ANNUAL REPORT
December 31, 2022

Africa Index ETF	AFK
Brazil Small-Cap ETF	BRF
China Growth Leaders ETF	GLCN
ChiNext ETF	CNXT
Digital India ETF	DGIN
Egypt Index ETF	EGPT
India Growth Leaders ETF	GLIN
Indonesia Index ETF	IDX
Israel ETF	ISRA
Vietnam ETF	VNM


800.826.2333	vaneck.com

President’s Letter		1
Management Discussion		3
Performance Comparison
Africa Index ETF		6
Brazil Small-Cap ETF		7
China Growth Leaders ETF		8
ChiNext ETF		9
Digital India ETF		10
Egypt Index ETF		11
India Growth Leaders ETF		12
Indonesia Index ETF		13
Israel ETF		14
Vietnam ETF		15
About Fund Performance		16
Explanation of Expenses		17
Schedule of Investments
Africa Index ETF		19
Brazil Small-Cap ETF		22
China Growth Leaders ETF		26
ChiNext ETF		31
Digital India ETF		34
Egypt Index ETF		36
India Growth Leaders ETF		38
Indonesia Index ETF		41
Israel ETF		44
Vietnam ETF		47
Statements of Assets and Liabilities		49
Statements of Operations		52
Statements of Changes in Net Assets		55
Financial Highlights
Africa Index ETF		60
Brazil Small-Cap ETF		61
China Growth Leaders ETF		62
ChiNext ETF		63
Digital India ETF		64
Egypt Index ETF		65
India Growth Leaders ETF		66
Indonesia Index ETF		67
Israel ETF		68
Vietnam ETF		69
Notes to Financial Statements		70
Report of Independent Registered Public Accounting Firm		80
Tax Information		82
Board of Trustees and Officers		83

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice.Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 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? Now².) Because 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)

Market Review

All funds were to some extent affected by the wide market “downturn” as 2022 progressed and the shift in sentiment away from growth to value stocks. All countries were, also, in one way or another, affected by the fallout from Russia’s invasion of Ukraine. In addition, faced by persistent and apparently stubborn inflation, the remedial measures, including raising interest rates (historically, the fastest it has ever been done) and tightening monetary policy, taken by central governments around the world have resulted in significant uncertainty and headwinds in many markets. Not least resulting in the continued fear of recession. By the end of 2022, the success of these measures, for better or for worse, varied considerably country by country and region by region. And the effects on local markets likewise.

Africa

The industrial sector, together with real estate, were very small positive contributors to the performance of the VanEck Africa Index ETF, which lost 18.34% for the 12 month period. The communication services and financial sectors were the greatest detractors from performance. Geographically, South Africa, with an average weight during the period of approximately 34%, was the top contributor to Fund returns. The greatest detractor from performance, by country, was Morocco.

The three top positive contributions to the Fund’s performance came from: Naspers Ltd. (2.8% of Fund net assets^†), Perseus Mining Ltd. (2.4% of Fund net assets^†) and Standard Bank Group Ltd. (2.0% of Fund net assets^†). The companies that detracted most from performance were: Safaricom Plc (5.5% of Fund net assets^†), Commercial International Bank Egypt SAE (3.5% of Fund net assets^†) and Attijariwafa Bank (4.0% of Fund net assets^†).

Brazil

The VanEck Brazil Small-Cap ETF lost 13.31% over the 12 month period under review.

The majority of positive contributions came from four sectors: materials, consumer staples, utilities and energy, with the materials sector contributing the most. However, the negative contributions from the industrial and consumer discretionary sectors alone, with the largest average sector weightings during the year, offset all positive contributions to performance.

The three top positive contributions to the Fund’s performance came from: Sao Martinho (sold by the Fund by period end), Alupar Investimento SA (3.5% of Fund net assets^†) and Petroreconcavo SA (2.8% of Fund net assets^†). The companies that detracted most from performance were: SMART Global Holdings, Inc. (1.1% of Fund net assets^†), IRB Brasil Resseguros SA (0.8% of Fund net assets^†) and Oi SA (0.5% of Fund net assets^†).

China

The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF both recorded negative returns for the year. While the former lost 35.49%, the latter lost 31.65%. Both suffered as a result of the “Covid Zero” policy in China and the country’s inability to open up during most of 2022.

The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The industrial sector, with the largest average sector weighting during the year, was the greatest detractor from performance. While no one sector contributed positively to return, the consumer discretionary and communication services sectors detracted the least from performance.

The information technology sector detracted the most from the performance of the VanEck China Growth Leaders ETF. While no one sector contributed positively to return, the utilities sector detracted the least from performance.

The three top positive contributions to the VanEck ChiNext ETF’s performance came from: Shenzhen Inovance Technology Co. Ltd. (4.2% of Fund net assets^†), Shenzhen New Industries Biomedical Engineering Co. Ltd. (0.5% of Fund net assets^†) and Hunan Goke Microelectronics (sold by the Fund by period end). The

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

three companies that detracted most from performance were: Contemporary Amperex Technology Co. Ltd. (16.3% of Fund net assets^†), East Money Information Co. Ltd. (6.6% of Fund net assets^†) and Chongqing Zhifei Biological Products Co. Ltd. (2.2% of Fund net assets^†).

The three top positive contributions to the VanEck China Growth Leaders ETF’s performance came from: Wanhua Chemical Group Co. Ltd. (2.8% of Fund net assets^†), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (2.7% of Fund net assets^†) and Huali Industrial Group Co. Ltd. (2.5% of Fund net assets^†). The three companies that detracted most from performance were: LONGi Green Energy Technology Co. Ltd. (4.4% of Fund net assets^†), Sunny Optical Technology (Group) (sold by the Fund by period end) and Wuliangye Yibin Co. Ltd. (5.9% of Fund net assets^†).

Egypt

The VanEck Egypt Index ETF ended 2022 losing 23.67%.

The top performing sector was materials, with the largest average sector weighting during the year. The three sectors detracting most from performance were real estate, information technology and financials. Small cap companies, with the largest average weighting during the period under review, detracted the most from performance.

The three top positive contributions to performance came from: Abou Kir Fertilizers & Chemical Industries (6.6% of Fund net assets^†), Centamin Plc (4.6% of Fund net assets^†) and Alexandria Mineral Oils Co. (2.9% of Fund net assets^†). The three companies that detracted most from performance were: Commercial International Bank Egypt SAE (7.1% of Fund net assets^†), Fawry for Banking Technology & Electronic Payment Services SAE (4.4% of Fund net assets^†) and E-Finance for Digital & Financial Investments (5.9% of Fund net assets^†).

India

The VanEck Digital India ETF, a newly organized ETF, lost 22.56% between its inception on February 15, 2022 and December 31, 2022. All sectors detracted from performance with the information technology detracting the most and the energy sector detracting the least.

The three top positive contributions to performance came from: Redington Ltd. (2.0% of Fund net assets^†), KPIT Technologies Ltd. (2.5% of Fund net assets^†) and Bharti Airtel Ltd. (6.6% of Fund net assets^†). The three companies that detracted most from performance were: LTIMindtree Ltd. (4.4% of Fund net assets^†), Wipro Ltd. (5.5% of Fund net assets^†) and Mphasis Ltd. (3.5% of Fund net assets^†).

The VanEck India Growth Leaders ETF lost 21.99% over the 12 month period. The information technology sector detracted the most from performance and the communication services sector contributed the most, albeit small amount, positively to performance.

The three top positive contributions to performance came from: Chennai Super Kings Cricket Ltd. (3.0% of Fund net assets^†), Bharat Electronics Ltd. (3.3% of Fund net assets^†) and Oil & Natural Gas Corp. Ltd. (5.3% of Fund net assets^†). The three companies that detracted most from performance were: Wipro (sold by the Fund by period end), Divi’s Laboratories Ltd. (4.3% of Fund net assets^†) and LTIMindtree Ltd. (3.8% of Fund net assets^†).

Indonesia

Indonesian stocks fell in 2022 with the VanEck Indonesia Index ETF registering a loss of 9.88% for the 12 month period.

The greatest positive contribution to returns came from the energy sector. The greatest negative contribution to returns came from the consumer discretionary sector.

The three top positive contributions to performance came from: Bank Mandiri Persero Tbk PT (6.8% of Fund net assets^†), Adaro Energy Indonesia Tbk PT (3.6% of Fund net assets^†) and Bank Rakyat Indonesia Persero

Tbk PT (8.4% of Fund net assets^†). The three companies that detracted most from performance were: GoTo Gojek Tokopedia Tbk PT (4.3% of Fund net assets^†), Bank Jago Tbk PT (0.8% of Fund net assets^†) and Elang Mahkota Teknologi Tbk PT (0.9% of Fund net assets^†).

Israel

The VanEck Israel ETF lost 25.79% in the 12 months period under review.

Only the energy sector contributed positively to performance over the period under review, and then only minimally. The information technology sector, with the largest average weighting over the 12 month period, detracted most from performance.

The three top positive contributions to performance came from: Amdocs Ltd. (4.5% of Fund net assets^†), Teva Pharmaceutical Industries Ltd. (5.1% of Fund net assets^†) and SolarEdge Technologies, Inc. (8.2% of Fund net assets^†). The three companies that detracted most from performance were: Kornit Digital Ltd. (0.6% of Fund net assets^†), Nice Ltd. (5.3% of Fund net assets^†) and Wix.com Ltd. (1.6% of Fund net assets^†).

Vietnam

The VanEck Vietnam ETF lost 44.47% in 2022.

Only the healthcare sector contributed positive returns. All others detracted from performance, with the real estate sector detracting the most.

The three top positive contributions to performance came from: Mani, Inc. (4.5% of Fund net assets^†), UTI, Inc. (1.1% of Fund net assets^†) and Feng TAY Enterprise Co. Ltd. (5.1% of Fund net assets^†). The three companies that detracted most from performance were: No Va Land Investment Group Corp. (2.0% of Fund net assets^†), Hoa Phat Group JSC (5.9% of Fund net assets^†) and Thaiholdings (sold by the Fund by period end).

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

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVAFKTR¹	SPTR²
One Year	(17.35)%	(18.34)%	(15.99)%	(18.11)%
Five Year	(4.76)%	(5.01)%	(3.74)%	9.42%
Ten Year	(3.46)%	(3.43)%	(1.97)%	12.56%

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

	Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 16 for more information.

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVBRFTR¹	SPTR²
One Year	(14.75)%	(13.31)%	(13.09)%	(18.11)%
Five Year	(7.94)%	(7.64)%	(7.08)%	9.42%
Ten Year	(7.92)%	(7.73)%	(7.12)%	12.56%

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on page 16 for more information.

VANECK CHINA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MGCNGRNR¹	SPTR²
One Year	(31.32)%	(31.65)%	(30.89)%	(18.11)%
Five Year	(6.64)%	(6.67)%	(4.10)%	9.42%
Ten Year	0.12%	1.09%	3.30%	12.56%

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

	Index data prior to May 1, 2020 reflects that of the CSI 300 Index (CSIH0749). From May 1, 2020 forward, the index data reflects that of the MGCNGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on page 16 for more information.

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	SZ988107¹	SPTR²
One Year	(35.59)%	(35.49)%	(35.09)%	(18.11)%
Five Year	(0.19)%	(0.27)%	1.73%	9.42%
Life*	3.99%	4.01%	6.34%	10.19%

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

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

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 16 for more information.

VANECK DIGITAL INDIA ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVDINDTR¹	SPTR²
Life*	(22.42)%	(22.56)%	(21.67)%	(12.85)%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on 16 for more information.

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVEGPTTR¹	SPTR²
One Year	(24.61)%	(23.67)%	(20.73)%	(18.11)%
Five Year	(7.35)%	(7.27)%	(5.22)%	9.42%
Ten Year	(7.12)%	(7.03)%	(3.96)%	12.56%

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on page 16 for more information.

VANECK INDIA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MGINGRNR¹	SPTR²
One Year	(21.39)%	(21.99)%	(22.38)%	(18.11)%
Five Year	(13.01)%	(13.18)%	(12.03)%	9.42%
Ten Year	(2.13)%	(2.09)%	(1.33)%	12.56%

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

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on page 16 for more information.

VANECK INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVIDXTR¹	SPTR²
One Year	(9.35)%	(9.88)%	(9.54)%	(18.11)%
Five Year	(4.93)%	(4.90)%	(4.65)%	9.42%
Ten Year	(2.82)%	(2.83)%	(2.34)%	12.56%

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on page 16 for more information.

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	BLSNTR¹	SPTR²
One Year	(25.73)%	(25.79)%	(25.61)%	(18.11)%
Five Year	4.30%	4.31%	4.73%	9.42%
Life*	5.04%	5.05%	5.47%	11.85%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 16 for more information.

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2022 (unaudited)

	Average Annual Total Return
	Share Price	NAV	MVVNMTR¹	SPTR²
One Year	(43.73)%	(44.47)%	(44.02)%	(18.11)%
Five Year	(7.26)%	(6.94)%	(6.16)%	9.42%
Ten Year	(2.51)%	(2.05)%	(1.03)%	12.56%

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

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

Hypothetical Growth of $10,000

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

See “About Fund Performance” on 16 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

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

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 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)
Africa Index ETF
Actual		$1,000.00		$978.70		1.15	%		$5.74
Hypothetical (b)		$1,000.00		$1,019.41		1.15	%		$5.85
Brazil Small-Cap ETF
Actual		$1,000.00		$1,014.00		0.59	%		$3.00
Hypothetical (b)		$1,000.00		$1,022.23		0.59	%		$3.01
China Growth Leaders ETF
Actual		$1,000.00		$797.60		0.60	%		$2.72
Hypothetical (b)		$1,000.00		$1,022.18		0.60	%		$3.06
ChiNext ETF
Actual		$1,000.00		$801.60		0.65	%		$2.95
Hypothetical (b)		$1,000.00		$1,021.93		0.65	%		$3.31
Digital India ETF
Actual		$1,000.00		$975.80		0.76	%		$3.78
Hypothetical (b)		$1,000.00		$1,021.37		0.76	%		$3.87
Egypt Index ETF
Actual		$1,000.00		$1,159.10		1.44	%		$7.84
Hypothetical (b)		$1,000.00		$1,017.95		1.44	%		$7.32
India Growth Leaders ETF
Actual		$1,000.00		$1,053.80		0.78	%		$4.04
Hypothetical (b)		$1,000.00		$1,021.27		0.78	%		$3.97

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)
Indonesia Index ETF
Actual		$1,000.00		$910.60		0.57	%		$2.74
Hypothetical (b)		$1,000.00		$1,022.33		0.57	%		$2.91
Israel ETF
Actual		$1,000.00		$968.40		0.60	%		$2.98
Hypothetical (b)		$1,000.00		$1,022.18		0.60	%		$3.06
Vietnam ETF
Actual		$1,000.00		$815.10		0.73	%		$3.34
Hypothetical (b)		$1,000.00		$1,021.53		0.73	%		$3.72

^(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 AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 4.6%
AVZ Minerals Ltd. *∞		1,399,901	$	446,748
Paladin Energy Ltd. * †		1,160,416		545,389
Perseus Mining Ltd.		772,802		1,107,625
				2,099,762
Canada: 5.4%
B2Gold Corp. (USD)		22,950		81,932
Barrick Gold Corp. (USD)		45,073		774,354
Ivanhoe Mines Ltd. * †		202,564		1,599,642
				2,455,928
China: 1.3%
CMOC Group Ltd. (HKD) * †		1,314,000		602,002
Egypt: 4.9%
Centamin Plc (GBP)		453,500		616,618
Commercial International Bank Egypt SAE (USD) (GDR)		1,348,274		1,610,384
				2,227,002
Ghana: 2.9%
Kosmos Energy Ltd. (USD) *		205,500		1,306,980
India: 0.6%
MakeMyTrip Ltd. (USD) * †		10,688		294,668
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		936,100		174,470
Kenya: 10.1%
East African Breweries Plc		483,800		656,697
Equity Group Holdings Plc		4,124,200		1,486,678
Safaricom Plc		12,806,400		2,506,277
				4,649,652
Morocco: 9.3%
Attijariwafa Bank		49,543		1,857,122
Bank of Africa		44,829		737,326
Banque Centrale Populaire		49,894		1,099,304
Co. Sucrerie Marocaine et de Raffinage		31,158		566,103
				4,259,855
Nigeria: 11.5%
Guaranty Trust Holding Co.Plc		31,311,187		1,327,139
MTN Nigeria Communications Plc		5,197,133		2,050,245
Nestle Nigeria Plc		286,718		578,697
Zenith Bank Plc		29,727,817		1,309,115
				5,265,196
Norway: 0.2%
Scatec ASA 144A		8,801		70,416
South Africa: 33.8%
Absa Group Ltd.		54,426		617,178
African Rainbow Minerals Ltd.		8,500		143,428
Anglo American Platinum Ltd.		4,684		390,366
Anglo American Plc (GBP)		53,499		2,084,530
Aspen Pharmacare Holdings Ltd.		23,260		185,767
AVI Ltd.		20,370		90,108

	Number of Shares		Value
South Africa (continued)
Bid Corp. Ltd.		18,046	$	349,837
Bidvest Group Ltd.		13,731		173,011
Capitec Bank Holdings Ltd.		7,223		785,175
Clicks Group Ltd.		14,563		231,159
Discovery Ltd. *		22,496		162,494
Exxaro Resources Ltd.		11,453		146,628
FirstRand Ltd.		216,932		787,033
Foschini Group Ltd.		11,967		70,355
Gold Fields Ltd. (ADR) †		56,847		588,366
Growthpoint Properties Ltd.		233,627		199,644
Harmony Gold Mining Co.Ltd. (ADR)		37,342		126,963
Impala Platinum Holdings Ltd.		55,918		701,733
Investec Plc (GBP)		40,887		248,702
Life Healthcare Group Holdings Ltd.		56,746		56,291
Momentum Metropolitan Holdings		85,489		85,869
Mr Price Group Ltd.		18,350		169,917
MTN Group Ltd.		98,215		732,519
MultiChoice Group		18,308		126,149
Naspers Ltd.		7,664		1,278,910
Nedbank Group Ltd.		27,091		338,404
Netcare Ltd.		87,755		74,919
Northam Platinum Holdings Ltd. *		15,338		168,732
Old Mutual Ltd.		221,676		135,805
OUTsurance Group Ltd.		50,224		92,324
Pepkor Holdings Ltd. 144A		95,859		112,676
Pick n Pay Stores Ltd. †		19,913		66,463
Remgro Ltd.		33,369		259,165
Resilient REIT Ltd. †		21,006		66,358
Sanlam Ltd.		127,311		365,276
Sappi Ltd. *		23,283		67,166
Sasol Ltd. (ADR) †		39,389		618,801
Shoprite Holdings Ltd.		32,811		434,352
Sibanye Stillwater Ltd. (ADR) †		45,717		487,343
SPAR Group Ltd.		10,201		68,058
Standard Bank Group Ltd.		93,116		917,461
Thungela Resources Ltd.		8,939		150,630
Tiger Brands Ltd.		7,732		95,438
Vodacom Group Ltd.		33,009		237,576
Woolworths Holdings Ltd.		51,520		200,390
				15,489,469
Switzerland: 0.3%
Mediclinic International Plc (GBP)		24,746		147,408
Tanzania: 3.6%
AngloGold Ashanti Ltd. (ADR)		29,149		566,073
Helios Towers Plc (GBP) * †		869,313		1,102,924
				1,668,997
United Arab Emirates: 2.5%
Itissalat Al-Maghrib (MAD)		128,092		1,163,638
United Kingdom: 6.3%
Airtel Africa Plc 144A		1,439,357		1,929,825

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
United Kingdom (continued)
Endeavour Mining Plc		40,029	$	842,374
Kumba Iron Ore Ltd. (ZAR)		4,603		132,765
				2,904,964
United States: 0.3%
Royal Caribbean Cruises Ltd. * †		2,687		132,818
Zambia: 1.8%
First Quantum Minerals Ltd. (CAD)		39,455		823,781
Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		5,753
Ecocash Holdings Zimbabwe Ltd. *		32,900		1,398
				7,151
Total Common Stocks (Cost: $44,299,767)				45,744,157

	Number of Shares		Value
RIGHTS: 0.0%
(Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 170.00, exp. 10/03/23 *		25	$	6

Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $44,299,767)				45,744,163

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,102,056)
State Street Navigator Securities Lending Government Money Market Portfolio		1,102,056		1,102,056
Total Investments: 102.2% (Cost: $45,401,823)				46,846,219
Liabilities in excess of other assets: (2.2)%				(986,169	)
NET ASSETS: 100.0%			$	45,860,050

Definitions:

ADR	American Depositary Receipt
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
MAD	Moroccan Dirham
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,236,707.

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 $2,112,917, or 4.6% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		31.0	%	$	14,223,359
Materials		28.4			12,971,341
Communication Services		21.6			9,849,153
Consumer Staples		7.2			3,317,135
Consumer Discretionary		4.9			2,259,736
Energy		4.7			2,149,626
Health Care		1.0			464,385
Real Estate		0.6			266,001
Industrials		0.4			173,011
Utilities		0.2			70,416
		100.0	%	$	45,744,163

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	$	—	$	1,653,014	$	446,748	$	2,099,762
Canada		2,455,928		—		—		2,455,928
China		—		602,002		—		602,002
Egypt		—		2,227,002		—		2,227,002
Ghana		1,306,980		—		—		1,306,980
India		294,668		—		—		294,668
Indonesia		—		174,470		—		174,470
Kenya		3,162,974		1,486,678		—		4,649,652
Morocco		3,160,551		1,099,304		—		4,259,855
Nigeria		3,938,057		1,327,139		—		5,265,196
Norway		—		70,416		—		70,416
South Africa		3,410,940		12,078,529		—		15,489,469
Switzerland		—		147,408		—		147,408
Tanzania		566,073		1,102,924		—		1,668,997
United Arab Emirates		1,163,638		—		—		1,163,638
United Kingdom		—		2,904,964		—		2,904,964
United States		132,818		—		—		132,818
Zambia		823,781		—		—		823,781
Zimbabwe		7,151		—		—		7,151
Rights ^*		6		—		—		6
Money Market Fund		1,102,056		—		—		1,102,056
Total Investments	$	21,525,621	$	24,873,850	$	446,748	$	46,846,219

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 83.5%
Automobiles & Components: 1.4%
Mahle-Metal Leve SA		27,350	$	158,660
Tupy SA *		37,850		195,407
				354,067
Capital Goods: 2.7%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		217,550		46,738
Armac Locacao Logistica E Servicos SA		49,200		109,267
Iochpe Maxion SA		72,002		160,793
Kepler Weber SA		31,900		121,917
Mills Estruturas e Servicos de Engenharia SA		73,500		159,075
Portobello SA		56,050		87,346
				685,136
Commercial & Professional Services: 1.5%
Ambipar Participacoes e Empreendimentos SA		31,300		124,029
Boa Vista Servicos SA		117,100		160,558
Orizon Valorizacao de Residuos SA *		16,300		104,445
				389,032
Consumer Durables & Apparel: 7.7%
Cury Construtora e Incorporadora SA		74,600		178,099
Cyrela Brazil Realty SA Empreendimentos e Participacoes		187,250		465,390
Direcional Engenharia SA		57,500		169,953
Even Construtora e Incorporadora SA		70,750		61,407
Ez Tec Empreendimentos e Participacoes SA		103,552		264,701
Grendene SA		140,850		160,614
Guararapes Confeccoes SA		60,250		74,242
MRV Engenharia e Participacoes SA		164,650		236,611
Vivara Participacoes SA		77,150		327,244
				1,938,261
Consumer Services: 7.9%
Afya Ltd. *		21,091		329,441
Anima Holding SA *		137,550		100,334
Arco Platform Ltd. * †		6,063		81,851
Arcos Dorados Holdings, Inc.		63,040		527,014
Cogna Educacao *		999,100		401,542
Cruzeiro do Sul Educacional SA		54,200		39,271
CVC Brasil Operadora e Agencia de Viagens SA *		159,383		135,563
YDUQS Participacoes SA		131,600		252,120
Zamp SA *		117,250		121,031
				1,988,167
Diversified Financials: 1.1%
Banco Modal SA *		90,000		37,303
BR Advisory Partners Participacoes SA		32,850		74,416
TC Traders Club SA		67,650		28,228

	Number of Shares		Value
Diversified Financials (continued)
Vinci Partners Investments Ltd.		15,761	$	142,479
				282,426
Energy: 10.9%
3R Petroleum Oleo e Gas SA *		121,150		868,288
AES Brasil Energia SA		165,890		303,085
Enauta Participacoes SA		56,650		145,836
Karoon Energy Ltd. *		376,978		566,490
Modec, Inc. *		14,500		149,242
Petroreconcavo SA		114,400		715,104
				2,748,045
Food & Staples Retailing: 2.0%
Cia Brasileira de Distribuicao (ADR) †		111,056		344,273
Dimed SA Distribuidora da Medicamentos		58,750		112,755
Empreendimentos Pague Menos SA *		63,000		52,371
				509,399
Food, Beverage & Tobacco: 5.4%
Adecoagro SA †		37,952		314,622
BrasilAgro - Co. Brasileira de Propriedades Agricolas		36,400		204,153
Camil Alimentos SA		63,900		100,436
Jalles Machado SA		100,400		144,257
Minerva SA		181,100		444,454
Tres Tentos Agroindustrial SA		88,050		155,554
				1,363,476
Health Care Equipment & Services: 5.0%
Alliar Medicos A Frente SA *		31,100		127,233
Fleury SA		168,299		492,503
Hospital Mater Dei SA		43,500		59,328
Instituto Hermes Pardini SA		25,150		100,273
Odontoprev SA		153,340		262,209
Oncoclinicas do Brasil Servicos Medicos SA *		130,900		148,841
Qualicorp Consultoria e Corretora de Seguros SA		62,500		69,137
				1,259,524
Insurance: 0.8%
IRB Brasil Resseguros SA *		1,191,300		193,190
Materials: 3.4%
ERO Copper Corp. * †		46,568		641,084
Irani Papel e Embalagem SA		75,200		114,461
Largo, Inc. * †		18,175		97,781
				853,326
Media & Entertainment: 0.6%
Meliuz SA 144A *		454,350		100,798
VTEX * †		13,560		50,850
				151,648
Pharmaceuticals, Biotechnology & Life Sciences: 0.4%
Blau Farmaceutica SA		22,900		113,723
Real Estate: 7.3%
Aliansce Sonae Shopping Centers SA		98,088		315,696
BR Malls Participacoes SA		382,150		600,911
BR Properties SA		101,050		124,843

See Notes to Financial Statements

	Number of Shares		Value
Real Estate (continued)
Iguatemi SA		155,750	$	544,222
JHSF Participacoes SA		183,250		174,317
LOG Commercial Properties e Participacoes SA		24,650		75,070
				1,835,059
Retailing: 3.6%
C&A Modas SA *		76,500		33,155
Grupo SBF SA		70,850		171,554
Lojas Quero Quero SA *		67,800		53,815
Pet Center Comercio e Participacoes SA		206,500		243,629
Via SA *		907,700		412,692
				914,845
Semiconductors & Semiconductor Equipment: 1.1%
SMART Global Holdings, Inc. *		18,984		282,482
Software & Services: 2.7%
Clear Sale SA *		48,050		51,262
Infracommerce CXAAS SA *		163,028		114,578
Locaweb Servicos de Internet SA 144A *		197,700		263,131
Sinqia SA *		45,600		129,671
Sonda SA		290,625		111,100
				669,742
Technology Hardware & Equipment: 1.0%
Ituran Location and Control Ltd.		2,445		51,663
Multilaser Industrial SA		151,400		115,053
Positivo Tecnologia SA		43,200		76,513
				243,229
Telecommunication Services: 0.9%
Brisanet Participacoes SA		57,350		29,472
Oi SA *		3,797,666		122,834
Unifique Telecomunicacoes SA		89,950		66,055
				218,361
Transportation: 6.7%
Azul SA (ADR) * †		65,123		397,901
EcoRodovias Infraestrutura e Logistica SA		237,190		199,406
Gol Linhas Aereas Inteligentes SA (ADR) * †		75,322		201,110
Hidrovias do Brasil SA *		323,800		138,099
Log-in Logistica Intermodal SA *		12,100		80,645
Movida Participacoes SA		90,000		130,021
Santos Brasil Participacoes SA		337,250		498,784
Sequoia Logistica e Transportes SA *		68,650		39,324
				1,685,290
Utilities: 9.4%
Alupar Investimento SA		164,337		880,581
Cia de Saneamento de Minas Gerais *		134,938		401,097
Cia de Saneamento do Parana		214,500		733,923
Light SA		153,350		135,344

	Number of Shares		Value
Utilities (continued)
Omega Energia SA *		121,302	$	220,293
				2,371,238
Total Common Stocks (Cost: $28,694,168)				21,049,666

PREFERRED SECURITIES: 5.6%
Banks: 2.8%
Banco ABC Brasil SA*		55,970		208,598
Banco do Estado do Rio Grande do Sul SA		136,550		251,045
Banco Pan SA		225,650		257,588
				717,231
Capital Goods: 1.4%
Marcopolo SA*		300,759		161,365
Randon SA Implementos e Participacoes		126,900		196,713
				358,078
Information Technology: 1.4%
Cia Ferro Ligas da Bahia		22,550		227,955
Taurus Armas SA		44,300		111,912
				339,867
Total Preferred Securities (Cost: $1,610,708)				1,415,176

RIGHTS: 0.0%
(Cost: $0)
Energy: 0.0%
AES Brasil Energia SA, BRL 9.61, exp. 01/09/23 *		882		42

CLOSED-END FUNDS: 11.0%
CSHG Logistica FI Imobiliario		16,652		517,528
FII BTG Pactual Corporate Office Fund		17,586		197,524
FII Iridium		25,864		452,058
FII UBS Br Receb Imob		18,770		312,066
Kinea Indice de Precos FII		57,246		995,630
Maxi Renda FII		160,462		306,320
Total Closed-End Funds (Cost: $2,959,541)				2,781,126
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $33,264,417)				25,246,010

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.2%
Money Market Fund: 5.2%

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
(Cost: $1,315,000)
State Street Navigator Securities Lending Government Money Market Portfolio		1,315,000	$	1,315,000
Total Investments: 105.3% (Cost: $34,579,417)				26,561,010
Liabilities in excess of other assets: (5.3)%				(1,336,255	)
NET ASSETS: 100.0%			$	25,224,755

Definitions:

ADR	American Depositary Receipt
BRL	Brazilian Real

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,864,249.

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 $363,929, or 1.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		20.6	%	$	5,195,340
Real Estate		14.3			3,620,556
Industrials		12.3			3,117,535
Utilities		10.6			2,674,365
Energy		9.7			2,444,960
Financials		8.6			2,188,477
Consumer Staples		7.4			1,872,875
Information Technology		6.1			1,535,320
Health Care		5.5			1,373,247
Materials		3.4			853,326
Communication Services		1.5			370,009
		100.0	%	$	25,246,010

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
Automobiles & Components	$	—	$	354,067	$	—	$	354,067
Capital Goods		—		685,136		—		685,136
Commercial & Professional Services		—		389,032		—		389,032
Consumer Durables & Apparel		—		1,938,261		—		1,938,261
Consumer Services		1,059,337		928,830		—		1,988,167
Diversified Financials		142,479		139,947		—		282,426
Energy		—		2,748,045		—		2,748,045
Food & Staples Retailing		344,273		165,126		—		509,399
Food, Beverage & Tobacco		314,622		1,048,854		—		1,363,476
Health Care Equipment & Services		127,233		1,132,291		—		1,259,524
Insurance		—		193,190		—		193,190
Materials		738,865		114,461		—		853,326
Media & Entertainment		50,850		100,798		—		151,648
Pharmaceuticals, Biotechnology & Life Sciences		—		113,723		—		113,723
Real Estate		—		1,835,059		—		1,835,059
Retailing		—		914,845		—		914,845
Semiconductors & Semiconductor Equipment		282,482		—		—		282,482
Software & Services		—		669,742		—		669,742
Technology Hardware & Equipment		51,663		191,566		—		243,229
Telecommunication Services		—		218,361		—		218,361
Transportation		599,011		1,086,279		—		1,685,290
Utilities		—		2,371,238		—		2,371,238
Preferred Securities ^*		—		1,415,176		—		1,415,176
Rights ^*		42		—		—		42
Closed-End Funds
Financials		—		1,710,682		—		1,710,682
Real Estate		312,066		758,378		—		1,070,444
Money Market Fund		1,315,000		—		—		1,315,000
Total Investments	$	5,337,923	$	21,223,087	$	—	$	26,561,010

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 0.5%
Bank of Chengdu Co. Ltd.		37,200	$	82,105
Capital Goods: 6.1%
Beijing New Building Materials Plc		17,900		66,714
E-Commodities Holdings Ltd.		28,000		5,649
Guangdong Lingxiao Pump Industry Co. Ltd.		5,300		12,699
Guangzhou KDT Machinery Co. Ltd.		7,360		13,100
Hangzhou Weiguang Electronic Co. Ltd.		2,600		9,310
Hangzhou Zhongtai Cryogenic Technology Corp.		4,800		9,234
IFE Elevators Co. Ltd.		7,400		6,852
Jiangsu Hengli Hydraulic Co. Ltd.		25,344		230,905
Jingjin Equipment, Inc.		4,500		19,147
Keda Industrial Group Co. Ltd.		26,300		53,865
Naipu Mining Machinery Co. Ltd. *		1,100		4,637
Nantong Jianghai Capacitor Co. Ltd.		10,200		32,908
Shanghai Hanbell Precise Machinery Co. Ltd.		12,600		43,576
TBEA Co. Ltd.		73,400		212,341
TKD Science and Technology Co. Ltd. *		3,500		10,242
Warom Technology, Inc. Co.		3,200		10,664
Wuxi Shangji Automation Co. Ltd.		2,940		44,810
Xinte Energy Co. Ltd. †		29,600		54,557
Yizumi Holdings Co. Ltd.		6,500		16,595
Zhuzhou Huarui Precision Cutting Tools Co. Ltd.		800		18,572
Zhuzhou Kibing Group Co. Ltd.		32,900		54,008
				930,385
Commercial & Professional Services: 0.1%
Shanghai Foreign Service Holding Group Co. Ltd.		24,900		21,448
Consumer Durables & Apparel: 6.9%
Biem.L.Fdlkk Garment Co. Ltd.		9,300		34,415
Chow Tai Seng Jewellery Co. Ltd.		8,800		17,823
DR Corp. Ltd.		9,300		84,508
Ecovacs Robotics Co. Ltd.		3,400		35,676
Huali Industrial Group Co. Ltd.		45,400		374,433
Li Ning Co. Ltd. *		52,000		447,177
Tonze New Energy Technology Co. Ltd.		5,600		13,096
Yantai Tayho Advanced Materials Co. Ltd.		13,400		40,983
				1,048,111
Diversified Financials: 1.4%
CSC Financial Co. Ltd. 144A		119,500		104,232

	Number of Shares		Value
Diversified Financials (continued)
Hithink RoyalFlush Information Network Co. Ltd.		7,624	$	108,405
				212,637
Energy: 9.2%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd.		12,000		12,397
Guanghui Energy Co. Ltd.		88,800		115,772
Guizhou Panjiang Refined Coal Co. Ltd.		17,100		16,577
Inner Mongolia Yitai Coal Co. Ltd.		56,000		73,834
Jinneng Holding Shanxi Coal Industry Co. Ltd.		15,000		25,825
Jizhong Energy Resources Co. Ltd.		27,800		25,510
PetroChina Co. Ltd.		1,738,000		793,957
Pingdingshan Tianan Coal Mining Co. Ltd.		28,400		44,227
Shaanxi Coal Industry Co. Ltd.		60,000		160,913
Shandong Sunway Chemical Group Co. Ltd.		17,400		14,746
Shanxi Lanhua Sci-Tech Venture Co. Ltd.		14,000		26,926
Shanxi Lu’an Environmental Energy Development Co. Ltd.		25,300		61,441
ZJMI Environmental Energy Co. Ltd.		12,200		28,456
				1,400,581
Food, Beverage & Tobacco: 16.5%
Anhui Yingjia Distillery Co. Ltd.		4,200		37,996
Cheng De Lolo Co. Ltd. *		12,500		15,285
China Feihe Ltd. 144A		91,000		77,051
Chongqing Brewery Co. Ltd.		4,300		79,045
Jiangsu King’s Luck Brewery JSC Ltd.		10,700		78,521
JiuGui Liquor Co. Ltd.		4,900		97,341
Luzhou Laojiao Co. Ltd.		15,028		485,208
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		8,195		336,468
Sichuan Swellfun Co. Ltd.		3,700		45,032
Tongwei Co. Ltd.		54,000		300,288
Want Want China Holdings Ltd.		91,000		60,642
Wuliangye Yibin Co. Ltd.		34,630		900,795
				2,513,672
Health Care Equipment & Services: 6.0%
Andon Health Co. Ltd.		5,700		42,066
Dian Diagnostics Group Co. Ltd.		10,700		38,809
Guangzhou Kingmed Diagnostics Group Co. Ltd.		5,500		62,061
Guangzhou Wondfo Biotech Co. Ltd.		6,430		29,583
Hangzhou Alltest Biotech Co. Ltd.		700		10,542
Intco Medical Technology Co. Ltd.		12,280		37,300
Jafron Biomedical Co. Ltd.		12,750		57,033
Jiangsu Bioperfectus Technologies Co. Ltd.		877		11,108

See Notes to Financial Statements

	Number of Shares		Value
Health Care Equipment & Services (continued)
JiangXi Sanxin Medtec Co. Ltd.		7,000	$	8,699
Sansure Biotech, Inc.		5,776		18,337
Shanghai Kindly Enterprise Development Group Co. Ltd.		5,500		10,938
Shanghai MicroPort Endovascular MedTech Group Co. Ltd.		1,400		38,110
Shanghai ZJ Bio-Tech Co. Ltd.		3,255		15,680
Shenzhen Bioeasy Biotechnology Co. Ltd.		4,100		10,159
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		9,144		416,629
Shenzhen YHLO Biotech Co. Ltd.		7,300		20,710
Tofflon Science & Technology Group Co. Ltd.		7,600		26,024
Wuhan Easydiagnosis Biomedicine Co. Ltd.		2,300		19,027
Zhejiang Gongdong Medical Technology Co. Ltd.		2,400		36,594
				909,409
Household & Personal Products: 0.1%
Tongling Jieya Biologic Technology Co. Ltd.		1,800		8,779
Industrials: 0.0%
Sichuan Languang Justbon Services Group Co. Ltd. ∞		3,300		0
Materials: 18.7%
Anhui Guangxin Agrochemical Co. Ltd.		7,500		31,822
China Hongqiao Group Ltd.		58,600		55,272
China Jushi Co. Ltd.		51,300		101,429
China Northern Rare Earth Group High-Tech Co. Ltd.		44,800		161,524
City Development Environment Co. Ltd.		4,500		6,156
CNSIG Inner Mongolia Chemical Industry Co. Ltd.		17,600		37,269
Dalian Bio-Chem Co. Ltd. *		2,200		5,580
DeHua TB New Decoration Materials Co. Ltd.		8,000		12,524
Dongyue Group Ltd.		32,000		35,050
Epoxy Base Electronic Material Corp. Ltd.		10,500		7,528
Fufeng Group Ltd.		31,000		18,803
Fujian Yongan Forestry Group *		6,400		7,656
Ganfeng Lithium Group Co. Ltd.		42,200		422,801
Guangzhou Tinci Materials Technology Co. Ltd.		36,500		230,808
Hoshine Silicon Industry Co. Ltd.		4,100		49,044
Huafon Chemical Co. Ltd.		72,600		71,189
Hubei Yihua Chemical Industry Co. Ltd. *		12,700		26,970
Hunan Haili Chemical Industry Co. Ltd. *		8,100		8,724

	Number of Shares		Value
Materials (continued)
Inner Mongolia ERDOS Resources Co. Ltd.		27,280	$	59,736
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd.		38,900		22,375
Jiangsu Changhai Composite Materials Co. Ltd.		7,200		14,692
Jiangsu Huachang Chemical Co. Ltd.		12,100		12,721
Jiangsu Sopo Chemical Co.		11,200		13,127
Jiangxi Chenguang New Materials Co. Ltd.		3,760		17,502
KBC Corp. Ltd.		1,210		38,285
Lier Chemical Co. Ltd.		9,100		23,572
Lihuayi Weiyuan Chemical Co. Ltd. *		12,100		36,240
Luoyang Jianlong Micro-Nano New Material Co. Ltd.		758		12,115
Luxi Chemical Group Co. Ltd.		28,300		50,548
Nantong Jiangshan Agrochemical & Chemical LLC		3,300		20,981
Perennial Energy Holdings Ltd.		10,000		910
Satellite Chemical Co. Ltd.		42,255		94,437
Shaanxi Xinghua Chemistry Co. Ltd.		7,000		5,110
Shandong Fiberglass Group Co. Ltd.		8,180		9,617
Shandong Haihua Co. Ltd.		12,200		13,880
Shandong Head Group Co. Ltd.		4,700		15,193
Shandong Hualu Hengsheng Chemical Co. Ltd.		32,600		155,936
Shandong Jinjing Science & Technology Co. Ltd.		21,800		27,345
Shanghai Chlor-Alkali Chemical Co. Ltd.		7,000		9,929
Shenghe Resources Holding Co. Ltd.		32,800		66,115
Shenma Industry Co. Ltd.		13,200		14,787
Sichuan Anning Iron and Titanium Co. Ltd.		4,600		22,137
Sichuan Hebang Biotechnology Co. Ltd.		120,900		53,069
Sichuan Meifeng Chemical IND		11,000		12,592
Sichuan Xinjinlu Group Co. Ltd. *		12,100		10,237
Sichuan Yahua Industrial Group Co. Ltd.		23,500		78,768
Suzhou TA&A Ultra Clean Technology Co. Ltd.		11,100		89,433
Wanhua Chemical Group Co. Ltd.		31,500		420,800
Xinjiang Xuefeng Sci-Tech Group Co. Ltd.		12,100		14,491
Zangge Mining Co. Ltd.		9,600		35,937
Zhejiang Jiahua Energy Chemical Industry Co. Ltd.		19,100		23,062
Zhejiang Oceanking Development Co. Ltd.		10,000		19,089

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Materials (continued)
Zhejiang Xinan Chemical Industrial Group Co. Ltd.		19,240	$	42,029
				2,846,946
Media & Entertainment: 6.8%
37 Interactive Entertainment Network Technology Group Co. Ltd.		33,200		86,524
G-bits Network Technology Xiamen Co. Ltd.		800		36,062
Heilongjiang Publishing & Media Co. Ltd.		10,600		15,194
Kingnet Network Co. Ltd. *		33,900		32,126
Lecron Industrial Development Group Co. Ltd. *		26,000		36,549
Shenzhen Shengxunda Technology Co. Ltd.		1,200		7,260
Tencent Holdings Ltd.		19,400		822,620
				1,036,335
Pharmaceuticals, Biotechnology & Life Sciences: 7.6%
Beijing Hotgen Biotech Co. Ltd.		1,145		10,066
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.		9,761		178,341
Changchun High & New Technology Industry Group, Inc.		6,700		160,880
Chengdu Kanghua Biological Products Co. Ltd.		1,700		20,766
China Medical System Holdings Ltd.		27,000		42,252
Chongqing Zhifei Biological Products Co. Ltd.		21,500		272,731
Daan Gene Co. Ltd.		30,400		68,284
Getein Biotech, Inc.		6,000		10,825
Guangdong Hybribio Biotech Co. Ltd.		8,200		19,944
Hainan Poly Pharm Co. Ltd.		7,500		26,679
Hangzhou Biotest Biotech Co. Ltd.		2,383		15,872
Hubei Jumpcan Pharmaceutical Co. Ltd.		6,300		24,773
Jenkem Technology Co. Ltd.		604		13,621
Porton Pharma Solutions Ltd.		6,300		37,121
Shandong WIT Dyne Health Co. Ltd.		3,900		25,616
Shenyang Xingqi Pharmaceutical Co. Ltd.		1,700		30,663
Tonghua Dongbao Pharmaceutical Co. Ltd.		28,200		37,409
Xiamen Amoytop Biotech Co. Ltd.		2,800		15,742
Zhejiang Garden Bio-Chemical High-tech Co. Ltd.		6,900		14,333
Zhejiang NHU Co. Ltd.		35,392		95,843
Zhejiang Orient Gene Biotech Co. Ltd.		3,203		35,650
				1,157,411

	Number of Shares		Value
Real Estate: 1.6%
A-Living Smart City Services Co. Ltd. 144A †		14,500	$	17,377
CIFI Ever Sunshine Services Group Ltd. †		20,000		11,117
Country Garden Services Holdings Co. Ltd.		45,000		110,398
Evergrande Property Services Group Ltd. 144A *∞		44,000		0
Longfor Group Holdings Ltd. 144A †		31,500		96,937
Tianjin Jinbin Development Co. Ltd. *		26,100		8,834
				244,663
Retailing: 0.3%
Easyhome New Retail Group Co. Ltd.		56,400		33,298
Focus Technology Co. Ltd.		4,700		12,217
				45,515
Semiconductors & Semiconductor Equipment: 13.3%
Amlogic Shanghai Co. Ltd. *		3,600		36,583
GigaDevice Semiconductor, Inc.		10,580		156,419
LONGi Green Energy Technology Co. Ltd.		110,190		670,410
SG Micro Corp.		5,100		126,957
Shanghai Bright Power Semiconductor Co. Ltd.		1,429		23,073
Shanghai Fullhan Microelectronics Co. Ltd.		2,500		18,072
Shenzhen Sunmoon Microelectronics Co. Ltd.		1,566		10,389
StarPower Semiconductor Ltd.		2,200		104,563
Suzhou Novosense Microelectronics Co. Ltd.		2,400		109,876
Thinkon Semiconductor Jinzhou Corp.		2,100		12,355
Unigroup Guoxin Microelectronics Co. Ltd.		13,700		260,317
Wuxi ETEK Microelectronics Co. Ltd.		1,020		8,292
Xinjiang Daqo New Energy Co. Ltd.		39,400		270,623
Yangling Metron New Material, Inc.		5,300		37,544
Yangzhou Yangjie Electronic Technology Co. Ltd.		5,400		40,992
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		14,100		129,391
				2,015,856
Software & Services: 0.4%
Chinasoft International Ltd. *		58,000		50,214
Sichuan Jiuyuan Yinhai Software Co. Ltd.		5,000		10,844
				61,058
Technology Hardware & Equipment: 2.1%
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd.		2,600		38,005
Eoptolink Technology, Inc. Ltd.		9,823		33,641

See Notes to Financial Statements

	Number of Shares		Value
Technology Hardware & Equipment (continued)
Maxscend Microelectronics Co. Ltd.		6,020	$	99,341
Sihui Fuji Electronic Technology Co. Ltd.		2,000		9,084
Suzhou Etron Technologies Co. Ltd.		1,300		4,915
Wuxi Xinje Electric Co. Ltd.		1,400		9,157
Yealink Network Technology Corp. Ltd.		9,800		85,742
Zhuzhou Hongda Electronics Corp. Ltd.		4,900		31,210
				311,095
Transportation: 2.1%
Anhui Expressway Co. Ltd.		6,500		6,867
Antong Holdings Co. Ltd. *		89,000		42,287
Bondex Supply Chain Management Co. Ltd.		4,500		10,365
COSCO SHIPPING Holdings Co. Ltd.		145,000		215,113
Eastern Air Logistics Co. Ltd.		8,200		18,084

	Number of Shares		Value
Transportation (continued)
Shanghai Zhonggu Logistics Co. Ltd.		15,600	$	32,717
				325,433
Utilities: 0.2%
Ningbo Shimao Energy Co. Ltd.		3,400		8,214
Xinjiang Xintai Natural Gas Co. Ltd.		6,300		19,785
				27,999
Total Common Stocks (Cost: $16,930,683)				15,199,438


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $8)
State Street Navigator Securities Lending Government Money Market Portfolio		8		8
Total Investments: 99.9% (Cost: $16,930,691)				15,199,446
Other assets less liabilities: 0.1%				13,057
NET ASSETS: 100.0%			$	15,212,503

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $101,895.
∞	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 $295,597, or 1.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		18.7	%	$	2,846,946
Consumer Staples		16.6			2,522,451
Information Technology		15.8			2,388,009
Health Care		13.6			2,066,820
Energy		9.2			1,400,581
Industrials		8.4			1,277,266
Consumer Discretionary		7.2			1,093,626
Communication Services		6.8			1,036,335
Financials		1.9			294,742
Real Estate		1.6			244,663
Utilities		0.2			27,999
		100.0	%	$	15,199,438

See Notes to Financial Statements

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	82,105	$	—	$	82,105
Capital Goods		—		930,385		—		930,385
Commercial & Professional Services		—		21,448		—		21,448
Consumer Durables & Apparel		—		1,048,111		—		1,048,111
Diversified Financials		—		212,637		—		212,637
Energy		—		1,400,581		—		1,400,581
Food, Beverage & Tobacco		—		2,513,672		—		2,513,672
Health Care Equipment & Services		—		909,409		—		909,409
Household & Personal Products		—		8,779		—		8,779
Industrials		—		—		0		0
Materials		—		2,846,946		—		2,846,946
Media & Entertainment		—		1,036,335		—		1,036,335
Pharmaceuticals, Biotechnology & Life Sciences		—		1,157,411		—		1,157,411
Real Estate		—		244,663		0		244,663
Retailing		—		45,515		—		45,515
Semiconductors & Semiconductor Equipment		—		2,015,856		—		2,015,856
Software & Services		—		61,058		—		61,058
Technology Hardware & Equipment		—		311,095		—		311,095
Transportation		—		325,433		—		325,433
Utilities		—		27,999		—		27,999
Money Market Fund		8		—		—		8
Total Investments	$	8	$	15,199,438	$	0	$	15,199,446

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 0.3%
Fulin Precision Co. Ltd. *		33,000	$	68,601
Capital Goods: 36.3%
Beijing Easpring Material Technology Co. Ltd.		18,500		150,492
Contemporary Amperex Technology Co. Ltd.		58,600		3,317,628
Dongguan Yiheda Automation Co. Ltd.		3,460		32,842
East Group Co. Ltd.		47,500		46,804
Eve Energy Co. Ltd.		57,296		725,164
Gaona Aero Material Co. Ltd.		12,200		80,718
Ginlong Technologies Co. Ltd. *		7,850		203,844
Guangzhou Great Power Energy & Technology Co. Ltd.		14,200		159,618
Hunan Zhongke Electric Co. Ltd.		28,200		83,564
JL Mag Rare-Earth Co. Ltd.		16,300		68,800
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		8,200		63,222
Qingdao TGOOD Electric Co. Ltd.		28,700		63,029
Shenzhen Inovance Technology Co. Ltd.		84,485		846,961
Shenzhen Yinghe Technology Co. Ltd.		16,000		40,731
Sungrow Power Supply Co. Ltd.		45,900		739,879
Sunwoda Electronic Co. Ltd.		62,700		191,113
Suzhou Maxwell Technologies Co. Ltd.		4,040		239,832
Wuxi Lead Intelligent Equipment Co. Ltd.		45,720		264,994
Xi’an Triangle Defense Co. Ltd.		12,500		68,633
				7,387,868
Commercial & Professional Services: 1.3%
Beijing Originwater Technology Co. Ltd.		84,000		57,349
Centre Testing International Group Co. Ltd.		65,100		209,513
				266,862
Consumer Durables & Apparel: 0.3%
Huali Industrial Group Co. Ltd.		7,000		57,733
Consumer Services: 0.7%
Songcheng Performance Development Co. Ltd.		67,321		141,914
Diversified Financials: 7.2%
East Money Information Co. Ltd.		477,120		1,332,717
Hithink RoyalFlush Information Network Co. Ltd.		9,300		132,237
				1,464,954
Food, Beverage & Tobacco: 4.2%
Wens Foodstuffs Group Co. Ltd.		244,060		691,701
Yihai Kerry Arawana Holdings Co. Ltd.		25,900		162,710
				854,411

	Number of Shares		Value
Health Care Equipment & Services: 12.1%
Aier Eye Hospital Group Co. Ltd.		137,762	$	617,089
Dian Diagnostics Group Co. Ltd.		21,600		78,372
Guangzhou Wondfo Biotech Co. Ltd.		11,600		53,451
Intco Medical Technology Co. Ltd.		20,020		60,830
Jafron Biomedical Co. Ltd.		20,000		89,454
Lepu Medical Technology Beijing Co. Ltd.		56,313		186,615
Ovctek China, Inc.		20,900		107,667
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		21,200		965,932
Shenzhen New Industries Biomedical Engineering Co. Ltd.		13,300		96,142
Tofflon Science & Technology Group Co. Ltd.		11,600		39,720
Winner Medical Co. Ltd.		5,200		53,692
Winning Health Technology Group Co. Ltd.		80,666		119,848
				2,468,812
Household & Personal Products: 1.4%
By-health Co. Ltd.		45,500		149,707
Yunnan Botanee Bio- Technology Group Co. Ltd.		5,800		124,752
				274,459
Materials: 7.8%
CNGR Advanced Material Co. Ltd.		8,900		84,150
Ganzhou Teng Yuan Cobalt New Material Co. Ltd.		2,200		21,883
Huabao Flavours & Fragrances Co. Ltd.		5,600		19,003
Hubei Dinglong Co. Ltd.		31,800		97,732
Hubei Feilihua Quartz Glass Co. Ltd.		18,900		150,221
Nanjing Hanrui Cobalt Co. Ltd.		10,300		59,536
Shandong Dongyue
Organosilicon Material Co. Ltd.		15,500		26,112
Shandong Sinocera Functional Material Co. Ltd.		35,800		142,442
Shandong Weifang Rainbow Chemical Co. Ltd.		4,200		52,820
Shenzhen Capchem Technology Co. Ltd.		21,800		136,757
Shenzhen Dynanonic Co. Ltd.		5,360		177,517
Shenzhen Senior Technology Material Co. Ltd.		45,691		140,070
Sinofibers Technology Co. Ltd.		15,700		111,326
Sunresin New Materials Co. Ltd.		7,400		74,277
Suzhou TA&A Ultra Clean Technology Co. Ltd.		18,000		145,025
Weihai Guangwei Composites Co. Ltd.		13,700		142,828
				1,581,699

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Media & Entertainment: 1.3%
Beijing Enlight Media Co. Ltd.		49,442	$	61,817
Kunlun Tech Co. Ltd.		34,200		71,017
Mango Excellent Media Co. Ltd.		28,470		123,167
				256,001
Pharmaceuticals, Biotechnology & Life Sciences: 12.5%
Anhui Anke Biotechnology Group Co. Ltd.		49,400		66,775
Betta Pharmaceuticals Co. Ltd.		11,300		80,419
BGI Genomics Co. Ltd.		10,700		79,913
China Resources Boya Bio-pharmaceutical Group Co. Ltd.		13,100		69,149
Chongqing Zhifei Biological Products Co. Ltd.		34,869		442,318
Hangzhou Tigermed Consulting Co. Ltd.		24,159		364,598
Imeik Technology Development Co. Ltd.		4,100		334,763
PharmaBlock Sciences Nanjing, Inc.		7,200		83,550
Pharmaron Beijing Co. Ltd.		23,850		233,923
Porton Pharma Solutions Ltd.		15,400		90,750
Shenzhen Kangtai Biological Products Co. Ltd.		26,720		121,477
Sino Biological, Inc.		2,600		37,445
Walvax Biotechnology Co. Ltd.		74,400		430,781
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd.		12,600		100,210
				2,536,071
Semiconductors & Semiconductor Equipment: 6.0%
Hangzhou Chang Chuan Technology Co. Ltd.		15,600		100,372
Ingenic Semiconductor Co. Ltd.		11,100		112,887
Risen Energy Co. Ltd. *		29,900		106,995
SG Micro Corp.		10,550		262,615
Shenzhen SC New Energy Technology Corp.		11,100		182,381
Wuhan DR Laser Technology Corp. Ltd.		3,600		65,435

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Yangling Metron New Material, Inc.		7,040	$	49,869
Yangzhou Yangjie Electronic Technology Co. Ltd.		11,800		89,546
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		27,100		248,674
				1,218,774
Software & Services: 2.6%
Beijing Sinnet Technology Co. Ltd.		63,000		74,172
Longshine Technology Group Co. Ltd.		21,900		69,505
Sangfor Technologies, Inc.		10,600		172,486
Thunder Software Technology Co. Ltd.		14,500		209,721
				525,884
Technology Hardware & Equipment: 6.1%
Anker Innovations Technology Co. Ltd.		7,100		60,734
Chaozhou Three-Circle Group Co. Ltd.		56,900		252,142
Lens Technology Co. Ltd.		89,268		135,541
Leyard Optoelectronic Co. Ltd.		92,700		75,678
Maxscend Microelectronics Co. Ltd.		14,021		231,234
Shenzhen Sunway Communication Co. Ltd.		37,101		88,375
Wuhan Raycus Fiber Laser Technologies Co. Ltd. *		13,310		45,439
Wuhu Token Science Co. Ltd.		93,900		80,866
Yealink Network Technology Corp. Ltd.		14,900		130,363
Zhongji Innolight Co. Ltd.		26,500		103,337
Zhuzhou Hongda Electronics Corp. Ltd.		6,100		38,855
				1,242,564
Total Common Stocks (Cost: $17,606,453)				20,346,607
Total Investments: 100.1% (Cost: $17,606,453)				20,346,607
Liabilities in excess of other assets: (0.1)%				(21,891	)
NET ASSETS: 100.0%			$	20,324,716

Footnotes:

*	Non-income producing

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Industrials		37.6	%	$	7,654,730
Health Care		24.6			5,004,883
Information Technology		14.7			2,987,222
Materials		7.8			1,581,699
Financials		7.2			1,464,954
Consumer Staples		5.5			1,128,870
Consumer Discretionary		1.3			268,248
Communication Services		1.3			256,001
		100.0	%	$	20,346,607

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 ^*		$	—			$	20,346,607			$	—			$	20,346,607

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Capital Goods: 0.7%
IndiaMart InterMesh Ltd. 144A		183	$	9,537
Commercial & Professional Services: 2.0%
L&T Technology Services Ltd. 144A		630		28,016
Consumer Durables & Apparel: 1.2%
Dixon Technologies India Ltd.		355		16,721
Consumer Services: 2.1%
MakeMyTrip Ltd. *		1,043		28,756
Diversified Financials: 1.5%
ICICI Securities Ltd. 144A		1,925		11,561
Indian Energy Exchange Ltd. 144A		5,359		9,052
				20,613
Energy: 8.1%
Reliance Industries Ltd. 144A (GDR)		1,827		112,076
Insurance: 1.0%
PB Fintech Ltd. *		2,680		14,498
Media & Entertainment: 5.4%
Affle India Ltd. *		795		10,384
Info Edge India Ltd.		1,365		64,812
				75,196
Retailing: 2.6%
Zomato Ltd. *		50,977		36,544
Software & Services: 58.7%
Coforge Ltd.		364		17,101
Cyient Ltd.		1,867		18,269
Happiest Minds Technologies Ltd.		876		9,318

	Number of Shares		Value
Software & Services (continued)
HCL Technologies Ltd.		6,535	$	81,954
Infosys Ltd. (ADR)		6,025		108,510
KPIT Technologies Ltd.		4,087		34,712
LTIMindtree Ltd. 144A		1,156		60,936
Mphasis Ltd.		2,058		49,018
One 97 Communications Ltd. *		3,871		24,831
Oracle Financial Services Software Ltd.		515		18,808
Persistent Systems Ltd.		930		43,477
Tanla Platforms Ltd.		1,653		14,229
Tata Consultancy Services Ltd.		2,494		98,081
Tata Elxsi Ltd.		371		28,157
Tech Mahindra Ltd.		5,586		68,504
Wipro Ltd. (ADR)		16,390		76,377
WNS Holdings Ltd. (ADR) *		799		63,912
				816,194
Technology Hardware & Equipment: 2.0%
Redington Ltd.		13,009		28,390
Telecommunication Services: 13.5%
Bharti Airtel Ltd.		9,388		91,298
Indus Towers Ltd.		16,070		36,897
Tata Communications Ltd.		1,699		26,135
Tata Teleservices Maharashtra Ltd. *		11,657		13,017
Vodafone Idea Ltd. *		199,508		18,984
				186,331
Transportation: 1.2%
Delhivery Ltd. *		4,334		17,357
Total Common Stocks (Cost: $1,747,837)				1,390,229
Total Investments: 100.0% (Cost: $1,747,837)				1,390,229
Liabilities in excess of other assets: 0.0%				(612	)
NET ASSETS: 100.0%			$	1,389,617

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $231,178, or 16.6% of net assets.

Summary of Investments by Sector	% of Investments			Value
Information Technology		60.7	%	$	844,587
Communication Services		18.8			261,527
Energy		8.1			112,075
Consumer Discretionary		5.9			82,020
Industrials		4.0			54,910
Financials		2.5			35,110
		100.0	%	$	1,390,229

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
Capital Goods	$	—	$	9,537	$	—	$	9,537
Commercial & Professional Services		—		28,016		—		28,016
Consumer Durables & Apparel		—		16,721		—		16,721
Consumer Services		28,756		—		—		28,756
Diversified Financials		—		20,613		—		20,613
Energy		—		112,076		—		112,076
Insurance		—		14,498		—		14,498
Media & Entertainment		—		75,196		—		75,196
Retailing		—		36,544		—		36,544
Software & Services		248,799		567,395		—		816,194
Technology Hardware & Equipment		—		28,390		—		28,390
Telecommunication Services		—		186,331		—		186,331
Transportation		—		17,357		—		17,357
Total Investments	$	277,555	$	1,112,674	$	—	$	1,390,229

See Notes to Financial Statements

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 1.5%
Ghabbour Auto		1,611,582	$	347,918
Banks: 7.2%
Commercial International Bank Egypt SAE (GDR)		1,373,790		1,640,861
Capital Goods: 4.5%
ElSewedy Electric Co. *		2,125,077		1,033,047
Consumer Durables & Apparel: 2.3%
Oriental Weavers		1,280,025		537,760
Consumer Services: 3.6%
Cairo Investment & Real Estate Development Co. SAE		1,570,244		824,741
Diversified Financials: 6.9%
Egyptian Financial Group-Hermes Holding Co. *		1,451,457		1,048,356
Egyptian Financial Group-Hermes Holding Co. (GDR) *		462,969		532,414
				1,580,770
Energy: 4.6%
Capricorn Energy Plc *		336,203		1,058,768
Food, Beverage & Tobacco: 8.1%
Eastern Co. SAE		3,219,937		1,863,900
Health Care Equipment & Services: 4.9%
Cleopatra Hospital *		3,871,074		834,910
Ibnsina Pharma SAE		3,325,605		290,176
				1,125,086
Materials: 23.7%
Abou Kir Fertilizers & Chemical Industries		967,311		1,518,553

	Number of Shares		Value
Materials (continued)
Alexandria Mineral Oils Co.		2,627,574	$	673,069
Centamin Plc		783,216		1,064,928
Egypt Kuwait Holding Co. SAE		726,790		928,691
Ezz Steel Co. SAE		776,683		731,218
Sidi Kerir Petrochemicals Co. *		969,968		513,836
				5,430,295
Real Estate: 16.3%
Emaar Misr for Development SAE *		3,237,702		406,197
Heliopolis Housing *		2,055,540		660,929
Medinet Nasr Housing *		6,581,926		864,697
Palm Hills Developments SAE		6,687,710		529,866
Talaat Moustafa Group		3,164,392		1,275,462
				3,737,151
Retailing: 1.1%
MM Group for Industry & International Trade SAE *		1,382,189		262,198
Software & Services: 10.4%
E-Finance for Digital & Financial Investments		1,764,187		1,356,894
Fawry for Banking & Payment Technology Services SAE *		4,806,818		1,020,053
				2,376,947
Telecommunication Services: 5.0%
Telecom Egypt Co.		1,135,948		1,151,795
Total Common Stocks (Cost: $23,089,541)				22,971,237
Total Investments: 100.1% (Cost: $23,089,541)				22,971,237
Liabilities in excess of other assets: (0.1)%				(14,419	)
NET ASSETS: 100.0%			$	22,956,818

Definitions:

GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Materials		23.6	%	$	5,430,295
Real Estate		16.3			3,737,151
Financials		14.1			3,221,631
Information Technology		10.4			2,376,947
Consumer Discretionary		8.5			1,972,617
Consumer Staples		8.1			1,863,900
Communication Services		5.0			1,151,795
Health Care		4.9			1,125,086
Energy		4.6			1,058,768
Industrials		4.5			1,033,047
		100.0	%	$	22,971,237

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
Automobiles & Components	$	—	$	347,918	$	—	$	347,918
Banks		—		1,640,861		—		1,640,861
Capital Goods		—		1,033,047		—		1,033,047
Consumer Durables & Apparel		537,760		—		—		537,760
Consumer Services		—		824,741		—		824,741
Diversified Financials		1,580,770		—		—		1,580,770
Energy		1,058,768		—		—		1,058,768
Food, Beverage & Tobacco		—		1,863,900		—		1,863,900
Health Care Equipment & Services		290,176		834,910		—		1,125,086
Materials		—		5,430,295		—		5,430,295
Real Estate		—		3,737,151		—		3,737,151
Retailing		—		262,198		—		262,198
Software & Services		—		2,376,947		—		2,376,947
Telecommunication Services		—		1,151,795		—		1,151,795
Total Investments	$	3,467,474	$	19,503,763	$	—	$	22,971,237

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 0.5%
FIEM Industries Ltd.		1,605	$	33,597
Mahindra CIE Automotive Ltd.		35,645		147,846
Minda Corp. Ltd.		26,029		64,202
				245,645
Capital Goods: 12.0%
Apar Industries Ltd.		6,523		141,423
Astral Ltd.		33,684		798,288
Bharat Electronics Ltd.		1,411,647		1,703,301
Grindwell Norton Ltd.		19,329		416,671
Hindustan Aeronautics Ltd.		33,646		1,028,627
J Kumar Infraprojects Ltd.		13,416		44,035
Jamna Auto Industries Ltd.		74,071		93,662
Kajaria Ceramics Ltd.		35,120		491,143
KEI Industries Ltd.		22,816		403,036
Schaeffler India Ltd.		14,885		493,996
Timken India Ltd.		9,131		342,600
Voltamp Transformers Ltd.		3,067		102,674
				6,059,456
Consumer Durables & Apparel: 3.3%
Gokaldas Exports Ltd. *		17,145		75,609
KPR Mill Ltd.		38,005		236,975
Mirza International Ltd. *		16,281		48,457
Monte Carlo Fashions Ltd.		2,044		17,047
Page Industries Ltd.		2,160		1,116,562
Vardhman Textiles Ltd. *		45,174		179,910
				1,674,560
Consumer Services: 0.2%
Easy Trip Planners Ltd. *		186,914		118,872
Diversified Financials: 1.5%
Angel One Ltd.		14,695		232,365
CRISIL Ltd.		8,573		317,259
ICICI Securities Ltd. 144A		34,109		204,842
				754,466
Energy: 12.9%
Coal India Ltd.		888,463		2,417,019
Great Eastern Shipping Co. Ltd.		35,793		290,319
Oil & Natural Gas Corp. Ltd.		1,534,649		2,731,793
Oil India Ltd.		153,714		388,097
Petronet LNG Ltd.		319,966		832,226
				6,659,454
Food, Beverage & Tobacco: 8.0%
Dwarikesh Sugar Industries Ltd.		45,260		57,413
ITC Ltd.		630,434		2,523,470
Radico Khaitan Ltd.		100		1,222
Varun Beverages Ltd.		97,461		1,555,357
				4,137,462
Materials: 29.8%
Balaji Amines Ltd.		3,989		130,417
Castrol India Ltd.		202,373		301,000
Clean Science & Technology Ltd.		7,767		139,337
Coromandel International Ltd.		49,399		529,231
Deepak Fertilisers & Petrochemicals Corp. Ltd.		26,241		226,451
Deepak Nitrite Ltd.		28,854		690,581
EID Parry India Ltd.		32,356		222,259

	Number of Shares		Value
Materials (continued)
Fine Organic Industries Ltd.		3,237	$	224,422
Fineotex Chemical Ltd.		10,926		33,303
GHCL Ltd.		24,430		150,411
Gujarat Alkalies & Chemicals Ltd.		7,965		73,620
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		37,854		254,178
Gujarat State Fertilizers & Chemicals Ltd.		93,594		157,853
Hindalco Industries Ltd.		491,021		2,807,129
Jindal Steel & Power Ltd.		174,209		1,221,880
JK Paper Ltd.		30,849		152,169
Meghmani Finechem Ltd. *		5,006		75,461
National Aluminium Co. Ltd.		370,362		359,715
NMDC Ltd.		473,691		703,782
NMDC Steel Ltd. *		447,321		208,169
PCBL Ltd.		71,442		111,779
PI Industries Ltd.		34,478		1,423,902
Polyplex Corp. Ltd.		5,638		108,308
Rain Industries Ltd.		75,959		155,951
Sharda Cropchem Ltd.		9,087		56,436
Sumitomo Chemical India Ltd.		52,535		309,853
Tata Steel Ltd.		1,931,039		2,630,090
Tinplate Co. of India Ltd.		10,163		41,072
Vedanta Ltd.		492,866		1,834,403
West Coast Paper Mills Ltd.		11,930		75,264
				15,408,426
Media & Entertainment: 4.3%
Affle India Ltd. *		20,051		261,895
Brightcom Group Ltd.		636,872		225,351
Chennai Super Kings Cricket Ltd. *∞ ø		1,298,085		1,526,697
Sun TV Network Ltd.		34,269		201,281
				2,215,224
Pharmaceuticals, Biotechnology & Life Sciences: 11.5%
Ajanta Pharma Ltd.		16,008		234,327
Divi’s Laboratories Ltd.		53,810		2,216,366
Laurus Labs Ltd. 144A		143,415		649,101
Sun Pharmaceutical Industries Ltd.		234,287		2,833,233
				5,933,027
Software & Services: 15.4%
Coforge Ltd.		15,389		722,989
Happiest Minds Technologies Ltd.		17,069		181,554
Infosys Ltd. (ADR)		141,266		2,544,201
LTIMindtree Ltd. 144A		37,427		1,972,880
Mastek Ltd.		5,400		111,373
Persistent Systems Ltd.		21,665		1,012,833
Tanla Platforms Ltd.		26,679		229,653
Tata Elxsi Ltd.		14,834		1,125,832
				7,901,315
Transportation: 0.5%
Allcargo Logistics Ltd.		27,374		133,329

See Notes to Financial Statements

	Number of Shares		Value
Transportation (continued)
VRL Logistics Ltd.		11,956	$	78,035
				211,364
Total Common Stocks (Cost: $47,460,393)				51,319,271
Total Investments: 99.9% (Cost: $47,460,393)				51,319,271
Other assets less liabilities: 0.1%				51,638
NET ASSETS: 100.0%			$	51,370,909


Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
ø	Restricted Security – the aggregate value of restricted securities is $1,526,697, or 3.0% of net assets

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,826,823, or 5.5% of net assets.

Restricted securities held by the Fund as of December 31, 2022 are as follows:

Security		Acquisition Date		Number of Shares		Acquisition Cost		Value		% of Net Assets
Chennai Super Kings Cricket Ltd.		10/08/2015		1,298,085		$35,108		$1,526,697		3.0	%

Summary of Investments by Sector	% of Investments			Value
Materials		30.0	%	$	15,408,425
Information Technology		15.4			7,901,315
Energy		13.0			6,659,454
Industrials		12.2			6,270,820
Health Care		11.5			5,933,026
Consumer Staples		8.1			4,137,462
Communication Services		4.3			2,215,225
Consumer Discretionary		4.0			2,039,078
Financials		1.5			754,466
		100.0	%	$	51,319,271

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	245,645	$	—	$	245,645
Capital Goods		—		6,059,456		—		6,059,456
Consumer Durables & Apparel		—		1,674,560		—		1,674,560
Consumer Services		—		118,872		—		118,872
Diversified Financials		—		754,466		—		754,466
Energy		—		6,659,454		—		6,659,454
Food, Beverage & Tobacco		—		4,137,462		—		4,137,462
Materials		—		15,408,426		—		15,408,426
Media & Entertainment		—		688,527		1,526,697		2,215,224
Pharmaceuticals, Biotechnology & Life Sciences		—		5,933,027		—		5,933,027
Software & Services		2,544,201		5,357,114		—		7,901,315
Transportation		—		211,364		—		211,364
Total Investments	$	2,544,201	$	47,248,373	$	1,526,697	$	51,319,271

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2022:

	Common Stock
Balance as of December 31, 2021	$	1,021,381
Realized gain (loss)		–
Net change in unrealized appreciation (depreciation)		505,316
Purchases		–
Sales		–
Transfers in/out of level 3		–
Balance as of December 31, 2022	$	1,526,697

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
Media & Entertainment	$1,526,697	Market Approach	Revenue Multiple	16x – 18x	Increase
Media & Entertainment			Discount for lack of marketability	17½%	Decrease
			Discount for lack of control	20%	Decrease

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

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

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 6.1%
Astra International Tbk PT		5,458,500	$	1,997,536
Banks: 29.0%
Allo Bank Indonesia Tbk PT *		962,900		109,087
Bank Aladin Syariah Tbk PT *		1,712,900		155,693
Bank Central Asia Tbk PT		4,931,000		2,703,855
Bank Jago Tbk PT *		1,146,100		273,541
Bank Mandiri Persero Tbk PT		3,514,102		2,240,922
Bank Negara Indonesia Persero Tbk PT		2,203,632		1,305,580
Bank Rakyat Indonesia Persero Tbk PT		8,753,533		2,775,309
				9,563,987
Capital Goods: 1.8%
Jardine Cycle & Carriage Ltd. †		27,988		596,790
Diversified Financials: 0.4%
BFI Finance Indonesia Tbk PT		2,169,800		146,945
Energy: 12.9%
Adaro Energy Indonesia Tbk PT		4,724,500		1,170,319
Banpu PCL (NVDR)		2,372,629		937,885
Bukit Asam Tbk PT		1,157,100		274,421
Bumi Resources Tbk PT *		82,269,800		850,839
Indo Tambangraya Megah Tbk PT		116,800		293,347
United Tractors Tbk PT		440,769		738,850
				4,265,661
Food & Staples Retailing: 3.0%
Sumber Alfaria Trijaya Tbk PT		5,765,400		982,586
Food, Beverage & Tobacco: 7.4%
Charoen Pokphand Indonesia Tbk PT		2,131,400		773,678
First Pacific Co. Ltd.		601,250		179,103
Golden Agri-Resources Ltd.		1,086,400		202,483
Gudang Garam Tbk PT		136,400		157,765
Indofood CBP Sukses Makmur Tbk PT		654,600		420,347
Indofood Sukses Makmur Tbk PT		1,296,900		560,621
Japfa Comfeed Indonesia Tbk PT		1,558,900		129,625
				2,423,622
Health Care Equipment & Services: 1.0%
Mitra Keluarga Karyasehat Tbk PT		1,599,297		327,378
Household & Personal Products: 1.5%
Unilever Indonesia Tbk PT		1,690,500		510,656
Materials: 14.5%
Aneka Tambang Tbk		2,484,700		316,197
Avia Avian Tbk PT		4,575,500		185,166
Barito Pacific Tbk PT		8,065,116		391,045
Berkah Beton Sadaya Tbk PT		8,641,000		410,749
Bumi Resources Minerals Tbk PT *		23,874,400		243,965
Chandra Asri Petrochemical Tbk PT		2,044,536		337,489
Indah Kiat Pulp & Paper Tbk PT		759,600		425,615

	Number of Shares		Value
Materials (continued)
Indocement Tunggal Prakarsa Tbk PT		532,900	$	338,835
Merdeka Copper Gold Tbk PT *		3,703,795		978,516
Nickel Industries Ltd. †		435,701		287,154
Pabrik Kertas Tjiwi Kimia Tbk PT		367,900		166,537
Semen Indonesia Persero Tbk PT		981,062		414,304
Vale Indonesia Tbk PT *		616,400		280,394
				4,775,966
Media & Entertainment: 0.9%
Elang Mahkota Teknologi Tbk PT		4,522,900		298,909
Pharmaceuticals, Biotechnology & Life Sciences: 2.4%
Kalbe Farma Tbk PT		5,816,000		780,778
Real Estate: 1.7%
Bumi Serpong Damai Tbk PT *		2,501,700		147,706
Ciputra Development Tbk PT		2,576,995		155,633
Pakuwon Jati Tbk PT		4,410,400		129,151
Summarecon Agung Tbk PT		3,218,700		124,842
				557,332
Retailing: 5.1%
Bukalapak.com PT Tbk *		16,136,300		270,882
GoTo Gojek Tokopedia Tbk PT *		244,504,200		1,418,463
				1,689,345
Telecommunication Services: 10.2%
Indosat Tbk PT		333,500		132,370
Sarana Menara Nusantara Tbk PT		6,178,900		436,797
Smartfren Telecom Tbk PT *		32,544,500		138,223
Telkom Indonesia Persero Tbk PT (ADR) †		92,361		2,202,810
Tower Bersama Infrastructure Tbk PT		1,807,200		266,959
XL Axiata Tbk PT		1,235,575		169,824
				3,346,983
Transportation: 0.8%
Jasa Marga Persero Tbk PT *		643,250		123,106
Transcoal Pacific Tbk PT		295,400		150,864
				273,970
Utilities: 1.1%
Perusahaan Gas Negara Tbk PT		3,079,300		347,959
Total Common Stocks (Cost: $43,125,132)				32,886,403

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
Money Market Fund: 0.7%

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
(Cost: $214,156)
State Street Navigator Securities Lending Government Money Market Portfolio		214,156	$	214,156
Total Investments: 100.5% (Cost: $43,339,288)				33,100,559
Liabilities in excess of other assets: (0.5)%				(162,993	)
NET ASSETS: 100.0%			$	32,937,566


Definitions:

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,005,397.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		29.5	%	$	9,710,932
Materials		14.5			4,775,966
Energy		13.0			4,265,661
Consumer Staples		11.9			3,916,864
Consumer Discretionary		11.2			3,686,881
Communication Services		11.1			3,645,892
Health Care		3.4			1,108,156
Industrials		2.6			870,760
Real Estate		1.7			557,332
Utilities		1.1			347,959
		100.0	%	$	32,886,403

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
Automobiles & Components	$	—	$	1,997,536	$	—	$	1,997,536
Banks		155,693		9,408,294		—		9,563,987
Capital Goods		—		596,790		—		596,790
Diversified Financials		—		146,945		—		146,945
Energy		850,839		3,414,822		—		4,265,661
Food & Staples Retailing		—		982,586		—		982,586
Food, Beverage & Tobacco		—		2,423,622		—		2,423,622
Health Care Equipment & Services		—		327,378		—		327,378
Household & Personal Products		—		510,656		—		510,656
Materials		595,915		4,180,051		—		4,775,966
Media & Entertainment		—		298,909		—		298,909
Pharmaceuticals, Biotechnology & Life Sciences		—		780,778		—		780,778
Real Estate		—		557,332		—		557,332
Retailing		—		1,689,345		—		1,689,345
Telecommunication Services		2,202,810		1,144,173		—		3,346,983
Transportation		—		273,970		—		273,970
Utilities		—		347,959		—		347,959
Money Market Fund		214,156		—		—		214,156
Total Investments	$	4,019,413	$	29,081,146	$	—	$	33,100,559

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Automobiles & Components: 0.8%
Mobileye Global, Inc. *		13,384	$	469,243
Banks: 17.5%
Bank Hapoalim BM		340,120		3,050,783
Bank Leumi Le-Israel BM		413,725		3,432,749
FIBI Holdings Ltd.		5,773		238,812
First International Bank Of Israel Ltd.		13,274		521,563
Israel Discount Bank Ltd.		331,507		1,733,776
Mizrahi Tefahot Bank Ltd.		41,872		1,346,296
				10,323,979
Capital Goods: 4.2%
Ashtrom Group Ltd.		8,928		166,870
Elbit Systems Ltd. †		6,920		1,135,157
Elco Ltd.		2,396		122,156
Electra Ltd.		325		174,840
Kornit Digital Ltd. *		14,186		325,853
Leonardo DRS, Inc. *		14,122		180,479
Shapir Engineering and Industry Ltd.		25,452		199,988
Shikun & Binui Ltd. *		56,379		156,714
				2,462,057
Commercial & Professional Services: 0.2%
Danel Adir Yeoshua Ltd.		1,201		93,915
Consumer Durables & Apparel: 0.4%
Delta Galil Ltd.		3,311		138,047
Maytronics Ltd.		12,617		125,020
				263,067
Consumer Services: 0.4%
888 Holdings Plc *		110,528		116,094
Fattal Holdings 1998 Ltd. *		1,585		133,090
				249,184
Diversified Financials: 1.5%
Isracard Ltd.		55,022		159,644
Plus500 Ltd.		27,384		591,562
Tel Aviv Stock Exchange Ltd.		25,645		153,254
				904,460
Energy: 2.3%
Delek Group Ltd. *		3,177		346,793
Energean Plc		33,822		528,711
Oil Refineries Ltd.		652,644		227,911
Paz Oil Co. Ltd. *		1,839		228,458
				1,331,873
Food & Staples Retailing: 0.7%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,430		169,280
Shufersal Ltd.		38,751		222,221
				391,501
Food, Beverage & Tobacco: 0.5%
Strauss Group Ltd.		11,446		301,480
Health Care Equipment & Services: 4.1%
Inmode Ltd. *		25,365		905,531
Nano-X Imaging Ltd. *		15,780		116,456
Novocure Ltd. * †		16,377		1,201,253
OPKO Health, Inc. * †		144,164		180,205
				2,403,445

	Number of Shares		Value
Insurance: 2.9%
Clal Insurance Enterprises Holdings Ltd. *		18,340	$	307,419
Harel Insurance Investments & Financial Services Ltd.		37,952		332,162
Lemonade, Inc. * †		16,424		224,680
Menora Mivtachim Holdings Ltd.		7,137		138,074
Migdal Insurance & Financial Holdings Ltd. *		128,706		146,306
Phoenix Holdings Ltd.		51,380		545,955
				1,694,596
Materials: 3.1%
ICL Group Ltd.		192,419		1,406,583
Israel Corp. Ltd.		1,280		447,714
				1,854,297
Media & Entertainment: 1.4%
Perion Network Ltd. *		13,636		344,991
Playtika Holding Corp. *		24,501		208,503
Taboola.com Ltd. * †		51,562		158,811
Tremor International Ltd. (ADR) * †		14,007		90,345
				802,650
Pharmaceuticals, Biotechnology & Life Sciences: 5.3%
Taro Pharmaceutical Industries Ltd. *		2,805		81,457
Teva Pharmaceutical Industries Ltd. (ADR) *		331,551		3,023,745
				3,105,202
Real Estate: 5.3%
Airport City Ltd. *		15,593		248,755
Alony Hetz Properties & Investments Ltd.		34,751		352,784
Amot Investments Ltd.		44,627		261,133
Azrieli Group Ltd.		12,342		819,940
Big Shopping Centers Ltd. *		2,845		290,062
Gav-Yam Lands Corp. Ltd.		9,462		73,659
Israel Canada T.R Ltd.		30,794		66,534
Mega Or Holdings Ltd.		2,844		77,682
Melisron Ltd.		6,766		483,228
Mivne Real Estate KD Ltd.		112,094		355,171
Summit Real Estate Holdings Ltd.		7,770		98,043
				3,126,991
Retailing: 1.8%
Delek Automotive Systems Ltd.		10,856		126,693
Fiverr International Ltd. * †		9,949		289,914
Fox Wizel Ltd.		1,343		121,814
Global-e Online Ltd. *		22,293		460,128
Tadiran Group Ltd.		874		87,015
				1,085,564
Semiconductors & Semiconductor Equipment: 12.2%
Camtek Ltd. * †		7,980		175,241
CEVA, Inc. *		5,742		146,880
Nova Ltd. * †		7,909		646,007
SolarEdge Technologies, Inc. *		17,065		4,834,003

See Notes to Financial Statements

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Tower Semiconductor Ltd. *		32,715	$	1,413,288
				7,215,419
Software & Services: 27.5%
Amdocs Ltd.		28,961		2,632,555
Check Point Software Technologies Ltd. *		29,780		3,757,045
CyberArk Software Ltd. *		12,017		1,558,004
Formula Systems 1985 Ltd.		1,143		82,308
Hilan Ltd.		3,031		149,703
JFrog Ltd. *		22,454		478,944
LivePerson, Inc. * †		14,565		147,689
Magic Software Enterprises Ltd.		6,159		97,620
Matrix IT Ltd.		7,467		155,123
Monday.com Ltd. *		5,181		632,082
Nice Ltd. (ADR) * †		16,164		3,108,337
One Software Technologies Ltd.		7,521		104,468
Payoneer Global, Inc. * †		60,586		331,405
Sapiens International Corp. NV		9,747		180,124
SentinelOne, Inc. * †		52,496		765,917
Varonis Systems, Inc. *		24,677		590,767
Verint Systems, Inc. *		14,157		513,616
Wix.com Ltd. *		11,965		919,271
				16,204,978
Technology Hardware & Equipment: 1.5%
AudioCodes Ltd.		7,437		133,048
Gilat Satellite Networks Ltd. * †		15,171		87,992
Nano Dimension Ltd. (ADR) * †		84,407		194,136
Radware Ltd. *		11,052		218,277
Stratasys Ltd. *		18,492		219,315
				852,768

	Number of Shares		Value
Telecommunication Services: 2.5%
Bezeq The Israeli Telecommunication Corp. Ltd.		684,851	$	1,170,406
Cellcom Israel Ltd. *		22,372		116,877
Partner Communications Co. Ltd. *		25,268		182,151
				1,469,434
Transportation: 0.8%
ZIM Integrated Shipping Services Ltd. †		27,782		477,573
Utilities: 3.1%
Energix-Renewable Energies Ltd.		63,183		198,366
Enlight Renewable Energy Ltd. *		189,529		383,958
Kenon Holdings Ltd.		5,118		167,986
OPC Energy Ltd. *		15,226		169,620
Ormat Technologies, Inc.		10,457		904,321
				1,824,251
Total Common Stocks (Cost: $50,380,123)				58,907,927

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,025,144)
State Street Navigator Securities Lending Government Money Market Portfolio		1,025,144		1,025,144
Total Investments: 101.7% (Cost: $51,405,267)				59,933,071
Liabilities in excess of other assets: (1.7)%				(1,011,942	)
NET ASSETS: 100.0%			$	58,921,129

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,492,363.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Information Technology		41.2	%	$	24,273,165
Financials		21.9			12,923,035
Health Care		9.4			5,508,647
Real Estate		5.3			3,126,991
Industrials		5.2			3,033,545
Communication Services		3.9			2,272,084
Consumer Discretionary		3.4			2,067,058
Materials		3.1			1,854,297
Utilities		3.1			1,824,251
Energy		2.3			1,331,873
Consumer Staples		1.2			692,981
		100.0	%	$	58,907,927

See Notes to Financial Statements

VANECK ISRAEL 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
Automobiles & Components	$	469,243	$	—	$	—	$	469,243
Banks		—		10,323,979		—		10,323,979
Capital Goods		1,641,489		820,568		—		2,462,057
Commercial & Professional Services		—		93,915		—		93,915
Consumer Durables & Apparel		—		263,067		—		263,067
Consumer Services		—		249,184		—		249,184
Diversified Financials		—		904,460		—		904,460
Energy		—		1,331,873		—		1,331,873
Food & Staples Retailing		—		391,501		—		391,501
Food, Beverage & Tobacco		—		301,480		—		301,480
Health Care Equipment & Services		2,403,445		—		—		2,403,445
Insurance		224,680		1,469,916		—		1,694,596
Materials		1,406,583		447,714		—		1,854,297
Media & Entertainment		802,650		—		—		802,650
Pharmaceuticals, Biotechnology & Life Sciences		3,105,202		—		—		3,105,202
Real Estate		—		3,126,991		—		3,126,991
Retailing		750,042		335,522		—		1,085,564
Semiconductors & Semiconductor Equipment		7,215,419		—		—		7,215,419
Software & Services		15,713,376		491,602		—		16,204,978
Technology Hardware & Equipment		852,768		—		—		852,768
Telecommunication Services		—		1,469,434		—		1,469,434
Transportation		477,573		—		—		477,573
Utilities		904,321		919,930		—		1,824,251
Money Market Fund		1,025,144		—		—		1,025,144
Total Investments	$	36,991,935	$	22,941,136	$	—	$	59,933,071

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2022

	Number of Shares		Value
COMMON STOCKS: 99.5%
Banks: 6.2%
Bank for Foreign Trade of Vietnam JSC *		5,373,545	$	18,248,108
Saigon - Hanoi Commercial Joint Stock Bank *		12,770,500		5,390,152
Saigon Thuong Tin Commercial JSB *		2,140,400		2,041,692
				25,679,952
Capital Goods: 4.9%
Development Investment Construction JSC *		5,309,986		3,215,570
Gelex Group JSC		6,446,564		3,370,388
Ha Do Group JSC		1,481,120		1,968,692
Hoang Huy Investment Financial Services JSC		6,070,120		1,746,589
IDICO Corp. JSC		2,747,710		3,694,694
JAKS Resources Bhd *		33,413,900		1,781,981
Tasco JSC *		3,233,000		1,933,629
Vietnam Construction and Import-Export JSC		3,402,190		2,487,809
				20,199,352
Consumer Durables & Apparel: 13.1%
Eclat Textile Co. Ltd.		1,234,160		19,812,074
Feng TAY Enterprise Co. Ltd.		3,123,000		20,922,604
Hansae Co. Ltd. †		312,545		3,837,643
Taiwan Paiho Ltd.		5,094,000		9,394,527
				53,966,848
Diversified Financials: 8.0%
Sai Gon-Ha Noi Securities JSC *		6,617,850		2,358,004
SSI Securities Corp.		17,475,408		13,079,375
Viet Capital Securities JSC		5,439,550		5,350,941
VIX Securities JSC		9,364,780		2,570,512
VNDirect Securities Corp.		17,057,480		9,739,839
				33,098,671
Energy: 1.3%
PetroVietnam Drilling & Well Services JSC *		3,471,588		2,627,355
PetroVietnam Technical Services Corp.		2,895,000		2,627,911
				5,255,266
Food, Beverage & Tobacco: 18.1%
HAGL JSC *		8,249,000		3,200,267
Hoang Anh Gia Lai International Agriculture JSC *		10,070,400		1,776,346
KIDO Group Corp.		1,265,630		3,489,542
Masan Group Corp.		5,119,776		20,187,170
Saigon Beer Alcohol Beverage Corp.		1,213,000		8,589,964
Thanh Thanh Cong - Bien Hoa JSC *		6,544,081		4,021,574
Vietnam Dairy Products JSC		8,775,241		28,324,458

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Vinh Hoan Corp.		1,736,000	$	5,130,541
				74,719,862
Health Care Equipment & Services: 4.5%
Mani, Inc.		1,218,500		18,578,836
Insurance: 0.9%
Bao Viet Holdings		1,826,396		3,607,840
Materials: 8.9%
Duc Giang Chemicals JSC		2,444,232		6,104,408
Hoa Phat Group JSC		31,916,297		24,363,854
Hoa Sen Group *		4,867,140		2,378,116
Petrovietnam Fertilizer & Chemicals JSC		2,296,700		4,174,353
				37,020,731
Real Estate: 21.2%
Khang Dien House Trading and Investment JSC *		1,899,240		2,128,741
Kinh Bac City Development Holding Corp. *		4,649,200		4,752,344
No Va Land Investment Group Corp. *		14,026,058		8,329,366
Phat Dat Real Estate Development Corp. *		5,084,400		2,933,100
Van Phu - Invest Investment JSC *		2,015,960		4,602,125
Vincom Retail JSC *		7,311,522		8,151,120
Vingroup JSC *		11,619,749		26,470,456
Vinhomes JSC 144A		14,907,067		30,303,048
				87,670,300
Technology Hardware & Equipment: 9.9%
BH Co. Ltd. * †		506,526		9,023,699
Dreamtech Co. Ltd. *		551,685		3,996,376
INTOPS Co. Ltd.		217,588		4,790,792
KH Vatec Co. Ltd. * †		339,182		3,746,522
Mcnex Co. Ltd.		250,843		5,555,707
Seojin System Co. Ltd. * †		482,413		6,708,490
Synopex, Inc. *		1,269,006		2,503,109
UTI, Inc. *		224,221		4,596,913
				40,921,608
Transportation: 1.5%
Vietjet Aviation JSC *		1,332,640		6,200,180
Utilities: 1.0%
PetroVietnam Power Corp. *		8,864,610		3,999,479
Total Common Stocks (Cost: $420,078,920)				410,918,925

EXCHANGE TRADED FUND:0.0% (Cost: $42,158)
DCVFMVN Diamond ETF		62,610		59,573

Total Investments: 99.5% (Cost: $420,121,078)				410,978,498
Other assets less liabilities: 0.5%				2,091,039
NET ASSETS: 100.0%			$	413,069,537

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,862,078.

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 $30,303,048, or 7.3% of net assets.

Summary of Investments by Sector	% of Investments			Value
Real Estate		21.3	%	$	87,670,300
Consumer Staples		18.2			74,719,862
Financials		15.2			62,386,463
Consumer Discretionary		13.1			53,966,848
Information Technology		10.0			40,921,608
Materials		9.0			37,020,731
Industrials		6.4			26,399,532
Health Care		4.5			18,578,836
Energy		1.3			5,255,266
Utilities		1.0			3,999,479
Exchange Traded Fund		0.0			59,573
		100.0	%	$	410,978,498

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
Banks	$	—	$	25,679,952	$	—	$	25,679,952
Capital Goods		5,628,323		14,571,029		—		20,199,352
Consumer Durables & Apparel		—		53,966,848		—		53,966,848
Diversified Financials		2,358,004		30,740,667		—		33,098,671
Energy		2,627,911		2,627,355		—		5,255,266
Food, Beverage & Tobacco		3,489,542		71,230,320		—		74,719,862
Health Care Equipment & Services		—		18,578,836		—		18,578,836
Insurance		—		3,607,840		—		3,607,840
Materials		—		37,020,731		—		37,020,731
Real Estate		11,262,466		76,407,834		—		87,670,300
Technology Hardware & Equipment		—		40,921,608		—		40,921,608
Transportation		—		6,200,180		—		6,200,180
Utilities		—		3,999,479		—		3,999,479
Exchange Traded Fund		—		59,573		—		59,573
Total Investments	$	25,366,246	$	385,612,252	$	—	$	410,978,498

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	45,744,163		$	25,246,010		$	15,199,438		$	20,346,607
Short-term investments held as collateral for securities loaned (3)		1,102,056			1,315,000			8			—
Cash		—			233,062			41,567			—
Cash denominated in foreign currency, at value (4)		3,973,280			982,523			31,338			93,494	(a)
Receivables:
Shares of beneficial interest sold		40,327			—			—			—
Due from Adviser		—			—			23,492			37,518
Dividends and interest		11,065			77,605			2,589			—
Prepaid expenses		1,234			1,104			1,046			1,111
Total assets		50,872,125			27,855,304			15,299,478			20,478,730
Liabilities:
Payables:
Investment securities purchased		26,673			1,204,450			—			—
Collateral for securities loaned		1,102,056			1,315,000			8			—
Line of credit		1,999,836			—			—			—
Due to Adviser		20,262			10,464			—			—
Due to custodian		1,763,285			—			—			73,296
Deferred Trustee fees		12,276			33,084			5,349			1,184
Accrued expenses		87,687			67,551			81,618			79,534
Total liabilities		5,012,075			2,630,549			86,975			154,014
NET ASSETS	$	45,860,050		$	25,224,755		$	15,212,503		$	20,324,716
Shares outstanding		2,900,000			1,850,000			600,000			650,000
Net asset value, redemption and offering price per share	$	15.81		$	13.64		$	25.35		$	31.27
Net Assets consist of:
Aggregate paid in capital	$	116,281,448		$	195,111,461		$	20,774,307		$	21,540,098
Total distributable earnings (loss)		(70,421,398	)		(169,886,706	)		(5,561,804	)		(1,215,382	)
NET ASSETS	$	45,860,050		$	25,224,755		$	15,212,503		$	20,324,716
(1) Value of securities on loan	$	3,236,707		$	1,864,249		$	101,895		$	—
(2) Cost of investments - Unaffiliated issuers	$	44,299,767		$	33,264,417		$	16,930,683		$	17,606,453
(3) Cost of short-term investments held as collateral for securities loaned	$	1,102,056		$	1,315,000		$	8		$	—
(4) Cost of cash denominated in foreign currency	$	4,751,898		$	982,509		$	30,974		$	94,540

(a)	Includes $21,439 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Digital India ETF			Egypt Index ETF			India Growth Leaders ETF (a)			Indonesia Index ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,390,229		$	22,971,237		$	51,319,271		$	32,886,403
Short-term investments held as collateral for securities loaned (3)		—			—			—			214,156
Cash		109			2,432,301			150,040			179,555
Cash denominated in foreign currency, at value (4)		197			2,109,842			29,215			—
Receivables:
Shares of beneficial interest sold		—			8,208			1,210			—
Due from Adviser		—			—			—			177
Dividends and interest		—			21,351			6,273			1,255
Prepaid expenses		—			1,032			1,274			2,142
Total assets		1,390,535			27,543,971			51,507,283			33,283,688
Liabilities:
Payables:
Collateral for securities loaned		—			—			—			214,156
Line of credit		—			4,502,867			—			—
Due to Adviser		918			19,815			22,114			—
Due to custodian		—			—			—			17,935
Deferred Trustee fees		—			5,418			13,968			27,695
Accrued expenses		—			59,053			100,292			86,336
Total liabilities		918			4,587,153			136,374			346,122
NET ASSETS	$	1,389,617		$	22,956,818		$	51,370,909		$	32,937,566
Shares outstanding		50,000			1,124,974			1,574,967			1,900,000
Net asset value, redemption and offering price per share	$	27.79		$	20.41		$	32.62		$	17.34
Net Assets consist of:
Aggregate paid in capital	$	1,815,466		$	63,548,286		$	129,541,203		$	162,309,857
Total distributable earnings (loss)		(425,849	)		(40,591,468	)		(78,170,294	)		(129,372,291	)
NET ASSETS	$	1,389,617		$	22,956,818		$	51,370,909		$	32,937,566
(1) Value of securities on loan	$	—		$	—		$	—		$	1,005,397
(2) Cost of investments - Unaffiliated issuers	$	1,747,837		$	23,089,541		$	47,460,393		$	43,125,132
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	—		$	214,156
(4) Cost of cash denominated in foreign currency	$	197		$	2,113,268		$	29,205		$	—

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	Israel ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	58,907,927		$	410,978,498
Short-term investments held as collateral for securities loaned (3)		1,025,144			—
Cash		66,863			822,345
Cash denominated in foreign currency, at value (4)		—			4,683,603
Receivables:
Shares of beneficial interest sold		—			335,928
Dividends and interest		17,767			1,565,879
Prepaid expenses		2,240			7,122
Total assets		60,019,941			418,393,375
Liabilities:
Payables:
Investment securities purchased		—			4,882,601
Collateral for securities loaned		1,025,144			—
Due to Adviser		20,601			174,143
Due to custodian		11			—
Deferred Trustee fees		4,309			49,256
Accrued expenses		48,747			217,838
Total liabilities		1,098,812			5,323,838
NET ASSETS	$	58,921,129		$	413,069,537
Shares outstanding		1,650,000			35,150,000
Net asset value, redemption and offering price per share	$	35.71		$	11.75
Net Assets consist of:
Aggregate paid in capital	$	60,976,162		$	770,868,112
Total distributable earnings (loss)		(2,055,033	)		(357,798,575	)
NET ASSETS	$	58,921,129		$	413,069,537
(1) Value of securities on loan	$	6,492,363		$	3,862,078
(2) Cost of investments - Unaffiliated issuers	$	50,380,123		$	420,121,078
(3) Cost of short-term investments held as collateral for securities loaned	$	1,025,144		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	4,665,956

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Africa Index ETF			Brazil Small-Cap ETF			China Growth Leaders ETF			ChiNext ETF
Income:
Dividends	$	2,492,044		$	991,148		$	453,727		$	113,784
Interest		12			—			12,840			4,022
Securities lending income		43,967			39,404			2,817			—
Foreign taxes withheld		(266,401	)		(55,287	)		(33,896	)		(11,688	)
Total income		2,269,622			975,265			435,488			106,118
Expenses:
Management fees		265,905			147,700			91,730			124,671
Professional fees		39,129			38,969			33,957			63,391
Custody and accounting fees		69,993			43,917			35,056			45,407
Reports to shareholders		11,988			3,955			5,083			10,918
Trustees’ fees and expenses		1,230			609			486			750
Registration fees		5,937			5,937			4,580			8,270
Insurance		2,425			2,379			1,636			2,372
Interest and taxes		121,525			1,065			39,706			55,610
Other		3,053			533			587			1,489
Total expenses		521,185			245,064			212,821			312,878
Waiver of management fees		—			(69,706	)		(91,730	)		(124,671	)
Expenses assumed by the Adviser		—			—			(10,930	)		(26,077	)
Net expenses		521,185			175,358			110,161			162,130
Net investment income (loss)		1,748,437			799,907			325,327			(56,012	)

Net realized gain (loss) on:
Investments		(4,088,310	)		(1,546,157	)		(3,715,135	)		(3,574,107	)
In-kind redemptions		191,465			47,871			(182,451	)		—
Increase from payment from Advisor (See Note 3)		—			—			22,940			—
Foreign currency transactions and foreign denominated assets and liabilities		(168,305	)		(3,824	)		(3,812	)		(66,777	)
Net realized loss		(4,065,150	)		(1,502,110	)		(3,878,458	)		(3,640,884	)

Net change in unrealized appreciation (depreciation) on:
Investments		(7,790,943	)		(2,566,170	)		(4,265,341	)		(9,384,706	)
Foreign currency translations and foreign denominated assets and liabilities		(733,349	)		2,439			(7,025	)		(4,554	)
Net change in unrealized appreciation (depreciation)		(8,524,292	)		(2,563,731	)		(4,272,366	)		(9,389,260	)
Net Decrease in Net Assets Resulting from Operations	$	(10,841,005	)	$	(3,265,934	)	$	(7,825,497	)	$	(13,086,156	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Digital India ETF (a)			Egypt Index ETF			India Growth Leaders ETF (b)			Indonesia Index ETF
Income:
Dividends	$	21,590		$	734,155		$	1,736,087		$	1,918,317
Interest		—			1,475			2,056			2,233
Securities lending income		—			410			—			535
Foreign taxes withheld		(4,122	)		(35,094	)		(363,921	)		(342,099	)
Total income		17,468			700,946			1,374,222			1,578,986
Expenses:
Management fees		10,128			84,239			281,518			281,236
Professional fees		—			36,097			51,785			37,877
Custody and accounting fees		—			35,455			54,186			42,230
Reports to shareholders		—			4,040			5,196			4,934
Trustees’ fees and expenses		—			355			6,597			1,253
Registration fees		—			5,937			4,569			5,937
Insurance		—			1,508			2,530			2,295
Interest and taxes		118			50,401			35,199			663
Other		—			9,091			6,883			955
Total expenses		10,246			227,123			448,463			377,380
Waiver of management fees		—			(18,353	)		—			(56,101	)
Net expenses		10,246			208,770			448,463			321,279
Net investment income		7,222			492,176			925,759			1,257,707

Net realized gain (loss) on:
Investments		(68,176	)		(1,511,415	)		1,428,008			(5,494,998	)
In-kind redemptions		—			35,058			485,407			4,472,124
Foreign currency transactions and foreign denominated assets and liabilities		6,212			(270,570	)		(351,827	)		(19,579	)
Net realized gain (loss)		(61,964	)		(1,746,927	)		1,561,588			(1,042,453	)

Net change in unrealized appreciation (depreciation) on:
Investments		(357,607	)		(3,995,557	)		(19,322,983	)		(4,318,178	)
Foreign currency translations and foreign denominated assets and liabilities		—			(7,606	)		(1,991	)		(155	)
Net change in unrealized appreciation (depreciation)		(357,607	)		(4,003,163	)		(19,324,974	)		(4,318,333	)
Net Decrease in Net Assets Resulting from Operations	$	(412,349	)	$	(5,257,914	)	$	(16,837,627	)	$	(4,103,079	)

(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2022

	Israel ETF			Vietnam ETF
Income:
Dividends	$	1,650,725		$	7,918,666
Interest		1,221			32,874
Securities lending income		125,422			92,011
Foreign taxes withheld		(369,397	)		(456,178	)
Total income		1,407,971			7,587,373
Expenses:
Management fees		339,749			2,120,507
Professional fees		36,128			57,027
Custody and accounting fees		37,579			318,908
Reports to shareholders		5,617			38,501
Trustees’ fees and expenses		1,813			9,388
Registration fees		5,937			960
Insurance		3,232			9,911
Interest and taxes		2,211			258,144
Other		602			457
Total expenses		432,868			2,813,803
Waiver of management fees		(29,747	)		—
Net expenses		403,121			2,813,803
Net investment income		1,004,850			4,773,570

Net realized gain (loss) on:
Investments		(2,646,009	)		(55,476,093	)
In-kind redemptions		474,851			321,029
Foreign currency transactions and foreign denominated assets and liabilities		(9,595	)		(1,031,762	)
Net realized loss		(2,180,753	)		(56,186,826	)

Net change in unrealized appreciation (depreciation) on:
Investments		(19,705,769	)		(200,784,341	)
Foreign currency translations and foreign denominated assets and liabilities		(31	)		(211	)
Net change in unrealized appreciation (depreciation)		(19,705,800	)		(200,784,552	)
Net Decrease in Net Assets Resulting from Operations	$	(20,881,703	)	$	(252,197,808	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Brazil Small-Cap ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	1,748,437		$	1,512,749		$	799,907		$	1,031,653
Net realized gain (loss)		(4,065,150	)		607,063			(1,502,110	)		4,567,945
Net change in unrealized appreciation (depreciation)		(8,524,292	)		(935,663	)		(2,563,731	)		(14,729,558	)
Net increase (decrease) in net assets resulting from operations		(10,841,005	)		1,184,149			(3,265,934	)		(9,129,960	)
Distributions to shareholders from:
Distributable earnings		(1,670,110	)		(2,475,050	)		(971,850	)		(951,015	)
Return of capital		—			—			(3,075	)		—
Total distributions		(1,670,110	)		(2,475,050	)		(974,925	)		(951,015	)

Share transactions*:
Proceeds from sale of shares		—			13,099,656			1,379,038			976,221
Cost of shares redeemed		(817,849	)		(5,051,376	)		(3,800,241	)		(13,670,320	)
Increase (decrease) in net assets resulting from share transactions		(817,849	)		8,048,280			(2,421,203	)		(12,694,099	)
Total increase (decrease) in net assets		(13,328,964	)		6,757,379			(6,662,062	)		(22,775,074	)
Net Assets, beginning of year		59,189,014			52,431,635			31,886,817			54,661,891
Net Assets, end of year	$	45,860,050		$	59,189,014		$	25,224,755		$	31,886,817
*Shares of Common Stock Issued (no par value)
Shares sold		—			600,000			100,000			50,000
Shares redeemed		(50,000	)		(250,000	)		(200,000	)		(650,000	)
Net increase (decrease)		(50,000	)		350,000			(100,000	)		(600,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Growth Leaders ETF						ChiNext 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 (loss)	$	325,327		$	209,347		$	(56,012	)	$	(56,408	)
Net realized gain (loss)		(3,901,398	)		2,246,096			(3,640,884	)		15,492,912
Increase from payment from Advisor (See Note 3)		22,940			—			—			19,569
Net change in unrealized appreciation (depreciation)		(4,272,366	)		(7,717,109	)		(9,389,260	)		(11,688,824	)
Net increase (decrease) in net assets resulting from operations		(7,825,497	)		(5,261,666	)		(13,086,156	)		3,767,249
Distributions to shareholders from:
Distributable earnings		(345,000	)		(1,404,410	)		—			(3,198,624	)
Return of capital		—			—			—			(601,386	)
Total distributions		(345,000	)		(1,404,410	)		—			(3,800,010	)

Share transactions*:
Cost of shares redeemed		(3,181,758	)		(18,287,121	)		(7,788,438	)		(7,716,947	)
Decrease in net assets resulting from share transactions		(3,181,758	)		(18,287,121	)		(7,788,438	)		(7,716,947	)
Total decrease in net assets		(11,352,255	)		(24,953,197	)		(20,874,594	)		(7,749,708	)
Net Assets, beginning of year		26,564,758			51,517,955			41,199,310			48,949,018
Net Assets, end of year	$	15,212,503		$	26,564,758		$	20,324,716		$	41,199,310
*Shares of Common Stock Issued (no par value)
Shares redeemed		(100,000	)		(400,000	)		(200,000	)		(150,000	)
Net decrease		(100,000	)		(400,000	)		(200,000	)		(150,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital India ETF			Egypt Index ETF
	Period Ended December 31, 2022 (a)			Year Ended December 31, 2022			Year Ended December 31, 2021

Operations:
Net investment income	$	7,222		$	492,176		$	629,784
Net realized loss		(61,964	)		(1,746,927	)		(1,215,585	)
Net change in unrealized appreciation (depreciation)		(357,607	)		(4,003,163	)		2,368,154
Net increase (decrease) in net assets resulting from operations		(412,349	)		(5,257,914	)		1,782,353
Distributions to shareholders from:
Distributable earnings		(13,500	)		(300,031	)		(565,063	)

Share transactions*:
Proceeds from sale of shares		1,815,466			9,835,882			10,557,639
Cost of shares redeemed		—			(2,992,178	)		(9,316,583	)
Increase in net assets resulting from share transactions		1,815,466			6,843,704			1,241,056
Total increase in net assets		1,389,617			1,285,759			2,458,346
Net Assets, beginning of period		—			21,671,059			19,212,713
Net Assets, end of period	$	1,389,617		$	22,956,818		$	21,671,059
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			475,000			425,000
Shares redeemed		—			(150,000	)		(375,000	)
Net increase		50,000			325,000			50,000

(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	India Growth Leaders ETF (a)						Indonesia Index 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	$	925,759		$	163,404		$	1,257,707		$	521,549
Net realized gain (loss)		1,561,588			14,403,481			(1,042,453	)		(5,923,730	)
Net change in unrealized appreciation (depreciation)		(19,324,974	)		4,822,915			(4,318,333	)		4,485,428
Net increase (decrease) in net assets resulting from operations		(16,837,627	)		19,389,800			(4,103,079	)		(916,753	)
Distributions to shareholders from:
Distributable earnings		(875,052	)		—			(1,200,040	)		(570,015	)

Share transactions*:
Proceeds from sale of shares		8,391,562			2,036,081			37,473,208			26,398,550
Cost of shares redeemed		(17,649,066	)		(11,443,172	)		(53,056,741	)		(6,936,585	)
Increase (decrease) in net assets resulting from share transactions		(9,257,504	)		(9,407,091	)		(15,583,533	)		19,461,965
Total increase (decrease) in net assets		(26,970,183	)		9,982,709			(20,886,652	)		17,975,197
Net Assets, beginning of year		78,341,092			68,358,383			53,824,218			35,849,021
Net Assets, end of year	$	51,370,909		$	78,341,092		$	32,937,566		$	53,824,218
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			50,000			1,800,000			1,300,000
Shares redeemed		(500,000	)		(300,000	)		(2,600,000	)		(350,000	)
Net increase (decrease)		(250,000	)		(250,000	)		(800,000	)		950,000

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Israel ETF						Vietnam 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	$	1,004,850		$	463,888		$	4,773,570		$	3,102,974
Net realized gain (loss)		(2,180,753	)		5,192,896			(56,186,826	)		48,603,835
Net change in unrealized appreciation (depreciation)		(19,705,800	)		1,978,244			(200,784,552	)		56,165,880
Net increase (decrease) in net assets resulting from operations		(20,881,703	)		7,635,028			(252,197,808	)		107,872,689
Distributions to shareholders from:
Distributable earnings		(799,920	)		(1,025,145	)		(3,867,660	)		(2,850,715	)

Share transactions*:
Proceeds from sale of shares		1,155,251			5,887,632			130,365,153			41,690,264
Cost of shares redeemed		(1,016,637	)		(7,100,586	)		(51,914,363	)		(13,317,449	)
Increase (decrease) in net assets resulting from share transactions		138,614			(1,212,954	)		78,450,790			28,372,815
Total increase (decrease) in net assets		(21,543,009	)		5,396,929			(177,614,678	)		133,394,789
Net Assets, beginning of year		80,464,138			75,067,209			590,684,215			457,289,426
Net Assets, end of year	$	58,921,129		$	80,464,138		$	413,069,537		$	590,684,215
*Shares of Common Stock Issued (no par value)
Shares sold		25,000			125,000			10,700,000			2,200,000
Shares redeemed		(25,000	)		(150,000	)		(3,200,000	)		(650,000	)
Net increase (decrease)		—			(25,000	)		7,500,000			1,550,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Africa Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	20.06		$	20.17		$	20.50		$	20.08		$	24.81
Net investment income (a)		0.60			0.53			0.52			1.09			0.57
Net realized and unrealized gain (loss) on investments		(4.27	)		0.20	(b)		(0.05	)		0.62			(4.96	)
Total from investment operations		(3.67	)		0.73			0.47			1.71			(4.39	)
Distributions from:
Net investment income		(0.58	)		(0.84	)		(0.80	)		(1.29	)		(0.34	)
Net asset value, end of year	$	15.81		$	20.06		$	20.17		$	20.50		$	20.08
Total return (c)		(18.34	)%		3.69	%		2.29	%		8.52	%		(17.70	)%

Ratios to average net assets
Gross expenses		0.98	%		0.77	%		0.92	%		0.90	%		0.91	%
Net expenses		0.98	%		0.77	%		0.79	%		0.79	%		0.78	%
Net expenses excluding interest and taxes		0.75	%		0.77	%		0.78	%		0.78	%		0.78	%
Net investment income		3.29	%		2.50	%		3.00	%		5.13	%		2.44	%
Supplemental data
Net assets, end of year (in millions)		$46			$59			$52			$50			$55
Portfolio turnover rate (d)		33	%		37	%		37	%		46	%		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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Brazil Small-Cap ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	16.35		$	21.44		$	27.50		$	20.09		$	23.33
Net investment income (a)		0.44			0.48			0.33			0.58			0.68
Net realized and unrealized gain (loss) on investments		(2.59	)		(5.08	)		(6.04	)		7.42			(3.34	)
Payment from Adviser		—			—			—			0.11	(b)		—
Total from investment operations		(2.15	)		(4.60	)		(5.71	)		8.11			(2.66	)
Distributions from:
Net investment income		(0.56	)		(0.49	)		(0.35	)		(0.70	)		(0.58	)
Return of capital		—	(c)		—			—			—			—
Total distributions		(0.56	)		(0.49	)		(0.35	)		(0.77	)		(0.58	)
Net asset value, end of year	$	13.64		$	16.35		$	21.44		$	27.50		$	20.09
Total return (d)		(13.30	)%		(21.38	)%		(20.75	)%		40.81	%(b)		(11.66	)%

Ratios to average net assets
Gross expenses		0.83	%(e)		0.84	%(e)		0.84	%		0.73	%		0.73	%
Net expenses		0.59	%(e)		0.59	%(e)		0.60	%		0.63	%		0.60	%
Net expenses excluding interest and taxes		0.59	%(e)		0.59	%(e)		0.59	%		0.59	%		0.59	%
Net investment income		2.71	%(e)		2.32	%(e)		1.73	%		2.52	%		3.25	%
Supplemental data
Net assets, end of year (in millions)		$25			$32			$55			$98			$88
Portfolio turnover rate (f)		42	%		56	%		31	%		38	%		45	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3).
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	China Growth Leaders ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	37.95		$	46.83		$	42.14		$	31.58		$	48.37
Net investment income (a)		0.52			0.26			0.38			0.63			0.41
Net realized and unrealized gain (loss) on investments		(12.58	)		(7.13	)		10.29			10.55			(14.35	)
Payment from Adviser		0.04	(b)		—			0.05	(c)		—			—
Total from investment operations		(12.02	)		(6.87	)		10.72			11.18			(13.94	)
Distributions from:
Net investment income		(0.58	)		(0.36	)		(0.07	)		(0.62	)		(0.31	)
Net realized capital gains		—			(1.65	)		(5.96	)		—			(2.54	)
Total distributions		(0.58	)		(2.01	)		(6.03	)		(0.62	)		(2.85	)
Net asset value, end of year	$	25.35		$	37.95		$	46.83		$	42.14		$	31.58
Total return (d)		(31.65	)%(b)		(14.67	)%		25.95	%(c)		35.40	%		(28.79	)%

Ratios to average net assets
Gross expenses		1.16	%		1.40	%		1.27	%		1.07	%		1.17	%
Net expenses		0.60	%		0.60	%		0.60	%		0.61	%		0.85	%
Net expenses excluding interest and taxes (e)		0.60	%		0.60	%		0.60	%		0.61	%		0.72	%
Net investment income		1.77	%		0.57	%		0.90	%		1.60	%		0.95	%
Supplemental data
Net assets, end of year (in millions)		$15			$27			$52			$67			$54
Portfolio turnover rate (f)		73	%		59	%		199	%		42	%		34	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2022, 0.11% of total return, representing $0.04 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3).
(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)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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

Net asset value, beginning of year	$	48.47		$	48.95		$	29.81		$	20.97		$	34.79
Net investment income (loss) (a)		(0.08	)		(0.06	)		0.03			0.10			0.03
Net realized and unrealized gain (loss) on investments		(17.12	)		4.03			19.09			8.88			(13.85	)
Payment from Adviser		—			0.02	(b)		0.02	(c)		—			—
Total from investment operations		(17.20	)		3.99			19.14			8.98			(13.82	)
Distributions from:
Net investment income		—			—			—	(d)		(0.14	)		—
Net realized capital gains		—			(3.74	)		—			—			—
Return of capital		—			(0.73	)		—			—			—
Total distributions		—			(4.47	)		—			(0.14	)		—
Net asset value, end of year	$	31.27		$	48.47		$	48.95		$	29.81		$	20.97
Total return (e)		(35.49	)%		8.21	%(b)		64.23	%(c)		42.80	%		(39.72	)%

Ratios to average net assets
Gross expenses		1.25	%		0.89	%		1.15	%		1.08	%		1.33	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.82	%
Net expenses excluding interest and taxes (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.78	%
Net investment income (loss)		(0.22	)%		(0.12	)%		0.07	%		0.39	%		0.09	%
Supplemental data
Net assets, end of year (in millions)		$20			$41			$49			$30			$16
Portfolio turnover rate (g)		10	%		59	%		96	%		43	%		36	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(c)	For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(d)	Amount represents less than $0.005 per share.
(e)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(f)	Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement.
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital India ETF

	Period Ended December 31, 2022(a)

Net asset value, beginning of period	$	36.25
Net investment income (b)		0.14
Net realized and unrealized loss on investments		(8.33	)
Total from investment operations		(8.19	)
Distributions from:
Net investment income		(0.27	)
Net asset value, end of period	$	27.79
Total return (c)		(22.56	)%(d)

Ratios to average net assets
Expenses		0.76	%(e)
Expenses excluding interest		0.75	%(e)
Net investment income		0.53	%(e)
Supplemental data
Net assets, end of period (in millions)		$1
Portfolio turnover rate (f)		22	%(d)

(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Egypt Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	27.09		$	25.62		$	29.20		$	28.28		$	32.89
Net investment income (a)		0.61			0.75			0.61			0.59			0.60
Net realized and unrealized gain (loss) on investments		(7.02	)		1.38			(3.56	)		0.93	(b)		(4.73	)
Total from investment operations		(6.41	)		2.13			(2.95	)		1.52			(4.13	)
Distributions from:
Net investment income		(0.27	)		(0.66	)		(0.63	)		(0.60	)		(0.48	)
Net asset value, end of year	$	20.41		$	27.09		$	25.62		$	29.20		$	28.28
Total return (c)		(23.67	)%		8.36	%		(10.09	)%		5.42	%		(12.56	)%

Ratios to average net assets
Gross expenses		1.35	%		1.10	%		1.11	%		1.11	%		1.19	%
Net expenses		1.24	%		1.02	%		0.98	%		1.01	%		0.98	%
Net expenses excluding interest and taxes		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income		2.92	%		2.92	%		2.43	%		1.88	%		1.73	%
Supplemental data
Net assets, end of year (in millions)		$23			$22			$19			$31			$33
Portfolio turnover rate (d)		66	%		73	%		27	%		76	%		41	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	India Growth Leaders ETF(a)
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	42.93		$	32.94		$	32.76		$	42.36		$	68.40
Net investment income (loss) (b)		0.59			0.08			0.15			0.50			(0.02	)
Net realized and unrealized gain (loss) on investments		(10.34	)		9.91			0.11	(c)		(9.68	)		(25.97	)
Total from investment operations		(9.75	)		9.99			0.26			(9.18	)		(25.99	)
Distributions from:
Net investment income		(0.56	)		—			(0.08	)		(0.42	)		(0.05	)
Net asset value, end of year	$	32.62		$	42.93		$	32.94		$	32.76		$	42.36
Total return (d)		(22.67	)%		30.30	%		0.80	%		(21.65	)%		(38.00	)%

Ratios to average net assets
Gross expenses		0.80	%		1.00	%		1.24	%		0.86	%		0.83	%
Net expenses		0.80	%		0.90	%		1.05	%		0.86	%		0.83	%
Net expenses excluding interest and taxes		0.73	%		0.83	%		0.85	%		0.83	%		0.80	%
Net investment income (loss)		1.64	%		0.22	%		0.55	%		1.35	%		(0.03	)%
Supplemental data
Net assets, end of year (in millions)		$51			$78			$68			$122			$187
Portfolio turnover rate (e)		102	%		67	%		133	%		51	%		39	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Indonesia Index ETF
	Year Ended December 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	19.93		$	20.49		$	22.68		$	21.85		$	24.75
Net investment income (a)		0.45			0.27			0.36			0.40			0.36
Net realized and unrealized gain (loss) on investments		(2.41	)		(0.61	)		(2.21	)		0.90			(2.78	)
Total from investment operations		(1.96	)		(0.34	)		(1.85	)		1.30			(2.42	)
Distributions from:
Net investment income		(0.63	)		(0.22	)		(0.34	)		(0.47	)		(0.48	)
Net asset value, end of year	$	17.34		$	19.93		$	20.49		$	22.68		$	21.85
Total return (b)		(9.88	)%		(1.65	)%		(8.20	)%		5.97	%		(9.79	)%

Ratios to average net assets
Gross expenses		0.67	%		0.82	%		0.97	%		0.80	%		0.75	%
Net expenses		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income		2.24	%		1.38	%		2.03	%		1.78	%		1.61	%
Supplemental data
Net assets, end of year (in millions)		$33			$54			$36			$41			$45
Portfolio turnover rate (c)		25	%		36	%		13	%		10	%		14	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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

Net asset value, beginning of year	$	48.77		$	44.82		$	35.03		$	28.05		$	30.37
Net investment income (a)		0.61			0.27			0.08			0.19			0.27
Net realized and unrealized gain (loss) on investments		(13.19	)		4.30			9.79			7.27			(2.38	)
Total from investment operations		(12.58	)		4.57			9.87			7.46			(2.11	)
Distributions from:
Net investment income		(0.48	)		(0.62	)		(0.08	)		(0.48	)		(0.21	)
Net asset value, end of year	$	35.71		$	48.77		$	44.82		$	35.03		$	28.05
Total return (b)		(25.79	)%		10.20	%		28.14	%		26.64	%		(6.94	)%

Ratios to average net assets
Gross expenses		0.64	%		0.71	%		0.80	%		0.94	%		1.02	%
Net expenses		0.59	%		0.59	%		0.60	%		0.62	%		0.60	%
Net expenses excluding interest and taxes		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.48	%		0.57	%		0.24	%		0.60	%		0.85	%
Supplemental data
Net assets, end of year (in millions)		$59			$80			$75			$58			$46
Portfolio turnover rate (c)		12	%		32	%		22	%		14	%		23	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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

Net asset value, beginning of year	$	21.36		$	17.52		$	16.05		$	14.84		$	17.45
Net investment income (a)		0.18			0.11			0.08			0.14			0.17
Net realized and unrealized gain (loss) on investments		(9.68	)		3.83			1.46			1.19			(2.66	)
Total from investment operations		(9.50	)		3.94			1.54			1.33			(2.49	)
Distributions from:
Net investment income		(0.11	)		(0.10	)		(0.06	)		(0.12	)		(0.12	)
Return of capital		—			—			(0.01	)		—			—
Total distributions		(0.11	)		(0.10	)		(0.07	)		(0.12	)		(0.12	)
Net asset value, end of year	$	11.75		$	21.36		$	17.52		$	16.05		$	14.84
Total return (b)		(44.47	)%		22.52	%		9.72	%		8.86	%		(14.15	)%

Ratios to average net assets
Expenses		0.66	%(c)		0.59	%(c)		0.61	%		0.66	%		0.68	%
Expenses excluding interest and taxes		0.60	%(c)		0.58	%(c)		0.60	%		0.63	%		0.64	%
Net investment income		1.13	%(c)		0.58	%(c)		0.55	%		0.89	%		0.98	%
Supplemental data
Net assets, end of year (in millions)		$413			$591			$457			$443			$318
Portfolio turnover rate (d)		57	%		57	%		33	%		33	%		49	%

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 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

Africa Index ETF	Diversified
Brazil Small-Cap ETF	Diversified
China Growth Leaders ETF	Diversified
ChiNext ETF	Diversified
Digital India ETF	Non-Diversified
Egypt Index ETF	Non-Diversified
India Growth Leaders ETF	Diversified
Indonesia Index ETF	Non-Diversified
Israel ETF	Non-Diversified
Vietnam ETF	Non-Diversified

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

Fund	Index

Africa Index ETF	MVIS^®GDP Africa Index
Brazil Small-Cap ETF	MVIS^®Brazil Small-Cap Index
China Growth Leaders ETF	MarketGrader China All-Cap Growth Leaders Index
ChiNext ETF	ChiNext Index
Digital India ETF	MVIS^®Digital India Index
Egypt Index ETF	MVIS^®Egypt Index
India Growth Leaders ETF	MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF	MVIS^®Indonesia Index
Israel ETF	Bluestar Israel Global Index^®
Vietnam ETF	MVIS^®Vietnam Index

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

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

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

The following summarizes the Funds’ significant accounting policies.

Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price.

Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service 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 considered as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated Van Eck Associates Corporation (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 present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

B.	Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the “Fund”) in order to effect

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.

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

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

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

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

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

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

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

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

At December 31, 2022, ChiNext ETF included $21,439 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 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, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2022.

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

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Brazil Small-Cap ETF		0.50			0.59
China Growth Leaders ETF		0.50			0.60
ChiNext ETF		0.50			0.65
Egypt Index ETF		0.50			0.94
India Growth Leaders ETF		0.50			0.75
Indonesia Index ETF		0.50			0.57
Israel ETF		0.50			0.59
Vietnam ETF		0.50			0.76

Digital India ETF utilizes a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Fund		Unitary Management Fee Rate
Digital India ETF			0.75	%

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

During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. The per share and total return impacts to the Funds are reflected in the Financial Highlights.

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

During the year ended December 31, 2022, the Adviser reimbursed the China Growth Leaders ETF $22,940 for an operational error. This reimbursement is reflected in the Statements of Operations and Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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
Africa Index ETF	$	17,552,003	$	18,721,334	$	—	$	560,535
Brazil Small-Cap ETF		12,633,631		14,779,375		226,352		531,094
China Growth Leaders ETF		13,541,101		15,872,277		—		882,020
ChiNext ETF		2,626,842		10,497,025		—		—
Digital India ETF		1,654,965		335,259		496,307		—
Egypt Index ETF		17,316,308		11,158,482		1,690,411		547,617
India Growth Leaders ETF		58,300,644		67,436,446		417,720		875,289
Indonesia Index ETF		13,964,044		14,064,512		37,475,469		53,028,444
Israel ETF		8,560,912		8,172,842		1,155,545		1,016,499
Vietnam ETF		321,158,198		246,770,040		5,324,691		1,049,085

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)
Africa Index ETF		$46,252,934		$6,763,966		$(6,170,681)		$593,285
Brazil Small-Cap ETF		39,375,018		176,653		(12,990,661)		(12,814,008)
China Growth Leaders ETF		16,992,220		1,902,708		(3,695,482)		(1,792,774)
ChiNext ETF		17,967,101		6,777,978		(4,398,472)		2,379,506
Digital India ETF		1,748,364		14,339		(372,474)		(358,135)
Egypt Index ETF		26,063,511		1,864,399		(4,956,673)		(3,092,274)
India Growth Leaders ETF		48,167,280		7,988,308		(4,836,317)		3,151,991
Indonesia Index ETF		44,004,510		1,603,724		(12,507,675)		(10,903,951)
Israel ETF		52,759,742		17,832,411		(10,659,082)		7,173,329
Vietnam ETF		445,969,342		62,814,374		(97,805,218)		(34,990,844)

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)
Africa Index ETF		$–		$(70,215,623	)		$(8,094	)		$(12,262	)		$(185,419	)		$(70,421,398	)
Brazil Small-Cap ETF		–		(157,030,770	)		(11,998	)		(33,084	)		(12,810,855	)		(169,886,707	)
China Growth Leaders ETF		–		(3,763,883	)		(157	)		(5,349	)		(1,792,414	)		(5,561,803	)
ChiNext ETF		–		(3,568,859	)		(23,800	)		(1,183	)		2,378,460			(1,215,382	)
Digital India ETF		–		(67,649	)		(66	)		–			(358,135	)		(425,850	)
Egypt Index ETF		288,392		(37,774,647	)		–			(5,417	)		(3,099,796	)		(40,591,468	)
India Growth Leaders ETF		–		(81,296,051	)		(11,402	)		(13,969	)		3,151,127			(78,170,295	)
Indonesia Index ETF		75,920		(118,516,416	)		–			(27,694	)		(10,904,099	)		(129,372,289	)
Israel ETF		481,536		(9,705,588	)		–			(4,310	)		7,173,329			(2,055,033	)
Vietnam ETF		5,603,903		(328,368,401	)		–			(49,255	)		(34,984,822	)		(357,798,575	)

*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 as follows:

December 31, 2022

December 31, 2021

Fund

Ordinary
Income*

Return
of Capital

Ordinary
Income*

Long-Term
Capital Gains

Return
of Capital

Africa Index ETF

1,670,110

$–

2,475,050

$–

Brazil Small-Cap ETF

971,850

3,075

951,015

–

China Growth Leaders ETF

345,000

–

751,240

653,170

–

ChiNext ETF

–

3,198,624

601,386

Digital India ETF

13,500

–

Egypt Index ETF

300,031

–

565,063

–

India Growth Leaders ETF

875,052

–

Indonesia Index ETF

1,200,040

–

570,015

–

Israel ETF

799,920

–

1,025,145

–

Vietnam ETF

3,867,660

–

2,850,715

–

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

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
Africa Index ETF	$	(12,547,079	)	$	(57,668,544	)	$	(70,215,623	)
Brazil Small-Cap ETF		(21,976,616	)		(135,054,154	)		(157,030,770	)
China Growth Leaders ETF		(2,569,318	)		(1,194,565	)		(3,763,883	)
ChiNext ETF		(3,379,373	)		(189,486	)		(3,568,859	)
Digital India ETF		(67,649	)		–			(67,649	)
Egypt Index ETF		(14,077,698	)		(23,696,949	)		(37,774,647	)
India Growth Leaders ETF		(15,686,824	)		(65,609,227	)		(81,296,051	)
Indonesia Index ETF		(39,262,199	)		(79,254,217	)		(118,516,416	)
Israel ETF		(2,029,019	)		(7,676,569	)		(9,705,588	)
Vietnam ETF		(108,199,071	)		(220,169,330	)		(328,368,401	)

During the year ended December 31, 2022, India Growth Leaders ETF utilized $1,793,784 of its capital loss carryovers available from prior years.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Africa Index ETF	$	(160,115	)	$	160,115
Brazil Small-Cap ETF		(39,284	)		39,284
China Growth Leaders ETF		182,450			(182,450	)
ChiNext ETF		99,125			(99,125	)
Egypt Index ETF		(31,482	)		31,482
India Growth Leaders ETF		(485,407	)		485,407
Indonesia Index ETF		(4,337,974	)		4,337,974
Israel ETF		(448,875	)		448,875
Vietnam ETF		(321,025	)		321,025

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.

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

Investments in India: As a result of renegotiation of the India Mauritius Tax treaty, India commenced taxation on capital gains arising from disposition of shares acquired on or after April 1, 2017 in a company resident in India, with shares acquired on or before March 31, 2017 being grandfathered as exempt from capital gains taxation subject to treaty relief. India currently assesses a capital gains tax on shares sold on the exchange of 15% on short term capital gains and 10% on long term capital gains (plus applicable surcharge

and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

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

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

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

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

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

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Digital India ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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
Africa Index ETF	$	3,236,707	$	1,102,056	$	2,287,585	$	3,389,641
Brazil Small-Cap ETF		1,864,249		1,315,000		680,940		1,995,940
China Growth Leaders ETF		101,895		8		108,138		108,146
Indonesia Index ETF		1,005,397		214,156		834,979		1,049,135
Israel ETF		6,492,363		1,025,144		5,648,169		6,673,313
Vietnam ETF		3,862,078		–		4,081,681		4,081,681

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
Africa Index ETF	$	1,102,056
Brazil Small-Cap ETF		1,315,000
China Growth Leaders ETF		8
Indonesia Index ETF		214,156
Israel ETF		1,025,144

*	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
Africa Index ETF		359	$	2,150,642		3.03	%
Brazil Small-Cap ETF		36		145,352		2.17
China Growth Leaders ETF		192		936,797		1.99
ChiNext ETF		341		653,230		2.97
Egypt Index ETF		354		1,492,969		3.03
India Growth Leaders ETF		210		604,181		2.81

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Indonesia Index ETF		29		255,067		1.97
Israel ETF		27		216,322		4.40
Vietnam ETF		280		3,646,561		2.60

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

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 ten funds listed in the table below

Opinions on the Financial Statements

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

*Funds*

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

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

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

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

The financial statements of the Funds (other than VanEck India Growth Leaders ETF) as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statements 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.

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 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

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**
Africa Index ETF	$	0.5759		68.27	%		–	%		100.00	%	$	0.0912
Brazil Small-Cap ETF		0.5553		2.48			–			91.20			0.0313
China Growth Leaders ETF		0.5750		97.65			–			93.10			0.0565
Digital India ETF		0.2700		100.00			–			77.47			0.0824
Egypt Index ETF		0.2667		100.00			–			88.10			0.0305
India Growth Leaders ETF		0.5556		100.00			–			100.00			0.2287
Indonesia Index ETF		0.6316		100.00			–			99.13			0.1800
Israel ETF		0.4848		97.93			0.35			83.96			0.2239
Vietnam ETF		0.1140		9.67			–			73.67			0.0127

Fund		Return of Capital Per Share***
Brazil Small-Cap ETF		$	0.0018

* 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 ETFs

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.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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

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

Matthew A. Babinsky, 1983	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.

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.

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

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

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

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