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

This page is intentionally left blank..

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		13,768
Enagas SA # †		2,209		51,259
Repsol SA #		12,474		147,562
				212,589
Sweden: 1.2%
BillerudKorsnas AB #		3,310		62,171
Boliden AB #		4,996		192,269
Holmen AB #		1,672		79,917
Husqvarna AB #		32,279		515,099
Lundin Energy AB #		1,447		51,677
SSAB AB # *		11,531		57,825
Svenska Cellulosa AB SCA #		10,825		191,708
				1,150,666
Taiwan: 0.5%
China Steel Corp. #		228,472		291,545
Formosa Petrochemical Corp. #		14,920		51,590
Taiwan Fertilizer Co. Ltd. #		65,200		164,658
				507,793
Tanzania: 0.2%
AngloGold Ashanti Ltd. (ADR)		9,101		190,939

	Number of Shares		Value
Thailand: 0.2%
Energy Absolute PCL (NVDR) #		11,300	$	32,432
PTT Exploration & Production PCL (NVDR) #		12,700		44,773
PTT PCL (NVDR) #		93,800		106,447
				183,652
Turkey: 0.2%
Eldorado Gold Corp. (USD) *		3,983		37,241
Eregli Demir ve Celik Fabrikalari TAS #		24,934		52,842
Gubre Fabrikalari TAS *		4,683		27,101
Hektas Ticaret TAS *		30,897		34,597
				151,781
United Kingdom: 3.2%
BP Plc #		174,982		784,550
Ceres Power Holdings Plc # * †		733		9,915
CNH Industrial NV (USD) †		87,278		1,695,812
DS Smith Plc #		24,838		129,440
Endeavour Mining Plc (CAD)		4,007		87,966
ITM Power Plc # * †		2,438		13,095
Kumba Iron Ore Ltd. (ZAR) #		1,000		28,794
Mondi Plc #		8,768		217,625
Pennon Group Plc #		1,702		26,964
Severn Trent Plc #		1,570		62,735
United Utilities Group Plc #		4,224		62,368
				3,119,264
United States: 49.2%
A.O. Smith Corp.		825		70,826
Advanced Drainage Systems, Inc.		372		50,640
AGCO Corp.		5,376		623,724
Alcoa Corp.		3,418		203,644
Ameresco, Inc. *		191		15,555
American States Water Co.		229		23,688
American Vanguard Corp.		2,359		38,664
American Water Works Co., Inc.		1,125		212,467
Andersons, Inc.		2,713		105,020
APA Corp.		3,222		86,640
AppHarvest, Inc. *		7,957		30,953
Archer-Daniels-Midland Co.		49,023		3,313,465
Atmos Energy Corp.		1,176		123,210
Baker Hughes Co.		7,769		186,922
Boise Cascade Co.		727		51,762
Bunge Ltd.		12,311		1,149,355
California Water Service Group		326		23,426
Cal-Maine Foods, Inc.		3,282		121,401
CF Industries Holdings, Inc.		18,793		1,330,169
Cheniere Energy, Inc.		2,228		225,964
Chevron Corp.		17,110		2,007,858
Clearway Energy, Inc.		507		18,267
Cleveland-Cliffs, Inc. * †		8,313		180,974
Coeur Mining, Inc. *		5,603		28,239
ConocoPhillips		11,703		844,723
Continental Resources, Inc.		516		23,096
Corteva, Inc.		63,859		3,019,254
Coterra Energy, Inc.		7,222		137,218
Darling Ingredients, Inc. *		14,178		982,394
Deere & Co.		21,387		7,333,388
Devon Energy Corp.		5,712		251,614

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Diamondback Energy, Inc.		1,611	$	173,746
EOG Resources, Inc.		5,194		461,383
EQT Corp. *		3,148		68,658
Essential Utilities, Inc.		1,426		76,562
Evoqua Water Technologies Corp. *		747		34,922
Exxon Mobil Corp.		37,581		2,299,581
Farmland Partners, Inc.		3,840		45,888
First Solar, Inc. *		560		48,810
FMC Corp.		11,102		1,219,999
Franklin Electric Co., Inc.		241		22,789
Freeport-McMoRan, Inc.		26,823		1,119,324
Fresh Del Monte Produce, Inc.		2,917		80,509
FuelCell Energy, Inc. *		2,138		11,118
Graphic Packaging Holding Co.		5,545		108,127
GrowGeneration Corp. *		8,829		115,218
Halliburton Co.		7,947		181,748
Hecla Mining Co.		11,735		61,257
Hess Corp.		2,447		181,151
HollyFrontier Corp.		1,442		47,269
Howmet Aerospace, Inc.		7,412		235,924
Hydrofarm Holdings Group, Inc. *		3,131		88,576
Imperial Oil Ltd. †		1,660		59,926
Ingredion, Inc.		5,830		563,411
International Paper Co.		6,991		328,437
Intrepid Potash, Inc. *		551		23,544
Itron, Inc. *		280		19,186
Kinder Morgan, Inc.		17,310		274,537
Lindsay Corp.		956		145,312
Louisiana-Pacific Corp.		1,585		124,185
Marathon Oil Corp.		6,909		113,446
Marathon Petroleum Corp.		5,459		349,321
Mission Produce, Inc. *		3,499		54,934
Mosaic Co.		33,288		1,307,886
New Fortress Energy, Inc.		367		8,859
Newmont Corp.		17,388		1,078,404
NextEra Energy, Inc.		12,158		1,135,071
NiSource, Inc.		3,486		96,248
NOV, Inc.		3,469		47,005
Nucor Corp.		5,217		595,521
Occidental Petroleum Corp.		8,290		240,327
ONEOK, Inc.		3,919		230,280
Ormat Technologies, Inc. †		277		21,966
Ovintiv, Inc.		2,318		78,117
Packaging Corp. of America		1,715		233,497
Pentair Plc		1,026		74,929
PG&E Corp. *		13,394		162,603
Phillips 66		3,889		281,797
Pilgrim’s Pride Corp. *		4,271		120,442
Pioneer Natural Resources Co.		2,011		365,761
Plug Power, Inc. * †		3,215		90,759
PotlatchDeltic Corp.		1,212		72,987
Ranpak Holdings Corp. *		739		27,772
Rayonier, Inc.		2,585		104,331
Reliance Steel & Aluminum Co.		1,144		185,580
Reliance Worldwide Corp. Ltd. (AUD) #		4,895		22,352

	Number of Shares		Value
United States (continued)
Renewable Energy Group, Inc. *		311	$	13,199
Ros Agro Plc		3,495		53,264
Royal Gold, Inc.		1,431		150,555
Schlumberger NV		12,452		372,937
Scotts Miracle-Gro Co.		3,569		574,609
Seaboard Corp.		22		86,570
SJW Group		170		12,444
SolarEdge Technologies, Inc. *		325		91,185
Southern Co.		9,408		645,201
Steel Dynamics, Inc.		3,442		213,645
Targa Resources Corp.		1,993		104,114
Toro Co.		10,124		1,011,489
Tractor Supply Co.		9,972		2,379,319
Tyson Foods, Inc.		25,834		2,251,691
UGI Corp.		1,856		85,209
United States Steel Corp.		4,936		117,526
Valero Energy Corp.		3,630		272,649
Vital Farms, Inc. *		2,278		41,141
Watts Water Technologies, Inc.		171		33,203
Westrock Co.		4,785		212,263
Weyerhaeuser Co.		13,527		557,042
Williams Cos, Inc.		10,786		280,867
Xylem, Inc.		1,117		133,951
				47,829,885
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		10,097		241,964

Total Common Stocks (Cost: $81,431,542)				97,493,559

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $268,125)
Money Market Fund: 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio		268,125		268,125
Total Investments: 100.5% (Cost: $81,699,667)				97,761,684
Liabilities in excess of other assets: (0.5)%				(513,503)
NET ASSETS: 100.0%			$	97,248,181

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $32,968,153 which represents 33.9% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $5,599,764.

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 $944,057, or 1.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		2.6	%	$	2,581,605
Consumer Staples		14.4			14,037,825
Energy		20.8			20,326,968
Health Care		0.1			104,280
Industrials		15.6			15,150,585
Information Technology		0.2			229,589
Materials		40.4			39,351,346
Real Estate		0.9			869,802
Utilities		5.0			4,841,559
		100.0	%	$	97,493,559

See Notes to Financial Statements

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Argentina	$	16,883	$	—	$	—	$	16,883
Australia		—		6,381,585		—		6,381,585
Austria		—		345,735		—		345,735
Brazil		1,967,387		1,104,118		—		3,071,505
British Virgin Islands		—		69,673		—		69,673
Canada		9,668,083		—		—		9,668,083
Chile		755,845		—		—		755,845
China		—		2,205,525		—		2,205,525
Cyprus		—		67,815		—		67,815
Czech Republic		54,195		—		—		54,195
Denmark		—		627,679		—		627,679
Egypt		165,574		30,553		—		196,127
Finland		—		422,088		—		422,088
France		64,067		1,284,389		—		1,348,456
Germany		—		771,944		—		771,944
Hungary		—		31,725		—		31,725
India		—		751,712		—		751,712
Indonesia		—		215,273		—		215,273
Ireland		—		257,826		—		257,826
Israel		—		601,086		—		601,086
Italy		—		431,638		—		431,638
Japan		—		5,415,257		—		5,415,257
Kazakhstan		43,512		—		—		43,512
Kyrgyzstan		36,965		—		—		36,965
Liechtenstein		—		114,710		—		114,710
Luxembourg		—		344,452		—		344,452
Malaysia		357,747		240,104		—		597,851
Mexico		594,290		48,887		—		643,177
Netherlands		243,779		850,194		—		1,093,973
Norway		—		1,395,918		—		1,395,918
Peru		30,788		—		—		30,788
Poland		—		156,209		—		156,209
Portugal		—		88,795		—		88,795
Russia		—		2,528,596		—		2,528,596
Saudi Arabia		—		26,593		—		26,593
Singapore		—		409,335		—		409,335
South Africa		389,370		1,614,336		—		2,003,706
South Korea		—		682,791		—		682,791
Spain		13,768		198,821		—		212,589
Sweden		—		1,150,666		—		1,150,666
Taiwan		—		507,793		—		507,793
Tanzania		190,939		—		—		190,939
Thailand		—		183,652		—		183,652
Turkey		98,939		52,842		—		151,781
United Kingdom		1,783,778		1,335,486		—		3,119,264
United States		47,807,533		22,352		—		47,829,885
Zambia		241,964		—		—		241,964
Money Market Fund		268,125		—		—		268,125
Total Investments	$	64,793,531	$	32,968,153	$	—	$	97,761,684

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 4.1%
Ampol Ltd. #		37,112	$	800,807

Austria: 4.9%
OMV AG #		17,228		973,178

Finland: 6.2%
Neste Oyj #		24,831		1,220,681

Greece: 1.3%
Motor Oil Hellas Corinth Refineries SA #		16,083		251,615

Hungary: 4.6%
MOL Hungarian Oil & Gas Plc #		116,580		905,814

India: 7.9%
Reliance Industries Ltd. (USD) 144A (GDR) #		24,156		1,545,391

Japan: 11.3%
Cosmo Energy Holdings Co. Ltd. #		16,100		314,217
ENEOS Holdings, Inc. #		280,800		1,047,877
Idemitsu Kosan Co. Ltd. #		33,868		863,365
				2,225,459
New Zealand: 1.4%
Z Energy Ltd.		115,328		280,306

Poland: 6.1%
Grupa Lotos SA # *		20,496		309,687
Polski Koncern Naftowy ORLEN SA #		48,033		885,066
				1,194,753

	Number of Shares		Value
Portugal: 4.5%
Galp Energia SGPS SA #		90,622	$	878,314

Saudi Arabia: 3.1%
S-Oil Corp. (KRW) #		8,618		619,394

South Korea: 7.4%
Hyundai Heavy Industries Holdings Co. Ltd. #		10,009		451,707
SK Innovation Co. Ltd. # *		5,016		1,004,360
				1,456,067
Taiwan: 4.4%
Formosa Petrochemical Corp. #		251,000		867,904

Thailand: 4.0%
IRPC PCL (NVDR) #		2,966,600		340,439
Thai Oil PCL (NVDR) #		296,200		438,318
				778,757
Turkey: 1.9%
Turkiye Petrol Rafinerileri AS # *		32,389		376,786

United States: 26.9%
HollyFrontier Corp.		26,891		881,487
Marathon Petroleum Corp.		24,567		1,572,042
PBF Energy, Inc. *		15,202		197,170
Phillips 66		19,166		1,388,768
Valero Energy Corp.		16,690		1,253,586
				5,293,053
Total Common Stocks (Cost: $18,900,727)				19,668,279

Total Investments: 100.0% (Cost: $18,900,727)				19,668,279
Other assets less liabilities: 0.0%				5,600
NET ASSETS: 100.0%			$	19,673,879

Definitions:
GDR	Global Depositary Receipt
KRW	Korean Won
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 $14,094,920 which represents 71.6% 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 $1,545,391, or 7.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Energy		97.7	%	$	19,216,572
Industrials		2.3			451,707
		100.0	%	$	19,668,279

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	800,807	$	—	$	800,807
Austria		—		973,178		—		973,178
Finland		—		1,220,681		—		1,220,681
Greece		—		251,615		—		251,615
Hungary		—		905,814		—		905,814
India		—		1,545,391		—		1,545,391
Japan		—		2,225,459		—		2,225,459
New Zealand		280,306		—		—		280,306
Poland		—		1,194,753		—		1,194,753
Portugal		—		878,314		—		878,314
Saudi Arabia		—		619,394		—		619,394
South Korea		—		1,456,067		—		1,456,067
Taiwan		—		867,904		—		867,904
Thailand		—		778,757		—		778,757
Turkey		—		376,786		—		376,786
United States		5,293,053		—		—		5,293,053
Total Investments	$	5,573,359	$	14,094,920	$	—	$	19,668,279

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.1%
Netherlands: 5.2%
Tenaris SA (ADR) †		5,347,071	$	111,539,901

United Kingdom: 4.2%
TechnipFMC Plc (USD) *		15,230,658		90,165,495

United States: 90.7%
Baker Hughes Co.		7,737,699		186,169,038
Cactus, Inc.		2,620,372		99,914,784
ChampionX Corp. *		4,844,554		97,908,436
Core Laboratories NV		1,727,822		38,547,709
DMC Global, Inc. *		639,444		25,328,377
Dril-Quip, Inc. *		1,348,930		26,546,942
Expro Group Holdings NV *		4,505,829		64,658,646
Halliburton Co.		10,693,037		244,549,756
Helix Energy Solutions Group, Inc. * †		6,590,789		20,563,262
Helmerich & Payne, Inc.		4,107,493		97,347,584
Liberty Oilfield Services, Inc. * †		5,723,513		55,518,076
Nabors Industries Ltd. * ‡		438,508		35,558,614
NexTier Oilfield Solutions, Inc. *		4,283,608		15,206,808
NOV, Inc.		7,535,528		102,106,405
Oceaneering International, Inc. *		4,676,216		52,888,003

	Number of Shares		Value
United States (continued)
Oil States International, Inc. *		2,729,623	$	13,566,226
Patterson-UTI Energy, Inc. ‡		11,886,031		100,436,962
ProPetro Holding Corp. *		4,433,141		35,908,442
RPC, Inc. * †		8,737,542		39,668,441
Schlumberger NV		14,405,761		431,452,542
Select Energy Services, Inc. * † ‡		5,315,460		33,115,316
Transocean Ltd. * † ‡		32,475,694		89,632,916
US Silica Holdings, Inc. * ‡		3,908,706		36,741,836
				1,943,335,121
Total Common Stocks (Cost: $2,592,624,809)				2,145,040,517

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% (Cost: $19,056,337)
Money Market Fund: 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio		19,056,337		19,056,337
Total Investments: 101.0% (Cost: $2,611,681,146)				2,164,096,854
Liabilities in excess of other assets: (1.0)%				(20,977,828)
NET ASSETS: 100.0%			$	2,143,119,026

Definitions:
ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $23,922,680.
*	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
Oil & Gas Drilling		15.0	%	$	322,976,076
Oil & Gas Equipment & Services		85.0			1,822,064,441
		100.0	%	$	2,145,040,517

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
Nabors Industries Ltd.		$–(a)	$	91,822,863	$	(60,430,726	)	$	10,198,130		$	–	$	(15,733,936	)	$	35,558,614
Patterson-UTI Energy, Inc.		–(a)		190,747,083		(112,600,320	)		17,926,721			722,299		(16,422,396	)		100,436,962
Select Energy Services, Inc.		–(a)		61,687,168		(41,369,834	)		3,008,284			–		1,032,405			33,115,316
Transocean Ltd.		–(a)		218,157,191		(145,409,083	)		(5,100,955	)		–		(10,472,549	)		89,632,915
US Silica Holdings, Inc.		–(a)		70,520,907		(40,528,046	)		9,600,546			–		(11,608,747	)		36,741,836
		$–	$	632,935,212	$	(400,338,009	)	$	35,632,726		$	722,299	$	(53,205,223	)	$	295,485,643

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	2,145,040,517	$	—	$	—	$	2,145,040,517
Money Market Fund		19,056,337		—		—		19,056,337
Total Investments	$	2,164,096,854	$	—	$	—	$	2,164,096,854

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 43.4%
Allkem Ltd. # *		7,650,417	$	57,992,975
Australian Strategic Materials Ltd. # * †		4,106,154		31,845,595
AVZ Minerals Ltd. # * †		96,526,435		54,351,680
Iluka Resources Ltd. #		7,058,908		52,002,028
ioneer Ltd. # * †		77,018,494		44,815,635
Liontown Resources Ltd. # * †		40,947,483		49,450,967
Lynas Rare Earths Ltd. # * †		8,807,790		65,315,323
Pilbara Minerals Ltd. # *		36,116,660		84,189,921
				439,964,124
Canada: 8.1%
Lithium Americas Corp. (USD) * †		1,253,859		36,512,374
Standard Lithium Ltd. * †		4,727,913		45,926,052
				82,438,426
China: 28.6%
China Northern Rare Earth Group High-Tech Co. Ltd. #		9,564,510		68,917,170
Ganfeng Lithium Co. Ltd. (HKD) 144A # †		3,968,400		62,498,518
Shenghe Resources Holding Co. Ltd. #		15,936,535		49,183,622
Xiamen Tungsten Co. Ltd. #		11,410,401		40,663,373
Zhejiang Huayou Cobalt Co. Ltd. #		3,979,529		69,095,571
				290,358,254

	Number of Shares		Value
France: 2.8%
Eramet SA # *		343,661	$	28,193,831

Netherlands: 4.3%
AMG Advanced Metallurgical Group NV # †		1,356,829		43,545,250

United States: 12.7%
Livent Corp. * †		1,547,387		37,725,295
MP Materials Corp. * †		1,002,860		45,549,901
Tronox Holdings Plc		1,873,360		45,016,840
				128,292,036
Total Common Stocks (Cost: $648,069,065)				1,012,791,921

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% (Cost: $45,463,521)
Money Market Fund: 4.5%
State Street Navigator Securities Lending Government Money Market Portfolio		45,463,521		45,463,521
Total Investments: 104.4% (Cost: $693,532,586)				1,058,255,442
Liabilities in excess of other assets: (4.4)%				(44,395,000)
NET ASSETS: 100.0%			$	1,013,860,442

Definitions:
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 $802,061,459 which represents 79.1% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $201,037,859.

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 $62,498,518, or 6.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Materials			100.0	%		$	1,012,791,921

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	439,964,124	$	—	$	439,964,124
Canada		82,438,426		—		—		82,438,426
China		—		290,358,254		—		290,358,254
France		—		28,193,831		—		28,193,831
Netherlands		—		43,545,250		—		43,545,250
United States		128,292,036		—		—		128,292,036
Money Market Fund		45,463,521		—		—		45,463,521
Total Investments	$	256,193,983	$	802,061,459	$	—	$	1,058,255,442

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 14.7%
Rio Tinto Plc (ADR) †		245,039	$	16,402,911

Brazil: 23.1%
Cia Siderurgica Nacional SA (ADR)		1,126,900		5,003,436
Gerdau SA (ADR)		986,262		4,852,409
Vale SA (ADR)		1,137,553		15,948,493
				25,804,338
China: 0.3%
Huadi International Group Co. Ltd. (USD) *		11,523		368,851

Luxembourg: 7.6%
ArcelorMittal SA (USD) †		267,159		8,503,671

Netherlands: 9.2%
Tenaris SA (ADR)		245,857		5,128,577
Ternium SA (ADR)		117,603		5,118,082
				10,246,659
South Korea: 4.9%
POSCO (ADR)		94,859		5,529,331

United States: 40.2%
Allegheny Technologies, Inc. *		110,549		1,761,046
Carpenter Technology Corp.		41,866		1,222,068
Cleveland-Cliffs, Inc. * †		241,967		5,267,622
Commercial Metals Co.		105,651		3,834,075
Gibraltar Industries, Inc. *		28,393		1,893,245

	Number of Shares		Value
United States (continued)
Nucor Corp.		77,713	$	8,870,939
Olympic Steel, Inc.		9,625		226,187
Reliance Steel & Aluminum Co.		31,222		5,064,833
Ryerson Holding Corp.		33,356		868,924
Schnitzer Steel Industries, Inc.		24,001		1,246,132
Steel Dynamics, Inc.		79,472		4,932,827
SunCoke Energy, Inc.		72,180		475,666
TimkenSteel Corp. *		40,144		662,376
United States Steel Corp. †		215,736		5,136,674
Warrior Met Coal, Inc.		44,666		1,148,363
Worthington Industries, Inc.		43,906		2,399,903
				45,010,880
Total Common Stocks (Cost: $132,134,557)				111,866,641

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6% (Cost: $1,788,159)
Money Market Fund: 1.6%
State Street Navigator Securities Lending Government Money Market Portfolio		1,788,159		1,788,159
Total Investments: 101.6% (Cost: $133,922,716)				113,654,800
Liabilities in excess of other assets: (1.6)%				(1,831,061)
NET ASSETS: 100.0%			$	111,823,739

Definitions:
ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $28,461,369.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		4.6	%	$	5,128,577
Industrials		1.7			1,893,245
Materials		93.7			104,844,819
		100.0	%	$	111,866,641

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 *	$	111,866,641	$	—	$	—	$	111,866,641
Money Market Fund		1,788,159		—		—		1,788,159
Total Investments	$	113,654,800	$	—	$	—	$	113,654,800

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

	Number of Shares		Value
COMMON STOCKS: 99.7%
Australia: 1.4%
Paladin Energy Ltd. # *		772,986	$	497,280

Canada: 7.3%
Cameco Corp. (USD)		67,524		1,472,698
Denison Mines Corp. (USD) *		287,705		394,156
NexGen Energy Ltd. (USD) *		159,718		697,968
				2,564,822
China: 2.8%
CGN Power Co. Ltd. (HKD) 144A #		3,262,000		991,845

Czech Republic: 4.8%
CEZ AS		44,683		1,691,058

Finland: 5.0%
Fortum Oyj #		57,243		1,753,663

France: 3.6%
Electricite de France SA #		108,272		1,271,964

Italy: 4.6%
Endesa SA # †		70,375		1,618,283

Japan: 9.3%
Kansai Electric Power Co., Inc. #		168,700		1,575,125
Kyushu Electric Power Co., Inc. #		147,000		1,096,327
Tokyo Electric Power Co. Holdings, Inc. # *		229,100		591,629
				3,263,081
Kazakhstan: 2.4%
NAC Kazatomprom JSC (USD) (GDR)		23,106		849,146

	Number of Shares		Value
South Korea: 4.3%
Korea Electric Power Corp. (ADR) * †		166,660	$	1,523,272

United States: 54.2%
BWX Technologies, Inc.		17,636		844,412
Dominion Energy, Inc.		37,149		2,918,425
Duke Energy Corp.		27,675		2,903,108
Energy Fuels, Inc. * †		55,456		423,129
Entergy Corp.		18,186		2,048,653
Exelon Corp.		45,707		2,640,036
PG&E Corp. *		165,736		2,012,035
Pinnacle West Capital Corp.		23,551		1,662,465
PNM Resources, Inc.		22,023		1,004,469
Public Service Enterprise Group, Inc.		35,482		2,367,714
Uranium Energy Corp. *		83,308		279,082
				19,103,528
Total Common Stocks (Cost: $30,510,065)				35,127,942

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $106,776)
Money Market Fund: 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio		106,776		106,776
Total Investments: 100.0% (Cost: $30,616,841)				35,234,718
Liabilities in excess of other assets: 0.0%				(7,801)
NET ASSETS: 100.0%			$	35,226,917

Definitions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
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 $9,396,116 which represents 26.7% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,558,375.

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 $991,845, or 2.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		13.1	%	$	4,613,458
Industrials		2.4			844,412
Utilities		84.5			29,670,072
		100.0	%	$	35,127,942

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR 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 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	497,280	$	—	$	497,280
Canada		2,564,822		—		—		2,564,822
China		—		991,845		—		991,845
Czech Republic		1,691,058		—		—		1,691,058
Finland		—		1,753,663		—		1,753,663
France		—		1,271,964		—		1,271,964
Italy		—		1,618,283		—		1,618,283
Japan		—		3,263,081		—		3,263,081
Kazakhstan		849,146		—		—		849,146
South Korea		1,523,272		—		—		1,523,272
United States		19,103,528		—		—		19,103,528
Money Market Fund		106,776		—		—		106,776
Total Investments	$	25,838,602	$	9,396,116	$	—	$	35,234,718

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021

	Agribusiness ETF			Future of Food ETF		Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,181,903,028		$	2,464,088	$	13,138,153,915		$	15,705,971
Affiliated issuers (3)		—			—		113,149,948			—
Short-term investments held as collateral for securities loaned (4)		30,234,590			—		100,558,651			—
Cash		162			4,395		23,646,556			—
Cash denominated in foreign currency, at value (5)		412,190			465		475			426,206
Receivables:
Investment securities sold		—			—		47,525,768			—
Dividends and interest		2,233,903			2,170		5,240,946			615
Prepaid expenses		6,922			—		17,272			—
Total assets		1,214,790,795			2,471,118		13,428,293,531			16,132,792
Liabilities:
Payables:
Investment securities purchased		—			—		—			—
Shares of beneficial interest redeemed		—			—		47,572,815			—
Collateral for securities loaned		30,234,590			—		100,558,651			—
Line of credit		642,202			—		—			429,809
Due to Adviser		491,026			1,437		5,547,492			6,297
Due to custodian		—			—		—			142
Deferred Trustee fees		572,477			—		1,364,021			—
Accrued expenses		142,727			—		164,016			—
Total liabilities		32,083,022			1,437		155,206,995			436,248
NET ASSETS	$	1,182,707,773		$	2,469,681	$	13,273,086,536		$	15,696,544
Shares outstanding		12,400,000			100,000		414,802,500			450,000
Net asset value, redemption and offering price per share	$	95.38		$	24.70	$	32.00		$	34.88
Net Assets consist of:
Aggregate paid in capital	$	1,678,410,089		$	2,432,660	$	23,065,731,491		$	15,509,965
Total distributable earnings (loss)		(495,702,316	)		37,021		(9,792,644,955	)		186,579
NET ASSETS	$	1,182,707,773		$	2,469,681	$	13,273,086,536		$	15,696,544
(1) Value of securities on loan	$	67,313,739		$	—	$	197,100,880		$	—
(2) Cost of investments - Unaffiliated issuers	$	942,791,700		$	2,429,014	$	11,873,178,143		$	15,459,274
(3) Cost of investments - Affiliated issuers	$	—		$	—	$	104,116,804		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	30,234,590		$	—	$	100,558,651		$	—
(5) Cost of cash denominated in foreign currency	$	405,162		$	459	$	464		$	420,653

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31,2021

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	4,440,229,266		$	301,046,078		$	97,493,559		$	19,668,279
Affiliated issuers (3)		45,973,614			—			—			—
Short-term investments held as collateral for securities loaned (4)		130,584,513			14,590,565			268,125			—
Cash		9,188,491			9			7,153			17,580
Cash denominated in foreign currency, at value (5)		12,726			168,956			135,649			—
Receivables:
Investment securities sold		—			—			45,881			—
Due from Adviser		—			—			—			2,393
Dividends and interest		1,984,975			305,843			176,369			53,617
Prepaid expenses		13,999			3,467			—			699
Total assets		4,627,987,584			316,114,918			98,126,736			19,742,568
Liabilities:
Payables:
Investment securities purchased		—			—			—			—
Collateral for securities loaned		130,584,513			14,590,565			268,125			—
Line of credit		—			579,720			445,997			—
Due to Adviser		1,876,769			127,371			12,524			—
Deferred Trustee fees		355,726			18,125			14,855			882
Accrued expenses		382,023			50,176			137,054			67,807
Total liabilities		133,199,031			15,365,957			878,555			68,689
NET ASSETS	$	4,494,788,553		$	300,748,961		$	97,248,181		$	19,673,879
Shares outstanding		107,337,446			1,883,298			2,050,000			725,000
Net asset value, redemption and offering price per share	$	41.88		$	159.69		$	47.44		$	27.14
Net Assets consist of:
Aggregate paid in capital	$	9,297,288,547		$	316,670,182		$	127,607,351		$	26,725,639
Total distributable earnings (loss)		(4,802,499,994	)		(15,921,221	)		(30,359,170	)		(7,051,760	)
NET ASSETS	$	4,494,788,553		$	300,748,961		$	97,248,181		$	19,673,879
(1) Value of securities on loan	$	242,438,677		$	32,292,446		$	5,599,764		$	—
(2) Cost of investments - Unaffiliated issuers	$	4,637,222,145		$	261,967,243		$	81,431,542		$	18,900,727
(3) Cost of investments - Affiliated issuers	$	50,185,046		$	—		$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	130,584,513		$	14,590,565		$	268,125		$	—
(5) Cost of cash denominated in foreign currency	$	12,719		$	167,327		$	134,942		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31,2021

	Oil Services ETF			Rare Earth/ Strategic Metals ETF		Steel ETF			Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,849,554,874		$	1,012,791,921	$	111,866,641		$	35,127,942
Affiliated issuers (3)		295,485,643			—		—			—
Short-term investments held as collateral for securities loaned (4)		19,056,337			45,463,521		1,788,159			106,776
Cash		1,137			248,309		556,804			91,269
Cash denominated in foreign currency, at value (5)		—			1,094,051		—			—
Receivables:
Investment securities sold		36,918,513			—		13,249,723			—
Shares of beneficial interest sold		—			—		1,319,127			—
Dividends and interest		2,107,119			298,481		188,625			110,249
Prepaid expenses		—			3,481		2,088			701
Total assets		2,203,123,623			1,059,899,764		128,971,167			35,436,937
Liabilities:
Payables:
Investment securities purchased		—			—		5,862,063			—
Shares of beneficial interest redeemed		36,918,119			—		9,303,045			—
Collateral for securities loaned		19,056,337			45,463,521		1,788,159			106,776
Line of credit		3,150,525			—		—			—
Due to Adviser		627,553			445,032		48,788			6,876
Deferred Trustee fees		210,231			23,038		20,130			13,073
Accrued expenses		41,832			107,731		125,243			83,295
Total liabilities		60,004,597			46,039,322		17,147,428			210,020
NET ASSETS	$	2,143,119,026		$	1,013,860,442	$	111,823,739		$	35,226,917
Shares outstanding		11,600,543			9,074,987		2,100,000			641,632
Net asset value, redemption and offering price per share	$	184.74		$	111.72	$	53.25		$	54.90
Net Assets consist of:
Aggregate paid in capital	$	4,453,592,923		$	980,876,780	$	288,278,932		$	115,324,773
Total distributable earnings (loss)		(2,310,473,897	)		32,983,662		(176,455,193	)		(80,097,856	)
NET ASSETS	$	2,143,119,026		$	1,013,860,442	$	111,823,739		$	35,226,917
(1) Value of securities on loan	$	23,922,680		$	201,037,859	$	28,461,369		$	1,558,375
(2) Cost of investments - Unaffiliated issuers	$	2,227,514,362		$	648,069,065	$	132,134,557		$	30,510,065
(3) Cost of investments - Affiliated issuers	$	365,110,447		$	—	$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	19,056,337		$	45,463,521	$	1,788,159		$	106,776
(5) Cost of cash denominated in foreign currency	$	—		$	1,090,265	$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

	Agribusiness ETF			Future of Food ETF (a)			Gold Miners ETF			Green Metals ETF (b)
Income:
Dividends - unaffiliated issuers	$	21,673,862		$	3,590		$	195,592,901		$	4,332
Dividends - affiliated issuers		—			—			118,815,939			—
Interest		276			—			10,678			—
Securities lending income		293,229			—			1,403,152			—
Foreign taxes withheld		(2,029,413	)		(206	)		(21,824,069	)		(554	)
Total income		19,937,954			3,384			293,998,601			3,778
Expenses:
Management fees		5,628,329			1,437			71,948,299			7,463
Professional fees		61,548			—			67,261			—
Custody and accounting fees		46,064			—			173,452			—
Reports to shareholders		31,055			—			695,638			—
Trustees’ fees and expenses		15,529			—			392,168			—
Registration fees		6,178			—			15,445			—
Insurance		15,083			—			119,708			—
Interest		7,855			—			44,346			65
Other		13,116			—			228,636			—
Total expenses		5,824,757			1,437			73,684,953			7,528
Net investment income (loss)		14,113,197			1,947			220,313,648			(3,750	)
Net realized gain (loss) on:
Investments - unaffiliated issuers		(10,386,847	)		—			(98,976,430	)		(60,938	)
Investments - affiliated issuers		—			—			(399,009,923	)		—
In-kind redemptions - unaffiliated issuers		113,508,982			—			595,741,996			—
In-kind redemptions - affiliated issuers		—			—			607,495,492			—
Foreign currency transactions and foreign denominated assets and liabilities		(74,430	)		(4	)		(1,931,526	)		(992	)
Net realized gain (loss)		103,047,705			(4	)		703,319,609			(61,930	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		99,511,131			35,074			(895,125,997	)		246,697
Investments - affiliated issuers		—			—			(1,584,505,449	)		—
Foreign currency transactions and foreign denominated assets and liabilities		(39,571	)		5			1,153			5,562
Net change in unrealized appreciation (depreciation)		99,471,560			35,079			(2,479,630,293	)		252,259
Net Increase (Decrease) in Net Assets Resulting from Operations	$	216,632,462		$	37,022		$	(1,555,997,036	)	$	186,579

(a)	For the period December 1, 2021 (commencement of operations) through December 31, 2021.
(b)	For the period November 10, 2021 (commencement of operations) through December 31, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	61,928,638		$	3,132,685		$	2,532,828		$	644,392
Dividends - affiliated issuers		9,119,537			—			—			—
Interest		11,217			—			28			—
Securities lending income		4,338,480			220,382			17,700			292
Foreign taxes withheld		(5,092,535	)		(233,611	)		(141,973	)		(51,054	)
Total income		70,305,337			3,119,456			2,408,583			593,630
Expenses:
Management fees		25,816,105			1,520,022			385,384			102,017
Professional fees		79,627			63,862			65,251			58,041
Custody and accounting fees		219,304			45,567			126,385			29,234
Reports to shareholders		197,825			23,755			8,577			9,593
Trustees’ fees and expenses		142,021			1,957			686			418
Registration fees		20,586			6,155			6,178			6,180
Insurance		60,108			5,788			3,999			1,697
Interest		14,361			10,751			2,673			879
Other		156,713			8,712			5,115			1,035
Total expenses		26,706,650			1,686,569			604,248			209,094
Waiver of management fees		—			—			(223,899	)		(87,835	)
Net expenses		26,706,650			1,686,569			380,349			121,259
Net investment income		43,598,687			1,432,887			2,028,234			472,371
Net realized gain (loss) on:
Investments - unaffiliated issuers		(54,135,445	)		(561,102	)		(2,362,558	)		(1,178,931	)
Investments - affiliated issuers		(35,166,226	)		—			—			—
In-kind redemptions - unaffiliated issuers		212,117,399			72,590,236			1,706,402			—
In-kind redemptions - affiliated issuers		49,667,567			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(673,418	)		(153,492	)		(8,215	)		(3,250	)
Net realized gain (loss)		171,809,877			71,875,642			(664,371	)		(1,182,181	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(1,122,979,397	)		(84,947,392	)		12,886,087			2,643,443
Investments - affiliated issuers		(415,793,788	)		—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(4,249	)		(6,630	)		(1,402	)		(4,215	)
Net change in unrealized appreciation (depreciation)		(1,538,777,434	)		(84,954,022	)		12,884,685			2,639,228
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,323,368,870	)	$	(11,645,493	)	$	14,248,548		$	1,929,418

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+Nuclear Energy ETF
Income:
Dividends - unaffiliated issuers	$	30,237,105		$	3,759,673		$	9,741,448		$	918,719
Dividends - affiliated issuers		722,299			—			—			—
Interest		682			7,193			231			—
Securities lending income		83,226			1,463,251			94,764			14,974
Foreign taxes withheld		(8,856	)		(268,300	)		(233,565	)		(81,427	)
Total income		31,034,456			4,961,817			9,602,878			852,266
Expenses:
Management fees		6,974,591			4,059,556			796,411			129,291
Professional fees		67,896			55,759			55,437			55,633
Custody and accounting fees		11,981			86,016			11,589			23,612
Reports to shareholders		45,703			40,112			12,261			8,528
Trustees’ fees and expenses		8,184			5,802			1,099			327
Registration fees		12,354			6,178			1,518			6,178
Insurance		28,292			6,105			3,245			1,693
Interest		10,681			7,185			4,286			26
Other		27,396			9,385			2,233			4,060
Total expenses		7,187,078			4,276,098			888,079			229,348
Waiver of management fees		(200,786	)		—			(7,626	)		(74,174	)
Net expenses		6,986,292			4,276,098			880,453			155,174
Net investment income		24,048,164			685,719			8,722,425			697,092
Net realized gain (loss) on:
Investments - unaffiliated issuers		(243,269,293	)		46,399,605			(6,719,626	)		(671,379	)
Investments - affiliated issuers		(36,772,682	)		—			—			—
In-kind redemptions - unaffiliated issuers		299,113,415			61,461,643			40,799,526			—
In-kind redemptions - affiliated issuers		72,405,408			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(544,584	)		—			(3,945	)
Net realized gain (loss)		91,476,848			107,316,664			34,079,900			(675,324	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(192,081,783	)		273,357,580			(25,264,114	)		3,159,651
Investments - affiliated issuers		(53,205,223	)		—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(2,615	)		—			100
Net change in unrealized appreciation (depreciation)		(245,287,006	)		273,354,965			(25,264,114	)		3,159,751
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(129,761,994	)	$	381,357,348		$	17,538,211		$	3,181,519

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						Future of Food ETF
	Year Ended December 31, 2021			Year Ended December 31, 2020			Period Ended December 31, 2021 (a)
Operations:
Net investment income	$	14,113,197		$	8,584,299		$	1,947
Net realized gain (loss)		103,047,705			11,598,119			(4	)
Net change in unrealized appreciation (depreciation)		99,471,560			60,982,374			35,079
Net increase in net assets resulting from operations		216,632,462			81,164,792			37,022
Distributions to shareholders from:
Distributable earnings		(13,850,800	)		(8,649,640	)		—

Share transactions**:
Proceeds from sale of shares		459,439,465			106,178,252			2,432,659
Cost of shares redeemed		(273,313,828	)		(101,652,572	)		—
Increase in net assets resulting from share transactions		186,125,637			4,525,680			2,432,659
Total increase in net assets		388,907,299			77,040,832			2,469,681
Net Assets, beginning of period		793,800,474			716,759,642			—
Net Assets, end of period	$	1,182,707,773		$	793,800,474		$	2,469,681
**Shares of Common Stock Issued (no par value)
Shares sold		5,250,000			1,450,000			100,000
Shares redeemed		(3,050,000	)		(1,700,000	)		—
Net increase (decrease)		2,200,000			(250,000	)		100,000

(a)

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Year Ended December 31, 2021			Year Ended December 31, 2020			Period Ended December 31, 2021 (a)
Operations:
Net investment income (loss)	$	220,313,648		$	91,180,763		$	(3,750	)
Net realized gain (loss)		703,319,609			1,036,835,301			(61,930	)
Net change in unrealized appreciation (depreciation)		(2,479,630,293	)		1,508,513,719			252,259
Net increase (decrease) in net assets resulting from operations		(1,555,997,036	)		2,636,529,783			186,579
Distributions to shareholders from:
Distributable earnings		(224,002,317	)		(85,977,700	)		—

Share transactions**:
Proceeds from sale of shares		2,030,470,195			4,987,854,222			15,509,965
Cost of shares redeemed		(3,480,902,948	)		(4,033,614,138	)		—
Increase (decrease) in net assets resulting from share transactions		(1,450,432,753	)		954,240,084			15,509,965
Total increase (decrease) in net assets		(3,230,432,106	)		3,504,792,167			15,696,544
Net Assets, beginning of period		16,503,518,642			12,998,726,475			—
Net Assets, end of period	$	13,273,086,536		$	16,503,518,642		$	15,696,544
**Shares of Common Stock Issued (no par value)
Shares sold		58,150,000			154,150,000			450,000
Shares redeemed		(102,000,000	)		(138,550,000	)		—
Net increase (decrease)		(43,850,000	)		15,600,000			450,000

(a)

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

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Operations:
Net investment income	$	43,598,687		$	24,991,250		$	1,432,887		$	225,072
Net realized gain		171,809,877			661,439,961			71,875,642			42,010,149
Net change in unrealized appreciation (depreciation)		(1,538,777,434	)		532,899,939			(84,954,022	)		91,345,627
Net increase (decrease) in net assets resulting from operations		(1,323,368,870	)		1,219,331,150			(11,645,493	)		133,580,848
Distributions to shareholders from:
Distributable earnings		(80,009,332	)		(99,001,811	)		(1,340,155	)		(149,937	)

Share transactions**:
Proceeds from sale of shares		455,259,072			2,296,605,753			209,712,572			32,017,566
Cost of shares redeemed		(872,059,989	)		(2,321,187,674	)		(166,136,494	)		—
Increase (decrease) in net assets resulting from share transactions		(416,800,917	)		(24,581,921	)		43,576,078			32,017,566
Total increase (decrease) in net assets		(1,820,179,119	)		1,095,747,418			30,590,430			165,448,477
Net Assets, beginning of year		6,314,967,672			5,219,220,254			270,158,531			104,710,054
Net Assets, end of year	$	4,494,788,553		$	6,314,967,672		$	300,748,961		$	270,158,531
**Shares of Common Stock Issued (no par value)
Shares sold		9,850,000			58,350,000			1,300,000			250,000
Shares redeemed		(18,900,000	)		(65,100,000	)		(1,050,000	)		—
Net increase (decrease)		(9,050,000	)		(6,750,000	)		250,000			250,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Operations:
Net investment income	$	2,028,234		$	1,288,402		$	472,371		$	463,107
Net realized loss		(664,371	)		(1,997,874	)		(1,182,181	)		(4,049,751	)
Net change in unrealized appreciation (depreciation)		12,884,685			(1,678,874	)		2,639,228			1,115,608
Net increase (decrease) in net assets resulting from operations		14,248,548			(2,388,346	)		1,929,418			(2,471,036	)
Distributions to shareholders from:
Distributable earnings		(2,140,110	)		(1,274,940	)		(470,018	)		(450,520	)
Return of capital		—			—			—			(11,480	)
Total distributions		(2,140,110	)		(1,274,940	)		(470,018	)		(462,000	)

Share transactions**:
Proceeds from sale of shares		37,659,686			11,167,537			708,375			10,352,663
Cost of shares redeemed		(4,695,212	)		(25,822,931	)		—			(24,728,022	)
Increase (decrease) in net assets resulting from share transactions		32,964,474			(14,655,394	)		708,375			(14,375,359	)
Total increase (decrease) in net assets		45,072,912			(18,318,680	)		2,167,775			(17,308,395	)
Net Assets, beginning of year		52,175,269			70,493,949			17,506,104			34,814,499
Net Assets, end of year	$	97,248,181		$	52,175,269		$	19,673,879		$	17,506,104
**Shares of Common Stock Issued (no par value)
Shares sold		800,000			300,000			25,000			525,000
Shares redeemed		(100,000	)		(850,000	)		—			(1,025,000	)
Net increase (decrease)		700,000			(550,000	)		25,000			(500,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF (a)						Rare Earth/Strategic Metals ETF (b)
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Operations:
Net investment income	$	24,048,164		$	8,553,781		$	685,719		$	2,402,890
Net realized gain (loss)		91,476,848			(600,555,052	)		107,316,664			(15,633,653	)
Net change in unrealized appreciation (depreciation)		(245,287,006	)		363,927,111			273,354,965			112,754,285
Net increase (decrease) in net assets resulting from operations		(129,761,994	)		(228,074,160	)		381,357,348			99,523,522
Distributions to shareholders from:
Distributable earnings		(21,600,606	)		(8,700,087	)		(54,350,856	)		(2,500,183	)

Share transactions**:
Proceeds from sale of shares		4,464,669,089			1,565,472,841			552,129,245			133,894,168
Cost of shares redeemed		(2,893,608,272	)		(1,378,601,348	)		(187,397,855	)		(101,731,782	)
Increase in net assets resulting from share transactions		1,571,060,817			186,871,493			364,731,390			32,162,386
Total increase (decrease) in net assets		1,419,698,217			(49,902,754	)		691,737,882			129,185,725
Net Assets, beginning of year		723,420,809			773,323,563			322,122,560			192,936,835
Net Assets, end of year	$	2,143,119,026		$	723,420,809		$	1,013,860,442		$	322,122,560
**Shares of Common Stock Issued (no par value)
Shares sold		21,100,000			11,320,000			6,200,000			2,933,333
Shares redeemed		(14,200,000	)		(9,532,500	)		(2,050,000	)		(2,783,333	)
Net increase		6,900,000			1,787,500			4,150,000			150,000

(a)		Share activity has been adjusted to reflect the 1 for 20 reverse share split which took place on April 15, 2020 (See Note 11).
(b)		Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 11).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium+Nuclear Energy ETF
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Operations:
Net investment income	$	8,722,425		$	1,084,820		$	697,092		$	375,645
Net realized gain (loss)		34,079,900			(7,764,415	)		(675,324	)		(669,623	)
Net change in unrealized appreciation (depreciation)		(25,264,114	)		12,848,203			3,159,751			1,096,501
Net increase in net assets resulting from operations		17,538,211			6,168,608			3,181,519			802,523
Distributions to shareholders from:
Distributable earnings		(8,650,070	)		(1,160,720	)		(700,021	)		(401,975	)
Return of capital		—			(89,230	)		—			—
Total distributions		(8,650,070	)		(1,249,950	)		(700,021	)		(401,975	)

Share transactions**:
Proceeds from sale of shares		245,785,508			32,148,724			14,652,183			—
Cost of shares redeemed		(219,740,003	)		(26,219,056	)		—			(5,037,717	)
Increase (decrease) in net assets resulting from share transactions		26,045,505			5,929,668			14,652,183			(5,037,717	)
Total increase (decrease) in net assets		34,933,646			10,848,326			17,133,681			(4,637,169	)
Net Assets, beginning of year		76,890,093			66,041,767			18,093,236			22,730,405
Net Assets, end of year	$	111,823,739		$	76,890,093		$	35,226,917		$	18,093,236
**Shares of Common Stock Issued (no par value)
Shares sold		4,125,000			800,000			275,000			—
Shares redeemed		(3,750,000	)		(825,000	)		—			(100,000	)
Net increase (decrease)		375,000			(25,000	)		275,000			(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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

Net asset value, beginning of year		$77.82			$68.59			$57.11			$61.63			$51.38
Net investment income(a)		1.14			0.90			0.83			0.83			0.83
Net realized and unrealized gain (loss) on investments		17.54			9.19			11.56			(4.39	)		10.30
Total from investment operations		18.68			10.09			12.39			(3.56	)		11.13
Distributions from:
Net investment income		(1.12	)		(0.86	)		(0.91	)		(0.96	)		(0.88	)
Net asset value, end of year		$95.38			$77.82			$68.59			$57.11			$61.63
Total return(b)		23.99	%		14.73	%		21.70	%		(5.76	)%		21.68	%
Ratios to average net assets
Expenses		0.52	%		0.55	%		0.56	%		0.54	%		0.54	%
Expenses excluding interest expense		0.52	%		0.55	%		0.56	%		0.54	%		0.53	%
Net investment income		1.25	%		1.41	%		1.29	%		1.32	%		1.48	%
Supplemental data
Net assets, end of year (in millions)		$1,183			$794			$717			$757			$854
Portfolio turnover rate(c)		17	%		13	%		21	%		16	%		22	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Future of Food ETF
	Period Ended December 31, 2021(a)
Net asset value, beginning of period		$24.33
Net investment income(b)		0.02
Net realized and unrealized gain on investments		0.35
Total from investment operations		0.37
Net asset value, end of period		$24.70
Total return(c)		1.53	%(d)
Ratios to average net assets
Expenses		0.69	%(e)
Net investment income		0.93	%(e)
Supplemental data
Net assets, end of period (in millions)		$2
Portfolio turnover rate(f)		0	%(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gold Miners ETF
	Year Ended December 31,
	2021			2020			2019			2018			2017

Net asset value, beginning of year		$35.98			$29.34			$21.07			$23.25			$20.92
Net investment income(a)		0.52			0.21			0.19			0.14			0.10
Net realized and unrealized gain (loss) on investments		(3.97	)		6.62			8.27			(2.21	)		2.41
Total from investment operations		(3.45	)		6.83			8.46			(2.07	)		2.51
Distributions from:
Net investment income		(0.53	)		(0.19	)		(0.19	)		(0.11	)		(0.18	)
Net asset value, end of year		$32.00			$35.98			$29.34			$21.07			$23.25
Total return(b)		(9.56	)%		23.30	%		40.15	%		(8.92	)%		11.99	%
Ratios to average net assets
Expenses		0.51	%		0.51	%		0.52	%		0.52	%		0.53	%
Net investment income		1.53	%		0.61	%		0.76	%		0.66	%		0.42	%
Supplemental data
Net assets, end of year (in millions)		$13,273			$16,504			$12,999			$10,576			$7,575
Portfolio turnover rate(c)		15	%		13	%		14	%		15	%		12	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Metals ETF
	Period Ended December 31, 2021(a)

Net asset value, beginning of period		$34.67
Net investment loss(b)		(0.01	)
Net realized and unrealized gain on investments		0.22
Total from investment operations		0.21
Net asset value, end of period		$34.88
Total return(c)		0.61	%(d)
Ratios to average net assets
Expenses		0.60	%(e)
Expenses excluding interest expense		0.59	%(e)
Net investment (loss)		(0.30	)%(e)
Supplemental data
Net assets, end of period (in millions)		$16
Portfolio turnover rate(f)		10	%(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Junior Gold Miners ETF
	Year Ended December 31,
	2021			2020		2019		2018		2017

Net asset value, beginning of year		$54.26		$42.39		$30.11		$34.21		$31.72
Net investment income(a)		0.39		0.22		0.08		0.14		0.05
Net realized and unrealized gain (loss) on investments		(12.02	)	12.51		12.36		(4.10	)	2.45
Total from investment operations		(11.63	)	12.73		12.44		(3.96	)	2.50
Distributions from:
Net investment income		(0.75	)	(0.86	)	(0.16	)	(0.14	)	(0.01	)
Net asset value, end of year		$41.88		$54.26		$42.39		$30.11		$34.21
Total return(b)		(21.44	)%	30.07	%	41.31	%	(11.58	)%	7.89	%
Ratios to average net assets
Gross expenses		0.52	%	0.52	%	0.53	%	0.53	%	0.55	%(c)
Net expenses		0.52	%	0.52	%	0.53	%	0.53	%	0.54	%(c)
Net expenses excluding interest expense		0.52	%	0.52	%	0.53	%	0.53	%	0.53	%(c)
Net investment income		0.84	%	0.46	%	0.24	%	0.45	%	0.16	%(c)
Supplemental data
Net assets, end of year (in millions)		$4,495		$6,315		$5,219		$4,273		$4,634
Portfolio turnover rate(d)		24	%	34	%	19	%	28	%	67	%

(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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Low Carbon Energy ETF
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$165.41		$75.70		$55.10		$60.94		$50.62
Net investment income(a)		0.78		0.16		0.05		0.26		1.12
Net realized and unrealized gain (loss) on investments		(5.79	)	89.64		20.55		(5.76	)	9.97
Total from investment operations		(5.01	)	89.80		20.60		(5.50	)	11.09
Distributions from:
Net investment income		(0.71	)	(0.09	)	—		(0.34	)	(0.77	)
Net asset value, end of year		$159.69		$165.41		$75.70		$55.10		$60.94
Total return(b)		(3.02	)%	118.65	%	37.38	%	(9.02	)%	21.90	%
Ratios to average net assets
Gross expenses		0.55	%	0.64	%	0.65	%	0.65	%	0.67	%
Net expenses		0.55	%	0.62	%	0.62	%	0.63	%	0.63	%
Net expenses excluding interest expense		0.55	%	0.62	%	0.62	%	0.62	%	0.62	%
Net investment income		0.49	%	0.16	%	0.08	%	0.44	%	1.94	%
Supplemental data
Net assets, end of year (in millions)		$301		$270		$105		$79		$87
Portfolio turnover rate(c)		77	%	84	%	40	%	31	%	21	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Natural Resources ETF
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$38.65		$37.10		$32.20		$37.09		$32.31
Net investment income (a)		1.21		0.84		0.96		0.81		0.72
Net realized and unrealized gain (loss) on investments		8.60		1.65	(b)	4.94		(4.78	)	4.81
Total from investment operations		9.81		2.49		5.90		(3.97	)	5.53
Distributions from:
Net investment income		(1.02	)	(0.94	)	(1.00	)	(0.92	)	(0.75	)
Net asset value, end of year		$47.44		$38.65		$37.10		$32.20		$37.09
Total return (c)		25.38	%	6.73	%	18.34	%	(10.69	)%	17.14	%
Ratios to average net assets
Gross expenses		0.78	%	0.90	%	0.79	%	0.72	%	0.80	%
Net expenses		0.49	%	0.49	%	0.50	%	0.50	%	0.50	%
Net expenses excluding interest expense		0.49	%	0.49	%	0.49	%	0.49	%	0.49	%
Net investment income		2.63	%	2.59	%	2.70	%	2.21	%	2.09	%
Supplemental data
Net assets, end of year (in millions)		$97		$52		$70		$77		$104
Portfolio turnover rate (d)		26	%	26	%	24	%	23	%	34	%

(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:

	Oil Refiners ETF
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$25.01		$29.01		$26.95		$30.40		$20.86
Net investment income(a)		0.66		0.58		0.56		0.74		0.61
Net realized and unrealized gain (loss) on investments		2.12		(3.92	)	1.91		(3.54	)	9.38
Total from investment operations		2.78		(3.34	)	2.47		(2.80	)	9.99
Distributions from:
Net investment income		(0.65	)	(0.64	)	(0.41	)	(0.52	)	(0.37	)
Net realized capital gains		—		—		—		(0.13	)	(0.08	)
Return of capital		—		(0.02	)	—		—		—
Total distributions		(0.65	)	(0.66	)	(0.41	)	(0.65	)	(0.45	)
Net asset value, end of year		$27.14		$25.01		$29.01		$26.95		$30.40
Total return(b)		11.10	%	(11.50	)%	9.19	%	(9.22	)%	47.91	%
Ratios to average net assets
Gross expenses		1.02	%	1.29	%	1.03	%	0.72	%	2.71	%
Net expenses		0.59	%	0.59	%	0.60	%	0.60	%	0.59	%
Net expenses excluding interest expense		0.59	%	0.59	%	0.59	%	0.59	%	0.59	%
Net investment income		2.32	%	2.56	%	1.97	%	2.32	%	2.43	%
Supplemental data
Net assets, end of year (in millions)		$20		$18		$35		$49		$11
Portfolio turnover rate(c)		18	%	37	%	30	%	31	%	24	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Oil Services ETF(a)
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$153.90		$265.47		$280.60		$520.40		$667.20
Net investment income(b)		2.41		2.26		6.60		7.00		18.00
Net realized and unrealized gain (loss) on investments		30.24	(c)	(111.94	)	(15.93	)(c)	(240.80	)	(151.20	)
Total from investment operations		32.65		(109.68	)	(9.33	)	(233.80	)	(133.20	)
Distributions from:
Net investment income		(1.81	)	(1.89	)	(5.80	)	(6.00	)	(13.60	)
Net asset value, end of year		$184.74		$153.90		$265.47		$280.60		$520.40
Total return(d)		21.18	%	(41.31	)%	(3.35	)%	(44.93	)%	(19.95	)%
Ratios to average net assets
Gross expenses		0.36	%	0.40	%	0.39	%	0.38	%	0.39	%
Net expenses		0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income		1.21	%	1.68	%	2.28	%	1.44	%	3.36	%
Supplemental data
Net assets, end of year (in millions)		$2,143		$723		$773		$1,045		$1,651
Portfolio turnover rate(e)		28	%	33	%	29	%	22	%	34	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Rare Earth/Strategic Metals ETF(a)
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$65.41		$40.41		$40.68		$89.25		$50.70
Net investment income(b)		0.08		0.58		0.90		1.98		1.32
Net realized and unrealized gain (loss) on investments		52.12		24.95		(0.54	)(c)	(45.48	)	39.84
Total from investment operations		52.20		25.53		0.36		(43.50	)	41.16
Distributions from:
Net investment income		(5.89	)	(0.53	)	(0.63	)	(5.07	)	(2.61	)
Net asset value, end of year		$111.72		$65.41		$40.41		$40.68		$89.25
Total return(d)		80.09	%	63.22	%	0.91	%	(48.70	)%	81.43	%
Ratios to average net assets
Gross expenses		0.53	%	0.63	%	0.64	%	0.63	%	0.73	%
Net expenses		0.53	%	0.59	%	0.60	%	0.59	%	0.61	%
Net expenses excluding interest expense		0.53	%	0.57	%	0.57	%	0.57	%	0.57	%
Net investment income		0.08	%	1.44	%	2.14	%	2.73	%	1.99	%
Supplemental data
Net assets, end of year (in millions)		$1,014		$322		$193		$93		$182
Portfolio turnover rate(e)		74	%	70	%	64	%	68	%	57	%

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 9). Per share data has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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

Net asset value, beginning of year		$44.57		$37.74		$34.87		$45.74		$37.82
Net investment income(a)		3.19		0.71		1.16		1.30		0.92
Net realized and unrealized gain (loss) on investments		9.25		6.95		2.75		(9.99	)	8.12
Total from investment operations		12.44		7.66		3.91		(8.69	)	9.04
Distributions from:
Net investment income		(3.76	)	(0.77	)	(1.04	)	(2.18	)	(1.12	)
Return of capital		—		(0.06	)	—		—		—
Total distributions		(3.76	)	(0.83	)	(1.04	)	(2.18	)	(1.12	)
Net asset value, end of year		$53.25		$44.57		$37.74		$34.87		$45.74
Total return(b)		27.91	%	20.57	%	11.02	%	(18.94	)%	23.86	%
Ratios to average net assets
Gross expenses		0.56	%	0.95	%	0.71	%	0.61	%	0.62	%
Net expenses		0.55	%	0.56	%	0.56	%	0.56	%	0.56	%
Net expenses excluding interest expense		0.55	%	0.55	%	0.55	%	0.55	%	0.55	%
Net investment income		5.48	%	2.31	%	3.11	%	2.80	%	2.25	%
Supplemental data
Net assets, end of year (in millions)		$112		$77		$66		$58		$151
Portfolio turnover rate(c)		25	%	34	%	19	%	16	%	31	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Uranium+Nuclear Energy ETF
	Year Ended December 31,
		2021		2020		2019		2018		2017

Net asset value, beginning of year		$49.35		$48.71		$49.67		$49.09		$47.55
Net investment income (a)		1.44		0.89		1.07		1.30		1.35
Net realized and unrealized gain (loss) on investments		5.20		0.85		(0.85	)	1.22		2.57
Total from investment operations		6.64		1.74		0.22		2.52		3.92
Distributions from:
Net investment income		(1.09	)	(1.10	)	(1.18	)	(1.94	)	(2.38	)
Net asset value, end of year		$54.90		$49.35		$48.71		$49.67		$49.09
Total return (b)		13.48	%	3.59	%	0.44	%	5.15	%	8.27	%
Ratios to average net assets
Gross expenses		0.89	%	1.25	%	0.93	%	0.85	%	0.89	%
Net expenses		0.60	%	0.60	%	0.61	%	0.60	%	0.61	%
Net expenses excluding interest expense		0.60	%	0.60	%	0.60	%	0.60	%	0.60	%
Net investment income		2.70	%	1.97	%	2.13	%	2.58	%	2.67	%
Supplemental data
Net assets, end of year (in millions)		$35		$18		$23		$26		$28
Portfolio turnover rate (c)		25	%	25	%	15	%	32	%	19	%

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021

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

Fund		Diversification Classification

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

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

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

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

The following summarizes the Funds’ significant accounting policies.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

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

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

Fund	Management Fees			Expense Limitations
Agribusiness ETF		0.50	%		0.56	%
Future of Food ETF		0.69			0.69
Gold Miners ETF		0.50			0.53
Green Metals ETF		0.59			0.59
Junior Gold Miners ETF		0.50			0.56
Low Carbon Energy ETF		0.50			0.62
Natural Resources ETF		0.50			0.49
Oil Refiners ETF		0.50			0.59

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Management Fees		Expense Limitations
Oil Services ETF		0.35		0.35
Rare Earth/Strategic Metals ETF		0.50		0.57
Steel ETF		0.50		0.55
Uranium+Nuclear Energy ETF		0.50		0.60

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

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

At December 31, 2021, the Adviser owned approximately 2,500 shares of Gold Miners ETF.

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

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

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

Note 5—Investments—For the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Agribusiness ETF	$	198,957,521	$	191,588,782	$	443,237,745	$	264,709,311
Future of Food ETF		—		—		2,429,014		—
Gold Miners ETF		2,104,793,187		2,117,175,135		2,030,396,134		3,479,960,105
Green Metals ETF		6,301,899		1,149,650		10,367,963		—
Junior Gold Miners ETF		1,231,728,556		1,275,945,072		453,700,835		868,934,890
Low Carbon Energy ETF		253,568,809		232,840,330		187,442,210		164,321,756
Natural Resources ETF		20,965,624		19,750,171		36,701,798		4,579,933
Oil Refiners ETF		3,752,412		3,669,382		598,522		—
Oil Services ETF		534,796,163		531,043,650		4,204,706,253		2,633,339,978
Rare Earth/Strategic Metals ETF		680,986,789		585,629,138		335,477,430		121,473,792
Steel ETF		36,492,578		36,456,615		242,542,423		216,331,832
Uranium+Nuclear Energy ETF		6,402,324		6,369,738		14,593,508		—

Note 6—Income Taxes—As of December 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
Agribusiness ETF		$	979,781,441		$	302,332,401		$	(69,976,224	)		$	232,356,177
Future of Food ETF			2,429,014			109,732			(74,658	)			35,074
Gold Miners ETF			12,108,424,860			2,090,056,979			(846,619,325	)			1,243,437,654
Green Metals ETF			15,500,367			708,979			(503,376	)			205,603
Junior Gold Miners ETF			4,958,253,906			545,051,870			(886,518,384	)			(341,466,514	)
Low Carbon Energy ETF			276,800,361			64,374,696			(25,538,413	)			38,836,283
Natural Resources ETF			81,847,745			19,480,241			(3,566,303	)			15,913,938
Oil Refiners ETF			19,143,000			3,161,319			(2,636,039	)			525,280
Oil Services ETF			2,612,934,462			4,388,831			(453,226,439	)			(448,837,608	)
Rare Earth/Strategic Metals ETF			742,119,328			342,876,668			(26,740,553	)			316,136,115
Steel ETF			134,132,236			2,841,217			(23,318,653	)			(20,477,436	)
Uranium+Nuclear Energy ETF			30,880,600			5,835,535			(1,481,416	)			4,354,119

At December 31, 2021, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital Losses/ Undistributed Capital Gains		Qualified Late-Year Losses*		Other Temporary Differences		Unrealized Appreciation (Depreciation)		Total Distributable Earnings (Loss)
Agribusiness ETF		$85,261		$(727,559,350)		$–		$(572,476)		$232,344,249		$(495,702,316)
Future of Food ETF		1,943		–		–		–		35,078		37,021
Gold Miners ETF		7,357,510		(11,042,079,476)		–		(1,364,021)		1,243,441,032		(9,792,644,955)
Green Metals ETF		2,744		(27,331)		–		–		211,166		186,579
Junior Gold Miners ETF		19,229,787		(4,479,905,290)		–		(355,727)		(341,468,764)		(4,802,499,994)
Low Carbon Energy ETF		33,514		(54,776,092)		–		(18,125)		38,839,482		(15,921,221)
Natural Resources ETF		10,138		(46,269,388)		–		(14,854)		15,914,934		(30,359,170)
Oil Refiners ETF		–		(7,574,557)		(653)		(882)		524,332		(7,051,760)
Oil Services ETF		–		(1,861,426,058)		–		(210,231)		(448,837,608)		(2,310,473,897)
Rare Earth/Strategic Metals ETF		–		(268,463,776)		(14,669,289)		(23,039)		316,139,766		32,983,662
Steel ETF		74,416		(156,032,043)		–		(20,130)		(20,477,436)		(176,455,193)
Uranium+Nuclear Energy ETF		747,125		(85,186,072)		–		(13,073)		4,354,164		(80,097,856)


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

The tax character of dividends paid to shareholders was follows:

	2021		2020
Fund	Ordinary Income		Ordinary Income		Return of Capital
Agribusiness ETF	$	13,850,800	$	8,649,640	$	–
Gold Miners ETF		224,002,317		85,977,700		–
Junior Gold Miners ETF		80,009,332		99,001,811		–
Low Carbon Energy ETF		1,340,155		149,937		–
Natural Resources ETF		2,140,110		1,274,940		–
Oil Refiners ETF		470,018		450,520		11,480
Oil Services ETF		21,600,606		8,700,087		–
Rare Earth/Strategic Metals ETF		54,350,856		2,500,183		–
Steel ETF		8,650,070		1,160,720		89,230
Uranium+Nuclear Energy ETF		700,021		401,975		–

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration		Total
Agribusiness ETF	$	(175,905,265	)	$	(551,654,085)	$	(727,559,350	)
Gold Miners ETF		(1,805,505,732	)		(9,236,573,744)		(11,042,079,476	)
Green Metals ETF		(27,331	)		–		(27,331	)
Junior Gold Miners ETF		(1,648,480,658	)		(2,831,424,632)		(4,479,905,290	)
Low Carbon Energy ETF		(7,146,828	)		(47,629,264)		(54,776,092	)
Natural Resources ETF		(3,940,074	)		(42,329,314)		(46,269,388	)
Oil Refiners ETF		(3,229,685	)		(4,344,872)		(7,574,557	)
Oil Services ETF		(234,798,568	)		(1,626,627,490)		(1,861,426,058	)
Rare Earth/Strategic Metals ETF		(35,999,127	)		(232,464,649)		(268,463,776	)
Steel ETF		(13,384,193	)		(142,647,850)		(156,032,043	)
Uranium+Nuclear Energy ETF		(13,930,669	)		(71,255,403)		(85,186,072	)

During the year ended December 31, 2021, Rare Earth/Strategic Metals ETF utilized $47,258,607 of its capital loss carryovers available from prior years.

During the year ended December 31, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Agribusiness ETF	$	(113,044,884	)	$	113,044,884
Gold Miners ETF		(1,197,900,325	)		1,197,900,325
Junior Gold Miners ETF		(226,571,818	)		226,571,818
Low Carbon Energy ETF		(72,984,381	)		72,984,381
Natural Resources ETF		(1,684,527	)		1,684,527
Oil Services ETF		(368,251,244	)		368,251,244
Rare Earth/Strategic Metals ETF		(60,311,008	)		60,311,008
Steel ETF		(39,387,633	)		39,387,633

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, 2021, the Funds did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the

recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.

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

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

Except for Future of Food ETF and Green Metals ETF, 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. The Adviser is responsible for paying the expenses associated with the Plan for the Future of Food ETF and Green Metals ETF, and therefore the Fund 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 receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2021:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	67,313,739	$	30,234,590	$	38,392,921	$	68,627,511
Gold Miners ETF		197,100,880		100,558,651		103,414,258		203,972,909
Junior Gold Miners ETF		242,438,677		130,584,513		123,145,146		253,729,659
Low Carbon Energy ETF		32,292,446		14,590,565		19,123,733		33,714,298
Natural Resources ETF		5,599,764		268,125		5,604,498		5,872,623
Oil Services ETF		23,922,680		19,056,337		39,976,373		59,032,710
Rare Earth/Strategic Metals ETF		201,037,859		45,463,521		164,139,688		209,603,209
Steel ETF		28,461,369		1,788,159		27,058,388		28,846,547
Uranium+Nuclear Energy ETF		1,558,375		106,776		1,538,710		1,645,486

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Agribusiness ETF	$	30,234,590
Gold Miners ETF		100,558,651
Junior Gold Miners ETF		130,584,513
Low Carbon Energy ETF		14,590,565
Natural Resources ETF		268,125
Oil Services ETF		19,056,337
Rare Earth/Strategic Metals ETF		45,463,521
Steel ETF		1,788,159
Uranium+Nuclear Energy ETF		106,776

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		177		$1,036,897		1.43	%
Gold Miners ETF		147		8,174,003		1.43
Green Metals ETF		15		472,596		1.43
Junior Gold Miners ETF		12		6,838,783		1.44
Low Carbon Energy ETF		240		1,042,995		1.44
Natural Resources ETF		235		230,884		1.44
Oil Services ETF		192		1,276,353		1.44
Rare Earth/Strategic Metals ETF		81		1,095,901		1.43
Steel ETF		112		931,162		1.44
Uranium+Nuclear Energy ETF		3		215,542		1.43

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

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

Note 12—Other— At a meeting held on February 24, 2021, the Board of Trustees of the Trust approved changing VanEck Low Carbon Energy ETF benchmark index from the Ardour Global Index (Extra Liquid) to the MVIS Global Low Carbon Energy Index effective on or after April 26, 2021. As a result of this change they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index.

Note 13—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective January 1, 2022, the Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all expenses the Funds (excluding the fee payment under the investment management agreement of 0.49% and 0.35% of average net assets, respectively, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses) until at least May 1, 2023.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF, and VanEck Uranium+Nuclear Energy ETF and the Board of Trustees of VanEck ETF Trust.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF and VanEck Uranium+Nuclear Energy ETF (collectively referred to as the “Funds”) (twelve of the funds constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the funds constituting VanEck ETF Trust) at December 31, 2021, and the results of their operations, changes in their net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the VanEck ETF Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
VanEck Agribusiness ETF VanEck Gold Miners ETF VanEck Junior Gold Miners ETF VanEck Low Carbon Energy ETF VanEck Natural Resources ETF VanEck Oil Refiners ETF VanEck Oil Services ETF VanEck Rare Earth/Strategic Metals ETF VanEck Steel ETF VanEck Uranium+Nuclear Energy ETF	For the year ended December 31, 2021	For each of the two years in the period ended December 31, 2021	For each of the five years in the period ended December 31, 2021
VanEck Green Metals ETF	For the period from November 10, 2021 (commencement of operations) through December 31, 2021	For the period from November 10, 2021 (commencement of operations) through December 31, 2021	For the period from November 10, 2021 (commencement of operations) through December 31, 2021
VanEck Future of Food ETF	For the period from December 1, 2021 (commencement of operations) through December 31, 2021	For the period from December 1, 2021 (commencement of operations) through December 31, 2021	For the period from December 1, 2021 (commencement of operations) through December 31, 2021

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York
February 28, 2022

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2021:

Fund	Ordinary Income Amount Paid Per Share		Qualified Dividend Income for Individuals*		Dividends Qualifying for the Dividend Received Deduction for Corporations*		Foreign Source Income*		Foreign Taxes Paid Per Share**
Agribusiness ETF		$1.11700		100.00%		50.97%		–%		$–
Gold Miners ETF		0.53480		100.00		33.25		74.76		0.050098
Junior Gold Miners ETF		0.74540		39.74		0.71		40.38		0.044265
Low Carbon Energy ETF		0.71160		100.00		36.63		76.95		0.096150
Natural Resources ETF		1.01910		94.06		36.35		66.61		0.047541
Oil Refiners ETF		0.64830		100.00		39.51		68.31		0.067898
Oil Services ETF		1.80750		98.42		46.66		–		–
Rare Earth/Strategic Metals ETF		5.89170		8.18		–		7.84		0.027275
Steel ETF		3.76090		74.83		7.61		91.93		0.092186
Uranium+Nuclear Energy ETF		1.09100		80.64		50.64		–		–

* 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.

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

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

Decemeber 31, 2021 (unaudited)

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

David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	62	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	62	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	74	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	62	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	74	Director, Food and Friends, Inc., 2013 to present.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

Interested Trustee

Jan F. van Eck,

1963⁵

Trustee, Chief Executive Officer and President

Trustee (Since 2006); Chief 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

Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

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

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP.

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

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

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

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

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

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

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

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

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

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

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

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

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

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

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

December 31, 2021

VanEck Natural Resources ETF and VanEck Oil Services ETF

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement (the “Investment Management Agreement”) between the Trust and Van Eck Associates Corporation (the “Adviser”) with respect to the VanEck Natural Resources ETF and VanEck Oil Services ETF (each, a “Fund” and together, the “Funds”).

Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on November 30, 2021 (the “November Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Funds to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Funds (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to or lower than the existing management fee rate for each Fund. The Amended and Restated Investment Management Agreement became effective on January 1, 2022.

The Board’s approval of the Amended and Restated Investment Management Agreement was based on a comprehensive consideration of all the information available to the Trustees and was not the result of any single factor. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Fund they received at the Renewal Meeting to approve the Investment Management Agreement, as well as additional information obtained at other meetings of the Board. A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to each Fund is available in the Trust’s semi-annual report for the period ended June 30, 2021. Some of the additional factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Funds would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Funds.

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

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

VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF and VanEck Green Metals ETF

At a meeting held on September 14, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the

VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF (formerly known as VanEck Future of Food II ETF) and VanEck Green Metals ETF (the “Funds”).

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

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

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

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

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

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

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

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

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