ANNUAL REPORT
September 30, 2022

Durable High Dividend ETF	DURA
Inflation Allocation ETF	RAAX
Long/Flat Trend ETF	LFEQ
Morningstar ESG Moat ETF	MOTE
Morningstar Global Wide Moat ETF	MOTG
Morningstar International Moat ETF	MOTI
Morningstar Wide Moat ETF	MOAT^®
Social Sentiment ETF	BUZZ


	800.826.2333	vaneck.com



President’s Letter	1
Management Discussion	3
Performance Comparison
Durable High Dividend ETF	6
Inflation Allocation ETF	7
Long/Flat Trend ETF	8
Morningstar ESG MoatETF	9
Morningstar Global Wide Moat ETF	10
Morningstar International Moat ETF	11
Morningstar Wide Moat ETF	12
Social Sentiment ETF	13
About Fund Performance	14
Explanation of Expenses	15
Schedule of Investments
Durable High Dividend ETF	17
Inflation Allocation ETF	19
Long/Flat Trend ETF	21
Morningstar ESG Moat ETF	22
Morningstar Global Wide Moat ETF	24
Morningstar International Moat ETF	26
Morningstar Wide Moat ETF	29
Social Sentiment ETF	31
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights
Durable High Dividend ETF	41
Inflation Allocation ETF	42
Long/Flat Trend ETF	43
Morningstar ESG Moat ETF	44
Morningstar Global Wide Moat ETF	45
Morningstar International Moat ETF	46
Morningstar Wide Moat ETF	47
Social Sentiment ETF	48
Notes to Financial Statements	49
Report of Independent Registered Public Accounting Firm	58
Tax Information	60
Board of Trustees and Officers	61
Approval of Investment Management Agreements	64

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2022.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon.

1.	Monetary Policy: Tightening

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0%.

Another component to monetary policy is the Fed balance sheet, which is one of the unknowns. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet and selling bonds into the market—one estimate indicates $279B net through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

Last year when my colleagues and I spoke about inflation,²I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds.

2.	Fiscal Tightening: Wage Inflation Is the Real Battle

Nominal wages are increasing, but because of inflation, take-home pay has been negative over the past year. This may result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

3.	Global Growth Has Almost Stopped

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we may look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended September 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

October 10, 2022

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

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

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2022 (unaudited)

Market Review

Durable High Dividend

VanEck Durable High Dividend ETF (formerly VanEck Morningstar Durable Dividend ETF) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Dividend Valuation Index^SM. The index is intended to track the overall performance of high dividend yielding U.S. companies with strong financial health and attractive valuations according to Morningstar.

The Fund lost 6.58% over the 12 month period under review. The Fund’s focus on high yielding companies with strong financial health shielded it to an extent from the significant volatility it faced in unsettled markets. This did not, however, stop the Fund registering a loss.

The health care, utility and energy sectors were the only positive contributors to performance. All other sectors detracted from performance for the period, with the financial, communications services and information technology sectors detracting the most from performance.

Inflation Allocation

In its pursuit of long-term total return, VanEck Inflation Allocation ETF seeks to maximize real returns, while seeking to reduce downside risk during sustained market declines. The Fund seeks to achieve this by allocating primarily to exchange-traded products that provide exposure to real assets, which include commodities, real estate, natural resources, master limited partnerships (MLPs) and infrastructure. The Fund seeks to reduce downside risk by using a rules-based approach to determine when to allocate to cash and cash equivalents.

Over the 12 month period to September 30, 2022, the Fund lost 2.71%. Resources assets and, in particular, diversified commodities, contributed the most positively to the Fund’s total return. Commodity prices have remained elevated as a symptom of high inflation and structural demand and supply imbalances that have been further aggravated by Russia’s invasion of Ukraine. Income assets suffered from exposure to real estate and global infrastructure. Financial assets suffered from exposure to gold, which included both gold bullion and gold equities.

Long/Flat Trend

VanEck Long/Flat Trend ETF lost 15.70% in the 12 month period ended September 30, 2022. The Fund takes a guided allocation approach designed to help investors manage risk in the U.S. equity market. The Fund seeks to track the Ned Davis Research CMG US Large Cap Long/Flat Index (the “index”) from Ned Davis Research (NDR), a world-renowned provider of institutional quality research. It is a rules-based index that follows a proprietary model developed by NDR and CMG Capital Management Group, Inc. (CMG).

The model measures the overall health of the market through an evaluation of market breadth. In this case, market breadth refers to advancing and declining price trends and countertrends at the GICS®¹industry group level. The model computes a robust moving average score daily to capture multi-industry and multi-term trend and countertrend measures to gauge overall market health. It then calculates the score’s directional trend to see if it is improving or declining. Collectively, the score and its directional trend determine the equity allocation of either 100%, 50%, or 0%. At 0%, the allocation would be entirely to cash.

Over the 12 months ended September 30, 2022, the Fund (and model) was victim to violent bear market rallies to the upside with big downside reversals.

The model (and Fund) remained fully invested as the market entered 2022 at all-time highs. That all changed during the second quarter as the market declined over 16% and, mid-way through the quarter, the model (and Fund) went to a full cash allocation. After the worst first half since 1970, the S&P 500® Index²(the “S&P 500”) rallied to its August 16 high, returning the index (and Fund) to a fully invested position in mid-August. However, stronger-than-expected inflation reports and a hawkish Fed proved to be too much for the market,

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

and the S&P 500 ended the third quarter at new lows for the year. The index (and Fund) returned to a 100% cash position in September.

Morningstar ESG Moat

VanEck Morningstar ESG Moat ETF seeks to track as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Sustainability Moat Focus Index^SM. The index is a rules-based index intended to offer exposure to attractively priced U.S. companies with long-term competitive advantages, according to Morningstar, that have been screened for ESG risks.

Over the period from inception (October 5, 2021) to September 30, 2022, the Fund lost 20.30%. Only the energy sector made a positive contribution to performance. The most significant negative contribution came from the information technology sector, followed by the financial and communication services sectors.

Morningstar Global Wide Moat

VanEck Morningstar Global Wide Moat ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global Wide Moat Focus Index^SM. The index is intended to track the overall performance of global companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

While the Fund’s focus on MOAT-rated companies and valuations provided a degree of resilience in global markets, VanEck Morningstar Global Wide Moat ETF still lost 19.41% for the 12 month period under review.

The energy sector was the only sector to contribute positively to performance. All other sectors detracted from performance with the information technology, industrial and communication services sectors detracting the most. Companies in Canada and Denmark contributed the most to performance, while those in the U.S. detracted from performance by far the most.

Morningstar International Moat

Launched over seven years ago as a means to capture moat-based opportunities abroad, VanEck Morningstar International Moat ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global ex-US Moat Focus Index^SM. The index is intended to track the overall performance of wide and narrow moat rated companies in developed and emerging markets outside the U.S. with sustainable competitive advantages at attractive prices according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

As with VanEck Morningstar Global Wide Moat ETF, the Fund’s focus on valuations and MOAT-rated companies helped is resiliency in the period’s choppy and volatile markets. However, for the 12 month period under review, the Fund lost 21.64%.

The single sector providing a positive contribution to performance was the industrial sector. All other sectors detracted from performance, with the information technology sector detracting the most. While companies in Italy and Singapore made a positive contribution to performance, all other countries detracted from performance with Chinese companies detracting the most.

Morningstar Wide Moat

VanEck Morningstar Wide Moat ETF, now with a ten year track record, seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus Index^SM. The index targets U.S. companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations in the view of Morningstar’s team of more than 100 equity analysts.³

According to the forward-looking process of Morningstar’s Equity Research group, companies with moats have the potential to create above-average returns for longer periods of time. The index’s approach to

investing in U.S. companies with wide economic moats when they are attractively priced has resulted in long-term outperformance versus the broad U.S. equity market.⁴

Although the Fund lost 17.27% over the 12 month period under review, because of a focus on valuations and MOAT-rated companies, its performance remained relatively resilient (the S&P 500® Index lost 15.47%) over the period, particularly through the volatility of 2022.

The primary driver of negative performance was the Fund’s exposure to the information technology sector. The consumer staples sector contributed the most positively to performance.

Social Sentiment

VanEck Social Sentiment ETF provides exposure to U.S. large cap stocks with the highest degree of positive social sentiment and bullish investor perception, based on content aggregated from online sources including social media, news articles, blog posts and other alternative datasets. The Fund seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the BUZZ NextGen AI US Sentiment Leaders Index.

The negative momentum associated with the market selloff in 2022 had a more adverse effect on the Fund’s portfolio companies than it did the broad market and VanEck Social Sentiment ETF lost 48.34% over the 12 month period.

The primary drivers of negative performance was the Fund’s exposure to the information technology and communications services sectors. Only the energy sector contributed positively to performance.

* Returns based on NAV.

¹Global Industry Classification Standard (GICS®) is a widely accepted equity securities classification system developed by Morgan Stanley Capital International (MSCI) and Standard & Poor’s.

² Allocations to equities (long) represented by the S&P 500 Index. The S&P 500 Index consists of 500 widely held U.S. common stocks covering the industrial, utility, financial and transportation sectors. Allocations to cash (flat) represented by the Solactive 13-week U.S. T-bill Index. The Solactive 13-week U.S. T-bill Index is a rules-based index mirroring the performance of the current U.S. 13-week T-bill.

³ Equity analysts referred to are part of Morningstar’s Equity Research group which consists of various wholly-owned subsidiaries of Morningstar, Inc., including but not limited to, Morningstar Research Services LLC.

⁴ Based on the Morningstar Wide Moat Focus Index versus the Morningstar U.S. Market Index (The index targets 97% of the market capitalization of the U.S. stock market) from the period 2/14/2007 (inception of the index) to 9/30/2022.

VANECK DURABLE HIGH DIVIDEND ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUSDVTU¹	SPTR²
One Year	(6.65)%	(6.58)%	(6.26)%	(15.47)%
Life*	5.51%	5.50%	5.80%	9.59%


	*	Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.

	¹	Morningstar® US Dividend Valuation Index^SM(MSUSDVTU) is a rules-based index intended to offer exposure to companies that Morningstar determines have a high dividend yield, strong financial health and an attractive uncertainty-adjusted valuation.

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

Hypothetical Growth of $10,000 (Since Inception)

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

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

See “About Fund Performance” on page 14 for more information.

VANECK INFLATION ALLOCATION ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	BCOMTR¹
One Year	(2.94)%	(2.71)%	11.80%
Life*	1.57%	1.63%	6.63%


	*	Inception of Fund: 4/9/18; First Day of Secondary Market Trading: 4/10/18.

	¹	The Bloomberg Commodity Index (BCOMTR) is the Fund’s broad-based benchmark index. BCOMTR is calculated on an excess return basis and reflects commodity futures price movements.

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK LONG/FLAT TREND ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	NDRCMGLF¹	SPTR²
One Year	(15.87)%	(15.70)%	(15.08)%	(15.47)%
Life*	7.19%	7.19%	7.87%	9.10%


	*	Inception of Fund: 10/4/17; First Day of Secondary Market Trading: 10/5/17.

	¹	The Ned Davis Research CMG US Large Cap Long/Flat Index (the “NDR CMG Index”) (NDRCMGLF) is a rules-based index that follows a proprietary model developed by Ned Davis Research, Inc. in conjunction with CMG Capital Management Group, Inc. To help limit potential loss associated with adverse market conditions, the model produces trade signals to dictate the NDR CMG Index’s equity allocation ranging from 100% fully invested (i.e., “long”) to 100% in cash (i.e., “flat”). When the NDR CMG Index is long, or 100% fully invested, it will be allocated to the S&P 500 Index. When the NDR CMG Index is flat, or 100% cash, it will be allocated to the Solactive 13-week U.S. T-bill Index.

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK MORNINGSTAR ESG MOAT ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSUSSMGU¹	SPTR²
Life*	(20.26)%	(20.30)%	(19.93)%	(16.23)%


	*	Inception of Fund: 10/5/21; First Day of Secondary Market Trading: 10/6/21.

	¹	Morningstar® US Sustainability Moat Focus Index^SM(MSUSSMGU) is a rules-based index intended to provide exposure to companies that Morningstar determines are attractively valued and have long-term competitive advantages while excluding those companies with high environmental, social and governance (“ESG”) risks.

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MSGWMFNU¹	SPTR²
One Year	(19.78)%	(19.41)%	(19.07)%	(15.47)%
Life*	6.80%	6.84%	7.17%	9.59%


	*	Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.

	¹	Morningstar® Global Wide Moat Focus Index^SM(MSGWMFNU) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors.

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MGEUMFUN¹	SPTR²
One Year	(22.20)%	(21.64)%	(20.90)%	(15.47)%
Five Year	(3.11)%	(2.89)%	(2.17)%	9.24%
Life*	0.43%	0.52%	1.26%	9.75%


	*	Inception of Fund: 7/13/15; First Day of Secondary Market Trading: 7/14/15.

	¹	Morningstar® Global ex-US Moat Focus Index^SM(MGEUMFUN) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide and narrow moat companies”).

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MWMFTR¹	SPTR²
One Year	(17.22)%	(17.27)%	(16.78)%	(15.47)%
Five Year	9.72%	9.72%	10.26%	9.24%
Ten Year	12.18%	12.19%	12.76%	11.70%


	¹	Morningstar® Wide Moat Focus Index^SM(MWMFTR) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat companies”).

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

Hypothetical Growth of $10,000 (Ten Year)

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

See “About Fund Performance” on page 14 for more information.

VANECK SOCIAL SENTIMENT ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	BUZZTR¹	SPTR²
One Year	(48.34)%	(48.34)%	(48.15)%	(15.47)%
Life*	(34.72)%	(34.73)%	(34.46)%	(3.29)%


	*	Inception of Fund: 3/2/21; First Day of Secondary Market Trading: 3/3/21.

	¹	The BUZZ NextGen AI US Sentiment Leaders Index (BUZZTR) is designed to track the performance of a subset of U.S. companies which are selected by analyzing data from online sources to identify those companies which rank highest in terms of bullish perception and breadth of discussion.

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

Hypothetical Growth of $10,000 (Since Inception)

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

See “About Fund Performance” on page 14 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

The Morningstar® Global ex-US Moat Focus Index^SM, Morningstar® Global Wide Moat Focus Index^SM, Morningstar® US Dividend Valuation Index^SM, Morningstar® US Sustainability Moat Focus Index^SMand Morningstar® Wide Moat Focus Index^SMare published by Morningstar. The Morningstar name and logo are registered trademarks of Morningstar. Morningstar Global ex-US Moat Focus Index^SM, Morningstar Global Wide Moat Focus Index^SM, Morningstar® US Dividend Valuation Index^SM, Morningstar® US Sustainability Moat Focus Index^SMand Morningstar Wide Moat Focus Index^SMare service marks of Morningstar. The Ned Davis Research CMG US Large Cap Long/ Flat Index is published by Ned Davis Research, Inc. (“NDR”). The BUZZ NextGen AI US Sentiment Leaders Index is published by BUZZ Holdings ULC.

Morningstar, NDR and BUZZ Holdings ULC are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2022 to September 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Durable High Dividend ETF
Actual	$1,000.00	$865.00	0.30%	$1.40
Hypothetical (b)	$1,000.00	$1,023.56	0.30%	$1.52
Inflation Allocation ETF
Actual	$1,000.00	$814.90	0.51%	$2.32
Hypothetical (b)	$1,000.00	$1,022.51	0.51%	$2.59
Long/Flat Trend ETF
Actual	$1,000.00	$797.90	0.63%	$2.84
Hypothetical (b)	$1,000.00	$1,021.91	0.63%	$3.19
Morningstar ESG Moat ETF
Actual	$1,000.00	$808.20	0.49%	$2.22
Hypothetical (b)	$1,000.00	$1,022.61	0.49%	$2.48
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$800.60	0.52%	$2.35
Hypothetical (b)	$1,000.00	$1,022.46	0.52%	$2.64
Morningstar International Moat ETF
Actual	$1,000.00	$790.50	0.58%	$2.60
Hypothetical (b)	$1,000.00	$1,022.16	0.58%	$2.94
Morningstar Wide Moat ETF
Actual	$1,000.00	$803.90	0.47%	$2.13
Hypothetical (b)	$1,000.00	$1,022.71	0.47%	$2.38

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Social Sentiment ETF
Actual	$1,000.00	$657.60	0.76%	$3.16
Hypothetical (b)	$1,000.00	$1,021.26	0.76%	$3.85


^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.4%
Banks: 2.0%
US Bancorp		35,615	$	1,435,997
Capital Goods: 8.8%
Eaton Corp. Plc		5,917		789,091
Emerson Electric Co.		9,789		716,751
General Dynamics Corp.		3,262		692,098
Honeywell International, Inc.		9,284		1,550,149
Hubbell, Inc.		686		152,978
Illinois Tool Works, Inc.		4,478		808,951
Lockheed Martin Corp.		4,160		1,606,966
MSC Industrial Direct Co., Inc.		1,155		84,096
				6,401,080
Consumer Services: 2.5%
Starbucks Corp.		16,738		1,410,344
Wendy’s Co.		2,881		53,846
Yum! Brands, Inc.		3,602		383,036
				1,847,226
Diversified Financials: 4.6%
BlackRock, Inc.		2,500		1,375,700
CME Group, Inc.		4,479		793,365
Cohen & Steers, Inc.		481		30,125
Evercore, Inc.		783		64,402
Federated Hermes, Inc.		1,863		61,703
Franklin Resources, Inc.		8,129		174,936
Invesco Ltd.		9,557		130,931
Janus Henderson Group Plc		7,130		144,810
T Rowe Price Group, Inc.		5,623		590,471
				3,366,443
Energy: 3.4%
Kinder Morgan, Inc.		78,744		1,310,300
The Williams Companies, Inc.		40,222		1,151,556
				2,461,856
Food, Beverage & Tobacco: 13.8%
Altria Group, Inc.		86,714		3,501,511
Campbell Soup Co.		3,959		186,548
Conagra Brands, Inc.		11,439		373,255
Ingredion, Inc.		1,334		107,414
J M Smucker Co.		2,002		275,095
Kellogg Co.		5,303		369,407
Kraft Heinz Co.		20,034		668,134
Mondelez International, Inc.		20,725		1,136,352
Philip Morris International, Inc.		40,952		3,399,425
				10,017,141
Health Care Equipment & Services: 3.1%
Medtronic Plc		26,013		2,100,550
Quest Diagnostics, Inc.		1,549		190,047
				2,290,597
Household & Personal Products: 1.7%
Clorox Co.		2,579		331,118
Kimberly-Clark Corp.		8,008		901,220
				1,232,338
Insurance: 1.6%
Allstate Corp.		4,817		599,861
Travelers Cos., Inc.		3,438		526,702
				1,126,563

	Number of Shares		Value
Materials: 1.1%
Air Products and Chemicals, Inc.		3,553	$	826,890
Pharmaceuticals, Biotechnology & Life Sciences: 26.3%
Amgen, Inc.		10,770		2,427,558
Bristol-Myers Squibb Co.		42,984		3,055,732
Gilead Sciences, Inc.		36,372		2,243,789
Johnson & Johnson		23,835		3,893,686
Merck & Co., Inc.		44,504		3,832,684
Pfizer, Inc.		85,004		3,719,775
				19,173,224
Semiconductors & Semiconductor Equipment: 9.9%
Analog Devices, Inc.		6,785		945,422
Broadcom, Inc.		7,716		3,425,981
Skyworks Solutions, Inc.		2,449		208,826
Texas Instruments, Inc.		16,805		2,601,078
				7,181,307
Software & Services: 5.3%
International Business Machines Corp.		30,474		3,620,616
Western Union Co.		16,323		220,360
				3,840,976
Technology Hardware & Equipment: 4.9%
Cisco Systems, Inc.		86,515		3,460,600
National Instruments Corp.		2,460		92,840
				3,553,440
Telecommunication Services: 5.1%
Cogent Communications Holdings, Inc.		1,963		102,390
Verizon Communications, Inc.		95,015		3,607,720
				3,710,110
Transportation: 0.9%
Norfolk Southern Corp.		3,103		650,544
Utilities: 4.4%
Dominion Energy, Inc.		16,598		1,147,088
Entergy Corp.		4,531		455,955
FirstEnergy Corp.		14,224		526,288
Hawaiian Electric Industries, Inc.		2,530		87,690
NiSource, Inc.		8,102		204,089
Pinnacle West Capital Corp.		3,295		212,560
Public Service Enterprise Group, Inc.		10,251		576,414
				3,210,084
Total Common Stocks (Cost: $79,313,523)				72,325,816
Total Investments: 99.4% (Cost: $79,313,523)				72,325,816
Other assets less liabilities: 0.6%				447,594
NET ASSETS: 100.0%			$	72,773,410

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of Investments			Value
Communication Services		5.1	%	$	3,710,110
Consumer Discretionary		2.6			1,847,226
Consumer Staples		15.5			11,249,479
Energy		3.4			2,461,856
Financials		8.3			5,929,003
Health Care		29.7			21,463,821
Industrials		9.8			7,051,624
Information Technology		20.1			14,575,723
Materials		1.1			826,890
Utilities		4.4			3,210,084
		100.0	%	$	72,325,816

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks *

72,325,816

—

72,325,816


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.7% (a)
Energy Select Sector SPDR Fund		98,425	$	7,088,569
Global X US Infrastructure Development ETF †		139,891		3,225,886
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,815,487		29,374,581
iShares Global Infrastructure ETF †		390,881		16,350,552
iShares Gold Strategy ETF		9,071		457,399
iShares Gold Trust		6,254		197,189
iShares MSCI Global Metals & Mining Producers ETF †		81,403		2,770,144
Nuveen Short-Term REIT ETF		44,855		1,332,642
SPDR Gold MiniShares Trust		5,993		197,649
SPDR S&P Oil & Gas Exploration & Production ETF †		50,972		6,357,228
VanEck Agribusiness ETF † ‡		64,442		5,199,181
VanEck Energy Income ETF † ‡		139,851		7,942,124
VanEck Gold Miners ETF † ‡		230,642		5,563,085
VanEck Junior Gold Miners ETF † ‡		78,896		2,324,276

	Number of Shares		Value
VanEck Merk Gold Trust ‡		1,427,539	$	23,026,204
VanEck Oil Services ETF † ‡		17,591		3,715,395
VanEck Rare Earth/Strategic Metals ETF † ‡		29,862		2,488,401
VanEck Steel ETF † ‡		69,555		3,321,251
Vanguard Real Estate ETF †		120,596		9,668,180
Total Exchange Traded Funds (Cost: $154,085,604)				130,599,936

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 13.2%
Money Market Fund: 13.2% (Cost: $17,252,475)
State Street Navigator Securities Lending Government Money Market Portfolio		17,252,475		17,252,475
Total Investments: 112.9% (Cost: $171,338,079)				147,852,411
Liabilities in excess of other assets: (12.9)%				(16,785,770)
NET ASSETS: 100.0%			$	131,066,641

Footnotes:

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov.
†	Security fully or partially on loan. Total market value of securities on loan is $25,748,539.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Agribusiness		4.0	%	$	5,199,181
Diversified Commodities Futures		22.5			29,374,580
Energy		11.5			15,030,693
Global Metals and Mining		4.0			5,258,545
Gold Bullion		20.1			26,202,717
Gold Mining		4.2			5,563,085
Industrials		2.5			3,225,886
Oil Services		7.8			10,072,623
Real Estate Investment Trusts		8.4			11,000,823
Steel		2.5			3,321,251
Utilities		12.5			16,350,552
		100.0	%	$	130,599,936

See Notes to Financial Statements

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

Transactions in securities of affiliates for the period ended September 30, 2022 were as follows:

											Net Change in
											Unrealized
	Value				Sales		Realized Gain		Dividend		Appreciation		Value
	9/30/2021		Purchases		Proceeds		(Loss)		Income		(Depreciation)		9/30/2022
VanEck Agribusiness ETF		$784,573		$7,097,075		$(1,514,767)		$(7,772)		$17,661		$(1,159,928)		$5,199,181
VanEck Energy Income ETF		980,050		9,545,860		(1,869,634)		278,543*		96,975		(920,705)†		7,942,124
VanEck Gold Miners ETF		687,476		8,708,663		(1,281,679)		(80,926)		25,551		(2,470,449)		5,563,085
VanEck Junior Gold Miners ETF		–		4,119,195		(525,722)		(41,229)		10,559		(1,227,968)		2,324,276
VanEck Low Carbon Energy ETF		398,697		1,947,129		(2,033,897)		(336,478)		3,493		24,549		–
VanEck Mortgage REIT Income ETF		189,021		1,231,288		(1,184,519)		(241,425)‡		26,073		6,395		–
VanEck Oil Services ETF		480,310		5,424,397		(1,226,336)		66,912		8,069		(1,029,888)		3,715,395
VanEck Rare Earth/ Strategic Metals ETF		–		3,619,471		(728,366)		2,195		–		(404,899)		2,488,401
VanEck Steel ETF		488,167		4,896,370		(1,044,945)		(64,987)		61,126		(953,354)		3,321,251
VanEck Vectors Unconventional Oil & Gas ETF		667,902		194,648		(951,584)		249,119		–		(160,085)		–
		$4,676,196		$46,784,096		$(12,361,449)		$(176,048)		$249,507		$(8,296,332)		$30,553,713


*	Includes Return of Capital distribution reclassification of $16,867.
†	Includes Return of Capital distribution reclassification of $55,123.
‡	Includes Return of Capital distribution reclassification of $760.

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Exchange Traded Funds	$	130,599,936	$	—	$	—	$	130,599,936
Money Market Fund		17,252,475		—		—		17,252,475
Total Investments	$	147,852,411	$	—	$	—	$	147,852,411

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Par (000’s)		Value
GOVERNMENT OBLIGATION: 97.7% (Cost: $32,793,750)
United States Treasury Bill 0.01%, 12/15/22		33,000	$	32,812,015

Total Investments: 97.7% (Cost: $32,793,750)				32,812,015
Other assets less liabilities: 2.3%				763,046
NET ASSETS: 100.0%			$	33,575,061

	% of
Summary of Investments by Sector	Investments			Value
Government		100.0	%	$	32,812,015

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Government Obligations

—

32,812,015

—

32,812,015

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Capital Goods: 5.0%
Emerson Electric Co.		394	$	28,849
Masco Corp.		1,255		58,596
Rockwell Automation, Inc.		167		35,923
				123,368
Commercial & Professional Services: 2.9%
Equifax, Inc.		150		25,715
TransUnion		804		47,830
				73,545
Consumer Durables & Apparel: 3.8%
NIKE, Inc.		294		24,437
Polaris, Inc.		725		69,346
				93,783
Consumer Services: 5.3%
McDonald’s Corp.		156		35,995
Starbucks Corp.		377		31,766
Yum! Brands, Inc.		605		64,336
				132,097
Diversified Financials: 15.9%
American Express Co.		257		34,672
BlackRock, Inc.		45		24,763
Charles Schwab Corp.		546		39,241
CME Group, Inc.		180		31,883
Intercontinental Exchange, Inc.		659		59,541
Moody’s Corp.		126		30,632
S&P Global, Inc.		106		32,367
State Street Corp.		521		31,682
T Rowe Price Group, Inc.		215		22,577
The Bank of New York Mellon Corp.		1,512		58,242
Tradeweb Markets, Inc.		524		29,564
				395,164
Energy: 2.8%
Cheniere Energy, Inc.		415		68,853
Food & Staples Retailing: 1.4%
Costco Wholesale Corp.		76		35,892
Food, Beverage & Tobacco: 13.1%
Brown-Forman Corp.		524		34,883
Constellation Brands, Inc.		314		72,119
Kellogg Co.		1,150		80,108
Mondelez International, Inc.		1,204		66,015
PepsiCo, Inc.		241		39,346
The Coca-Cola Co.		705		39,494
				331,965
Health Care Equipment & Services: 2.3%
Medtronic Plc		374		30,201
Veeva Systems, Inc. *		159		26,216
				56,417
Household & Personal Products: 1.4%
Clorox Co.		267		34,280
Materials: 2.1%
Ecolab, Inc.		186		26,862
International Flavors & Fragrances, Inc.		284		25,796
				52,658

	Number of Shares		Value
Media & Entertainment: 5.5%
Alphabet, Inc. *		592	$	56,625
Comcast Corp.		826		24,227
John Wiley & Sons, Inc.		1,450		54,462
				135,314
Pharmaceuticals, Biotechnology & Life Sciences: 7.6%
Gilead Sciences, Inc.		1,139		70,264
Johnson & Johnson		242		39,533
Merck & Co., Inc.		541		46,591
Thermo Fisher Scientific, Inc.		65		32,967
				189,355
Retailing: 1.4%
Lowe’s Companies, Inc.		186		34,933
Semiconductors & Semiconductor Equipment: 8.5%
Applied Materials, Inc.		605		49,568
Intel Corp.		845		21,776
KLA Corp.		205		62,039
Lam Research Corp.		61		22,326
Monolithic Power Systems, Inc.		79		28,709
Teradyne, Inc.		342		25,701
				210,119
Software & Services: 17.7%
Adobe, Inc. *		157		43,206
Aspen Technology, Inc. *		116		27,631
Blackbaud, Inc. *		539		23,748
Guidewire Software, Inc. *		446		27,465
Intuit, Inc.		86		33,310
Mastercard, Inc.		99		28,150
Microsoft Corp.		259		60,321
Roper Technologies, Inc.		174		62,577
Salesforce, Inc. *		159		22,871
ServiceNow, Inc. *		137		51,733
Tyler Technologies, Inc. *		180		62,550
				443,562
Technology Hardware & Equipment: 1.6%
Keysight Technologies, Inc. *		248		39,025
Transportation: 1.6%
CH Robinson Worldwide, Inc.		412		39,680
Total Common Stocks (Cost: $2,911,310)				2,490,010
Total Investments: 99.9% (Cost: $2,911,310)				2,490,010
Other assets less liabilities: 0.1%				1,344
NET ASSETS: 100.0%			$	2,491,354

See Notes to Financial Statements

Footnotes:

*	Non-income producing

	% of
Summary of Investments by Sector	Investments			Value
Communication Services		5.4	%	$	135,313
Consumer Discretionary		10.5			260,814
Consumer Staples		16.1			402,139
Energy		2.8			68,853
Financials		15.9			395,164
Health Care		9.9			245,772
Industrials		9.5			236,593
Information Technology		27.8			692,704
Materials		2.1			52,658
		100.0	%	$	2,490,010

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks *

2,490,010

—

2,490,010


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 5.3%
Australia & New Zealand Banking Group Ltd.		25,950	$	381,837
Brambles Ltd.		24,135		177,469
Westpac Banking Corp. †		28,293		376,247
				935,553
Belgium: 1.0%
Anheuser-Busch InBev SA		3,935		178,170
Brazil: 2.3%
Ambev SA		139,200		399,931
Canada: 2.0%
Royal Bank of Canada		1,963		177,678
Toronto-Dominion Bank †		2,826		174,243
				351,921
China: 5.7%
Inner Mongolia Yili Industrial Group Co. Ltd.		73,900		341,061
JD.com, Inc. (HKD)		12,200		307,774
Tencent Holdings Ltd. (HKD)		4,800		162,121
Yum China Holdings, Inc. (USD)		3,930		186,007
				996,963
France: 4.8%
Airbus SE		3,939		339,404
Safran SA		1,881		171,082
Sanofi		4,298		327,144
				837,630
Germany: 2.0%
Bayer AG		3,782		174,183
GEA Group AG *		5,214		168,671
				342,854
Japan: 3.4%
Japan Tobacco, Inc.		11,700		192,243
Kao Corp.		4,800		195,293
Shimano, Inc.		1,300		203,384
				590,920
Netherlands: 0.9%
ASML Holding NV		402		166,472
Switzerland: 3.2%
Novartis AG		2,387		182,430
Roche Holding AG		1,186		387,043
				569,473
Taiwan: 1.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		24,000		318,129
United Kingdom: 9.3%
British American Tobacco Plc		9,378		336,196
Experian Plc		13,163		385,229
GSK Plc		12,462		179,945
Imperial Brands Plc		17,417		358,063
London Stock Exchange Group Plc		2,187		184,648
Unilever Plc		4,268		187,493
				1,631,574
United States: 58.2%
Adobe, Inc. *		506		139,251

	Number
	of Shares		Value
United States (continued)
Alphabet, Inc. *		3,471	$	332,001
Amazon.com, Inc. *		1,484		167,692
Applied Materials, Inc.		4,149		339,928
Berkshire Hathaway, Inc. *		691		184,511
Blackbaud, Inc. *		7,137		314,456
BlackRock, Inc.		602		331,269
Boeing Co. *		1,232		149,171
Charles Schwab Corp.		3,082		221,503
Comcast Corp.		4,832		141,723
Constellation Brands, Inc.		1,589		364,961
Emerson Electric Co.		4,709		344,793
Equifax, Inc.		2,047		350,917
Fortinet, Inc. *		3,808		187,087
Gilead Sciences, Inc.		6,114		377,173
Guidewire Software, Inc. *		2,575		158,568
Intel Corp.		5,047		130,061
Intercontinental Exchange, Inc.		2,036		183,953
International Flavors & Fragrances, Inc.		1,697		154,139
Intuit, Inc.		490		189,787
James Hardie Industries Plc (AUD)		9,446		186,501
Kellogg Co.		5,380		374,771
Lam Research Corp.		888		325,008
Masco Corp.		7,609		355,264
Medtronic Plc		2,113		170,625
Merck & Co., Inc.		2,214		190,670
Microchip Technology, Inc.		2,954		180,283
Microsoft Corp.		1,491		347,254
Philip Morris International, Inc.		2,030		168,510
Polaris, Inc.		3,598		344,149
Rockwell Automation, Inc.		966		207,796
Roper Technologies, Inc.		963		346,333
ServiceNow, Inc. *		411		155,198
State Street Corp.		5,731		348,502
Teradyne, Inc.		4,322		324,798
The Bank of New York Mellon Corp.		4,527		174,380
TransUnion		2,388		142,062
Tyler Technologies, Inc. *		1,104		383,640
Wells Fargo & Co.		9,170		368,817
Western Union Co.		13,140		177,390
Zimmer Biomet Holdings, Inc.		1,769		184,949
				10,219,844
Total Common Stocks (Cost: $18,989,392)				17,539,434

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $382,291)

See Notes to Financial Statements

	Number
	of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio		382,291	$	382,291
Total Investments: 102.1% (Cost: $19,371,683)				17,921,725
Liabilities in excess of other assets: (2.1)%				(376,859)
NET ASSETS: 100.0%			$	17,544,866

Definitions:

AUD	Australia Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $361,315.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		3.6	%	$	635,845
Consumer Discretionary		6.9			1,209,005
Consumer Staples		17.7			3,096,694
Financials		17.7			3,107,588
Health Care		12.4			2,174,160
Industrials		15.9			2,791,859
Information Technology		23.9			4,183,644
Materials		1.9			340,639
		100.0	%	$	17,539,434

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	935,553	$	—	$	935,553
Belgium		—		178,170		—		178,170
Brazil		399,931		—		—		399,931
Canada		351,921		—		—		351,921
China		186,007		810,956		—		996,963
France		—		837,630		—		837,630
Germany		—		342,854		—		342,854
Japan		—		590,920		—		590,920
Netherlands		—		166,472		—		166,472
Switzerland		—		569,473		—		569,473
Taiwan		—		318,129		—		318,129
United Kingdom		—		1,631,574		—		1,631,574
United States		10,219,844		—		—		10,219,844
Money Market Fund		382,291		—		—		382,291
Total Investments	$	11,539,994	$	6,381,731	$	—	$	17,921,725

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 4.4%
AGL Energy Ltd.		295,000	$	1,293,551
Link Administration Holdings Ltd.		318,995		584,044
WiseTech Global Ltd.		31,196		1,024,510
				2,902,105
Belgium: 2.0%
Anheuser-Busch InBev SA		29,600		1,340,233
Canada: 2.1%
CI Financial Corp. †		69,702		671,631
IGM Financial, Inc.		28,624		717,032
				1,388,663
China: 23.7%
Anhui Conch Cement Co. Ltd.		306,747		1,234,987
ASMPT Ltd. (HKD)		182,700		1,107,484
Beijing Enterprises Holdings Ltd. (HKD)		221,500		620,748
BOC Hong Kong Holdings Ltd. (HKD)		212,000		705,029
China Merchants Bank Co. Ltd.		150,500		707,801
China Resources Pharmaceutical Group Ltd. (HKD) 144A		1,228,000		839,703
CSPC Pharmaceutical Group Ltd. (HKD)		824,000		816,702
JD.com, Inc. (HKD)		47,450		1,197,039
Midea Group Co. Ltd.		94,699		652,993
NetEase, Inc. (HKD)		81,300		1,226,731
Shanghai Junshi Biosciences Co. Ltd. *		94,869		669,847
Shanghai Pharmaceuticals Holding Co. Ltd.		281,400		650,427
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD)		500,300		689,934
Sino Biopharmaceutical Ltd. (HKD)		1,439,000		674,338
Sinopharm Group Co. Ltd. (HKD)		672,800		1,342,721
Tencent Holdings Ltd. (HKD)		18,100		611,332
WH Group Ltd. (HKD) 144A		2,131,500		1,340,539
Yum China Holdings, Inc. (USD)		14,661		693,905
				15,782,260
Denmark: 2.0%
Danske Bank A/S		105,826		1,316,590
France: 6.8%
Accor SA *		31,205		653,029
Airbus SE		15,376		1,324,875
Safran SA		7,018		638,305
Sodexo SA		10,657		800,017
Ubisoft Entertainment SA *		40,812		1,121,158
				4,537,384
Germany: 5.5%
Bayer AG		14,179		653,024

	Number of Shares		Value
Germany (continued)
Bayerische Motoren Werke AG		18,911	$	1,281,217
Fresenius Medical Care AG & Co. KGaA		14,864		418,592
Infineon Technologies AG		30,456		666,227
SAP SE		8,165		665,136
				3,684,196
Hong Kong: 1.0%
Hong Kong Exchanges & Clearing Ltd.		18,600		635,773
Israel: 2.1%
Nice Ltd. *		7,506		1,416,083
Italy: 1.0%
Leonardo SpA		93,923		664,741
Japan: 7.1%
MEIJI Holdings Co. Ltd. †		32,800		1,455,853
Mitsubishi Electric Corp.		75,700		684,866
Murata Manufacturing Co. Ltd.		14,100		648,916
Nabtesco Corp.		31,700		648,405
Taiyo Yuden Co. Ltd.		21,400		552,225
Z Holdings Corp. †		280,100		742,374
				4,732,639
Mexico: 1.8%
Fomento Economico Mexicano SAB de CV		109,000		684,222
Grupo Televisa SAB †		448,700		486,468
				1,170,690
Netherlands: 4.0%
ABN AMRO Bank NV 144A †		142,891		1,279,832
ING Groep NV		159,486		1,365,986
				2,645,818
Singapore: 2.2%
Oversea-Chinese Banking Corp. Ltd.		92,700		760,287
United Overseas Bank Ltd.		39,800		721,559
				1,481,846
South Korea: 3.8%
KT Corp.		55,071		1,384,348
Samsung Electro-Mechanics Co. Ltd.		14,537		1,121,594
				2,505,942
Spain: 1.0%
Industria de Diseno Textil SA		33,598		693,066
Sweden: 1.1%
Swedbank AB		55,300		725,864
Switzerland: 5.2%
Chugai Pharmaceutical Co. Ltd. (JPY)		31,900		796,877
Dufry AG *		20,663		628,880
STMicroelectronics NV (EUR)		42,795		1,329,408
Swatch Group AG		3,130		704,743
				3,459,908
Taiwan: 3.5%
MediaTek, Inc.		64,000		1,104,410

See Notes to Financial Statements

	Number of Shares		Value
Taiwan (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		94,000	$	1,246,007
				2,350,417
United Kingdom: 17.5%
Admiral Group Plc		29,320		622,723
BT Group Plc		440,299		591,761
Experian Plc		27,377		801,216
GSK Plc		46,489		671,276
Hang Seng Bank Ltd. (HKD)		46,900		712,505
HSBC Holdings Plc		245,616		1,271,480
Imperial Brands Plc		67,702		1,391,834
Lloyds Banking Group Plc		2,905,112		1,312,779
London Stock Exchange Group Plc		8,844		746,698
Pearson Plc		83,410		796,353
Swire Properties Ltd. (HKD)		646,200		1,390,108
WPP Plc		161,947		1,336,603
				11,645,336

	Number of Shares		Value
United States: 2.1%
BRP, Inc. (CAD) †		22,624	$	1,401,023
Total Common Stocks (Cost: $78,940,450)				66,480,577

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5% (Cost: $974,695)
State Street Navigator Securities Lending Government Money Market Portfolio		974,695		974,695
Total Investments: 101.4% (Cost: $79,915,145)				67,455,272
Liabilities in excess of other assets: (1.4)%				(927,794)
NET ASSETS: 100.0%			$	66,527,478

Definitions:

CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $2,680,566.
*	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 $3,460,074, or 5.2% of net assets.

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Communication Services		12.5	%	$	8,297,128
Consumer Discretionary		13.0			8,705,911
Consumer Staples		9.3			6,212,681
Financials		21.5			14,273,569
Health Care		12.4			8,223,442
Industrials		7.2			4,762,408
Information Technology		17.2			11,466,045
Materials		1.9			1,234,987
Real Estate		2.1			1,390,108
Utilities		2.9			1,914,298
		100.0	%	$	66,480,577

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Australia	$	—	$	2,902,105	$	—	$	2,902,105
Belgium		—		1,340,233		—		1,340,233
Canada		1,388,663		—		—		1,388,663
China		693,905		15,088,355		—		15,782,260
Denmark		—		1,316,590		—		1,316,590
France		—		4,537,384		—		4,537,384
Germany		—		3,684,196		—		3,684,196
Hong Kong		—		635,773		—		635,773
Israel		—		1,416,083		—		1,416,083
Italy		—		664,741		—		664,741
Japan		—		4,732,639		—		4,732,639
Mexico		1,170,690		—		—		1,170,690
Netherlands		—		2,645,818		—		2,645,818
Singapore		—		1,481,846		—		1,481,846
South Korea		—		2,505,942		—		2,505,942
Spain		—		693,066		—		693,066
Sweden		—		725,864		—		725,864
Switzerland		—		3,459,908		—		3,459,908
Taiwan		—		2,350,417		—		2,350,417
United Kingdom		—		11,645,336		—		11,645,336
United States		1,401,023		—		—		1,401,023
Money Market Fund		974,695		—		—		974,695
Total Investments	$	5,628,976	$	61,826,296	$	—	$	67,455,272

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Banks: 2.6%
Wells Fargo & Co.		3,825,089	$	153,845,079
Capital Goods: 13.5%
3M Co.		1,251,643		138,306,552
Allegion plc		829,605		74,398,976
Boeing Co. *		1,075,102		130,173,350
Emerson Electric Co.		1,965,376		143,904,831
Honeywell International, Inc.		424,383		70,859,230
Masco Corp.		3,175,681		148,272,546
Rockwell Automation, Inc.		398,659		85,755,537
				791,671,022
Commercial & Professional Services: 4.6%
Equifax, Inc.		853,873		146,379,448
TransUnion		2,053,126		122,140,466
				268,519,914
Consumer Durables & Apparel: 2.5%
Polaris, Inc. †		1,500,735		143,545,303
Diversified Financials: 9.0%
Berkshire Hathaway, Inc. *		285,232		76,162,649
BlackRock, Inc.		251,246		138,255,649
Charles Schwab Corp.		1,271,332		91,370,631
Intercontinental Exchange, Inc.		840,032		75,896,891
MarketAxess Holdings, Inc.		328,190		73,018,993
State Street Corp.		1,227,919		74,669,754
				529,374,567
Food, Beverage & Tobacco: 1.4%
Kellogg Co.		1,136,217		79,148,876
Health Care Equipment & Services: 7.6%
Medtronic Plc		1,802,653		145,564,230
Veeva Systems, Inc. *		889,664		146,687,800
Zimmer Biomet Holdings, Inc.		1,478,487		154,575,816
				446,827,846
Materials: 3.5%
Ecolab, Inc.		974,720		140,769,062
International Flavors & Fragrances, Inc.		718,072		65,222,480
				205,991,542
Media & Entertainment: 9.2%
Alphabet, Inc. *		1,448,755		138,573,416
Comcast Corp.		4,322,186		126,769,715
Meta Platforms, Inc. *		977,012		132,560,988
Walt Disney Co. *		1,527,890		144,125,864
				542,029,983

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences: 6.2%
Biogen, Inc. *		777,857	$	207,687,819
Gilead Sciences, Inc.		2,550,690		157,352,066
				365,039,885
Retailing: 8.6%
Amazon.com, Inc. *		1,338,867		151,291,971
Etsy, Inc. * †		1,802,023		180,436,563
MercadoLibre, Inc. *		210,077		173,897,539
				505,626,073
Semiconductors & Semiconductor Equipment: 10.6%
Applied Materials, Inc.		884,285		72,449,470
Intel Corp.		2,081,698		53,645,358
KLA Corp.		240,103		72,662,371
Lam Research Corp.		370,737		135,689,742
Microchip Technology, Inc.		1,247,308		76,123,207
NVIDIA Corp.		592,825		71,963,027
Teradyne, Inc.		1,809,083		135,952,587
				618,485,762
Software & Services: 20.7%
Adobe, Inc. *		422,484		116,267,597
Fortinet, Inc. *		1,611,506		79,173,290
Guidewire Software, Inc. *		2,271,638		139,887,468
Microsoft Corp.		622,130		144,894,077
Salesforce, Inc. *		1,002,555		144,207,511
ServiceNow, Inc. *		352,299		133,031,625
Tyler Technologies, Inc. *		460,334		159,966,065
Western Union Co.		10,420,037		140,670,500
Workday, Inc. *		1,029,395		156,694,507
				1,214,792,640
Total Common Stocks (Cost: $7,040,903,354)				5,864,898,492


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $1,913,496)
State Street Navigator Securities Lending Government Money Market Portfolio		1,913,496		1,913,496
Total Investments: 100.0% (Cost: $7,042,816,850)				5,866,811,988
Liabilities in excess of other assets: 0.0%				(1,014,180)
NET ASSETS: 100.0%			$	5,865,797,808

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $79,010,449.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Communication Services		9.2	%	$	542,029,983
Consumer Discretionary		11.1			649,171,376
Consumer Staples		1.4			79,148,876
Financials		11.6			683,219,646
Health Care		13.8			811,867,731
Industrials		18.1			1,060,190,936
Information Technology		31.3			1,833,278,402
Materials		3.5			205,991,542
		100.0	%	$	5,864,898,492

Transactions in securities of affiliates for the period ended September 30, 2022 were as follows:

		Value 9/30/2021				Purchases				Sales Proceeds				Realized Gain (Loss)				Dividend Income				Net Change in Unrealized Appreciation (Depreciation)				Value 9/30/2022
Compass Minerals International, Inc.			$173,938,089				$108,714,510				$(194,189,198)				$(72,522,508)				$1,630,456				$(15,940,893)				$–

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	5,864,898,492	$	—	$	—	$	5,864,898,492
Money Market Fund		1,913,496		—		—		1,913,496
Total Investments	$	5,866,811,988	$	—	$	—	$	5,866,811,988


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 10.9%
Ford Motor Co.		76,279	$	854,325
General Motors Co.		48,597		1,559,478
Lucid Group, Inc. * †		100,204		1,399,850
Rivian Automotive, Inc. * †		20,496		674,523
Tesla, Inc. *		6,773		1,796,537
				6,284,713
Banks: 3.0%
Bank of America Corp.		22,334		674,487
Citigroup, Inc.		10,439		434,993
JPMorgan Chase & Co.		5,312		555,104
				1,664,584
Capital Goods: 3.0%
Boeing Co. *		4,319		522,945
General Electric Co.		4,674		289,367
Plug Power, Inc. * †		44,252		929,735
				1,742,047
Consumer Durables & Apparel: 0.6%
Lululemon Athletica, Inc. *		1,247		348,611
Consumer Services: 3.4%
Carnival Corp. *		90,508		636,271
DraftKings, Inc. *		64,527		976,939
Starbucks Corp.		4,408		371,418
				1,984,628
Diversified Financials: 4.2%
Coinbase Global, Inc. *		16,630		1,072,469
Goldman Sachs Group, Inc.		1,139		333,784
Morgan Stanley		4,626		365,500
Robinhood Markets, Inc. *		62,662		632,886
				2,404,639
Energy: 5.3%
Cameco Corp.		17,003		450,750
Devon Energy Corp.		5,075		305,160
Exxon Mobil Corp.		6,946		606,455
Occidental Petroleum Corp.		27,478		1,688,523
				3,050,888
Food & Staples Retailing: 2.8%
Costco Wholesale Corp.		632		298,475
Walmart, Inc.		10,200		1,322,941
				1,621,416
Food, Beverage & Tobacco: 0.5%
The Coca-Cola Co.		5,123		286,990
Health Care Equipment & Services: 0.5%
Abbott Laboratories		2,836		274,411
Materials: 0.5%
Freeport-McMoRan, Inc.		9,782		267,342
Media & Entertainment: 20.5%
Alphabet, Inc. *		15,858		1,516,818
AMC Entertainment Holdings, Inc. * †		227,796		1,587,738
Meta Platforms, Inc. *		12,094		1,640,914
Netflix, Inc. *		4,432		1,043,470
Pinterest, Inc. *		15,194		354,020
Roblox Corp. *		17,538		628,562
Roku, Inc. *		10,739		605,680
Snap, Inc. *		142,830		1,402,591

	Number of Shares		Value
Media & Entertainment (continued)
Twitter, Inc. *		46,833	$	2,053,158
Walt Disney Co. *		9,596		905,191
				11,738,142
Pharmaceuticals, Biotechnology & Life Sciences: 2.0%
Moderna, Inc. *		3,524		416,713
Pfizer, Inc.		16,683		730,048
				1,146,761
Retailing: 9.6%
Amazon.com, Inc. *		15,095		1,705,735
Best Buy Co., Inc.		4,595		291,047
Chewy, Inc. *		9,154		281,211
Dollar General Corp.		1,376		330,047
GameStop Corp. *		76,199		1,914,880
Target Corp.		3,480		516,397
The Home Depot, Inc.		1,646		454,197
				5,493,514
Semiconductors & Semiconductor Equipment: 9.1%
Advanced Micro Devices, Inc. *		23,677		1,500,175
Applied Materials, Inc.		3,195		261,766
Enphase Energy, Inc. *		1,958		543,286
Intel Corp.		30,796		793,613
Micron Technology, Inc.		8,606		431,161
NVIDIA Corp.		14,066		1,707,472
				5,237,473
Software & Services: 16.9%
Affirm Holdings, Inc. * †		37,689		707,046
Block, Inc. *		8,079		444,264
Crowdstrike Holdings, Inc. *		3,271		539,094
Microsoft Corp.		5,274		1,228,315
MongoDB, Inc. *		1,570		311,739
Okta, Inc. *		9,117		518,484
Palantir Technologies, Inc. *		192,933		1,568,545
Palo Alto Networks, Inc. *		2,093		342,812
PayPal Holdings, Inc. *		5,720		492,320
Shopify, Inc. *		32,258		869,031
Snowflake, Inc. *		5,886		1,000,385
Twilio, Inc. *		5,974		413,042
UiPath, Inc. *		23,850		300,749
Visa, Inc.		2,100		373,065
Zoom Video Communications, Inc. *		10,293		757,462
				9,866,353
Technology Hardware & Equipment: 3.7%
Apple, Inc.		12,690		1,753,758
Cisco Systems, Inc.		10,748		429,920
				2,183,678
Telecommunication Services: 2.0%
AT&T, Inc.		30,524		468,238
T-Mobile US, Inc. *		2,331		312,750
Verizon Communications, Inc.		11,277		428,188
				1,209,176
Transportation: 1.4%
American Airlines Group, Inc. *		32,177		387,411

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Transportation (continued)
Uber Technologies, Inc. *		14,973	$	396,785
				784,196
Total Common Stocks (Cost: $70,244,076)				57,589,562

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.2%
Money Market Fund: 5.2% (Cost: $2,985,978)
State Street Navigator Securities Lending Government Money Market Portfolio		2,985,978		2,985,978
Total Investments: 105.1% (Cost: $73,230,054)				60,575,540
Liabilities in excess of other assets: (5.1)%				(2,938,598)
NET ASSETS: 100.0%			$	57,636,942

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,428,767.
*	Non-income producing

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Communication Services		22.5	%	$	12,947,318
Consumer Discretionary		24.4			14,111,469
Consumer Staples		3.3			1,908,405
Energy		5.3			3,050,888
Financials		7.1			4,069,223
Health Care		2.5			1,421,172
Industrials		4.4			2,526,242
Information Technology		30.0			17,287,503
Materials		0.5			267,342
		100.0	%	$	57,589,562

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks *	$	57,589,562	$	—	$	—	$	57,589,562
Money Market Fund		2,985,978		—		—		2,985,978
Total Investments	$	60,575,540	$	—	$	—	$	60,575,540


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

		Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF			Morningstar ESG Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	72,325,816		$	100,046,223		$	32,812,015		$	2,490,010
Affiliated issuers (3)			—			30,553,713			—			—
Short-term investments held as collateral for securities loaned (4)			—			17,252,475			—			—
Cash			18,347			542,634			829,042			48,179
Receivables:
Investment securities sold			200,508			1,348,058			—			—
Dividends and interest			248,763			13,754			374			2,388
Prepaid expenses			—			4,259			1,436			1,411
Total assets			72,793,434			149,761,116			33,642,867			2,541,988
Liabilities:
Payables:
Shares of beneficial interest redeemed			—			1,349,862			—			—
Collateral for securities loaned			—			17,252,475			—			—
Due to Adviser			18,979			32,725			17,662			7,472
Deferred Trustee fees			624			437			1,020			1
Accrued expenses			421			58,976			49,124			43,161
Total liabilities			20,024			18,694,475			67,806			50,634
NET ASSETS		$	72,773,410		$	131,066,641		$	33,575,061		$	2,491,354
Shares outstanding			2,625,000			5,750,000			1,000,000			125,000
Net asset value, redemption and offering price per share		$	27.72		$	22.79		$	33.58		$	19.93
Net Assets consist of:
Aggregate paid in capital		$	87,650,138		$	167,663,626		$	41,731,342		$	3,049,307
Total distributable earnings (loss)			(14,876,728	)		(36,596,985	)		(8,156,281	)		(557,953	)
NET ASSETS		$	72,773,410		$	131,066,641		$	33,575,061		$	2,491,354
(1)	Value of securities on loan	$	—		$	25,748,539		$	—		$	—
(2)	Cost of investments - Unaffiliated issuers	$	79,313,523		$	115,419,514		$	32,793,750		$	2,911,310
(3)	Cost of investments - Affiliated issuers	$	—		$	38,666,090		$	—		$	—
(4)	Cost of short-term investments held as collateral for securities loaned	$	—		$	17,252,475		$	—		$	—

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

		Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar Wide Moat ETF			Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	17,539,434		$	66,480,577		$	5,864,898,492		$	57,589,562
Short-term investments held as collateral for securities loaned (3)			382,291			974,695			1,913,496			2,985,978
Cash			28,043			2			2,509			62,691
Cash denominated in foreign currency, at value (4)			4,712			268,069			—			—
Receivables:
Investment securities sold			—			—			15,198,954			—
Due from Adviser			—			—			—			96,969
Dividends and interest			26,827			247,754			4,869,157			24,851
Prepaid expenses			1,424			2,842			28,319			—
Total assets			17,982,731			67,973,939			5,886,910,927			60,760,051
Liabilities:
Payables:
Shares of beneficial interest redeemed			—			—			15,198,245			—
Collateral for securities loaned			382,291			974,695			1,913,496			2,985,978
Line of credit			—			371,550			1,262,343			—
Due to Adviser			1,353			31,742			2,365,128			—
Deferred Trustee fees			203			1,816			115,771			—
Accrued expenses			54,018			66,658			258,136			137,131
Total liabilities			437,865			1,446,461			21,113,119			3,123,109
NET ASSETS		$	17,544,866		$	66,527,478		$	5,865,797,808		$	57,636,942
Shares outstanding			600,000			2,650,000			97,800,000			4,525,000
Net asset value, redemption and offering price per share		$	29.24		$	25.10		$	59.98		$	12.74
Net Assets consist of:
Aggregate paid in capital		$	18,546,647		$	94,182,611		$	7,826,043,456		$	165,144,372
Total distributable earnings (loss)			(1,001,781	)		(27,655,133	)		(1,960,245,648	)		(107,507,430	)
NET ASSETS		$	17,544,866		$	66,527,478		$	5,865,797,808		$	57,636,942
(1)	Value of securities on loan	$	361,315		$	2,680,566		$	79,010,449		$	4,428,767
(2)	Cost of investments - Unaffiliated issuers	$	18,989,392		$	78,940,450		$	7,040,903,354		$	70,244,076
(3)	Cost of short-term investments held as collateral for securities loaned	$	382,291		$	974,695		$	1,913,496		$	2,985,978
(4)	Cost of cash denominated in foreign currency	$	4,659		$	273,617		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Durable High Dividend ETF			Inflation Allocation ETF (a)			Long/Flat Trend ETF			Morningstar ESG Moat ETF (b)
Income:
Dividends - unaffiliated issuers	$	2,217,101		$	3,150,828		$	309,050		$	31,495
Dividends - affiliated issuers		—			249,507			—			—
Interest		—			2,555			208,619			55
Securities lending income		95			93,645			1,596			—
Total income		2,217,196			3,496,535			519,265			31,550
Expenses:
Management fees		184,775			428,583			217,594			9,178
Professional fees		—			56,575			34,695			45,402
Custody and accounting fees		—			25,384			23,011			15,373
Reports to shareholders		—			16,486			6,943			5,119
Trustees’ fees and expenses		—			3,940			1,370			1,335
Registration fees		—			3,036			5,786			5,978
Insurance		—			1,723			1,442			202
Interest and taxes		2,587			1,818			18,145			2
Other		—			2,985			4,153			3,592
Total expenses		187,362			540,530			313,139			86,181
Waiver of management fees		—			(98,801	)		(55,641	)		(9,178	)
Expenses assumed by the Adviser		—			—			—			(67,007	)
Net expenses		187,362			441,729			257,498			9,996
Net investment income		2,029,834			3,054,806			261,767			21,554

Net realized gain (loss) on:
Investments - unaffiliated issuers		(4,103,553	)		(3,330,543	)		(5,469,535	)		(154,404	)
Investments - affiliated issuers		—			(597,633	)		—			—
In-kind redemptions - unaffiliated issuers		4,468,894			1,807,046			6,443,995			97,807
In-kind redemptions - affiliated issuers		—			421,585			—			—
Net realized gain (loss)		365,341			(1,699,545	)		974,460			(56,597	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(8,605,947	)		(16,251,891	)		(8,534,839	)		(421,300	)
Investments - affiliated issuers		—			(8,296,332	)		—			—
Net change in unrealized appreciation (depreciation)		(8,605,947	)		(24,548,223	)		(8,534,839	)		(421,300	)
Net Decrease in Net Assets Resulting from Operations	$	(6,210,772	)	$	(23,192,962	)	$	(7,298,612	)	$	(456,343	)

(a)	Consolidated Statement of Operations
(b)	For the period October 6, 2021 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar Wide Moat ETF			Social Sentiment ETF
Income:
Dividends - unaffiliated issuers	$	448,015		$	3,695,327		$	111,954,173		$	720,988
Dividends - affiliated issuers		—			—			1,630,456			—
Interest		146			—			23,388			63
Securities lending income		927			18,117			71,941			236,027
Foreign taxes withheld		(23,610	)		(255,517	)		—			(3,582	)
Total income		425,478			3,457,927			113,679,958			953,496
Expenses:
Management fees		83,985			353,033			30,836,907			828,108
Professional fees		52,139			48,502			22,701			452,219
Custody and accounting fees		26,347			32,929			58,594			—
Reports to shareholders		7,480			9,476			321,916			—
Trustees’ fees and expenses		804			1,478			172,172			—
Registration fees		2,503			1,817			179,838			—
Insurance		1,336			2,866			51,896			—
Interest and taxes		92			11,126			57,428			2,471
Other		5,299			10,718			35,350			—
Total expenses		179,985			471,945			31,736,802			1,282,798
Waiver of management fees		(82,836	)		(65,416	)		—			—
Reimbursement from the Adviser		—			—			—			(452,219	)
Net expenses		97,149			406,529			31,736,802			830,579
Net investment income		328,329			3,051,398			81,943,156			122,917

Net realized gain (loss) on:
Investments - unaffiliated issuers		234,265			(9,293,337	)		(407,110,821	)		(79,022,486	)
Investments - affiliated issuers		—			—			(74,132,582	)		—
In-kind redemptions - unaffiliated issuers		—			811,640			781,296,081			24,153,447
In-kind redemptions - affiliated issuers		—			—			1,610,074			—
Foreign currency transactions and foreign denominated assets and liabilities		(4,479	)		(76,768	)		—			—
Net realized gain (loss)		229,786			(8,558,465	)		301,662,752			(54,869,039	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(4,369,990	)		(12,820,060	)		(1,672,209,474	)		(13,810,175	)
Investments - affiliated issuers		—			—			(15,940,893	)		—
Foreign currency translations and foreign denominated assets and liabilities		(515	)		(11,393	)		—			—
Net change in unrealized appreciation (depreciation)		(4,370,505	)		(12,831,453	)		(1,688,150,367	)		(13,810,175	)
Net Decrease in Net Assets Resulting from Operations	$	(3,812,390	)	$	(18,338,520	)	$	(1,304,544,459	)	$	(68,556,297	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Durable High Dividend ETF						Inflation Allocation ETF (a)
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	2,029,834		$	1,505,290		$	3,054,806		$	63,810
Net realized gain (loss)		365,341			3,695,180			(1,699,545	)		2,155,802
Net change in unrealized appreciation (depreciation)		(8,605,947	)		1,294,475			(24,548,223	)		298,367
Net increase (decrease) in net assets resulting from operations		(6,210,772	)		6,494,945			(23,192,962	)		2,517,979
Distributions to shareholders from:
Distributable earnings		(1,834,915	)		(1,311,545	)		(2,650,043	)		(870,000	)

Share transactions*:
Proceeds from sale of shares		66,874,815			38,886,433			167,278,949			22,438,966
Cost of shares redeemed		(37,292,890	)		(25,634,055	)		(26,924,747	)		(16,597,432	)
Increase in net assets resulting from share transactions		29,581,925			13,252,378			140,354,202			5,841,534
Total increase in net assets		21,536,238			18,435,778			114,511,197			7,489,513
Net Assets, beginning of year		51,237,172			32,801,394			16,555,444			9,065,931
Net Assets, end of year	$	72,773,410		$	51,237,172		$	131,066,641		$	16,555,444

*Shares of Common Stock Issued (no par value)
Shares sold		2,175,000			1,300,000			6,200,000			925,000
Shares redeemed		(1,225,000	)		(850,000	)		(1,100,000	)		(725,000	)
Net increase		950,000			450,000			5,100,000			200,000

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long/Flat Trend ETF						Morningstar ESG Moat ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2022 (a)

Operations:
Net investment income	$	261,767		$	296,261		$	21,554
Net realized gain (loss)		974,460			1,967,724			(56,597	)
Net change in unrealized appreciation (depreciation)		(8,534,839	)		5,441,917			(421,300	)
Net increase (decrease) in net assets resulting from operations		(7,298,612	)		7,705,902			(456,343	)
Distributions to shareholders from:
Distributable earnings		(175,010	)		(625,013	)		(3,803	)

Share transactions*:
Proceeds from sale of shares		86,232,358			10,130,756			4,181,504
Cost of shares redeemed		(86,143,141	)		(7,800,977	)		(1,230,004	)
Increase in net assets resulting from share transactions		89,217			2,329,779			2,951,500
Total increase (decrease) in net assets		(7,384,405	)		9,410,668			2,491,354
Net Assets, beginning of period		40,959,466			31,548,798			—
Net Assets, end of period	$	33,575,061		$	40,959,466		$	2,491,354
*Shares of Common Stock Issued (no par value)
Shares sold		2,350,000			250,000			175,000
Shares redeemed		(2,375,000	)		(225,000	)		(50,000	)
Net increase (decrease)		(25,000	)		25,000			125,000

(a)	For the period October 6, 2021 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Global Wide Moat ETF						Morningstar International Moat ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	328,329		$	226,976		$	3,051,398		$	2,011,501
Net realized gain (loss)		229,786			832,215			(8,558,465	)		3,567,957
Net change in unrealized appreciation (depreciation)		(4,370,505	)		1,569,691			(12,831,453	)		2,278,041
Net increase (decrease) in net assets resulting from operations		(3,812,390	)		2,628,882			(18,338,520	)		7,857,499
Distributions to shareholders from:
Distributable earnings		(1,104,550	)		(360,080	)		(3,150,000	)		(1,260,000	)

Share transactions*:
Proceeds from sale of shares		3,251,806			7,288,863			36,287,916			12,422,953
Cost of shares redeemed		—			—			(18,708,747	)		—
Increase in net assets resulting from share transactions		3,251,806			7,288,863			17,579,169			12,422,953
Total increase (decrease) in net assets		(1,665,134	)		9,557,665			(3,909,351	)		19,020,452
Net Assets, beginning of year		19,210,000			9,652,335			70,436,829			51,416,377
Net Assets, end of year	$	17,544,866		$	19,210,000		$	66,527,478		$	70,436,829
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			200,000			1,150,000			350,000
Shares redeemed		—			—			(600,000	)		—
Net increase		100,000			200,000			550,000			350,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Wide Moat ETF						Social Sentiment ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Period Ended September 30, 2021 (a)

Operations:
Net investment income (loss)	$	81,943,156		$	72,415,469		$	122,917		$	(314,808	)
Net realized gain (loss)		301,662,752			787,975,019			(54,869,039	)		6,566,363
Net change in unrealized appreciation (depreciation)		(1,688,150,367	)		424,479,685			(13,810,175	)		1,155,660
Net increase (decrease) in net assets resulting from operations		(1,304,544,459	)		1,284,870,173			(68,556,297	)		7,407,215
Distributions to shareholders from:
Distributable earnings		(77,004,720	)		(58,997,340	)		—			—

Share transactions*:
Proceeds from sale of shares		5,173,745,502			4,832,747,019			101,939,141			670,932,819
Cost of shares redeemed		(4,525,615,899	)		(2,857,369,614	)		(168,680,113	)		(485,405,823	)
Increase (decrease) in net assets resulting from share transactions		648,129,603			1,975,377,405			(66,740,972	)		185,526,996
Total increase (decrease) in net assets		(733,419,576	)		3,201,250,238			(135,297,269	)		192,934,211
Net Assets, beginning of period		6,599,217,384			3,397,967,146			192,934,211			—
Net Assets, end of period	$	5,865,797,808		$	6,599,217,384		$	57,636,942		$	192,934,211
*Shares of Common Stock Issued (no par value)
Shares sold		74,050,000			68,550,000			4,975,000			27,525,000
Shares redeemed		(66,300,000	)		(40,700,000	)		(8,275,000	)		(19,700,000	)
Net increase (decrease)		7,750,000			27,850,000			(3,300,000	)		7,825,000

(a)	For the period March 3, 2021 (commencement of operations) through September 30, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Durable High Dividend ETF
	Year Ended September 30,
	2022			2021			2020			Period Ended September 30, 2019(a)

Net asset value, beginning of period	$	30.59		$	26.78		$	28.24		$	25.36
Net investment income (b)		0.99			1.01			0.92			0.75
Net realized and unrealized gain (loss) on investments		(2.90	)		3.71			(1.28	)		2.62
Total from investment operations		(1.91	)		4.72			(0.36	)		3.37
Distributions from:
Net investment income		(0.96	)		(0.91	)		(0.90	)		(0.49	)
Net realized capital gains		—			—			(0.20	)		—
Total distributions		(0.96	)		(0.91	)		(1.10	)		(0.49	)
Net asset value, end of period	$	27.72		$	30.59		$	26.78		$	28.24
Total return (c)		(6.58	)%		17.89	%		(1.26	)%		13.41	%(d)


Ratios to average net assets
Gross expenses (e)		0.29	%		0.53	%		0.73	%		1.14	%(f)
Net expenses (e)		0.29	%		0.29	%		0.29	%		0.29	%(f)
Net investment income		3.19	%		3.38	%		3.44	%		3.00	%(f)
Supplemental data
Net assets, end of period (in millions)		$73			$51			$33			$18
Portfolio turnover rate (g)		50	%		50	%		67	%		94	%(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(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)	Periods after September 30, 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:

	Inflation Allocation ETF(a)
	Year Ended September 30,												Period
	2022			2021			2020			2019			Ended September 30, 2018(b)

Net asset value, beginning of period	$	25.47		$	20.15		$	25.25		$	25.39		$	25.18
Net investment income (c)		0.92			0.14			0.45			0.31			0.10
Net realized and unrealized gain (loss) on investments		(1.44	)		6.57			(4.94	)		(0.31	)		0.11
Total from investment operations		(0.52	)		6.71			(4.49	)		—			0.21
Distributions from:
Net investment income		(2.16	)		(1.39	)		(0.61	)		(0.14	)		—
Net asset value, end of period	$	22.79		$	25.47		$	20.15		$	25.25		$	25.39
Total return (d)		(2.71	)%		34.11	%		(18.32	)%		0.02	%		0.83	%(e)

Ratios to average net assets
Gross expenses (f)		0.63	%		1.60	%		1.12	%		0.93	%		1.57	%(g)
Net expenses (f)		0.51	%		0.56	%		0.55	%		0.55	%		0.55	%(g)
Net expenses excluding interest and taxes (f)		0.51	%		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		3.56	%		0.58	%		1.97	%		1.23	%		0.78	%(g)
Supplemental data
Net assets, end of period (in millions)		$131			$17			$9			$30			$15
Portfolio turnover rate (h)		32	%		76	%		195	%		449	%		130	%(e)

(a)	Consolidated Financial Highlights
(b)	For the period April 9, 2018 (commencement of operations) through September 30, 2018.
(c)	Calculated based upon average shares outstanding
(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(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:

	Long/Flat Trend ETF
	Year Ended September 30,												Period
	2022			2021			2020			2019			Ended September 30, 2018(a)

Net asset value, beginning of period		$39.96		$	31.55		$	28.02		$	28.24		$	25.03
Net investment income (b)		0.24			0.34			0.40			0.39			0.42
Net realized and unrealized gain (loss) on investments		(6.46	)		8.78			3.56	(c)		(0.35	)		2.89
Total from investment operations		(6.22	)		9.12			3.96			0.04			3.31
Distributions from:
Net investment income		(0.16	)		(0.71	)		(0.43	)		(0.26	)		(0.10	)
Net asset value, end of period		$33.58		$	39.96		$	31.55		$	28.02		$	28.24
Total return (d)		(15.67	)%		29.29	%		14.22	%		0.29	%		13.25	%(e)

Ratios to average net assets
Gross expenses (f)		0.72	%		0.82	%		0.76	%		0.69	%		0.86	%(g)
Net expenses (f)		0.59	%		0.55	%		0.55	%		0.57	%		0.56	%(g)
Net expenses excluding interest and taxes (f)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%(g)
Net investment income (f)		0.60	%		0.91	%		1.38	%		1.47	%		1.58	%(g)
Supplemental data
Net assets, end of period (in millions)		$34			$41			$32			$66			$52
Portfolio turnover rate (h)		243	%		1	%		0	%		59	%		28	%(e)

(a)	For the period October 4, 2017 (commencement of operations) through September 30, 2018.
(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(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:

	Morningstar ESG Moat ETF

	Period Ended September 30, 2022(a)

Net asset value, beginning of period		$25.05
Net investment income (b)		0.25
Net realized and unrealized loss on investments		(5.32	)
Total from investment operations		(5.07	)
Distributions from:
Net investment income		(0.05	)
Net asset value, end of period		$19.93
Total return (c)		(20.30	)%(d)

Ratios to average net assets
Gross expenses		4.24	%(e)
Net expenses		0.49	%(e)
Net investment income		1.06	%(e)
Supplemental data
Net assets, end of period (in millions)		$2
Portfolio turnover rate (f)		44	%(d)

(a)	For the period October 6, 2021 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
	Year Ended September 30,
	2022			2021			2020			Period Ended September 30, 2019(a)

Net asset value, beginning of period		$38.42		$	32.17		$	28.97		$	25.30
Net investment income (b)		0.63			0.54			0.46			0.47
Net realized and unrealized gain (loss) on investments		(7.60	)		6.74			3.47			3.31
Total from investment operations		(6.97	)		7.28			3.93			3.78
Distributions from:
Net investment income		(0.55	)		(0.43	)		(0.34	)		(0.11	)
Net realized capital gains		(1.66	)		(0.60	)		(0.39	)		—
Total distributions		(2.21	)		(1.03	)		(0.73	)		(0.11	)
Net asset value, end of period		$29.24		$	38.42		$	32.17		$	28.97
Total return (c)		(19.41	)%		22.99	%		13.70	%		15.01	%(d)

Ratios to average net assets
Gross expenses		0.96	%		1.20	%		2.04	%		2.50	%(e)
Net expenses		0.52	%		0.52	%		0.52	%		0.56	%(e)
Net expenses excluding interest and taxes		0.52	%		0.52	%		0.52	%		0.52	%(e)
Net investment income		1.76	%		1.44	%		1.54	%		1.86	%(e)
Supplemental data
Net assets, end of period (in millions)		$18			$19			$10			$6
Portfolio turnover rate (f)		67	%		74	%		68	%		71	%(d)

(a)	For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Morningstar International Moat ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$33.54		$	29.38		$	30.57		$	33.13		$	35.49
Net investment income (a)		1.34			1.07			0.62			1.00			0.91
Net realized and unrealized gain (loss) on investments		(8.28	)		3.81			(0.56	)		(2.50	)		(1.27	)
Total from investment operations		(6.94	)		4.88			0.06			(1.50	)		(0.36	)
Distributions from:
Net investment income		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(0.98	)
Net realized capital gains		—			—			—			—			(1.02	)
Total distributions		(1.50	)		(0.72	)		(1.25	)		(1.06	)		(2.00	)
Net asset value, end of year		$25.10		$	33.54		$	29.38		$	30.57		$	33.13
Total return (b)		(21.65	)%		16.64	%		(0.14	)%		(4.25	)%		(1.14	)%

Ratios to average net assets
Gross expenses		0.67	%		0.76	%		0.76	%		0.69	%		0.72	%
Net expenses		0.58	%		0.57	%		0.58	%		0.57	%		0.57	%
Net expenses excluding interest and taxes		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		4.32	%		3.09	%		2.10	%		3.26	%		2.67	%
Supplemental data
Net assets, end of year (in millions)		$67			$70			$51			$83			$89
Portfolio turnover rate (c)		105	%		110	%		94	%		85	%		112	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Morningstar Wide Moat ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$73.28		$	54.63		$	50.13		$	46.73		$	40.33
Net investment income (a)		0.85			0.96			0.92			0.89			0.73
Net realized and unrealized gain (loss) on investments		(13.33	)		18.59			4.30			3.25			6.13
Total from investment operations		(12.48	)		19.55			5.22			4.14			6.86
Distributions from:
Net investment income		(0.82	)		(0.90	)		(0.72	)		(0.74	)		(0.46	)
Net asset value, end of year		$59.98		$	73.28		$	54.63		$	50.13		$	46.73
Total return (b)		(17.27	)%		36.11	%		10.40	%		9.21	%		17.11	%

Ratios to average net assets
Expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.49	%
Net investment income		1.20	%		1.40	%		1.77	%		1.90	%		1.69	%
Supplemental data
Net assets, end of year (in millions)		$5,866		$	6,599		$	3,398		$	2,486		$	1,570
Portfolio turnover rate (c)		51	%		47	%		48	%		58	%		56	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Social Sentiment ETF

	Year Ended September 30, 2022			Period Ended September 30, 2021(a)

Net asset value, beginning of period		$24.66			$25.00
Net investment income (loss) (b)		0.02			(0.03	)
Net realized and unrealized loss on investments		(11.94	)		(0.31	)(c)
Total from investment operations		(11.92	)		(0.34	)
Net asset value, end of period		$12.74			$24.66
Total return (d)		(48.34	)%		(1.38	)%(e)

Ratios to average net assets
Gross expenses		1.16	%		0.75	%(f)
Net expenses		0.75	%		0.75	%(f)
Net investment income (loss)		0.11	%		(0.20	)%(f)
Supplemental data
Net assets, end of period (in millions)		$58			$193
Portfolio turnover rate (g)		263	%		161	%(e)

(a)	For the period March 3, 2021 (commencement of operations) through September 30, 2021.
(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

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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

Fund	Diversification Classification

Durable High Dividend ETF*	Diversified
Inflation Allocation ETF	Non-Diversified
Long/Flat Trend ETF	Diversified
Morningstar ESG Moat ETF	Non-Diversified
Morningstar Global Wide Moat ETF	Diversified
Morningstar International Moat ETF	Diversified
Morningstar Wide Moat ETF	Diversified
Social Sentiment ETF	Non-Diversified


*	Formerly Morningstar Durable Dividend ETF

Each Fund, except for Inflation Allocation 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.

Using a proprietary, rules-based real asset allocation model, the Inflation Allocation ETF seeks to achieve its investment objective by investing primarily in exchange traded products (“ETPs”) that provide exposure to real assets, which include commodities, real estate, natural resources and infrastructure, as well as companies that own, operate, or derive a significant portion of their value from real assets or the production thereof.

Van Eck Associates Corp. (“VEAC”) serves as the investment adviser for the Funds, except for Inflation Allocation ETF. Van Eck Absolute Return Advisers Corp. (“VEARA”) serves as the investment adviser to Inflation Allocation ETF and its Subsidiary. VEAC and VEARA are collectively referred to as the “Adviser”.

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

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

The following summarizes the Funds’ significant accounting policies.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy. The Board has designated the Adviser as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

B.	Basis for Consolidation—The Inflation Allocation ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (the “Subsidiary”), a wholly-owned subsidiary organized under the laws of the Cayman Islands. The Fund’s investment in the Subsidiary may not exceed 25% of the value of the Fund’s total assets at each quarter-end of the Fund’s fiscal year. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation.

C.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income

	and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

D.	Dividends and 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 (except for dividends from net investment income from Durable High Dividend ETF, which are declared and paid quarterly). Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

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

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

G.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at September 30, 2022, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

	The character of distributions received from certain investments may be comprised of income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Funds and other industry sources. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

	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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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 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 February 1, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the following table.

The management fee rate and expense limitations for the year ended September 30, 2022, are as follows:

Fund	Management Fees			Expense Limitations
Inflation Allocation ETF		0.50	%		0.55	%
Long/Flat Trend ETF		0.50			0.55
Morningstar ESG Moat ETF		0.45			0.49
Morningstar Global Wide Moat ETF		0.45			0.52
Morningstar International Moat ETF		0.50			0.56
Morningstar Wide Moat ETF		0.45			0.49

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

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the year ended September 30, 2022, the Adviser waived management fees of $98,801 due to such investments held in the Inflation Allocation ETF.

The Funds listed below utilize a unitary management fee structure where the Adviser will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. In addition, for Social Sentiment ETF, the Adviser has (i) agreed to pay the offering costs until at least February 1, 2024 and (ii) contractually agreed to waive or reduce its management fees and/or pay Fund expenses in an amount equal to the Fund’s extraordinary legal expenses up to $500,000 until at least February 1, 2024 , and prior to such date the Adviser may not terminate this arrangement without the approval of the Fund’s Board of Trustees.

Fund	Unitary Management Fee Rate
Durable High Dividend ETF		0.29	%
Social Sentiment ETF		0.75

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

At September 30, 2022, the Adviser owned approximately 40% of Morningstar ESG Moat ETF and 6% of Durable High Dividend ETF.

Note 4—Capital Share Transactions—As of September 30, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on

the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

Note 5—Investments—For the year ended September 30, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and 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
Durable High Dividend ETF	$	31,817,714	$	31,733,820	$	66,811,555	$	37,219,935
Inflation Allocation ETF*		46,239,358		26,600,342		146,589,561		24,837,146
Long/Flat Trend ETF		91,038,343		71,454,713		65,748,536		118,651,850
Morningstar ESG Moat ETF		945,212		928,631		4,173,409		1,172,098
Morningstar Global Wide Moat ETF		12,521,631		12,980,192		3,058,861		—
Morningstar International Moat ETF		79,893,713		74,473,848		28,961,841		17,127,304
Morningstar Wide Moat ETF		3,471,412,127		3,417,005,932		5,173,930,661		4,513,677,404
Social Sentiment ETF		293,605,121		293,141,093		101,983,741		169,185,703


*	Represents consolidated cost of investments purchased and proceeds from investments sold.

Note 6—Income Taxes—As of September 30, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Durable High Dividend ETF	$79,325,368	$1,215,872	$(8,215,424)	$(6,999,552)
Inflation Allocation ETF	173,081,034	546,981	(25,745,324)	(25,198,343)
Long/Flat Trend ETF	33,990,846	18,265	(1,197,096)	(1,178,831)
Morningstar ESG Moat ETF	2,924,928	51,853	(486,771)	(434,918)
Morningstar Global Wide Moat ETF	19,374,251	915,557	(2,368,083)	(1,452,526)
Morningstar International Moat ETF	79,982,207	604,207	(13,131,142)	(12,526,935)
Morningstar Wide Moat ETF	7,046,133,667	109,724,887	(1,289,046,566)	(1,179,321,679)
Social Sentiment ETF	81,091,733	660,683	(21,176,876)	(20,516,193)

At September 30, 2022, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital Losses/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Durable High Dividend ETF		$610,403		$(8,486,955	)		$(624	)		$(6,999,552	)		$(14,876,728	)
Inflation Allocation ETF		803,776		(12,135,308	)		(436	)		(25,265,019	)		(36,596,987	)
Long/Flat Trend ETF		147,593		(7,124,021	)		(1,020	)		(1,178,832	)		(8,156,280	)
Morningstar ESG Moat ETF		17,752		(140,786	)		(1	)		(434,918	)		(557,953	)

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Undistributed Ordinary Income		Accumulated Capital Losses/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Morningstar Global Wide Moat ETF		216,385		235,116			(205	)		(1,453,079	)		(1,001,783	)
Morningstar International Moat ETF		1,649,966		(16,759,546	)		(1,816	)		(12,543,737	)		(27,655,133	)
Morningstar Wide Moat ETF		60,264,203		(841,072,401	)		(115,771	)		(1,179,321,680	)		(1,960,245,649	)
Social Sentiment ETF		122,917		(87,114,154	)		–			(20,516,193	)		(107,507,430	)

The tax character of dividends paid to shareholders during the years ended September 30, 2022 and September 30, 2021 were as follows:

	September 30, 2022		September 30, 2021
Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*	Long-Term Capital Gains
Durable High Dividend ETF	$1,834,915	$–	$1,311,545	$–
Inflation Allocation ETF	2,650,043	–	870,000	–
Long/Flat Trend ETF	175,010	–	625,013	–
Morningstar ESG Moat ETF	3,803	–	–	–
Morningstar Global Wide Moat ETF	871,150	233,400	247,940	112,140
Morningstar International Moat ETF	3,150,000	–	1,260,000	–
Morningstar Wide Moat ETF	77,004,720	–	58,997,340	–


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

At September 30, 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
Durable High Dividend ETF	$	(5,236,742	)	$	(3,250,213	)	$	(8,486,955	)
Inflation Allocation ETF		(12,017,104	)		(118,204	)		(12,135,308	)
Long/Flat Trend ETF		(7,039,578	)		(84,443	)		(7,124,021	)
Morningstar ESG Moat ETF		(140,786	)		–			(140,786	)
Morningstar International Moat ETF		(9,629,142	)		(7,130,404	)		(16,759,546	)
Morningstar Wide Moat ETF		(515,103,282	)		(325,969,119	)		(841,072,401	)
Social Sentiment ETF		(80,568,051	)		(6,546,103	)		(87,114,154	)

During the year ended September 30, 2022, as a result of permanent book to tax differences primarily due to the tax treatment of in-kind redemptions and differences in the treatment of income and realized gains from the Inflation Allocation ETF’s controlled foreign corporation subsidiary, the Funds incurred differences that affected distributable earnings / (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Durable High Dividend ETF	$	(4,466,404	)	$	4,466,404
Inflation Allocation ETF		(1,486,533	)		1,486,533
Long/Flat Trend ETF		(6,443,996	)		6,443,996
Morningstar ESG Moat ETF		(97,807	)		97,807
Morningstar International Moat ETF		(811,588	)		811,588
Morningstar Wide Moat ETF		(781,478,723	)		781,478,723
Social Sentiment ETF		(10,092,169	)		10,092,169

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, certain Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2022, the Funds did not incur any interest or penalties.

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

Long/Flat Trend ETF may invest in shares of other funds, including ETFs that track the S&P 500 Index. As a result, the Fund will indirectly be exposed to the risks of an investment in the underlying funds. Shares of other funds have many of the same risks as direct investments in common stocks or bonds. In addition, the market value of the Fund’s shares is expected to rise and fall as the value of the underlying index or bond rises and falls. The market value of such funds’ shares may differ from the net asset value of the particular fund.

Inflation Allocation ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund. In addition, the Fund may gain exposure to the cryptocurrency Bitcoin by investing in pooled investment vehicles that invest in Bitcoin, which generally operates without central authority (such as a bank) and is not backed by any government; nor is it legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the United States is still developing. Cryptocurrencies are susceptible to theft, loss and destruction. Cryptocurrency exchanges have in the past, and may in the future, stop operating or permanently shut down due to fraud, cybersecurity issues, manipulation, technical glitches, hackers or malware, which may also affect the price of Bitcoin.

Social Sentiment ETF may concentrate its investment in the information technology and communication services sectors. The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition of these sectors. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. Companies in the communication services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. The index provider relies on social media analytics, which are relatively new and untested. Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company’s stock performance.

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

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

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

A unitary management fee was adopted on October 1, 2021, for Durable High Dividend ETF. For this Fund, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through September 30, 2021. Social Sentiment ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.

For Inflation Allocation ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, and Morningstar Wide Moat ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

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 September 30, 2022, is presented on a gross basis in the Schedules of Investments and Statements of

Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of September 30, 2022:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Inflation Allocation ETF	$	25,748,539	$	17,252,475	$	9,083,892	$	26,336,367
Morningstar Global Wide Moat ETF		361,315		382,291		–		382,291
Morningstar International Moat ETF		2,680,566		974,695		1,946,961		2,921,656
Morningstar Wide Moat ETF		79,010,449		1,913,496		80,555,570		82,469,066
Social Sentiment ETF		4,428,767		2,985,978		1,606,822		4,592,800

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2022:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Inflation Allocation ETF		$17,252,475
Morningstar Global Wide Moat ETF		382,291
Morningstar International Moat ETF		974,695
Morningstar Wide Moat ETF		1,913,496
Social Sentiment ETF		2,985,978


*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended September 30, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Durable High Dividend ETF		192		$156,159		2.41	%
Inflation Allocation ETF		39		774,593		1.84
Long/Flat Trend ETF		19		3,268,067		2.54
Morningstar Global Wide Moat ETF		9		71,167		1.82
Morningstar International Moat ETF		345		382,289		2.14
Morningstar Wide Moat ETF		172		4,950,141		2.35
Social Sentiment ETF		69		169,296		1.78

Outstanding loan balances as of September 30, 2022, if any, are reflected in the Statements of Assets and Liabilities.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck Inflation Allocation ETF) of each of the funds listed in the table below, (eight of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck Durable High Dividend ETF (Formerly known as VanEck Morningstar Durable Dividend ETF) (1)

VanEck Inflation Allocation ETF (2)

VanEck Long/Flat Trend ETF (1)

VanEck Morningstar ESG Moat ETF (3)

VanEck Morningstar Global Wide Moat ETF (1)

VanEck Morningstar International Moat ETF (1)

VanEck Morningstar Wide Moat ETF (1)

VanEck Social Sentiment ETF (1)

(1) Statement of operations, statement of changes in net assets and financial highlights for the year ended September 30, 2022

(2) Consolidated statement of operations, consolidated statement of changes in net assets and consolidated financial highlights for the year ended September 30, 2022

(3) Statement of operations, statement of changes in net assets and financial highlights for the period October 6, 2021 (commencement of operations) through September 30, 2022

The financial statements of the Funds as of and for the year or period ended September 30, 2021 and the financial highlights for each of the periods ended on or prior to September 30, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated November 19, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and transfer agent; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 21, 2022

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

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during each Fund’s current fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.

Accordingly, the information needed by shareholders for calendar year 2022 income tax purposes will be sent to them in early 2023. Please consult your tax advisor for proper treatment of this information.

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2022:

Fund	Ordinary Income Amount Paid Per Share	Qualified Dividend Income for Individuals*		Dividends Qualifying for the Dividend Received Deduction for Corporations*		Foreign Source Income*	Foreign Taxes Paid Per Share**
Durable High Dividend ETF	$0.9618	100.00	%	100.00	%	—%	$—
Inflation Allocation ETF	2.1633	4.67		2.85		0.43	0.0010
Long/Flat Trend ETF	0.1628	100.00		95.00		—	—
Morningstar ESG Moat ETF	0.0507	100.00		100.00		—	—
Morningstar Global Wide Moat ETF	1.7423	36.69		18.63		—	—
Morningstar International Moat ETF	1.5000	60.55		0.13		95.74	0.0435
Morningstar Wide Moat ETF	0.8227	100.00		100.00		—	—

Fund	Qualified Business Income***	Qualified Short-Term Capital Gains Per Share****	Long-Term Capital Gain Per Share
Inflation Allocation ETF	1.01%	$—	$—
Morningstar Global Wide Moat ETF	—	1.1923	0.4668

*Expressed as a percentage of the cash distribution grossed up for foreign taxes.

**The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

*** Qualified Business Income (QBI) under Section 199A represents the percentage of ordinary income distributions that is eligible for the Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers. Tax regulations enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders.

****These amounts represent Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

September 30, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent Trustees*
David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	68	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	68	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	80	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairman Trustee	Since 2022 Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	68	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	80	Director, Food and Friends, Inc., 2013 to present.

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Interested Trustee*
Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	80	Director, National Committee on US-China Relations.

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

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Fomerly Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.
Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited)

At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Biotech ETF, Digital Assets Mining ETF, Digital Transformation ETF, Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Durable High Dividend ETF (formerly “Morningstar Durable Dividend ETF”), Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF, Social Sentiment ETF and Video Gaming and eSports ETF (each, a “Fund” and together, the “Funds”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. 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 Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability 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 seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Digital Assets Mining ETF and Morningstar ESG Moat ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. 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. 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 Investment Management 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 6, 2022 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, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, where applicable, (i) (with respect to the VanEck Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar Wide Moat ETF, Morningstar International Moat ETF and Video Gaming and eSports ETF) (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 and (ii) (with respect to all the other Funds) (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).

The Trustees concluded that the Adviser and its 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 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 Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Gaming ETF and Video Gaming and eSports ETF each 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, the VanEck Social Sentiment ETF had management fees above the average and equal to the median of its peer group of funds, and each of the VanEck Morningstar ESG Moat ETF and Morningstar Wide Moat ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) 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, the VanEck Environmental Services ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and above the median of its peer group of funds, the VanEck Long/Flat Trend 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, each of the VanEck Morningstar Global Wide Moat ETF (after the effect of any applicable expense limitation) and Social Sentiment ETF had a total expense ratio above the average and equal to the median of its respective peer group of funds, and each of the VanEck Gaming ETF, Morningstar ESG Moat ETF, Morningstar International Moat ETF and Morningstar Wide Moat 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. 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 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.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its 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 volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds 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 Funds may 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 is 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 were reasonable in light of the nature and quality of the services received by such Funds.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited) (continued)

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreements.

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

VanEck Inflation Allocation 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.

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 6, 2022 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 commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed upon limit for a period of time.

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 ETFs. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one- and three-year periods ended December 31, 2021 and the period since its inception on April 10, 2018 through December 31, 2021, but also that the Fund’s performance materially outpaced the level of inflation during these periods. Based on 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 ETFs. The Trustees noted that the information provided showed that the Fund had management fees (after the effect of any applicable fee waiver) below 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 (after the effect of any applicable expense limitation) greater than the average and median of its peer group of funds. The Trustees reviewed the amount by which the Fund’s 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 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, expense ratio and expense cap 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 volatility of the asset classes in which the Fund invests, 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 may effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on the Fund since its inception. 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 CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF

At a meeting held on June 7, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to VanEck CLO ETF. 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

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited) (continued)

that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In advance of the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including expense information for other funds. The Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements, as well as the rationale for retaining a sub-adviser to manage the VanEck CLO ETF’s investments in collateralized loan obligation (“CLO”) securities. The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) would provide under each Agreement, including (i) the Adviser’s agreement to pay all of the direct expenses of each of the VanEck CLO ETF, VanEck Green Infrastructure ETF and VanEck Muni ETF (excluding the fee payment under the respective Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), and (ii) the Adviser’s commitment to waive certain fees and/or pay expenses of the VanEck Morningstar SMID Moat ETF to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed-upon limit for a period of time. With respect to the VanEck CLO ETF, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in CLO securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement.

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

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

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

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

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

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

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