ANNUAL REPORT
December 31, 2022

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


800.826.2333	vaneck.com

	President’s Letter	1
	Performance Comparison
	Agribusiness ETF	6
	Future of Food ETF	7
	Gold Miners ETF	8
	Green Metals ETF	9
	Junior Gold Miners ETF	10
	Low Carbon Energy ETF	11
	Natural Resources ETF	12
	Oil Refiners ETF	13
	Oil Services ETF	14
	Rare Earth/Strategic Metals ETF	15
	Steel ETF	16
	Uranium + Nuclear Energy ETF	17
	About Fund Performance	18
	Explanation of Expenses	19
	Schedule of Investments
	Agribusiness ETF	21
	Future of Food ETF	23
	Gold Miners ETF	25
	Green Metals ETF	29
	Junior Gold Miners ETF	31
	Low Carbon Energy ETF	34
	Natural Resources ETF	37
	Oil Refiners ETF	45
	Oil Services ETF	47
	Rare Earth/Strategic Metals ETF	49
	Steel ETF	51
	Uranium+Nuclear Energy ETF	52
	Statements of Assets and Liabilities	54
	Statements of Operations	57
	Statements of Changes in Net Assets	60
	Financial Highlights
	Agribusiness ETF	66
	Future of Food ETF	67
	Gold Miners ETF	68
	Green Metals ETF	69
	Junior Gold Miners ETF	70
	Low Carbon Energy ETF	71
	Natural Resources ETF	72
	Oil Refiners ETF	73
	Oil Services ETF	74
	Rare Earth/Strategic Metals ETF	75
	Steel ETF	76
	Uranium+Nuclear Energy ETF	77
	Notes to Financial Statements	78
	Report of Independent Registered Public Accounting Firm	87
	Tax Information	89
	Board of Trustees and Officers	90
	Approval of Investment Management Agreements	93

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2022.

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July 2022, I said that Market Volatility Has One Final Act¹. I think we’re still going through that final phase of U.S. Federal Reserve (“Fed”) tightening, and we don’t yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn’t be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.

Discussion

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

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

1.	Monetary Policy: Tightening

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

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

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

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

2.	Fiscal Tightening

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

3.	Global Growth is at Low Levels

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

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

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

However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)²Because of higher interest rates, bonds

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

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

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 twelve month period ended December 31, 2022. 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, 2023

PS The investing outlook can change suddenly. 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.

¹Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

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

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2022 (unaudited)

Agribusiness

From its highest point towards the end of April, the VanEck Agribusiness ETF fell for most of the rest of the year and the Fund lost 7.95% for the 12 month period. Two sectors contributed positively to the Fund’s performance—the materials and industrial sectors, with companies in the chemicals segment of the materials sector contributing the most. The primary detractor from the Fund’s performance, however, was the healthcare sector, with those companies in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people), contributing most negatively. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in Chile.

Future of Food

With market sentiment showing little favor to growth stocks, the VanEck Future of Food ETF had a disappointing year, losing 26.14% for the 12 month period. Only the industrial sector contributed positively to performance and then only minimally. The greatest detractors from performance were the materials and consumer staples sectors. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in China.

The three top positive contributions to the Fund’s performance came from: Corteva (5.4% of Fund net assets†), Deere & Company (6.0% of Fund net assets†) and Valmont Industries (3.8% of Fund net assets†). The companies that detracted most from performance were: Oatly Group (1.3% of Fund net assets†), AppHarvest (0.6% of Fund net assets†) and Tattooed Chef (0.2% of Fund net assets†).

Gold Miners

The stocks of both major gold miners and their junior peers had a disappointing year. While persistent inflation might usually have been propitious, the U.S. Federal Reserve Bank’s raising of interest rates during the year was not. Perhaps affected more than generally by the many uncertainties that abounded in the market and the rising cost of materials, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 14.48% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 8.87% for the 12 month period.

Among the larger mining stocks, companies in China and the Brazil contributed the most to performance. U.S. and Canadian companies detracted the most from performance. Among the juniors, Brazil and Turkey were the strongest contributors, while Canada detracted by far the most from performance.

The three top positive contributions to the VanEck Gold Miners ETF’s performance came from: Northern Star Resources (3.8% of Fund net assets†), Alamos Gold (1.7% of Fund net assets†) and Yamana Gold (2.3% of Fund net assets†). The companies that detracted most from performance were: Newmont Corporation (12.6% of Fund net assets†), Newcrest Mining (4.3% of Fund net assets†) and Evolution Mining (1.6% of Fund net assets†).

The three top positive contributions to the VanEck Junior Gold Miners ETF’s performance came from: Yamana Gold (6.0% of Fund net assets†), Koza Altin Isletmeleri (1.8% of Fund net assets†) and Alamos Gold (4.2% of Fund net assets†). The companies that detracted most from performance were: Pan American Silver (3.9% of Fund net assets†), Evolution Mining (3.4% of Fund net assets†) and Equinox Gold (0.9% of Fund net assets†).

Green Metals

The VanEck Green Metals ETF had a disappointing year, losing 16.99% for the 12 month period, not least reflecting the market’s continuing move away from growth stocks. The greatest positive returns came from companies in the Australia. However, their contributions were significantly counterbalanced by losses from Chinese companies operating across much of the spectrum of green metals.

The three top positive contributions to the Fund’s performance came from: Glencore (8.6% of Fund net assets†), Albemarle (5.8% of Fund net assets†) and Teck Resources (5.2% of Fund net assets†). The companies that detracted most from performance were: MMC Norilsk Nickel (sold by Fund by period end), China

VANECK ETFs

MANAGEMENT DISCUSSION (continued)

Northern Rare Earth (Group) High-Tech (2.5% of Fund net assets†) and Zhejiang Huayou Cobalt (3.2% of Fund net assets†).

Low Carbon Energy

While traditional energy stocks thrived in 2022, in contrast, reflecting amongst other things the market’s negative sentiment towards structural growth, the performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 29.52%. While companies in the information technology sector contributed the most positively to performance, their contributions, together with those in the other sectors contributing positively, were counterbalanced by the significant losses from companies in the consumer discretionary sector. Brazil and Spain were the best performing countries. Companies from China and the U.S. detracted by far the most from performance.

The three top positive contributions to the Fund’s performance came from: Enphase Energy (5.5% of Fund net assets†), First Solar (2.5% of Fund net assets†) and Vestas Wind Systems (5.7% of Fund net assets†). The companies that detracted most from performance were: Tesla (6.2% of Fund net assets†), NIO (2.9% of Fund net assets†) and XPeng (1.1% of Fund net assets†)

Natural Resources

Natural resources stocks had a volatile, but ultimately successful, year with the VanEck Natural Resources ETF gaining 7.10% over the 12 month period under review. During the year, stocks were helped by commodity prices remaining resilient. The energy sector contributed by far the most to performance, while the healthcare sector was the greatest detractor. U.S. companies contributed by far the most to performance, while Russian companies detracted the most.

The three top positive contributions to the Fund’s performance came from: Exxon Mobil (5.2% of Fund net assets†), Chevron (3.9% of Fund net assets†) and Deere & Company (5.9% of Fund net assets†). The companies that detracted most from performance were: Bayer (2.5% of Fund net assets†), Kubota (0.6% of Fund net assets†) and Gazprom (sold by the Fund by period end).

Oil Refiners

Benefiting from high traditional energy prices, oil refining stocks had a good year with the VanEck Oil Refiners ETF recording a gain of 18.50% over the 12 month period. Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. The only significant negative contributing countries were Taiwan and South Korea.

The three top positive contributions to the Fund’s performance came from: Marathon Petroleum (8.3% of Fund net assets†), Valero Energy (6.7% of Fund net assets†) and Phillips 66 (6.9% of Fund net assets†). The companies that detracted most from performance were: SK Innovation (4.3% of Fund net assets†), Formosa Petrochemical (4.3% of Fund net assets†) and Reliance Industries (7.5% of Fund net assets†).

Oil Services

On the back of a strong traditional energy sector and high crude oil prices, oil services stocks performed extremely well in 2022 and the VanEck Oil Services ETF ended the 12 month period up 66.14%. The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance and no countries detracted from performance.

The three top positive contributions to the Fund’s performance came from: Schlumberger (19.7% of Fund net assets†), Halliburton (11.7% of Fund net assets†) and Helmerich & Payne (4.5% of Fund net assets†). The companies that detracted from performance were: DMC Global (sold by the Fund by period end) and Core Laboratories (0.8% of Fund net assets†). Oil States International (0.6% of Fund net assets†) contributed least positively.

Rare Earth and Strategic Metals

The VanEck Rare Earth/Strategic Metals ETF had disappointing year in 2022, losing 30.68%. Despite firm lithium prices during the year, the Fund suffered from the continuing rotation in the market out of growth and into value stocks. The majority of the companies in the Fund’s portfolio contributed negatively to returns. And of those few companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving rare earths and cobalt.

The three top positive contributions to the Fund’s performance came from: Pilbara Minerals (7.3% of Fund net assets†), Sigma Lithium (4.1% of Fund net assets†) and Eramet (2.5% of Fund net assets†). The companies that detracted most from performance were: China Northern Rare Earth (Group) High-Tech (7.5% of Fund net assets†), MP Materials (4.5% of Fund net assets†) and Zhejiang Huayou Cobalt (7.8% of Fund net assets†).

Steel

Strong demand and steel consumption, following the restrictions and lockdowns of 2021, resulted in the VanEck Steel ETF recording a gain of 13.87% for the 12 month period. The U.S., followed by Brazil, were the greatest contributors to performance. Only two countries, China and Luxembourg, detracted from performance and, then, only minimally.

The three top positive contributions to the Fund’s performance came from: Vale (12.3% of Fund net assets†), Tenaris (5.1% of Fund net assets†) and Steel Dynamics (5.0% of Fund net assets†). The companies that detracted most from performance were: Ternium (4.6% of Fund net assets†), Companhia Siderurgica Nacional (4.4% of Fund net assets†) and ArcelorMittal (4.8% of Fund net assets†).

Uranium+Nuclear Energy

Having had a volatile year, stocks in the VanEck Uranium+Nuclear Energy ETF recorded a gain of 2.10% for the 12 month period. Utilities companies were the greatest contributors to the Fund’s positive total return, with only the energy sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in Finland were the greatest detractors from performance.

The three top positive contributions to the Fund’s performance came from: Constellation Energy (6.4% of Fund net assets†), PG&E (6.1% of Fund net assets†) and Electricite de France (5.0% of Fund net assets†). The companies that detracted most from performance were: Fortum (4.5% of Fund net assets†), Dominion Energy (8.3% of Fund net assets†) and Endesa (4.4% of Fund net assets†).

^†All Funds assets referenced are Total Net Assets as of December 31, 2022.

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVMOOTR¹			SPTR²
One Year		(8.12	)%		(7.95	)%		(7.64	)%		(18.11	)%
Five Year		8.45	%		8.47	%		8.61	%		9.42	%
Ten Year		6.98	%		6.96	%		7.21	%		12.56	%

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

	Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). 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 18 for more information.

VANECK FUTURE OF FOOD ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MSCI ACWI¹
One Year		(26.21	)%		(26.14	)%		(18.36	)%
Life*		(23.20	)%		(23.31	)%		(14.00	)%

^*	Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 12/01/21.

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

Hypothetical Growth of $10,000 (Since Inception)

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

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

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			GDMNTR¹			SPTR²
One Year		(9.05	)%		(8.87	)%		(8.63	)%		(18.11	)%
Five Year		5.33	%		5.34	%		5.68	%		9.42	%
Ten Year		(3.89	)%		(3.87	)%		(3.52	)%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK GREEN METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVGMETTR¹			SPTR²
One Year		(17.14	)%		(16.99	)%		(16.24	)%		(18.11	)%
Life*		(14.36	)%		(14.58	)%		(14.11	)%		(14.61	)%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

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

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVGDXJTR¹			SPTR²
One Year		(14.55	)%		(14.48	)%		(14.27	)%		(18.11	)%
Five Year		1.83	%		1.77	%		2.27	%		9.42	%
Ten Year		(6.61	)%		(6.61	)%		(6.33	)%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price			NAV			MVSMOGTR¹			SPTR²
One Year		(29.89	)%		(29.52	)%		(29.57	)%		(18.11	)%
Five Year		13.18	%		13.31	%		13.93	%		9.42	%
Ten Year		13.69	%		13.67	%		13.98	%		12.56	%

¹	MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies.

	Index data prior to April 26, 2021 reflects that of the Ardour Global IndexSM (Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of the MVIS® Global Low Carbon Energy Index (MVSMOGTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

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

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

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			RVEIT¹			SPTR²
One Year		7.76	%		7.10	%		7.29	%		(18.11	)%
Five Year		8.66	%		8.66	%		8.73	%		9.42	%
Ten Year		5.82	%		5.79	%		5.95	%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVCRAKTR¹			SPTR²
One Year		19.00	%		18.50	%		18.62	%		(18.11	)%
Five Year		2.73	%		2.92	%		3.02	%		9.42	%
Life*		8.91	%		8.90	%		8.96	%		10.61	%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

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

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVOIHTR¹			SPTR²
One Year		66.07	%		66.14	%		66.49	%		(18.11	)%
Five Year		(8.88	)%		(8.86	)%		(8.90	)%		9.42	%
Ten Year		(7.33	)%		(7.33	)%		(7.44	)%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVREMXTR¹			SPTR²
One Year		(31.08	)%		(30.68	)%		(32.23	)%		(18.11	)%
Five Year		0.81	%		1.07	%		0.21	%		9.42	%
Ten Year		(3.95	)%		(3.97	)%		(4.49	)%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			STEEL¹			SPTR²
One Year		14.10	%		13.87	%		14.66	%		(18.11	)%
Five Year		9.55	%		9.59	%		10.22	%		9.42	%
Ten Year		5.48	%		5.44	%		5.83	%		12.56	%

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

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

Hypothetical Growth of $10,000

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

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

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVNLRTR¹			SPTR²
One Year		2.24	%		2.10	%		2.56	%		(18.11	)%
Five Year		4.85	%		4.86	%		4.78	%		9.42	%
Ten Year		5.71	%		5.70	%		5.57	%		12.56	%

¹	MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy.

	Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

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

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

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

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

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.

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, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Agribusiness ETF
Actual	$1,000.00	$1,014.00	0.54%	$2.74
Hypothetical (b)	$1,000.00	$1,022.48	0.54%	$2.75
Future of Food ETF
Actual	$1,000.00	$567.80	0.69%	$2.73
Hypothetical (b)	$1,000.00	$1,021.73	0.69%	$3.52
Gold Miners ETF
Actual	$1,000.00	$1,061.10	0.51%	$2.65
Hypothetical (b)	$1,000.00	$1,022.63	0.51%	$2.60
Green Metals ETF
Actual	$1,000.00	$992.80	0.66%	$3.32
Hypothetical (b)	$1,000.00	$1,021.88	0.66%	$3.36
Junior Gold Miners ETF
Actual	$1,000.00	$1,114.20	0.52%	$2.77
Hypothetical (b)	$1,000.00	$1,022.58	0.52%	$2.65
Low Carbon Energy ETF
Actual	$1,000.00	$899.80	0.65%	$3.11
Hypothetical (b)	$1,000.00	$1,021.93	0.65%	$3.31
Natural Resources ETF
Actual	$1,000.00	$1,119.40	0.50%	$2.67
Hypothetical (b)	$1,000.00	$1,022.68	0.50%	$2.55

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2022 - December 31, 2022(a)
Oil Refiners ETF
Actual	$1,000.00	$1,083.50	0.61%	$3.20
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11
Oil Services ETF
Actual	$1,000.00	$1,319.20	0.35%	$2.05
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$890.10	0.56%	$2.67
Hypothetical (b)	$1,000.00	$1,022.38	0.56%	$2.85
Steel ETF
Actual	$1,000.00	$1,224.50	0.56%	$3.14
Hypothetical (b)	$1,000.00	$1,022.38	0.56%	$2.85
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,074.70	0.61%	$3.19
Hypothetical (b)	$1,000.00	$1,022.13	0.61%	$3.11

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

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 2.7%
Incitec Pivot Ltd.		6,506,955	$	16,498,555
Treasury Wine Estates Ltd.		2,173,910		20,003,832
				36,502,387
Brazil: 3.0%
Rumo SA		4,398,400		15,536,078
Yara International ASA (NOK)		556,177		24,291,210
				39,827,288
Canada: 6.4%
Nutrien Ltd. (USD)		1,174,736		85,790,970
Chile: 3.0%
Sociedad Quimica y Minera de Chile SA (ADR)		510,650		40,770,296
China: 4.7%
China Mengniu Dairy Co. Ltd. (HKD) *		5,806,000		26,181,572
Wilmar International Ltd. (SGD)		11,754,451		36,570,356
				62,751,928
Denmark: 1.0%
Bakkafrost P/F (NOK)		169,210		10,505,191
Schouw & Co. A/S		48,955		3,674,604
				14,179,795
Germany: 7.7%
Bayer AG		1,738,025		89,188,813
K+S AG		720,494		14,161,275
				103,350,088
Indonesia: 0.2%
Golden Agri-Resources Ltd. (SGD)		13,844,045		2,580,244
Israel: 1.2%
ICL Group Ltd. (USD) †		2,135,390		15,609,701
Japan: 3.8%
Kubota Corp. †		2,778,730		37,758,603
Maruha Nichiro Corp.		125,800		2,380,984
NH Foods Ltd.		282,800		7,853,297
Nissui Corp.		882,300		3,655,156
				51,648,040
Malaysia: 2.4%
IOI Corp. Bhd		7,477,155		6,881,065
Kuala Lumpur Kepong Bhd		1,339,070		6,805,730
PPB Group Bhd		2,034,980		8,056,765
Sime Darby Plantation Bhd		9,372,500		9,904,065
				31,647,625
Netherlands: 0.8%
OCI NV		300,832		10,723,331
Norway: 3.2%
Leroy Seafood Group ASA		941,930		5,248,700
Mowi ASA		1,576,792		26,721,164
Salmar ASA		267,801		10,444,405
				42,414,269
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1,892		0

	Number of Shares		Value
Russia (continued)
PhosAgro PJSC (USD) (GDR) ∞		1	$	0
				0
Singapore: 0.7%
Charoen Pokphand Indonesia Tbk PT (IDR)		27,160,100		9,858,866
Switzerland: 0.8%
Bucher Industries AG		25,080		10,460,379
Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd.		2,804,000		4,876,613
Thailand: 1.0%
Charoen Pokphand Foods PCL (NVDR)		18,152,736		12,978,603
United Kingdom: 4.5%
CNH Industrial NV (USD)		3,339,983		53,640,127
Genus Plc		205,530		7,341,324
				60,981,451
United States: 52.4%
AGCO Corp.		185,318		25,701,753
Archer-Daniels-Midland Co.		812,902		75,477,951
Balchem Corp.		72,580		8,862,744
Beyond Meat, Inc. * †		187,151		2,303,829
Bunge Ltd.		355,203		35,438,603
CF Industries Holdings, Inc.		457,837		39,007,712
Corteva, Inc.		1,296,004		76,179,115
Darling Ingredients, Inc. *		476,716		29,837,655
Deere & Co.		249,894		107,144,552
Elanco Animal Health, Inc. *		999,984		12,219,805
FMC Corp.		341,499		42,619,075
Mosaic Co.		922,646		40,476,480
Neogen Corp. *		594,119		9,048,432
Pilgrim’s Pride Corp. *		160,193		3,801,380
Toro Co.		298,101		33,745,033
Tyson Foods, Inc.		861,121		53,604,782
Zoetis, Inc.		733,520		107,497,356
				702,966,257
Total Common Stocks (Cost: $1,421,100,928)				1,339,918,131

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $1,586,727)
State Street Navigator Securities Lending Government Money Market Portfolio		1,586,727		1,586,727
Total Investments: 100.0% (Cost: $1,422,687,655)				1,341,504,858
Liabilities in excess of other assets: 0.0%				(481,849	)
NET ASSETS: 100.0%			$	1,341,023,009

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,362,658.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		31.3	%	$	419,867,078
Consumer Staples		30.7			410,768,799
Industrials		21.2			283,986,525
Health Care		16.8			225,295,729
		100.0	%	$	1,339,918,131

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	36,502,387	$	—	$	36,502,387
Brazil		—		39,827,288		—		39,827,288
Canada		85,790,970		—		—		85,790,970
Chile		40,770,296		—		—		40,770,296
China		—		62,751,928		—		62,751,928
Denmark		—		14,179,795		—		14,179,795
Germany		—		103,350,088		—		103,350,088
Indonesia		—		2,580,244		—		2,580,244
Israel		15,609,701		—		—		15,609,701
Japan		—		51,648,040		—		51,648,040
Malaysia		8,056,765		23,590,860		—		31,647,625
Netherlands		—		10,723,331		—		10,723,331
Norway		—		42,414,269		—		42,414,269
Russia		—		—		0		0
Singapore		—		9,858,866		—		9,858,866
Switzerland		—		10,460,379		—		10,460,379
Taiwan		—		4,876,613		—		4,876,613
Thailand		—		12,978,603		—		12,978,603
United Kingdom		53,640,127		7,341,324		—		60,981,451
United States		702,966,257		—		—		702,966,257
Money Market Fund		1,586,727		—		—		1,586,727
Total Investments	$	908,420,843	$	433,084,015	$	0	$	1,341,504,858

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 95.9%
Brazil: 2.2%
Yara International ASA (NOK)		1,385	$	60,490
Canada: 2.3%
Maple Leaf Foods, Inc. †		1,650		29,774
Nutrien Ltd. (USD)		450		32,864
				62,638
China: 2.7%
Vitasoy International Holdings Ltd. (HKD)		36,000		74,002
Denmark: 6.8%
Chr. Hansen Holding A/S		1,506		108,003
Novozymes A/S		1,518		76,781
				184,784
France: 2.4%
Danone SA		1,221		64,161
Germany: 3.2%
Symrise AG		789		85,433
Ireland: 3.1%
Kerry Group Plc		921		83,703
Isle of Man: 0.3%
Agronomics Ltd. *		57,531		8,160
Israel: 0.0%
Else Nutrition Holdings, Inc. (CAD) * †		2,502		1,016
Japan: 1.8%
Kubota Corp.		3,600		48,918
Mexico: 3.2%
Orbia Advance Corp. SAB de CV		48,210		85,350
Netherlands: 1.0%
Corbion NV		795		27,116
Norway: 0.2%
Atlantic Sapphire ASA * †		8,175		6,176
Philippines: 0.8%
Monde Nissin Corp. 144A		110,700		22,088
Sweden: 2.0%
BioGaia AB		2,460		19,726
Oatly Group AB (ADR) * †		20,139		35,042
				54,768
Switzerland: 8.4%
Bucher Industries AG		162		67,567
Givaudan SA		30		91,833
Nestle SA		576		66,494
				225,894

	Number of Shares		Value
United States: 55.5%
AgEagle Aerial Systems, Inc. *		2,532	$	886
AppHarvest, Inc. * †		29,643		16,819
Archer-Daniels-Midland Co.		867		80,501
Balchem Corp.		231		28,207
Ball Corp.		1,383		70,727
Benson Hill, Inc. *		10,593		27,012
Berry Global Group, Inc.		522		31,544
Beyond Meat, Inc. * †		1,192		14,674
Bunge Ltd.		1,239		123,615
Cadiz, Inc. * †		4,329		10,823
Conagra Brands, Inc.		1,188		45,976
Corteva, Inc.		2,471		145,245
Deere & Co.		375		160,786
Ecolab, Inc.		165		24,017
FMC Corp.		543		67,766
Ginkgo Bioworks Holdings, Inc. *		6,228		10,525
Ingredion, Inc.		1,533		150,128
International Flavors & Fragrances, Inc.		762		79,888
John Bean Technologies Corp.		399		36,441
Kellogg Co.		585		41,675
Lindsay Corp.		498		81,099
Local Bounti Corp. *		4,164		5,788
Tattooed Chef, Inc. * †		4,148		5,102
Titan International, Inc. *		2,535		38,836
Trimble, Inc. *		1,299		65,677
Tyson Foods, Inc.		456		28,386
Valmont Industries, Inc.		306		101,185
				1,493,328
Total Common Stocks (Cost: $3,257,054)				2,588,025

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%
Money Market Fund: 2.7% (Cost: $73,186)
State Street Navigator Securities Lending Government Money Market Portfolio		73,186		73,186
Total Investments: 98.6% (Cost: $3,330,240)				2,661,211
Other assets less liabilities: 1.4%				36,673
NET ASSETS: 100.0%			$	2,697,884

Definitions:

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

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $104,114.
*	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 $22,088, or 0.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		39.6	%	$	1,025,791
Consumer Staples		35.6			922,130
Industrials		20.7			535,718
Information Technology		2.6			65,677
Health Care		0.8			19,726
Utilities		0.4			10,823
Financials		0.3			8,160
		100.0	%	$	2,588,025

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	—	$	60,490	$	—	$	60,490
Canada		62,638		—		—		62,638
China		—		74,002		—		74,002
Denmark		—		184,784		—		184,784
France		—		64,161		—		64,161
Germany		—		85,433		—		85,433
Ireland		—		83,703		—		83,703
Isle of Man		—		8,160		—		8,160
Israel		1,016		—		—		1,016
Japan		—		48,918		—		48,918
Mexico		85,350		—		—		85,350
Netherlands		—		27,116		—		27,116
Norway		—		6,176		—		6,176
Philippines		—		22,088		—		22,088
Sweden		35,042		19,726		—		54,768
Switzerland		—		225,894		—		225,894
United States		1,493,328		—		—		1,493,328
Money Market Fund		73,186		—		—		73,186
Total Investments	$	1,750,560	$	910,651	$	—	$	2,661,211

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 13.3%
Capricorn Metals Ltd. * ‡		19,415,300	$	60,639,778
Evolution Mining Ltd. ‡		95,106,505		193,675,761
Gold Road Resources Ltd. † ‡		55,764,287		64,292,600
Newcrest Mining Ltd.		36,969,087		516,336,077
Northern Star Resources Ltd. † ‡		60,084,266		447,846,466
OceanaGold Corp. (CAD) * † ‡		36,498,333		69,497,546
Perseus Mining Ltd. ‡		70,874,043		101,580,825
Regis Resources Ltd. † ‡		39,131,997		54,855,943
Silver Lake Resources Ltd. * ‡		48,187,172		39,070,300
West African Resources Ltd. * ‡		52,936,954		42,653,378
				1,590,448,674
Brazil: 8.3%
Wheaton Precious Metals Corp. (USD)		18,136,792		708,785,831
Yamana Gold, Inc. (USD) ‡		49,807,520		276,431,736
				985,217,567
Burkina Faso: 0.5%
IAMGOLD Corp. (USD) * † ‡		24,825,934		64,050,910
Canada: 42.0%
Agnico Eagle Mines Ltd. (USD)		18,295,883		951,202,957
Alamos Gold, Inc. (USD) ‡		20,347,023		205,708,403
Aya Gold & Silver, Inc. * † ‡		5,440,812		36,219,878
B2Gold Corp. (USD) † ‡		55,694,542		198,829,515
Barrick Gold Corp. (USD)		70,705,926		1,214,727,809
Dundee Precious Metals, Inc. ‡		9,872,633		47,434,105
Endeavour Silver Corp. (USD) * † ‡		9,828,212		31,843,407
Equinox Gold Corp. (USD) * † ‡		15,810,646		51,858,919
First Majestic Silver Corp. (USD) † ‡		13,618,783		113,580,650
Fortuna Silver Mines, Inc. (USD) * † ‡		15,039,606		56,398,522
Franco-Nevada Corp. (USD)		7,691,309		1,049,709,852
K92 Mining, Inc. * † ‡		12,076,502		68,361,763
Kinross Gold Corp. (USD) † ‡		65,092,456		266,228,145
New Gold, Inc. (USD) * ‡		35,362,806		34,655,550
Osisko Gold Royalties Ltd. (USD) † ‡		9,557,838		115,363,105
Pan American Silver Corp. (USD) ‡		10,911,292		178,290,511
Sandstorm Gold Ltd. (USD) † ‡		15,456,059		81,298,870
SilverCrest Metals, Inc. (USD) * † ‡		7,603,879		45,623,274
SSR Mining, Inc. (USD) ‡		10,708,019		167,794,658
Torex Gold Resources, Inc. * ‡		4,449,177		51,060,705
Wesdome Gold Mines Ltd. * ‡		7,384,974		40,768,741
				5,006,959,339

	Number of Shares		Value
China: 4.6%
Zhaojin Mining Industry Co. Ltd. (HKD) * † ‡		135,245,000	$	149,510,918
Zijin Mining Group Co. Ltd. (HKD) ‡		297,340,000		399,648,130
				549,159,048
Egypt: 0.7%
Centamin Plc (GBP) ‡		59,937,312		81,495,953
Kyrgyzstan: 0.5%
Centerra Gold, Inc. (CAD) ‡		11,406,803		59,014,494
Peru: 0.8%
Cia de Minas Buenaventura SAA (ADR) † ‡		13,149,730		97,965,488
South Africa: 5.2%
DRDGOLD Ltd. (ADR) † ‡		4,481,052		33,159,785
Gold Fields Ltd. (ADR) † ‡		46,198,984		478,159,484
Harmony Gold Mining Co. Ltd. (ADR) † ‡		32,034,009		108,915,631
				620,234,900
Tanzania: 3.5%
AngloGold Ashanti Ltd. (ADR) ‡		21,691,565		421,250,192
Turkey: 0.7%
Eldorado Gold Corp. (USD) * ‡		9,574,329		80,041,390
United Kingdom: 2.3%
Endeavour Mining Plc (CAD) † ‡		12,746,407		272,623,252
United States: 17.7%
Coeur Mining, Inc. * ‡		14,560,702		48,923,959
Hecla Mining Co. ‡		31,423,391		174,714,054
Newmont Corp.		31,851,867		1,503,408,122
Royal Gold, Inc. ‡		3,402,236		383,500,043
				2,110,546,178
Total Common Stocks (Cost: $12,022,894,396)				11,939,007,385

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%
Money Market Fund: 1.0% (Cost: $120,829,768)
State Street Navigator Securities Lending Government Money Market Portfolio		120,829,768		120,829,768
Total Investments: 101.1% (Cost: $12,143,724,164)				12,059,837,153
Liabilities in excess of other assets: (1.1)%				(125,793,555	)
NET ASSETS: 100.0%			$	11,934,043,598

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $225,906,317.

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Gold		94.5	%	$	11,302,337,088
Silver		5.1			591,047,023
Precious Metals & Minerals		0.4			45,623,274
		100.0	%	$	11,939,007,385

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

Alamos Gold, Inc.		$–(a)		$73,875,892		$(50,671,182	)		$8,411,191			$1,980,991		$39,312,079			$205,708,403
AngloGold Ashanti Ltd.		–(a)		190,954,945		(119,069,001	)		3,099,864			9,084,881		(44,847,629	)		421,250,192
Aya Gold & Silver, Inc.		–(a)		15,914,527		(10,562,557	)		(849,877	)		–		(3,634,438	)		36,219,878
B2Gold Corp.		–(a)		98,809,388		(59,599,911	)		4,765,179			8,582,209		(30,390,800	)		198,829,515
Capricorn Metals Ltd.		–(a)		23,671,009		(15,100,138	)		974,011			–		10,021,790			60,639,778
Centamin Plc		–(a)		30,691,285		(21,449,329	)		(3,741,765	)		4,492,785		13,429,240			81,495,953
Centerra Gold, Inc.		–(a)		53,323,860		(46,803,411	)		(19,840,031	)		3,047,773		(30,007,563	)		59,014,494
Cia de Minas Buenaventura SAA		–(a)		51,379,755		(30,618,936	)		(9,823,722	)		958,770		4,097,104			97,965,488
Coeur Mining, Inc.		–(a)		29,612,046		(15,528,574	)		(8,241,029	)		–		(14,747,318	)		48,923,959
DRDGOLD Ltd.		–(a)		15,966,814		(9,685,019	)		(2,968,018	)		1,409,122		(2,893,279	)		33,159,785
Dundee Precious Metals, Inc.		–(a)		25,131,009		(16,250,600	)		1,225,686			1,583,520		(15,576,898	)		47,434,105
Eldorado Gold Corp.		–(a)		39,122,071		(23,499,530	)		(8,473,101	)		–		(3,366,108	)		80,041,390
Endeavour Mining Plc		–(a)		134,400,455		(89,163,876	)		9,951,800			8,371,248		(26,075,996	)		272,623,252
Endeavour Silver Corp.		–(a)		19,891,318		(9,714,659	)		(2,502,879	)		–		(7,963,462	)		31,843,407
Equinox Gold Corp.		–(a)		44,244,431		(23,443,964	)		(9,199,858	)		–		(50,504,810	)		51,858,919
Evolution Mining Ltd.		–(a)		109,906,932		(63,256,454	)		(11,342,305	)		3,791,177		(84,300,525	)		193,675,761
First Majestic Silver Corp.		–(a)		68,786,735		(37,539,554	)		(2,896,245	)		351,509		(42,077,210	)		113,580,650
Fortuna Silver Mines, Inc.		–(a)		24,495,443		(15,480,815	)		(2,658,432	)		–		(746,507	)		56,398,523
Gold Fields Ltd.		–(a)		235,767,976		(147,768,809	)		40,998,789			14,715,196		(86,483,138	)		478,159,484
Gold Road Resources Ltd.		–(a)		31,006,945		(14,609,513	)		(361,266	)		492,166		3,151,800			64,292,600
Harmony Gold Mining Co. Ltd.		113,149,948		58,090,129		(33,256,594	)		(2,757,961	)		1,253,161		(26,309,891	)		108,915,631
Hecla Mining Co.		–(a)		81,721,895		(38,826,611	)		5,228,955			624,751		1,151,837			174,714,054
IAMGOLD Corp.		–(a)		27,923,069		(15,605,865	)		(8,660,258	)		–		(6,260,898	)		64,050,910
K92 Mining, Inc.		–(a)		36,067,974		(19,722,625	)		(900,107	)		–		(3,083,763	)		68,361,763
Kinross Gold Corp.		–(a)		154,596,285		(98,564,648	)		(15,740,934	)		7,959,339		(99,235,435	)		266,228,145
New Gold, Inc.		–(a)		22,284,564		(12,598,485	)		(690,722	)		–		(19,947,146	)		34,655,550
Northern Star Resources Ltd.		–(a)		184,574,521		(119,815,006	)		(12,313,509	)		8,604,514		37,992,577			447,846,466
OceanaGold Corp.		–(a)		33,851,367		(20,936,200	)		(4,083,009	)		–		5,910,732			69,497,545
Osisko Gold Royalties Ltd.		–(a)		59,894,537		(32,940,009	)		168,372			1,558,409		(2,810,419	)		115,363,105
Pan American Silver Corp.		–(a)		114,414,190		(66,594,010	)		(1,238,264	)		4,800,935		(102,792,615	)		178,290,511
Perseus Mining Ltd.		–(a)		48,448,473		(25,372,011	)		7,289,689			1,145,960		6,393,509			101,580,825
Regis Resources Ltd.		–(a)		24,139,475		(15,302,120	)		(7,332,452	)		496,729		5,420,214			54,855,943
Royal Gold, Inc.		–(a)		185,756,692		(116,713,925	)		9,601,492			4,600,527		(3,512,728	)		383,500,042
Sandstorm Gold Ltd.		–(a)		60,518,144		(15,842,822	)		2,206,118			659,974		(18,578,025	)		81,298,870
Silver Lake Resources Ltd.		–(a)		30,305,067		(14,917,174	)		(2,958,766	)		–		(24,580,289	)		39,070,300
SilverCrest Metals, Inc.		–		48,320,708		–			–			–		(2,697,434	)		45,623,274

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows: (continued)

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

SSR Mining, Inc.		–(a)		95,842,312		(61,940,674	)		8,104,586			3,039,411		(41,608,502	)		167,794,658
Torex Gold Resources, Inc.		–(a)		21,142,480		(13,485,519	)		(3,227,611	)		–		6,768,788			51,060,705
Wesdome Gold Mines Ltd.		–(a)		33,716,679		(17,758,408	)		(1,109,157	)		–		(31,126,900	)		40,768,741
West African Resources Ltd.		–(a)		21,167,084		(13,959,207	)		(1,121,314	)		–		(7,544,624	)		42,653,378
Yamana Gold, Inc.		–(a)		116,985,687		(77,029,674	)		11,948,220			5,965,522		43,032,869			276,431,736
Zhaojin Mining Industry Co. Ltd.		–(a)		55,866,545		(37,340,930	)		(4,139,267	)		–		35,362,692			149,510,918
Zijin Mining Group Co. Ltd.		–(a)		174,750,590		(116,779,097	)		56,479,983			8,608,268		(20,914,881	)		399,648,130
		$113,149,948		$3,007,331,303		$(1,805,117,446	)		$21,282,076			$108,178,847		$(642,574,000	)		$5,994,836,736


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

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	69,497,546	$	1,520,951,128	$	—	$	1,590,448,674
Brazil		985,217,567		—		—		985,217,567
Burkina Faso		64,050,910		—		—		64,050,910
Canada		5,006,959,339		—		—		5,006,959,339
China		—		549,159,048		—		549,159,048
Egypt		—		81,495,953		—		81,495,953
Kyrgyzstan		59,014,494		—		—		59,014,494
Peru		97,965,488		—		—		97,965,488
South Africa		620,234,900		—		—		620,234,900
Tanzania		421,250,192		—		—		421,250,192
Turkey		80,041,390		—		—		80,041,390
United Kingdom		272,623,252		—		—		272,623,252
United States		2,110,546,178		—		—		2,110,546,178
Money Market Fund		120,829,768		—		—		120,829,768
Total Investments	$	9,908,231,024	$	2,151,606,129	$	—	$	12,059,837,153

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 17.2%
Allkem Ltd. *		43,939	$	331,549
Glencore Plc (GBP)		292,593		1,941,435
IGO Ltd.		33,862		308,519
Iluka Resources Ltd.		18,067		115,755
Lynas Rare Earths Ltd. *		55,731		292,622
OZ Minerals Ltd.		20,612		386,978
Pilbara Minerals Ltd. *		206,573		521,020
				3,897,878
Canada: 7.3%
Hudbay Minerals, Inc. (USD)		11,327		57,428
Ivanhoe Mines Ltd. *		32,926		260,016
Lithium Americas Corp. (USD) * †		7,619		144,380
Teck Resources Ltd. (USD)		31,065		1,174,878
				1,636,702
Chile: 1.2%
Lundin Mining Corp. (CAD)		42,933		263,311
China: 26.6%
Beijing Easpring Material Technology Co. Ltd.		23,000		187,098
Chengxin Lithium Group Co. Ltd.		52,600		283,639
China Northern Rare Earth Group High-Tech Co. Ltd.		154,468		556,928
China Rare Earth Resources And Technology Co. Ltd. *		43,100		204,288
Ganfeng Lithium Group Co. Ltd.		97,020		972,040
GEM Co. Ltd.		342,600		367,423
Inner Mongolia Xingye Mining Co. Ltd. *		72,700		63,796
Jiangxi Copper Co. Ltd.		109,503		274,827
MMG Ltd. (HKD) *		204,000		51,962
Nanjing Hanrui Cobalt Co. Ltd.		15,700		90,754
Ningbo Shanshan Co. Ltd.		84,100		220,616
Shenghe Resources Holding Co. Ltd.		87,400		176,172
Tianqi Lithium Corp. *		81,200		925,272
Tongling Nonferrous Metals Group Co. Ltd.		487,900		219,136
Western Mining Co. Ltd.		122,300		179,276
Youngy Co. Ltd. *		14,500		204,318
Yunnan Copper Co. Ltd.		91,100		154,266
Yunnan Tin Co. Ltd.		69,700		141,355
Zhejiang Huayou Cobalt Co. Ltd.		90,230		722,225
				5,995,391
Germany: 0.8%
Aurubis AG		2,307		187,231
Japan: 3.0%
Mitsubishi Materials Corp.		6,200		97,455
Sumitomo Metal Mining Co. Ltd.		17,100		597,664
				695,119

	Number of Shares		Value
Liechtenstein: 2.3%
Antofagasta Plc (GBP)		28,185	$	523,513
Mexico: 5.2%
Grupo Mexico SAB de CV		228,300		801,447
Southern Copper Corp. (USD)		6,234		376,471
				1,177,918
Poland: 1.1%
KGHM Polska Miedz SA		8,503		247,056
Russia: 0.0%
MMC Norilsk Nickel PJSC ∞		4,405		0
MMC Norilsk Nickel PJSC (ADR) ∞		2		0
				0
South Africa: 15.1%
Anglo American Platinum Ltd.		4,083		340,278
Anglo American Plc (GBP)		48,345		1,883,710
Impala Platinum Holdings Ltd.		48,748		611,754
Northam Platinum Holdings Ltd. *		13,371		147,093
Sibanye Stillwater Ltd. (ADR) †		39,938		425,739
				3,408,574
Sweden: 2.4%
Boliden AB		14,436		543,047
United States: 14.9%
Albemarle Corp.		6,080		1,318,509
Freeport-McMoRan, Inc.		43,757		1,662,766
Livent Corp. *		9,993		198,561
MP Materials Corp. *		7,679		186,446
				3,366,282
Zambia: 2.9%
First Quantum Minerals Ltd. (CAD)		31,471		657,083
Total Common Stocks (Cost: $26,809,490)				22,599,105

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $555,578)
State Street Navigator Securities Lending Government Money Market Portfolio		555,578		555,578
Total Investments: 102.5% (Cost: $27,365,068)				23,154,683
Liabilities in excess of other assets: (2.5)%				(564,257	)
NET ASSETS: 100.0%			$	22,590,426

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $537,745.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Diversified Metals & Mining		57.3	%	$	12,987,908
Copper		22.0			4,952,638
Specialty Chemicals		11.8			2,662,958
Precious Metals & Minerals		6.8			1,524,864
Forest Products		1.3			283,639
Electrical Components & Equipment		0.8			187,098
		100.0	%	$	22,599,105

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	3,897,878	$	—	$	3,897,878
Canada		1,636,702		—		—		1,636,702
Chile		263,311		—		—		263,311
China		—		5,995,391		—		5,995,391
Germany		—		187,231		—		187,231
Japan		—		695,119		—		695,119
Liechtenstein		—		523,513		—		523,513
Mexico		1,177,918		—		—		1,177,918
Poland		—		247,056		—		247,056
Russia		—		—		0		0
South Africa		572,832		2,835,742		—		3,408,574
Sweden		—		543,047		—		543,047
United States		3,366,282		—		—		3,366,282
Zambia		657,083		—		—		657,083
Money Market Fund		555,578		—		—		555,578
Total Investments	$	8,229,706	$	14,924,977	$	0	$	23,154,683

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 17.3%
Alkane Resources Ltd. * †		20,039,365	$	7,291,646
Aurelia Metals Ltd. * †		47,928,981		4,036,032
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. * †		32,567,485		25,159,453
Capricorn Metals Ltd. *		13,616,557		42,528,572
Dacian Gold Ltd. *		10,396,606		707,542
De Grey Mining Ltd. * †		57,497,494		50,435,081
Evolution Mining Ltd.		62,357,574		126,985,537
Firefinch Ltd. * †∞		54,133,739		1,651,986
Gold Road Resources Ltd.		43,256,066		49,871,434
Kingsgate Consolidated Ltd. * †		10,582,018		12,402,935
OceanaGold Corp. (CAD) * †		26,946,669		51,309,942
Perseus Mining Ltd.		54,946,610		78,752,697
Ramelius Resources Ltd. †		41,687,243		26,547,588
Red 5 Ltd. * †		89,492,618		12,631,046
Regis Resources Ltd. †		28,157,845		39,472,177
Resolute Mining Ltd. * †		40,260,968		5,422,644
Silver Lake Resources Ltd. *		35,594,421		28,860,061
Silver Mines Ltd. * †		61,790,031		8,482,951
St Barbara Ltd. * †		27,348,096		14,560,589
Tietto Minerals Ltd. *		39,456,992		18,920,412
West African Resources Ltd. * †		39,109,128		31,511,757
Westgold Resources Ltd. *		15,394,391		9,149,755
				646,691,838
Brazil: 6.0%
Yamana Gold, Inc. (USD)		40,453,656		224,517,791
Burkina Faso: 1.1%
IAMGOLD Corp. (USD) * †		16,048,740		41,405,749
Canada: 51.5%
Alamos Gold, Inc. (USD)		15,586,887		157,583,428
Americas Gold & Silver Corp. (USD) * †		8,810,882		5,007,224
Archer Exploration Corp. †		1,728,768		382,767
Aris Mining Corp. †		5,987,186		14,802,814
Arizona Metals Corp. * †		4,732,977		15,055,265
Artemis Gold, Inc. * †		6,188,753		20,051,386
Aya Gold & Silver, Inc. * †		4,267,308		28,407,777
B2Gold Corp. (USD)		36,463,444		130,174,495
Calibre Mining Corp. * †		14,638,580		9,723,401
Dakota Gold Corp. (USD) *		2,659,304		8,110,877
Discovery Silver Corp. * †		10,910,792		11,031,983
Dundee Precious Metals, Inc.		6,448,884		30,984,342
Endeavour Silver Corp. (USD) *		8,163,600		26,450,064
Equinox Gold Corp. (USD) * †		10,661,599		34,970,045
Filo Mining Corp. * †		3,968,508		68,067,549
First Majestic Silver Corp. (USD) †		10,313,105		86,011,296
Fortuna Silver Mines, Inc. (USD) *		12,354,467		46,329,251
Gatos Silver, Inc. (USD) * †		1,619,073		6,622,009
Gold Royalty Corp. (USD) †		5,091,294		11,862,715
GoldMining, Inc. (USD) * †		7,588,500		8,575,005

	Number of Shares		Value
Canada (continued)
i-80 Gold Corp. * †		6,319,054	$	17,628,713
K92 Mining, Inc. * †		8,719,908		49,361,005
Karora Resources, Inc. * †		6,951,833		23,857,724
Kinross Gold Corp. (USD) †		48,059,033		196,561,445
Liberty Gold Corp. * †		12,009,395		4,963,476
Lundin Gold, Inc. †		4,052,501		39,569,422
MAG Silver Corp. (USD) * †		3,498,318		54,678,710
Marathon Gold Corp. * †		16,634,819		13,013,697
Maverix Metals, Inc. (USD) †		2,537,226		11,874,218
McEwen Mining, Inc. (USD) * †		1,882,870		11,033,618
Metalla Royalty & Streaming Ltd. (USD) * †		1,936,937		9,510,361
New Found Gold Corp. * †		3,073,245		12,361,478
New Gold, Inc. (USD) *		25,130,809		24,628,193
New Pacific Metals Corp. * †		4,272,862		9,460,560
Novagold Resources, Inc. (USD) *		8,771,418		52,453,080
Orla Mining Ltd. * †		8,953,193		36,210,559
Osisko Gold Royalties Ltd. (USD) †		5,980,748		72,187,628
Osisko Mining, Inc. * †		11,131,013		28,752,755
Pan American Silver Corp. (USD) †		8,962,576		146,448,492
Prime Mining Corp. * †		3,614,888		5,069,034
Sabina Gold & Silver Corp. * †		17,898,928		17,569,338
Sandstorm Gold Ltd. (USD)		10,847,613		57,058,444
Seabridge Gold, Inc. (USD) * †		3,307,150		41,603,947
Silvercorp Metals, Inc. (USD)		7,534,234		22,301,333
SilverCrest Metals, Inc. (USD) * †		6,233,713		37,402,278
Skeena Resources Ltd. * †		2,987,679		15,898,126
SSR Mining, Inc. (USD)		7,512,649		117,723,210
Sulliden Mining Capital, Inc. *		1,689,990		43,654
Torex Gold Resources, Inc. * †		2,874,538		32,989,458
Victoria Gold Corp. * †		1,727,478		9,115,811
Wallbridge Mining Co. Ltd. * †		31,655,270		4,205,283
Wesdome Gold Mines Ltd. * †		5,112,521		28,223,667
				1,923,962,410
China: 1.5%
Real Gold Mining Ltd. (HKD) *∞		19,287,400		2
Zhaojin Mining Industry Co. Ltd. (HKD) *		51,147,200		56,542,311
				56,542,313
Egypt: 1.5%
Centamin Plc (GBP)		39,830,678		54,157,234
Indonesia: 1.1%
Bumi Resources Minerals Tbk PT *		3,865,578,800		39,501,202

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Jersey, Channel Islands: 0.2%
Caledonia Mining Corp. Plc (USD)		478,502	$	5,933,425
Kyrgyzstan: 0.4%
Centerra Gold, Inc. (CAD) †		3,180,351		16,453,936
Mexico: 3.5%
GoGold Resources, Inc. (CAD) * †		12,029,531		19,265,716
Industrias Penoles SAB de CV * †		8,934,663		109,881,145
				129,146,861
Peru: 2.1%
Cia de Minas Buenaventura SAA (ADR) †		8,677,898		64,650,340
Hochschild Mining Plc (GBP)		15,229,857		12,881,196
				77,531,536
South Africa: 2.3%
DRDGOLD Ltd. (ADR) †		2,067,716		15,301,098
Harmony Gold Mining Co. Ltd. (ADR) †		21,285,095		72,369,323
				87,670,421
Turkey: 3.2%
Eldorado Gold Corp. (USD) * †		6,450,192		53,923,605
Koza Altin Isletmeleri AS		2,188,282		66,050,905
				119,974,510

	Number of Shares		Value
United Kingdom: 4.0%
Endeavour Mining Plc		6,117,166	$	128,730,177
Greatland Gold Plc * †		218,243,297		21,001,996
				149,732,173
United States: 4.3%
Argonaut Gold, Inc. (CAD) * †		28,755,854		11,035,864
Aura Minerals, Inc. (BRL) (BDR)		1,646,773		9,304,278
Coeur Mining, Inc. *		9,006,282		30,261,107
Gold Resource Corp. †		4,016,780		6,145,673
Hecla Mining Co.		18,849,171		104,801,391
				161,548,313
Total Common Stocks (Cost: $4,422,392,574)				3,734,769,712


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%
Money Market Fund: 4.2% (Cost: $157,686,725)
State Street Navigator Securities Lending Government Money Market Portfolio		157,686,725		157,686,725
Total Investments: 104.2% (Cost: $4,580,079,299)				3,892,456,437
Liabilities in excess of other assets: (4.2)%				(155,445,365	)
NET ASSETS: 100.0%			$	3,737,011,072

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $217,017,532.
*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Gold		76.8	%	$	2,866,316,383
Silver		15.3			570,291,534
Precious Metals & Minerals		4.2			156,837,438
Diversified Metals & Mining		3.7			141,324,357
		100.0	%	$	3,734,769,712

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	12/31/2021		Purchases		Proceeds			(Loss)			Income		(Depreciation)			12/31/2022

Silver Mines Ltd.		$10,965,205		$1,932,563		$(2,819,133	)		$(454,532	)		$–		$(1,141,152	)		$–(a)
Silvercorp Metals, Inc.		35,008,409		5,510,115		(11,506,953	)		(5,735,376	)		191,415		(974,861	)		–(a)
		$45,973,614		$7,442,678		$(14,326,086	)		$(6,189,908	)		$191,415		$(2,116,013	)		$–


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

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	51,309,942	$	593,729,910	$	1,651,986	$	646,691,838
Brazil		224,517,791		—		—		224,517,791
Burkina Faso		41,405,749		—		—		41,405,749
Canada		1,923,962,410		—		—		1,923,962,410
China		—		56,542,311		2		56,542,313
Egypt		—		54,157,234		—		54,157,234
Indonesia		—		39,501,202		—		39,501,202
Jersey, Channel Islands		5,933,425		—		—		5,933,425
Kyrgyzstan		16,453,936		—		—		16,453,936
Mexico		129,146,861		—		—		129,146,861
Peru		64,650,340		12,881,196		—		77,531,536
South Africa		87,670,421		—		—		87,670,421
Turkey		53,923,605		66,050,905		—		119,974,510
United Kingdom		21,001,996		128,730,177		—		149,732,173
United States		152,244,035		9,304,278		—		161,548,313
Money Market Fund		157,686,725		—		—		157,686,725
Total Investments	$	2,929,907,236	$	960,897,213	$	1,651,988	$	3,892,456,437

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Austria: 0.6%
Verbund AG		13,182	$	1,104,763
Brazil: 2.9%
Centrais Eletricas Brasileiras SA (ADR) †		551,877		4,376,385
Cia Energetica de Minas Gerais (ADR) †		459,891		933,579
Cia Paranaense de Energia (ADR)		70,023		503,465
				5,813,429
Canada: 3.0%
Ballard Power Systems, Inc. (USD) * †		103,341		495,003
Boralex, Inc. †		36,436		1,076,179
Canadian Solar, Inc. (USD) * †		16,994		525,115
Innergex Renewable Energy, Inc.		54,075		646,529
Northland Power, Inc.		100,003		2,740,405
TransAlta Renewables, Inc.		43,503		361,201
				5,844,432
Chile: 0.5%
Enel Americas SA		7,869,905		1,048,459
China: 14.6%
BYD Co. Ltd. (HKD)		295,500		7,250,254
China Everbright Environment Group Ltd. (HKD)		1,427,000		635,454
China Longyuan Power Group Corp. Ltd. (HKD)		708,000		860,692
Daqo New Energy Corp. (ADR) *		22,773		879,265
GCL Technology Holdings Ltd. (HKD) * †		8,286,000		2,090,833
JinkoSolar Holding Co. Ltd. (ADR) * †		14,095		576,204
Li Auto, Inc. (ADR) *		246,590		5,030,436
NIO, Inc. (ADR) *		583,074		5,684,971
Xinyi Solar Holdings Ltd. (HKD)		2,212,000		2,434,119
XPeng, Inc. (ADR) * †		224,182		2,228,369
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A *		334,500		1,285,660
				28,956,257
Denmark: 9.6%
Orsted AS 144A		77,095		6,948,767
ROCKWOOL International A/S		3,097		722,826
Vestas Wind Systems A/S		390,984		11,370,800
				19,042,393
France: 0.5%
Neoen SA 144A		21,964		885,542
Germany: 0.8%
Encavis AG		45,938		905,666
Nordex SE *		50,962		715,096
				1,620,762

	Number of Shares		Value
Ireland: 1.2%
Kingspan Group Plc		42,954	$	2,318,744
Italy: 7.3%
Enel SpA		2,560,432		13,729,201
ERG SpA		22,667		700,430
				14,429,631
Japan: 0.3%
Horiba Ltd. †		15,084		650,439
New Zealand: 2.0%
Contact Energy Ltd.		274,520		1,338,232
Mercury NZ Ltd. †		271,130		954,135
Meridian Energy Ltd.		515,447		1,707,857
				4,000,224
Norway: 0.6%
NEL ASA * †		637,119		897,362
Scatec ASA 144A		42,745		341,999
				1,239,361
Portugal: 1.1%
EDP Renovaveis SA		97,867		2,150,105
South Korea: 5.2%
Hanwha Solutions Corp. *		42,095		1,439,382
Samsung SDI Co. Ltd. *		18,776		8,816,127
				10,255,509
Spain: 9.0%
Acciona SA		10,060		1,845,824
Atlantica Sustainable Infrastructure Plc (USD)		27,240		705,516
Iberdrola SA		1,319,102		15,352,490
				17,903,830
Sweden: 2.8%
Nibe Industrier AB		588,562		5,501,598
Switzerland: 0.3%
Landis+Gyr Group AG		8,718		615,825
Taiwan: 0.3%
Simplo Technology Co. Ltd.		69,000		638,765
Thailand: 1.0%
Energy Absolute PCL (NVDR)		729,700		2,039,344
United Kingdom: 0.9%
Johnson Matthey Plc		66,541		1,692,090
United States: 35.5%
Array Technologies, Inc. *		42,318		818,007
Badger Meter, Inc.		7,753		845,310
Bloom Energy Corp. *		45,325		866,614
Brookfield Renewable Corp.		46,323		1,275,735
EnerSys		12,979		958,369
Enphase Energy, Inc. *		40,904		10,837,924
First Solar, Inc. *		33,019		4,945,916
Fisker, Inc. * †		59,273		430,915
FuelCell Energy, Inc. * †		137,185		381,374
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		27,559		798,660
Installed Building Products, Inc.		5,945		508,892
Lucid Group, Inc. * †		232,847		1,590,345

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
NextEra Energy, Inc.		202,735	$	16,948,646
Nikola Corp. * †		134,654		290,853
Ormat Technologies, Inc. †		12,563		1,086,448
Owens Corning		29,708		2,534,092
Plug Power, Inc. * †		171,041		2,115,777
Rivian Automotive, Inc. *		167,462		3,086,325
SolarEdge Technologies, Inc. *		20,502		5,807,602
Sunnova Energy International, Inc. * †		22,479		404,847
Sunrun, Inc. *		66,873		1,606,289
Tesla, Inc. *		99,352		12,238,179
				70,377,119
Total Common Stocks (Cost: $241,046,477)				198,128,621

	Number of Shares		Value
RIGHTS: 0.0% (Cost: $0)
South Korea: 0.0%
Hanwha Solutions Corp., KRW 37,900.00, exp. 01/09/23 *∞		381	$	286

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $241,046,477)				198,128,907

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4%
Money Market Fund: 4.4% (Cost: $8,687,734)
State Street Navigator Securities Lending Government Money Market Portfolio		8,687,734		8,687,734
Total Investments: 104.4% (Cost: $249,734,211)				206,816,641
Liabilities in excess of other assets: (4.4)%				(8,666,648	)
NET ASSETS: 100.0%			$	198,149,993

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $12,648,560.
*	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.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $9,461,968, or 4.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		41.9	%	$	82,972,726
Information Technology		20.0			39,663,443
Consumer Discretionary		19.9			39,334,346
Industrials		16.2			32,228,260
Materials		1.6			3,131,472
Financials		0.4			798,660
		100.0	%	$	198,128,907

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,104,763	$	—	$	1,104,763
Brazil		5,813,429		—		—		5,813,429
Canada		5,844,432		—		—		5,844,432
Chile		1,048,459		—		—		1,048,459
China		14,399,245		14,557,012		—		28,956,257
Denmark		—		19,042,393		—		19,042,393
France		—		885,542		—		885,542
Germany		—		1,620,762		—		1,620,762
Ireland		—		2,318,744		—		2,318,744
Italy		—		14,429,631		—		14,429,631
Japan		—		650,439		—		650,439
New Zealand		—		4,000,224		—		4,000,224
Norway		—		1,239,361		—		1,239,361
Portugal		—		2,150,105		—		2,150,105
South Korea		—		10,255,509		—		10,255,509
Spain		705,516		17,198,314		—		17,903,830
Sweden		—		5,501,598		—		5,501,598
Switzerland		—		615,825		—		615,825
Taiwan		—		638,765		—		638,765
Thailand		—		2,039,344		—		2,039,344
United Kingdom		—		1,692,090		—		1,692,090
United States		70,377,119		—		—		70,377,119
Rights ^*		—		—		286		286
Money Market Fund		8,687,734		—		—		8,687,734
Total Investments	$	106,875,934	$	99,940,421	$	286	$	206,816,641

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.2%
Argentina: 0.1%
Bioceres Crop Solutions Corp. (USD) *		1,531	$	18,418
YPF SA (ADR) *		6,375		58,586
				77,004
Australia: 8.6%
Alumina Ltd. †		69,103		71,060
Ampol Ltd.		3,861		73,923
APA Group		18,984		138,211
Bega Cheese Ltd. †		16,107		42,360
BHP Group Ltd.		149,476		4,611,946
BlueScope Steel Ltd.		13,621		154,626
Costa Group Holdings Ltd. †		27,342		50,885
Elders Ltd. †		10,606		72,513
Evolution Mining Ltd.		55,315		112,644
Fortescue Metals Group Ltd. †		46,486		647,165
Glencore Plc (GBP)		178,825		1,186,553
GrainCorp Ltd.		15,624		78,456
IGO Ltd. †		19,679		179,297
Inghams Group Ltd.		21,074		40,696
Lynas Rare Earths Ltd. * †		26,543		139,367
Newcrest Mining Ltd.		27,280		381,012
Northern Star Resources Ltd. †		34,681		258,500
Nufarm Ltd./Australia		18,814		78,126
Origin Energy Ltd.		27,758		144,707
OZ Minerals Ltd. †		9,064		170,171
Perseus Mining Ltd.		41,677		59,734
Rio Tinto Plc (GBP)		30,968		2,168,745
Rural Funds Group		25,416		41,553
Santos Ltd.		50,940		249,539
South32 Ltd.		134,257		366,623
Washington H Soul Pattinson & Co. Ltd. †		3,729		69,683
Woodside Energy Group Ltd. †		30,737		741,443
				12,329,538
Austria: 0.3%
Andritz AG		2,147		122,531
Mayr Melnhof Karton AG		259		41,717
OMV AG		2,284		117,140
Verbund AG		1,199		100,486
voestalpine AG		3,300		87,153
				469,027
Brazil: 3.8%
Adecoagro SA (USD) †		8,278		68,625
BrasilAgro - Co. Brasileira de Propriedades Agricolas		3,750		21,032
BRF SA (ADR) * †		50,851		80,345
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		7,286		77,669
Cia Siderurgica Nacional SA (ADR)		39,150		108,054
Cosan SA		19,400		62,870
CSN Mineracao SA		12,550		9,573
Engie Brasil Energia SA		1,900		13,643

	Number of Shares		Value
Brazil (continued)
Gerdau SA (ADR)		32,519	$	180,155
Klabin SA		33,800		127,686
Minerva SA		18,650		45,771
Neoenergia SA		6,300		18,498
Petroleo Brasileiro SA (ADR)		60,309		642,291
Sao Martinho SA		11,100		55,769
SLC Agricola SA		6,865		60,886
Suzano SA		23,700		218,824
Vale SA (ADR)		141,087		2,394,246
Wheaton Precious Metals Corp. (USD)		13,828		540,398
Yamana Gold, Inc. (USD)		29,311		162,676
Yara International ASA (NOK)		10,893		475,755
				5,364,766
British Virgin Islands: 0.0%
Lee & Man Paper Manufacturing Ltd. (HKD)		34,500		15,130
Nine Dragons Paper Holdings Ltd. (HKD)		45,957		41,784
				56,914
Canada: 8.9%
Agnico Eagle Mines Ltd. (USD)		13,943		724,897
Alamos Gold, Inc.		11,987		121,113
Algonquin Power & Utilities Corp. †		7,278		47,376
AltaGas Ltd. †		4,529		78,149
ARC Resources Ltd. †		10,225		137,722
B2Gold Corp. †		32,503		115,384
Ballard Power Systems, Inc. * †		2,541		12,152
Barrick Gold Corp. (USD)		53,637		921,484
Boralex, Inc. †		1,076		31,781
Cameco Corp. (USD)		12,738		288,770
Canadian Natural Resources Ltd. (USD) †		18,303		1,016,366
Canadian Solar, Inc. (USD) * †		538		16,624
Canadian Utilities Ltd. †		1,937		52,394
Canfor Corp. * †		1,768		27,806
Cenovus Energy, Inc.		22,369		433,694
Emera, Inc. †		4,346		165,988
Enbridge, Inc. (USD)		32,790		1,282,089
Filo Mining Corp. * †		2,478		42,503
First Majestic Silver Corp. †		7,262		60,456
Franco-Nevada Corp.		5,828		793,885
Innergex Renewable Energy, Inc. †		1,615		19,309
Ivanhoe Mines Ltd. * †		16,730		132,116
Kinross Gold Corp. (USD)		38,111		155,874
Lundin Gold, Inc.		2,668		26,051
Maple Leaf Foods, Inc. †		5,260		94,916
Methanex Corp.		739		27,958
Northland Power, Inc.		2,600		71,248
Novagold Resources, Inc. (USD) *		6,981		41,746
Nutrien Ltd. (USD)		38,182		2,788,431
Osisko Gold Royalties Ltd. †		5,618		67,667

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Canada (continued)
Pan American Silver Corp. (USD)		6,432	$	105,099
Pembina Pipeline Corp. †		8,936		303,110
Sandstorm Gold Ltd.		7,569		39,774
SNDL, Inc. (USD) * †		16,794		35,099
SSR Mining, Inc. (USD)		6,293		98,611
Stella-Jones, Inc. †		1,878		67,250
Suncor Energy, Inc. (USD)		22,119		701,836
TC Energy Corp. (USD)		15,927		634,850
Teck Resources Ltd. (USD)		14,844		561,400
Tourmaline Oil Corp.		5,208		262,601
TransAlta Renewables, Inc.		1,135		9,424
West Fraser Timber Co. Ltd.		1,627		117,401
				12,732,404
Chile: 0.7%
Empresas CMPC SA		32,253		53,603
Empresas Copec SA		6,013		44,669
Lundin Mining Corp. (CAD) †		19,397		118,963
Sociedad Quimica y Minera de Chile SA (ADR)		10,120		807,981
				1,025,216
China: 1.5%
Aluminum Corp. of China Ltd. (HKD)		112,000		47,398
Angang Steel Co. Ltd. (HKD)		39,940		10,847
Astra Agro Lestari Tbk PT (IDR)		27,700		14,277
Beijing Enterprises Water Group Ltd. (HKD)		42,000		10,740
China Coal Energy Co. Ltd. (HKD) †		32,200		26,146
China Gas Holdings Ltd. (HKD)		43,600		63,192
China Hongqiao Group Ltd. (HKD)		73,200		69,043
China Longyuan Power Group Corp. Ltd. (HKD)		36,029		43,799
China Petroleum & Chemical Corp. (HKD)		402,827		194,099
China Resources Gas Group Ltd. (HKD)		14,400		53,723
China Shenhua Energy Co. Ltd. (HKD)		54,591		157,269
CMOC Group Ltd. (HKD) *		108,400		49,663
ENN Energy Holdings Ltd. (HKD)		12,300		171,818
Hong Kong & China Gas Co. Ltd. (HKD)		175,605		166,556
Jiangxi Copper Co. Ltd. (HKD)		31,700		46,544
JinkoSolar Holding Co. Ltd. (ADR) * †		532		21,748
Kunlun Energy Co. Ltd. (HKD)		58,600		41,665
Maanshan Iron & Steel Co. Ltd. (HKD) †		40,000		9,282
PetroChina Co. Ltd. (HKD)		336,540		153,739
Power Assets Holdings Ltd. (HKD)		21,900		119,702
Shandong Gold Mining Co. Ltd. (HKD) 144A		21,150		39,085

	Number of Shares		Value
China (continued)
United Tractors Tbk PT (IDR)		24,500	$	41,069
Wilmar International Ltd. (SGD)		73,164		227,627
Xinyi Solar Holdings Ltd. (HKD)		48,000		52,820
Yankuang Energy Group Co. Ltd. (HKD)		22,900		69,658
Zhaojin Mining Industry Co. Ltd. (HKD) *		38,900		43,003
Zijin Mining Group Co. Ltd. (HKD)		173,661		233,414
				2,177,926
Cyprus: 0.0%
Novolipetsk Steel PJSC (RUB) *∞		26,910		0
Czech Republic: 0.1%
CEZ AS		2,528		86,009
Denmark: 0.5%
Bakkafrost P/F (NOK)		3,514		218,162
Orsted AS 144A		2,009		181,076
Vestas Wind Systems A/S		10,439		303,593
				702,831
Egypt: 0.1%
Abou Kir Fertilizers & Chemical Industries		20,394		32,016
Centamin Plc (GBP)		35,066		47,679
				79,695
Finland: 0.9%
Kemira Oyj		3,029		46,340
Metsa Board Oyj		4,956		46,421
Neste Oyj		6,838		314,405
Stora Enso Oyj		17,021		239,270
UPM-Kymmene Oyj		15,647		583,782
				1,230,218
France: 1.9%
Electricite de France SA		5,579		71,411
Eramet SA		239		21,442
Neoen SA 144A		543		21,893
TotalEnergies SE †		38,991		2,440,270
Veolia Environnement SA		7,226		185,113
Voltalia SA *		688		12,512
				2,752,641
Germany: 3.1%
Aurubis AG		878		71,256
Bayer AG		69,609		3,572,068
E.ON SE		23,584		233,771
Encavis AG		1,239		24,427
K+S AG		13,564		266,600
Nordex SE *		1,557		21,848
Siemens Energy AG		6,869		128,588
Suedzucker AG		4,262		74,161
VERBIO Vereinigte BioEnergie AG		208		13,445
				4,406,164
Greece: 0.0%
Terna Energy SA		562		12,236

See Notes to Financial Statements

	Number of Shares		Value
Hungary: 0.0%
MOL Hungarian Oil & Gas Plc		5,972	$	41,374
India: 1.1%
Reliance Industries Ltd. (USD) 144A (GDR)		25,744		1,579,235
Indonesia: 0.3%
Adaro Energy Indonesia Tbk PT		211,100		52,292
Aneka Tambang Tbk		248,100		31,573
Golden Agri-Resources Ltd. (SGD)		444,319		82,812
Indah Kiat Pulp & Paper Tbk PT		77,100		43,200
Merdeka Copper Gold Tbk PT *		412,047		108,860
Pabrik Kertas Tjiwi Kimia Tbk PT		37,900		17,156
Vale Indonesia Tbk PT *		60,500		27,521
				363,414
Ireland: 0.2%
Smurfit Kappa Group Plc (GBP)		7,799		285,958
Israel: 0.3%
Energix-Renewable Energies Ltd.		2,717		8,530
Enlight Renewable Energy Ltd. *		10,368		21,004
ICL Group Ltd.		50,739		365,220
				394,754
Italy: 0.5%
ACEA SpA		409		5,636
Eni SpA		36,575		518,522
ERG SpA		592		18,293
Snam SpA		33,161		160,312
				702,763
Japan: 2.4%
Chubu Electric Power Co., Inc.		10,000		102,852
Daio Paper Corp.		2,300		17,552
ENEOS Holdings, Inc.		45,600		154,457
Idemitsu Kosan Co. Ltd.		3,200		74,517
Inpex Corp. †		14,900		159,251
JFE Holdings, Inc.		13,664		157,703
Kubota Corp. †		66,000		896,837
Kumiai Chemical Industry Co. Ltd.		4,900		33,395
Kurita Water Industries Ltd. †		1,065		43,755
Maruha Nichiro Corp.		2,436		46,106
NH Foods Ltd.		5,500		152,734
Nihon Nohyaku Co. Ltd. †		2,200		11,960
Nippon Sanso Holdings Corp.		2,500		36,020
Nippon Steel Corp.		22,600		390,040
Nissan Chemical Corp.		7,800		338,319
Nisshin Seifun Group, Inc.		12,750		159,386
Nissui Corp.		19,214		79,599
Oji Holdings Corp.		23,176		93,107

	Number of Shares		Value
Japan (continued)
Sakata Seed Corp.		2,000	$	65,942
Sumitomo Forestry Co. Ltd. †		4,083		71,774
Sumitomo Metal Mining Co. Ltd.		6,600		230,677
Tokyo Gas Co. Ltd.		6,000		116,851
				3,432,834
Kazakhstan: 0.0%
NAC Kazatomprom JSC (USD) (GDR)		1,914		53,752
Liechtenstein: 0.1%
Antofagasta Plc (GBP)		10,126		188,082
Luxembourg: 0.3%
ArcelorMittal SA		14,321		376,689
Malaysia: 0.5%
IOI Corp. Bhd		159,194		146,503
Kuala Lumpur Kepong Bhd		28,378		144,229
Petronas Dagangan Bhd		3,700		19,319
Petronas Gas Bhd		10,900		42,351
PPB Group Bhd		32,300		127,880
Press Metal Aluminium Holdings Bhd		100,100		110,906
QL Resources Bhd		68,300		85,433
United Plantations BHD		11,200		38,900
				715,521
Mexico: 0.6%
Fresnillo Plc (GBP)		5,498		59,772
Gruma SAB de CV		12,810		171,398
Grupo Mexico SAB de CV		91,264		320,382
Industrias Penoles SAB de CV *		5,732		70,494
Southern Copper Corp. (USD)		2,520		152,183
				774,229
Netherlands: 0.7%
OCI NV †		6,360		226,706
Tenaris SA (ADR)		17,427		612,733
Ternium SA (ADR) †		5,796		177,126
				1,016,565
Norway: 1.3%
Aker BP ASA		6,448		199,320
Austevoll Seafood ASA		6,144		55,109
Equinor ASA		15,774		563,802
Mowi ASA		28,525		483,400
NEL ASA * †		16,589		23,365
Norsk Hydro ASA		39,450		293,163
Salmar ASA		5,917		230,767
Var Energi ASA †		6,548		22,481
				1,871,407
Peru: 0.1%
Cia de Minas Buenaventura SAA (ADR)		8,425		62,766
Poland: 0.2%
KGHM Polska Miedz SA		4,027		117,005
Polski Koncern Naftowy ORLEN SA		9,432		138,414
				255,419

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Portugal: 0.1%
EDP Renovaveis SA		2,561	$	56,264
Galp Energia SGPS SA		7,957		107,024
Navigator Co. SA		6,437		23,729
				187,017
Russia: 0.0%
Evraz Plc (GBP) *∞		10,824		0
Gazprom PJSC ∞		125,520		0
LUKOIL PJSC ∞		3,739		0
MMC Norilsk Nickel PJSC ∞		1,284		0
MMC Norilsk Nickel PJSC (ADR) ∞		17		0
Novatek PJSC ∞		19,580		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Ros Agro Plc (USD) (GDR) ∞		4,076		0
Rosneft Oil Co. PJSC ∞		13,000