938,717		—		26,335,817
Netherlands		—		6,583,291		—		6,583,291
Norway		—		35,475,560		—		35,475,560
Russia		—		—		0		0
Singapore		—		8,671,220		—		8,671,220
Switzerland		—		10,085,083		—		10,085,083
Taiwan		—		4,955,265		—		4,955,265
Thailand		—		7,894,125		—		7,894,125
United Kingdom		43,533,374		4,094,872		—		47,628,246
United States		581,409,747		—		—		581,409,747
Money Market Fund		47,253,786		—		—		47,253,786
Total Investments	$	804,116,758	$	340,813,265	$	0	$	1,144,930,023

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 95.8%
Brazil: 1.9%
Yara International ASA (NOK)		1,847	$	65,380
Canada: 5.1%
Maple Leaf Foods, Inc.		2,200		43,027
Nutrien Ltd. (USD)		2,280		134,634
				177,661
China: 1.7%
Vitasoy International Holdings Ltd. (HKD)		48,000		59,829
Denmark: 4.2%
Novozymes A/S		3,091		144,195
France: 2.9%
Danone SA		1,628		99,751
Germany: 3.2%
Symrise AG		1,052		110,285
Ireland: 3.4%
Kerry Group Plc		1,228		118,655
Isle of Man: 0.3%
Agronomics Ltd. *		76,708		10,142
Japan: 2.0%
Kubota Corp.		4,800		70,150
Mexico: 4.0%
Orbia Advance Corp. SAB de CV		64,280		138,226
Netherlands: 0.7%
Corbion NV		1,060		25,313
Norway: 0.2%
Atlantic Sapphire ASA * †		10,900		6,653
Philippines: 0.6%
Monde Nissin Corp. 144A		147,600		21,457
Sweden: 3.0%
Oatly Group AB (ADR) * †		50,452		103,427
Switzerland: 9.4%
Bucher Industries AG		216		95,631
Givaudan SA		40		132,737

	Number of Shares		Value
Switzerland (continued)
Nestle SA		768	$	92,425
				320,793
United States: 53.2%
AppHarvest, Inc. *		39,524		14,624
Archer-Daniels-Midland Co.		1,156		87,347
Balchem Corp.		308		41,521
Ball Corp.		1,844		107,339
Benson Hill, Inc. * †		14,124		18,361
Berry Global Group, Inc.		696		44,781
Beyond Meat, Inc. * †		1,589		20,625
Bunge Ltd.		1,652		155,866
Conagra Brands, Inc.		1,584		53,412
Corteva, Inc.		3,295		188,804
Deere & Co.		500		202,595
FMC Corp.		1,457		152,023
Ingredion, Inc.		2,044		216,563
International Flavors & Fragrances, Inc.		1,016		80,863
John Bean Technologies Corp.		532		64,532
Kellogg Co.		780		52,572
Lindsay Corp.		664		79,242
Local Bounti Corp. *		427		1,161
Titan International, Inc. *		3,380		38,802
Trimble, Inc. *		1,732		91,692
Valmont Industries, Inc.		408		118,749
				1,831,474
Total Common Stocks (Cost: $4,121,540)				3,303,391

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8%
Money Market Fund: 3.8% (Cost: $129,532)
State Street Navigator Securities Lending Government Money Market Portfolio		129,532		129,532
Total Investments: 99.6% (Cost: $4,251,072)				3,432,923
Other assets less liabilities: 0.4%				12,557
NET ASSETS: 100.0%			$	3,445,480

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NOK	Norwegian Krone
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $140,439.

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 $21,457, or 0.6% of net assets.

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		41.3	%	$	1,366,101
Consumer Staples		35.3			1,165,756
Industrials		20.3			669,700
Information Technology		2.8			91,692
Financials		0.3			10,142
		100.0	%	$	3,303,391

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	—	$	65,380	$	—	$	65,380
Canada		177,661		—		—		177,661
China		—		59,829		—		59,829
Denmark		—		144,195		—		144,195
France		—		99,751		—		99,751
Germany		—		110,285		—		110,285
Ireland		—		118,655		—		118,655
Isle of Man		10,142		—		—		10,142
Japan		—		70,150		—		70,150
Mexico		138,226		—		—		138,226
Netherlands		—		25,313		—		25,313
Norway		—		6,653		—		6,653
Philippines		—		21,457		—		21,457
Sweden		103,427		—		—		103,427
Switzerland		—		320,793		—		320,793
United States		1,831,474		—		—		1,831,474
Money Market Fund		129,532		—		—		129,532
Total Investments	$	2,390,462	$	1,042,461	$	—	$	3,432,923

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 15.0%
Capricorn Metals Ltd. * ‡		19,801,508	$	53,740,413
Emerald Resources NL * † ‡		31,420,095		43,021,088
Evolution Mining Ltd. † ‡		96,649,234		210,265,036
Gold Road Resources Ltd. † ‡		56,799,887		56,862,082
Newcrest Mining Ltd.		34,728,519		619,036,381
Northern Star Resources Ltd. † ‡		60,580,647		493,172,045
OceanaGold Corp. (CAD) ‡		37,257,384		73,487,075
Perseus Mining Ltd. ‡		72,051,096		79,979,786
Ramelius Resources Ltd. ‡		51,931,829		44,125,000
Regis Resources Ltd. † ‡		39,766,727		48,987,882
Silver Lake Resources Ltd. * † ‡		48,969,075		31,905,452
West African Resources Ltd. * ‡		53,911,234		31,472,069
				1,786,054,309
Brazil: 6.0%
Wheaton Precious Metals Corp. (USD) †		16,444,118		710,714,780
Burkina Faso: 0.6%
IAMGOLD Corp. (USD) * † ‡		25,227,313		66,347,833
Canada: 42.6%
Agnico Eagle Mines Ltd. (USD) †		17,951,432		897,212,571
Alamos Gold, Inc. (USD) ‡		20,862,068		248,675,851
Aya Gold & Silver, Inc. * † ‡		6,127,970		39,317,185
B2Gold Corp. (USD) ‡		68,200,130		243,474,464
Barrick Gold Corp. (USD)		63,742,241		1,079,156,140
Dundee Precious Metals, Inc. ‡		9,932,776		65,680,552
Endeavour Silver Corp. (USD) * ‡		10,074,560		29,115,478
Equinox Gold Corp. (USD) * † ‡		16,440,340		75,296,757
First Majestic Silver Corp. (USD) † ‡		14,451,726		81,652,252
Fortuna Silver Mines, Inc. (USD) * † ‡		15,288,118		49,533,502
Franco-Nevada Corp. (USD)		6,968,308		993,680,721
K92 Mining, Inc. * ‡		12,271,755		53,325,215
Kinross Gold Corp. (USD) ‡		64,654,197		308,400,520
MAG Silver Corp. (USD) * ‡		5,429,295		60,482,346
New Gold, Inc. (USD) * ‡		35,978,593		38,856,881
Osisko Gold Royalties Ltd. (USD) † ‡		9,729,339		149,539,941
Pan American Silver Corp. (USD) † ‡		19,194,835		279,860,694
Sandstorm Gold Ltd. (USD) ‡		15,783,834		80,813,230
SilverCrest Metals, Inc. (USD) * † ‡		7,754,615		45,442,044
SSR Mining, Inc. (USD) † ‡		10,877,233		154,239,164
Torex Gold Resources, Inc. * ‡		4,521,298		64,304,424
Wesdome Gold Mines Ltd. * ‡		7,504,718		39,132,858
				5,077,192,790

	Number of Shares		Value
China: 5.2%
Zhaojin Mining Industry Co. Ltd. (HKD) † ‡		137,429,500	$	173,395,042
Zijin Mining Group Co. Ltd. (HKD) ‡		302,166,000		447,437,415
				620,832,457
Egypt: 0.6%
Centamin Plc (GBP) ‡		61,014,148		70,866,905
Kyrgyzstan: 0.6%
Centerra Gold, Inc. (CAD) ‡		11,518,793		69,117,111
Peru: 0.8%
Cia de Minas Buenaventura SAA (ADR) ‡		13,363,056		98,218,462
South Africa: 5.7%
DRDGOLD Ltd. (ADR) † ‡		4,553,709		48,360,390
Gold Fields Ltd. (ADR) †		35,916,718		496,728,210
Harmony Gold Mining Co. Ltd. (ADR) ‡		32,553,506		136,724,725
				681,813,325
Tanzania: 3.9%
AngloGold Ashanti Ltd. (ADR) ‡		22,100,618		466,102,034
Turkey: 0.8%
Eldorado Gold Corp. (USD) * †		9,737,942		98,353,214
United Kingdom: 2.6%
Endeavour Mining Plc (CAD) † ‡		13,022,418		312,459,302
United States: 15.5%
Coeur Mining, Inc. * ‡		17,544,352		49,825,960
Hecla Mining Co. ‡		32,267,704		166,178,675
Newmont Corp.		28,858,755		1,231,114,488
Royal Gold, Inc. ‡		3,459,210		397,048,124
				1,844,167,247
Total Common Stocks (Cost: $12,147,070,815)				11,902,239,769

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $44,964,475)
State Street Navigator Securities Lending Government Money Market Portfolio		44,964,475		44,964,475
Total Investments: 100.3% (Cost: $12,192,035,290)				11,947,204,244
Liabilities in excess of other assets: (0.3)%				(38,148,873)
NET ASSETS: 100.0%			$	11,909,055,371

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
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 $80,701,201.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		93.7	%	$	11,150,657,592
Silver		5.9			706,140,133
Precious Metals & Minerals		0.4			45,442,044
		100.0	%	$	11,902,239,769

See Notes to Financial Statements

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

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Dividend Income	Net Change in Unrealized Appreciation (Depreciation)	Value 6/30/2023
Alamos Gold, Inc.	$205,708,403	$55,235,509	$(51,045,273)	$20,709,661	$1,054,026	$18,067,551	$248,675,851
AngloGold Ashanti Ltd.	421,250,192	108,757,549	(108,027,976)	29,374,936	3,827,955	14,747,333	466,102,034
Aya Gold & Silver, Inc.	36,219,878	11,389,671	(6,627,502)	241,192	–	(1,906,054)	39,317,185
B2Gold Corp.	198,829,515	84,954,589	(38,618,761)	7,113,028	4,620,228	(8,803,907)	243,474,464
Capricorn Metals Ltd.	60,639,778	14,134,420	(12,488,059)	2,274,909	–	(10,820,635)	53,740,413
Centamin Plc	81,495,953	17,973,292	(16,286,465)	(224,126)	1,625,806	(12,091,749)	70,866,905
Centerra Gold, Inc.	59,014,494	17,206,757	(16,437,166)	1,085,516	1,216,311	8,247,509	69,117,110
Cia de Minas Buenaventura SAA	97,965,488	25,467,967	(21,931,597)	(3,478,253)	1,063,546	194,857	98,218,462
Coeur Mining, Inc.	48,923,959	18,585,556	(9,332,318)	568,211	–	(8,919,448)	49,825,960
DRDGOLD Ltd.	33,159,785	9,111,141	(9,947,127)	2,234,808	470,560	13,801,783	48,360,390
Dundee Precious Metals, Inc.	47,434,105	16,002,805	(15,323,494)	4,461,974	838,264	13,105,162	65,680,552
Eldorado Gold Corp.	80,041,390	22,208,223	(20,927,328)	2,819,259	–	14,211,670	–(a)
Emerald Resources NL	–	47,096,535	(613,481)	(56,697)	–	(3,405,269)	43,021,088
Endeavour Mining Plc	272,623,252	70,783,181	(68,644,192)	12,873,298	5,310,831	24,823,763	312,459,302
Endeavour Silver Corp.	31,843,407	8,041,860	(6,946,885)	(700,123)	–	(3,122,781)	29,115,478
Equinox Gold Corp.	51,858,919	17,549,874	(14,609,137)	(133,251)	–	20,630,352	75,296,757
Evolution Mining Ltd.	193,675,761	43,087,653	(46,279,157)	5,655,329	1,285,644	14,125,450	210,265,036
First Majestic Silver Corp.	113,580,650	24,693,007	(16,638,675)	(1,926,147)	159,827	(38,056,583)	81,652,252
Fortuna Silver Mines, Inc.	56,398,523	12,568,612	(11,375,168)	195,799	–	(8,254,264)	49,533,502
Gold Fields Ltd.	478,159,484	130,777,059	(302,857,598)	97,215,815	11,080,607	93,433,450	–(a)
Gold Road Resources Ltd.	64,292,600	14,232,397	(13,906,971)	2,664,584	189,172	(10,420,528)	56,862,082
Harmony Gold Mining Co. Ltd.	108,915,631	28,871,682	(28,806,314)	3,923,661	–	23,820,065	136,724,725
Hecla Mining Co.	174,714,054	42,958,010	(37,460,855)	8,458,541	414,476	(22,491,075)	166,178,675
IAMGOLD Corp.	64,050,910	15,039,975	(14,800,983)	848,961	–	1,208,970	66,347,833
K92 Mining, Inc.	68,361,763	16,461,460	(13,254,971)	(2,122,584)	–	(16,120,453)	53,325,215
Kinross Gold Corp.	266,228,145	65,980,474	(73,088,833)	718,489	4,051,420	48,562,245	308,400,520
MAG Silver Corp.	–	67,874,067	(866,621)	(87,481)	–	(6,437,619)	60,482,346
New Gold, Inc.	34,655,550	8,192,151	(8,535,505)	402,614	–	4,142,071	38,856,881
Northern Star Resources Ltd.	447,846,466	105,467,582	(112,295,685)	23,199,237	4,441,080	28,954,445	493,172,045
OceanaGold Corp.	69,497,545	19,231,684	(16,649,385)	180,346	369,863	1,226,885	73,487,075
Osisko Gold Royalties Ltd.	115,363,105	32,816,882	(30,777,001)	6,358,660	881,294	25,778,295	149,539,941
Pan American Silver Corp.	178,290,511	212,007,075	(55,646,563)	(8,467,155)	3,253,561	(46,323,174)	279,860,694
Perseus Mining Ltd.	101,580,825	24,331,426	(21,214,483)	8,108,481	504,810	(32,826,463)	79,979,786
Ramelius Resources Ltd.	–	52,413,868	(651,038)	(61,865)	–	(7,575,965)	44,125,000
Regis Resources Ltd.	54,855,943	11,729,456	(11,525,993)	(1,554,096)	–	(4,517,428)	48,987,882
Royal Gold, Inc.	383,500,042	100,941,083	(92,103,985)	18,063,431	2,730,272	(13,352,447)	397,048,124

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Transactions in securities of affiliates for the period ended June 30, 2023 were as follows: (continued)

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Dividend Income	Net Change in Unrealized Appreciation (Depreciation)	Value 6/30/2023
Sandstorm Gold Ltd.	81,298,870	20,753,024	(17,858,006)	(1,402,277)	494,571	(1,978,381)	80,813,230
Silver Lake Resources Ltd.	39,070,300	8,750,988	(7,949,881)	(1,382,081)	–	(6,583,874)	31,905,452
SilverCrest Metals, Inc.	45,623,274	11,568,558	(9,970,721)	(363,404)	–	(1,415,663)	45,442,044
SSR Mining, Inc.	167,794,658	37,633,572	(34,471,615)	2,592,059	1,574,653	(19,309,510)	154,239,164
Torex Gold Resources, Inc.	51,060,705	15,372,815	(14,165,226)	3,024,421	–	9,011,709	64,304,424
Wesdome Gold Mines Ltd.	40,768,741	9,343,429	(8,782,584)	(1,640,811)	–	(555,917)	39,132,858
West African Resources Ltd.	42,653,378	8,530,386	(7,399,131)	(763,962)	–	(11,548,602)	31,472,069
Yamana Gold, Inc.	276,431,736	58,355,514	(351,105,117)	61,096,866	1,095	(44,778,999)	–
Zhaojin Mining Industry Co. Ltd.	149,510,918	40,514,953	(40,675,265)	10,413,117	827,660	13,631,319	173,395,042
Zijin Mining Group Co. Ltd.	399,648,130	111,465,577	(104,445,076)	64,512,462	9,131,056	(23,743,678)	447,437,415
	$5,994,836,736	$1,896,463,348	$(1,923,365,167)	$377,025,352	$61,418,588	$26,364,418	$5,776,243,263

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	73,487,075	$	1,712,567,234	$	—	$	1,786,054,309
Brazil		710,714,780		—		—		710,714,780
Burkina Faso		66,347,833		—		—		66,347,833
Canada		5,077,192,790		—		—		5,077,192,790
China		—		620,832,457		—		620,832,457
Egypt		—		70,866,905		—		70,866,905
Kyrgyzstan		69,117,111		—		—		69,117,111
Peru		98,218,462		—		—		98,218,462
South Africa		681,813,325		—		—		681,813,325
Tanzania		466,102,034		—		—		466,102,034
Turkey		98,353,214		—		—		98,353,214
United Kingdom		312,459,302		—		—		312,459,302
United States		1,844,167,247		—		—		1,844,167,247
Money Market Fund		44,964,475		—		—		44,964,475
Total Investments	$	9,542,937,648	$	2,404,266,596	$	—	$	11,947,204,244

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 18.3%
Allkem Ltd. *		50,486	$	542,521
Glencore Plc (GBP)		360,765		2,047,669
IGO Ltd.		37,632		383,813
Iluka Resources Ltd.		22,606		168,199
Liontown Resources Ltd. *		157,540		299,780
Lynas Rare Earths Ltd. *		73,934		339,482
Pilbara Minerals Ltd.		209,599		688,364
				4,469,828
Canada: 8.8%
Hudbay Minerals, Inc. (USD)		15,892		76,282
Ivanhoe Mines Ltd. *		37,952		347,039
Lithium Americas Corp. (USD) * †		9,271		187,367
Teck Resources Ltd. (USD)		36,250		1,526,125
				2,136,813
Chile: 1.5%
Lundin Mining Corp. (CAD)		48,112		377,406
China: 23.3%
Beijing Easpring Material Technology Co. Ltd.		28,200		196,210
Chengxin Lithium Group Co. Ltd.		60,700		266,584
China Northern Rare Earth Group High-Tech Co. Ltd.		176,568		583,350
China Rare Earth Resources And Technology Co. Ltd.		49,600		202,220
Ganfeng Lithium Group Co. Ltd.		76,320		642,538
GEM Co. Ltd. *		372,000		354,303
Jiangxi Copper Co. Ltd.		43,703		114,479
MMG Ltd. (HKD) *		232,000		67,702
Mongolia Xingye Silver&Tin Mining Co. Ltd. *		83,600		102,401
Nanjing Hanrui Cobalt Co. Ltd.		18,500		82,669
Ningbo Shanshan Co. Ltd.		108,700		226,692
Shenghe Resources Holding Co. Ltd. *		109,300		193,852
Tianqi Lithium Corp.		93,200		899,261
Tongling Nonferrous Metals Group Co. Ltd.		558,600		222,748
Western Mining Co. Ltd.		140,500		203,514
Youngy Co. Ltd.		16,800		154,766
Yunnan Chihong Zinc&Germanium Co. Ltd.		265,900		183,901
Yunnan Copper Co. Ltd.		114,800		175,183
Yunnan Tin Co. Ltd.		77,600		166,437
Zhejiang Huayou Cobalt Co. Ltd.		103,730		656,435
				5,695,245
Germany: 0.9%
Aurubis AG		2,651		227,577
Japan: 3.0%
Mitsubishi Materials Corp.		7,600		136,599

	Number of Shares		Value
Japan (continued)
Sumitomo Metal Mining Co. Ltd.		17,900	$	576,891
				713,490
Liechtenstein: 2.5%
Antofagasta Plc (GBP)		32,384		602,868
Mexico: 7.3%
Grupo Mexico SAB de CV		262,300		1,260,380
Southern Copper Corp. (USD)		7,163		513,874
				1,774,254
Poland: 1.1%
KGHM Polska Miedz SA		9,602		266,068
Russia: 0.0%
MMC Norilsk Nickel PJSC * ∞		4,405		0
MMC Norilsk Nickel PJSC (ADR) * ∞		2		0
				0
South Africa: 10.6%
Anglo American Platinum Ltd.		4,654		209,597
Anglo American Plc (GBP)		56,174		1,601,172
Impala Platinum Holdings Ltd.		55,990		371,624
Northam Platinum Holdings Ltd. *		15,358		102,011
Sibanye Stillwater Ltd. (ADR) †		45,894		286,379
				2,570,783
Sweden: 2.7%
Boliden AB		23,037		666,584
United States: 16.8%
Albemarle Corp.		6,734		1,502,288
Freeport-McMoRan, Inc.		52,296		2,091,839
Livent Corp. * †		11,048		303,047
MP Materials Corp. * †		8,079		184,848
				4,082,022
Zambia: 3.1%
First Quantum Minerals Ltd. (CAD)		32,081		759,810
Total Common Stocks (Cost: $29,784,565)				24,342,748

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6%
Money Market Fund: 1.6% (Cost: $384,877)
State Street Navigator Securities Lending Government Money Market Portfolio		384,877		384,877
Total Investments: 101.5% (Cost: $30,169,442)				24,727,625
Liabilities in excess of other assets: (1.5)%				(366,238)
NET ASSETS: 100.0%			$	24,361,387

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
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 $830,302.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Metals & Mining		57.5	%	$	13,984,665
Copper		22.0			5,351,853
Specialty Chemicals		15.7			3,840,410
Precious Metals & Minerals		4.0			969,610
Electrical Components & Equipment		0.8			196,210
		100.0	%	$	24,342,748

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	4,469,828	$	—	$	4,469,828
Canada		2,136,813		—		—		2,136,813
Chile		377,406		—		—		377,406
China		—		5,695,245		—		5,695,245
Germany		—		227,577		—		227,577
Japan		—		713,490		—		713,490
Liechtenstein		—		602,868		—		602,868
Mexico		1,774,254		—		—		1,774,254
Poland		—		266,068		—		266,068
Russia		—		—		0		0
South Africa		388,390		2,182,393		—		2,570,783
Sweden		—		666,584		—		666,584
United States		4,082,022		—		—		4,082,022
Zambia		759,810		—		—		759,810
Money Market Fund		384,877		—		—		384,877
Total Investments	$	9,903,572	$	14,824,053	$	0	$	24,727,625

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 16.4%
Alkane Resources Ltd. * †		19,646,352	$	9,299,176
Aurelia Metals Ltd. * †		46,673,620		2,924,552
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. * †		33,270,696		28,440,758
Capricorn Metals Ltd. *		14,180,381		38,484,924
De Grey Mining Ltd. *		53,857,363		48,766,426
Evolution Mining Ltd.		59,928,410		130,377,125
Firefinch Ltd. * †∞		54,133,739		1,621,535
Gold Road Resources Ltd.		44,148,199		44,196,541
Kingsgate Consolidated Ltd. * †		11,855,939		11,948,172
OceanaGold Corp. (CAD)		26,064,325		51,409,702
Perseus Mining Ltd.		53,485,410		59,371,083
Ramelius Resources Ltd. †		42,554,215		36,157,108
Red 5 Ltd. * †		119,345,758		15,281,083
Regis Resources Ltd.		27,783,460		34,225,921
Resolute Mining Ltd. * †		80,301,811		21,096,310
Silver Lake Resources Ltd. *		33,785,093		22,012,437
Silver Mines Ltd. * †		61,366,015		7,421,358
St Barbara Ltd. * †		27,417,993		8,899,266
Tietto Minerals Ltd. *		37,017,445		11,526,212
West African Resources Ltd. *		36,723,994		21,438,576
Westgold Resources Ltd. *		16,556,961		16,056,182
				620,954,448
Burkina Faso: 1.1%
IAMGOLD Corp. (USD) *		15,926,187		41,885,872
Canada: 57.5%
Alamos Gold, Inc. (USD) ‡		21,096,142		251,466,013
Americas Gold & Silver Corp. (USD) * †		9,756,425		3,444,018
Archer Exploration Corp. *		1,075,827		126,018
Aris Mining Corp. †		5,477,164		13,203,970
Arizona Metals Corp. * †		5,027,843		11,550,835
Artemis Gold, Inc. * †		6,454,730		23,218,980
Aya Gold & Silver, Inc. * †		4,441,115		28,494,288
B2Gold Corp. (USD)		52,912,992		188,899,381
Calibre Mining Corp. * †		14,086,732		14,797,323
Dakota Gold Corp. (USD) *		2,667,495		7,789,085
Discovery Silver Corp. * †		11,812,230		7,319,878
Dundee Precious Metals, Inc.		5,495,270		36,337,512
Endeavour Silver Corp. (USD) * †		7,927,893		22,911,611
Equinox Gold Corp. (USD) * †		10,643,996		48,749,502
Filo Corp. * †		3,643,274		71,062,083
First Majestic Silver Corp. (USD) †		11,524,317		65,112,391
Fortuna Silver Mines, Inc. (USD) * †		12,041,895		39,015,740
Gatos Silver, Inc. (USD) * †		1,558,834		5,892,393
Gold Royalty Corp. (USD) †		4,917,702		8,704,333
GoldMining, Inc. (USD) * †		7,359,798		6,631,914
i-80 Gold Corp. * †		7,772,849		17,504,697
K92 Mining, Inc. * †		8,593,361		37,341,263
Karora Resources, Inc. * †		6,742,393		20,636,079

	Number of Shares		Value
Canada (continued)
Kinross Gold Corp. (USD)		59,262,550	$	282,682,363
Liberty Gold Corp. * †		11,599,216		3,813,081
Lundin Gold, Inc. †		3,927,439		47,043,195
MAG Silver Corp. (USD) * †		3,076,368		34,270,740
Marathon Gold Corp. * †		13,657,461		8,360,131
McEwen Mining, Inc. (USD) * †		1,810,688		13,018,847
Metalla Royalty & Streaming Ltd. (USD) * †		2,416,382		10,487,098
New Found Gold Corp. * †		4,049,765		20,168,488
New Gold, Inc. (USD) * †		23,584,577		25,471,343
New Pacific Metals Corp. * †		4,050,642		8,785,447
Novagold Resources, Inc. (USD) *		7,528,461		30,038,559
Orla Mining Ltd. * †		8,777,605		36,881,529
Osisko Gold Royalties Ltd. (USD) †		5,864,441		90,136,458
Osisko Mining, Inc. * †		12,367,208		30,094,396
Pan American Silver Corp. (USD) †		15,553,317		226,767,362
Prime Mining Corp. * †		3,839,711		5,194,092
Sandstorm Gold Ltd. (USD) †		10,168,577		52,063,114
Seabridge Gold, Inc. (USD) * †		3,073,978		37,041,435
Silvercorp Metals, Inc. (USD) †		7,650,325		21,573,916
SilverCrest Metals, Inc. (USD) * †		5,350,098		31,351,574
Skeena Resources Ltd. * †		2,959,225		14,290,155
SSR Mining, Inc. (USD)		7,165,895		101,612,391
Sulliden Mining Capital, Inc. *		1,689,990		31,929
Torex Gold Resources, Inc. *		2,765,364		39,330,550
Triple Flag Precious Metals Corp. (USD)		3,047,721		41,997,595
Victoria Gold Corp. * †		1,622,019		9,463,054
Wesdome Gold Mines Ltd. * †		5,157,224		26,892,005
				2,179,070,154
China: 1.6%
Real Gold Mining Ltd. (HKD) *∞		19,287,400		0
Zhaojin Mining Industry Co. Ltd. (HKD)		46,812,700		59,063,668
				59,063,668
Egypt: 1.2%
Centamin Plc (GBP)		38,365,229		44,560,567
Indonesia: 0.9%
Bumi Resources Minerals Tbk PT *		3,717,377,800		33,721,086
Jersey, Channel Islands: 0.2%
Caledonia Mining Corp. Plc (USD)		582,519		6,768,871
Kyrgyzstan: 1.1%
Centerra Gold, Inc. (CAD) †		6,843,938		41,066,214

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Number of Shares		Value
Mexico: 3.6%
GoGold Resources, Inc. (CAD) * †			13,647,029	$	15,676,164
Industrias Penoles SAB de CV * †			8,592,863		120,461,914
	��				136,138,078
Peru: 1.9%
Cia de Minas Buenaventura SAA (ADR)			8,218,767		60,407,937
Hochschild Mining Plc (GBP)			14,671,567		13,238,237
					73,646,174
South Africa: 2.1%
DRDGOLD Ltd. (ADR) †			954,456		10,136,323
Harmony Gold Mining Co. Ltd. (ADR)			16,204,975		68,060,895
					78,197,218
Turkey: 2.7%
Eldorado Gold Corp. (USD) * †			5,766,293		58,239,560
Koza Altin Isletmeleri AS			44,192,123		42,305,453
					100,545,013
United Kingdom: 5.8%
Endeavour Mining Plc			8,435,470		202,798,763
Greatland Gold Plc * †			200,504,075		18,353,592
					221,152,355

	Number of Shares		Value
United States: 3.8%
Argonaut Gold, Inc. (CAD) * †		29,810,025	$	11,939,780
Aura Minerals, Inc. (BRL) (BDR)		1,514,880		10,092,919
Coeur Mining, Inc. * †		10,723,169		30,453,800
Hecla Mining Co.		17,753,260		91,429,289
				143,915,788
Total Common Stocks (Cost: $4,430,278,308)				3,780,685,506

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $83,919,759)
State Street Navigator Securities Lending Government Money Market Portfolio		83,919,759		83,919,759
Total Investments: 102.1% (Cost: $4,514,198,067)				3,864,605,265
Liabilities in excess of other assets: (2.1)%				(78,134,669)
NET ASSETS: 100.0%			$	3,786,470,596

Definitions:

ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
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 $202,070,631.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		77.1	%	$	2,915,659,729
Silver		15.2			574,670,577
Precious Metals & Minerals		4.3			162,332,515
Diversified Metals & Mining		3.4			128,022,685
		100.0	%	$	3,780,685,506

See Notes to Financial Statements

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

		Value 12/31/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/2023
Alamos Gold, Inc.		$–(a)		$85,817,363		$(17,711,215)		$5,798,725		$778,457		$19,977,712		$251,466,013

(a)

Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	51,409,702	$	567,923,211	$	1,621,535	$	620,954,448
Burkina Faso		41,885,872		—		—		41,885,872
Canada		2,179,070,154		—		—		2,179,070,154
China		—		59,063,668		—		59,063,668
Egypt		—		44,560,567		—		44,560,567
Indonesia		33,721,086		—		—		33,721,086
Jersey, Channel Islands		6,768,871		—		—		6,768,871
Kyrgyzstan		41,066,214		—		—		41,066,214
Mexico		136,138,078		—		—		136,138,078
Peru		60,407,937		13,238,237		—		73,646,174
South Africa		78,197,218		—		—		78,197,218
Turkey		58,239,560		42,305,453		—		100,545,013
United Kingdom		18,353,592		202,798,763		—		221,152,355
United States		143,915,788		—		—		143,915,788
Money Market Fund		83,919,759		—		—		83,919,759
Total Investments	$	2,933,093,831	$	929,889,899	$	1,621,535	$	3,864,605,265

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Austria: 0.5%
Verbund AG		12,433	$	997,263
Brazil: 1.7%
Centrais Eletricas Brasileiras SA (ADR)†		241,534		1,997,486
Cia Energetica de Minas Gerais (ADR) †		433,755		1,140,776
Cia Paranaense de Energia (ADR)		29,826		256,802
				3,395,064
Canada: 2.4%
Ballard Power Systems, Inc. (USD) * †		90,665		395,300
Boralex, Inc. †		34,366		936,771
Canadian Solar, Inc. (USD) * †		17,645		682,685
Innergex Renewable Energy, Inc. †		51,023		475,816
Northland Power, Inc.		96,945		2,024,251
TransAlta Renewables, Inc. †		41,031		352,868
				4,867,691
Chile: 0.5%
Enel Americas SA*		7,422,529		990,010
China: 17.2%
BYD Co. Ltd. (HKD)		303,500		9,730,872
China Everbright Environment Group Ltd. (HKD)		1,228,000		485,346
China Longyuan Power Group Corp. Ltd. (HKD)		680,000		702,301
Daqo New Energy Corp. (ADR) *		22,275		884,318
GCL Technology Holdings Ltd. (HKD) †		7,285,000		1,691,122
JinkoSolar Holding Co. Ltd. (ADR) * †		11,877		527,101
Li Auto, Inc. (ADR) *		232,576		8,163,418
NIO, Inc. (ADR) *		544,322		5,274,480
Xinyi Solar Holdings Ltd. (HKD)		2,122,000		2,463,445
XPeng, Inc. (ADR) *		214,501		2,878,603
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A * †		311,900		1,848,492
				34,649,498
Denmark: 8.6%
Orsted AS 144A		72,714		6,892,089
ROCKWOOL International A/S		2,953		763,515
Vestas Wind Systems A/S *		361,677		9,614,123
				17,269,727
France: 0.4%
Neoen SA 144A		27,470		870,658
Germany: 0.7%
Encavis AG *		43,328		711,577
Nordex SE * †		53,623		652,019
				1,363,596

	Number of Shares		Value
Ireland: 1.5%
Kingspan Group Plc		44,458	$	2,958,752
Italy: 6.9%
Enel SpA		1,976,955		13,327,024
ERG SpA		21,379		630,408
				13,957,432
Japan: 0.4%
Horiba Ltd.†		14,184		814,428
New Zealand: 2.0%
Contact Energy Ltd.		283,621		1,409,210
Mercury NZ Ltd.		245,206		978,395
Meridian Energy Ltd.		466,672		1,604,275
				3,991,880
Norway: 0.2%
NEL ASA *		391,879		461,297
Portugal: 1.0%
EDP Renovaveis SA *		98,399		1,965,995
South Korea: 5.9%
Hanwha Solutions Corp. *		35,018		1,129,253
Samsung SDI Co. Ltd.		20,838		10,640,599
				11,769,852
Spain: 8.3%
Acciona SA †		9,489		1,610,843
Atlantica Sustainable Infrastructure Plc (USD)		25,895		606,979
Iberdrola SA		1,110,123		14,494,221
				16,712,043
Sweden: 2.6%
Nibe Industrier AB		541,407		5,140,288
Switzerland: 0.4%
Landis+Gyr Group AG		8,223		707,545
Taiwan: 0.3%
Simplo Technology Co. Ltd.		62,000		655,757
Thailand: 0.5%
Energy Absolute PCL (NVDR)		688,200		1,108,237
United Kingdom: 1.1%
Drax Group Plc		123,888		913,837
Johnson Matthey Plc		58,528		1,300,686
				2,214,523
United States: 36.9%
Array Technologies, Inc. *		40,589		917,311
Badger Meter, Inc.		7,212		1,064,203
Bloom Energy Corp. * †		48,187		787,857
Brookfield Renewable Corp.		43,031		1,356,337
ChargePoint Holdings, Inc. * †		96,411		847,453
EnerSys		12,265		1,330,998
Enphase Energy, Inc. *		41,088		6,881,418
First Solar, Inc. *		31,617		6,010,075
Fisker, Inc. * †		57,812		326,060
FuelCell Energy, Inc. * †		126,324		272,860
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		30,410		760,250
Installed Building Products, Inc.		6,114		856,938

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Lucid Group, Inc. * †		293,267	$	2,020,610
NextEra Energy, Inc.		211,180		15,669,556
Ormat Technologies, Inc. †		13,999		1,126,360
Owens Corning		26,324		3,435,282
Plug Power, Inc. * †		168,509		1,750,808
QuantumScape Corp. * †		107,735		860,803
Rivian Automotive, Inc. * †		175,446		2,922,930
SolarEdge Technologies, Inc. *		19,492		5,244,323
Sunnova Energy International, Inc. * †		21,903		401,044
Sunrun, Inc. *		58,843		1,050,936
Tesla, Inc. *		69,748		18,257,934
				74,152,346
Total Common Stocks (Cost: $222,263,656)				201,013,882

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.5%
Money Market Fund: 5.5% (Cost: $11,021,593)
State Street Navigator Securities Lending Government Money Market Portfolio		11,021,593	$	11,021,593
Total Investments: 105.5% (Cost: $233,285,249)				212,035,475
Liabilities in excess of other assets: (5.5)%				(11,134,037)
NET ASSETS: 100.0%			$	200,901,438

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $20,519,016.
*	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 $9,611,239, or 4.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		37.6	%	$	75,551,389
Consumer Discretionary		26.4			53,141,140
Information Technology		19.0			38,267,018
Industrials		15.4			30,864,146
Materials		1.2			2,429,939
Financials		0.4			760,250
		100.0	%	$	201,013,882

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	997,263	$	—	$	997,263
Brazil		3,395,064		—		—		3,395,064
Canada		4,867,691		—		—		4,867,691
Chile		990,010		—		—		990,010
China		17,727,920		16,921,578		—		34,649,498
Denmark		—		17,269,727		—		17,269,727
France		—		870,658		—		870,658
Germany		—		1,363,596		—		1,363,596
Ireland		—		2,958,752		—		2,958,752
Italy		—		13,957,432		—		13,957,432
Japan		—		814,428		—		814,428
New Zealand		—		3,991,880		—		3,991,880
Norway		—		461,297		—		461,297
Portugal		—		1,965,995		—		1,965,995
South Korea		—		11,769,852		—		11,769,852
Spain		606,979		16,105,064		—		16,712,043
Sweden		—		5,140,288		—		5,140,288
Switzerland		—		707,545		—		707,545
Taiwan		—		655,757		—		655,757
Thailand		—		1,108,237		—		1,108,237
United Kingdom		—		2,214,523		—		2,214,523
United States		74,152,346		—		—		74,152,346
Money Market Fund		11,021,593		—		—		11,021,593
Total Investments	$	112,761,603	$	99,273,872	$	—	$	212,035,475

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Argentina: 0.1%
YPF SA (ADR) * †		7,810	$	116,291
Australia: 7.5%
Alumina Ltd. †		54,664		50,663
Ampol Ltd.		4,730		94,418
Bega Cheese Ltd. †		12,932		24,620
BHP Group Ltd.		118,611		3,563,001
BlueScope Steel Ltd.		10,682		146,904
Costa Group Holdings Ltd. †		21,739		39,531
Elders Ltd. †		8,681		38,109
Evolution Mining Ltd. †		33,610		73,120
Fortescue Metals Group Ltd. †		36,885		546,915
Glencore Plc (GBP)		160,975		913,680
GrainCorp Ltd. †		11,878		62,096
IGO Ltd. †		15,611		159,218
Inghams Group Ltd. †		18,612		32,565
Lynas Rare Earths Ltd.* †		21,729		99,773
Mineral Resources Ltd. †		3,873		185,349
Newcrest Mining Ltd.		16,619		296,234
Northern Star Resources Ltd. †		20,945		170,508
Nufarm Ltd.		17,794		60,544
Origin Energy Ltd.		34,005		190,983
Perseus Mining Ltd.		25,382		28,175
Pilbara Minerals Ltd. †		62,610		205,624
Rio Tinto Plc (GBP)		24,244		1,542,337
Santos Ltd.		61,406		307,014
South32 Ltd.		106,071		266,843
Washington H Soul Pattinson & Co. Ltd. †		4,568		96,901
Woodside Energy Group Ltd. †		37,658		870,435
Worley Ltd.		7,257		76,571
				10,142,131
Austria: 0.3%
Mayr Melnhof Karton AG		266		38,990
OMV AG		2,798		118,787
Verbund AG		1,159		92,964
voestalpine AG		2,619		94,100
				344,841
Brazil: 3.2%
Adecoagro SA (USD) †		6,065		56,768
BrasilAgro - Co. Brasileira de Propriedades Agricolas		2,950		14,989
BRF SA (ADR)* †		60,852		115,619
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR)		7,051		83,484
Cia Siderurgica Nacional SA (ADR)		31,063		80,453
Cosan SA		23,800		88,115
CSN Mineracao SA		11,200		9,705
Engie Brasil Energia SA		1,800		17,049
Gerdau SA (ADR)		27,092		141,420
Minerva SA		15,050		33,164
Neoenergia SA		5,800		25,525

	Number of Shares		Value
Brazil (continued)
Petroleo Brasileiro SA (ADR)		73,902	$	1,022,065
PRIO SA*		15,050		115,683
Sao Martinho SA		8,850		62,651
SLC Agricola SA		5,481		43,425
Suzano SA		23,550		215,875
Vale SA (ADR)		106,320		1,426,814
Wheaton Precious Metals Corp. (USD)		8,434		364,517
Yara International ASA (NOK)		9,221		326,405
				4,243,726
British Virgin Islands: 0.0%
Lee & Man Paper Manufacturing Ltd. (HKD)		36,300		12,083
Nine Dragons Paper Holdings Ltd. (HKD)		48,057		29,669
				41,752
Canada: 8.3%
Agnico Eagle Mines Ltd. (USD)		9,202		459,916
Alamos Gold, Inc.		7,332		87,436
Algonquin Power & Utilities Corp. †		7,097		58,728
AltaGas Ltd. †		5,548		99,786
ARC Resources Ltd.†		12,109		161,697
B2Gold Corp.		23,873		85,154
Ballard Power Systems, Inc. * †		2,494		10,932
Barrick Gold Corp. (USD)		32,516		550,496
Boralex, Inc. †		1,041		28,376
Cameco Corp. (USD) †		10,097		316,339
Canadian Natural Resources Ltd. (USD)		21,400		1,203,964
Canadian Solar, Inc. (USD) * †		526		20,351
Canadian Utilities Ltd.		2,381		61,736
Canfor Corp. * †		1,834		32,959
Cenovus Energy, Inc.		26,962		458,451
Emera, Inc. †		5,394		222,404
Enbridge, Inc. (USD)		40,154		1,491,721
Filo Corp.*		1,507		29,394
First Majestic Silver Corp. †		4,993		28,262
Franco-Nevada Corp.		3,552		506,823
Innergex Renewable Energy, Inc. †		1,561		14,557
Ivanhoe Mines Ltd. * †		13,270		121,343
Kinross Gold Corp. (USD)		22,665		108,112
Lundin Gold, Inc.		1,767		21,165
Maple Leaf Foods, Inc. †		4,171		81,576
Methanex Corp.		706		29,206
Northland Power, Inc.		2,580		53,871
Novagold Resources, Inc. (USD) *		4,262		17,005
Nutrien Ltd. (USD)		28,387		1,676,252
Osisko Gold Royalties Ltd. †		3,424		52,683
Pan American Silver Corp. (USD) †		6,785		98,925
Pembina Pipeline Corp.		10,922		343,776
Sandstorm Gold Ltd. †		4,614		23,676

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Canada (continued)
SSR Mining, Inc. (USD) †		3,825	$	54,239
Stella-Jones, Inc.		1,858		95,789
Suncor Energy, Inc. (USD)		25,996		762,203
TC Energy Corp. (USD)		19,838		801,654
Teck Resources Ltd. (USD)		11,743		494,380
Tourmaline Oil Corp. †		6,301		297,229
TransAlta Renewables, Inc.		1,097		9,434
West Fraser Timber Co. Ltd. †		1,714		147,418
				11,219,418
Chile: 0.6%
Empresas CMPC SA		33,365		63,806
Empresas Copec SA		7,386		54,786
Hortifrut SA		14,490		23,691
Lundin Mining Corp. (CAD)		15,256		119,673
Sociedad Quimica y Minera de Chile SA (ADR)		8,113		589,166
				851,122
China: 1.8%
Aluminum Corp. of China Ltd. (HKD)		88,600		38,345
Angang Steel Co. Ltd. (HKD)		30,840		8,094
Beijing Enterprises Water Group Ltd. (HKD)		41,100		9,776
China Coal Energy Co. Ltd. (HKD)		38,600		28,740
China Gas Holdings Ltd. (HKD)		53,200		61,009
China Hongqiao Group Ltd. (HKD)		60,700		49,575
China Longyuan Power Group Corp. Ltd. (HKD)		34,829		35,971
China Petroleum & Chemical Corp. (HKD)		479,427		281,853
China Shenhua Energy Co. Ltd. (HKD)		66,891		204,980
CMOC Group Ltd. (HKD) †		84,600		44,538
ENN Energy Holdings Ltd. (HKD)		15,000		187,607
Hong Kong & China Gas Co. Ltd. (HKD)		215,705		186,784
Jiangxi Copper Co. Ltd. (HKD)		25,600		39,569
JinkoSolar Holding Co. Ltd. (ADR) * †		515		22,856
Kunlun Energy Co. Ltd. (HKD)		73,700		58,053
Maanshan Iron & Steel Co. Ltd. (HKD)†		32,900		5,814
PetroChina Co. Ltd. (HKD)		413,240		286,914
Power Assets Holdings Ltd. (HKD)		26,800		140,675
Shandong Gold Mining Co. Ltd. (HKD) 144A		12,950		23,801
United Tractors Tbk PT (IDR)		30,100		46,682
Wilmar International Ltd. (SGD)		100,064		281,704
Xinyi Solar Holdings Ltd. (HKD)		50,000		58,045
Yankuang Energy Group Co. Ltd. (HKD)†		27,800		79,811

	Number of Shares		Value
China (continued)
Zhaojin Mining Industry Co. Ltd. (HKD)		23,900	$	30,155
Zijin Mining Group Co. Ltd. (HKD)		106,461		157,644
				2,368,995
Cyprus: 0.0%
Novolipetsk Steel PJSC (RUB) * ∞		26,910		0
Czech Republic: 0.1%
CEZ AS †		3,100		128,118
Denmark: 0.5%
Bakkafrost P/F (NOK)		2,824		169,252
Orsted AS 144A		1,942		184,070
Vestas Wind Systems A/S *		10,059		267,389
				620,711
Egypt: 0.0%
Abou Kir Fertilizers & Chemical Industries		17,228		24,985
Centamin Plc (GBP)		21,590		25,076
				50,061
Finland: 0.8%
Kemira Oyj		3,379		53,893
Metsa Board Oyj †		4,950		36,511
Neste Oyj		8,355		321,635
Stora Enso Oyj		17,736		205,735
UPM-Kymmene Oyj		16,277		484,914
				1,102,688
France: 2.2%
Aguas Andinas SA (CLP)		27,451		9,514
Eramet SA		190		17,375
Neoen SA 144A		807		25,578
TotalEnergies SE		45,717		2,623,886
Veolia Environnement SA		7,152		226,358
Voltalia SA *		340		5,409
				2,908,120
Germany: 3.1%
Aurubis AG		698		59,920
Bayer AG		55,803		3,088,411
E.ON SE		22,842		291,740
Encavis AG *		1,200		19,708
K+S AG		10,541		183,773
Nordex SE *		1,210		14,713
Siemens Energy AG *		9,767		172,667
SMA Solar Technology AG *		144		17,610
Suedzucker AG		3,417		60,876
Uniper SE * †		49,379		263,739
VERBIO Vereinigte BioEnergie AG		201		8,090
				4,181,247
Greece: 0.0%
Terna Energy SA		545		12,005
Hong Kong: 0.1%
China Resources Gas Group Ltd.		17,700		60,695
Hungary: 0.1%
MOL Hungarian Oil & Gas Plc		7,325		64,040

See Notes to Financial Statements

	Number of Shares		Value
India: 1.6%
Reliance Industries Ltd. (USD) 144A (GDR)		33,920	$	2,112,362
Indonesia: 0.2%
Adaro Energy Indonesia Tbk PT		258,700		38,502
Aneka Tambang Tbk		156,700		20,445
Golden Agri-Resources Ltd. (SGD)		356,119		64,569
Indah Kiat Pulp & Paper Tbk PT		80,100		45,531
Merdeka Copper Gold Tbk PT *		250,747		51,330
Vale Indonesia Tbk PT		47,900		20,215
				240,592
Ireland: 0.2%
Smurfit Kappa Group Plc (GBP)		8,094		271,162
Israel: 0.2%
Energix-Renewable Energies Ltd.		2,628		8,533
Enlight Renewable Energy Ltd. *		1,173		20,660
ICL Group Ltd.		40,866		224,036
				253,229
Italy: 0.7%
ACEA SpA †		396		5,179
Eni SpA		44,809		644,969
ERG SpA		574		16,926
Snam SpA		40,625		212,281
				879,355
Japan: 2.2%
Chubu Electric Power Co., Inc.		12,400		151,023
Daio Paper Corp. †		2,600		20,443
ENEOS Holdings, Inc.		56,600		194,224
Idemitsu Kosan Co. Ltd.		3,600		72,114
Inpex Corp. †		19,000		208,396
JFE Holdings, Inc.		10,864		155,060
Kubota Corp. †		52,700		770,188
Kumiai Chemical Industry Co. Ltd.		3,800		29,630
Kurita Water Industries Ltd. †		1,065		40,820
Maruha Nichiro Corp.		2,136		35,885
NH Foods Ltd.		4,300		116,221
Nippon Sanso Holdings Corp. †		3,000		65,069
Nippon Steel Corp. †		18,000		376,101
Nisshin Seifun Group, Inc.		10,250		126,488
Nissui Corp.		15,314		68,664
Oji Holdings Corp.		24,076		89,872
Sakata Seed Corp.		1,700		49,181
Sumitomo Forestry Co. Ltd. †		4,183		101,434
Sumitomo Metal Mining Co. Ltd.		5,200		167,589
Tokyo Gas Co. Ltd.		7,500		163,360
				3,001,762

	Number of Shares		Value
Kazakhstan: 0.1%
NAC Kazatomprom JSC (USD) (GDR)		6,076	$	163,141
Liechtenstein: 0.1%
Antofagasta Plc (GBP)		7,797		145,151
Luxembourg: 0.2%
ArcelorMittal SA		10,778		294,015
Malaysia: 0.4%
IOI Corp. Bhd		124,694		99,828
Kuala Lumpur Kepong Bhd		23,978		113,050
Petronas Dagangan Bhd		4,400		20,928
Petronas Gas Bhd		13,600		48,660
PPB Group Bhd		25,800		87,004
Press Metal Aluminium Holdings Bhd		75,100		75,799
QL Resources Bhd		55,100		63,275
United Plantations BHD		8,600		28,522
				537,066
Mexico: 0.5%
Fresnillo Plc (GBP)		3,328		25,851
Gruma SAB de CV		10,265		164,463
Grupo Mexico SAB de CV		72,214		346,996
Industrias Penoles SAB de CV *		3,582		50,216
Southern Copper Corp. (USD)		1,995		143,121
				730,647
Netherlands: 0.2%
OCI NV		5,137		123,363
Ternium SA (ADR)		4,598		182,311
				305,674
Norway: 2.4%
Aker BP ASA †		78,993		1,856,754
Austevoll Seafood ASA		4,925		34,082
Equinor ASA		18,901		551,405
Grieg Seafood ASA †		2,568		16,100
Mowi ASA		25,188		400,382
NEL ASA * †		17,173		20,215
Norsk Hydro ASA		31,049		185,438
Salmar ASA		3,608		145,667
Var Energi ASA		7,741		21,085
				3,231,128
Peru: 0.0%
Cia de Minas Buenaventura SAA (ADR)		5,129		37,698
Poland: 0.2%
KGHM Polska Miedz SA		3,194		88,505
Polski Koncern Naftowy ORLEN SA		11,555		183,278
				271,783
Portugal: 0.2%
EDP Renovaveis SA *		3,145		62,836
Galp Energia SGPS SA		9,462		110,552
Navigator Co. SA		6,681		22,630
				196,018
Russia: 0.0%
Evraz Plc (GBP) *∞		10,824		0
Gazprom PJSC ∞		125,520		0

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Russia (continued)
LUKOIL PJSC ∞		3,739	$	0
MMC Norilsk Nickel PJSC *∞		1,284		0
MMC Norilsk Nickel PJSC (ADR) *∞		17		0
Novatek PJSC ∞		19,580		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Ros Agro Plc (USD) (GDR) *∞		4,076		0
Rosneft Oil Co. PJSC ∞		13,000		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PJSC ∞		371,430		0
Tatneft PJSC (ADR) *∞		2,680		0
				0
Saudi Arabia: 0.0%
S-Oil Corp. (KRW)		820		41,665
Singapore: 0.2%
Charoen Pokphand Indonesia Tbk PT (IDR) *		414,300		145,628
First Resources Ltd.		20,100		20,722
Keppel Infrastructure Trust		47,735		18,017
Olam Group Ltd.		50,509		52,067
				236,434
South Africa: 1.2%
African Rainbow Minerals Ltd.		2,436		25,605
Anglo American Platinum Ltd.		1,060		47,738
Anglo American Plc (GBP)		28,702		818,116
Gold Fields Ltd. (ADR)		16,668		230,519
Harmony Gold Mining Co. Ltd. (ADR)		11,527		48,413
Impala Platinum Holdings Ltd.		15,972		106,012
Northam Platinum Holdings Ltd. *		5,548		36,851
Omnia Holdings Ltd.		9,447		30,074
Royal Bafokeng Platinum Ltd.		1,197		7,912
Sasol Ltd.		11,532		142,343
Sibanye Stillwater Ltd.		52,754		81,063
				1,574,646
South Korea: 0.6%
Coway Co. Ltd.		559		18,680
CS Wind Corp.		247		16,269
Hyundai Steel Co.		1,950		50,249
Korea Zinc Co. Ltd.		203		75,401
POSCO Holdings, Inc.		1,672		494,832
SK Innovation Co. Ltd. *		1,104		133,842
SK, Inc.		707		80,198
				869,471
Spain: 1.6%
Atlantica Sustainable Infrastructure Plc (USD)		693		16,244

	Number of Shares		Value
Spain (continued)
Corp. ACCIONA Energias Renovables SA †		587	$	19,634
Enagas SA †		4,506		88,543
Iberdrola SA		124,932		1,631,163
Repsol SA †		25,481		370,528
				2,126,112
Sweden: 0.8%
Billerud AB		6,978		53,028
Boliden AB		6,349		183,710
Epiroc AB		12,330		233,208
Holmen AB		2,833		101,670
Husqvarna AB †		23,382		211,845
SSAB AB		14,383		99,586
Svenska Cellulosa AB SCA †		18,685		238,162
				1,121,209
Switzerland: 0.1%
Bucher Industries AG		371		164,255
Taiwan: 0.3%
China Steel Corp.		271,472		256,711
Formosa Petrochemical Corp.		22,920		62,132
Sinon Corp.		22,000		25,248
Taiwan Fertilizer Co. Ltd.		42,200		82,101
				426,192
Tanzania: 0.1%
AngloGold Ashanti Ltd. (ADR)		7,828		165,092
Thailand: 0.4%
B Grimm Power PCL (NVDR)		9,700		9,529
Charoen Pokphand Foods PCL (NVDR)		223,500		124,265
PTT Exploration & Production PCL (NVDR)		27,300		115,675
PTT PCL (NVDR)		272,300		257,741
SCG Packaging PCL (NVDR)		36,100		37,994
				545,204
Turkey: 0.2%
Eldorado Gold Corp. (USD) * †		3,413		34,471
Eregli Demir ve Celik Fabrikalari TAS *		35,055		49,655
Gubre Fabrikalari TAS *		4,561		47,655
Hektas Ticaret TAS *		58,308		67,292
Iskenderun Demir ve Celik AS *		3,477		4,621
Koza Altin Isletmeleri AS		17,914		17,149
Turkiye Petrol Rafinerileri AS		17,488		53,663
				274,506
United Kingdom: 6.1%
BP Plc		335,205		1,953,766
Centrica Plc		110,725		174,770
CNH Industrial NV (USD)		53,515		770,616
DS Smith Plc		41,452		143,592
Endeavour Mining Plc (CAD)		3,451		82,803
Genus Plc		3,675		101,385
Kumba Iron Ore Ltd. (ZAR)		1,313		30,743
Mondi Plc		14,946		228,265
Pennon Group Plc		2,679		24,232

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Severn Trent Plc		2,394	$	78,128
Shell Plc		132,759		3,964,636
SSE Plc		21,170		496,967
TechnipFMC Plc (USD) *		8,660		143,929
United Utilities Group Plc		6,907		84,545
				8,278,377
United States: 50.0%
A.O. Smith Corp.		1,261		91,776
Advanced Drainage Systems, Inc.		680		77,370
AGCO Corp.		3,534		464,438
Alcoa Corp.		4,134		140,267
Ameresco, Inc. * †		328		15,951
American States Water Co.		377		32,799
American Vanguard Corp.		1,562		27,913
American Water Works Co., Inc.		2,002		285,786
Andersons, Inc.		1,806		83,347
Antero Resources Corp. *		5,242		120,723
APA Corp.		6,098		208,369
Archer-Daniels-Midland Co.		30,722		2,321,354
ATI, Inc. *		2,972		131,452
Atmos Energy Corp.		2,501		290,966
Baker Hughes Co.		20,083		634,824
Boise Cascade Co.		1,220		110,227
Bunge Ltd.		8,482		800,277
California Water Service Group		573		29,584
Cal-Maine Foods, Inc.		2,304		103,680
CF Industries Holdings, Inc.		11,015		764,661
ChampionX Corp.		3,897		120,963
Cheniere Energy, Inc.		4,757		724,777
Chesapeake Energy Corp. †		2,225		186,188
Chevron Corp.		37,624		5,920,136
Chord Energy Corp.		803		123,501
Civitas Resources, Inc.		1,349		93,580
Clearway Energy, Inc.		832		23,762
Cleveland-Cliffs, Inc. *		11,832		198,304
Commercial Metals Co.		2,700		142,182
ConocoPhillips		24,014		2,488,091
Corteva, Inc.		40,323		2,310,508
Coterra Energy, Inc.		14,749		373,150
CVR Partners LP		362		29,206
Darling Ingredients, Inc. *		8,940		570,283
Deere & Co.		16,814		6,812,865
Devon Energy Corp.		12,653		611,646
Diamondback Energy, Inc.		3,421		449,383
Elanco Animal Health, Inc. *		26,427		265,856
EOG Resources, Inc.		11,574		1,324,529
EQT Corp.		7,117		292,722
Essential Utilities, Inc.		2,720		108,555
Exxon Mobil Corp.		80,177		8,598,983
Farmland Partners, Inc. †		2,689		32,833
First Solar, Inc. *		1,035		196,743
FMC Corp.		7,063		736,953
Franklin Electric Co., Inc.		410		42,189
Freeport-McMoRan, Inc.		33,060		1,322,400

	Number of Shares		Value
United States (continued)
Fresh Del Monte Produce, Inc.		2,136	$	54,917
Graphic Packaging Holding Co.		9,494		228,141
Green Plains, Inc. *		591		19,054
Halliburton Co.		17,851		588,904
Hecla Mining Co.		10,619		54,688
Hess Corp.		5,511		749,220
HF Sinclair Corp.		3,110		138,737
Howmet Aerospace, Inc.		9,581		474,834
Imperial Oil Ltd.		3,525		180,339
Ingredion, Inc.		3,612		382,691
International Paper Co.		10,732		341,385
Itron, Inc. *		466		33,599
Kinder Morgan, Inc.		38,875		669,427
Lindsay Corp.		621		74,110
Louisiana-Pacific Corp.		2,189		164,131
LSB Industries, Inc. *		2,927		28,831
Marathon Oil Corp.		12,218		281,258
Marathon Petroleum Corp.		8,414		981,072
Matador Resources Co.		2,183		114,215
Mission Produce, Inc. * †		2,388		28,943
Mosaic Co.		18,747		656,145
Murphy Oil Corp.		2,904		111,223
Murphy USA, Inc.		394		122,577
National Fuel Gas Co.		1,741		89,418
New Fortress Energy, Inc. †		1,479		39,608
Newmont Corp.		14,801		631,411
NextEra Energy, Inc.		20,774		1,541,431
NiSource, Inc.		8,169		223,422
NOV, Inc.		7,760		124,470
Nucor Corp.		5,849		959,119
Occidental Petroleum Corp.		17,669		1,038,937
ONEOK, Inc.		8,829		544,926
Ormat Technologies, Inc. †		615		49,483
Ovintiv, Inc. †		4,828		183,802
Packaging Corp. of America		2,744		362,647
PDC Energy, Inc.		1,700		120,938
Pentair Plc		1,695		109,497
PG&E Corp. *		35,932		620,905
Phillips 66		9,798		934,533
Pilgrim’s Pride Corp. *		2,267		48,718
Pioneer Natural Resources Co.		4,613		955,721
Plug Power, Inc. * †		5,516		57,311
PotlatchDeltic Corp.		2,439		128,901
Primo Water Corp.		1,587		19,901
Range Resources Corp.		4,648		136,651
Rayonier, Inc.		4,589		144,095
Reliance Steel & Aluminum Co.		1,362		369,906
Reliance Worldwide Corp. Ltd. (AUD)		6,967		19,142
Royal Gold, Inc.		1,221		140,146
Schlumberger NV		28,249		1,387,591
Scotts Miracle-Gro Co. †		2,349		147,259
Seaboard Corp.		15		53,411
SJW Group		295		20,682

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
United States (continued)
SolarEdge Technologies, Inc. *		577	$	155,242
Southern Co.		21,605		1,517,751
Southwestern Energy Co. *		19,430		116,774
Steel Dynamics, Inc.		3,711		404,239
SunPower Corp. * †		887		8,693
Sylvamo Corp.		1,117		45,183
Targa Resources Corp.		4,415		335,981
Tenaris SA (ADR)		13,805		413,460
The Williams Companies, Inc.		24,105		786,546
Toro Co.		5,899		599,633
Tractor Supply Co.		6,204		1,371,704
Tyson Foods, Inc.		15,828		807,861
UGI Corp.		4,131		111,413
United States Steel Corp.		5,228		130,752
Valero Energy Corp.		7,147		838,343
Vital Farms, Inc. *		1,448		17,362
Watts Water Technologies, Inc.		278		51,077
Westrock Co.		7,944		230,932
Weyerhaeuser Co.		22,812		764,430
Xylem, Inc.		2,462		277,270
				67,503,121
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		12,999		307,870
Total Common Stocks (Cost: $128,168,066)				134,760,898

	Number of Shares		Value
PREFERRED SECURITIES: 0.1% (Cost: $97,651)
Brazil: 0.1%
Klabin SA		101,700	$	92,339

MASTER LIMITED PARTNERSHIPS: 0.1%
United States: 0.1%
Plains All American Pipeline LP		8,834		124,560
Western Midstream Partners LP		3,818		101,253
Total Master Limited Partnerships (Cost: $221,747)				225,813
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $128,487,464)				135,079,050

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5% (Cost: $2,060,840)
State Street Navigator Securities Lending Government Money Market Portfolio		2,060,840		2,060,840
Total Investments: 101.6% (Cost: $130,548,304)				137,139,890
Liabilities in excess of other assets: (1.6)%				(2,209,810)
NET ASSETS: 100.0%			$	134,930,080

Definitions:

ADR	American Depositary Receipt
AUD	Australia Dollar
CAD	Canadian Dollar
CLP	Chilean Peso
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
KRW	Korean Won
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
RUB	Russian Ruble
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,966,285.
*	Non-income producing

See Notes to Financial Statements

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

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 $2,345,811, or 1.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		44.5	%	$	60,135,654
Materials		27.0			36,533,137
Industrials		9.0			12,136,268
Utilities		8.3			11,142,897
Consumer Staples		6.2			8,389,441
Health Care		2.6			3,455,651
Consumer Discretionary		1.2			1,614,396
Real Estate		0.8			1,070,259
Information Technology		0.3			504,446
Financials		0.1			96,901
		100.0	%	$	135,079,050

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	116,291	$	—	$	—	$	116,291
Australia		—		10,142,131		—		10,142,131
Austria		—		344,841		—		344,841
Brazil		3,917,321		326,405		—		4,243,726
British Virgin Islands		—		41,752		—		41,752
Canada		11,219,418		—		—		11,219,418
Chile		827,431		23,691		—		851,122
China		22,856		2,346,139		—		2,368,995
Cyprus		—		—		0		0
Czech Republic		128,118		—		—		128,118
Denmark		—		620,711		—		620,711
Egypt		—		50,061		—		50,061
Finland		—		1,102,688		—		1,102,688
France		9,514		2,898,606		—		2,908,120
Germany		—		4,181,247		—		4,181,247
Greece		—		12,005		—		12,005
Hong Kong		—		60,695		—		60,695
Hungary		—		64,040		—		64,040
India		—		2,112,362		—		2,112,362
Indonesia		—		240,592		—		240,592
Ireland		—		271,162		—		271,162
Israel		—		253,229		—		253,229
Italy		—		879,355		—		879,355
Japan		—		3,001,762		—		3,001,762
Kazakhstan		—		163,141		—		163,141
Liechtenstein		—		145,151		—		145,151
Luxembourg		—		294,015		—		294,015
Malaysia		248,389		288,677		—		537,066
Mexico		704,796		25,851		—		730,647
Netherlands		182,311		123,363		—		305,674
Norway		—		3,231,128		—		3,231,128
Peru		37,698		—		—		37,698
Poland		—		271,783		—		271,783
Portugal		—		196,018		—		196,018
Russia		—		—		0		0
Saudi Arabia		—		41,665		—		41,665
Singapore		—		236,434		—		236,434
South Africa		353,769		1,220,877		—		1,574,646
South Korea		—		869,471		—		869,471
Spain		16,244		2,109,868		—		2,126,112
Sweden		—		1,121,209		—		1,121,209
Switzerland		—		164,255		—		164,255
Taiwan		—		426,192		—		426,192
Tanzania		165,092		—		—		165,092
Thailand		—		545,204		—		545,204
Turkey		34,471		240,035		—		274,506
United Kingdom		997,348		7,281,029		—		8,278,377
United States		67,483,979		19,142		—		67,503,121
Zambia		307,870		—		—		307,870
Preferred Securities ^*		92,339		—		—		92,339
Master Limited Partnerships ^*		225,813		—		—		225,813
Money Market Fund		2,060,840		—		—		2,060,840
Total Investments	$	89,151,908	$	47,987,982	$	0	$	137,139,890

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 3.6%
Ampol Ltd. †		57,407	$	1,145,927
Austria: 4.7%
OMV AG		34,915		1,482,296
Finland: 5.7%
Neste Oyj		46,828		1,802,699
Greece: 1.8%
Motor Oil Hellas Corinth Refineries SA		22,553		570,842
Hungary: 4.3%
MOL Hungarian Oil & Gas Plc		155,696		1,361,195
India: 8.4%
Reliance Industries Ltd. (USD) 144A (GDR)		43,107		2,684,481
Japan: 10.6%
Cosmo Energy Holdings Co. Ltd.		21,900		597,544
ENEOS Holdings, Inc.		426,400		1,463,197
Idemitsu Kosan Co. Ltd.		64,668		1,295,411
				3,356,152
Poland: 5.7%
Polski Koncern Naftowy ORLEN SA		114,892		1,822,348
Portugal: 4.7%
Galp Energia SGPS SA		128,640		1,502,997

	Number of Shares		Value
Saudi Arabia: 1.8%
S-Oil Corp. (KRW)		11,460	$	582,293
South Korea: 6.2%
HD Hyundai Co. Ltd.		16,081		733,953
SK Innovation Co. Ltd. *		10,257		1,243,498
				1,977,451
Taiwan: 4.3%
Formosa Petrochemical Corp.		505,000		1,368,956
Thailand: 2.6%
Bangchak Corp. PCL (NVDR)		308,300		318,107
Thai Oil PCL (NVDR)		416,900		521,626
				839,733
Turkey: 3.0%
Turkiye Petrol Rafinerileri AS		307,266		942,856
United States: 32.6%
Delek US Holdings, Inc.		14,719		352,520
HF Sinclair Corp.		31,758		1,416,724
Marathon Petroleum Corp.		22,777		2,655,798
Par Pacific Holdings, Inc. *		13,047		347,181
PBF Energy, Inc.		30,805		1,261,157
Phillips 66		22,508		2,146,813
Valero Energy Corp.		18,604		2,182,249
				10,362,442
Total Common Stocks (Cost: $33,306,405)				31,802,668
Total Investments: 100.0% (Cost: $33,306,405)				31,802,668
Liabilities in excess of other assets: 0.0%				(11,640)
NET ASSETS: 100.0%			$	31,791,028

Definitions:

GDR	Global Depositary Receipt
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $164,702.
*	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 $2,684,481, or 8.4% of net assets.

Summary of Investments by Sector		% of Investments				Value
Energy			100.0	%		$	31,802,668

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,145,927	$	—	$	1,145,927
Austria		—		1,482,296		—		1,482,296
Finland		—		1,802,699		—		1,802,699
Greece		—		570,842		—		570,842
Hungary		—		1,361,195		—		1,361,195
India		—		2,684,481		—		2,684,481
Japan		—		3,356,152		—		3,356,152
Poland		—		1,822,348		—		1,822,348
Portugal		—		1,502,997		—		1,502,997
Saudi Arabia		—		582,293		—		582,293
South Korea		—		1,977,451		—		1,977,451
Taiwan		—		1,368,956		—		1,368,956
Thailand		318,107		521,626		—		839,733
Turkey		—		942,856		—		942,856
United States		10,362,442		—		—		10,362,442
Total Investments	$	10,680,549	$	21,122,119	$	—	$	31,802,668

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Bermuda: 4.4%
Valaris Ltd. (USD) *		1,528,076	$	96,161,823
United Kingdom: 4.9%
TechnipFMC Plc (USD) *		6,393,795		106,264,873
United States: 90.6%
Baker Hughes Co.		5,931,627		187,498,729
Cactus, Inc.		1,910,779		80,864,167
ChampionX Corp. †		3,682,563		114,306,756
Core Laboratories, Inc. †		700,035		16,275,814
Dril-Quip, Inc. * †		762,113		17,734,370
Expro Group Holdings NV * †		1,878,981		33,295,543
Halliburton Co.		7,354,625		242,629,079
Helix Energy Solutions Group, Inc. *		4,019,541		29,664,213
Helmerich & Payne, Inc. †		2,327,264		82,501,509
Liberty Energy, Inc.		3,837,986		51,313,873
Nabors Industries Ltd. * †		271,436		25,251,691
NexTier Oilfield Solutions, Inc. * †		4,608,744		41,202,171
Noble Corp. Plc *		2,320,181		95,846,677
NOV, Inc.		5,982,074		95,952,467
Oceaneering International, Inc. *		2,518,584		47,097,521

	Number of Shares		Value
United States (continued)
Patterson-UTI Energy, Inc.		4,964,584	$	59,426,070
ProPetro Holding Corp. *		2,171,091		17,889,790
RPC, Inc.		4,243,052		30,337,822
Schlumberger NV		8,750,011		429,800,540
Select Water Solutions, Inc.		3,409,605		27,617,800
Tenaris SA (ADR) †		3,796,775		113,713,411
Transocean Ltd. * †		14,945,750		104,769,708
US Silica Holdings, Inc. *		1,985,350		24,082,295
				1,969,072,016
Total Common Stocks (Cost: $2,395,528,197)				2,171,498,712

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $18,462,075)
State Street Navigator Securities Lending Government Money Market Portfolio		18,462,075		18,462,075
Total Investments: 100.8% (Cost: $2,413,990,272)				2,189,960,787
Liabilities in excess of other assets: (0.8)%				(18,214,736)
NET ASSETS: 100.0%			$	2,171,746,051

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 $151,904,221.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Equipment & Services		78.7	%	$	1,707,541,234
Oil & Gas Drilling		21.3			463,957,478
		100.0	%	$	2,171,498,712

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	2,171,498,712	$	—	$	—	$	2,171,498,712
Money Market Fund		18,462,075		—		—		18,462,075
Total Investments	$	2,189,960,787	$	—	$	—	$	2,189,960,787

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 36.9%
Allkem Ltd. *		3,808,709	$	40,928,283
AVZ Minerals Ltd. *∞		52,906,510		11,093,424
Core Lithium Ltd. * †		20,719,826		12,545,162
Iluka Resources Ltd.		3,183,134		23,684,006
ioneer Ltd. * †		20,158,225		4,599,613
Lake Resources NL * †		14,677,308		2,969,068
Liontown Resources Ltd. *		17,905,478		34,072,030
Lynas Rare Earths Ltd. * †		6,945,713		31,892,581
Pilbara Minerals Ltd. †		15,683,642		51,508,164
Sayona Mining Ltd. * †		96,443,551		11,364,011
				224,656,342
Brazil: 4.2%
Sigma Lithium Corp. (USD) * †		635,766		25,621,370
Canada: 7.7%
Lithium Americas Corp. (USD) * †		1,279,701		25,862,757
Patriot Battery Metals, Inc. *		1,110,808		12,633,788
Standard Lithium Ltd. (USD) * †		1,884,965		8,482,343
				46,978,888
China: 33.0%
Baoji Titanium Industry Co. Ltd. *		2,967,180		13,829,242
China Northern Rare Earth Group High-Tech Co. Ltd.		12,935,112		42,735,360
Ganfeng Lithium Group Co. Ltd. (HKD) 144A * †		3,589,840		23,543,820
Jinduicheng Molybdenum Co. Ltd. *		10,404,465		15,969,013
Shenghe Resources Holding Co. Ltd. *		15,370,687		27,261,154

	Number of Shares		Value
China (continued)
Tianqi Lithium Corp. (HKD) * †		973,200	$	6,802,041
Xiamen Tungsten Co. Ltd.		9,333,424		24,463,967
Zhejiang Huayou Cobalt Co. Ltd.		7,341,300		46,458,002
				201,062,599
France: 1.8%
Eramet SA		122,775		11,227,639
Netherlands: 3.3%
AMG Critical Materials NV		385,506		19,997,633
United States: 13.0%
Livent Corp. * †		1,149,474		31,530,072
MP Materials Corp. * †		1,147,497		26,254,731
Piedmont Lithium, Inc. * †		170,639		9,847,577
Tronox Holdings Plc		929,413		11,812,839
				79,445,219
Total Common Stocks (Cost: $546,007,497)				608,989,690

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $31,159,446)
State Street Navigator Securities Lending Government Money Market Portfolio		31,159,446		31,159,446
Total Investments: 105.0% (Cost: $577,166,943)				640,149,136
Liabilities in excess of other assets: (5.0)%				(30,521,040)
NET ASSETS: 100.0%			$	609,628,096

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
†	Security fully or partially on loan. Total market value of securities on loan is $151,388,488.

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 $23,543,820, or 3.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Materials			100.0	%		$	608,989,690

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	213,562,918	$	11,093,424	$	224,656,342
Brazil		25,621,370		—		—		25,621,370
Canada		46,978,888		—		—		46,978,888
China		—		201,062,599		—		201,062,599
France		—		11,227,639		—		11,227,639
Netherlands		—		19,997,633		—		19,997,633
United States		79,445,219		—		—		79,445,219
Money Market Fund		31,159,446		—		—		31,159,446
Total Investments	$	183,204,923	$	445,850,789	$	11,093,424	$	640,149,136

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023. Transfers in/out are assessed at the beginning of the year.

	Common Stock
Balance as of December 31, 2022	$	22,081,219
Realized gain (loss)		(5,253,560)
Net change in unrealized appreciation (depreciation)		(1,953,138)
Purchases		—
Sales		(3,781,097)
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	11,093,424

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2023:

Value as of
June 30, 2023

Valuation
Technique

Unobservable
Input
Description⁽¹⁾

Unobservable
Input

Impact to
Valuation from an
Increase in Input⁽²⁾

Common Stock

$11,093,424

Transaction

Sales transaction

100

Increase

Approach

Discount for lack of marketability

Decrease

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 10.7%
Rio Tinto Plc (ADR) †		191,718	$	12,239,277
Brazil: 19.0%
Cia Siderurgica Nacional SA (ADR)		1,790,475		4,637,330
Gerdau SA (ADR)		940,418		4,908,982
Vale SA (ADR)		896,853		12,035,768
				21,582,080
Canada: 0.7%
Algoma Steel Group, Inc. (USD) †		113,716		807,384
Luxembourg: 4.8%
ArcelorMittal SA (USD) †		198,800		5,435,192
Netherlands: 4.3%
Ternium SA (ADR)		122,923		4,873,897
South Korea: 4.8%
POSCO Holdings, Inc. (ADR) †		73,575		5,440,871
United States: 55.7%
ATI, Inc. *		128,054		5,663,828
Carpenter Technology Corp.		53,307		2,992,122
Cleveland-Cliffs, Inc. *		305,479		5,119,828
Commercial Metals Co.		105,256		5,542,781
Gibraltar Industries, Inc. *		33,391		2,100,962
Nucor Corp.		50,462		8,274,759
Olympic Steel, Inc.		12,223		598,927

	Number of Shares		Value
United States (continued)
Reliance Steel & Aluminum Co.		19,648	$	5,336,200
Ryerson Holding Corp.		39,273		1,703,663
Schnitzer Steel Industries,Inc.		29,827		894,512
Steel Dynamics, Inc.		54,523		5,939,190
SunCoke Energy, Inc.		91,923		723,434
Tenaris SA (ADR)		197,885		5,926,656
TimkenSteel Corp. *		48,175		1,039,135
United States Steel Corp.		214,918		5,375,099
Warrior Met Coal, Inc.		57,083		2,223,383
Worthington Industries, Inc.		54,631		3,795,215
				63,249,694
Total Common Stocks (Cost: $128,525,614)				113,628,395

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.8%
Money Market Fund: 6.8% (Cost: $7,730,911)
State Street Navigator Securities Lending Government Money Market Portfolio		7,730,911		7,730,911
Total Investments: 106.8% (Cost: $136,256,525)				121,359,306
Liabilities in excess of other assets: (6.8)%				(7,753,572	)
NET ASSETS: 100.0%			$	113,605,734

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $16,734,951.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		92.9	%	$	105,600,777
Energy		5.2			5,926,656
Industrials		1.9			2,100,962
		100.0	%	$	113,628,395

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	113,628,395	$	—	$	—	$	113,628,395
Money Market Fund		7,730,911		—		—		7,730,911
Total Investments	$	121,359,306	$	—	$	—	$	121,359,306

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 9.4%
Boss Energy Ltd. * †		852,700	$	1,774,714
Deep Yellow Ltd. *		1,890,000		959,485
Paladin Energy Ltd. *		6,038,157		2,967,473
				5,701,672
Canada: 19.0%
Cameco Corp. (USD) †		129,021		4,042,228
Denison Mines Corp. (USD) * †		2,112,789		2,640,986
Fission Uranium Corp. * †		1,701,085		784,177
Global Atomic Corp. * †		503,391		1,133,652
NexGen Energy Ltd. (USD) * †		616,365		2,903,079
				11,504,122
China: 5.5%
CGN Mining Co. Ltd. (HKD) * †		6,685,000		694,681
CGN Power Co. Ltd. (HKD) 144A		10,990,000		2,653,848
				3,348,529
Czech Republic: 5.3%
CEZ AS		77,590		3,206,662
Finland: 5.1%
Fortum Oyj		228,904		3,062,744
Italy: 5.1%
Endesa SA †		143,049		3,073,221
Jersey, Channel Islands: 3.4%
Yellow Cake Plc 144A * †		397,506		2,070,087
Kazakhstan: 4.4%
NAC Kazatomprom JSC (USD) (GDR)		98,414		2,642,416

	Number of Shares		Value
South Korea: 2.3%
KEPCO Engineering & Construction Co., Inc.		26,121	$	1,383,902
United States: 40.3%
BWX Technologies, Inc.		41,670		2,982,322
Centrus Energy Corp. *		36,107		1,175,644
Constellation Energy Corp.		52,404		4,797,586
Energy Fuels, Inc. * †		382,189		2,384,859
NuScale Power Corp. *		94,951		645,667
PG&E Corp. *		241,514		4,173,362
Public Service Enterprise Group, Inc.		75,473		4,725,365
Uranium Energy Corp. * †		815,021		2,771,071
Ur-Energy, Inc. * †		683,885		718,079
				24,373,955
Total Common Stocks (Cost: $53,414,518)				60,367,310

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.2%
Money Market Fund: 10.2% (Cost: $6,161,710)
State Street Navigator Securities Lending Government Money Market Portfolio		6,161,710		6,161,710
Total Investments: 110.0% (Cost: $59,576,228)				66,529,020
Liabilities in excess of other assets: (10.0)%				(6,022,384)
NET ASSETS: 100.0%			$	60,506,636

Definitions:

GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $15,126,709.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,723,935, or 7.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		43.8	%	$	26,458,893
Utilities		42.6			25,692,787
Industrials		11.7			7,081,978
Materials		1.9			1,133,652
		100.0	%	$	60,367,310

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,701,672	$	—	$	5,701,672
Canada		11,504,122		—		—		11,504,122
China		—		3,348,529		—		3,348,529
Czech Republic		3,206,662		—		—		3,206,662
Finland		—		3,062,744		—		3,062,744
Italy		—		3,073,221		—		3,073,221
Jersey, Channel Islands		—		2,070,087		—		2,070,087
Kazakhstan		—		2,642,416		—		2,642,416
South Korea		—		1,383,902		—		1,383,902
United States		24,373,955		—		—		24,373,955
Money Market Fund		6,161,710		—		—		6,161,710
Total Investments	$	45,246,449	$	21,282,571	$	—	$	66,529,020

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,097,676,237		$	3,303,391		$	6,125,996,506		$	24,342,748
Affiliated issuers (3)		—			—			5,776,243,263			—
Short-term investments held as collateral for securities loaned (4)		47,253,786			129,532			44,964,475			384,877
Cash		—			138,599			1,205,702			2
Cash denominated in foreign currency, at value (5)		225,714			—			9,718,984			368,623
Receivables:
Investment securities sold		—			—			57,754,372			—
Dividends and interest		2,890,321			14,525			2,623,524			15,638
Prepaid expenses		2,290			—			21,050			—
Total assets		1,148,048,348			3,586,047			12,018,527,876			25,111,888
Liabilities:
Payables:
Shares of beneficial interest redeemed		—			—			57,756,928			—
Collateral for securities loaned		47,253,786			129,532			44,964,475			384,877
Line of credit		1,376,855			—			—			353,373
Due to Adviser		447,847			1,937			5,121,233			12,110
Due to custodian		924			9,098			—			—
Deferred Trustee fees		597,540			—			1,441,545			—
Accrued expenses		170,425			—			188,324			141
Total liabilities		49,847,377			140,567			109,472,505			750,501
NET ASSETS	$	1,098,200,971		$	3,445,480		$	11,909,055,371		$	24,361,387
Shares outstanding		13,450,000			200,000			396,452,500			900,000
Net asset value, redemption and offering price per share	$	81.65		$	17.23		$	30.04		$	27.07
Net Assets consist of:
Aggregate paid in capital	$	2,024,922,721		$	4,418,225		$	23,334,188,897		$	31,307,497
Total distributable earnings (loss)		(926,721,750	)		(972,745	)		(11,425,133,526	)		(6,946,110	)
NET ASSETS	$	1,098,200,971		$	3,445,480		$	11,909,055,371		$	24,361,387
(1) Value of securities on loan	$	47,671,200		$	140,439		$	80,701,201		$	830,302
(2) Cost of investments - Unaffiliated issuers	$	1,269,499,543		$	4,121,540		$	5,912,381,012		$	29,784,565
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	6,234,689,803		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	47,253,786		$	129,532		$	44,964,475		$	384,877
(5) Cost of cash denominated in foreign currency	$	230,741		$	—		$	9,718,691		$	367,181

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,529,219,493		$	201,013,882		$	135,079,050		$	31,802,668
Affiliated issuers (3)		251,466,013			—			—			—
Short-term investments held as collateral for securities loaned (4)		83,919,759			11,021,593			2,060,840			—
Cash		6,631,841			—			—			332
Cash denominated in foreign currency, at value (5)		633,377			1,782,472			434,283			371
Receivables:
Investment securities sold		—			—			7,211,089			—
Due from Adviser		—			—			—			4,873
Dividends and interest		962,956			424,546			364,835			136,328
Prepaid expenses		6,945			440			—			46
Total assets		3,872,840,384			214,242,933			145,150,097			31,944,618
Liabilities:
Payables:
Investment securities purchased		107,105			—			—			—
Shares of beneficial interest redeemed		—			—			7,228,404			—
Collateral for securities loaned		83,919,759			11,021,593			2,060,840			—
Line of credit		—			2,095,378			765,152			105,715
Due to Adviser		1,606,760			81,687			56,589			—
Due to custodian		—			13,979			29,497			—
Deferred Trustee fees		377,251			19,301			14,855			996
Accrued expenses		358,913			109,557			64,680			46,879
Total liabilities		86,369,788			13,341,495			10,220,017			153,590
NET ASSETS	$	3,786,470,596		$	200,901,438		$	134,930,080		$	31,791,028
Shares outstanding		106,587,446			1,633,298			2,800,000			1,050,000
Net asset value, redemption and offering price per share	$	35.52		$	123.00		$	48.19		$	30.28
Net Assets consist of:
Aggregate paid in capital	$	9,364,535,094		$	287,657,175		$	177,028,680		$	43,664,140
Total distributable earnings (loss)		(5,578,064,498	)		(86,755,737	)		(42,098,600	)		(11,873,112	)
NET ASSETS	$	3,786,470,596		$	200,901,438		$	134,930,080		$	31,791,028
(1) Value of securities on loan	$	202,070,631		$	20,519,016		$	6,966,285		$	164,702
(2) Cost of investments - Unaffiliated issuers	$	4,241,493,282		$	222,263,656		$	128,487,464		$	33,306,405
(3) Cost of investments - Affiliated issuers	$	188,785,026		$	—		$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	83,919,759		$	11,021,593		$	2,060,840		$	—
(5) Cost of cash denominated in foreign currency	$	638,779		$	1,781,142		$	435,177		$	371

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,171,498,712		$	608,989,690		$	113,628,395		$	60,367,310
Short-term investments held as collateral for securities loaned (3)		18,462,075			31,159,446			7,730,911			6,161,710
Cash		4,487			13,746			346,319			—
Cash denominated in foreign currency, at value (4)		—			1,231,301			—			314
Receivables:
Investment securities sold		—			—			3,469,417			—
Shares of beneficial interest sold		14,381,356			—			—			—
Dividends and interest		2,471,985			443,540			68,877			789,379
Prepaid expenses		—			1,554			208			62
Total assets		2,206,818,615			641,839,277			125,244,127			67,318,775
Liabilities:
Payables:
Investment securities purchased		14,381,486			—			3,778,992			—
Collateral for securities loaned		18,462,075			31,159,446			7,730,911			6,161,710
Line of credit		1,404,252			605,334			—			577,580
Due to Adviser		613,746			253,378			36,449			11,488
Due to custodian		—			—			—			630
Deferred Trustee fees		206,442			26,183			20,871			13,557
Accrued expenses		4,563			166,840			71,170			47,174
Total liabilities		35,072,564			32,211,181			11,638,393			6,812,139
NET ASSETS	$	2,171,746,051		$	609,628,096		$	113,605,734		$	60,506,636
Shares outstanding		7,550,543			7,324,987			1,775,000			1,016,632
Net asset value, redemption and offering price per share	$	287.63		$	83.23		$	64.00		$	59.52
Net Assets consist of:
Aggregate paid in capital	$	4,258,859,373		$	879,190,031		$	288,160,297		$	137,241,301
Total distributable earnings (loss)		(2,087,113,322	)		(269,561,935	)		(174,554,563	)		(76,734,665	)
NET ASSETS	$	2,171,746,051		$	609,628,096		$	113,605,734		$	60,506,636
(1) Value of securities on loan	$	151,904,221		$	151,388,488		$	16,734,951		$	15,126,709
(2) Cost of investments - Unaffiliated issuers	$	2,395,528,197		$	546,007,497		$	128,525,614		$	53,414,518
(3) Cost of short-term investments held as collateral for securities loaned	$	18,462,075		$	31,159,446		$	7,730,911		$	6,161,710
(4) Cost of cash denominated in foreign currency	$	—		$	1,235,989		$	—		$	314

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Income:
Dividends - unaffiliated issuers	$	23,836,198		$	50,644		$	74,539,276		$	459,871
Dividends - affiliated issuers		—			—			61,418,588			—
Interest		3,519			3,680			78,757			261
Securities lending income		1,178,894			9,994			396,317			4,356
Foreign taxes withheld		(1,550,184	)		(6,023	)		(11,852,964	)		(30,018	)
Total income		23,468,427			58,295			124,579,974			434,470
Expenses:
Management fees		3,090,882			11,639			32,471,255			74,342
Professional fees		25,374			—			32,609			—
Custody and accounting fees		83,545			—			192,781			—
Reports to shareholders		51,823			—			242,575			—
Trustees’ fees and expenses		21,945			—			170,246			—
Registration fees		2,950			—			9,910			—
Insurance		13,891			—			64,792			—
Interest and taxes		39,311			597			268,264			10,093
Other		2,057			—			28,154			—
Total expenses		3,331,778			12,236			33,480,586			84,435
Net investment income		20,136,649			46,059			91,099,388			350,035

Net realized gain (loss) on:
Investments - unaffiliated issuers		(21,857,770	)		(105,139	)		(87,877,860	)		(626,840	)
Investments - affiliated issuers		—			—			28,474,378			—
In-kind redemptions - unaffiliated issuers		32,196,998			—			360,821,813			—
In-kind redemptions - affiliated issuers		—			—			348,550,974			—
Foreign currency transactions and foreign denominated assets and liabilities		(69,013	)		609			(513,631	)		(80,350	)
Net realized gain (loss)		10,270,215			(104,530	)		649,455,674			(707,190	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(90,640,510	)		(149,120	)		(187,308,453	)		(1,231,433	)
Investments - affiliated issuers		—			—			26,364,418			—
Foreign currency translations and foreign denominated assets and liabilities		(27,122	)		(44	)		5,345			94,669
Net change in unrealized appreciation (depreciation)		(90,667,632	)		(149,164	)		(160,938,690	)		(1,136,764	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(60,260,768	)	$	(207,635	)	$	579,616,372		$	(1,493,919	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	19,731,470		$	1,940,412		$	2,832,521		$	823,955
Dividends - affiliated issuers		778,457			—			—			—
Interest		173,849			3,183			73			934
Securities lending income		958,589			359,207			33,414			819
Foreign taxes withheld		(2,151,283	)		(167,198	)		(168,489	)		(86,784	)
Total income		19,491,082			2,135,604			2,697,519			738,924
Expenses:
Management fees		9,959,015			503,110			334,747			90,079
Professional fees		24,519			20,472			—			22,034
Custody and accounting fees		208,061			44,150			—			39,323
Reports to shareholders		76,828			15,472			—			5,765
Trustees’ fees and expenses		51,390			2,393			—			792
Registration fees		6,329			2,950			—			2,950
Insurance		27,586			3,690			—			1,976
Interest		98,042			56,619			18,041			5,284
Other		5,381			2,540			—			323
Total expenses		10,457,151			651,396			352,788			168,526
Waiver of management fees		—			—			—			(56,949	)
Net expenses		10,457,151			651,396			352,788			111,577
Net investment income		9,033,931			1,484,208			2,344,731			627,347

Net realized gain (loss) on:
Investments - unaffiliated issuers		(118,033,218	)		(6,906,105	)		(2,782,556	)		(722,337	)
Investments - affiliated issuers		763,612			—			—			—
In-kind redemptions - unaffiliated issuers		45,565,808			4,368,597			5,840,940			544,870
In-kind redemptions - affiliated issuers		5,035,113			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(175,292	)		53,334			1,577			(11,526	)
Net realized gain (loss)		(66,843,977	)		(2,484,174	)		3,059,961			(188,993	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		18,052,348			21,667,795			(7,389,579	)		(1,527,923	)
Investments - affiliated issuers		19,977,712			—			—			—
Foreign currency translations and foreign denominated assets and liabilities		(8,469	)		(5,913	)		(1,353	)		1,756
Net change in unrealized appreciation (depreciation)		38,021,591			21,661,882			(7,390,932	)		(1,526,167	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(19,788,455	)	$	20,661,916		$	(1,986,240	)	$	(1,087,813	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+ Nuclear Energy ETF
Income:
Dividends	$	18,267,956		$	3,742,645		$	2,391,843		$	1,249,598
Interest		12,776			6,365			1,807			1,249
Securities lending income		98,496			2,295,236			28,257			49,966
Foreign taxes withheld		(1,466	)		(211,090	)		(58,349	)		(146,241	)
Total income		18,377,762			5,833,156			2,363,558			1,154,572
Expenses:
Management fees		4,140,705			1,600,288			300,545			143,678
Professional fees		—			21,450			18,962			21,292
Custody and accounting fees		—			84,275			16,519			32,219
Reports to shareholders		—			45,673			10,216			6,818
Trustees’ fees and expenses		—			9,757			1,056			838
Registration fees		—			2,950			2,950			2,950
Insurance		—			7,766			2,298			1,077
Interest		43,943			42,677			6,905			3,588
Other		—			5,142			141			108
Total expenses		4,184,648			1,819,978			359,592			212,568
Waiver of management fees		—			—			(22,087	)		(36,567	)
Net expenses		4,184,648			1,819,978			337,505			176,001
Net investment income		14,193,114			4,013,178			2,026,053			978,571

Net realized gain (loss) on:
Investments		(72,023,261	)		(4,696,790	)		(1,870,489	)		(427,528	)
In-kind redemptions		210,847,050			26,665,824			3,758,990			964,077
Foreign currency transactions and foreign denominated assets and liabilities		—			(104,508	)		—			(8,289	)
Net realized gain		138,823,789			21,864,526			1,888,501			528,260

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(288,335,233	)		36,541,720			1,644,464			3,275,860
Investments - affiliated issuers		(20,931,349	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			(13,229	)		—			(209	)
Net change in unrealized appreciation (depreciation)		(309,266,582	)		36,528,491			1,644,464			3,275,651
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(156,249,679	)	$	62,406,195		$	5,559,018		$	4,782,482

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						Future of Food ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	20,136,649		$	27,997,715		$	46,059		$	37,285
Net realized gain (loss)		10,270,215			91,786,465			(104,530	)		(97,107	)
Net change in unrealized appreciation (depreciation)		(90,667,632	)		(320,314,104	)		(149,164	)		(703,908	)
Net decrease in net assets resulting from operations		(60,260,768	)		(200,529,924	)		(207,635	)		(763,730	)
Distributions to shareholders from:
Distributable earnings		—			(28,899,290	)		—			(38,400	)
Share transactions*:
Proceeds from sale of shares		—			815,012,259			955,231			1,030,333
Cost of shares redeemed		(182,561,270	)		(427,267,809	)		—			—
Increase (decrease) in net assets resulting from share transactions		(182,561,270	)		387,744,450			955,231			1,030,333
Total increase (decrease) in net assets		(242,822,038	)		158,315,236			747,596			228,203
Net Assets, beginning of period		1,341,023,009			1,182,707,773			2,697,884			2,469,681
Net Assets, end of period	$	1,098,200,971		$	1,341,023,009		$	3,445,480		$	2,697,884
*Shares of Common Stock Issued (no par value)
Shares sold		—			8,000,000			50,000			50,000
Shares redeemed		(2,150,000	)		(4,800,000	)		—			—
Net increase (decrease)		(2,150,000	)		3,200,000			50,000			50,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	91,099,388		$	194,459,737		$	350,035		$	531,803
Net realized gain (loss)		649,455,674			(35,147,047	)		(707,190	)		(981,419	)
Net change in unrealized appreciation (depreciation)		(160,938,690	)		(1,357,895,743	)		(1,136,764	)		(4,556,176	)
Net increase (decrease) in net assets resulting from operations		579,616,372			(1,198,583,053	)		(1,493,919	)		(5,005,792	)
Distributions to shareholders from:
Distributable earnings		—			(197,981,341	)		—			(580,000	)

Share transactions*:
Proceeds from sale of shares		1,609,036,692			3,035,577,589			3,264,880			14,040,492
Cost of shares redeemed		(2,213,641,291	)		(2,978,056,133	)		—			(1,560,818	)
Increase (decrease) in net assets resulting from share transactions		(604,604,599	)		57,521,456			3,264,880			12,479,674
Total increase (decrease) in net assets		(24,988,227	)		(1,339,042,938	)		1,770,961			6,893,882
Net Assets, beginning of period		11,934,043,598			13,273,086,536			22,590,426			15,696,544
Net Assets, end of period	$	11,909,055,371		$	11,934,043,598		$	24,361,387		$	22,590,426
*Shares of Common Stock Issued (no par value)
Shares sold		51,900,000			102,100,000			100,000			400,000
Shares redeemed		(71,450,000	)		(100,900,000	)		—			(50,000	)
Net increase (decrease)		(19,550,000	)		1,200,000			100,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	9,033,931		$	24,814,522		$	1,484,208		$	2,650,521
Net realized loss		(66,843,977	)		(171,074,964	)		(2,484,174	)		(7,306,893	)
Net change in unrealized appreciation (depreciation)		38,021,591			(486,420,375	)		21,661,882			(81,994,860	)
Net increase (decrease) in net assets resulting from operations		(19,788,455	)		(632,680,817	)		20,661,916			(86,651,232	)
Distributions to shareholders from:
Distributable earnings		—			(19,233,209	)		—			(2,600,048	)

Share transactions*:
Proceeds from sale of shares		291,251,529			674,457,723			5,969,931			—
Cost of shares redeemed		(222,003,550	)		(780,321,178	)		(23,880,402	)		(13,347,688	)
Increase (decrease) in net assets resulting from share transactions		69,247,979			(105,863,455	)		(17,910,471	)		(13,347,688	)
Total increase (decrease) in net assets		49,459,524			(757,777,481	)		2,751,445			(102,598,968	)
Net Assets, beginning of period		3,737,011,072			4,494,788,553			198,149,993			300,748,961
Net Assets, end of period	$	3,786,470,596		$	3,737,011,072		$	200,901,438		$	198,149,993
*Shares of Common Stock Issued (no par value)
Shares sold		7,600,000			19,250,000			50,000			—
Shares redeemed		(5,900,000	)		(21,700,000	)		(200,000	)		(100,000	)
Net increase (decrease)		1,700,000			(2,450,000	)		(150,000	)		(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,344,731		$	4,585,616		$	627,347		$	1,230,395
Net realized gain (loss)		3,059,961			(79,726	)		(188,993	)		62,100
Net change in unrealized appreciation (depreciation)		(7,390,932	)		(2,081,912	)		(1,526,167	)		(745,083	)
Net increase (decrease) in net assets resulting from operations		(1,986,240	)		2,423,978			(1,087,813	)		547,412
Distributions to shareholders from:
Distributable earnings		—			(4,599,900	)		—			(1,200,000	)

Share transactions*:
Proceeds from sale of shares		14,006,011			74,958,129			—			41,125,018
Cost of shares redeemed		(19,773,184	)		(27,346,895	)		(6,112,874	)		(21,154,594	)
Increase (decrease) in net assets resulting from share transactions		(5,767,173	)		47,611,234			(6,112,874	)		19,970,424
Total increase (decrease) in net assets		(7,753,413	)		45,435,312			(7,200,687	)		19,317,836
Net Assets, beginning of period		142,683,493			97,248,181			38,991,715			19,673,879
Net Assets, end of period	$	134,930,080		$	142,683,493		$	31,791,028		$	38,991,715
*Shares of Common Stock Issued (no par value)
Shares sold		300,000			1,450,000			—			1,250,000
Shares redeemed		(400,000	)		(600,000	)		(200,000	)		(725,000	)
Net increase (decrease)		(100,000	)		850,000			(200,000	)		525,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF						Rare Earth/Strategic Metals ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	14,193,114		$	23,646,493		$	4,013,178		$	5,943,123
Net realized gain		138,823,789			588,746,639			21,864,526			25,061,182
Net change in unrealized appreciation (depreciation)		(309,266,582	)		532,821,388			36,528,491			(338,277,114	)
Net increase (decrease) in net assets resulting from operations		(156,249,679	)		1,145,214,520			62,406,195			(307,272,809	)
Distributions to shareholders from:
Distributable earnings		—			(23,400,039	)		—			(9,819,927	)

Share transactions*:
Proceeds from sale of shares		2,692,584,145			4,621,472,112			24,158,949			149,331,401
Cost of shares redeemed		(2,948,975,885	)		(5,302,018,149	)		(108,144,016	)		(214,892,139	)
Decrease in net assets resulting from share transactions		(256,391,740	)		(680,546,037	)		(83,985,067	)		(65,560,738	)
Total increase (decrease) in net assets		(412,641,419	)		441,268,444			(21,578,872	)		(382,653,474	)
Net Assets, beginning of period		2,584,387,470			2,143,119,026			631,206,968			1,013,860,442
Net Assets, end of period	$	2,171,746,051		$	2,584,387,470		$	609,628,096		$	631,206,968
*Shares of Common Stock Issued (no par value)
Shares sold		9,300,000			17,300,000			300,000			1,500,000
Shares redeemed		(10,250,000	)		(20,400,000	)		(1,250,000	)		(2,300,000	)
Net decrease		(950,000	)		(3,100,000	)		(950,000	)		(800,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium+Nuclear Energy ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,026,053		$	5,167,089		$	978,571		$	744,394
Net realized gain (loss)		1,888,501			(2,138,152	)		528,260			1,597,739
Net change in unrealized appreciation (depreciation)		1,644,464			3,726,233			3,275,651			(941,706	)
Net increase in net assets resulting from operations		5,559,018			6,755,170			4,782,482			1,400,427
Distributions to shareholders from:
Distributable earnings		—			(5,238,962	)		—			(1,100,017	)
Return of capital		—			(11,016	)		—			—
Total distributions		—			(5,249,978	)		—			(1,100,017	)

Share transactions*:
Proceeds from sale of shares		63,015,007			82,321,434			4,144,110			24,539,686
Cost of shares redeemed		(54,665,470	)		(95,953,186	)		(2,901,841	)		(5,585,128	)
Increase (decrease) in net assets resulting from share transactions		8,349,537			(13,631,752	)		1,242,269			18,954,558
Total increase (decrease) in net assets		13,908,555			(12,126,560	)		6,024,751			19,254,968
Net Assets, beginning of period		99,697,179			111,823,739			54,481,885			35,226,917
Net Assets, end of period	$	113,605,734		$	99,697,179		$	60,506,636		$	54,481,885
*Shares of Common Stock Issued (no par value)
Shares sold		950,000			1,300,000			75,000			450,000
Shares redeemed		(900,000	)		(1,675,000	)		(50,000	)		(100,000	)
Net increase (decrease)		50,000			(375,000	)		25,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Agribusiness ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$85.96			$95.38			$77.82			$68.59			$57.11			$61.63
Net investment income (a)		1.39			1.71			1.14			0.90			0.83			0.83
Net realized and unrealized gain (loss) on investments		(5.70	)		(9.28	)		17.54			9.19			11.56			(4.39	)
Total from investment operations		(4.31	)		(7.57	)		18.68			10.09			12.39			(3.56	)
Distributions from:
Net investment income		—			(1.85	)		(1.12	)		(0.86	)		(0.91	)		(0.96	)
Net asset value, end of period		$81.65			$85.96			$95.38			$77.82			$68.59			$57.11
Total return (b)		(5.02)%	(c)		(7.95	)%		23.99	%		14.73	%		21.70	%		(5.76	)%

Ratios to average net assets
Expenses		0.54%	(d)		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Expenses excluding interest		0.53%	(d)		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Net investment income		3.26%	(d)		1.84	%		1.25	%		1.41	%		1.29	%		1.32	%
Supplemental data
Net assets, end of period (in millions)		$1,098			$1,341			$1,183			$794			$717			$757
Portfolio turnover rate (e)		5%	(c)		24	%		17	%		13	%		21	%		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)	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:

	Future of Food ETF

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
	(unaudited)
Net asset value, beginning of period		$17.99			$24.70			$24.33
Net investment income (b)		0.24			0.29			0.02
Net realized and unrealized gain (loss) on investments		(1.00	)		(6.74	)		0.35
Total from investment operations		(0.76	)		(6.45	)		0.37
Distributions from:
Net investment income		—			(0.26	)		—
Net asset value, end of period		$17.23			$17.99			$24.70
Total return (c)		(4.23)%	(d)		(26.14	)%		1.53%	(d)

Ratios to average net assets
Expenses		0.71%	(e)		0.69	%		0.69%	(e)
Expenses excluding interest and taxes		0.69%	(e)		0.69	%		N/A
Net investment income		2.73%	(e)		1.44	%		0.93%	(e)
Supplemental data
Net assets, end of period (in millions)		$3			$3			$2
Portfolio turnover rate (f)		7%	(d)		4	%		0%	(d)

(a)	For the period December 1, 2021 (commencement of operations) through December 31, 2021.
(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:

	Gold Miners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$28.69			$32.00			$35.98			$29.34			$21.07			$23.25
Net investment income (a)		0.22			0.48			0.52			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		1.13			(3.31	)		(3.97	)		6.62			8.27			(2.21	)
Total from investment operations		1.35			(2.83	)		(3.45	)		6.83			8.46			(2.07	)
Distributions from:
Net investment income		—			(0.48	)		(0.53	)		(0.19	)		(0.19	)		(0.11	)
Net asset value, end of period		$30.04			$28.69			$32.00			$35.98			$29.34			$21.07
Total return (b)		4.71%	(c)		(8.87	)%		(9.56	)%		23.30	%		40.15	%		(8.92	)%

Ratios to average net assets
Expenses		0.52%	(d)		0.51	%		0.51	%		0.51	%		0.52	%		0.52	%
Expenses excluding interest		0.51%	(d)		0.51	%		N/A			N/A			N/A			N/A
Net investment income		1.40%	(d)		1.61	%		1.53	%		0.61	%		0.76	%		0.66	%
Supplemental data
Net assets, end of period (in millions)		$11,909			$11,934			$13,273			$16,504			$12,999			$10,576
Portfolio turnover rate (e)		8%	(c)		17	%		15	%		13	%		14	%		15	%

(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 Metals ETF

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
	(unaudited)
Net asset value, beginning of period		$28.24			$34.88			$34.67
Net investment income (loss) (b)		0.40			0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.57	)		(6.64	)		0.22
Total from investment operations		(1.17	)		(5.91	)		0.21
Distributions from:
Net investment income		—			(0.73	)		—
Net asset value, end of period		$27.07			$28.24			$34.88
Total return (c)		(4.14)%	(d)		(16.99	)%		0.61%	(d)

Ratios to average net assets
Expenses		0.67%	(e)		0.63	%		0.60%	(e)
Expenses excluding interest		0.59%	(e)		0.59	%		0.59%	(e)
Net investment income (loss)		2.78%	(e)		2.33	%		(0.30)%	(e)
Supplemental data
Net assets, end of period (in millions)		$24			$23			$16
Portfolio turnover rate (f)		8%	(d)		32	%		10%	(d)

(a)	For the period November 10, 2021 (commencement of operations) through December 31, 2021.
(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:

	Junior Gold Miners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$35.63			$41.88			$54.26			$42.39			$30.11			$34.21
Net investment income (a)		0.09			0.24			0.39			0.22			0.08			0.14
Net realized and unrealized gain (loss) on investments		(0.20	)		(6.31	)		(12.02	)		12.51			12.36			(4.10	)
Total from investment operations		(0.11	)		(6.07	)		(11.63	)		12.73			12.44			(3.96	)
Distributions from:
Net investment income		—			(0.18	)		(0.75	)		(0.86	)		(0.16	)		(0.14	)
Net asset value, end of period		$35.52			$35.63			$41.88			$54.26			$42.39			$30.11
Total return (b)		(0.30)%	(c)		(14.48	)%		(21.44	)%		30.07	%		41.31	%		(11.58	)%

Ratios to average net assets
Expenses		0.53%	(d)		0.52	%		0.52	%		0.52	%		0.53	%		0.53	%
Expenses excluding interest		0.52%	(d)		0.52	%		0.52	%		0.52	%		0.53	%		0.53	%
Net investment income		0.45%	(d)		0.64	%		0.84	%		0.46	%		0.24	%		0.45	%
Supplemental data
Net assets, end of period (in millions)		$3,786			$3,737			$4,495			$6,315			$5,219			$4,273
Portfolio turnover rate (e)		11%	(c)		27	%		24	%		34	%		19	%		28	%

(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:

	Low Carbon Energy ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$111.11			$159.69			$165.41			$75.70			$55.10			$60.94
Net investment income (a)		0.86			1.45			0.78			0.16			0.05			0.26
Net realized and unrealized gain (loss) on investments		11.03			(48.57	)		(5.79	)		89.64			20.55			(5.76	)
Total from investment operations		11.89			(47.12	)		(5.01	)		89.80			20.60			(5.50	)
Distributions from:
Net investment income		—			(1.46	)		(0.71	)		(0.09	)		—			(0.34	)
Net asset value, end of period		$123.00			$111.11			$159.69			$165.41			$75.70			$55.10
Total return (b)		10.70%	(c)		(29.52	)%		(3.02	)%		118.65	%		37.38	%		(9.02	)%

Ratios to average net assets
Gross expenses		0.65%	(d)		0.61	%		0.55	%		0.64	%		0.65	%		0.65	%
Net expenses		0.65%	(d)		0.61	%		0.55	%		0.62	%		0.62	%		0.63	%
Net expenses excluding interest		0.59%	(d)		0.61	%		0.55	%		0.62	%		0.62	%		0.62	%
Net investment income		1.48%	(d)		1.13	%		0.49	%		0.16	%		0.08	%		0.44	%
Supplemental data
Net assets, end of period (in millions)		$201			$198			$301			$270			$105			$79
Portfolio turnover rate (e)		7%	(c)		16	%		77	%		84	%		40	%		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:

	Natural Resources ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$49.20			$47.44			$38.65			$37.10			$32.20			$37.09
Net investment income (a)		0.84			1.66			1.21			0.84			0.96			0.81
Net realized and unrealized gain (loss) on investments		(1.85	)		1.71			8.60			1.65	(b)		4.94			(4.78	)
Total from investment operations		(1.01	)		3.37			9.81			2.49			5.90			(3.97	)
Distributions from:
Net investment income		—			(1.61	)		(1.02	)		(0.94	)		(1.00	)		(0.92	)
Net asset value, end of period		$48.19			$49.20			$47.44			$38.65			$37.10			$32.20
Total return (c)		(2.05)%	(d)		7.10	%		25.38	%		6.73	%		18.34	%		(10.69	)%

Ratios to average net assets
Gross expenses (e)		0.52%	(f)		0.50	%		0.78	%		0.90	%		0.79	%		0.72	%
Net expenses (e)		0.52%	(f)		0.50	%		0.49	%		0.49	%		0.50	%		0.50	%
Net expenses excluding interest (e)		0.49%	(f)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.43%	(f)		3.36	%		2.63	%		2.59	%		2.70	%		2.21	%
Supplemental data
Net assets, end of period (in millions)		$135			$143			$97			$52			$70			$77
Portfolio turnover rate (g)		16%	(d)		37	%		26	%		26	%		24	%		23	%

(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 December 31, 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:

	Oil Refiners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$31.19			$27.14			$25.01			$29.01			$26.95			$30.40
Net investment income (a)		0.54			1.07			0.66			0.58			0.56			0.74
Net realized and unrealized gain (loss) on investments		(1.45	)		3.94			2.12			(3.92	)		1.91			(3.54	)
Total from investment operations		(0.91	)		5.01			2.78			(3.34	)		2.47			(2.80	)
Distributions from:
Net investment income		—			(0.96	)		(0.65	)		(0.64	)		(0.41	)		(0.52	)
Net realized capital gains		—			—			—			—			—			(0.13	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		—			(0.96	)		(0.65	)		(0.66	)		(0.41	)		(0.65	)
Net asset value, end of period		$30.28			$31.19			$27.14			$25.01			$29.01			$26.95
Total return (b)		(2.94)%	(c)		18.50	%		11.10	%		(11.50	)%		9.19	%		(9.22	)%

Ratios to average net assets
Gross expenses		0.94%	(d)		0.78	%		1.02	%		1.29	%		1.03	%		0.72	%
Net expenses		0.62%	(d)		0.61	%		0.59	%		0.59	%		0.60	%		0.60	%
Net expenses excluding interest		0.59%	(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.48%	(d)		3.54	%		2.32	%		2.56	%		1.97	%		2.32	%
Supplemental data
Net assets, end of period (in millions)		$32			$39			$20			$18			$35			$49
Portfolio turnover rate (e)		9%	(c)		40	%		18	%		37	%		30	%		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:

	Oil Services ETF(a)
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$304.03			$184.74			$153.90			$265.47			$280.60			$520.40
Net investment income (b)		1.72			2.14			2.41			2.26			6.60			7.00
Net realized and unrealized gain (loss) on investments		(18.12	)		120.04			30.24	(c)		(111.94	)		(15.93	)(c)		(240.80	)
Total from investment operations		(16.40	)		122.18			32.65			(109.68	)		(9.33	)		(233.80	)
Distributions from:
Net investment income		—			(2.89	)		(1.81	)		(1.89	)		(5.80	)		(6.00	)
Net asset value, end of period		$287.63			$304.03			$184.74			$153.90			$265.47			$280.60
Total return (d)		(5.39)%	(e)		66.14	%		21.18	%		(41.31	)%		(3.35	)%		(44.93	)%

Ratios to average net assets
Gross expenses (f)		0.35%	(g)		0.35	%		0.36	%		0.40	%		0.39	%		0.38	%
Net expenses (f)		0.35%	(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.20%	(g)		0.83	%		1.21	%		1.68	%		2.28	%		1.44	%
Supplemental data
Net assets, end of period (in millions)		$2,172			$2,584			$2,143			$723			$773			$1,045
Portfolio turnover rate (h)		8%	(e)		17	%		28	%		33	%		29	%		22	%

(a)	On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(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)	Periods after December 31, 2021 reflect a unitary management fee structure.
(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:

	Rare Earth/Strategic Metals ETF(a)
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$76.28			$111.72			$65.41			$40.41			$40.68			$89.25
Net investment income (b)		0.52			0.68			0.08			0.58			0.90			1.98
Net realized and unrealized gain (loss) on investments		6.43			(34.93	)		52.12			24.95			(0.54	)(c)		(45.48	)
Total from investment operations		6.95			(34.25	)		52.20			25.53			0.36			(43.50	)
Distributions from:
Net investment income		—			(1.19	)		(5.89	)		(0.53	)		(0.63	)		(5.07	)
Net asset value, end of period		$83.23			$76.28			$111.72			$65.41			$40.41			$40.68
Total return (d)		9.11%	(e)		(30.68	)%		80.09	%		63.22	%		0.91	%		(48.70	)%

Ratios to average net assets
Gross expenses		0.57%	(f)		0.54	%		0.53	%		0.63	%		0.64	%		0.63	%
Net expenses		0.57%	(f)		0.54	%		0.53	%		0.59	%		0.60	%		0.59	%
Net expenses excluding interest		0.56%	(f)		0.54	%		0.53	%		0.57	%		0.57	%		0.57	%
Net investment income		1.25%	(f)		0.70	%		0.08	%		1.44	%		2.14	%		2.73	%
Supplemental data
Net assets, end of period (in millions)		$610			$631			$1,014			$322			$193			$93
Portfolio turnover rate (g)		16%	(e)		40	%		74	%		70	%		64	%		68	%

(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)	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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Steel ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$57.80			$53.25			$44.57			$37.74			$34.87			$45.74
Net investment income (a)		1.05			2.71			3.19			0.71			1.16			1.30
Net realized and unrealized gain (loss) on investments		5.15			4.72			9.25			6.95			2.75			(9.99	)
Total from investment operations		6.20			7.43			12.44			7.66			3.91			(8.69	)
Distributions from:
Net investment income		—			(2.87	)		(3.76	)		(0.77	)		(1.04	)		(2.18	)
Return of capital		—			(0.01	)		—			(0.06	)		—			—
Total distributions		—			(2.88	)		(3.76	)		(0.83	)		(1.04	)		(2.18	)
Net asset value, end of period		$64.00			$57.80			$53.25			$44.57			$37.74			$34.87
Total return (b)		10.74%	(c)		13.88	%		27.91	%		20.57	%		11.02	%		(18.94	)%

Ratios to average net assets
Gross expenses		0.60%	(d)		0.58	%		0.56	%		0.95	%		0.71	%		0.61	%
Net expenses		0.56%	(d)		0.56	%		0.55	%		0.56	%		0.56	%		0.56	%
Net expenses excluding interest		0.55%	(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.37%	(d)		4.72	%		5.48	%		2.31	%		3.11	%		2.80	%
Supplemental data
Net assets, end of period (in millions)		$114			$100			$112			$77			$66			$58
Portfolio turnover rate (e)		7%	(c)		20	%		25	%		34	%		19	%		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)	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:

	Uranium+Nuclear Energy ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$54.94			$54.90			$49.35			$48.71			$49.67			$49.09
Net investment income (a)		0.95			0.86			1.44			0.89			1.07			1.30
Net realized and unrealized gain (loss) on investments		3.63			0.29			5.20			0.85			(0.85	)		1.22
Total from investment operations		4.58			1.15			6.64			1.74			0.22			2.52
Distributions from:
Net investment income		—			(1.11	)		(1.09	)		(1.10	)		(1.18	)		(1.94	)
Net asset value, end of period		$59.52			$54.94			$54.90			$49.35			$48.71			$49.67
Total return (b)		8.33%	(c)		2.10	%		13.48	%		3.59	%		0.44	%		5.15	%

Ratios to average net assets
Gross expenses		0.74%	(d)		0.67	%		0.89	%		1.25	%		0.93	%		0.85	%
Net expenses		0.61%	(d)		0.61	%		0.60	%		0.60	%		0.61	%		0.60	%
Net expenses excluding interest		0.60%	(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.41%	(d)		1.56	%		2.70	%		1.97	%		2.13	%		2.58	%
Supplemental data
Net assets, end of period (in millions)		$61			$54			$35			$18			$23			$26
Portfolio turnover rate (e)		32%	(c)		53	%		25	%		25	%		15	%		32	%

(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

NOTES TO FINANCIAL STATEMENTS

June 30, 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 diversification table below (each a “Fund” and, collectively, the “Funds”).

Fund	Diversification Classification

Agribusiness ETF	Non-Diversified
Future of Food ETF	Non-Diversified
Gold Miners ETF	Non-Diversified
Green Metals ETF	Non-Diversified
Junior Gold Miners ETF	Non-Diversified
Low Carbon Energy ETF	Non-Diversified
Natural Resources ETF	Diversified
Oil Refiners ETF	Non-Diversified
Oil Services ETF	Non-Diversified
Rare Earth/Strategic Metals ETF	Non-Diversified
Steel ETF	Non-Diversified
Uranium+Nuclear Energy ETF	Non-Diversified

Each Fund’s investment objective (except for Future of Food ETF) 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

Agribusiness ETF	MVIS^®Global Agribusiness Index
Gold Miners ETF	NYSE^®Arca^®Gold Miners Index^®
Green Metals ETF	MVIS^®Global Clean-Tech Metals Index
Junior Gold Miners ETF	MVIS^®Global Junior Gold Miners Index
Low Carbon Energy ETF	MVIS Global Low Carbon Energy Index
Natural Resources ETF	VanEck^®Natural Resources Index
Oil Refiners ETF	MVIS^®Global Oil Refiners Index
Oil Services ETF	MVIS^®US Listed Oil Services 25 Index
Rare Earth/Strategic Metals ETF	MVIS^®Global Rare Earth/Strategic Metals Index
Steel ETF	NYSE^®Arca^®Steel Index
Uranium+Nuclear Energy ETF	MVIS^®Global Uranium & Nuclear Energy Index

Each Fund, except for Future of Food 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. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.

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

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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

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

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

	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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

	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.

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

Fund	Management Fees			Expense Limitations
Agribusiness ETF		0.50	%		0.56	%
Gold Miners ETF		0.50			0.53
Junior Gold Miners ETF		0.50			0.56
Low Carbon Energy ETF		0.50			0.62
Oil Refiners ETF		0.50			0.59
Rare Earth/Strategic Metals ETF		0.50			0.57
Steel ETF		0.50			0.55
Uranium+Nuclear Energy ETF		0.50			0.60

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

The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2024.

Fund	Unitary Management Fee Rate
Future of Food ETF		0.69	%
Green Metals ETF		0.59
Natural Resources ETF		0.49
Oil Services 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.

Note 4—Capital Share Transactions—As of June 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Agribusiness ETF	$	75,976,030	$	62,807,277	$	—	$	175,107,027
Future of Food ETF		296,375		232,856		906,105		—
Gold Miners ETF		1,123,605,640		986,391,825		1,609,587,495		2,214,283,887
Green Metals ETF		3,163,523		1,940,240		2,378,635		—
Junior Gold Miners ETF		489,221,127		439,813,698		290,049,525		221,349,971
Low Carbon Energy ETF		16,095,011		15,171,679		5,049,868		22,259,266
Natural Resources ETF		24,762,038		22,657,067		13,654,410		19,321,341
Oil Refiners ETF		3,302,051		3,681,394		—		5,137,243
Oil Services ETF		206,553,236		192,260,655		2,692,436,105		2,949,108,839
Rare Earth/Strategic Metals ETF		100,830,425		117,502,483		18,032,578		81,667,663
Steel ETF		10,400,343		8,828,964		63,014,716		54,303,130
Uranium+Nuclear Energy ETF		19,077,552		18,262,265		4,062,874		2,839,236

Note 6—Income Taxes—As of June 30, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	1,332,939,088	$	46,890,061	$	(234,899,126	)	$	(188,009,065	)
Future of Food ETF		4,251,072		92,580		(910,729	)		(818,149	)
Gold Miners ETF		12,226,483,321		908,992,566		(1,188,271,643	)		(279,279,077	)
Green Metals ETF		30,326,998		1,662,240		(7,261,613	)		(5,599,373	)
Junior Gold Miners ETF		4,657,823,623		261,221,138		(1,054,439,496	)		(793,218,358	)
Low Carbon Energy ETF		233,665,172		30,650,286		(52,279,983	)		(21,629,697	)
Natural Resources ETF		131,055,845		14,998,061		(8,914,016	)		6,084,045
Oil Refiners ETF		33,603,811		1,555,755		(3,356,898	)		(1,801,143	)
Oil Services ETF		2,414,672,813		45,783,662		(270,495,688	)		(224,712,026	)
Rare Earth/Strategic Metals ETF		599,817,350		149,854,752		(109,522,966	)		40,331,786
Steel ETF		137,496,965		4,683,344		(20,821,003	)		(16,137,659	)
Uranium+Nuclear Energy ETF		60,528,382		7,838,708		(1,838,070	)		6,000,638

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

At December 31, 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
Agribusiness ETF	$	(222,942,771	)	$	(554,532,601	)	$	(777,475,372	)
Future of Food ETF		(98,221	)		–	��		(98,221	)
Gold Miners ETF		(2,025,014,743	)		(9,862,528,556	)		(11,887,543,299	)
Green Metals ETF		(975,397	)		(37,520	)		(1,012,917	)
Junior Gold Miners ETF		(1,682,967,033	)		(3,088,915,036	)		(4,771,882,069	)
Low Carbon Energy ETF		(9,742,287	)		(54,443,163	)		(64,185,450	)
Natural Resources ETF		(10,260,864	)		(43,588,429	)		(53,849,293	)
Oil Refiners ETF		(5,157,696	)		(5,355,728	)		(10,513,424	)
Oil Services ETF		(306,893,389	)		(1,708,561,033	)		(2,015,454,422	)
Rare Earth/Strategic Metals ETF		(75,995,355	)		(247,299,039	)		(323,294,394	)
Steel ETF		(16,288,914	)		(146,024,957	)		(162,313,871	)
Uranium+Nuclear Energy ETF		(13,904,116	)		(71,429,462	)		(85,333,578	)

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2023, the Funds did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, 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.

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

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

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

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	47,671,200	$	47,253,786	$	2,600,972	$	49,854,758
Future of Food ETF		140,439		129,532		21,487		151,019
Gold Miners ETF		80,701,201		44,964,475		37,916,993		82,881,468
Green Metals ETF		830,302		384,877		468,241		853,118
Junior Gold Miners ETF		202,070,631		83,919,759		127,014,364		210,934,123
Low Carbon Energy ETF		20,519,016		11,021,593		9,952,814		20,974,407
Natural Resources ETF		6,966,285		2,060,840		5,212,797		7,273,637
Oil Refiners ETF		164,702		–		173,380		173,380
Oil Services ETF		151,904,221		18,462,075		131,222,986		149,685,061
Rare Earth/Strategic Metals ETF		151,388,488		31,159,446		123,905,814		155,065,260
Steel ETF		16,734,951		7,730,911		9,484,000		17,214,911
Uranium+Nuclear Energy ETF		15,126,709		6,161,710		9,641,557		15,803,267

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Agribusiness ETF	$	47,253,786
Future of Food ETF		129,532
Gold Miners ETF		44,964,475
Green Metals ETF		384,877
Junior Gold Miners ETF		83,919,759
Low Carbon Energy ETF		11,021,593
Natural Resources ETF		2,060,840
Oil Services ETF		18,462,075
Rare Earth/Strategic Metals ETF		31,159,446
Steel ETF		7,730,911
Uranium+Nuclear Energy ETF		6,161,710

*	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 June 30, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		138		$1,519,677		6.14	%
Gold Miners ETF		106		10,263,960		5.93
Green Metals ETF		179		323,945		6.10
Junior Gold Miners ETF		49		9,985,369		5.98
Low Carbon Energy ETF		179		1,855,544		6.10
Natural Resources ETF		174		612,039		6.09
Oil Refiners ETF		168		157,218		6.09
Oil Services ETF		81		3,243,423		6.01
Rare Earth/Strategic Metals ETF		139		1,337,527		6.09
Steel ETF		129		292,707		5.99
Uranium+Nuclear Energy ETF		109		188,364		6.26

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited)

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChiNext ETF, Digital India ETF, Egypt Index ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Steel ETF, Uranium + Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of the VanEck China Growth Leaders ETF and ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Funds) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub- Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

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

The Trustees also considered information relating to the financial condition of the Adviser and the Sub- Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Agribusiness ETF, Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Rare Earth/Strategic Metals ETF and Uranium + Nuclear Energy ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF and Vietnam ETF had management fees above the average and below the median of its respective peer group of funds, each of the VanEck Green Metals ETF and Natural Resources ETF had management fees above the average and median of its respective peer group of funds, the VanEck Digital India ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Oil Services ETF had management fees equal to the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Brazil Small-Cap ETF, Gold Miners ETF, and Oil Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Israel ETF, Junior Gold Miners ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and above the median of its respective peer group of funds, each of the VanEck ChiNext ETF, Digital India ETF, Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, each of the VanEck Egypt Index ETF, Low Carbon Energy ETF and Uranium + Nuclear Energy ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, and the VanEck India Growth Leaders ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefits.

The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Funds) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited) (continued)

Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Funds, if any, were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.

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

VanEck Future of Food ETF

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the

Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management

Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2022 and the period since its inception on November 30, 2021 through December 31, 2022, but also that the Fund had outperformed another benchmark that the Adviser informed the Board was more representative of the Fund’s investment strategy for the one-year period ended December 31, 2022. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

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

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

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited) (continued)

VanEck CMCI Commodity Strategy ETF

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (inclusive of any subsidiary expenses) excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

VANECK ETF TRUST

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	NRSAR

SEMI-ANNUAL REPORT
June 30, 2023
(unaudited)

Africa Index ETF	AFK
Brazil Small-Cap ETF	BRF
China Growth Leaders ETF	GLCN
ChiNext ETF	CNXT
Digital India ETF	DGIN
Egypt Index ETF	EGPT
India Growth Leaders ETF	GLIN
Indonesia Index ETF	IDX
Israel ETF	ISRA
Vietnam ETF	VNM


	800.826.2333	vaneck.com

VANECK ETF TRUST

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1. Monetary Policy: Tightening

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

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

2. Fiscal Tightening

3. Global Growth is at Low Levels

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

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

My final 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).

Jan F. van Eck
CEO and President
VanEck ETF Trust

July 7, 2023

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

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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

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

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, January 1, 2023 to June 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Africa Index ETF
Actual	$1,000.00	$932.10	1.23%	$5.89
Hypothetical (b)	$1,000.00	$1,018.70	1.23%	$6.16
Brazil Small-Cap ETF
Actual	$1,000.00	$1,333.30	0.67%	$3.88
Hypothetical (b)	$1,000.00	$1,021.47	0.67%	$3.36
China Growth Leaders ETF
Actual	$1,000.00	$911.60	0.60%	$2.84
Hypothetical (b)	$1,000.00	$1,021.82	0.60%	$3.01
ChiNext ETF
Actual	$1,000.00	$906.30	0.65%	$3.07
Hypothetical (b)	$1,000.00	$1,021.57	0.65%	$3.26
Digital India ETF
Actual	$1,000.00	$1,119.40	0.76%	$3.99
Hypothetical (b)	$1,000.00	$1,021.03	0.76%	$3.81
Egypt Index ETF
Actual	$1,000.00	$938.70	1.81%	$8.70
Hypothetical (b)	$1,000.00	$1,015.82	1.81%	$9.05
India Growth Leaders ETF
Actual	$1,000.00	$1,115.30	0.95%	$4.98
Hypothetical (b)	$1,000.00	$1,020.08	0.95%	$4.76

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Indonesia Index ETF
Actual	$1,000.00	$1,044.00	0.59%	$2.99
Hypothetical (b)	$1,000.00	$1,021.87	0.59%	$2.96
Israel ETF
Actual	$1,000.00	$987.50	0.60%	$2.96
Hypothetical (b)	$1,000.00	$1,021.82	0.60%	$3.01
Vietnam ETF
Actual	$1,000.00	$1,132.60	0.78%	$4.12
Hypothetical (b)	$1,000.00	$1,020.93	0.78%	$3.91

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

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.3%
Australia: 5.1%
AVZ Minerals Ltd. *∞		1,399,901	$	293,531
Paladin Energy Ltd. *		2,013,752		989,665
Perseus Mining Ltd.		922,306		1,023,799
				2,306,995
Canada: 8.1%
B2Gold Corp. (USD)		40,604		144,956
Barrick Gold Corp. (USD)		72,132		1,221,195
Ivanhoe Mines Ltd. * †		253,408		2,317,201
				3,683,352
China: 3.7%
CMOC Group Ltd. (HKD) †		3,219,000		1,694,638
Egypt: 4.9%
Centamin Plc (GBP)		495,211		575,179
Commercial International Bank Egypt SAE (USD) (GDR) †		1,469,764		1,675,531
				2,250,710
Ghana: 2.2%
Kosmos Energy Ltd. (USD) *		168,633		1,010,112
India: 1.1%
MakeMyTrip Ltd. (USD) *		18,836		508,195
Indonesia: 0.8%
Golden Agri-Resources Ltd. (SGD)		2,028,600		367,810
Kenya: 5.1%
Equity Group Holdings Plc		3,543,400		963,976
Safaricom Plc		10,810,500		1,345,546
				2,309,522
Morocco: 15.8%
Attijariwafa Bank		65,825		2,950,736
Bank of Africa		59,617		1,065,369
Banque Centrale Populaire		89,162		2,371,736
Co. Sucrerie Marocaine et de Raffinage		41,437		815,792
				7,203,633
Nigeria: 5.4%
Guaranty Trust Holding Co. Plc		15,748,709		720,529
MTN Nigeria Communications Plc		2,940,775		1,050,991
Zenith Bank Plc		14,952,315		670,886
				2,442,406
Norway: 0.1%
Scatec ASA 144A		9,500		62,304
South Africa: 33.3%
Absa Group Ltd.		64,498		573,532
African Rainbow Minerals Ltd.		8,953		94,106
Anglo American Platinum Ltd. †		5,008		225,540
Anglo American Plc (GBP)		67,444		1,922,409
Aspen Pharmacare Holdings Ltd.		25,059		243,538
AVI Ltd.		22,556		81,147

	Number of Shares		Value
South Africa (continued)
Bid Corp. Ltd.		18,227	$	398,758
Bidvest Group Ltd.		15,718		217,683
Capitec Bank Holdings Ltd. †		7,781		645,764
Clicks Group Ltd. †		17,192		237,787
Discovery Ltd. *		35,720		275,776
Exxaro Resources Ltd.		12,339		107,220
FirstRand Ltd.		401,374		1,457,099
Gold Fields Ltd. (ADR)		59,889		828,265
Growthpoint Properties Ltd.		267,233		164,941
Harmony Gold Mining Co. Ltd. (ADR) †		31,909		134,018
Impala Platinum Holdings Ltd.		60,243		399,853
Investec Plc (GBP)		44,399		248,817
Life Healthcare Group Holdings Ltd.		61,135		66,503
Momentum Metropolitan Holdings		92,101		88,138
Mr Price Group Ltd.		18,607		141,408
MTN Group Ltd.		97,278		712,087
MultiChoice Group		19,238		97,243
Naspers Ltd.		7,673		1,381,076
Nedbank Group Ltd.		33,204		401,850
Netcare Ltd.		95,150		72,579
Northam Platinum Holdings Ltd. *		16,524		109,756
Old Mutual Ltd.		320,447		205,606
Pepkor Holdings Ltd. 144A		103,106		90,034
Remgro Ltd.		36,429		283,564
Resilient REIT Ltd.		22,210		49,743
Sanlam Ltd.		137,605		425,025
Sappi Ltd. †		22,426		46,309
Sasol Ltd. (ADR) †		39,069		483,674
Shoprite Holdings Ltd.		35,349		422,425
Sibanye Stillwater Ltd. (ADR) †		49,352		307,956
SPAR Group Ltd. †		11,688		65,062
Standard Bank Group Ltd.		100,176		942,309
Thungela Resources Ltd.		9,925		77,566
Tiger Brands Ltd. †		9,146		80,659
Vodacom Group Ltd. †		35,757		221,987
Woolworths Holdings Ltd.		54,625		206,582
				15,235,394
Tanzania: 3.0%
AngloGold Ashanti Ltd. (ADR) †		28,504		601,149
Helios Towers Plc (GBP) *		653,999		776,990
				1,378,139
United Arab Emirates: 3.6%
Itissalat Al-Maghrib (MAD)		170,348		1,633,869
United Kingdom: 4.8%
Airtel Africa Plc 144A		723,959		992,197
Endeavour Mining Plc		44,200		1,062,621
Kumba Iron Ore Ltd. (ZAR)		4,959		116,112
				2,170,930

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
United States: 0.7%
Royal Caribbean Cruises Ltd. *		3,158	$	327,611
Zambia: 2.6%
First Quantum Minerals Ltd. (CAD)		50,652		1,199,648
Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		5,897
Ecocash Holdings Zimbabwe Ltd. *		32,900		823
				6,720
Total Common Stocks (Cost: $44,322,413)				45,791,988

	Number of Shares		Value
RIGHTS: 0.0% (Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 170.00, exp. 10/03/23 *		25	$	7
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $44,322,413)				45,791,995

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,116,905)
State Street Navigator Securities Lending Government Money Market Portfolio		1,116,905		1,116,905
Total Investments: 102.7% (Cost: $45,439,318)				46,908,900
Liabilities in excess of other assets: (2.7)%				(1,215,180)
NET ASSETS: 100.0%			$	45,693,720

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
MAD	Moroccan Dirham
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $5,708,154.

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 $1,144,535, or 2.5% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		34.8	%	$	15,967,074
Materials		32.3			14,801,916
Communication Services		14.9			6,830,908
Consumer Discretionary		5.8			2,654,906
Consumer Staples		5.5			2,475,337
Energy		4.8			2,184,563
Health Care		0.8			382,620
Industrials		0.5			217,683
Real Estate		0.5			214,684
Utilities		0.1			62,304
		100.0	%	$	45,791,995

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,013,464	$	293,531	$	2,306,995
Canada		3,683,352		—		—		3,683,352
China		—		1,694,638		—		1,694,638
Egypt		1,675,531		575,179		—		2,250,710
Ghana		1,010,112		—		—		1,010,112
India		508,195		—		—		508,195
Indonesia		—		367,810		—		367,810
Kenya		2,309,522		—		—		2,309,522
Morocco		4,831,897		2,371,736		—		7,203,633
Nigeria		1,771,520		670,886		—		2,442,406
Norway		—		62,304		—		62,304
South Africa		5,094,161		10,141,233		—		15,235,394
Tanzania		601,149		776,990		—		1,378,139
United Arab Emirates		1,633,869		—		—		1,633,869
United Kingdom		992,197		1,178,733		—		2,170,930
United States		327,611		—		—		327,611
Zambia		1,199,648		—		—		1,199,648
Zimbabwe		6,720		—		—		6,720
Rights ^*		7		—		—		7
Money Market Fund		1,116,905		—		—		1,116,905
Total Investments	$	26,762,396	$	19,852,973	$	293,531	$	46,908,900

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 90.6%
Automobiles & Components: 0.8%
Mahle Metal Leve SA		29,200	$	283,816
Banks: 1.4%
Inter & Co., Inc. (BDR) *		155,300		480,346
Capital Goods: 2.9%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA *		232,150		64,483
Armac Locacao Logistica E Servicos SA		57,650		180,359
Iochpe Maxion SA		74,552		194,469
Kepler Weber SA		70,800		139,879
Mills Estruturas e Servicos de Engenharia SA		82,100		193,239
Tupy SA		40,400		221,229
				993,658
Commercial & Professional Services: 1.6%
Ambipar Participacoes e Empreendimentos SA		33,350		151,699
Boa Vista Servicos SA *		125,050		207,363
Orizon Valorizacao de Residuos SA *		24,500		190,803
				549,865
Consumer Discretionary Distribution & Retail: 2.7%
Grupo SBF SA		75,700		210,111
Pet Center Comercio e Participacoes SA		199,650		274,362
Via SA *		968,600		434,921
				919,394
Consumer Durables & Apparel: 9.0%
Cury Construtora e Incorporadora SA		97,300		326,149
Cyrela Brazil Realty SA Empreendimentos e Participacoes		175,600		738,237
Direcional Engenharia SA		62,500		256,490
Ez Tec Empreendimentos e Participacoes SA		110,502		425,096
Grendene SA		150,350		234,873
Guararapes Confeccoes SA		64,300		103,671
MRV Engenharia e Participacoes SA		234,500		566,636
Vivara Participacoes SA		75,100		446,691
				3,097,843
Consumer Services: 7.6%
Afya Ltd. * †		18,087		253,942
Anima Holding SA *		189,700		166,000
Arco Platform Ltd. * †		3,528		42,830
Arcos Dorados Holdings, Inc.		70,235		719,909
Cogna Educacao SA *		1,066,150		725,878
Cruzeiro do Sul Educacional SA		55,650		44,746
YDUQS Participacoes SA *		138,150		571,850
Zamp SA *		114,700		108,994
				2,634,149

	Number of Shares		Value
Consumer Staples Distribution & Retail: 1.7%
Cia Brasileira de Distribuicao (ADR) * †		94,127	$	362,389
Dimed SA Distribuidora da Medicamentos		62,650		167,479
Empreendimentos Pague Menos SA *		66,757		56,465
				586,333
Energy: 8.2%
3R Petroleum Oleo e Gas SA *		163,201		1,017,406
AES Brasil Energia SA		177,772		454,807
Enauta Participacoes SA		60,400		173,321
Karoon Energy Ltd. *		400,952		528,596
Modec, Inc. * †		15,400		149,491
Petroreconcavo SA		128,800		515,663
				2,839,284
Financial Services: 0.8%
BR Advisory Partners Participacoes SA		38,150		115,051
Vinci Partners Investments Ltd.		16,678		155,439
				270,490
Food, Beverage & Tobacco: 8.3%
Adecoagro SA †		46,476		435,015
BrasilAgro - Co. Brasileira de Propriedades Agricolas		44,200		226,252
BRF SA (ADR) * †		450,973		856,849
Camil Alimentos SA *		76,900		113,386
Jalles Machado SA		120,500		189,249
Marfrig Global Foods SA		250,000		379,579
Minerva SA		193,200		428,912
Tres Tentos Agroindustrial SA		94,400		253,339
				2,882,581
Health Care Equipment & Services: 5.2%
Centro De Imagem Diagnosticos SA *		28,650		142,407
Fleury SA *		227,987		764,210
Hospital Mater Dei SA		31,900		71,019
Odontoprev SA		175,740		460,619
Oncoclinicas do Brasil Servicos Medicos SA *		142,500		300,583
Qualicorp Consultoria e Corretora de Seguros SA		73,100		73,891
				1,812,729
Insurance: 1.1%
IRB-Brasil Resseguros SA *		42,373		385,394
Materials: 5.4%
Cia Brasileira de Aluminio		144,450		152,046
Dexco SA *		304,600		531,183
ERO Copper Corp. * †		46,970		950,214
Irani Papel e Embalagem SA		80,250		155,365
Largo, Inc. * †		18,920		80,788
				1,869,596
Media & Entertainment: 0.4%
VTEX *		29,333		140,799
Pharmaceuticals, Biotechnology & Life Sciences: 0.3%
Blau Farmaceutica SA		24,450		95,028

See Notes to Financial Statements

	Number of Shares		Value
Real Estate Management & Development: 8.3%
Aliansce Sonae Shopping Centers SA		334,744	$	1,723,286
Iguatemi SA		166,250		778,440
JHSF Participacoes SA		195,500		207,822
LOG Commercial Properties e Participacoes SA		28,600		139,709
				2,849,257
Semiconductors & Semiconductor Equipment: 1.6%
SMART Global Holdings, Inc. * †		18,585		539,151
Software & Services: 2.3%
Clear Sale SA *		54,100		75,701
Locaweb Servicos de Internet SA 144A		193,500		346,734
Sinqia SA *		48,650		224,646
Sonda SA		303,512		147,581
				794,662
Technology Hardware & Equipment: 0.7%
Ituran Location and Control Ltd.		7,369		171,992
Multilaser Industrial SA *		161,600		84,037
				256,029
Telecommunication Services: 0.5%
Oi SA *		439,386		96,352
Unifique Telecomunicacoes SA		95,950		82,360
				178,712
Transportation: 11.1%
Azul SA (ADR) * †		73,726		1,009,309
EcoRodovias Infraestrutura e Logistica SA		253,140		343,638
Gol Linhas Aereas Inteligentes SA (ADR) * †		80,371		438,826
Hidrovias do Brasil SA *		322,500		214,183
Log-in Logistica Intermodal SA *		10,550		113,075
Movida Participacoes SA		96,100		211,339
Santos Brasil Participacoes SA		510,600		1,083,433
SIMPAR SA		228,650		429,298
				3,843,101
Utilities: 8.7%
Alupar Investimento SA		175,606		1,099,509
Cia de Saneamento de Minas Gerais Copasa *		126,688		559,594
Cia de Saneamento do Parana *		228,950		1,045,246
Omega Energia SA *		127,402		300,665
				3,005,014
Total Common Stocks (Cost: $29,615,352)				31,307,231

PREFERRED SECURITIES: 9.5%
Banks: 3.2%
Banco ABC Brasil SA*		56,320		224,306
Banco do Estado do Rio Grande do Sul SA		145,750		456,591

	Number of Shares		Value
Banks (continued)
Banco Pan SA*		228,500	$	436,652
				1,117,549
Capital Goods: 2.2%
Marcopolo SA		380,559		414,083
Randon SA Implementos e Participacoes		135,400		344,142
				758,225
Consumer; Cyclical: 0.8%
Alpargatas SA*		132,750		257,837
Energy: 2.2%
Raizen SA		823,500		756,735
Information Technology: 1.1%
Cia de Ferro Ligas da Bahia		24,050		243,453
Taurus Armas SA		47,950		150,914
				394,367
Total Preferred Securities (Cost: $2,345,596)				3,284,713
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $31,960,948)				34,591,944

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.7%
Money Market Fund: 6.7% (Cost: $2,301,920)
State Street Navigator Securities Lending Government Money Market Portfolio		2,301,920		2,301,920
Total Investments: 106.8% (Cost: $34,262,868)				36,893,864
Liabilities in excess of other assets: (6.8)%				(2,351,596)
NET ASSETS: 100.0%			$	34,542,268

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,947,034.

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 $346,734, or 1.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		20.1	%	$	6,935,202
Industrials		17.8			6,144,849
Consumer Staples		10.8			3,726,751
Utilities		10.0			3,459,821
Energy		9.1			3,141,213
Real Estate		8.2			2,849,257
Financials		6.5			2,253,779
Information Technology		5.7			1,984,209
Health Care		5.5			1,907,757
Materials		5.4			1,869,596
Communication Services		0.9			319,510
		100.0	%	$	34,591,944

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	283,816	$	—	$	—	$	283,816
Banks		480,346		—		—		480,346
Capital Goods		993,658		—		—		993,658
Commercial & Professional Services		549,865		—		—		549,865
Consumer Discretionary Distribution & Retail		919,394		—		—		919,394
Consumer Durables & Apparel		3,097,843		—		—		3,097,843
Consumer Services		2,634,149		—		—		2,634,149
Consumer Staples Distribution & Retail		586,333		—		—		586,333
Energy		2,161,197		678,087		—		2,839,284
Financial Services		270,490		—		—		270,490
Food, Beverage & Tobacco		2,882,581		—		—		2,882,581
Health Care Equipment & Services		1,812,729		—		—		1,812,729
Insurance		385,394		—		—		385,394
Materials		1,869,596		—		—		1,869,596
Media & Entertainment		140,799		—		—		140,799
Pharmaceuticals, Biotechnology & Life Sciences		95,028		—		—		95,028
Real Estate Management & Development		2,849,257		—		—		2,849,257
Semiconductors & Semiconductor Equipment		539,151		—		—		539,151
Software & Services		794,662		—		—		794,662
Technology Hardware & Equipment		256,029		—		—		256,029
Telecommunication Services		178,712		—		—		178,712
Transportation		3,843,101		—		—		3,843,101
Utilities		3,005,014		—		—		3,005,014
Preferred Securities ^*		3,284,713		—		—		3,284,713
Money Market Fund		2,301,920		—		—		2,301,920
Total Investments	$	36,215,777	$	678,087	$	—	$	36,893,864

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.6%
Automobiles & Components: 0.1%
Zhejiang Qianjiang Motorcycle Co. Ltd. *		6,100	$	15,313
Banks: 0.5%
Bank of Chengdu Co. Ltd. *		39,600		66,548
Capital Goods: 6.2%
Dongguan Dingtong Precision Metal Co. Ltd.		1,500		20,166
Greentown Management Holdings Co. Ltd. 144A *		12,000		9,564
Guangzhou Haoyang Electronic Co. Ltd.		1,900		28,636
Guangzhou KDT Machinery Co. Ltd.		8,360		22,617
Hangzhou Weiguang Electronic Co. Ltd.		2,700		10,053
Hangzhou Zhongtai Cryogenic Technology Corp.		4,600		9,151
Hoyuan Green Energy Co. Ltd. *		3,740		38,415
Jiangsu Hengli Hydraulic Co. Ltd.		10,144		89,825
Jiangxi Special Electric Motor Co. Ltd. *		32,800		53,945
Jingjin Equipment, Inc.		5,800		25,041
Keda Industrial Group Co. Ltd.		31,500		49,312
Morimatsu International Holdings Co. Ltd. *		9,000		7,422
Nantong Jianghai Capacitor Co. Ltd.		12,100		35,470
Ningbo Haitian Precision Machinery Co. Ltd.		2,000		9,170
Shanghai Hanbell Precise Machinery Co. Ltd.		13,000		44,698
Shanxi Coal International Energy Group Co. Ltd.		20,100		40,056
Shijiazhuang Shangtai Technology Co. Ltd.		6,800		52,882
TBEA Co. Ltd. *		74,700		229,358
TKD Science and Technology Co. Ltd.		5,840		13,353
Warom Technology, Inc. Co.		3,300		12,085
Xinte Energy Co. Ltd. * †		29,200		62,171
				863,390
Consumer Durables & Apparel: 4.7%
Biem.L.Fdlkk Garment Co. Ltd.		10,900		53,139
Chow Tai Seng Jewellery Co. Ltd.		9,100		22,287
DR Corp. Ltd.		9,000		47,633
Ecovacs Robotics Co. Ltd.		4,100		43,930
Huali Industrial Group Co. Ltd.		24,300		163,243
Li Ning Co. Ltd. *		54,500		294,287
Tonze New Energy Technology Co. Ltd.		5,500		10,587
Wenzhou Yuanfei Pet Toys Products Co. Ltd.		4,620		9,609

	Number of Shares		Value
Consumer Durables & Apparel (continued)
Zhejiang Cayi Vacuum Container Co. Ltd.		2,400	$	12,800
				657,515
Consumer Services: 0.3%
East Buy Holding Ltd. 144A * †		10,500		34,309
Energy: 12.4%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd.		12,100		12,973
Guanghui Energy Co. Ltd.		100,400		94,880
Guizhou Panjiang Refined Coal Co. Ltd.		19,700		18,836
Inner Mongolia Yitai Coal Co. Ltd.		54,700		74,910
Jinneng Holding Shanxi Coal Industry Co. Ltd.		39,800		51,250
Jizhong Energy Resources Co. Ltd.		29,300		25,722
PetroChina Co. Ltd.		1,422,000		987,301
Pingdingshan Tianan Coal Mining Co. Ltd.		30,200		31,324
Shaanxi Coal Industry Co. Ltd.		74,700		186,971
Shandong Xinchao Energy Corp. Ltd. *		108,700		37,885
Shanxi Lanhua Sci-Tech Venture Co. Ltd.		18,720		21,080
Shanxi Lu’an Environmental Energy Development Co. Ltd.		24,500		55,027
Yankuang Energy Group Co. Ltd.		28,700		118,146
				1,716,305
Food, Beverage & Tobacco: 12.8%
Anhui Yingjia Distillery Co. Ltd.		4,500		39,541
Cheng De Lolo Co. Ltd.		23,200		28,262
China Feihe Ltd. 144A		92,000		51,348
Chongqing Brewery Co. Ltd.		4,800		60,865
Jiangsu King’s Luck Brewery JSC Ltd.		11,400		82,878
JiuGui Liquor Co. Ltd.		5,500		68,337
Luzhou Laojiao Co. Ltd.		16,428		473,926
Meihua Holdings Group Co. Ltd.		40,600		49,920
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		9,595		244,403
Sichuan Swellfun Co. Ltd.		4,400		35,748
Wuliangye Yibin Co. Ltd.		28,330		638,616
				1,773,844
Health Care Equipment & Services: 5.6%
Andon Health Co. Ltd.		6,300		30,570
Dian Diagnostics Group Co. Ltd.		14,000		49,390
Guangzhou Kingmed Diagnostics Group Co. Ltd.		6,500		67,561
Guangzhou Wondfo Biotech Co. Ltd.		7,830		28,686
Hangzhou Alltest Biotech Co. Ltd.		888		6,373
Jiangsu Bioperfectus Technologies Co. Ltd. *		577		4,383
JiangXi Sanxin Medtec Co. Ltd.		11,440		10,749

See Notes to Financial Statements

	Number of Shares		Value
Health Care Equipment & Services (continued)
Sansure Biotech, Inc.		6,676	$	15,478
Shanghai Labway Clinical Laboratory Co. Ltd.		5,300		12,623
Shanghai MicroPort Endovascular MedTech Group Co. Ltd.		800		19,776
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		10,344		427,422
Shenzhen YHLO Biotech Co. Ltd.		7,900		20,036
Suzhou Iron Technology Co. Ltd.		1,900		8,478
Tofflon Science & Technology Group Co. Ltd.		10,800		33,821
Wuhan Easydiagnosis Biomedicine Co. Ltd.		3,825		13,637
Zhejiang Gongdong Medical Technology Co. Ltd.		2,700		20,799
				769,782
Household & Personal Products: 0.1%
Tongling Jieya Biologic Technology Co. Ltd.		2,000		9,966
Industrials: 0.0%
Sichuan Languang Justbon Services Group Co. Ltd. ∞		3,300		0
Materials: 20.3%
Anhui Annada Titanium Industry Co. Ltd.		4,800		7,521
Anhui Guangxin Agrochemical Co. Ltd.		8,300		30,905
Anhui Jinhe Industrial Co. Ltd.		7,000		22,764
Canmax Technologies Co. Ltd.		16,520		81,573
Chengxin Lithium Group Co. Ltd.		12,100		53,141
China Hongqiao Group Ltd.		57,600		47,043
China Jushi Co. Ltd.		54,300		105,865
China Northern Rare Earth Group High-Tech Co. Ltd.		53,300		176,094
CNSIG Inner Mongolia Chemical Industry Co. Ltd.		25,720		31,891
Dalian Bio-Chem Co. Ltd.		3,220		4,493
Dongyue Group Ltd. †		32,000		24,033
Fufeng Group Ltd. †		30,000		15,202
Fujian Yongan Forestry Group *		7,100		11,897
Ganfeng Lithium Group Co. Ltd.		43,300		364,542
Guangzhou Tinci Materials Technology Co. Ltd.		38,900		221,030
Huafon Chemical Co. Ltd.		41,800		39,470
Hubei Shuanghuan Science and Technology Stock Co. Ltd. *		7,900		9,262
Hubei Yihua Chemical Industry Co. Ltd.		18,500		29,264
Hunan Haili Chemical Industry Co. Ltd. *		9,000		9,622
Inner Mongolia ERDOS Resources Co. Ltd.		16,552		20,449

	Number of Shares		Value
Materials (continued)
Jiangsu Changhai Composite Materials Co. Ltd.		9,700	$	18,489
Jiangsu Flag Chemical Industry Co. Ltd.		9,900		14,144
Jiangsu Sopo Chemical Co.		12,900		11,592
Jiangxi Chenguang New Materials Co. Ltd.		5,798		14,209
KBC Corp. Ltd. *		2,210		52,196
Lecron Industrial Development Group Co. Ltd. *		27,500		26,832
Lier Chemical Co. Ltd.		10,800		19,194
Nantong Jiangshan Agrochemical & Chemical LLC		5,655		18,472
Qinghai Salt Lake Industry Co. Ltd. *		83,900		221,478
Satellite Chemical Co. Ltd.		39,355		81,053
Shandong Fiberglass Group Co. Ltd.		8,780		9,062
Shandong Haihua Co. Ltd.		12,400		11,637
Shandong Hualu Hengsheng Chemical Co. Ltd.		34,600		145,870
Shanghai Chlor-Alkali Chemical Co. Ltd.		7,500		9,265
Shenghe Resources Holding Co. Ltd. *		28,300		50,192
Shinghwa Advanced Material Group Co. Ltd.		3,000		24,473
Sichuan Anning Iron and Titanium Co. Ltd.		6,900		30,514
Sichuan Hebang Biotechnology Co. Ltd.		128,100		42,892
Sichuan Meifeng Chemical *		11,100		12,462
Sichuan Yahua Industrial Group Co. Ltd.		25,300		61,991
Sinomine Resource Group Co. Ltd.		12,380		87,023
Snowsky Salt Industry Group Co. Ltd.		33,800		36,954
Tangshan Sunfar Silicon Industry Co. Ltd.		5,000		13,618
Tianqi Lithium Corp.		25,900		249,902
Xinjiang Xuefeng Sci-Tech Group Co. Ltd.		12,700		14,484
YongXing Special Materials Technology Co. Ltd.		9,330		80,584
Youngy Co. Ltd.		4,400		40,534
Zangge Mining Co. Ltd.		11,500		35,751
Zhejiang Jiahua Energy Chemical Industry Co. Ltd.		19,100		24,758
Zhejiang Oceanking Development Co. Ltd.		4,400		7,225
Zhejiang Xinan Chemical Industrial Group Co. Ltd.		27,840		41,904
				2,814,815
Media & Entertainment: 8.0%
37 Interactive Entertainment Network Technology Group Co. Ltd.		32,200		154,660
Focus Technology Co. Ltd.		5,900		32,554

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares			Value
Media & Entertainment (continued)
G-bits Network Technology Xiamen Co. Ltd.		900		$	60,757
Heilongjiang Publishing & Media Co. Ltd. *		10,100			15,818
Hubei Century Network Technology Co. Ltd.		7,380			25,148
Kingnet Network Co. Ltd. *		31,300			67,873
Tencent Holdings Ltd.		17,900			758,923
					1,115,733
Pharmaceuticals, Biotechnology & Life Sciences: 11.4%
Asymchem Laboratories Tianjin Co. Ltd.		1,600			25,980
Beijing Hotgen Biotech Co. Ltd. *		1,345			7,852
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.		17,745			163,153
Changchun High & New Technology Industry Group, Inc.		7,300			137,104
Chengdu Kanghua Biological Products Co. Ltd.		2,000	��		18,134
China Medical System Holdings Ltd.		27,000			44,051
Chongqing Zhifei Biological Products Co. Ltd.		55,400			337,418
Daan Gene Co. Ltd.		22,700			31,153
Getein Biotech, Inc.		6,200			10,997
Guangdong Hybribio Biotech Co. Ltd.		9,950			13,733
Hangzhou Biotest Biotech Co. Ltd.		1,983			7,768
Hubei Jumpcan Pharmaceutical Co. Ltd. *		7,500			29,982
Hunan Jiudian Pharmaceutical Co. Ltd.		5,900			21,435
Jiangsu Cowin Biotech Co. Ltd.		2,880			11,956
Porton Pharma Solutions Ltd.		7,900			32,222
SciClone Pharmaceuticals Holdings Ltd. 144A †		4,500			6,076
Shandong WIT Dyne Health Co. Ltd.		4,200			20,401
Shanghai Medicilon, Inc.		2,240			26,262
Shenyang Xingqi Pharmaceutical Co. Ltd.		2,000			58,778
Tonghua Dongbao Pharmaceutical Co. Ltd.		33,100			47,574
WuXi AppTec Co. Ltd.		43,600			374,404
Xiamen Amoytop Biotech Co. Ltd.		2,200			13,279
Zhejiang Garden Biopharmaceutical Co. Ltd.		8,900			14,225
Zhejiang Jiuzhou Pharmaceutical Co. Ltd.		11,800			44,449
Zhejiang NHU Co. Ltd.		35,692			75,642
Zhejiang Orient Gene Biotech Co. Ltd.		2,043			10,613
					1,584,641

	Number of Shares		Value
Real Estate Management & Development: 1.2%
A-Living Smart City Services Co. Ltd. 144A *		15,500	$	9,999
CIFI Ever Sunshine Services Group Ltd. †		20,000		4,721
Country Garden Services Holdings Co. Ltd. †		47,000		60,985
Evergrande Property Services Group Ltd. 144A *∞		44,000		0
Longfor Group Holdings Ltd. 144A †		37,000		90,345
Powerlong Commercial Management Holdings Ltd.		4,000		1,988
				168,038
Semiconductors & Semiconductor Equipment: 8.5%
Amlogic Shanghai Co. Ltd. *		4,500		52,258
Dioo Microcircuits Co. Ltd. Jiangsu		6,400		28,454
GigaDevice Semiconductor, Inc.		12,080		177,098
Jiangsu Pacific Quartz Co. Ltd.		3,700		57,935
SG Micro Corp.		7,380		83,533
Shanghai Orient-Chip Technology Co. Ltd.		2,682		19,496
StarPower Semiconductor Ltd.		3,200		94,933
Thinkon Semiconductor Jinzhou Corp.		1,600		6,963
Tongwei Co. Ltd.		56,600		267,527
Unigroup Guoxin Microelectronics Co. Ltd.		14,200		182,498
Yangling Metron New Material, Inc.		5,400		32,271
Yangzhou Yangjie Electronic Technology Co. Ltd.		5,700		31,879
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		14,700		143,782
				1,178,627
Software & Services: 0.8%
Beijing CTJ Information Technology Co. Ltd.		4,320		44,514
Chinasoft International Ltd. *		58,000		36,575
Fujian Boss Software Development Co. Ltd.		13,740		29,012
				110,101
Technology Hardware & Equipment: 4.1%
Anfu CE LINK Ltd.		2,700		7,328
Avary Holding Shenzhen Co. Ltd.		11,500		38,452
Beijing JCZ Technology Co. Ltd.		2,500		10,891
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd.		3,200		28,768
China Zhenhua Group Science & Technology Co. Ltd.		8,000		105,613
Cowell E Holdings, Inc. * †		5,000		9,275
Donghua Testing Technology Co. Ltd.		2,200		13,545
Eoptolink Technology, Inc. Ltd.		16,432		153,931

See Notes to Financial Statements

	Number of Shares		Value
Technology Hardware & Equipment (continued)
Guangxi Oriental Intelligent Manufacturing Technology Co. Ltd. *		26,300	$	10,718
Shenzhen BSC Technology Co. Ltd.		1,500		11,285
Sihui Fuji Electronic Technology Co. Ltd.		2,100		11,986
Xiamen Faratronic Co. Ltd.		3,200		60,500
Yealink Network Technology Corp. Ltd.		15,420		74,419
Zhuzhou Hongda Electronics Corp. Ltd.		5,300		32,659
				569,370
Transportation: 2.5%
Anhui Expressway Co. Ltd.		6,600		9,521

	Number of Shares		Value
Transportation (continued)
Antong Holdings Co. Ltd. *		53,300	$	20,478
COSCO Shipping Holdings Co. Ltd.		139,600		180,818
Eastern Air Logistics Co. Ltd.		12,300		22,016
Shanghai Zhonggu Logistics Co. Ltd.		24,920		37,045
YTO Express Group Co. Ltd.		36,200		72,535
				342,413
Utilities: 0.1%
Xinjiang Xintai Natural Gas Co. Ltd.		5,300		19,580
Total Common Stocks (Cost: $17,196,310)				13,810,290
Total Investments: 99.6% (Cost: $17,196,310)				13,810,290
Other assets less liabilities: 0.4%				55,861
NET ASSETS: 100.0%			$	13,866,151

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $293,082.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

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 $201,641, or 1.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Materials		20.4	%	$	2,814,815
Health Care		17.1			2,354,423
Information Technology		13.4			1,858,098
Consumer Staples		12.9			1,783,810
Energy		12.4			1,716,305
Industrials		8.8			1,205,803
Communication Services		8.1			1,115,733
Consumer Discretionary		5.1			707,137
Real Estate		1.2			168,038
Financials		0.5			66,548
Utilities		0.1			19,580
		100.0	%	$	13,810,290

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	15,313	$	—	$	15,313
Banks		—		66,548		—		66,548
Capital Goods		20,166		843,224		—		863,390
Consumer Durables & Apparel		22,409		635,106		—		657,515
Consumer Services		—		34,309		—		34,309
Energy		—		1,716,305		—		1,716,305
Food, Beverage & Tobacco		—		1,773,844		—		1,773,844
Health Care Equipment & Services		47,208		722,574		—		769,782
Household & Personal Products		—		9,966		—		9,966
Industrials		—		—		0		0
Materials		—		2,814,815		—		2,814,815
Media & Entertainment		85,905		1,029,828		—		1,115,733
Pharmaceuticals, Biotechnology & Life Sciences		105,448		1,479,193		—		1,584,641
Real Estate Management & Development		—		168,038		0		168,038
Semiconductors & Semiconductor Equipment		—		1,178,627		—		1,178,627
Software & Services		44,514		65,587		—		110,101
Technology Hardware & Equipment		—		569,370		—		569,370
Transportation		—		342,413		—		342,413
Utilities		—		19,580		—		19,580
Total Investments	$	325,650	$	13,484,640	$	0	$	13,810,290

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 0.3%
Fulin Precision Co. Ltd.		34,000	$	54,476
Capital Goods: 36.3%
Beijing Easpring Material Technology Co. Ltd.		19,100		132,894
Contemporary Amperex Technology Co. Ltd.		118,420		3,736,097
Dongguan Yiheda Automation Co. Ltd.		5,152		31,717
East Group Co. Ltd.		48,900		45,180
Eve Energy Co. Ltd.		59,196		493,912
Gaona Aero Material Co. Ltd.		13,500		73,214
Ginlong Technologies Co. Ltd. *		9,550		137,106
Guangzhou Great Power Energy & Technology Co. Ltd. *		14,800		97,976
Jiangsu Haili Wind Power Equipment Technology Co. Ltd.		4,100		43,527
JL Mag Rare-Earth Co. Ltd. *		18,000		74,267
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		8,500		43,757
Qingdao TGOOD Electric Co. Ltd. *		31,300		89,676
Shenzhen Inovance Technology Co. Ltd.		90,385		799,956
Shenzhen Minglida Precision Technology Co. Ltd.		7,100		40,986
Sungrow Power Supply Co. Ltd.		47,400		762,400
Sunwoda Electronic Co. Ltd.		65,300		146,990
Suzhou Maxwell Technologies Co. Ltd.		6,804		158,622
Wuxi Lead Intelligent Equipment Co. Ltd.		47,020		234,698
Xi’an Triangle Defense Co. Ltd.		13,800		64,196
				7,207,171
Commercial & Professional Services: 1.2%
Beijing Originwater Technology Co. Ltd.		84,300		62,208
Centre Testing International Group Co. Ltd.		66,400		178,080
				240,288
Consumer Durables & Apparel: 0.2%
Huali Industrial Group Co. Ltd.		7,200		48,368
Consumer Services: 0.6%
Songcheng Performance Development Co. Ltd.		69,021		118,048
Financial Services: 7.3%
Beijing Compass Technology Development Co. Ltd. *		11,600		77,638
East Money Information Co. Ltd.		589,544		1,154,854
Hithink RoyalFlush Information Network Co. Ltd.		9,300		224,632
				1,457,124
Food, Beverage & Tobacco: 4.0%
Wens Foodstuffs Group Co. Ltd.		251,980		636,421

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Yihai Kerry Arawana Holdings Co. Ltd.		26,700	$	147,082
				783,503
Health Care Equipment & Services: 11.9%
Aier Eye Hospital Group Co. Ltd.		193,957		495,663
Dian Diagnostics Group Co. Ltd.		22,200		78,318
Intco Medical Technology Co. Ltd.		20,620		62,474
Jafron Biomedical Co. Ltd.		20,600		65,761
Lepu Medical Technology Beijing Co. Ltd.		58,013		180,397
Ovctek China, Inc.		23,200		96,487
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		23,200		958,641
Shenzhen New Industries Biomedical Engineering Co. Ltd.		14,100		114,346
Sonoscape Medical Corp.		11,800		88,462
Tofflon Science & Technology Group Co. Ltd.		12,100		37,893
Winner Medical Co. Ltd.		9,240		52,992
Winning Health Technology Group Co. Ltd.		83,066		123,620
				2,355,054
Household & Personal Products: 1.2%
By-health Co. Ltd.		46,800		154,420
Yunnan Botanee Bio-Technology Group Co. Ltd.		6,100		74,661
				229,081
Materials: 7.1%
Canmax Technologies Co. Ltd.		24,370		120,336
CNGR Advanced Material Co. Ltd.		14,100		117,094
Hubei Dinglong Co. Ltd.		32,500		110,818
Hubei Feilihua Quartz Glass Co. Ltd.		19,600		132,858
Shandong Sinocera Functional Material Co. Ltd.		36,900		139,254
Shandong Weifang Rainbow Chemical Co. Ltd.		4,300		46,495
Shenzhen Capchem Technology Co. Ltd.		22,500		161,024
Shenzhen Dynanonic Co. Ltd.		9,916		150,931
Shenzhen Senior Technology Material Co. Ltd.		54,391		128,867
Sinofibers Technology Co. Ltd.		15,900		103,485
Sunresin New Materials Co. Ltd.		11,550		99,214
Weihai Guangwei Composites Co. Ltd.		24,960		105,958
				1,416,334
Media & Entertainment: 2.1%
Beijing Enlight Media Co. Ltd.		66,742		74,340
Kunlun Tech Co. Ltd.		35,900		198,829
Mango Excellent Media Co. Ltd.		29,370		138,549
				411,718

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences: 8.9%
Anhui Anke Biotechnology Group Co. Ltd.		50,200	$	69,051
Betta Pharmaceuticals Co. Ltd.		12,000		79,358
BGI Genomics Co. Ltd.		11,000		90,801
China Resources Boya Bio-pharmaceutical Group Co. Ltd.		13,500		67,418
Chongqing Zhifei Biological Products Co. Ltd.		52,153		317,642
Hangzhou Tigermed Consulting Co. Ltd. *		25,406		225,777
Hualan Biological Bacterin, Inc.		3,500		16,032
Imeik Technology Development Co. Ltd.		4,200		257,257
Pharmaron Beijing Co. Ltd. *		26,850		141,490
Porton Pharma Solutions Ltd.		15,800		64,444
Shenzhen Kangtai Biological Products Co. Ltd. *		29,120		101,832
Walvax Biotechnology Co. Ltd.		77,061		280,344
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. *		12,900		59,691
				1,771,137
Semiconductors & Semiconductor Equipment: 6.4%
Hangzhou Chang Chuan Technology Co. Ltd.		16,500		107,959
Ingenic Semiconductor Co. Ltd.		13,800		168,009
Konfoong Materials International Co. Ltd.		9,000		84,361
Risen Energy Co. Ltd. *		30,800		108,763
SG Micro Corp.		14,235		161,123
Shenzhen SC New Energy Technology Corp.		11,800		182,639
Wuhan DR Laser Technology Corp. Ltd.		6,400		57,154
Yangling Metron New Material, Inc.		7,340		43,865
Yangzhou Yangjie Electronic Technology Co. Ltd.		13,800		77,182

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		29,000	$	283,652
				1,274,707
Software & Services: 3.7%
Beijing Sinnet Technology Co.Ltd. *		64,900		96,213
Empyrean Technology Co. Ltd.		3,900		66,058
Isoftstone Information Technology Group Co. Ltd.		17,250		64,678
Longshine Technology Group Co. Ltd.		25,900		83,169
Sangfor Technologies, Inc. *		11,100		173,279
Semitronix Corp.		2,100		23,963
Thunder Software Technology Co. Ltd.		16,400		217,872
				725,232
Technology Hardware & Equipment: 8.6%
Anker Innovations Technology Co. Ltd.		7,400		89,168
Chaozhou Three-Circle Group Co. Ltd. *		58,600		236,787
Lens Technology Co. Ltd.		91,868		148,826
Leyard Optoelectronic Co. Ltd.		94,400		84,883
Maxscend Microelectronics Co. Ltd.		15,921		212,052
Shenzhen Longsys Electronics Co. Ltd.		1,700		23,887
Shenzhen Sunway Communication Co. Ltd.		38,201		105,764
Wuhu Token Science Co. Ltd.		96,700		80,359
Yealink Network Technology Corp. Ltd.		21,540		103,955
Zhongji Innolight Co. Ltd.		28,500		578,716
Zhuzhou Hongda Electronics Corp. Ltd.		6,200		38,205
				1,702,602
Total Common Stocks (Cost: $17,219,524)				19,794,843
Total Investments: 99.8% (Cost: $17,219,524)				19,794,843
Other assets less liabilities: 0.2%				41,808
NET ASSETS: 100.0%			$	19,836,651

Footnotes:

*	Non-income producing

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Industrials		37.6	%	$	7,447,459
Health Care		20.8			4,126,191
Information Technology		18.7			3,702,541
Financials		7.4			1,457,124
Materials		7.1			1,416,334
Consumer Staples		5.2			1,012,584
Communication Services		2.1			411,718
Consumer Discretionary		1.1			220,892
		100.0	%	$	19,794,843

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	—			$	19,794,843			$	—			$	19,794,843

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Capital Goods: 0.6%
IndiaMart InterMesh Ltd. 144A		388	$	13,338
Commercial & Professional Services: 4.4%
L&T Technology Services Ltd. 144A		723		34,845
WNS Holdings Ltd. (ADR) *		917		67,601
				102,446
Consumer Durables & Apparel: 0.9%
Dixon Technologies India Ltd.		377		20,216
Consumer Services: 5.8%
MakeMyTrip Ltd. *		1,210		32,646
Zomato Ltd. *		112,042		102,801
				135,447
Energy: 8.0%
Reliance Industries Ltd. 144A (GDR)		2,981		185,641
Financial Services: 5.3%
ICICI Securities Ltd. 144A		2,126		15,798
IIFL Finance Ltd.		4,009		24,769
Indian Energy Exchange Ltd. 144A		5,638		8,756
One 97 Communications Ltd. *		6,845		72,569
				121,892
Insurance: 3.2%
PB Fintech Ltd. *		8,656		73,709
Media & Entertainment: 4.0%
Info Edge India Ltd.		1,702		93,333
Software & Services: 52.7%
Coforge Ltd.		869		50,099
Cyient Ltd.		1,777		32,567

	Number of Shares		Value
Software & Services (continued)
Happiest Minds Technologies Ltd.		929	$	11,116
HCL Technologies Ltd.		9,857		143,296
Infosys Ltd. (ADR)		11,494		184,709
KPIT Technologies Ltd.		4,333		57,766
LTIMindtree Ltd. 144A		1,703		108,328
Mphasis Ltd.		2,184		50,654
Oracle Financial Services Software Ltd.		615		29,001
Persistent Systems Ltd.		993		60,890
Tanla Platforms Ltd.		1,735		21,700
Tata Consultancy Services Ltd.		3,965		160,214
Tata Elxsi Ltd.		919		85,337
Tech Mahindra Ltd.		9,311		128,913
Wipro Ltd. (ADR)		23,165		109,339
				1,233,929
Technology Hardware & Equipment: 2.0%
Redington Ltd.		13,794		31,373
Tejas Networks Ltd. 144A *		1,961		17,365
				48,738
Telecommunication Services: 10.8%
Bharti Airtel Ltd.		14,281		153,187
Indus Towers Ltd. *		22,008		44,161
Tata Communications Ltd.		1,802		35,100
Vodafone Idea Ltd. *		218,001		19,843
				252,291
Transportation: 2.4%
Delhivery Ltd. *		11,902		55,367
Total Common Stocks (Cost: $2,430,522)				2,336,347
Total Investments: 100.1% (Cost: $2,430,522)				2,336,347
Liabilities in excess of other assets: (0.1)%				(2,914)
NET ASSETS: 100.0%			$	2,333,433

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

*	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 $384,071, or 16.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Information Technology		54.9	%	$	1,282,667
Communication Services		14.8			345,625
Financials		8.3			195,600
Energy		7.9			185,641
Industrials		7.4			171,151
Consumer Discretionary		6.7			155,663
		100.0	%	$	2,336,347

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	13,338	$	—	$	13,338
Commercial & Professional Services		67,601		34,845		—		102,446
Consumer Durables & Apparel		—		20,216		—		20,216
Consumer Services		32,646		102,801		—		135,447
Energy		—		185,641		—		185,641
Financial Services		—		121,892		—		121,892
Insurance		—		73,709		—		73,709
Media & Entertainment	��	—		93,333		—		93,333
Software & Services		294,048		939,881		—		1,233,929
Technology Hardware & Equipment		—		48,738		—		48,738
Telecommunication Services		—		252,291		—		252,291
Transportation		—		55,367		—		55,367
Total Investments	$	394,295	$	1,942,052	$	—	$	2,336,347

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 94.8%
Automobiles & Components: 1.4%
GB Corp. *		1,038,399	$	218,687
Banks: 7.2%
Commercial International Bank Egypt SAE (GDR)		972,343		1,108,471
Capital Goods: 6.5%
ElSewedy Electric Co.		1,478,999		989,310
Consumer Discretionary Distribution & Retail: 1.1%
MM Group for Industry & International Trade SAE *		856,339		175,090
Consumer Durables & Apparel: 2.6%
Oriental Weavers		824,765		396,368
Consumer Services: 1.8%
Cairo Investment & Real Estate Development Co. SAE		805,281		273,670
Energy: 3.8%
Capricorn Energy Plc *		244,917		582,408
Financial Services: 19.6%
E-Finance for Digital & Financial Investments		1,112,017		613,949
Egypt Kuwait Holding Co. SAE		683,218		786,036
Egyptian Financial Group-Hermes Holding Co. *		1,161,462		711,222
Egyptian Financial Group-Hermes Holding Co. (GDR) *		330,842		266,328
Fawry for Banking & Payment Technology Services SAE *		3,440,121		632,648
				3,010,183

	Number of Shares		Value
Food, Beverage & Tobacco: 8.6%
Eastern Co. SAE		1,893,133	$	1,313,349
Health Care Equipment & Services: 2.3%
Cleopatra Hospital *		2,494,268		360,630
Materials: 21.5%
Abou Kir Fertilizers & Chemical Industries		666,779		967,001
Alexandria Mineral Oils Co.		1,693,038		446,640
Centamin Plc		521,849		606,119
Egyptian Chemical Industries KIMA *		504,639		148,561
Ezz Steel Co. SAE *		500,444		586,709
Sidi Kerir Petrochemicals Co.		749,981		538,093
				3,293,123

Real Estate Management & Development: 14.2%
Emaar Misr for Development SAE *		2,086,165		199,899
Heliopolis Housing		1,324,456		490,777
Medinet Nasr Housing		4,240,965		495,839
Palm Hills Developments SAE *		4,253,854		293,142
Talaat Moustafa Group		2,357,023		689,994
				2,169,651
Telecommunication Services: 4.2%
Telecom Egypt Co.		768,467		643,159
Total Common Stocks (Cost: $13,766,340)				14,534,099
Total Investments: 94.8% (Cost: $13,766,340)				14,534,099
Other assets less liabilities: 5.2%				790,788
NET ASSETS: 100.0%			$	15,324,887

Definitions:

GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Financials		28.3	%	$	4,118,654
Materials		22.7			3,293,123
Real Estate		14.9			2,169,651
Consumer Staples		9.1			1,313,349
Consumer Discretionary		7.3			1,063,815
Industrials		6.8			989,310
Communication Services		4.4			643,159
Energy		4.0			582,408
Health Care		2.5			360,630
		100.0	%	$	14,534,099

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	218,687	$	—	$	218,687
Banks		1,108,471		—		—		1,108,471
Capital Goods		—		989,310		—		989,310
Consumer Discretionary Distribution & Retail		—		175,090		—		175,090
Consumer Durables & Apparel		396,368		—		—		396,368
Consumer Services		—		273,670		—		273,670
Energy		—		582,408		—		582,408
Financial Services		880,277		2,129,906		—		3,010,183
Food, Beverage & Tobacco		—		1,313,349		—		1,313,349
Health Care Equipment & Services		—		360,630		—		360,630
Materials		538,093		2,755,030		—		3,293,123
Real Estate Management & Development		490,777		1,678,874		—		2,169,651
Telecommunication Services		—		643,159		—		643,159
Total Investments	$	3,413,986	$	11,120,113	$	—	$	14,534,099

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 5.0%
Eicher Motors Ltd.		40,829	$	1,785,105
Federal-Mogul Goetze India Ltd. *		15,557		70,672
Sona Blw Precision Forgings Ltd. 144A		84,277		531,387
UNO Minda Ltd.		54,564		387,548
				2,774,712
Banks: 16.8%
Axis Bank Ltd.		230,938		2,786,580
Bank of Baroda		541,855		1,261,851
CSB Bank Ltd. *		25,477		88,496
ICICI Bank Ltd.		228,742		2,618,865
Karnataka Bank Ltd.		88,993		206,058
State Bank of India		353,376		2,475,013
				9,436,863
Capital Goods: 12.4%
Action Construction Equipment Ltd.		9,460		56,714
AIA Engineering Ltd.		9,324		364,362
Apar Industries Ltd.		4,723		200,355
Bharat Electronics Ltd.		1,108,628		1,702,560
Cummins India Ltd.		41,327		980,966
Data Patterns India Ltd.		3,256		74,319
Elgi Equipments Ltd.		58,161		384,907
Grindwell Norton Ltd.		14,621		407,034
Hindustan Aeronautics Ltd.		24,936		1,154,911
Ingersoll Rand India Ltd.		1,896		66,136
KEI Industries Ltd.		16,687		472,282
Polycab India Ltd.		17,113		742,191
Praj Industries Ltd.		36,015		166,106
Shanthi Gears Ltd.		6,058		34,889
				6,807,732
Commercial & Professional Services: 2.2%
BLS International Services Ltd.		29,603		75,247
Indian Railway Catering & Tourism Corp. Ltd.		94,153		730,710
L&T Technology Services Ltd. 144A		8,675		418,090
				1,224,047
Consumer Durables & Apparel: 0.1%
Mirza International Ltd. *		12,550		7,507
Redtape Ltd.		12,550		33,633
				41,140
Consumer Services: 0.1%
Easy Trip Planners Ltd. *		129,169		63,990
Energy: 8.4%
Coal India Ltd.		631,394		1,781,211
Great Eastern Shipping Co. Ltd.		24,768		224,696
Oil & Natural Gas Corp. Ltd.		1,177,823		2,305,437
Oil India Ltd.		108,044		323,344
				4,634,688
Financial Services: 3.4%
Angel One Ltd.		10,744		225,632
Shriram Finance Ltd.		77,534		1,643,560
				1,869,192

	Number of Shares		Value
Food, Beverage & Tobacco: 7.7%
Godfrey Phillips India Ltd.		3,900	$	80,242
ITC Ltd.		511,378		2,819,748
KRBL Ltd.		17,418		72,425
Radico Khaitan Ltd.		100		1,475
Varun Beverages Ltd.		141,752		1,390,010
				4,363,900
Health Care Equipment & Services: 0.3%
Rainbow Children’s Medicare Ltd.		15,678		184,178
Materials: 9.0%
Archean Chemical Industries Ltd. *		11,717		76,706
Bayer CropScience Ltd.		3,953		211,299
Deepak Fertilisers & Petrochemicals Corp. Ltd.		18,588		127,849
Fine Organic Industries Ltd.		2,539		151,671
Gravita India Ltd. *		4,787		35,502
Gujarat Fluorochemicals Ltd.		9,505		340,383
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		26,484		193,852
Gujarat State Fertilizers & Chemicals Ltd.		67,441		135,063
JK Paper Ltd.		23,240		90,985
National Aluminium Co. Ltd.		247,902		248,972
NMDC Ltd.		347,786		444,995
PI Industries Ltd.		25,892		1,239,652
Rain Industries Ltd.		54,647		108,915
Ramkrishna Forgings Ltd.		17,988		97,843
Sharda Cropchem Ltd.		6,549		44,289
Solar Industries India Ltd.		7,987		364,684
Sumitomo Chemical India Ltd.		38,491		204,966
Tata Chemicals Ltd.		48,218		589,713
Tinplate Co. of India Ltd. *		7,956		32,413
Usha Martin Ltd.		65,311		215,837
				4,955,589
Media & Entertainment: 4.0%
Affle India Ltd. *		15,248		204,357
Brightcom Group Ltd.		402,589		153,321
Chennai Super Kings Cricket Ltd. *∞ ø		1,298,085		1,655,118
Sun TV Network Ltd.		26,104		140,023
				2,152,819
Pharmaceuticals, Biotechnology & Life Sciences: 6.3%
Dr. Reddy’s Laboratories Ltd.		35,471		2,233,964
Granules India Ltd.		40,986		148,531
Laurus Labs Ltd. 144A		109,857		491,496
Marksans Pharma Ltd.		71,474		79,606
Zydus Lifesciences Ltd.		77,220		549,562
				3,503,159
Real Estate Management & Development: 0.8%
Oberoi Realty Ltd.		35,983		432,847
Software & Services: 23.4%
Coforge Ltd.		11,481		661,893
Happiest Minds Technologies Ltd.		21,346		255,417

See Notes to Financial Statements

	Number of Shares		Value
Software & Services (continued)
HCL Technologies Ltd.		176,170	$	2,561,079
Infosys Ltd. (ADR)		132,734		2,133,035
KPIT Technologies Ltd.		48,121		641,532
LTIMindtree Ltd. 144A		28,598		1,819,126
Persistent Systems Ltd.		16,002		981,236
Sonata Software Ltd.		23,977		295,726
Tanla Platforms Ltd.		21,497		268,869
Tata Consultancy Services Ltd.		58,867		2,378,657
Tata Elxsi Ltd.		10,752		998,412
				12,994,982
Total Common Stocks (Cost: $43,388,527)				55,439,838
Total Investments: 99.9% (Cost: $43,388,527)				55,439,838
Other assets less liabilities: 0.1%				37,398
NET ASSETS: 100.0%			$	55,477,236

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
ø	Restricted Security – the aggregate value of restricted securities is $1,655,118, or 3.0% of net assets

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,260,099, or 5.9% of net assets.

Restricted securities held by the Fund as of June 30, 2023 are as follows:

Security		Acquisition Date		Number of Shares		Acquisition Cost		Value		% of Net Assets
Chennai Super Kings Cricket Ltd.		10/08/2015		1,298,085		$35,108		$1,655,118		3.0%

Summary of Investments by Sector	% of Investments			Value
Information Technology		23.4	%	$	12,994,984
Financials		20.4			11,306,052
Industrials		14.5			8,031,780
Materials		8.9			4,955,591
Energy		8.4			4,634,688
Consumer Staples		7.9			4,363,898
Health Care		6.6			3,687,337
Consumer Discretionary		5.2			2,879,841
Communication Services		3.9			2,152,820
Real Estate		0.8			432,847
		100.0	%	$	55,439,838

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	2,774,712	$	—	$	2,774,712
Banks		—		9,436,863		—		9,436,863
Capital Goods		—		6,807,732		—		6,807,732
Commercial & Professional Services		—		1,224,047		—		1,224,047
Consumer Durables & Apparel		—		41,140		—		41,140
Consumer Services		—		63,990		—		63,990
Energy		—		4,634,688		—		4,634,688
Financial Services		—		1,869,192		—		1,869,192
Food, Beverage & Tobacco		—		4,363,900		—		4,363,900
Health Care Equipment & Services		—		184,178		—		184,178
Materials		—		4,955,589		—		4,955,589
Media & Entertainment		—		497,701		1,655,118		2,152,819
Pharmaceuticals, Biotechnology & Life Sciences		—		3,503,159		—		3,503,159
Real Estate Management & Development		—		432,847		—		432,847
Software & Services		2,133,035		10,861,947		—		12,994,982
Total Investments	$	2,133,035	$	51,651,685	$	1,655,118	$	55,439,838

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023:

	Common Stock
Balance as of December 31, 2022	$	1,526,697
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		128,421
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	1,655,118

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2023:

	Value as of June 30, 2023	Valuation Technique	Unobservable Input Description⁽¹⁾	Unobservable Input	Impact to Valuation from an Increase in Input⁽²⁾
Common Stock
Media & Entertainment	$1,655,118	Market Approach	Revenue Multiple	17.5x – 19.5x	Increase
			Illiquidity Discount	35%	Decrease

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Banks: 28.5%
Bank Aladin Syariah Tbk PT *		1,670,300	$	136,476
Bank Central Asia Tbk PT		3,798,500		2,329,613
Bank Jago Tbk PT *		1,078,400		230,702
Bank Mandiri Persero Tbk PT		5,589,004		1,945,014
Bank Negara Indonesia Persero Tbk PT		2,073,532		1,272,217
Bank Rakyat Indonesia Persero Tbk PT		6,401,133		2,336,999
				8,251,021
Capital Goods: 8.3%
Astra International Tbk PT		3,812,400		1,729,222
Jardine Cycle & Carriage Ltd.		26,388		679,963
				2,409,185
Consumer Discretionary Distribution & Retail: 6.8%
Bukalapak.com PT Tbk *		15,186,200		216,981
GoTo Gojek Tokopedia Tbk PT *		204,863,800		1,511,842
Mitra Adiperkasa Tbk PT *		2,261,000		255,177
				1,984,000
Consumer Staples Distribution & Retail: 2.6%
Sumber Alfaria Trijaya Tbk PT		4,386,200		755,794
Energy: 8.9%
Adaro Energy Indonesia Tbk PT		4,445,600		661,627
Banpu PCL (NVDR)		2,232,529		558,368
Bukit Asam Tbk PT		1,120,800		200,044
Bumi Resources Tbk PT *		45,414,900		348,355
Indo Tambangraya Megah Tbk PT		109,900		176,935
United Tractors Tbk PT		414,769		643,264
				2,588,593
Financial Services: 0.7%
BFI Finance Indonesia Tbk PT		2,041,600		194,953
Food, Beverage & Tobacco: 8.9%
Charoen Pokphand Indonesia Tbk PT *		2,005,600		704,977
First Pacific Co. Ltd.		565,250		195,954
Golden Agri-Resources Ltd.		1,374,800		249,268
Gudang Garam Tbk PT		128,400		236,459
Indofood CBP Sukses Makmur Tbk PT		615,900		466,225
Indofood Sukses Makmur Tbk PT		1,220,300		598,372
Japfa Comfeed Indonesia Tbk PT		1,466,800		131,042
				2,582,297
Health Care Equipment & Services: 0.8%
Mitra Keluarga Karyasehat Tbk PT		1,267,197		227,252
Household & Personal Products: 1.6%
Unilever Indonesia Tbk PT		1,590,700		452,873
Materials: 15.0%
Aneka Tambang Tbk		2,337,900		305,034
Avia Avian Tbk PT		4,305,300		190,964
Barito Pacific Tbk PT		7,588,843		378,186

	Number of Shares		Value
Materials (continued)
Bumi Resources Minerals Tbk PT *		22,464,600	$	203,781
Chandra Asri Petrochemical Tbk PT		2,885,736		405,613
Indah Kiat Pulp & Paper Tbk PT		714,800		406,308
Indocement Tunggal Prakarsa Tbk PT		429,800		285,282
Merdeka Battery Materials Tbk PT *		7,805,000		421,681
Merdeka Copper Gold Tbk PT *		3,485,095		713,436
Nickel Industries Ltd.		462,357		274,964
Pabrik Kertas Tjiwi Kimia Tbk PT		346,200		143,004
Semen Indonesia Persero Tbk PT		919,562		374,489
Vale Indonesia Tbk PT		580,000		244,777
				4,347,519
Media & Entertainment: 0.7%
Elang Mahkota Teknologi Tbk PT		4,426,100		210,976
Pharmaceuticals, Biotechnology & Life Sciences: 2.6%
Kalbe Farma Tbk PT		5,472,500		748,921
Real Estate Management & Development: 2.1%
Bumi Serpong Damai Tbk PT *		2,236,300		163,530
Ciputra Development Tbk PT		2,421,595		170,783
Pakuwon Jati Tbk PT		3,882,200		126,286
Summarecon Agung Tbk PT		3,028,700		133,490
				594,089
Telecommunication Services: 10.4%
Indosat Tbk PT		358,600		206,845
Sarana Menara Nusantara Tbk PT		5,814,000		412,054
Smartfren Telecom Tbk PT *		35,426,400		142,574
Telkom Indonesia Persero Tbk PT (ADR) †		72,814		1,941,950
Tower Bersama Infrastructure Tbk PT		1,007,700		135,317
XL Axiata Tbk PT		1,240,775		162,357
				3,001,097
Transportation: 1.0%
Jasa Marga Persero Tbk PT		605,250		153,928
Transcoal Pacific Tbk PT		278,000		129,798
				283,726
Utilities: 0.9%
Perusahaan Gas Negara Tbk PT		2,897,500		253,656
Total Common Stocks (Cost: $37,142,009)				28,885,952

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0%

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
(Cost: $548)
State Street Navigator Securities Lending Government Money Market Portfolio		548	$	548

	Number of Shares	Value
Total Investments: 99.8% (Cost: $37,142,557)		$	28,886,500
Other assets less liabilities: 0.2%			70,198
NET ASSETS: 100.0%		$	28,956,698

Definitions:

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,391,747.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		29.3	%	$	8,445,974
Materials		15.0			4,347,519
Consumer Staples		13.1			3,790,964
Communication Services		11.1			3,212,073
Industrials		9.3			2,692,911
Energy		9.0			2,588,593
Consumer Discretionary		6.9			1,984,000
Health Care		3.4			976,173
Real Estate		2.0			594,089
Utilities		0.9			253,656
		100.0	%	$	28,885,952

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	136,476	$	8,114,545	$	—	$	8,251,021
Capital Goods		—		2,409,185		—		2,409,185
Consumer Discretionary Distribution & Retail		—		1,984,000		—		1,984,000
Consumer Staples Distribution & Retail		—		755,794		—		755,794
Energy		348,355		2,240,238		—		2,588,593
Financial Services		—		194,953		—		194,953
Food, Beverage & Tobacco		—		2,582,297		—		2,582,297
Health Care Equipment & Services		—		227,252		—		227,252
Household & Personal Products		—		452,873		—		452,873
Materials		816,426		3,531,093		—		4,347,519
Media & Entertainment		—		210,976		—		210,976
Pharmaceuticals, Biotechnology & Life Sciences		—		748,921		—		748,921
Real Estate Management & Development		—		594,089		—		594,089
Telecommunication Services		1,941,950		1,059,147		—		3,001,097
Transportation		129,798		153,928		—		283,726
Utilities		—		253,656		—		253,656
Money Market Fund		548		—		—		548
Total Investments	$	3,373,553	$	25,512,947	$	—	$	28,886,500

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 1.1%
Mobileye Global, Inc. * †		16,566	$	636,466
Banks: 16.5%
Bank Hapoalim BM		310,989		2,561,523
Bank Leumi Le-Israel BM		368,875		2,760,886
FIBI Holdings Ltd.		5,654		228,309
First International Bank Of Israel Ltd.		14,999		585,799
Israel Discount Bank Ltd.		304,112		1,517,470
Mizrahi Tefahot Bank Ltd.		44,461		1,484,981
				9,138,968
Capital Goods: 4.5%
Ashtrom Group Ltd.		8,071		111,866
Elbit Systems Ltd. †		7,514		1,570,125
Elco Ltd.		2,164		74,313
Electra Ltd.		331		136,709
Kornit Digital Ltd. *		10,916		320,603
Shapir Engineering and Industry Ltd.		23,737		163,690
Shikun & Binui Ltd. *		47,866		102,455
				2,479,761
Commercial & Professional Services: 0.9%
Danel Adir Yeoshua Ltd.		1,294		91,712
Fiverr International Ltd. * †		9,784		254,482
Hilan Ltd.		3,047		150,987
				497,181
Consumer Discretionary Distribution & Retail: 2.1%
Delek Automotive Systems Ltd.		11,276		86,430
Fox Wizel Ltd.		1,602		131,612
Global-e Online Ltd. *		23,465		960,657
				1,178,699
Consumer Durables & Apparel: 0.6%
Delta Galil Ltd.		3,672		144,000
Maytronics Ltd.		12,741		174,390
				318,390
Consumer Services: 0.5%
888 Holdings Plc * †		120,702		150,816
Fattal Holdings 1998 Ltd. *		1,310		127,375
				278,191
Consumer Staples Distribution & Retail: 0.6%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,380		141,000
Shufersal Ltd. *		33,539		175,654
				316,654
Energy: 2.2%
Delek Group Ltd.		3,041		348,518
Energean Plc		36,882		480,153
Oil Refineries Ltd.		808,116		231,380
Paz Oil Co. Ltd. *		1,625		174,615
				1,234,666
Financial Services: 1.9%
Isracard Ltd.		55,216		230,553
Payoneer Global, Inc. *		53,777		258,667
Plus500 Ltd.		23,618		439,892
Tel Aviv Stock Exchange Ltd. *		25,575		132,012
				1,061,124

	Number of Shares		Value
Food, Beverage & Tobacco: 0.5%
Strauss Group Ltd. *		13,157	$	296,523
Health Care Equipment & Services: 3.8%
Inmode Ltd. *		24,841		927,811
Nano-X Imaging Ltd. * †		17,238		267,017
Novocure Ltd. *		14,114		585,731
OPKO Health, Inc. * †		141,180		306,361
				2,086,920
Insurance: 3.1%
Clal Insurance Enterprises Holdings Ltd. *		19,429		302,617
Harel Insurance Investments & Financial Services Ltd.		37,050		289,377
Lemonade, Inc. * †		19,854		334,540
Menora Mivtachim Holdings Ltd.		6,990		148,254
Migdal Insurance & Financial Holdings Ltd.		126,047		153,066
Phoenix Holdings Ltd.		51,157		514,541
				1,742,395
Materials: 2.3%
ICL Group Ltd.		171,341		938,948
Israel Corp. Ltd.		1,254		331,143
				1,270,091
Media & Entertainment: 1.8%
Perion Network Ltd. * †		14,839		455,112
Playtika Holding Corp. *		21,871		253,704
Taboola.com Ltd. *		65,331		203,180
Tremor International Ltd. (ADR) *		11,627		83,714
				995,710
Pharmaceuticals, Biotechnology & Life Sciences: 4.7%
Taro Pharmaceutical Industries Ltd. *		2,747		104,194
Teva Pharmaceutical Industries Ltd. (ADR) *		335,001		2,522,557
				2,626,751
Real Estate Management & Development: 4.2%
Airport City Ltd. *		14,858		195,828
Alony Hetz Properties & Investments Ltd.		32,839		257,420
Amot Investments Ltd.		54,654		286,875
Azrieli Group Ltd.		12,087		682,045
Big Shopping Centers Ltd. *		2,399		216,499
Melisron Ltd.		6,470		420,333
Mivne Real Estate KD Ltd.		80,253		195,898
Summit Real Estate Holdings Ltd.		7,364		94,969
				2,349,867
Semiconductors & Semiconductor Equipment: 12.5%
Camtek Ltd. * †		7,848		279,624
CEVA, Inc. *		5,212		133,167
Nova Ltd. *		5,726		671,660
SolarEdge Technologies, Inc. *		16,847		4,532,685
Tower Semiconductor Ltd. *		34,735		1,303,257
				6,920,393

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Software & Services: 28.6%
Amdocs Ltd.		31,159	$	3,080,067
Check Point Software Technologies Ltd. *		29,287		3,679,033
CyberArk Software Ltd. *		13,043		2,039,012
Formula Systems 1985 Ltd.		1,781		130,997
JFrog Ltd. *		23,694		656,324
Matrix IT Ltd.		7,597		154,918
Monday.com Ltd. *		7,930		1,357,775
Nice Ltd. (ADR) * †		16,490		3,405,185
One Software Technologies Ltd.		7,365		99,176
Sapiens International Corp. NV		9,164		243,762
Wix.com Ltd. *		13,581		1,062,577
				15,908,826
Technology Hardware & Equipment: 1.5%
Gilat Satellite Networks Ltd. * †		15,047		93,743
Nano Dimension Ltd. (ADR) * †		75,708		218,796
Radware Ltd. *		9,463		183,487
Stratasys Ltd. *		18,276		324,582
				820,608
Telecommunication Services: 1.7%
Bezeq The Israeli Telecommunication Corp. Ltd.		670,937		818,723
Cellcom Israel Ltd. *		18,659		64,674
Partner Communications Co. Ltd. *		19,182		75,475
				958,872

	Number of Shares		Value
Transportation: 0.7%
ZIM Integrated Shipping Services Ltd. †		31,543	$	390,818
Utilities: 3.5%
Energix-Renewable Energies Ltd.		67,341		218,643
Enlight Renewable Energy Ltd. *		27,359		481,958
Kenon Holdings Ltd.		5,909		138,064
OPC Energy Ltd. *		21,622		142,758
Ormat Technologies, Inc. †		12,100		973,566
				1,954,989
Total Common Stocks (Cost: $49,194,075)				55,462,863

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
Money Market Fund: 3.7% (Cost: $2,040,559)
State Street Navigator Securities Lending Government Money Market Portfolio		2,040,559		2,040,559
Total Investments: 103.5% (Cost: $51,234,634)				57,503,422
Liabilities in excess of other assets: (3.5)%				(1,964,976)
NET ASSETS: 100.0%			$	55,538,446

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $7,091,643.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		43.0	%	$	23,800,814
Financials		21.5			11,942,487
Health Care		8.5			4,713,671
Industrials		5.8			3,216,773
Consumer Discretionary		4.4			2,411,746
Real Estate		4.2			2,349,867
Utilities		3.5			1,954,989
Communication Services		3.5			1,954,582
Materials		2.3			1,270,091
Energy		2.2			1,234,666
Consumer Staples		1.1			613,177
		100.0	%	$	55,462,863

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	636,466	$	—	$	—	$	636,466
Banks		—		9,138,968		—		9,138,968
Capital Goods		1,890,728		589,033		—		2,479,761
Commercial & Professional Services		254,482		242,699		—		497,181
Consumer Discretionary Distribution & Retail		960,657		218,042		—		1,178,699
Consumer Durables & Apparel		—		318,390		—		318,390
Consumer Services		—		278,191		—		278,191
Consumer Staples Distribution & Retail		—		316,654		—		316,654
Energy		480,153		754,513		—		1,234,666
Financial Services		698,559		362,565		—		1,061,124
Food, Beverage & Tobacco		—		296,523		—		296,523
Health Care Equipment & Services		2,086,920		—		—		2,086,920
Insurance		334,540		1,407,855		—		1,742,395
Materials		938,948		331,143		—		1,270,091
Media & Entertainment		995,710		—		—		995,710
Pharmaceuticals, Biotechnology & Life Sciences		2,626,751		—		—		2,626,751
Real Estate Management & Development		—		2,349,867		—		2,349,867
Semiconductors & Semiconductor Equipment		6,920,393		—		—		6,920,393
Software & Services		15,523,735		385,091		—		15,908,826
Technology Hardware & Equipment		820,608		—		—		820,608
Telecommunication Services		—		958,872		—		958,872
Transportation		390,818		—		—		390,818
Utilities		973,566		981,423		—		1,954,989
Money Market Fund		2,040,559		—		—		2,040,559
Total Investments	$	38,573,593	$	18,929,829	$	—	$	57,503,422

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 10.5%
Bank for Foreign Trade of Vietnam JSC *		7,825,345	$	33,234,242
Saigon - Hanoi Commercial Joint Stock Bank *		27,787,400		14,798,661
Vietnam Export Import Commercial JSB *		10,396,400		9,367,119
				57,400,022
Capital Goods: 8.0%
Development Investment Construction JSC *		9,004,286		8,073,184
Gelex Group JSC		10,858,064		8,953,190
Ha Do Group JSC *		2,298,320		3,785,172
Hoang Huy Investment Financial Services JSC		10,763,320		4,078,451
IDICO Corp. JSC		4,208,010		7,578,503
Tasco JSC *		5,615,400		4,595,176
Vietnam Construction and Import-Export JSC *		7,353,219		6,536,306
				43,599,982
Energy: 2.1%
PetroVietnam Drilling & Well Services JSC *		5,036,388		5,252,382
PetroVietnam Technical Services Corp.		4,491,200		6,169,806
				11,422,188
Financial Services: 15.2%
Sai Gon-Ha Noi Securities JSC *		11,733,650		6,572,527
SSI Securities Corp.		27,721,608		30,473,299
Vietcap Securities JSC		9,353,150		14,580,735
VIX Securities JSC		18,421,517		8,487,552
VNDirect Securities Corp. *		29,015,880		23,389,330
				83,503,443
Food, Beverage & Tobacco: 20.1%
HAGL JSC *		14,315,600		4,965,311
Hoang Anh Gia Lai International Agriculture JSC *		17,855,900		3,092,542
KIDO Group Corp.		2,502,930		6,653,349
Masan Group Corp.		8,378,276		26,779,388
Saigon Beer Alcohol Beverage Corp.		2,151,900		14,043,013
Thanh Thanh Cong - Bien Hoa JSC *		9,442,899		6,083,495
Vietnam Dairy Products JSC		13,377,541		40,318,465

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Vinh Hoan Corp.		3,076,600	$	8,504,114
				110,439,677
Insurance: 1.1%
Bao Viet Holdings		3,238,196		6,071,220
Materials: 12.5%
Duc Giang Chemicals JSC		4,333,232		11,779,103
Hoa Phat Group JSC *		36,385,797		40,482,259
Hoa Sen Group *		7,027,601		4,920,923
PetroVietNam Ca Mau Fertilizer JSC		4,263,700		4,794,226
Petrovietnam Fertilizer & Chemicals JSC		4,333,700		6,404,966
				68,381,477
Real Estate Management & Development: 27.2%
Dat Xanh Group JSC *		6,345,900		4,015,666
Khang Dien House Trading and Investment JSC *		3,127,140		4,089,508
Kinh Bac City Development Holding Corp. *		7,727,600		9,662,136
Novaland Investment Group Corp. *		28,793,558		18,169,008
Phat Dat Real Estate Development Corp. *		10,367,700		7,390,400
Van Phu - Invest Investment JSC		3,572,960		7,838,895
Vincom Retail JSC *		12,200,222		13,910,297
Vingroup JSC *		19,168,349		41,486,777
Vinhomes JSC 144A *		18,301,567		42,779,337
				149,342,024
Transportation: 1.6%
Vietjet Aviation JSC *		2,180,740		8,719,261
Utilities: 1.6%
PetroVietnam Power Corp. *		15,717,310		8,972,417
Total Common Stocks (Cost: $476,115,650)				547,851,711

EXCHANGE TRADED FUND: 0.0% (Cost: $42,158)
DCVFMVN Diamond ETF		62,610		64,152

Total Investments: 99.9% (Cost: $476,157,808)				547,915,863
Other assets less liabilities: 0.1%				448,782
NET ASSETS: 100.0%			$	548,364,645

Footnotes:

*	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 $42,779,337, or 7.8% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Real Estate		27.3	%	$	149,342,024
Financials		26.8			146,974,685
Consumer Staples		20.1			110,439,677
Materials		12.5			68,381,477
Industrials		9.6			52,319,243
Energy		2.1			11,422,188
Utilities		1.6			8,972,417
Exchange Traded Fund		0.0			64,152
		100.0	%	$	547,915,863

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	9,367,119	$	48,032,903	$	—	$	57,400,022
Capital Goods		4,595,176		39,004,806		—		43,599,982
Energy		6,169,806		5,252,382		—		11,422,188
Financial Services		—		83,503,443		—		83,503,443
Food, Beverage & Tobacco		—		110,439,677		—		110,439,677
Insurance		—		6,071,220		—		6,071,220
Materials		—		68,381,477		—		68,381,477
Real Estate Management & Development		—		149,342,024		—		149,342,024
Transportation		8,719,261		—		—		8,719,261
Utilities		—		8,972,417		—		8,972,417
Exchange Traded Fund		—		64,152		—		64,152
Total Investments	$	28,851,362	$	519,064,501	$	—	$	547,915,863

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	45,791,995		$	34,591,944		$	13,810,290		$	19,794,843
Short-term investments held as collateral for securities loaned (3)		1,116,905			2,301,920			—			—
Cash		—			169,216			191,613			41,833
Cash denominated in foreign currency, at value (4)		4,427,686			—			—			43,471	(a)
Receivables:
Investment securities sold		—			99,381			4,682			—
Shares of beneficial interest sold		76,930			—			—			—
Due from Adviser		—			7,299			33,800			21,688
Dividends and interest		194,952			124,389			44,144			2,478
Prepaid expenses		95			54			28			51
Total assets		51,608,563			37,294,203			14,084,557			19,904,364
Liabilities:
Payables:
Investment securities purchased		—			154,229			49,185			—
Collateral for securities loaned		1,116,905			2,301,920			—			—
Line of credit		2,000,000			—			—			—
Due to Adviser		2,179			—			—			—
Due to custodian		2,694,820			183,796			111,658			—
Deferred Trustee fees		14,867			39,294			6,456			1,432
Accrued expenses		86,072			72,696			51,107			66,281
Total liabilities		5,914,843			2,751,935			218,406			67,713
NET ASSETS	$	45,693,720		$	34,542,268		$	13,866,151		$	19,836,651
Shares outstanding		3,100,000			1,900,000			600,000			700,000
Net asset value, redemption and offering price per share	$	14.74		$	18.18		$	23.11		$	28.34
Net Assets consist of:
Aggregate paid in capital	$	119,395,951		$	195,772,499		$	20,774,307		$	23,563,749
Total distributable earnings (loss)		(73,702,231	)		(161,230,231	)		(6,908,156	)		(3,727,098	)
NET ASSETS	$	45,693,720		$	34,542,268		$	13,866,151		$	19,836,651
(1) Value of securities on loan .	$	5,708,154		$	3,947,034		$	293,082		$	—
(2) Cost of investments - Unaffiliated issuers	$	44,322,413		$	31,960,948		$	17,196,310		$	17,219,524
(3) Cost of short-term investments held as collateral for securities loaned	$	1,116,905		$	2,301,920		$	—		$	—
(4) Cost of cash denominated in foreign currency	$	6,006,613		$	—		$	—		$	46,066

(a) Includes $22,168 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Digital India ETF			Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,336,347		$	14,534,099		$	55,439,838		$	28,885,952
Short-term investments held as collateral for securities loaned (3)		—			—			—			548
Cash		—			—			15,562			—
Cash denominated in foreign currency, at value (4)		2,846			2,799,059			446,490			4,234
Receivables:
Shares of beneficial interest sold		—			74,572			1,209			—
Due from Adviser		—			74,083			—			10,920
Dividends and interest		3,399			43,687			156,384			181,421
Prepaid expenses		—			30			108			88
Total assets		2,342,592			17,525,530			56,059,591			29,083,163
Liabilities:
Payables:
Collateral for securities loaned		—			—			—			548
Line of credit		—			2,140,347			485,253			—
Due to Adviser		1,239			—			8,240			—
Due to custodian		7,920			159			—			11,093
Deferred Trustee fees		—			6,558			16,804			33,204
Accrued expenses		—			53,579			72,058			81,620
Total liabilities		9,159			2,200,643			582,355			126,465
NET ASSETS	$	2,333,433		$	15,324,887		$	55,477,236		$	28,956,698
Shares outstanding		75,000			799,974			1,524,967			1,600,000
Net asset value, redemption and offering price per share	$	31.11		$	19.16		$	36.38		$	18.10
Net Assets consist of:
Aggregate paid in capital	$	2,560,163		$	58,361,002		$	127,910,855		$	156,965,653
Total distributable earnings (loss)		(226,730	)		(43,036,115	)		(72,433,619	)		(128,008,955	)
NET ASSETS	$	2,333,433		$	15,324,887		$	55,477,236		$	28,956,698
(1) Value of securities on loan	$	—		$	—		$	—		$	1,391,747
(2) Cost of investments - Unaffiliated issuers	$	2,430,522		$	13,766,340		$	43,388,527		$	37,142,009
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	—		$	548
(4) Cost of cash denominated in foreign currency	$	2,849		$	2,798,935		$	444,442		$	4,234

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Israel ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	55,462,863		$	547,915,863
Short-term investments held as collateral for securities loaned (3)		2,040,559			—
Cash		91,451			—
Cash denominated in foreign currency, at value (4)		—			79,349
Receivables:
Shares of beneficial interest sold		—			117,111
Dividends and interest		39,592			1,424,945
Prepaid expenses		119			818
Total assets		57,634,584			549,538,086
Liabilities:
Payables:
Collateral for securities loaned		2,040,559			—
Line of credit		—			594,538
Due to Adviser		4,438			220,260
Due to custodian		489			97,952
Deferred Trustee fees		5,240			59,794
Accrued expenses		45,412			200,897
Total liabilities		2,096,138			1,173,441
NET ASSETS	$	55,538,446		$	548,364,645
Shares outstanding		1,575,000			41,200,000
Net asset value, redemption and offering price per share	$	35.26		$	13.31
Net Assets consist of:
Aggregate paid in capital	$	58,277,182		$	847,775,849
Total distributable earnings (loss)		(2,738,736	)		(299,411,204	)
NET ASSETS	$	55,538,446		$	548,364,645
(1) Value of securities on loan	$	7,091,643		$	—
(2) Cost of investments - Unaffiliated issuers	$	49,194,075		$	476,157,808
(3) Cost of short-term investments held as collateral for securities loaned	$	2,040,559		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	79,549

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Income:
Dividends	$	1,079,675		$	612,248		$	347,562		$	145,393
Interest		134			1,998			5,208			47,350
Securities lending income		11,420			32,375			1,349			—
Foreign taxes withheld		(124,631	)		(31,968	)		(28,412	)		(14,775	)
Total income		966,598			614,653			325,707			177,968
Expenses:
Management fees		114,944			67,624			38,729			57,382
Professional fees		24,736			23,940			31,439			29,237
Custody and accounting fees		68,621			55,011			117,368			74,783
Reports to shareholders		9,168			5,308			4,315			5,771
Trustees’ fees and expenses		617			554			1,573			250
Registration fees		2,950			2,950			2,951			4,228
Insurance		1,139			1,051			1,018			1,060
Interest		102,329			10,670			13,998			76,708
Other		1,012			91			79			627
Total expenses		325,516			167,199			211,470			250,046
Waiver of management fees		(43,875	)		(67,624	)		(38,729	)		(57,382	)
Expenses assumed by the Adviser		—			(9,109	)		(125,970	)		(118,067	)
Net expenses		281,641			90,466			46,771			74,597
Net investment income		684,957			524,187			278,936			103,371

Net realized gain (loss) on:
Investments		(2,975,761	)		(2,518,245	)		36,333			(2,433,027	)
In-kind redemptions		189,517			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(402,066	)		444			(3,954	)		(15,677	)
Net realized gain (loss)		(3,188,310	)		(2,517,801	)		32,379			(2,448,704	)

Net change in unrealized appreciation (depreciation) on:
Investments		25,185			10,649,404			(1,654,775	)		(164,835	)
Foreign currency translations and foreign denominated assets and liabilities		(802,665	)		685			(2,892	)		(1,548	)
Net change in unrealized appreciation (depreciation)		(777,480	)		10,650,089			(1,657,667	)		(166,383	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,280,833	)	$	8,656,475		$	(1,346,352	)	$	(2,511,716	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Digital India ETF			Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF
Income:
Dividends	$	10,981		$	597,898		$	671,709		$	1,308,815
Interest		57			1,420			4,544			1,447
Securities lending income		—			—			—			4,055
Foreign taxes withheld		(2,098	)		(12,882	)		(142,199	)		(210,596	)
Total income		8,940			586,436			534,054			1,103,721
Expenses:
Management fees		5,593			45,203			125,461			77,407
Professional fees		—			20,716			37,208			21,592
Custody and accounting fees		—			33,042			66,295			61,201
Reports to shareholders		—			4,371			7,523			8,213
Trustees’ fees and expenses		—			254			11,216			932
Registration fees		—			2,950			2,950			2,950
Insurance		—			1,002			1,166			2,054
Interest		73			79,096			50,042			2,546
Other		—			121			10,908			117
Total expenses		5,666			186,755			312,769			177,012
Waiver of management fees		—			(22,678	)		(75,355	)		(77,407	)
Expenses assumed by the Adviser		—			—			—			(8,815	)
Net expenses		5,666			164,077			237,414			90,790
Net investment income		3,274			422,359			296,640			1,012,931

Contribution from Adviser
Increase from payment from Adviser (See Note 3)		—			71,119			—			—
Net realized gain (loss) on:
Investments		(66,295	)		(3,457,162	)		(2,673,181	)		(1,911,174	)
In-kind redemptions		—			225,286			39,246			277,463
Foreign currency transactions and foreign denominated assets and liabilities		(1,292	)		(528,387	)		(120,597	)		1,221
Net realized loss		(67,587	)		(3,760,263	)		(2,754,532	)		(1,632,490	)

Net change in unrealized appreciation (depreciation) on:
Investments		263,432			886,063			8,192,434			1,982,672
Foreign currency translations and foreign denominated assets and liabilities		—			7,194			2,133			223
Net change in unrealized appreciation (depreciation)		263,432			893,257			8,194,567			1,982,895
Net Increase (Decrease) in Net Assets Resulting from Operations	$	199,119		$	(2,373,528	)	$	5,736,675		$	1,363,336

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Israel ETF			Vietnam ETF
Income:
Dividends	$	765,671		$	3,002,892
Interest		459			19,235
Securities lending income		72,860			13,279
Foreign taxes withheld		(172,519	)		(22,117	)
Total income		666,471			3,013,289
Expenses:
Management fees		144,621			1,258,425
Professional fees		26,031			32,508
Custody and accounting fees		58,501			277,831
Reports to shareholders		5,625			19,672
Trustees’ fees and expenses		827			5,616
Registration fees		2,950			1,989
Insurance		2,121			6,304
Interest		1,904			352,089
Other		143			1,685
Total expenses		242,723			1,956,119
Waiver of management fees		(70,166	)		—
Net expenses		172,557			1,956,119
Net investment income		493,914			1,057,170

Net realized gain (loss) on:
Investments		(45,750	)		(23,356,982	)
In-kind redemptions		1,124,488			—
Foreign currency transactions and foreign denominated assets and liabilities		2,648			(197,521	)
Net realized gain (loss)		1,081,386			(23,554,503	)

Net change in unrealized appreciation (depreciation) on:
Investments		(2,259,016	)		80,900,635
Foreign currency translations and foreign denominated assets and liabilities		13			(15,931	)
Net change in unrealized appreciation (depreciation)		(2,259,003	)		80,884,704
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(683,703	)	$	58,387,371

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Brazil Small-Cap ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	684,957		$	1,748,437		$	524,187		$	799,907
Net realized loss		(3,188,310	)		(4,065,150	)		(2,517,801	)		(1,502,110	)
Net change in unrealized appreciation (depreciation)		(777,480	)		(8,524,292	)		10,650,089			(2,563,731	)
Net increase (decrease) in net assets resulting from operations		(3,280,833	)		(10,841,005	)		8,656,475			(3,265,934	)
Distributions to shareholders from:
Distributable earnings		—			(1,670,110	)		—			(971,850	)
Return of capital		—			—			—			(3,075	)
Total distributions		—			(1,670,110	)		—			(974,925	)

Share transactions*:
Proceeds from sale of shares		3,822,667			—			661,038			1,379,038
Cost of shares redeemed		(708,164	)		(817,849	)		—			(3,800,241	)
Increase (decrease) in net assets resulting from share transactions		3,114,503			(817,849	)		661,038			(2,421,203	)
Total increase (decrease) in net assets		(166,330	)		(13,328,964	)		9,317,513			(6,662,062	)
Net Assets, beginning of period		45,860,050			59,189,014			25,224,755			31,886,817
Net Assets, end of period	$	45,693,720		$	45,860,050		$	34,542,268		$	25,224,755
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			—			50,000			100,000
Shares redeemed		(50,000	)		(50,000	)		—			(200,000	)
Net increase (decrease)		200,000			(50,000	)		50,000			(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Growth Leaders ETF						ChiNext ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income (loss)	$	278,936		$	325,327		$	103,371		$	(56,012	)
Net realized gain (loss)		32,379			(3,901,398	)		(2,448,704	)		(3,640,884	)
Increase from payment from Advisor (See Note 3)		—			22,940			—			—
Net change in unrealized appreciation (depreciation)		(1,657,667	)		(4,272,366	)		(166,383	)		(9,389,260	)
Net decrease in net assets resulting from operations		(1,346,352	)		(7,825,497	)		(2,511,716	)		(13,086,156	)
Distributions to shareholders from:
Distributable earnings		—			(345,000	)		—			—

Share transactions*:
Proceeds from sale of shares		—			—			7,977,987			—
Cost of shares redeemed		—			(3,181,758	)		(5,954,336	)		(7,788,438	)
Increase (decrease) in net assets resulting from share transactions		—			(3,181,758	)		2,023,651			(7,788,438	)
Total decrease in net assets		(1,346,352	)		(11,352,255	)		(488,065	)		(20,874,594	)
Net Assets, beginning of period		15,212,503			26,564,758			20,324,716			41,199,310
Net Assets, end of period	$	13,866,151		$	15,212,503		$	19,836,651		$	20,324,716
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			250,000			—
Shares redeemed		—			(100,000	)		(200,000	)		(200,000	)
Net increase (decrease)		—			(100,000	)		50,000			(200,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital India ETF						Egypt Index ETF
	Period Ended June 30, 2023			Period Ended December 31, 2022 (a)			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,274		$	7,222		$	422,359		$	492,176
Increase from payment from Adviser (See Note 3)		—			—			71,119			—
Net realized loss		(67,587	)		(61,964	)		(3,760,263	)		(1,746,927	)
Net change in unrealized appreciation (depreciation)		263,432			(357,607	)		893,257			(4,003,163	)
Net increase (decrease) in net assets resulting from operations		199,119			(412,349	)		(2,373,528	)		(5,257,914	)
Distributions to shareholders from:
Distributable earnings		—			(13,500	)		—			(300,031	)

Share transactions*:
Proceeds from sale of shares		744,697			1,815,466			15,226,121			9,835,882
Cost of shares redeemed		—			—			(20,484,524	)		(2,992,178	)
Increase (decrease) in net assets resulting from share transactions		744,697			1,815,466			(5,258,403	)		6,843,704
Total increase (decrease) in net assets		943,816			1,389,617			(7,631,931	)		1,285,759
Net Assets, beginning of period		1,389,617			—			22,956,818			21,671,059
Net Assets, end of period	$	2,333,433		$	1,389,617		$	15,324,887		$	22,956,818
*Shares of Common Stock Issued (no par value)
Shares sold		25,000			50,000			800,000			475,000
Shares redeemed		—			—			(1,125,000	)		(150,000	)
Net increase (decrease)		25,000			50,000			(325,000	)		325,000

(a) For the period February 16, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	India Growth Leaders ETF (a)						Indonesia Index ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	296,640		$	925,759		$	1,012,931		$	1,257,707
Net realized gain (loss)		(2,754,532	)		1,561,588			(1,632,490	)		(1,042,453	)
Net change in unrealized appreciation (depreciation)		8,194,567			(19,324,974	)		1,982,895			(4,318,333	)
Net increase (decrease) in net assets resulting from operations		5,736,675			(16,837,627	)		1,363,336			(4,103,079	)
Distributions to shareholders from:
Distributable earnings		—			(875,052	)		—			(1,200,040	)

Share transactions*:
Proceeds from sale of shares		—			8,391,562			—			37,473,208
Cost of shares redeemed		(1,630,348	)		(17,649,066	)		(5,344,204	)		(53,056,741	)
Decrease in net assets resulting from share transactions		(1,630,348	)		(9,257,504	)		(5,344,204	)		(15,583,533	)
Total increase (decrease) in net assets		4,106,327			(26,970,183	)		(3,980,868	)		(20,886,652	)
Net Assets, beginning of period		51,370,909			78,341,092			32,937,566			53,824,218
Net Assets, end of period	$	55,477,236		$	51,370,909		$	28,956,698		$	32,937,566
*Shares of Common Stock Issued (no par value)
Shares sold		—			250,000			—			1,800,000
Shares redeemed		(50,000	)		(500,000	)		(300,000	)		(2,600,000	)
Net decrease		(50,000	)		(250,000	)		(300,000	)		(800,000	)

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Israel ETF						Vietnam ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	493,914		$	1,004,850		$	1,057,170		$	4,773,570
Net realized gain (loss)		1,081,386			(2,180,753	)		(23,554,503	)		(56,186,826	)
Net change in unrealized appreciation (depreciation)		(2,259,003	)		(19,705,800	)		80,884,704			(200,784,552	)
Net increase (decrease) in net assets resulting from operations		(683,703	)		(20,881,703	)		58,387,371			(252,197,808	)
Distributions to shareholders from:
Distributable earnings		—			(799,920	)		—			(3,867,660	)

Share transactions*:
Proceeds from sale of shares		—			1,155,251			108,043,964			130,365,153
Cost of shares redeemed		(2,698,980	)		(1,016,637	)		(31,136,227	)		(51,914,363	)
Increase (decrease) in net assets resulting from share transactions		(2,698,980	)		138,614			76,907,737			78,450,790
Total increase (decrease) in net assets		(3,382,683	)		(21,543,009	)		135,295,108			(177,614,678	)
Net Assets, beginning of period		58,921,129			80,464,138			413,069,537			590,684,215
Net Assets, end of period	$	55,538,446		$	58,921,129		$	548,364,645		$	413,069,537
*Shares of Common Stock Issued (no par value)
Shares sold		—			25,000			8,650,000			10,700,000
Shares redeemed		(75,000	)		(25,000	)		(2,600,000	)		(3,200,000	)
Net increase (decrease)		(75,000	)		—			6,050,000			7,500,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Africa Index ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$15.81			$20.06			$20.17			$20.50			$20.08			$24.81
Net investment income (a)		0.23			0.60			0.53			0.52			1.09			0.57
Net realized and unrealized gain (loss) on investments		(1.30	)		(4.27	)		0.20	(b)		(0.05	)		0.62			(4.96	)
Total from investment operations		(1.07	)		(3.67	)		0.73			0.47			1.71			(4.39	)
Distributions from:
Net investment income		—			(0.58	)		(0.84	)		(0.80	)		(1.29	)		(0.34	)
Net asset value, end of period		$14.74			$15.81			$20.06			$20.17			$20.50			$20.08
Total return (c)		(6.79)%	(d)		(18.34	)%		3.69	%		2.29	%		8.52	%		(17.70	)%

Ratios to average net assets
Gross expenses		1.42%	(e)		0.98	%		0.77	%		0.92	%		0.90	%		0.91	%
Net expenses		1.23%	(e)		0.98	%		0.77	%		0.79	%		0.79	%		0.78	%
Net expenses excluding interest		0.78%	(e)		0.75	%		0.77	%		0.78	%		0.78	%		0.78	%
Net investment income		2.98%	(e)		3.29	%		2.50	%		3.00	%		5.13	%		2.44	%
Supplemental data
Net assets, end of period (in millions)		$46			$46			$59			$52			$50			$55
Portfolio turnover rate (f)		22%	(d)		33	%		37	%		37	%		46	%		23	%

(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)	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:

	Brazil Small-Cap ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$13.64			$16.35			$21.44			$27.50			$20.09			$23.33
Net investment income (a)		0.28			0.44			0.48			0.33			0.58			0.68
Net realized and unrealized gain (loss) on investments		4.26			(2.59	)		(5.08	)		(6.04	)		7.42			(3.34	)
Payment from Adviser		—			—			—			—			0.11	(b)		—
Total from investment operations		4.54			(2.15	)		(4.60	)		(5.71	)		8.11			(2.66	)
Distributions from:
Net investment income		—			(0.56	)		(0.49	)		(0.35	)		(0.70	)		(0.58	)
Return of capital		—			—	(c)		—			—			—			—
Total distributions		—			(0.56	)		(0.49	)		(0.35	)		(0.70	)		(0.58	)
Net asset value, end of period		$18.18			$13.64			$16.35			$21.44			$27.50			$20.09
Total return (d)		33.33%	(e)		(13.30	)%		(21.38	)%		(20.75	)%		40.81%	(b)		(11.66	)%

Ratios to average net assets
Gross expenses		1.24%	(f)		0.83%	(g)		0.84%	(g)		0.84	%		0.73	%		0.73	%
Net expenses		0.67%	(f)		0.59%	(g)		0.59%	(g)		0.60	%		0.63	%		0.60	%
Net expenses excluding interest		0.59%	(f)		0.59%	(g)		0.59%	(g)		0.59	%		0.59	%		0.59	%
Net investment income		3.88%	(f)		2.71%	(g)		2.32%	(g)		1.73	%		2.52	%		3.25	%
Supplemental data
Net assets, end of period (in millions)		$35			$25			$32			$55			$98			$88
Portfolio turnover rate (h)		17%	(e)		42	%		56	%		31	%		38	%		45	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3).
(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(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:

	China Growth Leaders ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.35			$37.95			$46.83			$42.14			$31.58			$48.37
Net investment income (a)		0.46			0.52			0.26			0.38			0.63			0.41
Net realized and unrealized gain (loss) on investments		(2.70	)		(12.58	)		(7.13	)		10.29			10.55			(14.35	)
Payment from Adviser		—			0.04	(b)		—			0.05	(c)		—			—
Total from investment operations		(2.24	)		(12.02	)		(6.87	)		10.72			11.18			(13.94	)
Distributions from:
Net investment income		—			(0.58	)		(0.36	)		(0.07	)		(0.62	)		(0.31	)
Net realized capital gains		—			—			(1.65	)		(5.96	)		—			(2.54	)
Total distributions		—			(0.58	)		(2.01	)		(6.03	)		(0.62	)		(2.85	)
Net asset value, end of period		$23.11			$25.35			$37.95			$46.83			$42.14			$31.58
Total return (d)		(8.84)%	(e)		(31.65)%	(b)		(14.67	)%		25.95%	(c)		35.40	%		(28.79	)%

Ratios to average net assets
Gross expenses		2.73%	(f)		1.16	%		1.40	%		1.27	%		1.07	%		1.17	%
Net expenses		0.60%	(f)		0.60	%		0.60	%		0.60	%		0.61	%		0.85	%
Net expenses excluding interest (g)		0.60%	(f)		0.60	%		0.60	%		0.60	%		0.61	%		0.72	%
Net investment income		3.60%	(f)		1.77	%		0.57	%		0.90	%		1.60	%		0.95	%
Supplemental data
Net assets, end of period (in millions)		$14			$15			$27			$52			$67			$54
Portfolio turnover rate (h)		25%	(e)		73	%		59	%		199	%		42	%		34	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2022, 0.11% of total return, representing $0.04 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3).
(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)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(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:

	ChiNext ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$31.27			$48.47			$48.95			$29.81			$20.97			$34.79
Net investment income (loss) (a)		0.14			(0.08	)		(0.06	)		0.03			0.10			0.03
Net realized and unrealized gain (loss) on investments		(3.07	)		(17.12	)		4.03			19.09			8.88			(13.85	)
Payment from Adviser		—			—			0.02	(b)		0.02	(c)		—			—
Total from investment operations		(2.93	)		(17.20	)		3.99			19.14			8.98			(13.82	)
Distributions from:
Net investment income		—			—			—			—	(d)		(0.14	)		—
Net realized capital gains		—			—			(3.74	)		—			—			—
Return of capital		—			—			(0.73	)		—			—			—
Total distributions		—			—			(4.47	)		—			(0.14	)		—
Net asset value, end of period		$28.34			$31.27			$48.47			$48.95			$29.81			$20.97
Total return (e)		(9.37)%	(f)		(35.49	)%		8.21	%(b)		64.23%	(c)		42.80	%		(39.72	)%

Ratios to average net assets
Gross expenses		2.18%	(g)		1.25	%		0.89	%		1.15	%		1.08	%		1.33	%
Net expenses		0.65%	(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.82	%
Net expenses excluding interest (h)		0.65%	(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.78	%
Net investment income (loss)		0.90%	(g)		(0.22	)%		(0.12	)%		0.07	%		0.39	%		0.09	%
Supplemental data
Net assets, end of period (in millions)		$20			$20			$41			$49			$30			$16
Portfolio turnover rate (i)		30%	(f)		10	%		59	%		96	%		43	%		36	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(d)	Amount represents less than $0.005 per share.
(e)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(f)	Not Annualized
(g)	Annualized
(h)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(i)	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 India ETF

	Period Ended June 30, 2023			Period Ended December 31, 2022(a)
	(unaudited)
Net asset value, beginning of period		$27.79			$36.25
Net investment income (b)		0.06			0.14
Net realized and unrealized gain (loss) on investments		3.26			(8.33	)
Total from investment operations		3.32			(8.19	)
Distributions from:
Net investment income		—			(0.27	)
Net asset value, end of period		$31.11			$27.79
Total return (c)		11.94%	(d)		(22.56)%	(d)

Ratios to average net assets
Expenses		0.76%	(e)		0.76%	(e)
Expenses excluding interest		0.75%	(e)		0.75%	(e)
Net investment income		0.44%	(e)		0.53%	(e)
Supplemental data
Net assets, end of period (in millions)		$2			$1
Portfolio turnover rate (f)		20%	(d)		22%	(d)

(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Egypt Index ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$20.41			$27.09			$25.62			$29.20			$28.28			$32.89
Net investment income (a)		0.43			0.61			0.75			0.61			0.59			0.60
Net realized and unrealized gain (loss) on investments		(1.75	)		(7.02	)		1.38			(3.56	)		0.93	(b)		(4.73	)
Payment from Adviser		0.09	(c)		—			—			—			—			—
Total from investment operations		(1.23	)		(6.41	)		2.13			(2.95	)		1.52			(4.13	)
Distributions from:
Net investment income		—			(0.27	)		(0.66	)		(0.63	)		(0.60	)		(0.48	)
Net asset value, end of period		$19.18			$20.41			$27.09			$25.62			$29.20			$28.28
Total return (d)		(6.13)%	(c)(e)		(23.67	)%		8.36	%		(10.09	)%		5.42	%		(12.56	)%

Ratios to average net assets
Gross expenses		2.07%	(f)		1.35	%		1.10	%		1.11	%		1.11	%		1.19	%
Net expenses		1.81%	(f)		1.24	%		1.02	%		0.98	%		1.01	%		0.98	%
Net expenses excluding interest		0.94%	(f)		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		4.67%	(f)		2.92	%		2.92	%		2.43	%		1.88	%		1.73	%
Supplemental data
Net assets, end of period (in millions)		$15			$23			$22			$19			$31			$33
Portfolio turnover rate (g)		72%	(e)		66	%		73	%		27	%		76	%		41	%

(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)	For the period ended June 30, 2023, 0.44% of total return, representing $0.09 per share, consisted of a payment from the Adviser (See Note 3).
(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:

	India Growth Leaders ETF(a)
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$32.62			$42.93			$32.94			$32.76			$42.36			$68.40
Net investment income (loss) (b)		0.20			0.59			0.08			0.15			0.50			(0.02	)
Net realized and unrealized gain (loss) on investments		3.56			(10.34	)		9.91			0.11	(c)		(9.68	)		(25.97	)
Total from investment operations		3.76			(9.75	)		9.99			0.26			(9.18	)		(25.99	)
Distributions from:
Net investment income		—			(0.56	)		—			(0.08	)		(0.42	)		(0.05	)
Net asset value, end of period		$36.38			$32.62			$42.93			$32.94			$32.76			$42.36
Total return (d)		11.53%	(e)		(22.67	)%		30.30	%		0.80	%		(21.65	)%		(38.00	)%

Ratios to average net assets
Gross expenses		1.25%	(f)		0.80	%		1.00	%		1.24	%		0.86	%		0.83	%
Net expenses		0.95%	(f)		0.80	%		0.90	%		1.05	%		0.86	%		0.83	%
Net expenses excluding interest		0.75%	(f)		0.73	%		0.83	%		0.85	%		0.83	%		0.80	%
Net investment income (loss)		1.19%	(f)		1.64	%		0.22	%		0.55	%		1.35	%		(0.03	)%
Supplemental data
Net assets, end of period (in millions)		$55			$51			$78			$68			$122			$187
Portfolio turnover rate (g)		51%	(e)		102	%		67	%		133	%		51	%		39	%

(a)	Consolidated Financial Highlights
(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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Indonesia Index ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$17.34			$19.93			$20.49			$22.68			$21.85			$24.75
Net investment income (a)		0.58			0.45			0.27			0.36			0.40			0.36
Net realized and unrealized gain (loss) on investments		0.18			(2.41	)		(0.61	)		(2.21	)		0.90			(2.78	)
Total from investment operations		0.76			(1.96	)		(0.34	)		(1.85	)		1.30			(2.42	)
Distributions from:
Net investment income		—			(0.63	)		(0.22	)		(0.34	)		(0.47	)		(0.48	)
Net asset value, end of period		$18.10			$17.34			$19.93			$20.49			$22.68			$21.85
Total return (b)		4.40%	(c)		(9.88	)%		(1.65	)%		(8.20	)%		5.97	%		(9.79	)%

Ratios to average net assets
Gross expenses		1.14%	(d)		0.67	%		0.82	%		0.97	%		0.80	%		0.75	%
Net expenses		0.59%	(d)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net expenses excluding interest		0.57%	(d)		0.57	%		N/A			N/A			N/A			N/A
Net investment income		6.54%	(d)		2.24	%		1.38	%		2.03	%		1.78	%		1.61	%
Supplemental data
Net assets, end of period (in millions)		$29			$33			$54			$36			$41			$45
Portfolio turnover rate (e)		8%	(c)		25	%		36	%		13	%		10	%		14	%

(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:

	Israel ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$35.71			$48.77			$44.82			$35.03			$28.05			$30.37
Net investment income (a)		0.31			0.61			0.27			0.08			0.19			0.27
Net realized and unrealized gain (loss) on investments		(0.76	)		(13.19	)		4.30			9.79			7.27			(2.38	)
Total from investment operations		(0.45	)		(12.58	)		4.57			9.87			7.46			(2.11	)
Distributions from:
Net investment income		—			(0.48	)		(0.62	)		(0.08	)		(0.48	)		(0.21	)
Net asset value, end of period		$35.26			$35.71			$48.77			$44.82			$35.03			$28.05
Total return (b)		(1.25)%	(c)		(25.79	)%		10.20	%		28.14	%		26.64	%		(6.94	)%

Ratios to average net assets
Gross expenses		0.84%	(d)		0.64	%		0.71	%		0.80	%		0.94	%		1.02	%
Net expenses		0.60%	(d)		0.59	%		0.59	%		0.60	%		0.62	%		0.60	%
Net expenses excluding interest		0.59%	(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.71%	(d)		1.48	%		0.57	%		0.24	%		0.60	%		0.85	%
Supplemental data
Net assets, end of period (in millions)		$56			$59			$80			$75			$58			$46
Portfolio turnover rate (e)		7%	(c)		12	%		32	%		22	%		14	%		23	%

(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:

	Vietnam ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$11.75			$21.36			$17.52			$16.05			$14.84			$17.45
Net investment income (a)		0.03			0.18			0.11			0.08			0.14			0.17
Net realized and unrealized gain (loss) on investments		1.53			(9.68	)		3.83			1.46			1.19			(2.66	)
Total from investment operations		1.56			(9.50	)		3.94			1.54			1.33			(2.49	)
Distributions from:
Net investment income		—			(0.11	)		(0.10	)		(0.06	)		(0.12	)		(0.12	)
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		—			(0.11	)		(0.10	)		(0.07	)		(0.12	)		(0.12	)
Net asset value, end of period		$13.31			$11.75			$21.36			$17.52			$16.05			$14.84
Total return (b)		13.26%	(c)		(44.47	)%		22.52	%		9.72	%		8.86	%		(14.15	)%

Ratios to average net assets
Expenses		0.78%	(d)(e)		0.66%	(e)		0.59%	(e)		0.61	%		0.66	%		0.68	%
Expenses excluding interest		0.64%	(d)(e)		0.60%	(e)		0.58%	(e)		0.60	%		0.63	%		0.64	%
Net investment income		0.42%	(d)(e)		1.13%	(e)		0.58%	(e)		0.55	%		0.89	%		0.98	%
Supplemental data
Net assets, end of period (in millions)		$548			$413			$591			$457			$443			$318
Portfolio turnover rate (f)		39%	(c)		57	%		57	%		33	%		33	%		49	%

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2023 (unaudited)

Fund	Diversification Classification

Africa Index ETF	Diversified
Brazil Small-Cap ETF	Diversified
China Growth Leaders ETF	Diversified
ChiNext ETF	Diversified
Digital India ETF	Non-Diversified
Egypt Index ETF	Non-Diversified
India Growth Leaders ETF	Diversified
Indonesia Index ETF	Non-Diversified
Israel ETF	Non-Diversified
Vietnam 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

Africa Index ETF	MVIS^®GDP Africa Index
Brazil Small-Cap ETF	MVIS^®Brazil Small-Cap Index
China Growth Leaders ETF	MarketGrader China All-Cap Growth Leaders Index
ChiNext ETF	ChiNext Index
Digital India ETF	MVIS^®Digital India Index
Egypt Index ETF	MVIS^®Egypt Index
India Growth Leaders ETF	MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF	MVIS^®Indonesia Index
Israel ETF	Bluestar Israel Global Index^®
Vietnam ETF	MVIS^®Vietnam 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. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser. India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius.

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. 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the “Fund”) in order to effect

certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.

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. 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 with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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.

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 June 30, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

At June 30, 2023, ChiNext ETF included $22,168 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 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. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the period ended June 30, 2023.

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

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Brazil Small-Cap ETF		0.50			0.59
China Growth Leaders ETF		0.50			0.60
ChiNext ETF		0.50			0.65
Egypt Index ETF		0.50			0.94
India Growth Leaders ETF*		0.50			0.70
Indonesia Index ETF		0.50			0.57
Israel ETF		0.50			0.59
Vietnam ETF		0.50			0.76

*Prior to June 20, 2023, the expense limitation was 0.75%.

Digital India ETF utilizes 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
Digital India ETF*			0.70	%

*Prior to June 20, 2023, the unitary management fee rate was 0.75%.

During the year ended December 31, 2019, the Adviser reimbursed the Brazil Small-Cap ETF $372,975 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. The per share and total return impacts to the Funds are reflected in the Financial Highlights.

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

During the year ended December 31, 2022, the Adviser reimbursed the China Growth Leaders ETF $22,940 for an operational error. This reimbursement is reflected in the Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the period ended June 30, 2023, the Adviser reimbursed the Egypt Index ETF $71,119 for an operational error. This reimbursement is reflected in the Statements of Operations and Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

As of June 30, 2023, the Adviser owned approximately 28% of Egypt Index ETF.

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.

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Africa Index ETF	$	10,672,206	$	9,929,064	$	2,563,205	$	497,438
Brazil Small-Cap ETF		5,946,089		4,741,751		131,462		—
China Growth Leaders ETF		4,055,047		3,872,658		—		—
ChiNext ETF		9,001,506		6,955,440		—		—
Digital India ETF		870,211		307,679		186,448		—
Egypt Index ETF		13,185,293		17,897,348		2,973,726		4,352,852
India Growth Leaders ETF		25,967,293		27,323,083		—		82,141
Indonesia Index ETF		3,412,071		2,420,662		—		5,340,795
Israel ETF		4,380,578		3,947,444		—		2,697,921
Vietnam ETF		271,789,650		195,958,261		3,562,323		—

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF		$46,290,430		$5,469,823		$(4,851,353	)		$618,470
Brazil Small-Cap ETF		39,058,469		7,210,767		(9,375,372	)		(2,164,605)
China Growth Leaders ETF		17,257,839		1,295,239		(4,742,788	)		(3,447,549)
ChiNext ETF		17,580,172		5,789,283		(3,574,612	)		2,214,671
Digital India ETF		2,431,049		96,202		(190,904	)		(94,702)
Egypt Index ETF		16,740,311		2,260,511		(4,466,723	)		(2,206,212)
India Growth Leaders ETF		44,095,413		12,876,315		(1,531,890	)		11,344,425
Indonesia Index ETF		37,807,779		1,886,165		(10,807,444	)		(8,921,279)
Israel ETF		52,589,109		14,878,186		(9,963,873	)		4,914,313
Vietnam ETF		502,006,072		88,499,090		(42,589,299	)		45,909,791

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

At December 31, 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
Africa Index ETF	$	(12,547,079	)	$	(57,668,544	)	$	(70,215,623	)
Brazil Small-Cap ETF		(21,976,616	)		(135,054,154	)		(157,030,770	)
China Growth Leaders ETF		(2,569,318	)		(1,194,565	)		(3,763,883	)
ChiNext ETF		(3,379,373	)		(189,486	)		(3,568,859	)
Digital India ETF		(67,649	)		–			(67,649	)
Egypt Index ETF		(14,077,698	)		(23,696,949	)		(37,774,647	)
India Growth Leaders ETF		(15,686,824	)		(65,609,227	)		(81,296,051	)
Indonesia Index ETF		(39,262,199	)		(79,254,217	)		(118,516,416	)
Israel ETF		(2,029,019	)		(7,676,569	)		(9,705,588	)
Vietnam ETF		(108,199,071	)		(220,169,330	)		(328,368,401	)

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

Investments in India: As a result of renegotiation of the India Mauritius Tax treaty, India commenced taxation on capital gains arising from disposition of shares acquired on or after April 1, 2017 in a company resident in India, with shares acquired on or before March 31, 2017 being grandfathered as exempt from capital gains taxation subject to treaty relief. India currently assesses a capital gains tax on shares sold on the exchange of 15% on short term capital gains and 10% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, 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. There may be limitations or delays in the convertibility or repatriation of certain African currencies, which would adversely affect the U.S. dollar value and/or liquidity of a Fund’s investments denominated in such African currencies. This may impair a Fund’s ability to achieve its investment objective and/or may impede a Fund’s ability to satisfy redemption requests in timely manner.

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	5,708,154	$	1,116,905	$	4,876,053	$	5,992,958
Brazil Small-Cap ETF		3,947,034		2,301,920		1,676,321		3,978,241
China Growth Leaders ETF		293,082		–		312,579		312,579
Indonesia Index ETF		1,391,747		548		1,441,154		1,441,702
Israel ETF		7,091,643		2,040,559		5,184,787		7,225,346

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	1,116,905
Brazil Small-Cap ETF		2,301,920
Indonesia Index ETF		548
Israel ETF		2,040,559

* Remaining contractual maturity: overnight and continuous

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Africa Index ETF	177	$2,226,850	6.09%
China Growth Leaders ETF	1	461,059	5.93
Digital India ETF	6	262,333	6.42
Egypt Index ETF	172	1,929,449	6.09
India Growth Leaders ETF	141	1,079,717	6.20
Indonesia Index ETF	17	141,023	6.33
Israel ETF	23	252,481	6.01
Vietnam ETF	153	5,946,601	6.14

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited)

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited) (continued)

The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.

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	INTLSAR

SEMI-ANNUAL REPORT

June 30, 2023

(unaudited)

Russia ETF	RSX
Russia Small-Cap ETF	RSXJ


	800.826.2333	vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
Russia ETF	4
Russia Small-Cap ETF	6
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets	10
Statements of Cash Flows	11
Financial Highlights
Russia ETF	12
Russia Small-Cap ETF	13
Notes to Financial Statements	14
Approval of Investment Management Agreement	21
Funds’ Liquidity Risk Management Program	23

VANECK ETF TRUST

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1. Monetary Policy: Tightening

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

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

2. Fiscal Tightening

3. Global Growth is at Low Levels

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

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

My final 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 with VanEck. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2023. For detailed information about VanEck Russia ETF and Russia Small-Cap ETF, please see the Liquidation FAQ3. 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

July 7, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”⁴Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/
2	What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3	https://www.vaneck.com/us/en/blogs/investment-outlook/rsx-rsxj-liquidation-faq/
4	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, January 1, 2023 to June 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Russia ETF
Actual	$1,000.00	$2,038.30	0.67%	$5.05
Hypothetical (b)	$1,000.00	$1,021.47	0.67%	$3.36
Russia Small-Cap ETF
Actual	$1,000.00	$1,001.20	6.68%	$33.15
Hypothetical (b)	$1,000.00	$991.67	6.68%	$32.99

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

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Sberbank of Russia PJSC ∞		46,050,016	$	0
TCS Group Holding Plc (GDR) *∞		1,390,470		0
VTB Bank PJSC *∞		66,877,350,000		0
				0
Consumer Discretionary Distribution & Retail: 0.0%
Ozon Holdings Plc (ADR) * †∞		479,481		0
Consumer Staples Distribution & Retail: 0.0%
Magnit PJSC *∞		1,226,365		0
Magnit PJSC (GDR) *∞		1		0
X5 Retail Group NV (GDR) *∞		1,970,269		0
				0
Energy: 0.0%
Gazprom PJSC ∞		45,772,138		0
LUKOIL PJSC ∞		2,063,982		0
Novatek PJSC ∞		7,452,940		0
Rosneft Oil Co. PJSC ∞		16,922,345		0
Surgutneftegas PJSC ∞		125,211,510		0
Surgutneftegas PJSC (ADR) *∞		1,364,815		0
Tatneft PJSC (ADR) *∞		3,393,156		0
				0
Financial Services: 0.0%
Moscow Exchange MICEX-RTS PJSC ∞		17,946,312		0
Materials: 0.0%
Alrosa PJSC *∞		33,188,190		0
Evraz Plc *∞		266,000		0
MMC Norilsk Nickel PJSC *∞		529,178		0
MMC Norilsk Nickel PJSC (ADR) *∞		4		0
Novolipetsk Steel PJSC *∞		22,272,460		0
PhosAgro PJSC ∞		705,974		0
PhosAgro PJSC (GDR) ∞		13,644		0
Polyus PJSC (GDR) *∞		1,155,875		0
Raspadskaya OJSC *∞		730,890		0
Severstal PAO (GDR) *∞		3,405,164		0
				0

	Number of Shares		Value
Media & Entertainment: 0.0%
VK Co. Ltd. (GDR) *∞		2,338,938	$	0
Telecommunication Services: 0.0%
Mobile TeleSystems PJSC ∞		14,853,038		0
Rostelecom PJSC ∞		13,944,591		0
				0
Utilities: 0.0%
Inter RAO UES PJSC ∞		482,502,010		0
Irkutsk Electronetwork Co. JSC *∞		7,410,870		0
				0
Total Common Stocks (Cost: $1,688,551,997)				0

PREFERRED SECURITIES: 0.0% (Cost: $46,034,628)
Energy: 0.0%
Transneft PJSC ∞		20,972		0

MONEY MARKET FUND: 76.9% (Cost: $50,624,107)
State Street Institutional Treasury Plus - Institutional Class		50,624,107		50,624,108

Total Investments Before Collateral for Securities Loaned: 76.9% (Cost: $1,785,210,732)				50,624,108

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%
Money Market Fund: 3.2% (Cost: $2,122,379)
State Street Navigator Securities Lending Government Money Market Portfolio		2,122,379		2,122,379
Total Investments: 80.1% (Cost: $1,787,333,111)				52,746,487
Other assets less liabilities: 19.9%				13,064,376
NET ASSETS: 100.0%			$	65,810,863

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is 0.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		0.0	%	$	0
Energy		0.0			0
Materials		0.0			0
Consumer Staples		0.0			0
Utilities		0.0			0
Communication Services		0.0			0
Consumer Discretionary		0.0			0
Money Market Fund		100.0			50,624,108
		100.0	%	$	50,624,108

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—	$	0	$	0
Preferred Securities *		—		—		0		0
Money Market Funds		52,746,487		—		—		52,746,487
Total Investments	$	52,746,487	$	—	$	0	$	52,746,487

*	See Schedule of Investments for industry sector breakouts.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

	Common Stock
Balance as of December 31, 2022	$	0
Realized gain (loss)		(105,496,092	)
Net change in unrealized appreciation (depreciation)		138,132,824
Purchases		—
Sales		(32,636,732	)
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	0

	Preferred Securities
Balance as of December 31, 2022	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	0

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Credit Bank of Moscow PJSC *∞		21,005,200	$	0
Commercial & Professional Services: 0.0%
HeadHunter Group Plc (ADR) *∞		31,919		0
Consumer Discretionary Distribution & Retail: 0.0%
Detsky Mir PJSC 144A *∞		1,155,798		0
M.Video PJSC *∞		110,194		0
				0
Consumer Staples Distribution & Retail: 0.0%
Lenta International Co. PJSC (GDR) *∞		263,199		0
Energy: 0.0%
Sovcomflot PJSC *∞		989,960		0
Financial Services: 0.0%
SFI PJSC *∞		2,663		0
Food, Beverage & Tobacco: 0.0%
Beluga Group PJSC ∞		11,235		0
Ros Agro Plc (GDR) *∞		77,690		0
				0
Materials: 0.0%
Mechel PJSC *∞		438,883		0
Raspadskaya OJSC *∞		703,205		0
Segezha Group PJSC 144A *∞		8,945,900		0
				0
Real Estate Management & Development: 0.0%
Etalon Group Plc (GDR) *∞		394,873		0
LSR Group PJSC *∞		103,574		0
Samolet Group ∞		16,988		0
				0

	Number of Shares		Value
Telecommunication Services: 0.0%
Sistema PJSFC *∞		6,612,640	$	0
Transportation: 0.0%
Aeroflot PJSC *∞		1,885,382		0
Globaltrans Investment Plc (GDR) *∞		182,773		0
Novorossiysk Commercial Sea Port PJSC ∞		8,972,400		0
				0
Utilities: 0.0%
Mosenergo PJSC ∞		19,492,800		0
OGK-2 PJSC ∞		51,450,600		0
TGC-1 PJSC *∞		1,701,100,000		0
Unipro PJSC *∞		24,734,000		0
				0
Total Common Stocks (Cost: $24,435,670)				0

PREFERRED SECURITIES: 0.0% (Cost: $341,612)
Utilities: 0.0%
Rosseti Lenenergo PJSC ∞		171,506		0

MONEY MARKET FUND: 120.4% (Cost: $409,647)
State Street Institutional Treasury Plus - Institutional Class		409,647		409,647

Total Investments: 120.4% (Cost: $25,186,929)				409,647
Liabilities in excess of other assets: (20.4)%				(69,528	)
NET ASSETS: 100.0%			$	340,119

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	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 $0, or 0.0% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Industrials		0.0	%	$	0
Communication Services		0.0			0
Utilities		0.0			0
Financials		0.0			0
Materials		0.0			0
Consumer Staples		0.0			0
Consumer Discretionary		0.0			0
Energy		0.0			0
Real Estate		0.0			0
Money Market Fund		100.0			409,647
		100.0	%	$	409,647

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—		0	$	0
Preferred Securities *		—		—		0		0
Money Market Fund		409,647		—		—		409,647
Total Investments	$	409,647	$	—	$	0	$	409,647

*	See Schedule of Investments for industry sector breakouts.

	Common Stock
Balance as of December 31, 2022	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	0

	Preferred Securities
Balance as of December 31, 2022	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	0

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	50,624,108		$	409,647
Short-term investments held as collateral for securities loaned (3)		2,122,379			—
Cash denominated in foreign currency, at value (4)		17,840			595
Receivables:
Investment securities sold		15,265,341			—
Due from Adviser		—			6,964
Dividends and interest		209,542			1,705
Prepaid expenses		1,199			23
Total assets		68,240,409			418,934
Liabilities:
Payables:
Collateral for securities loaned		2,122,379			—
Deferred Trustee fees		209,421			3,952
Accrued expenses		97,746			74,863
Total liabilities		2,429,546			78,815
NET ASSETS	$	65,810,863		$	340,119
Shares outstanding		95,900,000			883,318
Net asset value, redemption and offering price per share	$	0.69		$	0.39
Net Assets consist of:
Aggregate paid in capital	$	3,613,069,711		$	43,562,652
Total distributable earnings (loss)		(3,547,258,848	)		(43,222,533	)
NET ASSETS	$	65,810,863		$	340,119
(1) Value of securities on loan	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	1,785,210,731		$	25,186,929
(3) Cost of short-term investments held as collateral for securities loaned	$	2,122,379		$	—
(4) Cost of cash denominated in foreign currency	$	17,346		$	613

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Income:
Dividends	$	63,595	(a)	$	—
Interest		843,988			9,672
Securities lending income		13,862			—
Total income		921,445			9,672

Expenses:
Professional fees		44,626			34,675
Custody and accounting fees		11,801			11,801
Reports to shareholders		35,420			4,425
Trustees’ fees and expenses		9,313			163
Insurance		3,311			978
Interest		16,761			—
Other		490			490
Total expenses		121,722			52,532
Expenses assumed by the Adviser		—			(41,207	)
Net expenses		121,722			11,325
Net investment income (loss)		799,723			(1,653	)

Net realized gain (loss) on:
Investments		(109,571,530	)		—
Foreign currency transactions and foreign denominated assets and liabilities		(3	)		—
Net realized loss		(109,571,533	)		—

Net change in unrealized appreciation (depreciation) on:
Investments		142,210,443			—
Foreign currency translations and foreign denominated assets and liabilities		407			32
Net change in unrealized appreciation (depreciation)		142,210,850			32
Net Increase (Decrease) in Net Assets Resulting from Operations	$	33,439,040		$	(1,621	)

(a)	Includes $63,595 of tax reclaims received from a prior year dividend.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia ETF						Russia Small-Cap ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income (loss)	$	799,723		$	4,092,150		$	(1,653	)	$	(77,781	)
Net realized loss		(109,571,533	)		(115,514,580	)		—			(2,278,349	)
Net change in unrealized appreciation (depreciation)		142,210,850			(1,868,384,607	)		32			(25,639,542	)
Net increase (decrease) in net assets resulting from operations		33,439,040			(1,979,807,037	)		(1,621	)		(27,995,672	)
Distributions to shareholders from:
Return of capital		(3,001,670	)		—			(50,084	)		—

Share transactions*:
Proceeds from sale of shares		—			761,823,584			—			4,207,920
Cost of shares redeemed		—			(122,926,443	)		—			—
Increase in net assets resulting from share transactions		—			638,897,141			—			4,207,920
Total increase (decrease) in net assets		30,437,370			(1,340,909,896	)		(51,705	)		(23,787,752	)
Net Assets, beginning of period		35,373,493			1,376,283,389			391,824			24,179,576
Net Assets, end of period	$	65,810,863		$	35,373,493		$	340,119		$	391,824
*Shares of Common Stock Issued (no par value)
Shares sold		—			49,250,000			—			150,000
Shares redeemed		—			(4,800,000	)		—			—
Net increase		—			44,450,000			—			150,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Period Ended June 30, 2023 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	33,439,040		$	(1,621	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investment securities sold		36,243,624			—
Net purchases of short term investments		(50,624,108	)		(409,647	)
Net realized loss on investments in securities		109,575,506			—
Net change in unrealized (appreciation) depreciation on investments		(142,210,443	)		—
(Increase) decrease in assets:
Dividends and interest receivable		(207,244	)		(1,705	)
Due from Adviser		—			(6,964	)
Prepaid expenses		3,311			978
Investment securities sold		(12,837,018	)		—
Increase (decrease) in liabilities:
Due to Adviser		—			(1,158	)
Accrued expenses		(44,126	)		(7,080	)
Deferred trustee fees		33,725			677
Net cash used for operating activities		(26,627,733	)		(426,520	)

Cash Flows from Financing Activities
Cash dividends paid to shareholders		(3,001,670	)		(50,084	)
Net cash used for financing activities		(3,001,670	)		(50,084	)
Net change in cash		(29,629,403	)		(476,604	)
Cash/(bank overdraft) at beginning of period		29,647,243			477,199
Cash at end of period	$	17,840		$	595
Supplemental disclosure of cash flow information
Interest expense paid during the period	$	16,761		$	—

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Russia ETF
	Period				Year Ended December 31,
	Ended June 30,
	2023			2022				2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$0.37				$26.75			$23.82			$24.96			$18.79			$21.14
Net investment income (a)		0.01				0.05			1.39			0.97			1.20			0.88
Net realized and unrealized gain (loss) on investments		0.34				(26.43	)		3.06			(1.31	)		6.39			(2.26	)
Total from investment operations		0.35				(26.38	)		4.45			(0.34	)		7.59			(1.38	)
Distributions from:
Net investment income		—				—			(1.52	)		(0.79	)		(1.42	)		(0.97	)
Return of capital		(0.03	)			—			—			(0.01	)		—			—
Total distributions		(0.03	)			—			(1.52	)		(0.80	)		(1.42	)		(0.97	)
Net asset value, end of period		$0.69				$0.37			$26.75			$23.82			$24.96			$18.79
Total return (b)		103.83%	(c)			(98.62)%			18.74	%		(1.38	)%		40.40	%		(6.47	)%

Ratios to average net assets
Expenses		0.67%	(d)(e)			0.60%	(e)		0.56	%		0.61	%		0.67	%		0.65	%
Expenses excluding interest, and a portion of depositary receipt fees (f)		0.58%	(d)(e)			0.59%	(e)		0.56	%		0.60	%		0.65	%		0.64	%
Net investment income		4.39%	(d)			1.67%			4.99	%		4.45	%		5.40	%		4.09	%
Supplemental data
Net assets, end of period (in millions)		$66				$35			$1,376			$1,621			$1,282			$1,326
Portfolio turnover rate (g)		0%	(c)			4%			20	%		25	%		15	%		20	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	During the period the fund incurred significant expenses outside of its expense cap. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(f)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.
(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:

	Russia Small-Cap ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$0.44			$32.97			$36.22			$35.94			$27.61			$40.68
Net investment income (loss) (a)		—	(b)		(0.09	)		1.12			1.12			1.53			1.17
Net realized and unrealized gain (loss) on investments		0.01			(32.44	)		(2.29	)		0.74			8.45			(13.02	)
Total from investment operations		0.01			(32.53	)		(1.17	)		1.86			9.98			(11.85	)
Distributions from:
Net investment income		—			—			(2.00	)		(1.58	)		(1.65	)		(1.22	)
Return of capital		(0.06	)		—			(0.08	)		—			—			—
Total distributions		(0.06	)		—			(2.08	)		(1.58	)		(1.65	)		(1.22	)
Net asset value, end of period		$0.39			$0.44			$32.97			$36.22			$35.94			$27.61
Total return (c)		0.12%	(d)		(98.66)%			(3.29	)%		5.23	%		36.17	%		(29.09	)%

Ratios to average net assets
Gross expenses		30.97%	(e)(f)		5.34%	(f)		1.08	%		1.31	%		1.20	%		0.94	%
Net expenses		6.68%	(e)(f)		4.50%	(f)		0.75	%		0.75	%		0.77	%		0.76	%
Net expenses excluding interest, and a portion of depositary receipt fees (g)		6.68%	(e)(f)		4.49%	(f)		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		(0.97)%	(e)		(1.77)%			3.01	%		3.45	%		4.67	%		3.22	%
Supplemental data
Net assets, end of period (in millions)		$—	(h)		$—	(h)		$24			$32			$35			$33
Portfolio turnover rate (i)		0%	(d)		68%			47	%		47	%		30	%		49	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(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)	During the period the fund incurred significant expenses outside of its expense cap. Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(g)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.
(h)	Amount is less than $500,000.
(i)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2023 (unaudited)

Fund		Diversification Classification

Russia ETF		Non-Diversified
Russia Small-Cap ETF		Non-Diversified

Each Fund’s stated investment objective is to seek 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. However, due to the suspension of the rebalancing of the Russia Index and the ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Fund		Index

Russia ETF		MVIS Russia Index
Russia Small-Cap ETF		MVIS Russia Small-Cap Index

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

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

The Chicago Board Options Exchange delisted the Funds on January 12, 2023. As a result of the delisting, the Funds are no longer considered exchange traded funds.

Subsequent to February 24, 2022, certain Russian securities held by the Fund had declared dividends, however there is no assurance these dividends can be collected by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of June 30, 2023.

On September 29, 2022, the Board of Trustees of the Trust (the Trustees”) unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders.

On January 12, 2023, the Funds made an initial liquidating distribution to shareholders, consisting of current liquid assets less a reserve to meet the Funds’ expected transaction costs for an extended period.

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

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

It is expected that the Funds will remain in existence until at least December 31, 2023, to allow the Funds to sell the securities and depositary receipts, if conditions permit. The Funds may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). After December 31, 2023, the Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders would receive any liquidating distribution relating to the Russian securities and depositary receipts after the initial distribution, described above. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale and the distribution; other Fund operating and liquidation expenses will be paid out of the reserve.

The Funds incurred additional legal expenses as a result of the plan of liquidation. These legal fees are not included in the Funds’ expense limitations (See Note 4).

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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

	Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. 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 the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

C.	Distributions to Shareholders—In accordance with the Plan of Liquidation and Termination, the Funds may make a series of liquidating distributions at various times. Additionally, until termination, each of the Funds may declare taxable distributions of income (if any) and/or net capital gains, (if any after reduction for capital loss carryforwards) to continue to satisfy the Federal income and excise tax distribution requirements for regulated investment companies.

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

	Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of June 30, 2023.

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

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

Note 4—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds’ management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended June 30, 2023.

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

Fund	Management Fees*			Expense Limitations
Russia ETF		0.50	%		0.62	%
Russia Small-Cap ETF		0.50			0.67

*	Fee rates reflected are those in effect before voluntary waivers.

Note 5—Capital Share Transactions—As of June 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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.

On March 2, 2022, VanEck Russia Small-Cap ETF temporarily suspended new creations of its shares and on March 3, 2022, VanEck Russia ETF temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

Note 6—Investments—For the year ended June 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:

Fund		Purchases				Sales
Russia ETF		$	–			$	36,243,624

Note 7—Income Taxes—As of June 30, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russia ETF		$1,788,970,750		$–		$(1,736,224,263	)		$(1,736,224,263	)
Russia Small-Cap ETF		25,738,405		–		(25,328,758	)		(25,328,758	)

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

At December 31, 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
Russia ETF	$	(300,452,708	)	$	(1,398,633,196	)	$	(1,699,085,904	)
Russia Small-Cap ETF		(5,643,438	)		(12,195,309	)		(17,838,747	)

Note 8—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or

to a single economic, political or regulatory occurrence affecting these issuers. The Funds own 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 own 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.

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

As a result of the current conditions related to Russian securities and Russian markets, the Fund is unable to dispose of the Russian securities in its portfolio and the Fund’s portfolio has become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices.

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

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

Note 10— Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 2023, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2023:

Fund		Market Value of Securities on Loan				Cash Collateral				Non-Cash Collateral				Total Collateral
Russia ETF		$	–			$	2,122,379			$	6,197,266			$	8,319,645

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Russia ETF	$	2,122,379

*	Remaining contractual maturity: overnight and continuous

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

The Russia ETF had a liquidating distribution on July 27, 2023 as follows:

Fund		Record Date		Ex-Date		Payable Date		Liquidating Distribution
Russia ETF		7/27/2023		7/27/2023		7/27/2023		$0.3403

Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index have been terminated.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited)

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds, the Trustees considered that each Fund is in the process of being liquidated and no longer seeks to track an index. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered the Adviser’s efforts to navigate regulatory and operational challenges in managing the Funds during the Funds’ process of liquidating their assets and winding up their business.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser provides under the Investment Management Agreements, including (i) the Adviser’s commitment to pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time and (ii) the Adviser’s undertaking to waive all of the Funds’ management fees while the Funds liquidate.

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

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund had management fees (after the effect of the Adviser’s waiver of all management fee payable by each Fund since March 22, 2022) below the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that VanEck Russia ETF had a total expense ratio below the average and above the median of its peer group of funds, while the VanEck Russia Small-Cap ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its peer group of funds. The Trustees reviewed the amount by which the Funds’ total expense ratios (after the effect of any applicable expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons, including that the Funds are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Funds’ expense limitations. The Trustees

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited) (continued)

concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Funds. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

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

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.



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

SEMI-ANNUAL REPORT

June 30, 2023

(unaudited)

CLO ETF

CLOI


	800.826.2333	vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments	4
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Approval of Investment Management Agreement	14
Fund’s Liquidity Risk Management Program	16

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Fund’s holdings, the Fund’s performance, and the views of the investment adviser are as of June 30, 2023.

VANECK CLO ETF

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1.	*Monetary Policy: Tightening*

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

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

2.	*Fiscal Tightening*

3.	*Global Growth is at Low Levels*

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

VANECK CLO ETF

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

My final 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 with VanEck. On the following pages, you will find financial statements for the fund for the six month period ended June 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

July 7, 2023

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

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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

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

VANECK CLO ETF

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 to June 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Actual	$1,000.00	$1,045.80	0.40%	$2.03
Hypothetical(b)	$1,000.00	$1,022.81	0.40%	$2.01

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

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.2%
AIMCO CLO Series 2018-B 144A 6.36% (ICE LIBOR USD 3 Month+1.10%), 01/15/32	$	1,250		$	1,238,904
AMMC CLO 21 LTD 144A 6.55% (ICE LIBOR USD 3 Month+1.25%), 11/02/30		1,214			1,206,085
Ares LXI CLO Ltd. 144A 6.90% (ICE LIBOR USD 3 Month+1.65%), 10/20/34		2,500			2,439,168
Bain Capital Credit CLO 2021-4 Ltd. 144A 6.90% (ICE LIBOR USD 3 Month+1.65%), 10/20/34		1,750			1,702,605
Barings CLO Ltd. 2016-II 144A 6.32% (ICE LIBOR USD 3 Month+1.07%), 01/20/32		1,550			1,533,072
Barings Clo Ltd. 2022-II 144A 6.79% (Term SOFR USD 3 Month+1.80%), 07/15/35		1,250			1,250,569
Betony CLO 2 Ltd. 144A 6.38% (ICE LIBOR USD 3 Month+1.08%), 04/30/31		4,000			3,969,040
Canyon Capital CLO 2016-1 Ltd. 144A 6.33% (ICE LIBOR USD 3 Month+1.07%), 07/15/31		4,000			3,963,296
Cedar Funding VIII Clo Ltd. 144A 6.91% (ICE LIBOR USD 3 Month+1.65%), 10/17/34		1,750			1,687,858
CIFC Funding 2014-III Ltd. 144A 6.72% (ICE LIBOR USD 3 Month+1.45%), 10/22/31		1,250			1,226,799
Crestline Denali CLO XIV Ltd. 144A 6.41% (ICE LIBOR USD 3 Month+1.14%), 10/23/31		3,986			3,929,960
Dryden 109 CLO Ltd. 144A 7.05% (Term SOFR USD 3 Month+2.00%), 04/20/35		1,250			1,223,685
Dryden 45 Senior Loan Fund 144A 6.66% (ICE LIBOR USD 3 Month+1.40%), 10/15/30		1,250			1,229,326
Dryden 64 CLO Ltd. 144A 6.23% (ICE LIBOR USD 3 Month+0.97%), 04/18/31		1,000			990,000
Dryden 80 CLO Ltd. 144A 6.74% (Term SOFR USD 3 Month+1.75%), 01/17/33		1,250			1,217,861
7.14% (Term SOFR USD 3 Month+2.15%), 01/17/33		1,250			1,198,830
Dryden 83 CLO Ltd. 144A 6.48% (ICE LIBOR USD 3 Month+1.22%), 01/18/32		4,000			3,955,676

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.2% (continued)
Dryden 93 CLO Ltd. 144A 6.86% (ICE LIBOR USD 3 Month+1.60%), 01/15/34	$	1,750		$	1,710,623
Elmwood CLO 15 Ltd. 144A 6.41% (Term SOFR USD 3 Month+1.34%), 04/22/35		1,250			1,226,580
Generate CLO 2 Ltd. 144A 6.42% (ICE LIBOR USD 3 Month+1.15%), 01/22/31		1,862			1,848,529
GoldenTree Loan Opportunities IX Ltd. 144A 6.60% (ICE LIBOR USD 3 Month+1.30%), 10/29/29		1,250			1,243,165
Gulf Stream Meridian 1 Ltd. 144A 6.63% (ICE LIBOR USD 3 Month+1.37%), 04/15/33		1,250			1,238,310
Gulf Stream Meridian 4 Ltd. 144A 6.46% (ICE LIBOR USD 3 Month+1.20%), 07/15/34		1,750			1,720,894
HPS Loan Management 11- 2017 Ltd. 144A 6.34% (ICE LIBOR USD 3 Month+1.02%), 05/06/30		1,863			1,852,312
KKR CLO 20 Ltd. 144A 6.39% (ICE LIBOR USD 3 Month+1.13%), 10/16/30		1,078			1,070,489
LCM 26 Ltd. 144A 6.32% (ICE LIBOR USD 3 Month+1.07%), 01/20/31		4,859			4,821,511
LCM 29 Ltd. 144A 6.33% (ICE LIBOR USD 3 Month+1.07%), 04/15/31		2,000			1,969,008
LCM XIII LP 144A 6.13% (ICE LIBOR USD 3 Month+0.87%), 07/19/27		571			567,036
LCM XIV LP 144A 6.29% (ICE LIBOR USD 3 Month+1.04%), 07/20/31		2,675			2,643,935
LCM XV LP 144A 6.25% (ICE LIBOR USD 3 Month+1.00%), 07/20/30		1,670			1,656,686
Myers Park CLO Ltd. 144A 6.65% (ICE LIBOR USD 3 Month+1.40%), 10/20/30		1,250			1,228,756
OCP CLO 2020-19 Ltd. 144A 6.95% (ICE LIBOR USD 3 Month+1.70%), 10/20/34		1,750			1,700,599
OCP CLO 2021-22 Ltd. 144A 6.43% (ICE LIBOR USD 3 Month+1.18%), 12/02/34		1,250			1,230,045
OZLM IX Ltd. 144A 6.80% (ICE LIBOR USD 3 Month+1.55%), 10/20/31		2,000			1,952,836
OZLM XXI Ltd. 144A 6.40% (ICE LIBOR USD 3 Month+1.15%), 01/20/31		2,861			2,832,635

See Notes to Financial Statements

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.2% (continued)
OZLM XXII Ltd. 144A 6.33% (ICE LIBOR USD 3 Month+1.07%), 01/17/31	$	1,091		$	1,078,801
Signal Peak CLO 10 Ltd. 144A 7.31% (ICE LIBOR USD 3 Month+2.05%), 07/21/34		1,250			1,206,710
Sound Point Clo XIV Ltd. 144A 6.26% (ICE LIBOR USD 3 Month+0.99%), 01/23/29		976			975,234
Southwick Park CLO LLC 144A 6.31% (ICE LIBOR USD 3 Month+1.06%), 07/20/32		2,000			1,974,984
TCI-Symphony CLO 2016-1 Ltd. 144A 6.26% (ICE LIBOR USD 3 Month+1.02%), 10/13/32		5,000			4,930,585
TCW CLO 2018-1 Ltd. 144A 6.23% (ICE LIBOR USD 3 Month+0.97%), 04/25/31		3,000			2,973,117

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.2% (continued)
THL Credit Wind River 2014- 2 CLO Ltd. 144A 6.40% (ICE LIBOR USD 3 Month+1.14%), 01/15/31	$	1,828		$	1,811,856
THL Credit Wind River 2019- 3 Clo Ltd. 144A 6.34% (ICE LIBOR USD 3 Month+1.08%), 04/15/31		4,000			3,937,512
TIAA CLO I Ltd. 144A 6.45% (ICE LIBOR USD 3 Month+1.20%), 07/20/31		4,000			3,962,644
Voya CLO 2013-3 Ltd. 144A 6.39% (Term SOFR USD 3 Month+1.41%), 10/18/31		4,983			4,939,184
Wind River 2014-1 CLO Ltd. 144A 6.31% (ICE LIBOR USD 3 Month+1.05%), 07/18/31		1,992			1,968,348
					96,235,658
Total Collateralized Loan Obligations (Cost: $95,605,465)					96,235,658

Total Investments: 98.2% (Cost: $95,605,465)					96,235,658
Other assets less liabilities: 1.8%					1,766,767
NET ASSETS: 100.0%				$	98,002,425

Definitions:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

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 $96,235,658, or 98.2% of net assets.

Summary of Investments by Sector		% of Investments				Value
Financials			100.0	%		$	96,235,658

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Collateralized Loan Obligations		$	—			$	96,235,658			$	—			$	96,235,658

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

Assets:
Investments, at value
Unaffiliated issuers (1)	$	96,235,658
Cash		509,063
Receivables:
Interest		1,286,857
Total assets		98,031,578
Liabilities:
Payables:
Due to Adviser		29,153
Total liabilities		29,153
NET ASSETS	$	98,002,425
Shares outstanding		1,900,000
Net asset value, redemption and offering price per share	$	51.58
Net Assets consist of:
Aggregate paid in capital	$	96,926,881
Total distributable earnings (loss)		1,075,544
NET ASSETS	$	98,002,425
(1) Cost of investments - Unaffiliated issuers	$	95,605,465

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

Income:
Interest	$	1,864,692
Total income		1,864,692
Expenses:
Management fees		114,941
Interest and taxes		1,391
Total expenses		116,332
Net investment income		1,748,360
Net change in unrealized appreciation (depreciation) on:
Investments		368,103
Net change in unrealized appreciation (depreciation)		368,103
Net Increase in Net Assets Resulting from Operations	$	2,116,463

See Notes to Financial Statements

VANECK CLO ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended June 30, 2023			Period Ended December 31, 2022 (a)
	(unaudited)
Operations:
Net investment income	$	1,748,360		$	586,929
Net realized loss		—			(42,600	)
Net change in unrealized appreciation (depreciation)		368,103			262,090
Net increase in net assets resulting from operations		2,116,463			806,419
Distributions to shareholders from:
Distributable earnings		(1,292,650	)		(564,150	)
Total distributions		(1,292,650	)		(564,150	)

*Share transactions:**
Proceeds from sale of shares		71,936,343			25,000,000
Increase in net assets resulting from share transactions		71,936,343			25,000,000
Total increase in net assets		72,760,156			25,242,269
Net Assets, beginning of period		25,242,269			—
Net Assets, end of period	$	98,002,425		$	25,242,269
* Shares of Common Stock Issued (no par value):
Shares sold		1,400,000			500,000
Net increase		1,400,000			500,000

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK CLO ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Period Ended June 30, 2023			Period Ended December 31, 2022(a)
	(unaudited)
Net asset value, beginning of period		$50.48			$50.00
Net investment income (b)		1.55			1.18
Net realized and unrealized gain on investments		0.75			0.43
Total from investment operations		2.30			1.61
Distributions from:
Net investment income		(1.20	)		(1.13	)
Total distributions		(1.20	)		(1.13	)
Net asset value, end of period		$51.58			$50.48
Total return (c)		4.58	%(d)		3.26	%(d)
Ratios to average net assets
Expenses		0.40	%(e)		0.40	%(e)
Net investment income		6.08	%(e)		4.43	%(e)

Supplemental data
Net assets, end of period (in millions)		$98			$25
Portfolio turnover rate(f)		4	%(d)		15	%(d)

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2023 (unaudited)

These financial statements relate to the CLO ETF (the “Fund”). The Fund is actively managed and seeks to achieve its investment objective by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”). The Fund is classified as non-diversified, as defined in the 1940 Act. Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Fund.

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

The following summarizes the Fund’s significant accounting policies.

A.	Security Valuation— The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes 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).

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

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

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

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

C.	Distributions to Shareholders— Dividends to shareholders from net investment income, if any, are declared and paid monthly by the Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported as a return of capital.

D.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method.

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

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

In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Fund’s distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor. At June 30, 2023, the Adviser owned approximately 4% of the Fund.

The consideration for the purchase or redemption of Creation Units of the Fund 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 Fund may issue Creation Units in

VANECK CLO ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Fund, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

Note 5—Investments—For the period ended June 30, 2023, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term investments, aggregated to $73,300,320 and $2,310,852, respectively.

Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	95,605,465			$	668,363			$	(38,170	)		$	630,193

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

At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Short-Term Capital Losses with No Expiration				Long-Term Capital Losses with No Expiration				Total
$	(42,600)			$	–			$	(42,600	)

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund may be subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes, if any, on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended June 30, 2023, the Fund did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Investments in debt instruments involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Fund’s assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, and including “covenant lite” loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans

combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund invests primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset.

CLOs are generally privately-issued securities, and are normally purchased pursuant to Rule144A or Regulation S under the Securities Act of 1933, as amended. Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration.

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

The Fund invests in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs will continue to be provided on a representative basis until June 30, 2023, or in the case of variable rate investments, the next reset date.

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

Note 9—Bank Line of Credit— The Fund may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund at the request of the shareholders and other temporary or emergency purposes. The Fund have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2023, the Fund borrowed under the Facility as follows:

Days Outstanding		Average Daily Loan Balance		Average Interest Rate
24		$232,867		6.10%

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited)

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability), and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser and the Sub-Adviser provide under each Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in collateralized loan obligation (“CLO”) securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement.

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had outperformed its benchmark for the period since its inception on June 21, 2022 through December 31, 2022. Based on the foregoing, the Trustees concluded that the Adviser and the Sub-Adviser and their personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio above the average and median of its peer group of funds. The Trustees reviewed the amounts by which the Fund’s management and total expense ratio exceeded the average and median of its peer group and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Agreements, received by the Adviser and the Sub-Adviser from serving as adviser and sub-adviser, respectively, to the Fund.

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

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

VANECK ETF TRUST

FUND’S 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.

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

SEMI-ANNUAL REPORT
June 30, 2023
(unaudited)

Bitcoin Strategy ETF

XBTF


		800.826.2333	vaneck.com


President’s Letter	1
Explanation of Expenses	3
Schedule of Investments	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statement of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	9
Approval of Investment Management Agreement	15
Funds’ Liquidity Risk Management Program	17

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Fund’s holdings, the Fund’s performance, and the views of the investment adviser are as of June 30, 2023.

VANECK BITCOIN STRATEGY ETF

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

Discussion

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

1.	*Monetary Policy: Tightening*

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

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

2.	*Fiscal Tightening*

3.	*Global Growth is at Low Levels*

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

VANECK BITCOIN STRATEGY ETF

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

My final 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).

Jan F. van Eck
CEO and President
VanEck ETF Trust

July 7, 2023

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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

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

VANECK BITCOIN STRATEGY ETF

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 to June 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period(a)	Expenses Paid During the Period January 1, 2023 - June 30, 2023(b)
Actual	$1,000.00	$1,788.50	0.67%	$4.63
Hypothetical(c)	$1,000.00	$1,021.47	0.67%	$3.36

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

VANECK BITCOIN STRATEGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Par (000’s		)	Value
Short-Term Investments: 81.1%
United States Treasury Obligations: 81.1%
United States Treasury Bills
4.68%, 08/17/23 (a)	$	4,000		$	3,974,214
4.73%, 07/11/23 (a)		5,000			4,994,480
4.96%, 10/26/23 (a)		3,000			2,950,215
5.12%, 10/12/23 (a)		4,000			3,941,855
5.18%, 11/02/23 (a)		3,000			2,947,152
5.19%, 12/07/23		4,000			3,909,231
5.20%, 10/03/23		3,000			2,960,421
5.22%, 11/24/23 (a)		2,000			1,958,585
5.27%, 10/19/23		3,000			2,953,234
5.32%, 11/09/23 (a)		2,000			1,962,865
5.45%, 10/17/23 (a)		4,000			3,938,697
					36,490,949
Total Short-Term Investments: 81.1% (Cost: $36,491,092)					36,490,949
Other assets less liabilities: 18.9%					8,516,738
NET ASSETS: 100.0%				$	45,007,687

Futures Contracts

Reference Entity

Type

Number of
Contracts

Expiration Date

Notional
Amount

Value and
Unrealized
Appreciation/
(Depreciation)

CME BITCOIN

Long

294

07/28/23

45,099,600

(102,652)


(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 $22,108,104.

Summary of Investments by Sector		% of Investments				Value
Government			100.0	%		$	36,490,949

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	36,490,949	$	—	$	36,490,949
Other Financial Instruments:
Futures Contracts	$	(102,652)	$	—	$	—	$	(102,652)

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

Assets:
Investments, at value
Unaffiliated issuers (1)	$	36,490,949
Cash		2,572,583
Cash on deposit with broker for futures contracts		5,963,128
Receivables:
Shares of beneficial interest sold		1,340
Interest		90,792
Due from custodian		17,000
Net deferred tax		—
Total assets		45,135,792
Liabilities:
Payables:
Due to Adviser		22,027
Federal and State Income Taxes		8,268
Net variation margin on futures contracts		97,810
Total liabilities		128,105
NET ASSETS	$	45,007,687
Shares outstanding		1,500,000
Net asset value, redemption and offering price per share	$	30.01
Net Assets consist of:
Aggregate paid in capital	$	54,212,021
Total distributable earnings (loss)		(9,204,334	)
NET ASSETS	$	45,007,687
(1) Cost of investments - Unaffiliated issuers	$	36,491,092

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

Income:
Interest	$	774,135
Total income		774,135
Expenses:
Management fees		114,232
FCM fees		5,282
State franchise taxes		4,109
Total expenses		123,623
Reimbursement by the Adviser		(5,282	)
Net expenses		118,341
Net investment income, before income taxes		655,794
Net current and deferred tax benefit/(expense) (See Note 6)		(145,298	)
Net investment income, net of income taxes		510,496
Net realized gain on:
Futures contracts		17,164,878
Current and deferred tax benefit/(expense) (See Note 6)		—
Net realized gain, net of income taxes		17,164,878
Net change in unrealized appreciation (depreciation) on:
Investments		(3,942	)
Futures contracts		(218,833	)
Current and deferred tax benefit/(expense) (See Note 6)		—
Net change in unrealized appreciation (depreciation), net of income taxes		(222,775	)
Net Increase in Net Assets Resulting from Operations	$	17,452,599

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)
Operations:
Net investment income	$	510,496		$	85,663
Net realized gain (loss)		17,164,878			(23,056,218	)
Net change in unrealized appreciation (depreciation)		(222,775	)		1,160,667
Net increase (decrease) in net assets resulting from operations		17,452,599			(21,809,888	)
Distributions to shareholders from:
Distributable earnings		(85,625	)		—
Total distributions		(85,625	)		—

Share transactions*:
Proceeds from sale of shares		6,605,242			27,850,090
Cost of shares redeemed		—			(816,592	)
Increase in net assets resulting from share transactions		6,605,242			27,033,498
Total increase in net assets		23,972,216			5,223,610
Net Assets, beginning of period		21,035,471			15,811,861
Net Assets, end of period	$	45,007,687		$	21,035,471
* Shares of Common Stock Issued (no par value):
Shares sold		250,000			950,000
Shares redeemed		—			(50,000	)
Net increase		250,000			900,000

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
	(unaudited)
Net asset value, beginning of period		$16.83			$45.18			$63.91
Net investment income (loss) (b)		0.47			0.12			(0.04	)
Net realized and unrealized gain (loss) on investments		12.78			(28.47	)		(18.69	)
Total from investment operations		13.25			(28.35	)		(18.73	)
Distributions from:
Net investment income		(0.07	)		—			—
Total distributions		(0.07	)		—			—
Net asset value, end of period		$30.01			$16.83			$45.18

Total return (c)		78.85%	(d)		(62.75)%			(29.31)%	(d)
Ratios to average net assets
Gross expenses		0.70%	(e)(f)		0.73%	(g)		0.65%	(e)
Net expenses		0.67%	(e)(f)		0.66%	(g)		0.65%	(e)
Net expenses excluding interest and taxes		0.65%	(e)		0.65%			0.65%	(e)
Net investment income (loss)		3.73%	(e)(f)		0.49%	(g)		(0.62)%	(e)

Supplemental data
Net assets, end of period (in millions)		$45			$21			$16
Portfolio turnover rate(h)		—%	(d)		—%			—%	(d)


(a)	For the period November 16, 2021 (commencement of operations) through December 31, 2021.
(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)	Excludes the net current and deferred tax benefit/(expense). If the net current and deferred tax benefit/(expense) was included the gross expense, net expense, and net investment income ratios would be 1.53%, 1.50% and 2.90%, respectively.
(g)	Excludes the net current and deferred tax benefit/(expense). If the net current and deferred tax benefit/(expense) was included the gross expense, net expense, and net investment income ratios would be 0.83%, 0.76% and 0.39%, respectively.
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 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 to the Bitcoin Strategy ETF (the “Fund”). The Fund is actively managed and seeks to achieve its investment objective by investing in standardized, cash-settled bitcoin futures contracts (“Bitcoin Futures”) traded on the Chicago Mercantile Exchange. The Fund is classified as “non-diversified”. This means that the Fund may invest more of its assets in securities of a single issuer than that of a diversified fund. Van Eck Absolute Return Advisers Corporation (the “Adviser”) serves as the investment adviser for the Fund and is subject to the supervision of the Board of Trustees (the “Trustees”).

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

The following summarizes the Fund’s significant accounting policies.

A.	Security Valuation— The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes 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 the Fund’s own assumptions in determining the fair value of investments).

	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 (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Trustees 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 (“NAV”) and are categorized as Level 1 in the fair value hierarchy. The Trustees have designated the Adviser as valuation designee under Rule 2a-5 to perform the Fund’s fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available,

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund’s valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

B.	Federal and Other Income Taxes— The Fund intends to invest primarily in Bitcoin Futures, which generally are treated as futures contracts on property for federal income tax purposes. As such, they do not generate qualifying income for the purpose of qualifying as a Regulated Investment Company (“RIC”) for tax purposes. Accordingly, the Fund does not intend to qualify, and will not qualify as a RIC pursuant to Subchapter M of the Internal Revenue Code and will be taxed as a C-corporation. As a C-corporation, the Fund is obligated to pay federal, state and local income tax on its taxable income. The amount of taxes currently payable by the Fund will vary depending on the amount of income and gains derived from investments and such taxes will reduce the return on an investment in the Fund. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will be reduced by the accrual of any current or deferred tax liabilities.

	The tax expense or benefit attributable to certain components of income will be included in the Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Deferred tax assets and liabilities are calculated utilizing effective tax rates expected to be applied to taxable income in the years the temporary differences are realized or settled. A valuation allowance will be recognized if, based on the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realizable. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that operating and capital loss carryforwards may expire unused. It is the Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations.

C.	Distributions to Shareholders— Distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid annually. Because the Fund is taxed as a C corporation, all of the distributions paid by the Fund will be treated as dividend income for U.S. federal income tax purposes. Unlike a RIC, the Fund will not pay capital gain dividends.

D.	Use of Derivative Instruments— The Fund invests in futures contracts, which are 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 over-the-counter (“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. In the case of cash-settled Bitcoin Futures, the underlying reference asset is bitcoin. “Cash-settled” means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement.

	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 Bitcoin 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. Bitcoin Strategy ETF held futures contracts for six months during the period ended June 30, 2023, of which the average notional amount for the period was $37,970,679. Futures contracts held by Bitcoin Strategy ETF at June 30, 2023 are reflected in the Schedule of Investments.

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

	Liabilities Derivatives
	Digital Assets Risk
Futures contracts¹	$	97,810

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

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

	Digital Assets Risk
Realized gain (loss):
Futures contracts¹	$	17,164,878
Net change in unrealized appreciation (depreciation):
Futures contracts²	$	(218,833	)

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 BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

E.	Offsetting Assets and Liabilities— In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received from or delivered to that counterparty based on the terms of the agreements. The Fund may pledge or receive cash and/or securities as collateral for derivative instruments. Collateral held for derivative instruments at June 30, 2023 is presented in the Statement of Assets and Liabilities. For financial reporting purposes, the Fund presents derivative instruments on a gross basis in the Statement of Assets and Liabilities.

	Futures contracts held by the Fund 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 June 30, 2023.

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

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

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.65% of the Fund’s average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, acquired fund fees and expenses, interest expense, offering costs, trading expenses (except that the Adviser will pay any net account or similar fees charged by futures commission merchants), taxes, extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants (“FCMs”) until at least May 1, 2024.

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

At June 30, 2023, the Adviser owned approximately 23% of the Fund.

Note 4— Capital Share Transactions — As of June 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”). Due to various legal and operational constraints, Creation Units of the Fund are issued principally for cash.

Note 5—Investments—During the year ended June 30, 2023, the Fund had no purchases and sales of investments, other than U.S. government securities and short-term obligations.

Note 6—Income Taxes— The income tax expense/(benefit) for the respective categories on the Statement of Operations for the period ended June 30, 2023 are as follows:

	Net Investment Income	Net Realized Loss	Change in Net Unrealized Depreciation	Total
Current tax expense (benefit)	$145,298	$—	$—	$145,298
Deferred tax expense (benefit)	—	3,802,020	(49,345)	3,752,675
Change in Valuation Allowance	—	(3,802,020)	49,345	(3,752,675)
Total	$145,298	$—	$—	$145,298

The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund’s federal and state income tax expense / (benefit) consists of the following:

	Federal	State	Total
Current tax expense (benefit)	$135,701	$9,597	$145,298
Deferred tax expense (benefit)	3,557,842	194,833	3,752,675
Change in Valuation Allowance	(3,557,842)	(194,833)	(3,752,675)
Total	$135,701	$9,597	$145,298

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes.

Total income tax expense/(benefit) (current and deferred) differs from the amount computed by applying the federal statutory income tax rate to net investment income/(loss) and realized and unrealized gain/(loss) on investments before taxes as follows:

		For the Period Ended June 30, 2023
	Amount		Rate
Income tax expense/(benefit) at statutory rates	$	3,695,558	21.00	%
State income tax, net of federal benefit		202,415	1.15
Change in Valuation Allowance		(3,752,675)	(21.32	)
Net income tax expense/(benefit)	$	145,298	0.83	%

Components of the Fund’s deferred tax assets and liabilities are as follows:

	For the Period Ended June 30, 2023
Deferred Tax Assets:
Capital loss carryforward	$	2,149,303
Net operating loss carryforward		—
Unrealized gain on investments		31
Net Deferred Tax Asset/(Liability) before valuation allowance		2,149,334

Less Valuation Allowance		(2,149,334)

Net Deferred Tax Asset/(Liability)	$	—

The Fund reviews the recoverability of its deferred tax asset based upon the weight of the available evidence. When assessing the recoverability of its deferred tax assets, management considers available carrybacks, reversing temporary taxable differences, projections of future taxable income and tax planning (if any). The Fund has recorded a valuation allowance of $2,149,334 against its net deferred tax asset at June 30, 2023 as the Fund believes it is more-likely-than-not the asset will not be realized within the relevant carryforward

VANECK BITCOIN STRATEGY ETF

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

periods. The Fund may be required to modify the estimates or assumptions it uses regarding the deferred tax asset or liability as new information becomes available. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will also be reduced by the accrual of any deferred tax liabilities.

The Fund recognizes the tax benefits of uncertain positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. and State tax returns filed or expected to be filed since inception of the Fund. The Fund’s tax years are open for examination by U.S. and state tax authorities for all applicable periods. The Fund is not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change materially in the next 12 months.

As of June 30, 2023, the Fund had the following estimated capital loss carryforwards:

Period Generated		Amount			Expiration
12/31/2022		$	(9,703,400)		12/31/2027

For corporations, capital losses can only be used to offset capital gains and cannot be used to offset ordinary income. Therefore, the use of this capital loss carryforward is dependent upon the Fund generating sufficient net capital gains prior to the expiration of the loss carryforward.

During the period ended June 30, 2023, the Fund utilized $16,946,045 of its capital loss carryforward available from the prior year.

There are no differences between the book and tax unrealized appreciation / depreciation on the Fund’s investments.

Note 7—Principal Risks—The Fund’s assets are concentrated in Bitcoin Futures. By concentrating the Fund’s assets, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on bitcoin or the digital asset industry will negatively impact the Fund to a greater extent than if the Fund’s net assets were invested in a wider variety of sectors or industries.

Bitcoin and Bitcoin Futures are relatively new asset classes and therefore the Fund’s investments in Bitcoin Futures are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero. Bitcoin and Bitcoin Futures have historically been more volatile than traditional asset classes.

The rules dealing with U.S. federal income taxation and the rates themselves are constantly under review in the legislative process and by the Internal Revenue Service (“IRS”) and the U.S. Treasury Department. Changes in tax laws or regulations or future interpretations of such laws or regulations could adversely affect the Fund and/or the Fund’s shareholders. Changes in the laws or regulations of the United States, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

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

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

VANECK BITCOIN STRATEGY ETF

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited)

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark and against other peer funds that invest in bitcoin futures. The Trustees noted that the Fund had outperformed its benchmark for the one-year period ended December 31, 2022 and for the period since its inception on November 16, 2021 through December 31, 2022. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

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

VANECK BITCOIN STRATEGY ETF

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

June 30, 2023 (unaudited) (continued)

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

VANECK BITCOIN STRATEGY ETF

FUND’S 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.

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

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

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

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.

(a)

Not applicable.

(b)

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 September 6, 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 September 6, 2023

By (Signature and Title)

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

Date September 6, 2023

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