ANNUAL REPORT
December 31, 2021

VANECK^®

Africa Index ETF	AFK^®
Brazil Small-Cap ETF	BRF^®
China Growth Leaders ETF	GLCN
ChiNext ETF	CNXT^®
Egypt Index ETF	EGPT^®
Indonesia Index ETF	IDX^®
Israel ETF	ISRA^™
Russia ETF	RSX^®
Russia Small-Cap ETF	RSXJ^®
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
China Growth Leaders ETF	8
ChiNextETF	9
Egypt Index ETF	10
Indonesia Index ETF	11
Israel ETF	12
Russia ETF	13
Russia Small-Cap ETF	14
Vietnam ETF	15
About Fund Performance	16
Explanation of Expenses	17
Schedule of Investments
Africa Index ETF	19
Brazil Small-Cap ETF	22
China Growth Leaders ETF	26
ChiNext ETF	31
Egypt Index ETF	34
Indonesia Index ETF	36
Israel ETF	38
Russia ETF	41
Russia Small-Cap ETF	43
Vietnam ETF	45
Statements of Assets and Liabilities	47
Statements of Operations	50
Statements of Changes in Net Assets	53
Financial Highlights
Africa Index ETF	58
Brazil Small-Cap ETF	59
China Growth Leaders ETF	60
ChiNext ETF	61
Egypt Index ETF	62
Indonesia Index ETF	63
Israel ETF	64
Russia ETF	65
Russia Small-Cap ETF	66
Vietnam ETF	67
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	77
Tax Information	78
Board of Trustees and Officers	79
Approval of Investment Management Agreement	82

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, 2021.

VANECK ETF TRUST

PRESIDENT’S LETTER

December 31, 2021 (unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: a review of the markets today and, second, two multi-year themes.

The Economy

In 2021, the year began with the global economy hurtling forward like a car at top speed. But in the fall, the Fed started reducing its stimulative policies, especially as inflation statistics hit multi-decade highs.

As this point, the markets face several points of uncertainty. The most important concern is: will the Fed “hit the brakes” too hard as it reduces stimulus measures? But also, since China has been a large driver of global growth over the past 20 years, how long will China’s slow-down last and how deep will it be? Will Chinese policymakers stimulate the economy if growth slows too much?

“Net net”, I think our economy and markets can handle the withdrawal of Fed stimulus. While market returns may underwhelm in 2022, there is no reason to sell and try to time the market.

I expect that inflation will persist because I believe that deflation over the past 20 years was primarily driven by the supply shock as China joined the world economy. As a counter-example, there was inflation in the 1970s, and do we think there was no technology applied in that decade?

We are still debating whether we have an inflation problem. And I continue to believe that only later this year will we know whether we have permanent inflation—after all the COVID-19 distortions are behind us.

It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But, while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.

If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.

As to China, at the end of December 2021, the official purchasing managers’ indices (PMIs), our favorite indicators, showed signs of improvement for the second month in a row. This was a welcome development. But multiple growth headwinds remain: the small companies’ PMI sinking to 46.5 (the lowest since February 2020) was a firm reminder that the dovish policy tilt is justified, with more targeted support expected in the coming months. Despite this, though, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

Multi-Year Investment Themes

So what to do in your portfolio? We continue to focus on two multi-year investment themes.

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

As the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

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

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, 2021. 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 19, 2022

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

¹Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

VANECK ETF TRUST

MANAGEMENT DISCUSSION

December 31, 2021 (unaudited)

Market Review

All funds were to some extent affected by the wide market recovery during the year as the effects of COVID-19 generally subsided globally. The remedial measures, both financial and fiscal, taken by central governments around the world in response to the pandemic (including the asset purchasing program of the U.S. Federal Reserve), continued to sustain recovery. By the end of 2021, the extent of the recovery varied considerably country by country and region by region.

Africa

The financial and materials sectors were the greatest positive contributors to the performance of the VanEck Africa Index ETF, which returned 3.69% for the 12 month period. The consumer discretionary sector was by far the greatest detractor from performance. Geographically, South Africa, with an average weight of over 30%, was the top contributor to Fund returns. It was followed by Morocco and Kenya. The greatest detractor from performance, by country, was a Germany-based consumer discretionary company operating in Nigeria and several other African countries.

Brazil

Having hit a high toward the end of June 2021, small-cap Brazilian stocks proceeded to drop significantly by the end of the year. While the country’s economy had contracted slightly in the second quarter, in the third quarter, on the back of a drop in agricultural production, the country slipped into recession.¹The VanEck Brazil Small-Cap ETF lost 21.38% over the 12 month period under review.

Four sectors contributed positively to performance, with the materials sector contributing the most. However, the negative contribution from the consumer discretionary sector alone, with the largest average sector weighting during the year, significantly offsetting all positive contributions to performance.

China

The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF displayed divergent performances during the year. While the former gained 8.21%, the latter lost 14.67%.

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 industrial sector, with the second largest average sector weighting during the year, was the greatest contributor to performance, followed by the information technology sector with the largest such weighting. The healthcare and consumer staples sectors detracted the most from performance.

On December 10, 2021, the Fund’s investment objective changed from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the SME-ChiNext 100 Index to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChiNext Index. The ChiNext Index tracks the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange.

While the information technology sector contributed the most positively to the performance of VanEck China Growth Leaders ETF, its, together with the financial and utilities sectors’ positive contributions, were easily outweighed by the negative contribution of the consumer discretionary sector alone, the greatest detractor from performance.

Egypt

Having hit a high in mid-February, thereafter, Egyptian stocks fell to a low in mid-April. Over the following eight and a half months, however, as the country continued to recover from the effects of the COVID-19 pandemic², they succeeded in recouping much of this loss and the VanEck Egypt Index ETF ended 2021 gaining 8.36%.

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

The top three performing sectors were real estate, materials and communication services. Information technology and healthcare were the only two sectors to detract from performance. Small-cap companies, with the largest average weighting during the period under review, contributed the most to performance.

Indonesia

Indonesian stocks had somewhat of a roller coaster year in 2021. Having hit a high toward the end of January, they declined to a low at the end of July, only to claw their way back up, not least on the back of a third quarter current account surplus and improving economic output³. They ended the year slightly down with the VanEck Indonesia Index ETF registering a small loss of 1.65% for the 12 month period.

The greatest positive contribution to returns came from the communication services sector. The greatest negative contribution to returns came from the materials sector.

Israel

Following an excellent year in 2020, on an expected growth for the country of 7.1% for the year⁴, Israeli stocks performed well, once again, in 2021, with the VanEck Israel ETF gaining 10.20% in the 12 months period under review.

Over the period under review, the performance of the financial sector, with the second largest average weighting during 2021 made the greatest positive contribution to returns. The information technology sector, with the largest such weighting, detracted most from performance. Mid-cap companies made by far the greatest positive contribution to returns.

Russia

Russia’s economy rebounded strongly in 2021, recovering to above its pre-pandemic peak “with growth driven by a strong rebound in consumer demand⁵.” However, the VanEck Russia Small-Cap ETF and its peer investing in larger-cap Russian stocks, the VanEck Russia ETF recorded divergent returns. While the former ETF lost 3.28% for the year, the latter gained 18.74% over the same period.

Perhaps not surprisingly, the energy sector, which had the highest average weight in the portfolio, was by far the most significant contributor to performance of the VanEck Russia ETF and the communication services sector detracted the most. For the VanEck Russia Small-Cap ETF, the industrial sector were the most significant contributor to positive returns. The real estate sector was the greatest detractor from performance.

Vietnam

VanEck Vietnam ETF gained 22.52% in 2021. In contrast with most other Asia Markets, toward the end of November, the country’s benchmark stock index, the Vietnam Ho Chi Minh Stock Index, passed the 1,500 mark for the first time—a rise then of 36% on the year6. It proceeded to finish the year even higher.

Large-and mid-cap companies contributed the most to performance over the reporting period. Two sectors contributed the majority of positive returns: real estate and financial. Only the information technology and healthcare sectors detracted from performance.

* Returns based on the funds’ net asset values (NAVs).

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.

¹France24: Brazil’s economy enters recession, December 2, 2021, https://www.france24.com/en/live-news/20211202-brazil-s-economy-enters-recession

²The National News: Egyptian stock exchange market capitalisation up 12% in 2021, December 14, 2021, https://www.thenationalnews. com/business/2021/12/14/egyptian-stock-exchange-market-capitalisation-up-12-in-2021/

³ Reuters: Asian FX fall as dollar firms, Indonesia shares hit record high, November 19, 2021, https://www.reuters.com/markets/stocks/asian-fx-fall-dollar-firms-indonesia-shares-hit-record-high-2021-11-19/

⁴NASDAQ: Israel economy to grow 7.1% in 2021 amid post-COVID rebound–FinMin, November 15, 2021, https://www.nasdaq.com/articles/israel-economy-to-grow-7.1-in-2021-amid-post-covid-rebound-finmin-2021-11-15

⁵ The World Bank: Amidst Strong Economic Rebound in Russia, Risks Stemming from COVID-19 and Inflation Build, Says World Bank Report, December 1, 2021, https://www.worldbank.org/en/news/press-release/2021/12/01/amidst-strong-economic-rebound-in-russia-risks-stemming-from-covid-19-and-inflation-build-says-world-bank-report

⁶Reuters: Vietnam stocks hit new milestone in record run, November 25, 2021, https://www.reuters.com/markets/stocks/vietnam-stocks-hit-new-milestone-record-run-2021-11-25/

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVAFKTR¹	SPTR²
One Year	2.84%	3.69%	4.63%	28.71%
Five Year	3.98%	3.60%	4.83%	18.47%
Ten Year	0.69%	0.54%	1.83%	16.55%

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.

	Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 Index^SM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). 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.

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 16 for more information.

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBRFTR¹	SPTR²
One Year	(20.41)%	(21.38)%	(20.47)%	28.71%
Five Year	3.68%	3.29%	4.03%	18.47%
Ten Year	(4.82)%	(4.85)%	(4.17)%	16.55%

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 16 for more information.

VANECK CHINA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MGCNGRNR¹	SPTR²
One Year	(14.39)%	(14.67)%	(14.31)%	28.71%
Five Year	6.42%	6.44%	9.31%	18.47%
Ten Year	5.45%	5.98%	8.31%	16.55%


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

	Index data as of October 31, 2018 for all periods presented reflect the CSI 300 Index (CSIH0749) stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

	Effective May 1, 2020, MGCNGRNR replaced CSIH0749 as the Fund’s benchmark index. 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 16 for more information.

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	SZ988107¹	CNI6109²	SPTR³
One Year	9.08%	8.21%	9.12%	10.68%	28.71%
Five Year	13.08%	12.80%	15.11%	15.44%	18.47%
Life*	10.91%	10.91%	13.63%	13.85%	14.68%

*	Commencement 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.

²	The SME-ChiNext Index (CNI6109) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The SME-ChiNext Index is comprised of A-shares.

	Effective December 10, 2021, SZ988107 replaced CNI6109 as the Fund’s benchmark index. 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.

³	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 16 for more information.

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVEGPTTR¹	SPTR²
One Year	11.24%	8.36%	10.80%	28.71%
Five Year	2.48%	2.73%	4.49%	18.47%
Ten Year	(0.86)%	(1.08)%	1.91%	16.55%

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 16 for more information.

INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVIDXTR¹	SPTR²
One Year	(2.60)%	(1.65)%	(1.66)%	28.71%
Five Year	0.42%	0.43%	0.67%	18.47%
Ten Year	(1.63)%	(1.59)%	(1.11)%	16.55%


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 16 for more information.

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	BLSNTR¹	SPTR²
One Year	9.99%	10.20%	10.88%	28.71%
Five Year	13.84%	13.85%	14.31%	18.47%
Life*	9.41%	9.42%	9.88%	16.02%

*	Commencement of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13.

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 (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 16 for more information.

VANECK RUSSIA ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRSXTR¹	SPTR²
One Year	16.72%	18.74%	19.18%	28.71%
Five Year	9.75%	9.98%	10.44%	18.47%
Ten Year	3.90%	4.05%	4.15%	16.55%

¹	MVIS® Russia Index (MVRSXTR) 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 Russia.

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 16 for more information.

VANECK RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRSXJTR¹	SPTR²
One Year	(1.65)%	(3.28)%	(2.66)%	28.71%
Five Year	1.96%	1.76%	2.41%	18.47%
Ten Year	(0.23)%	(0.28)%	0.14%	16.55%

¹	MVIS® Russia Small-Cap Index (MVRSXJTR) 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 Russia.

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 16 for more information.

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVVNMTR¹	SPTR²
One Year	22.04%	22.52%	24.12%	28.71%
Five Year	11.02%	11.27%	12.20%	18.47%
Ten Year	5.69%	5.62%	6.66%	16.55%

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 16 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects 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, Egypt Index, Indonesia Index, Russia Index, Russia Small-Cap Index, and Vietnam Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The China 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. The Israel Index is published by BlueStar Global Investors, LLC (BlueStar).

BlueStar, MarketGrader, MVIS®, 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, 2021 to December 31, 2021.

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, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2021 - December 31, 2021(a)
Africa Index ETF
Actual	$1,000.00	$969.60	0.77%	$3.82
Hypothetical(b)	$1,000.00	$1,021.32	0.77%	$3.92
Brazil Small-Cap ETF
Actual	$1,000.00	$681.70	0.60%	$2.54
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06
China Growth Leaders ETF
Actual	$1,000.00	$843.70	0.60%	$2.79
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06
ChiNext ETF
Actual	$1,000.00	$974.00	0.65%	$3.23
Hypothetical(b)	$1,000.00	$1,021.93	0.65%	$3.31
Egypt Index ETF
Actual	$1,000.00	$1,101.00	1.04%	$5.51
Hypothetical(b)	$1,000.00	$1,019.96	1.04%	$5.30
Indonesia Index ETF
Actual	$1,000.00	$1,114.10	0.57%	$3.04
Hypothetical(b)	$1,000.00	$1,022.33	0.57%	$2.91
Israel ETF
Actual	$1,000.00	$1,034.50	0.59%	$3.03
Hypothetical(b)	$1,000.00	$1,022.23	0.59%	$3.01

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2021 - December 31, 2021(a)
Russia ETF
Actual	$1,000.00	$974.90	0.54%	$2.69
Hypothetical(b)	$1,000.00	$1,022.48	0.54%	$2.75
Russia Small-Cap ETF
Actual	$1,000.00	$953.70	0.76%	$3.74
Hypothetical(b)	$1,000.00	$1,021.37	0.76%	$3.87
Vietnam ETF
Actual	$1,000.00	$1,038.60	0.60%	$3.08
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), 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, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 4.8%
AVZ Minerals Ltd. # * †		1,105,050	$	622,227
Paladin Energy Ltd. # *		1,373,753		883,767
Sandfire Resources Ltd. #		275,053		1,320,539
				2,826,533
Burkina Faso: 0.6%
IAMGOLD Corp. (USD) *		118,747		371,678

Canada: 4.7%
B2Gold Corp. (USD)		30,491		119,830
Barrick Gold Corp. (USD)		63,861		1,213,359
Ivanhoe Mines Ltd. *		174,583		1,426,352
				2,759,541
China: 1.9%
China Molybdenum Co. Ltd. (HKD) #		921,000		486,589
Jinchuan Group International Resources Co. Ltd. (HKD) # †		3,741,000		652,449
				1,139,038
Egypt: 5.1%
Centamin Plc (GBP) #		385,238		466,749
Commercial International Bank Egypt SAE (USD) (GDR) *		771,629		2,546,376
				3,013,125
Germany: 2.0%
Jumia Technologies AG (ADR) *		105,489		1,202,574

India: 0.9%
MakeMyTrip Ltd. (USD) * †		19,545		541,592

Indonesia: 0.5%
Golden Agri-Resources Ltd. (SGD) #		1,583,700		288,031

Kenya: 10.5%
East African Breweries Ltd. *		447,800		653,001
Equity Group Holdings Plc *		3,760,800		1,753,267
Safaricom Plc #		11,343,300		3,799,302
				6,205,570
Morocco: 10.4%
Attijariwafa Bank		54,245		2,854,645
Bank of Africa		49,603		1,007,695
Banque Centrale Populaire #		43,794		1,328,014
Co. Sucrerie Marocaine et de Raffinage #		35,007		985,964
				6,176,318
Nigeria: 14.7%
Guaranty Trust Holding Co. Plc #		40,371,498		2,335,326
MTN Nigeria Communications Plc #		6,700,993		2,937,005
Nestle Nigeria Plc #		369,684		1,280,203
Zenith Bank Plc #		38,329,959		2,144,745
				8,697,279
Norway: 0.2%
Scatec ASA 144A #		8,754		150,936

South Africa: 32.9%
Absa Group Ltd. #		53,840		514,471
Anglo American Platinum Ltd. #		5,203		592,510
Anglo American Plc (GBP) #		66,458		2,735,383

	Number of Shares		Value
South Africa (continued)
Aspen Pharmacare Holdings Ltd. #		24,299	$	341,357
AVI Ltd.		23,603		109,290
Bid Corp. Ltd. #		19,422		397,314
Bidvest Group Ltd. #		21,611		256,240
Capitec Bank Holdings Ltd.		7,775		993,700
Clicks Group Ltd.		13,899		274,784
Coronation Fund Managers Ltd.		19,602		64,529
Discovery Ltd. # * †		34,199		307,855
Exxaro Resources Ltd.		12,186		116,721
FirstRand Ltd. #		246,234		937,945
Foschini Group Ltd. *		11,130		86,404
Gold Fields Ltd. (ADR)		57,207		628,705
Growthpoint Properties Ltd.		240,316		231,432
Harmony Gold Mining Co. Ltd. (ADR)		36,276		149,094
Impala Platinum Holdings Ltd. #		56,049		789,430
Investec Plc (GBP) #		46,808		258,239
Life Healthcare Group Holdings Ltd.		80,856		121,740
Mr Price Group Ltd. #		18,921		236,931
MTN Group Ltd. # *		116,149		1,243,045
MultiChoice Group Ltd. #		21,904		167,644
Naspers Ltd. #		15,050		2,332,267
Nedbank Group Ltd.		30,417		333,558
Netcare Ltd. *		95,428		94,950
Northam Platinum Holdings Ltd. *		16,299		213,950
Old Mutual Ltd.		263,856		216,573
Pepkor Holdings Ltd. 144A *		86,327		118,402
Pick n Pay Stores Ltd.		24,426		80,303
Rand Merchant Investment Holdings Ltd. #		60,087		170,336
Remgro Ltd. #		39,047		321,254
Resilient REIT Ltd.		26,906		100,729
Sanlam Ltd. #		143,513		533,991
Sasol Ltd. (ADR) * †		44,065		722,666
Shoprite Holdings Ltd.		34,302		448,935
Sibanye Stillwater Ltd. (ADR) †		49,180		616,717
SPAR Group Ltd.		10,433		109,246
Standard Bank Group Ltd. #		102,882		902,442
Tiger Brands Ltd.		10,105		114,599
Vodacom Group Ltd. #		34,292		289,003
Woolworths Holdings Ltd. #		53,051		172,244
				19,446,928
Switzerland: 0.2%
Mediclinic International Plc (GBP) # *		30,985		134,215

Tanzania: 2.3%
AngloGold Ashanti Ltd. (ADR)		33,142		695,319
Helios Towers Plc (GBP) * †		282,282		657,620
				1,352,939
United Arab Emirates: 3.7%
Itissalat Al-Maghrib (MAD) #		143,912		2,167,761

United Kingdom: 1.7%
Endeavour Mining Plc (CAD)		38,947		855,006

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United Kingdom (continued)
Kumba Iron Ore Ltd. (ZAR) #		5,114	$	147,252
				1,002,258
United States: 0.4%
Royal Caribbean Cruises Ltd. *		2,980		229,162

Zambia: 2.4%
First Quantum Minerals Ltd. (CAD)		59,270		1,420,340

Zimbabwe: 0.0%
Cassava Smartech Zimbabwe Ltd. # *		32,900		6,744
Delta Corp. Ltd. #		15,980		12,944
				19,688
Total Common Stocks (Cost: $49,910,167)				59,145,506

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $184,814)
Money Market Fund: 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio		184,814	$	184,814

Total Investments: 100.2% (Cost: $50,094,981)				59,330,320
Liabilities in excess of other assets: (0.2)%				(141,306)
NET ASSETS: 100.0%			$	59,189,014

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 fully or partially on loan. Total market value of securities on loan is $2,131,645.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $35,650,663 which represents 60.2% of net assets.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $269,338, or 0.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		19.0	%	$	11,261,381
Consumer Discretionary		8.3			4,919,576
Consumer Staples		8.0			4,754,613
Energy		1.7			1,000,488
Financials		33.1			19,531,706
Health Care		1.2			692,261
Industrials		0.4			256,240
Materials		27.5			16,246,144
Real Estate		0.6			332,161
Utilities		0.2			150,936
		100.0	%	$	59,145,506

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,826,533	$	—	$	2,826,533
Burkina Faso		371,678		—		—		371,678
Canada		2,759,541		—		—		2,759,541
China		—		1,139,038		—		1,139,038
Egypt		2,546,376		466,749		—		3,013,125
Germany		1,202,574		—		—		1,202,574
India		541,592		—		—		541,592
Indonesia		—		288,031		—		288,031
Kenya		2,406,268		3,799,302		—		6,205,570
Morocco		3,862,340		2,313,978		—		6,176,318
Nigeria		—		8,697,279		—		8,697,279
Norway		—		150,936		—		150,936
South Africa		5,947,027		13,499,901		—		19,446,928
Switzerland		—		134,215		—		134,215
Tanzania		1,352,939		—		—		1,352,939
United Arab Emirates		—		2,167,761		—		2,167,761
United Kingdom		855,006		147,252		—		1,002,258
United States		229,162		—		—		229,162
Zambia		1,420,340		—		—		1,420,340
Zimbabwe		—		19,688		—		19,688
Money Market Fund		184,814		—		—		184,814
Total Investments	$	23,679,657	$	35,650,663	$	—	$	59,330,320

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 88.8%
Automobiles & Components: 1.1%
Mahle-Metal Leve SA #		31,250	$	171,989
Tupy SA # *		49,250		175,874
				347,863
Capital Goods: 3.0%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA # *		249,050		292,518
Armac Locacao Logistica E Servicos SA #		61,800		287,754
Iochpe Maxion SA # *		87,402		239,910
Portobello SA #		74,050		127,848
				948,030
Commercial & Professional Services: 1.3%
Ambipar Participacoes e Empreendimentos SA #		35,800		270,315
Boa Vista Servicos SA		142,500		153,501
				423,816
Consumer Durables & Apparel: 12.8%
Arezzo Industria e Comercio SA #		43,750		601,446
Construtora Tenda SA #		34,800		104,065
Cury Construtora e Incorporadora SA #		75,900		95,073
Cyrela Brazil Realty SA Empreendimentos e Participacoes #		224,150		632,258
Direcional Engenharia SA #		65,800		149,709
Even Construtora e Incorporadora SA #		89,550		105,587
Ez Tec Empreendimentos e Participacoes SA #		123,552		452,107
Grendene SA #		168,650		261,952
Grupo de Moda Soma SA # *		337,984		770,380
Guararapes Confeccoes SA # *		68,950		121,594
MRV Engenharia e Participacoes SA #		204,050		439,026
Vivara Participacoes SA #		78,650		358,439
				4,091,636
Consumer Services: 8.1%
Afya Ltd. (USD) *		22,587		354,842
Anima Holding SA # *		190,350		285,226
Arco Platform Ltd. (USD) * †		12,756		266,473
Arcos Dorados Holdings, Inc. (USD) * †		68,185		397,518
BK Brasil Operacao e Assessoria a Restaurantes SA # *		116,350		124,374
Cogna Educacao # *		1,296,300		568,564
CVC Brasil Operadora e Agencia de Viagens SA # *		151,683		364,000
MPM Corporeos SA #		103,250		153,707
Ser Educacional SA 144A #		28,275		52,993
				2,567,697
Diversified Financials: 1.9%
Banco Modal SA # *		82,000		158,093
BR Advisory Partners Participacoes SA # *		36,650		95,127
TC Traders Club SA # *		77,850		82,708

	Number of Shares		Value
Diversified Financials (continued)
Vinci Partners Investments Ltd. (USD) †		25,871	$	276,820
				612,748
Energy: 4.6%
3R Petroleum Oleo e Gas SA # *		102,050		613,591
AES Brasil Energia SA #		155,950		309,468
Enauta Participacoes SA #		64,850		154,820
Modec, Inc. #		16,000		191,637
Petroreconcavo SA # *		60,600		203,007
				1,472,523
Food & Staples Retailing: 2.7%
Cia Brasileira de Distribuicao (ADR) †		131,327		523,995
Dimed SA Distribuidora da Medicamentos #		86,750		207,105
Empreendimentos Pague Menos SA # *		72,100		120,760
				851,860
Food, Beverage & Tobacco: 8.8%
Adecoagro SA (USD) * †		48,828		374,999
BrasilAgro - Co. Brasileira de Propriedades Agricolas #		40,800		211,150
Camil Alimentos SA # *		57,100		116,406
Jalles Machado SA #		112,600		210,322
Minerva SA #		218,900		417,047
Sao Martinho SA #		132,350		816,124
SLC Agricola SA #		61,200		494,859
Tres Tentos Agroindustrial SA # *		100,350		174,445
				2,815,352
Health Care Equipment & Services: 5.1%
Fleury SA #		193,800		624,397
Hospital Mater Dei SA # *		51,900		125,682
Instituto Hermes Pardini SA # *		31,950		110,342
Odontoprev SA #		172,700		390,051
Qualicorp Consultoria e Corretora de Seguros SA #		126,900		383,934
				1,634,406
Insurance: 2.0%
IRB Brasil Resseguros SA # *		752,200		541,486
Wiz Solucoes e Corretagem de Seguros SA #		62,400		88,816
				630,302
Materials: 4.2%
Cia Brasileira de Aluminio # *		116,200		284,546
ERO Copper Corp. * †		46,890		715,425
Largo, Inc. (USD) * †		35,742		330,971
				1,330,942
Media & Entertainment: 1.7%
Infracommerce CXAAS SA # *		96,550		301,822
Meliuz SA 144A #		417,950		242,825
				544,647
Real Estate: 8.0%
Aliansce Sonae Shopping Centers sa #		125,288		486,077
BR Malls Participacoes SA # *		560,550		833,905
BR Properties SA #		134,850		176,815

See Notes to Financial Statements

	Number of Shares		Value
Real Estate (continued)
FII BTG Pactual Corporate Office Fund #		19,050	$	248,419
Iguatemi SA *		132,652		430,345
JHSF Participacoes SA #		211,950		211,751
LOG Commercial Properties e Participacoes SA #		35,650		161,548
				2,548,860
Retailing: 1.7%
C&A Modas Ltda # *		75,100		82,741
Grupo SBF SA # *		80,950		325,668
Lojas Quero Quero SA #		63,900		127,905
				536,314
Semiconductors & Semiconductor Equipment: 3.2%
SMART Global Holdings, Inc. * †		14,379		1,020,765

Software & Services: 0.6%
Clear Sale SA # *		50,350		79,975
SONDA SA #		346,856		101,298
				181,273
Technology Hardware & Equipment: 0.6%
Ituran Location and Control Ltd. (USD)		7,631		203,519

Telecommunication Services: 2.2%
Brisanet Participacoes SA # *		80,250		71,332
Oi SA # *		3,815,566		514,545
Unifique Telecomunicacoes SA #		102,950		120,895
				706,772
Transportation: 6.2%
EcoRodovias Infraestrutura e Logistica SA # *		192,390		252,147
Gol Linhas Aereas Inteligentes SA (ADR) * †		67,698		409,573
Hidrovias do Brasil SA # *		339,900		210,259
Movida Participacoes SA # *		108,900		307,419
Santos Brasil Participacoes SA #		546,950		627,742
Sequoia Logistica e Transportes SA # *		71,350		179,875
				1,987,015
Utilities: 9.0%
Alupar Investimento SA #		200,037		864,612
Cia de Saneamento de Minas Gerais #		154,538		352,088
Cia de Saneamento do Parana # *		245,600		844,578
Light SA #		196,750		413,837
Omega Energia SA *		172,903		392,679
				2,867,794
Total Common Stocks (Cost: $34,169,486)				28,324,134

PREFERRED SECURITIES: 9.4%
Banks: 2.6%
Banco ABC Brasil SA 6.30% # *		58,570		166,347
Banco do Estado do Rio Grande do Sul SA 6.55% #		138,250		239,154

	Number of Shares		Value
Banks (continued)
Banco Pan SA 1.03% #		226,950	$	432,309
				837,810
Capital Goods: 1.5%
Marcopolo SA 3.37% # *		344,359		187,869
Randon SA Implementos e Participacoes 5.56% #		145,300		282,274
				470,143
Information Technology: 1.4%
Cia Ferro Ligas da Bahia 2.85% # *		28,250		247,634
Taurus Armas SA # *		44,200		195,345
				442,979
Materials: 2.5%
Unipar Carbocloro SA 5.06% #		42,427		786,172

Utilities: 1.4%
Cia Energetica de Sao Paulo 11.06% #		116,600		449,684

Total Preferred Securities (Cost: $2,585,716)				2,986,788

CLOSED-END FUND: 1.4% (Cost: $466,754)
CSHG Logistica FI Imobiliario		14,983		458,797

Total Investments Before Collateral for Securities Loaned: 99.6% (Cost: $37,221,956)				31,769,719

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% (Cost: $785,056)
Money Market Fund: 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio		785,056		785,056
Total Investments: 102.1% (Cost: $38,007,012)				32,554,775
Liabilities in excess of other assets: (2.1)%				(667,958)
NET ASSETS: 100.0%			$	31,886,817

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,459,497 which represents 79.8% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,033,046.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $295,818, or 0.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		3.9	%	$	1,251,419
Consumer Discretionary		25.2			8,002,307
Consumer Staples		11.6			3,667,212
Energy		4.6			1,472,523
Financials		6.5			2,080,860
Health Care		5.1			1,634,406
Industrials		12.1			3,829,004
Information Technology		5.8			1,848,536
Materials		6.7			2,117,114
Real Estate		8.1			2,548,860
Utilities		10.4			3,317,478
		100.0	%	$	31,769,719

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	347,863	$	—	$	347,863
Capital Goods		—		948,030		—		948,030
Commercial & Professional Services		153,501		270,315		—		423,816
Consumer Durables & Apparel		—		4,091,636		—		4,091,636
Consumer Services		1,018,833		1,548,864		—		2,567,697
Diversified Financials		276,820		335,928		—		612,748
Energy		—		1,472,523		—		1,472,523
Food & Staples Retailing		523,995		327,865		—		851,860
Food, Beverage & Tobacco		374,999		2,440,353		—		2,815,352
Health Care Equipment & Services		—		1,634,406		—		1,634,406
Insurance		—		630,302		—		630,302
Materials		1,046,396		284,546		—		1,330,942
Media & Entertainment		—		544,647		—		544,647
Real Estate		430,345		2,118,515		—		2,548,860
Retailing		—		536,314		—		536,314
Semiconductors & Semiconductor Equipment		1,020,765		—		—		1,020,765
Software & Services		—		181,273		—		181,273
Technology Hardware & Equipment		203,519		—		—		203,519
Telecommunication Services		—		706,772		—		706,772
Transportation		409,573		1,577,442		—		1,987,015
Utilities		392,679		2,475,115		—		2,867,794
Preferred Securities *		—		2,986,788		—		2,986,788
Closed-End Fund		458,797		—		—		458,797
Money Market Fund		785,056		—		—		785,056
Total Investments	$	7,095,278	$	25,459,497	$	—	$	32,554,775

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 0.8%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. #		3,878	$	124,556
Shandong Linglong Tyre Co. Ltd. #		16,100		92,586
				217,142
Capital Goods: 8.6%
Beijing Bei Mo Gao Ke Friction Material Co. Ltd. #		5,800		109,822
Beijing New Building Materials Plc #		24,500		138,187
Dajin Heavy Industry Co. Ltd. #		6,100		37,101
Fulongma Group Co. Ltd. #		6,800		15,361
Guangdong Lingxiao Pump Industry Co. Ltd. #		5,600		24,623
Guangzhou KDT Machinery Co. Ltd. #		6,300		31,844
Hangzhou Zhongtai Cryogenic Technology Corp. #		4,200		15,437
Jiangsu Hengli Hydraulic Co. Ltd. #		12,416		159,552
Jiangsu Nanfang Bearing Co. Ltd. #		7,200		12,112
Jingjin Equipment, Inc.		5,900		43,032
Jinlei Technology Co. Ltd. #		6,400		58,248
Nantong Jianghai Capacitor Co. Ltd. #		13,100		56,343
Nanxing Machinery Co. Ltd. #		3,200		7,667
NARI Technology Co. Ltd. #		66,620		419,848
Ningbo Orient Wires & Cables Co. Ltd. #		9,900		79,764
Ocean’s King Lighting Science & Technology Co. Ltd. #		11,000		28,275
Sany Heavy Industry Co. Ltd. #		164,800		591,306
Sichuan Kexin Mechanical and Electrical Equipment Co. Ltd. #		7,500		15,204
Zhefu Holding Group Co. Ltd.		31,900		35,717
Zhejiang Dingli Machinery Co. Ltd. #		6,002		75,738
Zhuzhou Kibing Group Co. Ltd. #		50,800		136,938
Zoomlion Heavy Industry Science and Technology Co. Ltd. #		166,000		187,334
				2,279,453
Commercial & Professional Services: 0.6%
Shanghai M&G Stationery, Inc. #		10,500		106,499
UE Furniture Co. Ltd. #		2,500		4,860
Zhejiang Weiming Environment Protection Co. Ltd.		10,156		58,342
				169,701
Consumer Durables & Apparel: 3.4%
Baoxiniao Holding Co. Ltd. #		28,000		22,173
Biem.L.Fdlkk Garment Co. Ltd. #		10,700		42,881
Chow Tai Seng Jewellery Co. Ltd. #		8,800		24,624
Hangzhou Nbond Nonwovens Co. Ltd. #		1,300		2,728
Hisense Home Appliances Group Co. Ltd. #		16,600		39,584

	Number of Shares		Value
Consumer Durables & Apparel (continued)
Leshan Giantstar Farming & Husbandry Corp. Ltd.		4,200	$	10,237
Li Ning Co. Ltd. (HKD) #		65,000		713,167
Markor International Home Furnishings Co. Ltd. # *		19,400		10,719
Ningbo Peacebird Fashion Co. Ltd.		2,100		9,207
Q Technology Group Co. Ltd. (HKD) # †		13,000		16,820
Shanghai Yaoji Technology Co. Ltd. #		5,300		18,960
				911,100
Consumer Services: 0.1%
Fu Shou Yuan International Group Ltd. (HKD) #		34,000		26,724

Diversified Financials: 1.8%
360 DigiTech, Inc. (ADR)		3,467		79,498
China Renaissance Holdings Ltd. (HKD) 144A # * †		5,100		9,666
CSC Financial Co. Ltd. (HKD) 144A # †		156,000		170,810
Hithink RoyalFlush Information Network Co. Ltd. #		9,224		209,694
				469,668
Energy: 0.6%
Shaanxi Coal Industry Co. Ltd. #		80,100		153,945
Shandong Sunway Chemical Group Co. Ltd. #		13,700		14,582
				168,527
Food, Beverage & Tobacco: 18.1%
Angel Yeast Co. Ltd. #		14,300		135,770
Anhui Yingjia Distillery Co. Ltd. #		5,100		55,816
China Feihe Ltd. (HKD) 144A #		109,000		146,269
Chongqing Brewery Co. Ltd. (CNY) # *		5,800		138,021
COFCO Joycome Foods Ltd. (HKD) # * †		68,000		25,937
Ganso Co. Ltd.		2,300		8,518
Guangdong Guanghong Holdings Co. Ltd. #		7,000		6,940
Hebei Chengde Lolo Co. #		18,600		31,746
Jiangsu King’s Luck Brewery JSC Ltd. #		14,000		119,783
JiuGui Liquor Co. Ltd. #		5,700		190,695
Luzhou Laojiao Co. Ltd. #		19,828		792,093
Muyuan Foods Co. Ltd. #		78,124		656,383
Sanquan Food Co. Ltd. #		13,010		41,329
Shandong Longda Meishi Co. Ltd. #		11,700		19,239
Shanghai Bairun Investment Holding Group Co. Ltd. #		16,040		150,676
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. #		10,495		520,828
Sichuan Swellfun Co. Ltd. #		5,100		96,451
Want Want China Holdings Ltd. (HKD) #		134,000		123,003
Wuliangye Yibin Co. Ltd. #		42,030		1,471,465

See Notes to Financial Statements

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Yihai International Holding Ltd. (HKD) # * †		14,000	$	64,749
				4,795,711
Health Care Equipment & Services: 7.6%
Aier Eye Hospital Group Co. Ltd. #		71,784		477,769
Blue Sail Medical Co. Ltd. #		18,300		46,923
Dian Diagnostics Group Co. Ltd. #		15,400		81,294
Edan Instruments, Inc. #		13,000		28,815
Guangzhou Kingmed Diagnostics Group Co. Ltd. #		7,900		138,087
Guangzhou Wondfo Biotech Co. Ltd. #		8,830		54,678
Intco Medical Technology Co. Ltd. #		15,400		139,637
Jafron Biomedical Co. Ltd. #		18,250		153,365
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. #		19,900		118,245
Kangji Medical Holdings Ltd. (HKD) # †		10,000		10,194
Lepu Medical Technology Beijing Co. Ltd. #		36,300		129,330
Ningbo David Medical Device Co. Ltd. #		4,400		9,413
Ovctek China, Inc. #		14,909		134,718
Sansure Biotech, Inc.		4,655		43,190
Shanghai Kindly Enterprise Development Group Co. Ltd. # *		7,500		25,596
Shanghai ZJ Bio-Tech Co. Ltd. #		5,988		48,658
Tibet Rhodiola Pharmaceutical Holding Co. #		2,300		18,925
Tofflon Science & Technology Group Co. Ltd. #		8,800		69,998
Winner Medical Co. Ltd. #		12,900		167,222
Wuhan Easydiagnosis Biomedicine Co. Ltd.		1,000		11,637
Zhejiang Gongdong Medical Technology Co. Ltd. #		3,500		78,747
Zhende Medical Co. Ltd. #		2,600		21,018
				2,007,459
Household & Personal Products: 0.6%
By-health Co. Ltd.		35,200		149,235
Mingchen Health Co. Ltd.		2,800		17,344
				166,579
Industrials: 0.1%
Sichuan Languang Justbon Services Group Co. Ltd. (HKD) #		3,300		22,921

Materials: 9.8%
Anhui Conch Cement Co. Ltd. #		65,367		414,722
Anhui Guangxin Agrochemical Co. Ltd. #		6,000		36,792
Chengdu Guibao Science & Technology Co. Ltd. #		6,100		19,388
China Nonferrous Mining Corp. Ltd. (HKD) #		31,000		12,362
Chongqing Zaisheng Technology Corp. Ltd. #		11,400		22,260

	Number of Shares		Value
Materials (continued)
Citic Pacific Special Steel Group Co. Ltd. #		40,270	$	129,632
City Development Environment Co. Ltd.		5,700		9,501
CNSIG Inner Mongolia Chemical Industry Co. Ltd. #		12,700		32,892
DeHua TB New Decoration Materials Co. Ltd. #		8,900		16,903
Fangda Special Steel Technology Co. Ltd. #		28,000		34,370
Fujian Green Pine Co. Ltd.		11,300		20,062
Gansu Shangfeng Cement Co. Ltd. #		7,700		24,322
Guangzhou Tinci Materials Technology Co. Ltd. #		21,950		395,740
Hailir Pesticides and Chemicals Group Co. Ltd.		2,900		11,451
HBIS Resources Co. Ltd. #		7,900		17,837
Huafon Chemical Co. Ltd. #		143,400		235,537
Huaxin Cement Co. Ltd. #		21,200		64,390
Hunan Haili Chemical Industry Co. Ltd. #		10,870		14,679
Jiangsu Huachang Chemical Co. Ltd. #		15,200		30,315
Jiangsu Sopo Chemical Co. #		15,500		33,675
Jiangsu Yangnong Chemical Co. Ltd. #		5,400		111,408
Jiangxi Chenguang New Materials Co. Ltd.		3,900		24,354
Jiangxi Wannianqing Cement Co. Ltd. #		11,400		21,927
Jiangyin Hengrun Heavy Industries Co. ltd #		3,800		31,992
Kingfa Sci & Tech Co. Ltd. #		44,900		88,826
Lier Chemical Co. Ltd. #		7,500		39,847
Luxi Chemical Group Co. Ltd. #		34,200		82,185
Ningxia Building Materials Group Co. Ltd. #		6,500		12,299
Shandong Bohui Paper Industrial Co. Ltd. #		7,500		12,210
Shandong Head Co. Ltd. # *		5,820		56,324
Shandong Hualu Hengsheng Chemical Co. Ltd. #		43,100		212,039
Shangdong Lubei Chemical Co. Ltd. #		11,500		18,794
Sichuan Anning Iron and Titanium Co. Ltd. #		5,300		35,258
Tianjin You Fa Steel Pipe Group Stock Co. Ltd. #		42,500		65,487
West China Cement Ltd. (HKD) #		62,000		11,056
Xiamen Jihong Technology Co. Ltd.		7,100		23,704
Zhejiang Double Arrow Rubber Co. Ltd. #		8,700		11,061
Zhejiang JIULI Hi-tech Metals Co. Ltd. #		18,600		52,334
Zhejiang Wansheng Co. Ltd. #		7,300		30,061

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Materials (continued)
Zhejiang Xinan Chemical Industrial Group Co. Ltd. #		19,900	$	78,366
				2,596,362
Media & Entertainment: 5.3%
G-bits Network Technology Xiamen Co. Ltd. #		1,200		79,628
Hangzhou Electronic Soul Network Technology Co. Ltd. #		2,300		10,863
Shanghai Fengyuzhu Culture and Technology Co. Ltd.		3,800		16,254
Tencent Holdings Ltd. (HKD) #		22,100		1,289,766
				1,396,511
Pharmaceuticals, Biotechnology & Life Sciences: 7.9%
Beijing Hotgen Biotech Co. Ltd. #		1,189		21,634
Changchun High & New Technology Industry Group, Inc. #		9,200		392,967
China Medical System Holdings Ltd. (HKD) #		38,000		63,531
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		10,200		54,972
Chongqing Zhifei Biological Products Co. Ltd. #		33,600		658,104
Daan Gene Co. Ltd.		27,800		87,697
Guangdong Hybribio Biotech Co. Ltd. #		3,800		17,641
Livzon Pharmaceutical Group, Inc. #		16,600		104,986
Shandong Wohua Pharmaceutical Co. Ltd. #		7,700		8,971
Shanghai Kehua Bio-Engineering Co. Ltd.		10,500		24,504
Shenyang Xingqi Pharmaceutical Co. Ltd.		2,000		43,025
Walvax Biotechnology Co. Ltd. #		33,700		297,042
Xiamen Kingdomway Group Co. #		6,400		31,573
Zhejiang Cheng Yi Pharmaceutical Co. Ltd.		3,600		9,188
Zhejiang NHU Co. Ltd. #		38,860		190,182
Zhejiang Orient Gene Biotech Co. Ltd. #		2,680		97,025
				2,103,042
Real Estate: 3.3%
A-Living Smart City Services Co. Ltd. (HKD) 144A #		15,750		26,911
Central China New Life Ltd. (HKD) # * †		12,000		7,735
CIFI Ever Sunshine Services Group Ltd. (HKD) #		24,000		37,280
Country Garden Services Holdings Co. Ltd. (HKD) #		55,000		330,268
Evergrande Property Services Group Ltd. (HKD) 144A # * †		46,500		15,762
Hefei Urban Construction Development Co. Ltd. #		10,800		13,185
Logan Group Co. Ltd. (HKD)		42,000		32,108

	Number of Shares		Value
Real Estate (continued)
Longfor Group Holdings Ltd. (HKD) 144A #		48,000	$	226,440
Powerlong Real Estate Holdings Ltd. (HKD) #		47,000		24,612
Rongan Property Co. Ltd.		32,600		12,611
Seazen Holdings Co. Ltd. #		20,300		93,101
S-Enjoy Service Group Co. Ltd. (HKD) # *		9,000		12,926
Shenzhen New Nanshan Holding Group Co. Ltd. #		40,000		19,640
Shenzhen Properties & Resources Development Group Ltd. #		6,200		11,374
Times Neighborhood Holdings Ltd. (HKD) # †		17,000		6,305
				870,258
Retailing: 9.3%
Alibaba Group Holding Ltd. (ADR) *		8,298		985,719
Easyhome New Retail Group Co. Ltd. #		98,800		80,163
JD.com, Inc. (ADR) *		17,298		1,212,071
Pop Mart International Group Ltd. (HKD) 144A #		4,600		26,420
Vipshop Holdings Ltd. (ADR) *		19,668		165,211
				2,469,584
Semiconductors & Semiconductor Equipment: 8.6%
Daqo New Energy Corp. (ADR) *		2,352		94,833
Gigadevice Semiconductor Beijing, Inc. #		13,580		375,686
LONGi Green Energy Technology Co. Ltd. #		107,136		1,452,819
Shenzhen Sunmoon Microelectronics Co. Ltd. #		2,117		62,374
Xinyi Solar Holdings Ltd. (HKD) #		142,000		241,119
Yangzhou Yangjie Electronic Technology Co. Ltd. #		6,600		69,725
				2,296,556
Software & Services: 1.0%
Chinasoft International Ltd. (HKD) # *		76,000		99,123
Shanghai Baosight Software Co. Ltd. #		14,420		137,889
Sichuan Jiuyuan Yinhai Software Co. Ltd. #		5,200		22,606
				259,618
Technology Hardware & Equipment: 10.8%
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. #		3,900		109,974
BYD Electronic International Co. Ltd. (HKD) # †		19,500		71,392
Chongqing Chuanyi Automation Co. Ltd. #		12,300		40,989
Cubic Sensor and Instrument Co. Ltd. #		2,215		62,464
Eoptolink Technology, Inc. Ltd. #		11,223		69,237

See Notes to Financial Statements

	Number of Shares		Value
Technology Hardware & Equipment (continued)
Goldenmax International Technology Ltd. #		6,400	$	15,157
Luxshare Precision Industry Co. Ltd. #		116,505		901,848
Maxscend Microelectronics Co. Ltd. #		7,200		370,419
Shanghai Friendess Electronic Technology Corp. Ltd. #		2,812		170,599
Shenzhen H&T Intelligent Control Co. Ltd. #		26,300		113,525
Shenzhen TVT Digital Technology Co. Ltd. #		5,600		9,241
Sunny Optical Technology Group Co. Ltd. (HKD) #		22,200		703,288
Suntront Techonology Co. Ltd. #		23,500		19,341
Suzhou Etron Technologies Co. Ltd.		3,900		23,489
VanJee Technology Co. Ltd. #		4,200		26,621
Wuxi Xinje Electric Co. Ltd.		2,400		17,969
ZheJiang Dali Technology Co. Ltd. #		13,760		42,720
Zhuzhou Hongda Electronics Corp. Ltd. #		6,800		106,938
				2,875,211

	Number of Shares		Value
Telecommunication Services: 0.0%
BizConf Telecom Co. Ltd. #		2,600	$	12,130

Transportation: 1.6%
Anhui Expressway Co. Ltd. #		9,200		10,244
COSCO SHIPPING Holdings Co. Ltd. # *		135,300		399,323
Guangdong Provincial Expressway Development Co. Ltd. #		16,700		19,439
				429,006
Total Common Stocks (Cost: $24,009,167)				26,543,263

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $17,714)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		17,714		17,714
Total Investments: 100.0% (Cost: $24,026,881)				26,560,977
Other assets less liabilities: 0.0%				3,781
NET ASSETS: 100.0%			$	26,564,758

Definitions:

ADR	American Depositary Receipt
CNY	Chinese Yuan
HKD	Hong Kong Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $23,263,555 which represents 87.6% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $383,145.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $622,278, or 2.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		5.3	%	$	1,408,641
Consumer Discretionary		13.6			3,624,551
Consumer Staples		18.7			4,962,290
Energy		0.6			168,527
Financials		1.8			469,668
Health Care		15.5			4,110,501
Industrials		10.9			2,901,080
Information Technology		20.5			5,431,385
Materials		9.8			2,596,362
Real Estate		3.3			870,258
		100.0	%	$	26,543,263

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	217,142	$	—	$	217,142
Capital Goods		78,749		2,200,704		—		2,279,453
Commercial & Professional Services		58,342		111,359		—		169,701
Consumer Durables & Apparel		19,444		891,656		—		911,100
Consumer Services		—		26,724		—		26,724
Diversified Financials		79,498		390,170		—		469,668
Energy		—		168,527		—		168,527
Food, Beverage & Tobacco		8,518		4,787,193		—		4,795,711
Health Care Equipment & Services		54,827		1,952,632		—		2,007,459
Household & Personal Products		166,579		—		—		166,579
Industrials		—		22,921		—		22,921
Materials		89,072		2,507,290		—		2,596,362
Media & Entertainment		16,254		1,380,257		—		1,396,511
Pharmaceuticals, Biotechnology & Life Sciences		164,414		1,938,628		—		2,103,042
Real Estate		44,719		825,539		—		870,258
Retailing		2,363,001		106,583		—		2,469,584
Semiconductors & Semiconductor Equipment		94,833		2,201,723		—		2,296,556
Software & Services		—		259,618		—		259,618
Technology Hardware & Equipment		41,458		2,833,753		—		2,875,211
Telecommunication Services		—		12,130		—		12,130
Transportation		—		429,006		—		429,006
Money Market Fund		17,714		—		—		17,714
Total Investments	$	3,297,422	$	23,263,555	$	—	$	26,560,977

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Capital Goods: 32.2%
Contemporary Amperex Technology Co. Ltd. #		78,000	$	7,201,096
Eve Energy Co. Ltd. #		83,996		1,561,639
Ginlong Technologies Co. Ltd. #		6,000		218,727
JL Mag Rare-Earth Co. Ltd. #		25,200		178,105
Qingdao TGOOD Electric Co. Ltd. #		42,100		164,614
Shenzhen Inovance Technology Co. Ltd. #		116,085		1,253,570
Shenzhen Yinghe Technology Co. Ltd. #		24,000		115,933
Siasun Robot & Automation Co. Ltd. # *		78,900		138,623
Sungrow Power Supply Co. Ltd. #		65,300		1,497,758
Sunwoda Electronic Co. Ltd. #		72,000		477,594
Suzhou Maxwell Technologies Co. Ltd. #		3,000		302,864
Xi’an Triangle Defense Co. Ltd.		18,600		143,002
				13,253,525
Commercial & Professional Services: 1.3%
Beijing Originwater Technology Co. Ltd. #		130,100		147,222
Centre Testing International Group Co. Ltd. #		95,200		402,127
				549,349
Consumer Durables & Apparel: 1.0%
Huali Industrial Group Co. Ltd. #		5,900		82,767
Suzhou TA&A Ultra Clean Technology Co. Ltd. #		26,000		331,583
				414,350
Consumer Services: 0.6%
Songcheng Performance Development Co. Ltd. #		99,021		223,223

Diversified Financials: 8.4%
East Money Information Co. Ltd. #		535,217		3,127,137
Hithink RoyalFlush Information Network Co. Ltd. #		13,700		311,449
				3,438,586
Food, Beverage & Tobacco: 3.5%
Ligao Foods Co. Ltd.		2,700		56,080
Three Squirrels, Inc. #		6,700		41,066
Wens Foodstuffs Group Co. Ltd. #		323,460		980,600
Yihai Kerry Arawana Holdings Co. Ltd. #		38,100		377,536
				1,455,282
Health Care Equipment & Services: 11.7%
Aier Eye Hospital Group Co. Ltd. #		154,811		1,030,367
Contec Medical Systems Co. Ltd.		8,500		54,202
Dian Diagnostics Group Co. Ltd. #		31,400		165,755
Guangzhou Wondfo Biotech Co. Ltd. #		16,500		102,176

	Number of Shares		Value
Health Care Equipment & Services (continued)
Intco Medical Technology Co. Ltd. #		24,600	$	223,056
Jafron Biomedical Co. Ltd. #		28,900		242,863
Lepu Medical Technology Beijing Co. Ltd. #		77,513		276,164
Ovctek China, Inc. #		30,000		271,080
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. #		28,500		1,707,076
Shenzhen New Industries Biomedical Engineering Co. Ltd. #		18,700		129,413
Sinocare, Inc. #		20,800		97,777
Tofflon Science & Technology Group Co. Ltd. #		16,600		132,043
Winner Medical Co. Ltd. #		7,100		92,037
Winning Health Technology Group Co. Ltd. #		118,266		311,718
				4,835,727
Household & Personal Products: 0.9%
By-health Co. Ltd.		58,600		248,442
Yunnan Botanee Bio-Technology Group Co. Ltd.		4,300		130,020
				378,462
Materials: 5.1%
Beijing Easpring Material Technology Co. Ltd. #		23,700		323,967
CNGR Advanced Material Co. Ltd. #		3,500		83,327
Huabao Flavours & Fragrances Co. Ltd.		8,200		61,703
Nanjing Hanrui Cobalt Co. Ltd. #		14,800		186,733
Shandong Sinocera Functional Material Co. Ltd. #		51,300		343,415
Shenzhen Capchem Technology Co. Ltd. #		17,700		314,473
Shenzhen Dynanonic Co. Ltd. # *		3,800		293,470
Shenzhen Senior Technology Material Co. Ltd. #		43,700		252,622
Weihai Guangwei Composites Co. Ltd. #		18,800		249,955
				2,109,665
Media & Entertainment: 2.3%
Beijing Enlight Media Co. Ltd. #		74,442		150,502
Bluefocus Intelligent Communications Group Co. Ltd. #		149,000		251,509
Kunlun Tech Co. Ltd. #		51,300		187,104
Mango Excellent Media Co. Ltd. #		39,770		357,830
				946,945
Pharmaceuticals, Biotechnology & Life Sciences: 12.7%
Anhui Anke Biotechnology Group Co. Ltd. #		71,800		148,025
Betta Pharmaceuticals Co. Ltd. #		16,600		208,405
BGI Genomics Co. Ltd. #		15,700		216,933
Boya Bio-pharmaceutical Group Co. Ltd. #		19,000		114,480

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Chengdu Kanghua Biological Products Co. Ltd. #		2,400	$	80,220
Chongqing Zhifei Biological Products Co. Ltd. #		49,269		965,003
Hainan Poly Pharm Co. Ltd. #		17,900		155,058
Hangzhou Tigermed Consulting Co. Ltd. #		35,459		712,843
Imeik Technology Development Co. Ltd. #		5,500		464,314
Maccura Biotechnology Co. Ltd.		25,200		115,676
PharmaBlock Sciences Nanjing, Inc. #		10,200		227,931
Pharmaron Beijing Co. Ltd. #		16,200		360,365
Shenzhen Kangtai Biological Products Co. Ltd. #		24,000		371,522
Walvax Biotechnology Co. Ltd. #		107,500		947,539
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. #		17,700		159,540
				5,247,854
Semiconductors & Semiconductor Equipment: 4.1%
Ingenic Semiconductor Co. Ltd. #		12,800		269,999
SG Micro Corp. #		9,600		466,830
Shenzhen SC New Energy Technology Corp. #		14,500		260,942
Yangling Metron New Material, Inc. #		5,600		68,401
Yangzhou Yangjie Electronic Technology Co. Ltd. #		17,200		181,708
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. #		39,800		434,686
				1,682,566
Software & Services: 4.3%
Beijing E-Hualu Information Technology Co. Ltd. #		26,900		149,496
Beijing Sinnet Technology Co. Ltd. #		74,800		174,701
Hangzhou Dptech Technologies Co. Ltd. #		6,082		39,499
Lakala Payment Co. Ltd. #		26,900		122,921

	Number of Shares		Value
Software & Services (continued)
Longshine Technology Group Co. Ltd. #		24,100	$	140,482
NSFOCUS Technologies Group Co. Ltd. #		38,400		95,869
Sangfor Technologies, Inc. #		15,500		465,835
Thunder Software Technology Co. Ltd. #		20,700		450,165
Wangsu Science & Technology Co. Ltd. #		137,800		144,970
				1,783,938
Technology Hardware & Equipment: 11.8%
Anker Innovations Technology Co. Ltd. #		9,100		146,743
Chaozhou Three-Circle Group Co. Ltd. #		76,700		538,232
Eoptolink Technology, Inc. Ltd. #		28,400		175,205
Lens Technology Co. Ltd. #		131,268		474,554
Leyard Optoelectronic Co. Ltd. #		127,400		205,501
Maxscend Microelectronics Co. Ltd. #		13,788		709,361
Sai Micro Electronics, Inc. #		24,200		93,556
Shenzhen Everwin Precision Technology Co. Ltd. #		52,900		165,165
Shenzhen Sunway Communication Co. Ltd. #		54,601		217,604
Victory Giant Technology Huizhou Co. Ltd. #		33,300		158,568
Wuhan Jingce Electronic Group Co. Ltd. #		12,600		143,591
Wuhan Raycus Fiber Laser Technologies Co. Ltd. #		15,200		141,336
Wuhu Token Science Co. Ltd. #		138,100		288,567
Wuxi Lead Intelligent Equipment Co. Ltd. #		67,020		783,504
Yealink Network Technology Corp. Ltd. #		20,900		267,727
Zhongji Innolight Co. Ltd. #		32,800		219,431
Zhuzhou Hongda Electronics Corp. Ltd. #		8,100		127,382
				4,856,027
Total Common Stocks (Cost: $29,050,639)				41,175,499

Total Investments: 99.9% (Cost: $29,050,639)				41,175,499
Other assets less liabilities: 0.1%				23,811
NET ASSETS: 100.0%			$	41,199,310

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $40,366,374 which represents 98.0% of net assets.
*	Non-income producing

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Communication Services		2.3	%	$	946,945
Consumer Discretionary		1.5			637,573
Consumer Staples		4.4			1,833,744
Financials		8.4			3,438,586
Health Care		24.6			10,083,581
Industrials		33.5			13,802,874
Information Technology		20.2			8,322,531
Materials		5.1			2,109,665
		100.0	%	$	41,175,499

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	143,002	$	13,110,523	$	—	$	13,253,525
Commercial & Professional Services		—		549,349		—		549,349
Consumer Durables & Apparel		—		414,350		—		414,350
Consumer Services		—		223,223		—		223,223
Diversified Financials		—		3,438,586		—		3,438,586
Food, Beverage & Tobacco		56,080		1,399,202		—		1,455,282
Health Care Equipment & Services		54,202		4,781,525		—		4,835,727
Household & Personal Products		378,462		—		—		378,462
Materials		61,703		2,047,962		—		2,109,665
Media & Entertainment		—		946,945		—		946,945
Pharmaceuticals, Biotechnology & Life Sciences		115,676		5,132,178		—		5,247,854
Semiconductors & Semiconductor Equipment		—		1,682,566		—		1,682,566
Software & Services		—		1,783,938		—		1,783,938
Technology Hardware & Equipment		—		4,856,027		—		4,856,027
Total Investments	$	809,125	$	40,366,374	$	—	$	41,175,499

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Banks: 7.9%
Commercial International Bank Egypt SAE (USD) (GDR) *		521,836	$	1,722,059

Capital Goods: 4.7%
ElSewedy Electric Co. #		1,634,557		1,020,143

Consumer Durables & Apparel: 2.7%
Oriental Weavers #		1,051,157		579,973

Consumer Services: 6.3%
Cairo Investment & Real Estate Development Co. SAE #		1,046,116		904,901
Taaleem Management Services Co. SAE # *		1,361,259		452,160
				1,357,061
Diversified Financials: 7.4%
Egyptian Financial Group-Hermes Holding Co. # *		872,411		820,404
Egyptian Financial Group-Hermes Holding Co. (USD) (GDR) # *		268,183		507,724
Pioneers Properties *		1,624,304		277,093
				1,605,221
Food, Beverage & Tobacco: 10.2%
Eastern Co. SAE		2,107,501		1,438,091
Juhayna Food Industries # *		1,602,276		781,161
				2,219,252
Health Care Equipment & Services: 6.6%
Cleopatra Hospital *		3,116,092		975,886
Ibnsina Pharma SAE # *		1,716,724		442,987
				1,418,873

	Number of Shares		Value
Materials: 17.9%
Alexandria Mineral Oils Co. #		1,831,783	$	426,951
Centamin Plc (GBP) #		772,884		936,416
Egypt Kuwait Holding Co. SAE (USD) # *		1,217,852		1,604,008
Ezz Steel Co. SAE # *		594,412		564,692
Sidi Kerir Petrochemicals Co. # *		714,841		353,898
				3,885,965
Real Estate: 24.0%
Emaar Misr for Development SAE # *		2,386,107		450,549
Heliopolis Housing #		1,514,881		646,486
Medinet Nasr Housing		3,459,253		642,967
Palm Hills Developments SAE #		5,993,490		758,973
Real Estate Egyptian Consortium SAE # *		330,283		34,527
Six of October Development & Investment #		751,058		690,553
Talaat Moustafa Group #		2,059,863		1,185,189
Zahraa El Maadi Investment & Development Co. SAE #		716,788		791,078
				5,200,322
Software & Services: 7.2%
Fawry for Banking & Payment Technology Services SAE # *		1,923,165		1,569,131

Telecommunication Services: 5.2%
Telecom Egypt Co. #		1,045,147		1,115,431

Total Common Stocks (Cost: $17,816,179)				21,693,431

Total Investments: 100.1% (Cost: $17,816,179)				21,693,431
Liabilities in excess of other assets: (0.1)%				(22,372)
NET ASSETS: 100.0%			$	21,671,059

Definitions:

GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $16,637,335 which represents 76.8% of net assets.

Summary of Investments by Sector	% of Investments			Value
Communication Services		5.2	%	$	1,115,431
Consumer Discretionary		9.0			1,937,034
Consumer Staples		10.2			2,219,252
Financials		15.3			3,327,280
Health Care		6.5			1,418,873
Industrials		4.7			1,020,143
Information Technology		7.2			1,569,131
Materials		17.9			3,885,965
Real Estate		24.0			5,200,322
		100.0	%	$	21,693,431

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	1,722,059	$	—	$	—	$	1,722,059
Capital Goods		—		1,020,143		—		1,020,143
Consumer Durables & Apparel		—		579,973		—		579,973
Consumer Services		—		1,357,061		—		1,357,061
Diversified Financials		277,093		1,328,128		—		1,605,221
Food, Beverage & Tobacco		1,438,091		781,161		—		2,219,252
Health Care Equipment & Services		975,886		442,987		—		1,418,873
Materials		—		3,885,965		—		3,885,965
Real Estate		642,967		4,557,355		—		5,200,322
Software & Services		—		1,569,131		—		1,569,131
Telecommunication Services		—		1,115,431		—		1,115,431
Total Investments	$	5,056,096	$	16,637,335	$	—	$	21,693,431

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 5.9%
Astra International Tbk PT #		7,979,400	$	3,193,772

Banks: 31.8%
Bank Aladin Syariah Tbk PT # *		2,800,400		450,530
Bank Central Asia Tbk PT #		8,310,800		4,256,379
Bank Jago Tbk PT # *		2,051,300		2,300,834
Bank Mandiri Persero Tbk PT #		7,012,202		3,462,480
Bank Negara Indonesia Persero Tbk PT #		3,943,932		1,864,332
Bank Neo Commerce Tbk PT #		1,995,000		369,052
Bank Rakyat Indonesia Persero Tbk PT #		14,657,333		4,220,228
Bank Syariah Indonesia Tbk PT # *		1,522,200		189,987
				17,113,822
Capital Goods: 1.5%
Jardine Cycle & Carriage Ltd. (SGD) #		52,288		798,274

Diversified Financials: 0.6%
BFI Finance Indonesia Tbk PT		3,883,400		320,154

Energy: 7.5%
Adaro Energy Tbk PT #		8,455,700		1,340,961
Banpu PCL (NVDR) #		3,362,629		1,069,154
Bukit Asam Tbk PT #		2,071,000		394,228
United Tractors Tbk PT #		788,869		1,224,781
				4,029,124
Food, Beverage & Tobacco: 9.1%
Charoen Pokphand Indonesia Tbk PT #		3,814,700		1,589,915
First Pacific Co. Ltd. (HKD) #		955,250		351,773
Golden Agri-Resources Ltd. (SGD) #		1,811,800		329,516
Gudang Garam Tbk PT #		244,100		524,189
Indofood CBP Sukses Makmur Tbk PT #		1,171,500		715,547
Indofood Sukses Makmur Tbk PT #		2,321,100		1,030,634
Japfa Comfeed Indonesia Tbk PT #		2,790,000		336,301
				4,877,875
Health Care Equipment & Services: 0.8%
Mitra Keluarga Karyasehat Tbk PT #		2,862,297		454,094

Household & Personal Products: 1.6%
Unilever Indonesia Tbk PT #		3,025,600		872,525

Materials: 16.2%
Aneka Tambang Tbk #		4,446,900		703,798
Barito Pacific Tbk PT #		14,374,000		860,836
Chandra Asri Petrochemical Tbk PT #		3,087,359		1,585,393
Indah Kiat Pulp & Paper Tbk PT #		1,359,600		746,839
Indocement Tunggal Prakarsa Tbk PT #		953,600		809,517
Merdeka Copper Gold Tbk PT # *		6,539,400		1,790,074

	Number of Shares		Value
Materials (continued)
Nickel Mines Ltd. # †		731,349	$	761,577
Pabrik Kertas Tjiwi Kimia Tbk PT #		658,400		348,171
Semen Indonesia Persero Tbk PT #		1,536,600		781,254
Vale Indonesia Tbk PT #		1,103,200		363,297
				8,750,756
Media & Entertainment: 3.0%
Elang Mahkota Teknologi Tbk PT # *		7,765,400		1,243,903
Surya Citra Media Tbk PT # *		15,237,000		349,096
				1,592,999
Pharmaceuticals, Biotechnology & Life Sciences: 2.2%
Kalbe Farma Tbk PT		10,409,000		1,179,480

Real Estate: 2.6%
Bumi Serpong Damai Tbk PT # *		4,813,300		341,008
Ciputra Development Tbk PT #		4,612,095		313,904
Lippo Karawaci Tbk PT *		17,242,900		170,584
Pakuwon Jati Tbk PT # *		7,893,300		256,507
Summarecon Agung Tbk PT # *		5,220,700		305,611
				1,387,614
Retailing: 2.2%
Ace Hardware Indonesia Tbk PT #		3,627,000		325,423
Bukalapak.com PT Tbk # *		28,334,900		857,640
				1,183,063
Telecommunication Services: 12.8%
Indosat Tbk PT #		603,400		263,173
Sarana Menara Nusantara Tbk PT #		12,407,200		978,353
Smartfren Telecom Tbk PT # *		50,498,800		308,517
Telkom Indonesia Persero Tbk PT (ADR) †		132,372		3,837,464
Tower Bersama Infrastructure Tbk PT #		5,270,700		1,092,075
XL Axiata Tbk PT #		1,927,875		429,031
				6,908,613
Transportation: 1.3%
Jasa Marga Persero Tbk PT # *		1,151,150		313,827
Transcoal Pacific Tbk PT *		528,700		372,807
				686,634
Utilities: 1.0%
Perusahaan Gas Negara Tbk PT # *		5,511,200		532,100

Total Common Stocks (Cost: $59,801,449)				53,880,899

Total Investments: 100.1% (Cost: $59,801,449)				53,880,899
Liabilities in excess of other assets: (0.1)%				(56,681)
NET ASSETS: 100.0%			$	53,824,218

See Notes to Financial Statements

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $48,000,410 which represents 89.2% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $180,650.

Summary of Investments by Sector	% of Investments			Value
Communication Services		15.8	%	$	8,501,612
Consumer Discretionary		8.1			4,376,835
Consumer Staples		10.6			5,750,400
Energy		7.5			4,029,124
Financials		32.4			17,433,976
Health Care		3.0			1,633,574
Industrials		2.8			1,484,908
Materials		16.2			8,750,756
Real Estate		2.6			1,387,614
Utilities		1.0			532,100
		100.0	%	$	53,880,899

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	3,193,772	$	—	$	3,193,772
Banks		—		17,113,822		—		17,113,822
Capital Goods		—		798,274		—		798,274
Diversified Financials		320,154		—		—		320,154
Energy		—		4,029,124		—		4,029,124
Food, Beverage & Tobacco		—		4,877,875		—		4,877,875
Health Care Equipment & Services		—		454,094		—		454,094
Household & Personal Products		—		872,525		—		872,525
Materials		—		8,750,756		—		8,750,756
Media & Entertainment		—		1,592,999		—		1,592,999
Pharmaceuticals, Biotechnology & Life Sciences		1,179,480		—		—		1,179,480
Real Estate		170,584		1,217,030		—		1,387,614
Retailing		—		1,183,063		—		1,183,063
Telecommunication Services		3,837,464		3,071,149		—		6,908,613
Transportation		372,807		313,827		—		686,634
Utilities		—		532,100		—		532,100
Total Investments	$	5,880,489	$	48,000,410	$	—	$	53,880,899

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.8%
Banks: 16.1%
Bank Hapoalim BM #		348,166	$	3,579,338
Bank Leumi Le-Israel BM #		393,608		4,217,165
First International Bank Of Israel Ltd. #		18,177		754,663
Israel Discount Bank Ltd. #		355,968		2,387,414
Mizrahi Tefahot Bank Ltd. #		51,887		1,995,985
				12,934,565
Capital Goods: 6.2%
Ashtrom Group Ltd. #		9,578		259,077
Elbit Systems Ltd. (USD) †		8,610		1,499,259
Elco Ltd. #		2,126		155,924
Electra Ltd. #		362		250,461
Kornit Digital Ltd. (USD) *		13,525		2,059,181
RADA Electronic Industries Ltd. (USD) *		16,630		156,654
Shapir Engineering and Industry Ltd. #		30,069		265,372
Shikun & Binui Ltd. # *		58,664		374,771
				5,020,699
Commercial & Professional Services: 0.4%
Danel Adir Yeoshua Ltd. #		1,328		299,858

Consumer Durables & Apparel: 0.9%
Azorim-Investment Development & Construction Co. Ltd. # *		16,622		99,240
Delta Galil Industries Ltd. #		2,618		179,796
Electra Consumer Products 1970 Ltd. #		2,568		148,158
Maytronics Ltd. #		13,000		320,319
				747,513
Consumer Services: 0.6%
888 Holdings Plc #		82,350		338,139
Fattal Holdings 1998 Ltd. # *		1,475		148,446
				486,585
Diversified Financials: 1.4%
Altshuler Shaham Provident Funds & Pension Ltd. #		19,162		103,255
Isracard Ltd. #		60,326		296,953
Plus500 Ltd. (GBP) #		29,776		549,611
Tel Aviv Stock Exchange Ltd. #		28,640		154,355
				1,104,174
Energy: 1.2%
Delek Group Ltd. # *		3,282		268,822
Energean Plc (GBP) *		28,592		331,111
Oil Refineries Ltd. # *		589,290		168,570
Paz Oil Co. Ltd. # *		1,651		205,072
				973,575
Food & Staples Retailing: 0.7%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. #		2,474		185,419
Shufersal Ltd. #		40,861		339,715
				525,134
Food, Beverage & Tobacco: 0.5%
Strauss Group Ltd. #		11,792		367,283

	Number of Shares		Value
Health Care Equipment & Services: 3.4%
Inmode Ltd. *		17,533	$	1,237,479
Nano-X Imaging Ltd. (USD) *		12,076		175,585
Novocure Ltd. * †		18,046		1,354,894
				2,767,958
Insurance: 3.4%
Clal Insurance Enterprises Holdings Ltd. # *		20,068		513,221
Harel Insurance Investments & Financial Services Ltd. #		40,425		458,390
IDI Insurance Co. Ltd. #		2,673		97,259
Lemonade, Inc. * †		14,437		607,942
Menora Mivtachim Holdings Ltd. #		8,464		199,867
Migdal Insurance & Financial Holdings Ltd. #		118,807		195,283
Phoenix Holdings Ltd. #		48,414		624,692
				2,696,654
Materials: 2.6%
ICL Group Ltd. (USD)		161,569		1,562,372
Israel Corp. Ltd. # *		1,187		511,518
				2,073,890
Media & Entertainment: 1.9%
Perion Network Ltd. (USD) *		9,854		236,989
Playtika Holding Corp. *		32,861		568,167
Taboola.com Ltd. (USD) *		69,810		543,122
Tremor International Ltd. (GBP) *		27,613		207,198
				1,555,476
Pharmaceuticals, Biotechnology & Life Sciences: 3.6%
Compugen Ltd. (USD) *		21,306		91,616
Taro Pharmaceutical Industries Ltd. (USD) *		2,922		146,421
Teva Pharmaceutical Industries Ltd. (ADR) *		337,029		2,699,602
				2,937,639
Real Estate: 6.7%
AFI Properties Ltd. #		3,056		202,323
Airport City Ltd. # *		16,609		371,578
Alony Hetz Properties & Investments Ltd. #		36,336		675,549
Amot Investments Ltd. #		49,472		401,421
Azrieli Group Ltd. #		12,657		1,206,273
Big Shopping Centers Ltd. #		2,889		470,538
Gav-Yam Lands Corp. Ltd. #		15,124		186,590
Gazit-Globe Ltd. #		17,223		135,909
Israel Canada T.R Ltd. #		25,876		166,239
Isras Investment Co. Ltd. #		443		117,159
Mega Or Holdings Ltd. #		3,724		170,530
Melisron Ltd. # *		4,975		463,290
Mivne Real Estate KD Ltd. #		89,442		384,068
Property & Building Corp. Ltd. # *		686		98,230
Summit Real Estate Holdings Ltd. # *		8,086		169,962
YH Dimri Construction & Development Ltd. #		1,662		161,235
				5,380,894

See Notes to Financial Statements

	Number of Shares		Value
Retailing: 4.1%
Delek Automotive Systems Ltd. #		10,569	$	149,466
Fiverr International Ltd. (USD) * †		10,674		1,213,634
Fox Wizel Ltd. #		1,905		341,718
Global-e Online Ltd. (USD) * †		22,868		1,449,603
Tadiran Group Ltd. #		1,097		152,860
				3,307,281
Semiconductors & Semiconductor Equipment: 9.1%
Camtek Ltd. (USD) * †		8,306		382,408
CEVA, Inc. *		5,984		258,748
Nova Ltd. (USD) * †		8,093		1,185,625
SolarEdge Technologies, Inc. *		15,320		4,298,332
Tower Semiconductor Ltd. (USD) *		29,304		1,162,783
				7,287,896
Software & Services: 29.2%
Amdocs Ltd.		34,168		2,557,133
Check Point Software Technologies Ltd. (USD) *		33,210		3,870,958
Cognyte Software Ltd. (USD) *		16,594		260,028
CyberArk Software Ltd. *		12,479		2,162,361
Formula Systems 1985 Ltd. #		2,253		274,398
Hilan Ltd. #		2,941		196,472
ironSource Ltd. (USD) *		132,204		1,023,259
JFrog Ltd. (USD) *		18,552		550,994
LivePerson, Inc. *		15,353		548,409
Magic Software Enterprises Ltd. (USD)		5,575		116,685
Matrix IT Ltd. #		9,004		273,026
Monday.com Ltd. (USD) *		4,926		1,520,755
Nice Ltd. (ADR) * †		15,536		4,716,730
One Software Technologies Ltd. #		6,117		121,477
Payoneer Global, Inc. *		62,938		462,594
Sapiens International Corp. NV (USD)		9,624		331,547
Varonis Systems, Inc. *		26,128		1,274,524
Verint Systems, Inc. *		15,950		837,534
Wix.com Ltd. (USD) *		15,437		2,435,804
				23,534,688
Technology Hardware & Equipment: 2.1%
AudioCodes Ltd. (USD) †		7,480		259,855

	Number of Shares		Value
Technology Hardware & Equipment (continued)
BATM Advanced Communications Ltd. (GBP) # †		80,596	$	91,678
Gilat Satellite Networks Ltd. (USD)		13,580		96,011
Ituran Location and Control Ltd. (USD)		2,977		79,397
Nano Dimension Ltd. (ADR) * †		81,756		310,673
Radware Ltd. (USD) *		10,632		442,716
Stratasys Ltd. *		15,380		376,656
				1,656,986
Telecommunication Services: 1.8%
Bezeq The Israeli Telecommunication Corp. Ltd. # *		702,617		1,159,364
Cellcom Israel Ltd. # *		22,248		124,547
Partner Communications Co. Ltd. # *		22,786		184,978
				1,468,889
Transportation: 1.2%
ZIM Integrated Shipping Services Ltd. (USD)		16,572		975,428

Utilities: 2.7%
Energix-Renewable Energies Ltd. #		59,942		253,509
Enlight Renewable Energy Ltd. # *		193,623		473,663
Kenon Holdings Ltd. #		4,548		230,333
OPC Energy Ltd. # *		19,213		214,908
Ormat Technologies, Inc. †		12,520		992,836
				2,165,249
Total Common Stocks (Cost: $52,034,741)				80,268,314

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0% (Cost: $2,444,845)
Money Market Fund: 3.0%
State Street Navigator Securities Lending Government Money Market Portfolio		2,444,845		2,444,845
Total Investments: 102.8% (Cost: $54,479,586)				82,713,159
Liabilities in excess of other assets: (2.8)%				(2,249,021)
NET ASSETS: 100.0%			$	80,464,138

Definitions:

ADR	American Depositary Receipt
GBP	British Pound
USD	United States Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,636,702 which represents 38.1% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $9,924,266.
*	Non-income producing

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		3.7	%	$	3,024,365
Consumer Discretionary		5.6			4,541,379
Consumer Staples		1.1			892,417
Energy		1.2			973,575
Financials		20.9			16,735,393
Health Care		7.1			5,705,597
Industrials		7.9			6,295,985
Information Technology		40.5			32,479,570
Materials		2.6			2,073,890
Real Estate		6.7			5,380,894
Utilities		2.7			2,165,249
		100.0	%	$	80,268,314

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	12,934,565	$	—	$	12,934,565
Capital Goods		3,715,094		1,305,605		—		5,020,699
Commercial & Professional Services		—		299,858		—		299,858
Consumer Durables & Apparel		—		747,513		—		747,513
Consumer Services		—		486,585		—		486,585
Diversified Financials		—		1,104,174		—		1,104,174
Energy		331,111		642,464		—		973,575
Food & Staples Retailing		—		525,134		—		525,134
Food, Beverage & Tobacco		—		367,283		—		367,283
Health Care Equipment & Services		2,767,958		—		—		2,767,958
Insurance		607,942		2,088,712		—		2,696,654
Materials		1,562,372		511,518		—		2,073,890
Media & Entertainment		1,555,476		—		—		1,555,476
Pharmaceuticals, Biotechnology & Life Sciences		2,937,639		—		—		2,937,639
Real Estate		—		5,380,894		—		5,380,894
Retailing		2,663,237		644,044		—		3,307,281
Semiconductors & Semiconductor Equipment		7,287,896		—		—		7,287,896
Software & Services		22,669,315		865,373		—		23,534,688
Technology Hardware & Equipment		1,565,308		91,678		—		1,656,986
Telecommunication Services		—		1,468,889		—		1,468,889
Transportation		975,428		—		—		975,428
Utilities		992,836		1,172,413		—		2,165,249
Money Market Fund		2,444,845		—		—		2,444,845
Total Investments	$	52,076,457	$	30,636,702	$	—	$	82,713,159

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 97.5%
Banks: 14.7%
Sberbank of Russia PJSC (ADR) #		6,935,796	$	111,284,791
TCS Group Holding Plc (USD) (GDR) #		732,618		61,759,585
VTB Bank PJSC (USD) (GDR) #		23,667,728		29,857,147
				202,901,523
Diversified Financials: 1.8%
Moscow Exchange MICEX-RTS PJSC #		12,311,842		25,060,335

Energy: 36.0%
Gazprom PJSC (ADR) #		12,042,996		111,206,723
LUKOIL PJSC (ADR) #		1,086,151		97,320,070
Novatek PJSC (USD) (GDR) #		392,923		91,867,324
Rosneft Oil Co. PJSC (USD) (GDR) #		8,905,323		71,622,334
Surgutneftegas PJSC (ADR) # †		8,328,632		44,544,314
Tatneft PJSC (ADR) #		1,880,955		78,212,502
				494,773,267
Food & Staples Retailing: 5.5%
Magnit PJSC (USD) (GDR) #		3,231,093		48,460,240
X5 Retail Group NV (USD) (GDR) #		1,038,228		27,491,870
				75,952,110
Materials: 26.9%
Alrosa PJSC #		23,350,580		38,063,199
Evraz Plc (GBP) #		5,032,843		41,174,946
MMC Norilsk Nickel PJSC (ADR) #		2,789,003		86,274,386
Novolipetsk Steel PJSC (USD) (GDR) #		1,173,616		34,619,021
PhosAgro PJSC (USD) (GDR) #		1,123,163		24,233,760
Polymetal International Plc (GBP) #		2,999,288		53,444,579
Polyus PJSC (USD) (GDR) #		609,048		53,794,763
Severstal PAO (USD) (GDR) #		1,796,698		38,754,474
				370,359,128
Media & Entertainment: 5.1%
VK Co. Ltd. (USD) (GDR) # *		1,232,465		14,266,528

	Number of Shares		Value
Media & Entertainment (continued)
Yandex NV (USD) * †		925,323	$	55,982,042
				70,248,570
Retailing: 2.1%
Ozon Holdings Plc (ADR) * †		991,758		29,365,954
Telecommunication Services: 4.0%
Mobile TeleSystems PJSC (ADR)		3,913,328		31,110,957
Rostelecom PJSC #		9,796,529		11,371,666
VEON Ltd. (ADR) *		7,176,677		12,272,118
				54,754,741
Utilities: 1.4%
Inter RAO UES PJSC #		331,001,010		18,800,209
Irkutsk Electronetwork Co. JSC (USD) # *∞		7,410,870		7
				18,800,216
Total Common Stocks (Cost: $1,346,295,248)				1,342,215,844

PREFERRED SECURITIES: 2.3% (Cost: $34,983,143)
Energy: 2.3%
Transneft PJSC 5.78% #		14,496		30,650,624

Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $1,381,278,391)				1,372,866,468

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $3,006,086)
Money Market Fund: 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio		3,006,086		3,006,086
Total Investments: 100.0% (Cost: $1,384,284,477)				1,375,872,554
Other assets less liabilities: 0.0%				410,835
NET ASSETS: 100.0%			$	1,376,283,389

Definitions:

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,244,135,397 which represents 90.4% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $33,172,932.
*	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

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		9.1	%	$	125,003,311
Consumer Discretionary		2.1			29,365,954
Consumer Staples		5.5			75,952,110
Energy		38.3			525,423,891
Financials		16.6			227,961,858
Materials		27.0			370,359,128
Utilities		1.4			18,800,216
		100.0	%	$	1,372,866,468

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	202,901,523	$	—	$	202,901,523
Diversified Financials		—		25,060,335		—		25,060,335
Energy		—		494,773,267		—		494,773,267
Food & Staples Retailing		—		75,952,110		—		75,952,110
Materials		—		370,359,128		—		370,359,128
Media & Entertainment		55,982,042		14,266,528		—		70,248,570
Retailing		29,365,954		—		—		29,365,954
Telecommunication Services		43,383,075		11,371,666		—		54,754,741
Utilities		—		18,800,209		7		18,800,216
Preferred Securities ^*		—		30,650,624		—		30,650,624
Money Market Fund		3,006,086		—		—		3,006,086
Total Investments	$	131,737,157	$	1,244,135,390	$	7	$	1,375,872,554

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 98.7%
Banks: 7.5%
Credit Bank of Moscow PJSC # *		19,873,300	$	1,813,007

Commercial & Professional Services: 6.4%
HeadHunter Group Plc (ADR)		30,199		1,542,867

Diversified Financials: 0.1%
SFI PJSC *		2,663		18,689

Energy: 3.8%
Sovcomflot PJSC #		936,610		912,511

Food & Staples Retailing: 2.6%
Lenta International Co. PJSC (GDR) # *		249,016		633,961

Food, Beverage & Tobacco: 6.7%
Beluga Group PJSC #		10,629		473,833
Ros Agro Plc (GDR) #		73,503		1,149,012
				1,622,845
Materials: 21.2%
Eurasia Mining Plc # * †		3,773,192		1,240,062
Mechel PJSC # *		415,233		679,076
Petropavlovsk Plc (GBP) # * †		4,018,230		1,056,529
Raspadskaya OJSC		142,565		892,002
Segezha Group PJSC 144A *		8,463,800		1,251,410
				5,119,079
Real Estate: 9.3%
Etalon Group Plc (USD) (GDR) #		373,594		406,989
LSR Group PJSC #		97,994		794,641
Samolet Group		16,073		1,039,301
				2,240,931
Retailing: 10.0%
Detsky Mir PJSC 144A #		1,093,508		1,815,816
M.Video PJSC #		104,256		607,772
				2,423,588
Telecommunication Services: 8.0%
Sistema PJSFC (USD) (GDR) #		312,815		1,936,476

	Number of Shares		Value
Transportation: 15.0%
Aeroflot PJSC # *		1,783,782	$	1,400,549
Globaltrans Investment Plc (USD) (GDR) #		172,924		1,473,354
Novorossiysk Commercial Sea Port PJSC #		8,488,900		762,606
				3,636,509
Utilities: 8.1%
Mosenergo PJSC #		18,441,800		516,695
OGK-2 PJSC #		48,677,600		410,679
TGC-1 PJSC #		1,609,400,000		213,110
Unipro PJSC #		23,401,000		813,598
				1,954,082
Total Common Stocks (Cost: $23,029,582)				23,854,545

PREFERRED SECURITIES: 1.5% (Cost: $326,281)
Utilities: 1.5%
Rosseti Lenenergo PJSC 9.08% #		162,266		366,127

Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $23,355,863)				24,220,672

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4% (Cost: $334,647)
Money Market Fund: 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio		334,647		334,647
Total Investments: 101.6% (Cost: $23,690,510)				24,555,319
Liabilities in excess of other assets: (1.6)%				(375,743)
NET ASSETS: 100.0%			$	24,179,576

Definitions:

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $19,476,403 which represents 80.5% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,232,388.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,067,226, or 12.7% of net assets.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		8.0	%	$	1,936,476
Consumer Discretionary		10.0			2,423,588
Consumer Staples		9.3			2,256,806
Energy		3.8			912,511
Financials		7.6			1,831,696
Industrials		21.4			5,179,376
Materials		21.1			5,119,079
Real Estate		9.2			2,240,931
Utilities		9.6			2,320,209
		100.0	%	$	24,220,672

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	1,813,007	$	—	$	1,813,007
Commercial & Professional Services		1,542,867		—		—		1,542,867
Diversified Financials		18,689		—		—		18,689
Energy		—		912,511		—		912,511
Food & Staples Retailing		—		633,961		—		633,961
Food, Beverage & Tobacco		—		1,622,845		—		1,622,845
Materials		2,143,412		2,975,667		—		5,119,079
Real Estate		1,039,301		1,201,630		—		2,240,931
Retailing		—		2,423,588		—		2,423,588
Telecommunication Services		—		1,936,476		—		1,936,476
Transportation		—		3,636,509		—		3,636,509
Utilities		—		1,954,082		—		1,954,082
Preferred Securities ^*		—		366,127		—		366,127
Money Market Fund		334,647		—		—		334,647
Total Investments	$	5,078,916	$	19,476,403	$	—	$	24,555,319

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
Banks: 3.2%
Bank for Foreign Trade of Vietnam JSC		4,060,145	$	14,038,588
Saigon Thuong Tin Commercial JSB # *		3,504,300		4,839,078
				18,877,666
Capital Goods: 11.5%
Development Investment Construction JSC # *		3,145,100		13,363,876
Gelex Group JSC # *		4,504,864		8,028,264
Hoang Huy Investment Financial Services JSC # *		3,892,704		4,685,507
IDICO Corp. JSC #		2,101,900		6,682,141
JAKS Resources Bhd # *		24,822,300		2,322,500
Tan Tao Investment & Industry JSC # *		5,769,300		4,200,403
Thaiholdings JSC # *		2,352,200		28,566,176
				67,848,867
Consumer Durables & Apparel: 11.6%
Eclat Textile Co. Ltd. #		1,144,160		26,071,058
Feng TAY Enterprise Co. Ltd. #		3,176,000		26,547,419
Hansae Co. Ltd. # †		240,220		4,426,457
Taiwan Paiho Ltd. #		3,920,000		11,543,858
				68,588,792
Diversified Financials: 8.5%
Sai Gon-Ha Noi Securities JSC #		1,906,900		4,230,340
SSI Securities Corp. #		8,548,172		19,422,743
Viet Capital Securities JSC #		3,142,600		10,033,821
VNDirect Securities Corp. #		4,539,600		16,332,668
				50,019,572
Energy: 0.6%
PetroVietnam Technical Services Corp. #		2,870,400		3,434,814

Food, Beverage & Tobacco: 18.0%
Hoang Anh Gia Lai International Agriculture JSC *		7,608,500		4,089,694
KIDO Group Corp. #		2,050,830		4,852,649
Masan Group Corp.		6,055,530		45,436,403
Saigon Beer Alcohol Beverage Corp.		917,000		6,075,779
Thanh Thanh Cong - Bien Hoa JSC # *		4,235,781		4,805,660
Vietnam Dairy Products JSC #		9,879,441		37,449,665
Vinh Hoan Corp. #		1,300,800		3,584,718
				106,294,568
Health Care Equipment & Services: 2.2%
Mani, Inc. # †		932,500		12,927,740

	Number of Shares		Value
Insurance: 0.6%
Bao Viet Holdings #		1,379,896	$	3,387,613

Materials: 8.7%
An Phat Holdings JSC # *		1,869,200		3,046,704
Duc Giang Chemicals JSC #		1,027,400		7,200,810
Hoa Phat Group JSC #		15,989,352		32,535,424
Hoa Sen Group # *		2,822,500		4,625,919
Petrovietnam Fertilizer & Chemicals JSC #		1,902,500		4,171,309
				51,580,166
Real Estate: 26.3%
Khang Dien House Trading and Investment JSC # *		1,654,800		3,701,117
Kinh Bac City Development Share Holding Corp. # *		2,688,500		7,160,989
No Va Land Investment Group Corp. *		8,268,458		33,015,782
Phat Dat Real Estate Development Corp. # *		2,818,400		11,774,774
Van Phu - Invest Investment JSC # *		1,384,100		3,331,372
Vincom Retail JSC # *		6,498,322		8,570,313
Vingroup JSC # *		9,874,449		41,175,128
Vinhomes JSC 144A #		12,909,867		46,405,075
				155,134,550
Technology Hardware & Equipment: 7.0%
BH Co. Ltd. # * †		342,054		6,662,624
Dreamtech Co. Ltd. # *		392,420		3,984,011
INTOPS Co. Ltd. #		167,239		4,528,109
KH Vatec Co. Ltd. # * †		253,920		5,689,095
MCNEX Co. Ltd. # †		192,705		9,306,533
Seojin System Co. Ltd. # * †		185,389		6,722,026
Synopex, Inc. # *		973,978		2,273,156
UTI, Inc. #		171,487		2,302,131
				41,467,685
Transportation: 0.9%
Vietjet Aviation JSC # *		1,006,740		5,666,325

Utilities: 0.9%
PetroVietnam Power Corp. #		6,697,210		5,140,046
Total Common Stocks (Cost: $398,761,485)				590,368,404

EXCHANGE TRADED FUND: 0.0% (Cost: $42,157)
DCVFMVN Diamond ETF #		62,610		76,999

Total Investments: 100.0% (Cost: $398,803,642)				590,445,403
Other assets less liabilities: 0.0%				238,812
NET ASSETS: 100.0%			$	590,684,215

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $487,789,157 which represents 82.6% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $11,751,814.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $46,405,075, or 7.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Consumer Discretionary		11.6	%	$	68,588,792
Consumer Staples		18.0			106,294,568
Energy		0.6			3,434,814
Exchange Traded Fund		0.0			76,999
Financials		12.3			72,284,851
Health Care		2.2			12,927,740
Industrials		12.4			73,515,192
Information Technology		7.0			41,467,685
Materials		8.7			51,580,166
Real Estate		26.3			155,134,550
Utilities		0.9			5,140,046
		100.0	%	$	590,445,403

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	14,038,588	$	4,839,078	$	—	$	18,877,666
Capital Goods		—		67,848,867		—		67,848,867
Consumer Durables & Apparel		—		68,588,792		—		68,588,792
Diversified Financials		—		50,019,572		—		50,019,572
Energy		—		3,434,814		—		3,434,814
Food, Beverage & Tobacco		55,601,876		50,692,692		—		106,294,568
Health Care Equipment &Services		—		12,927,740		—		12,927,740
Insurance		—		3,387,613		—		3,387,613
Materials		—		51,580,166		—		51,580,166
Real Estate		33,015,782		122,118,768		—		155,134,550
Technology Hardware &
Equipment		—		41,467,685		—		41,467,685
Transportation		—		5,666,325		—		5,666,325
Utilities		—		5,140,046		—		5,140,046
Exchange Traded Fund		—		76,999		—		76,999
Total Investments	$	102,656,246	$	487,789,157	$	—	$	590,445,403

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021

				Brazil Small-Cap			China Growth
	Africa Index ETF			ETF			Leaders ETF		ChiNext ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	59,145,506		$	31,769,719		$	26,543,263	$	41,175,499
Short-term investments held as collateral for securities loaned (3)		184,814			785,056			17,714		—
Cash		29			14,506			12,620		51
Cash denominated in foreign currency, at value (4)		526,962			159,907			302,369		740,510	(a)
Receivables:
Shares of beneficial interest sold		678			—			—		—
Due from Adviser		—			—			17,003		—
Dividends and interest		2,939			91,589			6,366		—
Prepaid expenses		1,392			1,393			695		1,388
Total assets		59,862,320			32,822,170			26,900,030		41,917,448
Liabilities:
Payables:
Collateral for securities loaned		184,814			785,056			17,714		—
Line of credit		337,787						—145,526		596,907
Due to Adviser		25,239			4,622					—7,202
Deferred Trustee fees		14,209			38,344			6,195		1,319
Accrued expenses		111,257			107,331			165,837		112,710
Total liabilities		673,306			935,353			335,272		718,138
NET ASSETS	$	59,189,014		$	31,886,817		$	26,564,758	$	41,199,310
Shares outstanding		2,950,000			1,950,000			700,000		850,000
Net asset value, redemption and offering price per share	$	20.06		$	16.35		$	37.95	$	48.47
Net Assets consist of:
Aggregate paid in capital	$	116,939,182		$	197,496,455		$	24,138,515	$	29,427,661
Total distributable earnings (loss)		(57,750,168	)		(165,609,638	)		2,426,243		11,771,649
NET ASSETS	$	59,189,014		$	31,886,817		$	26,564,758	$	41,199,310
(1) Value of securities on loan	$	2,131,645		$	3,033,046		$	383,145	$	—
(2) Cost of investments - Unaffiliated issuers	$	49,910,167		$	37,221,956		$	24,009,167	$	29,050,639
(3) Cost of short-term investments held as collateral for securities loaned	$	184,814		$	785,056		$	17,714	$	—
(4) Cost of cash denominated in foreign currency	$	572,331		$	157,380		$	294,988	$	737,002

(a)	Includes $30,641 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, 2021

				Indonesia Index
	Egypt Index ETF			ETF			Israel ETF		Russia ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	21,693,431		$	53,880,899		$	80,268,314	$	1,372,866,468
Short-term investments held as collateral for securities loaned (3)		—			—			2,444,845		3,006,086
Cash		982,289			108,942			250,639		1,127
Cash denominated in foreign currency, at value (4)		153,663			—			205		298
Receivables:
Dividends and interest		100,706			1,193			32,429		12,126,030
Prepaid expenses		699			701			1,395		6,935
Other assets		—			—			36,635		—
Total assets		22,930,788			53,991,735			83,034,462		1,388,006,944
Liabilities:
Payables:
Investment securities purchased		69			—			—		516,151
Collateral for securities loaned		—			—			2,444,845		3,006,086
Line of credit		1,170,559			—			—6,501,506
Due to Adviser		3,130			13,087			21,320		615,768
Deferred Trustee fees		6,286			32,156			4,867		203,747
Accrued expenses		79,685			122,274			99,292		880,297
Total liabilities		1,259,729			167,517			2,570,324		11,723,555
NET ASSETS	$	21,671,059		$	53,824,218		$	80,464,138	$	1,376,283,389
Shares outstanding		799,974			2,700,000			1,650,000		51,450,000
Net asset value, redemption and offering price per share	$	27.09		$	19.93		$	48.77	$	26.75
Net Assets consist of:
Aggregate paid in capital	$	56,673,100		$	173,555,414		$	60,388,673	$	2,943,648,495
Total distributable earnings (loss)		(35,002,041	)		(119,731,196	)		20,075,465		(1,567,365,106	)
NET ASSETS	$	21,671,059		$	53,824,218		$	80,464,138	$	1,376,283,389
(1) Value of securities on loan	$	—		$	180,650		$	9,924,266	$	33,172,932
(2) Cost of investments - Unaffiliated issuers	$	17,816,179		$	59,801,449		$	52,034,741	$	1,381,278,391
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	2,444,845	$	3,006,086
(4) Cost of cash denominated in foreign currency	$	153,577		$	—		$	205	$	291

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021

	Russia Small-Cap
	ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	24,220,672		$	590,445,403
Short-term investments held as collateral for securities loaned (3)		334,647			—
Cash		31,627			35
Cash denominated in foreign currency, at value (4)		88,817			939,612
Receivables:
Investment securities sold		24,138			—
Shares of beneficial interest sold		—			26,640
Dividends and interest		68,930			384,128
Prepaid expenses		701			3,476
Total assets		24,769,532			591,799,294
Liabilities:
Payables:
Collateral for securities loaned		334,647			—
Line of credit		—			594,359
Due to Adviser		27,257			245,615
Deferred Trustee fees		3,812			56,553
Accrued expenses		224,240			218,552
Total liabilities		589,956			1,115,079
NET ASSETS	$	24,179,576		$	590,684,215
Shares outstanding		733,318			27,650,000
Net asset value, redemption and offering price per share	$	32.97		$	21.36
Net Assets consist of:
Aggregate paid in capital	$	39,429,988		$	692,096,297
Total distributable earnings (loss)		(15,250,412	)		(101,412,082	)
NET ASSETS	$	24,179,576		$	590,684,215
(1) Value of securities on loan	$	2,232,388		$	11,751,814
(2) Cost of investments - Unaffiliated issuers	$	23,355,863		$	398,803,642
(3) Cost of short-term investments held as collateral for securities loaned	$	334,647		$	—
(4) Cost of cash denominated in foreign currency	$	89,861		$	934,399

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

				Brazil Small-Cap			China Growth
	Africa Index ETF			ETF			Leaders ETF			ChiNext ETF
Income:
Dividends	$	2,190,634		$	1,343,420		$	448,489		$	277,659
Interest		—			—			4,198			2,496
Securities lending income		21,286			34,220			13,287			—
Foreign taxes withheld		(235,437	)		(81,609	)		(37,704	)		(27,921	)
Total income		1,976,483			1,296,031			428,270			252,234
Expenses:
Management fees		301,959			222,441			182,421			237,417
Professional fees		58,027			59,234			107,917			62,501
Custody and accounting fees		72,710			65,205			123,704			81,532
Reports to shareholders		19,111			12,941			8,675			8,027
Trustees’ fees and expenses		1,014			537			566			1,192
Registration fees		6,178			6,178			8,786			6,179
Insurance		2,528			2,686			1,932			2,435
Interest		1,622			1,982			76,742			22,430
Other		585			752			692			615
Total expenses		463,734			371,956			511,435			422,328
Waiver of management fees		—			(107,578	)		(182,421	)		(113,686	)
Expenses assumed by the Adviser		—			—			(110,091	)		—
Net expenses		463,734			264,378			218,923			308,642
Net investment income (loss)		1,512,749			1,031,653			209,347			(56,408	)
Net realized gain (loss) on:
Investments		(757,974	)		3,919,867			1,380,430			15,467,869
Increase from payment from Advisor (See Note 3)		—			—			—			19,569
In-kind redemptions		1,448,499			662,416			762,135			—
Foreign currency transactions and foreign denominated assets and liabilities		(83,462	)		(14,338	)		103,531			25,043
Net realized gain		607,063			4,567,945			2,246,096			15,512,481
Net change in unrealized appreciation (depreciation) on:
Investments		(890,091	)		(14,729,446	)		(7,646,736	)		(11,689,205	)
Foreign currency transactions and foreign denominated assets and liabilities		(45,572	)		(112	)		(70,373	)		381
Net change in unrealized appreciation (depreciation)		(935,663	)		(14,729,558	)		(7,717,109	)		(11,688,824	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,184,149		$	(9,129,960	)	$	(5,261,666	)	$	3,767,249

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

				Indonesia Index
	Egypt Index ETF			ETF			Israel ETF			Russia ETF
Income:
Dividends	$	891,073		$	873,703		$	1,064,664		$	102,900,525
Interest		23			104			—			2,214
Securities lending income		—			2,858			120,432			102,306
Foreign taxes withheld		(42,148	)		(140,207	)		(240,434	)		(9,389,039	)
Total income		848,948			736,458			944,662			93,616,006
Expenses:
Management fees		107,861			188,448			405,775			8,429,436
Professional fees		55,110			56,531			60,381			60,783
Custody and accounting fees		41,346			45,401			86,587			850,777
Reports to shareholders		7,860			9,832			9,308			34,226
Trustees’ fees and expenses		390			587			1,769			30,994
Registration fees		6,178			6,178			6,179			1,924
Insurance		1,735			1,777			3,463			17,955
Interest		16,385			63			1,940			49,922
Other		498			555			575			8,176
Total expenses		237,363			309,372			575,977			9,484,193
Waiver of management fees		(18,199	)		(94,463	)		(95,203	)		—
Net expenses		219,164			214,909			480,774			9,484,193
Net investment income		629,784			521,549			463,888			84,131,813
Net realized gain (loss) on:
Investments		(1,182,825	)		(7,088,531	)		1,414,898			(21,647,718	)
In-kind redemptions		56,112			1,162,157			3,795,034			224,897,157
Foreign currency transactions and foreign denominated assets and liabilities		(88,872	)		2,644			(17,036	)		(13,905	)
Net realized gain (loss)		(1,215,585	)		(5,923,730	)		5,192,896			203,235,534
Net change in unrealized appreciation (depreciation) on:
Investments		2,367,469			4,485,418			1,978,259			687,875
Foreign currency transactions and foreign denominated assets and liabilities		685			10			(15	)		(9,289	)
Net change in unrealized appreciation (depreciation)		2,368,154			4,485,428			1,978,244			678,586
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,782,353		$	(916,753	)	$	7,635,028		$	288,045,933

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

	Russia Small-Cap
	ETF			Vietnam ETF
Income:
Dividends	$	1,254,057		$	6,297,257
Interest		163			354
Securities lending income		26,861			364,057
Foreign taxes withheld		(97,992	)		(400,043	)
Total income		1,183,089			6,261,625
Expenses:
Management fees		157,417			2,658,482
Professional fees		57,088			66,261
Custody and accounting fees		112,337			287,623
Reports to shareholders		8,493			53,350
Trustees’ fees and expenses		585			8,322
Registration fees		2,000			2,000
Insurance		1,764			10,187
Interest		748			71,344
Other		434			1,082
Total expenses		340,866			3,158,651
Waiver of management fees		(103,861	)		—
Net expenses		237,005			3,158,651
Net investment income		946,084			3,102,974
Net realized gain (loss) on:
Investments		(1,799,212	)		49,092,907
In-kind redemptions		1,292,408			205,170
Foreign currency transactions and foreign denominated assets and liabilities		(1,470	)		(694,242	)
Net realized gain (loss)		(508,274	)		48,603,835
Net change in unrealized appreciation (depreciation) on:
Investments		(1,122,396	)		56,165,508
Foreign currency transactions and foreign denominated assets and liabilities		(2,659	)		372
Net change in unrealized appreciation (depreciation)		(1,125,055	)		56,165,880
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(687,245	)	$	107,872,689

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Brazil Small-Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2021			2020			2021			2020

Operations:
Net investment income	$	1,512,749		$	1,270,569		$	1,031,653		$	973,858
Net realized gain (loss)		607,063			(3,318,086	)		4,567,945			(3,003,224	)
Net change in unrealized appreciation (depreciation)		(935,663	)		2,864,307			(14,729,558	)		(20,827,035	)
Net increase (decrease) in net assets resulting from operations		1,184,149			816,790			(9,129,960	)		(22,856,401	)

Distributions to shareholders from:
Distributable earnings		(2,475,050	)		(1,990,000	)		(951,015	)		(899,895	)

Share transactions**:
Proceeds from sale of shares		13,099,656			4,077,573			976,221			—
Cost of shares redeemed		(5,051,376	)		(696,293	)		(13,670,320	)		(19,205,846	)
Increase (decrease) in net assets resulting from share transactions		8,048,280			3,381,280			(12,694,099	)		(19,205,846	)
Total increase (decrease) in net assets		6,757,379			2,208,070			(22,775,074	)		(42,962,142	)
Net Assets, beginning of year		52,431,635			50,223,565			54,661,891			97,624,033
Net Assets, end of year	$	59,189,014		$	52,431,635		$	31,886,817		$	54,661,891

**Shares of Common Stock Issued (no par value)
Shares sold		600,000			200,000			50,000			—
Shares redeemed		(250,000	)		(50,000	)		(650,000	)		(1,000,000	)
Net increase (decrease)		350,000			150,000			(600,000	)		(1,000,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Growth Leaders ETF						ChiNext ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2021			2020			2021			2020

Operations:
Net investment income (loss)	$	209,347		$	409,151		$	(56,408	)	$	25,106
Net realized gain		2,246,096			14,074,652			15,492,912			2,816,152
Increase from payment from Advisor (See Note 3)		—			57,732			19,569			17,518
Net change in unrealized appreciation (depreciation)		(7,717,109	)		(7,326,282	)		(11,688,824	)		15,527,475
Net increase (decrease) in net assets resulting from operations		(5,261,666	)		7,215,253			3,767,249			18,386,251

Distributions to shareholders from:
Distributable earnings		(1,404,410	)		(6,633,990	)		(3,198,624	)		(3,800	)
Return of capital		—			—			(601,386	)		—
Total distributions		(1,404,410	)		(6,633,990	)		(3,800,010	)		(3,800	)

Share transactions**:
Proceeds from sale of shares		—			47,623,122			—			30,434,278
Cost of shares redeemed		(18,287,121	)		(64,107,257	)		(7,716,947	)		(29,674,046	)
Increase (decrease) in net assets resulting from share transactions		(18,287,121	)		(16,484,135	)		(7,716,947	)		760,232
Total increase (decrease) in net assets		(24,953,197	)		(15,902,872	)		(7,749,708	)		19,142,683
Net Assets, beginning of year		51,517,955			67,420,827			48,949,018			29,806,335
Net Assets, end of year	$	26,564,758		$	51,517,955		$	41,199,310		$	48,949,018

**Shares of Common Stock Issued (no par value)
Shares sold		—			1,150,000			—			900,000
Shares redeemed		(400,000	)		(1,650,000	)		(150,000	)		(900,000	)
Net decrease		(400,000	)		(500,000	)		(150,000	)		—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Egypt Index ETF						Indonesia Index ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2021			2020			2021			2020

Operations:
Net investment income	$	629,784		$	560,227		$	521,549		$	676,211
Net realized loss		(1,215,585	)		(4,035,403	)		(5,923,730	)		(1,807,076	)
Net change in unrealized appreciation (depreciation)		2,368,154			(769,924	)		4,485,428			(2,555,570	)
Net increase (decrease) in net assets resulting from operations		1,782,353			(4,245,100	)		(916,753	)		(3,686,435	)

Distributions to shareholders from:
Distributable earnings		(565,063	)		(499,984	)		(570,015	)		(600,075	)

Share transactions**:
Proceeds from sale of shares		10,557,639			2,595,503			26,398,550			27,619,482
Cost of shares redeemed		(9,316,583	)		(10,031,819	)		(6,936,585	)		(28,309,693	)
Increase (decrease) in net assets resulting from share transactions		1,241,056			(7,436,316	)		19,461,965			(690,211	)
Total increase (decrease) in net assets		2,458,346			(12,181,400	)		17,975,197			(4,976,721	)
Net Assets, beginning of year		19,212,713			31,394,113			35,849,021			40,825,742
Net Assets, end of year	$	21,671,059		$	19,212,713		$	53,824,218		$	35,849,021

**Shares of Common Stock Issued (no par value)
Shares sold		425,000			100,000			1,300,000			1,600,000
Shares redeemed		(375,000	)		(425,000	)		(350,000	)		(1,650,000	)
Net increase (decrease)		50,000			(325,000	)		950,000			(50,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Israel ETF						Russia ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2021			2020			2021			2020

Operations:
Net investment income	$	463,888		$	144,345		$	84,131,813		$	48,224,507
Net realized gain (loss)		5,192,896			3,191,368			203,235,534			(34,947,117	)
Net change in unrealized appreciation (depreciation)		1,978,244			13,431,597			678,586			(7,601,235	)
Net increase in net assets resulting from operations		7,635,028			16,767,310			288,045,933			5,676,155

Distributions to shareholders from:
Distributable earnings		(1,025,145	)		(127,803	)		(80,501,120	)		(52,666,239	)
Return of capital		—			—			—			(334,141	)
Total distributions		(1,025,145	)		(127,803	)		(80,501,120	)		(53,000,380	)

Share transactions**:
Proceeds from sale of shares		5,887,632			4,500,656			378,385,798			878,463,560
Cost of shares redeemed		(7,100,586	)		(3,880,690	)		(830,831,688	)		(491,881,611	)
Increase (decrease) in net assets resulting from share transactions		(1,212,954	)		619,966			(452,445,890	)		386,581,949
Total increase (decrease) in net assets		5,396,929			17,259,473			(244,901,077	)		339,257,724
Net Assets, beginning of year		75,067,209			57,807,736			1,621,184,466			1,281,926,742
Net Assets, end of year	$	80,464,138		$	75,067,209		$	1,376,283,389		$	1,621,184,466

**Shares of Common Stock Issued (no par value)
Shares sold		125,000			125,000			12,900,000			39,500,000
Shares redeemed		(150,000	)		(100,000	)		(29,500,000	)		(22,800,000	)
Net increase (decrease)		(25,000	)		25,000			(16,600,000	)		16,700,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia Small-Cap ETF						Vietnam ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2021			2020			2021			2020

Operations:
Net investment income	$	946,084		$	1,051,035		$	3,102,974		$	2,030,475
Net realized gain (loss)		(508,274	)		(3,460,060	)		48,603,835			(52,628,480	)
Net change in unrealized appreciation (depreciation)		(1,125,055	)		3,555,678			56,165,880			78,556,843
Net increase (decrease) in net assets resulting from operations		(687,245	)		1,146,653			107,872,689			27,958,838

Distributions to shareholders from:
Distributable earnings		(1,464,299	)		(1,399,971	)		(2,850,715	)		(1,644,751	)
Return of capital		(60,709	)		—			—			(182,249	)
Total distributions		(1,525,008	)		(1,399,971	)		(2,850,715	)		(1,827,000	)

Share transactions**:
Proceeds from sale of shares		—			—			41,690,264			35,837,932
Cost of shares redeemed		(5,605,927	)		(3,085,140	)		(13,317,449	)		(47,640,582	)
Increase (decrease) in net assets resulting from share transactions		(5,605,927	)		(3,085,140	)		28,372,815			(11,802,650	)
Total increase (decrease) in net assets		(7,818,180	)		(3,338,458	)		133,394,789			14,329,188
Net Assets, beginning of year		31,997,756			35,336,214			457,289,426			442,960,238
Net Assets, end of year	$	24,179,576		$	31,997,756		$	590,684,215		$	457,289,426

**Shares of Common Stock Issued (no par value)
Shares sold		—			—			2,200,000			2,450,000
Shares redeemed		(150,000	)		(100,000	)		(650,000	)		(3,950,000	)
Net increase (decrease)		(150,000	)		(100,000	)		1,550,000			(1,500,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Africa Index ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$20.17			$20.50			$20.08			$24.81			$20.09
Net investment income (a)		0.53			0.52			1.09			0.57			0.39
Net realized and unrealized gain (loss) on investments		0.20	(b)		(0.05	)		0.62			(4.96	)		4.82
Total from investment operations		0.73			0.47			1.71			(4.39	)		5.21
Distributions from:
Net investment income		(0.84	)		(0.80	)		(1.29	)		(0.34	)		(0.49	)
Net asset value, end of year		$20.06			$20.17			$20.50			$20.08			$24.81
Total return (c)		3.69	%		2.29	%		8.52	%		(17.70	)%		26.02	%
Ratios to average net assets
Gross expenses		0.77	%		0.92	%		0.90	%		0.91	%		0.87	%
Net expenses		0.77	%		0.79	%		0.79	%		0.78	%		0.84	%
Net expenses excluding interest expense		0.77	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		2.50	%		3.00	%		5.13	%		2.44	%		1.73	%
Supplemental data
Net assets, end of year (in millions)		$59			$52			$50			$55			$76
Portfolio turnover rate (d)		37	%		37	%		46	%		23	%		38	%

(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,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$21.44			$27.50			$20.09			$23.33			$16.10
Net investment income (a)		0.48			0.33			0.58			0.68			0.48
Net realized and unrealized gain (loss) on investments		(5.08	)		(6.04	)		7.42			(3.34	)		7.81
Payment from Adviser		—			—			0.11	(b)		—			—
Total from investment operations		(4.60	)		(5.71	)		8.11			(2.66	)		8.29
Distributions from:
Net investment income		(0.49	)		(0.35	)		(0.70	)		(0.58	)		(1.06	)
Net asset value, end of year		$16.35			$21.44			$27.50			$20.09			$23.33
Total return (c)		(21.38	)%		(20.75	)%		40.81	%(b)		(11.66	)%		51.71	%
Ratios to average net assets
Gross expenses		0.84	%(d)		0.84	%		0.73	%		0.73	%		0.68	%
Net expenses		0.59	%(d)		0.60	%		0.63	%		0.60	%		0.60	%
Net expenses excluding interest expense		0.59	%(d)		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		2.32	%(d)		1.73	%		2.52	%		3.25	%		2.24	%
Supplemental data
Net assets, end of year (in millions)		$32			$55			$98			$88			$108
Portfolio turnover rate (e)		56	%		31	%		38	%		45	%		53	%


(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)	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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(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:

	China Growth Leaders ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$46.83			$42.14			$31.58			$48.37			$37.08
Net investment income (a)		0.26			0.38			0.63			0.41			0.41
Net realized and unrealized gain (loss) on investments		(7.13	)		10.29			10.55			(14.35	)		11.40
Payment from Adviser		—			0.05	(b)		—			—			—
Total from investment operations		(6.87	)		10.72			11.18			(13.94	)		11.81
Distributions from:
Net investment income		(0.36	)		(0.07	)		(0.62	)		(0.31	)		(0.52	)
Net realized capital gains		(1.65	)		(5.96	)		—			(2.54	)		—
Total distributions		(2.01	)		(6.03	)		(0.62	)		(2.85	)		(0.52	)
Net asset value, end of year		$37.95			$46.83			$42.14			$31.58			$48.37
Total return (c)		(14.67	)%		25.95	%(b)		35.40	%		(28.79	)%		31.86	%
Ratios to average net assets
Gross expenses		1.40	%		1.27	%		1.07	%		1.17	%		0.82	%
Net expenses		0.60	%		0.60	%		0.61	%		0.85	%		0.78	%
Net expenses excluding interest expense (d)		0.60	%		0.60	%		0.61	%		0.72	%		0.72	%
Net investment income		0.57	%		0.90	%		1.60	%		0.95	%		0.96	%
Supplemental data
Net assets, end of year (in millions)		$27			$52			$67			$54			$94
Portfolio turnover rate (e)		59	%		199	%		42	%		34	%		37	%


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

	ChiNext ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$48.95			$29.81			$20.97			$34.79			$29.20
Net investment income (loss) (a)		(0.06	)		0.03			0.10			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		4.03			19.09			8.88			(13.85	)		5.67
Payment from Adviser		0.02	(b)		0.02	(c)		—			—			—
Total from investment operations		3.99			19.14			8.98			(13.82	)		5.66
Distributions from:
Net investment income		—			—	(d)		(0.14	)		—			(0.07	)
Net realized capital gains		(3.74	)		—			—			—			—
Return of capital		(0.73	)		—			—			—			—
Total distributions		(4.47	)		—			(0.14	)		—			(0.07	)
Net asset value, end of year		$48.47			$48.95			$29.81			$20.97			$34.79
Total return (e)		8.21	%(b)		64.23	%(c)		42.80	%		(39.72	)%		19.37	%
Ratios to average net assets
Gross expenses		0.89	%		1.15	%		1.08	%		1.33	%		1.38	%
Net expenses		0.65	%		0.65	%		0.65	%		0.82	%		0.82	%
Net expenses excluding interest expense (f)		0.65	%		0.65	%		0.65	%		0.78	%		0.78	%
Net investment income (loss)		(0.12	)%		0.07	%		0.39	%		0.09	%		(0.04	)%
Supplemental data
Net assets, end of year (in millions)		$41			$49			$30			$16			$23
Portfolio turnover rate (g)		59	%		96	%		43	%		36	%		34	%


(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)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(g)	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,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$25.62			$29.20			$28.28			$32.89			$26.02
Net investment income (a)		0.75			0.61			0.59			0.60			0.81
Net realized and unrealized gain (loss) on investments		1.38			(3.56	)		0.93	(b)		(4.73	)		6.31
Total from investment operations		2.13			(2.95	)		1.52			(4.13	)		7.12
Distributions from:
Net investment income		(0.66	)		(0.63	)		(0.60	)		(0.48	)		(0.25	)
Net asset value, end of year		$27.09			$25.62			$29.20			$28.28			$32.89
Total return (c)		8.36	%		(10.09	)%		5.42	%		(12.56	)%		27.39	%
Ratios to average net assets
Gross expenses		1.10	%		1.11	%		1.11	%		1.19	%		1.09	%
Net expenses		1.02	%		0.98	%		1.01	%		0.98	%		0.94	%
Net expenses excluding interest expense		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		2.92	%		2.43	%		1.88	%		1.73	%		2.82	%
Supplemental data
Net assets, end of year (in millions)		$22			$19			$31			$33			$76
Portfolio turnover rate (d)		73	%		27	%		76	%		41	%		41	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	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:

	Indonesia Index ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$20.49			$22.68			$21.85			$24.75			$21.31
Net investment income (a)		0.27			0.36			0.40			0.36			0.35
Net realized and unrealized gain (loss) on investments		(0.61	)		(2.21	)		0.90			(2.78	)		3.55
Total from investment operations		(0.34	)		(1.85	)		1.30			(2.42	)		3.90
Distributions from:
Net investment income		(0.22	)		(0.34	)		(0.47	)		(0.48	)		(0.46	)
Net asset value, end of year		$19.93			$20.49			$22.68			$21.85			$24.75
Total return (b)		(1.65	)%		(8.20	)%		5.97	%		(9.79	)%		18.35	%
Ratios to average net assets
Gross expenses		0.82	%		0.97	%		0.80	%		0.75	%		0.73	%
Net expenses		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income		1.38	%		2.03	%		1.78	%		1.61	%		1.53	%
Supplemental data
Net assets, end of year (in millions)		$54			$36			$41			$45			$62
Portfolio turnover rate (c)		36	%		13	%		10	%		14	%		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:

	Israel ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$44.82			$35.03			$28.05			$30.37			$26.84
Net investment income (a)		0.27			0.08			0.19			0.27			0.30
Net realized and unrealized gain (loss) on investments		4.30			9.79			7.27			(2.38	)		3.71
Total from investment operations		4.57			9.87			7.46			(2.11	)		4.01
Distributions from:
Net investment income		(0.62	)		(0.08	)		(0.48	)		(0.21	)		(0.48	)
Net asset value, end of year		$48.77			$44.82			$35.03			$28.05			$30.37
Total return (b)		10.20	%		28.14	%		26.64	%		(6.94	)%		14.96	%
Ratios to average net assets
Gross expenses		0.71	%		0.80	%		0.94	%		1.02	%		0.92	%
Net expenses		0.59	%		0.60	%		0.62	%		0.60	%		0.59	%
Net expenses excluding interest expense		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		0.57	%		0.24	%		0.60	%		0.85	%		1.04	%
Supplemental data
Net assets, end of year (in millions)		$80			$75			$58			$46			$43
Portfolio turnover rate (c)		32	%		22	%		14	%		23	%		21	%


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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Russia ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$23.82			$24.96			$18.79			$21.14			$21.09
Net investment income (a)		1.39			0.97			1.20			0.88			0.71
Net realized and unrealized gain (loss) on investments		3.06			(1.31	)		6.39			(2.26	)		0.25
Total from investment operations		4.45			(0.34	)		7.59			(1.38	)		0.96
Distributions from:
Net investment income		(1.52	)		(0.79	)		(1.42	)		(0.97	)		(0.91	)
Return of capital		—			(0.01	)		—			—			—
Total distributions		(1.52	)		(0.80	)		(1.42	)		(0.97	)		(0.91	)
Net asset value, end of year		$26.75			$23.82			$24.96			$18.79			$21.14
Total return (b)		18.74	%		(1.38	)%		40.40	%		(6.47	)%		4.62	%
Ratios to average net assets
Gross expenses		0.56	%		0.61	%		0.67	%		0.65	%		0.72	%
Net expenses		0.56	%		0.61	%		0.67	%		0.65	%		0.67	%
Net expenses excluding interest expense and a portion of depositary receipt fees (c)		0.56	%		0.60	%		0.65	%		0.64	%		0.66	%
Net investment income		4.99	%		4.45	%		5.40	%		4.09	%		3.40	%
Supplemental data
Net assets, end of year (in millions)		$1,376			$1,621			$1,282			$1,326			$1,807
Portfolio turnover rate (d)		20	%		25	%		15	%		20	%		15	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 3).
(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:

	Russia Small-Cap ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$36.22			$35.94			$27.61			$40.68			$38.04
Net investment income (a)		1.12			1.12			1.53			1.17			1.17
Net realized and unrealized gain (loss) on investments		(2.29	)		0.74			8.45			(13.02	)		2.94
Total from investment operations		(1.17	)		1.86			9.98			(11.85	)		4.11
Distributions from:
Net investment income		(2.00	)		(1.58	)		(1.65	)		(1.22	)		(1.47	)
Return of capital		(0.08	)		—			—			—			—
Total distributions		(2.08	)		(1.58	)		(1.65	)		(1.22	)		(1.47	)
Net asset value, end of year		$32.97			$36.22			$35.94			$27.61			$40.68
Total return (b)		(3.29	)%		5.23	%		36.17	%		(29.09	)%		(11.01	)%
Ratios to average net assets
Gross expenses		1.08	%		1.31	%		1.20	%		0.94	%		0.82	%
Net expenses		0.75	%		0.75	%		0.77	%		0.76	%		0.76	%
Net expenses excluding interest expense and a portion of depositary receipt fees (c)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.01	%		3.45	%		4.67	%		3.22	%		2.87	%
Supplemental data
Net assets, end of year (in millions)		$24			$32			$35			$33			$58
Portfolio turnover rate (d)		47	%		47	%		30	%		49	%		39	%


(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)	Ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 3).
(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:

	Vietnam ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$17.52			$16.05			$14.84			$17.45			$12.97
Net investment income (a)		0.11			0.08			0.14			0.17			0.20
Net realized and unrealized gain (loss) on investments		3.83			1.46			1.19			(2.66	)		4.46
Total from investment operations		3.94			1.54			1.33			(2.49	)		4.66
Distributions from:
Net investment income		(0.10	)		(0.06	)		(0.12	)		(0.12	)		(0.18	)
Return of capital		—			(0.01	)		—			—			—	(b)
Total distributions		(0.10	)		(0.07	)		(0.12	)		(0.12	)		(0.18	)
Net asset value, end of year		$21.36			$17.52			$16.05			$14.84			$17.45
Total return (c)		22.52	%		9.72	%		8.86	%		(14.15	)%		35.76	%
Ratios to average net assets
Expenses		0.59	%(d)		0.61	%		0.66	%		0.68	%		0.66	%
Expenses excluding interest expense		0.58	%(d)		0.60	%		0.63	%		0.64	%		0.63	%
Net investment income		0.58	%(d)		0.55	%		0.89	%		0.98	%		1.37	%
Supplemental data
Net assets, end of year (in millions)		$591			$457			$443			$318			$349
Portfolio turnover rate (e)		57	%		33	%		33	%		49	%		50	%


(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF 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
China Growth Leaders ETF		Diversified
ChiNext ETF*		Diversified
Egypt Index ETF		Non-Diversified
Indonesia Index ETF		Non-Diversified
Israel ETF		Non-Diversified
Russia ETF		Non-Diversified
Russia Small-Cap ETF		Non-Diversified
Vietnam ETF		Non-Diversified

*	Formerly known as ChinaAMC SME-ChiNext ETF

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser.

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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

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

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

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

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

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

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

	At December 31, 2021, ChiNext ETF included $30,641 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses; and for Russia ETF and Russia Small-Cap ETF, depositary receipt fees up to 0.10% and 0.08% of average daily net assets, respectively) from exceeding the expense limitations listed in the table below. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2021.

The management fee rates and expense limitations for the year ended December 31, 2021, are as follows:

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Brazil Small-Cap ETF		0.50			0.59
China Growth Leaders ETF		0.50			0.60

Fund	Management Fees		Expense Limitations
ChiNext ETF		0.50		0.65
Egypt Index ETF		0.50		0.94
Indonesia Index ETF		0.50		0.57
Israel ETF		0.50		0.59
Russia ETF		0.50		0.62
Russia Small-Cap ETF		0.50		0.67
Vietnam ETF		0.50		0.76

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

During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. These reimbursements are reflected in the Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impacts to the Funds are reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. This reimbursement is reflected in the Statements of Operations and Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

Note 4—Capital Share Transactions—As of December 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

Note 5—Investments—For the year ended December 31, 2021, 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	$	24,469,443	$	22,254,107	$	7,686,320	$	3,052,023
Brazil Small-Cap ETF		24,416,805		34,262,256		237,373		2,937,005
China Growth Leaders ETF		21,507,754		35,378,240		—		5,413,388

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
ChiNext ETF		28,131,587		39,639,061		—		—
Egypt Index ETF		16,562,855		15,517,307		1,610,748		1,439,769
Indonesia Index ETF		13,878,309		13,931,787		26,390,190		6,933,163
Israel ETF		25,917,614		26,614,759		5,762,515		7,101,035
Russia ETF		330,389,702		328,518,418		378,466,228		830,804,853
Russia Small-Cap ETF		14,538,899		15,031,465		—		5,602,599
Vietnam ETF		325,171,907		297,994,840		1,846,218		620,091

Note 6—Income Taxes—As of December 31, 2021, 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		$51,082,529		$13,579,536		$(5,331,745	)		$8,247,791
Brazil Small-Cap ETF		42,757,144		1,106,470		(11,308,839	)		(10,202,369)
China Growth Leaders ETF		24,089,341		6,213,597		(3,741,961	)		2,471,636
ChiNext ETF		29,406,039		13,766,407		(1,996,947	)		11,769,460
Egypt Index ETF		21,059,187		4,760,671		(4,126,427	)		634,244
Indonesia Index ETF		60,281,171		3,456,639		(9,856,911	)		(6,400,272)
Israel ETF		55,838,877		32,242,356		(5,368,074	)		26,874,282
Russia ETF		1,390,946,685		176,622,425		(191,696,556	)		(15,074,131)
Russia Small-Cap ETF		24,287,217		3,683,634		(3,415,532	)		268,102
Vietnam ETF		416,467,532		209,181,129		(35,203,258	)		173,977,871

At December 31, 2021, 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		$–		$(65,931,390)		$(7,004)		$(14,209	)		$8,202,435		$(57,750,168)
Brazil Small-Cap ETF		108,778		(155,478,417)		–		(38,344	)		(10,201,655)		(165,609,638)
China Growth Leaders ETF		12,632		–		(59,215)		(6,195	)		2,479,021		2,426,243
ChiNext ETF		–		–		–		(1,319	)		11,772,968		11,771,649
Egypt Index ETF		–		(35,621,096)		(8,988)		(6,287	)		634,330		(35,002,041)
Indonesia Index ETF		8,669		(113,307,447)		–		(32,155	)		(6,400,263)		(119,731,196)
Israel ETF		173,990		(6,967,970)		–		(4,867	)		26,874,312		20,075,465
Russia ETF		4,835,099		(1,556,921,878)		–		(203,747	)		(15,074,580)		(1,567,365,106)
Russia Small-Cap ETF		–		(15,508,888)		(1,453)		(5,575	)		265,504		(15,250,412)
Vietnam ETF		1,467,399		(276,807,032)		–		(56,553	)		173,984,104		(101,412,082)

*Qualified late year losses incurred after October 31, 2021 are deemed to arise on January 1, 2022.

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

2021

2020

Fund

Ordinary
Income**

Long-Term
Capital Gains

Return
of Capital

Ordinary
Income**

Long-Term
Capital Gains

Return
of Capital

Africa Index ETF

$2,475,050

$–

$1,990,000

$–

Brazil Small-Cap ETF

951,015

–

899,895

–

China Growth Leaders ETF

751,240

653,170

–

1,442,540

5,191,450

–

ChiNext ETF

–

3,198,624

601,386

3,800

–

Egypt Index ETF

565,063

–

499,984

–

Indonesia Index ETF

570,015

–

600,075

–

Israel ETF

1,025,145

–

127,803

–

2021

2020

Fund

Ordinary
Income**

Long-Term
Capital Gains

Return
of Capital

Ordinary
Income**

Long-Term
Capital Gains

Return
of Capital

Russia ETF

80,501,120

–

52,666,239

–

334,141

Russia Small-Cap ETF

1,464,299

–

60,709

1,399,971

–

Vietnam ETF

2,850,715

–

1,644,751

–

182,249

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

At December 31, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Africa Index ETF	$	(11,902,643	)	$	(54,028,747	)	$	(65,931,390	)
Brazil Small-Cap ETF		(21,054,589	)		(134,423,828	)		(155,478,417	)
Egypt Index ETF		(12,961,222	)		(22,659,874	)		(35,621,096	)
Indonesia Index ETF		(37,861,382	)		(75,446,065	)		(113,307,447	)
Israel ETF		(296,343	)		(6,671,627	)		(6,967,970	)
Russia ETF		(223,502,010	)		(1,333,419,868	)		(1,556,921,878	)
Russia Small-Cap ETF		(4,154,961	)		(11,353,927	)		(15,508,888	)
Vietnam ETF		(74,923,618	)		(201,883,414	)		(276,807,032	)

During the year ended December 31, 2021, Brazil Small-Cap ETF, ChiNext ETF, Israel ETF and Vietnam ETF utilized $4,028,000, $11,370,462, $1,036,744 and $47,237,957 of their capital loss carryovers available from prior years.

During the year ended December 31, 2021, 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/ 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	$	(1,302,369	)	$	1,302,369
Brazil Small-Cap ETF		(619,165	)		619,165
China Growth Leaders ETF		(1,162,209	)		1,162,209
ChiNext ETF		30,748			(30,748	)
Egypt Index ETF		(56,111	)		56,111
Indonesia Index ETF		(1,061,055	)		1,061,055
Israel ETF		(3,677,600	)		3,677,600
Russia ETF		(224,458,807	)		224,458,807
Russia Small-Cap ETF		(879,624	)		879,624
Vietnam ETF		(205,171	)		205,171

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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, 2021, 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 the China Growth Leaders ETF and ChiNext ETF (the “Funds”). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived by non-PRC resident enterprises (including a Qualified Foreign Institutional Investor (“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes these Funds, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC MOF to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Funds could be subject to additional tax liabilities.

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. As a result of events involving Russia, the United States and the European Union have in the past, and may in the future, impose sanctions on certain Russian individuals and companies, which may adversely affect the value and liquidity of the Russian-related issuers held by the Fund.

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

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

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

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2021 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, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	2,131,645	$	184,814	$	2,016,913	$	2,201,727
Brazil Small-Cap ETF		3,033,046		785,056		2,339,750		3,124,806
China Growth Leaders ETF		383,145		17,714		390,946		408,660
Indonesia Index ETF		180,650		–		193,610		193,610
Israel ETF		9,924,266		2,444,845		7,839,662		10,284,507
Russia ETF		33,172,932		3,006,086		31,950,478		34,956,564
Russia Small-Cap ETF		2,232,388		334,647		1,981,443		2,316,090
Vietnam ETF		11,751,814		–		12,448,696		12,448,696

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2021:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	184,814
Brazil Small-Cap ETF		785,056
China Growth Leaders ETF		17,714
Israel ETF		2,444,845
Russia ETF		3,006,086
Russia Small-Cap ETF		334,647

*	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, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Africa Index ETF		118		$195,703		1.44	%
Brazil Small-Cap ETF		83		153,721		1.43
China Growth Leaders ETF		356		778,858		1.44
ChiNext ETF		289		388,289		1.44
Egypt Index ETF		354		901,694		1.44
Indonesia Index ETF		12		133,276		1.43
Israel ETF		36		165,376		1.45
Russia ETF		178		5,872,957		1.44
Russia Small-Cap ETF		31		188,179		1.45
Vietnam ETF		251		4,967,579		1.44

Outstanding loan balances as of December 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Africa Index ETF, VanEck Brazil Small-Cap ETF, VanEck China Growth Leaders ETF, VanEck ChiNext ETF, VanEck Egypt Index ETF, VanEck Indonesia Index ETF, VanEck Israel ETF, VanEck Russia ETF, VanEck Russia Small-Cap ETF, VanEck Vietnam ETF and the Board of Trustees of VanEck ETF Trust.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Africa Index ETF, VanEck Brazil Small-Cap ETF, VanEck China Growth Leaders ETF, VanEck ChiNext ETF, VanEck Egypt Index ETF, VanEck Indonesia Index ETF, VanEck Israel ETF, VanEck Russia ETF, VanEck Russia Small-Cap ETF and VanEck Vietnam ETF (collectively referred to as the “Funds”) (ten of the series constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (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 (ten of the series constituting VanEck ETF Trust) at December 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, New York
February 28, 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, 2021:

Fund	Ordinary Income Amount Paid Per Share		Qualified Dividend Income for Individuals*			Dividends Qualifying for the Dividend Received Deduction for Corporations*
Africa Index ETF		$0.83900		38.91	%		–%
Brazil Small-Cap ETF		0.04877		1.60			–
China Growth Leaders ETF		1.07320		46.13			–
Egypt Index ETF		0.66480		100.00			–
Indonesia Index ETF		0.21510		100.00			–
Israel ETF		0.62130		89.61			0.45
Russia ETF		1.52320		100.00			–
Russia Small-Cap ETF		2.07960		75.50			–
Vietnam ETF		0.10310		6.51			–

Fund	Foreign Source Income*			Foreign Taxes Paid Per Share**		Long-Term Capital Gain Per Share		Return of Capital Per Share****
Africa Index ETF		79.41	%		$0.056820		$–		$–
Brazil Small-Cap ETF		98.04			0.037351		–		–
China Growth Leaders ETF		48.12			0.051754		0.933100		–
ChiNext ETF		–			–		4.470600		0.707513
Egypt Index ETF		100.00			0.049574		–		–
Indonesia Index ETF		99.41			0.052448		–		–
Israel ETF		65.22			0.196523		–		–
Russia ETF		98.76			0.170564		–		–
Russia Small-Cap ETF		77.11			0.129727		–		0.082785
Vietnam ETF		79.97			0.013842		–		–

*	Expressed as a percentage of the cash distribution grossed up for foreign taxes.

**	The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

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

****	A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reducition of the cost basis of the appicable shares upon which these distributions were paid.

Additionally, China Growth Leaders ETF paid short-term capital gains of $0.716000 per share that represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

Please consult your tax advisor for proper treatment of this information.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2021 (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*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	62	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 Risk and Compliance 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).	62	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).	74	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*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	62	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 (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	74	Director, Food and Friends, Inc., 2013 to present.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

*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	74	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the 1940 Act. 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	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP.

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.

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. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

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.

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; 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. Formerly, Vice President of VEAC, VEARA and VESC.

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

December 31, 2021 (unaudited)

At a meeting held on November 30, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Digital India ETF (the “Fund”).

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

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

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

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

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

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

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

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

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