
	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

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)

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.

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 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)

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.

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

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)
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

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⁾	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

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

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

See Notes to Financial Statements

VANECK 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

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

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.

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. 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.

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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”).

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
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		—

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)
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.

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.

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.

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

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

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
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.

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 semiannual 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.

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

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.

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.

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