ANNUAL REPORT
December 31, 2021

VANECK^®

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


	800.826.2333	vaneck.com

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President’s Letter		2
Performance Comparison
Agribusiness ETF		6
Gold Miners ETF		7
Junior Gold Miners ETF		8
Low Carbon Energy ETF		9
Natural Resources ETF		10
Oil Refiners ETF		11
Oil Services ETF		12
Rare Earth/Strategic Metals ETF		13
Steel ETF		14
Uranium + Nuclear Energy ETF		15
About Fund Performance		16
Explanation of Expenses		17
Schedule of Investments
Agribusiness ETF		19
Future of Food ETF		21
Gold Miners ETF		23
Green Metals ETF		27
Junior Gold Miners ETF		29
Low Carbon Energy ETF		32
Natural Resources ETF		35
Oil Refiners ETF		42
Oil Services ETF		44
Rare Earth/Strategic Metals ETF		46
Steel ETF		48
Uranium+Nuclear Energy ETF		49
Statements of Assets and Liabilities		51
Statements of Operations		54
Statements of Changes in Net Assets		57
Financial Highlights
Agribusiness ETF		63
Future of Food ETF		64
Gold Miners ETF		65
Green Metals ETF		66
Junior Gold Miners ETF		67
Low Carbon Energy ETF		68
Natural Resources ETF		69
Oil Refiners ETF		70
Oil Services ETF		71
Rare Earth/Strategic Metals ETF		72
Steel ETF		73
Uranium+Nuclear Energy ETF		74
Notes to Financial Statements		75
Report of Independent Registered Public Accounting Firm		84
Tax Information		86
Board of Trustees and Officers		87
Approval of Investment Management Agreements		90

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2021.

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2021 (unaudited)

Dear Fellow Shareholders:

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

The Economy

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

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

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

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

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

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

If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note¹that said over half of the S&P 500^®Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.

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

Multi-Year Investment Themes

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

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

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

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck

CEO and President

VanEck ETF Trust

July 20, 2021

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

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

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2021 (unaudited)

Market Review

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

Agribusiness

From its lowest point at the very start of the year, the VanEck Agribusiness ETF rose steadily throughout most of the year and Fund gained 23.99% for the 12 month period. All sectors contributed to the Fund’s positive performance, with the primary drivers being companies in the materials and healthcare sectors. In the former, they were in the chemicals segment. In the latter, they were those in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people). Companies in the consumer discretionary sector contributed the least. By far the greatest positive returns came from companies in the U.S., while the greatest negative returns came from those in Malaysia and Sweden.

Gold Miners

The stocks of both major gold miners and their junior peers had both an uneven and disappointing year. This was despite market and economic conditions that might usually have been thought of as propitious, in particular persistent inflation—whether or not considered to be “transitory”. Perhaps affected more than generally by the many uncertainties that abounded in the market, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 21.44% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 9.56% for the 12 month period.

Among the larger mining stocks, companies in South Africa and the U.S. contributed the most to performance. Canadian companies, with the largest average country weighting during the year, detracted by far the most from performance.

Among the juniors, Indonesia was the strongest contributor, while Canada detracted by far the most from performance.

Low Carbon Energy

The performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 3.02%. While companies in the consumer discretionary sector contributed positively to performance, all other sectors detracted from performance with the industrial and utilities sectors detracting the most. The U.S. was by far the best performing country. Companies from Denmark detracted the most from performance.

Natural Resources

Natural resources stocks generally thrived in 2021 and the VanEck Natural Resources ETF gained 25.38% over the 12 month period under review. The energy and materials sectors contributed most to performance and the healthcare sector was the greatest detractor, but even then only minimally. U.S. companies contributed by far the most to performance, while Danish companies detracted the most.

Oil Refiners

Oil refining stocks had a volatile year, perhaps echoing the similarly volatile price of crude oil in 2021. With demand for oil in the U.S. having hit historic highs as the year drew to a close, the VanEck Oil Refiners ETF recorded a gain of 11.10% over the 12 month period.

Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. The only significant negative contributing country was Finland.

Oil Services

Despite a volatile 2021, also perhaps reflecting the similarly volatile price of crude oil in 2021, oil services stocks performed well (or rose) and the VanEck Oil Services ETF ended the 12 month period up 21.18%. Over the year, drilling activity increased substantially, the Baker Hughes U.S. rig count rose nearly 67% from 351 at the end of 2020 to 586 at the close of 2021.

The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance while both France and the United Kingdom detracted from performance, but only minimally.

Rare Earth and Strategic Metals

The VanEck Rare Earth/Strategic Metals ETF had another firm year in 2021, gaining 80.09%. Benefiting from the increasing focus on both climate change and the energy transition, the Fund rose fairly consistently through most of the year. The majority of the companies in the Fund’s portfolio contributed positively to returns. Of the companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving molybdenum, rare earths, titanium and zirconium. Large- and mid-cap companies performed much better than their small-cap peers during the period under review.

Steel

On the back of strong demand, steel stocks hit highs toward the middle of May and the middle of August. Thereafter, however, they fell over most of the next four and a half months, but not enough to erase their gains earlier in the year and the VanEck Steel ETF ended the 12 month period recording a gain of 27.91%. The U.S. was by far the greatest contributors to performance. Only once country, China, detracted from performance and, then, only minimally.

Uranium+Nuclear Energy

Having hit a low toward the end of February, thereafter, stocks in the VanEck Uranium+Nuclear Energy ETF rose, for the most part for the rest of the 12 month period, recording a gain of 13.48% for the full calendar year. Utilities companies were the greatest contributors to the Fund’s positive total return, with only the industrial sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in France and South Korea were the greatest detractors from performance.

According to the World Nuclear Association figures, in December 2021, there were some 440 operable nuclear power reactors in 32 countries and 56 power reactors currently under construction in 18 countries, notably China, India and South Korea.

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVMOOTR¹	SPTR²
One Year	23.94%	23.99%	24.51%	28.71%
Five Year	14.73%	14.70%	14.77%	18.47%
Ten Year	9.31%	9.29%	9.41%	16.55%

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

	Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

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

Hypothetical Growth of $10,000

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

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

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

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	GDMNTR¹	SPTR²
One Year	(9.56)%	(9.56)%	(9.37)%	28.71%
Five Year	9.80%	9.77%	10.10%	18.47%
Ten Year	(3.87)%	(3.90)%	(3.50)%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVGDXJTR¹	SPTR²
One Year	(21.31)%	(21.44)%	(20.99)%	28.71%
Five Year	6.76%	6.61%	6.74%	18.47%
Ten Year	(6.87)%	(6.79)%	(6.46)%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMOGTR¹	AGIXLT²	SPTR³
One Year	(2.77)%	(3.02)%	(2.18)%	3.34%	28.71%
Five Year	26.58%	26.43%	27.23%	28.64%	18.47%
Ten Year	18.16%	18.07%	18.13%	18.78%	16.55%

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

²	Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry.

	Effective April 26, 2021, MVSMOGTR replaced AGIXLT as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned Indexes.

³	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

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 NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	RVEIT¹	SPTR²
One Year	24.95%	25.38%	25.44%	28.71%
Five Year	10.47%	10.62%	10.71%	18.47%
Ten Year	5.92%	5.97%	6.07%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVCRAKTR¹	SPTR²
One Year	10.84%	11.10%	11.47%	28.71%
Five Year	7.53%	7.59%	7.62%	18.47%
Life*	7.40%	7.46%	7.51%	15.96%

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

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

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

Hypothetical Growth of $10,000 (Since Inception)

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

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

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVOIHTR¹	SPTR²
One Year	21.17%	21.18%	21.81%	28.71%
Five Year	(21.23)%	(21.24)%	(21.36)%	18.47%
Ten Year	(11.74)%	(11.74)%	(11.86)%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVREMXTR¹	SPTR²
One Year	79.70%	80.09%	82.78%	28.71%
Five Year	22.45%	22.52%	21.81%	18.47%
Ten Year	(1.38)%	(1.53)%	(2.04)%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	STEEL¹	SPTR²
One Year	27.61%	27.91%	28.84%	28.71%
Five Year	11.44%	11.45%	12.07%	18.47%
Ten Year	4.57%	4.56%	4.92%	16.55%

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

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

Hypothetical Growth of $10,000

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

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

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVNLRTR¹	SPTR²
One Year	13.59%	13.48%	13.18%	28.71%
Five Year	6.09%	6.10%	5.82%	18.47%
Ten Year	5.16%	5.10%	4.68%	16.55%

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

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

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

Hypothetical Growth of $10,000

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

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

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

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

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2021 to December 31, 2021.

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2021 - December 31, 2021(a)
Agribusiness ETF
Actual	$1,000.00	$1,059.20	0.52%	$2.70
Hypothetical(b)	$1,000.00	$1,022.58	0.52%	$2.65
Future of Food ETF
Actual (c)	$1,000.00	$1,015.30	0.69%	$0.59
Hypothetical(b)	$1,000.00	$1,021.73	0.69%	$3.52
Gold Miners ETF
Actual	$1,000.00	$959.30	0.51%	$2.52
Hypothetical(b)	$1,000.00	$1,022.63	0.51%	$2.60
Green Metals ETF
Actual (d)	$1,000.00	$1,006.10	0.60%	$0.86
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06
Junior Gold Miners ETF
Actual	$1,000.00	$914.70	0.52%	$2.51
Hypothetical(b)	$1,000.00	$1,022.58	0.52%	$2.65
Low Carbon Energy ETF
Actual	$1,000.00	$996.20	0.56%	$2.82
Hypothetical(b)	$1,000.00	$1,022.38	0.56%	$2.85
Natural Resources ETF
Actual	$1,000.00	$1,050.10	0.49%	$2.53
Hypothetical(b)	$1,000.00	$1,022.74	0.49%	$2.50

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period July 1, 2021 - December 31, 2021(a)
Oil Refiners ETF
Actual	$1,000.00	$941.70	0.60%	$2.94
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06
Oil Services ETF
Actual	$1,000.00	$851.40	0.35%	$1.63
Hypothetical(b)	$1,000.00	$1,023.44	0.35%	$1.79
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$1,378.50	0.53%	$3.18
Hypothetical(b)	$1,000.00	$1,022.53	0.53%	$2.70
Steel ETF
Actual	$1,000.00	$920.10	0.55%	$2.66
Hypothetical(b)	$1,000.00	$1,022.43	0.55%	$2.80
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,070.00	0.60%	$3.13
Hypothetical(b)	$1,000.00	$1,022.18	0.60%	$3.06

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from December 1, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
^(d)	Expenses are equal to the Fund’s annualized expense ratio (for the period from November 10, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 1.7%
Incitec Pivot Ltd. #		3,358,921	$	7,934,000
Treasury Wine Estates Ltd. #		1,387,087		12,497,851
				20,431,851
Brazil: 2.3%
Rumo SA # *		2,894,900		9,214,292
Yara International ASA (NOK) #		348,751		17,559,965
				26,774,257
Canada: 6.2%
Nutrien Ltd. (USD) †		980,652		73,745,030

Chile: 1.5%
Sociedad Quimica y Minera de Chile SA (ADR)		343,047		17,299,860

China: 3.8%
China Mengniu Dairy Co. Ltd. (HKD) # *		5,128,000		29,074,638
Wilmar International Ltd. (SGD) #		5,294,551		16,287,714
				45,362,352
Denmark: 0.8%
Bakkafrost P/F (NOK) #		106,545		7,032,649
Schouw & Co. A/S #		31,238		2,717,037
				9,749,686
Germany: 7.7%
Bayer AG #		1,559,380		83,182,488
K+S AG # *		459,737		7,899,360
				91,081,848
Indonesia: 0.1%
Golden Agri-Resources Ltd. (SGD) #		8,231,245		1,497,035

Israel: 1.1%
ICL Group Ltd. (USD) †		1,357,177		13,123,902

Japan: 4.6%
Kubota Corp. #		1,915,930		42,556,471
Maruha Nichiro Corp. #		97,400		2,038,334
NH Foods Ltd. #		197,800		7,124,122
Nippon Suisan Kaisha Ltd. #		480,300		2,267,675
				53,986,602
Malaysia: 1.5%
IOI Corp. Bhd #		4,480,655		4,008,875
Kuala Lumpur Kepong Bhd		750,870		3,925,576
PPB Group Bhd		1,264,280		5,189,435
Sime Darby Plantation Bhd #		5,315,600		4,795,219
				17,919,105
Netherlands: 0.4%
OCI NV # *		191,957		5,004,748

Norway: 3.1%
Leroy Seafood Group ASA #		601,033		4,690,739
Mowi ASA #		981,248		23,191,986
Salmar ASA #		124,499		8,575,237
				36,457,962
Russia: 0.5%
PhosAgro PJSC (USD) (GDR) #		289,310		6,242,254

	Number of Shares		Value
Singapore: 0.6%
Charoen Pokphand Indonesia Tbk PT (IDR) #		17,330,500	$	7,223,116

Sweden: 0.5%
Oatly Group AB (ADR) * †		668,073		5,317,861

Switzerland: 0.7%
Bucher Industries AG #		16,003		7,886,207

Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd. #		1,789,000		4,517,985

Thailand: 0.7%
Charoen Pokphand Foods PCL (NVDR) #		11,317,136		8,647,061

United Kingdom: 4.1%
CNH Industrial NV (USD) †		2,049,375		39,819,356
Genus Plc #		123,218		8,269,335
				48,088,691
United States: 57.6%
AGCO Corp.		124,027		14,389,612
Archer-Daniels-Midland Co.		833,132		56,311,392
Balchem Corp.		52,890		8,917,254
Beyond Meat, Inc. * †		112,568		7,334,931
Bunge Ltd.		222,767		20,797,527
CF Industries Holdings, Inc.		355,463		25,159,671
Corteva, Inc.		1,315,560		62,199,677
Darling Ingredients, Inc. *		237,082		16,427,412
Deere & Co.		255,851		87,728,749
Elanco Animal Health, Inc. *		647,730		18,382,577
FMC Corp.		216,162		23,754,042
IDEXX Laboratories, Inc. *		121,343		79,899,512
Mosaic Co.		596,109		23,421,123
Neogen Corp. *		157,499		7,152,030
Pilgrim’s Pride Corp. *		117,060		3,301,092
Sanderson Farms, Inc.		35,934		6,866,269
Toro Co.		191,758		19,158,542
Tractor Supply Co.		218,704		52,182,774
Tyson Foods, Inc.		573,505		49,986,696
Zoetis, Inc.		402,306		98,174,733
				681,545,615
Total Common Stocks (Cost: $942,791,700)				1,181,903,028

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6% (Cost: $30,234,590)
Money Market Fund: 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio		30,234,590		30,234,590

Total Investments: 102.5% (Cost: $973,026,290)				1,212,137,618
Liabilities in excess of other assets: (2.5)%				(29,429,845)
NET ASSETS: 100.0%			$	1,182,707,773

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $341,936,393 which represents 28.9% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $67,313,739.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		4.4	%	$	52,182,774
Consumer Staples		26.8			317,127,478
Health Care		25.0			295,060,674
Industrials		18.7			220,753,230
Materials		25.1			296,778,872
		100.0	%	$	1,181,903,028

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	20,431,851	$	—	$	20,431,851
Brazil		—		26,774,257		—		26,774,257
Canada		73,745,030		—		—		73,745,030
Chile		17,299,860		—		—		17,299,860
China		—		45,362,352		—		45,362,352
Denmark		—		9,749,686		—		9,749,686
Germany		—		91,081,848		—		91,081,848
Indonesia		—		1,497,035		—		1,497,035
Israel		13,123,902		—		—		13,123,902
Japan		—		53,986,602		—		53,986,602
Malaysia		9,115,011		8,804,094		—		17,919,105
Netherlands		—		5,004,748		—		5,004,748
Norway		—		36,457,962		—		36,457,962
Russia		—		6,242,254		—		6,242,254
Singapore		—		7,223,116		—		7,223,116
Sweden		5,317,861		—		—		5,317,861
Switzerland		—		7,886,207		—		7,886,207
Taiwan		—		4,517,985		—		4,517,985
Thailand		—		8,647,061		—		8,647,061
United Kingdom		39,819,356		8,269,335		—		48,088,691
United States		681,545,615		—		—		681,545,615
Money Market Fund		30,234,590		—		—		30,234,590
Total Investments	$	870,201,225	$	341,936,393	$	—	$	1,212,137,618

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.8%
Canada: 3.6%
Maple Leaf Foods, Inc.		3,840	$	88,951

China: 2.0%
Vitasoy International Holdings Ltd. (HKD) #		24,000		48,538

Denmark: 6.6%
Chr Hansen Holding A/S #		1,004		79,067
Novozymes A/S #		1,012		82,991
				162,058
France: 2.0%
Danone SA #		814		50,540

Germany: 3.1%
Symrise AG #		526		77,704

Ireland: 3.2%
Kerry Group Plc #		614		78,555

Isle of Man: 0.5%
Agronomics Ltd. *		38,354		11,688

Israel: 0.1%
Else Nutrition Holdings, Inc. (CAD) *		1,668		1,505

Japan: 2.2%
Kubota Corp. #		2,400		53,309

Mexico: 3.3%
Orbia Advance Corp. SAB de CV		32,140		82,089

Netherlands: 1.0%
Corbion NV #		530		24,997

Norway: 1.0%
Atlantic Sapphire ASA # *		5,450		25,921

Philippines: 0.9%
Monde Nissin Corp. 144A *		73,800		23,446

Sweden: 5.1%
BioGaia AB #		328		18,740
Oatly Group AB (ADR) *		13,426		106,871
				125,611
Switzerland: 8.6%
Bucher Industries AG #		108		53,222

	Number of Shares		Value
Switzerland (continued)
Givaudan SA #		20	$	104,938
Nestle SA #		384		53,616
				211,776
United States: 56.6%
AgEagle Aerial Systems, Inc. *		1,688		2,650
Amyris, Inc. *		3,742		20,244
AppHarvest, Inc. *		19,762		76,874
Archer-Daniels-Midland Co.		578		39,067
Balchem Corp.		154		25,964
Ball Corp.		922		88,761
Benson Hill, Inc. *		7,062		51,482
Berry Global Group, Inc. *		348		25,675
Beyond Meat, Inc. *		1,088		70,894
Bunge Ltd.		826		77,115
Cadiz, Inc. *		2,886		11,140
Conagra Brands, Inc.		792		27,047
Corteva, Inc.		2,414		114,135
Deere & Co.		250		85,723
Ecolab, Inc.		110		25,805
FMC Corp.		362		39,780
Ginkgo Bioworks Holdings, Inc. *		4,152		34,503
GrowGeneration Corp. *		744		9,709
Hydrofarm Holdings Group, Inc. *		358		10,128
Ingredion, Inc.		1,022		98,766
International Flavors & Fragrances, Inc.		508		76,530
John Bean Technologies Corp.		266		40,847
Kellogg Co.		390		25,124
Lindsay Corp.		332		50,464
Local Bounti Corp. *		2,776		17,905
Tattooed Chef, Inc. *		5,112		79,440
Titan International, Inc. *		1,690		18,522
Trimble, Inc. *		866		75,507
Tyson Foods, Inc.		304		26,497
Valmont Industries, Inc.		204		51,102
				1,397,400
Total Common Stocks (Cost: $2,429,014)				2,464,088

Total Investments: 99.8% (Cost: $2,429,014)				2,464,088
Other assets less liabilities: 0.2%				5,593
NET ASSETS: 100.0%			$	2,469,681

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $752,138 which represents 30.5% of net assets.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $23,446, or 0.9% of net assets.

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of Investments			Value
Consumer Discretionary		0.4	%	$	9,709
Consumer Staples		43.3			1,068,155
Financials		0.5			11,688
Health Care		2.2			53,243
Industrials		14.8			365,966
Information Technology		3.1			75,507
Materials		35.3			868,680
Utilities		0.4			11,140
		100.0	%	$	2,464,088

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	88,951	$	—	$	—	$	88,951
China		—		48,538		—		48,538
Denmark		—		162,058		—		162,058
France		—		50,540		—		50,540
Germany		—		77,704		—		77,704
Ireland		—		78,555		—		78,555
Isle of Man		11,688		—		—		11,688
Israel		1,505		—		—		1,505
Japan		—		53,309		—		53,309
Mexico		82,089		—		—		82,089
Netherlands		—		24,997		—		24,997
Norway		—		25,921		—		25,921
Philippines		23,446		—		—		23,446
Sweden		106,871		18,740		—		125,611
Switzerland		—		211,776		—		211,776
United States		1,397,400		—		—		1,397,400
Total Investments	$	1,711,950	$	752,138	$	—	$	2,464,088

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 12.9%
Capricorn Metals Ltd. # * †		16,600,495	$	41,073,106
Evolution Mining Ltd. # †		81,851,150		242,668,113
Gold Road Resources Ltd. #		39,381,192		45,104,634
Newcrest Mining Ltd. #		36,538,470		653,958,335
Northern Star Resources Ltd. # †		52,004,587		357,407,883
OceanaGold Corp. (CAD) * †		31,437,883		54,754,655
Perseus Mining Ltd. #		54,795,805		64,821,165
Ramelius Resources Ltd. # †		38,664,754		44,306,056
Regis Resources Ltd. #		33,703,865		47,930,825
Silver Lake Resources Ltd. # * †		39,536,520		51,221,462
St Barbara Ltd. # †		31,683,437		33,846,327
West African Resources Ltd. # *		45,760,543		44,111,439
Westgold Resources Ltd. # †		19,000,375		28,268,960
				1,709,472,960
Brazil: 7.9%
Wheaton Precious Metals Corp. (USD) †		20,130,789		864,214,772
Yamana Gold, Inc. (USD)		43,008,207		181,494,633
				1,045,709,405
Burkina Faso: 0.5%
IAMGOLD Corp. (USD) * †		21,295,483		66,654,862

Canada: 43.6%
Agnico Eagle Mines Ltd. (USD) †		10,939,659		581,333,479
Alamos Gold, Inc. (USD)		17,526,713		134,780,423
Argonaut Gold, Inc. * †		13,874,456		26,361,631
Aya Gold & Silver, Inc. * †		4,675,933		35,352,223
B2Gold Corp. (USD)		47,136,300		185,245,659
Barrick Gold Corp. (USD)		79,506,675		1,510,626,825
Dundee Precious Metals, Inc.		8,545,631		52,904,908
Endeavour Silver Corp. (USD) * †		7,614,476		32,133,089
Equinox Gold Corp. (USD) * †		13,426,497		90,763,120
First Majestic Silver Corp. (USD) †		11,458,769		127,306,924
Fortuna Silver Mines, Inc. (USD) * †		13,022,778		50,788,834
Franco-Nevada Corp. (USD)		8,543,363		1,181,461,669
GoGold Resources, Inc. * †		12,302,949		29,511,883
K92 Mining, Inc. * †		9,838,214		56,000,284
Kinross Gold Corp. (USD)		55,967,793		325,172,877
Kirkland Lake Gold Ltd. †		11,774,747		494,145,065
New Gold, Inc. (USD) *		30,404,893		45,607,339
Osisko Gold Royalties Ltd. (USD) †		7,432,704		91,050,624
Pan American Silver Corp. (USD)		9,391,318		234,501,210
Pretium Resources, Inc. (USD) *		8,390,429		118,221,145
Sandstorm Gold Ltd. (USD) * †		8,547,654		52,995,455
Silvercorp Metals, Inc. (USD)		7,883,456		29,641,795
SSR Mining, Inc. (USD) †		9,457,454		167,396,936
Torex Gold Resources, Inc. *		3,829,080		39,862,567
Victoria Gold Corp. * †		2,796,060		31,543,249
Wesdome Gold Mines Ltd. *		6,260,497		57,046,527
				5,781,755,740

	Number of Shares		Value
China: 3.0%
Zhaojin Mining Industry Co. Ltd. (HKD) # †		116,526,000	$	99,761,878
Zijin Mining Group Co. Ltd. (HKD) #		256,272,000		306,111,535
				405,873,413
Egypt: 0.5%
Centamin Plc (GBP) #		51,640,149		62,566,522

Kyrgyzstan: 0.8%
Centerra Gold, Inc. (CAD)		13,258,753		102,341,639

Peru: 0.6%
Cia de Minas Buenaventura SAA (ADR) * †		11,329,411		82,931,289

South Africa: 4.4%
DRDGOLD Ltd. (ADR) †		3,860,765		32,739,287
Gold Fields Ltd. (ADR) †		39,640,097		435,644,666
Harmony Gold Mining Co. Ltd. (ADR) † ‡		27,530,401		113,149,948
				581,533,901
Tanzania: 2.9%
AngloGold Ashanti Ltd. (ADR) †		18,642,136		391,112,013

Turkey: 0.6%
Eldorado Gold Corp. (USD) * †		8,155,942		76,258,058

United Kingdom: 1.8%
Endeavour Mining Plc (CAD) †		11,092,346		243,510,869

United States: 20.3%
Coeur Mining, Inc. *		11,473,975		57,828,834
Hecla Mining Co.		24,030,264		125,437,978
Newmont Corp.		35,632,826		2,209,947,869
Royal Gold, Inc.		2,930,981		308,368,511
				2,701,583,192
Total Common Stocks (Cost: $11,977,294,947)				13,251,303,863

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.8% (Cost: $100,558,651)
Money Market Fund: 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio		100,558,651		100,558,651

Total Investments: 100.6% (Cost: $12,077,853,598)				13,351,862,514
Liabilities in excess of other assets: (0.6)%				(78,775,978)
NET ASSETS: 100.0%			$	13,273,086,536

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $197,100,880.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,123,158,240 which represents 16.0% of net assets.
*	Non-income producing
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		95.0	%	$	12,586,629,927
Silver		5.0			664,673,936
		100.0	%	$	13,251,303,863

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended December 31, 2021:

	Value 12/31/2020		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 12/31/2021
Alamos Gold, Inc.	$	202,348,029	$	27,882,801	$	(71,360,880	)	$	7,053,079		$	2,002,694	$	(31,142,606	)	$	–(a)
AngloGold Ashanti Ltd.		555,316,906		70,804,958		(202,916,275	)		16,765,306			11,830,144		(48,858,882	)		–(a)
B2Gold Corp.		346,458,398		41,270,162		(105,685,958	)		3,409,041			8,687,629		(100,205,984	)		–(a)
Centamin Plc		115,183,901		14,478,189		(37,211,499	)		(11,523,688	)		3,933,991		(18,360,381	)		–(a)
Centerra Gold, Inc.		201,525,211		21,731,626		(58,637,357	)		5,052,272			2,894,836		(67,330,113	)		–(a)
Cia de Minas Buenaventura SAA		182,132,887		20,153,479		(54,690,799	)		(18,062,243	)		–		(46,602,036	)		–(a)
Coeur Mining, Inc.		148,558,290		24,261,509		(45,213,485	)		1,420,080			–		(71,197,560	)		–(a)
Dundee Precious Metals, Inc.		76,514,526		14,203,131		(27,208,835	)		3,472,898			1,090,565		(14,076,812	)		–(a)
Eldorado Gold Corp.		136,597,279		19,696,427		(43,040,778	)		(17,374,459	)		–		(19,620,411	)		–(a)
Endeavour Mining Plc		223,223,248		362,805,564		(349,976,002	)		5,043,765			3,451,738		2,414,294			–(a)
Equinox Gold Corp.		147,360,355		42,239,223		(47,718,761	)		(7,246,580	)		–		(43,871,117	)		–(a)
Evolution Mining Ltd.		387,584,793		65,815,605		(127,362,042	)		4,359,391			8,204,064		(87,729,634	)		–(a)
First Majestic Silver Corp.		175,080,394		56,946,780		(75,483,694	)		16,938,856			187,745		(46,175,412	)		–(a)
Fortuna Silver Mines, Inc.		89,380,326		33,300,557		(27,307,441	)		(323,369	)		–		(44,261,239	)		–(a)
Gold Fields Ltd.		482,218,188		73,821,559		(199,974,246	)		50,898,047			17,474,727		28,681,118			–(a)
Gold Road Resources Ltd.		52,987,929		7,734,987		(19,910,014	)		(1,243,469	)		653,350		5,535,201			–(a)
Harmony Gold Mining Co. Ltd.		169,770,136		21,946,143		(59,664,517	)		4,765,839			2,869,766		(23,667,653	)		113,149,948
Hecla Mining Co.		202,636,786		32,221,292		(72,286,505	)		15,806,238			1,014,274		(52,939,833	)		–(a)
IAMGOLD Corp.		102,400,153		12,811,081		(33,754,525	)		(12,513,994	)		–		(2,287,853	)		–(a)
K92 Mining, Inc.		77,080,191		12,013,680		(29,250,235	)		(757,269	)		–		(3,086,083	)		–(a)
Kinross Gold Corp.		543,900,033		73,991,811		(190,142,670	)		15,439,883			7,727,476		(118,016,180	)		–(a)
Kirkland Lake Gold Ltd.		708,338,478		94,413,189		(291,535,950	)		26,615,239			9,663,099		(43,685,891	)		–(a)
New Gold, Inc.		87,233,981		9,833,546		(25,069,412	)		2,231,960			–		(28,622,736	)		–(a)
Northern Star Resources Ltd.		426,875,246		300,445,543		(190,869,958	)		(6,258,314	)		8,597,754		(172,784,634	)		–(a)
OceanaGold Corp.		80,010,444		11,839,245		(28,060,646	)		(10,447,878	)		–		1,413,490			–(a)
Osisko Gold Royalties Ltd.		124,618,698		19,236,040		(46,071,830	)		1,114,829			1,351,794		(7,847,113	)		–(a)
Pan American Silver Corp.		427,132,341		53,055,481		(142,908,798	)		27,993,402			3,643,428		(130,771,216	)		–(a)
Perseus Mining Ltd.		72,435,336		11,273,754		(28,435,481	)		4,032,767			677,432		5,514,789			–(a)
Pretium Resources, Inc.		126,591,808		17,743,536		(49,823,146	)		6,001,841			–		17,707,106			–(a)
Ramelius Resources Ltd.		62,075,381		8,558,928		(18,925,724	)		(1,790,613	)		737,224		(5,611,916	)		–(a)
Regis Resources Ltd.		87,000,503		35,439,693		(27,687,794	)		(13,753,990	)		1,675,723		(33,067,587	)		–(a)
Resolute Mining Ltd.		39,928,687		2,319,618		(25,381,336	)		(48,489,772	)		–		31,622,803			–
Royal Gold, Inc.		410,914,734		63,366,988		(160,155,689	)		5,142,872			4,103,450		(10,900,394	)		–(a)
Sandstorm Gold Ltd.		81,219,860		12,291,854		(29,622,290	)		(709,423	)		–		(10,184,546	)		–(a)
Saracen Mineral Holdings Ltd.		239,553,823		1,779,704		(237,044,851	)		78,380,941			370,196		(82,669,617	)		–

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended December 31, 2021: (continued)

	Value 12/31/2020		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 12/31/2021
Silver Lake Resources Ltd.		71,711,925		9,387,092		(24,836,350	)		(1,191,497	)		–		(3,849,708	)		–(a)
Silvercorp Metals, Inc.		69,022,757		8,210,359		(19,946,072	)		(4,006,710	)		221,245		(23,638,539	)		–(a)
SSR Mining, Inc.		259,911,253		28,914,669		(86,182,852	)		13,257,716			2,254,976		(48,503,850	)		–(a)
St Barbara Ltd.		75,627,992		7,926,824		(22,259,227	)		(14,852,814	)		1,724,553		(12,596,448	)		–(a)
Teranga Gold Corp.		105,818,637		795,749		(76,654,819	)		1,907,918			–		(31,867,485	)		–
Torex Gold Resources, Inc.		75,473,469		9,290,918		(23,989,560	)		(5,050,255	)		–		(15,862,005	)		–(a)
Wesdome Gold Mines Ltd.		68,296,995		11,289,297		(24,944,695	)		(1,398,216	)		–		3,803,146			–(a)
Westgold Resources Ltd.		50,723,137		5,478,573		(14,765,862	)		(2,974,160	)		311,262		(10,192,728	)		–(a)
Yamana Gold, Inc.		320,326,946		38,587,628		(96,770,856	)		4,223,345			5,284,057		(84,872,429	)		–(a)
Zhaojin Mining Industry Co. Ltd.		183,114,692		20,141,409		(56,783,031	)		(9,210,277	)		999,109		(37,500,915	)		–(a)
Zijin Mining Group Co. Ltd.		382,742,128		68,230,267		(174,460,044	)		76,337,034			5,177,638		(46,737,850	)		–(a)
	$	9,254,957,210	$	1,899,980,468	$	(3,801,982,791	)	$	208,485,569		$	118,815,939	$	(1,584,505,449	)	$	113,149,948

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	54,754,655	$	1,654,718,305	$	—	$	1,709,472,960
Brazil		1,045,709,405		—		—		1,045,709,405
Burkina Faso		66,654,862		—		—		66,654,862
Canada		5,781,755,740		—		—		5,781,755,740
China		—		405,873,413		—		405,873,413
Egypt		—		62,566,522		—		62,566,522
Kyrgyzstan		102,341,639		—		—		102,341,639
Peru		82,931,289		—		—		82,931,289
South Africa		581,533,901		—		—		581,533,901
Tanzania		391,112,013		—		—		391,112,013
Turkey		76,258,058		—		—		76,258,058
United Kingdom		243,510,869		—		—		243,510,869
United States		2,701,583,192		—		—		2,701,583,192
Money Market Fund		100,558,651		—		—		100,558,651
Total Investments	$	11,228,704,274	$	2,123,158,240	$	—	$	13,351,862,514

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 16.3%
Allkem Ltd. # *		27,605	$	209,256
Glencore Plc (GBP) #		260,156		1,326,449
IGO Ltd. #		24,069		201,440
Iluka Resources Ltd. #		10,917		80,424
Lynas Rare Earths Ltd. # *		29,099		215,787
OZ Minerals Ltd. #		13,525		278,643
Pilbara Minerals Ltd. # *		111,008		258,766
				2,570,765
Canada: 6.5%
Hudbay Minerals, Inc. (USD)		12,047		87,341
Ivanhoe Mines Ltd. *		20,602		168,319
Lithium Americas Corp. (USD) *		4,318		125,740
Teck Resources Ltd. (USD)		21,542		620,840
				1,002,240
Chile: 1.4%
Lundin Mining Corp. (CAD)		27,430		214,550

China: 34.9%
Beijing Easpring Material Technology Co. Ltd. #		15,600		213,244
Chengxin Lithium Group Co. Ltd. # *		33,000		301,335
China Minmetals Rare Earth Co. Ltd. #		27,000		165,728
China Molybdenum Co. Ltd. #		413,800		363,932
China Northern Rare Earth
Group High-Tech Co. Ltd. #		91,800		661,466
Ganfeng Lithium Co. Ltd. #		45,000		1,013,096
GEM Co. Ltd. #		197,800		322,566
Inner Mongolia Xingye Mining Co. Ltd. # *		45,600		51,914
Jiangxi Copper Co. Ltd. #		25,803		91,102
Jinchuan Group International Resources Co. Ltd. (HKD) #		440,000		76,738
MMG Ltd. (HKD) # *		128,000		41,181
Nanjing Hanrui Cobalt Co. Ltd. #		13,300		167,808
Ningbo Shanshan Co. Ltd. #		65,700		338,667
Shenghe Resources Holding Co. Ltd. #		54,800		169,125
Tongling Nonferrous Metals Group Co. Ltd. #		304,700		167,165
Western Mining Co. Ltd. #		76,600		164,833
Youngy Co. Ltd. # *		8,800		180,426
Yunnan Copper Co. Ltd. #		47,500		100,116
Yunnan Tin Co. Ltd. # *		42,200		130,387
Zhejiang Huayou Cobalt Co. Ltd. #		43,200		750,071
				5,470,900
Germany: 0.9%
Aurubis AG # *		1,450		144,779

Japan: 3.2%
Mitsubishi Materials Corp. #		4,900		84,118
Sumitomo Metal Mining Co. Ltd. #		11,000		416,166
				500,284

	Number of Shares		Value
Liechtenstein: 2.1%
Antofagasta Plc (GBP) #		17,711	$	322,328

Mexico: 5.5%
Grupo Mexico SAB de CV		143,400		625,663
Southern Copper Corp. (USD)		3,917		241,718
				867,381
Poland: 1.2%
KGHM Polska Miedz SA #		5,344		185,439

Russia: 5.6%
MMC Norilsk Nickel PJSC (ADR) #		28,313		875,828

South Africa: 6.3%
Anglo American Platinum Ltd. #		2,567		292,326
Impala Platinum Holdings Ltd. #		27,645		389,370
Sibanye Stillwater Ltd. (ADR)		24,257		304,183
				985,879
Sweden: 2.9%
Boliden AB #		11,843		455,773

United States: 10.3%
Freeport-McMoRan, Inc.		32,883		1,372,207
Livent Corp. *		5,210		127,020
MP Materials Corp. *		3,030		137,623
				1,636,850
Zambia: 3.0%
First Quantum Minerals Ltd. (CAD)		19,737		472,975

Total Common Stocks (Cost: $15,459,274)				15,705,971

Total Investments: 100.1% (Cost: $15,459,274)				15,705,971
Liabilities in excess of other assets: (0.1)%				(9,427)
NET ASSETS: 100.0%			$	15,696,544

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,207,792 which represents 71.4% of net assets.
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Copper		23.3	%	$	3,667,761
Distillers & Vintners		0.8			125,740
Diversified Metals & Mining		61.6			9,678,558
Electrical Components & Equipment		1.1			180,426
Forest Products		1.9			301,335
Precious Metals & Minerals		6.3			985,879
Specialty Chemicals		5.0			766,272
		100.0	%	$	15,705,971

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,570,765	$	—	$	2,570,765
Canada		1,002,240		—		—		1,002,240
Chile		214,550		—		—		214,550
China		—		5,470,900		—		5,470,900
Germany		—		144,779		—		144,779
Japan		—		500,284		—		500,284
Liechtenstein		—		322,328		—		322,328
Mexico		867,381		—		—		867,381
Poland		—		185,439		—		185,439
Russia		—		875,828		—		875,828
South Africa		304,183		681,696		—		985,879
Sweden		—		455,773		—		455,773
United States		1,636,850		—		—		1,636,850
Zambia		472,975		—		—		472,975
Total Investments	$	4,498,179	$	11,207,792	$	—	$	15,705,971

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 17.1%
Alkane Resources Ltd. # * †		21,359,006	$	14,244,006
Aurelia Metals Ltd. # * †		54,802,241		16,386,831
Australian Strategic Materials Ltd. # *		1		8
Bellevue Gold Ltd. # * †		36,440,980		22,459,213
Dacian Gold Ltd. # * †		38,775,969		5,373,550
De Grey Mining Ltd. # *		50,437,616		44,788,242
Evolution Mining Ltd. #		67,669,324		200,622,559
Firefinch Ltd. # * †		50,907,071		32,092,432
Gold Road Resources Ltd. # †		39,488,033		45,227,003
OceanaGold Corp. (CAD) * †		29,339,495		51,099,941
Perseus Mining Ltd. #		55,009,199		65,073,601
Ramelius Resources Ltd. #		38,349,738		43,945,078
Red 5 Ltd. # * †		93,203,569		19,691,308
Regis Resources Ltd. #		31,423,015		44,687,190
Resolute Mining Ltd. # * †		37,260,753		10,598,645
Silver Lake Resources Ltd. # *		38,286,560		49,602,078
Silver Mines Ltd. # * † ‡		68,129,563		10,965,205
St Barbara Ltd. #		29,561,438		31,579,469
West African Resources Ltd. # *		42,529,095		40,996,445
Westgold Resources Ltd. #		13,197,191		19,634,921
				769,067,725
Brazil: 4.2%
Yamana Gold, Inc. (USD) †		44,852,244		189,276,470

Burkina Faso: 1.4%
IAMGOLD Corp. (USD) * †		20,371,413		63,762,523

Canada: 52.3%
Alamos Gold, Inc. (USD)		15,956,995		122,709,292
Alexco Resource Corp. (USD) * †		6,605,730		11,493,970
Americas Gold & Silver Corp. (USD) * †		7,841,865		6,322,896
Argonaut Gold, Inc. * †		12,309,100		23,387,436
Arizona Metals Corp. *		4,536,031		22,084,939
Artemis Gold, Inc. * †		5,305,356		28,980,688
Aya Gold & Silver, Inc. * †		4,471,721		33,808,285
B2Gold Corp. (USD)		38,960,450		153,114,569
Calibre Mining Corp. * †		10,406,570		11,039,705
Discovery Silver Corp. * †		11,317,874		18,636,882
Dundee Precious Metals, Inc. †		5,954,617		36,864,272
Endeavour Silver Corp. (USD) *		7,913,952		33,396,877
Equinox Gold Corp. (USD) * †		12,366,938		83,600,501
First Majestic Silver Corp. (USD) †		10,556,058		117,277,804
Fortuna Silver Mines, Inc. (USD) * †		13,996,325		54,585,667
Galiano Gold, Inc. (USD) *		6,524,775		4,566,038
GCM Mining Corp. †		4,362,971		18,410,035
GoGold Resources, Inc. * †		12,019,230		28,831,308
Gold Royalty Corp. (USD) * †		3,782,892		18,611,829
Gold Standard Ventures Corp. (USD) * †		11,327,334		5,019,142
GoldMining, Inc. (USD) * †		7,438,890		8,926,668
Great Bear Resources Ltd. * †		2,501,284		57,108,839
Great Panther Mining Ltd. (USD) *		22,082,064		4,840,388

	Number of Shares		Value
Canada (continued)
Jaguar Mining, Inc. †		1,184,321	$	4,041,027
K92 Mining, Inc. * †		9,247,559		52,638,205
Karora Resources, Inc. * †		6,844,537		23,029,159
Liberty Gold Corp. * †		10,697,238		8,214,639
Lundin Gold, Inc. *		4,306,599		35,526,075
MAG Silver Corp. (USD) * †		3,762,311		58,955,413
Marathon Gold Corp. * †		11,233,892		28,815,113
Maverix Metals, Inc. (USD) †		2,692,094		11,737,530
McEwen Mining, Inc. (USD) * †		18,647,053		16,530,612
Metalla Royalty & Streaming Ltd. (USD) * †		2,064,732		14,308,593
New Found Gold Corp. * †		2,857,567		20,315,047
New Gold, Inc. (USD) * †		29,443,648		44,165,472
New Pacific Metals Corp. * †		4,430,172		13,117,083
Novagold Resources, Inc. (USD) *		10,319,609		70,792,518
Novo Resources Corp. * †		10,581,780		11,979,532
Orla Mining Ltd. * †		7,312,537		27,961,488
Osisko Gold Royalties Ltd. (USD) †		5,440,483		66,645,917
Osisko Mining, Inc. * †		12,008,770		36,221,679
Pan American Silver Corp. (USD)		9,870,918		246,476,822
Pretium Resources, Inc. (USD) *		8,423,076		118,681,141
Prime Mining Corp. * †		4,452,724		13,959,377
Pure Gold Mining, Inc. * †		14,582,224		7,850,146
Sabina Gold & Silver Corp. * †		12,740,729		14,625,387
Sandstorm Gold Ltd. (USD) * †		8,985,376		55,709,331
Seabridge Gold, Inc. (USD) * †		3,342,493		55,117,710
Silvercorp Metals, Inc. (USD) † ‡		9,310,747		35,008,409
SilverCrest Metals, Inc. (USD) * †		6,812,904		53,890,071
Skeena Resources Ltd. * †		2,334,847		24,343,851
SSR Mining, Inc. (USD) †		8,713,116		154,222,153
Sulliden Mining Capital, Inc. * †		1,694,754		275,046
Torex Gold Resources, Inc. *		3,210,834		33,426,329
Victoria Gold Corp. * †		1,816,254		20,489,744
Wallbridge Mining Co. Ltd. * †		29,315,945		9,283,441
Wesdome Gold Mines Ltd. * †		6,613,487		60,263,021
				2,352,235,111
China: 0.8%
Real Gold Mining Ltd. (HKD) # *∞		19,287,400		2
Zhaojin Mining Industry Co. Ltd. (HKD) # †		39,911,000		34,169,167
				34,169,169
Egypt: 1.2%
Centamin Plc (GBP) #		45,132,393		54,681,811

Indonesia: 4.0%
Merdeka Copper Gold Tbk PT # *		652,305,100		178,559,863

Jersey, Channel Islands: 0.1%
Caledonia Mining Corp. Plc (USD) †		460,174		5,365,629

Kyrgyzstan: 1.4%
Centerra Gold, Inc. (CAD)		8,299,392		64,061,332

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Mexico: 1.7%
Industrias Penoles SAB de CV		6,498,286	$	74,797,764

Peru: 2.2%
Cia de Minas Buenaventura SAA (ADR) *		9,568,245		70,039,553
Hochschild Mining Plc (GBP) #		15,176,636		26,860,192
				96,899,745
Russia: 0.7%
Petropavlovsk Plc (GBP) # * †		114,785,734		30,181,070

South Africa: 2.2%
DRDGOLD Ltd. (ADR) †		2,006,281		17,013,263
Harmony Gold Mining Co. Ltd. (ADR) †		20,484,306		84,190,498
				101,203,761
Turkey: 1.9%
Eldorado Gold Corp. (USD) *		6,742,806		63,045,236
Koza Altin Isletmeleri AS # *		2,412,796		20,973,210
				84,018,446
United Kingdom: 4.2%
Endeavour Mining Plc (CAD) †		6,681,402		146,677,178
Greatland Gold Plc # * †		200,605,103		43,620,803
				190,297,981

	Number of Shares		Value
United States: 4.4%
Aura Minerals, Inc. (BRL) (BDR) #		1,875,936	$	15,170,302
Coeur Mining, Inc. *		9,081,990		45,773,229
Gatos Silver, Inc. *		1,203,201		12,489,226
Gold Resource Corp.		3,697,341		5,767,852
Golden Star Resources Ltd. *		2,624,372		10,051,345
Hecla Mining Co.		19,298,932		100,740,425
i-80 Gold Corp. (CAD) * †		3,119,899		7,632,101
				197,624,480
Total Common Stocks (Cost: $4,687,407,191)				4,486,202,880

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $130,584,513)
Money Market Fund: 2.9%
State Street Navigator Securities Lending Government Money Market Portfolio		130,584,513		130,584,513
Total Investments: 102.7% (Cost: $4,817,991,704)				4,616,787,393
Liabilities in excess of other assets: (2.7)%				(121,998,840)
NET ASSETS: 100.0%			$	4,494,788,553

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $242,438,677.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,122,184,204 which represents 25.0% of net assets.
*	Non-income producing
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Metals & Mining		5.8	%	$	259,714,438
Gold		74.0			3,320,550,675
Precious Metals & Minerals		3.2			143,271,474
Silver		17.0			762,666,293
		100.0	%	$	4,486,202,880

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended December 31, 2021:

	Value 12/31/2020		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 12/31/2021
Alexco Resource Corp.	$	23,466,863	$	3,262,331	$	(4,300,016	)	$	(85,198	)	$	–	$	(10,850,010	)	$	–(a)
Argonaut Gold, Inc.		32,376,438		4,410,754		(10,297,718	)		312,978			–		(3,415,016	)		–(a)
Endeavour Silver Corp.		45,123,019		9,626,593		(12,621,766	)		758,222			–		(9,489,191	)		–(a)
Fortuna Silver Mines, Inc.		76,799,832		30,459,870		(12,566,211	)		1,510,161			–		(41,617,985	)		–(a)
Freegold Ventures Ltd.		8,326,263		1,792,230		(4,999,517	)		(5,844,375	)		–		725,399			–
Gold Resource Corp.		10,463,080		2,579,605		(1,994,220	)		(971,597	)		163,976		(4,309,016	)		–(a)
GoldMining, Inc.		18,351,915		19,708,772		(21,114,620	)		(949,241	)		–		(7,070,158	)		–(a)
Great Panther Mining Ltd.		17,099,397		2,461,177		(2,540,517	)		(261,394	)		–		(11,918,275	)		–(a)
Greatland Gold Plc		111,017,621		8,274,793		(13,367,803	)		(3,330,918	)		–		(58,972,890	)		–(a)
Metalla Royalty & Streaming Ltd.		26,786,699		9,702,333		(9,442,904	)		(3,115,365	)		–		(9,622,171	)		–(a)
Pan American Silver Corp.		371,133,447		46,491,976		(70,133,472	)		16,742,918			3,437,666		(117,758,047	)		–(a)
Sabina Gold & Silver Corp.		43,570,859		3,495,107		(10,158,566	)		(3,368,676	)		–		(18,913,337	)		–(a)
Sandstorm Gold Ltd.		70,654,435		10,612,678		(15,252,932	)		1,046,395			–		(11,351,245	)		–(a)
Silver Mines Ltd.		–		13,939,451		(1,217,126	)		(90,812	)		–		(1,666,308	)		10,965,205
Silvercorp Metals, Inc.		59,975,000		9,370,396		(8,541,972	)		3,116,110			218,902		(28,911,125	)		35,008,409
Yamana Gold, Inc.		275,275,800		34,616,085		(48,993,135	)		9,032,133			5,298,993		(80,654,413	)		–(a)
	$	1,190,420,668	$	210,804,151	$	(247,542,495	)	$	14,501,341		$	9,119,537	$	(415,793,788	)	$	45,973,614

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

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	51,099,940	$	717,967,784	$	—	$	769,067,724
Brazil		189,276,470		—		—		189,276,470
Burkina Faso		63,762,523		—		—		63,762,523
Canada		2,352,235,111		—		—		2,352,235,111
China		—		34,169,167		2		34,169,169
Egypt		—		54,681,811		—		54,681,811
Indonesia		—		178,559,863		—		178,559,863
Jersey, Channel Islands		5,365,629		—		—		5,365,629
Kyrgyzstan		64,061,332		—		—		64,061,332
Mexico		74,797,764		—		—		74,797,764
Peru		70,039,553		26,860,192		—		96,899,745
Russia		—		30,181,070		—		30,181,070
South Africa		101,203,761		—		—		101,203,761
Turkey		63,045,236		20,973,210		—		84,018,446
United Kingdom		146,677,178		43,620,803		—		190,297,981
United States		182,454,178		15,170,302		—		197,624,480
Money Market Fund		130,584,513		—		—		130,584,514
Total Investments	$	3,494,603,188	$	1,122,184,202	$	2	$	4,616,787,393

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Austria: 0.6%
Verbund AG #		15,097	$	1,694,728

Brazil: 0.8%
Centrais Eletricas Brasileiras SA (ADR) †		156,414		952,561
Cia Energetica de Minas Gerais (ADR) †		442,008		1,074,080
Cia Paranaense de Energia (ADR)		71,145		400,546
				2,427,187
Canada: 3.2%
Ballard Power Systems, Inc. (USD) * †		116,692		1,465,652
Boralex, Inc. †		41,672		1,144,112
Brookfield Renewable Corp. (USD)		43,405		1,598,606
Canadian Solar, Inc. (USD) * †		18,444		577,113
Innergex Renewable Energy, Inc. †		57,597		848,121
Northland Power, Inc. †		105,703		3,175,734
TransAlta Renewables, Inc. †		49,825		739,594
				9,548,932
Chile: 0.3%
Enel Americas SA (ADR) †		180,273		980,685

China: 18.7%
BYD Co. Ltd. (HKD) # †		282,000		9,539,998
China Everbright Environment Group Ltd. (HKD) #		1,634,000		1,312,651
China Longyuan Power Group Corp. Ltd. (HKD) #		795,000		1,857,272
Daqo New Energy Corp. (ADR) *		25,735		1,037,635
Li Auto, Inc. (ADR) *		291,317		9,351,276
NIO, Inc. (ADR) * †		533,684		16,907,109
Xinyi Solar Holdings Ltd. (HKD) #		2,366,000		4,017,506
XPeng, Inc. (ADR) *		239,987		12,078,546
				56,101,993
Denmark: 8.8%
Orsted AS 144A #		88,299		11,294,016
ROCKWOOL International A/S #		3,761		1,640,286
Vestas Wind Systems A/S #		443,092		13,477,503
				26,411,805
France: 0.4%
Neoen SA 144A # * †		23,483		1,018,149

Germany: 1.4%
Encavis AG #		53,929		949,976
Nordex SE # * †		50,044		784,006
Siemens Gamesa Renewable Energy SA # *		104,919		2,488,758
				4,222,740
Ireland: 2.4%
Kingspan Group Plc #		60,101		7,160,960

Italy: 7.5%
Enel Chile SA (ADR) †		232,450		420,734
Enel SpA #		2,668,512		21,313,268

	Number of Shares		Value
Italy (continued)
ERG SpA #		25,961	$	837,477
				22,571,479
Japan: 0.3%
Horiba Ltd. #		17,284		1,015,262

New Zealand: 1.7%
Contact Energy Ltd. # †		326,043		1,806,320
Mercury NZ Ltd. # †		298,863		1,251,602
Meridian Energy Ltd. # †		588,967		1,954,227
				5,012,149
Norway: 0.6%
NEL ASA # * †		681,856		1,164,015
Scatec ASA 144A #		43,750		754,336
				1,918,351
Portugal: 0.9%
EDP Renovaveis SA #		112,090		2,784,212

South Korea: 4.4%
Hanwha Solutions Corp. # *		49,998		1,491,185
Samsung SDI Co. Ltd. # *		21,505		11,827,146
				13,318,331
Spain: 8.6%
Acciona SA #		11,522		2,190,575
Atlantica Sustainable Infrastructure Plc (USD)		26,017		930,368
Iberdrola SA # *		1,923,797		22,751,703
				25,872,646
Sweden: 3.3%
Nibe Industrier AB #		665,775		10,040,206

Switzerland: 0.2%
Landis+Gyr Group AG #		9,985		673,979

Taiwan: 0.3%
Simplo Technology Co. Ltd. #		80,000		948,872

Thailand: 0.8%
Energy Absolute PCL (NVDR) #		835,700		2,398,513

United Kingdom: 1.3%
Ceres Power Holdings Plc # * †		55,191		746,550
ITM Power Plc # * †		194,618		1,045,344
Johnson Matthey Plc #		76,785		2,135,117
				3,927,011
United States: 33.6%
Badger Meter, Inc.		9,011		960,212
Bloom Energy Corp. *		44,132		967,815
EnerSys		14,470		1,143,998
Enphase Energy, Inc. *		49,749		9,101,082
First Solar, Inc. *		32,259		2,811,694
Fisker, Inc. *		58,886		926,277
FuelCell Energy, Inc. * †		140,322		729,674
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		28,256		1,500,959
Installed Building Products, Inc.		7,211		1,007,521
Lucid Group, Inc. * †		284,335		10,818,947
NextEra Energy, Inc.		276,139		25,780,337
Nikola Corp. * †		108,255		1,068,477
Ormat Technologies, Inc. †		16,729		1,326,610
Owens Corning		36,585		3,310,943
Plug Power, Inc. * †		201,769		5,695,939

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Renewable Energy Group, Inc. *		14,079	$	597,513
SolarEdge Technologies, Inc. *		20,592		5,777,497
Sunnova Energy International, Inc. * †		27,249		760,792
Sunrun, Inc. * †		59,907		2,054,810
Tesla, Inc. *		23,332		24,656,791
				100,997,888
Total Common Stocks (Cost: $261,967,243)				301,046,078

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.9% (Cost: $14,590,565)
Money Market Fund: 4.9%
State Street Navigator Securities Lending Government Money Market Portfolio		14,590,565	$	14,590,565

Total Investments: 105.0% (Cost: $276,557,808)				315,636,643
Liabilities in excess of other assets: (5.0)%				(14,887,682)
NET ASSETS: 100.0%			$	300,748,961

Definitions:

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

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $146,365,718 which represents 48.7% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $32,292,446.
*	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 $13,066,501, or 4.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		28.3	%	$	85,286,464
Energy		0.2			597,513
Financials		0.5			1,500,959
Industrials		18.7			56,297,587
Information Technology		12.9			38,747,999
Materials		1.2			3,626,302
Utilities		38.2			114,989,254
		100.0	%	$	301,046,078

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Austria	$	—	$	1,694,728	$	—	$	1,694,728
Brazil		2,427,187		—		—		2,427,187
Canada		9,548,932		—		—		9,548,932
Chile		980,685		—		—		980,685
China		39,374,566		16,727,427		—		56,101,993
Denmark		—		26,411,805		—		26,411,805
France		—		1,018,149		—		1,018,149
Germany		—		4,222,740		—		4,222,740
Ireland		—		7,160,960		—		7,160,960
Italy		420,734		22,150,745		—		22,571,479
Japan		—		1,015,262		—		1,015,262
New Zealand		—		5,012,149		—		5,012,149
Norway		—		1,918,351		—		1,918,351
Portugal		—		2,784,212		—		2,784,212
South Korea		—		13,318,331		—		13,318,331
Spain		930,368		24,942,278		—		25,872,646
Sweden		—		10,040,206		—		10,040,206
Switzerland		—		673,979		—		673,979
Taiwan		—		948,872		—		948,872
Thailand		—		2,398,513		—		2,398,513
United Kingdom		—		3,927,011		—		3,927,011
United States		100,997,888		—		—		100,997,888
Money Market Fund		14,590,565		—		—		14,590,565
Total Investments	$	169,270,925	$	146,365,718	$	—	$	315,636,643

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.2%
Argentina: 0.0%
Cresud SACIF y A (ADR) *		3,577	$	16,883

Australia: 6.6%
Alumina Ltd. #		42,932		58,361
Ampol Ltd. #		2,115		45,638
APA Group # †		10,474		76,573
Bega Cheese Ltd. # †		26,603		109,786
BHP Group Ltd. # †		53,891		1,625,944
BlueScope Steel Ltd. #		9,099		138,813
Costa Group Holdings Ltd. #		40,761		89,901
Elders Ltd. #		13,712		122,363
Evolution Mining Ltd. # †		39,979		118,528
Fortescue Metals Group Ltd. #		30,932		434,505
Glencore Plc (GBP) #		87,948		448,417
GrainCorp Ltd. #		20,054		120,640
IGO Ltd. #		12,589		105,361
Lynas Rare Earths Ltd. # * †		16,855		124,990
Newcrest Mining Ltd. #		17,837		319,243
Northern Star Resources Ltd. # †		25,397		174,544
Nufarm Ltd./Australia #		27,963		98,734
Origin Energy Ltd. # †		15,635		59,630
OZ Minerals Ltd. #		6,095		125,570
Rio Tinto Plc (GBP) #		19,496		1,286,543
Rural Funds Group #		31,539		72,672
Santos Ltd. # †		25,666		118,148
Select Harvests Ltd. #		16,043		72,435
South32 Ltd. #		85,185		248,959
Washington H Soul Pattinson & Co. Ltd. # †		2,235		48,137
Woodside Petroleum Ltd. # †		8,609		137,150
				6,381,585
Austria: 0.4%
Andritz AG #		1,497		76,907
Mayr Melnhof Karton AG #		155		31,015
OMV AG #		1,278		72,192
Verbund AG #		738		82,845
voestalpine AG #		2,284		82,776
				345,735
Brazil: 3.2%
Adecoagro SA (USD) * †		9,862		75,740
Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †		2,118		15,546
Cia Siderurgica Nacional SA (ADR)		11,911		52,885
Cosan SA #		10,700		42,039
Gerdau SA (ADR)		20,934		102,995
Klabin SA #		20,050		92,204
Minerva SA #		27,950		53,250
Petroleo Brasileiro SA (ADR)		16,516		181,346
SLC Agricola SA #		8,150		65,901
Suzano SA # *		14,250		153,916
Vale SA (ADR)		73,360		1,028,507
Wheaton Precious Metals Corp. (USD)		9,824		421,744
Yamana Gold, Inc. (USD)		21,001		88,624

	Number of Shares		Value
Brazil (continued)
Yara International ASA (NOK) #		13,839	$	696,808
				3,071,505
British Virgin Islands: 0.1%
Japfa Ltd. (SGD) # †		48,400		21,722
Lee & Man Paper Manufacturing Ltd. (HKD) #		21,600		15,023
Nine Dragons Paper Holdings Ltd. (HKD) #		30,657		32,928
				69,673
Canada: 9.9%
Agnico Eagle Mines Ltd. (USD)		5,337		283,608
Alamos Gold, Inc. †		8,558		65,922
Algonquin Power & Utilities Corp. †		4,171		60,329
B2Gold Corp.		23,015		90,737
Ballard Power Systems, Inc. * †		1,548		19,473
Barrick Gold Corp. (USD)		38,780		736,820
Boralex, Inc. †		554		15,210
Cameco Corp. (USD)		7,265		158,450
Canadian Natural Resources Ltd. (USD) †		10,456		441,766
Canadian Solar, Inc. (USD) * †		286		8,949
Canadian Utilities Ltd.		1,745		50,686
Canfor Corp. *		1,105		28,046
Cenovus Energy, Inc.		11,282		138,530
Enbridge, Inc. (USD)		17,984		702,815
Equinox Gold Corp. * †		6,033		40,884
First Majestic Silver Corp. †		4,871		54,257
Franco-Nevada Corp.		4,169		577,386
Innergex Renewable Energy, Inc. †		911		13,415
Ivanhoe Mines Ltd. *		10,156		82,975
Kinross Gold Corp. (USD)		27,335		158,816
Kirkland Lake Gold Ltd.		5,749		241,266
Lundin Gold, Inc. *		1,831		15,104
Methanex Corp. †		473		18,738
Northland Power, Inc. †		1,304		39,177
Novagold Resources, Inc. (USD) *		5,279		36,214
Nutrien Ltd. (USD)		50,044		3,763,309
Osisko Gold Royalties Ltd.		3,410		41,790
Pan American Silver Corp. (USD)		4,586		114,512
Pembina Pipeline Corp. †		4,882		148,298
Pretium Resources, Inc. *		4,098		57,813
SSR Mining, Inc. (USD)		4,617		81,721
Stella-Jones, Inc.		1,165		36,901
Suncor Energy, Inc. (USD)		12,910		323,137
Sundial Growers, Inc. (USD) * †		180,322		104,280
TC Energy Corp. (USD)		8,693		404,572
Teck Resources Ltd. (USD)		8,543		246,209
Tourmaline Oil Corp.		2,722		88,007
TransAlta Renewables, Inc. †		661		9,812
West Fraser Timber Co. Ltd.		1,760		168,149
				9,668,083
Chile: 0.8%
Empresas CMPC SA		19,864		33,293
Lundin Mining Corp. (CAD)		11,688		91,420

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Chile (continued)
Sociedad Quimica y Minera de Chile SA (ADR)		12,515	$	631,132
				755,845
China: 2.3%
Aluminum Corp. of China Ltd. (HKD) # *		72,100		39,734
Angang Steel Co. Ltd. (HKD) #		25,040		11,167
Astra Agro Lestari Tbk PT (IDR) #		33,700		22,455
Beijing Enterprises Water Group Ltd. (HKD) #		29,100		11,309
China Coal Energy Co. Ltd. (HKD) #		18,700		10,813
China Gas Holdings Ltd. (HKD) #		23,400		48,682
China Hongqiao Group Ltd. (HKD) #		40,200		42,496
China Longyuan Power Group Corp. Ltd. (HKD) #		21,129		49,361
China Molybdenum Co. Ltd. (HKD) #		66,200		34,975
China Petroleum & Chemical Corp. (HKD) #		226,227		105,398
China Resources Gas Group Ltd. (HKD) #		8,800		49,733
China Shenhua Energy Co. Ltd. (HKD) #		29,891		69,965
ENN Energy Holdings Ltd. (HKD) #		6,700		126,327
Guangdong Investment Ltd. (HKD) #		18,800		23,902
Hong Kong & China Gas Co. Ltd. (HKD) #		95,905		149,613
Jiangxi Copper Co. Ltd. (HKD) #		19,900		31,975
Kunlun Energy Co. Ltd. (HKD) #		34,900		32,753
Maanshan Iron & Steel Co. Ltd. (HKD) #		18,400		6,766
PetroChina Co. Ltd. (HKD) #		187,540		83,074
Power Assets Holdings Ltd. (HKD) #		11,900		74,188
Shandong Chenming Paper Holdings Ltd. (HKD) # †		6,800		3,259
Shandong Gold Mining Co. Ltd. (HKD) 144A # †		17,100		29,347
Sinofert Holdings Ltd. (HKD) # *		153,500		23,061
United Tractors Tbk PT (IDR) #		13,300		20,649
Wilmar International Ltd. (SGD) #		279,164		858,797
Xinyi Solar Holdings Ltd. (HKD) #		30,000		50,940
Yankuang Energy Group Co. Ltd. (HKD) # †		12,400		24,649
Zhaojin Mining Industry Co. Ltd. (HKD) #		24,800		21,232
Zijin Mining Group Co. Ltd. (HKD) #		124,661		148,905
				2,205,525

	Number of Shares		Value
Cyprus: 0.1%
Novolipetsk Steel PJSC (USD) (GDR) #		2,299	$	67,815

Czech Republic: 0.1%
CEZ AS		1,432		54,195

Denmark: 0.6%
Bakkafrost P/F (NOK) #		4,353		287,326
Orsted AS 144A #		1,173		150,034
Vestas Wind Systems A/S #		6,257		190,319
				627,679
Egypt: 0.2%
Abou Kir Fertilizers & Chemical Industries		26,598		36,401
Centamin Plc (GBP) #		25,217		30,553
Egypt Kuwait Holding Co. SAE *		103,273		129,173
				196,127
Finland: 0.4%
Metsa Board Oyj #		3,205		31,364
Neste Oyj #		3,824		187,986
Stora Enso Oyj #		11,059		202,738
				422,088
France: 1.4%
Neoen SA 144A # * †		299		12,964
Suez SA		2,377		53,549
SunPower Corp. (USD) * †		504		10,518
TotalEnergies SE # *		22,033		1,120,204
Veolia Environnement SA #		4,018		147,388
Voltalia SA # *		172		3,833
				1,348,456
Germany: 0.8%
E.ON SE #		13,912		193,120
Encavis AG #		728		12,824
K+S AG # *		16,771		288,165
Nordex SE # *		693		10,857
Siemens Energy AG # *		3,870		98,628
Siemens Gamesa Renewable Energy SA # *		1,393		33,043
Suedzucker AG #		5,547		83,539
Uniper SE #		812		38,510
VERBIO Vereinigte BioEnergie AG #		195		13,258
				771,944
Hungary: 0.0%
MOL Hungarian Oil & Gas Plc #		4,083		31,725

India: 0.8%
Reliance Industries Ltd. (USD) 144A (GDR) #		11,750		751,712

Indonesia: 0.2%
Golden Agri-Resources Ltd. (SGD) #		467,019		84,938
Indah Kiat Pulp & Paper Tbk PT #		46,400		25,488
Merdeka Copper Gold Tbk PT # *		264,800		72,485
Pabrik Kertas Tjiwi Kimia Tbk PT #		22,600		11,951

See Notes to Financial Statements

	Number of Shares		Value
Indonesia (continued)
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		245,100	$	20,411
				215,273
Ireland: 0.3%
Smurfit Kappa Group Plc (GBP) #		4,678		257,826

Israel: 0.6%
Energix-Renewable Energies Ltd. #		1,446		6,116
ICL Group Ltd. #		61,838		594,970
				601,086
Italy: 0.4%
Eni SpA #		22,405		311,024
ERG SpA #		345		11,129
Snam SpA #		18,198		109,485
				431,638
Japan: 5.6%
Chubu Electric Power Co., Inc. #		6,300		66,472
Daio Paper Corp. #		2,200		36,506
ENEOS Holdings, Inc. #		28,700		107,101
Hitachi Metals Ltd. # * †		3,617		66,947
Hokuto Corp. #		2,100		34,811
Idemitsu Kosan Co. Ltd. #		2,000		50,984
Inpex Corp. # †		9,600		83,387
JFE Holdings, Inc. #		10,564		134,629
Kubota Corp. #		100,600		2,234,519
Kumiai Chemical Industry Co. Ltd. #		8,700		59,782
Kurita Water Industries Ltd. #		765		36,228
Maruha Nichiro Corp. #		3,836		80,278
NH Foods Ltd. #		9,000		324,151
Nippon Sanso Holdings Corp. #		2,000		43,698
Nippon Steel Corp. #		17,400		283,939
Nippon Suisan Kaisha Ltd. #		27,414		129,432
Nissan Chemical Corp. #		13,400		778,498
Nisshin Seifun Group, Inc. #		22,950		330,726
Oji Holdings Corp. #		17,276		83,612
Rengo Co. Ltd. #		4,470		33,776
RENOVA, Inc. # *		300		5,426
Sakata Seed Corp. #		3,200		91,310
Sumitomo Forestry Co. Ltd. #		3,383		65,327
Sumitomo Metal Mining Co. Ltd. #		5,000		189,167
Tokyo Gas Co. Ltd. #		3,600		64,551
				5,415,257
Kazakhstan: 0.0%
NAC Kazatomprom JSC (USD) (GDR)		1,184		43,512

Kyrgyzstan: 0.0%
Centerra Gold, Inc. (CAD)		4,789		36,965

Liechtenstein: 0.1%
Antofagasta Plc (GBP) #		6,303		114,710

Luxembourg: 0.3%
ArcelorMittal SA #		10,750		344,452

	Number of Shares		Value
Malaysia: 0.6%
Genting Plantations Bhd		14,951	$	24,045
IOI Corp. Bhd #		154,594		138,316
Kuala Lumpur Kepong Bhd		27,478		143,656
Petronas Dagangan Bhd #		1,400		6,918
PPB Group Bhd		46,300		190,046
Press Metal Aluminium Holdings Bhd #		68,400		94,870
				597,851
Mexico: 0.7%
Fresnillo Plc (GBP) #		4,018		48,887
Gruma SAB de CV		17,110		219,483
Grupo Mexico SAB de CV		56,864		248,101
Industrias Penoles SAB de CV		2,682		30,871
Southern Copper Corp. (USD)		1,553		95,835
				643,177
Netherlands: 1.1%
OCI NV # *		5,539		144,414
Royal Dutch Shell Plc (GBP) #		32,123		705,780
Tenaris SA (ADR)		4,205		87,716
Ternium SA (ADR)		3,586		156,063
				1,093,973
Norway: 1.4%
Equinor ASA #		9,543		252,355
Mowi ASA #		39,422		931,746
NEL ASA # * †		9,267		15,820
Norsk Hydro ASA #		24,942		195,997
				1,395,918
Peru: 0.0%
Cia de Minas Buenaventura SAA (ADR) *		4,206		30,788

Poland: 0.2%
KGHM Polska Miedz SA #		2,484		86,196
Polski Koncern Naftowy ORLEN SA #		2,581		47,558
Polskie Gornictwo Naftowe i Gazownictwo SA #		14,363		22,455
				156,209
Portugal: 0.1%
EDP Renovaveis SA #		1,489		36,985
Galp Energia SGPS SA #		3,833		37,150
Navigator Co. SA #		3,853		14,660
				88,795
Russia: 2.6%
Evraz Plc (GBP) #		9,059		74,114
Gazprom PJSC (ADR) #		53,587		494,830
LUKOIL PJSC (ADR) #		3,193		286,096
MMC Norilsk Nickel PJSC (ADR) #		10,984		339,777
Novatek PJSC (USD) (GDR) #		1,671		390,688
PhosAgro PJSC (USD) (GDR) #		11,915		257,082
Polymetal International Plc (GBP) #		7,332		130,650
Polyus PJSC (USD) (GDR) #		1,424		125,776
Rosneft Oil Co. PJSC (USD) (GDR) #		11,066		89,000
Severstal PAO (USD) (GDR) #		3,516		75,839
Surgutneftegas PJSC (ADR) #		31,712		169,606

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Russia (continued)
Tatneft PJSC (ADR) #		2,288	$	95,138
				2,528,596
Saudi Arabia: 0.0%
S-Oil Corp. (KRW) #		370		26,593

Singapore: 0.4%
Charoen Pokphand Indonesia Tbk PT (IDR) #		632,300		263,534
First Resources Ltd. #		40,100		44,944
Olam International Ltd. #		77,609		100,857
				409,335
South Africa: 2.1%
Anglo American Platinum Ltd. #		1,216		138,476
Anglo American Plc (GBP) #		22,903		942,678
Gold Fields Ltd. (ADR)		19,357		212,734
Harmony Gold Mining Co. Ltd. (ADR)		11,831		48,625
Impala Platinum Holdings Ltd. #		17,822		251,016
Northam Platinum Holdings Ltd. *		5,341		70,109
Omnia Holdings Ltd.		14,437		57,902
Royal Bafokeng Platinum Ltd. #		1,805		17,733
Sasol Ltd. # *		5,137		83,974
Sibanye Stillwater Ltd. #		58,129		180,459
				2,003,706
South Korea: 0.7%
Coway Co. Ltd. # *		347		21,740
CS Wind Corp. #		146		8,054
Hyundai Steel Co. # *		1,560		53,723
Korea Zinc Co. Ltd. # *		227		97,672
POSCO #		1,385		321,163
SK Innovation Co. Ltd. # *		460		92,106
SK, Inc. #		419		88,333
				682,791
Spain: 0.2%
Atlantica Sustainable Infrastructure Plc (USD) †		385