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		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PJSC ∞		371,430		0
Tatneft PJSC (ADR) ∞		2,680		0
				0
Saudi Arabia: 0.0%
S-Oil Corp. (KRW)		667		44,392
Singapore: 0.2%
Charoen Pokphand Indonesia Tbk PT (IDR)		516,800		187,593
First Resources Ltd.		25,400		28,093
Keppel Infrastructure Trust		43,500		17,523
Olam Group Ltd.		61,709		67,249
				300,458
South Africa: 2.0%
African Rainbow Minerals Ltd.		3,127		52,765
Anglo American Platinum Ltd.		1,742		145,179
Anglo American Plc (GBP)		37,328		1,454,445
Astral Foods Ltd.		2,750		26,304
Gold Fields Ltd. (ADR) †		27,320		282,762
Harmony Gold Mining Co. Ltd. (ADR)		18,939		64,393
Impala Platinum Holdings Ltd.		26,004		326,332
Northam Platinum Holdings Ltd. *		9,117		100,295
Omnia Holdings Ltd.		11,850		43,569
Royal Bafokeng Platinum Ltd.		1,966		19,161
Sasol Ltd.		9,416		150,057
Sibanye Stillwater Ltd.		84,188		222,890
				2,888,152
South Korea: 0.6%
Coway Co. Ltd. *		576		25,574
CS Wind Corp.		253		13,878
Hyundai Steel Co. *		2,452		59,765

	Number of Shares		Value
South Korea (continued)
Korea Zinc Co. Ltd. *		271	$	121,449
POSCO Holdings, Inc.		2,123		464,622
SK Innovation Co. Ltd. *		860		105,063
SK, Inc.		590		88,507
				878,858
Spain: 1.1%
Atlantica Sustainable Infrastructure Plc (USD)		694		17,975
Enagas SA †		3,682		61,043
Iberdrola SA		102,906		1,197,681
Repsol SA		21,197		336,384
				1,613,083
Sweden: 0.8%
Billerud AB		6,724		82,145
Boliden AB		7,926		298,156
Epiroc AB		9,887		180,299
Holmen AB		2,730		108,664
Husqvarna AB		29,145		204,999
SSAB AB		18,130		94,579
Svenska Cellulosa AB SCA		18,047		228,896
				1,197,738
Taiwan: 0.4%
China Steel Corp.		340,472		329,913
Formosa Petrochemical Corp.		18,920		49,387
Sinon Corp.		28,000		33,152
Taiwan Fertilizer Co. Ltd.		50,200		87,306
				499,758
Tanzania: 0.2%
AngloGold Ashanti Ltd. (ADR)		12,829		249,139
Thailand: 0.3%
B Grimm Power PCL (NVDR)		10,100		11,603
Energy Absolute PCL (NVDR)		14,200		39,686
PTT Exploration & Production PCL (NVDR)		21,700		110,510
PTT PCL (NVDR)		222,400		213,412
SCG Packaging PCL (NVDR)		34,000		55,916
				431,127
Turkey: 0.5%
Eldorado Gold Corp. (USD) *		5,619		46,975
Eregli Demir ve Celik Fabrikalari TAS		49,220		108,055
Gubre Fabrikalari TAS *		3,665		51,746
Hektas Ticaret TAS *		174,435		350,114
Iskenderun Demir ve Celik AS		4,382		7,769
Koza Altin Isletmeleri AS		1,402		42,318
Turkiye Petrol Rafinerileri AS *		2,393		67,757
				674,734
United Kingdom: 5.0%
BP Plc		287,177		1,648,703
Centrica Plc		93,822		108,575
CNH Industrial NV (USD)		67,794		1,088,772
DS Smith Plc		39,946		153,317
Endeavour Mining Plc (CAD)		5,588		119,517
Kumba Iron Ore Ltd. (ZAR) †		1,653		47,677
Mondi Plc		14,397		242,248

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Pennon Group Plc		2,772	$	29,654
Severn Trent Plc		2,501		79,502
Shell Plc		112,444		3,154,026
SSE Plc		17,053		348,973
United Utilities Group Plc		7,135		84,825
				7,105,789
United States: 49.7%
A.O. Smith Corp.		1,329		76,072
Advanced Drainage Systems, Inc.		786		64,428
AGCO Corp.		4,377		607,046
Alcoa Corp.		5,178		235,444
Ameresco, Inc. * †		338		19,313
American States Water Co.		391		36,187
American Vanguard Corp.		1,957		42,486
American Water Works Co., Inc.		1,933		294,628
Andersons, Inc.		2,223		77,783
Antero Resources Corp. *		4,423		137,069
APA Corp.		5,191		242,316
Archer-Daniels-Midland Co.		38,679		3,591,345
ATI, Inc. *		3,776		112,751
Atmos Energy Corp.		2,265		253,839
Baker Hughes Co.		16,157		477,116
Benson Hill, Inc. * †		11,153		28,440
Boise Cascade Co.		1,173		80,550
Bunge Ltd.		10,523		1,049,880
California Water Service Group		579		35,111
Cal-Maine Foods, Inc.		2,733		148,812
CF Industries Holdings, Inc.		13,833		1,178,572
Cheniere Energy, Inc.		3,972		595,641
Chesapeake Energy Corp. †		1,816		171,376
Chevron Corp.		31,345		5,626,114
Chord Energy Corp.		634		86,738
Civitas Resources, Inc.		1,179		68,299
Clearway Energy, Inc.		862		27,472
Cleveland-Cliffs, Inc. * †		14,944		240,748
Commercial Metals Co.		3,406		164,510
ConocoPhillips		20,185		2,381,830
Corteva, Inc.		50,541		2,970,800
Coterra Energy, Inc.		12,504		307,223
Darling Ingredients, Inc. *		11,235		703,199
Deere & Co.		19,799		8,489,019
Devon Energy Corp.		10,505		646,163
Diamondback Energy, Inc.		2,697		368,896
Elanco Animal Health, Inc. *		33,453		408,796
EOG Resources, Inc.		9,491		1,229,274
EQT Corp.		5,646		191,004
Essential Utilities, Inc.		2,790		133,167
Evoqua Water Technologies Corp. *		1,279		50,648
Exxon Mobil Corp.		66,669		7,353,591
Farmland Partners, Inc.		3,562		44,383
First Solar, Inc. *		1,064		159,377
FMC Corp.		8,880		1,108,224
Franklin Electric Co., Inc.		412		32,857
Freeport-McMoRan, Inc.		41,621		1,581,598

	Number of Shares		Value
United States (continued)
Fresh Del Monte Produce, Inc.		2,663	$	69,744
FuelCell Energy, Inc. * †		4,315		11,996
Graphic Packaging Holding Co.		9,152		203,632
Green Plains, Inc. *		609		18,574
Halliburton Co.		14,675		577,461
Hecla Mining Co.		17,245		95,882
Hess Corp.		4,510		639,608
HF Sinclair Corp.		2,520		130,763
Howmet Aerospace, Inc.		12,117		477,531
Imperial Oil Ltd. †		2,979		145,196
Ingredion, Inc.		4,476		438,335
International Paper Co.		10,626		367,978
Intrepid Potash, Inc. *		652		18,823
Itron, Inc. *		477		24,160
Kinder Morgan, Inc.		31,843		575,721
Lindsay Corp.		772		125,720
Louisiana-Pacific Corp.		2,125		125,800
LSB Industries, Inc. *		3,935		52,335
Marathon Oil Corp.		10,265		277,874
Marathon Petroleum Corp.		7,583		882,585
Matador Resources Co.		1,761		100,800
Mission Produce, Inc. *		2,982		34,651
Mosaic Co.		24,055		1,055,293
Murphy Oil Corp.		2,399		103,181
Murphy USA, Inc.		292		81,626
National Fuel Gas Co.		1,417		89,696
New Fortress Energy, Inc. †		1,273		54,001
Newmont Corp.		24,300		1,146,960
NextEra Energy, Inc.		21,080		1,762,288
NiSource, Inc.		6,558		179,820
NOV, Inc.		6,328		132,192
Nucor Corp. †		7,523		991,607
Occidental Petroleum Corp.		14,699		925,890
ONEOK, Inc.		7,200		473,040
Ormat Technologies, Inc. †		596		51,542
Ovintiv, Inc.		4,010		203,347
Packaging Corp. of America		2,730		349,194
PDC Energy, Inc.		1,475		93,633
Pentair Plc		1,747		78,580
PG&E Corp. *		34,019		553,149
Phillips 66		7,646		795,796
Pilgrim’s Pride Corp. *		2,818		66,871
Pioneer Natural Resources Co.		3,727		851,210
Plug Power, Inc. * †		5,513		68,196
PotlatchDeltic Corp.		2,379		104,652
Primo Water Corp.		1,650		25,641
Range Resources Corp.		3,813		95,401
Rayonier, Inc.		4,373		144,134
Reliance Steel & Aluminum Co.		1,714		346,982
Reliance Worldwide Corp. Ltd. (AUD)		7,197		14,332
Royal Gold, Inc.		2,006		226,116
Schlumberger Ltd.		22,950		1,226,907
Scotts Miracle-Gro Co. †		2,881		139,988

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United States (continued)
Seaboard Corp.		18	$	67,954
SJW Group		285		23,139
SolarEdge Technologies, Inc. *		586		165,996
Southern Co.		17,615		1,257,887
Southwestern Energy Co. *		15,905		93,044
Steel Dynamics, Inc.		4,873		476,092
SunPower Corp. * †		886		15,975
Sylvamo Corp.		1,129		54,858
Targa Resources Corp.		3,595		264,232
The Williams Companies, Inc.		19,710		648,459
Toro Co.		7,351		832,133
Tractor Supply Co.		7,797		1,754,091
Tyson Foods, Inc.		19,969		1,243,070
UGI Corp.		3,379		125,260
United States Steel Corp.		6,832		171,142
Valero Energy Corp.		6,226		789,830
Vital Farms, Inc. *		1,788		26,677
Watts Water Technologies, Inc.		286		41,822
Westrock Co.		7,556		265,669

	Number of Shares		Value
United States (continued)
Weyerhaeuser Co.		22,098	$	685,038
Xylem, Inc.		1,914		211,631
				70,970,568
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		16,392		342,249
Total Common Stocks (Cost: $129,019,248)				143,000,413

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $3,416,156)
State Street Navigator Securities Lending Government Money Market Portfolio		3,416,156		3,416,156
Total Investments: 102.6% (Cost: $132,435,404)				146,416,569
Liabilities in excess of other assets: (2.6)%				(3,733,076	)
NET ASSETS: 100.0%			$	142,683,493

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,835,434.
∞	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 $1,821,289, or 1.3% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		35.3	%	$	50,538,808
Materials		34.7			49,605,957
Industrials		10.1			14,426,972
Consumer Staples		7.8			11,198,318
Utilities		6.9			9,820,844
Health Care		2.8			4,015,964
Consumer Discretionary		1.4			1,933,065
Real Estate		0.7			1,019,760
Information Technology		0.3			440,725
		100.0	%	$	143,000,413

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	77,004	$	—	$	—	$	77,004
Australia		—		12,329,538		—		12,329,538
Austria		—		469,027		—		469,027
Brazil		4,254,459		1,110,307		—		5,364,766
British Virgin Islands		—		56,914		—		56,914
Canada		12,732,404		—		—		12,732,404
Chile		1,025,216		—		—		1,025,216
China		21,748		2,156,178		—		2,177,926
Cyprus		—		—		0		0
Czech Republic		86,009		—		—		86,009
Denmark		—		702,831		—		702,831
Egypt		—		79,695		—		79,695
Finland		—		1,230,218		—		1,230,218
France		—		2,752,641		—		2,752,641
Germany		—		4,406,164		—		4,406,164
Greece		—		12,236		—		12,236
Hungary		—		41,374		—		41,374
India		—		1,579,235		—		1,579,235
Indonesia		—		363,414		—		363,414
Ireland		—		285,958		—		285,958
Israel		—		394,754		—		394,754
Italy		—		702,763		—		702,763
Japan		—		3,432,834		—		3,432,834
Kazakhstan		—		53,752		—		53,752
Liechtenstein		—		188,082		—		188,082
Luxembourg		—		376,689		—		376,689
Malaysia		232,632		482,889		—		715,521
Mexico		714,457		59,772		—		774,229
Netherlands		789,859		226,706		—		1,016,565
Norway		—		1,871,407		—		1,871,407
Peru		62,766		—		—		62,766
Poland		—		255,419		—		255,419
Portugal		—		187,017		—		187,017
Russia		—		—		0		0
Saudi Arabia		—		44,392		—		44,392
Singapore		—		300,458		—		300,458
South Africa		517,323		2,370,829		—		2,888,152
South Korea		—		878,858		—		878,858
Spain		17,975		1,595,108		—		1,613,083
Sweden		—		1,197,738		—		1,197,738
Taiwan		—		499,758		—		499,758
Tanzania		249,139		—		—		249,139
Thailand		—		431,127		—		431,127
Turkey		98,721		576,013		—		674,734
United Kingdom		1,208,289		5,897,500		—		7,105,789
United States		70,956,236		14,332		—		70,970,568
Zambia		342,249		—		—		342,249
Money Market Fund		3,416,156		—		—		3,416,156
Total Investments	$	96,802,642	$	49,613,927	$	0	$	146,416,569

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 3.2%
Ampol Ltd. †		65,446	$	1,253,043
Austria: 4.6%
OMV AG		34,788		1,784,178
Finland: 5.5%
Neste Oyj		46,266		2,127,269
Greece: 1.6%
Motor Oil Hellas Corinth Refineries SA		26,561		616,775
Hungary: 3.6%
MOL Hungarian Oil & Gas Plc		200,038		1,385,871
India: 7.5%
Reliance Industries Ltd. (USD) 144A (GDR)		47,661		2,923,706
Japan: 11.0%
Cosmo Energy Holdings Co. Ltd.		22,200		584,497
ENEOS Holdings, Inc.		577,900		1,957,474
Idemitsu Kosan Co. Ltd.		75,268		1,752,727
				4,294,698
Poland: 5.4%
Polski Koncern Naftowy ORLEN SA		144,860		2,125,808
Portugal: 4.8%
Galp Energia SGPS SA		140,230		1,886,134

	Number of Shares		Value
Saudi Arabia: 2.4%
S-Oil Corp. (KRW)		14,233	$	947,280
South Korea: 6.7%
HD Hyundai Co. Ltd.		20,661		935,069
SK Innovation Co. Ltd. *		13,775		1,682,847
				2,617,916
Taiwan: 4.3%
Formosa Petrochemical Corp.		638,000		1,665,388
Thailand: 3.3%
IRPC PCL (NVDR)		4,899,400		426,727
Thai Oil PCL (NVDR)		535,600		868,178
				1,294,905
Turkey: 4.1%
Turkiye Petrol Rafinerileri AS *		56,396		1,596,825
United States: 32.1%
CVR Energy, Inc.		12,709		398,300
Delek US Holdings, Inc.		22,786		615,222
HF Sinclair Corp.		33,499		1,738,263
Marathon Petroleum Corp.		27,963		3,254,614
PBF Energy, Inc.		29,181		1,190,001
Phillips 66		25,890		2,694,631
Valero Energy Corp.		20,604		2,613,823
				12,504,854
Total Common Stocks (Cost: $39,000,463)				39,024,650
Total Investments: 100.1% (Cost: $39,000,463)				39,024,650
Liabilities in excess of other assets: (0.1)%				(32,935	)
NET ASSETS: 100.0%			$	38,991,715

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $56,309.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,923,706, or 7.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Energy			100.0	%		$	39,024,650

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,253,043	$	—	$	1,253,043
Austria		—		1,784,178		—		1,784,178
Finland		—		2,127,269		—		2,127,269
Greece		—		616,775		—		616,775
Hungary		—		1,385,871		—		1,385,871
India		—		2,923,706		—		2,923,706
Japan		—		4,294,698		—		4,294,698
Poland		—		2,125,808		—		2,125,808
Portugal		—		1,886,134		—		1,886,134
Saudi Arabia		—		947,280		—		947,280
South Korea		—		2,617,916		—		2,617,916
Taiwan		—		1,665,388		—		1,665,388
Thailand		—		1,294,905		—		1,294,905
Turkey		—		1,596,825		—		1,596,825
United States		12,504,854		—		—		12,504,854
Total Investments	$	12,504,854	$	26,519,796	$	—	$	39,024,650

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 4.6%
Valaris Ltd. (USD) *		1,757,766	$	118,860,137
Netherlands: 5.0%
Tenaris SA (ADR) †		3,685,033		129,565,760
United Kingdom: 4.4%
TechnipFMC Plc (USD) *		9,354,759		114,034,512
United States: 86.0%
Baker Hughes Co.		7,362,106		217,402,990
Cactus, Inc.		1,940,081		97,508,471
ChampionX Corp.		3,788,971		109,842,269
Core Laboratories NV †		995,140		20,171,488
Dril-Quip, Inc. *		824,981		22,414,734
Expro Group Holdings NV * †		2,800,366		50,770,636
Halliburton Co.		7,702,315		303,086,095
Helix Energy Solutions Group, Inc. *		4,633,767		34,197,200
Helmerich & Payne, Inc.		2,346,389		116,310,503
Liberty Energy, Inc.		4,169,787		66,758,290
Nabors Industries Ltd. *		345,754		53,546,922
NexTier Oilfield Solutions, Inc. *		7,845,153		72,489,214
NOV, Inc.		5,843,850		122,078,026
Oceaneering International, Inc. *		3,012,233		52,683,955

	Number of Shares		Value
United States (continued)
Oil States International, Inc. *		2,133,219	$	15,913,814
Patterson-UTI Energy, Inc.		6,617,669		111,441,546
ProPetro Holding Corp. *		2,895,403		30,025,329
RPC, Inc.		4,648,954		41,329,201
Schlumberger Ltd.		9,542,602		510,147,503
Select Energy Services, Inc.		3,274,911		30,260,178
Transocean Ltd. * †		25,131,307		114,598,760
US Silica Holdings, Inc. *		2,310,730		28,884,125
				2,221,861,249
Total Common Stocks (Cost: $2,499,084,561)				2,584,321,658

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $22,295,028)
State Street Navigator Securities Lending Government Money Market Portfolio		22,295,028		22,295,028
Total Investments: 100.9% (Cost: $2,521,379,589)				2,606,616,686
Liabilities in excess of other assets: (0.9)%				(22,229,216	)
NET ASSETS: 100.0%			$	2,584,387,470

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $85,090,759.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Equipment & Services		80.1	%	$	2,069,563,790
Oil & Gas Drilling		19.9			514,757,868
		100.0	%	$	2,584,321,658

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Value 12/31/2021		Purchases		Sales Proceeds			Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 12/31/2022
Nabors Industries Ltd.	$	35,558,614	$	102,967,725	$	(114,228,645	)	$	18,500,081	$	–	$	10,749,147	$	–(a)
Patterson-UTI Energy, Inc.		100,436,962		225,246,247		(299,268,996	)		70,752,928		1,612,186		14,274,405		–(a)
Select Energy Services, Inc.		33,115,316		67,744,637		(81,005,304	)		7,306,430		193,602		3,099,099		–(a)
Transocean Ltd.		89,632,915		200,188,179		(219,535,903	)		4,336,325		–		39,977,244		–(a)
US Silica Holdings, Inc.		36,741,836		74,550,959		(94,946,982	)		6,501,635		–		6,036,677		–(a)
	$	295,485,643	$	670,697,747	$	(808,985,830	)	$	107,397,399	$	1,805,788	$	74,136,572	$	–

(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 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	2,584,321,658	$	—	$	—	$	2,584,321,658
Money Market Fund		22,295,028		—		—		22,295,028
Total Investments	$	2,606,616,686	$	—	$	—	$	2,606,616,686

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 39.5%
Allkem Ltd. *		5,044,046	$	38,060,672
AVZ Minerals Ltd. * †∞		69,192,235		22,081,219
Core Lithium Ltd. * †		29,698,271		20,414,470
Iluka Resources Ltd.		4,191,159		26,852,710
ioneer Ltd. * †		29,616,940		7,552,280
Lake Resources NL * †		21,057,023		11,312,902
Liontown Resources Ltd. * †		24,904,413		22,089,063
Lynas Rare Earths Ltd. * †		7,411,002		38,912,279
Pilbara Minerals Ltd. *		18,189,210		45,876,947
Sayona Mining Ltd. * †		127,000,793		16,094,805
				249,247,347
Brazil: 4.1%
Sigma Lithium Corp. (USD) * †		919,302		25,942,703
Canada: 5.3%
Lithium Americas Corp. (USD) * †		1,359,857		25,769,290
Standard Lithium Ltd. (USD) * †		2,605,702		7,686,821
				33,456,111
China: 31.4%
China Northern Rare Earth Group High-Tech Co. Ltd.		13,205,811		47,612,983
Ganfeng Lithium Group Co. Ltd. (HKD) 144A †		3,730,040		27,653,736
Shenghe Resources Holding Co. Ltd.		15,116,287		30,469,804
Tianqi Lithium Corp. (HKD) * †		1,870,000		13,333,646

	Number of Shares		Value
China (continued)
Xiamen Tungsten Co. Ltd.		10,462,424	$	29,480,588
Zhejiang Huayou Cobalt Co. Ltd.		6,186,569		49,518,958
				198,069,715
France: 2.5%
Eramet SA †		176,037		15,793,224
Netherlands: 3.2%
AMG Advanced Metallurgical Group NV		552,746		20,369,478
United States: 13.9%
Livent Corp. * †		1,572,938		31,254,278
MP Materials Corp. *		1,167,888		28,356,321
Piedmont Lithium, Inc. * †		241,954		10,650,815
Tronox Holdings Plc		1,287,102		17,646,168
				87,907,582
Total Common Stocks (Cost: $604,345,687)				630,786,160

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%
Money Market Fund: 6.9% (Cost: $43,492,601)
State Street Navigator Securities Lending Government Money Market Portfolio		43,492,601		43,492,601
Total Investments: 106.8% (Cost: $647,838,288)				674,278,761
Liabilities in excess of other assets: (6.8)%				(43,071,793	)
NET ASSETS: 100.0%			$	631,206,968

Definitions:

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 $151,605,612.
∞	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 $27,653,736, or 4.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Materials			100.0	%		$	630,786,160

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS 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
Australia	$	—	$	227,166,128	$	22,081,219	$	249,247,347
Brazil		25,942,703		—		—		25,942,703
Canada		33,456,111		—		—		33,456,111
China		—		198,069,715		—		198,069,715
France		—		15,793,224		—		15,793,224
Netherlands		—		20,369,478		—		20,369,478
United States		87,907,582		—		—		87,907,582
Money Market Fund		43,492,601		—		—		43,492,601
Total Investments	$	190,798,997	$	461,398,545	$	22,081,219	$	674,278,761

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out are assessed at the beginning of the year.

	Common Stock
Balance as of December 31, 2021	$	—
Realized gain (loss)		5,246,629
Net change in unrealized appreciation (depreciation)		(18,982,804	)
Purchases		5,240,672
Sales		(23,774,958	)
Transfers in/out of level 3		54,351,680
Balance as of December 31, 2022	$	22,081,219

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022:

	Value as of December 31, 2022	Valuation Technique	Unobservable Input Description⁽¹⁾	Unobservable Input	Impact to Valuation from an Increase in Input⁽²⁾
Common Stock
	$22,081,219	Market Approach	Market comparables	20%	Increase
			Discount for lack of marketability	25%	Decrease

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

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

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 11.6%
Rio Tinto Plc (ADR) †		163,092	$	11,612,151
Brazil: 21.0%
Cia Siderurgica Nacional SA (ADR)		1,679,819		4,636,300
Gerdau SA (ADR)		774,846		4,292,647
Vale SA (ADR)		704,634		11,957,639
				20,886,586
Canada: 0.7%
Algoma Steel Group, Inc. (USD) †		101,865		645,824
Luxembourg: 5.1%
ArcelorMittal SA (USD)		192,071		5,036,102
Netherlands: 9.9%
Tenaris SA (ADR)		149,135		5,243,587
Ternium SA (ADR)		152,870		4,671,707
				9,915,294
South Korea: 5.0%
POSCO Holdings, Inc. (ADR) †		92,371		5,031,448
United States: 46.8%
ATI, Inc. *		150,004		4,479,119
Carpenter Technology Corp.		47,517		1,755,278
Cleveland-Cliffs, Inc. * †		290,887		4,686,190
Commercial Metals Co.		91,404		4,414,813
Gibraltar Industries, Inc. *		30,378		1,393,743
Nucor Corp. †		50,104		6,604,208

	Number of Shares		Value
United States (continued)
Olympic Steel, Inc.	10,917	$	366,593
Reliance Steel & Aluminum Co.	21,878		4,428,982
Ryerson Holding Corp.	36,304		1,098,559
Schnitzer Steel Industries, Inc.	26,235		804,103
Steel Dynamics, Inc.	48,408		4,729,462
SunCoke Energy, Inc.	81,805		705,977
TimkenSteel Corp. *	43,618		792,539
United States Steel Corp.	176,045		4,409,927
Warrior Met Coal, Inc.	50,664		1,755,001
Worthington Industries, Inc.	85,792		4,264,720
			46,689,214
Total Common Stocks (Cost: $116,358,302)			99,816,619

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $2,476,643)
State Street Navigator Securities Lending Government Money Market Portfolio	2,476,643		2,476,643
Total Investments: 102.6% (Cost: $118,834,945)			102,293,262
Liabilities in excess of other assets: (2.6)%			(2,596,083	)
NET ASSETS: 100.0%		$	99,697,179

Definitions:

ADR		American Depositary Receipt
USD		United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $21,413,508.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		93.3	%	$	93,179,290
Energy		5.3			5,243,586
Industrials		1.4			1,393,743
		100.0	%	$	99,816,619

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 ^*	$	99,816,619	$	—	$	—	$	99,816,619
Money Market Fund		2,476,643		—		—		2,476,643
Total Investments	$	102,293,262	$	—	$	—	$	102,293,262

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 3.6%
Boss Energy Ltd. *		379,815	$	544,324
Paladin Energy Ltd. * †		3,027,671		1,422,987
				1,967,311
Canada: 13.1%
Cameco Corp. (USD)		136,626		3,097,311
Denison Mines Corp. (USD) * †		951,911		1,094,698
Global Atomic Corp. * †		205,410		532,115
NexGen Energy Ltd. (USD) * †		552,247		2,446,454
				7,170,578
China: 4.4%
CGN Power Co. Ltd. (HKD) 144A		10,186,000		2,419,230
Czech Republic: 4.6%
CEZ AS		74,137		2,522,335
Finland: 4.5%
Fortum Oyj		146,966		2,440,265
France: 5.0%
Electricite de France SA		211,332		2,705,042
Italy: 4.4%
Endesa SA		127,436		2,394,547
Japan: 4.8%
Kyushu Electric Power Co., Inc.		463,400		2,605,332
Jersey, Channel Islands: 1.4%
Yellow Cake Plc 144A *		174,834		781,753
Kazakhstan: 4.1%
NAC Kazatomprom JSC (USD) (GDR)		79,373		2,229,076

	Number of Shares		Value
South Korea: 1.0%
KEPCO Engineering & Construction Co., Inc. *		12,632	$	543,736
United States: 49.1%
BWX Technologies, Inc.		40,393		2,346,025
Centrus Energy Corp. * †		15,227		494,573
Constellation Energy Corp.		40,547		3,495,557
Dominion Energy, Inc.		73,770		4,523,576
Energy Fuels, Inc. * †		168,356		1,045,491
Entergy Corp.		29,851		3,358,238
PG&E Corp. * †		205,292		3,338,048
PNM Resources, Inc.		48,944		2,387,978
Public Service Enterprise Group, Inc.		71,370		4,372,839
Uranium Energy Corp. * †		356,571		1,383,495
				26,745,820
Total Common Stocks (Cost: $50,848,094)				54,525,025

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%
Money Market Fund: 4.8% (Cost: $2,598,944)
State Street Navigator Securities Lending Government Money Market Portfolio		2,598,944		2,598,944
Total Investments: 104.8% (Cost: $53,447,038)				57,123,969
Liabilities in excess of other assets: (4.8)%				(2,642,084	)
NET ASSETS: 100.0%			$	54,481,885

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,685,964.

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 $3,200,983, or 5.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		67.1	%	$	36,562,986
Energy		25.2			13,758,409
Industrials		6.7			3,671,515
Materials		1.0			532,115
		100.0	%	$	54,525,025

See Notes to Financial Statements

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	$	—	$	1,967,311	$	—	$	1,967,311
Canada		7,170,578		—		—		7,170,578
China		—		2,419,230		—		2,419,230
Czech Republic		2,522,335		—		—		2,522,335
Finland		—		2,440,265		—		2,440,265
France		—		2,705,042		—		2,705,042
Italy		—		2,394,547		—		2,394,547
Japan		—		2,605,332		—		2,605,332
Jersey, Channel Islands		—		781,753		—		781,753
Kazakhstan		—		2,229,076		—		2,229,076
South Korea		—		543,736		—		543,736
United States		26,745,820		—		—		26,745,820
Money Market Fund		2,598,944		—		—		2,598,944
Total Investments	$	39,037,677	$	18,086,292	$	—	$	57,123,969

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,339,918,131		$	2,588,025		$	5,944,170,649		$	22,599,105
Affiliated issuers (3)		—			—			5,994,836,736			—
Short-term investments held as collateral for securities loaned (4)		1,586,727			73,186			120,829,768			555,578
Cash		8,420			115,798			30,219			2,595
Cash denominated in foreign currency, at value (5)		386,727			—			740,914			308,524
Receivables:
Dividends and interest		2,224,696			5,688			3,983,224			10,884
Prepaid expenses		16,180			—			85,842			—
Total assets		1,344,140,881			2,782,697			12,064,677,352			23,476,686
Liabilities:
Payables:
Collateral for securities loaned		1,586,727			73,186			120,829,768			555,578
Line of credit		191,510			—			3,165,413			318,632
Due to Adviser		593,215			1,616			5,136,039			11,952
Due to custodian		—			10,011			—			—
Deferred Trustee fees		492,945			—			1,194,420			—
Accrued expenses		253,475			—			308,114			98
Total liabilities		3,117,872			84,813			130,633,754			886,260
NET ASSETS	$	1,341,023,009		$	2,697,884		$	11,934,043,598		$	22,590,426
Shares outstanding		15,600,000			150,000			416,002,500			800,000
Net asset value, redemption and offering price per share	$	85.96		$	17.99		$	28.69		$	28.24
Net Assets consist of:
Aggregate paid in capital	$	2,207,483,990		$	3,462,993		$	23,938,793,497		$	28,042,618
Total distributable earnings (loss)		(866,460,981	)		(765,109	)		(12,004,749,899	)		(5,452,192	)
NET ASSETS	$	1,341,023,009		$	2,697,884		$	11,934,043,598		$	22,590,426
(1) Value of securities on loan	$	2,362,658		$	104,114		$	225,906,317		$	537,745
(2) Cost of investments - Unaffiliated issuers	$	1,421,100,928		$	3,257,054		$	5,736,649,935		$	26,809,490
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	6,286,244,461		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	1,586,727		$	73,186		$	120,829,768		$	555,578
(5) Cost of cash denominated in foreign currency	$	379,247		$	—		$	737,813		$	401,840

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,734,769,712		$	198,128,907		$	143,000,413		$	39,024,650
Short-term investments held as collateral for securities loaned (3)		157,686,725			8,687,734			3,416,156			—
Cash		2,140,343			247			12,075			—
Cash denominated in foreign currency, at value (4)		345,817			1,744,264			346,397			389
Receivables:
Investment securities sold		—			—			21,931			—
Dividends and interest		1,982,093			391,730			200,215			129,170
Prepaid expenses		34,532			4,130			—			2,023
Total assets		3,896,959,222			208,957,012			146,997,187			39,156,232
Liabilities:
Payables:
Collateral for securities loaned		157,686,725			8,687,734			3,416,156			—
Line of credit		—			1,890,841			758,166			109,158
Due to Adviser		1,597,577			89,650			60,030			13,186
Due to custodian		—			—			—			8
Deferred Trustee fees		313,116			16,099			14,855			843
Accrued expenses		350,732			122,695			64,487			41,322
Total liabilities		159,948,150			10,807,019			4,313,694			164,517
NET ASSETS	$	3,737,011,072		$	198,149,993		$	142,683,493		$	38,991,715
Shares outstanding		104,887,446			1,783,298			2,900,000			1,250,000
Net asset value, redemption and offering price per share	$	35.63		$	111.11		$	49.20		$	31.19
Net Assets consist of:
Aggregate paid in capital	$	9,295,287,113		$	305,567,646		$	182,795,853		$	49,777,014
Total distributable earnings (loss)		(5,558,276,041	)		(107,417,653	)		(40,112,360	)		(10,785,299	)
NET ASSETS	$	3,737,011,072		$	198,149,993		$	142,683,493		$	38,991,715
(1) Value of securities on loan	$	217,017,532		$	12,648,560		$	6,835,434		$	56,309
(2) Cost of investments - Unaffiliated issuers	$	4,422,392,574		$	241,046,477		$	129,019,248		$	39,000,463
(3) Cost of short-term investments held as collateral for securities loaned	$	157,686,725		$	8,687,734		$	3,416,156		$	—
(4) Cost of cash denominated in foreign currency	$	344,943		$	1,732,481		$	345,792		$	387

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,584,321,658		$	630,786,160		$	99,816,619		$	54,525,025
Short-term investments held as collateral for securities loaned (3)		22,295,028			43,492,601			2,476,643			2,598,944
Cash		7,241			12,367			—			23,046
Cash denominated in foreign currency, at value (4)		—			1,005,535			—			275
Receivables:
Investment securities sold		—			—			5,474,482			—
Shares of beneficial interest sold		30,402,537			—			1,474,811			—
Dividends and interest		1,801,733			549,784			183,383			8,903
Prepaid expenses		—			9,320			2,506			1,139
Total assets		2,638,828,197			675,855,767			109,428,444			57,157,332
Liabilities:
Payables:
Investment securities purchased		30,403,382			—			5,588,604			—
Shares of beneficial interest redeemed		—			—			1,454,822			—
Collateral for securities loaned		22,295,028			43,492,601			2,476,643			2,598,944
Line of credit		803,170			711,048			—			—
Due to Adviser		729,765			297,116			42,709			19,665
Due to custodian		—			—			73,486			—
Deferred Trustee fees		206,442			21,391			17,588			11,370
Accrued expenses		2,940			126,643			77,413			45,468
Total liabilities		54,440,727			44,648,799			9,731,265			2,675,447
NET ASSETS	$	2,584,387,470		$	631,206,968		$	99,697,179		$	54,481,885
Shares outstanding		8,500,543			8,274,987			1,725,000			991,632
Net asset value, redemption and offering price per share	$	304.03		$	76.28		$	57.80		$	54.94
Net Assets consist of:
Aggregate paid in capital	$	4,515,251,113		$	963,175,098		$	279,810,760		$	135,999,032
Total distributable earnings (loss)		(1,930,863,643	)		(331,968,130	)		(180,113,581	)		(81,517,147	)
NET ASSETS	$	2,584,387,470		$	631,206,968		$	99,697,179		$	54,481,885
(1) Value of securities on loan	$	85,090,759		$	151,605,612		$	21,413,508		$	6,685,964
(2) Cost of investments - Unaffiliated issuers	$	2,499,084,561		$	604,345,687		$	116,358,302		$	50,848,094
(3) Cost of short-term investments held as collateral for securities loaned	$	22,295,028		$	43,492,601		$	2,476,643		$	2,598,944
(4) Cost of cash denominated in foreign currency	$	—		$	995,505		$	—		$	274

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Income:
Dividends - unaffiliated issuers	$	38,558,485		$	42,643		$	171,565,996		$	727,935
Dividends - affiliated issuers		—			—			108,178,847			—
Interest		12,217			54			82,627			—
Securities lending income		1,513,610			16,589			1,538,139			3,928
Foreign taxes withheld		(4,051,067	)		(4,069	)		(24,829,881	)		(55,710	)
Total income		36,033,245			55,217			256,535,728			676,153
Expenses:
Management fees		7,590,170			17,856			60,561,304			134,921
Professional fees		45,817			—			47,241			—
Custody and accounting fees		122,851			—			182,704			—
Reports to shareholders		137,210			—			520,880			—
Trustees’ fees and expenses		40,970			—			274,827			—
Registration fees		5,937			—			19,670			—
Insurance		19,925			—			131,127			—
Interest and taxes		64,124			76			304,257			9,429
Other		8,526			—			33,981			—
Total expenses		8,035,530			17,932			62,075,991			144,350
Net investment income		27,997,715			37,285			194,459,737			531,803

Net realized gain (loss) on:
Investments - unaffiliated issuers		(49,355,667	)		(98,221	)		(629,322,970	)		(1,104,654	)
Investments - affiliated issuers		—			—			(243,269,510	)		—
In-kind redemptions - unaffiliated issuers		141,406,093			—			574,345,552			56,624
In-kind redemptions - affiliated issuers		—			—			264,551,586			—
Foreign currency transactions and foreign denominated assets and liabilities		(263,961	)		1,114			(1,451,705	)		66,611
Net realized gain (loss)		91,786,465			(97,107	)		(35,147,047	)		(981,419	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(320,294,125	)		(704,103	)		(715,321,927	)		(4,457,081	)
Investments - affiliated issuers		—			—			(642,574,000	)		—
Foreign currency translations and foreign denominated assets and liabilities		(19,979	)		195			184			(99,095	)
Net change in unrealized appreciation (depreciation)		(320,314,104	)		(703,908	)		(1,357,895,743	)		(4,556,176	)
Net Decrease in Net Assets Resulting from Operations	$	(200,529,924	)	$	(763,730	)	$	(1,198,583,053	)	$	(5,005,792	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	47,425,434		$	3,732,762		$	5,499,182		$	1,590,094
Dividends - affiliated issuers		191,415			—			—			—
Interest		95,475			—			1,306			4
Securities lending income		2,053,791			688,553			49,184			682
Foreign taxes withheld		(4,854,077	)		(324,728	)		(283,060	)		(149,481	)

Total income		44,912,038			4,096,587			5,266,612			1,441,299
Expenses:
Management fees		19,460,452			1,175,675			668,971			173,888
Professional fees		35,305			79,283			—			44,976
Custody and accounting fees		223,115			110,171			—			30,145
Reports to shareholders		167,327			42,842			—			4,557
Trustees’ fees and expenses		83,119			5,743			—			1,386
Registration fees		19,401			5,938			—			5,937
Insurance		59,397			7,170			—			2,184
Interest and taxes		32,243			12,788			12,025			5,710
Other		17,156			6,456			—			3,463

Total expenses		20,097,515			1,446,066			680,996			272,246
Waiver of management fees		—			—			—			(61,342	)

Net expenses		20,097,515			1,446,066			680,996			210,904

Net investment income		24,814,523			2,650,521			4,585,616			1,230,395

Net realized gain (loss) on:
Investments - unaffiliated issuers		(302,421,091	)		(9,539,813	)		(7,695,444	)		(3,146,583	)
Investments - affiliated issuers		(6,528,287	)		—			—			—
In-kind redemptions - unaffiliated issuers		138,361,289			2,258,899			7,630,957			3,233,533
In-kind redemptions - affiliated issuers		338,379			—			—			—
Capital gain distributions from investment companies		—			—			44,954			—
Foreign currency transactions and foreign denominated assets and liabilities		(825,255	)		(25,979	)		(60,193	)		(24,850	)

Net realized gain (loss)		(171,074,965	)		(7,306,893	)		(79,726	)		62,100

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(484,302,537	)		(81,996,405	)		(2,080,852	)		(743,365	)
Investments - affiliated issuers		(2,116,013	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		(1,825	)		1,545			(1,060	)		(1,718	)
Net change in unrealized appreciation (depreciation)		(486,420,375	)		(81,994,860	)		(2,081,912	)		(745,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(632,680,817	)	$	(86,651,232	)	$	2,423,978		$	547,412

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+ Nuclear Energy ETF
Income:
Dividends - unaffiliated issuers	$	31,762,476		$	5,756,920		$	5,705,645		$	1,072,803
Dividends - affiliated issuers		1,805,788			—			—			—
Interest		58,085			15,205			2,245			805
Securities lending income		48,551			5,159,433			210,525			23,194
Foreign taxes withheld		(10,362	)		(356,310	)		(140,916	)		(63,993	)
Total income		33,664,538			10,575,248			5,777,499			1,032,809
Expenses:
Management fees		9,982,726			4,261,430			547,396			237,947
Professional fees		—			39,622			35,008			36,971
Custody and accounting fees		—			118,791			2,610			27,338
Reports to shareholders		—			125,617			26,751			4,578
Trustees’ fees and expenses		—			20,714			2,313			1,126
Registration fees		—			5,937			4,145			5,937
Insurance		—			10,206			4,213			1,536
Interest and taxes		35,319			44,222			8,274			2,873
Other		—			5,586			1,345			2,443
Total expenses		10,018,045			4,632,125			632,055			320,749
Waiver of management fees		—			—			(21,645	)		(32,334	)
Net expenses		10,018,045			4,632,125			610,410			288,415
Net investment income		23,646,493			5,943,123			5,167,089			744,394

Net realized gain (loss) on:
Investments - unaffiliated issuers		(141,003,204	)		(39,414,077	)		(7,471,454	)		(163,174	)
Investments - affiliated issuers		(13,690,756	)		—			—			—
In-kind redemptions - unaffiliated issuers		622,352,444			64,623,117			5,333,302			1,784,521
In-kind redemptions - affiliated issuers		121,088,155			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(147,858	)		—			(23,608	)
Net realized gain (loss)		588,746,639			25,061,182			(2,138,152	)		1,597,739

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		458,684,816			(338,282,384	)		3,726,233			(940,945	)
Investments - affiliated issuers		74,136,572			—			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			5,270			—			(761	)
Net change in unrealized appreciation (depreciation)		532,821,388			(338,277,114	)		3,726,233			(941,706	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,145,214,520		$	(307,272,809	)	$	6,755,170		$	1,400,427

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						Future of Food ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Period Ended December 31, 2021 (a)
Operations:
Net investment income	$	27,997,715		$	14,113,197		$	37,285		$	1,947
Net realized gain (loss)		91,786,465			103,047,705			(97,107	)		(4	)
Net change in unrealized appreciation (depreciation)		(320,314,104	)		99,471,560			(703,908	)		35,079
Net increase (decrease) in net assets resulting from operations		(200,529,924	)		216,632,462			(763,730	)		37,022
Distributions to shareholders from:
Distributable earnings		(28,899,290	)		(13,850,800	)		(38,400	)		—

Share transactions*:
Proceeds from sale of shares		815,012,259			459,439,465			1,030,333			2,432,659
Cost of shares redeemed		(427,267,809	)		(273,313,828	)		—			—
Increase in net assets resulting from share transactions		387,744,450			186,125,637			1,030,333			2,432,659
Total increase in net assets		158,315,236			388,907,299			228,203			2,469,681
Net Assets, beginning of period		1,182,707,773			793,800,474			2,469,681			—
Net Assets, end of period	$	1,341,023,009		$	1,182,707,773		$	2,697,884		$	2,469,681
*Shares of Common Stock Issued (no par value)
Shares sold		8,000,000			5,250,000			50,000			100,000
Shares redeemed		(4,800,000	)		(3,050,000	)		—			—
Net increase		3,200,000			2,200,000			50,000			100,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Period Ended December 31, 2021 (a)
Operations:
Net investment income (loss)	$	194,459,737		$	220,313,648		$	531,803		$	(3,750	)
Net realized gain (loss)		(35,147,047	)		703,319,609			(981,419	)		(61,930	)
Net change in unrealized appreciation (depreciation)		(1,357,895,743	)		(2,479,630,293	)		(4,556,176	)		252,259
Net increase (decrease) in net assets resulting from operations		(1,198,583,053	)		(1,555,997,036	)		(5,005,792	)		186,579
Distributions to shareholders from:
Distributable earnings		(197,981,341	)		(224,002,317	)		(580,000	)		—

Share transactions*:
Proceeds from sale of shares		3,035,577,589			2,030,470,195			14,040,492			15,509,965
Cost of shares redeemed		(2,978,056,133	)		(3,480,902,948	)		(1,560,818	)		—
Increase (decrease) in net assets resulting from share transactions		57,521,456			(1,450,432,753	)		12,479,674			15,509,965
Total increase (decrease) in net assets		(1,339,042,938	)		(3,230,432,106	)		6,893,882			15,696,544
Net Assets, beginning of period		13,273,086,536			16,503,518,642			15,696,544			—
Net Assets, end of period	$	11,934,043,598		$	13,273,086,536		$	22,590,426		$	15,696,544
*Shares of Common Stock Issued (no par value)
Shares sold		102,100,000			58,150,000			400,000			450,000
Shares redeemed		(100,900,000	)		(102,000,000	)		(50,000	)		—
Net increase (decrease)		1,200,000			(43,850,000	)		350,000			450,000

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	24,814,523		$	43,598,687		$	2,650,521		$	1,432,887
Net realized gain (loss)		(171,074,965	)		171,809,877			(7,306,893	)		71,875,642
Net change in unrealized appreciation (depreciation)		(486,420,375	)		(1,538,777,434	)		(81,994,860	)		(84,954,022	)
Net decrease in net assets resulting from operations		(632,680,817	)		(1,323,368,870	)		(86,651,232	)		(11,645,493	)
Distributions to shareholders from:
Distributable earnings		(19,233,209	)		(80,009,332	)		(2,600,048	)		(1,340,155	)

Share transactions*:
Proceeds from sale of shares		674,457,723			455,259,072			—			209,712,572
Cost of shares redeemed		(780,321,178	)		(872,059,989	)		(13,347,688	)		(166,136,494	)
Increase (decrease) in net assets resulting from share transactions		(105,863,455	)		(416,800,917	)		(13,347,688	)		43,576,078
Total increase (decrease) in net assets		(757,777,481	)		(1,820,179,119	)		(102,598,968	)		30,590,430
Net Assets, beginning of year		4,494,788,553			6,314,967,672			300,748,961			270,158,531
Net Assets, end of year	$	3,737,011,072		$	4,494,788,553		$	198,149,993		$	300,748,961
*Shares of Common Stock Issued (no par value)
Shares sold		19,250,000			9,850,000			—			1,300,000
Shares redeemed		(21,700,000	)		(18,900,000	)		(100,000	)		(1,050,000	)
Net increase (decrease)		(2,450,000	)		(9,050,000	)		(100,000	)		250,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	4,585,616		$	2,028,234		$	1,230,395		$	472,371
Net realized gain (loss)		(79,726	)		(664,371	)		62,100			(1,182,181	)
Net change in unrealized appreciation (depreciation)		(2,081,912	)		12,884,685			(745,083	)		2,639,228
Net increase in net assets resulting from operations		2,423,978			14,248,548			547,412			1,929,418
Distributions to shareholders from:
Distributable earnings		(4,599,900	)		(2,140,110	)		(1,200,000	)		(470,018	)

Share transactions*:
Proceeds from sale of shares		74,958,129			37,659,686			41,125,018			708,375
Cost of shares redeemed		(27,346,895	)		(4,695,212	)		(21,154,594	)		—
Increase in net assets resulting from share transactions		47,611,234			32,964,474			19,970,424			708,375
Total increase in net assets		45,435,312			45,072,912			19,317,836			2,167,775
Net Assets, beginning of year		97,248,181			52,175,269			19,673,879			17,506,104
Net Assets, end of year	$	142,683,493		$	97,248,181		$	38,991,715		$	19,673,879
*Shares of Common Stock Issued (no par value)
Shares sold		1,450,000			800,000			1,250,000			25,000
Shares redeemed		(600,000	)		(100,000	)		(725,000	)		—
Net increase		850,000			700,000			525,000			25,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF						Rare Earth/Strategic Metals ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	23,646,493		$	24,048,164		$	5,943,123		$	685,719
Net realized gain		588,746,639			91,476,848			25,061,182			107,316,664
Net change in unrealized appreciation (depreciation)		532,821,388			(245,287,006	)		(338,277,114	)		273,354,965
Net increase (decrease) in net assets resulting from operations		1,145,214,520			(129,761,994	)		(307,272,809	)		381,357,348
Distributions to shareholders from:
Distributable earnings		(23,400,039	)		(21,600,606	)		(9,819,927	)		(54,350,856	)

Share transactions*:
Proceeds from sale of shares		4,621,472,112			4,464,669,089			149,331,401			552,129,245
Cost of shares redeemed		(5,302,018,149	)		(2,893,608,272	)		(214,892,139	)		(187,397,855	)
Increase (decrease) in net assets resulting from share transactions		(680,546,037	)		1,571,060,817			(65,560,738	)		364,731,390
Total increase (decrease) in net assets		441,268,444			1,419,698,217			(382,653,474	)		691,737,882
Net Assets, beginning of year		2,143,119,026			723,420,809			1,013,860,442			322,122,560
Net Assets, end of year	$	2,584,387,470		$	2,143,119,026		$	631,206,968		$	1,013,860,442
*Shares of Common Stock Issued (no par value)
Shares sold		17,300,000			21,100,000			1,500,000			6,200,000
Shares redeemed		(20,400,000	)		(14,200,000	)		(2,300,000	)		(2,050,000	)
Net increase (decrease)		(3,100,000	)		6,900,000			(800,000	)		4,150,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium+Nuclear Energy ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Operations:
Net investment income	$	5,167,089		$	8,722,425		$	744,394		$	697,092
Net realized gain (loss)		(2,138,152	)		34,079,900			1,597,739			(675,324	)
Net change in unrealized appreciation (depreciation)		3,726,233			(25,264,114	)		(941,706	)		3,159,751
Net increase in net assets resulting from operations		6,755,170			17,538,211			1,400,427			3,181,519
Distributions to shareholders from:
Distributable earnings		(5,238,962	)		(8,650,070	)		(1,100,017	)		(700,021	)
Return of capital		(11,016	)		—			—			—
Total distributions		(5,249,978	)		(8,650,070	)		(1,100,017	)		(700,021	)

Share transactions*:
Proceeds from sale of shares		82,321,434			245,785,508			24,539,686			14,652,183
Cost of shares redeemed		(95,953,186	)		(219,740,003	)		(5,585,128	)		—
Increase (decrease) in net assets resulting from share transactions		(13,631,752	)		26,045,505			18,954,558			14,652,183
Total increase (decrease) in net assets		(12,126,560	)		34,933,646			19,254,968			17,133,681
Net Assets, beginning of year		111,823,739			76,890,093			35,226,917			18,093,236
Net Assets, end of year	$	99,697,179		$	111,823,739		$	54,481,885		$	35,226,917
*Shares of Common Stock Issued (no par value)
Shares sold		1,300,000			4,125,000			450,000			275,000
Shares redeemed		(1,675,000	)		(3,750,000	)		(100,000	)		—
Net increase (decrease)		(375,000	)		375,000			350,000			275,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Agribusiness ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$95.38			$77.82			$68.59			$57.11			$61.63
Net investment income (a)		1.71			1.14			0.90			0.83			0.83
Net realized and unrealized gain (loss) on investments		(9.28	)		17.54			9.19			11.56			(4.39	)
Total from investment operations		(7.57	)		18.68			10.09			12.39			(3.56	)
Distributions from:
Net investment income		(1.85	)		(1.12	)		(0.86	)		(0.91	)		(0.96	)
Net asset value, end of year		$85.96			$95.38			$77.82			$68.59			$57.11
Total return (b)		(7.95	)%		23.99	%		14.73	%		21.70	%		(5.76	)%

Ratios to average net assets
Expenses		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Net investment income		1.84	%		1.25	%		1.41	%		1.29	%		1.32	%
Supplemental data
Net assets, end of year (in millions)		$1,341			$1,183			$794			$717			$757
Portfolio turnover rate (c)		24	%		17	%		13	%		21	%		16	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Future of Food ETF

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

Net asset value, beginning of period		$24.70			$24.33
Net investment income (b)		0.29			0.02
Net realized and unrealized gain (loss) on investments		(6.74	)		0.35
Total from investment operations		(6.45	)		0.37
Distributions from:
Net investment income		(0.26	)		—
Net asset value, end of period		$17.99			$24.70
Total return (c)		(26.14	)%		1.53	%(d)

Ratios to average net assets
Expenses		0.69	%		0.69	%(e)
Net investment income		1.44	%		0.93	%(e)
Supplemental data
Net assets, end of period (in millions)		$3			$2
Portfolio turnover rate (f)		4	%		0	%(d)

(a)	For the period December 1, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gold Miners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$32.00			$35.98			$29.34			$21.07			$23.25
Net investment income (a)		0.48			0.52			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		(3.31	)		(3.97	)		6.62			8.27			(2.21	)
Total from investment operations		(2.83	)		(3.45	)		6.83			8.46			(2.07	)
Distributions from:
Net investment income		(0.48	)		(0.53	)		(0.19	)		(0.19	)		(0.11	)
Net asset value, end of year		$28.69			$32.00			$35.98			$29.34			$21.07
Total return (b)		(8.87	)%		(9.56	)%		23.30	%		40.15	%		(8.92	)%

Ratios to average net assets
Expenses		0.51	%		0.51	%		0.51	%		0.52	%		0.52	%
Net investment income		1.61	%		1.53	%		0.61	%		0.76	%		0.66	%
Supplemental data
Net assets, end of year (in millions)		$11,934			$13,273			$16,504			$12,999			$10,576
Portfolio turnover rate (c)		17	%		15	%		13	%		14	%		15	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Metals ETF

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

Net asset value, beginning of period		$34.88			$34.67
Net investment income (loss) (b)		0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		(6.64	)		0.22
Total from investment operations		(5.91	)		0.21
Distributions from:
Net investment income		(0.73	)		—
Net asset value, end of period		$28.24			$34.88
Total return (c)		(16.99	)%		0.61	%(d)

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

(a)	For the period November 10, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Junior Gold Miners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$41.88			$54.26			$42.39			$30.11			$34.21
Net investment income (a)		0.24			0.39			0.22			0.08			0.14
Net realized and unrealized gain (loss) on investments		(6.31	)		(12.02	)		12.51			12.36			(4.10	)
Total from investment operations		(6.07	)		(11.63	)		12.73			12.44			(3.96	)
Distributions from:
Net investment income		(0.18	)		(0.75	)		(0.86	)		(0.16	)		(0.14	)
Net asset value, end of year		$35.63			$41.88			$54.26			$42.39			$30.11
Total return (b)		(14.48	)%		(21.44	)%		30.07	%		41.31	%		(11.58	)%

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

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Low Carbon Energy ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$159.69			$165.41			$75.70			$55.10			$60.94
Net investment income (a)		1.45			0.78			0.16			0.05			0.26
Net realized and unrealized gain (loss) on investments		(48.57	)		(5.79	)		89.64			20.55			(5.76	)
Total from investment operations		(47.12	)		(5.01	)		89.80			20.60			(5.50	)
Distributions from:
Net investment income		(1.46	)		(0.71	)		(0.09	)		—			(0.34	)
Net asset value, end of year		$111.11			$159.69			$165.41			$75.70			$55.10
Total return (b)		(29.52	)%		(3.02	)%		118.65	%		37.38	%		(9.02	)%

Ratios to average net assets
Gross expenses		0.61	%		0.55	%		0.64	%		0.65	%		0.65	%
Net expenses		0.61	%		0.55	%		0.62	%		0.62	%		0.63	%
Net expenses excluding interest and taxes		0.61	%		0.55	%		0.62	%		0.62	%		0.62	%
Net investment income		1.13	%		0.49	%		0.16	%		0.08	%		0.44	%
Supplemental data
Net assets, end of year (in millions)		$198			$301			$270			$105			$79
Portfolio turnover rate (c)		16	%		77	%		84	%		40	%		31	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Natural Resources ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$47.44			$38.65			$37.10			$32.20			$37.09
Net investment income (a)		1.66			1.21			0.84			0.96			0.81
Net realized and unrealized gain (loss) on investments		1.71			8.60			1.65	(b)		4.94			(4.78	)
Total from investment operations		3.37			9.81			2.49			5.90			(3.97	)
Distributions from:
Net investment income		(1.61	)		(1.02	)		(0.94	)		(1.00	)		(0.92	)
Net asset value, end of year		$49.20			$47.44			$38.65			$37.10			$32.20
Total return (c)		7.10	%		25.38	%		6.73	%		18.34	%		(10.69	)%

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

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Periods after December 31, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Refiners ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$27.14			$25.01			$29.01			$26.95			$30.40
Net investment income (a)		1.07			0.66			0.58			0.56			0.74
Net realized and unrealized gain (loss) on investments		3.94			2.12			(3.92	)		1.91			(3.54	)
Total from investment operations		5.01			2.78			(3.34	)		2.47			(2.80	)
Distributions from:
Net investment income		(0.96	)		(0.65	)		(0.64	)		(0.41	)		(0.52	)
Net realized capital gains		—			—			—			—			(0.13	)
Return of capital		—			—			(0.02	)		—			—
Total distributions		(0.96	)		(0.65	)		(0.66	)		(0.41	)		(0.65	)
Net asset value, end of year		$31.19			$27.14			$25.01			$29.01			$26.95
Total return (b)		18.50	%		11.10	%		(11.50	)%		9.19	%		(9.22	)%

Ratios to average net assets
Gross expenses		0.78	%		1.02	%		1.29	%		1.03	%		0.72	%
Net expenses		0.61	%		0.59	%		0.59	%		0.60	%		0.60	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.54	%		2.32	%		2.56	%		1.97	%		2.32	%
Supplemental data
Net assets, end of year (in millions)		$39			$20			$18			$35			$49
Portfolio turnover rate (c)		40	%		18	%		37	%		30	%		31	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Services ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$184.74			$153.90			$265.47			$280.60			$520.40
Net investment income (b)		2.14			2.41			2.26			6.60			7.00
Net realized and unrealized gain (loss) on investments		120.04			30.24	(c)		(111.94	)		(15.93	)(c)		(240.80	)
Total from investment operations		122.18			32.65			(109.68	)		(9.33	)		(233.80	)
Distributions from:
Net investment income		(2.89	)		(1.81	)		(1.89	)		(5.80	)		(6.00	)
Net asset value, end of year		$304.03			$184.74			$153.90			$265.47			$280.60
Total return (d)		66.14	%		21.18	%		(41.31	)%		(3.35	)%		(44.93	)%

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

(a)	On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Periods after December 31, 2021 reflect a unitary management fee structure.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Rare Earth/Strategic Metals ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$111.72			$65.41			$40.41			$40.68			$89.25
Net investment income (b)		0.68			0.08			0.58			0.90			1.98
Net realized and unrealized gain (loss) on investments		(34.93	)		52.12			24.95			(0.54	)(c)		(45.48	)
Total from investment operations		(34.25	)		52.20			25.53			0.36			(43.50	)
Distributions from:
Net investment income		(1.19	)		(5.89	)		(0.53	)		(0.63	)		(5.07	)
Net asset value, end of year		$76.28			$111.72			$65.41			$40.41			$40.68
Total return (d)		(30.68	)%		80.09	%		63.22	%		0.91	%		(48.70	)%

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

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Steel ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$53.25			$44.57			$37.74			$34.87			$45.74
Net investment income (a)		2.71			3.19			0.71			1.16			1.30
Net realized and unrealized gain (loss) on investments		4.72			9.25			6.95			2.75			(9.99	)
Total from investment operations		7.43			12.44			7.66			3.91			(8.69	)
Distributions from:
Net investment income		(2.87	)		(3.76	)		(0.77	)		(1.04	)		(2.18	)
Return of capital		(0.01	)		—			(0.06	)		—			—
Total distributions		(2.88	)		(3.76	)		(0.83	)		(1.04	)		(2.18	)
Net asset value, end of year		$57.80			$53.25			$44.57			$37.74			$34.87
Total return (b)		13.88	%		27.91	%		20.57	%		11.02	%		(18.94	)%

Ratios to average net assets
Gross expenses		0.58	%		0.56	%		0.95	%		0.71	%		0.61	%
Net expenses		0.56	%		0.55	%		0.56	%		0.56	%		0.56	%
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		4.72	%		5.48	%		2.31	%		3.11	%		2.80	%
Supplemental data
Net assets, end of year (in millions)		$100			$112			$77			$66			$58
Portfolio turnover rate (c)		20	%		25	%		34	%		19	%		16	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Uranium+Nuclear Energy ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$54.90			$49.35			$48.71			$49.67			$49.09
Net investment income (a)		0.86			1.44			0.89			1.07			1.30
Net realized and unrealized gain (loss) on investments		0.29			5.20			0.85			(0.85	)		1.22
Total from investment operations		1.15			6.64			1.74			0.22			2.52
Distributions from:
Net investment income		(1.11	)		(1.09	)		(1.10	)		(1.18	)		(1.94	)
Net asset value, end of year		$54.94			$54.90			$49.35			$48.71			$49.67
Total return (b)		2.10	%		13.48	%		3.59	%		0.44	%		5.15	%

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

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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

Fund	Diversification Classification

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

Each Fund’s investment objective (except for Future of Food ETF) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.

Fund	Index

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

Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.

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

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

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

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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 considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

F.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 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.

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, 2023, 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, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the year ended December 31, 2022, are as follows:

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

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

The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2023.

Fund	Unitary Management Fee Rate
Future of Food ETF		0.69	%
Green Metals ETF		0.59
Natural Resources ETF		0.49
Oil Services ETF		0.35

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

Note 4—Capital Share Transactions—As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 5—Investments—For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Agribusiness ETF	$	370,691,690	$	363,136,073	$	791,451,604	$	412,761,108
Future of Food ETF		113,069		196,838		1,010,044		—
Gold Miners ETF		2,085,463,737		2,003,946,143		3,033,538,853		2,976,076,243
Green Metals ETF		10,936,938		7,205,499		9,717,579		1,052,995
Junior Gold Miners ETF		1,056,470,980		1,043,124,305		669,450,439		777,563,862
Low Carbon Energy ETF		38,338,475		38,891,761		—		12,716,520
Natural Resources ETF		51,659,410		50,256,297		73,085,654		26,672,143
Oil Refiners ETF		16,278,619		13,662,910		35,294,072		17,896,659
Oil Services ETF		464,729,649		467,952,304		4,622,353,818		5,301,418,049
Rare Earth/Strategic Metals ETF		339,182,853		361,569,499		115,125,115		161,670,708
Steel ETF		22,035,365		22,044,856		82,300,213		95,927,769
Uranium+Nuclear Energy ETF		24,939,501		24,987,059		24,435,290		5,563,677

Note 6—Income Taxes—As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Agribusiness ETF		$1,438,873,414		$127,086,797		$(224,455,353)		$(97,368,556)
Future of Food ETF		3,330,240		182,677		(851,706)		(669,029)
Gold Miners ETF		12,178,172,195		1,316,474,066		(1,434,809,108)		(118,335,042)
Green Metals ETF		27,522,624		1,387,757		(5,755,698)		(4,367,941)
Junior Gold Miners ETF		4,723,704,855		254,802,471		(1,086,050,890)		(831,248,419)
Low Carbon Energy ETF		250,114,134		25,951,974		(69,249,467)		(43,297,493)
Natural Resources ETF		132,942,945		23,842,868		(10,369,244)		13,473,624
Oil Refiners ETF		39,297,869		3,241,709		(3,514,928)		(273,219)
Oil Services ETF		2,522,062,130		156,412,100		(71,857,544)		84,554,556
Rare Earth/Strategic Metals ETF		670,488,697		120,228,978		(116,438,914)		3,790,064
Steel ETF		120,075,385		2,949,457		(20,731,580)		(17,782,123)
Uranium+Nuclear Energy ETF		54,399,192		6,051,796		(3,327,019)		2,724,777

At December 31, 2022, 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)
Agribusiness ETF		$8,907,800		$(777,475,372)		$–		$(492,946)		$(97,400,463)		$(866,460,981)
Future of Food ETF		1,942		(98,221)		–		–		(668,830)		(765,109)
Gold Miners ETF		2,319,299		(11,887,543,299)		–		(1,194,419)		(118,331,480)		(12,004,749,899)
Green Metals ETF		22,198		(1,012,917)		–		–		(4,461,473)		(5,452,192)
Junior Gold Miners ETF		45,171,638		(4,771,882,069)		–		(313,117)		(831,252,493)		(5,558,276,041)
Low Carbon Energy ETF		76,644		(64,185,450)		–		(16,099)		(43,292,748)		(107,417,653)
Natural Resources ETF		278,230		(53,849,293)		–		(14,855)		13,473,558		(40,112,360)
Oil Refiners ETF		4,851		(10,513,424)		–		(842)		(275,884)		(10,785,299)
Oil Services ETF		246,455		(2,015,454,422)		–		(210,231)		84,554,555		(1,930,863,643)
Rare Earth/Strategic Metals ETF		–		(323,294,394)		(12,451,331)		(21,392)		3,798,987		(331,968,130)
Steel ETF		–		(162,313,871)		–		(17,587)		(17,782,123)		(180,113,581)

Fund		Undistributed Ordinary Income				(Accumulated Capital Losses)/ Undistributed Capital Gains				Qualified Late- Year Losses*				Other Temporary Differences				Unrealized Appreciation (Depreciation)				Total Distributable Earnings (Loss)
Uranium+Nuclear Energy ETF			1,103,738				(85,333,578	)			–				(11,370	)			2,724,063				(81,517,147	)

*	Qualified late year losses incurred after October 31, 2022 are deemed to arise on January 1, 2023.

The tax character of dividends paid to shareholders was follows:

	December 31, 2022			December 31, 2021
Fund	Ordinary Income	Return of Capital			Ordinary Income
Agribusiness ETF	$28,899,290		$–		$13,850,800
Future of Food ETF	38,400		–		–
Gold Miners ETF	197,981,341		–		224,002,317
Green Metals ETF	580,000		–		–
Junior Gold Miners ETF	19,233,209		–		80,009,332
Low Carbon Energy ETF	2,600,048		–		1,340,155
Natural Resources ETF	4,599,900		–		2,140,110
Oil Refiners ETF	1,200,000		–		470,018
Oil Services ETF	23,400,039		–		21,600,606
Rare Earth/Strategic Metals ETF	9,819,927		–		54,350,856
Steel ETF	5,238,962	11,016			8,650,070
Uranium+Nuclear Energy ETF	1,100,017		–		700,021

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Agribusiness ETF	$	(222,942,771	)	$	(554,532,601	)	$	(777,475,372	)
Future of Food ETF		(98,221	)		–			(98,221	)
Gold Miners ETF		(2,025,014,743	)		(9,862,528,556	)		(11,887,543,299	)
Green Metals ETF		(975,397	)		(37,520	)		(1,012,917	)
Junior Gold Miners ETF		(1,682,967,033	)		(3,088,915,036	)		(4,771,882,069	)
Low Carbon Energy ETF		(9,742,287	)		(54,443,163	)		(64,185,450	)
Natural Resources ETF		(10,260,864	)		(43,588,429	)		(53,849,293	)
Oil Refiners ETF		(5,157,696	)		(5,355,728	)		(10,513,424	)
Oil Services ETF		(306,893,389	)		(1,708,561,033	)		(2,015,454,422	)
Rare Earth/Strategic Metals ETF		(75,995,355	)		(247,299,039	)		(323,294,394	)
Steel ETF		(16,288,914	)		(146,024,957	)		(162,313,871	)
Uranium+Nuclear Energy ETF		(13,904,116	)		(71,429,462	)		(85,333,578	)

During the year ended December 31, 2022, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)		Increase (Decrease) in Aggregate Paid in Capital
Agribusiness ETF	$	(141,329,451)	$	141,329,451
Gold Miners ETF		(815,540,550)		815,540,550
Green Metals ETF		(52,979)		52,979

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)		Increase (Decrease) in Aggregate Paid in Capital
Junior Gold Miners ETF		(103,862,021)		103,862,021
Low Carbon Energy ETF		(2,245,152)		2,245,152
Natural Resources ETF		(7,577,268)		7,577,268
Oil Refiners ETF		(3,080,951)		3,080,951
Oil Services ETF		(742,204,227)		742,204,227
Rare Earth/Strategic Metals ETF		(47,859,056)		47,859,056
Steel ETF		(5,174,596)		5,174,596
Uranium+Nuclear Energy ETF		(1,719,701)		1,719,701

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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

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 a Trustee can elect to defer receipt of trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2022 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, 2022:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	2,362,658	$	1,586,727	$	896,541	$	2,483,268
Future of Food ETF		104,114		73,186		41,499		114,685
Gold Miners ETF		225,906,317		120,829,768		116,912,708		237,742,476
Green Metals ETF		537,745		555,578		–		555,578
Junior Gold Miners ETF		217,017,532		157,686,725		73,589,682		231,276,407
Low Carbon Energy ETF		12,648,560		8,687,734		4,446,192		13,133,926
Natural Resources ETF		6,835,434		3,416,156		3,906,333		7,322,489
Oil Refiners ETF		56,309		–		59,354		59,354
Oil Services ETF		85,090,759		22,295,028		64,849,902		87,144,930
Rare Earth/Strategic Metals ETF		151,605,612		43,492,601		119,970,195		163,462,796
Steel ETF		21,413,508		2,476,643		19,599,094		22,075,737
Uranium+Nuclear Energy ETF		6,685,964		2,598,944		4,328,301		6,927,245

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, 2022:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund		Equity Securities
Agribusiness ETF	$	1,586,727
Future of Food ETF		73,186
Gold Miners ETF		120,829,768
Green Metals ETF		555,578
Junior Gold Miners ETF		157,686,725
Low Carbon Energy ETF		8,687,734
Natural Resources ETF		3,416,156
Oil Services ETF		22,295,028
Rare Earth/Strategic Metals ETF		43,492,601
Steel ETF		2,476,643
Uranium+Nuclear Energy ETF		2,598,944

*	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, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		266		$2,247,817		3.32	%
Gold Miners ETF		179		17,532,281		3.77
Green Metals ETF		346		352,335		3.04
Junior Gold Miners ETF		26		17,755,677		2.39
Low Carbon Energy ETF		237		601,011		3.07
Natural Resources ETF		244		502,629		3.41
Oil Refiners ETF		168		231,444		3.69
Oil Services ETF		204		1,868,091		3.20
Rare Earth/Strategic Metals ETF		209		1,894,947		3.03
Steel ETF		113		634,847		3.20
Uranium+Nuclear Energy ETF		140		182,893		2.66

Outstanding loan balances as of December 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.

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

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twelve of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations and of changes in net assets for the year ended December 31, 2022, including the related notes, and the financial highlights for the year ended December 31, 2022 (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 as of December 31, 2022, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

*Funds*

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

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:

Fund	Ordinary Income Amount Paid Per Share		Qualified Dividend Income for Individuals*			Dividends Qualifying for the Dividend Received Deduction for Corporations*			Foreign Source Income*			Foreign Taxes Paid Per Share**
Agribusiness ETF		$1.8466		78.76	%		27.84	%		–	%		$–
Future of Food ETF		0.2560		100.00			48.43			–			–
Gold Miners ETF		0.4762		100.00			32.93			72.14			0.0558
Green Metals ETF		0.7250		100.00			8.60			83.68			0.0696
Junior Gold Miners ETF		0.1825		100.00			2.60			100.00			–
Low Carbon Energy ETF		1.4580		100.00			17.11			86.16			0.1650
Natural Resources ETF		1.6140		100.00			32.53			0.26			–
Oil Refiners ETF		0.9600		100.00			25.28			79.69			0.1161
Oil Services ETF		2.8887		100.00			83.55			–			–
Rare Earth/Strategic Metals ETF		1.1867		0.75			–			1.36			–
Steel ETF		2.8767		71.67			12.30			1.31			–
Uranium+Nuclear Energy ETF		1.1093		73.96			37.08			10.16			0.0645

Fund		Return of Capital Per Share***
Steel ETF			$0.0061

* 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.

*** 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 reduction of the cost basis of the applicable shares upon which these distributions were paid.

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

December 31, 2022 (unaudited)

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

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	69	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).	81	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	69	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	81	Director, Food and Friends, Inc., 2013 to present.

*Interested Trustee*

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	81	Director, National Committee on US-China Relations.

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

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

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

Matthew A. Babinsky, 1983	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.

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

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

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

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

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

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

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

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

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

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

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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

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

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

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

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2022

VanEck Commodity Index ETF and VanEck Robotics ETF

At a meeting held on December 1, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements (the “Investment Management Agreements”) between the Trust and each of Van Eck Absolute Return Advisers Corporation and Van Eck Associates Corporation (together, the “Advisers”) with respect to the VanEck Commodity Index ETF and VanEck Robotics ETF (the “Funds”), respectively.

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

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

The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Advisers would receive from serving as advisers to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Advisers or the profitability of the Funds to the Advisers because the Funds had not yet commenced operations. In addition, because the Funds 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 Funds by the Advisers, although they concluded that the nature, quality, and extent of the services to be provided by the Advisers were appropriate based on the Trustees’ knowledge of the Advisers and their 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 Agreements.

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