SEMI-ANNUAL REPORT
June 30, 2023
(unaudited)

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


	800.826.2333	vaneck.com

President’s Letter	3
Explanation of Expenses	5
Schedule of Investments
Agribusiness ETF	7
Future of Food ETF	9
Gold Miners ETF	11
Green Metals ETF	15
Junior Gold Miners ETF	17
Low Carbon Energy ETF	20
Natural Resources ETF	23
Oil Refiners ETF	31
Oil Services ETF	33
Rare Earth/Strategic Metals ETF	34
Steel ETF	36
Uranium+Nuclear Energy ETF	38
Statements of Assets and Liabilities	40
Statements of Operations	43
Statements of Changes in Net Assets	46
Financial Highlights
Agribusiness ETF	52
Future of Food ETF	53
Gold Miners ETF	54
Green Metals ETF	55
Junior Gold Miners ETF	56
Low Carbon Energy ETF	57
Natural Resources ETF	58
Oil Refiners ETF	59
Oil Services ETF	60
Rare Earth/Strategic Metals ETF	61
Steel ETF	62
Uranium+Nuclear Energy ETF	63
Notes to Financial Statements	64
Approval of Investment Management Agreements	72
Funds’ Liquidity Risk Management Program	77

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 June 30, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.

Discussion

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

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

1.	Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what the Fed is fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2.	Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend.

3.	Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led, not enough to overcome the property sector malaise.

China growth estimates range from low (1% to 3%) to “high” (4% to 5%). Many “bulls” point to China as a potential catalyst for a better-than-expected economic outlook. I don’t see it. In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

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

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. While I believe this crisis will prove to be idiosyncratic in nature, I’m worried that it could lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

AI and the instant success of ChatGPT have driven another wave of enthusiasm for tech stocks, but the valuations seem stretched to me. And large-cap earnings are still on a downward or flat trajectory, so I’m not chasing this rally.

My final thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

We thank you for investing with VanEck. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2023. 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 7, 2023

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.

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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

3 https://www.vaneck.com/us/en/subscribe/

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, January 1, 2023 to June 30, 2023.

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 January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Agribusiness ETF
Actual	$1,000.00	$949.80	0.54%	$2.61
Hypothetical (b)	$1,000.00	$1,022.12	0.54%	$2.71
Future of Food ETF
Actual	$1,000.00	$957.70	0.71%	$3.45
Hypothetical (b)	$1,000.00	$1,021.27	0.71%	$3.56
Gold Miners ETF
Actual	$1,000.00	$1,047.10	0.52%	$2.64
Hypothetical (b)	$1,000.00	$1,022.22	0.52%	$2.61
Green Metals ETF
Actual	$1,000.00	$958.60	0.67%	$3.25
Hypothetical (b)	$1,000.00	$1,021.47	0.67%	$3.36
Junior Gold Miners ETF
Actual	$1,000.00	$997.00	0.53%	$2.62
Hypothetical (b)	$1,000.00	$1,022.17	0.53%	$2.66
Low Carbon Energy ETF
Actual	$1,000.00	$1,107.00	0.65%	$3.40
Hypothetical (b)	$1,000.00	$1,021.57	0.65%	$3.26
Natural Resources ETF
Actual	$1,000.00	$979.50	0.52%	$2.55
Hypothetical (b)	$1,000.00	$1,022.22	0.52%	$2.61

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period January 1, 2023 - June 30, 2023(a)
Oil Refiners ETF
Actual	$1,000.00	$970.60	0.62%	$3.03
Hypothetical (b)	$1,000.00	$1,021.72	0.62%	$3.11
Oil Services ETF
Actual	$1,000.00	$946.10	0.35%	$1.69
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
Rare Earth/Strategic Metals ETF
Actual	$1,000.00	$1,091.10	0.57%	$2.96
Hypothetical (b)	$1,000.00	$1,021.97	0.57%	$2.86
Steel ETF
Actual	$1,000.00	$1,107.40	0.56%	$2.93
Hypothetical (b)	$1,000.00	$1,022.02	0.56%	$2.81
Uranium+Nuclear Energy ETF
Actual	$1,000.00	$1,083.30	0.61%	$3.15
Hypothetical (b)	$1,000.00	$1,021.77	0.61%	$3.06

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 2.3%
Incitec Pivot Ltd.		5,710,900	$	10,442,282
Treasury Wine Estates Ltd. †		1,974,433		14,795,465
				25,237,747
Brazil: 3.2%
Rumo SA		3,676,900		16,921,057
Yara International ASA (NOK)		505,135		17,880,776
				34,801,833
Canada: 5.9%
Nutrien Ltd. (USD)		1,105,009		65,250,782
Chile: 3.1%
Sociedad Quimica y Minera de Chile SA (ADR)		463,891		33,687,765
China: 4.5%
China Mengniu Dairy Co. Ltd. (HKD) *		5,133,000		19,397,592
Wilmar International Ltd. (SGD)		10,672,151		30,044,603
				49,442,195
Denmark: 1.2%
Bakkafrost P/F (NOK)		153,902		9,223,889
Schouw & Co. A/S		42,721		3,375,959
				12,599,848
Germany: 8.0%
Bayer AG		1,370,517		75,851,114
K+S AG		654,408		11,409,037
				87,260,151
Indonesia: 0.3%
Golden Agri-Resources Ltd. (SGD)		16,910,145		3,066,017
Israel: 0.9%
ICL Group Ltd. (USD) †		1,763,348		9,663,147
Japan: 4.3%
Kubota Corp. †		2,361,830		34,517,117
Maruha Nichiro Corp.		133,200		2,237,744
NH Foods Ltd.		257,000		6,946,239
Nissui Corp.		875,900		3,927,298
				47,628,398
Malaysia: 2.4%
IOI Corp. Bhd		6,578,155		5,266,359
Kuala Lumpur Kepong Bhd		1,548,670		7,301,591
PPB Group Bhd		1,896,980		6,397,100
Sime Darby Plantation Bhd		8,275,800		7,370,767
				26,335,817
Netherlands: 0.6%
OCI NV		274,137		6,583,291
Norway: 3.2%
Leroy Seafood Group ASA		835,164		3,175,163
Mowi ASA †		1,414,427		22,483,332
Salmar ASA †		243,157		9,817,065
				35,475,560
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1		0

	Number of Shares		Value
Russia (continued)
PhosAgro PJSC (USD) (GDR) ∞		1,892	$	0
				0
Singapore: 0.8%
Charoen Pokphand Indonesia Tbk PT (IDR) *		24,668,900		8,671,220
Switzerland: 0.9%
Bucher Industries AG		22,779		10,085,083
Taiwan: 0.5%
Taiwan Fertilizer Co. Ltd.		2,547,000		4,955,265
Thailand: 0.7%
Charoen Pokphand Foods PCL (NVDR)		14,198,136		7,894,125
United Kingdom: 4.3%
CNH Industrial NV (USD)		3,023,151		43,533,374
Genus Plc		148,431		4,094,872
				47,628,246
United States: 52.9%
AGCO Corp.		168,937		22,201,701
Archer-Daniels-Midland Co.		819,343		61,909,557
Balchem Corp.		65,011		8,764,133
Beyond Meat, Inc. * †		184,460		2,394,291
Bunge Ltd.		344,981		32,548,957
CF Industries Holdings, Inc.		406,530		28,221,313
Corteva, Inc.		1,222,853		70,069,477
Darling Ingredients, Inc. *		420,081		26,796,967
Deere & Co.		228,978		92,779,596
Elanco Animal Health, Inc. *		1,027,276		10,334,397
FMC Corp.		307,812		32,117,104
Mosaic Co.		749,431		26,230,085
Neogen Corp. *		473,134		10,290,664
Pilgrim’s Pride Corp. *		137,599		2,957,002
Toro Co.		249,589		25,370,722
Tyson Foods, Inc.		712,834		36,383,047
Zoetis, Inc.		534,468		92,040,734
				581,409,747
Total Common Stocks (Cost: $1,269,499,543)				1,097,676,237

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3%
Money Market Fund: 4.3% (Cost: $47,253,786)
State Street Navigator Securities Lending Government Money Market Portfolio		47,253,786		47,253,786
Total Investments: 104.3% (Cost: $1,316,753,329)				1,144,930,023
Liabilities in excess of other assets: (4.3)%				(46,729,052)
NET ASSETS: 100.0%			$	1,098,200,971

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (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 fully or partially on loan. Total market value of securities on loan is $47,671,200.
*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		30.5	%	$	334,381,351
Materials		29.6			325,274,455
Industrials		22.4			245,408,649
Health Care		17.5			192,611,782
		100.0	%	$	1,097,676,237

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	25,237,747	$	—	$	25,237,747
Brazil		16,921,057		17,880,776		—		34,801,833
Canada		65,250,782		—		—		65,250,782
Chile		33,687,765		—		—		33,687,765
China		—		49,442,195		—		49,442,195
Denmark		—		12,599,848		—		12,599,848
Germany		—		87,260,151		—		87,260,151
Indonesia		—		3,066,017		—		3,066,017
Israel		9,663,147		—		—		9,663,147
Japan		—		47,628,398		—		47,628,398
Malaysia		6,397,100		19,938,717		—		26,335,817
Netherlands		—		6,583,291		—		6,583,291
Norway		—		35,475,560		—		35,475,560
Russia		—		—		0		0
Singapore		—		8,671,220		—		8,671,220
Switzerland		—		10,085,083		—		10,085,083
Taiwan		—		4,955,265		—		4,955,265
Thailand		—		7,894,125		—		7,894,125
United Kingdom		43,533,374		4,094,872		—		47,628,246
United States		581,409,747		—		—		581,409,747
Money Market Fund		47,253,786		—		—		47,253,786
Total Investments	$	804,116,758	$	340,813,265	$	0	$	1,144,930,023

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 95.8%
Brazil: 1.9%
Yara International ASA (NOK)		1,847	$	65,380
Canada: 5.1%
Maple Leaf Foods, Inc.		2,200		43,027
Nutrien Ltd. (USD)		2,280		134,634
				177,661
China: 1.7%
Vitasoy International Holdings Ltd. (HKD)		48,000		59,829
Denmark: 4.2%
Novozymes A/S		3,091		144,195
France: 2.9%
Danone SA		1,628		99,751
Germany: 3.2%
Symrise AG		1,052		110,285
Ireland: 3.4%
Kerry Group Plc		1,228		118,655
Isle of Man: 0.3%
Agronomics Ltd. *		76,708		10,142
Japan: 2.0%
Kubota Corp.		4,800		70,150
Mexico: 4.0%
Orbia Advance Corp. SAB de CV		64,280		138,226
Netherlands: 0.7%
Corbion NV		1,060		25,313
Norway: 0.2%
Atlantic Sapphire ASA * †		10,900		6,653
Philippines: 0.6%
Monde Nissin Corp. 144A		147,600		21,457
Sweden: 3.0%
Oatly Group AB (ADR) * †		50,452		103,427
Switzerland: 9.4%
Bucher Industries AG		216		95,631
Givaudan SA		40		132,737

	Number of Shares		Value
Switzerland (continued)
Nestle SA		768	$	92,425
				320,793
United States: 53.2%
AppHarvest, Inc. *		39,524		14,624
Archer-Daniels-Midland Co.		1,156		87,347
Balchem Corp.		308		41,521
Ball Corp.		1,844		107,339
Benson Hill, Inc. * †		14,124		18,361
Berry Global Group, Inc.		696		44,781
Beyond Meat, Inc. * †		1,589		20,625
Bunge Ltd.		1,652		155,866
Conagra Brands, Inc.		1,584		53,412
Corteva, Inc.		3,295		188,804
Deere & Co.		500		202,595
FMC Corp.		1,457		152,023
Ingredion, Inc.		2,044		216,563
International Flavors & Fragrances, Inc.		1,016		80,863
John Bean Technologies Corp.		532		64,532
Kellogg Co.		780		52,572
Lindsay Corp.		664		79,242
Local Bounti Corp. *		427		1,161
Titan International, Inc. *		3,380		38,802
Trimble, Inc. *		1,732		91,692
Valmont Industries, Inc.		408		118,749
				1,831,474
Total Common Stocks (Cost: $4,121,540)				3,303,391

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8%
Money Market Fund: 3.8% (Cost: $129,532)
State Street Navigator Securities Lending Government Money Market Portfolio		129,532		129,532
Total Investments: 99.6% (Cost: $4,251,072)				3,432,923
Other assets less liabilities: 0.4%				12,557
NET ASSETS: 100.0%			$	3,445,480

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $140,439.

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 $21,457, or 0.6% of net assets.

See Notes to Financial Statements

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		41.3	%	$	1,366,101
Consumer Staples		35.3			1,165,756
Industrials		20.3			669,700
Information Technology		2.8			91,692
Financials		0.3			10,142
		100.0	%	$	3,303,391

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	—	$	65,380	$	—	$	65,380
Canada		177,661		—		—		177,661
China		—		59,829		—		59,829
Denmark		—		144,195		—		144,195
France		—		99,751		—		99,751
Germany		—		110,285		—		110,285
Ireland		—		118,655		—		118,655
Isle of Man		10,142		—		—		10,142
Japan		—		70,150		—		70,150
Mexico		138,226		—		—		138,226
Netherlands		—		25,313		—		25,313
Norway		—		6,653		—		6,653
Philippines		—		21,457		—		21,457
Sweden		103,427		—		—		103,427
Switzerland		—		320,793		—		320,793
United States		1,831,474		—		—		1,831,474
Money Market Fund		129,532		—		—		129,532
Total Investments	$	2,390,462	$	1,042,461	$	—	$	3,432,923

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 15.0%
Capricorn Metals Ltd. * ‡		19,801,508	$	53,740,413
Emerald Resources NL * † ‡		31,420,095		43,021,088
Evolution Mining Ltd. † ‡		96,649,234		210,265,036
Gold Road Resources Ltd. † ‡		56,799,887		56,862,082
Newcrest Mining Ltd.		34,728,519		619,036,381
Northern Star Resources Ltd. † ‡		60,580,647		493,172,045
OceanaGold Corp. (CAD) ‡		37,257,384		73,487,075
Perseus Mining Ltd. ‡		72,051,096		79,979,786
Ramelius Resources Ltd. ‡		51,931,829		44,125,000
Regis Resources Ltd. † ‡		39,766,727		48,987,882
Silver Lake Resources Ltd. * † ‡		48,969,075		31,905,452
West African Resources Ltd. * ‡		53,911,234		31,472,069
				1,786,054,309
Brazil: 6.0%
Wheaton Precious Metals Corp. (USD) †		16,444,118		710,714,780
Burkina Faso: 0.6%
IAMGOLD Corp. (USD) * † ‡		25,227,313		66,347,833
Canada: 42.6%
Agnico Eagle Mines Ltd. (USD) †		17,951,432		897,212,571
Alamos Gold, Inc. (USD) ‡		20,862,068		248,675,851
Aya Gold & Silver, Inc. * † ‡		6,127,970		39,317,185
B2Gold Corp. (USD) ‡		68,200,130		243,474,464
Barrick Gold Corp. (USD)		63,742,241		1,079,156,140
Dundee Precious Metals, Inc. ‡		9,932,776		65,680,552
Endeavour Silver Corp. (USD) * ‡		10,074,560		29,115,478
Equinox Gold Corp. (USD) * † ‡		16,440,340		75,296,757
First Majestic Silver Corp. (USD) † ‡		14,451,726		81,652,252
Fortuna Silver Mines, Inc. (USD) * † ‡		15,288,118		49,533,502
Franco-Nevada Corp. (USD)		6,968,308		993,680,721
K92 Mining, Inc. * ‡		12,271,755		53,325,215
Kinross Gold Corp. (USD) ‡		64,654,197		308,400,520
MAG Silver Corp. (USD) * ‡		5,429,295		60,482,346
New Gold, Inc. (USD) * ‡		35,978,593		38,856,881
Osisko Gold Royalties Ltd. (USD) † ‡		9,729,339		149,539,941
Pan American Silver Corp. (USD) † ‡		19,194,835		279,860,694
Sandstorm Gold Ltd. (USD) ‡		15,783,834		80,813,230
SilverCrest Metals, Inc. (USD) * † ‡		7,754,615		45,442,044
SSR Mining, Inc. (USD) † ‡		10,877,233		154,239,164
Torex Gold Resources, Inc. * ‡		4,521,298		64,304,424
Wesdome Gold Mines Ltd. * ‡		7,504,718		39,132,858
				5,077,192,790

	Number of Shares		Value
China: 5.2%
Zhaojin Mining Industry Co. Ltd. (HKD) † ‡		137,429,500	$	173,395,042
Zijin Mining Group Co. Ltd. (HKD) ‡		302,166,000		447,437,415
				620,832,457
Egypt: 0.6%
Centamin Plc (GBP) ‡		61,014,148		70,866,905
Kyrgyzstan: 0.6%
Centerra Gold, Inc. (CAD) ‡		11,518,793		69,117,111
Peru: 0.8%
Cia de Minas Buenaventura SAA (ADR) ‡		13,363,056		98,218,462
South Africa: 5.7%
DRDGOLD Ltd. (ADR) † ‡		4,553,709		48,360,390
Gold Fields Ltd. (ADR) †		35,916,718		496,728,210
Harmony Gold Mining Co. Ltd. (ADR) ‡		32,553,506		136,724,725
				681,813,325
Tanzania: 3.9%
AngloGold Ashanti Ltd. (ADR) ‡		22,100,618		466,102,034
Turkey: 0.8%
Eldorado Gold Corp. (USD) * †		9,737,942		98,353,214
United Kingdom: 2.6%
Endeavour Mining Plc (CAD) † ‡		13,022,418		312,459,302
United States: 15.5%
Coeur Mining, Inc. * ‡		17,544,352		49,825,960
Hecla Mining Co. ‡		32,267,704		166,178,675
Newmont Corp.		28,858,755		1,231,114,488
Royal Gold, Inc. ‡		3,459,210		397,048,124
				1,844,167,247
Total Common Stocks (Cost: $12,147,070,815)				11,902,239,769

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $44,964,475)
State Street Navigator Securities Lending Government Money Market Portfolio		44,964,475		44,964,475
Total Investments: 100.3% (Cost: $12,192,035,290)				11,947,204,244
Liabilities in excess of other assets: (0.3)%				(38,148,873)
NET ASSETS: 100.0%			$	11,909,055,371

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $80,701,201.
‡	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		93.7	%	$	11,150,657,592
Silver		5.9			706,140,133
Precious Metals & Minerals		0.4			45,442,044
		100.0	%	$	11,902,239,769

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended June 30, 2023 were as follows:

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Dividend Income	Net Change in Unrealized Appreciation (Depreciation)	Value 6/30/2023
Alamos Gold, Inc.	$205,708,403	$55,235,509	$(51,045,273)	$20,709,661	$1,054,026	$18,067,551	$248,675,851
AngloGold Ashanti Ltd.	421,250,192	108,757,549	(108,027,976)	29,374,936	3,827,955	14,747,333	466,102,034
Aya Gold & Silver, Inc.	36,219,878	11,389,671	(6,627,502)	241,192	–	(1,906,054)	39,317,185
B2Gold Corp.	198,829,515	84,954,589	(38,618,761)	7,113,028	4,620,228	(8,803,907)	243,474,464
Capricorn Metals Ltd.	60,639,778	14,134,420	(12,488,059)	2,274,909	–	(10,820,635)	53,740,413
Centamin Plc	81,495,953	17,973,292	(16,286,465)	(224,126)	1,625,806	(12,091,749)	70,866,905
Centerra Gold, Inc.	59,014,494	17,206,757	(16,437,166)	1,085,516	1,216,311	8,247,509	69,117,110
Cia de Minas Buenaventura SAA	97,965,488	25,467,967	(21,931,597)	(3,478,253)	1,063,546	194,857	98,218,462
Coeur Mining, Inc.	48,923,959	18,585,556	(9,332,318)	568,211	–	(8,919,448)	49,825,960
DRDGOLD Ltd.	33,159,785	9,111,141	(9,947,127)	2,234,808	470,560	13,801,783	48,360,390
Dundee Precious Metals, Inc.	47,434,105	16,002,805	(15,323,494)	4,461,974	838,264	13,105,162	65,680,552
Eldorado Gold Corp.	80,041,390	22,208,223	(20,927,328)	2,819,259	–	14,211,670	–(a)
Emerald Resources NL	–	47,096,535	(613,481)	(56,697)	–	(3,405,269)	43,021,088
Endeavour Mining Plc	272,623,252	70,783,181	(68,644,192)	12,873,298	5,310,831	24,823,763	312,459,302
Endeavour Silver Corp.	31,843,407	8,041,860	(6,946,885)	(700,123)	–	(3,122,781)	29,115,478
Equinox Gold Corp.	51,858,919	17,549,874	(14,609,137)	(133,251)	–	20,630,352	75,296,757
Evolution Mining Ltd.	193,675,761	43,087,653	(46,279,157)	5,655,329	1,285,644	14,125,450	210,265,036
First Majestic Silver Corp.	113,580,650	24,693,007	(16,638,675)	(1,926,147)	159,827	(38,056,583)	81,652,252
Fortuna Silver Mines, Inc.	56,398,523	12,568,612	(11,375,168)	195,799	–	(8,254,264)	49,533,502
Gold Fields Ltd.	478,159,484	130,777,059	(302,857,598)	97,215,815	11,080,607	93,433,450	–(a)
Gold Road Resources Ltd.	64,292,600	14,232,397	(13,906,971)	2,664,584	189,172	(10,420,528)	56,862,082
Harmony Gold Mining Co. Ltd.	108,915,631	28,871,682	(28,806,314)	3,923,661	–	23,820,065	136,724,725
Hecla Mining Co.	174,714,054	42,958,010	(37,460,855)	8,458,541	414,476	(22,491,075)	166,178,675
IAMGOLD Corp.	64,050,910	15,039,975	(14,800,983)	848,961	–	1,208,970	66,347,833
K92 Mining, Inc.	68,361,763	16,461,460	(13,254,971)	(2,122,584)	–	(16,120,453)	53,325,215
Kinross Gold Corp.	266,228,145	65,980,474	(73,088,833)	718,489	4,051,420	48,562,245	308,400,520
MAG Silver Corp.	–	67,874,067	(866,621)	(87,481)	–	(6,437,619)	60,482,346
New Gold, Inc.	34,655,550	8,192,151	(8,535,505)	402,614	–	4,142,071	38,856,881
Northern Star Resources Ltd.	447,846,466	105,467,582	(112,295,685)	23,199,237	4,441,080	28,954,445	493,172,045
OceanaGold Corp.	69,497,545	19,231,684	(16,649,385)	180,346	369,863	1,226,885	73,487,075
Osisko Gold Royalties Ltd.	115,363,105	32,816,882	(30,777,001)	6,358,660	881,294	25,778,295	149,539,941
Pan American Silver Corp.	178,290,511	212,007,075	(55,646,563)	(8,467,155)	3,253,561	(46,323,174)	279,860,694
Perseus Mining Ltd.	101,580,825	24,331,426	(21,214,483)	8,108,481	504,810	(32,826,463)	79,979,786
Ramelius Resources Ltd.	–	52,413,868	(651,038)	(61,865)	–	(7,575,965)	44,125,000
Regis Resources Ltd.	54,855,943	11,729,456	(11,525,993)	(1,554,096)	–	(4,517,428)	48,987,882
Royal Gold, Inc.	383,500,042	100,941,083	(92,103,985)	18,063,431	2,730,272	(13,352,447)	397,048,124

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Transactions in securities of affiliates for the period ended June 30, 2023 were as follows: (continued)

	Value 12/31/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Dividend Income	Net Change in Unrealized Appreciation (Depreciation)	Value 6/30/2023
Sandstorm Gold Ltd.	81,298,870	20,753,024	(17,858,006)	(1,402,277)	494,571	(1,978,381)	80,813,230
Silver Lake Resources Ltd.	39,070,300	8,750,988	(7,949,881)	(1,382,081)	–	(6,583,874)	31,905,452
SilverCrest Metals, Inc.	45,623,274	11,568,558	(9,970,721)	(363,404)	–	(1,415,663)	45,442,044
SSR Mining, Inc.	167,794,658	37,633,572	(34,471,615)	2,592,059	1,574,653	(19,309,510)	154,239,164
Torex Gold Resources, Inc.	51,060,705	15,372,815	(14,165,226)	3,024,421	–	9,011,709	64,304,424
Wesdome Gold Mines Ltd.	40,768,741	9,343,429	(8,782,584)	(1,640,811)	–	(555,917)	39,132,858
West African Resources Ltd.	42,653,378	8,530,386	(7,399,131)	(763,962)	–	(11,548,602)	31,472,069
Yamana Gold, Inc.	276,431,736	58,355,514	(351,105,117)	61,096,866	1,095	(44,778,999)	–
Zhaojin Mining Industry Co. Ltd.	149,510,918	40,514,953	(40,675,265)	10,413,117	827,660	13,631,319	173,395,042
Zijin Mining Group Co. Ltd.	399,648,130	111,465,577	(104,445,076)	64,512,462	9,131,056	(23,743,678)	447,437,415
	$5,994,836,736	$1,896,463,348	$(1,923,365,167)	$377,025,352	$61,418,588	$26,364,418	$5,776,243,263

(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 June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	73,487,075	$	1,712,567,234	$	—	$	1,786,054,309
Brazil		710,714,780		—		—		710,714,780
Burkina Faso		66,347,833		—		—		66,347,833
Canada		5,077,192,790		—		—		5,077,192,790
China		—		620,832,457		—		620,832,457
Egypt		—		70,866,905		—		70,866,905
Kyrgyzstan		69,117,111		—		—		69,117,111
Peru		98,218,462		—		—		98,218,462
South Africa		681,813,325		—		—		681,813,325
Tanzania		466,102,034		—		—		466,102,034
Turkey		98,353,214		—		—		98,353,214
United Kingdom		312,459,302		—		—		312,459,302
United States		1,844,167,247		—		—		1,844,167,247
Money Market Fund		44,964,475		—		—		44,964,475
Total Investments	$	9,542,937,648	$	2,404,266,596	$	—	$	11,947,204,244

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 18.3%
Allkem Ltd. *		50,486	$	542,521
Glencore Plc (GBP)		360,765		2,047,669
IGO Ltd.		37,632		383,813
Iluka Resources Ltd.		22,606		168,199
Liontown Resources Ltd. *		157,540		299,780
Lynas Rare Earths Ltd. *		73,934		339,482
Pilbara Minerals Ltd.		209,599		688,364
				4,469,828
Canada: 8.8%
Hudbay Minerals, Inc. (USD)		15,892		76,282
Ivanhoe Mines Ltd. *		37,952		347,039
Lithium Americas Corp. (USD) * †		9,271		187,367
Teck Resources Ltd. (USD)		36,250		1,526,125
				2,136,813
Chile: 1.5%
Lundin Mining Corp. (CAD)		48,112		377,406
China: 23.3%
Beijing Easpring Material Technology Co. Ltd.		28,200		196,210
Chengxin Lithium Group Co. Ltd.		60,700		266,584
China Northern Rare Earth Group High-Tech Co. Ltd.		176,568		583,350
China Rare Earth Resources And Technology Co. Ltd.		49,600		202,220
Ganfeng Lithium Group Co. Ltd.		76,320		642,538
GEM Co. Ltd. *		372,000		354,303
Jiangxi Copper Co. Ltd.		43,703		114,479
MMG Ltd. (HKD) *		232,000		67,702
Mongolia Xingye Silver&Tin Mining Co. Ltd. *		83,600		102,401
Nanjing Hanrui Cobalt Co. Ltd.		18,500		82,669
Ningbo Shanshan Co. Ltd.		108,700		226,692
Shenghe Resources Holding Co. Ltd. *		109,300		193,852
Tianqi Lithium Corp.		93,200		899,261
Tongling Nonferrous Metals Group Co. Ltd.		558,600		222,748
Western Mining Co. Ltd.		140,500		203,514
Youngy Co. Ltd.		16,800		154,766
Yunnan Chihong Zinc&Germanium Co. Ltd.		265,900		183,901
Yunnan Copper Co. Ltd.		114,800		175,183
Yunnan Tin Co. Ltd.		77,600		166,437
Zhejiang Huayou Cobalt Co. Ltd.		103,730		656,435
				5,695,245
Germany: 0.9%
Aurubis AG		2,651		227,577
Japan: 3.0%
Mitsubishi Materials Corp.		7,600		136,599

	Number of Shares		Value
Japan (continued)
Sumitomo Metal Mining Co. Ltd.		17,900	$	576,891
				713,490
Liechtenstein: 2.5%
Antofagasta Plc (GBP)		32,384		602,868
Mexico: 7.3%
Grupo Mexico SAB de CV		262,300		1,260,380
Southern Copper Corp. (USD)		7,163		513,874
				1,774,254
Poland: 1.1%
KGHM Polska Miedz SA		9,602		266,068
Russia: 0.0%
MMC Norilsk Nickel PJSC * ∞		4,405		0
MMC Norilsk Nickel PJSC (ADR) * ∞		2		0
				0
South Africa: 10.6%
Anglo American Platinum Ltd.		4,654		209,597
Anglo American Plc (GBP)		56,174		1,601,172
Impala Platinum Holdings Ltd.		55,990		371,624
Northam Platinum Holdings Ltd. *		15,358		102,011
Sibanye Stillwater Ltd. (ADR) †		45,894		286,379
				2,570,783
Sweden: 2.7%
Boliden AB		23,037		666,584
United States: 16.8%
Albemarle Corp.		6,734		1,502,288
Freeport-McMoRan, Inc.		52,296		2,091,839
Livent Corp. * †		11,048		303,047
MP Materials Corp. * †		8,079		184,848
				4,082,022
Zambia: 3.1%
First Quantum Minerals Ltd. (CAD)		32,081		759,810
Total Common Stocks (Cost: $29,784,565)				24,342,748

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6%
Money Market Fund: 1.6% (Cost: $384,877)
State Street Navigator Securities Lending Government Money Market Portfolio		384,877		384,877
Total Investments: 101.5% (Cost: $30,169,442)				24,727,625
Liabilities in excess of other assets: (1.5)%				(366,238)
NET ASSETS: 100.0%			$	24,361,387

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $830,302.
∞	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		57.5	%	$	13,984,665
Copper		22.0			5,351,853
Specialty Chemicals		15.7			3,840,410
Precious Metals & Minerals		4.0			969,610
Electrical Components & Equipment		0.8			196,210
		100.0	%	$	24,342,748

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	4,469,828	$	—	$	4,469,828
Canada		2,136,813		—		—		2,136,813
Chile		377,406		—		—		377,406
China		—		5,695,245		—		5,695,245
Germany		—		227,577		—		227,577
Japan		—		713,490		—		713,490
Liechtenstein		—		602,868		—		602,868
Mexico		1,774,254		—		—		1,774,254
Poland		—		266,068		—		266,068
Russia		—		—		0		0
South Africa		388,390		2,182,393		—		2,570,783
Sweden		—		666,584		—		666,584
United States		4,082,022		—		—		4,082,022
Zambia		759,810		—		—		759,810
Money Market Fund		384,877		—		—		384,877
Total Investments	$	9,903,572	$	14,824,053	$	0	$	24,727,625

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 16.4%
Alkane Resources Ltd. * †		19,646,352	$	9,299,176
Aurelia Metals Ltd. * †		46,673,620		2,924,552
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. * †		33,270,696		28,440,758
Capricorn Metals Ltd. *		14,180,381		38,484,924
De Grey Mining Ltd. *		53,857,363		48,766,426
Evolution Mining Ltd.		59,928,410		130,377,125
Firefinch Ltd. * †∞		54,133,739		1,621,535
Gold Road Resources Ltd.		44,148,199		44,196,541
Kingsgate Consolidated Ltd. * †		11,855,939		11,948,172
OceanaGold Corp. (CAD)		26,064,325		51,409,702
Perseus Mining Ltd.		53,485,410		59,371,083
Ramelius Resources Ltd. †		42,554,215		36,157,108
Red 5 Ltd. * †		119,345,758		15,281,083
Regis Resources Ltd.		27,783,460		34,225,921
Resolute Mining Ltd. * †		80,301,811		21,096,310
Silver Lake Resources Ltd. *		33,785,093		22,012,437
Silver Mines Ltd. * †		61,366,015		7,421,358
St Barbara Ltd. * †		27,417,993		8,899,266
Tietto Minerals Ltd. *		37,017,445		11,526,212
West African Resources Ltd. *		36,723,994		21,438,576
Westgold Resources Ltd. *		16,556,961		16,056,182
				620,954,448
Burkina Faso: 1.1%
IAMGOLD Corp. (USD) *		15,926,187		41,885,872
Canada: 57.5%
Alamos Gold, Inc. (USD) ‡		21,096,142		251,466,013
Americas Gold & Silver Corp. (USD) * †		9,756,425		3,444,018
Archer Exploration Corp. *		1,075,827		126,018
Aris Mining Corp. †		5,477,164		13,203,970
Arizona Metals Corp. * †		5,027,843		11,550,835
Artemis Gold, Inc. * †		6,454,730		23,218,980
Aya Gold & Silver, Inc. * †		4,441,115		28,494,288
B2Gold Corp. (USD)		52,912,992		188,899,381
Calibre Mining Corp. * †		14,086,732		14,797,323
Dakota Gold Corp. (USD) *		2,667,495		7,789,085
Discovery Silver Corp. * †		11,812,230		7,319,878
Dundee Precious Metals, Inc.		5,495,270		36,337,512
Endeavour Silver Corp. (USD) * †		7,927,893		22,911,611
Equinox Gold Corp. (USD) * †		10,643,996		48,749,502
Filo Corp. * †		3,643,274		71,062,083
First Majestic Silver Corp. (USD) †		11,524,317		65,112,391
Fortuna Silver Mines, Inc. (USD) * †		12,041,895		39,015,740
Gatos Silver, Inc. (USD) * †		1,558,834		5,892,393
Gold Royalty Corp. (USD) †		4,917,702		8,704,333
GoldMining, Inc. (USD) * †		7,359,798		6,631,914
i-80 Gold Corp. * †		7,772,849		17,504,697
K92 Mining, Inc. * †		8,593,361		37,341,263
Karora Resources, Inc. * †		6,742,393		20,636,079

	Number of Shares		Value
Canada (continued)
Kinross Gold Corp. (USD)		59,262,550	$	282,682,363
Liberty Gold Corp. * †		11,599,216		3,813,081
Lundin Gold, Inc. †		3,927,439		47,043,195
MAG Silver Corp. (USD) * †		3,076,368		34,270,740
Marathon Gold Corp. * †		13,657,461		8,360,131
McEwen Mining, Inc. (USD) * †		1,810,688		13,018,847
Metalla Royalty & Streaming Ltd. (USD) * †		2,416,382		10,487,098
New Found Gold Corp. * †		4,049,765		20,168,488
New Gold, Inc. (USD) * †		23,584,577		25,471,343
New Pacific Metals Corp. * †		4,050,642		8,785,447
Novagold Resources, Inc. (USD) *		7,528,461		30,038,559
Orla Mining Ltd. * †		8,777,605		36,881,529
Osisko Gold Royalties Ltd. (USD) †		5,864,441		90,136,458
Osisko Mining, Inc. * †		12,367,208		30,094,396
Pan American Silver Corp. (USD) †		15,553,317		226,767,362
Prime Mining Corp. * †		3,839,711		5,194,092
Sandstorm Gold Ltd. (USD) †		10,168,577		52,063,114
Seabridge Gold, Inc. (USD) * †		3,073,978		37,041,435
Silvercorp Metals, Inc. (USD) †		7,650,325		21,573,916
SilverCrest Metals, Inc. (USD) * †		5,350,098		31,351,574
Skeena Resources Ltd. * †		2,959,225		14,290,155
SSR Mining, Inc. (USD)		7,165,895		101,612,391
Sulliden Mining Capital, Inc. *		1,689,990		31,929
Torex Gold Resources, Inc. *		2,765,364		39,330,550
Triple Flag Precious Metals Corp. (USD)		3,047,721		41,997,595
Victoria Gold Corp. * †		1,622,019		9,463,054
Wesdome Gold Mines Ltd. * †		5,157,224		26,892,005
				2,179,070,154
China: 1.6%
Real Gold Mining Ltd. (HKD) *∞		19,287,400		0
Zhaojin Mining Industry Co. Ltd. (HKD)		46,812,700		59,063,668
				59,063,668
Egypt: 1.2%
Centamin Plc (GBP)		38,365,229		44,560,567
Indonesia: 0.9%
Bumi Resources Minerals Tbk PT *		3,717,377,800		33,721,086
Jersey, Channel Islands: 0.2%
Caledonia Mining Corp. Plc (USD)		582,519		6,768,871
Kyrgyzstan: 1.1%
Centerra Gold, Inc. (CAD) †		6,843,938		41,066,214

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Mexico: 3.6%
GoGold Resources, Inc. (CAD) * †		13,647,029	$	15,676,164
Industrias Penoles SAB de CV * †		8,592,863		120,461,914
				136,138,078
Peru: 1.9%
Cia de Minas Buenaventura SAA (ADR)		8,218,767		60,407,937
Hochschild Mining Plc (GBP)		14,671,567		13,238,237
				73,646,174
South Africa: 2.1%
DRDGOLD Ltd. (ADR) †		954,456		10,136,323
Harmony Gold Mining Co. Ltd. (ADR)		16,204,975		68,060,895
				78,197,218
Turkey: 2.7%
Eldorado Gold Corp. (USD) * †		5,766,293		58,239,560
Koza Altin Isletmeleri AS		44,192,123		42,305,453
				100,545,013
United Kingdom: 5.8%
Endeavour Mining Plc		8,435,470		202,798,763
Greatland Gold Plc * †		200,504,075		18,353,592
				221,152,355

	Number of Shares		Value
United States: 3.8%
Argonaut Gold, Inc. (CAD) * †		29,810,025	$	11,939,780
Aura Minerals, Inc. (BRL) (BDR)		1,514,880		10,092,919
Coeur Mining, Inc. * †		10,723,169		30,453,800
Hecla Mining Co.		17,753,260		91,429,289
				143,915,788
Total Common Stocks (Cost: $4,430,278,308)				3,780,685,506

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $83,919,759)
State Street Navigator Securities Lending Government Money Market Portfolio		83,919,759		83,919,759
Total Investments: 102.1% (Cost: $4,514,198,067)				3,864,605,265
Liabilities in excess of other assets: (2.1)%				(78,134,669)
NET ASSETS: 100.0%			$	3,786,470,596

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:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $202,070,631.
‡	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
Gold		77.1	%	$	2,915,659,729
Silver		15.2			574,670,577
Precious Metals & Minerals		4.3			162,332,515
Diversified Metals & Mining		3.4			128,022,685
		100.0	%	$	3,780,685,506

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended June 30, 2023 were as follows:

		Value 12/31/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/2023
Alamos Gold, Inc.		$–(a)		$85,817,363		$(17,711,215)		$5,798,725		$778,457		$19,977,712		$251,466,013

(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 June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	51,409,702	$	567,923,211	$	1,621,535	$	620,954,448
Burkina Faso		41,885,872		—		—		41,885,872
Canada		2,179,070,154		—		—		2,179,070,154
China		—		59,063,668		—		59,063,668
Egypt		—		44,560,567		—		44,560,567
Indonesia		33,721,086		—		—		33,721,086
Jersey, Channel Islands		6,768,871		—		—		6,768,871
Kyrgyzstan		41,066,214		—		—		41,066,214
Mexico		136,138,078		—		—		136,138,078
Peru		60,407,937		13,238,237		—		73,646,174
South Africa		78,197,218		—		—		78,197,218
Turkey		58,239,560		42,305,453		—		100,545,013
United Kingdom		18,353,592		202,798,763		—		221,152,355
United States		143,915,788		—		—		143,915,788
Money Market Fund		83,919,759		—		—		83,919,759
Total Investments	$	2,933,093,831	$	929,889,899	$	1,621,535	$	3,864,605,265

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Austria: 0.5%
Verbund AG		12,433	$	997,263
Brazil: 1.7%
Centrais Eletricas Brasileiras SA (ADR)†		241,534		1,997,486
Cia Energetica de Minas Gerais (ADR) †		433,755		1,140,776
Cia Paranaense de Energia (ADR)		29,826		256,802
				3,395,064
Canada: 2.4%
Ballard Power Systems, Inc. (USD) * †		90,665		395,300
Boralex, Inc. †		34,366		936,771
Canadian Solar, Inc. (USD) * †		17,645		682,685
Innergex Renewable Energy, Inc. †		51,023		475,816
Northland Power, Inc.		96,945		2,024,251
TransAlta Renewables, Inc. †		41,031		352,868
				4,867,691
Chile: 0.5%
Enel Americas SA*		7,422,529		990,010
China: 17.2%
BYD Co. Ltd. (HKD)		303,500		9,730,872
China Everbright Environment Group Ltd. (HKD)		1,228,000		485,346
China Longyuan Power Group Corp. Ltd. (HKD)		680,000		702,301
Daqo New Energy Corp. (ADR) *		22,275		884,318
GCL Technology Holdings Ltd. (HKD) †		7,285,000		1,691,122
JinkoSolar Holding Co. Ltd. (ADR) * †		11,877		527,101
Li Auto, Inc. (ADR) *		232,576		8,163,418
NIO, Inc. (ADR) *		544,322		5,274,480
Xinyi Solar Holdings Ltd. (HKD)		2,122,000		2,463,445
XPeng, Inc. (ADR) *		214,501		2,878,603
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A * †		311,900		1,848,492
				34,649,498
Denmark: 8.6%
Orsted AS 144A		72,714		6,892,089
ROCKWOOL International A/S		2,953		763,515
Vestas Wind Systems A/S *		361,677		9,614,123
				17,269,727
France: 0.4%
Neoen SA 144A		27,470		870,658
Germany: 0.7%
Encavis AG *		43,328		711,577
Nordex SE * †		53,623		652,019
				1,363,596

	Number of Shares		Value
Ireland: 1.5%
Kingspan Group Plc		44,458	$	2,958,752
Italy: 6.9%
Enel SpA		1,976,955		13,327,024
ERG SpA		21,379		630,408
				13,957,432
Japan: 0.4%
Horiba Ltd.†		14,184		814,428
New Zealand: 2.0%
Contact Energy Ltd.		283,621		1,409,210
Mercury NZ Ltd.		245,206		978,395
Meridian Energy Ltd.		466,672		1,604,275
				3,991,880
Norway: 0.2%
NEL ASA *		391,879		461,297
Portugal: 1.0%
EDP Renovaveis SA *		98,399		1,965,995
South Korea: 5.9%
Hanwha Solutions Corp. *		35,018		1,129,253
Samsung SDI Co. Ltd.		20,838		10,640,599
				11,769,852
Spain: 8.3%
Acciona SA †		9,489		1,610,843
Atlantica Sustainable Infrastructure Plc (USD)		25,895		606,979
Iberdrola SA		1,110,123		14,494,221
				16,712,043
Sweden: 2.6%
Nibe Industrier AB		541,407		5,140,288
Switzerland: 0.4%
Landis+Gyr Group AG		8,223		707,545
Taiwan: 0.3%
Simplo Technology Co. Ltd.		62,000		655,757
Thailand: 0.5%
Energy Absolute PCL (NVDR)		688,200		1,108,237
United Kingdom: 1.1%
Drax Group Plc		123,888		913,837
Johnson Matthey Plc		58,528		1,300,686
				2,214,523
United States: 36.9%
Array Technologies, Inc. *		40,589		917,311
Badger Meter, Inc.		7,212		1,064,203
Bloom Energy Corp. * †		48,187		787,857
Brookfield Renewable Corp.		43,031		1,356,337
ChargePoint Holdings, Inc. * †		96,411		847,453
EnerSys		12,265		1,330,998
Enphase Energy, Inc. *		41,088		6,881,418
First Solar, Inc. *		31,617		6,010,075
Fisker, Inc. * †		57,812		326,060
FuelCell Energy, Inc. * †		126,324		272,860
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		30,410		760,250
Installed Building Products, Inc.		6,114		856,938

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Lucid Group, Inc. * †		293,267	$	2,020,610
NextEra Energy, Inc.		211,180		15,669,556
Ormat Technologies, Inc. †		13,999		1,126,360
Owens Corning		26,324		3,435,282
Plug Power, Inc. * †		168,509		1,750,808
QuantumScape Corp. * †		107,735		860,803
Rivian Automotive, Inc. * †		175,446		2,922,930
SolarEdge Technologies, Inc. *		19,492		5,244,323
Sunnova Energy International, Inc. * †		21,903		401,044
Sunrun, Inc. *		58,843		1,050,936
Tesla, Inc. *		69,748		18,257,934
				74,152,346
Total Common Stocks (Cost: $222,263,656)				201,013,882

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.5%
Money Market Fund: 5.5% (Cost: $11,021,593)
State Street Navigator Securities Lending Government Money Market Portfolio		11,021,593	$	11,021,593
Total Investments: 105.5% (Cost: $233,285,249)				212,035,475
Liabilities in excess of other assets: (5.5)%				(11,134,037)
NET ASSETS: 100.0%			$	200,901,438

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $20,519,016.
*	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 $9,611,239, or 4.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Utilities		37.6	%	$	75,551,389
Consumer Discretionary		26.4			53,141,140
Information Technology		19.0			38,267,018
Industrials		15.4			30,864,146
Materials		1.2			2,429,939
Financials		0.4			760,250
		100.0	%	$	201,013,882

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	997,263	$	—	$	997,263
Brazil		3,395,064		—		—		3,395,064
Canada		4,867,691		—		—		4,867,691
Chile		990,010		—		—		990,010
China		17,727,920		16,921,578		—		34,649,498
Denmark		—		17,269,727		—		17,269,727
France		—		870,658		—		870,658
Germany		—		1,363,596		—		1,363,596
Ireland		—		2,958,752		—		2,958,752
Italy		—		13,957,432		—		13,957,432
Japan		—		814,428		—		814,428
New Zealand		—		3,991,880		—		3,991,880
Norway		—		461,297		—		461,297
Portugal		—		1,965,995		—		1,965,995
South Korea		—		11,769,852		—		11,769,852
Spain		606,979		16,105,064		—		16,712,043
Sweden		—		5,140,288		—		5,140,288
Switzerland		—		707,545		—		707,545
Taiwan		—		655,757		—		655,757
Thailand		—		1,108,237		—		1,108,237
United Kingdom		—		2,214,523		—		2,214,523
United States		74,152,346		—		—		74,152,346
Money Market Fund		11,021,593		—		—		11,021,593
Total Investments	$	112,761,603	$	99,273,872	$	—	$	212,035,475

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Argentina: 0.1%
YPF SA (ADR) * †		7,810	$	116,291
Australia: 7.5%
Alumina Ltd. †		54,664		50,663
Ampol Ltd.		4,730		94,418
Bega Cheese Ltd. †		12,932		24,620
BHP Group Ltd.		118,611		3,563,001
BlueScope Steel Ltd.		10,682		146,904
Costa Group Holdings Ltd. †		21,739		39,531
Elders Ltd. †		8,681		38,109
Evolution Mining Ltd. †		33,610		73,120
Fortescue Metals Group Ltd. †		36,885		546,915
Glencore Plc (GBP)		160,975		913,680
GrainCorp Ltd. †		11,878		62,096
IGO Ltd. †		15,611		159,218
Inghams Group Ltd. †		18,612		32,565
Lynas Rare Earths Ltd.* †		21,729		99,773
Mineral Resources Ltd. †		3,873		185,349
Newcrest Mining Ltd.		16,619		296,234
Northern Star Resources Ltd. †		20,945		170,508
Nufarm Ltd.		17,794		60,544
Origin Energy Ltd.		34,005		190,983
Perseus Mining Ltd.		25,382		28,175
Pilbara Minerals Ltd. †		62,610		205,624
Rio Tinto Plc (GBP)		24,244		1,542,337
Santos Ltd.		61,406		307,014
South32 Ltd.		106,071		266,843
Washington H Soul Pattinson & Co. Ltd. †		4,568		96,901
Woodside Energy Group Ltd. †		37,658		870,435
Worley Ltd.		7,257		76,571
				10,142,131
Austria: 0.3%
Mayr Melnhof Karton AG		266		38,990
OMV AG		2,798		118,787
Verbund AG		1,159		92,964
voestalpine AG		2,619		94,100
				344,841
Brazil: 3.2%
Adecoagro SA (USD) †		6,065		56,768
BrasilAgro - Co. Brasileira de Propriedades Agricolas		2,950		14,989
BRF SA (ADR)* †		60,852		115,619
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR)		7,051		83,484
Cia Siderurgica Nacional SA (ADR)		31,063		80,453
Cosan SA		23,800		88,115
CSN Mineracao SA		11,200		9,705
Engie Brasil Energia SA		1,800		17,049
Gerdau SA (ADR)		27,092		141,420
Minerva SA		15,050		33,164
Neoenergia SA		5,800		25,525

	Number of Shares		Value
Brazil (continued)
Petroleo Brasileiro SA (ADR)		73,902	$	1,022,065
PRIO SA*		15,050		115,683
Sao Martinho SA		8,850		62,651
SLC Agricola SA		5,481		43,425
Suzano SA		23,550		215,875
Vale SA (ADR)		106,320		1,426,814
Wheaton Precious Metals Corp. (USD)		8,434		364,517
Yara International ASA (NOK)		9,221		326,405
				4,243,726
British Virgin Islands: 0.0%
Lee & Man Paper Manufacturing Ltd. (HKD)		36,300		12,083
Nine Dragons Paper Holdings Ltd. (HKD)		48,057		29,669
				41,752
Canada: 8.3%
Agnico Eagle Mines Ltd. (USD)		9,202		459,916
Alamos Gold, Inc.		7,332		87,436
Algonquin Power & Utilities Corp. †		7,097		58,728
AltaGas Ltd. †		5,548		99,786
ARC Resources Ltd.†		12,109		161,697
B2Gold Corp.		23,873		85,154
Ballard Power Systems, Inc. * †		2,494		10,932
Barrick Gold Corp. (USD)		32,516		550,496
Boralex, Inc. †		1,041		28,376
Cameco Corp. (USD) †		10,097		316,339
Canadian Natural Resources Ltd. (USD)		21,400		1,203,964
Canadian Solar, Inc. (USD) * †		526		20,351
Canadian Utilities Ltd.		2,381		61,736
Canfor Corp. * †		1,834		32,959
Cenovus Energy, Inc.		26,962		458,451
Emera, Inc. †		5,394		222,404
Enbridge, Inc. (USD)		40,154		1,491,721
Filo Corp.*		1,507		29,394
First Majestic Silver Corp. †		4,993		28,262
Franco-Nevada Corp.		3,552		506,823
Innergex Renewable Energy, Inc. †		1,561		14,557
Ivanhoe Mines Ltd. * †		13,270		121,343
Kinross Gold Corp. (USD)		22,665		108,112
Lundin Gold, Inc.		1,767		21,165
Maple Leaf Foods, Inc. †		4,171		81,576
Methanex Corp.		706		29,206
Northland Power, Inc.		2,580		53,871
Novagold Resources, Inc. (USD) *		4,262		17,005
Nutrien Ltd. (USD)		28,387		1,676,252
Osisko Gold Royalties Ltd. †		3,424		52,683
Pan American Silver Corp. (USD) †		6,785		98,925
Pembina Pipeline Corp.		10,922		343,776
Sandstorm Gold Ltd. †		4,614		23,676

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Canada (continued)
SSR Mining, Inc. (USD) †		3,825	$	54,239
Stella-Jones, Inc.		1,858		95,789
Suncor Energy, Inc. (USD)		25,996		762,203
TC Energy Corp. (USD)		19,838		801,654
Teck Resources Ltd. (USD)		11,743		494,380
Tourmaline Oil Corp. †		6,301		297,229
TransAlta Renewables, Inc.		1,097		9,434
West Fraser Timber Co. Ltd. †		1,714		147,418
				11,219,418
Chile: 0.6%
Empresas CMPC SA		33,365		63,806
Empresas Copec SA		7,386		54,786
Hortifrut SA		14,490		23,691
Lundin Mining Corp. (CAD)		15,256		119,673
Sociedad Quimica y Minera de Chile SA (ADR)		8,113		589,166
				851,122
China: 1.8%
Aluminum Corp. of China Ltd. (HKD)		88,600		38,345
Angang Steel Co. Ltd. (HKD)		30,840		8,094
Beijing Enterprises Water Group Ltd. (HKD)		41,100		9,776
China Coal Energy Co. Ltd. (HKD)		38,600		28,740
China Gas Holdings Ltd. (HKD)		53,200		61,009
China Hongqiao Group Ltd. (HKD)		60,700		49,575
China Longyuan Power Group Corp. Ltd. (HKD)		34,829		35,971
China Petroleum & Chemical Corp. (HKD)		479,427		281,853
China Shenhua Energy Co. Ltd. (HKD)		66,891		204,980
CMOC Group Ltd. (HKD) †		84,600		44,538
ENN Energy Holdings Ltd. (HKD)		15,000		187,607
Hong Kong & China Gas Co. Ltd. (HKD)		215,705		186,784
Jiangxi Copper Co. Ltd. (HKD)		25,600		39,569
JinkoSolar Holding Co. Ltd. (ADR) * †		515		22,856
Kunlun Energy Co. Ltd. (HKD)		73,700		58,053
Maanshan Iron & Steel Co. Ltd. (HKD)†		32,900		5,814
PetroChina Co. Ltd. (HKD)		413,240		286,914
Power Assets Holdings Ltd. (HKD)		26,800		140,675
Shandong Gold Mining Co. Ltd. (HKD) 144A		12,950		23,801
United Tractors Tbk PT (IDR)		30,100		46,682
Wilmar International Ltd. (SGD)		100,064		281,704
Xinyi Solar Holdings Ltd. (HKD)		50,000		58,045
Yankuang Energy Group Co. Ltd. (HKD)†		27,800		79,811

	Number of Shares		Value
China (continued)
Zhaojin Mining Industry Co. Ltd. (HKD)		23,900	$	30,155
Zijin Mining Group Co. Ltd. (HKD)		106,461		157,644
				2,368,995
Cyprus: 0.0%
Novolipetsk Steel PJSC (RUB) * ∞		26,910		0
Czech Republic: 0.1%
CEZ AS †		3,100		128,118
Denmark: 0.5%
Bakkafrost P/F (NOK)		2,824		169,252
Orsted AS 144A		1,942		184,070
Vestas Wind Systems A/S *		10,059		267,389
				620,711
Egypt: 0.0%
Abou Kir Fertilizers & Chemical Industries		17,228		24,985
Centamin Plc (GBP)		21,590		25,076
				50,061
Finland: 0.8%
Kemira Oyj		3,379		53,893
Metsa Board Oyj †		4,950		36,511
Neste Oyj		8,355		321,635
Stora Enso Oyj		17,736		205,735
UPM-Kymmene Oyj		16,277		484,914
				1,102,688
France: 2.2%
Aguas Andinas SA (CLP)		27,451		9,514
Eramet SA		190		17,375
Neoen SA 144A		807		25,578
TotalEnergies SE		45,717		2,623,886
Veolia Environnement SA		7,152		226,358
Voltalia SA *		340		5,409
				2,908,120
Germany: 3.1%
Aurubis AG		698		59,920
Bayer AG		55,803		3,088,411
E.ON SE		22,842		291,740
Encavis AG *		1,200		19,708
K+S AG		10,541		183,773
Nordex SE *		1,210		14,713
Siemens Energy AG *		9,767		172,667
SMA Solar Technology AG *		144		17,610
Suedzucker AG		3,417		60,876
Uniper SE * †		49,379		263,739
VERBIO Vereinigte BioEnergie AG		201		8,090
				4,181,247
Greece: 0.0%
Terna Energy SA		545		12,005
Hong Kong: 0.1%
China Resources Gas Group Ltd.		17,700		60,695
Hungary: 0.1%
MOL Hungarian Oil & Gas Plc		7,325		64,040

See Notes to Financial Statements

	Number of Shares		Value
India: 1.6%
Reliance Industries Ltd. (USD) 144A (GDR)		33,920	$	2,112,362
Indonesia: 0.2%
Adaro Energy Indonesia Tbk PT		258,700		38,502
Aneka Tambang Tbk		156,700		20,445
Golden Agri-Resources Ltd. (SGD)		356,119		64,569
Indah Kiat Pulp & Paper Tbk PT		80,100		45,531
Merdeka Copper Gold Tbk PT *		250,747		51,330
Vale Indonesia Tbk PT		47,900		20,215
				240,592
Ireland: 0.2%
Smurfit Kappa Group Plc (GBP)		8,094		271,162
Israel: 0.2%
Energix-Renewable Energies Ltd.		2,628		8,533
Enlight Renewable Energy Ltd. *		1,173		20,660
ICL Group Ltd.		40,866		224,036
				253,229
Italy: 0.7%
ACEA SpA †		396		5,179
Eni SpA		44,809		644,969
ERG SpA		574		16,926
Snam SpA		40,625		212,281
				879,355
Japan: 2.2%
Chubu Electric Power Co., Inc.		12,400		151,023
Daio Paper Corp. †		2,600		20,443
ENEOS Holdings, Inc.		56,600		194,224
Idemitsu Kosan Co. Ltd.		3,600		72,114
Inpex Corp. †		19,000		208,396
JFE Holdings, Inc.		10,864		155,060
Kubota Corp. †		52,700		770,188
Kumiai Chemical Industry Co. Ltd.		3,800		29,630
Kurita Water Industries Ltd. †		1,065		40,820
Maruha Nichiro Corp.		2,136		35,885
NH Foods Ltd.		4,300		116,221
Nippon Sanso Holdings Corp. †		3,000		65,069
Nippon Steel Corp. †		18,000		376,101
Nisshin Seifun Group, Inc.		10,250		126,488
Nissui Corp.		15,314		68,664
Oji Holdings Corp.		24,076		89,872
Sakata Seed Corp.		1,700		49,181
Sumitomo Forestry Co. Ltd. †		4,183		101,434
Sumitomo Metal Mining Co. Ltd.		5,200		167,589
Tokyo Gas Co. Ltd.		7,500		163,360
				3,001,762

	Number of Shares		Value
Kazakhstan: 0.1%
NAC Kazatomprom JSC (USD) (GDR)		6,076	$	163,141
Liechtenstein: 0.1%
Antofagasta Plc (GBP)		7,797		145,151
Luxembourg: 0.2%
ArcelorMittal SA		10,778		294,015
Malaysia: 0.4%
IOI Corp. Bhd		124,694		99,828
Kuala Lumpur Kepong Bhd		23,978		113,050
Petronas Dagangan Bhd		4,400		20,928
Petronas Gas Bhd		13,600		48,660
PPB Group Bhd		25,800		87,004
Press Metal Aluminium Holdings Bhd		75,100		75,799
QL Resources Bhd		55,100		63,275
United Plantations BHD		8,600		28,522
				537,066
Mexico: 0.5%
Fresnillo Plc (GBP)		3,328		25,851
Gruma SAB de CV		10,265		164,463
Grupo Mexico SAB de CV		72,214		346,996
Industrias Penoles SAB de CV *		3,582		50,216
Southern Copper Corp. (USD)		1,995		143,121
				730,647
Netherlands: 0.2%
OCI NV		5,137		123,363
Ternium SA (ADR)		4,598		182,311
				305,674
Norway: 2.4%
Aker BP ASA †		78,993		1,856,754
Austevoll Seafood ASA		4,925		34,082
Equinor ASA		18,901		551,405
Grieg Seafood ASA †		2,568		16,100
Mowi ASA		25,188		400,382
NEL ASA * †		17,173		20,215
Norsk Hydro ASA		31,049		185,438
Salmar ASA		3,608		145,667
Var Energi ASA		7,741		21,085
				3,231,128
Peru: 0.0%
Cia de Minas Buenaventura SAA (ADR)		5,129		37,698
Poland: 0.2%
KGHM Polska Miedz SA		3,194		88,505
Polski Koncern Naftowy ORLEN SA		11,555		183,278
				271,783
Portugal: 0.2%
EDP Renovaveis SA *		3,145		62,836
Galp Energia SGPS SA		9,462		110,552
Navigator Co. SA		6,681		22,630
				196,018
Russia: 0.0%
Evraz Plc (GBP) *∞		10,824		0
Gazprom PJSC ∞		125,520		0

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Russia (continued)
LUKOIL PJSC ∞		3,739	$	0
MMC Norilsk Nickel PJSC *∞		1,284		0
MMC Norilsk Nickel PJSC (ADR) *∞		17		0
Novatek PJSC ∞		19,580		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Ros Agro Plc (USD) (GDR) *∞		4,076		0
Rosneft Oil Co. PJSC ∞		13,000		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PJSC ∞		371,430		0
Tatneft PJSC (ADR) *∞		2,680		0
				0
Saudi Arabia: 0.0%
S-Oil Corp. (KRW)		820		41,665
Singapore: 0.2%
Charoen Pokphand Indonesia Tbk PT (IDR) *		414,300		145,628
First Resources Ltd.		20,100		20,722
Keppel Infrastructure Trust		47,735		18,017
Olam Group Ltd.		50,509		52,067
				236,434
South Africa: 1.2%
African Rainbow Minerals Ltd.		2,436		25,605
Anglo American Platinum Ltd.		1,060		47,738
Anglo American Plc (GBP)		28,702		818,116
Gold Fields Ltd. (ADR)		16,668		230,519
Harmony Gold Mining Co. Ltd. (ADR)		11,527		48,413
Impala Platinum Holdings Ltd.		15,972		106,012
Northam Platinum Holdings Ltd. *		5,548		36,851
Omnia Holdings Ltd.		9,447		30,074
Royal Bafokeng Platinum Ltd.		1,197		7,912
Sasol Ltd.		11,532		142,343
Sibanye Stillwater Ltd.		52,754		81,063
				1,574,646
South Korea: 0.6%
Coway Co. Ltd.		559		18,680
CS Wind Corp.		247		16,269
Hyundai Steel Co.		1,950		50,249
Korea Zinc Co. Ltd.		203		75,401
POSCO Holdings, Inc.		1,672		494,832
SK Innovation Co. Ltd. *		1,104		133,842
SK, Inc.		707		80,198
				869,471
Spain: 1.6%
Atlantica Sustainable Infrastructure Plc (USD)		693		16,244

	Number of Shares		Value
Spain (continued)
Corp. ACCIONA Energias Renovables SA †		587	$	19,634
Enagas SA †		4,506		88,543
Iberdrola SA		124,932		1,631,163
Repsol SA †		25,481		370,528
				2,126,112
Sweden: 0.8%
Billerud AB		6,978		53,028
Boliden AB		6,349		183,710
Epiroc AB		12,330		233,208
Holmen AB		2,833		101,670
Husqvarna AB †		23,382		211,845
SSAB AB		14,383		99,586
Svenska Cellulosa AB SCA †		18,685		238,162
				1,121,209
Switzerland: 0.1%
Bucher Industries AG		371		164,255
Taiwan: 0.3%
China Steel Corp.		271,472		256,711
Formosa Petrochemical Corp.		22,920		62,132
Sinon Corp.		22,000		25,248
Taiwan Fertilizer Co. Ltd.		42,200		82,101
				426,192
Tanzania: 0.1%
AngloGold Ashanti Ltd. (ADR)		7,828		165,092
Thailand: 0.4%
B Grimm Power PCL (NVDR)		9,700		9,529
Charoen Pokphand Foods PCL (NVDR)		223,500		124,265
PTT Exploration & Production PCL (NVDR)		27,300		115,675
PTT PCL (NVDR)		272,300		257,741
SCG Packaging PCL (NVDR)		36,100		37,994
				545,204
Turkey: 0.2%
Eldorado Gold Corp. (USD) * †		3,413		34,471
Eregli Demir ve Celik Fabrikalari TAS *		35,055		49,655
Gubre Fabrikalari TAS *		4,561		47,655
Hektas Ticaret TAS *		58,308		67,292
Iskenderun Demir ve Celik AS *		3,477		4,621
Koza Altin Isletmeleri AS		17,914		17,149
Turkiye Petrol Rafinerileri AS		17,488		53,663
				274,506
United Kingdom: 6.1%
BP Plc		335,205		1,953,766
Centrica Plc		110,725		174,770
CNH Industrial NV (USD)		53,515		770,616
DS Smith Plc		41,452		143,592
Endeavour Mining Plc (CAD)		3,451		82,803
Genus Plc		3,675		101,385
Kumba Iron Ore Ltd. (ZAR)		1,313		30,743
Mondi Plc		14,946		228,265
Pennon Group Plc		2,679		24,232

See Notes to Financial Statements

	Number of Shares		Value
United Kingdom (continued)
Severn Trent Plc		2,394	$	78,128
Shell Plc		132,759		3,964,636
SSE Plc		21,170		496,967
TechnipFMC Plc (USD) *		8,660		143,929
United Utilities Group Plc		6,907		84,545
				8,278,377
United States: 50.0%
A.O. Smith Corp.		1,261		91,776
Advanced Drainage Systems, Inc.		680		77,370
AGCO Corp.		3,534		464,438
Alcoa Corp.		4,134		140,267
Ameresco, Inc. * †		328		15,951
American States Water Co.		377		32,799
American Vanguard Corp.		1,562		27,913
American Water Works Co., Inc.		2,002		285,786
Andersons, Inc.		1,806		83,347
Antero Resources Corp. *		5,242		120,723
APA Corp.		6,098		208,369
Archer-Daniels-Midland Co.		30,722		2,321,354
ATI, Inc. *		2,972		131,452
Atmos Energy Corp.		2,501		290,966
Baker Hughes Co.		20,083		634,824
Boise Cascade Co.		1,220		110,227
Bunge Ltd.		8,482		800,277
California Water Service Group		573		29,584
Cal-Maine Foods, Inc.		2,304		103,680
CF Industries Holdings, Inc.		11,015		764,661
ChampionX Corp.		3,897		120,963
Cheniere Energy, Inc.		4,757		724,777
Chesapeake Energy Corp. †		2,225		186,188
Chevron Corp.		37,624		5,920,136
Chord Energy Corp.		803		123,501
Civitas Resources, Inc.		1,349		93,580
Clearway Energy, Inc.		832		23,762
Cleveland-Cliffs, Inc. *		11,832		198,304
Commercial Metals Co.		2,700		142,182
ConocoPhillips		24,014		2,488,091
Corteva, Inc.		40,323		2,310,508
Coterra Energy, Inc.		14,749		373,150
CVR Partners LP		362		29,206
Darling Ingredients, Inc. *		8,940		570,283
Deere & Co.		16,814		6,812,865
Devon Energy Corp.		12,653		611,646
Diamondback Energy, Inc.		3,421		449,383
Elanco Animal Health, Inc. *		26,427		265,856
EOG Resources, Inc.		11,574		1,324,529
EQT Corp.		7,117		292,722
Essential Utilities, Inc.		2,720		108,555
Exxon Mobil Corp.		80,177		8,598,983
Farmland Partners, Inc. †		2,689		32,833
First Solar, Inc. *		1,035		196,743
FMC Corp.		7,063		736,953
Franklin Electric Co., Inc.		410		42,189
Freeport-McMoRan, Inc.		33,060		1,322,400

	Number of Shares		Value
United States (continued)
Fresh Del Monte Produce, Inc.		2,136	$	54,917
Graphic Packaging Holding Co.		9,494		228,141
Green Plains, Inc. *		591		19,054
Halliburton Co.		17,851		588,904
Hecla Mining Co.		10,619		54,688
Hess Corp.		5,511		749,220
HF Sinclair Corp.		3,110		138,737
Howmet Aerospace, Inc.		9,581		474,834
Imperial Oil Ltd.		3,525		180,339
Ingredion, Inc.		3,612		382,691
International Paper Co.		10,732		341,385
Itron, Inc. *		466		33,599
Kinder Morgan, Inc.		38,875		669,427
Lindsay Corp.		621		74,110
Louisiana-Pacific Corp.		2,189		164,131
LSB Industries, Inc. *		2,927		28,831
Marathon Oil Corp.		12,218		281,258
Marathon Petroleum Corp.		8,414		981,072
Matador Resources Co.		2,183		114,215
Mission Produce, Inc. * †		2,388		28,943
Mosaic Co.		18,747		656,145
Murphy Oil Corp.		2,904		111,223
Murphy USA, Inc.		394		122,577
National Fuel Gas Co.		1,741		89,418
New Fortress Energy, Inc. †		1,479		39,608
Newmont Corp.		14,801		631,411
NextEra Energy, Inc.		20,774		1,541,431
NiSource, Inc.		8,169		223,422
NOV, Inc.		7,760		124,470
Nucor Corp.		5,849		959,119
Occidental Petroleum Corp.		17,669		1,038,937
ONEOK, Inc.		8,829		544,926
Ormat Technologies, Inc. †		615		49,483
Ovintiv, Inc. †		4,828		183,802
Packaging Corp. of America		2,744		362,647
PDC Energy, Inc.		1,700		120,938
Pentair Plc		1,695		109,497
PG&E Corp. *		35,932		620,905
Phillips 66		9,798		934,533
Pilgrim’s Pride Corp. *		2,267		48,718
Pioneer Natural Resources Co.		4,613		955,721
Plug Power, Inc. * †		5,516		57,311
PotlatchDeltic Corp.		2,439		128,901
Primo Water Corp.		1,587		19,901
Range Resources Corp.		4,648		136,651
Rayonier, Inc.		4,589		144,095
Reliance Steel & Aluminum Co.		1,362		369,906
Reliance Worldwide Corp. Ltd. (AUD)		6,967		19,142
Royal Gold, Inc.		1,221		140,146
Schlumberger NV		28,249		1,387,591
Scotts Miracle-Gro Co. †		2,349		147,259
Seaboard Corp.		15		53,411
SJW Group		295		20,682

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
United States (continued)
SolarEdge Technologies, Inc. *		577	$	155,242
Southern Co.		21,605		1,517,751
Southwestern Energy Co. *		19,430		116,774
Steel Dynamics, Inc.		3,711		404,239
SunPower Corp. * †		887		8,693
Sylvamo Corp.		1,117		45,183
Targa Resources Corp.		4,415		335,981
Tenaris SA (ADR)		13,805		413,460
The Williams Companies, Inc.		24,105		786,546
Toro Co.		5,899		599,633
Tractor Supply Co.		6,204		1,371,704
Tyson Foods, Inc.		15,828		807,861
UGI Corp.		4,131		111,413
United States Steel Corp.		5,228		130,752
Valero Energy Corp.		7,147		838,343
Vital Farms, Inc. *		1,448		17,362
Watts Water Technologies, Inc.		278		51,077
Westrock Co.		7,944		230,932
Weyerhaeuser Co.		22,812		764,430
Xylem, Inc.		2,462		277,270
				67,503,121
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		12,999		307,870
Total Common Stocks (Cost: $128,168,066)				134,760,898

	Number of Shares		Value
PREFERRED SECURITIES: 0.1% (Cost: $97,651)
Brazil: 0.1%
Klabin SA		101,700	$	92,339

MASTER LIMITED PARTNERSHIPS: 0.1%
United States: 0.1%
Plains All American Pipeline LP		8,834		124,560
Western Midstream Partners LP		3,818		101,253
Total Master Limited Partnerships (Cost: $221,747)				225,813
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $128,487,464)				135,079,050

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5% (Cost: $2,060,840)
State Street Navigator Securities Lending Government Money Market Portfolio		2,060,840		2,060,840
Total Investments: 101.6% (Cost: $130,548,304)				137,139,890
Liabilities in excess of other assets: (1.6)%				(2,209,810)
NET ASSETS: 100.0%			$	134,930,080

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
RUB	Russian Ruble
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,966,285.
*	Non-income producing

See Notes to Financial Statements

∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,345,811, or 1.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		44.5	%	$	60,135,654
Materials		27.0			36,533,137
Industrials		9.0			12,136,268
Utilities		8.3			11,142,897
Consumer Staples		6.2			8,389,441
Health Care		2.6			3,455,651
Consumer Discretionary		1.2			1,614,396
Real Estate		0.8			1,070,259
Information Technology		0.3			504,446
Financials		0.1			96,901
		100.0	%	$	135,079,050

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	116,291	$	—	$	—	$	116,291
Australia		—		10,142,131		—		10,142,131
Austria		—		344,841		—		344,841
Brazil		3,917,321		326,405		—		4,243,726
British Virgin Islands		—		41,752		—		41,752
Canada		11,219,418		—		—		11,219,418
Chile		827,431		23,691		—		851,122
China		22,856		2,346,139		—		2,368,995
Cyprus		—		—		0		0
Czech Republic		128,118		—		—		128,118
Denmark		—		620,711		—		620,711
Egypt		—		50,061		—		50,061
Finland		—		1,102,688		—		1,102,688
France		9,514		2,898,606		—		2,908,120
Germany		—		4,181,247		—		4,181,247
Greece		—		12,005		—		12,005
Hong Kong		—		60,695		—		60,695
Hungary		—		64,040		—		64,040
India		—		2,112,362		—		2,112,362
Indonesia		—		240,592		—		240,592
Ireland		—		271,162		—		271,162
Israel		—		253,229		—		253,229
Italy		—		879,355		—		879,355
Japan		—		3,001,762		—		3,001,762
Kazakhstan		—		163,141		—		163,141
Liechtenstein		—		145,151		—		145,151
Luxembourg		—		294,015		—		294,015
Malaysia		248,389		288,677		—		537,066
Mexico		704,796		25,851		—		730,647
Netherlands		182,311		123,363		—		305,674
Norway		—		3,231,128		—		3,231,128
Peru		37,698		—		—		37,698
Poland		—		271,783		—		271,783
Portugal		—		196,018		—		196,018
Russia		—		—		0		0
Saudi Arabia		—		41,665		—		41,665
Singapore		—		236,434		—		236,434
South Africa		353,769		1,220,877		—		1,574,646
South Korea		—		869,471		—		869,471
Spain		16,244		2,109,868		—		2,126,112
Sweden		—		1,121,209		—		1,121,209
Switzerland		—		164,255		—		164,255
Taiwan		—		426,192		—		426,192
Tanzania		165,092		—		—		165,092
Thailand		—		545,204		—		545,204
Turkey		34,471		240,035		—		274,506
United Kingdom		997,348		7,281,029		—		8,278,377
United States		67,483,979		19,142		—		67,503,121
Zambia		307,870		—		—		307,870
Preferred Securities ^*		92,339		—		—		92,339
Master Limited Partnerships ^*		225,813		—		—		225,813
Money Market Fund		2,060,840		—		—		2,060,840
Total Investments	$	89,151,908	$	47,987,982	$	0	$	137,139,890

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 3.6%
Ampol Ltd. †		57,407	$	1,145,927
Austria: 4.7%
OMV AG		34,915		1,482,296
Finland: 5.7%
Neste Oyj		46,828		1,802,699
Greece: 1.8%
Motor Oil Hellas Corinth Refineries SA		22,553		570,842
Hungary: 4.3%
MOL Hungarian Oil & Gas Plc		155,696		1,361,195
India: 8.4%
Reliance Industries Ltd. (USD) 144A (GDR)		43,107		2,684,481
Japan: 10.6%
Cosmo Energy Holdings Co. Ltd.		21,900		597,544
ENEOS Holdings, Inc.		426,400		1,463,197
Idemitsu Kosan Co. Ltd.		64,668		1,295,411
				3,356,152
Poland: 5.7%
Polski Koncern Naftowy ORLEN SA		114,892		1,822,348
Portugal: 4.7%
Galp Energia SGPS SA		128,640		1,502,997

	Number of Shares		Value
Saudi Arabia: 1.8%
S-Oil Corp. (KRW)		11,460	$	582,293
South Korea: 6.2%
HD Hyundai Co. Ltd.		16,081		733,953
SK Innovation Co. Ltd. *		10,257		1,243,498
				1,977,451
Taiwan: 4.3%
Formosa Petrochemical Corp.		505,000		1,368,956
Thailand: 2.6%
Bangchak Corp. PCL (NVDR)		308,300		318,107
Thai Oil PCL (NVDR)		416,900		521,626
				839,733
Turkey: 3.0%
Turkiye Petrol Rafinerileri AS		307,266		942,856
United States: 32.6%
Delek US Holdings, Inc.		14,719		352,520
HF Sinclair Corp.		31,758		1,416,724
Marathon Petroleum Corp.		22,777		2,655,798
Par Pacific Holdings, Inc. *		13,047		347,181
PBF Energy, Inc.		30,805		1,261,157
Phillips 66		22,508		2,146,813
Valero Energy Corp.		18,604		2,182,249
				10,362,442
Total Common Stocks (Cost: $33,306,405)				31,802,668
Total Investments: 100.0% (Cost: $33,306,405)				31,802,668
Liabilities in excess of other assets: 0.0%				(11,640)
NET ASSETS: 100.0%			$	31,791,028

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $164,702.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,684,481, or 8.4% of net assets.

Summary of Investments by Sector		% of Investments				Value
Energy			100.0	%		$	31,802,668

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,145,927	$	—	$	1,145,927
Austria		—		1,482,296		—		1,482,296
Finland		—		1,802,699		—		1,802,699
Greece		—		570,842		—		570,842
Hungary		—		1,361,195		—		1,361,195
India		—		2,684,481		—		2,684,481
Japan		—		3,356,152		—		3,356,152
Poland		—		1,822,348		—		1,822,348
Portugal		—		1,502,997		—		1,502,997
Saudi Arabia		—		582,293		—		582,293
South Korea		—		1,977,451		—		1,977,451
Taiwan		—		1,368,956		—		1,368,956
Thailand		318,107		521,626		—		839,733
Turkey		—		942,856		—		942,856
United States		10,362,442		—		—		10,362,442
Total Investments	$	10,680,549	$	21,122,119	$	—	$	31,802,668

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Bermuda: 4.4%
Valaris Ltd. (USD) *		1,528,076	$	96,161,823
United Kingdom: 4.9%
TechnipFMC Plc (USD) *		6,393,795		106,264,873
United States: 90.6%
Baker Hughes Co.		5,931,627		187,498,729
Cactus, Inc.		1,910,779		80,864,167
ChampionX Corp. †		3,682,563		114,306,756
Core Laboratories, Inc. †		700,035		16,275,814
Dril-Quip, Inc. * †		762,113		17,734,370
Expro Group Holdings NV * †		1,878,981		33,295,543
Halliburton Co.		7,354,625		242,629,079
Helix Energy Solutions Group, Inc. *		4,019,541		29,664,213
Helmerich & Payne, Inc. †		2,327,264		82,501,509
Liberty Energy, Inc.		3,837,986		51,313,873
Nabors Industries Ltd. * †		271,436		25,251,691
NexTier Oilfield Solutions, Inc. * †		4,608,744		41,202,171
Noble Corp. Plc *		2,320,181		95,846,677
NOV, Inc.		5,982,074		95,952,467
Oceaneering International, Inc. *		2,518,584		47,097,521

	Number of Shares		Value
United States (continued)
Patterson-UTI Energy, Inc.		4,964,584	$	59,426,070
ProPetro Holding Corp. *		2,171,091		17,889,790
RPC, Inc.		4,243,052		30,337,822
Schlumberger NV		8,750,011		429,800,540
Select Water Solutions, Inc.		3,409,605		27,617,800
Tenaris SA (ADR) †		3,796,775		113,713,411
Transocean Ltd. * †		14,945,750		104,769,708
US Silica Holdings, Inc. *		1,985,350		24,082,295
				1,969,072,016
Total Common Stocks (Cost: $2,395,528,197)				2,171,498,712

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $18,462,075)
State Street Navigator Securities Lending Government Money Market Portfolio		18,462,075		18,462,075
Total Investments: 100.8% (Cost: $2,413,990,272)				2,189,960,787
Liabilities in excess of other assets: (0.8)%				(18,214,736)
NET ASSETS: 100.0%			$	2,171,746,051

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $151,904,221.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Equipment & Services		78.7	%	$	1,707,541,234
Oil & Gas Drilling		21.3			463,957,478
		100.0	%	$	2,171,498,712

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	2,171,498,712	$	—	$	—	$	2,171,498,712
Money Market Fund		18,462,075		—		—		18,462,075
Total Investments	$	2,189,960,787	$	—	$	—	$	2,189,960,787

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 36.9%
Allkem Ltd. *		3,808,709	$	40,928,283
AVZ Minerals Ltd. *∞		52,906,510		11,093,424
Core Lithium Ltd. * †		20,719,826		12,545,162
Iluka Resources Ltd.		3,183,134		23,684,006
ioneer Ltd. * †		20,158,225		4,599,613
Lake Resources NL * †		14,677,308		2,969,068
Liontown Resources Ltd. *		17,905,478		34,072,030
Lynas Rare Earths Ltd. * †		6,945,713		31,892,581
Pilbara Minerals Ltd. †		15,683,642		51,508,164
Sayona Mining Ltd. * †		96,443,551		11,364,011
				224,656,342
Brazil: 4.2%
Sigma Lithium Corp. (USD) * †		635,766		25,621,370
Canada: 7.7%
Lithium Americas Corp. (USD) * †		1,279,701		25,862,757
Patriot Battery Metals, Inc. *		1,110,808		12,633,788
Standard Lithium Ltd. (USD) * †		1,884,965		8,482,343
				46,978,888
China: 33.0%
Baoji Titanium Industry Co. Ltd. *		2,967,180		13,829,242
China Northern Rare Earth Group High-Tech Co. Ltd.		12,935,112		42,735,360
Ganfeng Lithium Group Co. Ltd. (HKD) 144A * †		3,589,840		23,543,820
Jinduicheng Molybdenum Co. Ltd. *		10,404,465		15,969,013
Shenghe Resources Holding Co. Ltd. *		15,370,687		27,261,154

	Number of Shares		Value
China (continued)
Tianqi Lithium Corp. (HKD) * †		973,200	$	6,802,041
Xiamen Tungsten Co. Ltd.		9,333,424		24,463,967
Zhejiang Huayou Cobalt Co. Ltd.		7,341,300		46,458,002
				201,062,599
France: 1.8%
Eramet SA		122,775		11,227,639
Netherlands: 3.3%
AMG Critical Materials NV		385,506		19,997,633
United States: 13.0%
Livent Corp. * †		1,149,474		31,530,072
MP Materials Corp. * †		1,147,497		26,254,731
Piedmont Lithium, Inc. * †		170,639		9,847,577
Tronox Holdings Plc		929,413		11,812,839
				79,445,219
Total Common Stocks (Cost: $546,007,497)				608,989,690

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $31,159,446)
State Street Navigator Securities Lending Government Money Market Portfolio		31,159,446		31,159,446
Total Investments: 105.0% (Cost: $577,166,943)				640,149,136
Liabilities in excess of other assets: (5.0)%				(30,521,040)
NET ASSETS: 100.0%			$	609,628,096

Definitions:

HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
†	Security fully or partially on loan. Total market value of securities on loan is $151,388,488.

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 $23,543,820, or 3.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Materials			100.0	%		$	608,989,690

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	213,562,918	$	11,093,424	$	224,656,342
Brazil		25,621,370		—		—		25,621,370
Canada		46,978,888		—		—		46,978,888
China		—		201,062,599		—		201,062,599
France		—		11,227,639		—		11,227,639
Netherlands		—		19,997,633		—		19,997,633
United States		79,445,219		—		—		79,445,219
Money Market Fund		31,159,446		—		—		31,159,446
Total Investments	$	183,204,923	$	445,850,789	$	11,093,424	$	640,149,136

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023. Transfers in/out are assessed at the beginning of the year.

	Common Stock
Balance as of December 31, 2022	$	22,081,219
Realized gain (loss)		(5,253,560)
Net change in unrealized appreciation (depreciation)		(1,953,138)
Purchases		—
Sales		(3,781,097)
Transfers in/out of level 3		—
Balance as of June 30, 2023	$	11,093,424

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2023:

Value as of
June 30, 2023

Valuation
Technique

Unobservable
Input
Description⁽¹⁾

Unobservable
Input

Impact to
Valuation from an
Increase in Input⁽²⁾

Common Stock

$11,093,424

Transaction

Sales transaction

100

Increase

Approach

Discount for lack of marketability

Decrease

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

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

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 10.7%
Rio Tinto Plc (ADR) †		191,718	$	12,239,277
Brazil: 19.0%
Cia Siderurgica Nacional SA (ADR)		1,790,475		4,637,330
Gerdau SA (ADR)		940,418		4,908,982
Vale SA (ADR)		896,853		12,035,768
				21,582,080
Canada: 0.7%
Algoma Steel Group, Inc. (USD) †		113,716		807,384
Luxembourg: 4.8%
ArcelorMittal SA (USD) †		198,800		5,435,192
Netherlands: 4.3%
Ternium SA (ADR)		122,923		4,873,897
South Korea: 4.8%
POSCO Holdings, Inc. (ADR) †		73,575		5,440,871
United States: 55.7%
ATI, Inc. *		128,054		5,663,828
Carpenter Technology Corp.		53,307		2,992,122
Cleveland-Cliffs, Inc. *		305,479		5,119,828
Commercial Metals Co.		105,256		5,542,781
Gibraltar Industries, Inc. *		33,391		2,100,962
Nucor Corp.		50,462		8,274,759
Olympic Steel, Inc.		12,223		598,927

	Number of Shares		Value
United States (continued)
Reliance Steel & Aluminum Co.		19,648	$	5,336,200
Ryerson Holding Corp.		39,273		1,703,663
Schnitzer Steel Industries,Inc.		29,827		894,512
Steel Dynamics, Inc.		54,523		5,939,190
SunCoke Energy, Inc.		91,923		723,434
Tenaris SA (ADR)		197,885		5,926,656
TimkenSteel Corp. *		48,175		1,039,135
United States Steel Corp.		214,918		5,375,099
Warrior Met Coal, Inc.		57,083		2,223,383
Worthington Industries, Inc.		54,631		3,795,215
				63,249,694
Total Common Stocks (Cost: $128,525,614)				113,628,395

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.8%
Money Market Fund: 6.8% (Cost: $7,730,911)
State Street Navigator Securities Lending Government Money Market Portfolio		7,730,911		7,730,911
Total Investments: 106.8% (Cost: $136,256,525)				121,359,306
Liabilities in excess of other assets: (6.8)%				(7,753,572	)
NET ASSETS: 100.0%			$	113,605,734

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $16,734,951.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		92.9	%	$	105,600,777
Energy		5.2			5,926,656
Industrials		1.9			2,100,962
		100.0	%	$	113,628,395

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	113,628,395	$	—	$	—	$	113,628,395
Money Market Fund		7,730,911		—		—		7,730,911
Total Investments	$	121,359,306	$	—	$	—	$	121,359,306

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 9.4%
Boss Energy Ltd. * †		852,700	$	1,774,714
Deep Yellow Ltd. *		1,890,000		959,485
Paladin Energy Ltd. *		6,038,157		2,967,473
				5,701,672
Canada: 19.0%
Cameco Corp. (USD) †		129,021		4,042,228
Denison Mines Corp. (USD) * †		2,112,789		2,640,986
Fission Uranium Corp. * †		1,701,085		784,177
Global Atomic Corp. * †		503,391		1,133,652
NexGen Energy Ltd. (USD) * †		616,365		2,903,079
				11,504,122
China: 5.5%
CGN Mining Co. Ltd. (HKD) * †		6,685,000		694,681
CGN Power Co. Ltd. (HKD) 144A		10,990,000		2,653,848
				3,348,529
Czech Republic: 5.3%
CEZ AS		77,590		3,206,662
Finland: 5.1%
Fortum Oyj		228,904		3,062,744
Italy: 5.1%
Endesa SA †		143,049		3,073,221
Jersey, Channel Islands: 3.4%
Yellow Cake Plc 144A * †		397,506		2,070,087
Kazakhstan: 4.4%
NAC Kazatomprom JSC (USD) (GDR)		98,414		2,642,416

	Number of Shares		Value
South Korea: 2.3%
KEPCO Engineering & Construction Co., Inc.		26,121	$	1,383,902
United States: 40.3%
BWX Technologies, Inc.		41,670		2,982,322
Centrus Energy Corp. *		36,107		1,175,644
Constellation Energy Corp.		52,404		4,797,586
Energy Fuels, Inc. * †		382,189		2,384,859
NuScale Power Corp. *		94,951		645,667
PG&E Corp. *		241,514		4,173,362
Public Service Enterprise Group, Inc.		75,473		4,725,365
Uranium Energy Corp. * †		815,021		2,771,071
Ur-Energy, Inc. * †		683,885		718,079
				24,373,955
Total Common Stocks (Cost: $53,414,518)				60,367,310

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.2%
Money Market Fund: 10.2% (Cost: $6,161,710)
State Street Navigator Securities Lending Government Money Market Portfolio		6,161,710		6,161,710
Total Investments: 110.0% (Cost: $59,576,228)				66,529,020
Liabilities in excess of other assets: (10.0)%				(6,022,384)
NET ASSETS: 100.0%			$	60,506,636

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $15,126,709.
*	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 $4,723,935, or 7.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		43.8	%	$	26,458,893
Utilities		42.6			25,692,787
Industrials		11.7			7,081,978
Materials		1.9			1,133,652
		100.0	%	$	60,367,310

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,701,672	$	—	$	5,701,672
Canada		11,504,122		—		—		11,504,122
China		—		3,348,529		—		3,348,529
Czech Republic		3,206,662		—		—		3,206,662
Finland		—		3,062,744		—		3,062,744
Italy		—		3,073,221		—		3,073,221
Jersey, Channel Islands		—		2,070,087		—		2,070,087
Kazakhstan		—		2,642,416		—		2,642,416
South Korea		—		1,383,902		—		1,383,902
United States		24,373,955		—		—		24,373,955
Money Market Fund		6,161,710		—		—		6,161,710
Total Investments	$	45,246,449	$	21,282,571	$	—	$	66,529,020

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,097,676,237		$	3,303,391		$	6,125,996,506		$	24,342,748
Affiliated issuers (3)		—			—			5,776,243,263			—
Short-term investments held as collateral for securities loaned (4)		47,253,786			129,532			44,964,475			384,877
Cash		—			138,599			1,205,702			2
Cash denominated in foreign currency, at value (5)		225,714			—			9,718,984			368,623
Receivables:
Investment securities sold		—			—			57,754,372			—
Dividends and interest		2,890,321			14,525			2,623,524			15,638
Prepaid expenses		2,290			—			21,050			—
Total assets		1,148,048,348			3,586,047			12,018,527,876			25,111,888
Liabilities:
Payables:
Shares of beneficial interest redeemed		—			—			57,756,928			—
Collateral for securities loaned		47,253,786			129,532			44,964,475			384,877
Line of credit		1,376,855			—			—			353,373
Due to Adviser		447,847			1,937			5,121,233			12,110
Due to custodian		924			9,098			—			—
Deferred Trustee fees		597,540			—			1,441,545			—
Accrued expenses		170,425			—			188,324			141
Total liabilities		49,847,377			140,567			109,472,505			750,501
NET ASSETS	$	1,098,200,971		$	3,445,480		$	11,909,055,371		$	24,361,387
Shares outstanding		13,450,000			200,000			396,452,500			900,000
Net asset value, redemption and offering price per share	$	81.65		$	17.23		$	30.04		$	27.07
Net Assets consist of:
Aggregate paid in capital	$	2,024,922,721		$	4,418,225		$	23,334,188,897		$	31,307,497
Total distributable earnings (loss)		(926,721,750	)		(972,745	)		(11,425,133,526	)		(6,946,110	)
NET ASSETS	$	1,098,200,971		$	3,445,480		$	11,909,055,371		$	24,361,387
(1) Value of securities on loan	$	47,671,200		$	140,439		$	80,701,201		$	830,302
(2) Cost of investments - Unaffiliated issuers	$	1,269,499,543		$	4,121,540		$	5,912,381,012		$	29,784,565
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	6,234,689,803		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	47,253,786		$	129,532		$	44,964,475		$	384,877
(5) Cost of cash denominated in foreign currency	$	230,741		$	—		$	9,718,691		$	367,181

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,529,219,493		$	201,013,882		$	135,079,050		$	31,802,668
Affiliated issuers (3)		251,466,013			—			—			—
Short-term investments held as collateral for securities loaned (4)		83,919,759			11,021,593			2,060,840			—
Cash		6,631,841			—			—			332
Cash denominated in foreign currency, at value (5)		633,377			1,782,472			434,283			371
Receivables:
Investment securities sold		—			—			7,211,089			—
Due from Adviser		—			—			—			4,873
Dividends and interest		962,956			424,546			364,835			136,328
Prepaid expenses		6,945			440			—			46
Total assets		3,872,840,384			214,242,933			145,150,097			31,944,618
Liabilities:
Payables:
Investment securities purchased		107,105			—			—			—
Shares of beneficial interest redeemed		—			—			7,228,404			—
Collateral for securities loaned		83,919,759			11,021,593			2,060,840			—
Line of credit		—			2,095,378			765,152			105,715
Due to Adviser		1,606,760			81,687			56,589			—
Due to custodian		—			13,979			29,497			—
Deferred Trustee fees		377,251			19,301			14,855			996
Accrued expenses		358,913			109,557			64,680			46,879
Total liabilities		86,369,788			13,341,495			10,220,017			153,590
NET ASSETS	$	3,786,470,596		$	200,901,438		$	134,930,080		$	31,791,028
Shares outstanding		106,587,446			1,633,298			2,800,000			1,050,000
Net asset value, redemption and offering price per share	$	35.52		$	123.00		$	48.19		$	30.28
Net Assets consist of:
Aggregate paid in capital	$	9,364,535,094		$	287,657,175		$	177,028,680		$	43,664,140
Total distributable earnings (loss)		(5,578,064,498	)		(86,755,737	)		(42,098,600	)		(11,873,112	)
NET ASSETS	$	3,786,470,596		$	200,901,438		$	134,930,080		$	31,791,028
(1) Value of securities on loan	$	202,070,631		$	20,519,016		$	6,966,285		$	164,702
(2) Cost of investments - Unaffiliated issuers	$	4,241,493,282		$	222,263,656		$	128,487,464		$	33,306,405
(3) Cost of investments - Affiliated issuers	$	188,785,026		$	—		$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	83,919,759		$	11,021,593		$	2,060,840		$	—
(5) Cost of cash denominated in foreign currency	$	638,779		$	1,781,142		$	435,177		$	371

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023 (unaudited)

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+Nuclear Energy ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,171,498,712		$	608,989,690		$	113,628,395		$	60,367,310
Short-term investments held as collateral for securities loaned (3)		18,462,075			31,159,446			7,730,911			6,161,710
Cash		4,487			13,746			346,319			—
Cash denominated in foreign currency, at value (4)		—			1,231,301			—			314
Receivables:
Investment securities sold		—			—			3,469,417			—
Shares of beneficial interest sold		14,381,356			—			—			—
Dividends and interest		2,471,985			443,540			68,877			789,379
Prepaid expenses		—			1,554			208			62
Total assets		2,206,818,615			641,839,277			125,244,127			67,318,775
Liabilities:
Payables:
Investment securities purchased		14,381,486			—			3,778,992			—
Collateral for securities loaned		18,462,075			31,159,446			7,730,911			6,161,710
Line of credit		1,404,252			605,334			—			577,580
Due to Adviser		613,746			253,378			36,449			11,488
Due to custodian		—			—			—			630
Deferred Trustee fees		206,442			26,183			20,871			13,557
Accrued expenses		4,563			166,840			71,170			47,174
Total liabilities		35,072,564			32,211,181			11,638,393			6,812,139
NET ASSETS	$	2,171,746,051		$	609,628,096		$	113,605,734		$	60,506,636
Shares outstanding		7,550,543			7,324,987			1,775,000			1,016,632
Net asset value, redemption and offering price per share	$	287.63		$	83.23		$	64.00		$	59.52
Net Assets consist of:
Aggregate paid in capital	$	4,258,859,373		$	879,190,031		$	288,160,297		$	137,241,301
Total distributable earnings (loss)		(2,087,113,322	)		(269,561,935	)		(174,554,563	)		(76,734,665	)
NET ASSETS	$	2,171,746,051		$	609,628,096		$	113,605,734		$	60,506,636
(1) Value of securities on loan	$	151,904,221		$	151,388,488		$	16,734,951		$	15,126,709
(2) Cost of investments - Unaffiliated issuers	$	2,395,528,197		$	546,007,497		$	128,525,614		$	53,414,518
(3) Cost of short-term investments held as collateral for securities loaned	$	18,462,075		$	31,159,446		$	7,730,911		$	6,161,710
(4) Cost of cash denominated in foreign currency	$	—		$	1,235,989		$	—		$	314

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Agribusiness ETF			Future of Food ETF			Gold Miners ETF			Green Metals ETF
Income:
Dividends - unaffiliated issuers	$	23,836,198		$	50,644		$	74,539,276		$	459,871
Dividends - affiliated issuers		—			—			61,418,588			—
Interest		3,519			3,680			78,757			261
Securities lending income		1,178,894			9,994			396,317			4,356
Foreign taxes withheld		(1,550,184	)		(6,023	)		(11,852,964	)		(30,018	)
Total income		23,468,427			58,295			124,579,974			434,470
Expenses:
Management fees		3,090,882			11,639			32,471,255			74,342
Professional fees		25,374			—			32,609			—
Custody and accounting fees		83,545			—			192,781			—
Reports to shareholders		51,823			—			242,575			—
Trustees’ fees and expenses		21,945			—			170,246			—
Registration fees		2,950			—			9,910			—
Insurance		13,891			—			64,792			—
Interest and taxes		39,311			597			268,264			10,093
Other		2,057			—			28,154			—
Total expenses		3,331,778			12,236			33,480,586			84,435
Net investment income		20,136,649			46,059			91,099,388			350,035

Net realized gain (loss) on:
Investments - unaffiliated issuers		(21,857,770	)		(105,139	)		(87,877,860	)		(626,840	)
Investments - affiliated issuers		—			—			28,474,378			—
In-kind redemptions - unaffiliated issuers		32,196,998			—			360,821,813			—
In-kind redemptions - affiliated issuers		—			—			348,550,974			—
Foreign currency transactions and foreign denominated assets and liabilities		(69,013	)		609			(513,631	)		(80,350	)
Net realized gain (loss)		10,270,215			(104,530	)		649,455,674			(707,190	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(90,640,510	)		(149,120	)		(187,308,453	)		(1,231,433	)
Investments - affiliated issuers		—			—			26,364,418			—
Foreign currency translations and foreign denominated assets and liabilities		(27,122	)		(44	)		5,345			94,669
Net change in unrealized appreciation (depreciation)		(90,667,632	)		(149,164	)		(160,938,690	)		(1,136,764	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(60,260,768	)	$	(207,635	)	$	579,616,372		$	(1,493,919	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	19,731,470		$	1,940,412		$	2,832,521		$	823,955
Dividends - affiliated issuers		778,457			—			—			—
Interest		173,849			3,183			73			934
Securities lending income		958,589			359,207			33,414			819
Foreign taxes withheld		(2,151,283	)		(167,198	)		(168,489	)		(86,784	)
Total income		19,491,082			2,135,604			2,697,519			738,924
Expenses:
Management fees		9,959,015			503,110			334,747			90,079
Professional fees		24,519			20,472			—			22,034
Custody and accounting fees		208,061			44,150			—			39,323
Reports to shareholders		76,828			15,472			—			5,765
Trustees’ fees and expenses		51,390			2,393			—			792
Registration fees		6,329			2,950			—			2,950
Insurance		27,586			3,690			—			1,976
Interest		98,042			56,619			18,041			5,284
Other		5,381			2,540			—			323
Total expenses		10,457,151			651,396			352,788			168,526
Waiver of management fees		—			—			—			(56,949	)
Net expenses		10,457,151			651,396			352,788			111,577
Net investment income		9,033,931			1,484,208			2,344,731			627,347

Net realized gain (loss) on:
Investments - unaffiliated issuers		(118,033,218	)		(6,906,105	)		(2,782,556	)		(722,337	)
Investments - affiliated issuers		763,612			—			—			—
In-kind redemptions - unaffiliated issuers		45,565,808			4,368,597			5,840,940			544,870
In-kind redemptions - affiliated issuers		5,035,113			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(175,292	)		53,334			1,577			(11,526	)
Net realized gain (loss)		(66,843,977	)		(2,484,174	)		3,059,961			(188,993	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		18,052,348			21,667,795			(7,389,579	)		(1,527,923	)
Investments - affiliated issuers		19,977,712			—			—			—
Foreign currency translations and foreign denominated assets and liabilities		(8,469	)		(5,913	)		(1,353	)		1,756
Net change in unrealized appreciation (depreciation)		38,021,591			21,661,882			(7,390,932	)		(1,526,167	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(19,788,455	)	$	20,661,916		$	(1,986,240	)	$	(1,087,813	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2023 (unaudited)

	Oil Services ETF			Rare Earth/ Strategic Metals ETF			Steel ETF			Uranium+ Nuclear Energy ETF
Income:
Dividends	$	18,267,956		$	3,742,645		$	2,391,843		$	1,249,598
Interest		12,776			6,365			1,807			1,249
Securities lending income		98,496			2,295,236			28,257			49,966
Foreign taxes withheld		(1,466	)		(211,090	)		(58,349	)		(146,241	)
Total income		18,377,762			5,833,156			2,363,558			1,154,572
Expenses:
Management fees		4,140,705			1,600,288			300,545			143,678
Professional fees		—			21,450			18,962			21,292
Custody and accounting fees		—			84,275			16,519			32,219
Reports to shareholders		—			45,673			10,216			6,818
Trustees’ fees and expenses		—			9,757			1,056			838
Registration fees		—			2,950			2,950			2,950
Insurance		—			7,766			2,298			1,077
Interest		43,943			42,677			6,905			3,588
Other		—			5,142			141			108
Total expenses		4,184,648			1,819,978			359,592			212,568
Waiver of management fees		—			—			(22,087	)		(36,567	)
Net expenses		4,184,648			1,819,978			337,505			176,001
Net investment income		14,193,114			4,013,178			2,026,053			978,571

Net realized gain (loss) on:
Investments		(72,023,261	)		(4,696,790	)		(1,870,489	)		(427,528	)
In-kind redemptions		210,847,050			26,665,824			3,758,990			964,077
Foreign currency transactions and foreign denominated assets and liabilities		—			(104,508	)		—			(8,289	)
Net realized gain		138,823,789			21,864,526			1,888,501			528,260

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(288,335,233	)		36,541,720			1,644,464			3,275,860
Investments - affiliated issuers		(20,931,349	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			(13,229	)		—			(209	)
Net change in unrealized appreciation (depreciation)		(309,266,582	)		36,528,491			1,644,464			3,275,651
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(156,249,679	)	$	62,406,195		$	5,559,018		$	4,782,482

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						Future of Food ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	20,136,649		$	27,997,715		$	46,059		$	37,285
Net realized gain (loss)		10,270,215			91,786,465			(104,530	)		(97,107	)
Net change in unrealized appreciation (depreciation)		(90,667,632	)		(320,314,104	)		(149,164	)		(703,908	)
Net decrease in net assets resulting from operations		(60,260,768	)		(200,529,924	)		(207,635	)		(763,730	)
Distributions to shareholders from:
Distributable earnings		—			(28,899,290	)		—			(38,400	)
Share transactions*:
Proceeds from sale of shares		—			815,012,259			955,231			1,030,333
Cost of shares redeemed		(182,561,270	)		(427,267,809	)		—			—
Increase (decrease) in net assets resulting from share transactions		(182,561,270	)		387,744,450			955,231			1,030,333
Total increase (decrease) in net assets		(242,822,038	)		158,315,236			747,596			228,203
Net Assets, beginning of period		1,341,023,009			1,182,707,773			2,697,884			2,469,681
Net Assets, end of period	$	1,098,200,971		$	1,341,023,009		$	3,445,480		$	2,697,884
*Shares of Common Stock Issued (no par value)
Shares sold		—			8,000,000			50,000			50,000
Shares redeemed		(2,150,000	)		(4,800,000	)		—			—
Net increase (decrease)		(2,150,000	)		3,200,000			50,000			50,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	91,099,388		$	194,459,737		$	350,035		$	531,803
Net realized gain (loss)		649,455,674			(35,147,047	)		(707,190	)		(981,419	)
Net change in unrealized appreciation (depreciation)		(160,938,690	)		(1,357,895,743	)		(1,136,764	)		(4,556,176	)
Net increase (decrease) in net assets resulting from operations		579,616,372			(1,198,583,053	)		(1,493,919	)		(5,005,792	)
Distributions to shareholders from:
Distributable earnings		—			(197,981,341	)		—			(580,000	)

Share transactions*:
Proceeds from sale of shares		1,609,036,692			3,035,577,589			3,264,880			14,040,492
Cost of shares redeemed		(2,213,641,291	)		(2,978,056,133	)		—			(1,560,818	)
Increase (decrease) in net assets resulting from share transactions		(604,604,599	)		57,521,456			3,264,880			12,479,674
Total increase (decrease) in net assets		(24,988,227	)		(1,339,042,938	)		1,770,961			6,893,882
Net Assets, beginning of period		11,934,043,598			13,273,086,536			22,590,426			15,696,544
Net Assets, end of period	$	11,909,055,371		$	11,934,043,598		$	24,361,387		$	22,590,426
*Shares of Common Stock Issued (no par value)
Shares sold		51,900,000			102,100,000			100,000			400,000
Shares redeemed		(71,450,000	)		(100,900,000	)		—			(50,000	)
Net increase (decrease)		(19,550,000	)		1,200,000			100,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	9,033,931		$	24,814,522		$	1,484,208		$	2,650,521
Net realized loss		(66,843,977	)		(171,074,964	)		(2,484,174	)		(7,306,893	)
Net change in unrealized appreciation (depreciation)		38,021,591			(486,420,375	)		21,661,882			(81,994,860	)
Net increase (decrease) in net assets resulting from operations		(19,788,455	)		(632,680,817	)		20,661,916			(86,651,232	)
Distributions to shareholders from:
Distributable earnings		—			(19,233,209	)		—			(2,600,048	)

Share transactions*:
Proceeds from sale of shares		291,251,529			674,457,723			5,969,931			—
Cost of shares redeemed		(222,003,550	)		(780,321,178	)		(23,880,402	)		(13,347,688	)
Increase (decrease) in net assets resulting from share transactions		69,247,979			(105,863,455	)		(17,910,471	)		(13,347,688	)
Total increase (decrease) in net assets		49,459,524			(757,777,481	)		2,751,445			(102,598,968	)
Net Assets, beginning of period		3,737,011,072			4,494,788,553			198,149,993			300,748,961
Net Assets, end of period	$	3,786,470,596		$	3,737,011,072		$	200,901,438		$	198,149,993
*Shares of Common Stock Issued (no par value)
Shares sold		7,600,000			19,250,000			50,000			—
Shares redeemed		(5,900,000	)		(21,700,000	)		(200,000	)		(100,000	)
Net increase (decrease)		1,700,000			(2,450,000	)		(150,000	)		(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,344,731		$	4,585,616		$	627,347		$	1,230,395
Net realized gain (loss)		3,059,961			(79,726	)		(188,993	)		62,100
Net change in unrealized appreciation (depreciation)		(7,390,932	)		(2,081,912	)		(1,526,167	)		(745,083	)
Net increase (decrease) in net assets resulting from operations		(1,986,240	)		2,423,978			(1,087,813	)		547,412
Distributions to shareholders from:
Distributable earnings		—			(4,599,900	)		—			(1,200,000	)

Share transactions*:
Proceeds from sale of shares		14,006,011			74,958,129			—			41,125,018
Cost of shares redeemed		(19,773,184	)		(27,346,895	)		(6,112,874	)		(21,154,594	)
Increase (decrease) in net assets resulting from share transactions		(5,767,173	)		47,611,234			(6,112,874	)		19,970,424
Total increase (decrease) in net assets		(7,753,413	)		45,435,312			(7,200,687	)		19,317,836
Net Assets, beginning of period		142,683,493			97,248,181			38,991,715			19,673,879
Net Assets, end of period	$	134,930,080		$	142,683,493		$	31,791,028		$	38,991,715
*Shares of Common Stock Issued (no par value)
Shares sold		300,000			1,450,000			—			1,250,000
Shares redeemed		(400,000	)		(600,000	)		(200,000	)		(725,000	)
Net increase (decrease)		(100,000	)		850,000			(200,000	)		525,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF						Rare Earth/Strategic Metals ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	14,193,114		$	23,646,493		$	4,013,178		$	5,943,123
Net realized gain		138,823,789			588,746,639			21,864,526			25,061,182
Net change in unrealized appreciation (depreciation)		(309,266,582	)		532,821,388			36,528,491			(338,277,114	)
Net increase (decrease) in net assets resulting from operations		(156,249,679	)		1,145,214,520			62,406,195			(307,272,809	)
Distributions to shareholders from:
Distributable earnings		—			(23,400,039	)		—			(9,819,927	)

Share transactions*:
Proceeds from sale of shares		2,692,584,145			4,621,472,112			24,158,949			149,331,401
Cost of shares redeemed		(2,948,975,885	)		(5,302,018,149	)		(108,144,016	)		(214,892,139	)
Decrease in net assets resulting from share transactions		(256,391,740	)		(680,546,037	)		(83,985,067	)		(65,560,738	)
Total increase (decrease) in net assets		(412,641,419	)		441,268,444			(21,578,872	)		(382,653,474	)
Net Assets, beginning of period		2,584,387,470			2,143,119,026			631,206,968			1,013,860,442
Net Assets, end of period	$	2,171,746,051		$	2,584,387,470		$	609,628,096		$	631,206,968
*Shares of Common Stock Issued (no par value)
Shares sold		9,300,000			17,300,000			300,000			1,500,000
Shares redeemed		(10,250,000	)		(20,400,000	)		(1,250,000	)		(2,300,000	)
Net decrease		(950,000	)		(3,100,000	)		(950,000	)		(800,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium+Nuclear Energy ETF
	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,026,053		$	5,167,089		$	978,571		$	744,394
Net realized gain (loss)		1,888,501			(2,138,152	)		528,260			1,597,739
Net change in unrealized appreciation (depreciation)		1,644,464			3,726,233			3,275,651			(941,706	)
Net increase in net assets resulting from operations		5,559,018			6,755,170			4,782,482			1,400,427
Distributions to shareholders from:
Distributable earnings		—			(5,238,962	)		—			(1,100,017	)
Return of capital		—			(11,016	)		—			—
Total distributions		—			(5,249,978	)		—			(1,100,017	)

Share transactions*:
Proceeds from sale of shares		63,015,007			82,321,434			4,144,110			24,539,686
Cost of shares redeemed		(54,665,470	)		(95,953,186	)		(2,901,841	)		(5,585,128	)
Increase (decrease) in net assets resulting from share transactions		8,349,537			(13,631,752	)		1,242,269			18,954,558
Total increase (decrease) in net assets		13,908,555			(12,126,560	)		6,024,751			19,254,968
Net Assets, beginning of period		99,697,179			111,823,739			54,481,885			35,226,917
Net Assets, end of period	$	113,605,734		$	99,697,179		$	60,506,636		$	54,481,885
*Shares of Common Stock Issued (no par value)
Shares sold		950,000			1,300,000			75,000			450,000
Shares redeemed		(900,000	)		(1,675,000	)		(50,000	)		(100,000	)
Net increase (decrease)		50,000			(375,000	)		25,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Agribusiness ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$85.96			$95.38			$77.82			$68.59			$57.11			$61.63
Net investment income (a)		1.39			1.71			1.14			0.90			0.83			0.83
Net realized and unrealized gain (loss) on investments		(5.70	)		(9.28	)		17.54			9.19			11.56			(4.39	)
Total from investment operations		(4.31	)		(7.57	)		18.68			10.09			12.39			(3.56	)
Distributions from:
Net investment income		—			(1.85	)		(1.12	)		(0.86	)		(0.91	)		(0.96	)
Net asset value, end of period		$81.65			$85.96			$95.38			$77.82			$68.59			$57.11
Total return (b)		(5.02)%	(c)		(7.95	)%		23.99	%		14.73	%		21.70	%		(5.76	)%

Ratios to average net assets
Expenses		0.54%	(d)		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Expenses excluding interest		0.53%	(d)		0.53	%		0.52	%		0.55	%		0.56	%		0.54	%
Net investment income		3.26%	(d)		1.84	%		1.25	%		1.41	%		1.29	%		1.32	%
Supplemental data
Net assets, end of period (in millions)		$1,098			$1,341			$1,183			$794			$717			$757
Portfolio turnover rate (e)		5%	(c)		24	%		17	%		13	%		21	%		16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	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 June 30, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
	(unaudited)
Net asset value, beginning of period		$17.99			$24.70			$24.33
Net investment income (b)		0.24			0.29			0.02
Net realized and unrealized gain (loss) on investments		(1.00	)		(6.74	)		0.35
Total from investment operations		(0.76	)		(6.45	)		0.37
Distributions from:
Net investment income		—			(0.26	)		—
Net asset value, end of period		$17.23			$17.99			$24.70
Total return (c)		(4.23)%	(d)		(26.14	)%		1.53%	(d)

Ratios to average net assets
Expenses		0.71%	(e)		0.69	%		0.69%	(e)
Expenses excluding interest and taxes		0.69%	(e)		0.69	%		N/A
Net investment income		2.73%	(e)		1.44	%		0.93%	(e)
Supplemental data
Net assets, end of period (in millions)		$3			$3			$2
Portfolio turnover rate (f)		7%	(d)		4	%		0%	(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Gold Miners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$28.69			$32.00			$35.98			$29.34			$21.07			$23.25
Net investment income (a)		0.22			0.48			0.52			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		1.13			(3.31	)		(3.97	)		6.62			8.27			(2.21	)
Total from investment operations		1.35			(2.83	)		(3.45	)		6.83			8.46			(2.07	)
Distributions from:
Net investment income		—			(0.48	)		(0.53	)		(0.19	)		(0.19	)		(0.11	)
Net asset value, end of period		$30.04			$28.69			$32.00			$35.98			$29.34			$21.07
Total return (b)		4.71%	(c)		(8.87	)%		(9.56	)%		23.30	%		40.15	%		(8.92	)%

Ratios to average net assets
Expenses		0.52%	(d)		0.51	%		0.51	%		0.51	%		0.52	%		0.52	%
Expenses excluding interest		0.51%	(d)		0.51	%		N/A			N/A			N/A			N/A
Net investment income		1.40%	(d)		1.61	%		1.53	%		0.61	%		0.76	%		0.66	%
Supplemental data
Net assets, end of period (in millions)		$11,909			$11,934			$13,273			$16,504			$12,999			$10,576
Portfolio turnover rate (e)		8%	(c)		17	%		15	%		13	%		14	%		15	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	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 June 30, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021(a)
	(unaudited)
Net asset value, beginning of period		$28.24			$34.88			$34.67
Net investment income (loss) (b)		0.40			0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.57	)		(6.64	)		0.22
Total from investment operations		(1.17	)		(5.91	)		0.21
Distributions from:
Net investment income		—			(0.73	)		—
Net asset value, end of period		$27.07			$28.24			$34.88
Total return (c)		(4.14)%	(d)		(16.99	)%		0.61%	(d)

Ratios to average net assets
Expenses		0.67%	(e)		0.63	%		0.60%	(e)
Expenses excluding interest		0.59%	(e)		0.59	%		0.59%	(e)
Net investment income (loss)		2.78%	(e)		2.33	%		(0.30)%	(e)
Supplemental data
Net assets, end of period (in millions)		$24			$23			$16
Portfolio turnover rate (f)		8%	(d)		32	%		10%	(d)

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Junior Gold Miners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$35.63			$41.88			$54.26			$42.39			$30.11			$34.21
Net investment income (a)		0.09			0.24			0.39			0.22			0.08			0.14
Net realized and unrealized gain (loss) on investments		(0.20	)		(6.31	)		(12.02	)		12.51			12.36			(4.10	)
Total from investment operations		(0.11	)		(6.07	)		(11.63	)		12.73			12.44			(3.96	)
Distributions from:
Net investment income		—			(0.18	)		(0.75	)		(0.86	)		(0.16	)		(0.14	)
Net asset value, end of period		$35.52			$35.63			$41.88			$54.26			$42.39			$30.11
Total return (b)		(0.30)%	(c)		(14.48	)%		(21.44	)%		30.07	%		41.31	%		(11.58	)%

Ratios to average net assets
Expenses		0.53%	(d)		0.52	%		0.52	%		0.52	%		0.53	%		0.53	%
Expenses excluding interest		0.52%	(d)		0.52	%		0.52	%		0.52	%		0.53	%		0.53	%
Net investment income		0.45%	(d)		0.64	%		0.84	%		0.46	%		0.24	%		0.45	%
Supplemental data
Net assets, end of period (in millions)		$3,786			$3,737			$4,495			$6,315			$5,219			$4,273
Portfolio turnover rate (e)		11%	(c)		27	%		24	%		34	%		19	%		28	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Low Carbon Energy ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$111.11			$159.69			$165.41			$75.70			$55.10			$60.94
Net investment income (a)		0.86			1.45			0.78			0.16			0.05			0.26
Net realized and unrealized gain (loss) on investments		11.03			(48.57	)		(5.79	)		89.64			20.55			(5.76	)
Total from investment operations		11.89			(47.12	)		(5.01	)		89.80			20.60			(5.50	)
Distributions from:
Net investment income		—			(1.46	)		(0.71	)		(0.09	)		—			(0.34	)
Net asset value, end of period		$123.00			$111.11			$159.69			$165.41			$75.70			$55.10
Total return (b)		10.70%	(c)		(29.52	)%		(3.02	)%		118.65	%		37.38	%		(9.02	)%

Ratios to average net assets
Gross expenses		0.65%	(d)		0.61	%		0.55	%		0.64	%		0.65	%		0.65	%
Net expenses		0.65%	(d)		0.61	%		0.55	%		0.62	%		0.62	%		0.63	%
Net expenses excluding interest		0.59%	(d)		0.61	%		0.55	%		0.62	%		0.62	%		0.62	%
Net investment income		1.48%	(d)		1.13	%		0.49	%		0.16	%		0.08	%		0.44	%
Supplemental data
Net assets, end of period (in millions)		$201			$198			$301			$270			$105			$79
Portfolio turnover rate (e)		7%	(c)		16	%		77	%		84	%		40	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Natural Resources ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$49.20			$47.44			$38.65			$37.10			$32.20			$37.09
Net investment income (a)		0.84			1.66			1.21			0.84			0.96			0.81
Net realized and unrealized gain (loss) on investments		(1.85	)		1.71			8.60			1.65	(b)		4.94			(4.78	)
Total from investment operations		(1.01	)		3.37			9.81			2.49			5.90			(3.97	)
Distributions from:
Net investment income		—			(1.61	)		(1.02	)		(0.94	)		(1.00	)		(0.92	)
Net asset value, end of period		$48.19			$49.20			$47.44			$38.65			$37.10			$32.20
Total return (c)		(2.05)%	(d)		7.10	%		25.38	%		6.73	%		18.34	%		(10.69	)%

Ratios to average net assets
Gross expenses (e)		0.52%	(f)		0.50	%		0.78	%		0.90	%		0.79	%		0.72	%
Net expenses (e)		0.52%	(f)		0.50	%		0.49	%		0.49	%		0.50	%		0.50	%
Net expenses excluding interest (e)		0.49%	(f)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.43%	(f)		3.36	%		2.63	%		2.59	%		2.70	%		2.21	%
Supplemental data
Net assets, end of period (in millions)		$135			$143			$97			$52			$70			$77
Portfolio turnover rate (g)		16%	(d)		37	%		26	%		26	%		24	%		23	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Oil Refiners ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$31.19			$27.14			$25.01			$29.01			$26.95			$30.40
Net investment income (a)		0.54			1.07			0.66			0.58			0.56			0.74
Net realized and unrealized gain (loss) on investments		(1.45	)		3.94			2.12			(3.92	)		1.91			(3.54	)
Total from investment operations		(0.91	)		5.01			2.78			(3.34	)		2.47			(2.80	)
Distributions from:
Net investment income		—			(0.96	)		(0.65	)		(0.64	)		(0.41	)		(0.52	)
Net realized capital gains		—			—			—			—			—			(0.13	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		—			(0.96	)		(0.65	)		(0.66	)		(0.41	)		(0.65	)
Net asset value, end of period		$30.28			$31.19			$27.14			$25.01			$29.01			$26.95
Total return (b)		(2.94)%	(c)		18.50	%		11.10	%		(11.50	)%		9.19	%		(9.22	)%

Ratios to average net assets
Gross expenses		0.94%	(d)		0.78	%		1.02	%		1.29	%		1.03	%		0.72	%
Net expenses		0.62%	(d)		0.61	%		0.59	%		0.59	%		0.60	%		0.60	%
Net expenses excluding interest		0.59%	(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.48%	(d)		3.54	%		2.32	%		2.56	%		1.97	%		2.32	%
Supplemental data
Net assets, end of period (in millions)		$32			$39			$20			$18			$35			$49
Portfolio turnover rate (e)		9%	(c)		40	%		18	%		37	%		30	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Oil Services ETF(a)
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$304.03			$184.74			$153.90			$265.47			$280.60			$520.40
Net investment income (b)		1.72			2.14			2.41			2.26			6.60			7.00
Net realized and unrealized gain (loss) on investments		(18.12	)		120.04			30.24	(c)		(111.94	)		(15.93	)(c)		(240.80	)
Total from investment operations		(16.40	)		122.18			32.65			(109.68	)		(9.33	)		(233.80	)
Distributions from:
Net investment income		—			(2.89	)		(1.81	)		(1.89	)		(5.80	)		(6.00	)
Net asset value, end of period		$287.63			$304.03			$184.74			$153.90			$265.47			$280.60
Total return (d)		(5.39)%	(e)		66.14	%		21.18	%		(41.31	)%		(3.35	)%		(44.93	)%

Ratios to average net assets
Gross expenses (f)		0.35%	(g)		0.35	%		0.36	%		0.40	%		0.39	%		0.38	%
Net expenses (f)		0.35%	(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.20%	(g)		0.83	%		1.21	%		1.68	%		2.28	%		1.44	%
Supplemental data
Net assets, end of period (in millions)		$2,172			$2,584			$2,143			$723			$773			$1,045
Portfolio turnover rate (h)		8%	(e)		17	%		28	%		33	%		29	%		22	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Rare Earth/Strategic Metals ETF(a)
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$76.28			$111.72			$65.41			$40.41			$40.68			$89.25
Net investment income (b)		0.52			0.68			0.08			0.58			0.90			1.98
Net realized and unrealized gain (loss) on investments		6.43			(34.93	)		52.12			24.95			(0.54	)(c)		(45.48	)
Total from investment operations		6.95			(34.25	)		52.20			25.53			0.36			(43.50	)
Distributions from:
Net investment income		—			(1.19	)		(5.89	)		(0.53	)		(0.63	)		(5.07	)
Net asset value, end of period		$83.23			$76.28			$111.72			$65.41			$40.41			$40.68
Total return (d)		9.11%	(e)		(30.68	)%		80.09	%		63.22	%		0.91	%		(48.70	)%

Ratios to average net assets
Gross expenses		0.57%	(f)		0.54	%		0.53	%		0.63	%		0.64	%		0.63	%
Net expenses		0.57%	(f)		0.54	%		0.53	%		0.59	%		0.60	%		0.59	%
Net expenses excluding interest		0.56%	(f)		0.54	%		0.53	%		0.57	%		0.57	%		0.57	%
Net investment income		1.25%	(f)		0.70	%		0.08	%		1.44	%		2.14	%		2.73	%
Supplemental data
Net assets, end of period (in millions)		$610			$631			$1,014			$322			$193			$93
Portfolio turnover rate (g)		16%	(e)		40	%		74	%		70	%		64	%		68	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Steel ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$57.80			$53.25			$44.57			$37.74			$34.87			$45.74
Net investment income (a)		1.05			2.71			3.19			0.71			1.16			1.30
Net realized and unrealized gain (loss) on investments		5.15			4.72			9.25			6.95			2.75			(9.99	)
Total from investment operations		6.20			7.43			12.44			7.66			3.91			(8.69	)
Distributions from:
Net investment income		—			(2.87	)		(3.76	)		(0.77	)		(1.04	)		(2.18	)
Return of capital		—			(0.01	)		—			(0.06	)		—			—
Total distributions		—			(2.88	)		(3.76	)		(0.83	)		(1.04	)		(2.18	)
Net asset value, end of period		$64.00			$57.80			$53.25			$44.57			$37.74			$34.87
Total return (b)		10.74%	(c)		13.88	%		27.91	%		20.57	%		11.02	%		(18.94	)%

Ratios to average net assets
Gross expenses		0.60%	(d)		0.58	%		0.56	%		0.95	%		0.71	%		0.61	%
Net expenses		0.56%	(d)		0.56	%		0.55	%		0.56	%		0.56	%		0.56	%
Net expenses excluding interest		0.55%	(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.37%	(d)		4.72	%		5.48	%		2.31	%		3.11	%		2.80	%
Supplemental data
Net assets, end of period (in millions)		$114			$100			$112			$77			$66			$58
Portfolio turnover rate (e)		7%	(c)		20	%		25	%		34	%		19	%		16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Uranium+Nuclear Energy ETF
	Period			Year Ended December 31,
	Ended June 30, 2023			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$54.94			$54.90			$49.35			$48.71			$49.67			$49.09
Net investment income (a)		0.95			0.86			1.44			0.89			1.07			1.30
Net realized and unrealized gain (loss) on investments		3.63			0.29			5.20			0.85			(0.85	)		1.22
Total from investment operations		4.58			1.15			6.64			1.74			0.22			2.52
Distributions from:
Net investment income		—			(1.11	)		(1.09	)		(1.10	)		(1.18	)		(1.94	)
Net asset value, end of period		$59.52			$54.94			$54.90			$49.35			$48.71			$49.67
Total return (b)		8.33%	(c)		2.10	%		13.48	%		3.59	%		0.44	%		5.15	%

Ratios to average net assets
Gross expenses		0.74%	(d)		0.67	%		0.89	%		1.25	%		0.93	%		0.85	%
Net expenses		0.61%	(d)		0.61	%		0.60	%		0.60	%		0.61	%		0.60	%
Net expenses excluding interest		0.60%	(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.41%	(d)		1.56	%		2.70	%		1.97	%		2.13	%		2.58	%
Supplemental data
Net assets, end of period (in millions)		$61			$54			$35			$18			$23			$26
Portfolio turnover rate (e)		32%	(c)		53	%		25	%		25	%		15	%		32	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2023 (unaudited)

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

Fund	Diversification Classification

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

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

Fund	Index

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

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

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

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

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

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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).

	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. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. 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.

	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

B.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, 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 June 30, 2023 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, 2024, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the period ended June 30, 2023, are as follows:

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

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

The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2024.

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

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

Note 4—Capital Share Transactions—As of June 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 period ended June 30, 2023, 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	$	75,976,030	$	62,807,277	$	—	$	175,107,027
Future of Food ETF		296,375		232,856		906,105		—
Gold Miners ETF		1,123,605,640		986,391,825		1,609,587,495		2,214,283,887
Green Metals ETF		3,163,523		1,940,240		2,378,635		—
Junior Gold Miners ETF		489,221,127		439,813,698		290,049,525		221,349,971
Low Carbon Energy ETF		16,095,011		15,171,679		5,049,868		22,259,266
Natural Resources ETF		24,762,038		22,657,067		13,654,410		19,321,341
Oil Refiners ETF		3,302,051		3,681,394		—		5,137,243
Oil Services ETF		206,553,236		192,260,655		2,692,436,105		2,949,108,839
Rare Earth/Strategic Metals ETF		100,830,425		117,502,483		18,032,578		81,667,663
Steel ETF		10,400,343		8,828,964		63,014,716		54,303,130
Uranium+Nuclear Energy ETF		19,077,552		18,262,265		4,062,874		2,839,236

Note 6—Income Taxes—As of June 30, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	1,332,939,088	$	46,890,061	$	(234,899,126	)	$	(188,009,065	)
Future of Food ETF		4,251,072		92,580		(910,729	)		(818,149	)
Gold Miners ETF		12,226,483,321		908,992,566		(1,188,271,643	)		(279,279,077	)
Green Metals ETF		30,326,998		1,662,240		(7,261,613	)		(5,599,373	)
Junior Gold Miners ETF		4,657,823,623		261,221,138		(1,054,439,496	)		(793,218,358	)
Low Carbon Energy ETF		233,665,172		30,650,286		(52,279,983	)		(21,629,697	)
Natural Resources ETF		131,055,845		14,998,061		(8,914,016	)		6,084,045
Oil Refiners ETF		33,603,811		1,555,755		(3,356,898	)		(1,801,143	)
Oil Services ETF		2,414,672,813		45,783,662		(270,495,688	)		(224,712,026	)
Rare Earth/Strategic Metals ETF		599,817,350		149,854,752		(109,522,966	)		40,331,786
Steel ETF		137,496,965		4,683,344		(20,821,003	)		(16,137,659	)
Uranium+Nuclear Energy ETF		60,528,382		7,838,708		(1,838,070	)		6,000,638

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

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

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

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 period ended June 30, 2023, the Funds did not incur any interest or penalties.

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

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

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

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

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2023 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 June 30, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	47,671,200	$	47,253,786	$	2,600,972	$	49,854,758
Future of Food ETF		140,439		129,532		21,487		151,019
Gold Miners ETF		80,701,201		44,964,475		37,916,993		82,881,468
Green Metals ETF		830,302		384,877		468,241		853,118
Junior Gold Miners ETF		202,070,631		83,919,759		127,014,364		210,934,123
Low Carbon Energy ETF		20,519,016		11,021,593		9,952,814		20,974,407
Natural Resources ETF		6,966,285		2,060,840		5,212,797		7,273,637
Oil Refiners ETF		164,702		–		173,380		173,380
Oil Services ETF		151,904,221		18,462,075		131,222,986		149,685,061
Rare Earth/Strategic Metals ETF		151,388,488		31,159,446		123,905,814		155,065,260
Steel ETF		16,734,951		7,730,911		9,484,000		17,214,911
Uranium+Nuclear Energy ETF		15,126,709		6,161,710		9,641,557		15,803,267

The following table represents money market fund investments held as collateral by type of security on loan as of June 30, 2023:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Agribusiness ETF	$	47,253,786
Future of Food ETF		129,532
Gold Miners ETF		44,964,475
Green Metals ETF		384,877
Junior Gold Miners ETF		83,919,759
Low Carbon Energy ETF		11,021,593
Natural Resources ETF		2,060,840
Oil Services ETF		18,462,075
Rare Earth/Strategic Metals ETF		31,159,446
Steel ETF		7,730,911
Uranium+Nuclear Energy ETF		6,161,710

*	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 period ended June 30, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		138		$1,519,677		6.14	%
Gold Miners ETF		106		10,263,960		5.93
Green Metals ETF		179		323,945		6.10
Junior Gold Miners ETF		49		9,985,369		5.98
Low Carbon Energy ETF		179		1,855,544		6.10
Natural Resources ETF		174		612,039		6.09
Oil Refiners ETF		168		157,218		6.09
Oil Services ETF		81		3,243,423		6.01
Rare Earth/Strategic Metals ETF		139		1,337,527		6.09
Steel ETF		129		292,707		5.99
Uranium+Nuclear Energy ETF		109		188,364		6.26

Outstanding loan balances as of June 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited)

At a meeting held on June 8, 2023 (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 (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChiNext ETF, Digital India ETF, Egypt Index ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Steel ETF, Uranium + Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of the VanEck China Growth Leaders ETF and ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the 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 preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Funds) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub- Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the Sub- Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Agribusiness ETF, Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Rare Earth/Strategic Metals ETF and Uranium + Nuclear Energy ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF and Vietnam ETF had management fees above the average and below the median of its respective peer group of funds, each of the VanEck Green Metals ETF and Natural Resources ETF had management fees above the average and median of its respective peer group of funds, the VanEck Digital India ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Oil Services ETF had management fees equal to the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Brazil Small-Cap ETF, Gold Miners ETF, and Oil Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Israel ETF, Junior Gold Miners ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and above the median of its respective peer group of funds, each of the VanEck ChiNext ETF, Digital India ETF, Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, each of the VanEck Egypt Index ETF, Low Carbon Energy ETF and Uranium + Nuclear Energy ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, and the VanEck India Growth Leaders ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefits.

The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Funds) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited) (continued)

Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Funds, if any, were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.

In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each 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, each Agreement is in the best interest of each Fund and such Fund’s shareholders.

VanEck Future of Food ETF

The Board’s approval of the Investment Management Agreement 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 preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the

Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and 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 involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the 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).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2022 and the period since its inception on November 30, 2021 through December 31, 2022, but also that the Fund had outperformed another benchmark that the Adviser informed the Board was more representative of the Fund’s investment strategy for the one-year period ended December 31, 2022. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio above the average and median of its peer group of funds. The Trustees reviewed the amount by which the Fund’s management fees and total expense ratio exceeded the average and median of its peer group and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the 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 Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2023 (unaudited) (continued)

VanEck CMCI Commodity Strategy ETF

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the proposed management of the Fund and 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 Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (inclusive of any subsidiary expenses) excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund 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 Fund 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.

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

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	NRSAR