VanEck Semiconductor ETF NCSR Certified 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: DECEMBER 31, 2023

Item 1. Reports to Shareholders


	ANNUAL REPORT December 31, 2023

Agribusiness ETF	MOO
CMCI Commodity Strategy ETF	CMCI
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

President’s Letter	1
Management Discussion	3
Performance Comparison
Agribusiness ETF	6
Future of Food ETF	7
Gold Miners ETF	8
Green Metals ETF	9
Junior Gold Miners ETF	10
Low Carbon Energy ETF	11
Natural Resources ETF	12
Oil Refiners ETF	13
Oil Services ETF	14
Rare Earth/Strategic Metals ETF	15
Steel ETF	16
Uranium + Nuclear Energy ETF	17
About Fund Performance	18
Explanation of Expenses	19
Schedule of Investments
Agribusiness ETF	21
CMCI Commodity Strategy ETF	23
Future of Food ETF	24
Gold Miners ETF	26
Green Metals ETF	30
Junior Gold Miners ETF	33
Low Carbon Energy ETF	36
Natural Resources ETF	39
Oil Refiners ETF	47
Oil Services ETF	49
Rare Earth/Strategic Metals ETF	50
Steel ETF	53
Uranium+Nuclear Energy ETF	54
Statements of Assets and Liabilities	56
Statements of Operations	60
Statements of Changes in Net Assets	64
Financial Highlights
Agribusiness ETF	71
CMCI Commodity Strategy ETF	72
Future of Food ETF	73
Gold Miners ETF	74
Green Metals ETF	75
Junior Gold Miners ETF	76
Low Carbon Energy ETF	77
Natural Resources ETF	78
Oil Refiners ETF	79
Oil Services ETF	80
Rare Earth/Strategic Metals ETF	81
Steel ETF	82
Uranium+Nuclear Energy ETF	83
Notes to Financial Statements	84
Report of Independent Registered Public Accounting Firm	96
Tax Information	98
Board of Trustees and Officers	100

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2023.

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways” and “40/60” or overweight bonds. This strategy worked well until November 2023, when the market suddenly rallied aggressively and priced in U.S. Federal Reserve (“Fed”) interest rate cuts which were to happen in 2024. It is one of the wonders of the market that it can price in its view of the future so quickly.

In this sense, it could be that 2024 has already happened. One could imagine that the three major factors—monetary policy, government spending and global economic growth—will not change much in 2024.

So, let’s review those three major forces on markets and some risks and trends worth noting.

Discussion

1.	Monetary Policy: Not Very Stimulative

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.

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 under $7.8 trillion toward the end of December 2023.¹

Our favorite inflation is wage inflation, not food or gas prices. That is the kind of inflation which is endemic and hard to manage once it takes hold. And wage inflation is above 4%, not near the Fed’s 2% target, so we don’t see a big Fed stimulus. And the silent Fed action of reducing its bond holdings (“quantitative tightening”), continues.

2.	Government Spending: Also Muted

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. While we probably didn’t sufficiently appreciate the amount of some of the Biden Administration’s spending, like with the environmental Inflation Reduction Act (“IRA”), any such upside surprises are very unlikely in 2024.

3.	Global Growth is at Low Levels

Over the last 20 years, the U.S. and China have been the two main pillars of global growth. But while there are bright spots, China is remarkable now for its economic weakness. The property market recession has helped pull Chinese prices lower year over year and that deflationary force affects the world economy. Other centers of growth like India, Indonesia and Africa are not big enough yet to drive global growth.

Notable

Bonds

While interest rates whipsawed investors in 2023 with a net positive result, our outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities, given the headwinds discussed above. Now, after the 2022 and 2023 losses, bond investments are offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

2.	Yield Curve

We like to look for market distortions and the most notable one is “yield curve inversion”—long-term interest rates lower than short-term rates. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return. Yield curve inversion is present only about 10% of the time. It’s unusual.

3.	India/Emerging Markets

With the new-found ubiquity and affordability of mobile phones in India, the Internet sector there is well primed to do as well as it has in the U.S., China and other major markets. Digital India seems like a good tactical play, despite higher price/earnings ratios. Emerging markets in general have lagged for so many years that most investors have given up. So many, that 2024 may be their year.

4.	Stores of Value/Real Assets

In March 2023, I “pounded the table” on gold and Bitcoin in a CNBC interview. While those assets have rallied hard since then—again, the market likes to anticipate!—I don’t think this trend is over.

5.	Value stocks

Growth stocks had a shockingly good 2023. Stocks in banks and financials have been beaten up. They are definitely worth a close look. This outlook is discussed in a recent podcast, The Compound & Friends,³ Episode 113, released on October 13, 2023.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 18, 2024

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, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/

²	VanEck: 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	The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

⁴	VanEck: https://www.vaneck.com/us/en/subscribe/

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

Agribusiness

From its highest point towards the end of January 2023, the VanEck Agribusiness ETF fell for most of the rest of the year and the Fund lost 8.58% for the 12 month period ended December 31, 2023 (the “Period”). One sector contributed positively to the Fund’s performance—the healthcare sector, with companies in the pharmaceuticals segment of the contributing the most. The primary detractor from the Fund’s performance, however, was the materials sector. The greatest negative contribution to returns came from companies in the U.S. and Germany, while the greatest positive came from those in Japan and Norway.

The three top positive contributions to the Fund’s performance came from: Zoetis, Inc. (8.2% of Fund net assets^†), Salmar ASA (1.3% of Fund net assets^†), and Elanco Animal Health, Inc. (1.5% of Fund net assets^†). The companies that detracted most from performance were: Bayer AG (7.0% of Fund net assets^†), FMC Corp. (1.8% of Fund net assets^†) and Nutrien Ltd. (6.4% of Fund net assets^†).

Future of Food

With market sentiment continuing to show little favor to growth stocks, the VanEck Future of Food ETF had a disappointing year, losing 7.65% for the Period and underperforming its benchmark, the MSCI All Country World Index, by 29.85%. Only three sectors contributed positively to performance and then only minimally: utilities, healthcare and information technology. The greatest detractor from performance was the consumer staples sector. By far the greatest negative contribution to returns came from companies in the U.S., while the greatest positive contribution came from those in Switzerland.

The three top positive contributions to the Fund’s performance came from: Givaudan SA (5.1% of Fund net assets^†), Ingredion, Inc. (6.8% of Fund net assets^†) and Orbia Advance Corp. SAB de CV (4.4% of Fund net assets^†). The companies that detracted most from performance were: FMC Corp. (2.8% of Fund net assets^†), Vitasoy International Holdings Ltd. (1.5% of Fund net assets^†) and Nutrien Ltd. (3.9% of Fund net assets^†).

Gold Miners

The stocks of both major gold miners and their junior peers had a roller-coaster year. While persistent inflation might usually have been propitious, the U.S. Federal Reserve Bank’s raising of interest rates during the Period was not. Perhaps affected more than generally by the many uncertainties that abounded in the market and the rising cost of materials, the junior gold miners (VanEck Junior Gold Miners ETF) posted a gain of 7.78% and larger gold miners (VanEck Gold Miners ETF) posted a gain of 10.22% for the 12 month period.

Among the larger mining stocks, companies in South Africa and Australia contributed the most to performance. Companies in the U.S. and Burkina Faso detracted the most from performance. Among the juniors, Canada and Australia were the strongest contributors, while the U.S. detracted the most from performance.

The three top positive contributions to the VanEck Gold Miners ETF’s performance came from: Gold Fields Ltd. (4.3% of Fund net assets^†), Wheaton Precious Metals Corp. (6.6% of Fund net assets^†) and Kinross Gold Corp. (3.0% of Fund net assets^†). The companies that detracted most from performance were: Franco-Nevada Corp. (6.3% of Fund net assets^†), SSR Mining, Inc. (0.9% of Fund net assets^†) and AngloGold Ashanti Ltd. (sold by Fund by period end).

The three top positive contributions to the VanEck Junior Gold Miners ETF’s performance came from: Kinross Gold Corp. (6.5% of Fund net assets^†), Alamos Gold, Inc. (5.6% of Fund net assets^†) and Cia de Minas Buenaventura SAA (3.3% of Fund net assets^†). The companies that detracted most from performance were: SSR Mining, Inc. (1.9% of Fund net assets^†), First Majestic Silver Corp. (1.7% of Fund net assets^†) and Novagold Resources, Inc. (0.7% of Fund net assets^†).

Green Metals

The VanEck Green Metals ETF had another disappointing year, losing 12.13% for the Period, not least reflecting the market’s supply and demand imbalance among green metals. The greatest positive returns

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

came from companies in the Mexico. However, their contributions were significantly counterbalanced by losses from Chinese and South African companies operating across much of the spectrum of green metals.

The three top positive contributions to the Fund’s performance came from: Grupo Mexico SAB de CV (6.5% of Fund net assets^†), Freeport-McMoRan, Inc. (8.4% of Fund net assets^†) and Southern Copper Corp. (3.5% of Fund net assets^†). The companies that detracted most from performance were: Anglo American Plc (5.6% of Fund net assets^†), Albemarle Corp. (6.0% of Fund net assets^†) and First Quantum Minerals Ltd. (1.5% of Fund net assets^†).

Low Carbon Energy

While traditional energy stocks thrived in 2023, in contrast, reflecting amongst other things the market’s negative sentiment, despite the advantages conveyed by the Inflation Reduction Act, towards structural growth, the performance of low carbon energy stocks during the Period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording only a small gain of 1.34%. While companies in the consumer discretionary sector contributed by far the most positively to performance, their contributions, together with those in the other sectors contributing positively, were barely able to counterbalance significant losses from companies in the information technology sector. Italy and Spain were the top contributing countries. Companies from South Korea and the U.S. detracted the most from performance.

The three top positive contributions to the Fund’s performance came from: Tesla, Inc. (7.7% of Fund net assets^†), Enel SpA (6.4% of Fund net assets^†) and Li Auto, Inc. (4.8% of Fund net assets^†). The companies that detracted most from performance were: Enphase Energy, Inc. (3.1% of Fund net assets^†), NextEra Energy, Inc. (7.5% of Fund net assets^†) and SolarEdge Technologies, Inc. (1.1% of Fund net assets^†).

Natural Resources

Natural resources stocks had a volatile, but ultimately successful, year with the VanEck Natural Resources ETF gaining 2.32% over the Period under review. During the year, stocks were helped by commodity prices remaining relatively resilient. The energy and materials sectors contributed the most to performance, while the healthcare sector was the greatest detractor. Australian companies contributed the most to performance, while U.S. companies detracted the most.

The three top positive contributions to the Fund’s performance came from: BHP Group Ltd. (2.8% of Fund net assets^†), Shell Plc (2.8% of Fund net assets^†) and Reliance Industries Ltd. (2.8% of Fund net assets^†). The companies that detracted most from performance were: Chevron Corp. (3.8% of Fund net assets^†), Bayer AG (1.6% of Fund net assets^†) and Archer-Daniels-Midland Co. (1.7% of Fund net assets^†).

Oil Refiners

Benefiting from high traditional energy prices, oil refining stocks had a good year with the VanEck Oil Refiners ETF recording a gain of 14.00% over the Period. Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. Finnish companies detracted the most from total return.

The three top positive contributions to the Fund’s performance came from: Marathon Petroleum Corp. (7.0% of Fund net assets^†), Phillips 66 (8.2% of Fund net assets^†) and Orlen SA (5.3% of Fund net assets^†). The companies that detracted most from performance were: Neste Oyj (5.5% of Fund net assets^†), S-Oil Corp. (1.6% of Fund net assets^†) and SK Innovation Co., Ltd. (4.6% of Fund net assets^†).

Oil Services

On the back of a strong traditional energy sector, but weaker crude oil prices than in 2022, oil services stocks performed positively in 2023 and the VanEck Oil Services ETF ended the Period up 3.21%. The oil service stocks in the UK contributed the most to performance and no countries detracted from performance.

The three top positive contributions to the Fund’s performance came from: TechnipFMC Plc (5.0% of Fund net assets^†), Noble Corporation Plc (4.8% of Fund net assets^†) and Transocean Ltd. (4.7% of Fund net assets^†). The

companies that detracted most from performance were: Patterson-UTI Energy, Inc. (4.2% of Fund net assets^†), Helmerich & Payne, Inc. (3.1% of Fund net assets^†) and Nabors Industries Ltd. (0.8% of Fund net assets^†).

Rare Earth and Strategic Metals

The VanEck Rare Earth/Strategic Metals ETF had disappointing year in 2023, losing 18.99%. In addition to falling lithium prices during the year, the Fund suffered from the continuing rotation in the market out of growth and into value stocks. The majority of the companies in the Fund’s portfolio contributed negatively to returns, and of those few companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving cobalt, rare earths and lithium.

The three top positive contributions to the Fund’s performance came from: Liontown Resources Limited (5.0% of Fund net assets^†), Arcadium Lithium Plc (7.6% of Fund net assets^†) and Pilbara Minerals Ltd. (8.2% of Fund net assets^†). The companies that detracted most from performance were: Zhejiang Huayou Cobalt Co., Ltd. (sold by the Fund by period end), China Northern Rare Earth Group High-Tech Co., Ltd. (5.0% of Fund net assets^†) and Ganfeng Lithium Group Co., Ltd. (2.8% of Fund net assets^†).

Steel

Despite a particularly volatile 2023, a strong middle and end to the year for steel stocks resulted in the VanEck Steel ETF recording a gain of 31.23% for the Period. The U.S., was by far the greatest contributor to performance, followed a ways behind by South Korea. No country detracted from performance.

The three top positive contributions to the Fund’s performance came from: United States Steel Corp. (5.3% of Fund net assets^†), POSCO Holdings, Inc. (5.1% of Fund net assets^†) and Nucor Corp. (6.7% of Fund net assets^†). Only two companies detracted from performance: Worthington Steel, Inc. (sold by the Fund by period end) and Schnitzer Steel Industries, Inc. (0.7% of Fund net assets^†).

Uranium+Nuclear Energy

Having displayed increasing strength throughout 2023, stocks in the VanEck Uranium+Nuclear Energy ETF recorded a gain of 36.02% for the Period. Energy companies were the greatest contributors to the Fund’s positive total return, with only the materials sector detracting from performance and then only minimally. Geographically, Canadian companies, followed closely by those in the U.S. contributed the most to performance, while those in Finland were the greatest detractors from performance.

The three top positive contributions to the Fund’s performance came from: Cameco Corp. (6.1% of Fund net assets^†), Uranium Energy Corp. (4.4% of Fund net assets^†) and Constellation Energy Corp. (7.1% of Fund net assets^†). The companies that detracted most from performance were: Dominion Energy, Inc. (sold by Fund by period end), NuScale Power Corp. (sold by Fund by period end) and Global Atomic Corp. (1.1% of Fund net assets^†).

^†	All Funds assets referenced are Total Net Assets as of December 31, 2023.

The mention of a specific security is not a recommendation to buy, or solicitation to sell such security.

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVMOOTR¹		SPTR²
One Year		(8.62)%		(8.58)%		(8.66)%	26.29%
Five Year		7.85%		7.82%		8.01%	15.69%
Ten Year		5.50%		5.53%		5.58%	12.03%

	¹	MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

See “About Fund Performance” on page 18 for more information.

VANECK FUTURE OF FOOD ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSCI ACWI¹
One Year	(7.89)%	(7.65)%	22.20%
Life*	(16.20)%	(16.16)%	1.78%

	^*	Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 11/31/21.

	¹	MSCI All Country World Index (MSCI ACWI), (NDUEACWF) represents large- and mid-cap companies across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	GDMNTR¹	SPTR²
One Year	9.91%	10.22%	10.60%	26.29%
Five Year	9.34%	9.44%	9.80%	15.69%
Ten Year	4.86%	4.89%	5.25%	12.03%

	¹	NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK GREEN METALS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVGMETTR¹	SPTR²
One Year	(12.35)%	(12.13)%	(11.76)%	26.29%
Life*	(13.42)%	(13.45)%	(13.02)%	2.50%

	*	Inception of Fund: 11/9/21; First Day of Secondary Market Trading: 11/10/21.

	¹	MVIS® Global Clean-Tech Metals Index is a global index (MVGMETTR) is a global index that tracks the performance of “Green Metals Companies” which are involved in the production, refining, processing and recycling of green metals. “Green metals” are metals used in the applications, products and processes that enable the energy transition from fossil fuels to cleaner energy sources and technologies.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVGDXJTR¹	SPTR²
One Year	7.09%	7.78%	8.59%	26.29%
Five Year	5.68%	5.88%	6.48%	15.69%
Ten Year	3.26%	3.37%	3.75%	12.03%

	¹	MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMOGTR¹	SPTR²
One Year	1.41%	1.34%	1.42%	26.29%
Five Year	15.96%	15.78%	16.34%	15.69%
Ten Year	7.93%	7.96%	8.28%	12.03%

	¹	MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies. Index data prior to April 26, 2021 reflects that of the Ardour Global Index^SM(Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of MVSMOGTR. All Index history reflects a blend of the performance of the aforementioned Indexes.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	RVEIT¹	SPTR²
One Year	2.39%	2.32%	2.42%	26.29%
Five Year	11.66%	11.66%	11.69%	15.69%
Ten Year	5.38%	5.36%	5.49%	12.03%

	¹	VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVCRAKTR¹	SPTR²
One Year	13.68%	14.00%	13.57%	26.29%
Five Year	7.76%	7.72%	7.69%	15.69%
Life*	9.47%	9.50%	9.50%	12.38%

	*	Inception of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15.

	¹	MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVOIHTR¹	SPTR²
One Year	3.18%	3.21%	3.39%	26.29%
Five Year	3.34%	3.34%	3.32%	15.69%
Ten Year	(9.15)%	(9.15)%	(9.26)%	12.03%

	¹	MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVREMXTR¹	SPTR²
One Year	(19.18)%	(18.99)%	(18.42)%	26.29%
Five Year	10.65%	10.75%	10.13%	15.69%
Ten Year	(2.29)%	(2.30)%	(2.73)%	12.03%

	¹	MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	STEEL¹	SPTR²
One Year	31.07%	31.23%	32.56%	26.29%
Five Year	20.68%	20.67%	21.53%	15.69%
Ten Year	7.93%	7.93%	8.37%	12.03%

	¹	NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVNLRTR¹	SPTR²
One Year	36.59%	36.02%	35.80%	26.29%
Five Year	10.52%	10.40%	10.34%	15.69%
Ten Year	7.33%	7.29%	7.02%	12.03%

	¹	MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of MVNLRTR. All index history reflects a blend of the performance of the aforementioned Indexes.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Green Metal Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index is published by S-Network Global Indexes, LLC (S-Network).

ICE Data, MarketVector and S-Network are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

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, July 1, 2023 to December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Agribusiness ETF
Actual	$1,000.00	$962.50	0.53%	$2.62
Hypothetical (b)	$1,000.00	$1,022.53	0.53%	$2.70
CMCI Commodity Strategy ETF
Actual (c)	$1,000.00	$976.80	0.65%	$2.32
Hypothetical (b)	$1,000.00	$1,021.93	0.65%	$3.31
Future of Food ETF
Actual	$1,000.00	$964.10	0.69%	$3.42
Hypothetical (b)	$1,000.00	$1,021.73	0.69%	$3.52
Gold Miners ETF
Actual	$1,000.00	$1,052.50	0.51%	$2.64
Hypothetical (b)	$1,000.00	$1,022.63	0.51%	$2.60
Green Metals ETF
Actual	$1,000.00	$916.70	0.66%	$3.19
Hypothetical (b)	$1,000.00	$1,021.88	0.66%	$3.36
Junior Gold Miners ETF
Actual	$1,000.00	$1,081.00	0.51%	$2.68
Hypothetical (b)	$1,000.00	$1,022.63	0.51%	$2.60
Low Carbon Energy ETF
Actual	$1,000.00	$915.50	0.57%	$2.75
Hypothetical (b)	$1,000.00	$1,022.33	0.57%	$2.91

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Natural Resources ETF
Actual	$1,000.00	$1,044.70	0.52%	$2.68
Hypothetical (b)	$1,000.00	$1,022.58	0.52%	$2.65
Oil Refiners ETF
Actual	$1,000.00	$1,174.50	0.61%	$3.34
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11
Oil Services ETF
Actual	$1,000.00	$1,091.00	0.35%	$1.84
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$742.50	0.54%	$2.37
Hypothetical (b)	$1,000.00	$1,022.48	0.54%	$2.75
Steel ETF
Actual	$1,000.00	$1,185.10	0.56%	$3.08
Hypothetical (b)	$1,000.00	$1,022.38	0.56%	$2.85
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,255.70	0.61%	$3.47
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from August 22, 2023 (commencement of operations) to December 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 2.4%
Incitec Pivot Ltd.		4,680,919	$	9,078,247
Treasury Wine Estates Ltd. †		1,757,647		12,948,959
				22,027,206
Brazil: 3.5%
Rumo SA		3,421,900		16,176,430
Yara International ASA (NOK)		432,007		15,354,091
				31,530,521
Canada: 6.4%
Nutrien Ltd. (USD)		1,042,864		58,744,529
Chile: 1.0%
Sociedad Quimica y Minera de Chile SA (ADR)		152,981		9,212,516
China: 4.0%
China Mengniu Dairy Co. Ltd. (HKD) *		4,212,000		11,346,682
Wilmar International Ltd. (SGD)		9,287,051		25,100,179
				36,446,861
Denmark: 1.1%
Bakkafrost P/F (NOK)		133,935		7,004,960
Schouw & Co. A/S		37,175		3,047,568
				10,052,528
Germany: 8.0%
Bayer AG		1,715,529		63,693,180
K+S AG		569,491		8,996,312
				72,689,492
Indonesia: 0.3%
Golden Agri-Resources Ltd. (SGD)		13,584,145		2,675,575
Israel: 0.9%
ICL Group Ltd. (USD) †		1,534,632		7,688,506
Japan: 5.3%
Kubota Corp. †		2,213,630		33,226,843
Maruha Nichiro Corp.		125,100		2,462,821
NH Foods Ltd.		266,600		9,040,522
Nissui Corp.		687,800		3,699,496
				48,429,682
Malaysia: 2.6%
IOI Corp. Bhd		5,722,455		4,893,953
Kuala Lumpur Kepong Bhd		1,347,970		6,397,286
PPB Group Bhd		1,650,880		5,202,338
Sime Darby Plantation Bhd		7,202,200		6,982,008
				23,475,585
Netherlands: 1.0%
OCI NV		326,457		9,467,174
Norway: 4.1%
Leroy Seafood Group ASA		833,154		3,428,917
Mowi ASA		1,215,505		21,775,972
Salmar ASA		211,608		11,855,962
				37,060,851
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1,892		0

	Number of Shares		Value
Russia (continued)
PhosAgro PJSC (USD) (GDR) ∞		1	$	0
				0
Singapore: 0.8%
Charoen Pokphand Indonesia Tbk PT (IDR)		21,468,100		7,004,115
Switzerland: 0.9%
Bucher Industries AG		19,823		8,326,870
Taiwan: 0.5%
Taiwan Fertilizer Co. Ltd.		2,218,000		4,880,698
Thailand: 0.8%
Charoen Pokphand Foods PCL (NVDR)		12,998,936		7,449,277
United Kingdom: 3.9%
CNH Industrial NV (USD)		2,612,762		31,823,441
Genus Plc		123,774		3,419,223
				35,242,664
United States: 52.5%
AGCO Corp.		147,049		17,853,219
Archer-Daniels-Midland Co.		702,220		50,714,328
Balchem Corp.		55,638		8,276,152
Bunge Global SA		326,614		32,971,683
CF Industries Holdings, Inc.		392,246		31,183,557
Corteva, Inc.		1,067,098		51,135,336
Darling Ingredients, Inc. *		370,246		18,453,061
Deere & Co.		187,471		74,964,029
Elanco Animal Health, Inc. *		923,754		13,763,935
FMC Corp.		267,272		16,851,500
Mosaic Co.		583,483		20,847,847
Neogen Corp. * †		418,351		8,413,039
Pilgrim’s Pride Corp. *		119,774		3,312,949
Toro Co. †		213,195		20,464,588
Tyson Foods, Inc.		661,967		35,580,726
Zoetis, Inc.		376,526		74,314,937
				479,100,886
Total Common Stocks (Cost: $1,099,062,640)				911,505,536

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Money Market Fund: 3.0% (Cost: $27,567,080)
State Street Navigator Securities Lending Government Money Market Portfolio		27,567,080		27,567,080
Total Investments: 103.0% (Cost: $1,126,629,720)				939,072,616
Liabilities in excess of other assets: (3.0)%				(27,015,297)
NET ASSETS: 100.0%			$	912,057,319

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(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 $41,077,399.
*	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		32.2	%	$	293,349,338
Materials		26.6			242,503,950
Industrials		23.3			212,047,935
Health Care		17.9			163,604,313
		100.0	%	$	911,505,536

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	22,027,206	$	—	$	22,027,206
Brazil		—		31,530,521	��	—		31,530,521
Canada		58,744,529		—		—		58,744,529
Chile		9,212,516		—		—		9,212,516
China		—		36,446,861		—		36,446,861
Denmark		—		10,052,528		—		10,052,528
Germany		—		72,689,492		—		72,689,492
Indonesia		—		2,675,575		—		2,675,575
Israel		7,688,506		—		—		7,688,506
Japan		—		48,429,682		—		48,429,682
Malaysia		5,202,338		18,273,247		—		23,475,585
Netherlands		—		9,467,174		—		9,467,174
Norway		—		37,060,851		—		37,060,851
Russia		—		—		0		0
Singapore		—		7,004,115		—		7,004,115
Switzerland		—		8,326,870		—		8,326,870
Taiwan		—		4,880,698		—		4,880,698
Thailand		—		7,449,277		—		7,449,277
United Kingdom		31,823,441		3,419,223		—		35,242,664
United States		479,100,886		—		—		479,100,886
Money Market Fund		27,567,080		—		—		27,567,080
Total Investments	$	619,339,296	$	319,733,320	$	0	$	939,072,616

See Notes to Financial Statements

VANECK CMCI COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31,2023

	Par (000’s		)	Value
Short-Term Investments: 103.9%
United States Treasury Obligations: 102.8%
United States Treasury Bills
5.30%, 03/21/24 (a)	$	1,150		$	1,136,911
5.30%, 04/02/24 (a)		1,250			1,233,557
5.33%, 01/11/24 (a)		50			49,935
5.40%, 01/16/24		50			49,898
					2,470,301

	Number of Shares		Value
Money Market Fund: 1.1%
Invesco Treasury Portfolio - Institutional Class		26,217	$	26,217
Total Short-Term Investments: 103.9% (Cost: $2,495,974)				2,496,518
Liabilities in excess of other assets: (3.9)%				(93,679)
NET ASSETS: 100.0%			$	2,402,839

Total Return Swap Contracts

Long Exposure

Counterparty

Reference
Obligation

Notional
Amount

Rate paid by
the Fund (b)

Payment
Frequency

Termination
Date

Unrealized
Appreciation/
(Depreciation)

% of Net
Assets

UBS

UBS Bloomberg
Constant
Maturity Index
Total Return

$2,469,000

5.75%

Monthly

01/03/24

$(79,504)

3.3%

Definitions:

USD	United States Dollar

Footnotes:

(a)	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $469,402.
(b)	The rate shown reflects the rate in effect at the end of the reporting period: Secured Overnight Financing Rate + 0.40%.

Summary of Investments by Sector	% of Investments			Value
Government		98.9	%	$	2,470,301
Money Market Fund		1.1			26,217
		100.0	%	$	2,496,518

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	2,470,301	$	—	$	2,470,301
Money Market Fund		26,217		—		—		26,217
Total Investments	$	26,217	$	2,470,301	$	—	$	2,496,518
Other Financial Instruments:
Total Return Swap Contracts	$	—	$	(79,504)	$	—	$	(79,504)

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 96.8%
Brazil: 2.0%
Yara International ASA (NOK)		1,847	$	65,645
Canada: 5.3%
Maple Leaf Foods, Inc.		2,200		42,111
Nutrien Ltd. (USD)		2,280		128,432
				170,543
China: 1.5%
Vitasoy International Holdings Ltd. (HKD)		48,000		47,841
Denmark: 5.2%
Novozymes A/S		3,091		170,033
France: 3.3%
Danone SA		1,628		105,689
Germany: 3.6%
Symrise AG		1,052		115,683
Ireland: 3.3%
Kerry Group Plc		1,228		107,300
Isle of Man: 0.3%
Agronomics Ltd. *		76,708		9,290
Japan: 2.2%
Kubota Corp.		4,800		72,049
Mexico: 4.4%
Orbia Advance Corp. SAB de CV		64,280		142,798
Netherlands: 0.7%
Corbion NV		1,060		22,716
Philippines: 0.7%
Monde Nissin Corp. 144A		147,600		22,337
Sweden: 1.8%
Oatly Group AB (ADR) * †		50,452		59,533
Switzerland: 10.6%
Bucher Industries AG		216		90,733
Givaudan SA		40		165,750
Nestle SA		768		88,963
				345,446
United States: 51.9%
AppHarvest, Inc. *		39,524		40

	Number of Shares		Value
United States (continued)
Archer-Daniels-Midland Co.		1,156	$	83,486
Atlantic Sapphire ASA (NOK) *		10,900		1,728
Balchem Corp.		308		45,815
Ball Corp.		1,844		106,067
Berry Global Group, Inc.		696		46,903
Beyond Meat, Inc. * †		1,589		14,142
Bunge Global SA		1,652		166,770
Conagra Brands, Inc.		1,584		45,397
Corteva, Inc.		3,295		157,896
Deere & Co.		500		199,936
FMC Corp.		1,457		91,864
Ingredion, Inc.		2,044		221,836
International Flavors & Fragrances, Inc.		1,016		82,266
John Bean Technologies Corp.		532		52,907
Kellanova		780		43,610
Lindsay Corp.		664		85,762
Local Bounti Corp. *		427		884
Titan International, Inc. *		3,380		50,294
Trimble, Inc. *		1,732		92,142
Valmont Industries, Inc.		408		95,272
WK Kellogg Co.		195		2,562
				1,687,579
Total Common Stocks (Cost: $4,049,891)				3,144,482

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%
Money Market Fund: 2.6% (Cost: $85,782)
State Street Navigator Securities Lending Government Money Market Portfolio		85,782		85,782
Total Investments: 99.4% (Cost: $4,135,673)				3,230,264
Other assets less liabilities: 0.6%				19,834
NET ASSETS: 100.0%			$	3,250,098

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 $69,986.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $22,337, or 0.7% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		42.7	%	$	1,341,869
Consumer Staples		33.5			1,054,228
Industrials		20.6			646,953
Information Technology		2.9			92,142
Financials		0.3			9,290
		100.0	%	$	3,144,482

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	—	$	65,645	$	—	$	65,645
Canada		170,543		—		—		170,543
China		—		47,841		—		47,841
Denmark		—		170,033		—		170,033
France		—		105,689		—		105,689
Germany		—		115,683		—		115,683
Ireland		107,300		—		—		107,300
Isle of Man		9,290		—		—		9,290
Japan		—		72,049		—		72,049
Mexico		142,798		—		—		142,798
Netherlands		—		22,716		—		22,716
Philippines		22,337		—		—		22,337
Sweden		59,533		—		—		59,533
Switzerland		—		345,446		—		345,446
United States		1,687,539		40		—		1,687,579
Money Market Fund		85,782		—		—		85,782
Total Investments	$	2,285,122	$	945,142	$	—	$	3,230,264

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 11.3%
Capricorn Metals Ltd. * † ‡		20,050,051	$	64,357,270
Emerald Resources NL * † ‡		33,158,599		68,071,396
Evolution Mining Ltd. ‡		105,079,094		283,073,281
Genesis Minerals Ltd. * † ‡		58,231,049		71,007,737
Gold Road Resources Ltd. † ‡		57,529,786		77,002,407
Northern Star Resources Ltd. ‡		61,150,496		568,109,598
Perseus Mining Ltd. ‡		73,086,967		92,052,113
Ramelius Resources Ltd. ‡		60,479,560		69,387,841
Red 5 Ltd. * † ‡		183,287,984		38,696,331
Regis Resources Ltd. * † ‡		40,191,502		59,680,236
Silver Lake Resources Ltd. * † ‡		49,737,568		40,301,500
West African Resources Ltd. * † ‡		54,599,293		35,162,971
				1,466,902,681
Brazil: 6.6%
Wheaton Precious Metals Corp. (USD) †		17,503,906		863,642,722
Burkina Faso: 0.5%
IAMGOLD Corp. (USD) * † ‡		25,609,846		64,792,910
Canada: 41.5%
Agnico Eagle Mines Ltd. (USD) †		19,102,999		1,047,799,495
Alamos Gold, Inc. (USD) ‡		21,090,479		284,088,752
Aya Gold & Silver, Inc. * † ‡		6,510,989		47,946,082
B2Gold Corp. (USD) ‡		69,199,440		218,670,230
Barrick Gold Corp. (USD)		67,852,312		1,227,448,324
Dundee Precious Metals, Inc. ‡		9,653,861		62,084,591
Equinox Gold Corp. (USD) * † ‡		16,653,671		81,436,451
First Majestic Silver Corp. (USD) † ‡		15,268,065		93,898,600
Fortuna Silver Mines, Inc. (USD) * † ‡		16,302,465		62,927,515
Franco-Nevada Corp. (USD)		7,423,537		822,602,135
K92 Mining, Inc. * † ‡		12,443,231		61,432,909
Kinross Gold Corp. (USD) ‡		65,325,716		395,220,582
MAG Silver Corp. (USD) * † ‡		5,477,884		57,024,772
New Gold, Inc. (USD) * ‡		36,422,093		53,176,256
OceanaGold Corp. ‡		37,639,378		72,504,186
Osisko Gold Royalties Ltd. (USD) † ‡		9,852,651		140,695,856
Pan American Silver Corp. (USD) ‡		19,391,732		316,666,984
Sandstorm Gold Ltd. (USD) ‡		15,759,817		79,271,880
SilverCrest Metals, Inc. (USD) * † ‡		7,758,829		50,820,330
SSR Mining, Inc. (USD) ‡		10,849,041		116,735,681
Torex Gold Resources, Inc. * ‡		4,569,959		50,669,498
Wesdome Gold Mines Ltd. * † ‡		7,925,699		46,342,438
				5,389,463,547

	Number of Shares		Value
China: 5.2%
Zhaojin Mining Industry Co. Ltd. (HKD) † ‡		138,861,000	$	172,509,427
Zijin Mining Group Co. Ltd. (HKD) ‡		305,276,000		497,648,143
				670,157,570
Egypt: 0.6%
Centamin Plc (GBP) ‡		61,640,067		78,287,286
Kyrgyzstan: 0.5%
Centerra Gold, Inc. (CAD) † ‡		11,483,423		68,886,604
Peru: 1.6%
Cia de Minas Buenaventura SAA (ADR) ‡		13,500,186		205,742,835
South Africa: 9.4%
Anglogold Ashanti Plc (USD) ‡		22,331,408		417,374,016
DRDGOLD Ltd. (ADR) ‡		4,600,414		36,573,291
Gold Fields Ltd. (ADR) †		39,006,177		564,029,319
Harmony Gold Mining Co. Ltd. (ADR) ‡		32,985,574		202,861,280
				1,220,837,906
Turkey: 1.1%
Eldorado Gold Corp. (USD) * † ‡		10,794,577		140,005,664
United Kingdom: 2.3%
Endeavour Mining Plc (CAD) † ‡		13,073,337		295,156,410
United States: 19.2%
Coeur Mining, Inc. * † ‡		20,350,645		66,343,103
Hecla Mining Co. † ‡		32,895,820		158,228,894
Newmont Corp.		44,538,137		1,843,433,490
Royal Gold, Inc. ‡		3,495,437		422,808,060
				2,490,813,547
Total Common Stocks (Cost: $12,586,545,705)				12,954,689,682

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
Money Market Fund: 0.7% (Cost: $84,425,319)
State Street Navigator Securities Lending Government Money Market Portfolio		84,425,319		84,425,319
Total Investments: 100.5% (Cost: $12,670,971,024)				13,039,115,001
Liabilities in excess of other assets: (0.5)%				(69,535,091)
NET ASSETS: 100.0%			$	12,969,579,910

See Notes to Financial Statements

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $272,613,003.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		94.0	%	$	12,167,176,505
Silver		5.6			736,692,847
Precious Metals & Minerals		0.4			50,820,330
		100.0	%	$	12,954,689,682

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value 12/31/2023	Dividend Income
Alamos Gold, Inc.	$205,708,403	$97,926,113	$(91,787,173)	$33,411,396	$38,830,013	$284,088,752	$2,146,947
AngloGold Ashanti Ltd.	421,250,192	128,016,893	(561,889,059)	31,552,774	(18,930,800)	–	4,654,974
Anglogold Ashanti Plc	–	486,741,198	(49,414,698)	(3,622,646)	(16,329,838)	417,374,016	–
Aya Gold & Silver, Inc.	36,219,878	18,248,037	(11,816,801)	526,291	4,768,677	47,946,082	–
B2Gold Corp.	198,829,515	119,981,082	(70,326,427)	482,828	(30,296,768)	218,670,230	10,379,842
Capricorn Metals Ltd.	60,639,778	23,350,554	(21,097,899)	3,471,143	(2,006,306)	64,357,270	–
Centamin Plc	81,495,953	28,656,248	(26,961,602)	(2,301,373)	(2,601,940)	78,287,286	2,873,963
Centerra Gold, Inc.	59,014,494	27,024,446	(26,558,801)	(244,363)	9,650,828	68,886,604	2,437,098
Cia de Minas Buenaventura SAA	97,965,488	44,409,346	(43,257,323)	(3,652,217)	110,277,541	205,742,835	1,063,546
Coeur Mining, Inc.	48,923,959	30,342,505	(13,984,559)	1,131,689	(70,491)	66,343,103	–
DRDGOLD Ltd.	33,159,785	15,773,278	(15,761,897)	1,202,596	2,199,529	36,573,291	1,999,972
Dundee Precious Metals, Inc.	47,434,105	26,014,258	(27,289,178)	6,481,418	9,443,988	62,084,591	1,624,035
Eldorado Gold Corp.	80,041,390	49,522,735	(39,175,181)	4,484,988	45,131,732	140,005,664	–
Emerald Resources NL	–	55,364,751	(6,276,532)	658,280	18,324,897	68,071,396	–
Endeavour Mining Plc	272,623,252	114,413,893	(111,896,252)	12,742,662	7,272,855	295,156,410	10,683,088
Endeavour Silver Corp.	31,843,407	11,754,771	(31,369,309)	(31,528,367)	19,299,498	–	–
Equinox Gold Corp.	51,858,919	30,388,224	(26,291,911)	(3,695,026)	29,176,245	81,436,451	–
Evolution Mining Ltd.	193,675,761	84,944,044	(68,220,726)	9,159,005	63,515,197	283,073,281	2,569,894
First Majestic Silver Corp.	113,580,650	41,521,793	(29,836,274)	(8,163,584)	(23,203,985)	93,898,600	307,792
Fortuna Silver Mines, Inc.	56,398,523	20,513,609	(16,244,329)	544,115	1,715,597	62,927,515	–
Genesis Minerals Ltd.	–	65,207,080	(4,169,949)	357,149	9,613,457	71,007,737	–
Gold Fields Ltd.	478,159,484	276,955,320	(426,044,022)	138,905,861	96,052,676	–(a)	17,340,162
Gold Road Resources Ltd.	64,292,600	24,682,733	(23,967,180)	3,752,802	8,241,452	77,002,407	639,132
Harmony Gold Mining Co. Ltd.	108,915,631	53,575,115	(54,249,864)	8,894,320	85,726,078	202,861,280	1,300,978
Hecla Mining Co.	174,714,054	66,870,522	(60,052,795)	6,538,068	(29,840,955)	158,228,894	839,152
IAMGOLD Corp.	64,050,910	25,113,076	(23,948,361)	(2,968,750)	2,546,035	64,792,910	–
K92 Mining, Inc.	68,361,763	24,588,986	(21,385,546)	(3,322,673)	(6,809,621)	61,432,909	–
Kinross Gold Corp.	266,228,145	120,234,257	(126,991,039)	7,226,728	128,522,491	395,220,582	8,122,774
MAG Silver Corp.	–	77,139,851	(9,596,876)	(663,618)	(9,854,585)	57,024,772	–
New Gold, Inc.	34,655,550	15,033,856	(15,464,128)	247,909	18,703,069	53,176,256	–
Northern Star Resources Ltd.	447,846,466	179,271,785	(187,034,662)	25,293,628	102,732,381	568,109,598	10,561,194
OceanaGold Corp.	69,497,545	30,167,146	(27,165,338)	(2,192,786)	2,197,619	72,504,186	747,748
Osisko Gold Royalties Ltd.	115,363,105	53,556,728	(50,746,044)	7,789,593	14,732,474	140,695,856	1,768,652
Pan American Silver Corp.	178,290,511	257,877,807	(100,269,980)	(20,927,228)	1,695,874	316,666,984	7,274,981
Perseus Mining Ltd.	101,580,825	37,644,927	(33,876,938)	10,204,377	(23,501,078)	92,052,113	1,668,520
Ramelius Resources Ltd.	–	67,125,033	(7,787,713)	657,096	9,393,425	69,387,841	678,566

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended December 31, 2023 were as follows: (continued)

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value 12/31/2023	Dividend Income
Red 5 Ltd.	–	41,841,327	(456,348)	(14,900)	(2,673,748)	38,696,331	–
Regis Resources Ltd.	54,855,943	19,070,648	(18,871,317)	(5,446,084)	10,071,046	59,680,236	–
Royal Gold, Inc.	383,500,042	163,145,167	(152,561,261)	19,639,847	9,084,265	422,808,060	5,342,727
Sandstorm Gold Ltd.	81,298,870	32,289,919	(29,670,840)	(4,502,598)	(143,472)	79,271,879	964,895
Silver Lake Resources Ltd.	39,070,300	14,164,299	(13,179,663)	(3,408,546)	3,655,110	40,301,500	–
SilverCrest Metals, Inc.	45,623,274	18,136,876	(17,186,358)	(250,076)	4,496,614	50,820,330	–
SSR Mining, Inc.	167,794,658	58,604,650	(54,962,167)	(3,492,352)	(51,209,108)	116,735,681	3,113,773
Torex Gold Resources, Inc.	51,060,705	22,988,524	(21,484,811)	1,740,362	(3,635,282)	50,669,498	–
Wesdome Gold Mines Ltd.	40,768,741	18,248,425	(15,552,316)	(3,918,962)	6,796,550	46,342,438	–
West African Resources Ltd.	42,653,378	13,230,123	(12,023,851)	(1,661,490)	(7,035,189)	35,162,971	–
Yamana Gold, Inc.	276,431,736	58,355,514	(351,105,117)	61,096,866	(44,778,999)	–	–
Zhaojin Mining Industry Co. Ltd.	149,510,918	68,634,696	(67,178,503)	12,790,664	8,751,652	172,509,427	827,660
Zijin Mining Group Co. Ltd.	399,648,130	184,635,144	(173,682,432)	95,514,237	(8,466,936)	497,648,143	11,399,383
	$5,994,836,736	$3,543,297,312	$(3,390,121,350)	$400,521,053	$601,229,764	$6,585,734,196	$113,331,448

(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 December 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,466,902,681	$	—	$	1,466,902,681
Brazil		863,642,722		—		—		863,642,722
Burkina Faso		64,792,910		—		—		64,792,910
Canada		5,389,463,547		—		—		5,389,463,547
China		—		670,157,570		—		670,157,570
Egypt		—		78,287,286		—		78,287,286
Kyrgyzstan		68,886,604		—		—		68,886,604
Peru		205,742,835		—		—		205,742,835
South Africa		1,220,837,906		—		—		1,220,837,906
Turkey		140,005,664		—		—		140,005,664
United Kingdom		295,156,410		—		—		295,156,410
United States		2,490,813,547		—		—		2,490,813,547
Money Market Fund		84,425,319		—		—		84,425,319
Total Investments	$	10,823,767,464	$	2,215,347,537	$	—	$	13,039,115,001

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 14.9%
Glencore Plc (GBP)		339,498	$	2,040,978
IGO Ltd.		64,308		396,862
Iluka Resources Ltd.		34,534		155,552
Liontown Resources Ltd. *		202,045		226,908
Lynas Rare Earths Ltd. *		98,617		482,008
Pilbara Minerals Ltd. †		259,437		697,280
				3,999,588
Canada: 12.6%
Capstone Copper Corp. *		55,408		271,031
Hudbay Minerals, Inc. (USD)		40,404		223,030
Ivanhoe Mines Ltd. *		62,819		612,183
Lithium Americas Argentina Corp. (USD) * †		20,635		130,413
Lithium Americas Corp. (USD) * †		16,680		106,752
Sigma Lithium Corp. (USD) * †		7,889		248,740
Teck Resources Ltd. (USD) †		42,311		1,788,487
				3,380,636
Chile: 3.3%
Lundin Mining Corp. (CAD)		59,708		490,850
Sociedad Quimica y Minera de Chile SA (ADR)		6,615		398,355
				889,205
China: 13.8%
Beijing Easpring Material Technology Co. Ltd.		18,900		101,339
Chengxin Lithium Group Co. Ltd.		32,800		104,787
China Northern Rare Earth Group High-Tech Co. Ltd.		139,568		378,877
China Rare Earth Resources And Technology Co. Ltd.		37,900		147,206
Ganfeng Lithium Group Co. Ltd.		46,620		280,167
GEM Co. Ltd.		198,200		151,949
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd.		57,000		72,701
Jiangxi Copper Co. Ltd.		80,103		200,816
MMG Ltd. (HKD) * †		356,000		105,266
Ningbo Shanshan Co. Ltd.		67,800		129,649
Shenghe Resources Holding Co. Ltd.		67,700		96,739
Sichuan Yahua Industrial Group Co. Ltd.		40,600		74,614
Tianqi Lithium Corp.		56,900		445,691
Tongling Nonferrous Metals Group Co. Ltd.		406,300		187,109
Western Mining Co. Ltd.		92,000		184,221
Youngy Co. Ltd.		10,000		76,065
Yunnan Chihong Zinc&Germanium Co. Ltd.		196,500		139,321
Yunnan Copper Co. Ltd.		77,300		118,146
Yunnan Tin Co. Ltd.		63,485		127,616
Zangge Mining Co. Ltd.		61,000		217,068

	Number of Shares		Value
China (continued)
Zhejiang Huayou Cobalt Co. Ltd.		66,030	$	305,285
				3,644,632
Germany: 1.2%
Aurubis AG		3,760		307,867
Japan: 3.8%
Mitsubishi Materials Corp.		12,700		220,005
Sumitomo Metal Mining Co. Ltd.		27,300		810,866
				1,030,871
Jersey, Channel Islands: 2.0%
Arcadium Lithium Plc (AUD) * †		72,389		553,714
Liechtenstein: 4.0%
Antofagasta Plc (GBP)		49,471		1,057,912
Mexico: 10.0%
Grupo Mexico SAB de CV		313,100		1,741,284
Southern Copper Corp. (USD)		10,942		941,778
				2,683,062
Poland: 1.7%
KGHM Polska Miedz SA		14,668		457,841
Russia: 0.0%
MMC Norilsk Nickel PJSC ∞		4,405		0
MMC Norilsk Nickel PJSC (ADR) *∞		2		0
				0
South Africa: 10.7%
Anglo American Platinum Ltd. †		7,236		379,901
Anglo American Plc (GBP)		60,317		1,509,712
Impala Platinum Holdings Ltd.		85,745		425,924
Northam Platinum Holdings Ltd.		23,673		179,423
Sibanye Stillwater Ltd. (ADR) †		68,288		370,804
				2,865,764
Sweden: 3.9%
Boliden AB		33,080		1,036,230
United States: 16.6%
Albemarle Corp.		11,095		1,603,006
Freeport-McMoRan, Inc.		52,664		2,241,907
Livent Corp. * †		15,270		274,555
MP Materials Corp. * †		16,244		322,443
				4,441,911
Zambia: 1.5%
First Quantum Minerals Ltd. (CAD)		47,299		389,196
Total Common Stocks (Cost: $30,777,248)				26,738,429

See Notes to Financial Statements

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Money Market Fund: 2.0% (Cost: $535,727)
State Street Navigator Securities Lending Government Money Market Portfolio		535,727	$	535,727
Total Investments: 102.0% (Cost: $31,312,975)				27,274,156
Liabilities in excess of other assets: (2.0)%				(525,819)
NET ASSETS: 100.0%			$	26,748,337

Definitions:

ADR	American Depositary Receipt
AUD	Australia Dollar
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 $3,321,855.
∞	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		54.2	%	$	14,534,979
Copper		25.0			6,664,453
Specialty Chemicals		12.7			3,391,569
Precious Metals & Minerals		5.1			1,356,052
Electrical Components & Equipment		1.9			499,694
Fertilizers & Agricultural Chemicals		0.8			217,068
Commodity Chemicals		0.3			74,614
		100.0	%	$	26,738,429

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	3,999,588	$	—	$	3,999,588
Canada		3,380,636		—		—		3,380,636
Chile		889,205		—		—		889,205
China		—		3,644,632		—		3,644,632
Germany		—		307,867		—		307,867
Japan		—		1,030,871		—		1,030,871
Jersey, Channel Islands		553,714		—		—		553,714
Liechtenstein		1,057,912		—		—		1,057,912
Mexico		2,683,062		—		—		2,683,062
Poland		—		457,841		—		457,841
Russia		—		—		0		0
South Africa		370,804		2,494,960		—		2,865,764
Sweden		—		1,036,230		—		1,036,230
United States		4,441,911		—		—		4,441,911
Zambia		389,196		—		—		389,196
Money Market Fund		535,727		—		—		535,727
Total Investments	$	14,302,167	$	12,971,989	$	0	$	27,274,156

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 18.4%
Alkane Resources Ltd. * †		20,252,467	$	9,025,170
Aurelia Metals Ltd. * †		60,705,503		4,544,574
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. * †		35,303,922		40,266,433
Capricorn Metals Ltd. * †		14,572,732		46,776,003
De Grey Mining Ltd. * †		59,504,881		50,838,302
Evolution Mining Ltd.		90,473,000		243,725,826
Firefinch Ltd. * †∞		54,133,739		1,662,217
Genesis Minerals Ltd. * †		25,702,539		31,342,027
Gold Road Resources Ltd. †		42,931,228		57,462,544
Kingsgate Consolidated Ltd. * †		12,183,979		11,423,555
Perseus Mining Ltd.		48,047,205		60,514,849
Ramelius Resources Ltd.		45,675,411		52,403,128
Red 5 Ltd. * †		132,563,311		27,987,180
Regis Resources Ltd. * †		30,349,264		45,065,527
Resolute Mining Ltd. *		67,429,230		20,380,778
Silver Lake Resources Ltd. *		37,115,870		30,074,354
Silver Mines Ltd. * †		63,063,922		6,859,547
St Barbara Ltd. * †		34,799,067		4,965,298
Tietto Minerals Ltd. *		42,720,562		17,780,091
West African Resources Ltd. * †		34,438,252		22,178,882
Westgold Resources Ltd. *		18,134,474		26,922,292
				812,198,578
Burkina Faso: 1.0%
IAMGOLD Corp. (USD) *		17,967,938		45,458,883
Canada: 53.8%
Alamos Gold, Inc. (USD)		18,176,284		244,834,546
Americas Gold & Silver Corp. (USD) * †		10,261,303		2,606,371
Archer Exploration Corp. *		1,075,827		77,509
Aris Mining Corp. * †		6,161,168		20,418,857
Arizona Metals Corp. * †		5,211,056		9,642,785
Artemis Gold, Inc. * †		6,738,845		32,299,030
Aya Gold & Silver, Inc. * †		5,030,687		37,045,329
B2Gold Corp. (USD) ‡		73,906,459		233,544,410
Calibre Mining Corp. * †		14,903,823		15,371,757
Dakota Gold Corp. (USD) *		3,198,177		8,379,224
Discovery Silver Corp. * †		13,468,160		7,762,628
Dundee Precious Metals, Inc.		6,011,658		38,661,353
Endeavour Silver Corp. (USD) * †		8,786,426		17,309,259
Equinox Gold Corp. (USD) * †		12,279,579		60,047,141
Filo Corp. * †		3,501,378		56,054,975
First Majestic Silver Corp. (USD) †		12,207,053		75,073,376
Fortuna Silver Mines, Inc. (USD) * †		13,037,797		50,325,896
Gold Royalty Corp. (USD) †		5,413,687		7,958,120
GoldMining, Inc. (USD) * †		8,642,631		8,419,651
K92 Mining, Inc. * †		8,418,120		41,560,717
Karora Resources, Inc. * †		7,057,465		26,065,414
Kinross Gold Corp. (USD)		47,305,155		286,196,188
Lundin Gold, Inc. †		3,931,009		49,309,031

	Number of Shares		Value
Canada (continued)
MAG Silver Corp. (USD) * †		2,919,843	$	30,395,566
Marathon Gold Corp. * †		17,963,719		11,443,595
McEwen Mining, Inc. (USD) * †		1,863,310		13,434,465
Metalla Royalty & Streaming Ltd. (USD) † ‡		3,443,921		10,607,277
New Found Gold Corp. * †		4,416,759		15,642,549
New Gold, Inc. (USD) *		24,591,178		35,903,120
New Pacific Metals Corp. * †		4,604,855		8,765,498
Novagold Resources, Inc. (USD) * †		8,688,249		32,494,051
OceanaGold Corp.		23,583,263		45,428,097
Orla Mining Ltd. * †		8,174,509		26,781,343
Osisko Gold Royalties Ltd. (USD) †		6,739,682		96,242,659
Osisko Mining, Inc. * †		13,184,564		26,697,092
Pan American Silver Corp. (USD) † ‡		19,560,639		319,425,235
Prime Mining Corp. * †		4,331,091		4,926,920
Sandstorm Gold Ltd. (USD) †		10,360,447		52,113,048
Seabridge Gold, Inc. (USD) * †		3,213,080		38,974,660
Silvercorp Metals, Inc. (USD) †		8,358,316		21,982,371
SilverCrest Metals, Inc. (USD) * †		5,789,608		37,921,932
Skeena Resources Ltd. * †		2,901,575		14,193,204
SSR Mining, Inc. (USD)		7,710,265		82,962,451
Sulliden Mining Capital, Inc. *		1,689,990		44,858
Torex Gold Resources, Inc. *		2,841,875		31,509,338
Triple Flag Precious Metals Corp. (USD)		3,239,601		43,119,089
Victoria Gold Corp. *		1,666,900		8,798,441
Wesdome Gold Mines Ltd. * †		5,491,961		32,112,103
				2,370,882,529
China: 1.5%
Zhaojin Mining Industry Co. Ltd. (HKD) †		54,276,200		67,428,264
Egypt: 1.1%
Centamin Plc (GBP)		39,426,732		50,074,765
Indonesia: 0.9%
Bumi Resources Minerals Tbk PT *		3,485,123,400		38,488,526
Jersey, Channel Islands: 0.2%
Caledonia Mining Corp. Plc (USD) †		598,637		7,303,372
Kyrgyzstan: 1.0%
Centerra Gold, Inc. (CAD)		7,038,860		42,224,619
Mexico: 4.4%
Fresnillo Plc (GBP)		8,708,273		65,946,026
Industrias Penoles SAB de CV * †		8,830,563		129,445,745
				195,391,771

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Peru: 3.8%
Cia de Minas Buenaventura SAA (ADR) †		9,615,639	$	146,542,338
Hochschild Mining Plc (GBP) *		15,077,503		20,559,889
				167,102,227
South Africa: 2.9%
DRDGOLD Ltd. (ADR)		980,861		7,797,845
Harmony Gold Mining Co. Ltd. (ADR)		19,633,664		120,747,034
				128,544,879
Turkey: 2.8%
Eldorado Gold Corp. (USD) *		7,344,113		95,253,146
Koza Altin Isletmeleri AS		45,414,850		30,031,557
				125,284,703
United Kingdom: 3.7%
Endeavour Mining Plc		6,089,574		136,277,415
Greatland Gold Plc * †		221,373,295		27,825,570
				164,102,985
United States: 4.4%
Argonaut Gold, Inc. (CAD) * †		30,659,071		10,928,078
Aura Minerals, Inc. (BRL) (BDR)		1,522,965		10,949,495

	Number of Shares		Value
United States (continued)
Coeur Mining, Inc. * †		12,479,362	$	40,682,720
Gatos Silver, Inc. * †		1,863,508		12,187,342
GoGold Resources, Inc. (CAD) * †		14,044,191		14,378,627
Hecla Mining Co. †		18,411,119		88,557,482
i-80 Gold Corp. * †		10,006,477		17,611,400
				195,295,144
Total Common Stocks (Cost: $4,627,336,428)				4,409,781,245


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%
Money Market Fund: 2.7% (Cost: $117,343,529)
State Street Navigator Securities Lending Government Money Market Portfolio		117,343,529		117,343,529
Total Investments: 102.6% (Cost: $4,744,679,957)				4,527,124,774
Liabilities in excess of other assets: (2.6)%				(115,808,998)
NET ASSETS: 100.0%			$	4,411,315,776

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:

†	Security fully or partially on loan. Total market value of securities on loan is $269,954,333.
*	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.
‡	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		76.2	%	$	3,359,405,591
Silver		15.6			690,068,156
Precious Metals & Minerals		5.5			243,965,837
Diversified Metals & Mining		2.7			116,341,661
		100.0	%	$	4,409,781,245

See Notes to Financial Statements

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

	Value 12/31/2022		Purchases		Sales Proceeds			Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value 12/31/2023		Dividend Income
B2Gold Corp.		$–(a)	$	141,889,015	$	(11,579,151	)	$	3,014,715		$	(29,954,664	)	$	233,544,410	$	8,866,174
Metalla Royalty & Streaming Ltd.		–(a)		7,540,097		(1,802,471	)		(2,632,628	)		(2,008,082	)		10,607,277		55,463
Pan American Silver Corp.		–(a)		211,408,630		(25,510,171	)		(9,947,888	)		(2,973,828	)		319,425,235		5,842,561
		$–	$	360,837,742	$	(38,891,793	)	$	(9,565,801	)	$	(34,936,574	)	$	563,576,922	$	14,764,198

(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 December 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	810,536,361	$	1,662,217	$	812,198,578
Burkina Faso		45,458,883		—		—		45,458,883
Canada		2,370,882,529		—		—		2,370,882,529
China		—		67,428,264		—		67,428,264
Egypt		—		50,074,765		—		50,074,765
Indonesia		—		38,488,526		—		38,488,526
Jersey, Channel Islands		7,303,372		—		—		7,303,372
Kyrgyzstan		42,224,619		—		—		42,224,619
Mexico		129,445,745		65,946,026		—		195,391,771
Peru		146,542,338		20,559,889		—		167,102,227
South Africa		128,544,879		—		—		128,544,879
Turkey		125,284,703		—		—		125,284,703
United Kingdom		27,825,570		136,277,415		—		164,102,985
United States		195,295,144		—		—		195,295,144
Money Market Fund		117,343,529		—		—		117,343,529
Total Investments	$	3,336,151,311	$	1,189,311,246	$	1,662,217	$	4,527,124,774

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.7%
Austria: 0.7%
Verbund AG		11,718	$	1,086,613
Brazil: 2.9%
Centrais Eletricas Brasileiras SA (ADR) †		447,979		3,861,579
Cia Energetica de Minas Gerais (ADR) †		408,842		948,513
				4,810,092
Canada: 3.3%
Ballard Power Systems, Inc. (USD) * †		91,958		340,245
Boralex, Inc. †		29,786		760,801
Brookfield Renewable Corp. (USD) †		44,260		1,274,245
Canadian Solar, Inc. (USD) * †		16,631		436,231
Innergex Renewable Energy, Inc. †		48,117		335,352
Northland Power, Inc. †		91,951		1,678,493
TransAlta Corp. (USD)		74,095		615,730
				5,441,097
Chile: 0.5%
Enel Americas SA *		6,996,206		780,567
China: 18.0%
BYD Co. Ltd. (HKD)		308,000		8,496,012
China Everbright Environment Group Ltd. (HKD)		1,135,000		369,468
China Longyuan Power Group Corp. Ltd. (HKD)		726,000		551,309
Daqo New Energy Corp. (ADR) *		22,675		603,155
GCL Technology Holdings Ltd. (HKD)		7,335,000		1,164,782
JinkoSolar Holding Co. Ltd. (ADR) †		13,266		490,046
Li Auto, Inc. (ADR) * †		212,674		7,960,388
NIO, Inc. (ADR) *		536,774		4,868,540
Xinyi Solar Holdings Ltd. (HKD)		2,162,000		1,263,996
XPeng, Inc. (ADR) *		197,640		2,883,568
Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A * †		194,200		888,792
				29,540,056
Denmark: 9.2%
Orsted AS 144A		68,537		3,801,904
ROCKWOOL International A/S		2,787		815,925
Vestas Wind Systems A/S *		330,715		10,471,133
				15,088,962
France: 0.6%
Neoen SA 144A		28,108		941,833
Germany: 0.8%
Encavis AG *		43,756		753,116
Nordex SE * †		45,403		521,332
				1,274,448

	Number of Shares		Value
Ireland: 2.2%
Kingspan Group Plc		41,552	$	3,593,422
Italy: 6.8%
Enel SpA		1,406,257		10,468,915
ERG SpA		20,151		643,265
				11,112,180
Japan: 0.6%
Horiba Ltd. †		13,384		1,043,940
New Zealand: 2.4%
Contact Energy Ltd. †		268,189		1,360,139
Mercury NZ Ltd. †		241,942		1,011,025
Meridian Energy Ltd. †		459,214		1,610,575
				3,981,739
Norway: 0.2%
NEL ASA *		605,526		409,119
Portugal: 1.3%
EDP Renovaveis SA *		107,587		2,203,843
South Korea: 4.3%
Hanwha Solutions Corp. *		34,252		1,041,050
Samsung SDI Co. Ltd. *		16,692		6,077,399
				7,118,449
Spain: 7.9%
Acciona SA †		8,944		1,317,788
Atlantica Sustainable Infrastructure Plc (USD)		22,303		479,515
Iberdrola SA		850,471		11,162,516
				12,959,819
Sweden: 2.2%
Nibe Industrier AB †		503,851		3,541,128
Switzerland: 0.4%
Landis+Gyr Group AG		7,751		700,271
Taiwan: 0.5%
Simplo Technology Co. Ltd.		60,000		819,943
Thailand: 0.5%
Energy Absolute PCL (NVDR)		674,800		872,579
United Kingdom: 1.1%
Drax Group Plc		128,186		800,226
Johnson Matthey Plc		47,191		1,020,764
				1,820,990
United States: 33.3%
Array Technologies, Inc. * †		40,542		681,106
Badger Meter, Inc.		6,911		1,066,851
Bloom Energy Corp. * †		54,386		804,913
EnerSys		11,417		1,152,660
Enphase Energy, Inc. *		38,589		5,099,150
First Solar, Inc. *		25,161		4,334,737
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		29,435		811,817
Installed Building Products, Inc.		6,279		1,147,927
Lucid Group, Inc. * †		331,787		1,396,823
NextEra Energy, Inc.		203,149		12,339,270
Ormat Technologies, Inc. †		14,213		1,077,203
Owens Corning		25,116		3,722,945

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Plug Power, Inc. * †		162,338	$	730,521
QuantumScape Corp. * †		121,428		843,925
Rivian Automotive, Inc. * †		172,074		4,036,856
SolarEdge Technologies, Inc. * †		18,525		1,733,940
Sunrun, Inc. *		55,257		1,084,695
Tesla, Inc. *		51,091		12,695,092
				54,760,431
Total Common Stocks (Cost: $198,757,993)				163,901,521

PREFERRED SECURITIES: 0.4% (Cost: $686,397)
Brazil: 0.4%
Companhia Paranaense de Energia *		341,400		606,968

Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $199,444,390)				164,508,489

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.1%
Money Market Fund: 6.1% (Cost: $10,097,243)
State Street Navigator Securities Lending Government Money Market Portfolio		10,097,243	$	10,097,243
Total Investments: 106.2% (Cost: $209,541,633)				174,605,732
Liabilities in excess of other assets: (6.2)%				(10,232,399)
NET ASSETS: 100.0%			$	164,373,333


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 $33,026,362.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $5,632,529, or 3.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		38.5	%	$	63,343,883
Consumer Discretionary		27.5			45,217,923
Industrials		17.1			28,238,610
Information Technology		15.1			24,834,442
Materials		1.3			2,061,814
Financials		0.5			811,817
		100.0	%	$	164,508,489

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,086,613	$	—	$	1,086,613
Brazil		4,810,092		—		—		4,810,092
Canada		5,441,097		—		—		5,441,097
Chile		—		780,567		—		780,567
China		16,805,697		12,734,359		—		29,540,056
Denmark		—		15,088,962		—		15,088,962
France		—		941,833		—		941,833
Germany		—		1,274,448		—		1,274,448
Ireland		—		3,593,422		—		3,593,422
Italy		—		11,112,180		—		11,112,180
Japan		—		1,043,940		—		1,043,940
New Zealand		1,011,025		2,970,714		—		3,981,739
Norway		—		409,119		—		409,119
Portugal		—		2,203,843		—		2,203,843
South Korea		—		7,118,449		—		7,118,449
Spain		479,515		12,480,304		—		12,959,819
Sweden		—		3,541,128		—		3,541,128
Switzerland		—		700,271		—		700,271
Taiwan		—		819,943		—		819,943
Thailand		—		872,579		—		872,579
United Kingdom		800,226		1,020,764		—		1,820,990
United States		54,760,431		—		—		54,760,431
Preferred Securities ^*		—		606,968		—		606,968
Money Market Fund		10,097,243		—		—		10,097,243
Total Investments	$	94,205,326	$	80,400,406	$	—	$	174,605,732


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 98.3%
Argentina: 0.1%
Cresud SACIF y A (ADR)		3,312	$	31,396
IRSA Inversiones y Representaciones SA (ADR)		132		1,135
YPF SA (ADR) * †		6,557		112,715
				145,246
Australia: 7.6%
Ampol Ltd.		3,972		98,020
Bega Cheese Ltd. †		14,182		34,266
BHP Group Ltd.		102,588		3,509,507
BlueScope Steel Ltd.		9,022		144,023
Costa Group Holdings Ltd.		20,124		42,782
Elders Ltd. †		8,505		43,731
Evolution Mining Ltd.		31,447		84,715
Fortescue Ltd.		32,041		632,598
Glencore Plc (GBP)		166,759		1,002,513
GrainCorp Ltd.		12,330		61,392
IGO Ltd. †		11,929		73,617
Inghams Group Ltd.		19,427		52,524
Lynas Rare Earths Ltd. * †		18,206		88,985
Mineral Resources Ltd. †		3,373		160,880
Northern Star Resources Ltd.		19,886		184,748
Nufarm Ltd.		17,529		62,504
Origin Energy Ltd.		31,382		181,335
Perseus Mining Ltd.		23,740		29,900
Pilbara Minerals Ltd. †		54,171		145,593
Rio Tinto Plc (GBP)		20,978		1,560,549
Santos Ltd.		51,198		266,556
South32 Ltd.		91,284		206,724
Washington H Soul Pattinson & Co. Ltd. †		3,828		85,629
Woodside Energy Group Ltd.		30,927		653,936
Worley Ltd.		6,120		73,045
				9,480,072
Austria: 0.2%
Mayr Melnhof Karton AG		213		29,819
OMV AG		2,352		103,254
Verbund AG		1,127		104,507
voestalpine AG		2,146		67,612
				305,192
Brazil: 3.5%
Adecoagro SA (USD)		5,959		66,145
BrasilAgro - Co. Brasileira de Propriedades Agricolas		3,300		17,701
BRF SA (ADR) * †		46,013		127,916
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR) †		6,851		104,341
Cia Siderurgica Nacional SA (ADR)		26,847		105,509
Cosan SA		20,000		78,779
CSN Mineracao SA		9,700		15,604
Engie Brasil Energia SA		1,650		15,394
Gerdau SA (ADR) †		23,415		113,563
Minerva SA		14,800		22,750
Neoenergia SA		5,700		25,033
Petroleo Brasileiro SA (ADR)		62,092		991,609
PRIO SA/Brazil		12,600		119,192

	Number of Shares		Value
Brazil (continued)
Sao Martinho SA		8,900	$	53,724
SLC Agricola SA		10,562		40,921
Suzano SA *		19,300		219,785
Vale SA (ADR)		91,894		1,457,439
Wheaton Precious Metals Corp. (USD)		7,873		388,454
Yara International ASA (NOK)		9,066		322,217
				4,286,076
British Virgin Islands: 0.0%
Lee & Man Paper Manufacturing Ltd. (HKD)		63,900		18,745
Nine Dragons Paper Holdings Ltd. (HKD) *		39,057		19,243
				37,988
Canada: 8.1%
Ag Growth International, Inc.		1,050		40,229
Agnico Eagle Mines Ltd. (USD)		8,589		471,107
Alamos Gold, Inc.		6,867		92,803
Algonquin Power & Utilities Corp. †		6,902		43,759
AltaGas Ltd. †		4,661		98,338
ARC Resources Ltd. †		10,046		149,860
B2Gold Corp.		22,381		71,118
Ballard Power Systems, Inc. * †		2,419		9,008
Barrick Gold Corp. (USD)		30,361		549,231
Boralex, Inc. †		1,014		25,900
Cameco Corp. (USD)		8,744		376,866
Canadian Natural Resources Ltd. (USD)		17,656		1,156,821
Canadian Solar, Inc. (USD) * †		510		13,377
Canadian Utilities Ltd.		2,063		49,893
Canfor Corp. * †		1,433		19,399
Cenovus Energy, Inc.		22,434		375,658
Emera, Inc. †		4,566		174,177
Enbridge, Inc. (USD)		35,412		1,275,540
Filo Corp. * †		1,626		26,031
First Majestic Silver Corp. †		4,878		30,076
Franco-Nevada Corp.		3,321		369,652
Innergex Renewable Energy, Inc. †		1,520		10,594
Ivanhoe Mines Ltd. * †		11,597		113,015
Kinross Gold Corp. (USD)		21,163		128,036
Lundin Gold, Inc.		2,773		34,783
Maple Leaf Foods, Inc. †		4,031		77,159
Northland Power, Inc. †		2,520		46,001
Novagold Resources, Inc. (USD) * †		3,983		14,896
Nutrien Ltd. (USD)		27,606		1,555,046
Osisko Gold Royalties Ltd.		3,201		45,905
Pan American Silver Corp. (USD)		6,333		103,418
Pembina Pipeline Corp.		9,152		316,635
Sandstorm Gold Ltd. †		4,258		21,506
SSR Mining, Inc. (USD)		3,523		37,908
Stella-Jones, Inc.		1,454		85,039

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Canada (continued)
Suncor Energy, Inc. (USD)		21,595	$	691,904
TC Energy Corp. (USD) †		17,286		675,710
Teck Resources Ltd. (USD) †		8,443		356,886
Tourmaline Oil Corp. †		5,334		241,053
West Fraser Timber Co. Ltd.		1,368		117,607
				10,091,944
Chile: 0.6%
Empresas CMPC SA		27,281		53,107
Empresas Copec SA		6,228		45,714
Lundin Mining Corp. (CAD)		13,190		108,433
Sociedad Quimica y Minera de Chile SA (ADR)		7,972		480,074
				687,328
China: 2.0%
Aluminum Corp. of China Ltd. (HKD)		77,100		38,545
Angang Steel Co. Ltd. (HKD)		28,340		5,591
Beijing Enterprises Water Group Ltd. (HKD)		39,300		8,760
China Coal Energy Co. Ltd. (HKD)		32,600		29,673
China Gas Holdings Ltd. (HKD)		44,600		44,065
China Hongqiao Group Ltd. (HKD) †		52,700		43,151
China Longyuan Power Group Corp. Ltd. (HKD)		31,929		24,246
China Petroleum & Chemical Corp. (HKD)		399,227		209,215
China Resources Gas Group Ltd. (HKD)		14,800		48,575
China Shenhua Energy Co. Ltd. (HKD)		56,291		193,045
CMOC Group Ltd. (HKD)		74,600		40,812
ENN Energy Holdings Ltd. (HKD)		12,600		93,043
Guangdong Investment Ltd. (HKD)		27,600		20,089
Hong Kong & China Gas Co. Ltd. (HKD)		180,805		138,637
Jiangxi Copper Co. Ltd. (HKD)		21,600		30,553
JinkoSolar Holding Co. Ltd. (ADR) †		523		19,320
Kunlun Energy Co. Ltd. (HKD)		61,600		55,592
PetroChina Co. Ltd. (HKD)		346,940		229,253
Power Assets Holdings Ltd. (HKD)		22,800		132,187
Shandong Gold Mining Co. Ltd. (HKD) 144A		12,050		22,863
United Tractors Tbk PT (IDR)		23,400		34,383
Wilmar International Ltd. (SGD)		267,264		722,336
Xinyi Energy Holdings Ltd. (HKD) †		20,400		3,737
Xinyi Solar Holdings Ltd. (HKD)		50,000		29,232
Yankuang Energy Group Co. Ltd. (HKD)		36,099		68,662

	Number of Shares		Value
China (continued)
Zhaojin Mining Industry Co. Ltd. (HKD)		22,000	$	27,331
Zijin Mining Group Co. Ltd. (HKD)		98,761		160,996
				2,473,892
Colombia: 0.3%
Ecopetrol SA (ADR) †		34,302		408,880
Czech Republic: 0.1%
CEZ AS		2,693		115,494
Denmark: 0.5%
Bakkafrost P/F (NOK)		2,777		145,240
Orsted AS 144A		1,888		104,732
Vestas Wind Systems A/S *		9,769		309,307
				559,279
Egypt: 0.1%
Abou Kir Fertilizers & Chemical Industries		12,783		34,462
Centamin Plc (GBP)		20,129		25,565
				60,027
Finland: 0.8%
Kemira Oyj		2,738		50,820
Metsa Board Oyj †		3,938		31,356
Neste Oyj		7,016		249,576
Stora Enso Oyj †		14,436		200,146
UPM-Kymmene Oyj		13,366		504,494
				1,036,392
France: 2.2%
Aguas Andinas SA (CLP)		26,780		8,725
Eramet SA		178		14,110
Neoen SA 144A		795		26,639
TotalEnergies SE		36,002		2,449,652
Veolia Environnement SA		6,951		219,837
Voltalia SA * †		329		3,792
				2,722,755
Germany: 2.2%
Aurubis AG		601		49,210
Bayer AG		54,860		2,036,811
E.ON SE		22,188		298,286
Encavis AG *		1,163		20,017
K+S AG		10,348		163,468
Nordex SE *		1,185		13,607
Siemens Energy AG *		8,563		113,243
SMA Solar Technology AG *		281		18,835
Suedzucker AG		3,306		51,827
Verbio Vereinigte Bioenergie AG		195		6,440
				2,771,744
Greece: 0.0%
Terna Energy SA		549		9,638
Hungary: 0.0%
MOL Hungarian Oil & Gas Plc		5,991		48,931
India: 2.8%
Reliance Industries Ltd. (USD) 144A (GDR)		56,449		3,525,208

See Notes to Financial Statements

	Number of Shares		Value
Indonesia: 0.2%
Adaro Energy Indonesia Tbk PT		233,900	$	36,125
Aneka Tambang Tbk		146,100		16,179
Bumi Resources Minerals Tbk PT *		1,278,900		14,124
Golden Agri-Resources Ltd. (SGD)		349,919		68,921
Indah Kiat Pulp & Paper Tbk PT		58,500		31,619
Merdeka Copper Gold Tbk PT *		212,947		37,329
Vale Indonesia Tbk PT		42,800		11,981
				216,278
Ireland: 0.2%
Dole Plc (USD)		3,440		42,277
Smurfit Kappa Group Plc (GBP) †		6,592		261,658
				303,935
Israel: 0.2%
Energix-Renewable Energies Ltd.		2,569		9,478
Enlight Renewable Energy Ltd. *		1,147		22,347
ICL Group Ltd.		40,280		203,619
				235,444
Italy: 0.6%
ACEA SpA †		354		5,414
Eni SpA		34,378		583,468
ERG SpA		556		17,749
Snam SpA		34,138		175,749
				782,380
Japan: 2.4%
Chubu Electric Power Co., Inc.		10,300		133,006
ENEOS Holdings, Inc.		47,700		189,216
Idemitsu Kosan Co. Ltd.		14,500		78,753
Inpex Corp. †		15,300		204,770
JFE Holdings, Inc.		10,764		166,556
Kobe Steel Ltd.		7,200		92,817
Kubota Corp.		51,300		770,019
Kumiai Chemical Industry Co. Ltd. †		3,800		21,697
Kurita Water Industries Ltd.		1,065		41,546
Maruha Nichiro Corp.		2,236		44,020
NH Foods Ltd.		4,300		145,815
Nippon Sanso Holdings Corp. †		2,400		64,095
Nippon Steel Corp.		15,800		360,983
Nisshin Seifun Group, Inc.		10,250		138,058
Nissui Corp.		15,014		80,756
Oji Holdings Corp.		19,576		75,259
Organo Corp.		300		12,380
Sakata Seed Corp.		1,700		47,153
Sumitomo Forestry Co. Ltd. †		3,383		100,527
Sumitomo Metal Mining Co. Ltd.		4,500		133,659
Tokyo Gas Co. Ltd.		5,900		135,357
				3,036,442

	Number of Shares		Value
Kazakhstan: 0.2%
NAC Kazatomprom JSC (USD) (GDR)		5,249	$	214,684
Liechtenstein: 0.1%
Antofagasta Plc (GBP)		6,754		144,431
Luxembourg: 0.4%
ArcelorMittal SA		16,008		454,595
Malaysia: 0.4%
IOI Corp. Bhd		123,194		105,358
Kuala Lumpur Kepong Bhd		23,478		111,424
Petronas Dagangan Bhd		3,500		16,636
Petronas Gas Bhd		11,700		44,313
PPB Group Bhd		26,200		82,563
Press Metal Aluminium Holdings Bhd		65,400		68,427
QL Resources Bhd		55,800		69,340
United Plantations BHD		7,300		28,259
				526,320
Mexico: 0.6%
Fresnillo Plc (GBP)		3,094		23,431
Gruma SAB de CV		10,085		185,293
Grupo Mexico SAB de CV		62,464		347,389
Industrias Penoles SAB de CV *		3,332		48,843
Southern Copper Corp. (USD) †		1,728		148,729
				753,685
Netherlands: 0.6%
OCI NV		6,626		192,152
Tenaris SA (ADR)		11,933		414,791
Ternium SA (ADR)		3,974		168,776
				775,719
Norway: 1.2%
Aker BP ASA		5,081		147,652
Austevoll Seafood ASA		4,761		34,734
Equinor ASA		15,707		497,991
Grieg Seafood ASA		2,556		17,190
Mowi ASA		24,723		442,916
NEL ASA *		16,676		11,267
Norsk Hydro ASA		26,450		177,860
Salmar ASA		3,589		201,084
Var Energi ASA		5,736		18,153
				1,548,847
Peru: 0.1%
Cia de Minas Buenaventura SAA (ADR)		4,414		67,269
Philippines: 0.0%
ACEN Corp.		99,400		7,858
Poland: 0.2%
KGHM Polska Miedz SA		2,763		86,243
Orlen SA		9,703		161,658
				247,901
Portugal: 0.2%
EDP Renovaveis SA *		2,948		60,388
Galp Energia SGPS SA		7,952		117,077
Navigator Co. SA		5,437		21,342
				198,807

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Russia: 0.0%
Evraz Plc (GBP) *∞		10,824	$	0
Gazprom PJSC *∞		125,520		0
LUKOIL PJSC ∞		3,739		0
MMC Norilsk Nickel PJSC ∞		1,284		0
MMC Norilsk Nickel PJSC (ADR) *∞		17		0
Novatek PJSC ∞		19,580		0
Novolipetsk Steel PJSC *∞		26,910		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
PhosAgro PJSC (USD) (GDR) ∞		1		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)		694		37,370
Singapore: 0.2%
Charoen Pokphand Indonesia Tbk PT (IDR)		407,100		132,819
First Resources Ltd.		24,000		26,000
Keppel Infrastructure Trust		56,335		21,349
Olam Group Ltd. †		48,209		37,918
				218,086
South Africa: 1.2%
Anglo American Platinum Ltd. †		993		52,134
Anglo American Plc (GBP)		24,792		620,535
Anglogold Ashanti Plc (USD)		7,308		136,587
Gold Fields Ltd. (ADR)		15,557		224,954
Harmony Gold Mining Co. Ltd. (ADR)		10,789		66,352
Impala Platinum Holdings Ltd.		15,693		77,952
Kumba Iron Ore Ltd.		1,138		38,155
Northam Platinum Holdings Ltd.		5,497		41,663
Omnia Holdings Ltd.		9,217		33,136
Sasol Ltd.		9,779		98,577
Sibanye Stillwater Ltd.		49,078		65,818
				1,455,863
South Korea: 0.7%
Coway Co. Ltd. *		543		24,017
CS Wind Corp.		243		13,157
Hyundai Steel Co. *		1,693		47,712
Korea Zinc Co. Ltd.		179		68,903
POSCO Holdings, Inc.		1,452		558,280
SK Innovation Co. Ltd. *		997		107,893
SK, Inc.		596		82,039
				902,001

	Number of Shares		Value
Spain: 1.5%
Atlantica Sustainable Infrastructure Plc (USD)		1,161	$	24,962
Corp. ACCIONA Energias Renovables SA †		573		17,795
Enagas SA †		3,785		63,891
Iberdrola SA		105,296		1,382,020
Repsol SA		20,431		303,264
Solaria Energia y Medio Ambiente SA * †		666		13,714
				1,805,646
Sweden: 0.8%
Billerud Aktiebolag		5,677		57,903
Boliden AB		5,438		170,345
Epiroc AB		10,372		208,947
Holmen AB		2,221		93,884
Husqvarna AB †		19,144		158,039
SSAB AB		12,834		98,344
Svenska Cellulosa AB SCA †		14,912		224,197
				1,011,659
Switzerland: 0.1%
Bucher Industries AG		367		154,162
Taiwan: 0.3%
China Steel Corp.		235,672		207,249
Formosa Petrochemical Corp.		18,520		48,670
Sinon Corp.		21,600		27,041
Taiwan Fertilizer Co. Ltd.		41,400		91,101
				374,061
Thailand: 0.5%
B Grimm Power PCL (NVDR)		8,300		6,613
Charoen Pokphand Foods PCL (NVDR)		255,300		146,304
Energy Absolute PCL (NVDR)		21,100		27,284
PTT Exploration & Production PCL (NVDR)		22,700		98,881
PTT Oil & Retail Business PCL (NVDR)		45,600		25,478
PTT PCL (NVDR)		226,900		237,207
SCG Packaging PCL (NVDR)		29,500		31,049
				572,816
Turkey: 0.2%
Eldorado Gold Corp. (USD) *		3,498		45,369
Eregli Demir ve Celik Fabrikalari TAS *		30,298		42,025
Gubre Fabrikalari TAS *		4,484		23,351
Hektas Ticaret TAS *		57,267		38,899
Koza Altin Isletmeleri AS		16,579		10,963
Tekfen Holding AS		10,273		12,842
Turkiye Petrol Rafinerileri AS		14,689		70,981
				244,430
United Kingdom: 5.8%
BP Plc		272,887		1,617,882
Centrica Plc		88,187		158,111
CNH Industrial NV (USD)		50,683		617,319
DS Smith Plc		34,754		136,011
Endeavour Mining Plc (CAD)		3,223		72,766
Genus Plc		3,594		99,283
Mondi Plc		12,190		238,522

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Pennon Group Plc		2,605	$	24,984
ReNew Energy Global Plc (USD) * †		1,316		10,080
Severn Trent Plc		2,571		84,556
Shell Plc		106,716		3,493,658
SSE Plc		17,800		420,236
TechnipFMC Plc (USD)		7,184		144,686
United Utilities Group Plc		6,713		90,692
				7,208,786
United States: 48.2%
A.O. Smith Corp.		1,208		99,588
Advanced Drainage Systems, Inc.		675		94,932
AGCO Corp.		3,474		421,778
Alcoa Corp.		3,580		121,720
Ameresco, Inc. * †		320		10,134
American States Water Co.		368		29,595
American Water Works Co., Inc.		1,948		257,117
Andersons, Inc.		1,779		102,364
Antero Midstream Corp.		5,615		70,356
Antero Resources Corp. *		4,626		104,918
APA Corp.		5,093		182,737
Archer-Daniels-Midland Co.		29,561		2,134,895
ATI, Inc. * †		2,554		116,130
Atmos Energy Corp.		2,472		286,505
Baker Hughes Co.		16,769		573,164
Boise Cascade Co.		993		128,454
Bunge Global SA		8,045		812,143
California Water Service Group		575		29,825
Cal-Maine Foods, Inc.		2,264		129,931
CF Industries Holdings, Inc.		10,616		843,972
ChampionX Corp.		3,227		94,261
Cheniere Energy, Inc.		3,916		668,500
Chesapeake Energy Corp. †		1,814		139,569
Chevron Corp.		31,393		4,682,580
Chord Energy Corp.		663		110,210
Civitas Resources, Inc. †		1,354		92,587
Clearway Energy, Inc. †		799		21,917
Cleveland-Cliffs, Inc. *		10,024		204,690
Commercial Metals Co.		2,346		117,394
ConocoPhillips		19,795		2,297,606
Corteva, Inc.		39,296		1,883,064
Coterra Energy, Inc.		12,313		314,228
Darling Ingredients, Inc. *		8,789		438,044
Deere & Co.		14,954		5,979,656
Devon Energy Corp.		10,621		481,131
Diamondback Energy, Inc.		2,876		446,010
Elanco Animal Health, Inc. *		27,140		404,386
EnLink Midstream LLC		3,818		46,427
EOG Resources, Inc.		9,695		1,172,610
EQT Corp. †		6,409		247,772
Essential Utilities, Inc.		2,730		101,965
Exxon Mobil Corp.		66,737		6,672,365
Farmland Partners, Inc. †		2,428		30,301
First Solar, Inc. *		1,002		172,625
FMC Corp.		6,922		436,432

	Number of Shares		Value
United States (continued)
Franklin Electric Co., Inc.		396	$	38,273
Freeport-McMoRan, Inc.		28,562		1,215,884
Fresh Del Monte Produce, Inc.		2,109		55,361
Graphic Packaging Holding Co.		7,701		189,830
Green Plains, Inc. *		577		14,552
Halliburton Co.		14,880		537,912
Hecla Mining Co.		9,996		48,081
Hess Corp.		4,630		667,461
HF Sinclair Corp.		2,613		145,204
Howmet Aerospace, Inc.		8,283		448,276
Imperial Oil Ltd.		2,788		159,446
Ingredion, Inc.		3,606		391,359
International Paper Co.		8,710		314,866
Itron, Inc. *		451		34,055
Kinder Morgan, Inc.		32,336		570,407
Lindsay Corp.		610		78,788
Louisiana-Pacific Corp.		1,809		128,131
LSB Industries, Inc. *		2,731		25,426
Marathon Oil Corp.		9,725		234,956
Marathon Petroleum Corp.		6,322		937,932
Matador Resources Co.		1,828		103,940
Mission Produce, Inc. *		2,389		24,105
Mosaic Co.		18,141		648,178
Murphy Oil Corp.		2,444		104,261
Murphy USA, Inc.		327		116,595
National Fuel Gas Co.		1,509		75,707
New Fortress Energy, Inc. †		1,747		65,914
Newmont Corp.		20,040		829,456
NextEra Energy, Inc.		20,464		1,242,983
NEXTracker, Inc. * †		486		22,769
NiSource, Inc.		6,872		182,452
Noble Corp. Plc		1,847		88,952
NOV, Inc.		6,527		132,368
Nucor Corp.		4,943		860,280
Occidental Petroleum Corp.		14,652		874,871
ONEOK, Inc.		9,681		679,800
Ormat Technologies, Inc. †		603		45,701
Ovintiv, Inc.		4,130		181,390
Packaging Corp. of America		2,231		363,452
Pentair Plc		1,652		120,117
Permian Resources Corp.		6,605		89,828
PG&E Corp.		33,509		604,167
Phillips 66		7,319		974,452
Pilgrim’s Pride Corp. *		2,247		62,152
Pioneer Natural Resources Co.		3,869		870,061
Plug Power, Inc. * †		5,407		24,331
PotlatchDeltic Corp.		1,969		96,678
Primo Water Corp.		1,473		22,169
Range Resources Corp.		3,905		118,868
Rayonier, Inc.		3,741		124,987
Reliance Steel & Aluminum Co.		1,154		322,751
Reliance Worldwide Corp. Ltd. (AUD)		6,749		20,415
Royal Gold, Inc.		1,141		138,015

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United States (continued)
Schlumberger NV		23,792	$	1,238,136
Scotts Miracle-Gro Co. †		2,344		149,430
Seaboard Corp.		16		57,122
Shoals Technologies Group, Inc. *		1,644		25,548
SJW Group		290		18,951
SolarEdge Technologies, Inc. * †		565		52,884
Southern Co.		18,160		1,273,379
Southwestern Energy Co. *		17,290		113,249
Steel Dynamics, Inc.		3,066		362,095
Sunrun, Inc. *		2,120		41,616
Sylvamo Corp.		886		43,511
Targa Resources Corp.		3,651		317,162
The Williams Companies, Inc.		20,219		704,228
Toro Co.		5,772		554,054
Tractor Supply Co. †		6,018		1,294,051
Transocean Ltd. *		11,920		75,692
Tyson Foods, Inc.		15,508		833,555
UGI Corp.		3,495		85,977
United States Steel Corp. †		4,455		216,736
Valero Energy Corp.		5,653		734,890
Vital Farms, Inc. *		1,456		22,845
Watts Water Technologies, Inc.		272		56,668
Weatherford International Plc *		1,151		112,602
Westrock Co.		6,440		267,389
Weyerhaeuser Co.		18,525		644,114
Xylem, Inc.		2,409		275,493
				59,846,330
Zambia: 0.1%
First Quantum Minerals Ltd. (CAD)		11,274		92,768
Total Common Stocks (Cost: $118,132,375)				122,204,659

	Number of Shares		Value
PREFERRED SECURITIES: 0.1% (Cost: $79,355)
Brazil: 0.1%
Klabin SA		83,400	$	75,725


MASTER LIMITED PARTNERSHIPS: 1.4%
United States: 1.4%
CVR Partners LP		363		23,776
Energy Transfer LP		48,164		664,663
Enterprise Products Partners LP		23,844		628,289
MPLX LP		5,659		207,799
Plains All American Pipeline LP		7,727		117,064
Western Midstream Partners LP		3,199		93,603
Total Master Limited Partnerships (Cost: $1,718,582)				1,735,194
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $119,930,312)				124,015,578

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%
Money Market Fund: 1.2% (Cost: $1,500,893)
State Street Navigator Securities Lending Government Money Market Portfolio		1,500,893		1,500,893
Total Investments: 101.0% (Cost: $121,431,205)				125,516,471
Liabilities in excess of other assets: (1.0)%				(1,220,593)
NET ASSETS: 100.0%			$	124,295,878


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
SGD	Singapore Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,898,496.
*	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. These securities have an aggregate value of $3,679,442, or 3.0% of net assets.


Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		44.3	%	$	54,981,189
Materials		27.2			33,713,341
Industrials		9.3			11,561,121
Utilities		7.6			9,469,549
Consumer Staples		7.2			8,866,059
Health Care		2.1			2,540,480
Consumer Discretionary		1.3			1,560,667
Real Estate		0.7			897,215
Information Technology		0.2			340,328
Financials		0.1			85,629
		100.0	%	$	124,015,578

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	145,246	$	—	$	—	$	145,246
Australia		—		9,480,072		—		9,480,072
Austria		—		305,192		—		305,192
Brazil		3,354,976		931,100		—		4,286,076
British Virgin Islands		—		37,988		—		37,988
Canada		10,091,944		—		—		10,091,944
Chile		687,328		—		—		687,328
China		19,320		2,454,572		—		2,473,892
Colombia		408,880		—		—		408,880
Czech Republic		115,494		—		—		115,494
Denmark		—		559,279		—		559,279
Egypt		—		60,027		—		60,027
Finland		—		1,036,392		—		1,036,392
France		—		2,722,755		—		2,722,755
Germany		—		2,771,744		—		2,771,744
Greece		—		9,638		—		9,638
Hungary		48,931		—		—		48,931
India		—		3,525,208		—		3,525,208
Indonesia		11,981		204,297		—		216,278
Ireland		42,277		261,658		—		303,935
Israel		—		235,444		—		235,444
Italy		—		782,380		—		782,380
Japan		—		3,036,442		—		3,036,442
Kazakhstan		—		214,684		—		214,684
Liechtenstein		—		144,431		—		144,431
Luxembourg		—		454,595		—		454,595
Malaysia		168,539		357,781		—		526,320
Mexico		730,254		23,431		—		753,685
Netherlands		583,567		192,152		—		775,719
Norway		17,190		1,531,657		—		1,548,847
Peru		67,269		—		—		67,269
Philippines		—		7,858		—		7,858
Poland		—		247,901		—		247,901
Portugal		—		198,807		—		198,807
Russia		—		—		0		0
Saudi Arabia		—		37,370		—		37,370
Singapore		—		218,086		—		218,086
South Africa		427,893		1,027,970		—		1,455,863
South Korea		—		902,001		—		902,001
Spain		24,962		1,780,684		—		1,805,646
Sweden		—		1,011,659		—		1,011,659
Switzerland		—		154,162		—		154,162
Taiwan		—		374,061		—		374,061
Thailand		25,478		547,338		—		572,816
Turkey		92,525		151,905		—		244,430
United Kingdom		844,851		6,363,935		—		7,208,786
United States		59,825,915		20,415		—		59,846,330
Zambia		92,768		—		—		92,768
Preferred Securities ^*		—		75,725		—		75,725
Master Limited Partnerships ^*		1,735,194		—		—		1,735,194
Money Market Fund		1,500,893		—		—		1,500,893
Total Investments	$	81,063,675	$	44,452,796	$	0	$	125,516,471

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 4.0%
Ampol Ltd. †		56,087	$	1,384,097
Austria: 4.6%
OMV AG		35,891		1,575,634
Finland: 5.5%
Neste Oyj		53,068		1,887,753
Greece: 1.6%
Motor Oil Hellas Corinth Refineries SA		20,859		548,029
Hungary: 3.4%
MOL Hungarian Oil & Gas Plc		144,003		1,176,144
India: 8.2%
Reliance Industries Ltd. (USD) 144A (GDR)		45,023		2,811,661
Japan: 11.9%
Cosmo Energy Holdings Co. Ltd.		20,000		801,622
ENEOS Holdings, Inc.		453,800		1,800,132
Idemitsu Kosan Co. Ltd.		271,340		1,473,710
				4,075,464
Poland: 5.3%
Orlen SA		108,627		1,809,791
Portugal: 4.4%
Galp Energia SGPS SA		103,219		1,519,694

	Number of Shares		Value
Saudi Arabia: 1.6%
S-Oil Corp. (KRW)		10,246	$	551,725
South Korea: 6.6%
HD Hyundai Co. Ltd.		13,882		680,426
SK Innovation Co. Ltd. *		14,555		1,575,109
				2,255,535
Taiwan: 4.1%
Formosa Petrochemical Corp.		538,000		1,413,861
Thailand: 2.8%
Bangchak Corp. PCL (NVDR)		285,200		362,648
Thai Oil PCL (NVDR)		385,600		604,387
				967,035
Turkey: 4.0%
Turkiye Petrol Rafinerileri AS		284,189		1,373,267
United States: 32.0%
Delek US Holdings, Inc.		13,643		351,989
HF Sinclair Corp.		28,353		1,575,576
Marathon Petroleum Corp.		16,234		2,408,476
Par Pacific Holdings, Inc. *		12,531		455,753
PBF Energy, Inc.		24,160		1,062,074
Phillips 66		21,251		2,829,358
Valero Energy Corp.		17,586		2,286,180
				10,969,406
Total Common Stocks (Cost: $31,503,540)				34,319,096
Total Investments: 100.0% (Cost: $31,503,540)				34,319,096
Liabilities in excess of other assets: 0.0%				(9,920)
NET ASSETS: 100.0%			$	34,309,176


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 $675,946.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,811,661, or 8.2% of net assets.


Summary of Investments by Sector	% of Investments			Value
Energy		100.0	%	$	34,319,096

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,384,097	$	—	$	1,384,097
Austria		—		1,575,634		—		1,575,634
Finland		—		1,887,753		—		1,887,753
Greece		—		548,029		—		548,029
Hungary		1,176,144		—		—		1,176,144
India		—		2,811,661		—		2,811,661
Japan		—		4,075,464		—		4,075,464
Poland		—		1,809,791		—		1,809,791
Portugal		—		1,519,694		—		1,519,694
Saudi Arabia		—		551,725		—		551,725
South Korea		—		2,255,535		—		2,255,535
Taiwan		—		1,413,861		—		1,413,861
Thailand		362,648		604,387		—		967,035
Turkey		—		1,373,267		—		1,373,267
United States		10,969,406		—		—		10,969,406
Total Investments	$	12,508,198	$	21,810,898	$	—	$	34,319,096

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 4.4%
Valaris Ltd. (USD) *		1,408,659	$	96,591,748
Netherlands: 5.4%
Core Laboratories, Inc. (USD) †		584,623		10,324,442
Tenaris SA (ADR)		3,045,476		105,860,746
				116,185,188
United Kingdom: 5.0%
TechnipFMC Plc (USD)		5,390,146		108,557,540
United States: 85.2%
Baker Hughes Co.		5,887,276		201,227,094
Cactus, Inc.		1,535,032		69,690,453
ChampionX Corp. †		3,237,520		94,567,959
Dril-Quip, Inc. *		563,327		13,108,619
Expro Group Holdings NV * †		1,756,310		27,960,455
Halliburton Co.		6,284,127		227,171,191
Helix Energy Solutions Group, Inc. *		2,897,643		29,787,770
Helmerich & Payne, Inc. †		1,881,296		68,140,541

	Number of Shares		Value
United States (continued)
Liberty Energy, Inc.		2,830,101	$	51,338,032
Nabors Industries Ltd. * †		213,754		17,448,739
Noble Corp. Plc †		2,150,733		103,579,301
NOV, Inc.		4,977,827		100,950,332
Oceaneering International, Inc. *		2,059,554		43,827,309
Patterson-UTI Energy, Inc.		8,386,106		90,569,945
ProPetro Holding Corp. * †		1,412,991		11,840,865
RPC, Inc. †		2,969,514		21,618,062
Schlumberger NV		8,276,675		430,718,167
Select Water Solutions, Inc.		2,473,656		18,775,049
Transocean Ltd. * †		15,939,438		101,215,431
US Silica Holdings, Inc. *		1,577,594		17,842,588
Weatherford International Plc *		1,068,339		104,515,605
				1,845,893,507
Total Common Stocks (Cost: $2,374,933,179)				2,167,227,983
Total Investments: 100.0% (Cost: $2,374,933,179)				2,167,227,983
Other assets less liabilities: 0.0%				202,467
NET ASSETS: 100.0%			$	2,167,430,450

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 $138,309,378.

Summary of Investments by Sector	% of Investments			Value
Oil & Gas Equipment & Services		78.0	%	$	1,689,682,278
Oil & Gas Drilling		22.0			477,545,705
		100.0	%	$	2,167,227,983

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks ^*		$	2,167,227,983			$	—			$	—			$	2,167,227,983

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 28.8%
AVZ Minerals Ltd. *∞		52,906,510	$	8,050,466
Core Lithium Ltd. * †		23,561,117		4,014,408
Iluka Resources Ltd.		3,115,042		14,031,171
Liontown Resources Ltd. * †		18,224,673		20,467,297
Lynas Rare Earths Ltd. * †		5,802,188		28,359,245
Piedmont Lithium, Inc. (USD) * †		169,437		4,783,207
Pilbara Minerals Ltd. †		12,503,748		33,605,881
Sayona Mining Ltd. * †		96,765,461		4,669,889
				117,981,564
Canada: 12.8%
Lithium Americas Argentina Corp. (USD) *		1,861,269		11,763,220
Lithium Americas Corp. (USD) * †		1,504,577		9,629,293
Patriot Battery Metals, Inc. *		1,306,396		9,838,095
Sigma Lithium Corp. (USD) * †		555,527		17,515,766
Standard Lithium Ltd. (USD) * †		1,844,557		3,726,005
				52,472,379
Chile: 5.7%
Sociedad Quimica y Minera de Chile SA (ADR) †		388,828		23,415,222
China: 19.2%
Baoji Titanium Industry Co. Ltd.		1,663,480		7,330,862
China Northern Rare Earth Group High-Tech Co. Ltd.		7,584,912		20,590,326
Ganfeng Lithium Group Co. Ltd. (HKD) 144A †		3,044,440		11,501,644
Jinduicheng Molybdenum Co. Ltd.		10,485,365		13,914,064

	Number of Shares		Value
China (continued)
Shenghe Resources Holding Co. Ltd.		6,102,987	$	8,720,759
Tianqi Lithium Corp. (HKD) †		838,200		4,631,156
Xiamen Tungsten Co. Ltd.		4,938,124		11,914,419
				78,603,230
France: 2.3%
Eramet SA		120,143		9,523,904
Jersey, Channel Islands: 7.6%
Arcadium Lithium Plc (AUD) * †		4,051,833		30,993,043
Netherlands: 2.4%
AMG Critical Materials NV		377,242		9,527,676
United States: 21.2%
Albemarle Corp. †		237,174		34,266,900
Livent Corp. * †		1,128,933		20,298,215
MP Materials Corp. * †		1,079,810		21,434,228
Tronox Holdings Plc		764,291		10,822,361
				86,821,704
Total Common Stocks (Cost: $473,211,239)				409,338,722

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5%
Money Market Fund: 4.5% (Cost: $18,517,532)
State Street Navigator Securities Lending Government Money Market Portfolio		18,517,532		18,517,532
Total Investments: 104.5% (Cost: $491,728,771)				427,856,254
Liabilities in excess of other assets: (4.5)%				(18,441,344)
NET ASSETS: 100.0%			$	409,414,910

Definitions:

ADR	American Depositary Receipt
AUD	Australia Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

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 $112,696,331.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $11,501,644, or 2.8% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		94.3	%	$	385,923,500
Industrials		5.7			23,415,222
		100.0	%	$	409,338,722

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	4,783,207	$	105,147,891	$	8,050,466	$	117,981,564
Canada		52,472,379		—		—		52,472,379
Chile		23,415,222		—		—		23,415,222
China		—		78,603,230		—		78,603,230
France		—		9,523,904		—		9,523,904
Jersey, Channel Islands		30,993,043		—		—		30,993,043
Netherlands		—		9,527,676		—		9,527,676
United States		86,821,704		—		—		86,821,704
Money Market Fund		18,517,532		—		—		18,517,532
Total Investments	$	217,003,087	$	202,802,701	$	8,050,466	$	427,856,254

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 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)		(4,996,096	)
Purchases		—
Sales		(3,781,097	)
Transfers in/out of level 3		—
Balance as of December 31, 2023	$	8,050,466

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 December 31, 2023:

	Value as of December 31, 2023	Valuation Technique	Unobservable Input Description⁽¹⁾	Weighted Average used on December 31, 2023⁽²⁾	Impact to Valuation from an Increase in Input⁽³⁾
Common Stock
Australia	$8,050,466	Combination of recent transaction, discounted cash flow model and scenario analysis method	Minority ownership discount	20%	Decrease
			Discount rate	13.7%	Decrease
			Scenario Probabilities: Scenario A / Scenario B (4)	10% / 90%	Increase
			Recent transaction price	$0.27	Increase

(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) The weighted average and the range used on December 31, 2023 were the same.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

(3) 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.

(4) Scenario A and Scenario B represent the potential outcomes as a result of pending litigation.

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 11.4%
Rio Tinto Plc (ADR) †		214,329	$	15,958,937
Brazil: 20.4%
Cia Siderurgica Nacional SA (ADR)		1,676,587		6,588,987
Gerdau SA (ADR) †		1,268,960		6,154,456
Vale SA (ADR)		1,000,728		15,871,546
				28,614,989
Canada: 0.9%
Algoma Steel Group, Inc. (USD) †		123,721		1,240,922
Luxembourg: 5.0%
ArcelorMittal SA (USD)		246,001		6,983,968
Netherlands: 9.3%
Tenaris SA (ADR)		195,403		6,792,208
Ternium SA (ADR)		146,038		6,202,234
				12,994,442
South Korea: 5.0%
POSCO Holdings, Inc. (ADR)		74,583		7,093,589
United States: 47.9%
ATI, Inc. * †		140,501		6,388,581
Carpenter Technology Corp.		90,204		6,386,443
Cleveland-Cliffs, Inc. *		320,972		6,554,248
Commercial Metals Co.		125,202		6,265,108
Gibraltar Industries, Inc. *		36,346		2,870,607
Nucor Corp.		54,201		9,433,142

	Number of Shares		Value
United States (continued)
Olympic Steel, Inc.		13,294	$	886,710
Reliance Steel & Aluminum Co.		22,188		6,205,540
Ryerson Holding Corp.		40,807		1,415,187
Schnitzer Steel Industries, Inc.		32,616		983,699
Steel Dynamics, Inc.		53,558		6,325,200
SunCoke Energy, Inc.		100,020		1,074,215
TimkenSteel Corp. *		51,534		1,208,472
United States Steel Corp. †		152,611		7,424,525
Warrior Met Coal, Inc.		62,120		3,787,456
				67,209,133
Total Common Stocks (Cost: $132,067,484)				140,095,980

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $680,060)
State Street Navigator Securities Lending Government Money Market Portfolio		680,060		680,060
Total Investments: 100.4% (Cost: $132,747,544)				140,776,040
Liabilities in excess of other assets: (0.4)%				(576,812)
NET ASSETS: 100.0%			$	140,199,228

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $33,395,757.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		93.1	%	$	130,433,165
Energy		4.8			6,792,208
Industrials		2.1			2,870,607
		100.0	%	$	140,095,980

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	140,095,980	$	—	$	—	$	140,095,980
Money Market Fund		680,060		—		—		680,060
Total Investments	$	140,776,040	$	—	$	—	$	140,776,040

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.3%
Australia: 11.1%
Boss Energy Ltd. *		1,458,421	$	4,000,445
Deep Yellow Ltd. *		2,912,186		2,162,647
Paladin Energy Ltd. *		8,835,455		5,928,261
Silex Systems Ltd. * †		856,750		2,538,235
				14,629,588
Canada: 17.9%
Cameco Corp. (USD)		187,085		8,063,363
Denison Mines Corp. (USD) * †		3,230,095		5,717,268
Fission Uranium Corp. * †		2,492,636		2,041,595
Global Atomic Corp. * †		675,317		1,423,769
NexGen Energy Ltd. (USD) * †		893,114		6,251,798
				23,497,793
China: 6.5%
CGN Mining Co. Ltd. (HKD) * †		10,150,000		2,234,010
CGN Power Co. Ltd. (HKD) 144A		24,285,000		6,347,157
				8,581,167
Czech Republic: 5.8%
CEZ AS †		176,870		7,585,366
Finland: 4.9%
Fortum Oyj		449,111		6,491,138
Italy: 5.2%
Endesa SA †		336,672		6,872,831
Jersey, Channel Islands: 4.6%
Yellow Cake Plc 144A *		760,280		5,994,974

	Number of Shares		Value
Kazakhstan: 4.7%
NAC Kazatomprom JSC (USD) (GDR)		150,822	$	6,168,620
South Korea: 1.6%
KEPCO Engineering & Construction Co., Inc. *		43,070		2,073,206
United States: 38.0%
BWX Technologies, Inc.		72,136		5,534,995
Centrus Energy Corp. *		52,531		2,858,212
Constellation Energy Corp.		80,301		9,386,384
Energy Fuels, Inc. * †		602,826		4,334,319
PG&E Corp.		599,554		10,809,958
Public Service Enterprise Group, Inc.		163,575		10,002,611
Uranium Energy Corp. * †		894,488		5,724,723
Ur-Energy, Inc. * †		921,382		1,418,928
				50,070,130
Total Common Stocks (Cost: $105,712,749)				131,964,813

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.3%
Money Market Fund: 9.3% (Cost: $12,307,731)
State Street Navigator Securities Lending Government Money Market Portfolio		12,307,731		12,307,731
Total Investments: 109.6% (Cost: $118,020,480)				144,272,544
Liabilities in excess of other assets: (9.6)%				(12,622,535)
NET ASSETS: 100.0%			$	131,650,009

Definitions:

GDR	Global Depositary Receipt
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 $33,650,202.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $12,342,131, or 9.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		43.6	%	$	57,495,446
Energy		43.1			56,904,190
Industrials		12.2			16,141,409
Materials		1.1			1,423,768
		100.0	%	$	131,964,813

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	14,629,588	$	—	$	14,629,588
Canada		23,497,793		—		—		23,497,793
China		—		8,581,167		—		8,581,167
Czech Republic		7,585,366		—		—		7,585,366
Finland		—		6,491,138		—		6,491,138
Italy		—		6,872,831		—		6,872,831
Jersey, Channel Islands		—		5,994,974		—		5,994,974
Kazakhstan		—		6,168,620		—		6,168,620
South Korea		—		2,073,206		—		2,073,206
United States		50,070,130		—		—		50,070,130
Money Market Fund		12,307,731		—		—		12,307,731
Total Investments	$	93,461,020	$	50,811,524	$	—	$	144,272,544

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Agribusiness ETF			CMCI Commodity Strategy ETF (a)			Future of Food ETF			Gold Miners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	911,505,536		$	2,496,518		$	3,144,482		$	6,368,955,486
Affiliated issuers (3)		—			—			—			6,585,734,196
Short-term investments held as collateral for securities loaned (4)		27,567,080			—			85,782			84,425,319
Cash		10,520			18,556			104,086			16,739,942
Cash denominated in foreign currency, at value (5)		389,594			—			—			761,625
Receivables:
Investment securities sold		—			—			—			135,277,461
Due from Adviser		—			7,653			—			—
Dividends and interest		2,227,519			276			13,025			4,341,667
Prepaid expenses		13,253			—			—			114,504
Other assets		—			—			—			111,836
Total assets		941,713,502			2,523,003			3,347,375			13,196,462,036
Liabilities:
Total return swap contracts, at value		—			79,504			—			—
Payables:
Shares of beneficial interest redeemed		—			—			—			135,389,313
Collateral for securities loaned		27,567,080			—			85,782			84,425,319
Line of credit		1,001,465			—			—			—
Due to Adviser		389,188			—			1,882			5,532,192
Due to custodian		—			—			9,613			—
Deferred Trustee fees		633,201			3			—			1,535,302
Accrued expenses		65,249			40,657			—			—
Total liabilities		29,656,183			120,164			97,277			226,882,126
NET ASSETS	$	912,057,319		$	2,402,839		$	3,250,098		$	12,969,579,910
Shares outstanding		11,950,000			100,000			200,000			416,702,500
Net asset value, redemption and offering price per share	$	76.32		$	24.03		$	16.25		$	31.12
Net Assets consist of:
Aggregate paid in capital	$	1,944,002,833		$	2,481,798		$	4,418,101		$	24,869,757,070
Total distributable earnings (loss)		(1,031,945,514	)		(78,959	)		(1,168,003	)		(11,900,177,160	)
NET ASSETS	$	912,057,319		$	2,402,839		$	3,250,098		$	12,969,579,910
(1) Value of securities on loan	$	41,077,399		$	—		$	69,986		$	272,613,003
(2) Cost of investments - Unaffiliated issuers	$	1,099,062,640		$	2,495,974		$	4,049,891		$	6,108,906,063
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	—		$	6,477,639,642
(4) Cost of short-term investments held as collateral for securities loaned	$	27,567,080		$	—		$	85,782		$	84,425,319
(5) Cost of cash denominated in foreign currency	$	382,904		$	—		$	—		$	752,466


(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Green Metals ETF			Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	26,738,429		$	3,846,204,323		$	164,508,489		$	124,015,578
Affiliated issuers (3)		—			563,576,922			—			—
Short-term investments held as collateral for securities loaned (4)		535,727			117,343,529			10,097,243			1,500,893
Cash		—			2,871,096			—			—
Cash denominated in foreign currency, at value (5)		81,686			348,209			68			420,763
Receivables:
Investment securities sold		—			19,975,019			678,539			36,074
Dividends and interest		16,116			1,211,511			341,373			211,790
Prepaid expenses		—			26,317			3,430			—
Other assets		—			—			—			147
Total assets		27,371,958			4,551,556,926			175,629,142			126,185,245
Liabilities:
Payables:
Investment securities purchased		—			20,441,799			1,005,832			—
Collateral for securities loaned		535,727			117,343,529			10,097,243			1,500,893
Line of credit		—			—			—			198,872
Due to Adviser		12,900			1,858,238			67,573			55,930
Due to custodian		74,221			—			1,167			55,534
Deferred Trustee fees		—			402,439			20,551			14,855
Accrued expenses		773			195,145			63,443			63,283
Total liabilities		623,621			140,241,150			11,255,809			1,889,367
NET ASSETS	$	26,748,337		$	4,411,315,776		$	164,373,333		$	124,295,878
Shares outstanding		1,100,000			115,687,446			1,483,298			2,550,000
Net asset value, redemption and offering price per share	$	24.32		$	38.13		$	110.82		$	48.74
Net Assets consist of:
Aggregate paid in capital	$	36,319,623		$	9,736,102,937		$	277,783,750		$	177,725,944
Total distributable earnings (loss)		(9,571,286	)		(5,324,787,161	)		(113,410,417	)		(53,430,066	)
NET ASSETS	$	26,748,337		$	4,411,315,776		$	164,373,333		$	124,295,878
(1) Value of securities on loan	$	3,321,855		$	269,954,333		$	33,026,362		$	6,898,496
(2) Cost of investments - Unaffiliated issuers	$	30,777,248		$	3,959,078,495		$	199,444,390		$	119,930,312
(3) Cost of investments - Affiliated issuers	$	—		$	668,257,933		$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	535,727		$	117,343,529		$	10,097,243		$	1,500,893
(5) Cost of cash denominated in foreign currency	$	81,462		$	345,141		$	68		$	417,412

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Oil Refiners ETF			Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	34,319,096		$	2,167,227,983		$	409,338,722		$	140,095,980
Short-term investments held as collateral for securities loaned (3)		—			—			18,517,532			680,060
Cash		—			11,098			18,295			4,739
Cash denominated in foreign currency, at value (4)		407			—			980,063			—
Receivables:
Investment securities sold		—			46,442,240			1,180			15,436,930
Dividends and interest		124,326			2,002,540			437,817			143,972
Prepaid expenses		819			—			7,370			2,074
Total assets		34,444,648			2,215,683,861			429,300,979			156,363,755
Liabilities:
Payables:
Investment securities purchased		—			—			—			9,587,857
Shares of beneficial interest redeemed		—			46,441,035			—			5,577,934
Collateral for securities loaned		—			—			18,517,532			680,060
Line of credit		—			964,512			1,068,495			186,898
Due to Adviser		13,690			636,987			165,919			65,332
Due to custodian		83,748			—			—			—
Deferred Trustee fees		1,085			206,442			19,387			22,074
Accrued expenses		36,949			4,435			114,736			44,372
Total liabilities		135,472			48,253,411			19,886,069			16,164,527
NET ASSETS	$	34,309,176		$	2,167,430,450		$	409,414,910		$	140,199,228
Shares outstanding		1,000,000			7,000,543			6,624,987			1,900,000
Net asset value, redemption and offering price per share	$	34.31		$	309.61		$	61.80		$	73.79
Net Assets consist of:
Aggregate paid in capital	$	43,064,906		$	4,484,852,932		$	868,786,707		$	303,627,618
Total distributable earnings (loss)		(8,755,730	)		(2,317,422,482	)		(459,371,797	)		(163,428,390	)
NET ASSETS	$	34,309,176		$	2,167,430,450		$	409,414,910		$	140,199,228
(1) Value of securities on loan	$	675,946		$	138,309,378		$	112,696,331		$	33,395,757
(2) Cost of investments - Unaffiliated issuers	$	31,503,540		$	2,374,933,179		$	473,211,239		$	132,067,484
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	18,517,532		$	680,060
(4) Cost of cash denominated in foreign currency	$	405		$	—		$	958,252		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	131,964,813
Short-term investments held as collateral for securities loaned (3)		12,307,731
Cash		10,296
Cash denominated in foreign currency, at value (4)		387
Receivables:
Investment securities sold		1,708
Dividends and interest		189,797
Prepaid expenses		1,889
Total assets		144,476,621
Liabilities:
Payables:
Investment securities purchased		405,653
Collateral for securities loaned		12,307,731
Due to Adviser		62,725
Deferred Trustee fees		14,402
Accrued expenses		36,101
Total liabilities		12,826,612
NET ASSETS	$	131,650,009
Shares outstanding		1,841,632
Net asset value, redemption and offering price per share	$	71.49
Net Assets consist of:
Aggregate paid in capital	$	195,820,337
Total distributable earnings (loss)		(64,170,328	)
NET ASSETS	$	131,650,009
(1) Value of securities on loan	$	33,650,202
(2) Cost of investments - Unaffiliated issuers	$	105,712,749
(3) Cost of short-term investments held as collateral for securities loaned	$	12,307,731
(4) Cost of cash denominated in foreign currency	$	386

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Agribusiness ETF			CMCI Commodity Strategy ETF (a) (b)			Future of Food ETF			Gold Miners ETF
Income:
Dividends - unaffiliated issuers	$	32,940,128		$	959		$	78,094		$	186,521,193
Dividends - affiliated issuers		—			—			—			113,331,448
Interest		17,651			48,745			6,989			262,992
Securities lending income		1,802,683			31			16,506			701,432
Foreign taxes withheld		(2,275,518	)		—			(8,226	)		(23,746,162	)
Total income		32,484,944			49,735			93,363			277,070,903
Expenses:
Management fees		5,649,364			5,907			22,896			62,507,929
Professional fees		44,255			30,388			—			54,565
Custody and accounting fees		83,486			15,167			—			212,945
Reports to shareholders		99,918			4,027			—			510,610
Trustees’ fees and expenses		40,865			271			—			393,539
Registration fees		5,977			1,659			—			20,120
Insurance		26,071			—			—			122,562
Interest		63,619			—			—			468,540
Taxes		588			—			321			1,185
Other		7,307			—			—			57,092
Total expenses		6,021,450			57,419			23,217			64,349,087
Expenses assumed by the Adviser		—			(51,512	)		—			—
Net expenses		6,021,450			5,907			23,217			64,349,087
Net investment income		26,463,494			43,828			70,146			212,721,816


Net realized gain (loss) on:
Investments - unaffiliated issuers		(61,848,695	)		—			(164,909	)		(272,702,982	)
Investments - affiliated issuers		—			—			—			(82,027,398	)
In-kind redemptions - unaffiliated issuers		40,710,158			—			—			501,804,312
In-kind redemptions - affiliated issuers		—			—			—			482,548,451
Swaps		—			(22,530	)		—			—
Foreign currency transactions and foreign denominated assets and liabilities		(93,251	)		—			758			(539,973	)
Net realized gain (loss)		(21,231,788	)		(22,530	)		(164,151	)		629,082,410

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(106,374,307	)		545			(236,380	)		(149,198,775	)
Investments - affiliated issuers		—			—			—			601,229,764
Swaps		—			(79,504	)		—			—
Foreign currency translations and foreign denominated assets and liabilities		18,642			—			(633	)		6,264
Net change in unrealized appreciation (depreciation)		(106,355,665	)		(78,959	)		(237,013	)		452,037,253
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(101,123,959	)	$	(57,661	)	$	(331,018	)	$	1,293,841,479


(a)	Consolidated Statement of Operations
(b)	For the period August 22, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Green Metals ETF			Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF
Income:
Dividends - unaffiliated issuers	$	799,850		$	33,157,479		$	3,514,665		$	5,161,867
Dividends - affiliated issuers		—			14,764,198			—			—
Interest		1,273			327,239			7,372			3,311
Securities lending income		10,521			2,380,734			615,017			62,291
Foreign taxes withheld		(45,943	)		(5,132,989	)		(298,792	)		(289,026	)

Total income		765,701			45,496,661			3,838,262			4,938,443

Expenses:
Management fees		149,115			19,836,611			938,357			667,955
Professional fees		—			43,955			22,345			—
Custody and accounting fees		—			215,786			56,871			—
Reports to shareholders		—			149,840			24,800			—
Trustees’ fees and expenses		—			130,638			6,988			—
Registration fees		—			12,030			5,977			—
Insurance		—			51,640			6,997			—
Interest		18,339			108,845			75,847			36,664
Taxes		58			588			243			58
Other		—			7,278			10,987			—

Total expenses		167,512			20,557,211			1,149,412			704,677

Net investment income		598,189			24,939,450			2,688,850			4,233,766

Net realized gain (loss) on:
Investments - unaffiliated issuers		(4,352,241	)		(232,771,928	)		(14,218,763	)		(3,358,761	)
Investments - affiliated issuers		—			(13,146,321	)		—			—
In-kind redemptions - unaffiliated issuers		—			58,601,907			5,690,782			13,231,668
In-kind redemptions - affiliated issuers		—			3,580,520			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(90,063	)		(276,850	)		59,041			(10,327	)

Net realized gain (loss)		(4,442,304	)		(184,012,672	)		(8,468,940	)		9,862,580

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		171,565			505,004,253			7,981,669			(9,895,898	)
Investments - affiliated issuers		—			(34,936,574	)		—			—
Foreign currency translations and foreign denominated assets and liabilities		93,445			348,702			(6,080	)		3,108
Net change in unrealized appreciation (depreciation)		265,010			470,416,381			7,975,589			(9,892,790	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,579,105	)	$	311,343,159		$	2,195,499		$	4,203,556

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Oil Refiners ETF			Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF
Income:
Dividends	$	1,629,058		$	36,650,383		$	7,929,925		$	4,666,183
Interest		1,490			26,950			934			4,111
Securities lending income		1,140			194,601			3,399,419			111,014
Foreign taxes withheld		(150,280	)		(1,466	)		(621,275	)		(166,000	)
Total income		1,481,408			36,870,468			10,709,003			4,615,308

Expenses:
Management fees		172,536			8,385,442			2,821,557			609,918
Professional fees		43,805			—			30,113			33,157
Custody and accounting fees		46,730			—			83,341			9,438
Reports to shareholders		11,288			—			91,843			17,880
Trustees’ fees and expenses		904			—			16,157			3,928
Registration fees		5,977			—			5,977			5,977
Insurance		2,709			—			15,228			4,261
Interest		8,541			96,593			57,832			11,748
Taxes		243			58			588			358
Other		739			—			16,763			169
Total expenses		293,472			8,482,093			3,139,399			696,834
Expenses assumed by the Adviser		(81,096	)		—			—			(13,818	)
Net expenses		212,376			8,482,093			3,139,399			683,016
Net investment income		1,269,032			28,388,375			7,569,604			3,932,292

Net realized gain (loss) on:
Investments		(816,107	)		(94,058,752	)		(49,999,971	)		(9,127,828	)
In-kind redemptions		1,056,086			381,221,728			37,147,242			8,005,821
Foreign currency transactions and foreign denominated assets and liabilities		(20,833	)		—			(149,811	)		—
Net realized gain (loss)		219,146			287,162,976			(13,002,540	)		(1,122,007	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		2,791,369			(272,010,944	)		(90,312,990	)		24,570,179
Investments - affiliated issuers		—			(20,931,349	)		—			—
Foreign currency translations and foreign denominated assets and liabilities		3,695			—			14,423			—
Net change in unrealized appreciation (depreciation)		2,795,064			(292,942,293	)		(90,298,567	)		24,570,179
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,283,242		$	22,609,058		$	(95,731,503	)	$	27,380,464

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Uranium+ Nuclear Energy ETF
Income:
Dividends	$	2,064,003
Interest		4,202
Securities lending income		143,436
Foreign taxes withheld		(208,074	)

Total income		2,003,567

Expenses:
Management fees		402,573
Professional fees		39,020
Custody and accounting fees		38,975
Reports to shareholders		15,217
Trustees’ fees and expenses		3,639
Registration fees		5,977
Insurance		2,782
Interest		7,196
Taxes		243
Other		190

Total expenses		515,812
Expenses assumed by the Adviser		(25,286	)

Net expenses		490,526

Net investment income		1,513,041

Net realized gain (loss) on:
Investments		(964,174	)
In-kind redemptions		4,173,317
Foreign currency transactions and foreign denominated assets and liabilities		(11,940	)

Net realized gain		3,197,203

Net change in unrealized appreciation (depreciation) on:
Investments		22,575,133
Foreign currency translations and foreign denominated assets and liabilities		(1,105	)
Net change in unrealized appreciation (depreciation)		22,574,028
Net Increase in Net Assets Resulting from Operations	$	27,284,272

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						CMCI Commodity Strategy ETF (a)
	Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2023 (b)

Operations:
Net investment income	$	26,463,494		$	27,997,715		$	43,828
Net realized gain (loss)		(21,231,788	)		91,786,465			(22,530	)
Net change in unrealized appreciation (depreciation)		(106,355,665	)		(320,314,104	)		(78,959	)
Net decrease in net assets resulting from operations		(101,123,959	)		(200,529,924	)		(57,661	)
Distributions to shareholders from:
Distributable earnings		(27,500,340	)		(28,899,290	)		(39,500	)

Share transactions*:
Proceeds from sale of shares		—			815,012,259			2,500,000
Cost of shares redeemed		(300,341,391	)		(427,267,809	)		—
Increase (decrease) in net assets resulting from share transactions		(300,341,391	)		387,744,450			2,500,000
Total increase (decrease) in net assets		(428,965,690	)		158,315,236			2,402,839
Net Assets, beginning of period		1,341,023,009			1,182,707,773			—
Net Assets, end of period	$	912,057,319		$	1,341,023,009		$	2,402,839
*Shares of Common Stock Issued (no par value)
Shares sold		—			8,000,000			100,000
Shares redeemed		(3,650,000	)		(4,800,000	)		—
Net increase (decrease)		(3,650,000	)		3,200,000			100,000

(a)	Consolidated Statement of Changes in Net Assets
(b)	For the period August 22, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Future of Food ETF						Gold Miners ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	70,146		$	37,285		$	212,721,816		$	194,459,737
Net realized gain (loss)		(164,151	)		(97,107	)		629,082,410			(35,147,047	)
Net change in unrealized appreciation (depreciation)		(237,013	)		(703,908	)		452,037,253			(1,357,895,743	)
Net increase (decrease) in net assets resulting from operations		(331,018	)		(763,730	)		1,293,841,479			(1,198,583,053	)
Distributions to shareholders from:
Distributable earnings		(72,000	)		(38,400	)		(210,018,245	)		(197,981,341	)

Share transactions*:
Proceeds from sale of shares		955,232			1,030,333			3,260,557,849			3,035,577,589
Cost of shares redeemed		—			—			(3,308,844,771	)		(2,978,056,133	)
Increase (decrease) in net assets resulting from share transactions		955,232			1,030,333			(48,286,922	)		57,521,456
Total increase (decrease) in net assets		552,214			228,203			1,035,536,312			(1,339,042,938	)
Net Assets, beginning of year		2,697,884			2,469,681			11,934,043,598			13,273,086,536
Net Assets, end of year	$	3,250,098		$	2,697,884		$	12,969,579,910		$	11,934,043,598
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			50,000			109,650,000			102,100,000
Shares redeemed		—			—			(108,950,000	)		(100,900,000	)
Net increase		50,000			50,000			700,000			1,200,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Metals ETF						Junior Gold Miners ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	598,189		$	531,803		$	24,939,450		$	24,814,523
Net realized loss		(4,442,304	)		(981,419	)		(184,012,672	)		(171,074,965	)
Net change in unrealized appreciation (depreciation)		265,010			(4,556,176	)		470,416,381			(486,420,375	)
Net increase (decrease) in net assets resulting from operations		(3,579,105	)		(5,005,792	)		311,343,159			(632,680,817	)
Distributions to shareholders from:
Distributable earnings		(539,990	)		(580,000	)		(31,501,605	)		(19,233,209	)

Share transactions*:
Proceeds from sale of shares		8,277,006			14,040,492			679,836,394			674,457,723
Cost of shares redeemed		—			(1,560,818	)		(285,373,244	)		(780,321,178	)
Increase (decrease) in net assets resulting from share transactions		8,277,006			12,479,674			394,463,150			(105,863,455	)
Total increase (decrease) in net assets		4,157,911			6,893,882			674,304,704			(757,777,481	)
Net Assets, beginning of year		22,590,426			15,696,544			3,737,011,072			4,494,788,553
Net Assets, end of year	$	26,748,337		$	22,590,426		$	4,411,315,776		$	3,737,011,072
*Shares of Common Stock Issued (no par value)
Shares sold		300,000			400,000			18,500,000			19,250,000
Shares redeemed		—			(50,000	)		(7,700,000	)		(21,700,000	)
Net increase (decrease)		300,000			350,000			10,800,000			(2,450,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Low Carbon Energy ETF						Natural Resources ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	2,688,850		$	2,650,521		$	4,233,766		$	4,585,616
Net realized gain (loss)		(8,468,940	)		(7,306,893	)		9,862,580			(79,726	)
Net change in unrealized appreciation (depreciation)		7,975,589			(81,994,860	)		(9,892,790	)		(2,081,912	)
Net increase (decrease) in net assets resulting from operations		2,195,499			(86,651,232	)		4,203,556			2,423,978
Distributions to shareholders from:
Distributable earnings		(2,600,073	)		(2,600,048	)		(4,474,960	)		(4,599,900	)

Share transactions*:
Proceeds from sale of shares		5,969,931			—			33,575,832			74,958,129
Cost of shares redeemed		(39,342,017	)		(13,347,688	)		(51,692,043	)		(27,346,895	)
Increase (decrease) in net assets resulting from share transactions		(33,372,086	)		(13,347,688	)		(18,116,211	)		47,611,234
Total increase (decrease) in net assets		(33,776,660	)		(102,598,968	)		(18,387,615	)		45,435,312
Net Assets, beginning of year		198,149,993			300,748,961			142,683,493			97,248,181
Net Assets, end of year	$	164,373,333		$	198,149,993		$	124,295,878		$	142,683,493
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			—			700,000			1,450,000
Shares redeemed		(350,000	)		(100,000	)		(1,050,000	)		(600,000	)
Net increase (decrease)		(300,000	)		(100,000	)		(350,000	)		850,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Refiners ETF						Oil Services ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	1,269,032		$	1,230,395		$	28,388,375		$	23,646,493
Net realized gain		219,146			62,100			287,162,976			588,746,639
Net change in unrealized appreciation (depreciation)		2,795,064			(745,083	)		(292,942,293	)		532,821,388
Net increase in net assets resulting from operations		4,283,242			547,412			22,609,058			1,145,214,520
Distributions to shareholders from:
Distributable earnings		(1,250,000	)		(1,200,000	)		(28,299,743	)		(23,400,039	)

Share transactions*:
Proceeds from sale of shares		3,381,127			41,125,018			4,514,195,234			4,621,472,112
Cost of shares redeemed		(11,096,908	)		(21,154,594	)		(4,925,461,569	)		(5,302,018,149	)
Increase (decrease) in net assets resulting from share transactions		(7,715,781	)		19,970,424			(411,266,335	)		(680,546,037	)
Total increase (decrease) in net assets		(4,682,539	)		19,317,836			(416,957,020	)		441,268,444
Net Assets, beginning of year		38,991,715			19,673,879			2,584,387,470			2,143,119,026
Net Assets, end of year	$	34,309,176		$	38,991,715		$	2,167,430,450		$	2,584,387,470
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			1,250,000			14,800,000			17,300,000
Shares redeemed		(350,000	)		(725,000	)		(16,300,000	)		(20,400,000	)
Net increase (decrease)		(250,000	)		525,000			(1,500,000	)		(3,100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Rare Earth/Strategic Metals ETF						Steel ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	7,569,604		$	5,943,123		$	3,932,292		$	5,167,089
Net realized gain (loss)		(13,002,540	)		25,061,182			(1,122,007	)		(2,138,152	)
Net change in unrealized appreciation (depreciation)		(90,298,567	)		(338,277,114	)		24,570,179			3,726,233
Net increase (decrease) in net assets resulting from operations		(95,731,503	)		(307,272,809	)		27,380,464			6,755,170
Distributions to shareholders from:
Distributable earnings		—			(9,819,927	)		(3,875,063	)		(5,238,962	)
Return of capital		—			—			—			(11,016	)
Total distributions		—			(9,819,927	)		(3,875,063	)		(5,249,978	)

Share transactions*:
Proceeds from sale of shares		76,570,075			149,331,401			86,953,299			82,321,434
Cost of shares redeemed		(202,630,630	)		(214,892,139	)		(69,956,651	)		(95,953,186	)
Increase (decrease) in net assets resulting from share transactions		(126,060,555	)		(65,560,738	)		16,996,648			(13,631,752	)
Total increase (decrease) in net assets		(221,792,058	)		(382,653,474	)		40,502,049			(12,126,560	)
Net Assets, beginning of year		631,206,968			1,013,860,442			99,697,179			111,823,739
Net Assets, end of year	$	409,414,910		$	631,206,968		$	140,199,228		$	99,697,179
*Shares of Common Stock Issued (no par value)
Shares sold		1,100,000			1,500,000			1,300,000			1,300,000
Shares redeemed		(2,750,000	)		(2,300,000	)		(1,125,000	)		(1,675,000	)
Net increase (decrease)		(1,650,000	)		(800,000	)		175,000			(375,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Uranium+Nuclear Energy ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	1,513,041		$	744,394
Net realized gain		3,197,203			1,597,739
Net change in unrealized appreciation (depreciation)		22,574,028			(941,706	)
Net increase in net assets resulting from operations		27,284,272			1,400,427
Distributions to shareholders from:
Distributable earnings		(6,000,037	)		(1,100,017	)

Share transactions*:
Proceeds from sale of shares		67,315,401			24,539,686
Cost of shares redeemed		(11,431,512	)		(5,585,128	)
Increase in net assets resulting from share transactions		55,883,889			18,954,558
Total increase in net assets		77,168,124			19,254,968
Net Assets, beginning of year		54,481,885			35,226,917
Net Assets, end of year	$	131,650,009		$	54,481,885
*Shares of Common Stock Issued (no par value)
Shares sold		1,025,000			450,000
Shares redeemed		(175,000	)		(100,000	)
Net increase		850,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Agribusiness ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	85.96		$	95.38		$	77.82		$	68.59		$	57.11
Net investment income (a)		1.94			1.71			1.14			0.90			0.83
Net realized and unrealized gain (loss) on investments		(9.34	)		(9.28	)		17.54			9.19			11.56
Total from investment operations		(7.40	)		(7.57	)		18.68			10.09			12.39
Distributions from:
Net investment income		(2.24	)		(1.85	)		(1.12	)		(0.86	)		(0.91	)
Net asset value, end of year	$	76.32		$	85.96		$	95.38		$	77.82		$	68.59

Total return (b)		(8.58	)%		(7.95	)%		23.99	%		14.73	%		21.70	%

Ratios to average net assets
Expenses		0.53	%		0.53	%		0.52	%		0.55	%		0.56	%
Net investment income		2.34	%		1.84	%		1.25	%		1.41	%		1.29	%
Supplemental data
Net assets, end of year (in millions)		$912		$	1,341		$	1,183			$794			$717
Portfolio turnover rate (c)		12	%		24	%		17	%		13	%		21	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CMCI Commodity Strategy ETF(a)

	Period Ended December 31, 2023(b)

Net asset value, beginning of period		$	25.00
Net investment income (c)			0.44
Net realized and unrealized loss on investments			(1.01	)
Total from investment operations			(0.57	)
Distributions from:
Net investment income			(0.40	)
Net asset value, end of period		$	24.03

Total return (d)			(2.32	)%(e)

Ratios to average net assets
Gross expenses			6.32	%(f)
Net expenses			0.65	%(f)
Net investment income			4.82	%(f)
Supplemental data
Net assets, end of period (in millions)			$2
Portfolio turnover rate (g)			0	%(e)

(a)	Consolidated Financial Highlights
(b)	For the period August 22, 2023 (commencement of operations) through December 31, 2023.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Future of Food ETF

	Year Ended December 31,						Period Ended December 31,
	2023			2022			2021(a)

Net asset value, beginning of period	$	17.99		$	24.70		$	24.33
Net investment income (b)		0.36			0.29			0.02
Net realized and unrealized gain (loss) on investments		(1.74	)		(6.74	)		0.35
Total from investment operations		(1.38	)		(6.45	)		0.37
Distributions from:
Net investment income		(0.36	)		(0.26	)		—
Net asset value, end of period	$	16.25		$	17.99		$	24.70

Total return (c)		(7.66	)%		(26.14	)%		1.53	%(d)

Ratios to average net assets
Expenses		0.70	%		0.69	%		0.69	%(e)
Expenses excluding interest and taxes		0.69	%		0.69	%		N/A	(e)
Net investment income		2.11	%		1.44	%		0.93	%(e)
Supplemental data
Net assets, end of period (in millions)		$3			$3			$2
Portfolio turnover rate (f)		8	%		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 year:

	Gold Miners ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year		$28.69			$32.00			$35.98			$29.34			$21.07
Net investment income (a)		0.52			0.48			0.52			0.21			0.19
Net realized and unrealized gain (loss) on investments		2.41			(3.31	)		(3.97	)		6.62			8.27
Total from investment operations		2.93			(2.83	)		(3.45	)		6.83			8.46
Distributions from:
Net investment income		(0.50	)		(0.48	)		(0.53	)		(0.19	)		(0.19	)
Net asset value, end of year		$31.12			$28.69			$32.00			$35.98			$29.34

Total return (b)		10.22	%		(8.87	)%		(9.56	)%		23.30	%		40.15	%

Ratios to average net assets
Expenses		0.51	%		0.51	%		0.51	%		0.51	%		0.52	%
Expenses excluding interest and taxes		0.51	%		0.51	%		N/A			N/A			N/A
Net investment income		1.70	%		1.61	%		1.53	%		0.61	%		0.76	%
Supplemental data
Net assets, end of year (in millions)	$	12,970		$	11,934		$	13,273		$	16,504		$	12,999
Portfolio turnover rate (c)		13	%		17	%		15	%		13	%		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)	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

	Year Ended December 31,						Period Ended December 31,
	2023			2022			2021(a)

Net asset value, beginning of period		$28.24			$34.88			$34.67
Net investment income (loss) (b)		0.63			0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		(4.06	)		(6.64	)		0.22
Total from investment operations		(3.43	)		(5.91	)		0.21
Distributions from:
Net investment income		(0.49	)		(0.73	)		—
Net asset value, end of period		$24.32			$28.24			$34.88

Total return (c)		(12.13	)%		(16.99	)%		0.61	%(d)

Ratios to average net assets
Expenses		0.66	%		0.63	%		0.60	%(e)
Expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%(e)
Net investment income (loss)		2.37	%		2.33	%		(0.30	)%(e)
Supplemental data
Net assets, end of period (in millions)		$27			$23			$16
Portfolio turnover rate (f)		28	%		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 year:

	Junior Gold Miners ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	35.63		$	41.88		$	54.26		$	42.39		$	30.11
Net investment income (a)		0.23			0.24			0.39			0.22			0.08
Net realized and unrealized gain (loss) on investments		2.54			(6.31	)		(12.02	)		12.51			12.36
Total from investment operations		2.77			(6.07	)		(11.63	)		12.73			12.44
Distributions from:
Net investment income		(0.27	)		(0.18	)		(0.75	)		(0.86	)		(0.16	)
Net asset value, end of year	$	38.13		$	35.63		$	41.88		$	54.26		$	42.39

Total return (b)		7.78	%		(14.48	)%		(21.44	)%		30.07	%		41.31	%

Ratios to average net assets
Expenses		0.52	%		0.52	%		0.52	%		0.52	%		0.53	%
Net investment income		0.63	%		0.64	%		0.84	%		0.46	%		0.24	%
Supplemental data
Net assets, end of year (in millions)	$	4,411			$3,737			$4,495		$	6,315		$	5,219
Portfolio turnover rate (c)		20	%		27	%		24	%		34	%		19	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Low Carbon Energy ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	111.11		$	159.69		$	165.41		$	75.70		$	55.10
Net investment income (a)		1.64			1.45			0.78			0.16			0.05
Net realized and unrealized gain (loss) on investments		(0.18	)		(48.57	)		(5.79	)		89.64			20.55
Total from investment operations		1.46			(47.12	)		(5.01	)		89.80			20.60
Distributions from:
Net investment income		(1.75	)		(1.46	)		(0.71	)		(0.09	)		—
Net asset value, end of year	$	110.82		$	111.11		$	159.69		$	165.41		$	75.70

Total return (b)		1.34	%		(29.52	)%		(3.02	)%		118.65	%		37.38	%

Ratios to average net assets
Gross expenses		0.61	%		0.61	%		0.55	%		0.64	%		0.65	%
Net expenses		0.61	%		0.61	%		0.55	%		0.62	%		0.62	%
Net expenses excluding interest and taxes		0.57	%		0.61	%		0.55	%		0.62	%		0.62	%
Net investment income		1.43	%		1.13	%		0.49	%		0.16	%		0.08	%
Supplemental data
Net assets, end of year (in millions)		$164			$198			$301			$270			$105
Portfolio turnover rate (c)		16	%		16	%		77	%		84	%		40	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Natural Resources ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	49.20		$	47.44		$	38.65		$	37.10		$	32.20
Net investment income (a)		1.52			1.66			1.21			0.84			0.96
Net realized and unrealized gain (loss) on investments		(0.38	)		1.71			8.60			1.65	(b)		4.94
Total from investment operations		1.14			3.37			9.81			2.49			5.90
Distributions from:
Net investment income		(1.60	)		(1.61	)		(1.02	)		(0.94	)		(1.00	)
Net asset value, end of year	$	48.74		$	49.20		$	47.44		$	38.65		$	37.10

Total return (c)		2.32	%		7.10	%		25.38	%		6.73	%		18.34	%

Ratios to average net assets
Gross expenses (d)		0.52	%		0.50	%		0.78	%		0.90	%		0.79	%
Net expenses (d)		0.52	%		0.50	%		0.49	%		0.49	%		0.50	%
Net expenses excluding interest and taxes (d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.11	%		3.36	%		2.63	%		2.59	%		2.70	%
Supplemental data
Net assets, end of year (in millions)		$124			$143			$97			$52			$70
Portfolio turnover rate (e)		26	%		37	%		26	%		26	%		24	%

(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)	Periods after December 31, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Refiners ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	31.19		$	27.14		$	25.01		$	29.01		$	26.95
Net investment income (a)		1.19			1.07			0.66			0.58			0.56
Net realized and unrealized gain (loss) on investments		3.18			3.94			2.12			(3.92	)		1.91
Total from investment operations		4.37			5.01			2.78			(3.34	)		2.47
Distributions from:
Net investment income		(1.25	)		(0.96	)		(0.65	)		(0.64	)		(0.41	)
Return of capital		—			—			—			(0.02	)		—
Total distributions		(1.25	)		(0.96	)		(0.65	)		(0.66	)		(0.41	)
Net asset value, end of year	$	34.31		$	31.19		$	27.14		$	25.01		$	29.01

Total return (b)		14.00	%		18.50	%		11.10	%		(11.50	)%		9.19	%

Ratios to average net assets
Gross expenses		0.85	%		0.78	%		1.02	%		1.29	%		1.03	%
Net expenses		0.62	%		0.61	%		0.59	%		0.59	%		0.60	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.68	%		3.54	%		2.32	%		2.56	%		1.97	%
Supplemental data
Net assets, end of year (in millions)		$34			$39			$20			$18			$35
Portfolio turnover rate (c)		19	%		40	%		18	%		37	%		30	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Services ETF(a)
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	304.03		$	184.74		$	153.90		$	265.47		$	280.60
Net investment income (b)		3.65			2.14			2.41			2.26			6.60
Net realized and unrealized gain (loss) on investments		6.15			120.04			30.24	(c)		(111.94	)		(15.93	)(c)
Total from investment operations		9.80			122.18			32.65			(109.68	)		(9.33	)
Distributions from:
Net investment income		(4.22	)		(2.89	)		(1.81	)		(1.89	)		(5.80	)
Net asset value, end of year	$	309.61		$	304.03		$	184.74		$	153.90		$	265.47

Total return (d)		3.21	%		66.14	%		21.18	%		(41.31	)%		(3.35	)%

Ratios to average net assets
Gross expenses (e)		0.35	%		0.35	%		0.36	%		0.40	%		0.39	%
Net expenses (e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.18	%		0.83	%		1.21	%		1.68	%		2.28	%
Supplemental data
Net assets, end of year (in millions)		$2,167			$2,584			$2,143			$723			$773
Portfolio turnover rate (f)		17	%		17	%		28	%		33	%		29	%

(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)	Periods after December 31, 2021 reflect a unitary management fee structure.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Rare Earth/Strategic Metals ETF(a)
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year		$76.28		$	111.72			$65.41		$	40.41		$	40.68
Net investment income (b)		1.02			0.68			0.08			0.58			0.90
Net realized and unrealized gain (loss) on investments		(15.50	)		(34.93	)		52.12			24.95			(0.54	)(c)
Total from investment operations		(14.48	)		(34.25	)		52.20			25.53			0.36
Distributions from:
Net investment income		—			(1.19	)		(5.89	)		(0.53	)		(0.63	)
Net asset value, end of year		$61.80			$76.28			$111.72		$	65.41		$	40.41

Total return (d)		(18.98	)%		(30.68	)%		80.09	%		63.22	%		0.91	%

Ratios to average net assets
Gross expenses		0.56	%		0.54	%		0.53	%		0.63	%		0.64	%
Net expenses		0.56	%		0.54	%		0.53	%		0.59	%		0.60	%
Net expenses excluding interest and taxes		0.55	%		0.54	%		0.53	%		0.57	%		0.57	%
Net investment income		1.34	%		0.70	%		0.08	%		1.44	%		2.14	%
Supplemental data
Net assets, end of year (in millions)		$409			$631			$1,014			$322			$193
Portfolio turnover rate (e)		41	%		40	%		74	%		70	%		64	%

(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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Steel ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	57.80		$	53.25		$	44.57		$	37.74		$	34.87
Net investment income (a)		2.09			2.71			3.19			0.71			1.16
Net realized and unrealized gain on investments		15.97			4.72			9.25			6.95			2.75
Total from investment operations		18.06			7.43			12.44			7.66			3.91
Distributions from:
Net investment income		(2.07	)		(2.87	)		(3.76	)		(0.77	)		(1.04	)
Return of capital		—			(0.01	)		—			(0.06	)		—
Total distributions		(2.07	)		(2.88	)		(3.76	)		(0.83	)		(1.04	)
Net asset value, end of year	$	73.79		$	57.80		$	53.25		$	44.57		$	37.74

Total return (b)		31.23	%		13.88	%		27.91	%		20.57	%		11.02	%

Ratios to average net assets
Gross expenses		0.57	%		0.58	%		0.56	%		0.95	%		0.71	%
Net expenses		0.56	%		0.56	%		0.55	%		0.56	%		0.56	%
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.22	%		4.72	%		5.48	%		2.31	%		3.11	%
Supplemental data
Net assets, end of year (in millions)		$140			$100			$112			$77			$66
Portfolio turnover rate (c)		22	%		20	%		25	%		34	%		19	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Uranium+Nuclear Energy ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	54.94		$	54.90		$	49.35		$	48.71		$	49.67
Net investment income (a)		1.19			0.86			1.44			0.89			1.07
Net realized and unrealized gain (loss) on investments		18.62			0.29			5.20			0.85			(0.85	)
Total from investment operations		19.81			1.15			6.64			1.74			0.22
Distributions from:
Net investment income		(3.26	)		(1.11	)		(1.09	)		(1.10	)		(1.18	)
Net asset value, end of year	$	71.49		$	54.94		$	54.90		$	49.35		$	48.71

Total return (b)		36.02	%		2.10	%		13.48	%		3.59	%		0.44	%

Ratios to average net assets
Gross expenses		0.64	%		0.67	%		0.89	%		1.25	%		0.93	%
Net expenses		0.61	%		0.61	%		0.60	%		0.60	%		0.61	%
Net expenses excluding interest and taxes		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.88	%		1.56	%		2.70	%		1.97	%		2.13	%
Supplemental data
Net assets, end of year (in millions)		$132			$54			$35			$18			$23
Portfolio turnover rate (c)		41	%		53	%		25	%		25	%		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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

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

Fund	Diversification Classification
Agribusiness ETF	Non-Diversified
CMCI Commodity Strategy 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
CMCI Commodity Strategy ETF	UBS Constant Maturity Commodity Total Return 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 (“VEAC”) serves as the investment adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”), a wholly owned subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF and its Subsidiary. VEAC and VEARA are collectively referred to as the “Adviser”.

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

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

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 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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value,

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	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.	Basis for Consolidation— The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “Subsidiary”), Cayman Islands exempted company. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation.

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

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

E.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates 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.

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

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

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

Total Return Swaps— The CMCI Commodity Strategy ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap position held by the CMCI Commodity Strategy ETF at December 31, 2023 is reflected in the Fund’s Consolidated Schedule of Investments.

During the year ended December 31, 2023, the CMCI Commodity Strategy ETF held total return swap contracts for five months with an average monthly notional amount of $2,505,400.

At December 31, 2023, the CMCI Commodity Strategy ETF held derivatives (not designated as hedging instruments under GAAP):

	Liabilities Derivatives
	Commodities Futures Risk
CMCI Commodity Strategy ETF
Swap contracts¹	$	79,504

1	Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value

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

	Commodities Futures Risk
CMCI Commodity Strategy ETF
Realized gain (loss):
Swap contracts¹	$	(22,530	)
Net change in unrealized appreciation (depreciation):
Swap contracts²		(79,504	)

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

or delivered to that counterparty based on the terms of the agreements. The Funds may pledge and receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivatives and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 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).

	Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities	Financial Instruments and Cash Collateral Pledged	Net Amount
CMCI Commodity Strategy ETF
Total return swap contracts	$79,504	$—	$79,504	$—	$79,504

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.

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, (for CMCI Commodity Strategy ETF until at least May 1, 2025), to waive fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

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

Fund	Management Fees			Expense Limitations
Agribusiness ETF		0.50	%		0.56	%
CMCI Commodity Strategy ETF		0.65			0.65
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.

The unitary management fee rates for the year ended December 31, 2023, are as follows:

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

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

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

Note 5—Investments—For the year ended December 31, 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	$	132,664,997	$	146,201,487	$	—	$	287,360,913
Future of Food ETF		296,375		244,734		906,105		—
Gold Miners ETF		1,603,070,901		1,562,166,684		3,260,488,402		3,308,821,096
Green Metals ETF		9,183,488		7,064,416		6,200,928		—
Junior Gold Miners ETF		847,776,376		809,401,599		677,547,135		284,495,238
Low Carbon Energy ETF		29,659,180		31,002,444		5,049,868		36,779,834
Natural Resources ETF		35,355,825		36,468,299		32,784,522		50,495,784
Oil Refiners ETF		6,538,336		7,594,618		2,897,422		9,399,576
Oil Services ETF		409,001,334		403,482,178		4,514,468,572		4,931,302,088
Rare Earth/Strategic Metals ETF		227,964,079		250,954,181		55,796,340		151,087,842
Steel ETF		28,838,326		26,837,319		87,006,242		72,171,905
Uranium+Nuclear Energy ETF		33,367,246		36,249,535		65,776,486		11,229,534

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF		$1,133,422,474		$49,499,864		$(243,849,722	)		$(194,349,858	)
CMCI Commodity Strategy ETF		2,543,751		2,246		(116,247	)		(114,001	)
Future of Food ETF		4,135,715		131,283		(1,036,734	)		(905,451	)
Gold Miners ETF		12,739,284,719		1,326,957,915		(1,027,127,633	)		299,830,282
Green Metals ETF		31,510,040		2,277,545		(6,513,429	)		(4,235,884	)
Junior Gold Miners ETF		4,881,637,347		458,562,807		(813,075,380	)		(354,512,573	)
Low Carbon Energy ETF		211,015,301		26,350,179		(62,759,748	)		(36,409,569	)
Natural Resources ETF		121,740,156		14,303,999		(10,527,684	)		3,776,315
Oil Refiners ETF		31,880,186		4,285,728		(1,846,818	)		2,438,910
Oil Services ETF		2,375,577,122		29,297,399		(237,646,538	)		(208,349,139	)
Rare Earth/Strategic Metals ETF		503,250,271		54,666,558		(130,060,575	)		(75,394,017	)
Steel ETF		133,292,965		14,573,755		(7,090,680	)		7,483,075
Uranium+Nuclear Energy ETF		127,579,139		17,516,005		(822,600	)		16,693,405

At December 31, 2023, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Agribusiness ETF		$889,469		$(837,838,659	)		$(633,201	)		$(194,363,123	)		$(1,031,945,514	)
CMCI Commodity Strategy ETF		–		–			–			(78,959	)		(78,959	)
Future of Food ETF		970		(263,088	)		–			(905,885	)		(1,168,003	)
Gold Miners ETF		46,024,654		(12,244,506,621	)		(1,535,302	)		299,840,109			(11,900,177,160	)
Green Metals ETF		109,231		(5,444,546	)		–			(4,235,971	)		(9,571,286	)
Junior Gold Miners ETF		41,393,382		(5,011,610,159	)		(402,438	)		(354,167,946	)		(5,324,787,161	)
Low Carbon Energy ETF		208,261		(77,187,223	)		(20,550	)		(36,410,905	)		(113,410,417	)
Natural Resources ETF		8,630		(57,203,200	)		(14,854	)		3,779,358			(53,430,066	)
Oil Refiners ETF		3,293		(11,197,878	)		(1,085	)		2,439,940			(8,755,730	)
Oil Services ETF		335,087		(2,109,198,198	)		(210,231	)		(208,349,140	)		(2,317,422,482	)
Rare Earth/Strategic Metals ETF		5,608,484		(389,581,278	)		(28,330	)		(75,370,673	)		(459,371,797	)
Steel ETF		61,716		(170,951,107	)		(22,074	)		7,483,075			(163,428,390	)
Uranium+Nuclear Energy ETF		5,692,927		(86,540,437	)		(14,403	)		16,691,585			(64,170,328	)

The tax character of dividends paid to shareholders was follows:

December 31,
2023

December 31, 2022

Fund

Ordinary
Income*

Return
of Capital

Agribusiness ETF

$27,500,340

$28,899,290

$–

CMCI Commodity Strategy ETF

39,500

–

Future of Food ETF

72,000

38,400

–

Gold Miners ETF

210,018,245

197,981,341

–

Green Metals ETF

539,990

580,000

–

Junior Gold Miners ETF

31,501,605

19,233,209

–

Low Carbon Energy ETF

2,600,073

2,600,048

–

	December 31, 2023		December 31, 2022
Fund	Ordinary Income*		Ordinary Income*		Return of Capital
Natural Resources ETF		4,474,960		4,599,900		–
Oil Refiners ETF		1,250,000		1,200,000		–
Oil Services ETF		28,299,743		23,400,039		–
Rare Earth/Strategic Metals ETF		–		9,819,927		–
Steel ETF		3,875,063		5,238,962		11,016
Uranium+Nuclear Energy ETF		6,000,037		1,100,017		–

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

At December 31, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Agribusiness ETF	$	(232,266,052	)	$	(605,572,607	)	$	(837,838,659	)
Future of Food ETF		(123,276	)		(139,812	)		(263,088	)
Gold Miners ETF		(2,005,569,048	)		(10,238,937,573	)		(12,244,506,621	)
Green Metals ETF		(1,545,956	)		(3,898,590	)		(5,444,546	)
Junior Gold Miners ETF		(1,698,904,530	)		(3,312,705,629	)		(5,011,610,159	)
Low Carbon Energy ETF		(11,064,350	)		(66,122,873	)		(77,187,223	)
Natural Resources ETF		(10,960,628	)		(46,242,572	)		(57,203,200	)
Oil Refiners ETF		(5,147,896	)		(6,049,982	)		(11,197,878	)
Oil Services ETF		(384,200,583	)		(1,724,997,615	)		(2,109,198,198	)
Rare Earth/Strategic Metals ETF		(94,077,070	)		(295,504,208	)		(389,581,278	)
Steel ETF		(17,138,313	)		(153,812,794	)		(170,951,107	)
Uranium+Nuclear Energy ETF		(14,276,119	)		(72,264,318	)		(86,540,437	)

During the year ended December 31, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and differences in the treatment of income and realized gains from controlled foreign corporation subsidiaries, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Agribusiness ETF	$	(36,860,234	)	$	36,860,234
CMCI Commodity Strategy ETF		18,202			(18,202	)
Future of Food ETF		124			(124	)
Gold Miners ETF		(979,250,495	)		979,250,495
Junior Gold Miners ETF		(46,352,673	)		46,352,673
Low Carbon Energy ETF		(5,588,190	)		5,588,190
Natural Resources ETF		(13,046,303	)		13,046,303
Oil Refiners ETF		(1,003,673	)		1,003,673
Oil Services ETF		(380,868,154	)		380,868,154
Rare Earth/Strategic Metals ETF		(31,672,164	)		31,672,164
Steel ETF		(6,820,210	)		6,820,210
Uranium+Nuclear Energy ETF		(3,937,415	)		3,937,415

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 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.

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

Following Russia’s large-scale invasion of Ukraine, governments of the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency experienced and may continue to experience significant declines. 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.

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

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

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	41,077,399	$	27,567,080	$	15,470,385	$	43,037,465
Future of Food ETF		69,986		85,782		–		85,782
Gold Miners ETF		272,613,003		84,425,319		201,686,671		286,111,990
Green Metals ETF		3,321,855		535,727		2,952,822		3,488,549
Junior Gold Miners ETF		269,954,333		117,343,529		171,077,737		288,421,266
Low Carbon Energy ETF		33,026,362		10,097,243		24,291,273		34,388,516
Natural Resources ETF		6,898,496		1,500,893		5,707,485		7,208,378
Oil Refiners ETF		675,946		–		705,926		705,926
Oil Services ETF		138,309,378		–		143,217,716		143,217,716
Rare Earth/Strategic Metals ETF		112,696,331		18,517,532		100,697,437		119,214,969
Steel ETF		33,395,757		680,060		35,752,976		36,433,036
Uranium+Nuclear Energy ETF		33,650,202		12,307,731		22,525,682		34,833,413

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Agribusiness ETF	$	27,567,080
Future of Food ETF		85,782
Gold Miners ETF		84,425,319
Green Metals ETF		535,727
Junior Gold Miners ETF		117,343,529
Low Carbon Energy ETF		10,097,243
Natural Resources ETF		1,500,893
Rare Earth/Strategic Metals ETF		18,517,532
Steel ETF		680,060
Uranium+Nuclear Energy ETF		12,307,731

*	Remaining contractual maturity: overnight and continuous

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

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		288	$	1,162,887		6.40	%
Gold Miners ETF		181		11,864,771		6.24
Green Metals ETF		329		302,501		6.34
Junior Gold Miners ETF		62		8,830,693		6.13
Low Carbon Energy ETF		276		1,547,117		6.28
Natural Resources ETF		339		578,723		6.36
Oil Refiners ETF		272		142,616		6.29
Oil Services ETF		226		2,358,942		6.43
Rare Earth/Strategic Metals ETF		242		1,059,895		6.33
Steel ETF		195		327,405		6.22
Uranium+Nuclear Energy ETF		171		231,320		6.37

Outstanding loan balances as of December 31, 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.

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

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

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery). These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck CMCI Commodity Strategy ETF) of each of the funds listed in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

*Funds*

VanEck Agribusiness ETF (1)	VanEck Natural Resources ETF (1)
VanEck CMCI Commodity Strategy ETF (2)	VanEck Oil Refiners ETF (1)
VanEck Future of Food ETF (1)	VanEck Oil Services ETF (1)
VanEck Gold Miners ETF (1)	VanEck Rare Earth/Strategic Metals ETF (1)
VanEck Green Metals ETF (1)	VanEck Steel ETF (1)
VanEck Junior Gold Miners ETF (1)	VanEck Uranium+Nuclear Energy ETF (1)
VanEck Low Carbon Energy ETF (1)

(1) Statement of operations for the year ended December 31, 2023 and statement of changes in net assets and financial highlights for the years ended December 31, 2023 and December 31, 2022.

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

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

Basis for Opinions

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

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

estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2024

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2023. Please consult your tax advisor for proper treatment of this information:

Fund Name	Ticker Symbol	Payable Date	Total Distribution Paid Per Share		Income Dividends		Foreign Taxes Paid (a)		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income (a)
Agribusiness ETF	MOO	Annual		$2.2358		$2.2358		$-		$2.2358		-%
CMCI Commodity Strategy ETF	CMCI	Annual		0.3950		0.3950		-		0.3950		-
Future of Food ETF	YUMY	Annual		0.3600		0.3600		-		0.3600		-
Gold Miners ETF	GDX	Annual		0.5001		0.5001		0.0529		0.5530		70.23
Green Metals ETF	GMET	Annual		0.4909		0.4909		0.0318		0.5227		86.35
Junior Gold Miners ETF	GDXJ	Annual		0.2736		0.2736		0.0816		0.3552		59.61
Low Carbon Energy ETF	SMOG	Annual		1.7529		1.7529		0.1806		1.9335		68.84
Natural Resources ETF	HAP	Annual		1.5982		1.5982		-		1.5982		-
Oil Refiners ETF	CRAK	Annual		1.2500		1.2500		0.1295		1.3795		79.99
Oil Services ETF	OIH	Annual		4.2235		4.2235		-		4.2235		-
Steel ETF	SLX	Annual		2.0667		2.0667		-		2.0667		-
Uranium+Nuclear ETF	NLR	Annual		3.2580		3.2580		0.0670		3.3250		10.81

Fund Name	Ticker Symbol	Payable Date	Percent of Total Ordinary Income Dividends that are QDI Eligible (b)		Percent of Total Ordinary Income Dividends that are DRD Eligible (c)		Section 163(j)- Interest Dividends as a % of the Total Ordinary Income Distribution (d)		Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (e)		Federal Obligation Interest as a Percentage of the Total Distribution (f)
Agribusiness ETF	MOO	Annual		99.59%		40.98%		-%		-%		-%
CMCI Commodity Strategy ETF	CMCI	Annual		-		-		99.69		99.69		96.28
Future of Food ETF	YUMY	Annual		90.08		38.31		-		-		-
Gold Miners ETF	GDX	Annual		100.00		21.65		-		-		-
Green Metals ETF	GMET	Annual		100.00		10.24		-		-		-
Junior Gold Miners ETF	GDXJ	Annual		68.69		1.88		-		-		-
Low Carbon Energy ETF	SMOG	Annual		88.34		15.75		-		-		-
Natural Resources ETF	HAP	Annual		88.75		36.89		-		-		-
Oil Refiners ETF	CRAK	Annual		98.52		23.59		-		-		-
Oil Services ETF	OIH	Annual		100.00		71.57		-		-		-
Steel ETF	SLX	Annual		88.71		16.93		-		-		-
Uranium+Nuclear ETF	NLR	Annual		21.69		9.44		-		-		-

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

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

(c) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying

for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(d) These amounts represent distributions paid during the taxable year ended December 31, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2023 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent*
*Trustees*

David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	72	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	72	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	83	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	72	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	83	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	83	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

100

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Since 2018 Officer		Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

101

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

102

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	NRAR


	ANNUAL REPORT December 31, 2023

Africa Index ETF	AFK
Brazil Small-Cap ETF	BRF
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

President’s Letter	1
Management Discussion	3
Performance Comparison
Africa Index ETF	6
Brazil Small-Cap ETF	7
ChiNext ETF	8
Digital India ETF	9
Egypt Index ETF	10
India Growth Leaders ETF	11
Indonesia Index ETF	12
Israel ETF	13
Vietnam ETF	14
About Fund Performance	15
Explanation of Expenses	16
Schedule of Investments
Africa Index ETF	18
Brazil Small-Cap ETF	21
ChiNext ETF	25
Digital India ETF	28
Egypt Index ETF	30
India Growth Leaders ETF	32
Indonesia Index ETF	35
Israel ETF	37
Vietnam ETF	40
Statements of Assets and Liabilities	42
Statements of Operations	45
Statements of Changes in Net Assets	48
Financial Highlights
Africa Index ETF	53
Brazil Small-Cap ETF	54
ChiNext ETF	55
Digital India ETF	56
Egypt Index ETF	57
India Growth Leaders ETF	58
Indonesia Index ETF	59
Israel ETF	60
Vietnam ETF	61
Notes to Financial Statements	62
Report of Independent Registered Public Accounting Firm	72
Tax Information	74
Board of Trustees and Officers	75

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

Dear Fellow Shareholders:

So, let’s review those three major forces on markets and some risks and trends worth noting.

Discussion

1.	Monetary Policy: Not Very Stimulative

2.	Government Spending: Also Muted

3.	Global Growth is at Low Levels

Notable

Bonds

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

2.	Yield Curve

3.	India/Emerging Markets

4.	Stores of Value/Real Assets

5.	Value stocks

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 18, 2024

¹	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/

²	VanEck: 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	The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

⁴	VanEck: https://www.vaneck.com/us/en/subscribe/

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

Africa

While the materials and communication services sectors detracted from performance, both the financial sector, together with the consumer discretionary sector, were positive contributors to the performance of the VanEck Africa Index ETF, which lost 8.43% for the 12 month period ended December 31, 2023 (the “Period”). Geographically, Morocco, was the top contributor to Fund returns. The greatest detractor from performance, by country, was Kenya. Additionally, the Fund’s position in Nigerian Naira detracted from performance.

The three top positive contributions to the Fund’s performance came from: Attijariwafa Bank SA (6.1% of Fund net assets^†), Banque Centrale Populaire SA (5.0% of Fund net assets^†) and Airtel Africa Plc (3.6% of Fund net assets^†). The companies that detracted most from performance were: Safaricom PLC (2.5% of Fund net assets^†), Anglo American plc (4.0% of Fund net assets^†) and First Quantum Minerals Ltd. (2.6% of Fund net assets^†).

Brazil

Brazilian small-cap stocks performed strongly in 2023, with the VanEck Brazil Small-Cap ETF gaining 36.14% over the Period under review.

The majority of positive contributions came from three sectors: industrial, consumer discretionary and utilities, with the industrial sector contributing the most. The two sectors detracting the most from performance most were: energy and communication services, but neither detracted significantly.

The three top positive contributions to the Fund’s performance came from: Cia de Saneamento do Parana SA (2.1% of Fund net assets^†), Allos S.A. (sold by period end) and Inter & Co., Inc. (2.3% of Fund net assets^†). The companies that detracted most from performance were: Petroreconcavo SA (1.8% of Fund net assets^†), Grupo de Moda Soma SA (1.6% of Fund net assets^†) and Marfrig Global Foods SA (2.0% of Fund net assets^†).

China

The VanEck ChiNext ETF lost 21.31%. The Fund suffered as a result of the continued weakness of the country’s recovery following COVID-19.

The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The communication services sector was the single sector to contribute positively to performance. The industrial sector detracted by far the most from performance.

The three top positive contributions to the Fund’s performance came from: Zhongji Innolight Co., Ltd. (2.6% of Fund net assets^†), Chongqing Zhifei Biological Products Co., Ltd. (2.6% of Fund net assets^†) and Maxscend Microelectronics Company Limited (1.7% of Fund net assets^†). The companies that detracted most from performance were: Contemporary Amperex Technology Co., Ltd. (15.1% of Fund net assets^†), EVE Energy Co. Ltd. (2.0% of Fund net assets^†) and Sungrow Power Supply Co., Ltd. (3.2% of Fund net assets^†).

Egypt

The VanEck Egypt Index ETF ended 2023 gaining 24.78%.

The top performing sector by far was materials, with the largest average sector weighting during the Period. The three sectors detracting from performance were: healthcare, financial and energy. Mid cap companies, with the largest average weighting during the Period under review, contributed the most to performance.

The three top positive contributions to the Fund’s performance came from: Ezz Steel Company (S.A.E.) (7.1% of Fund net assets^†), Abou Kir Fertilizers & Chemical Industries Co. (8.8% of Fund net assets^†) and Eastern Company (8.4% of Fund net assets^†). The companies that detracted most from performance were: Capricorn Energy PLC (1.8% of Fund net assets^†), Cleopatra Hospital Company (1.8% of Fund net assets^†) and e-finance for Digital and Financial Investments S.A.E. (3.1% of Fund net assets^†).

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

India

The VanEck Digital India ETF gained 30.07% in 2023. All sectors contributed positively to performance with the information technology sector, with the largest average sector weighting during the Period, contributing the most and the industrial sector the least.

The three top positive contributions to the Fund’s performance came from: Zomato (5.4% of Fund net assets^†), HCL Technologies Limited (6.3% of Fund net assets^†) and KPIT Technologies Limited (2.5% of Fund net assets^†). The companies that detracted most from performance were: WNS (Holdings) Limited (1.7% of Fund net assets^†), Tata Teleservices (Maharashtra) Limited (2.1% of Fund net assets^†) and Indus Towers Limited (1.7% of Fund net assets^†).

The VanEck India Growth Leaders ETF gained 35.50% over the Period. The industrial sector contributed the most to performance and the materials sector was the only sector to detract from performance and then only minimally.

The three top positive contributions to the Fund’s performance came from: Coal India Ltd. (6.2% of Fund net assets^†), Bharat Electronics Limited (5.2% of Fund net assets^†) and Varun Beverages Ltd. (4.6% of Fund net assets^†). The companies that detracted most from performance were: Hindalco Industries Limited (sold by the end of the period), Divi’s Laboratories Limited (sold by the end of the period) and Tata Steel Limited (sold by the end of the period).

Indonesia

Indonesian stocks only made incremental gains in 2023 with the VanEck Indonesia Index ETF registering a small gain of 1.91% for the Period. The greatest positive contribution to returns came from the financial sector. The greatest negative contribution to returns came from the energy sector.

The three top positive contributions to the Fund’s performance came from: PT Chandra Asri Pacific Tbk (3.1% of Fund net assets^†), PT Bank Rakyat Indonesia (Persero) Tbk (8.2% of Fund net assets^†) and PT Bank Mandiri (Persero) Tbk (7.1% of Fund net assets^†). The companies that detracted most from performance were: Banpu Public Co. Ltd. (1.6% of Fund net assets^†), PT Berkah Beton Sadaya Tbk (sold by period end) and PT Merdeka Copper Gold Tbk (1.9% of Fund net assets^†).

Israel

Despite the recent conflict in the Middle East, the VanEck Israel ETF made only a small loss of 0.22% in the Period under review.

The financial sector contributed most positively to performance over the Period under review. The healthcare sector detracted most from performance.

The three top positive contributions to the Fund’s performance came from: CyberArk Software Ltd. (5.0% of Fund net assets^†), Check Point Software Technologies Ltd. (7.5% of Fund net assets^†) and Wix.com Ltd. (3.2% of Fund net assets^†). The companies that detracted most from performance were: SolarEdge Technologies, Inc. (2.8% of Fund net assets^†), NovoCure Ltd. (0.4% of Fund net assets^†) and InMode Ltd. (1.0% of Fund net assets^†).

Vietnam

The VanEck Vietnam ETF gained 15.95% in 2023.

The financial sector contributed by far the most to the Fund’s performance, and the consumer staples sector detracted the most from performance.

The three top positive contributions to the Fund’s performance came from: SSI Securities Corp. (5.4% of Fund net assets^†), Hoa Phat Group JSC (6.6% of Fund net assets^†) and VNDirect Securities Corp. (4.4% of Fund net assets^†). The companies that detracted most from performance were: Masan Group Corporation (4.2% of

Fund net assets^†), Vingroup Joint Stock Company (8.4% of Fund net assets^†) and Saigon Beer Alcohol Beverage Corp. (1.8% of Fund net assets^†).

†	All Fund assets referenced are Total Net Assets as of December 31, 2023.

The mention of a specific security is not a recommendation to buy, or solicitation to sell such security.

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVAFKTR¹		SPTR²
One Year		(12.14)%		(8.43)%		(0.97)%		26.29%
Five Year		(3.06)%		(2.96)%		(0.27)%		15.69%
Ten Year		(4.82)%		(4.58)%		(2.55)%		12.03%

	1	MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVBRFTR¹		SPTR²
One Year		36.95%		36.14%		37.46%		26.29%
Five Year		0.67%		0.70%		1.43%		15.69%
Ten Year		(1.64)%		(1.58)%		(0.92)%		12.03%

	1	MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		SZ988107¹		SPTR²
One Year		(21.47)%		(21.31)%		(20.22)%		26.29%
Five Year		5.15%		5.20%		6.94%		15.69%
Life*		0.94%		0.98%		3.15%		11.80%

	*	Inception of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14.

	¹	The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.

		Index data prior to December 10, 2021 reflects that of the SME-ChiNext Index (CNI6109). From December 10, 2021 forward, the index data reflects that of the SZ988107. All Index history reflects a blend of the performance of the aforementioned Indexes.

		Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK DIGITAL INDIA ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVDINDTR¹		SPTR²
One Year		30.30%		30.07%		33.04%		26.29%
Life*		0.58%		0.38%		2.22%		5.25%

	*	Inception of Fund: 2/15/22; First Day of Secondary Market Trading: 2/16/22.

	1	MVIS® Digital India Index (MVDIND) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the companies involved in and supporting the digitalization of India.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 15 for more information.

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVEGPTTR¹		SPTR²
One Year		27.19%		24.78%		31.83%		26.29%
Five Year		0.16%		(0.44)%		2.57%		15.69%
Ten Year		(5.53)%		(5.93)%		(2.24)%		12.03%

	1	MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK INDIA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MGINGRNR¹		SPTR²
One Year		36.11%		35.50%		39.24%		26.29%
Five Year		1.62%		1.52%		3.17%		15.69%
Ten Year		4.37%		4.44%		5.37%		12.03%

	¹	The MarketGrader India All-Cap Growth Leaders Index (MGINGRNR) is a modified market capitalization weighted, float adjusted index designed to track Indian companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology.

		Index data prior to May 1, 2020 reflects that of the MVIS® India Small-Cap Index (MVSCIFTR). From May 1, 2020 forward, the index data reflects that of the MGINGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVIDXTR¹		SPTR²
One Year		1.90%		1.91%		2.11%		26.29%
Five Year		(2.44)%		(2.55)%		(2.36)%		15.69%
Ten Year		(0.03)%		0.09%		0.51%		12.03%

	1	MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		BLSNTR¹		SPTR²
One Year		(0.16)%		(0.22)%		0.61%		26.29%
Five Year		5.80%		5.78%		6.24%		15.69%
Ten Year		2.90%		2.94%		3.38%		12.03%

	¹	Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli companies.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 15 for more information.

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price		NAV		MVVNMTR¹		SPTR²
One Year		14.95%		15.95%		17.50%		26.29%
Five Year		(1.08)%		(1.18)%		(0.21)%		15.69%
Ten Year		(1.88)%		(1.78)%		(0.78)%		12.03%

	¹	MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 15 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Africa Index, Brazil Small-Cap Index, Digital India Index, Egypt Index, Indonesia Index, Israel Index and Vietnam Index are published by MarketVector Indexes GmbH (MarketVector). MarketVector is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The India Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange.

MarketVector, MarketGrader, and Shenzhen Securities are “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

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, July 1, 2023 to December 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Africa Index ETF
Actual	$1,000.00	$982.20	1.41%	$7.04
Hypothetical (b)	$1,000.00	$1,018.10	1.41%	$7.17
Brazil Small-Cap ETF
Actual	$1,000.00	$1,021.00	0.68%	$3.46
Hypothetical (b)	$1,000.00	$1,021.78	0.68%	$3.47
ChiNext ETF
Actual	$1,000.00	$868.30	0.65%	$3.06
Hypothetical (b)	$1,000.00	$1,021.93	0.65%	$3.31
Digital India ETF
Actual	$1,000.00	$1,161.30	0.78%	$4.25
Hypothetical (b)	$1,000.00	$1,021.27	0.78%	$3.97
Egypt Index ETF
Actual	$1,000.00	$1,329.40	1.42%	$8.34
Hypothetical (b)	$1,000.00	$1,018.05	1.42%	$7.22
India Growth Leaders ETF
Actual	$1,000.00	$1,214.70	0.81%	$4.52
Hypothetical (b)	$1,000.00	$1,021.12	0.81%	$4.13
Indonesia Index ETF
Actual	$1,000.00	$976.10	0.58%	$2.89
Hypothetical (b)	$1,000.00	$1,022.28	0.58%	$2.96

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Israel ETF
Actual	$1,000.00	$1,010.50	0.59%	$2.99
Hypothetical (b)	$1,000.00	$1,022.23	0.59%	$3.01
Vietnam ETF
Actual	$1,000.00	$1,023.70	0.63%	$3.21
Hypothetical (b)	$1,000.00	$1,022.03	0.63%	$3.21

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

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.6%
AVZ Minerals Ltd. *∞		1,399,901	$	213,014
Paladin Energy Ltd. * †		1,036,938		695,747
Perseus Mining Ltd.		815,701		1,027,365
				1,936,126
Canada: 7.5%
B2Gold Corp. (USD)		31,861		100,681
Barrick Gold Corp. (USD)		54,794		991,223
Ivanhoe Mines Ltd. * †		207,349		2,020,654
				3,112,558
China: 2.8%
CMOC Group Ltd. (HKD)		2,166,000		1,184,967
Egypt: 4.7%
Centamin Plc (GBP)		403,310		512,232
Commercial International Bank - Egypt (CIB) (USD) (GDR) †		1,138,846		1,457,723
				1,969,955
India: 1.3%
MakeMyTrip Ltd. (USD) *		11,267		529,324
Indonesia: 0.5%
Golden Agri-Resources Ltd. (SGD)		1,105,600		217,762
Kenya: 4.4%
Equity Group Holdings Plc		3,827,300		820,310
Safaricom Plc		11,676,500		1,033,779
				1,854,089
Morocco: 14.5%
Attijariwafa Bank		55,132		2,565,028
Bank of Africa		39,946		726,556
Banque Centrale Populaire		74,678		2,082,279
Co. Sucrerie Marocaine et de Raffinage		34,706		685,757
				6,059,620
Nigeria: 4.9%
Guaranty Trust Holding Co. Plc		18,872,637		654,253
MTN Nigeria Communications Plc		3,586,289		812,687
Zenith Bank Plc		17,693,175		584,780
				2,051,720
Norway: 0.2%
Scatec ASA 144A		8,136		65,760
South Africa: 37.6%
Absa Group Ltd.		61,117		545,598
African Rainbow Minerals Ltd.		7,676		83,948
Anglo American Platinum Ltd. †		4,326		227,122
Anglo American Plc (GBP)		66,461		1,663,495
Anglogold Ashanti Plc (USD)		54,770		1,023,651
Aspen Pharmacare Holdings Ltd.		21,831		243,595
AVI Ltd.		17,892		80,027
Bid Corp. Ltd.		16,148		376,769
Bidvest Group Ltd.		14,797		204,136

	Number of Shares		Value
South Africa (continued)
Capitec Bank Holdings Ltd.		4,868	$	543,297
Clicks Group Ltd.		13,310		237,058
Discovery Ltd.		31,363		246,411
Exxaro Resources Ltd.		11,392		127,932
FirstRand Ltd.		365,898		1,468,378
Gold Fields Ltd. (ADR) †		57,530		831,884
Growthpoint Properties Ltd.		223,785		142,929
Harmony Gold Mining Co. Ltd. (ADR)		32,219		198,147
Impala Platinum Holdings Ltd.		51,266		254,655
Investec Plc (GBP)		32,530		220,024
Kumba Iron Ore Ltd.		4,252		142,561
Life Healthcare Group Holdings Ltd.		67,227		67,530
Momentum Metropolitan Holdings		75,084		90,071
Mr Price Group Ltd.		15,952		136,784
MTN Group Ltd.		84,865		535,453
MultiChoice Group *		13,058		57,852
Naspers Ltd.		11,863		2,031,145
Nedbank Group Ltd.		26,153		308,810
Netcare Ltd.		74,872		58,301
Northam Platinum Holdings Ltd.		14,154		107,277
Old Mutual Ltd.		267,860		190,673
OUTsurance Group Ltd.		53,582		122,928
Pepkor Holdings Ltd. 144A		88,284		94,738
Remgro Ltd.		31,232		276,288
Sanlam Ltd.		106,059		422,206
Sasol Ltd. (ADR) †		32,696		324,998
Shoprite Holdings Ltd.		27,551		414,376
Sibanye Stillwater Ltd. (ADR) †		41,170		223,553
SPAR Group Ltd. * †		9,422		60,744
Standard Bank Group Ltd.		85,885		979,426
Thungela Resources Ltd.		9,600		80,737
Tiger Brands Ltd. †		7,842		86,163
Woolworths Holdings Ltd.		41,459		163,682
				15,695,352
Tanzania: 1.3%
Helios Towers Plc (GBP) *		476,212		540,297
United Arab Emirates: 3.5%
Itissalat Al-Maghrib (MAD)		142,676		1,445,713
United Kingdom: 6.4%
Airtel Africa Plc 144A		909,500		1,508,849
Endeavour Mining Plc		44,710		1,000,557
Vodacom Group Ltd. (ZAR)		30,657		177,697
				2,687,103
United States: 3.3%
Kosmos Energy Ltd. *		167,906		1,126,649
Royal Caribbean Cruises Ltd. *		1,859		240,722
				1,367,371
Zambia: 2.6%
First Quantum Minerals Ltd. (CAD)		132,594		1,091,040

See Notes to Financial Statements

	Number of Shares		Value
Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980	$	5,148
Ecocash Holdings Zimbabwe Ltd. *		32,900		534
				5,682
Total Common Stocks (Cost: $39,644,320)				41,814,439

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5% (Cost: $616,977)
State Street Navigator Securities Lending Government Money Market Portfolio		616,977	$	616,977
Total Investments: 101.6% (Cost: $40,261,297)				42,431,416
Liabilities in excess of other assets: (1.6)%				(649,295)
NET ASSETS: 100.0%			$	41,782,121

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 $4,000,181.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,669,347, or 4.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		34.2	%	$	14,305,573
Materials		31.6			13,223,024
Communication Services		14.6			6,112,327
Consumer Discretionary		7.6			3,196,395
Consumer Staples		5.2			2,163,804
Energy		4.9			2,031,065
Health Care		0.9			369,426
Industrials		0.5			204,136
Real Estate		0.3			142,929
Utilities		0.2			65,760
		100.0	%	$	41,814,439

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,723,112	$	213,014	$	1,936,126
Canada		3,112,558		—		—		3,112,558
China		—		1,184,967		—		1,184,967
Egypt		1,457,723		512,232		—		1,969,955
India		529,324		—		—		529,324
Indonesia		—		217,762		—		217,762
Kenya		1,854,089		—		—		1,854,089
Morocco		1,412,313		4,647,307		—		6,059,620
Nigeria		812,687		1,239,033		—		2,051,720
Norway		—		65,760		—		65,760
South Africa		4,978,927		10,716,425		—		15,695,352
Tanzania		540,297		—		—		540,297
United Arab Emirates		1,445,713		—		—		1,445,713
United Kingdom		177,697		2,509,406		—		2,687,103
United States		1,367,371		—		—		1,367,371
Zambia		1,091,040		—		—		1,091,040
Zimbabwe		5,682		—		—		5,682
Money Market Fund		616,977		—		—		616,977
Total Investments	$	19,402,398	$	22,816,004	$	213,014	$	42,431,416

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 89.0%
Automobiles & Components: 0.6%
Mahle Metal Leve SA		23,100	$	168,329
Banks: 2.3%
Inter & Co., Inc. (BDR) *		123,400		695,525
Capital Goods: 3.3%
Armac Locacao Logistica E Servicos SA *		54,050		189,643
Iochpe Maxion SA		77,452		205,416
Kepler Weber SA		70,200		157,889
Mills Estruturas e Servicos de Engenharia SA		73,500		205,642
Tupy SA		37,900		226,734
				985,324
Commercial & Professional Services: 1.4%
Ambipar Participacoes e Empreendimentos SA		46,250		154,261
Orizon Valorizacao de Residuos SA *		33,600		267,088
				421,349
Consumer Discretionary Distribution & Retail: 1.6%
Grupo Casas Bahia SA *		56,736		132,859
Grupo SBF SA		70,900		171,369
Pet Center Comercio e Participacoes SA		223,350		181,616
				485,844
Consumer Durables & Apparel: 13.0%
Cury Construtora e Incorporadora SA		80,800		299,338
Cyrela Brazil Realty SA Empreendimentos e Participacoes		167,500		826,071
Direcional Engenharia SA		81,300		374,223
Ez Tec Empreendimentos e Participacoes SA		111,402		426,991
Grendene SA		140,950		205,295
Grupo de Moda Soma SA		306,500		469,509
Guararapes Confeccoes SA *		60,300		81,053
MRV Engenharia e Participacoes SA *		251,400		580,270
Vivara Participacoes SA		92,200		649,494
				3,912,244
Consumer Services: 9.6%
Afya Ltd. *		13,369		293,182
Anima Holding SA *		203,600		186,249
Arcos Dorados Holdings, Inc.		72,700		922,563
Cogna Educacao SA *		972,750		697,540
Cruzeiro do Sul Educacional SA		44,350		48,357
YDUQS Participacoes SA		140,450		647,656
Zamp SA *		84,100		98,693
				2,894,240
Consumer Staples Distribution & Retail: 1.0%
Cia Brasileira de Distribuicao (ADR) * †		101,665		81,332
Dimed SA Distribuidora da Medicamentos		58,750		161,473

	Number of Shares		Value
Consumer Staples Distribution & Retail (continued)
Empreendimentos Pague Menos SA *		61,557	$	50,197
				293,002
Energy: 10.3%
3R Petroleum Oleo e Gas SA *		127,801		690,217
AES Brasil Energia SA *		175,272		444,616
Enauta Participacoes SA		69,800		288,896
Excelerate Energy, Inc.		9,510		147,025
Karoon Energy Ltd. * †		536,328		743,143
Modec, Inc. *		14,600		239,153
Petroreconcavo SA		120,800		539,480
				3,092,530
Financial Services: 0.6%
Vinci Partners Investments Ltd.		15,390		168,520
Food, Beverage & Tobacco: 6.7%
Adecoagro SA		32,103		356,343
BrasilAgro - Co. Brasileira de Propriedades Agricolas		37,200		199,536
Camil Alimentos SA *		84,500		146,751
Jalles Machado SA		116,417		188,201
Marfrig Global Foods SA *		311,013		615,431
Minerva SA		181,100		278,381
Tres Tentos Agroindustrial SA		88,500		219,204
				2,003,847
Health Care Equipment & Services: 6.0%
Fleury SA *		217,587		807,933
Hospital Mater Dei SA		29,900		51,367
Odontoprev SA		164,740		394,111
Oncoclinicas do Brasil Servicos Medicos SA *		206,000		552,072
				1,805,483
Insurance: 1.2%
IRB-Brasil Resseguros SA *		39,673		362,227
Materials: 5.0%
Cia Brasileira de Aluminio		135,350		142,249
Dexco SA *		233,100		387,514
ERO Copper Corp. * †		50,922		804,059
Irani Papel e Embalagem SA		76,950		172,591
				1,506,413
Media & Entertainment: 0.8%
VTEX *		33,226		228,595
Pharmaceuticals, Biotechnology & Life Sciences: 0.3%
Blau Farmaceutica SA		22,950		77,436
Real Estate Management & Development: 3.6%
Iguatemi SA		155,850		778,010
JHSF Participacoes SA		183,300		208,585
LOG Commercial Properties e Participacoes SA		23,200		108,442
				1,095,037
Semiconductors & Semiconductor Equipment: 1.3%
SMART Global Holdings, Inc. * †		20,277		383,844

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Software & Services: 1.3%
Locaweb Servicos de Internet SA 144A		224,200	$	277,652
Sonda SA		284,519		124,185
				401,837
Technology Hardware & Equipment: 0.6%
Ituran Location and Control Ltd.		3,814		103,893
Multilaser Industrial SA *		145,700		62,663
				166,556
Telecommunication Services: 0.2%
Unifique Telecomunicacoes SA		89,950		73,920
Transportation: 9.6%
Azul SA (ADR) *		69,183		670,383
EcoRodovias Infraestrutura e Logistica SA		182,940		354,592
Hidrovias do Brasil SA *		345,600		280,784
Log-in Logistica Intermodal SA *		10,650		84,455
Movida Participacoes SA		90,000		220,030
Santos Brasil Participacoes SA		447,900		863,714
SIMPAR SA		214,350		424,925
				2,898,883
Utilities: 8.7%
Alupar Investimento SA		156,306		1,014,384
Cia de Saneamento de Minas Gerais Copasa MG		134,988		569,751
Cia De Sanena Do Parana *		103,150		619,879
Light SA *		105,800		174,242
Serena Energia SA *		119,402		251,109
				2,629,365
Total Common Stocks (Cost: $22,502,299)				26,750,350

PREFERRED SECURITIES: 10.7%
Banks: 3.6%
Banco ABC Brasil SA*		52,756		271,620
Banco do Estado do Rio Grande do Sul SA		144,750		397,885
Banco Pan SA*		236,100		419,831
				1,089,336
Capital Goods: 2.9%
Marcopolo SA		361,059		524,893
Randon SA Implementos e Participacoes*		126,900		334,618
				859,511
Consumer; Cyclical: 0.8%
Alpargatas SA*		109,750		228,467
Energy: 2.2%
Raizen SA		810,600		672,294
Information Technology: 1.2%
Cia de Ferro Ligas da Bahia FERBASA*		23,450		224,217

	Number of Shares		Value
Information Technology (continued)
Taurus Armas SA		44,950	$	140,633
				364,850
Total Preferred Securities (Cost: $2,274,230)				3,214,458
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $24,776,529)				29,964,808

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $710,626)
State Street Navigator Securities Lending Government Money Market Portfolio		710,626		710,626
Total Investments: 102.1% (Cost: $25,487,155)				30,675,434
Liabilities in excess of other assets: (2.1)%				(630,025)
NET ASSETS: 100.0%			$	30,045,409

See Notes to Financial Statements

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 $1,173,102.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $277,652, or 0.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		24.9	%	$	7,460,657
Industrials		17.3			5,165,067
Energy		11.1			3,320,208
Utilities		10.3			3,073,981
Consumer Staples		8.5			2,525,316
Financials		7.7			2,315,609
Health Care		6.3			1,882,919
Materials		5.0			1,506,413
Information Technology		4.3			1,317,087
Real Estate		3.6			1,095,037
Communication Services		1.0			302,514
		100.0	%	$	29,964,808

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	168,329	$	—	$	168,329
Banks		—		695,525		—		695,525
Capital Goods		—		985,324		—		985,324
Commercial & Professional Services		—		421,349		—		421,349
Consumer Discretionary Distribution & Retail		—		485,844		—		485,844
Consumer Durables & Apparel		—		3,912,244		—		3,912,244
Consumer Services		1,215,745		1,678,495		—		2,894,240
Consumer Staples Distribution & Retail		81,332		211,670		—		293,002
Energy		147,025		2,945,505		—		3,092,530
Financial Services		168,520		—		—		168,520
Food, Beverage & Tobacco		356,343		1,647,504		—		2,003,847
Health Care Equipment & Services		—		1,805,483		—		1,805,483
Insurance		—		362,227		—		362,227
Materials		804,059		702,354		—		1,506,413
Media & Entertainment		228,595		—		—		228,595
Pharmaceuticals, Biotechnology & Life Sciences		—		77,436		—		77,436
Real Estate Management & Development		—		1,095,037		—		1,095,037
Semiconductors & Semiconductor Equipment		383,844		—		—		383,844
Software & Services		—		401,837		—		401,837
Technology Hardware & Equipment		103,893		62,663		—		166,556
Telecommunication Services		—		73,920		—		73,920
Transportation		670,383		2,228,500		—		2,898,883
Utilities		—		2,629,365		—		2,629,365
Preferred Securities ^*		—		3,214,458		—		3,214,458
Money Market Fund		710,626		—		—		710,626
Total Investments	$	4,870,365	$	25,805,069	$	—	$	30,675,434

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.7%
Capital Goods: 30.2%
Beijing Easpring Material Technology Co. Ltd.		18,200	$	97,586
Contemporary Amperex Technology Co. Ltd.		113,700		2,606,997
Dongguan Yiheda Automation Co. Ltd.		7,400		26,778
East Group Co. Ltd.		46,800		41,844
Eve Energy Co. Ltd.		57,100		338,605
Gaona Aero Material Co. Ltd.		20,900		59,707
Ginlong Technologies Co. Ltd.		10,000		98,081
Guangzhou Great Power Energy & Technology Co. Ltd.		14,200		56,397
Hunan Yuneng New Energy Battery Material Co. Ltd.		6,300		30,046
JL Mag Rare-Earth Co. Ltd.		27,100		76,999
Qingdao TGOOD Electric Co. Ltd.		30,000		84,704
Shenzhen Inovance Technology Co. Ltd.		86,600		768,293
Sungrow Power Supply Co. Ltd.		45,500		559,538
Sunwoda Electronic Co. Ltd.		62,300		129,161
Wuxi Lead Intelligent Equipment Co. Ltd.		44,900		161,315
Xi’an Triangle Defense Co. Ltd.		15,600		61,137
				5,197,188
Commercial & Professional Services: 0.8%
Beijing Originwater Technology Co. Ltd.		90,900		63,725
Centre Testing International Group Co. Ltd.		33,200		66,230
				129,955
Consumer Durables & Apparel: 0.3%
Huali Industrial Group Co. Ltd.		6,900		51,013
Consumer Services: 0.6%
Songcheng Performance Development Co. Ltd.		72,400		100,355
Financial Services: 8.2%
Beijing Compass Technology Development Co. Ltd. *		11,200		94,845
East Money Information Co. Ltd.		569,200		1,123,317
Hithink RoyalFlush Information Network Co. Ltd.		9,000		198,432
				1,416,594
Food, Beverage & Tobacco: 4.7%
Wens Foodstuffs Group Co. Ltd.		244,900		690,214
Yihai Kerry Arawana Holdings Co. Ltd.		25,500		119,600
				809,814
Health Care Equipment & Services: 12.6%
Aier Eye Hospital Group Co. Ltd.		194,400		432,301
Dian Diagnostics Group Co. Ltd.		21,200		70,866
Huaxia Eye Hospital Group Co. Ltd.		7,900		35,619
Jafron Biomedical Co. Ltd.		19,300		60,241

	Number of Shares		Value
Health Care Equipment & Services (continued)
Lepu Medical Technology Beijing Co. Ltd.		55,500	$	125,970
Ovctek China, Inc.		22,100		70,081
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		23,900		976,107
Shenzhen New Industries Biomedical Engineering Co. Ltd.		14,600		160,340
Sonoscape Medical Corp.		11,200		74,416
Tofflon Science & Technology Group Co. Ltd.		17,200		43,477
Winner Medical Co. Ltd.		8,800		46,034
Winning Health Technology Group Co. Ltd.		79,400		80,077
				2,175,529
Household & Personal Products: 1.0%
By-health Co. Ltd.		44,800		107,106
Yunnan Botanee Bio- Technology Group Co. Ltd.		6,000		57,445
				164,551
Materials: 6.5%
Canmax Technologies Co. Ltd.		26,400		93,934
CNGR Advanced Material Co. Ltd.		13,500		93,120
Hubei Dinglong Co. Ltd.		31,300		106,439
Hubei Feilihua Quartz Glass Co. Ltd.		19,200		98,582
Shandong Sinocera Functional Material Co. Ltd.		35,700		115,916
Shandong Weifang Rainbow Chemical Co. Ltd.		4,200		41,305
Shenzhen Capchem Technology Co. Ltd.		21,800		144,793
Shenzhen Dynanonic Co. Ltd.		9,400		80,546
Shenzhen Senior Technology Material Co. Ltd.		52,000		112,647
Sinofibers Technology Co. Ltd.		16,100		67,425
Sunresin New Materials Co. Ltd.		11,200		83,447
Weihai Guangwei Composites Co. Ltd.		23,700		88,797
				1,126,951
Media & Entertainment: 2.1%
Beijing Enlight Media Co. Ltd.		63,800		73,064
Kunlun Tech Co. Ltd. *		36,900		193,772
Mango Excellent Media Co. Ltd.		28,000		99,118
				365,954
Pharmaceuticals, Biotechnology & Life Sciences: 10.2%
Anhui Anke Biotechnology Group Co. Ltd.		50,600		72,633
Betta Pharmaceuticals Co. Ltd.		11,500		83,307
BGI Genomics Co. Ltd.		10,500		70,762
China Resources Boya Bio-pharmaceutical Group Co. Ltd.		14,100		66,702
Chongqing Zhifei Biological Products Co. Ltd.		51,400		440,973

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Hangzhou Tigermed Consulting Co. Ltd.		24,000	$	185,110
Hualan Biological Vaccine, Inc.		5,100		19,897
Imeik Technology Development Co. Ltd.		4,500		185,829
Pharmaron Beijing Co. Ltd.		41,600		169,130
Porton Pharma Solutions Ltd.		15,100		53,305
Shenzhen Kangtai Biological Products Co. Ltd.		27,900		106,382
Walvax Biotechnology Co. Ltd.		73,700		243,237
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd.		12,400		50,475
				1,747,742
Semiconductors & Semiconductor Equipment: 6.4%
Hangzhou Chang Chuan Technology Co. Ltd.		17,500		93,380
Ingenic Semiconductor Co. Ltd.		12,600		114,340
Konfoong Materials International Co. Ltd.		8,100		66,616
Risen Energy Co. Ltd.		40,200		99,696
SG Micro Corp.		13,600		169,908
Shenzhen SC New Energy Technology Corp.		11,200		116,393
Suzhou Maxwell Technologies Co. Ltd.		6,400		116,405
Wuhan DR Laser Technology Corp. Ltd.		6,000		50,775
Yangling Metron New Material, Inc.		7,100		33,187
Yangzhou Yangjie Electronic Technology Co. Ltd.		13,000		66,982
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		27,700		171,480
				1,099,162
Software & Services: 4.4%
Beijing Sinnet Technology Co. Ltd. *		62,000		84,601

	Number of Shares		Value
Software & Services (continued)
Empyrean Technology Co. Ltd.		8,000	$	118,852
Isoftstone Information Technology Group Co. Ltd. *		27,200		176,313
Longshine Technology Group Co. Ltd.		25,700		59,155
Sangfor Technologies, Inc. *		10,600		107,587
Semitronix Corp.		3,500		36,696
Thunder Software Technology Co. Ltd.		15,800		177,459
				760,663
Technology Hardware & Equipmen: 0.7%
Shenzhen Sunway Communication Co. Ltd.		36,500		120,898
Technology Hardware & Equipment: 11.0%
Anker Innovations Technology Co. Ltd.		7,100		88,303
Chaozhou Three-Circle Group Co. Ltd.		55,700		230,264
Eoptolink Technology, Inc. Ltd.		28,200		194,748
Lens Technology Co. Ltd.		87,800		162,655
Leyard Optoelectronic Co. Ltd.		91,600		77,183
Maxscend Microelectronics Co. Ltd.		15,200		300,747
Shenzhen Longsys Electronics Co. Ltd. *		4,100		52,926
Suzhou TFC Optical Communication Co. Ltd.		9,800		125,545
Wuhan Jingce Electronic Group Co. Ltd.		8,600		105,841
Yealink Network Technology Corp. Ltd.		20,600		85,464
Zhongji Innolight Co. Ltd.		28,500		450,630
Zhuzhou Hongda Electronics Corp. Ltd.		6,000		25,433
				1,899,739
Total Common Stocks (Cost: $17,638,256)				17,166,108
Total Investments: 99.7% (Cost: $17,638,256)				17,166,108
Other assets less liabilities: 0.3%				59,547
NET ASSETS: 100.0%			$	17,225,655

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Industrials		31.0	%	$	5,327,143
Health Care		22.9			3,923,271
Information Technology		22.6			3,880,462
Financials		8.2			1,416,594
Materials		6.6			1,126,951
Consumer Staples		5.7			974,365
Communication Services		2.1			365,954
Consumer Discretionary		0.9			151,368
		100.0	%	$	17,166,108

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Advanced Materials	$	—	$	2,606,997	$	—	$	2,606,997
Capital Goods		—		2,590,191		—		2,590,191
Commercial & Professional Services		—		129,955		—		129,955
Consumer Durables & Apparel		—		51,013		—		51,013
Consumer Services		—		100,355		—		100,355
Financial Services		—		1,416,594		—		1,416,594
Food, Beverage & Tobacco		—		809,814		—		809,814
Health Care Equipment & Services		160,340		2,015,189		—		2,175,529
Household & Personal Products		—		164,551		—		164,551
Materials		—		1,126,951		—		1,126,951
Media & Entertainment		—		365,954		—		365,954
Pharmaceuticals, Biotechnology & Life Sciences		—		1,747,742		—		1,747,742
Semiconductors & Semiconductor Equipment		—		1,099,162		—		1,099,162
Software & Services		—		760,663		—		760,663
Technology Hardware & Equipmen		—		120,898		—		120,898
Technology Hardware & Equipment		—		1,899,739		—		1,899,739
Total Investments	$	160,340	$	17,005,768	$	—	$	17,166,108

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.4%
Capital Goods: 0.8%
IndiaMart InterMesh Ltd. 144A		2,216	$	72,443
Commercial & Professional Services: 3.8%
Computer Age Management Services Ltd.		2,742		87,298
L&T Technology Services Ltd. 144A		1,595		100,602
WNS Holdings Ltd. (ADR) *		2,411		152,375
				340,275
Consumer Durables & Apparel: 2.3%
Dixon Technologies India Ltd.		2,661		209,847
Consumer Services: 7.2%
MakeMyTrip Ltd. *		3,521		165,417
Zomato Ltd. *		329,533		489,119
				654,536
Energy: 8.1%
Reliance Industries Ltd. 144A (GDR)		11,631		726,350
Financial Services: 4.3%
ICICI Securities Ltd. 144A		6,093		52,573
IIFL Finance Ltd.		13,517		97,133
Indian Energy Exchange Ltd. 144A		32,953		66,474
One 97 Communications Ltd. *		22,497		171,592
				387,772
Insurance: 2.7%
PB Fintech Ltd. *		25,490		243,179
Media & Entertainment: 3.3%
Info Edge India Ltd.		4,879		301,142

	Number of Shares		Value
Software & Services: 53.2%
Coforge Ltd.		3,113	$	234,471
Cyient Ltd.		5,179		142,629
HCL Technologies Ltd.		32,149		565,782
Infosys Ltd. (ADR)		38,788		712,923
KPIT Technologies Ltd.		12,612		229,186
LTIMindtree Ltd. 144A		5,684		429,507
Mphasis Ltd.		5,550		182,491
Oracle Financial Services Software Ltd.		1,764		89,235
Persistent Systems Ltd.		4,004		355,155
Tanla Platforms Ltd.		4,969		65,320
Tata Consultancy Services Ltd.		13,836		630,145
Tata Elxsi Ltd.		2,631		276,606
Tech Mahindra Ltd.		29,072		444,104
Wipro Ltd. (ADR)		77,662		432,577
				4,790,131
Technology Hardware & Equipment: 1.6%
Redington Ltd.		39,501		83,864
Tejas Networks Ltd. 144A *		5,639		58,911
				142,775
Telecommunication Services: 11.3%
Bharti Airtel Ltd.		45,200		560,347
Indus Towers Ltd. *		63,009		150,596
Tata Communications Ltd.		8,813		187,402
Vodafone Idea Ltd. *		587,430		112,789
				1,011,134
Transportation: 1.8%
Delhivery Ltd. *		34,902		163,147
Total Common Stocks (Cost: $8,406,314)				9,042,731
Total Investments: 100.4% (Cost: $8,406,314)				9,042,731
Liabilities in excess of other assets: (0.4)%				(32,560)
NET ASSETS: 100.0%			$	9,010,171

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. These securities have an aggregate value of $1,506,860, or 16.7% of net assets.

Summary of Investments by Sector	% of Investments			Value
Information Technology		54.6	%	$	4,932,907
Communication Services		14.5			1,312,276
Consumer Discretionary		9.5			864,382
Energy		8.0			726,350
Financials		7.0			630,950
Industrials		6.4			575,866
		100.0	%	$	9,042,731

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	72,443	$	—	$	72,443
Commercial & Professional Services		152,375		187,900		—		340,275
Consumer Durables & Apparel		—		209,847		—		209,847
Consumer Services		165,417		489,119		—		654,536
Energy		—		726,350		—		726,350
Financial Services		52,573		335,199		—		387,772
Insurance		—		243,179		—		243,179
Media & Entertainment		—		301,142		—		301,142
Software & Services		1,145,500		3,644,631		—		4,790,131
Technology Hardware & Equipment		—		142,775		—		142,775
Telecommunication Services		—		1,011,134		—		1,011,134
Transportation		—		163,147		—		163,147
Total Investments	$	1,515,865	$	7,526,866	$	—	$	9,042,731

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 94.4%
Automobiles & Components: 1.4%
GB Corp. *		1,145,393	$	300,219
Banks: 6.2%
Commercial International Bank - Egypt (GDR)		1,068,154		1,367,237
Capital Goods: 6.7%
ElSewedy Electric Co.		1,600,739		1,480,910
Consumer Discretionary Distribution & Retail: 1.2%
MM Group for Industry & International Trade SAE *		1,180,716		274,758
Consumer Durables & Apparel: 2.2%
Oriental Weavers		892,926		489,990
Consumer Services: 1.7%
Cairo For Investment And Real Estate Developments - CIRA Education		871,832		376,361
Energy: 1.8%
Capricorn Energy Plc *		186,617		402,863
Financial Services: 15.6%
EFG Holding SAE. *		1,678,941		904,594
EFG Holding SAE. (GDR) *		450,931		270,559
E-Finance for Digital & Financial Investments		1,203,917		681,495
Egypt Kuwait Holding Co. SAE		739,456		934,931
Fawry for Banking & Payment Technology Services SAE *		3,738,617		664,597
				3,456,176

	Number of Shares		Value
Food, Beverage & Tobacco: 8.4%
Eastern Co. SAE		2,049,587	$	1,859,333
Health Care Equipment & Services: 1.8%
Cleopatra Hospital *		2,700,402		404,285
Materials: 26.1%
Abou Kir Fertilizers & Chemical Industries		721,884		1,946,105
Alexandria Mineral Oils Co.		1,839,940		585,449
Centamin Plc		559,849		711,048
Egyptian Chemical Industries KIMA *		548,258		235,742
Ezz Steel Co. SAE *		541,802		1,578,609
Sidi Kerir Petrochemicals Co.		815,057		743,991
				5,800,944
Real Estate Management & Development: 16.9%
Emaar Misr for Development SAE *		2,267,178		273,334
Heliopolis Housing		1,439,378		480,625
Madinet Masr For Housing & Development		4,608,946		611,049
Palm Hills Developments SAE *		4,692,156		406,347
Talaat Moustafa Group		2,551,035		1,967,411
				3,738,766
Telecommunication Services: 4.4%
Telecom Egypt Co.		831,975		985,643
Total Common Stocks (Cost: $15,312,517)				20,937,485
Total Investments: 94.4% (Cost: $15,312,517)				20,937,485
Other assets less liabilities: 5.6%				1,249,402
NET ASSETS: 100.0%			$	22,186,887

Definitions:

GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Materials		27.7	%	$	5,800,944
Financials		23.0			4,823,413
Real Estate		17.9			3,738,766
Consumer Staples		8.9			1,859,333
Industrials		7.1			1,480,910
Consumer Discretionary		6.9			1,441,328
Communication Services		4.7			985,643
Health Care		1.9			404,285
Energy		1.9			402,863
		100.0	%	$	20,937,485

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	300,219	$	—	$	300,219
Banks		1,367,237		—		—		1,367,237
Capital Goods		1,480,910		—		—		1,480,910
Consumer Discretionary Distribution & Retail		—		274,758		—		274,758
Consumer Durables & Apparel		489,990		—		—		489,990
Consumer Services		376,361		—		—		376,361
Energy		—		402,863		—		402,863
Financial Services		1,205,490		2,250,686		—		3,456,176
Food, Beverage & Tobacco		—		1,859,333		—		1,859,333
Health Care Equipment & Services		—		404,285		—		404,285
Materials		585,449		5,215,495		—		5,800,944
Real Estate Management & Development		2,578,460		1,160,306		—		3,738,766
Telecommunication Services		—		985,643		—		985,643
Total Investments	$	8,083,897	$	12,853,588	$	—	$	20,937,485

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.2%
Automobiles & Components: 5.5%
Eicher Motors Ltd.		86,390	$	4,299,635
Pricol Ltd. *		26,329		120,127
UNO Minda Ltd.		106,200		876,876
				5,296,638
Banks: 13.7%
Bank of Baroda		1,191,465		3,305,858
CSB Bank Ltd. *		54,112		272,041
ICICI Bank Ltd.		346,823		4,144,465
Karnataka Bank Ltd.		200,279		562,907
State Bank of India		586,143		4,518,376
Ujjivan Small Finance Bank Ltd. 144A		334,703		228,682
				13,032,329
Capital Goods: 16.2%
Action Construction Equipment Ltd.		21,990		218,852
AIA Engineering Ltd.		19,730		874,475
Apar Industries Ltd.		9,904		720,140
Bharat Electronics Ltd.		2,247,024		4,971,001
Confidence Petroleum India Ltd.		61,032		65,426
Cummins India Ltd.		88,991		2,099,128
Data Patterns India Ltd.		12,287		274,545
Elecon Engineering Co. Ltd.		23,979		266,951
Elgi Equipments Ltd.		121,160		792,461
Force Motors Ltd.		3,075		133,574
HBL Power Systems Ltd.		141,805		742,867
Ingersoll Rand India Ltd.		4,543		169,922
Jupiter Wagons Ltd.		43,087		165,148
Kirloskar Brothers Ltd.		17,719		188,953
Kirloskar Oil Engines Ltd.		44,909		353,511
Man Infraconstruction Ltd.		67,824		176,474
Polycab India Ltd.		33,564		2,211,064
Praj Industries Ltd.		67,012		447,548
Shanthi Gears Ltd.		11,675		84,199
Voltamp Transformers Ltd.		5,454		427,132
				15,383,371
Commercial & Professional Services: 1.4%
BLS International Services Ltd.		69,501		266,571
L&T Technology Services Ltd. 144A		17,230		1,086,758
				1,353,329
Consumer Services: 0.1%
Aptech Ltd.		19,369		60,589

Energy: 8.1%
Coal India Ltd.		1,315,294		5,939,338
Great Eastern Shipping Co. Ltd.		52,802		619,311
Hindustan Oil Exploration Co. Ltd. *		40,331		88,211
Oil India Ltd.		233,045		1,041,108
				7,687,968
Financial Services: 6.3%
Angel One Ltd.		20,026		838,949
Motilal Oswal Financial Services Ltd.		23,464		349,604

	Number of Shares		Value
Financial Services (continued)
Nippon Life India Asset Management Ltd. 144A		90,876	$	488,846
Shriram Finance Ltd.		175,520		4,329,680
				6,007,079
Food, Beverage & Tobacco: 5.0%
Godfrey Phillips India Ltd.		9,330		236,375
KRBL Ltd.		36,533		164,519
Varun Beverages Ltd.		292,039		4,338,349
				4,739,243
Health Care Equipment & Services: 0.4%
Narayana Hrudayalaya Ltd.		23,842		344,217
Materials: 6.9%
Andhra Paper Ltd.		5,691		41,703
Archean Chemical Industries Ltd.		24,546		191,519
Bayer CropScience Ltd.		7,264		484,639
Fine Organic Industries Ltd.		5,063		302,675
Gravita India Ltd.		13,525		177,972
JK Paper Ltd.		46,846		228,862
JTL Industries Ltd.		28,028		80,087
Lloyds Metals & Energy Ltd. *		46,891		337,142
NMDC Ltd.		635,675		1,599,872
PI Industries Ltd.		54,608		2,306,431
Ramkrishna Forgings Ltd.		35,297		307,534
Usha Martin Ltd.		119,298		424,554
West Coast Paper Mills Ltd.		16,578		145,266
				6,628,256
Media & Entertainment: 2.9%
Affle India Ltd. *		31,726		497,506
Brightcom Group Ltd. *		969,856		225,524
Chennai Super Kings Cricket Ltd. *∞ ø		1,298,085		1,595,195
Sun TV Network Ltd.		55,113		471,456
				2,789,681
Pharmaceuticals, Biotechnology & Life Sciences: 7.3%
Caplin Point Laboratories Ltd.		12,540		204,242
Dr. Reddy’s Laboratories Ltd.		60,201		4,195,888
Glenmark Life Sciences Ltd.		13,315		105,098
Marksans Pharma Ltd.		136,396		263,861
Natco Pharma Ltd.		60,202		586,699
Neuland Laboratories Ltd.		4,040		256,819
Zydus Lifesciences Ltd.		161,509		1,337,075
				6,949,682
Software & Services: 26.2%
Happiest Minds Technologies Ltd.		47,277		508,657
HCL Technologies Ltd.		271,829		4,783,851
Infosys Ltd. (ADR)		227,457		4,180,660
KPIT Technologies Ltd.		99,144		1,801,649
LTIMindtree Ltd. 144A		57,397		4,337,163
Newgen Software Technologies Ltd.		17,073		320,246
Nucleus Software Exports Ltd.		4,457		78,582
Persistent Systems Ltd.		29,659		2,630,755
Route Mobile Ltd.		17,034		327,030
Sonata Software Ltd.		105,000		936,662

See Notes to Financial Statements

	Number of Shares		Value
Software & Services (continued)
Tanla Platforms Ltd.		41,079	$	540,008
Tata Consultancy Services Ltd.		97,935		4,460,339
				24,905,602
Technology Hardware & Equipment: 0.2%
Zen Technologies Ltd.		21,332		203,458
Total Common Stocks (Cost: $73,057,547)				95,381,442
Total Investments: 100.2% (Cost: $73,057,547)				95,381,442
Liabilities in excess of other assets: (0.2)%				(182,500)
NET ASSETS: 100.0%			$	95,198,942

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 $1,595,195, or 1.7% 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. These securities have an aggregate value of $6,141,449, or 6.5% of net assets.

Restricted securities held by the Fund as of December 31, 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

$1,595,195

1.7%

Summary of Investments by Sector	% of Investments			Value
Information Technology		26.3	%	$	25,109,059
Financials		20.0			19,039,409
Industrials		17.5			16,736,700
Energy		8.1			7,687,966
Health Care		7.7			7,293,900
Materials		6.9			6,628,257
Consumer Discretionary		5.6			5,357,226
Consumer Staples		5.0			4,739,243
Communication Services		2.9			2,789,682
		100.0	%	$	95,381,442

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	5,296,638	$	—	$	5,296,638
Banks		—		13,032,329		—		13,032,329
Capital Goods		165,148		15,218,223		—		15,383,371
Commercial & Professional Services		—		1,353,329		—		1,353,329
Consumer Services		—		60,589		—		60,589
Energy		—		7,687,968		—		7,687,968
Financial Services		—		6,007,079		—		6,007,079
Food, Beverage & Tobacco		—		4,739,243		—		4,739,243
Health Care Equipment & Services		—		344,217		—		344,217
Materials		821,781		5,806,475		—		6,628,256
Media & Entertainment		225,524		968,962		1,595,195		2,789,681
Pharmaceuticals, Biotechnology & Life Sciences		—		6,949,682		—		6,949,682
Software & Services		4,180,660		20,724,942		—		24,905,602
Technology Hardware & Equipment		—		203,458		—		203,458
Total Investments	$	5,393,113	$	88,393,134	$	1,595,195	$	95,381,442

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2023:

	Common Stock
Balance as of December 31, 2022	$	1,526,697
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		68,498
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of December 31, 2023	$	1,595,195

	Value as of December 31, 2023	Valuation Technique	Unobservable Input Description⁽¹⁾	Unobservable Input	Impact to Valuation from an Increase in Input⁽²⁾
Common Stock

Media & Entertainment	$1,595,195	Market Approach	Revenue Multiple	18.5x – 20.5x	Increase
			Illiquidity Discount	35%	Decrease

(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 INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.0%
Banks: 29.2%
Bank Aladin Syariah Tbk PT *		1,486,900	$	119,748
Bank Central Asia Tbk PT		3,951,500		2,413,179
Bank Jago Tbk PT *		948,900		178,554
Bank Mandiri Persero Tbk PT		5,246,004		2,060,827
Bank Negara Indonesia Persero Tbk PT		3,743,564		1,306,278
Bank Rakyat Indonesia Persero Tbk PT		6,409,833		2,382,328
				8,460,914
Capital Goods: 7.6%
Astra International Tbk PT		4,555,400		1,670,562
Jardine Cycle & Carriage Ltd.		23,088		520,601
				2,191,163
Consumer Discretionary Distribution & Retail: 5.8%
Bukalapak.com PT Tbk *		13,860,000		194,281
GoTo Gojek Tokopedia Tbk PT *		224,767,600		1,253,036
Mitra Adiperkasa Tbk PT		2,063,200		239,871
				1,687,188
Consumer Staples Distribution & Retail: 3.2%
Sumber Alfaria Trijaya Tbk PT		4,950,300		942,003
Energy: 8.4%
Adaro Energy Indonesia Tbk PT		3,488,600		538,809
Banpu PCL (NVDR)		2,312,529		459,681
Bukit Asam Tbk PT		993,500		157,492
Bumi Resources Tbk PT *		32,964,500		181,756
Indo Tambangraya Megah Tbk PT		100,300		167,085
Petrindo Jaya Kreasi Tbk PT *		427,700		372,921
United Tractors Tbk PT		378,469		556,110
				2,433,854
Financial Services: 0.6%
BFI Finance Indonesia Tbk PT		2,106,000		164,820
Food, Beverage & Tobacco: 7.4%
Charoen Pokphand Indonesia Tbk PT		1,830,100		597,083
First Pacific Co. Ltd.		517,250		206,111
Golden Agri-Resources Ltd.		1,158,000		228,083
Gudang Garam Tbk PT		117,100		154,554
Indofood CBP Sukses Makmur Tbk PT		562,000		385,548
Indofood Sukses Makmur Tbk PT		1,113,600		466,535
Japfa Comfeed Indonesia Tbk PT		1,338,500		102,584
				2,140,498
Health Care Equipment & Services: 0.9%
Mitra Keluarga Karyasehat Tbk PT		1,373,097		254,161
Household & Personal Products: 1.1%
Unilever Indonesia Tbk PT		1,451,500		332,722
Materials: 14.9%
Aneka Tambang Tbk		2,133,400		236,252
Avia Avian Tbk PT		3,928,600		127,577
Barito Pacific Tbk PT		6,924,843		597,815

	Number of Shares		Value
Materials (continued)
Bumi Resources Minerals Tbk PT *		18,700,800	$	206,525
Chandra Asri Petrochemical Tbk PT		2,633,236		897,476
Indah Kiat Pulp & Paper Tbk PT		652,200		352,508
Indocement Tunggal Prakarsa Tbk PT		392,200		239,404
Merdeka Battery Materials Tbk PT *		7,669,900		278,960
Merdeka Copper Gold Tbk PT *		3,118,995		546,758
Nickel Industries Ltd.		369,607		175,194
Pabrik Kertas Tjiwi Kimia Tbk PT		315,900		149,774
Semen Indonesia Persero Tbk PT		839,162		348,759
Vale Indonesia Tbk PT		529,300		148,164
				4,305,166
Media & Entertainment: 0.5%
Elang Mahkota Teknologi Tbk PT		4,038,800		154,667
Pharmaceuticals, Biotechnology & Life Sciences: 1.8%
Kalbe Farma Tbk PT		4,993,700		522,356
Real Estate Management & Development: 1.8%
Bumi Serpong Damai Tbk PT *		1,879,500		131,864
Ciputra Development Tbk PT		2,209,695		167,912
Pakuwon Jati Tbk PT		3,786,800		111,621
Summarecon Agung Tbk PT		2,763,600		103,201
				514,598
Telecommunication Services: 9.6%
Indosat Tbk PT		327,200		199,227
PT Tower Bersama Infrastructure Tbk		862,000		117,009
Sarana Menara Nusantara Tbk PT		5,305,300		340,722
Smartfren Telecom Tbk PT *		32,326,600		105,007
Telkom Indonesia Persero Tbk PT (ADR)		72,569		1,869,377
XL Axiata Tbk PT		1,075,275		139,602
				2,770,944
Transportation: 1.0%
Jasa Marga Persero Tbk PT		552,250		174,589
Transcoal Pacific Tbk PT		253,600		121,499
				296,088
Utilities: 6.2%
Barito Renewables Energy Tbk PT		3,320,400		1,612,002
Perusahaan Gas Negara Tbk PT		2,644,000		193,987
				1,805,989
Total Common Stocks (Cost: $35,973,658)				28,977,131
Total Investments: 100.0% (Cost: $35,973,658)				28,977,131
Liabilities in excess of other assets: 0.0%				(4,231)
NET ASSETS: 100.0%			$	28,972,900

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Financials		29.8	%	$	8,625,734
Materials		14.9			4,305,166
Consumer Staples		11.7			3,415,223
Communication Services		10.1			2,925,611
Industrials		8.6			2,487,251
Energy		8.4			2,433,854
Utilities		6.2			1,805,989
Consumer Discretionary		5.8			1,687,188
Health Care		2.7			776,517
Real Estate		1.8			514,598
		100.0	%	$	28,977,131

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	119,748	$	8,341,166	$	—	$	8,460,914
Capital Goods		—		2,191,163		—		2,191,163
Consumer Discretionary Distribution & Retail		—		1,687,188		—		1,687,188
Consumer Staples Distribution & Retail		—		942,003		—		942,003
Energy		—		2,433,854		—		2,433,854
Financial Services		164,820		—		—		164,820
Food, Beverage & Tobacco		—		2,140,498		—		2,140,498
Health Care Equipment & Services		254,161		—		—		254,161
Household & Personal Products		—		332,722		—		332,722
Materials		704,475		3,600,691		—		4,305,166
Media & Entertainment		—		154,667		—		154,667
Pharmaceuticals, Biotechnology & Life Sciences		—		522,356		—		522,356
Real Estate Management & Development		167,912		346,686		—		514,598
Telecommunication Services		2,185,613		585,331		—		2,770,944
Transportation		—		296,088		—		296,088
Utilities		1,612,002		193,987		—		1,805,989
Total Investments	$	5,208,731	$	23,768,400	$	—	$	28,977,131

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 0.6%
Mobileye Global, Inc. * †		8,789	$	380,739
Banks: 17.4%
Bank Hapoalim BM		317,340		2,866,404
Bank Leumi Le-Israel BM		377,094		3,051,346
FIBI Holdings Ltd.		5,852		256,361
First International Bank Of Israel Ltd.		15,528		638,170
Israel Discount Bank Ltd.		340,347		1,713,391
Mizrahi Tefahot Bank Ltd.		46,122		1,795,215
				10,320,887
Capital Goods: 4.6%
Ashtrom Group Ltd.		9,051		141,197
Elbit Systems Ltd. †		7,796		1,662,497
Electra Ltd.		238		101,518
Kornit Digital Ltd. *		13,099		250,977
Shapir Engineering and Industry Ltd.		25,804		166,555
Shikun & Binui Ltd. *		60,192		171,227
Stratasys Ltd. *		17,841		254,769
				2,748,740
Commercial & Professional Services: 0.9%
Danel Adir Yeoshua Ltd.		925		76,915
Fiverr International Ltd. * †		11,439		311,370
Hilan Ltd.		3,234		171,093
				559,378
Consumer Discretionary Distribution & Retail: 1.9%
Global-e Online Ltd. *		28,810		1,141,740
Consumer Durables & Apparel: 0.6%
Delta Galil Ltd.		3,804		170,526
Maytronics Ltd.		13,583		154,861
				325,387
Consumer Services: 0.4%
888 Holdings Plc *		98,839		120,393
Fattal Holdings 1998 Ltd. *		1,242		137,847
				258,240
Consumer Staples Distribution & Retail: 0.5%
Rami Levy Chain Stores
Hashikma Marketing 2006 Ltd.		2,843		159,261
Shufersal Ltd. *		33,806		162,026
				321,287
Energy: 2.2%
Delek Group Ltd.		3,310		428,690
Energean Plc		32,639		434,207
Oil Refineries Ltd.		822,627		279,167
Paz Oil Co. Ltd.		1,683		141,635
				1,283,699
Financial Services: 2.0%
Isracard Ltd.		64,767		230,656
Payoneer Global, Inc. *		75,905		395,465
Plus500 Ltd.		19,100		405,664
Tel Aviv Stock Exchange Ltd.		23,209		124,487
				1,156,272
Food, Beverage & Tobacco: 0.4%
Strauss Group Ltd. *		11,622		219,807

	Number of Shares		Value
Health Care Equipment & Services: 1.9%
Inmode Ltd. * †		26,859	$	597,344
Nano-X Imaging Ltd. * †		18,664		118,890
Novocure Ltd. *		15,068		224,965
OPKO Health, Inc. * †		132,935		200,732
				1,141,931
Insurance: 2.9%
Clal Insurance Enterprises Holdings Ltd. *		20,113		322,091
Harel Insurance Investments & Financial Services Ltd.		37,327		293,860
Lemonade, Inc. * †		15,150		244,369
Menora Mivtachim Holdings Ltd.		7,875		203,613
Migdal Insurance & Financial Holdings Ltd.		108,738		124,397
Phoenix Holdings Ltd.		53,967		549,797
				1,738,127
Materials: 2.1%
ICL Group Ltd.		177,385		888,699
Israel Corp. Ltd. *		1,294		329,438
				1,218,137
Media & Entertainment: 1.6%
Perion Network Ltd. *		14,398		444,466
Playtika Holding Corp. *		23,997		209,254
Taboola.com Ltd. * †		62,568		270,920
				924,640
Pharmaceuticals, Biotechnology & Life Sciences: 7.0%
Taro Pharmaceutical Industries Ltd. *		2,844		118,822
Teva Pharmaceutical Industries Ltd. (ADR) *		385,525		4,024,881
				4,143,703
Real Estate Management & Development: 4.5%
Airport City Ltd. *		11,066		189,968
Alony Hetz Properties & Investments Ltd.		34,614		284,319
Amot Investments Ltd.		53,375		289,097
Azrieli Group Ltd.		12,512		813,701
Big Shopping Centers Ltd. *		3,109		321,451
Melisron Ltd.		5,718		445,454
Mivne Real Estate KD Ltd.		72,694		217,419
Summit Real Estate Holdings Ltd.		7,370		111,204
				2,672,613
Semiconductors & Semiconductor Equipment: 7.0%
Camtek Ltd. * †		8,181		567,598
CEVA, Inc. * †		5,267		119,613
Nova Ltd. *		5,971		820,356
SolarEdge Technologies, Inc. * †		17,585		1,645,956
Tower Semiconductor Ltd. *		33,814		1,032,003
				4,185,526
Software & Services: 35.2%
Amdocs Ltd.		33,158		2,914,257
Check Point Software Technologies Ltd. *		29,373		4,487,901

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Software & Services (continued)
CyberArk Software Ltd. *		13,646	$	2,989,156
Formula Systems 1985 Ltd.		1,898		122,462
JFrog Ltd. *		29,580		1,023,764
Matrix IT Ltd.		8,957		169,836
Monday.com Ltd. *		8,373		1,572,533
Nice Ltd. (ADR) * †		16,989		3,389,475
One Software Technologies Ltd.		8,609		110,544
Radware Ltd. *		7,521		125,450
Sapiens International Corp. NV		9,584		277,361
SentinelOne, Inc. *		66,729		1,831,044
Wix.com Ltd. *		15,531		1,910,624
				20,924,407
Technology Hardware & Equipment: 0.5%
Gilat Satellite Networks Ltd. * †		15,190		92,811
Nano Dimension Ltd. (ADR) * †		72,775		174,660
				267,471
Telecommunication Services: 1.7%
Bezeq The Israeli Telecommunication Corp. Ltd.		694,645		951,125
Partner Communications Co. Ltd. *		16,654		82,868
				1,033,993
Transportation: 0.5%
ZIM Integrated Shipping Services Ltd. †		32,663		322,384

	Number of Shares		Value
Utilities: 3.4%
Energix-Renewable Energies Ltd.		79,141	$	291,985
Enlight Renewable Energy Ltd. *		22,698		442,291
Kenon Holdings Ltd.		6,117		148,672
OPC Energy Ltd. *		19,297		125,979
Ormat Technologies, Inc. †		13,492		1,022,558
				2,031,485
Total Common Stocks (Cost: $51,593,327)				59,320,593

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,427,364)
State Street Navigator Securities Lending Government Money Market Portfolio		1,427,364		1,427,364
Total Investments: 102.2% (Cost: $53,020,691)				60,747,957
Liabilities in excess of other assets: (2.2)%				(1,294,584)
NET ASSETS: 100.0%			$	59,453,373

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $9,870,360.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		42.9	%	$	25,377,404
Financials		22.3			13,215,286
Health Care		8.9			5,285,634
Industrials		6.0			3,630,502
Real Estate		4.5			2,672,613
Consumer Discretionary		3.5			2,106,106
Utilities		3.4			2,031,485
Communication Services		3.3			1,958,633
Energy		2.2			1,283,699
Materials		2.1			1,218,137
Consumer Staples		0.9			541,094
		100.0	%	$	59,320,593

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	380,739	$	—	$	—	$	380,739
Banks		—		10,320,887		—		10,320,887
Capital Goods		2,168,243		580,497		—		2,748,740
Commercial & Professional Services		311,370		248,008		—		559,378
Consumer Discretionary Distribution & Retail		1,141,740		—		—		1,141,740
Consumer Durables & Apparel		—		325,387		—		325,387
Consumer Services		120,393		137,847		—		258,240
Consumer Staples Distribution & Retail		—		321,287		—		321,287
Energy		279,167		1,004,532		—		1,283,699
Financial Services		395,465		760,807		—		1,156,272
Food, Beverage & Tobacco		—		219,807		—		219,807
Health Care Equipment & Services		1,141,931		—		—		1,141,931
Insurance		244,369		1,493,758		—		1,738,127
Materials		888,699		329,438		—		1,218,137
Media & Entertainment		924,640		—		—		924,640
Pharmaceuticals, Biotechnology & Life Sciences		4,143,703		—		—		4,143,703
Real Estate Management & Development		—		2,672,613		—		2,672,613
Renewable Energy		2,668,514		—		—		2,668,514
Semiconductors & Semiconductor Equipment		2,539,570		—		—		2,539,570
Software & Services		20,521,565		402,842		—		20,924,407
Technology Hardware & Equipment		267,471		—		—		267,471
Telecommunication Services		—		1,033,993		—		1,033,993
Transportation		322,384		—		—		322,384
Utilities		—		1,008,927		—		1,008,927
Money Market Fund		1,427,364		—		—		1,427,364
Total Investments	$	39,887,327	$	20,860,630	$	—	$	60,747,957

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 9.6%
Bank for Foreign Trade of Vietnam JSC *		9,013,105	$	29,820,046
Saigon - Hanoi Commercial Joint Stock Bank *		24,608,956		10,941,441
Vietnam Export Import Commercial JSB *		13,317,840		10,063,332
				50,824,819
Capital Goods: 8.9%
Development Investment Construction JSC *		7,430,186		8,164,769
Gelex Group JSC *		8,926,664		8,668,830
Ha Do Group JSC *		2,252,400		2,558,055
Hoang Huy Investment Financial Services JSC		9,087,920		4,933,042
IDICO Corp. JSC		3,085,510		6,623,451
Tasco JSC *		12,138,300		10,112,010
Vietnam Construction and Import-Export JSC *		5,754,519		5,848,575
				46,908,732
Energy: 2.0%
PetroVietnam Drilling & Well Services JSC *		4,095,088		4,767,900
PetroVietnam Technical Services Corp.		3,656,500		5,725,244
				10,493,144
Financial Services: 16.1%
Sai Gon-Ha Noi Securities JSC *		8,063,950		6,281,785
SSI Securities Corp.		21,122,308		28,512,620
Vietcap Securities JSC		8,181,350		14,392,060
VIX Securities JSC *		17,450,417		12,276,698
VNDirect Securities Corp. *		25,534,480		23,368,857
				84,832,020
Food, Beverage & Tobacco: 19.4%
HAGL JSC *		12,087,300		6,563,743
Hoang Anh Gia Lai International Agriculture JSC *		15,076,600		2,917,779
KIDO Group Corp. *		2,477,930		6,434,325
Masan Group Corp. *		8,108,276		22,368,283
Saigon Beer Alcohol Beverage Corp.		3,634,000		9,425,924
Thanh Thanh Cong - Bien Hoa JSC *		8,812,099		4,788,980
Vietnam Dairy Products JSC		15,070,141		41,953,491
Vinh Hoan Corp. *		2,649,800		8,117,191
				102,569,716
Insurance: 0.8%
Bao Viet Holdings		2,734,296		4,449,507

	Number of Shares		Value
Materials: 11.9%
Duc Giang Chemicals JSC		3,228,132	$	12,544,214
Hoa Phat Group JSC *		30,389,397		34,975,863
Hoa Sen Group *		4,712,301		4,419,712
PetroVietNam Ca Mau Fertilizer JSC		3,600,000		4,801,936
Petrovietnam Fertilizer & Chemicals JSC		4,324,300		5,926,052
				62,667,777
Real Estate Management & Development: 28.4%
CEO Group JSC *		6,416,400		5,993,175
Dat Xanh Group JSC *		4,663,400		3,709,371
Khang Dien House Trading and Investment JSC *		2,717,724		3,511,875
Kinh Bac City Development Holding Corp. *		5,872,300		7,669,810
Novaland Investment Group Corp. *		25,416,758		17,805,130
Phat Dat Real Estate Development Corp. *		7,745,300		8,870,296
Van Phu - Invest Investment JSC		3,016,960		6,839,281
Vincom Retail JSC *		11,589,022		11,119,328
Vingroup JSC *		24,119,249		44,337,586
Vinhomes JSC 144A *		22,330,467		39,729,772
				149,585,624
Transportation: 1.6%
Vietjet Aviation JSC *		1,841,540		8,193,654
Utilities: 1.2%
PetroVietnam Power Corp. *		13,270,810		6,147,184
Total Common Stocks (Cost: $440,106,357)				526,672,177

RIGHTS: 0.1% (Cost: $0)
Real Estate Management & Development: 0.1%
Dat Xanh Group JSC, VND 12,000, exp. 01/15/24 *		5,850,400		291,371

EXCHANGE TRADED FUND: 0.0% (Cost: $42,157)
DCVFMVN Diamond ETF		62,610		68,180

Total Investments: 100.0% (Cost: $440,148,514)				527,031,728
Other assets less liabilities: 0.0%				226,421
NET ASSETS: 100.0%			$	527,258,149

See Notes to Financial Statements

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. These securities have an aggregate value of $39,729,772, or 7.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Real Estate		28.4	%	$	149,876,995
Financials		26.5			140,106,346
Consumer Staples		19.5			102,569,716
Materials		11.9			62,667,777
Industrials		10.5			55,102,386
Energy		2.0			10,493,144
Utilities		1.2			6,147,184
Exchange Traded Fund		0.0			68,180
		100.0	%	$	527,031,728

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	50,824,819	$	—	$	50,824,819
Capital Goods		—		46,908,732		—		46,908,732
Energy		—		10,493,144		—		10,493,144
Financial Services		6,281,785		78,550,235		—		84,832,020
Food, Beverage & Tobacco		6,434,325		96,135,391		—		102,569,716
Insurance		—		4,449,507		—		4,449,507
Materials		—		62,667,777		—		62,667,777
Real Estate Management & Development		44,337,586		105,248,038		—		149,585,624
Transportation		—		8,193,654		—		8,193,654
Utilities		—		6,147,184		—		6,147,184
Rights ^*		—		291,371		—		291,371
Exchange Traded Fund		—		68,180		—		68,180
Total Investments	$	57,053,696	$	469,978,032	$	—	$	527,031,728

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Africa Index ETF			Brazil Small-Cap ETF			ChiNext ETF			Digital India ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	41,814,439		$	29,964,808		$	17,166,108		$	9,042,731
Short-term investments held as collateral for securities loaned (3)		616,977			710,626			—			—
Cash		—			23,004			—			6,849
Cash denominated in foreign currency, at value (4)		2,587,111			45,734			98,488	(a)		694,992
Receivables:
Shares of beneficial interest sold		22,540			—			—			900,927
Due from Adviser		—			—			15,125			—
Dividends and interest		17,525			115,644			12,319			199
Prepaid expenses		849			780			743			—
Total assets		45,059,441			30,860,596			17,292,783			10,645,698
Liabilities:
Payables:
Investment securities purchased		—			—			—			894,184
Collateral for securities loaned		616,977			710,626			—			—
Line of credit		1,995,613			—			—			658,056
Due to Adviser		5,447			1,745			—			3,860
Due to custodian		522,658			—			6,336			—
Deferred Trustee fees		15,778			41,322			1,532			—
Accrued expenses		120,847			61,494			59,260			186
Accrued foreign taxes		—			—			—			79,241
Total liabilities		3,277,320			815,187			67,128			1,635,527
NET ASSETS	$	41,782,121		$	30,045,409		$	17,225,655		$	9,010,171
Shares outstanding		2,950,000			1,700,000			700,000			250,000
Net asset value, redemption and offering price per share	$	14.16		$	17.67		$	24.61		$	36.04
Net Assets consist of:
Aggregate paid in capital	$	117,916,069		$	192,594,809		$	23,567,281		$	8,637,723
Total distributable earnings (loss)		(76,133,948	)		(162,549,400	)		(6,341,626	)		372,448
NET ASSETS	$	41,782,121		$	30,045,409		$	17,225,655		$	9,010,171
(1) Value of securities on loan	$	4,000,181		$	1,173,102		$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	39,644,320		$	24,776,529		$	17,638,256		$	8,406,314
(3) Cost of short-term investments held as collateral for securities loaned	$	616,977		$	710,626		$	—		$	—
(4) Cost of cash denominated in foreign currency	$	5,308,426		$	45,768		$	99,187		$	695,326


(a)	Includes $14,443 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF			Israel ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	20,937,485		$	95,381,442		$	28,977,131		$	59,320,593
Short-term investments held as collateral for securities loaned (3)		—			—			—			1,427,364
Cash		—			120,871			112,638			168,938
Cash denominated in foreign currency, at value (4)		1,318,934			235,153			—			—
Receivables:
Dividends and interest		67,279			4,756			121			35,792
Prepaid expenses		733			1,849			791			1,880
Total assets		22,324,431			95,744,071			29,090,681			60,954,567
Liabilities:
Payables:
Collateral for securities loaned		—			—			—			1,427,364
Due to Adviser		10,350			35,469			9,914			22,030
Due to custodian		71,405			—			—			—
Deferred Trustee fees		6,955			17,823			35,019			5,616
Accrued expenses		48,834			491,837			72,848			46,184
Total liabilities		137,544			545,129			117,781			1,501,194
NET ASSETS	$	22,186,887		$	95,198,942		$	28,972,900		$	59,453,373
Shares outstanding		924,974			2,174,967			1,700,000			1,700,000
Net asset value, redemption and offering price per share	$	23.99		$	43.77		$	17.04		$	34.97
Net Assets consist of:
Aggregate paid in capital	$	61,838,696		$	154,473,484		$	159,645,307		$	63,810,266
Total distributable earnings (loss)		(39,651,809	)		(59,274,542	)		(130,672,407	)		(4,356,893	)
NET ASSETS	$	22,186,887		$	95,198,942		$	28,972,900		$	59,453,373
(1) Value of securities on loan	$	—		$	—		$	—		$	9,870,360
(2) Cost of investments - Unaffiliated issuers	$	15,312,517		$	73,057,547		$	35,973,658		$	51,593,327
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	—		$	1,427,364
(4) Cost of cash denominated in foreign currency	$	1,319,818		$	235,217		$	—		$	—

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Vietnam ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	527,031,728
Cash		801
Cash denominated in foreign currency, at value (2)		742,080
Receivables:
Investment securities sold		1,269,538
Dividends and interest		724,285
Prepaid expenses		5,117
Total assets		529,773,549
Liabilities:
Payables:
Line of credit		2,031,737
Due to Adviser		229,205
Deferred Trustee fees		63,971
Accrued expenses		190,487
Total liabilities		2,515,400
NET ASSETS	$	527,258,149
Shares outstanding		40,750,000
Net asset value, redemption and offering price per share	$	12.94
Net Assets consist of:
Aggregate paid in capital	$	843,087,741
Total distributable earnings (loss)		(315,829,592	)
NET ASSETS	$	527,258,149
(1) Cost of investments - Unaffiliated issuers	$	440,148,514
(2) Cost of cash denominated in foreign currency	$	739,897

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Africa Index ETF			Brazil Small-Cap ETF			ChiNext ETF			Digital India ETF
Income:
Dividends	$	1,851,007		$	1,062,877		$	172,359		$	34,401
Interest		112			5,019			50,611			720
Securities lending income		26,092			55,005			—			—
Foreign taxes withheld		(222,020	)		(70,230	)		(17,522	)		(6,565	)
Total income		1,655,191			1,052,671			205,448			28,556
Expenses:
Management fees		226,942			145,838			103,333			19,501
Professional fees		46,535			44,811			50,678			—
Custody and accounting fees		112,742			80,212			125,747			—
Reports to shareholders		20,270			5,467			10,602			—
Trustees’ fees and expenses		1,628			2,243			552			—
Registration fees		5,977			5,977			8,587			—
Insurance		1,951			1,785			1,788			—
Interest		242,517			25,197			89,839			1,610
Taxes		243			243			—			58
Other		7,490			186			285			—
Total expenses		666,295			311,959			391,411			21,169
Expenses assumed by the Adviser		(69,506	)		(114,419	)		(257,078	)		—
Net expenses		596,789			197,540			134,333			21,169
Net investment income		1,058,402			855,131			71,115			7,387

Net realized gain (loss) on:
Investments (1)		(4,044,080	)		(5,236,754	)		(1,978,278	)		(99,635	)
In-kind redemptions		755,523			141,097			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(690,573	)		6,276			(7,211	)		(11,753	)
Net realized loss		(3,979,130	)		(5,089,381	)		(1,985,489	)		(111,388	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		725,723			13,206,686			(3,214,177	)		914,783
Foreign currency translations and foreign denominated assets and liabilities		(1,942,651	)		(3,529	)		2,307			(334	)
Net change in unrealized appreciation (depreciation)		(1,216,928	)		13,203,157			(3,211,870	)		914,449
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(4,137,656	)	$	8,968,907		$	(5,126,244	)	$	810,448
(1) Net of foreign taxes	$	(57,813	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	—		$	—		$	—		$	(79,241	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF			Israel ETF
Income:
Dividends	$	1,205,005		$	1,312,030		$	1,510,474		$	1,242,166
Interest		4,392			18,431			4,046			2,933
Securities lending income		—			—			4,736			109,610
Foreign taxes withheld		(33,876	)		(276,084	)		(237,702	)		(287,381	)
Total income		1,175,521			1,054,377			1,281,554			1,067,328
Expenses:
Management fees		90,887			297,274			154,887			284,753
Professional fees		38,351			77,060			39,387			49,926
Custody and accounting fees		63,213			120,605			82,219			82,369
Reports to shareholders		8,855			14,460			14,752			12,899
Trustees’ fees and expenses		674			16,103			2,713			1,968
Registration fees		5,977			5,977			5,977			5,977
Insurance		1,690			2,929			2,839			3,908
Interest		122,766			86,503			3,379			2,000
Taxes		243			243			243			243
Other		278			25,473			195			224
Total expenses		332,934			646,627			306,591			444,267
Expenses assumed by the Adviser		(39,057	)		(131,971	)		(126,398	)		(106,015	)
Net expenses		293,877			514,656			180,193			338,252
Net investment income		881,644			539,721			1,101,361			729,076

Contribution from Adviser
Increase from payment from Adviser (See Note 3)		71,119			—			—			—

Net realized gain (loss) on:
Investments		(3,640,523	)		1,400,164			(4,843,103	)		(1,237,710	)
In-kind redemptions		257,944			39,246			1,008,941			1,124,488
Foreign currency transactions and foreign denominated assets and liabilities		(529,300	)		(223,768	)		(1,247	)		2,459
Net realized gain (loss)		(3,911,879	)		1,215,642			(3,835,409	)		(110,763	)

Net change in unrealized appreciation (depreciation) on:
Investments (1)		5,743,271			18,079,847			3,242,202			(800,538	)
Foreign currency translations and foreign denominated assets and liabilities		6,172			(289	)		145			35
Net change in unrealized appreciation (depreciation)		5,749,443			18,079,558			3,242,347			(800,503	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,790,327		$	19,834,921		$	508,299		$	(182,190	)
(1) Net of foreign taxes	$	—		$	(385,171	)	$	—		$	—

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Vietnam ETF
Income:
Dividends	$	6,979,439
Interest		27,285
Securities lending income		13,279
Foreign taxes withheld		(6,180	)
Total income		7,013,823
Expenses:
Management fees		2,714,061
Professional fees		68,773
Custody and accounting fees		458,397
Reports to shareholders		51,781
Trustees’ fees and expenses		16,051
Registration fees		4,041
Insurance		11,012
Interest		456,044
Taxes		243
Other		5,125
Total expenses		3,785,528
Net investment income		3,228,295

Net realized gain (loss) on:
Investments .		(29,038,735	)
Foreign currency transactions and foreign denominated assets and liabilities		(792,070	)
Net realized loss		(29,830,805	)

Net change in unrealized appreciation (depreciation) on:
Investments		96,025,794
Foreign currency translations and foreign denominated assets and liabilities		(1,026	)
Net change in unrealized appreciation (depreciation)		96,024,768
Net Increase in Net Assets Resulting from Operations	$	69,422,258

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Brazil Small-Cap ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	1,058,402		$	1,748,437		$	855,131		$	799,907
Net realized loss		(3,979,130	)		(4,065,150	)		(5,089,381	)		(1,502,110	)
Net change in unrealized appreciation (depreciation)		(1,216,928	)		(8,524,292	)		13,203,157			(2,563,731	)
Net increase (decrease) in net assets resulting from operations		(4,137,656	)		(10,841,005	)		8,968,907			(3,265,934	)
Distributions to shareholders from:
Distributable earnings		(925,120	)		(1,670,110	)		(1,500,080	)		(971,850	)
Return of capital		—			—			—			(3,075	)
Total distributions		(925,120	)		(1,670,110	)		(1,500,080	)		(974,925	)

Share transactions*:
Proceeds from sale of shares		3,822,667			—			661,038			1,379,038
Cost of shares redeemed		(2,837,820	)		(817,849	)		(3,309,211	)		(3,800,241	)
Increase (decrease) in net assets resulting from share transactions		984,847			(817,849	)		(2,648,173	)		(2,421,203	)
Total increase (decrease) in net assets		(4,077,929	)		(13,328,964	)		4,820,654			(6,662,062	)
Net Assets, beginning of year		45,860,050			59,189,014			25,224,755			31,886,817
Net Assets, end of year	$	41,782,121		$	45,860,050		$	30,045,409		$	25,224,755
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			—			50,000			100,000
Shares redeemed		(200,000	)		(50,000	)		(200,000	)		(200,000	)
Net increase (decrease)		50,000			(50,000	)		(150,000	)		(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	ChiNext ETF						Digital India ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Period Ended December 31, 2022 (a)

Operations:
Net investment income (loss)	$	71,115		$	(56,012	)	$	7,387		$	7,222
Net realized loss		(1,985,489	)		(3,640,884	)		(111,388	)		(61,964	)
Net change in unrealized appreciation (depreciation)		(3,211,870	)		(9,389,260	)		914,449			(357,607	)
Net increase (decrease) in net assets resulting from operations		(5,126,244	)		(13,086,156	)		810,448			(412,349	)
Distributions to shareholders from:
Distributable earnings		—			—			(12,151	)		(13,500	)
Return of capital		—			—			(1,094	)		—
Total distributions		—			—			(13,245	)		(13,500	)

Share transactions*:
Proceeds from sale of shares		7,981,519			—			6,823,351			1,815,466
Cost of shares redeemed		(5,954,336	)		(7,788,438	)		—			—
Increase (decrease) in net assets resulting from share transactions		2,027,183			(7,788,438	)		6,823,351			1,815,466
Total increase (decrease) in net assets		(3,099,061	)		(20,874,594	)		7,620,554			1,389,617
Net Assets, beginning of period		20,324,716			41,199,310			1,389,617			—
Net Assets, end of period	$	17,225,655		$	20,324,716		$	9,010,171		$	1,389,617
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			—			200,000			50,000
Shares redeemed		(200,000	)		(200,000	)		—			—
Net increase (decrease)		50,000			(200,000	)		200,000			50,000

(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

	Egypt Index ETF						India Growth Leaders ETF (a)
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	881,644		$	492,176		$	539,721		$	925,759
Increase from payment from Adviser (See Note 3)		71,119			—			—			—
Net realized gain (loss)		(3,911,879	)		(1,746,927	)		1,215,642			1,561,588
Net change in unrealized appreciation (depreciation)		5,749,443			(4,003,163	)		18,079,558			(19,324,974	)
Net increase (decrease) in net assets resulting from operations		2,790,327			(5,257,914	)		19,834,921			(16,837,627	)
Distributions to shareholders from:
Distributable earnings		(1,350,000	)		(300,031	)		(899,924	)		(875,052	)

Share transactions*:
Proceeds from sale of shares		23,531,608			9,835,882			26,523,384			8,391,562
Cost of shares redeemed		(25,741,866	)		(2,992,178	)		(1,630,348	)		(17,649,066	)
Increase (decrease) in net assets resulting from share transactions		(2,210,258	)		6,843,704			24,893,036			(9,257,504	)
Total increase (decrease) in net assets		(769,931	)		1,285,759			43,828,033			(26,970,183	)
Net Assets, beginning of year		22,956,818			21,671,059			51,370,909			78,341,092
Net Assets, end of year	$	22,186,887		$	22,956,818		$	95,198,942		$	51,370,909
*Shares of Common Stock Issued (no par value)
Shares sold		1,150,000			475,000			650,000			250,000
Shares redeemed		(1,350,000	)		(150,000	)		(50,000	)		(500,000	)
Net increase (decrease)		(200,000	)		325,000			600,000			(250,000	)

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Indonesia Index ETF						Israel ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	1,101,361		$	1,257,707		$	729,076		$	1,004,850
Net realized loss		(3,835,409	)		(1,042,453	)		(110,763	)		(2,180,753	)
Net change in unrealized appreciation (depreciation)		3,242,347			(4,318,333	)		(800,503	)		(19,705,800	)
Net increase (decrease) in net assets resulting from operations		508,299			(4,103,079	)		(182,190	)		(20,881,703	)
Distributions to shareholders from:
Distributable earnings		(1,049,920	)		(1,200,040	)		(1,110,023	)		(799,920	)

Share transactions*:
Proceeds from sale of shares		10,037,236			37,473,208			4,523,437			1,155,251
Cost of shares redeemed		(13,460,281	)		(53,056,741	)		(2,698,980	)		(1,016,637	)
Increase (decrease) in net assets resulting from share transactions		(3,423,045	)		(15,583,533	)		1,824,457			138,614
Total increase (decrease) in net assets		(3,964,666	)		(20,886,652	)		532,244			(21,543,009	)
Net Assets, beginning of year		32,937,566			53,824,218			58,921,129			80,464,138
Net Assets, end of year	$	28,972,900		$	32,937,566		$	59,453,373		$	58,921,129
*Shares of Common Stock Issued (no par value)
Shares sold		550,000			1,800,000			125,000			25,000
Shares redeemed		(750,000	)		(2,600,000	)		(75,000	)		(25,000	)
Net increase (decrease)		(200,000	)		(800,000	)		50,000			—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Vietnam ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022

Operations:
Net investment income	$	3,228,295		$	4,773,570
Net realized loss		(29,830,805	)		(56,186,826	)
Net change in unrealized appreciation (depreciation)		96,024,768			(200,784,552	)
Net increase (decrease) in net assets resulting from operations		69,422,258			(252,197,808	)
Distributions to shareholders from:
Distributable earnings		(27,453,275	)		(3,867,660	)

Share transactions*:
Proceeds from sale of shares		124,377,897			130,365,153
Cost of shares redeemed		(52,158,268	)		(51,914,363	)
Increase in net assets resulting from share transactions		72,219,629			78,450,790
Total increase (decrease) in net assets		114,188,612			(177,614,678	)
Net Assets, beginning of year		413,069,537			590,684,215
Net Assets, end of year	$	527,258,149		$	413,069,537
*Shares of Common Stock Issued (no par value)
Shares sold		9,800,000			10,700,000
Shares redeemed		(4,200,000	)		(3,200,000	)
Net increase		5,600,000			7,500,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Africa Index ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	15.81		$	20.06		$	20.17		$	20.50		$	20.08
Net investment income (a)		0.35			0.60			0.53			0.52			1.09
Net realized and unrealized gain (loss) on investments		(1.69	)		(4.27	)		0.20	(b)		(0.05	)		0.62
Total from investment operations		(1.34	)		(3.67	)		0.73			0.47			1.71
Distributions from:
Net investment income		(0.31	)		(0.58	)		(0.84	)		(0.80	)		(1.29	)
Net asset value, end of year	$	14.16		$	15.81		$	20.06		$	20.17		$	20.50
Total return (c)		(8.45	)%	(18.34		)%		3.69	%		2.29	%		8.52	%

Ratios to average net assets
Gross expenses		1.47	%		0.98	%		0.77	%		0.92	%		0.90	%
Net expenses		1.31	%		0.98	%		0.77	%		0.79	%		0.79	%
Net expenses excluding interest and taxes		0.78	%		0.75	%		0.77	%		0.78	%		0.78	%
Net investment income		2.33	%		3.29	%		2.50	%		3.00	%		5.13	%
Supplemental data
Net assets, end of year (in millions)		$42			$46			$59			$52			$50
Portfolio turnover rate (d)		34	%		33	%		37	%		37	%		46	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Brazil Small-Cap ETF
	Year Ended December 31,
	2023				2022			2021			2020			2019

Net asset value, beginning of year	$	13.64			$	16.35		$	21.44		$	27.50		$	20.09
Net investment income (a)		0.46				0.44			0.48			0.33			0.58
Net realized and unrealized gain (loss) on investments		4.45				(2.59	)		(5.08	)		(6.04	)		7.42
Payment from Adviser		—				—			—			—			0.11	(b)
Total from investment operations		4.91				(2.15	)		(4.60	)		(5.71	)		8.11
Distributions from:
Net investment income		(0.88	)			(0.56	)		(0.49	)		(0.35	)		(0.70	)
Return of capital		—				—	(c)		—			—			—
Total distributions		(0.88	)			(0.56	)		(0.49	)		(0.35	)		(0.70	)
Net asset value, end of year	$	17.67		��	$	13.64		$	16.35		$	21.44		$	27.50
Total return (d)		36.14	%		(13.30		)%	(21.38		)%	(20.75		)%		40.81	%(b)

Ratios to average net assets
Gross expenses		1.07	%			0.83	%(e)		0.84	%(e)		0.84	%		0.73	%
Net expenses		0.68	%			0.59	%(e)		0.59	%(e)		0.60	%		0.63	%
Net expenses excluding interest and taxes		0.59	%			0.59	%(e)		0.59	%(e)		0.59	%		0.59	%
Net investment income		2.93	%			2.71	%(e)		2.32	%(e)		1.73	%		2.52	%
Supplemental data
Net assets, end of year (in millions)		$30				$25			$32			$55			$98
Portfolio turnover rate (f)		43	%			42	%		56	%		31	%		38	%

(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)	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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	ChiNext ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	31.27		$	48.47		$	48.95		$	29.81		$	20.97
Net investment income (loss) (a)		0.10			(0.08	)		(0.06	)		0.03			0.10
Net realized and unrealized gain (loss) on investments		(6.76	)	(17.12		)		4.03			19.09			8.88
Payment from Adviser		—			—			0.02	(b)		0.02	(c)		—
Total from investment operations		(6.66	)	(17.20		)		3.99			19.14			8.98
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 year	$	24.61		$	31.27		$	48.47		$	48.95		$	29.81
Total return (e)	(21.31		)%	(35.49		)%		8.21	%(b)		64.23	%(c)		42.80	%

Ratios to average net assets
Gross expenses		1.89	%		1.25	%		0.89	%		1.15	%		1.08	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		0.34	%		(0.22	)%		(0.12	)%		0.07	%		0.39	%
Supplemental data
Net assets, end of year (in millions)		$17			$20			$41			$49			$30
Portfolio turnover rate (f)		123	%		10	%		59	%		96	%		43	%

(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)	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
	Year Ended December 31, 2023			Period Ended December 31, 2022(a)

Net asset value, beginning of period	$	27.79		$	36.25
Net investment income (b)		0.09			0.14
Net realized and unrealized gain (loss) on investments		8.25			(8.33	)
Total from investment operations		8.34			(8.19	)
Distributions from:
Net investment income		(0.08	)		(0.27	)
Return of capital		(0.01	)		—
Total distributions		(0.09	)		(0.27	)
Net asset value, end of period	$	36.04		$	27.79
Total return (c)	30.00		%	(22.56		)%(d)

Ratios to average net assets
Expenses		0.77	%		0.76	%(e)
Expenses excluding interest and taxes		0.71	%		0.75	%(e)
Net investment income		0.27	%		0.53	%(e)
Supplemental data
Net assets, end of period (in millions)		$9			$1
Portfolio turnover rate (f)		22	%		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 year:

	Egypt Index ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	20.41		$	27.09		$	25.62		$	29.20		$	28.28
Net investment income (a)		0.98			0.61			0.75			0.61			0.59
Net realized and unrealized gain (loss) on investments		3.98		(7.02		)		1.38		(3.56		)		0.93	(b)
Payment from Adviser		0.08	(c)		—			—			—			—
Total from investment operations		5.04			(6.41	)		2.13			(2.95	)		1.52
Distributions from:
Net investment income		(1.46	)		(0.27	)		(0.66	)		(0.63	)		(0.60	)
Net asset value, end of year	$	23.99		$	20.41		$	27.09		$	25.62		$	29.20
Total return (d)		24.78	%(c)	(23.67		)%		8.36	%	(10.09		)%		5.42	%

Ratios to average net assets
Gross expenses		1.83	%		1.35	%		1.10	%		1.11	%		1.11	%
Net expenses		1.62	%		1.24	%		1.02	%		0.98	%		1.01	%
Net expenses excluding interest and taxes		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		4.85	%		2.92	%		2.92	%		2.43	%		1.88	%
Supplemental data
Net assets, end of year (in millions)		$22			$23			$22			$19			$31
Portfolio turnover rate (e)		91	%		66	%		73	%		27	%		76	%

(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 year ended December 31, 2023, 0.39% of total return, representing $0.08 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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	India Growth Leaders ETF(a)
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	32.62		$	42.93		$	32.94		$	32.76		$	42.36
Net investment income (b)		0.33			0.59			0.08			0.15			0.50
Net realized and unrealized gain (loss) on investments		11.24		(10.34		)		9.91			0.11	(c)		(9.68	)
Total from investment operations		11.57			(9.75	)		9.99			0.26			(9.18	)
Distributions from:
Net investment income		(0.42	)		(0.56	)		—			(0.08	)		(0.42	)
Net asset value, end of year	$	43.77		$	32.62		$	42.93		$	32.94		$	32.76
Total return (d)		35.48	%	(22.67		)%		30.30	%		0.80	%		(21.65	)%

Ratios to average net assets
Gross expenses		1.09	%		0.80	%		1.00	%		1.24	%		0.86	%
Net expenses		0.87	%		0.80	%		0.90	%		1.05	%		0.86	%
Net expenses excluding interest and taxes		0.72	%		0.73	%		0.83	%		0.85	%		0.83	%
Net investment income		0.91	%		1.64	%		0.22	%		0.55	%		1.35	%
Supplemental data
Net assets, end of year (in millions)		$95			$51			$78			$68			$122	��
Portfolio turnover rate (e)		79	%		102	%		67	%		133	%		51	%

(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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Indonesia Index ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	17.34		$	19.93		$	20.49		$	22.68		$	21.85
Net investment income (a)		0.63			0.45			0.27			0.36			0.40
Net realized and unrealized gain (loss) on investments		(0.31	)		(2.41	)		(0.61	)		(2.21	)		0.90
Total from investment operations		0.32			(1.96	)		(0.34	)		(1.85	)		1.30
Distributions from:
Net investment income		(0.62	)		(0.63	)		(0.22	)		(0.34	)		(0.47	)
Net asset value, end of year	$	17.04		$	17.34		$	19.93		$	20.49		$	22.68
Total return (b)		1.91	%		(9.88	)%		(1.65	)%		(8.20	)%		5.97	%

Ratios to average net assets
Gross expenses		0.99	%		0.67	%		0.82	%		0.97	%		0.80	%
Net expenses		0.58	%		0.57	%		0.57	%		0.57	%		0.57	%
Net expenses excluding interest and taxes		0.57	%		0.57	%		N/A			N/A			N/A
Net investment income		3.56	%		2.24	%		1.38	%		2.03	%		1.78	%
Supplemental data
Net assets, end of year (in millions)		$29			$33			$54			$36			$41
Portfolio turnover rate (c)		21	%		25	%		36	%		13	%		10	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Israel ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	35.71		$	48.77		$	44.82		$	35.03		$	28.05
Net investment income (a)		0.45			0.61			0.27			0.08			0.19
Net realized and unrealized gain (loss) on investments		(0.53	)	(13.19		)		4.30			9.79			7.27
Total from investment operations		(0.08	)	(12.58		)		4.57			9.87			7.46
Distributions from:
Net investment income		(0.66	)		(0.48	)		(0.62	)		(0.08	)		(0.48	)
Net asset value, end of year	$	34.97		$	35.71		$	48.77		$	44.82		$	35.03
Total return (b)		(0.22	)%	(25.79		)%		10.20	%		28.14	%		26.64	%

Ratios to average net assets
Gross expenses		0.78	%		0.64	%		0.71	%		0.80	%		0.94	%
Net expenses		0.59	%		0.59	%		0.59	%		0.60	%		0.62	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.28	%		1.48	%		0.57	%		0.24	%		0.60	%
Supplemental data
Net assets, end of year (in millions)		$59			$59			$80			$75			$58
Portfolio turnover rate (c)		13	%		12	%		32	%		22	%		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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Vietnam ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	11.75		$	21.36		$	17.52		$	16.05		$	14.84
Net investment income (a)		0.08			0.18			0.11			0.08			0.14
Net realized and unrealized gain (loss) on investments		1.78			(9.68	)		3.83			1.46			1.19
Total from investment operations		1.86			(9.50	)		3.94			1.54			1.33
Distributions from:
Net investment income		(0.67	)		(0.11	)		(0.10	)		(0.06	)		(0.12	)
Return of capital		—			—			—			(0.01	)		—
Total distributions		(0.67	)		(0.11	)		(0.10	)		(0.07	)		(0.12	)
Net asset value, end of year	$	12.94		$	11.75		$	21.36		$	17.52		$	16.05
Total return (b)		15.95	%	(44.47		)%		22.52	%		9.72	%		8.86	%

Ratios to average net assets
Expenses		0.70	%(c)		0.66	%(c)		0.59	%(c)		0.61	%		0.66	%
Expenses excluding interest and taxes		0.61	%(c)		0.60	%(c)		0.58	%(c)		0.60	%		0.63	%
Net investment income		0.59	%(c)		1.13	%(c)		0.58	%(c)		0.55	%		0.89	%
Supplemental data
Net assets, end of year (in millions)		$527			$413			$591			$457			$443
Portfolio turnover rate (d)		55	%		57	%		57	%		33	%		33	%

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

Fund	Diversification Classification

Africa Index ETF	Diversified
Brazil Small-Cap 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
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. India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChiNext ETF. ChiNext ETF seeks to achieve its investment objective by primarily investing directly in A-shares through the Shanghai and Shenzhen-Hong Kong Stock Connect Programs (the “Programs”) and via the A-share quota granted to the Sub-Adviser. In connection with the change described in Note 12, during the year ended December 31, 2023, ChiNext ETF transitioned its investments held in the A-share quota granted to the Sub-Adviser to A-shares traded through the Programs.

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.

	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 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 Van Eck Associates Corporation (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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

B.	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.

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

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

E.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates 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.

	Foreign governments and their agencies may enact monetary policies that delay, place limits or restrict repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that significantly delay repatriation of local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by the Adviser.

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

G.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

	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.

	ChiNext ETF is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at December 31, 2023.

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 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, ChiNext ETF no longer excludes interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2023.

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

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Brazil Small-Cap ETF		0.50			0.59
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 presented below, 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 expense limitation 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 ChiNext ETF $17,518 for transactional losses. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

During the year ended December 31, 2023, the Adviser voluntarily reimbursed the Egypt Index ETF $71,119 for interest expense. 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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 December 31, 2023, the Adviser owned approximately 19% of Egypt Index ETF.

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

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Africa Index ETF		15,576,390		17,542,683		2,563,205		2,021,582
Brazil Small-Cap ETF		12,497,741		15,085,719		131,462		553,047
ChiNext ETF		27,450,541		25,441,398		—		—
Digital India ETF		5,769,812		649,734		1,650,376		—
Egypt Index ETF		16,295,579		19,711,253		4,098,072		5,076,689
India Growth Leaders ETF		70,475,855		47,412,510		1,176,540		82,141
Indonesia Index ETF		6,492,088		6,367,193		10,009,273		13,451,455
Israel ETF		7,252,381		7,750,036		4,522,462		2,697,921
Vietnam ETF		339,098,096		293,594,248		3,562,323		—

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF		42,205,126		5,153,850		(4,927,560	)		226,290
Brazil Small-Cap ETF		27,892,803		7,544,420		(4,761,789	)		2,782,631
ChiNext ETF		17,245,819		4,711,290		(4,791,001	)		(79,711	)
Digital India ETF		8,488,200		801,275		(246,744	)		554,531
Egypt Index ETF		20,629,763		5,946,451		(5,638,729	)		307,722
India Growth Leaders ETF		74,541,962		21,738,057		(898,577	)		20,839,480
Indonesia Index ETF		36,260,502		2,450,644		(9,734,015	)		(7,283,371	)
Israel ETF		54,390,364		15,235,721		(8,878,128	)		6,357,593
Vietnam ETF		497,641,414		92,299,495		(62,909,181	)		29,390,314

At December 31, 2023, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Qualified Late-Year Losses*			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Africa Index ETF		597,479		(74,220,588	)		–			(15,778	)		(2,495,061	)		(76,133,948	)
Brazil Small-Cap ETF		47,943		(165,338,277	)		–			(41,321	)		2,782,255			(162,549,400	)
ChiNext ETF		41,491		(6,301,482	)		–			(1,309	)		(80,326	)		(6,341,626	)
Digital India ETF		–		(94,458	)		(8,050	)		–			474,956			372,448
Egypt Index ETF		29,550		(39,980,776	)		–			(6,955	)		306,372			(39,651,809	)
India Growth Leaders ETF		732,762		(80,442,640	)		–			(17,821	)		20,453,157			(59,274,542	)
Indonesia Index ETF		139,389		(123,493,403	)		–			(35,019	)		(7,283,374	)		(130,672,407	)
Israel ETF		377,865		(11,086,770	)		–			(5,616	)		6,357,628			(4,356,893	)
Vietnam ETF		20,942,922		(366,103,854	)		–			(63,970	)		29,395,310			(315,829,592	)

*Qualified late year losses incurred after October 31, 2023 are deemed to arise on January 1, 2024.

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

December 31, 2023

December 31, 2022

Fund

Ordinary
Income*

Return
of Capital

Ordinary
Income*

Return
of Capital

Africa Index ETF

$925,120

$–

$1,670,110

$–

Brazil Small-Cap ETF

1,500,080

–

971,850

3,075

Digital India ETF

12,151

1,094

13,500

–

Egypt Index ETF

1,350,000

–

300,031

–

India Growth Leaders ETF

899,924

–

875,052

–

Indonesia Index ETF

1,049,920

–

1,200,040

–

Israel ETF

1,110,023

–

799,920

–

Vietnam ETF

27,453,275

–

3,867,660

–

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

At December 31, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Africa Index ETF	$	(13,284,459	)	$	(60,936,129	)	$	(74,220,588	)
Brazil Small-Cap ETF		(22,115,483	)		(143,222,794	)		(165,338,277	)
ChiNext ETF		(4,017,632	)		(2,283,850	)		(6,301,482	)
Digital India ETF		(62,744	)		(31,714	)		(94,458	)
Egypt Index ETF		(14,867,494	)		(25,113,282	)		(39,980,776	)
India Growth Leaders ETF		(15,496,956	)		(64,945,684	)		(80,442,640	)
Indonesia Index ETF		(40,243,860	)		(83,249,543	)		(123,493,403	)
Israel ETF		(2,640,766	)		(8,446,004	)		(11,086,770	)
Vietnam ETF		(114,672,076	)		(251,431,778	)		(366,103,854	)

During the year ended December 31, 2023, India Growth Leaders ETF utilized $853,411 of its capital loss carryovers available from prior years.

During the year ended December 31, 2023, as a result of permanent book to tax differences, primarily due to earnings attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Africa Index ETF		(649,774	)		649,774
Brazil Small-Cap ETF		(131,521	)		131,521
Egypt Index ETF		(429,549	)		429,549
India Growth Leaders ETF		(39,246	)		39,246
Indonesia Index ETF		(758,497	)		758,497
Israel ETF		(1,009,647	)		1,009,647

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.

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

Monetary policies put in place by the Nigerian and Egyptian governments and their respective agencies, have limited the ability of the Africa Index ETF and Egypt Index ETF, respectively, to convert assets and liabilities denominated in the local currencies into US dollars using the quoted prices for such currencies. As a result, opportunities to repatriate these currencies into US dollars at have been limited and subject to delays. Such quoted prices are currently materially disconnected from market settlement rates and these Funds have not been able to access transactions at market settlement rates. As a result, the values of the assets and liabilities denominated in Nigerian naira and Egyptian pounds in the Africa Index ETF and Egypt Index ETF, respectively, which may ultimately be realized could be materially different from those reported in these Funds’ statements of assets and liabilities.

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

(continued)

continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 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 December 31, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	4,000,181	$	616,977	$	3,641,558	$	4,258,535
Brazil Small-Cap ETF		1,173,102		710,626		536,243		1,246,869
Israel ETF		9,870,360		1,427,364		8,819,223		10,246,587

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	616,977
Brazil Small-Cap ETF		710,626
Israel ETF		1,427,364

* Remaining contractual maturity: overnight and continuous

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Africa Index ETF		359		$2,376,810		6.37	%
ChiNext ETF		23		1,275,323		6.68
Digital India ETF		26		396,959		6.62
Egypt Index ETF		316		1,747,880		6.34
India Growth Leaders ETF		221		1,186,997		6.35
Indonesia Index ETF		17		141,023		6.33
Israel ETF		23		252,481		6.01
Vietnam ETF		304		4,222,982		6.40

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

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

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

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

Note 12—Subsequent Event Review— Effective January 12, 2024, China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) will no longer serve as a sub-adviser to ChiNext ETF.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck India Growth Leaders ETF) of each of the funds listed in the table below (nine of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

*Funds*

VanEck Africa Index ETF (1)	VanEck India Growth Leaders ETF (2)
VanEck Brazil Small-Cap ETF (1)	VanEck Indonesia Index ETF (1)
VanEck ChiNext ETF (1)	VanEck Israel ETF (1)
VanEck Digital India ETF (3)	VanEck Vietnam ETF (1)
VanEck Egypt Index ETF (1)

(1) Statement of operations for the year ended December 31, 2023, and statement of changes in net assets and financial highlights for the years ended December 31, 2023 and 2022

(2) Consolidated statement of operations for the year ended December 31, 2023 and consolidated statement of changes in net assets and consolidated financial highlights for the years ended December 31, 2023 and 2022

(3) Statement of operations for the year ended December 31, 2023, and statement of changes in net assets and financial highlights for the year ended December 31, 2023 and the period February 16, 2022 (commencement of operations) through December 31, 2022

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

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

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York
February 27, 2024

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2023. Please consult your tax advisor for proper treatment of this information:

Fund Name	Ticker Symbol	Payable Date	Total Distribution Paid Per Share		Return of Capital (a)		Income Dividends		Foreign Taxes Paid (b)		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income (b)
Africa Index ETF	AFK	Annual		$0.3136		$-		$0.3136		$0.0704		$0.3840		73.73%
Brazil Small-Cap ETF	BRF	Annual		0.8824		-		0.8824		0.0401		0.9225		74.59
Digital India ETF	DGIN	Annual		0.0883		0.0073		0.0810		0.0435		0.1245		86.18
Egypt Index ETF	EGPT	Annual		1.4595		-		1.4595		0.0365		1.4960		77.81
India Growth Leaders ETF	GLIN	Annual		0.4235		-		0.4235		0.1260		0.5495		53.74
Indonesia Index ETF	IDX	Annual		0.6176		-		0.6176		0.1351		0.7527		99.28
Israel ETF	ISRA	Annual		0.6627		-		0.6627		0.1355		0.7982		78.00
Vietnam ETF	VNM	Various		0.6737		-		0.6737		-		0.6737		26.18

Fund Name

Ticker
Symbol

Payable
Date

Percent of Total
Ordinary
Income
Dividends
that are
QDI Eligible (c)

Percent of
Total Ordinary
Income Dividends
that are
DRD Eligible (d)

Africa Index ETF

AFK

Annual

36.47%

Brazil Small-Cap ETF

BRF

Annual

1.01

Digital India ETF

DGIN

Annual

100.00

Egypt Index ETF

EGPT

Annual

53.53

India Growth Leaders ETF

GLIN

Annual

63.09

Indonesia Index ETF

IDX

Annual

100.00

Israel ETF

ISRA

Annual

84.21

0.22

Vietnam ETF

VNM

Various

2.27

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

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

(c) All or a portion of a shareholder’s total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

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

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2023 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent* *Trustees*

David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	72	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	72	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	83	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	72	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	83	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	83	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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



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

ANNUAL REPORT
December 31, 2023

CLO ETF	CLOI
Office and Commercial REIT ETF	DESK


800.826.2333	vaneck.com

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. 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 December 31, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

Dear Fellow Shareholders:

So, let’s review those three major forces on markets and some risks and trends worth noting.

Discussion

1. Monetary Policy: Not Very Stimulative

2. Government Spending: Also Muted

3. Global Growth is at Low Levels

Notable

1. Bonds

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

2. Yield Curve

3. India/Emerging Markets

4. Stores of Value/Real Assets

5. Value stocks

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

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 18, 2024

¹	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/

²	VanEck: 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	The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

⁴	VanEck: https://www.vaneck.com/us/en/subscribe/

VANECK ETF TRUST

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

CLO ETF

Collateralized loan obligations (“CLOs”) are securitized, actively managed portfolios of leveraged loans. Because of the subordination and other built-in risk protections they provide, CLOs allow investors to gain investment grade credit exposure with a yield pickup versus similarly rated bonds and loans. The CLO market has grown significantly over the past 20 years and is now valued at over $1 trillion globally.

The VanEck CLO ETF returned 9.37% for the 12 month period ended December 31,2023 (the “Period”). The Fund invests primarily in investment grade CLOs and is actively managed by PineBridge Investments, the Fund’s sub-adviser. During this Period, the Fund underperformed the J.P. Morgan Collateralized Loan Obligation Index¹by 1.17%. The Fund’s portfolio had an average weight of approximately 95% in AAA and AA rated CLOs during the year (versus 82% in the benchmark) and no exposure to BBB or below CLOs (versus 11% in the benchmark). The Fund’s relatively conservative positioning drove underperformance, as lower quality assets outperformed during the Period amid a strong rally in risk-assets. Selection within rating categories, however, contributed positively to returns and helped to offset the impact of the Fund’s higher quality positioning.

1 J.P. Morgan Collateralized Loan Obligation Index (CLOIE) (JCLOAGTR) is comprised of US dollar denominated broadly syndicated arbitrage CLOs.

VANECK CLO ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	JCLOAGTR¹
One Year	8.93%	9.37%	10.54%
Life*	8.20%	8.28%	8.65%

^*	Inception of Fund: 6/21/22; First Day of Secondary Market Trading: 6/22/22.

¹	J.P. Morgan Collateralized Loan Obligation Index (CLOIE) (JCLOAGTR) is comprised of US dollar denominated broadly syndicated arbitrage CLOs.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 5 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

The performance data quoted represents past performance. Past performance is not a guarantee of future results. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

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

JCLOAGTR is published by J.P. Morgan Securities LLC. (J.P. Morgan).

J.P. Morgan does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.

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, July 1, 2023 to December 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
CLO ETF
Actual	$1,000.00	$1,045.90	0.40%	$2.06
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04
Office and Commercial REIT ETF
Actual (c)	$1,000.00	$1,117.00	0.50%	$1.49
Hypothetical (b)	$1,000.00	$1,022.68	0.50%	$2.55

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from September 20, 2023 (commencement of operations) to December 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.6%
AIMCO CLO Series 2018-B 144A 6.76% (Term SOFR USD 3 Month+1.36%), 01/15/32	$	1,250		$	1,250,936
Apidos CLO XVIII 144A 7.07% (Term SOFR USD 3 Month+1.66%), 10/22/30		1,000			998,298
Ares LXI CLO Ltd. 144A 7.33% (Term SOFR USD 3 Month+1.91%), 10/20/34		2,500			2,487,755
Bain Capital Credit CLO 2020-2 Ltd. 144A 6.83% (Term SOFR USD 3 Month+1.43%), 07/19/34		5,500			5,506,782
Bain Capital Credit CLO 2021-4 Ltd. 144A 7.33% (Term SOFR USD 3 Month+1.91%), 10/20/34		1,750			1,737,881
Barings CLO Ltd. 2016-II 144A 6.75% (Term SOFR USD 3 Month+1.33%), 01/20/32		7,680			7,689,154
Canyon Capital CLO 2012-1 R Ltd. 144A 7.41% (Term SOFR USD 3 Month+2.01%), 07/15/30		10,600			10,626,340
Canyon Capital CLO 2016-1 Ltd. 144A
6.73% (Term SOFR USD 3 Month+1.33%), 07/15/31		3,928			3,933,227
7.36% (Term SOFR USD 3 Month+1.96%), 07/15/31		10,000			10,024,609
Canyon Capital CLO 2016-2 Ltd. 144A 7.41% (Term SOFR USD 3 Month+2.01%), 10/15/31		6,000			5,993,694
Carlyle Global Market Strategies CLO 2012-4 Ltd. 144A 6.75% (Term SOFR USD 3 Month+1.34%), 04/22/32		6,075			6,080,838
Carlyle Global Market Strategies CLO 2015-4 Ltd. 144A 7.02% (Term SOFR USD 3 Month+1.60%), 07/20/32		1,010			1,010,587
Carlyle US Clo 2017-2 Ltd. 144A 6.73% (Term SOFR USD 3 Month+1.31%), 07/20/31		3,789			3,793,389
Cedar Funding VII Clo Ltd. 144A 6.68% (Term SOFR USD 3 Month+1.26%), 01/20/31		1,414			1,416,155
Cedar Funding VIII Clo Ltd. 144A 7.31% (Term SOFR USD 3 Month+1.91%), 10/17/34		1,750			1,736,387

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.6% (continued)
CIFC Funding 2014-III Ltd. 144A 7.12% (Term SOFR USD 3 Month+1.71%), 10/22/31	$	1,250		$	1,250,653
Columbia Cent CLO 31 Ltd. 144A
6.88% (Term SOFR USD 3 Month+1.46%), 04/20/34		6,000			5,983,662
7.23% (Term SOFR USD 3 Month+1.81%), 04/20/34		8,380			8,224,902
Crestline Denali CLO XIV Ltd. 144A 6.81% (Term SOFR USD 3 Month+1.40%), 10/23/31		3,934			3,938,756
Denali Capital Clo XII Ltd. 144A 6.71% (Term SOFR USD 3 Month+1.31%), 04/15/31		1,635			1,637,111
Dryden 109 CLO Ltd. 144A 7.42% (Term SOFR USD 3 Month+2.00%), 04/20/35		1,250			1,245,906
Dryden 45 Senior Loan Fund 144A 7.06% (Term SOFR USD 3 Month+1.66%), 10/15/30		1,250			1,245,028
Dryden 64 CLO Ltd. 144A 6.63% (Term SOFR USD 3 Month+1.23%), 04/18/31		968			968,158
Dryden 80 CLO Ltd. 144A
7.15% (Term SOFR USD 3 Month+1.75%), 01/17/33		1,250			1,233,343
7.55% (Term SOFR USD 3 Month+2.15%), 01/17/33		1,250			1,223,481
Dryden 83 CLO Ltd. 144A 6.88% (Term SOFR USD 3 Month+1.48%), 01/18/32		4,000			4,005,132
Dryden 93 CLO Ltd. 144A 7.26% (Term SOFR USD 3 Month+1.86%), 01/15/34		1,750			1,733,307
Elmwood CLO 15 Ltd. 144A 6.75% (Term SOFR USD 3 Month+1.34%), 04/22/35		1,250			1,249,941
Generate CLO 2 Ltd. 144A 6.82% (Term SOFR USD 3 Month+1.41%), 01/22/31		3,787			3,791,798
GoldenTree Loan Management US CLO 16 Ltd. 144A 8.26% (Term SOFR USD 3 Month+2.90%), 01/20/34		2,050			2,057,669
GoldenTree Loan Opportunities IX Ltd. 144A 6.95% (Term SOFR USD 3 Month+1.56%), 10/29/29		1,250			1,251,799
HPS Loan Management 11- 2017 Ltd. 144A 6.67% (Term SOFR USD 3 Month+1.28%), 05/06/30		1,290			1,292,549

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.6% (continued)
KKR CLO 20 Ltd. 144A 6.79% (Term SOFR USD 3 Month+1.39%), 10/16/30	$	995		$	996,463
KKR CLO 21 Ltd. 144A 6.66% (Term SOFR USD 3 Month+1.26%), 04/15/31		3,713			3,712,521
KKR Clo 24 Ltd. 144A 6.76% (Term SOFR USD 3 Month+1.34%), 04/20/32		3,760			3,761,899
LCM 26 Ltd. 144A 6.75% (Term SOFR USD 3 Month+1.33%), 01/20/31		3,817			3,821,149
LCM 29 Ltd. 144A 6.73% (Term SOFR USD 3 Month+1.33%), 04/15/31		5,500			5,469,717
LCM Loan Income Fund I Income Note Issuer Ltd. 144A 6.74% (Term SOFR USD 3 Month+1.34%), 07/16/31		9,034			9,042,461
LCM XIII LP 144A 6.53% (Term SOFR USD 3 Month+1.13%), 07/19/27		191			191,361
LCM XIV LP 144A 6.72% (Term SOFR USD 3 Month+1.30%), 07/20/31		2,341			2,341,725
LCM XV LP 144A 6.68% (Term SOFR USD 3 Month+1.26%), 07/20/30		1,164			1,165,092
Madison Park Funding XXI Ltd. 144A 6.74% (Term SOFR USD 3 Month+1.34%), 10/15/32		4,500			4,505,486
Myers Park CLO Ltd. 144A 7.08% (Term SOFR USD 3 Month+1.66%), 10/20/30		1,250			1,248,824
OCP CLO 2020-19 Ltd. 144A 7.38% (Term SOFR USD 3 Month+1.96%), 10/20/34		1,750			1,751,747
OCP CLO 2021-22 Ltd. 144A 6.86% (Term SOFR USD 3 Month+1.44%), 12/02/34		1,250			1,251,539
Octagon Investment Partners XXI Ltd. 144A 6.64% (Term SOFR USD 3 Month+1.26%), 02/14/31		5,500			5,492,322
OZLM Funding II Ltd. 144A 7.40% (Term SOFR USD 3 Month+2.01%), 07/30/31		12,500			12,484,862
OZLM IX Ltd. 144A 7.23% (Term SOFR USD 3 Month+1.81%), 10/20/31		2,000			1,994,290
OZLM XXI Ltd. 144A 6.83% (Term SOFR USD 3 Month+1.41%), 01/20/31		2,407			2,410,015
OZLM XXII Ltd. 144A 6.73% (Term SOFR USD 3 Month+1.33%), 01/17/31		939			940,356

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.6% (continued)
RR 12 Ltd. 144A 7.02% (Term SOFR USD 3 Month+1.62%), 01/15/36	$	4,600		$	4,605,893
RRX 4 Ltd. 144A 6.86% (Term SOFR USD 3 Month+1.46%), 07/15/34		1,750			1,752,191
Signal Peak CLO 10 Ltd. 144A 7.72% (Term SOFR USD 3 Month+2.31%), 07/21/34		1,250			1,250,609
Signal Peak CLO 5 Ltd. 144A 6.75% (Term SOFR USD 3 Month+1.37%), 04/25/31		1,702			1,703,907
Sounds Point CLO IV-R LTD 144A 6.81% (Term SOFR USD 3 Month+1.41%), 04/18/31		6,950			6,945,190
Southwick Park CLO LLC 144A 6.74% (Term SOFR USD 3 Month+1.32%), 07/20/32		2,000			1,996,664
TCI-Symphony CLO 2016-1 Ltd. 144A 6.68% (Term SOFR USD 3 Month+1.28%), 10/13/32		5,000			4,997,435
TCI-Symphony CLO 2017-1 Ltd. 144A 6.59% (Term SOFR USD 3 Month+1.19%), 07/15/30		2,647			2,647,562
TCW CLO 2018-1 Ltd. 144A 6.61% (Term SOFR USD 3 Month+1.23%), 04/25/31		2,566			2,566,474
TCW CLO 2019-1 AMR Ltd. 144A 7.40% (Term SOFR USD 3 Month+2.01%), 08/16/34		2,575			2,568,048
THL Credit Wind River 2014- 2 CLO Ltd. 144A 6.80% (Term SOFR USD 3 Month+1.40%), 01/15/31		1,556			1,557,755
THL Credit Wind River 2019- 3 Clo Ltd. 144A 6.74% (Term SOFR USD 3 Month+1.34%), 07/15/31		5,500			5,468,859
TIAA CLO I Ltd. 144A 6.88% (Term SOFR USD 3 Month+1.46%), 07/20/31		3,821			3,825,939
Trinitas CLO XXV Ltd. 144A 7.18% (Term SOFR USD 3 Month+1.85%), 01/23/37		6,800			6,799,768
Voya CLO 2018-3 Ltd. 144A 7.06% (Term SOFR USD 3 Month+1.66%), 10/15/31		5,200			5,132,702
Voya CLO 2019-2 Ltd. 144A 6.95% (Term SOFR USD 3 Month+1.53%), 07/20/32		2,727			2,730,022

See Notes to Financial Statements

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.6% (continued)

Warwick Capital CLO 2 Ltd. 144A 8.08% (Term SOFR USD 3 Month+2.70%), 01/15/37	$	4,000		$	4,005,772
Wind River 2014-1 CLO Ltd. 144A 6.71% (Term SOFR USD 3 Month+1.31%), 07/18/31		1,810			1,812,479
					231,568,325
Total Collateralized Loan Obligations (Cost: $229,229,403)					231,568,325
Total Investments: 98.6% (Cost: $229,229,403)					231,568,325
Other assets less liabilities: 1.4%					3,304,409
NET ASSETS: 100.0%				$	234,872,734

Definitions:

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 $231,568,325, or 98.6% of net assets.

Summary of Investments by Sector		% of Investments				Value
Collateralized Loan Obligations			100.0	%		$	231,568,325

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Collateralized Loan Obligations		$	—			$	231,568,325			$	—			$	231,568,325

See Notes to Financial Statements

VANECK OFFICE AND COMMERCIAL REIT ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Number of Shares		Value
COMMON STOCKS: 100.3%
Equity Real Estate Investment Trusts (REITs): 100.3%
American Assets Trust, Inc.		865	$	19,471
Boston Properties, Inc.		1,703		119,501
Brandywine Realty Trust		3,504		18,922
COPT Defense Properties		2,841		72,815
Cousins Properties, Inc.		2,657		64,698
Douglas Emmett, Inc.		3,462		50,199
Easterly Government Properties, Inc.		2,442		32,821
Empire State Realty Trust, Inc.		3,090		29,942
Equity Commonwealth *		3,085		59,232
Highwoods Properties, Inc.		2,152		49,410
Hudson Pacific Properties, Inc.		3,041		28,312
JBG SMITH Properties		1,364		23,202
Kilroy Realty Corp.		2,912		116,014
Kimco Realty Corp.		1,272		27,106

	Number of Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Net Lease Office Properties *		51	$	942
Office Properties Income Trust		1,370		10,028
Orion Office REIT, Inc.		999		5,714
Paramount Group, Inc.		4,779		24,707
Piedmont Office Realty Trust, Inc.		3,375		23,996
Prologis, Inc.		362		48,255
Realty Income Corp.		788		45,247
Rexford Industrial Realty, Inc.		404		22,664
Simon Property Group, Inc.		327		46,643
SL Green Realty Corp.		1,547		69,878
Vornado Realty Trust		3,965		112,011
WP Carey, Inc.		601		38,951
Total Common Stocks (Cost: $1,032,484)				1,160,681
Total Investments: 100.3% (Cost: $1,032,484)				1,160,681
Liabilities in excess of other assets: (0.3)%				(3,108)
NET ASSETS: 100.0%			$	1,157,573

Footnotes:

*	Non-income producing

Summary of Investments by Sector		% of Investments				Value
Real Estate			100.0	%		$	1,160,681

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	1,160,681			$	—			$	—			$	1,160,681

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	CLO ETF		Office and Commercial REIT ETF
Assets:
Investments, at value Unaffiliated issuers (1)	$	231,568,325	$	1,160,681
Cash		241,893		—
Receivables:
Dividends and interest		3,144,795		6,670
Total assets		234,955,013		1,167,351
Liabilities:
Payables:
Due to Adviser		82,279		497
Due to custodian		—		9,281
Total liabilities		82,279		9,778
NET ASSETS	$	234,872,734	$	1,157,573
Shares outstanding		4,500,000		30,000
Net asset value, redemption and offering price per share	$	52.19	$	38.59
Net Assets consist of:
Aggregate paid in capital	$	232,085,909	$	1,025,359
Total distributable earnings (loss)		2,786,825		132,214
NET ASSETS	$	234,872,734	$	1,157,573
(1) Cost of investments - Unaffiliated issuers	$	229,229,403	$	1,032,484

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	CLO ETF		Office and Commercial REIT ETF (a)
Income:
Dividends	$	—	$	15,271
Interest		7,556,940		—
Total income		7,556,940		15,271
Expenses:
Management fees		445,735		1,293
Interest		949		—
Taxes		486		—
Total expenses		447,170		1,293
Net investment income		7,109,770		13,978

Net realized gain (loss) on:
Investments		229,751		7,277
In-kind redemptions		—		34,158
Capital gain distributions from investment companies		—		2,763
Net realized gain		229,751		44,198
Net change in unrealized appreciation (depreciation) on:
Investments		2,076,833		128,197
Net change in unrealized appreciation (depreciation)		2,076,833		128,197
Net Increase in Net Assets Resulting from Operations	$	9,416,354	$	186,373

(a)	For the period September 20, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CLO ETF						Office and Commercial REIT ETF
	Year Ended December 31, 2023			Period Ended December 31, 2022 (a)			Period Ended December 31, 2023 (b)
Operations:
Net investment income	$	7,109,770		$	586,929		$	13,978
Net realized gain (loss)		229,751			(42,600	)		44,198
Net change in unrealized appreciation (depreciation)		2,076,833			262,090			128,197
Net increase in net assets resulting from operations		9,416,354			806,419			186,373
Distributions to shareholders from:
Distributable earnings		(6,825,240	)		(564,150	)		(20,001	)

Share transactions*:
Proceeds from sale of shares		222,706,530			25,000,000			1,390,933
Cost of shares redeemed		(15,667,179	)		—			(399,732	)
Increase in net assets resulting from share transactions		207,039,351			25,000,000			991,201
Total increase in net assets		209,630,465			25,242,269			1,157,573
Net Assets, beginning of period		25,242,269			—			—
Net Assets, end of period	$	234,872,734		$	25,242,269		$	1,157,573
*Shares of Common Stock Issued (no par value)
Shares sold		4,300,000			500,000			40,000
Shares redeemed		(300,000	)		—			(10,000	)
Net increase		4,000,000			500,000			30,000

(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.
(b)	For the period September 20, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CLO ETF
	Year Ended December 31, 2023			Period Ended December 31, 2022(a)

Net asset value, beginning of period		$50.48			$50.00
Net investment income (b)		3.32			1.18
Net realized and unrealized gain on investments		1.32			0.43
Total from investment operations		4.64			1.61
Distributions from:
Net investment income		(2.93	)		(1.13	)
Net asset value, end of period		$52.19			$50.48
Total return (c)		9.40	%		3.26	%(d)

Ratios to average net assets
Expenses		0.40	%		0.40	%(e)
Net investment income		6.38	%		4.43	%(e)
Supplemental data
Net assets, end of period (in millions)		$235			$25
Portfolio turnover rate (f)		59	%		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 ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		Office and Commercial REIT ETF

		Period Ended December 31, 2023(a)

Net asset value, beginning of period			$35.14
Net investment income (b)			0.51
Net realized and unrealized gain on investments			3.61
Total from investment operations			4.12
Distributions from:
Net investment income			(0.58	)
Net realized capital gains			(0.09	)
Total distributions			(0.67	)
Net asset value, end of period			$38.59
Total return (c)			11.70	%(d)

Ratios to average net assets
Expenses			0.50	%(e)
Net investment income			5.40	%(e)
Supplemental data
Net assets, end of period (in millions)			$1
Portfolio turnover rate (f)	��		1	%(d)

(a)	For the period September 20, 2023 (commencement of operations) through December 31, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

Fund	Diversification Classification

CLO ETF	Non-Diversified
Office and Commercial REIT ETF	Non-Diversified

The CLO ETF is an actively managed exchange-traded fund that seeks capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”).

The Office and Commercial REIT ETF seeks to track as closely as possible, before fees and expenses, the price and yield performance of MarketVector™ US Listed Office and Commercial REITs Index.

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

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. 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 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 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, if any, are declared and paid monthly by the CLO ETF and quarterly by the Office and Commercial REIT ETF. 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.

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 as earned.

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

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

	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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 receives a management fee, calculated daily and payable monthly based on an annual rate each Fund’s average daily net assets. The Adviser has agreed to pay all expenses of the Funds except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses, until at least May 1, 2024 for CLO ETF and until May 1, 2025 for Office and Commercial REIT ETF. The unitary management fee rates for the year ended December 31, 2023, are as follows:

Fund	Unitary Management Fee Rate
CLO ETF		0.40	%
Office and Commercial REIT ETF		0.50

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
CLO ETF	$	269,823,286	$	65,476,826	$	—	$	—
Office and Commercial REIT ETF		7,905		259,653		1,390,831		147,148

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
CLO ETF	$229,229,402	$2,377,333	$(38,410)	$2,338,923
Office and Commercial REIT ETF	1,032,484	130,335	(2,138)	128,197

At December 31, 2023, the components of total distributable earnings (losses) on a tax basis were as follows:

Fund	Undistributed Ordinary Income	(Accumulated Capital Losses)/ Undistributed Capital Gains	Unrealized Appreciation (Depreciation)	Total Distributable Earnings (Loss)
CLO ETF	$414,439	$33,463	$2,338,923	$2,786,825
Office and Commercial REIT ETF	4,017	–	128,197	132,214

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

	December 31, 2023		December 31, 2022
Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*
CLO ETF	$6,825,240	$–	$564,150
Office and Commercial REIT ETF	17,238	2,763	–

*Includes distributions from short-term capital gains, if any.

At December 31, 2023, the Funds had no capital loss carryforwards available to offset future capital gains. During the year ended December 31, 2023, CLO ETF utilized $42,600 of its capital loss carryover available from the prior year.

During the year ended December 31, 2023, as a result of permanent book to tax differences, primarily due to excise tax paid, and the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
CLO ETF	$	(46,558	)	$	46,558
Office and Commercial REIT ETF		(34,158	)		34,158

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 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 Funds may be subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes, if any, on both realized and unrealized appreciation.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The CLO ETF’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.

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.

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

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

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

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of 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 Adviser is responsible for paying the expenses associated with the Plan.

Note 9—Securities Lending—To generate additional income, the Office and Commercial REIT ETF may lend its securities pursuant to a securities lending agreement with the securities lending agent. The 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 Fund 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 Statement of Operations. Cash collateral is maintained on the Fund’s 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 Fund’s Schedule of Investments or Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bears the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2023 is presented on a gross basis in the Schedule of Investments and Statement of Assets and Liabilities. As of December 31, 2023, the Fund had no outstanding securities on loan.

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 Fund at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2023, the following Funds borrowed under the Facility.

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

At December 31, 2023, the Funds had no outstanding borrowings under the Facility.

Note 10—New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

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

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck CLO ETF and VanEck Office and Commercial REIT ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

*Funds*
VanEck CLO ETF (1)
VanEck Office and Commercial REIT ETF (2)

(1) Statement of operations for the year ended December 31, 2023, and statement of changes in net assets and financial highlights for the year ended December 31, 2023 and the period June 22, 2022 (commencement of operations) through December 31, 2022.

(2) Statement of operations, statement of changes in net assets, and financial highlights for the period September 20, 2023 (commencement of operations) through December 31, 2023.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2024

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2023. Please consult your tax advisor for proper treatment of this information:

Fund Name

Ticker Symbol

Payable
Date

Total
Distribution
Paid
Per Share

Ordinary Income
Paid Per Share

Long-Term Capital Gains Per
Share

CLO ETF

CLOI

Monthly

2.9262

–

Office and Commercial REIT ETF

DESK

Quarterly

0.6667

0.5746

0.0921

*$0.0145 of this amount represents Section 1250 gains taxed at a 25% rate

Fund Name

Ticker Symbol

Payable
Date

Percent of
Ordinary
Income
Dividends
that are
QDI Eligible (a)

Section 199A
QBI as a
Percent of
Ordinary
Income
Dividends (b)

Section 163(j)-
Interest
Dividends as
a % of the
Total Ordinary
Income
Distribution (c)

Qualified
Short-Term
Capital Gains
Per Share (d)

CLO ETF

CLOI

Monthly

–

97.12

–

Office and Commercial REIT ETF

DESK

Quarterly

0.59

42.45

–

0.1087

(a) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

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

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

(c) These amounts represent distributions paid during the taxable year ended December 31, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(d) These amounts represent distributions paid during the taxable year ended December 31, 2023 that were considered to be Qualified Short-Term Capital Gains (“QSTG”) distributions. The QSTG distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2023 (unaudited)

Name, Address¹ and Year of Birth		Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees

David H. Chow, 1957*†		Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	72	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	��	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	72	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†		Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	83	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†		Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	72	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†		Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	83	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present.

Interested Trustee

Jan F. van Eck, 1963⁵		Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	83	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information

Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2023

Office and Commercial REIT ETF

At a meeting held on September 7, 2023 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Office and Commercial REIT ETF (the “Fund”).

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

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

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

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

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

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	CLOIDESKAR


	ANNUAL REPORT December 31, 2023

Bitcoin Strategy ETF	XBTF
Ethereum Strategy ETF	EFUT


	800.826.2333	vaneck.com

President’s Letter	3
Management Discussion	5
Performance Comparison	6
Bitcoin Strategy ETF	6
About Fund Performance	7
Explanation of Expenses	8
Schedule of Investments	9
Bitcoin Strategy ETF	9
Ethereum Strategy ETF	10
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Bitcoin Strategy ETF	14
Ethereum Strategy ETF	15
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Board of Trustees and Officers	25
Approval of Investment Management Agreements	28

VANECK ETF TRUST

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

Dear Fellow Shareholders:

So, let’s review those three major forces on markets and some risks and trends worth noting.

Discussion

1.	Monetary Policy: Not Very Stimulative

2.	Government Spending: Also Muted

3.	Global Growth is at Low Levels

Notable

Bonds

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

2.	Yield Curve

3.	India/Emerging Markets

4.	Stores of Value/Real Assets

5.	Value stocks

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

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 18, 2024

¹	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/

²	VanEck: 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	The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

⁴	VanEck: https://www.vaneck.com/us/en/subscribe/

VANECK ETF TRUST

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

The VanEck Bitcoin Strategy ETF the (“Fund”) seeks capital appreciation by investing in bitcoin futures contracts. The Fund is actively managed and offers exposure to bitcoin-linked investments through an accessible exchange traded vehicle.

Over the 12 month period under review, the Fund gained 131.21% due to a significant gain in bitcoin futures prices. This significant growth was fueled by a variety of factors, including increased dominance of bitcoin in the crypto market as well as the easing of the Federal Reserve’s interest rate hikes, which created a more attractive case for riskier assets. Furthermore, anticipation of bitcoin’s halving event in April 2024 played a key role, historically known to trigger bull runs in the market. These factors collectively contributed to the strong performance of our Bitcoin Strategy ETF.

Subsequently, the Fund adopted a plan of liquidation which will be highlighted in the financial footnotes as a subsequent event.

VANECK BITCOIN STRATEGY ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			BBR¹			SPTR²
One Year		131.22	%		131.21	%		153.81	%		26.29	%
Life*		(20.80	)%		(20.78	)%		(17.87	)%		2.53	%

^*	Inception of Fund: 11/15/21; First Day of Secondary Market Trading: 11/16/21.

¹	MVIS® CryptoCompare Bitcoin Benchmark Rate (BBR) is designed to be a robust price for Bitcoin in USD, based on one hour median weighted prices.

²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 7 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

Index returns assume the reinvestment of all income and do not reflect any management fees, interest expense, brokerage expenses or income tax benefit/(expense) associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

BBR is published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation.

MarketVector does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.

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, July 1, 2023 to December 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Bitcoin Strategy ETF
Actual	$1,000.00	$1,293.90	0.63%	$3.64
Hypothetical (b)	$1,000.00	$1,022.03	0.63%	$3.21
Ethereum Strategy ETF
Actual (c)	$1,000.00	$1,267.60	0.65%	$1.82
Hypothetical (b)	$1,000.00	$1,021.93	0.65%	$3.31

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from October 3, 2023 (commencement of operations) to December 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK BITCOIN STRATEGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Par (000’s		)	Value
Short-Term Investments: 90.9%
United States Treasury Obligations: 90.9%
United States Treasury Bills
5.24%, 04/11/24 (a)	$	6,000		$	5,913,650
5.30%, 03/21/24 (a)		6,000			5,931,708
5.30%, 04/02/24 (a)		6,000			5,921,076
5.31%, 03/12/24 (a)		5,000			4,949,513
5.32%, 05/02/24 (a)		5,000			4,913,414
5.32%, 02/06/24 (a)		1,000			994,872
5.33%, 03/07/24 (a)		5,000			4,953,044
5.38%, 02/20/24 (a)		6,000			5,957,012
5.39%, 03/28/24 (a)		5,000			4,937,987
5.41%, 02/13/24 (a)		5,000			4,969,238
					49,441,514
Total Short-Term Investments: 90.9% (Cost: $49,427,562)					49,441,514
Other assets less liabilities: 9.1%					4,923,529
NET ASSETS: 100.0%				$	54,365,043

Futures Contracts

Reference Entity

Type

Number of
Contracts

Expiration Date

Notional
Amount

Value and
Unrealized
Appreciation/
(Depreciation)

CME Bitcoin

Long

260

01/26/24

55,230,500

(1,264,699)

(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 $40,037,124.

Summary of Investments by Sector		% of Investments				Value
Government			100.0%			$	49,441,514

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	49,441,514	$	—	$	49,441,514

Other Financial Instruments:
Futures Contracts	$	(1,264,699)	$	—	$	—	$	(1,264,699)

See Notes to Financial Statements

VANECK ETHEREUM STRATEGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	Par (000’s		)	Value
Short-Term Investments: 56.7%
United States Treasury Obligations: 56.7%
United States Treasury Bills
5.31%, 03/12/24	$	3,000		$	2,969,708
5.41%, 01/23/24		2,500			2,492,324
5.41%, 02/13/24		1,000			993,848
5.42%, 01/30/24		2,000			1,991,774
					8,447,654
Total Short-Term Investments: 56.7% (Cost: $8,445,943)					8,447,654
Other assets less liabilities: 43.3%					6,459,442
NET ASSETS: 100.0%				$	14,907,096

Futures Contracts

Reference Entity

Type

Number of
Contracts

Expiration Date

Notional
Amount

Value and
Unrealized
Appreciation/
(Depreciation)

CME Ether

Long

134

01/26/24

15,661,250

(58,559)

Summary of Investments by Sector		% of Investments				Value
Government			100.0%			$	8,447,654

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	8,447,654	$	—	$	8,447,654

Other Financial Instruments:
Futures Contracts	$	(58,559)	$	—	$	—	$	(58,559)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Bitcoin Strategy ETF		Ethereum Strategy ETF
Assets:
Investments, at value Unaffiliated issuers (1)	$	49,441,514	$	8,447,654
Cash		3,756,015		1,617,126
Cash on deposit with broker for futures contracts		3,499,038		5,600,949
Receivables:
Investment securities sold		2,602		—
Total assets		56,699,169		15,665,729

Liabilities:
Payables:
Due to Adviser		34,889		5,467
Federal and State income taxes		1,036,496		695,937
Net variation margin on futures contracts		1,259,650		56,850
Net deferred tax		3,091		379
Total liabilities		2,334,126		758,633
NET ASSETS	$	54,365,043	$	14,907,096
Shares outstanding		1,400,000		700,000
Net asset value, redemption and offering price per share	$	38.83	$	21.30

Net Assets consist of:
Aggregate paid in capital	$	46,895,970	$	12,284,657
Total distributable earnings (loss)		7,469,073		2,622,439
NET ASSETS	$	54,365,043	$	14,907,096
(1) Cost of investments - Unaffiliated issuers	$	49,427,562	$	8,445,943

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Bitcoin Strategy ETF			Ethereum Strategy ETF (a)
Income:
Interest	$	2,036,634		$	87,254
Total income		2,036,634			87,254
Expenses:
Management fees		282,245			18,152
Futures commission merchant fees		—			3,844
Total expenses		282,245			21,996
Reimbursement by the Adviser		—			(3,844	)
Net expenses		282,245			18,152
Net investment income, before income taxes		1,754,389			69,102
Net current and deferred tax benefit/(expense) (See Note 6)		(388,209	)		(15,443	)
Net investment income, net of income taxes		1,366,180			53,659

Net realized gain (loss) on:
Investments		849			—
Futures contracts		35,869,321			3,356,501
Current and deferred tax benefit/(expense) (See Note 6)		(2,042,391	)		(743,465	)
Net realized gain, net of income taxes		33,827,779			2,613,036
Net change in unrealized appreciation (depreciation) on:
Investments		10,153			1,711
Futures contracts		(1,380,880	)		(58,559	)
Current and deferred tax benefit/(expense) (See Note 6)		302,774			12,592
Net change in unrealized appreciation (depreciation), net of income taxes		(1,067,953	)		(44,256	)
Net Increase in Net Assets Resulting from Operations	$	34,126,006		$	2,622,439

(a)	For the period October 3, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Bitcoin Strategy ETF						Ethereum Strategy ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2023 (a)
Operations:
Net investment income	$	1,366,180		$	85,663		$	53,659
Net realized gain (loss)		33,827,779			(23,056,218	)		2,613,036
Net change in unrealized appreciation (depreciation)		(1,067,953	)		1,160,667			(44,256	)
Net increase (decrease) in net assets resulting from operations		34,126,006			(21,809,888	)		2,622,439

Distributions to shareholders from:
Distributable earnings		(85,625	)		—			—
Total distributions		(85,625	)		—			—

Share transactions*:
Proceeds from sale of shares		19,408,348			27,850,090			12,284,657
Cost of shares redeemed		(20,119,157	)		(816,592	)		—
Increase (decrease) in net assets resulting from share transactions		(710,809	)		27,033,498			12,284,657

Total increase in net assets		33,329,572			5,223,610			14,907,096
Net Assets, beginning of period		21,035,471			15,811,861			—
Net Assets, end of period	$	54,365,043		$	21,035,471		$	14,907,096

* Shares of Common Stock Issued (no par value):
Shares sold		650,000			950,000			700,000
Shares redeemed		(500,000	)		(50,000	)		—
Net increase		150,000			900,000			700,000

(a)	For the period October 3, 2023 (commencement of operations) through December 31, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Bitcoin Strategy ETF

							Period
							Ended
							December
	Year Ended December 31,						31,
	2023			2022			2021(a)

Net asset value, beginning of period		$16.83			$45.18			$63.91
Net investment income (loss) (b)		1.15			0.12			(0.04	)
Net realized and unrealized gain (loss) on investments		20.92			(28.47	)		(18.69	)
Total from investment operations		22.07			(28.35	)		(18.73	)
Distributions from:
Net investment income		(0.07	)		—			—
Net asset value, end of period		$38.83			$16.83			$45.18
Total return (c)		131.42	%		(62.75	)%		(29.31	)%(d)

Ratios to average net assets
Gross expenses		0.65	%(e)		0.73	%(f)		0.65	%(g)
Net expenses		0.65	%(e)		0.66	%(f)		0.65	%(g)
Net expenses excluding interest and taxes		0.65	%		0.65	%		0.65	%(g)
Net investment income		4.04	%(e)		0.49	%(f)		0.62	%(g)
Supplemental data
Net assets, end of period (in millions)		$54			$21			$16
Portfolio turnover rate (h)		—	%		—	%		—	%(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)	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 1.54%, 1.54% and 3.15%, respectively.
(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 0.83%, 0.76% and 0.39%, respectively.
(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:

	Ethereum Strategy ETF

	Period Ended December 31, 2023(a)

Net asset value, beginning of period		$16.80
Net investment income (b)		0.12
Net realized and unrealized gain on investments		4.38
Total from investment operations		4.50
Net asset value, end of period		$21.30
Total return (c)		26.76%	(d)

Ratios to average net assets
Gross expenses		0.79%	(e)(f)
Net expenses		0.65%	(e)(f)
Net investment income		2.47%	(e)(f)
Supplemental data
Net assets, end of period (in millions)		$15
Portfolio turnover rate (g)		—%	(d)

(a)	For the period October 3, 2023 (commencement of operations) through December 31, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	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 1.34%, 1.20% and 1.92%, respectively.
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

Fund		Diversification Classification

Bitcoin Strategy ETF		Non-Diversified
Ethereum Strategy ETF		Non-Diversified

Bitcoin Strategy ETF and Ethereum Strategy ETF are actively managed and seek to achieve their investment objectives by investing in standardized, cash-settled Bitcoin futures contracts (“Bitcoin Futures”) and Ether futures contracts (“Ether Futures”), respectively, traded on the Chicago Mercantile Exchange. Van Eck Absolute Return Advisers Corporation (the “Adviser”) serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the “Trustees”).

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).

	Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service 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. The Trustees have designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from

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

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

B.	Federal and Other Income Taxes— The Funds intend to invest primarily in Bitcoin Futures and Ether 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 Funds do 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 Funds are obligated to pay federal, state and local income tax on their taxable income. The amount of taxes currently payable by the Funds 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 Funds. Since the Funds will be subject to taxation on its taxable income, the NAV of each 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 Statements 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 and carryback periods and the associated risk that operating and capital loss carryforwards may expire unused. It is the Funds’ policy to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statements of Operations.

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

D.	Use of Derivative Instruments— The Funds invest 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	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 Funds’ derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedules 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 and Ether Futures, the underlying reference asset is bitcoin or ether. “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 or ether, the amount of cash to be paid is equal to the difference between the value of the bitcoin or ether 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 Funds are 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 Funds each day depending on the fluctuations in the value of the futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Bitcoin Strategy ETF and Ethereum Strategy ETF held futures contracts for 12 and 3 months, respectively, during the period ended December 31, 2023, of which the average notional amount for the period was $44,935,963 and $12,955,717, respectively. Futures contracts held by the Funds at December 31, 2023 are reflected in the Schedules of Investments.

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

	Liabilities Derivatives
	Digital Assets Risk
Bitcoin Strategy ETF	$	1,264,699
Futures contracts¹
Ethereum Strategy ETF
Futures contracts¹		58,559


¹	Reflects unrealized depreciation as disclosed in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities

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

	Digital Assets Risk
Bitcoin Strategy ETF
Realized gain (loss):
Futures contracts¹	$	35,869,321
Net change in unrealized appreciation (depreciation):
Futures contracts²	$	(1,380,880	)
Ethereum Strategy ETF
Realized gain (loss):
Futures contracts¹	$	3,356,501
Net change in unrealized appreciation (depreciation):
Futures contracts²	$	(58,559	)


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

E.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting agreements 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 from or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments. For financial reporting purposes, the Funds presents derivative instruments on a gross basis in the Statements of Assets and Liabilities.

	Futures contracts held by the Funds are not subject to a master netting agreement 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 December 31, 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 Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

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

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.65% of each Fund’s average daily net assets. The Adviser has agreed to pay all expenses incurred by the Funds 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, and 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 and May 1, 2025, for Bitcoin Strategy ETF and Ethereum Strategy ETF, respectively.

Van Eck Securities Corporation, 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.

At December 31, 2023, the Adviser owned approximately 64% of Ethereum Strategy ETF.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Note 5—Investments— During the year ended December 31, 2023, the Funds 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 Statements of Operations for the year ended December 31, 2023 are as follows:

Bitcoin Strategy ETF	Net Investment Income		Net Realized Gain		Change in Net Unrealized Appreciation		Total
Current tax expense (benefit)		$388,209		$2,042,391		$(305,865)		$2,124,735
Deferred tax expense (benefit)		—		5,902,852		2,249		5,905,101
Change in Valuation Allowance		—		(5,902,852)		842		(5,902,010)
Total		$388,209		$2,042,391		$(302,774)		$2,127,826

Ethereum Strategy ETF	Net Investment Income		Net Realized Gain		Change in Net Unrealized Appreciation		Total
Current tax expense (benefit)		$15,443		$743,465		$(12,971)		$745,937
Deferred tax expense (benefit)		—		—		379		379
Change in Valuation Allowance		—		—		—		—
Total		$15,443		$743,465		$(12,592)		$746,316

The Funds are 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 Funds’ federal and state income tax expense / (benefit) consists of the following:

Bitcoin Strategy ETF	Federal		State		Total
Current income tax expense (benefit)		$1,984,685		$140,050		$2,124,735
Deferred income tax expense (benefit)		5,515,871		389,230		5,905,101
Change in Valuation Allowance		(5,512,984)		(389,026)		(5,902,010)
Total		$1,987,572		$140,254		$2,127,826

Ethereum Strategy ETF	Federal		State		Total
Current income tax expense (benefit)		$696,750		$49,187		$745,937
Deferred income tax expense (benefit)		359		20		379
Change in Valuation Allowance		—		—		—
Total		$697,109		$49,207		$746,316

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.

The differences between the Funds’ income tax expense/(benefit) (current and deferred) calculated by applying the federal statutory income tax rate to net investment income/(loss) and realized and unrealized gain/(loss) on investments and the effective tax rate are as follows:

	For the Year Ended December 31, 2023
Bitcoin Strategy ETF	Amount			Rate

Income tax expense/(benefit) at statutory rates		$7,613,306			21.00	%
State income tax, net of federal benefit		416,530			1.15
Change in Valuation Allowance		(5,902,010	)		(16.28	)
Net income tax expense/(benefit)		$2,127,826			5.87	%

	For the Period Ended December 31, 2023
Ethereum Strategy ETF	Amount			Rate

Income tax expense/(benefit) at statutory rates		$707,443			21.00	%
State income tax, net of federal benefit		38,873			1.15
Change in Valuation Allowance		—			0.00
Net income tax expense/(benefit)		$746,316			22.15	%

��

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

	For the Year Ended December 31, 2023
	Bitcoin Strategy ETF			Ethereum Strategy ETF
Deferred Tax Assets:
Unrealized gain on investments	$	(3,091	)	$	(379	)
Net Deferred Tax Asset/(Liability) before valuation allowance		(3,091	)		(379	)

Less: Valuation Allowance		—			—

Net Deferred Tax Asset/(Liability)	$	(3,091	)	$	(379	)

The Funds review the recoverability of their deferred tax assets based upon the weight of the available evidence. When assessing the recoverability of deferred tax assets, management considers available carrybacks, reversing temporary taxable differences, projections of future taxable income and tax planning (if any). As of December 31, 2023, the Funds did not have any deferred tax assets. The Funds may be required to modify the estimates or assumptions they use regarding the deferred tax asset or liability as new information becomes available. Since the Funds will be subject to taxation on their taxable income, the NAVs of the Funds’ shares will also be reduced by the accrual of any deferred tax liabilities.

The Funds recognize 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 Funds’ 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 Funds. The Funds’ tax years are open for examination by U.S. and state tax authorities for all applicable years. The Funds

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

are 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 year.

During the year ended December 31, 2023, Bitcoin Strategy ETF utilized $26,649,445 of its capital loss carryforward available from the prior year and released the valuation allowance previously recorded on this amount.

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

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

Bitcoin, Ether, and their Futures are relatively new asset classes and therefore the Funds’ investments in Bitcoin and Ether Futures are subject to unique and substantial risks, including the risk that the value of the Funds’ investments could decline rapidly, including to zero. Bitcoin, Ether, and their 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 Funds and/or the Funds’ 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 Funds to achieve their investment objectives and could increase the operating expenses of the Funds.

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. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees. The Adviser is responsible for paying the expenses associated with the Plan.

Note 9—New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored (unaudited) annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

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

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

Note 10—Subsequent Event Review— On January 16, 2024, the Trustees approved the liquidation of the Bitcoin Strategy ETF. The Fund liquidated on February 6, 2024.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Bitcoin Strategy ETF and VanEck Ethereum Strategy ETF

Opinions on the Financial Statements

*Funds*
VanEck Bitcoin Strategy ETF (1)
VanEck Ethereum Strategy ETF (2)

(1) Statement of operations for the year ended December 31, 2023, and statement of changes in net assets and financial highlights for the years ended December 31, 2023 and 2022.

(2) Statement of operations, statement of changes in net assets and financial highlights for the period October 3, 2023 (commencement of operations) through December 31, 2023

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

Basis for Opinions

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2024

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2023 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent Trustees*

David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	72	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	72	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	83	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	72	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	83	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	83	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2023

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 Ethereum Strategy ETF (the “Fund”).

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 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.

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

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

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	CRYPTOAR

ANNUAL REPORT
December 31, 2023

Russia ETF	RSX
Russia Small-Cap ETF	RSXJ


800.826.2333	vaneck.com

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. 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 December 31, 2023.

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

Dear Fellow Shareholders:

So, let’s review those three major forces on markets and some risks and trends worth noting.

Discussion

1.	Monetary Policy: Not Very Stimulative

2.	Government Spending: Also Muted

3.	Global Growth is at Low Levels

Notable

Bonds

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

2.	Yield Curve

3.	India/Emerging Markets

4.	Stores of Value/Real Assets

5.	Value stocks

Jan F. van Eck
CEO and President
VanEck ETF Trust

January 18, 2024

¹	U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/ .

²	VanEck: 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	The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

⁴	VanEck: https://www.vaneck.com/us/en/subscribe/ .

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

Performance Overview

The VanEck Russia ETF (RSX) and the VanEck Russia Small-Cap ETF (RSXJ) (together, the “Funds”) returned 296.65% and 5.73%, respectively, for the 12 month period ending December 31, 2023.

Market and Fund Review

The large-scale invasion of Ukraine by Russia on February 24, 2022 resulted in a significant decline in the value of Russian securities and currency. The effect of geopolitical affairs and sanctions imposed by the United States and other countries on transactions in Russian equities, and on related clearance and payment systems, have rendered a substantial number of the Funds’ positions illiquid, including many depositary receipts. The Funds’ inability to buy, sell, and take or make delivery of Russian securities has made it impossible to manage the Funds consistent with their investment objectives.

On September 29, 2022, the Board of Trustees of the Trust approved a Plan of Liquidation and Termination of the Funds, contingent on obtaining regulatory relief which was received on December 28, 2022. The Funds were delisted by Cboe BZX Exchange on January 12, 2023, following a prior halting from trading in March 2022. On January 12, 2023, the Funds made an initial liquidating distribution of a portion of their liquid assets, less a reserve to cover operating and liquidation expenses for an extended period of time. In addition, RSX made further liquidating distributions on July 27, 2023 and September 29, 2023. Please see the Notes to the Financial Statements for more information.

In 2023, both RSX and RSXJ earned income on cash reserves maintained by the Funds. For RSX, Fund performance was primarily driven by the ability to exit out of a handful of positions that had been valued at zero or close to zero through negotiated sales and a corporate action event.

VANECK RUSSIA ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	NAV	SPTR¹
One Year	296.65%	26.29%
Five Year	(38.26)%	15.69%
Ten Year	(23.27)%	12.03%

The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

		Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index.

See “About Fund Performance” on page 6 for more information.

VANECK RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

Average Annual Total Return
	NAV	SPTR¹
One Year	5.73%	26.29%
Five Year	(54.44)%	15.69%
Ten Year	(34.39)%	12.03%

		Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with a broad-based index.

See “About Fund Performance” on page 6 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

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

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, July 1, 2023 to December 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Annualized Expense Ratio During Period		Expenses Paid During the Period July 1, 2023 - December 31, 2023(a)
Russia ETF
Actual	$	1,000.00	$	1,946.00		0.33%		$2.45
Hypothetical (b)	$	1,000.00	$	1,023.54		0.33%		$1.68
Russia Small-Cap ETF
Actual	$	1,000.00	$	1,056.10		(4.93)% (c)		$(25.55)
Hypothetical (b)	$	1,000.00	$	1,050.06		(4.93)% (c)		$(25.47)

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Significant expenses accrued outside of its expense cap in the first six months of the fiscal year were reversed out in the second six months of the fiscal year, resulting in an expense ratio of (4.93)% for the period July 1, 2023 through December 31,2023. The net expense ratio for the second six months would have been 0.67% excluding the reversal of the significant expense.

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	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%
X5 Retail Group NV (GDR) *∞		1,970,269		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

	Number of Shares		Value
Materials (continued)
Severstal PAO (GDR) *∞		3,405,164	$	0
				0
Media & Entertainment: 0.0%
VK IPJSC (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: $1,571,215,216)				0

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

Total Investments Before Collateral for Securities Loaned: 0.0% (Cost: $1,617,249,844)				0

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.6%
Money Market Fund: 6.6% (Cost: $2,122,500)
State Street Navigator Securities Lending Government Money Market Portfolio		2,122,500		2,122,500
Total Investments: 6.6% (Cost: $1,619,372,344)				2,122,500
Other assets less liabilities: 93.4%				30,264,537
NET ASSETS: 100.0%			$	32,387,037

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
Materials		0.0	%	$	0
Financials		0.0			0
Energy		0.0			0
Communication Services		0.0			0
Utilities		0.0			0
Consumer Discretionary		0.0			0
Consumer Staples		0.0			0
		0.0	%	$	0

The summary of inputs used to value the Fund’s investments as of December 31, 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		2,122,500		—		—		2,122,500
Total Investments	$	2,122,500	$	—	$	0	$	2,122,500

*	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 year ended December 31, 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)		(192,682,375	)
Net change in unrealized appreciation (depreciation)		255,469,604
Purchases		0
Sales		(62,787,229	)
Transfers in/out of level 3		—
Balance as of December 31, 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 December 31, 2023	$	0

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

	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%
NovaBev 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

	Number of Shares		Value
Real Estate Management & Development (continued)
LSR Group PJSC ∞		103,574	$	0
Samolet Group *∞		16,988		0
				0
Telecommunication Services: 0.0%
Sistema AFK PAO ∞		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

Total Investments: 0.0% (Cost: $24,777,282)				0
Other assets less liabilities: 100.0%				340,045
NET ASSETS: 100.0%			$	340,045

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.

Summary of Investments by Sector	% of Investments			Value
Real Estate		0.0	%	$	0
Materials		0.0			0
Industrials		0.0			0
Utilities		0.0			0
Consumer Discretionary		0.0			0
Financials		0.0			0
Energy		0.0			0
Consumer Staples		0.0			0
Communication Services		0.0			0
		0.0	%	$	0

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of December 31, 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
Total Investments	$	—	$	—	$	0	$	0

*	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 December 31, 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 December 31, 2023	$	0

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	Russia ETF			Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	—		$	—
Short-term investments held as collateral for securities loaned (3)		2,122,500			—
Cash		32,546,825			394,505
Cash denominated in foreign currency, at value (4)		18,058			596
Receivables:
Due from Adviser		—			7,135
Dividends and interest		102,249			1,252
Prepaid expenses		1,370			648
Total assets		34,791,002			404,136
Liabilities:
Payables:
Collateral for securities loaned		2,122,500			—
Deferred Trustee fees		220,449			4,179
Accrued expenses		61,016			59,912
Total liabilities		2,403,965			64,091
NET ASSETS	$	32,387,037		$	340,045
Shares outstanding		95,900,000			883,318
Net asset value, redemption and offering price per share	$	0.34		$	0.38
Net Assets consist of:
Aggregate paid in capital	$	3,547,337,970		$	43,511,742
Total distributable earnings (loss)		(3,514,950,933	)		(43,171,697	)
NET ASSETS	$	32,387,037		$	340,045
(1) Value of securities on loan	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	1,617,249,844		$	24,777,282
(3) Cost of short-term investments held as collateral for securities loaned	$	2,122,500		$	—
(4) Cost of cash denominated in foreign currency	$	17,346		$	612

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	Russia ETF			Russia Small-Cap ETF
Income:
Dividends	$	63,595		$	—
Interest		2,069,893			20,979
Securities lending income		27,883			—
Total income		2,161,371			20,979
Expenses:
Professional fees		55,006			49,902
Custody and accounting fees		24,001			24,001
Reports to shareholders		71,000			8,999
Trustees’ fees and expenses		18,441			334
Insurance		6,595			1,630
Interest		27,412			—
Taxes		243			243
Other		995			995
Total expenses		203,693			86,104
Expenses assumed by the Adviser		—			(83,536	)
Net expenses		203,693			2,568
Net investment income		1,957,678			18,411

Net realized gain (loss) on:
Investments		(196,757,808	)		—
Foreign currency transactions and foreign denominated assets and liabilities		(3	)		—
Net realized loss		(196,757,811	)		—

Net change in unrealized appreciation (depreciation) on:
Investments		259,547,221			—
Foreign currency translations and foreign denominated assets and liabilities		626			34
Net change in unrealized appreciation (depreciation)		259,547,847			34
Net Increase in Net Assets Resulting from Operations	$	64,747,714		$	18,445

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia ETF						Russia Small-Cap ETF
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Operations:
Net investment income (loss)	$	1,957,678		$	4,092,150		$	18,411		$	(77,781	)
Net realized loss		(196,757,811	)		(115,514,580	)		—			(2,278,349	)
Net change in unrealized appreciation (depreciation)		259,547,847			(1,868,384,607	)		34			(25,639,542	)
Net increase (decrease) in net assets resulting from operations		64,747,714			(1,979,807,037	)		18,445			(27,995,672	)
Distributions to shareholders from:
Distributable earnings		(2,002,429	)		—			(19,314	)		—
Return of capital		(65,731,741	)		—			(50,910	)		—
Total distributions		(67,734,170	)		—			(70,224	)		—
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 decrease in net assets		(2,986,456	)		(1,340,909,896	)		(51,779	)		(23,787,752	)
Net Assets, beginning of year		35,373,493			1,376,283,389			391,824			24,179,576
Net Assets, end of year	$	32,387,037		$	35,373,493		$	340,045		$	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 Year Ended December 31, 2023

	Russia ETF		Russia Small-Cap ETF
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	64,747,714	$	18,445
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
Investment securities sold		66,394,121		—
Net realized loss on investments in securities		196,761,785		—
Net change in unrealized (appreciation) depreciation on investments		(259,547,221)		—
(Increase) decrease in assets:
Dividends and interest receivable		(99,950)		(1,252)
Due from Adviser		—		(7,134)
Prepaid expenses		3,141		354
Investment securities sold		2,428,322		—
Increase (decrease) in liabilities:
Due to Adviser		—		(1,158)
Accrued expenses		(80,856)		(22,032)
Deferred trustee fees		44,754		903
Net cash provided by (used for) operating activities		70,651,810		(11,874)

Cash Flows from Financing Activities
Cash dividends paid to shareholders		(67,734,170)		(70,224)
Net cash used for financing activities		(67,734,170)		(70,224)
Net change in cash		2,917,640		(82,098)
Cash at beginning of year		29,647,243		477,199
Cash at end of year	$	32,564,883	$	395,101
Supplemental disclosure of cash flow information
Interest expense paid during the period	$	27,412	$	—

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Russia ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	0.37		$	26.75		$	23.82		$	24.96		$	18.79
Net investment income (a)		0.02			0.05			1.39			0.97			1.20
Net realized and unrealized gain (loss) on investments		0.66		(26.43		)		3.06			(1.31	)		6.39
Total from investment operations		0.68		(26.38		)		4.45			(0.34	)		7.59
Distributions from:
Net investment income	(0.02		)		—			(1.52	)		(0.79	)		(1.42	)
Return of capital	(0.69		)		—			—			(0.01	)		—
Total distributions	(0.71		)		—			(1.52	)		(0.80	)		(1.42	)
Net asset value, end of year	$	0.34		$	0.37		$	26.75		$	23.82		$	24.96
Total return (b)	296.65		%	(98.62		)%		18.74	%		(1.38	)%		40.40	%

Ratios to average net assets
Expenses		0.47	%		0.60	%(c)		0.56	%		0.61	%		0.67	%
Expenses excluding interest, a portion of depositary receipt fees and taxes (d)		0.41	%		0.59	%(c)		0.56	%		0.60	%		0.65	%
Net investment income		4.55	%		1.67	%		4.99	%		4.45	%		5.40	%
Supplemental data
Net assets, end of year (in millions)		$32			$35		$	1,376		$	1,621		$	1,282
Portfolio turnover rate (e)		0	%		4	%		20	%		25	%		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)	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).
(d)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Russia Small-Cap ETF
	Year Ended December 31,
	2023			2022			2021			2020			2019

Net asset value, beginning of year	$	0.44		$	32.97		$	36.22		$	35.94		$	27.61
Net investment income (loss) (a)		0.02			(0.09	)		1.12			1.12			1.53
Net realized and unrealized gain (loss) on investments		—		(32.44		)		(2.29	)		0.74			8.45
Total from investment operations		0.02		(32.53		)		(1.17	)		1.86			9.98
Distributions from:
Net investment income	(0.02		)		—			(2.00	)		(1.58	)		(1.65	)
Return of capital	(0.06		)		—			(0.08	)		—			—
Total distributions	(0.08		)		—			(2.08	)		(1.58	)		(1.65	)
Net asset value, end of year	$	0.38		$	0.44		$	32.97		$	36.22		$	35.94
Total return (b)	5.73		%	(98.66		)%		(3.29	)%		5.23	%	36.17		%

Ratios to average net assets
Gross expenses	24.81		%		5.34	%(c)		1.08	%		1.31	%		1.20	%
Net expenses		0.74	%		4.50	%(c)		0.75	%		0.75	%		0.77	%
Net expenses excluding interest, a portion of depositary receipt fees and taxes (d)		0.67	%		4.49	%(c)		0.75	%		0.75	%		0.75	%
Net investment income (loss)		5.30	%	(1.77		)%		3.01	%		3.45	%		4.67	%
Supplemental data
Net assets, end of year (in millions)		$—	(e)		$—	(e)		$24			$32			$35
Portfolio turnover rate (f)		0	%		68	%		47	%		47	%		30	%

(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)	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).
(d)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.
(e)	Amount is less than $500,000.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

Fund	Diversification Classification

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

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

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

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

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

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

While certain Russian securities held by the Funds have declared dividends, there is no assurance these dividends can be collected by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 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 will receive any additional liquidating distributions relating to the Russian securities and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale.

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).

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

	The holdings of the Funds at December 31, 2023 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

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

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) and net change in unrealized appreciation (depreciation) 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 December 31, 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

	December 31, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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—Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds’ management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver in its sole discretion as any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2023.

The management fee rates and expense limitations for the year ended December 31, 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.

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

Note 5—Capital Share Transactions—As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective. Prior to December 28, 2022, Fund shares were not individually redeemable and were 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 consisted 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 have also been substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities were not available in

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

sufficient quantity for delivery, or were not eligible for trading by the Authorized Participant. The Funds could have issued Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

Note 6—Investments—For the year ended December 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows:

Fund		Purchases				Sales
Russia ETF		$	—			$	66,394,121

Note 7—Income Taxes—As of December 31, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russia ETF	$	1,621,009,983		$–	$	(1,618,887,483	)	$	(1,618,887,483	)
Russia Small-Cap ETF		25,328,758		–		(25,328,758	)		(25,328,758	)

At December 31, 2023, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Russia ETF		$–	$	(1,895,843,713	)	$	(220,450	)	$	(1,618,886,770	)	$	(3,514,950,933	)
Russia Small-Cap ETF		–		(17,838,747	)		(4,176	)		(25,328,774	)		(43,171,697	)

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

	December 31, 2023
Fund	Ordinary Income*		Return of Capital
Russia ETF	$	2,002,429	$	65,731,741
Russia Small-Cap ETF		19,314		50,910

*	Includes distributions from short-term capital gains, if any.

At December 31, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Russia ETF	$	(303,977,219	)	$	(1,591,866,494	)	$	(1,895,843,713	)
Russia Small-Cap ETF		(5,643,438	)		(12,195,309	)		(17,838,747	)

Each year, the Funds assess the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2023, the Funds did not have any reclassifications.

Note 8—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, 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.

As a result of the current conditions related to Russian securities and Russian markets as outlined in the Plan of Liquidation (Note 2), 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,

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 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’ remaining securities on loan and related collateral as of December 31, 2023:

Fund		Market Value of Securities on Loan				Cash Collateral				Non-Cash Collateral				Total Collateral
Russia ETF		$	–			$	2,122,500			$	6,159,597			$	8,282,097

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Russia ETF	$	2,122,500
* Remaining contractual maturity: overnight and continuous

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations, of changes in net assets and of cash flows for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets, each of their cash flows and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck Russia ETF (1)

VanEck Russia Small-Cap ETF (1)

(1) Statement of operations and statement of cash flows for the year ended December 31, 2023 and statement of changes in net assets and financial highlights for the years ended December 31, 2023 and 2022.

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

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

Emphasis of Matter

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

/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2024

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2023. Please consult your tax advisor for proper treatment of this information:

Fund

Ticker

Payable

Ordinary Income
Amount Paid
Per Share

Return of
Capital (a)

Total
Distribution
Per Share

Russia ETF

RSX

Various

$0.0209

$0.6854

$0.7063

Russia Small-Cap ETF

RSXJ

Various

0.0219

0.0576

0.0795

Fund	Ticker	Payable	Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distribution (b)			Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (c)			Federal Obligation Interest as a Percentage of the Total Distribution (d)
Russia ETF	RSX	Various		98.67	%		98.67	%		22.08	%
Russia Small-Cap ETF	RSXJ	Various		100.00	%		100.00	%		23.91	%

(b) These amounts represent distributions paid during the taxable year ended December 31, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(c) These amounts represent distributions paid during the taxable year ended December 31, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

December 31, 2023 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent Trustees*

David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	72	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	72	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	83	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	72	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	83	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	83	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.

⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*

Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

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	RUSSIAAR

Item 2.	CODE OF ETHICS.

(a)	The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)	The Registrant’s code of ethics is reasonably described in this Form N-CSR.

(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)	The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)	Not applicable.

(f)	The Registrant’s Code of Ethics is attached as an Exhibit hereto.

Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.

	The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

(a)	Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2023 and December 31, 2022, were $564,525 and $544,095, respectively.

(b)	Audit-Related Fees. Not applicable.

(c)	Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2023 and December 31, 2022, were $243,000 and $243,500 respectively.

(d)	All Other Fees

	None.

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

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

(f)	Not applicable.

(g)	Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant’s investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2023 and December 31, 2022, were $47,365 and $0 respectively.

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

Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.

	The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Ms. Hesslein is the Chairwoman of the Audit Committee.

Item 6.	SCHEDULE OF INVESTMENTS.

	Information included in Item 1.

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

	Not applicable.

Item 8.	PORTFOLIO 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.

	None.

Item 11.	CONTROLS AND PROCEDURES.

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

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

Item 12.	DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)	Not applicable.

(b)	Not applicable.

Item 13.	EXHIBITS.

(a)(1)	The code of ethics is attached as EX-99.CODE ETH

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

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

SIGNATURES

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

(Registrant) VANECK ETF TRUST

By (Signature and Title)

/s/ John J. Crimmins, Treasurer and CFO


Date	March 7, 2024

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

By (Signature and Title)

/s/ Jan F. van Eck, CEO


Date	March 7, 2024


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


Date	March 7, 2024

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