UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST
(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000

Date of fiscal year end: DECEMBER 31

Date of reporting period: JUNE 30, 2025

Item 1.

REPORTS TO STOCKHOLDERS.

VanEck AA-BB CLO ETF

Ticker: CLOB

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck AA-BB CLO ETF	$23	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$106,920,247
Number of Portfolio Holdings40
Portfolio Turnover Rate40%
Advisory Fees Paid$201,647

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.1%
Government		3.6%
Collateralized Loan Obligations		95.3%

Top Ten Holdings (% of Total Net Assets)

Octagon 64 Ltd., 6.02%, 7/21/2037		9.4%
Dryden 95 CLO Ltd., 7.37%, 8/20/2034		6.5%
Capital Four US CLO III Ltd., 6.53%, 4/21/2038		4.7%
Neuberger Berman Loan Advisers CLO 38 Ltd., 5.67%, 10/20/2036		4.7%
Neuberger Berman Loan Advisers CLO 42 Ltd., 5.66%, 7/16/2036		4.7%
United States Treasury Bills, 4.23%, 7/10/2025		3.6%
Sound Point CLO XXIX Ltd., 8.04%, 4/25/2034		3.3%
Bain Capital Credit CLO 2021-7 Ltd., 10.77%, 1/22/2035		3.2%
Sculptor CLO XXVI Ltd., 6.47%, 1/20/2038		3.1%
BlueMountain CLO XXXII Ltd., 10.86%, 10/15/2034		3.0%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Africa Index ETF

Ticker: AFK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Africa Index ETF	$44	0.79%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$51,751,734
Number of Portfolio Holdings72
Portfolio Turnover Rate23%
Advisory Fees Paid$96,520

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Other Investments		0.8%
Industrials		3.0%
Consumer Staples		3.9%
Energy		5.1%
Consumer Discretionary		10.6%
Communication Services		12.8%
Materials		29.7%
Financials		34.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Naspers Ltd.		5.9%
Attijariwafa Bank		5.0%
Banque Centrale Populaire		4.2%
Airtel Africa PLC		4.2%
Guaranty Trust Holding Co. PLC		3.7%
Barrick Mining Corp.		3.6%
Anglo American PLC		3.5%
Ivanhoe Mines Ltd.		3.2%
Safaricom PLC		3.1%
Paladin Energy Ltd.		2.9%

Need Additional Information?

VanEck Agribusiness ETF

Ticker: MOO

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Agribusiness ETF	$29	0.55%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$646,813,731
Number of Portfolio Holdings51
Portfolio Turnover Rate8%
Advisory Fees Paid$1,442,581

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Health Care		16.0%
Industrials		19.6%
Materials		28.2%
Consumer Staples		36.2%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Deere & Co.		7.9%
Zoetis, Inc.		7.5%
Corteva, Inc.		7.3%
Bayer AG		6.2%
Archer-Daniels-Midland Co.		6.0%
Nutrien Ltd.		5.8%
Tyson Foods, Inc.		4.9%
CF Industries Holdings, Inc.		4.0%
Kubota Corp.		3.6%
Mosaic Co.		3.4%

Need Additional Information?

VanEck BDC Income ETF

Ticker: BIZD

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment^{Footnote Reference(a)}
VanEck BDC Income ETF	$21	0.42%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(b)	Annualized

Key Fund Statistics

Total Net Assets$1,602,018,111
Number of Portfolio Holdings32
Portfolio Turnover Rate16%
Advisory Fees Paid$2,955,926

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		2.3%
Government		19.1%
Financials		78.6%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.0%

Top Ten Holdings (% of Total Net Assets)

United States Treasury Bills, 4.27%, 7/15/2025		18.4%
Ares Capital Corp.		17.7%
Blue Owl Capital Corp.		10.8%
Blackstone Secured Lending Fund		9.1%
Main Street Capital Corp.		3.8%
Hercules Capital, Inc.		3.7%
FS KKR Capital Corp.		3.6%
Golub Capital BDC, Inc.		3.5%
Sixth Street Specialty Lending, Inc.		2.8%
Morgan Stanley Direct Lending Fund		1.9%

Need Additional Information?

VanEck Brazil Small-Cap ETF

Ticker: BRF

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Brazil Small-Cap ETF	$35	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$20,033,700
Number of Portfolio Holdings95
Portfolio Turnover Rate17%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Other Investments		0.9%
Information Technology		2.7%
Real Estate		3.0%
Health Care		3.5%
Financials		7.8%
Materials		8.5%
Consumer Staples		10.5%
Energy		10.7%
Utilities		10.7%
Industrials		13.8%
Consumer Discretionary		27.9%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Modec, Inc.		4.2%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3.4%
Alupar Investimento SA		3.1%
Inter & Co., Inc.		3.0%
Brava Energia		3.0%
Azzas 2154 SA		2.9%
ERO Copper Corp.		2.8%
Santos Brasil Participacoes SA		2.6%
Marfrig Global Foods SA		2.5%
Marcopolo SA		2.5%

Need Additional Information?

VanEck China Bond ETF

Ticker: CBON

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck China Bond ETF	$25	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$18,003,661
Number of Portfolio Holdings31
Portfolio Turnover Rate18%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.8%
Energy		9.9%
Utilities		19.0%
Government		21.7%
Financials		46.6%

Top Ten Holdings (% of Total Net Assets)

China Government Bond, 2.67%, 11/25/2033		5.8%
China Government Bond, 1.62%, 8/15/2027		5.6%
State Grid Corp. of China, 2.88%, 8/30/2027		5.2%
China Petroleum & Chemical Corp., 3.20%, 7/27/2026		5.2%
Agricultural Development Bank of China, 2.90%, 3/8/2028		4.7%
China National Petroleum Corp., 4.16%, 8/16/2025		4.7%
China Everbright Bank Co. Ltd., 2.72%, 9/25/2026		4.6%
Bank of Communications Co. Ltd., 2.70%, 9/26/2026		4.6%
China Southern Power Grid Co. Ltd., 2.42%, 10/24/2025		4.1%
China Development Bank, 3.45%, 9/20/2029		4.0%

Need Additional Information?

VanEck ChiNext ETF

Ticker: CNXT

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck ChiNext ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck ChiNext ETF	$33	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$27,433,078
Number of Portfolio Holdings98
Portfolio Turnover Rate4%
Advisory Fees Paid$5,354

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Other Investments		0.9%
Communication Services		2.8%
Materials		3.8%
Consumer Staples		4.2%
Financials		11.0%
Health Care		13.3%
Information Technology		30.5%
Industrials		33.4%

Top Ten Holdings (% of Total Net Assets)

Contemporary Amperex Technology Co. Ltd.		19.2%
East Money Information Co. Ltd.		8.5%
Shenzhen Inovance Technology Co. Ltd.		3.8%
Zhongji Innolight Co. Ltd.		3.7%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		3.6%
Eoptolink Technology, Inc. Ltd.		3.3%
Sungrow Power Supply Co. Ltd.		2.9%
Wens Foodstuff Group Co. Ltd.		2.7%
Victory Giant Technology Huizhou Co. Ltd.		2.4%
Eve Energy Co. Ltd.		1.7%

Need Additional Information?

VanEck CLO ETF

Ticker: CLOI

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CLO ETF	$20	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,054,147,029
Number of Portfolio Holdings150
Portfolio Turnover Rate20%
Advisory Fees Paid$1,925,572

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.5%
Government		3.2%
Collateralized Loan Obligations		96.3%

Top Ten Holdings (% of Total Net Assets)

RR 15 Ltd., 5.62%, 4/15/2036		3.0%
Trinitas CLO XIX Ltd., 5.38%, 10/20/2033		2.9%
Neuberger Berman Loan Advisers CLO 38 Ltd., 5.67%, 10/20/2036		2.5%
Octagon 64 Ltd., 6.02%, 7/21/2037		2.4%
AGL CLO 5 Ltd., 5.93%, 7/20/2034		2.2%
United States Treasury Bills, 4.23%, 7/10/2025		2.2%
Neuberger Berman Loan Advisers CLO 42 Ltd., 5.66%, 7/16/2036		2.1%
RR 20 Ltd., 5.81%, 7/15/2037		2.1%
Silver Rock CLO II Ltd., 5.87%, 1/20/2035		2.0%
Trinitas CLO XX Ltd., 5.77%, 7/20/2035		1.6%

Need Additional Information?

VanEck CMCI Commodity Strategy ETF

Ticker: CMCI

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CMCI Commodity Strategy ETF	$33	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,489,182
Number of Portfolio Holdings16
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		0.3%
Money Market Fund		2.0%
Government		97.7%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2%

Top Ten Holdings (% of Total Net Assets)

United States Treasury Bills, 4.28%, 8/21/2025		14.0%
United States Treasury Bills, 4.16%, 9/4/2025		13.0%
United States Treasury Bills, 4.22%, 7/24/2025		11.0%
United States Treasury Bills, 4.22%, 8/28/2025		11.0%
United States Treasury Bills, 4.23%, 8/7/2025		10.0%
United States Treasury Bills, 4.27%, 8/14/2025		10.0%
United States Treasury Bills, 4.19%, 7/31/2025		6.0%
United States Treasury Bills, 4.21%, 7/17/2025		5.0%
United States Treasury Bills, 4.15%, 9/18/2025		4.0%
United States Treasury Bills, 4.13%, 10/2/2025		4.0%

Need Additional Information?

VanEck Digital India ETF

Ticker: DGIN

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Digital India ETF	$35	0.70%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$22,053,592
Number of Portfolio Holdings49
Portfolio Turnover Rate13%
Advisory Fees Paid$83,366

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.7)%
Other Investments		0.5%
Industrials		4.6%
Energy		8.1%
Financials		13.7%
Consumer Discretionary		13.8%
Communication Services		17.6%
Information Technology		42.4%

Top Ten Holdings (% of Total Net Assets)

Bharti Airtel Ltd.		8.5%
Reliance Industries Ltd.		8.1%
Infosys Ltd.		6.8%
Tata Consultancy Services Ltd.		6.4%
HCL Technologies Ltd.		5.9%
Eternal Ltd.		5.5%
Jio Financial Services Ltd.		4.7%
Tech Mahindra Ltd.		4.4%
Wipro Ltd.		3.5%
PB Fintech Ltd.		3.3%

Need Additional Information?

VanEck Gold Miners ETF

Ticker: GDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Gold Miners ETF	$32	0.51%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$15,485,749,940
Number of Portfolio Holdings64
Portfolio Turnover Rate5%
Advisory Fees Paid$36,226,391

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Silver		3.0%
Gold		96.9%

Top Ten Holdings (% of Total Net Assets)

Newmont Corp.		12.8%
Agnico Eagle Mines Ltd.		11.8%
Wheaton Precious Metals Corp.		8.0%
Barrick Mining Corp.		7.1%
Franco-Nevada Corp.		6.2%
Anglogold Ashanti PLC		4.2%
Gold Fields Ltd.		4.2%
Kinross Gold Corp.		3.8%
Northern Star Resources Ltd.		3.5%
Zijin Mining Group Co. Ltd.		3.0%

Need Additional Information?

VanEck Green Metals ETF

Ticker: GMET

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Green Metals ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Green Metals ETF	$34	0.63%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$19,072,652
Number of Portfolio Holdings55
Portfolio Turnover Rate11%
Advisory Fees Paid$51,174

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Fertilizers & Agricultural Chemicals		1.2%
Electrical Components & Equipment		2.1%
Specialty Chemicals		6.5%
Precious Metals & Minerals		9.0%
Copper		32.6%
Diversified Metals & Mining		48.5%

Top Ten Holdings (% of Total Net Assets)

Freeport-McMoRan, Inc.		8.2%
Glencore PLC		7.7%
Anglo American PLC		6.9%
Grupo Mexico SAB de CV		6.7%
Teck Resources Ltd.		6.1%
Antofagasta PLC		4.2%
Southern Copper Corp.		3.9%
Valterra Platinum Ltd.		3.6%
Boliden AB		3.6%
First Quantum Minerals Ltd.		3.5%

Need Additional Information?

VanEck India Growth Leaders ETF

Ticker: GLIN

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck India Growth Leaders ETF	$35	0.71%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$138,872,000
Number of Portfolio Holdings80
Portfolio Turnover Rate41%
Advisory Fees Paid$311,763

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.3%
Other Investments		1.3%
Materials		2.5%
Communication Services		2.6%
Energy		4.7%
Health Care		9.0%
Consumer Discretionary		9.6%
Information Technology		14.4%
Industrials		24.6%
Financials		31.0%

Top Ten Holdings (% of Total Net Assets)

Bharat Electronics Ltd.		6.4%
Trent Ltd.		5.2%
ICICI Bank Ltd.		4.9%
Dr. Reddy's Laboratories Ltd.		4.8%
State Bank of India		4.7%
Kotak Mahindra Bank Ltd.		4.7%
HCL Technologies Ltd.		4.6%
Hindustan Aeronautics Ltd.		4.4%
Coal India Ltd.		4.3%
Tata Consultancy Services Ltd.		4.0%

Need Additional Information?

VanEck Indonesia Index ETF

Ticker: IDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Indonesia Index ETF	$28	0.57%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$31,910,580
Number of Portfolio Holdings59
Portfolio Turnover Rate8%
Advisory Fees Paid$24,558

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Real Estate		1.0%
Health Care		3.0%
Consumer Discretionary		3.5%
Utilities		5.8%
Industrials		6.4%
Communication Services		8.9%
Consumer Staples		9.8%
Energy		12.3%
Materials		22.5%
Financials		26.7%

Top Ten Holdings (% of Total Net Assets)

Bank Central Asia Tbk PT		8.1%
Bank Rakyat Indonesia Persero Tbk PT		7.8%
Bank Mandiri Persero Tbk PT		6.9%
Telkom Indonesia Persero Tbk PT		6.4%
Amman Mineral Internasional PT		6.1%
Barito Renewables Energy Tbk PT		4.9%
Chandra Asri Pacific Tbk PT		4.9%
Astra International Tbk PT		4.7%
Dian Swastatika Sentosa Tbk PT		4.3%
Bank Negara Indonesia Persero Tbk PT		3.2%

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VanEck International High Yield Bond ETF

Ticker: IHY

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck International High Yield Bond ETF	$21	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$41,676,539
Number of Portfolio Holdings521
Portfolio Turnover Rate22%
Advisory Fees Paid$52,707

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.2%
Other Investments		0.5%
Consumer Non-Cyclicals		2.4%
Real Estate		2.5%
Healthcare		4.6%
Utilities		6.3%
Basic Materials		8.2%
Consumer Cyclicals		10.0%
Energy		10.8%
Technology		12.3%
Industrials		13.6%
Financials		26.6%

Top Ten Holdings (% of Total Net Assets)

Industrial & Commercial Bank of China Ltd., 3.20% (Perpetual)		0.9%
Mediobanca Banca di Credito Finanziario SpA, 5.25%, 4/22/2034		0.6%
Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 5/9/2030		0.6%
Intesa Sanpaolo Assicurazioni SpA, 4.22%, 3/5/2035		0.6%
Electricite de France SA, 3.38% (Perpetual)		0.5%
Telecom Italia Capital SA, 7.72%, 6/4/2038		0.5%
VZ Vendor Financing II BV, 2.88%, 1/15/2029		0.5%
State Oil Co. of the Azerbaijan Republic, 6.95%, 3/18/2030		0.5%
QNB Bank AS, 7.25%, 5/21/2029		0.5%
Alpha Star Holding VIII Ltd., 8.38%, 4/12/2027		0.5%

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VanEck Israel ETF

Ticker: ISRA

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Israel ETF	$32	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$111,321,152
Number of Portfolio Holdings81
Portfolio Turnover Rate4%
Advisory Fees Paid$210,842

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Communication Services		1.5%
Materials		1.5%
Consumer Staples		1.7%
Energy		1.8%
Consumer Discretionary		2.2%
Utilities		2.7%
Real Estate		3.8%
Industrials		7.1%
Health Care		7.3%
Financials		32.3%
Information Technology		38.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Bank Leumi Le-Israel BM		8.5%
Bank Hapoalim BM		7.0%
CyberArk Software Ltd.		6.8%
Check Point Software Technologies Ltd.		6.7%
Teva Pharmaceutical Industries Ltd.		6.5%
Elbit Systems Ltd.		4.3%
Monday.com Ltd.		4.0%
Nice Ltd.		3.4%
Mizrahi Tefahot Bank Ltd.		3.4%
Israel Discount Bank Ltd.		3.3%

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VanEck J.P. Morgan EM Local Currency Bond ETF

Ticker: EMLC

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck J.P. Morgan EM Local Currency Bond ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck J.P. Morgan EM Local Currency Bond ETF	$16	0.30%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$3,353,863,773
Number of Portfolio Holdings477
Portfolio Turnover Rate17%
Advisory Fees Paid$3,520,130

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.7%
Other Investments		0.2%
Government		97.1%

Top Ten Holdings (% of Total Net Assets)

Brazil Letras do Tesouro Nacional, 0.00%, 7/1/2026		1.1%
Turkiye Government Bond, 30.00%, 9/12/2029		0.7%
Mexican Bonos, 7.75%, 11/23/2034		0.7%
Mexican Bonos, 7.75%, 5/29/2031		0.7%
Republic of South Africa Government Bond, 8.75%, 2/28/2048		0.7%
Republic of South Africa Government Bond, 8.00%, 1/31/2030		0.7%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027		0.6%
Republic of South Africa Government Bond, 8.88%, 2/28/2035		0.6%
Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2029		0.6%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2029		0.6%

Need Additional Information?

VanEck Junior Gold Miners ETF

Ticker: GDXJ

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Junior Gold Miners ETF	$34	0.53%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$5,494,533,812
Number of Portfolio Holdings88
Portfolio Turnover Rate14%
Advisory Fees Paid$12,783,173

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Diversified Metals & Mining		2.6%
Precious Metals & Minerals		5.6%
Silver		7.4%
Gold		84.2%

Top Ten Holdings (% of Total Net Assets)

Alamos Gold, Inc.		7.0%
Pan American Silver Corp.		6.6%
Harmony Gold Mining Co. Ltd.		6.0%
Evolution Mining Ltd.		5.2%
B2Gold Corp.		5.1%
Industrias Penoles SAB de CV		3.2%
Coeur Mining, Inc.		2.8%
Lundin Gold, Inc.		2.7%
Fresnillo PLC		2.2%
IAMGOLD Corp.		2.2%

Need Additional Information?

VanEck Low Carbon Energy ETF

Ticker: SMOG

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Low Carbon Energy ETF	$33	0.64%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$119,120,782
Number of Portfolio Holdings58
Portfolio Turnover Rate11%
Advisory Fees Paid$284,822

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Other Investments		0.5%
Materials		1.5%
Information Technology		9.8%
Industrials		18.4%
Consumer Discretionary		29.3%
Utilities		40.6%

Top Ten Holdings (% of Total Net Assets)

Tesla, Inc.		8.0%
NextEra Energy, Inc.		7.8%
Iberdrola SA		7.4%
Enel SpA		6.9%
BYD Co. Ltd.		5.3%
Li Auto, Inc.		3.8%
First Solar, Inc.		3.8%
Vestas Wind Systems A/S		3.6%
XPeng, Inc.		3.1%
Kingspan Group PLC		3.1%

Need Additional Information?

VanEck Mortgage REIT Income ETF

Ticker: MORT

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Mortgage REIT Income ETF	$22	0.43%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$306,906,799
Number of Portfolio Holdings26
Portfolio Turnover Rate13%
Advisory Fees Paid$586,663

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.2%
Financial Services		97.8%

Top Ten Holdings (% of Total Net Assets)

AGNC Investment Corp.		13.5%
Annaly Capital Management, Inc.		13.4%
Starwood Property Trust, Inc.		8.7%
Rithm Capital Corp.		8.1%
Blackstone Mortgage Trust, Inc.		4.9%
Arbor Realty Trust, Inc.		4.5%
Dynex Capital, Inc.		4.4%
ARMOUR Residential REIT, Inc.		3.7%
Ladder Capital Corp.		3.3%
Ellington Financial, Inc.		3.3%

Need Additional Information?

VanEck Natural Resources ETF

Ticker: HAP

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Natural Resources ETF	$22	0.42%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$158,315,698
Number of Portfolio Holdings123
Portfolio Turnover Rate6%
Advisory Fees Paid$291,807

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Other Investments		1.3%
Health Care		2.5%
Consumer Staples		6.6%
Industrials		8.5%
Utilities		10.0%
Energy		31.0%
Materials		40.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Shell PLC		5.0%
Chevron Corp.		5.0%
Exxon Mobil Corp.		5.0%
Deere & Co.		4.9%
NextEra Energy, Inc.		4.3%
Iberdrola SA		4.1%
Corteva, Inc.		3.4%
BHP Group Ltd.		3.0%
Bayer AG		2.5%
Nutrien Ltd.		2.4%

Need Additional Information?

VanEck Office and Commercial REIT ETF

Ticker: DESK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Office and Commercial REIT ETF	$25	0.52%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,390,074
Number of Portfolio Holdings26
Portfolio Turnover Rate7%
Advisory Fees Paid$5,712

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.8%
Real Estate Investment Trusts		99.2%

Top Ten Holdings (% of Total Net Assets)

Vornado Realty Trust		9.4%
BXP, Inc.		9.3%
Cousins Properties, Inc.		9.3%
SL Green Realty Corp.		8.8%
Kilroy Realty Corp.		8.1%
Douglas Emmett, Inc.		4.6%
Highwoods Properties, Inc.		4.5%
COPT Defense Properties		4.4%
Simon Property Group, Inc.		4.1%
Realty Income Corp.		4.0%

Need Additional Information?

VanEck Oil Refiners ETF

Ticker: CRAK

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Refiners ETF	$34	0.62%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$26,206,545
Number of Portfolio Holdings26
Portfolio Turnover Rate15%
Advisory Fees Paid$15,451

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Energy		99.9%

Top Ten Holdings (% of Total Net Assets)

Reliance Industries Ltd.		7.9%
Marathon Petroleum Corp.		7.7%
Phillips 66		6.6%
ORLEN SA		6.3%
Valero Energy Corp.		6.3%
SK Innovation Co. Ltd.		5.7%
ENEOS Holdings, Inc.		5.3%
Galp Energia SGPS SA		4.9%
OMV AG		4.7%
Neste Oyj		4.7%

Need Additional Information?

VanEck Oil Services ETF

Ticker: OIH

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Services ETF	$16	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$932,748,035
Number of Portfolio Holdings26
Portfolio Turnover Rate9%
Advisory Fees Paid$2,032,272

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Oil & Gas Drilling		16.9%
Oil & Gas Equipment & Services		83.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Schlumberger NV		19.3%
Baker Hughes Co.		14.2%
Halliburton Co.		7.0%
Tenaris SA		5.5%
TechnipFMC PLC		5.4%
ChampionX Corp.		4.5%
NOV, Inc.		4.4%
Noble Corp. PLC		4.3%
Cactus, Inc.		4.0%
Weatherford International PLC		3.9%

Need Additional Information?

VanEck Preferred Securities ex Financials ETF

Ticker: PFXF

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Preferred Securities ex Financials ETF	$20	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,788,737,159
Number of Portfolio Holdings107
Portfolio Turnover Rate14%
Advisory Fees Paid$3,641,050

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Other Investments		3.6%
Healthcare Providers & Services		1.1%
Real Estate Operations		1.5%
Chemicals		2.5%
Multiline Utilities		2.9%
Computers Phones & Household Electronics		3.0%
Automobiles & Auto Parts		3.1%
Semiconductors & Semiconductor Equipment		3.3%
Food & Tobacco		3.8%
Software & IT Services		7.2%
Telecommunications Services		11.4%
Aerospace & Defense		13.1%
Residential & Commercial REITs		18.0%
Electric Utilities & IPPs		25.1%

Top Ten Holdings (% of Total Net Assets)

Boeing Co., 6.00%, 10/15/2027		13.1%
Microchip Technology, Inc., 7.50%, 3/15/2028		3.3%
NextEra Energy, Inc., 7.30%, 6/1/2027		3.2%
Hewlett Packard Enterprise Co., 7.62%, 9/1/2027		3.0%
NextEra Energy, Inc., 6.93%, 9/1/2025		2.7%
Albemarle Corp., 7.25%, 3/1/2027		2.5%
MicroStrategy, Inc., 8.00% (Perpetual)		2.4%
AT&T, Inc., 4.75% (Perpetual)		2.2%
NextEra Energy, Inc., 7.23%, 11/1/2027		2.2%
PG&E Corp., 6.00%, 12/1/2027		2.0%

Need Additional Information?

VanEck Rare Earth and Strategic Metals ETF

Ticker: REMX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Rare Earth and Strategic Metals ETF	$30	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$308,020,931
Number of Portfolio Holdings23
Portfolio Turnover Rate27%
Advisory Fees Paid$631,089

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Materials		99.8%

Top Ten Holdings (% of Total Net Assets)

China Northern Rare Earth Group High-Tech Co. Ltd.		7.6%
MP Materials Corp.		7.6%
Albemarle Corp.		7.5%
Lynas Rare Earths Ltd.		6.9%
Sociedad Quimica y Minera de Chile SA		6.6%
AMG Critical Materials NV		5.1%
Pilbara Minerals Ltd.		5.1%
Jinduicheng Molybdenum Co. Ltd.		4.9%
Ganfeng Lithium Group Co. Ltd.		4.7%
IperionX Ltd.		4.7%

Need Additional Information?

VanEck Russia ETF

Ticker: RSX

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia ETF	$24	0.48%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$32,794,301
Number of Portfolio Holdings29
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(0.5)%
Money Market Fund		100.5%

Footnote	Description
Footnote^*	Includes securities fair valued at zero.

Need Additional Information?

VanEck Russia Small-Cap ETF

Ticker: RSXJ

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia Small-Cap ETF	$39	0.78%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$345,868
Number of Portfolio Holdings22
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(13.9)%
Money Market Fund		113.9%

Footnote	Description
Footnote^*	Includes securities fair valued at zero.

Need Additional Information?

VanEck Steel ETF

Ticker: SLX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Steel ETF	$30	0.56%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$71,225,294
Number of Portfolio Holdings25
Portfolio Turnover Rate17%
Advisory Fees Paid$146,495

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Energy		5.1%
Industrials		9.0%
Materials		85.8%

Top Ten Holdings (% of Total Net Assets)

Rio Tinto PLC		10.6%
Vale SA		8.4%
Nucor Corp.		5.7%
Worthington Steel, Inc.		5.3%
ArcelorMittal SA		5.1%
Tenaris SA		5.1%
Reliance, Inc.		5.0%
POSCO Holdings, Inc.		5.0%
Carpenter Technology Corp.		4.9%
Steel Dynamics, Inc.		4.7%

Need Additional Information?

VanEck Uranium and Nuclear ETF

Ticker: NLR

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Uranium and Nuclear ETF	$31	0.53%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,702,823,194
Number of Portfolio Holdings26
Portfolio Turnover Rate30%
Advisory Fees Paid$2,757,524

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Industrials		18.9%
Utilities		32.9%
Energy		48.1%

Top Ten Holdings (% of Total Net Assets)

Constellation Energy Corp.		8.1%
Cameco Corp.		7.2%
BWX Technologies, Inc.		5.9%
Public Service Enterprise Group, Inc.		5.6%
Centrus Energy Corp.		4.8%
Denison Mines Corp.		4.6%
Uranium Energy Corp.		4.5%
NAC Kazatomprom JSC		4.4%
NexGen Energy Ltd.		4.3%
PG&E Corp.		4.2%

Need Additional Information?

VanEck Vietnam ETF

Ticker: VNM

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Vietnam ETF	$37	0.69%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$421,757,067
Number of Portfolio Holdings49
Portfolio Turnover Rate14%
Advisory Fees Paid$989,234

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Utilities		1.1%
Energy		1.7%
Industrials		9.6%
Materials		11.7%
Consumer Staples		18.0%
Real Estate		28.3%
Financials		29.5%

Top Ten Holdings (% of Total Net Assets)

Vinhomes JSC		8.1%
Vingroup JSC		8.1%
Hoa Phat Group JSC		7.0%
Vietnam Dairy Products JSC		6.5%
Bank for Foreign Trade of Vietnam JSC		5.9%
SSI Securities Corp.		5.5%
Masan Group Corp.		5.1%
VNDirect Securities Corp.		3.4%
Vietcap Securities JSC		3.2%
VIX Securities JSC		3.1%

Need Additional Information?

Item 2.

CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6.

INVESTMENTS.

Information included in Item 7.

Item 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESSTMENT COMPANIES.

June 30, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

MOO	\|	Agribusiness ETF
CMCI	\|	CMCI Commodity Strategy ETF
GDX	\|	Gold Miners ETF
GMET	\|	Green Metals ETF
GDXJ	\|	Junior Gold Miners ETF
SMOG	\|	Low Carbon Energy ETF
HAP	\|	Natural Resources ETF
CRAK	\|	Oil Refiners ETF
OIH	\|	Oil Services ETF
REMX	\|	Rare Earth and Strategic Metals ETF
SLX	\|	Steel ETF
NLR	\|	Uranium and Nuclear ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	Agribusiness ETF	3
	CMCI Commodity Strategy ETF	5
	Gold Miners ETF	6
	Green Metals ETF	8
	Junior Gold Miners ETF	10
	Low Carbon Energy ETF	13
	Natural Resources ETF	15
	Oil Refiners ETF	18
	Oil Services ETF	20
	Rare Earth and Strategic Metals ETF	21
	Steel ETF	23
	Uranium and Nuclear ETF	24
	Statements of Assets and Liabilities	26
	Statements of Operations	29
	Statements of Changes in Net Assets	32
	Financial Highlights
	Agribusiness ETF	38
	CMCI Commodity Strategy ETF	39
	Gold Miners ETF	40
	Green Metals ETF	41
	Junior Gold Miners ETF	42
	Low Carbon Energy ETF	43
	Natural Resources ETF	44
	Oil Refiners ETF	45
	Oil Services ETF	46
	Rare Earth and Strategic Metals ETF	47
	Steel ETF	48
	Uranium and Nuclear ETF	49
	Notes to Financial Statements	50
	Changes In and Disagreements with Accountants	60
	Proxy Disclosures	60
	Remuneration Paid to Directors, Officers and Others	60
	Approval of Investment Advisory Contracts	61

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 2.4%
Dyno Nobel Ltd.		3,621,694	$	6,383,050
Treasury Wine Estates Ltd. †		1,807,916		9,262,422
				15,645,472
Brazil: 3.4%
Rumo SA		2,402,500		8,156,751
Yara International ASA (NOK)		369,566		13,583,664
				21,740,415
Canada: 5.8%
Nutrien Ltd. (USD) †		647,218		37,693,976

China: 4.1%
China Mengniu Dairy Co.Ltd. (HKD)		5,381,000		11,091,350
Wilmar International Ltd. (SGD)		6,954,800		15,672,416
				26,763,766
Denmark: 1.3%
Bakkafrost P/F (NOK)		115,400		5,173,656
Schouw & Co. A/S		31,736		3,009,273
				8,182,929
Germany: 7.3%
Bayer AG		1,325,100		39,782,700
K+S AG		394,408		7,209,491
				46,992,191
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		11,827,800		2,321,635

Israel: 1.2%
ICL Group Ltd. (USD) †		1,103,291		7,590,642

Japan: 5.7%
Kubota Corp. †		2,086,900		23,462,078
Maruha Nichiro Corp.		109,900		2,316,151
NH Foods Ltd.		190,100		6,563,314
Nissui Corp.		704,200		4,266,094
				36,607,637
Malaysia: 2.6%
IOI Corp. Bhd		4,660,600		4,141,782
Kuala Lumpur Kepong Bhd		1,038,700		5,106,541
PPB Group Bhd		1,326,600		3,240,870
SD Guthrie Bhd		4,121,000		4,544,049
				17,033,242
Netherlands: 0.4%
OCI NV * †		306,647		2,763,468

Norway: 4.5%
Leroy Seafood Group ASA		632,843		2,992,072
Mowi ASA		1,004,791		19,328,654
Salmar ASA		162,871		7,030,056
				29,350,782
Russia: 0.0%
PhosAgro PJSC ∞		97,916		0
PhosAgro PJSC (USD) (GDR) ∞		1,892		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
				0

	Number of Shares		Value
Singapore: 0.7%
Charoen Pokphand Indonesia Tbk PT (IDR)		16,143,700	$	4,673,924

Switzerland: 1.2%
Bucher Industries AG		16,199		8,025,587

Taiwan: 0.6%
Taiwan Fertilizer Co. Ltd.		1,930,000		3,511,699

Thailand: 1.3%
Charoen Pokphand Foods PCL (NVDR)		12,173,000		8,620,584

United Kingdom: 3.0%
CNH Industrial NV (USD)		1,230,061		15,941,590
Genus PLC		119,763		3,357,595
				19,299,185
United States: 54.1%
AGCO Corp. †		96,617		9,967,010
Archer-Daniels-Midland Co.		734,202		38,751,181
Bunge Global SA		226,338		18,170,415
Cal-Maine Foods, Inc.		86,690		8,636,925
CF Industries Holdings, Inc.		281,221		25,872,332
Corteva, Inc.		631,037		47,031,188
Darling Ingredients, Inc. *		331,900		12,592,286
Deere & Co.		99,790		50,742,217
Elanco Animal Health, Inc. * †		681,950		9,738,246
FMC Corp.		207,112		8,646,926
Mosaic Co.		608,187		22,186,662
Neogen Corp. * †		337,377		1,612,662
Pilgrim’s Pride Corp. *		110,579		4,973,843
Toro Co.		147,408		10,418,797
Tyson Foods, Inc.		570,991		31,941,236
Zoetis, Inc.		312,488		48,732,504
				350,014,430
Total Common Stocks (Cost: $812,257,983)				646,831,564

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%
Money Market Fund: 4.8% (Cost: $31,216,997)
State Street Navigator Securities Lending Government Money Market Portfolio		31,216,997		31,216,997
Total Investments: 104.8% (Cost: $843,474,980)				678,048,561
Liabilities in excess of other assets: (4.8)%				(31,234,830)
NET ASSETS: 100.0%			$	646,813,731

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $70,067,541.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	15,645,472	$	—	$	15,645,472
Brazil		8,156,751		13,583,664		—		21,740,415
Canada		37,693,976		—		—		37,693,976
China		—		26,763,766		—		26,763,766
Denmark		—		8,182,929		—		8,182,929
Germany		—		46,992,191		—		46,992,191
Indonesia		2,321,635		—		—		2,321,635
Israel		7,590,642		—		—		7,590,642
Japan		—		36,607,637		—		36,607,637
Malaysia		5,106,541		11,926,701		—		17,033,242
Netherlands		—		2,763,468		—		2,763,468
Norway		7,030,056		22,320,726		—		29,350,782
Russia		—		—		0		0
Singapore		—		4,673,924		—		4,673,924
Switzerland		—		8,025,587		—		8,025,587
Taiwan		—		3,511,699		—		3,511,699
Thailand		—		8,620,584		—		8,620,584
United Kingdom		15,941,590		3,357,595		—		19,299,185
United States		350,014,430		—		—		350,014,430
Money Market Fund		31,216,997		—		—		31,216,997
Total Investments	$	465,072,618	$	212,975,943	$	0	$	678,048,561

See Notes to Financial Statements

VANECK CMCI COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Par (000’s)		Value
Short-Term Investments: 99.6%
United States Treasury Obligations: 97.6%
United States Treasury Bills
4.13%, 10/02/25 #	$	100	$	98,910
4.15%, 09/11/25 #		25		24,788
4.15%, 09/18/25		100		99,075
4.16%, 09/04/25 #		325		322,507
4.19%, 07/31/25		150		149,482
4.20%, 11/20/25		100		98,372
4.21%, 07/17/25		125		124,770
4.21%, 12/04/25 #		45		44,200
4.22%, 07/24/25 #		275		274,269
4.22%, 08/28/25		275		273,086
4.23%, 08/07/25		250		248,909
4.24%, 10/16/25		75		74,067
4.27%, 08/14/25		250		248,686
4.28%, 08/21/25 #		350		347,864
				2,428,985


	Number of Shares		Value
Money Market Fund: 2.0%
Invesco Treasury Portfolio - Institutional Class		50,678		50,678
Total Short-Term Investments: 99.6% (Cost: $2,479,980)				2,479,663
Other assets less liabilities: 0.4%				9,519
NET ASSETS: 100.0%			$	2,489,182

Total Return Swap Contracts
Long Exposure

Reference
Obligation

Notional
Amount

Counterparty

Rate paid by
the Fund

Payment
Frequency

Termination
Date

Unrealized
Appreciation/
(Depreciation)

% of Net
Assets

UBS Constant Maturity Commodity Index Total Return

$2,483,000

UBS

4.79%(a)

Monthly

08/01/25

$5,217

0.2%

Footnotes:

#	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $391,454.
(a)	The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.40%.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	2,428,985	$	—	$	2,428,985
Money Market Fund		50,678		—		—		50,678
Total Investments	$	50,678	$	2,428,985	$	—	$	2,479,663
Other Financial Instruments:
Assets
Total Return Swap Contracts	$	—	$	5,217	$	—	$	5,217

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 10.6%
Bellevue Gold Ltd. *		45,039,796	$	27,027,679
Capricorn Metals Ltd. *		13,146,724		83,381,887
Catalyst Metals Ltd. *		7,708,247		26,566,649
Emerald Resources NL * †		20,046,112		52,093,115
Evolution Mining Ltd. †		60,659,133		314,465,653
Genesis Minerals Ltd. * †		34,466,723		98,666,473
Gold Road Resources Ltd.		33,126,672		71,658,353
Northern Star Resources Ltd. †		43,594,255		536,191,263
Pantoro Gold Ltd. *		12,025,793		24,321,569
Perseus Mining Ltd.		41,535,714		93,934,096
Ramelius Resources Ltd. †		35,339,121		59,253,570
Regis Resources Ltd. *		23,036,008		67,324,536
Resolute Mining Ltd. *		64,919,121		26,335,116
Vault Minerals Ltd. *		207,421,396		58,067,992
West African Resources Ltd. *		34,757,602		52,572,063
Westgold Resources Ltd. †		28,757,370		54,787,024
				1,646,647,038
Brazil: 8.0%
Wheaton Precious Metals Corp. (USD) †		13,844,939		1,243,275,522

Burkina Faso: 0.8%
IAMGOLD Corp. (USD) *		17,536,300		128,891,805

Canada: 43.9%
Agnico Eagle Mines Ltd. (USD) †		15,422,509		1,834,198,995
Alamos Gold, Inc. (USD)		12,823,913		340,603,129
Allied Gold Corp. *		3,532,302		47,321,715
Aya Gold & Silver, Inc. * †		3,990,593		35,826,137
B2Gold Corp. (USD) †		40,291,813		145,453,445
Barrick Mining Corp. (USD)		52,453,835		1,092,088,845
Discovery Silver Corp. *		24,534,765		53,582,704
Dundee Precious Metals, Inc. †		5,143,564		82,477,963
Endeavour Silver Corp. (USD) * †		8,832,000		43,453,440
Equinox Gold Corp. *		10,175,612		58,615,105
Equinox Gold Corp. (USD) *		12,877,132		74,043,509
First Majestic Silver Corp. (USD) †		14,776,190		122,199,091
Fortuna Mining Corp. (USD) * †		9,346,671		61,127,228
Franco-Nevada Corp. (USD)		5,876,990		963,356,201
G Mining Ventures Corp. * †		6,889,110		89,767,956
K92 Mining, Inc. *		7,343,642		82,666,428
Kinross Gold Corp. (USD)		37,407,375		584,677,271
MAG Silver Corp. (USD)		3,154,818		66,661,304
New Gold, Inc. (USD) *		24,131,424		119,450,549
OceanaGold Corp. †		7,095,433		99,944,465
OR Royalties, Inc. (USD) †		5,716,353		146,967,436
Pan American Silver Corp. (USD)		11,043,885		313,646,334
Sandstorm Gold Ltd. (USD)		8,939,172		84,028,217
Silvercorp Metals, Inc. (USD) †		6,645,948		28,045,901

	Number of Shares		Value
Canada (continued)
SSR Mining, Inc. (USD) *		6,183,134	$	78,773,127
Torex Gold Resources, Inc. *		2,628,639		85,572,843
Wesdome Gold Mines Ltd. *		4,580,981		63,687,219
				6,798,236,557
China: 4.7%
Chifeng Jilong Gold Mining Co. Ltd. (HKD)		7,101,800		25,087,516
Zhaojin Mining Industry Co. Ltd. (HKD) †		87,848,000		230,913,918
Zijin Mining Group Co. Ltd. (HKD) †		182,698,000		469,861,669
				725,863,103
Colombia: 0.2%
Aris Mining Corp. (USD) * †		5,431,514		36,499,774

Kyrgyzstan: 0.3%
Centerra Gold, Inc. (CAD)		6,328,655		45,499,528

Mexico: 0.7%
Orla Mining Ltd. (USD) * †		9,953,573		99,734,801

Peru: 0.8%
Cia de Minas Buenaventura SAA (ADR)		7,736,307		127,030,161

South Africa: 6.2%
DRDGOLD Ltd. (ADR) †		2,636,259		35,141,333
Gold Fields Ltd. (ADR)		27,293,799		646,044,222
Harmony Gold Mining Co. Ltd. (ADR) †		19,355,397		270,394,896
				951,580,451
Turkey: 0.8%
Eldorado Gold Corp. (USD) *		6,265,270		127,435,592

United Kingdom: 5.9%
Anglogold Ashanti PLC (USD)		14,342,514		653,588,363
Endeavour Mining PLC (CAD)		7,378,675		227,065,272
Pan African Resources PLC (ZAR) †		61,878,057		38,754,384
				919,408,019
United States: 17.0%
Coeur Mining, Inc. *		19,505,874		172,822,043
Hecla Mining Co.		19,288,218		115,536,426
Newmont Corp.		33,952,181		1,978,054,065
Royal Gold, Inc.		2,006,862		356,900,338
				2,623,312,872
Total Common Stocks (Cost: $10,113,943,612)				15,473,415,223

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $62,629,788)
State Street Navigator Securities Lending Government Money Market Portfolio		62,629,788		62,629,788

See Notes to Financial Statements

	Number of Shares	Value
Total Investments: 100.3% (Cost: $10,176,573,400)		$	15,536,045,011
Liabilities in excess of other assets: (0.3)%			(50,295,071)
NET ASSETS: 100.0%		$	15,485,749,940

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $798,701,639.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,646,647,038	$	—	$	1,646,647,038
Brazil		1,243,275,522		—		—		1,243,275,522
Burkina Faso		128,891,805		—		—		128,891,805
Canada		6,798,236,557		—		—		6,798,236,557
China		—		725,863,103		—		725,863,103
Colombia		36,499,774		—		—		36,499,774
Kyrgyzstan		45,499,528		—		—		45,499,528
Mexico		99,734,801		—		—		99,734,801
Peru		127,030,161		—		—		127,030,161
South Africa		951,580,451		—		—		951,580,451
Turkey		127,435,592		—		—		127,435,592
United Kingdom		880,653,635		38,754,384		—		919,408,019
United States		2,623,312,872		—		—		2,623,312,872
Money Market Fund		62,629,788		—		—		62,629,788
Total Investments	$	13,124,780,486	$	2,411,264,525	$	—	$	15,536,045,011

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 11.8%
Glencore PLC (GBP)		377,893	$	1,470,045
IGO Ltd.		28,964		79,457
Iluka Resources Ltd.		26,080		65,153
Liontown Resources Ltd. * †		117,068		53,851
Lynas Rare Earths Ltd. *		45,113		256,060
Pilbara Minerals Ltd. * †		187,297		164,291
Sandfire Resources Ltd. *		22,139		163,776
				2,252,633
Canada: 10.9%
Capstone Copper Corp. *		47,531		291,212
Hudbay Minerals, Inc. (USD)		30,219		320,624
Ivanhoe Mines Ltd. * †		35,992		269,841
Lithium Americas Corp. (USD) * †		15,653		41,950
Teck Resources Ltd. (USD)		28,580		1,154,060
				2,077,687
Chile: 3.7%
Lundin Mining Corp. (CAD) †		44,162		463,466
Sociedad Quimica y Minera de Chile SA (ADR) *		7,244		255,496
				718,962
China: 12.9%
Beijing Easpring Material Technology Co. Ltd.		12,600		77,179
Chengxin Lithium Group Co.Ltd. *		21,600		38,852
China Northern Rare Earth Group High-Tech Co. Ltd.		90,168		313,603
China Rare Earth Resources And Technology Co. Ltd. *		26,500		133,701
Ganfeng Lithium Group Co.Ltd.		30,120		142,063
GEM Co. Ltd.		126,800		112,459
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd.		44,300		98,200
Jiangxi Copper Co. Ltd.		51,803		169,692
MMG Ltd. (HKD) * †		334,400		163,823
Shenghe Resources Holding Co. Ltd.		43,700		80,452
Tianqi Lithium Corp. *		36,800		164,649
Tongling Nonferrous Metals Group Co. Ltd.		262,600		122,627
Western Mining Co. Ltd.		59,400		138,056
Yunnan Chihong Zinc&Germanium Co. Ltd.		127,000		93,831
Yunnan Copper Co. Ltd.		50,000		88,872
Yunnan Tin Co. Ltd.		41,085		87,830
Zangge Mining Co. Ltd.		39,200		233,711
Zhejiang Huayou Cobalt Co. Ltd.		42,030		217,339
				2,476,939
Germany: 1.1%
Aurubis AG		2,056		213,366

Indonesia: 3.8%
Amman Mineral Internasional PT *		1,145,700		597,392

	Number of Shares		Value
Indonesia (continued)
Merdeka Copper Gold Tbk PT *		1,139,500	$	141,258
				738,650
Japan: 3.1%
Mitsubishi Materials Corp. †		6,900		108,701
Sumitomo Metal Mining Co. Ltd.		19,300		474,199
				582,900
Liechtenstein: 4.2%
Antofagasta PLC (GBP)		31,969		793,509

Mexico: 10.6%
Grupo Mexico SAB de CV		213,400		1,283,879
Southern Copper Corp. (USD)		7,354		744,004
				2,027,883
Poland: 1.8%
KGHM Polska Miedz SA *		9,479		338,387

Russia: 0.0%
GMK Norilskiy Nickel PAO *∞		440,500		0
GMK Norilskiy Nickel PAO (ADR) *∞		2		0
				0
South Africa: 16.0%
Anglo American PLC (GBP)		44,592		1,312,275
Impala Platinum Holdings Ltd. *		53,390		477,900
Northam Platinum Holdings Ltd. †		23,620		254,804
Sibanye Stillwater Ltd. (ADR) *		42,953		310,121
Valterra Platinum Ltd.		15,662		694,734
				3,049,834
Sweden: 3.6%
Boliden AB *		21,992		682,226

United Kingdom: 1.4%
Johnson Matthey PLC		11,025		262,441

United States: 11.5%
Albemarle Corp. †		5,772		361,731
Freeport-McMoRan, Inc.		36,054		1,562,941
MP Materials Corp. *		7,747		257,743
				2,182,415
Zambia: 3.5%
First Quantum Minerals Ltd. (CAD) *		37,456		664,024
Total Common Stocks (Cost: $21,730,559)				19,061,856

See Notes to Financial Statements

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $91,558)
State Street Navigator Securities Lending Government Money Market Portfolio		91,558	$	91,558
Total Investments: 100.4% (Cost: $21,822,117)				19,153,414
Liabilities in excess of other assets: (0.4)%				(80,762)
NET ASSETS: 100.0%			$	19,072,652

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $1,666,223.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,252,633	$	—	$	2,252,633
Canada		2,077,687		—		—		2,077,687
Chile		718,962		—		—		718,962
China		—		2,476,939		—		2,476,939
Germany		—		213,366		—		213,366
Indonesia		—		738,650		—		738,650
Japan		—		582,900		—		582,900
Liechtenstein		—		793,509		—		793,509
Mexico		2,027,883		—		—		2,027,883
Poland		—		338,387		—		338,387
Russia		—		—		0		0
South Africa		564,925		2,484,909		—		3,049,834
Sweden		—		682,226		—		682,226
United Kingdom		—		262,441		—		262,441
United States		2,182,415		—		—		2,182,415
Zambia		664,024		—		—		664,024
Money Market Fund		91,558		—		—		91,558
Total Investments	$	8,327,454	$	10,825,960	$	0	$	19,153,414

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.7%
Australia: 16.9%
Alkane Resources Ltd. * †		14,579,930	$	6,888,093
Aurelia Metals Ltd. *		44,102,459		5,491,485
Australian Strategic Materials Ltd. *		1		0
Bellevue Gold Ltd. *		26,781,407		16,071,105
Capricorn Metals Ltd. * †		11,943,042		75,747,645
Emerald Resources NL * †		14,311,117		37,189,788
Evolution Mining Ltd. †		55,405,494		287,230,034
Firefinch Ltd. †∞		54,133,739		3,441,225
Genesis Minerals Ltd. * †		21,621,713		61,895,590
Gold Road Resources Ltd.		28,666,044		62,009,293
Greatland Resources Ltd. *		313,758		1,461,968
Kingsgate Consolidated Ltd. * †		8,501,390		12,697,864
Ora Banda Mining Ltd. *		39,763,840		20,286,933
Perseus Mining Ltd.		33,776,471		76,386,366
Ramelius Resources Ltd. †		22,552,932		37,814,798
Regis Resources Ltd. *		16,944,118		49,520,511
Resolute Mining Ltd. *		52,666,629		21,364,765
Spartan Resources Ltd. *		22,402,944		29,502,124
Vault Minerals Ltd. *		166,030,152		46,480,439
West African Resources Ltd. *		25,189,887		38,100,566
Westgold Resources Ltd. †		21,152,393		40,298,423
				929,879,015
Burkina Faso: 2.2%
IAMGOLD Corp. (USD) *		16,311,457		119,889,209

Canada: 50.9%
Alamos Gold, Inc. (USD)		14,426,874		383,177,773
Arizona Metals Corp. * †		4,507,449		3,303,370
Artemis Gold, Inc. *		5,232,289		94,982,630
Aya Gold & Silver, Inc. * †		3,669,133		32,940,183
B2Gold Corp. (USD) † ‡		77,932,674		281,336,953
Centerra Gold, Inc. (USD)		5,398,770		38,925,132
Dakota Gold Corp. (USD) *		3,099,964		11,438,867
Discovery Silver Corp. *		18,382,295		40,146,016
Dundee Precious Metals, Inc.		3,321,173		53,255,599
Endeavour Silver Corp. (USD) * †		7,544,394		37,118,418
Equinox Gold Corp. *		9,174,882		52,850,548
Equinox Gold Corp. (USD) * †		12,227,868		70,310,241
First Majestic Silver Corp. (USD)		13,576,621		112,278,656
Fortuna Mining Corp. (USD) * †		8,707,001		56,943,787
G Mining Ventures Corp. *		4,319,847		56,289,395
Gold Royalty Corp. (USD) * †		4,610,531		10,189,274
GoldMining, Inc. (USD) *		6,465,498		4,655,159
K92 Mining, Inc. *		6,016,025		67,721,615
Lundin Gold, Inc. †		2,862,768		150,848,677
MAG Silver Corp. (USD)		2,354,642		49,753,585
McEwen Mining, Inc. (USD) * †		1,513,568		14,545,388
Metalla Royalty & Streaming Ltd. (USD) *		2,410,869		9,257,737
New Found Gold Corp. * †		4,361,516		6,233,020

	Number of Shares		Value
Canada (continued)
New Gold, Inc. (USD) *		21,404,941	$	105,954,458
NorthX Nickel Corp. * †		179,304		15,769
Novagold Resources, Inc. (USD) *		5,537,245		22,647,332
OceanaGold Corp.		6,535,522		92,057,705
OR Royalties, Inc. (USD) †		4,383,911		112,710,352
Pan American Silver Corp. (USD)		12,690,572		360,412,245
Prime Mining Corp. * †		3,771,896		5,915,616
Sandstorm Gold Ltd. (USD)		7,155,623		67,262,856
Seabridge Gold, Inc. (USD) *		2,420,826		35,150,394
Silvercorp Metals, Inc. (USD) †		6,611,869		27,902,087
Skeena Resources Ltd. (USD) * †		2,372,098		37,763,800
SSR Mining, Inc. (USD) *		6,153,143		78,391,042
Sulliden Mining Capital, Inc. *		1,689,990		30,964
Torex Gold Resources, Inc. *		2,160,910		70,346,370
Triple Flag Precious Metals Corp. (USD) †		2,185,857		51,782,952
Victoria Gold Corp. * †∞		1,722,275		1
Vizsla Silver Corp. (USD) * †		8,448,275		24,837,929
Wesdome Gold Mines Ltd. *		4,558,738		63,377,985
				2,795,061,880
China: 2.9%
Wanguo Gold Group Ltd. (HKD) †		10,010,000		40,284,498
Zhaojin Mining Industry Co.Ltd. (HKD) †		44,669,700		117,417,078
				157,701,576
Colombia: 0.5%
Aris Mining Corp. (USD) *		4,498,259		30,228,301

Indonesia: 0.9%
Bumi Resources Minerals Tbk PT *		1,964,106,500		48,142,114

Jersey, Channel Islands: 0.1%
Caledonia Mining Corp. PLC (USD)		451,842		8,729,587

Mexico: 5.9%
Fresnillo PLC (GBP)		6,076,216		120,573,713
Industrias Penoles SAB de CV *		6,292,763		173,790,445
Orla Mining Ltd. (USD) * †		2,788,103		27,936,792
				322,300,950
Peru: 2.3%
Cia de Minas Buenaventura SAA (ADR)		5,530,661		90,813,453
Hochschild Mining PLC (GBP)		10,520,354		37,019,402
				127,832,855
South Africa: 6.2%
DRDGOLD Ltd. (ADR) †		1,254,731		16,725,564
Harmony Gold Mining Co. Ltd. (ADR) †		23,396,095		326,843,447
				343,569,011

See Notes to Financial Statements

	Number of Shares		Value
Turkey: 2.2%
Eldorado Gold Corp. (USD) *		4,405,041	$	89,598,534
Koza Anadolu Metal Madencilik Isletmeleri AS *		6,143,996		12,988,759
Turk Altin Isletmeleri AS *		31,688,289		19,112,860
				121,700,153
United Kingdom: 2.7%
Endeavour Mining PLC		2,892,737		88,712,980
Greatland Resources Ltd. * †		6,881,831		31,120,686
Pan African Resources PLC		44,175,581		27,695,207
				147,528,873
United States: 6.0%
Aura Minerals, Inc. (BRL) (BDR)		3,392,305		29,883,933
Coeur Mining, Inc. *		17,512,215		155,158,225
GoGold Resources, Inc. (CAD) *		11,481,196		16,828,430
Hecla Mining Co.		15,439,174		92,480,652
i-80 Gold Corp. * †		25,994,488		15,555,102

	Number of Shares		Value
United States (continued)
Perpetua Resources Corp. * †		1,533,810	$	18,620,453
				328,526,795
Total Common Stocks (Cost: $3,681,512,348)				5,481,090,319

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%
Money Market Fund: 1.2% (Cost: $65,479,043)
State Street Navigator Securities Lending Government Money Market Portfolio		65,479,043		65,479,043
Total Investments: 100.9% (Cost: $3,746,991,391)				5,546,569,362
Liabilities in excess of other assets: (0.9)%				(52,035,550)
NET ASSETS: 100.0%			$	5,494,533,812

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $404,165,873.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Transactions in securities of affiliates for the period ended June 30, 2025 were as follows:

	Value 12/31/2024		Purchases		Sales Proceeds		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/2025		Dividend Income
B2Gold Corp.		$221,002,959		$28,922,096		$(64,726,585)		$(1,126,457)		$97,264,940		$281,336,953		$3,285,669
Harmony Gold Mining Co. Ltd.		263,223,043		36,137,575		(148,321,774)		80,375,541		95,429,062		–(a)		2,904,651
Total		$484,226,002		$65,059,671		$(213,048,359)		$79,249,084		$192,694,002		$281,336,953		$6,190,320

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

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	6,953,453	$	919,484,337	$	3,441,225	$	929,879,015
Burkina Faso		119,889,209		—		—		119,889,209
Canada		2,795,061,879		—		1		2,795,061,880
China		—		157,701,576		—		157,701,576
Colombia		30,228,301		—		—		30,228,301
Indonesia		—		48,142,114		—		48,142,114
Jersey, Channel Islands		8,729,587		—		—		8,729,587
Mexico		201,727,237		120,573,713		—		322,300,950
Peru		90,813,453		37,019,402		—		127,832,855
South Africa		343,569,011		—		—		343,569,011
Turkey		89,598,534		32,101,619		—		121,700,153
United Kingdom		58,815,893		88,712,980		—		147,528,873
United States		328,526,795		—		—		328,526,795
Money Market Fund		65,479,043		—		—		65,479,043
Total Investments	$	4,139,392,395	$	1,403,735,741	$	3,441,226	$	5,546,569,362

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Austria: 0.7%
Verbund AG		10,598	$	811,372

Brazil: 3.9%
Centrais Eletricas Brasileiras SA (ADR) †		405,140		3,010,190
Cia Energetica de Minas Gerais (ADR)		486,911		954,345
Cia Paranaense de Energia - Copel (ADR)		75,659		690,767
				4,655,302
Canada: 3.8%
Boralex, Inc. †		28,618		663,594
Brookfield Renewable Corp. (USD) †		41,301		1,353,847
Innergex Renewable Energy, Inc. †		53,244		535,367
Northland Power, Inc. †		77,971		1,221,136
TransAlta Corp. (USD) †		73,822		796,539
				4,570,483
Chile: 0.5%
Enel Americas SA		6,321,628		614,605

China: 16.8%
BYD Co. Ltd. (HKD) †		408,000		6,352,528
China Everbright Environment Group Ltd. (HKD)		1,027,000		500,241
China Longyuan Power Group Corp. Ltd. (HKD) †		696,000		628,034
GCL Technology Holdings Ltd. (HKD) * †		7,372,000		941,594
Li Auto, Inc. (ADR) * †		166,694		4,519,074
NIO, Inc. (ADR) * †		536,060		1,838,686
Xinyi Solar Holdings Ltd. (HKD) †		1,992,000		634,115
XPeng, Inc. (ADR) *		208,876		3,734,703
Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A *		117,100		818,072
				19,967,047
Denmark: 6.5%
Orsted AS 144A *		48,209		2,069,572
ROCKWOOL A/S		29,361		1,371,442
Vestas Wind Systems A/S		287,874		4,309,141
				7,750,155
Germany: 0.7%
Nordex SE *		41,062		811,941

Ireland: 3.1%
Kingspan Group PLC		42,900		3,642,755

Italy: 7.2%
Enel SpA		866,444		8,194,537
ERG SpA †		18,224		397,092
				8,591,629

Japan: 0.8%
Horiba Ltd. †		12,184		944,943

	Number of Shares		Value
New Zealand: 3.0%
Contact Energy Ltd.		231,278	$	1,264,010
Mercury NZ Ltd.		221,087		806,806
Meridian Energy Ltd.		419,550		1,502,658
				3,573,474
Portugal: 0.9%
EDP Renovaveis SA * †		99,870		1,113,626

South Korea: 4.3%
Hanwha Solutions Corp.		32,103		749,232
LG Energy Solution Ltd. *		9,967		2,188,187
Samsung SDI Co. Ltd.		17,231		2,200,069
				5,137,488
Spain: 8.6%
Acciona SA †		8,088		1,453,708
Iberdrola SA †		460,596		8,830,111
				10,283,819
Sweden: 1.9%
Nibe Industrier AB †		536,984		2,276,019

Switzerland: 0.4%
Landis+Gyr Group AG †		7,578		532,383

Taiwan: 0.6%
Simplo Technology Co. Ltd.		52,000		685,616

United Kingdom: 1.7%
Drax Group PLC		100,777		958,879
Johnson Matthey PLC		43,445		1,034,171
				1,993,050
United States: 34.7%
Bloom Energy Corp. * †		46,416		1,110,271
EnerSys		9,632		826,137
Enphase Energy, Inc. *		29,664		1,176,178
First Solar, Inc. * †		27,057		4,479,016
HA Sustainable
Infrastructure Capital, Inc. †		24,274		652,000
Installed Building Products, Inc.		5,610		1,011,595
Lucid Group, Inc. * †		419,764		885,702
NextEra Energy, Inc.		133,721		9,282,912
NEXTracker, Inc. *		29,194		1,587,278
Ormat Technologies, Inc. †		15,106		1,265,278
Owens Corning		21,458		2,950,904
QuantumScape Corp. * †		135,174		908,369
Rivian Automotive, Inc. * †		264,880		3,639,451
Sunrun, Inc. * †		44,919		367,437
Tesla, Inc. *		29,904		9,499,305
TopBuild Corp. *		5,245		1,698,016
				41,339,849
Total Common Stocks (Cost: $151,614,354)				119,295,556

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.7%
Money Market Fund: 5.7% (Cost: $6,739,865)
State Street Navigator Securities Lending Government Money Market Portfolio		6,739,865	$	6,739,865
Total Investments: 105.8% (Cost: $158,354,219)				126,035,421
Liabilities in excess of other assets: (5.8)%				(6,914,639)
NET ASSETS: 100.0%			$	119,120,782

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $25,346,670.
*	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. These securities have an aggregate value of $2,887,644, or 2.4% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	811,372	$	—	$	811,372
Brazil		4,655,302		—		—		4,655,302
Canada		4,570,483		—		—		4,570,483
Chile		614,605		—		—		614,605
China		10,092,463		9,874,584		—		19,967,047
Denmark		—		7,750,155		—		7,750,155
Germany		—		811,941		—		811,941
Ireland		—		3,642,755		—		3,642,755
Italy		—		8,591,629		—		8,591,629
Japan		—		944,943		—		944,943
New Zealand		1,502,658		2,070,816		—		3,573,474
Portugal		—		1,113,626		—		1,113,626
South Korea		—		5,137,488		—		5,137,488
Spain		—		10,283,819		—		10,283,819
Sweden		—		2,276,019		—		2,276,019
Switzerland		—		532,383		—		532,383
Taiwan		—		685,616		—		685,616
United Kingdom		—		1,993,050		—		1,993,050
United States		41,339,849		—		—		41,339,849
Money Market Fund		6,739,865		—		—		6,739,865
Total Investments	$	69,515,225	$	56,520,196	$	—	$	126,035,421

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 8.5%
BHP Group Ltd. (ADR) †		98,892	$	4,755,716
Evolution Mining Ltd.		83,055		430,569
Fortescue Ltd. †		99,325		994,190
Glencore PLC (GBP)		447,863		1,742,237
Northern Star Resources Ltd.		65,416		804,590
Rio Tinto Ltd. †		13,670		963,585
Rio Tinto PLC (ADR)		48,031		2,801,648
South32 Ltd.		228,368		434,531
Woodside Energy Group Ltd. (ADR) †		30,175		465,600
				13,392,666
Brazil: 4.0%
Centrais Eletricas Brasileiras SA (ADR) †		97,179		722,040
Petroleo Brasileiro SA - Petrobras (ADR)		42,098		485,811
Suzano SA (ADR) †		59,513		560,017
Vale SA (ADR)		182,403		1,771,133
Wheaton Precious Metals Corp. (USD) †		19,273		1,730,716
Yara International ASA (NOK)		27,685		1,017,582
				6,287,299
Canada: 13.3%
Agnico Eagle Mines Ltd. (USD) †		26,622		3,166,154
Alamos Gold, Inc. (USD)		24,510		650,986
Barrick Mining Corp. (USD)		93,978		1,956,622
Cameco Corp. (USD)		21,756		1,614,948
Canadian Natural Resources Ltd. (USD)		31,512		989,477
Enbridge, Inc. (USD)		38,569		1,747,947
Franco-Nevada Corp. (USD)		9,437		1,546,913
Kinross Gold Corp. (USD)		65,943		1,030,689
Northland Power, Inc. †		25,198		394,636
Nutrien Ltd. (USD) †		65,806		3,832,541
Pan American Silver Corp. (USD)		21,575		612,730
Pembina Pipeline Corp. (USD) †		11,147		418,124
Suncor Energy, Inc. (USD)		22,816		854,459
TC Energy Corp. (USD) †		15,678		764,930
Teck Resources Ltd. (USD)		25,507		1,029,973
West Fraser Timber Co. Ltd. (USD) †		4,985		365,401
				20,976,530
China: 0.9%
GCL Technology Holdings Ltd. (HKD) * †		2,818,000		359,931
Wilmar International Ltd. (SGD)		493,864		1,112,907
				1,472,838
Denmark: 0.9%
Orsted AS 144A *		12,770		548,206
Vestas Wind Systems A/S		62,898		941,510
				1,489,716
Finland: 1.0%
Stora Enso Oyj †		46,187		500,378

	Number of Shares		Value
Finland (continued)
UPM-Kymmene Oyj †		38,017	$	1,034,554
				1,534,932
France: 1.5%
TotalEnergies SE (ADR) †		39,216		2,407,470

Germany: 2.5%
Bayer AG		131,895		3,959,806

India: 1.2%
Reliance Industries Ltd. (USD) 144A (GDR)		27,649		1,928,019

Israel: 0.0%
Enlight Renewable Energy Ltd. *		1		18

Italy: 0.5%
Eni SpA (ADR) †		22,131		717,487

Japan: 2.2%
JFE Holdings, Inc.		40,664		471,589
Kubota Corp. †		136,100		1,530,111
Nippon Steel Corp.		58,300		1,099,207
Oji Holdings Corp.		82,376		413,433
				3,514,340
Liechtenstein: 0.4%
Antofagasta PLC (GBP)		25,310		628,224

Luxembourg: 0.5%
ArcelorMittal SA (USD) †		26,295		830,396

Mexico: 0.7%
Grupo Mexico SAB de CV		183,164		1,101,970

New Zealand: 0.5%
Contact Energy Ltd. †		73,096		399,494
Meridian Energy Ltd.		124,419		445,618
				845,112
Norway: 1.1%
Equinor ASA (ADR)		19,514		490,582
Mowi ASA		68,561		1,318,873
				1,809,455
Russia: 0.0%
Evraz PLC (GBP) *∞		10,824		0
Gazprom PJSC *∞		125,520		0
GMK Norilskiy Nickel PAO *∞		128,400		0
GMK Norilskiy Nickel PAO (ADR) *∞		17		0
LUKOIL PJSC *∞		3,739		0
Novatek PJSC *∞		19,580		0
Novolipetsk Steel PJSC *∞		26,910		0
PhosAgro PJSC ∞		4,623		0
PhosAgro PJSC (USD) (GDR) ∞		89		0
PhosAgro PJSC (USD) (GDR) ∞		1		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Rosneft Oil Co. PJSC ∞		13,000		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PAO ∞		371,430		0

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Russia (continued)
Tatneft PJSC (ADR) *∞		2,680	$	0
				0
South Africa: 2.4%
Anglo American PLC (GBP)		49,152		1,446,468
Gold Fields Ltd. (ADR)		41,701		987,063
Harmony Gold Mining Co. Ltd. (ADR)		30,107		420,595
Impala Platinum Holdings Ltd. *		49,098		439,482
Valterra Platinum Ltd. (GBP) *		12,707		557,217
				3,850,825
South Korea: 0.6%
POSCO Holdings, Inc. (ADR) †		18,192		882,130

Spain: 4.1%
Iberdrola SA †		339,906		6,516,357

Sweden: 0.9%
Boliden AB *		17,967		557,364
Holmen AB †		9,150		359,808
Svenska Cellulosa AB SCA †		42,016		542,340
				1,459,512
Taiwan: 0.3%
China Steel Corp.		860,672		553,556

United Kingdom: 7.2%
Anglogold Ashanti PLC (USD)		22,020		1,003,451
BP PLC (ADR)		43,200		1,292,976
CNH Industrial NV (USD)		88,156		1,142,502
Shell PLC (ADR) †		112,242		7,902,959
				11,341,888
United States: 44.8%
AGCO Corp. †		8,114		837,040
Archer-Daniels-Midland Co.		46,321		2,444,822
Bunge Global SA		15,909		1,277,174
CF Industries Holdings, Inc.		17,848		1,642,016
Cheniere Energy, Inc.		3,617		880,812
Chevron Corp.		55,059		7,883,898
ConocoPhillips		17,916		1,607,782
Corteva, Inc.		72,754		5,422,356
Darling Ingredients, Inc. *		27,298		1,035,686
Deere & Co.		15,305		7,782,439
Devon Energy Corp.		10,690		340,049
Diamondback Energy, Inc.		3,194		438,856

	Number of Shares		Value
United States (continued)
EOG Resources, Inc.		6,690	$	800,191
Exxon Mobil Corp.		72,925		7,861,315
First Solar, Inc. * †		5,987		991,088
Freeport-McMoRan, Inc.		58,629		2,541,567
Hess Corp.		4,700		651,138
Ingredion, Inc.		9,014		1,222,479
Kinder Morgan, Inc.		29,407		864,566
Louisiana-Pacific Corp.		4,697		403,895
Marathon Petroleum Corp.		4,588		762,113
Mosaic Co.		40,580		1,480,358
Newmont Corp.		46,537		2,711,246
NextEra Energy, Inc.		98,100		6,810,102
Nucor Corp.		8,588		1,112,490
Occidental Petroleum Corp.		11,782		494,962
ONEOK, Inc.		9,194		750,506
Phillips 66		6,174		736,558
Reliance, Inc.		2,308		724,481
Royal Gold, Inc.		2,503		445,134
Schlumberger NV		17,746		599,815
Steel Dynamics, Inc.		7,121		911,559
Targa Resources Corp.		3,023		526,244
The Williams Companies, Inc.		17,421		1,094,213
Toro Co.		12,136		857,772
Tyson Foods, Inc.		35,191		1,968,585
UFP Industries, Inc.		4,262		423,472
Valero Energy Corp.		4,725		635,134
Weyerhaeuser Co.		34,167		877,750
				70,851,663
Total Common Stocks (Cost: $150,203,340)				158,352,209

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.5%
Money Market Fund: 6.5% (Cost: $10,254,286)
State Street Navigator Securities Lending Government Money Market Portfolio		10,254,286		10,254,286
Total Investments: 106.5% (Cost: $160,457,626)				168,606,495
Liabilities in excess of other assets: (6.5)%				(10,290,797	)
NET ASSETS: 100.0%			$	158,315,698

Definitions:

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
NOK	Norwegian Krone
SGD	Singapore Dollar
USD	United States Dollar

See Notes to Financial Statements

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $33,544,997.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,476,225, or 1.6% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	8,022,964	$	5,369,702	$	—	$	13,392,666
Brazil		5,269,717		1,017,582		—		6,287,299
Canada		20,976,530		—		—		20,976,530
China		—		1,472,838		—		1,472,838
Denmark		—		1,489,716		—		1,489,716
Finland		—		1,534,932		—		1,534,932
France		2,407,470		—		—		2,407,470
Germany		—		3,959,806		—		3,959,806
India		—		1,928,019		—		1,928,019
Israel		—		18		—		18
Italy		717,487		—		—		717,487
Japan		—		3,514,340		—		3,514,340
Liechtenstein		—		628,224		—		628,224
Luxembourg		830,396		—		—		830,396
Mexico		1,101,970		—		—		1,101,970
New Zealand		445,618		399,494		—		845,112
Norway		490,582		1,318,873		—		1,809,455
Russia		—		—		0		0
South Africa		1,964,875		1,885,950		—		3,850,825
South Korea		882,130		—		—		882,130
Spain		—		6,516,357		—		6,516,357
Sweden		—		1,459,512		—		1,459,512
Taiwan		—		553,556		—		553,556
United Kingdom		11,341,888		—		—		11,341,888
United States		70,851,663		—		—		70,851,663
Money Market Fund		10,254,286		—		—		10,254,286
Total Investments	$	135,557,576	$	33,048,919	$	0	$	168,606,495

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 3.3%
Ampol Ltd.		50,999	$	860,651

Austria: 4.8%
OMV AG		22,942		1,243,269

Finland: 4.7%
Neste Oyj †		91,507		1,235,800

Greece: 2.1%
Motor Oil Hellas Corinth Refineries SA		20,036		556,714

Hungary: 4.5%
MOL Hungarian Oil & Gas PLC		135,284		1,174,245

India: 7.9%
Reliance Industries Ltd. (USD) 144A (GDR)		29,792		2,077,454

Japan: 12.6%
Cosmo Energy Holdings Co. Ltd.		18,400		785,262
ENEOS Holdings, Inc.		279,000		1,378,743
Idemitsu Kosan Co. Ltd. †		189,540		1,145,941
				3,309,946
Poland: 6.3%
ORLEN SA		72,600		1,650,357

Portugal: 4.9%
Galp Energia SGPS SA		70,915		1,293,639

Saudi Arabia: 1.7%
S-Oil Corp. (KRW)		9,841		436,351

South Korea: 10.2%
HD Hyundai Co. Ltd.		12,318		1,180,295
SK Innovation Co. Ltd.		16,503		1,495,919
				2,676,214

	Number of Shares		Value
Taiwan: 2.4%
Formosa Petrochemical Corp.		517,000	$	637,300

Thailand: 2.1%
Bangchak Corp. PCL (NVDR)		269,800		253,345
Thai Oil PCL (NVDR)		370,300		308,006
				561,351
Turkey: 3.7%
Turkiye Petrol Rafinerileri AS		272,968		960,479

United States: 28.7%
Calumet, Inc. * †		18,538		292,066
HF Sinclair Corp.		29,305		1,203,849
Marathon Petroleum Corp.		12,213		2,028,702
Par Pacific Holdings, Inc. *		10,883		288,726
PBF Energy, Inc.		14,989		324,812
Phillips 66		14,548		1,735,576
Valero Energy Corp.		12,188		1,638,311
				7,512,042
Total Common Stocks (Cost: $27,273,295)				26,185,812

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $25,488)
State Street Navigator Securities Lending Government Money Market Portfolio		25,488		25,488
Total Investments: 100.0% (Cost: $27,298,783)				26,211,300
Liabilities in excess of other assets: 0.0%				(4,755)
NET ASSETS: 100.0%			$	26,206,545

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $537,544.
*	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. These securities have an aggregate value of $2,077,454, or 7.9% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	860,651	$	—	$	860,651
Austria		—		1,243,269		—		1,243,269
Finland		—		1,235,800		—		1,235,800
Greece		—		556,714		—		556,714
Hungary		—		1,174,245		—		1,174,245
India		—		2,077,454		—		2,077,454
Japan		—		3,309,946		—		3,309,946
Poland		—		1,650,357		—		1,650,357
Portugal		—		1,293,639		—		1,293,639
Saudi Arabia		—		436,351		—		436,351
South Korea		—		2,676,214		—		2,676,214
Taiwan		—		637,300		—		637,300
Thailand		—		561,351		—		561,351
Turkey		—		960,479		—		960,479
United States		7,512,042		—		—		7,512,042
Money Market Fund		25,488		—		—		25,488
Total Investments	$	7,537,530	$	18,673,770	$	—	$	26,211,300

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 3.7%
Valaris Ltd. (USD) * †		815,919	$	34,358,349

Netherlands: 5.8%
Core Laboratories, Inc. (USD) †		292,731		3,372,261
Tenaris SA (ADR)		1,366,692		51,114,281
				54,486,542
Switzerland: 3.3%
Transocean Ltd. (USD) * †		11,741,543		30,410,597

United Kingdom: 5.4%
TechnipFMC PLC (USD)		1,460,452		50,297,967

United States: 81.8%
Baker Hughes Co.		3,451,435		132,328,018
Cactus, Inc.		854,923		37,377,233
ChampionX Corp.		1,703,326		42,310,618
Expro Group Holdings NV *		1,231,797		10,581,136
Halliburton Co.		3,205,126		65,320,468
Helix Energy Solutions Group, Inc. *		1,922,791		11,998,216
Helmerich & Payne, Inc. †		1,201,441		18,213,846
Innovex International, Inc. * †		625,201		9,765,640
Liberty Energy, Inc.		1,859,341		21,345,235
Nabors Industries Ltd. * †		224,511		6,290,798
Noble Corp. PLC †		1,528,147		40,572,303

	Number of Shares		Value
United States (continued)
NOV, Inc. †		3,334,034	$	41,442,043
Oceaneering International, Inc. *		1,215,675		25,188,786
Patterson-UTI Energy, Inc. †		4,586,873		27,200,157
ProPetro Holding Corp. *		962,735		5,747,528
RPC, Inc. †		1,732,576		8,195,084
Schlumberger NV		5,320,240		179,824,112
Select Water Solutions, Inc. †		1,529,057		13,211,052
Tidewater, Inc. * †		637,778		29,420,699
Weatherford International PLC		730,695		36,761,265
				763,094,237
Total Common Stocks (Cost: $1,508,461,395)				932,647,692

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $1,394,948)
State Street Navigator Securities Lending Government Money Market Portfolio		1,394,948		1,394,948
Total Investments: 100.1% (Cost: $1,509,856,343)				934,042,640
Liabilities in excess of other assets: (0.1)%				(1,294,605)
NET ASSETS: 100.0%			$	932,748,035

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $118,394,387.
*	Non-income producing

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	932,647,692	$	—	$	—	$	932,647,692
Money Market Fund		1,394,948		—		—		1,394,948
Total Investments	$	934,042,640	$	—	$	—	$	934,042,640

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 21.3%
AVZ Minerals Ltd. ∞		52,906,510	$	1,525,581
Iluka Resources Ltd. †		5,497,724		13,734,355
Liontown Resources Ltd. * †		29,043,951		13,360,086
Lynas Rare Earths Ltd. *		3,753,543		21,304,990
Pilbara Minerals Ltd. * †		17,801,857		15,615,203
				65,540,215
Canada: 7.6%
Lithium Americas Corp. (USD) * †		3,999,991		10,719,976
Lithium Argentina AG (USD) * †		3,129,894		6,510,180
Sigma Lithium Corp. (USD) * †		1,345,851		6,056,329
				23,286,485
Chile: 6.6%
Sociedad Quimica y Minera de Chile SA (ADR) * †		574,856		20,275,171

China: 30.4%
Baoji Titanium Industry Co. Ltd.		3,042,551		13,357,635
China Northern Rare Earth Group High-Tech Co. Ltd.		6,774,212		23,560,601
Ganfeng Lithium Group Co. Ltd. (HKD) 144A †		4,996,040		14,557,820
Jinduicheng Molybdenum Co. Ltd.		9,947,765		15,202,496
Shenghe Resources Holding Co. Ltd.		7,188,431		13,234,006
Xiamen Tungsten Co. Ltd.		4,660,616		13,618,855
				93,531,413

	Number of Shares		Value
France: 3.8%
Eramet SA †		219,673	$	11,856,081

Germany: 2.6%
Vulcan Energy Resources Ltd. (AUD) * †		3,417,977		8,167,722

Netherlands: 5.1%
AMG Critical Materials NV †		609,167		15,624,044

United States: 22.4%
Albemarle Corp. †		369,330		23,145,911
IperionX Ltd. (AUD) * †		4,642,768		14,483,011
MP Materials Corp. * †		703,846		23,416,956
Tronox Holdings PLC		1,580,291		8,012,075
				69,057,953
Total Common Stocks (Cost: $408,289,176)				307,339,084

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.5%
Money Market Fund: 7.5% (Cost: $23,096,853)
State Street Navigator Securities Lending Government Money Market Portfolio		23,096,853		23,096,853
Total Investments: 107.3% (Cost: $431,386,029)				330,435,937
Liabilities in excess of other assets: (7.3)%				(22,415,006)
NET ASSETS: 100.0%			$	308,020,931

Definitions:

ADR	American Depositary Receipt
AUD	Australia Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†	Security fully or partially on loan. Total market value of securities on loan is $70,918,332.
*	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. These securities have an aggregate value of $14,557,820, or 4.7% of net assets.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	64,014,634	$	1,525,581	$	65,540,215
Canada		23,286,485		—		—		23,286,485
Chile		20,275,171		—		—		20,275,171
China		—		93,531,413		—		93,531,413
France		—		11,856,081		—		11,856,081
Germany		—		8,167,722		—		8,167,722
Netherlands		—		15,624,044		—		15,624,044
United States		54,574,942		14,483,011		—		69,057,953
Money Market Fund		23,096,853		—		—		23,096,853
Total Investments	$	121,233,451	$	207,676,905	$	1,525,581	$	330,435,937

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 10.7%
Rio Tinto PLC (ADR)		129,893	$	7,576,659

Brazil: 16.6%
Cia Siderurgica Nacional SA (ADR) †		2,027,908		2,839,071
Gerdau SA (ADR)		1,030,576		3,009,282
Vale SA (ADR)		613,022		5,952,444
				11,800,797
Canada: 0.9%
Algoma Steel Group, Inc. (USD) †		96,092		662,074

Luxembourg: 5.1%
ArcelorMittal SA (USD)		115,177		3,637,289

Netherlands: 9.5%
Tenaris SA (ADR)		96,451		3,607,267
Ternium SA (ADR) †		105,266		3,168,507
				6,775,774
South Korea: 5.0%
POSCO Holdings, Inc. (ADR) †		73,172		3,548,110

United States: 52.1%
ATI, Inc. *		36,910		3,186,809
Carpenter Technology Corp.		12,594		3,480,730
Cleveland-Cliffs, Inc. * †		429,994		3,267,954
Commercial Metals Co.		64,930		3,175,726

	Number of Shares		Value
United States (continued)
Gibraltar Industries, Inc. *		54,222	$	3,199,098
Metallus, Inc. * †		38,482		593,008
Nucor Corp.		31,164		4,036,985
Olympic Steel, Inc.		10,222		333,135
Radius Recycling, Inc.		25,643		761,341
Reliance, Inc.		11,420		3,584,738
Ryerson Holding Corp. †		29,483		635,948
Steel Dynamics, Inc.		26,434		3,383,816
SunCoke Energy, Inc.		77,518		665,880
Warrior Met Coal, Inc. †		67,092		3,074,826
Worthington Steel, Inc.		125,831		3,753,539
				37,133,533
Total Common Stocks (Cost: $87,067,255)				71,134,236

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3%
Money Market Fund: 4.3% (Cost: $3,071,732)
State Street Navigator Securities Lending Government Money Market Portfolio		3,071,732		3,071,732
Total Investments: 104.2% (Cost: $90,138,987)				74,205,968
Liabilities in excess of other assets: (4.2)%				(2,980,674)
NET ASSETS: 100.0%			$	71,225,294

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $11,061,063.
*	Non-income producing

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	71,134,236	$	—	$	—	$	71,134,236
Money Market Fund		3,071,732		—		—		3,071,732
Total Investments	$	74,205,968	$	—	$	—	$	74,205,968

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 10.7%
Boss Energy Ltd. * †		10,842,487	$	33,329,274
Deep Yellow Ltd. * †		41,108,832		45,169,762
Paladin Energy Ltd. * †		13,530,833		71,829,954
Silex Systems Ltd. * †		11,517,390		31,960,304
				182,289,294
Canada: 16.1%
Cameco Corp. (USD)		1,653,909		122,769,665
Denison Mines Corp. (USD) * †		42,856,185		77,998,257
NexGen Energy Ltd. (USD) * †		10,621,087		73,710,344
				274,478,266
China: 6.7%
CGN Mining Co. Ltd. (HKD) †		135,235,000		41,971,604
CGN Power Co. Ltd. (HKD) 144A		208,884,000		71,211,908
				113,183,512
Czech Republic: 3.9%
CEZ AS		1,129,210		66,120,501

Finland: 3.4%
Fortum Oyj		3,135,799		58,597,134

Jersey, Channel Islands: 3.8%
Yellow Cake PLC 144A * †		8,922,139		64,339,594

Kazakhstan: 4.4%
NAC Kazatomprom JSC (USD) (GDR) *		1,743,487		75,500,080

South Korea: 4.0%
KEPCO Engineering & Construction Co., Inc.		889,588		68,596,450

	Number of Shares		Value
United States: 46.9%
BWX Technologies, Inc.		692,425	$	99,750,745
Centrus Energy Corp. * †		445,984		81,695,350
Constellation Energy Corp.		429,097		138,495,348
Encore Energy Corp. * †		9,045,688		25,870,668
Energy Fuels, Inc. * †		5,129,082		29,492,221
NANO Nuclear Energy, Inc. * †		1,568,018		54,080,941
NuScale Power Corp. * †		1,695,295		67,065,870
Oklo, Inc. * †		1,036,655		58,042,313
PG&E Corp.		5,161,905		71,956,956
Public Service Enterprise Group, Inc.		1,131,313		95,233,928
Uranium Energy Corp. * †		11,229,941		76,363,599
				798,047,939
Total Common Stocks (Cost: $1,439,072,278)				1,701,152,770

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.2%
Money Market Fund: 8.2% (Cost: $140,138,935)
State Street Navigator Securities Lending Government Money Market Portfolio		140,138,935		140,138,935
Total Investments: 108.1% (Cost: $1,579,211,213)				1,841,291,705
Liabilities in excess of other assets: (8.1)%				(138,468,511)
NET ASSETS: 100.0%			$	1,702,823,194

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $346,336,619.
*	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. These securities have an aggregate value of $135,551,502, or 8.0% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	182,289,294	$	—	$	182,289,294
Canada		274,478,266		—		—		274,478,266
China		—		113,183,512		—		113,183,512
Czech Republic		66,120,501		—		—		66,120,501
Finland		—		58,597,134		—		58,597,134
Jersey, Channel Islands		—		64,339,594		—		64,339,594
Kazakhstan		—		75,500,080		—		75,500,080
South Korea		—		68,596,450		—		68,596,450
United States		798,047,939		—		—		798,047,939
Money Market Fund		140,138,935		—		—		140,138,935
Total Investments	$	1,278,785,641	$	562,506,064	$	—	$	1,841,291,705

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Agribusiness ETF			CMCI Commodity Strategy ETF (a)		Gold Miners ETF			Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	646,831,564		$	2,479,663	$	15,473,415,223		$	19,061,856
Short-term investments held as collateral for securities loaned (3)		31,216,997			—		62,629,788			91,558
Total return swap contracts, at value		—			5,217		—			—
Cash		6,847			33,171		17,616,818			—
Cash denominated in foreign currency, at value (4)		417,247			—		1,328,737			88,017
Receivables:
Shares of beneficial interest sold		11,025,148			—		—			—
Due from Adviser		—			6,453		—			—
Dividends and interest		2,069,370			185		1,224,810			16,784
Prepaid expenses		1,288			—		18,665			—
Other assets		192,531			7		697,064			—
Total assets		691,760,992			2,524,696		15,556,931,105			19,258,215
Liabilities:
Payables:
Investment securities purchased		11,534,963			—		—			—
Collateral for securities loaned		31,216,997			—		62,629,788			91,558
Line of credit		1,038,921			—		—			—
Due to Adviser		254,293			—		6,602,092			8,842
Due to custodian		—			—		—			84,274
Deferred Trustee fees		696,571			9		1,715,331			—
Accrued expenses		205,516			35,505		233,954			889
Total liabilities		44,947,261			35,514		71,181,165			185,563
NET ASSETS	$	646,813,731		$	2,489,182	$	15,485,749,940		$	19,072,652
Shares outstanding		8,800,000			100,000		297,452,500			800,000
Net asset value, redemption and offering price per share	$	73.50		$	24.89	$	52.06		$	23.84
Net Assets consist of:
Aggregate paid-in capital	$	1,712,950,603		$	2,401,779	$	21,025,521,095		$	30,710,711
Total distributable earnings (loss)		(1,066,136,872	)		87,403		(5,539,771,155	)		(11,638,059	)
NET ASSETS	$	646,813,731		$	2,489,182	$	15,485,749,940		$	19,072,652
(1) Includes Investment in securities on loan, at market value	$	70,067,541		$	—	$	798,701,639		$	1,666,223
(2) Cost of investments - Unaffiliated issuers	$	812,257,983		$	2,479,980	$	10,113,943,612		$	21,730,559
(3) Cost of short-term investments held as collateral for securities loaned	$	31,216,997		$	—	$	62,629,788		$	91,558
(4) Cost of cash denominated in foreign currency	$	414,605		$	—	$	1,323,690		$	87,493

(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	5,199,753,365		$	119,295,556		$	158,352,209		$	26,185,812
Affiliated issuers (3)		281,336,953			—			—			—
Short-term investments held as collateral for securities loaned (4)		65,479,043			6,739,865			10,254,286			25,488
Cash		16,615,844			2,617			—			—
Cash denominated in foreign currency, at value (5)		271,580			512,737			401,180			526
Receivables:
Dividends and interest		821,393			440,592			199,651			159,715
Prepaid expenses		6,525			1,704			—			198
Other assets		133,776			7,623			—			148
Total assets		5,564,418,479			127,000,694			169,207,326			26,371,887
Liabilities:
Payables:
Investment securities purchased		1,470,666			—			—			—
Collateral for securities loaned		65,479,043			6,739,865			10,254,286			25,488
Line of credit		—			1,014,844			493,377			106,416
Due to Adviser		2,293,353			45,640			51,895			2,513
Due to custodian		—			—			12,354			—
Deferred Trustee fees		452,638			22,758			14,855			1,251
Accrued expenses		188,967			56,805			64,861			29,674
Total liabilities		69,884,667			7,879,912			10,891,628			165,342
NET ASSETS	$	5,494,533,812		$	119,120,782		$	158,315,698		$	26,206,545
Shares outstanding		81,337,446			1,083,298			3,050,000			800,000
Net asset value, redemption and offering price per share	$	67.55		$	109.96		$	51.91		$	32.76
Net Assets consist of:
Aggregate paid-in capital	$	8,166,486,255		$	240,273,273		$	206,928,212		$	40,703,471
Total distributable loss		(2,671,952,443	)		(121,152,491	)		(48,612,514	)		(14,496,926	)
NET ASSETS	$	5,494,533,812		$	119,120,782		$	158,315,698		$	26,206,545
(1) Includes Investment in securities on loan, at market value	$	404,165,873		$	25,346,670		$	33,544,997		$	537,544
(2) Cost of investments - Unaffiliated issuers	$	3,418,598,973		$	151,614,354		$	150,203,340		$	27,273,295
(3) Cost of investments - Affiliated issuers	$	262,913,375		$	—		$	—		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	65,479,043		$	6,739,865		$	10,254,286		$	25,488
(5) Cost of cash denominated in foreign currency	$	271,575		$	508,776		$	397,529		$	521

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Oil Services ETF			Rare Earth and Strategic Metals ETF			Steel ETF			Uranium and Nuclear ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	932,647,692		$	307,339,084		$	71,134,236		$	1,701,152,770
Short-term investments held as collateral for securities loaned (3)		1,394,948			23,096,853			3,071,732			140,138,935
Cash		5,356			—			118,448			11,418
Cash denominated in foreign currency, at value (4)		—			974,694			—			4,108
Receivables:
Investment securities sold		11,514,180			—			—			—
Shares of beneficial interest sold		23,027,586			2,033,052			—			5,531,512
Dividends and interest		1,518,791			708,889			43,976			4,690,295
Prepaid expenses		—			565			173			228
Other assets		—			11,157			6,486			22,777
Total assets		970,108,553			334,164,294			74,375,051			1,851,552,043
Liabilities:
Payables:
Investment securities purchased		23,028,360			2,032,262			—			5,307,839
Shares of beneficial interest redeemed		11,513,793			—			—			—
Collateral for securities loaned		1,394,948			23,096,853			3,071,732			140,138,935
Line of credit		934,649			—			—			2,653,646
Due to Adviser		280,336			116,424			22,807			611,068
Due to custodian		—			786,187			—			—
Deferred Trustee fees		206,441			31,757			24,203			16,555
Accrued expenses		1,991			79,880			31,015			806
Total liabilities		37,360,518			26,143,363			3,149,757			148,728,849
NET ASSETS	$	932,748,035		$	308,020,931		$	71,225,294		$	1,702,823,194
Shares outstanding		4,050,543			7,574,987			1,075,000			15,391,632
Net asset value, redemption and offering price per share	$	230.28		$	40.66		$	66.26		$	110.63
Net Assets consist of:
Aggregate paid-in capital	$	3,724,791,856		$	904,272,959		$	260,964,330		$	1,473,262,990
Total distributable earnings (loss)		(2,792,043,821	)		(596,252,028	)		(189,739,036	)		229,560,204
NET ASSETS	$	932,748,035		$	308,020,931		$	71,225,294		$	1,702,823,194
(1) Includes Investment in securities on loan, at market value	$	118,394,387		$	70,918,332		$	11,061,063		$	346,336,619
(2) Cost of investments - Unaffiliated issuers	$	1,508,461,395		$	408,289,176		$	87,067,256		$	1,439,072,278
(3) Cost of short-term investments held as collateral for securities loaned	$	1,394,948		$	23,096,853		$	3,071,732		$	140,138,935
(4) Cost of cash denominated in foreign currency	$	—		$	974,694		$	—		$	4,065

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Agribusiness ETF			CMCI Commodity Strategy ETF (a)			Gold Miners ETF			Green Metals ETF
Income:
Dividends	$	10,627,331		$	1,561		$	124,174,348		$	347,127
Interest		8,174			52,908			182,737			418
Securities lending income		173,861			95			846,481			9,769
Net foreign taxes withheld		(554,160	)		—			(12,095,505	)		(12,083	)
Total income		10,255,206			54,564			113,108,061			345,231
Expenses:
Management fees		1,442,581			8,014			36,226,391			51,174
Professional fees		22,280			26,875			25,351			—
Custody and accounting fees		30,010			12,360			406,220			—
Reports to shareholders		29,476			3,483			252,616			—
Trustees’ fees and expenses		25,796			26			190,417			—
Exchange listing fees		3,359			3,436			1,462			—
Insurance		6,543			536			51,402			—
Interest		18,061			—			50,946			3,597
Taxes		185			—			185			185
Other		2,332			204			37,693			—
Total expenses		1,580,623			54,934			37,242,683			54,956
Expenses assumed by the Adviser		—			(46,920	)		—			—
Net expenses		1,580,623			8,014			37,242,683			54,956
Net investment income		8,674,583			46,550			75,865,378			290,275

Net realized gain (loss) on:
Investments		(22,404,579	)		11			124,525,997			(810,323	)
In-kind redemptions		(659,156	)		—			1,446,225,209			34,013
Swap contracts		—			35,040			—			—
Foreign currency transactions and foreign denominated assets and liabilities		20,753			—			(79,114	)		4,321
Net realized gain (loss)		(23,042,982	)		35,051			1,570,672,092			(771,989	)

Net change in unrealized appreciation (depreciation) on:
Investments		88,570,348			(1,962	)		4,529,788,623			2,793,586
Swap contracts		—			(14,503	)		—			—
Foreign currency translations and foreign denominated assets and liabilities		86,065			—			28,563			2,559
Net change in unrealized appreciation (depreciation)		88,656,413			(16,465	)		4,529,817,186			2,796,145
Net increase in net assets resulting from operations	$	74,288,014		$	65,136		$	6,176,354,656		$	2,314,431

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			Natural Resources ETF			Oil Refiners ETF
Income:
Dividends - unaffiliated issuers	$	26,469,853		$	1,304,581		$	2,610,880		$	593,985
Dividends - affiliated issuers		6,190,320			—			—			—
Interest		43,321			843			—			—
Securities lending income		1,281,236			63,163			37,535			1,950
Net foreign taxes withheld		(3,122,450	)		(100,956	)		(109,386	)		(47,692	)
Total income		30,862,280			1,267,631			2,539,029			548,243
Expenses:
Management fees		12,783,173			295,694			291,807			60,485
Professional fees		25,894			23,419			—			23,398
Custody and accounting fees		419,912			36,009			—			19,231
Reports to shareholders		71,501			13,144			—			8,207
Trustees’ fees and expenses		57,955			2,045			—			287
Exchange listing fees		1,462			3,358			—			3,358
Insurance		24,725			1,791			—			547
Interest		110,679			11,094			12,706			3,660
Taxes		185			185			185			185
Other		6,175			2,073			—			894
Total expenses		13,501,661			388,812			304,698			120,252
Expenses assumed by the Adviser		—			(10,872	)		—			(45,034	)
Net expenses		13,501,661			377,940			304,698			75,218
Net investment income		17,360,619			889,691			2,234,331			473,025

Net realized gain (loss) on:
Investments - unaffiliated issuers		115,488,422			(6,104,940	)		(1,121,676	)		(1,283,774	)
Investments - affiliated issuers		13,875,030			—			—			—
In-kind redemptions - unaffiliated issuers		463,017,492			2,998,137			(75	)		482,167
In-kind redemptions - affiliated issuers		65,374,054			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		354,185			60,543			16,530			8,228
Net realized gain (loss)		658,109,183			(3,046,260	)		(1,105,221	)		(793,379	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		1,447,429,869			14,130,980			17,636,141			4,578,603
Investments - affiliated issuers		192,694,002			—			—			—
Foreign currency translations and foreign denominated assets and liabilities		(453,867	)		17,666			9,375			13,996
Net change in unrealized appreciation (depreciation)		1,639,670,004			14,148,646			17,645,516			4,592,599
Net increase in net assets resulting from operations	$	2,315,139,806		$	11,992,077		$	18,774,626		$	4,272,245

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Oil Services ETF			Rare Earth and Strategic Metals ETF			Steel ETF			Uranium and Nuclear ETF
Income:
Dividends	$	14,563,391		$	1,483,372		$	1,198,215		$	12,745,271
Interest		12,041			19,636			1,890			22,154
Securities lending income		84,998			1,401,897			12,458			2,864,026
Net foreign taxes withheld		—			(111,201	)		(17,755	)		(1,493,559	)
Total income		14,660,430			2,793,704			1,194,808			14,137,892
Expenses:
Management fees		2,032,272			631,089			182,286			2,757,524
Professional fees		—			22,682			22,253			23,514
Custody and accounting fees		—			16,597			12,695			38,416
Reports to shareholders		—			27,954			12,383			26,057
Trustees’ fees and expenses		—			3,568			1,472			7,251
Exchange listing fees		—			3,279			3,358			3,358
Insurance		—			3,270			1,689			2,597
Interest		13,929			37,321			3,573			36,083
Taxes		185			185			185			185
Other		—			2,383			169			561
Total expenses		2,046,386			748,328			240,063			2,895,546
Expenses assumed by the Adviser		—			—			(35,791	)		—
Net expenses		2,046,386			748,328			204,272			2,895,546
Net investment income		12,614,044			2,045,376			990,536			11,242,346

Net realized gain (loss) on:
Investments		(47,903,452	)		(39,892,475	)		(1,371,524	)		49,083,485
In-kind redemptions		(2,224,792	)		3,004,633			4,527,017			17,907,374
Foreign currency transactions and foreign denominated assets and liabilities		—			(20,231	)		—			528,862
Net realized gain (loss)		(50,128,244	)		(36,908,073	)		3,155,493			67,519,721

Net change in unrealized appreciation (depreciation) on:
Investments		(140,350,704	)		45,588,412			4,833,034			272,695,325
Foreign currency translations and foreign denominated assets and liabilities		—			7,334			—			6,648
Net change in unrealized appreciation (depreciation)		(140,350,704	)		45,595,746			4,833,034			272,701,973
Net increase (decrease) in net assets resulting from operations	$	(177,864,904	)	$	10,733,049		$	8,979,063		$	351,464,040

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF						CMCI Commodity Strategy ETF (a)
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	8,674,583		$	18,523,601		$	46,550		$	115,783
Net realized gain (loss)		(23,042,982	)		(48,147,755	)		35,051			(98,900	)
Net change in unrealized appreciation (depreciation)		88,656,413			(66,492,429	)		(16,465	)		100,324
Net increase (decrease) in net assets resulting from operations		74,288,014			(96,116,583	)		65,136			117,207
Distributions to shareholders from:
Distributable earnings		—			(19,475,310	)		—			(96,000	)

Share transactions*:
Proceeds from sale of shares		33,225,428			—			—			—
Cost of shares redeemed		(30,786,633	)		(226,378,504	)		—			—
Net increase (decrease) in net assets resulting from share transactions		2,438,795			(226,378,504	)		—			—
Total increase (decrease) in net assets		76,726,809			(341,970,397	)		65,136			21,207
Net Assets, beginning of period		570,086,922			912,057,319			2,424,046			2,402,839
Net Assets, end of period	$	646,813,731		$	570,086,922		$	2,489,182		$	2,424,046
*Shares of Common Stock Issued (no par value)
Shares sold		450,000			—			—			—
Shares redeemed		(450,000	)		(3,150,000	)		—			—
Net decrease		—			(3,150,000	)		—			—

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						Green Metals ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	75,865,378		$	143,480,934		$	290,275		$	275,124
Net realized gain (loss)		1,570,672,092			854,104,459			(771,989	)		(1,813,003	)
Net change in unrealized appreciation (depreciation)		4,529,817,186			461,527,143			2,796,145			(1,425,532	)
Net increase (decrease) in net assets resulting from operations		6,176,354,656			1,459,112,536			2,314,431			(2,963,411	)
Distributions to shareholders from:
Distributable earnings		—			(150,012,756	)		—			(334,985	)

Share transactions*:
Proceeds from sale of shares		512,016,345			2,047,295,890			—			2,686,419
Cost of shares redeemed		(3,863,115,107	)		(3,665,481,534	)		(1,093,098	)		(8,285,041	)
Net decrease in net assets resulting from share transactions		(3,351,098,762	)		(1,618,185,644	)		(1,093,098	)		(5,598,622	)
Total increase (decrease) in net assets		2,825,255,894			(309,085,864	)		1,221,333			(8,897,018	)
Net Assets, beginning of period		12,660,494,046			12,969,579,910			17,851,319			26,748,337
Net Assets, end of period	$	15,485,749,940		$	12,660,494,046		$	19,072,652		$	17,851,319
*Shares of Common Stock Issued (no par value)
Shares sold		10,600,000			60,150,000			—			100,000
Shares redeemed		(86,700,000	)		(103,300,000	)		(50,000	)		(350,000	)
Net decrease		(76,100,000	)		(43,150,000	)		(50,000	)		(250,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	17,360,619		$	24,957,887		$	889,691		$	1,956,967
Net realized gain (loss)		658,109,183			319,011,424			(3,046,260	)		(5,348,249	)
Net change in unrealized appreciation (depreciation)		1,639,670,004			377,112,888			14,148,646			(11,521,369	)
Net increase (decrease) in net assets resulting from operations		2,315,139,806			721,082,199			11,992,077			(14,912,651	)
Distributions to shareholders from:
Distributable earnings		—			(116,496,530	)		—			(2,000,039	)

Share transactions*:
Proceeds from sale of shares		27,423,870			271,658,366			—			—
Cost of shares redeemed		(1,282,223,096	)		(853,366,579	)		(15,075,232	)		(25,256,706	)
Net decrease in net assets resulting from share transactions		(1,254,799,226	)		(581,708,213	)		(15,075,232	)		(25,256,706	)
Total increase (decrease) in net assets		1,060,340,580			22,877,456			(3,083,155	)		(42,169,396	)
Net Assets, beginning of period		4,434,193,232			4,411,315,776			122,203,937			164,373,333
Net Assets, end of period	$	5,494,533,812		$	4,434,193,232		$	119,120,782		$	122,203,937
*Shares of Common Stock Issued (no par value)
Shares sold		400,000			7,450,000			—			—
Shares redeemed		(22,850,000	)		(19,350,000	)		(150,000	)		(250,000	)
Net decrease		(22,450,000	)		(11,900,000	)		(150,000	)		(250,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Natural Resources ETF						Oil Refiners ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	2,234,331		$	3,277,645		$	473,025		$	1,269,076
Net realized gain (loss)		(1,105,221	)		2,613,440			(793,379	)		2,405,118
Net change in unrealized appreciation (depreciation)		17,645,516			(13,580,922	)		4,592,599			(8,487,732	)
Net increase (decrease) in net assets resulting from operations		18,774,626			(7,689,837	)		4,272,245			(4,813,538	)
Distributions to shareholders from:
Distributable earnings		—			(3,199,875	)		—			(1,270,005	)

Share transactions*:
Proceeds from sale of shares		14,174,066			33,373,516			1,443,624			20,503,727
Cost of shares redeemed		—			(21,412,676	)		(4,363,568	)		(23,875,116	)
Net increase (decrease) in net assets resulting from share transactions		14,174,066			11,960,840			(2,919,944	)		(3,371,389	)
Total increase (decrease) in net assets		32,948,692			1,071,128			1,352,301			(9,454,932	)
Net Assets, beginning of period		125,367,006			124,295,878			24,854,244			34,309,176
Net Assets, end of period	$	158,315,698		$	125,367,006		$	26,206,545		$	24,854,244
*Shares of Common Stock Issued (no par value)
Shares sold		300,000			650,000			50,000			575,000
Shares redeemed		—			(450,000	)		(150,000	)		(675,000	)
Net increase (decrease)		300,000			200,000			(100,000	)		(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Services ETF						Rare Earth and Strategic Metals ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	12,614,044		$	27,053,044		$	2,045,376		$	4,015,037
Net realized gain (loss)		(50,128,244	)		18,305,775			(36,908,073	)		(72,073,747	)
Net change in unrealized appreciation (depreciation)		(140,350,704	)		(227,757,802	)		45,595,746			(82,697,039	)
Net increase (decrease) in net assets resulting from operations		(177,864,904	)		(182,398,983	)		10,733,049			(150,755,749	)
Distributions to shareholders from:
Distributable earnings		—			(27,199,954	)		—			(5,608,675	)

Share transactions*:
Proceeds from sale of shares		1,624,301,679			4,119,562,741			105,825,164			74,875,577
Cost of shares redeemed		(2,019,517,759	)		(4,571,565,235	)		(28,128,581	)		(108,334,764	)
Net increase (decrease) in net assets resulting from share transactions		(395,216,080	)		(452,002,494	)		77,696,583			(33,459,187	)
Total increase (decrease) in net assets		(573,080,984	)		(661,601,431	)		88,429,632			(189,823,611	)
Net Assets, beginning of period		1,505,829,019			2,167,430,450			219,591,299			409,414,910
Net Assets, end of period	$	932,748,035		$	1,505,829,019		$	308,020,931		$	219,591,299
*Shares of Common Stock Issued (no par value)
Shares sold		6,500,000			13,900,000			2,650,000			1,500,000
Shares redeemed		(8,000,000	)		(15,350,000	)		(700,000	)		(2,500,000	)
Net increase (decrease)		(1,500,000	)		(1,450,000	)		1,950,000			(1,000,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Steel ETF						Uranium and Nuclear ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	990,536		$	2,590,388		$	11,242,346		$	2,943,729
Net realized gain (loss)		3,155,493			6,466,325			67,519,721			(10,348,015	)
Net change in unrealized appreciation (depreciation)		4,833,034			(28,794,550	)		272,701,973			(36,866,693	)
Net increase (decrease) in net assets resulting from operations		8,979,063			(19,737,837	)		351,464,040			(44,270,979	)
Distributions to shareholders from:
Distributable earnings		—			(2,649,960	)		—			(5,660,855	)

Share transactions*:
Proceeds from sale of shares		8,009,771			23,823,749			678,675,003			698,705,421
Cost of shares redeemed		(20,347,012	)		(67,051,708	)		(76,333,930	)		(31,405,515	)
Net increase (decrease) in net assets resulting from share transactions		(12,337,241	)		(43,227,959	)		602,341,073			667,299,906
Total increase (decrease) in net assets		(3,358,178	)		(65,615,756	)		953,805,113			617,368,072
Net Assets, beginning of period		74,583,472			140,199,228			749,018,081			131,650,009
Net Assets, end of period	$	71,225,294		$	74,583,472		$	1,702,823,194		$	749,018,081
*Shares of Common Stock Issued (no par value)
Shares sold		125,000			350,000			7,200,000			7,800,000
Shares redeemed		(325,000	)		(975,000	)		(1,025,000	)		(425,000	)
Net increase (decrease)		(200,000	)		(625,000	)		6,175,000			7,375,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Agribusiness ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$64.78			$76.32			$85.96			$95.38			$77.82			$68.59
Net investment income (a)		1.03			1.81			1.94			1.71			1.14			0.90
Net realized and unrealized gain (loss) on investments		7.69			(11.15	)		(9.34	)		(9.28	)		17.54			9.19
Total from investment operations		8.72			(9.34	)		(7.40	)		(7.57	)		18.68			10.09
Distributions from:
Net investment income		—			(2.20	)		(2.24	)		(1.85	)		(1.12	)		(0.86	)
Net asset value, end of period		$73.50			$64.78			$76.32			$85.96			$95.38			$77.82
Total return (b)		13.46	%		(12.24	)%		(8.58	)%		(7.95	)%		23.99	%		14.73	%

Ratios to average net assets
Expenses		0.55	%(c)		0.55	%		0.53	%		0.53	%		0.52	%		0.55	%
Expenses excluding interest and taxes		0.54	%(c)		0.54	%		0.53	%		0.53	%		N/A			N/A
Net investment income		3.01	%(c)		2.51	%		2.34	%		1.84	%		1.25	%		1.41	%
Supplemental data
Net assets, end of period (in millions)		$647			$570			$912			$1,341			$1,183			$794
Portfolio turnover rate (d)		8	%		12	%		12	%		24	%		17	%		13	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CMCI Commodity Strategy ETF(a)

	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024		Period Ended December 31, 2023 (b)

Net asset value, beginning of period		$24.24		$24.03		$25.00
Net investment income (c)		0.47		1.16		0.44
Net realized and unrealized gain (loss) on investments		0.18		0.01		(1.01	)
Total from investment operations		0.65		1.17		(0.57	)
Distributions from:
Net investment income		—		(0.96	)	(0.40	)
Net asset value, end of period		$24.89		$24.24		$24.03
Total return (d)		2.69	%	4.91	%	(2.32	)%

Ratios to average net assets
Gross expenses		4.46	%(e)	4.40	%	6.32	%(e)
Net expenses		0.65	%(e)	0.65	%	0.65	%(e)
Net investment income		3.78	%(e)	4.63	%	4.82	%(e)
Supplemental data
Net assets, end of period (in millions)		$2		$2		$2
Portfolio turnover rate (f)		—	%	—	%	—	%


(a)	Consolidated Financial Highlights
(b)	For the period August 22, 2023 (commencement of operations) through December 31, 2023.
(c)	Calculated based upon average shares outstanding
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Gold Miners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$33.89			$31.12		$28.69		$32.00		$35.98		$29.34
Net investment income (a)		0.23			0.37		0.52		0.48		0.52		0.21
Net realized and unrealized gain (loss) on investments		17.94			2.80		2.41		(3.31	)	(3.97	)	6.62
Total from investment operations		18.17			3.17		2.93		(2.83	)	(3.45	)	6.83
Distributions from:
Net investment income		—			(0.40	)	(0.50	)	(0.48	)	(0.53	)	(0.19	)
Net asset value, end of period		$52.06			$33.89		$31.12		$28.69		$32.00		$35.98
Total return (b)		53.61	%		10.17	%	10.22	%	(8.87	)%	(9.56	)%	23.30	%

Ratios to average net assets
Expenses		0.51	%(c)		0.51	%	0.51	%	0.51	%	0.51	%	0.51	%
Net investment income		1.05	%(c)		1.06	%	1.70	%	1.61	%	1.53	%	0.61	%
Supplemental data
Net assets, end of period (in millions)		$15,486			$12,660		$12,970		$11,934		$13,273		$16,504
Portfolio turnover rate (d)		5	%		15	%	13	%	17	%	15	%	13	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Metals ETF

	Six Months Ended June 30, 2025			Year Ended December 31,									Period Ended December 31,
	(unaudited)			2024			2023			2022			2021 (a)

Net asset value, beginning of period		$21.00			$24.32			$28.24			$34.88			$34.67
Net investment income (loss) (b)		0.36			0.27			0.63			0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		2.48			(3.20	)		(4.06	)		(6.64	)		0.22
Total from investment operations		2.84			(2.93	)		(3.43	)		(5.91	)		0.21
Distributions from:
Net investment income		—			(0.39	)		(0.49	)		(0.73	)		—
Net asset value, end of period		$23.84			$21.00			$24.32			$28.24			$34.88
Total return (c)		13.52	%		(12.05	)%		(12.13	)%		(16.99	)%		0.61	%

Ratios to average net assets
Expenses		0.63	%(d)		0.61	%		0.66	%		0.63	%		0.60	%(d)
Expenses excluding interest and taxes		0.59	%(d)		0.59	%		0.59	%		0.59	%		0.59	%(d)
Net investment income (loss)		3.35	%(d)		1.14	%		2.37	%		2.33	%		(0.30	)%(d)
Supplemental data
Net assets, end of period (in millions)		$19			$18			$27			$23			$16
Portfolio turnover rate (e)		11	%		20	%		28	%		32	%		10	%


(a)	For the period November 10, 2021 (commencement of operations) through December 31, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Junior Gold Miners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$42.72			$38.13		$35.63		$41.88		$54.26		$42.39
Net investment income (a)		0.19			0.22		0.23		0.24		0.39		0.22
Net realized and unrealized gain (loss) on investments		24.64			5.48		2.54		(6.31	)	(12.02	)	12.51
Total from investment operations		24.83			5.70		2.77		(6.07	)	(11.63	)	12.73
Distributions from:
Net investment income		—			(1.11	)	(0.27	)	(0.18	)	(0.75	)	(0.86	)
Net asset value, end of period		$67.55			$42.72		$38.13		$35.63		$41.88		$54.26
Total return (b)		58.11	%		14.93	%	7.78	%	(14.48	)%	(21.44	)%	30.07	%

Ratios to average net assets
Expenses		0.53	%(c)		0.51	%	0.52	%	0.52	%	0.52	%	0.52	%
Expenses excluding interest and taxes		0.52	%(c)		0.51	%	0.52	%	0.52	%	N/A		N/A
Net investment income		0.68	%(c)		0.51	%	0.63	%	0.64	%	0.84	%	0.46	%
Supplemental data
Net assets, end of period (in millions)		$5,495			$4,434		$4,411		$3,737		$4,495		$6,315
Portfolio turnover rate (d)		14	%		28	%	20	%	27	%	24	%	34	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Low Carbon Energy ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$99.09			$110.82		$111.11		$159.69		$165.41		$75.70
Net investment income (a)		0.77			1.44		1.64		1.45		0.78		0.16
Net realized and unrealized gain (loss) on investments		10.10			(11.55	)	(0.18	)	(48.57	)	(5.79	)	89.64
Total from investment operations		10.87			(10.11	)	1.46		(47.12	)	(5.01	)	89.80
Distributions from:
Net investment income		—			(1.62	)	(1.75	)	(1.46	)	(0.71	)	(0.09	)
Net asset value, end of period		$109.96			$99.09		$110.82		$111.11		$159.69		$165.41
Total return (b)		10.97	%		(9.17	)%	1.34	%	(29.52	)%	(3.02	)%	118.65	%

Ratios to average net assets
Gross expenses		0.66	%(c)		0.61	%	0.61	%	0.61	%	0.55	%	0.64	%
Net expenses		0.64	%(c)		0.61	%	0.61	%	0.61	%	0.55	%	0.62	%
Net expenses excluding interest and taxes		0.62	%(c)		0.60	%	0.57	%	0.61	%	0.55	%	0.62	%
Net investment income		1.50	%(c)		1.42	%	1.43	%	1.13	%	0.49	%	0.16	%
Supplemental data
Net assets, end of period (in millions)		$119			$122		$164		$198		$301		$270
Portfolio turnover rate (d)		11	%		23	%	16	%	16	%	77	%	84	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Natural Resources ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$45.59			$48.74		$49.20		$47.44		$38.65		$37.10
Net investment income (a)		0.74			1.30		1.52		1.66		1.21		0.84
Net realized and unrealized gain (loss) on investments		5.58			(3.24	)	(0.38	)	1.71		8.60		1.65	(b)
Total from investment operations		6.32			(1.94	)	1.14		3.37		9.81		2.49
Distributions from:
Net investment income		—			(1.21	)	(1.60	)	(1.61	)	(1.02	)	(0.94	)
Net asset value, end of period		$51.91			$45.59		$48.74		$49.20		$47.44		$38.65
Total return (c)		13.86	%		(4.00	)%	2.32	%	7.10	%	25.38	%	6.73	%

Ratios to average net assets
Gross expenses (d)		0.42	%(e)		0.44	%	0.52	%	0.50	%	0.78	%	0.90	%
Net expenses (d)		0.42	%(e)		0.44	%	0.52	%	0.50	%	0.49	%	0.49	%
Net expenses excluding interest and taxes (d)		0.40	%(e)		0.42	%	0.49	%	0.49	%	0.49	%	0.49	%
Net investment income		3.06	%(e)		2.59	%	3.11	%	3.36	%	2.63	%	2.59	%
Supplemental data
Net assets, end of period (in millions)		$158			$125		$124		$143		$97		$52
Portfolio turnover rate (f)		6	%		54	%	26	%	37	%	26	%	26	%


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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Oil Refiners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$27.62			$34.31		$31.19		$27.14		$25.01		$29.01
Net investment income (a)		0.56			1.28		1.19		1.07		0.66		0.58
Net realized and unrealized gain (loss) on investments		4.58			(6.43	)	3.18		3.94		2.12		(3.92	)
Total from investment operations		5.14			(5.15	)	4.37		5.01		2.78		(3.34	)
Distributions from:
Net investment income		—			(1.54	)	(1.25	)	(0.96	)	(0.65	)	(0.64	)
Return of capital		—			—		—		—		—		(0.02	)
Total distributions		—			(1.54	)	(1.25	)	(0.96	)	(0.65	)	(0.66	)
Net asset value, end of period		$32.76			$27.62		$34.31		$31.19		$27.14		$25.01
Total return (b)		18.62	%		(14.97	)%	14.00	%	18.50	%	11.10	%	(11.50	)%

Ratios to average net assets
Gross expenses		0.99	%(c)		0.85	%	0.85	%	0.78	%	1.02	%	1.29	%
Net expenses		0.62	%(c)		0.62	%	0.62	%	0.61	%	0.59	%	0.59	%
Net expenses excluding interest and taxes		0.59	%(c)		0.59	%	0.59	%	0.59	%	0.59	%	0.59	%
Net investment income		3.91	%(c)		3.64	%	3.68	%	3.54	%	2.32	%	2.56	%
Supplemental data
Net assets, end of period (in millions)		$26			$25		$34		$39		$20		$18
Portfolio turnover rate (d)		15	%		23	%	19	%	40	%	18	%	37	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Oil Services ETF(a)
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$271.29			$309.61		$304.03		$184.74		$153.90		$265.47
Net investment income (b)		2.72			4.47		3.65		2.14		2.41		2.26
Net realized and unrealized gain (loss) on investments		(43.73	)		(37.35	)	6.15		120.04		30.24	(c)	(111.94	)
Total from investment operations		(41.01	)		(32.88	)	9.80		122.18		32.65		(109.68	)
Distributions from:
Net investment income		—			(5.44	)	(4.22	)	(2.89	)	(1.81	)	(1.89	)
Net asset value, end of period		$230.28			$271.29		$309.61		$304.03		$184.74		$153.90
Total return (d)		(15.12	)%		(10.57	)%	3.21	%	66.14	%	21.18	%	(41.31	)%

Ratios to average net assets
Gross expenses (e)		0.35	%(f)		0.35	%	0.35	%	0.35	%	0.36	%	0.40	%
Net expenses (e)		0.35	%(f)		0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income		2.17	%(f)		1.48	%	1.18	%	0.83	%	1.21	%	1.68	%
Supplemental data
Net assets, end of period (in millions)		$933			$1,506		$2,167		$2,584		$2,143		$723
Portfolio turnover rate (g)		9	%		17	%	17	%	17	%	28	%	33	%


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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Rare Earth and Strategic Metals ETF(a)
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$39.04			$61.80		$76.28		$111.72		$65.41		$40.41
Net investment income (b)		0.32			0.63		1.02		0.68		0.08		0.58
Net realized and unrealized gain (loss) on investments		1.30			(22.39	)	(15.50	)	(34.93	)	52.12		24.95
Total from investment operations		1.62			(21.76	)	(14.48	)	(34.25	)	52.20		25.53
Distributions from:
Net investment income		—			(1.00	)	—		(1.19	)	(5.89	)	(0.53	)
Net asset value, end of period		$40.66			$39.04		$61.80		$76.28		$111.72		$65.41
Total return (c)		4.16	%		(35.27	)%	(18.98	)%	(30.68	)%	80.09	%	63.22	%

Ratios to average net assets
Gross expenses		0.59	%(d)		0.58	%	0.56	%	0.54	%	0.53	%	0.63	%
Net expenses		0.59	%(d)		0.58	%	0.56	%	0.54	%	0.53	%	0.59	%
Net expenses excluding interest and taxes		0.56	%(d)		0.56	%	0.55	%	0.54	%	0.53	%	0.57	%
Net investment income		1.62	%(d)		1.34	%	1.34	%	0.70	%	0.08	%	1.44	%
Supplemental data
Net assets, end of period (in millions)		$308			$220		$409		$631		$1,014		$322
Portfolio turnover rate (e)		27	%		34	%	41	%	40	%	74	%	70	%


(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data prior to this date has been adjusted to reflect the reverse share split.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Steel ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$58.50			$73.79		$57.80		$53.25		$44.57		$37.74
Net investment income (a)		0.83			1.76		2.09		2.71		3.19		0.71
Net realized and unrealized gain (loss) on investments		6.93			(14.97	)	15.97		4.72		9.25		6.95
Total from investment operations		7.76			(13.21	)	18.06		7.43		12.44		7.66
Distributions from:
Net investment income		—			(2.08	)	(2.07	)	(2.87	)	(3.76	)	(0.77	)
Return of capital		—			—		—		(0.01	)	—		(0.06	)
Total distributions		—			(2.08	)	(2.07	)	(2.88	)	(3.76	)	(0.83	)
Net asset value, end of period		$66.26			$58.50		$73.79		$57.80		$53.25		$44.57
Total return (b)		13.26	%		(17.94	)%	31.23	%	13.88	%	27.91	%	20.57	%

Ratios to average net assets
Gross expenses		0.66	%(c)		0.60	%	0.57	%	0.58	%	0.56	%	0.95	%
Net expenses		0.56	%(c)		0.56	%	0.56	%	0.56	%	0.55	%	0.56	%
Net expenses excluding interest and taxes		0.55	%(c)		0.55	%	0.55	%	0.55	%	0.55	%	0.55	%
Net investment income		2.72	%(c)		2.57	%	3.22	%	4.72	%	5.48	%	2.31	%
Supplemental data
Net assets, end of period (in millions)		$71			$75		$140		$100		$112		$77
Portfolio turnover rate (d)		17	%		14	%	22	%	20	%	25	%	34	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Uranium and Nuclear ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)				2024		2023		2022		2021		2020

Net asset value, beginning of period		$81.27			$71.49		$54.94		$54.90		$49.35		$48.71
Net investment income (a)		0.88			0.87		1.19		0.86		1.44		0.89
Net realized and unrealized gain on investments		28.48			9.52		18.62		0.29		5.20		0.85
Total from investment operations		29.36			10.39		19.81		1.15		6.64		1.74
Distributions from:
Net investment income		—			(0.61	)	(3.26	)	(1.11	)	(1.09	)	(1.10	)
Net asset value, end of period		$110.63			$81.27		$71.49		$54.94		$54.90		$49.35
Total return (b)		36.14	%		14.52	%	36.02	%	2.10	%	13.48	%	3.59	%

Ratios to average net assets
Gross expenses		0.53	%(c)		0.56	%	0.64	%	0.67	%	0.89	%	1.25	%
Net expenses		0.53	%(c)		0.56	%	0.61	%	0.61	%	0.60	%	0.60	%
Net expenses excluding interest and taxes		0.52	%(c)		0.55	%	0.60	%	0.60	%	0.60	%	0.60	%
Net investment income		2.04	%(c)		1.04	%	1.88	%	1.56	%	2.70	%	1.97	%
Supplemental data
Net assets, end of period (in millions)		$1,703			$749		$132		$54		$35		$18
Portfolio turnover rate (d)		30	%		36	%	41	%	53	%	25	%	25	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

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

Fund	Diversification Classification

Agribusiness ETF	Non-Diversified
CMCI Commodity Strategy ETF	Non-Diversified
Gold Miners ETF	Non-Diversified
Green Metals ETF	Non-Diversified
Junior Gold Miners ETF	Non-Diversified
Low Carbon Energy ETF	Non-Diversified
Natural Resources ETF	Diversified
Oil Refiners ETF	Non-Diversified
Oil Services ETF	Non-Diversified
Rare Earth and Strategic Metals ETF	Non-Diversified
Steel ETF	Non-Diversified
Uranium and Nuclear ETF	Non-Diversified

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

Fund	Index

Agribusiness ETF	MVIS^®Global Agribusiness Index
CMCI Commodity Strategy ETF	UBS Constant Maturity Commodity Total Return Index
Gold Miners ETF	NYSE^®Arca^®Gold Miners Index^®
Green Metals ETF	MVIS^®Global Clean-Tech Metals Index
Junior Gold Miners ETF	MVIS^®Global Junior Gold Miners Index
Low Carbon Energy ETF	MVIS Global Low Carbon Energy Index
Natural Resources ETF	MarketVector^TMGlobal Natural Resources Index
Oil Refiners ETF	MVIS^®Global Oil Refiners Index
Oil Services ETF	MVIS^®US Listed Oil Services 25 Index
Rare Earth and Strategic Metals ETF	MVIS^®Global Rare Earth/Strategic Metals Index
Steel ETF	NYSE^®Arca^®Steel Index
Uranium and Nuclear ETF	MVIS^®Global Uranium & Nuclear Energy Index

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index.

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”), a wholly owned subsidiary of VEAC, serves as the investment adviser to CMCI Commodity Strategy 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. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.

The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. Any Russian securities held in the Funds at June 30, 2025 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at zero, as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

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 CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “Subsidiary”), a Cayman Islands exempted company. 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. The wholly owned Subsidiary is classified as controlled foreign corporation (“CFC”) under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years.

D.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are generally declared and paid annually by each Fund. Income dividends and capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.

E.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles, held by the Funds, cannot be repatriated and such currency was valued at $0 as of June 30, 2025 .

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.	Use of Derivative Instruments— Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

Total Return Swaps— The CMCI Commodity Strategy ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap positions held by the CMCI Commodity Strategy ETF at June 30, 2025 are reflected in the Fund’s Consolidated Schedule of Investments.

During the six months ended June 30, 2025, the CMCI Commodity Strategy ETF held total return swap contracts for six months with an average monthly notional amount of $2,531,500.

At June 30, 2025, the CMCI Commodity Strategy ETF held the following derivatives:

	Asset Derivatives
	Commodities Futures Risk
CMCI Commodity Strategy ETF
Swap contracts¹	$	5,217

¹	Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value

The impact of transactions in derivative instruments during the six months ended June 30, 2025, was as follows:

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NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	Commodities Futures Risk
CMCI Commodity Strategy ETF
Realized gain (loss):
Swap contracts¹	$	35,040
Net change in unrealized appreciation (depreciation):
Swap contracts²		(14,503	)

¹	Consolidated Statement of Operations location: Net realized gain (loss) on swap contracts
²	Consolidated Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

H.	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 pledge and receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivatives and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities.

	The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of June 30, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

	Gross Amounts of Recognized Assets/(Liabilities)	Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Assets/(Liabilities) Presented in the Statements of Assets and Liabilities	Financial Instruments and Cash Collateral Pledged	Net Amount
CMCI Commodity Strategy ETF
Total return swap contracts	$5,217	$—	$5,217	$—	$5,217

I.	Segment Reporting—The Adviser acts as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund as a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

J.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

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

Note 3—Investment Management and Other Agreements—The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2026, to waive fees and/or assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the six months ended June 30, 2025, are as follows:

Fund	Management Fees			Expense Limitations
Agribusiness ETF		0.50	%		0.56	%
CMCI Commodity Strategy ETF		0.65			0.65
Gold Miners ETF		0.50			0.53
Junior Gold Miners ETF		0.50			0.56
Low Carbon Energy ETF		0.50			0.62
Oil Refiners ETF		0.50			0.59
Rare Earth and Strategic Metals ETF		0.50			0.57
Steel ETF		0.50			0.55
Uranium and Nuclear ETF		0.50			0.60

Refer to the Statements of Operations for amounts assumed by the Adviser for the six months ended June 30, 2025.

The Green Metals ETF and effective January 1, 2022, the Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2026.

The unitary management fee rates for the six months ended June 30, 2025, are as follows:

Fund	Unitary Management Fee Rate
Green Metals ETF		0.59	%
Natural Resources ETF		0.40
Oil Services ETF		0.35

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

Note 4—Capital Share Transactions—As of June 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units

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NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

Note 5—Investments—For the six months ended June 30, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Agribusiness ETF	$	59,443,000	$	49,975,799	$	31,504,218	$	29,256,239
Gold Miners ETF		856,025,846		785,293,376		512,303,275		3,865,143,933
Green Metals ETF		2,158,256		1,999,520		—		954,561
Junior Gold Miners ETF		697,725,062		695,363,780		27,034,129		1,272,794,681
Low Carbon Energy ETF		14,050,955		13,594,656		—		14,559,344
Natural Resources ETF		11,388,138		9,048,672		14,119,773		—
Oil Refiners ETF		3,762,989		3,684,836		1,234,099		3,732,839
Oil Services ETF		121,081,452		109,520,929		1,624,174,670		2,019,285,298
Rare Earth and Strategic Metals ETF		89,538,817		66,955,393		77,398,911		20,676,712
Steel ETF		14,539,002		12,371,035		8,009,381		21,567,954
Uranium and Nuclear ETF		365,264,312		338,872,305		660,613,451		74,816,082

Note 6—Income Taxes—As of June 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	848,077,593	$	37,048,656	$	(207,077,688	)	$	(170,029,032	)
CMCI Commodity Strategy ETF		2,583,510		17		(103,864	)		(103,847	)
Gold Miners ETF		10,203,807,253		5,456,793,264		(124,555,506	)		5,332,237,758
Green Metals ETF		21,964,127		1,908,744		(4,719,457	)		(2,810,713	)
Junior Gold Miners ETF		3,889,085,070		1,987,491,380		(330,007,088	)		1,657,484,292
Low Carbon Energy ETF		159,193,363		17,062,457		(50,220,399	)		(33,157,942	)
Natural Resources ETF		160,515,981		20,672,954		(12,582,440	)		8,090,514
Oil Refiners ETF		27,975,547		2,298,267		(4,062,514	)		(1,764,247	)
Oil Services ETF		1,510,138,910		4,576,324		(580,672,594	)		(576,096,270	)
Rare Earth and Strategic Metals ETF		444,991,322		27,288,754		(141,844,139	)		(114,555,385	)
Steel ETF		91,481,414		3,477,764		(20,753,210	)		(17,275,446	)
Uranium and Nuclear ETF		1,581,768,826		289,263,589		(29,740,710	)		259,522,879

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended June 30, 2025, 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. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

The CMCI Commodity Strategy ETF may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

As a result of the current conditions related to Russian securities and Russian markets, the Agribusiness ETF, Green Metals ETF and Natural Resources ETF are unable to dispose of the Russian securities in its portfolios, with limited exceptions, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia took actions that impact the custody of equity securities of Russian issuers and may be detrimental to the Funds ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Funds. Additionally, while certain Russian securities held by the Agribusiness ETF, Green Metals ETF and Natural Resources ETF have declared dividends, there is no assurance these dividends can be realized by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at zero as of June 30, 2025.

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

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

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NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Green Metals ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2025:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Agribusiness ETF	$	70,067,541	$	31,216,997	$	41,137,060	$	72,354,057
Gold Miners ETF		798,701,639		62,629,788		738,588,277		801,218,065
Green Metals ETF		1,666,223		91,558		1,680,231		1,771,789
Junior Gold Miners ETF		404,165,873		65,479,043		345,107,398		410,586,441
Low Carbon Energy ETF		25,346,670		6,739,865		19,423,496		26,163,361
Natural Resources ETF		33,544,997		10,254,286		24,327,399		34,581,685
Oil Refiners ETF		537,544		25,488		527,496		552,984
Oil Services ETF		118,394,387		1,394,948		120,088,703		121,483,651
Rare Earth and Strategic Metals ETF		70,918,332		23,096,853		51,815,198		74,912,051
Steel ETF		11,061,063		3,071,732		8,189,998		11,261,730
Uranium and Nuclear ETF		346,336,619		140,138,935		209,792,189		349,931,124

The following table represents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Agribusiness ETF		$	31,216,997
Gold Miners ETF			62,629,788
Green Metals ETF			91,558
Junior Gold Miners ETF			65,479,043
Low Carbon Energy ETF			6,739,865
Natural Resources ETF			10,254,286
Oil Refiners ETF			25,488
Oil Services ETF			1,394,948
Rare Earth and Strategic Metals ETF			23,096,853
Steel ETF			3,071,732
Uranium and Nuclear ETF			140,138,935

* 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 six months ended June 30, 2025, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Agribusiness ETF		138		$808,544		5.68	%
Gold Miners ETF		18		5,187,062		5.68
Green Metals ETF		95		131,670		5.68
Junior Gold Miners ETF		92		7,694,217		5.68
Low Carbon Energy ETF		148		465,256		5.68
Natural Resources ETF		174		460,789		5.68
Oil Refiners ETF		133		145,365		5.68
Oil Services ETF		68		1,096,844		5.68
Rare Earth and Strategic Metals ETF		133		1,676,807		5.68
Steel ETF		41		552,342		5.68
Uranium and Nuclear ETF		95		2,410,847		5.68

Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

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

Note 12 - New Accounting Pronouncements and Regulatory Requirements—In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreements”) with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the “Sub-Adviser”) (the “Existing Sub-Advisory Agreements”) with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the “CLO ETFs”). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the “New Sub-Advisory Agreements,” and collectively with the Existing Sub-Advisory Agreements, the “Sub-Advisory Agreements”) to take effect upon the expected acquisition of the Sub-Adviser by a third party (the “Acquisition”), which could be deemed to be a “change in control” of the Sub-Adviser and thus would result in an “assignment” (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the “Agreements.”

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the CLO ETFs) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers’ relationships with the Funds and the Sub-Adviser’s relationship with the CLO ETFs. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the CLO ETFs, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund’s performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the “Russia ETFs”) is in the process of being liquidated and no longer seeks to track an index. The Trustees also considered the fact that the VanEck AA-BB CLO ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes. 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, except for the CLO ETFs. The Trustees also considered VEAC’s efforts to address regulatory and operational challenges in managing the Russia ETFs during the Russia ETFs’ process of liquidating their assets and winding up their business.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the Advisers at the May 1, 2025 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 Advisers and the Sub-Adviser (with respect to the CLO ETFs), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers and the Sub-Adviser (with respect to the CLO ETFs) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Digital India ETF, Green Metals ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Services ETF and Preferred Securities ex Financials ETF (the “Unitary Funds”), the Advisers’ agreement to pay all of the direct expenses of each Unitary Fund (excluding the fee payment under the applicable VEAC Investment Management Agreement or VEARA Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the “Non-Unitary Funds”), the Advisers’ commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC’s undertaking to waive all of the Russia ETFs’ management fees while the Russia ETFs are in the process of liquidation. With respect to the Sub-Advisory Agreements, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in collateralized loan obligation (“CLO”) securities and the Sub-Adviser’s experience serving as the investment adviser to other registered investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be retained by VEAC under each Sub-Advisory Agreement. The Trustees further considered the Sub-Adviser’s representation that the Acquisition was not expected to result in changes to how the Sub-Adviser conducts its business and its management of the CLO ETFs, as well as the fact that the New Sub-Advisory Agreements are materially identical to the Existing Sub-Advisory Agreements.

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Fund except for the CLO ETFs (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. The Trustees considered information from VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund’s allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

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

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds’ management fees and total expense ratios to those of certain other registered funds. 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, including, with respect to the Russia ETFs, VEAC’s waiver of all management fees payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Low Carbon Energy ETF, Office and Commercial REIT

ETF, Oil Services ETF and Rare Earth and Strategic Metals ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Africa Index ETF had management fees (after the effect of the fee waiver) above the average and below the median of its peer group of funds, each of the VanEck AA-BB CLO ETF, Agribusiness ETF, BDC Income ETF, CLO ETF, Gold Miners ETF, Green Metals ETF, International High Yield Bond ETF and Junior Gold Miners ETF had management fees above the average and median of its respective peer group of funds, the VanEck Vietnam ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Uranium and Nuclear ETF had management fees below the average and above the median of its 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, each of the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, BDC Income ETF, China Bond ETF, CLO ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, International High Yield Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Russia Small-Cap ETF and Vietnam 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, each of the VanEck ChiNext ETF, Indonesia Index ETF and Russia ETF had a total expense ratio (after the effect of the expense limitation) above the average and below the median of its respective peer group of funds, and each of the VanEck Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts 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 Advisers providing context for these comparisons. The Trustees noted that the Russia ETFs are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Russia ETFs’ expense limitations. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Advisers and Sub-Adviser (with respect to the CLO ETFs) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense limitation, as applicable, and noted that the VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The 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 Advisers 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 Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for each of the CLO ETFs are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Agreements.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

In voting to approve each of the New Sub-Advisory Agreements and the continuation of each of the remaining Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the 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 of the Agreements is in the best interest of the applicable Fund and the Fund’s shareholders.

June 30, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

AA-BB CLO ETF	CLOB
Africa Index ETF	AFK
Brazil Small-Cap ETF	BRF
ChiNext ETF	CNXT
CLO ETF	CLOI
Digital India ETF	DGIN
India Growth Leaders ETF	GLIN
Indonesia Index ETF	IDX
Israel ETF	ISRA
Office and Commercial REIT ETF	DESK
Vietnam ETF	VNM


	800.826.2333	vaneck.com

	Schedules of Investments
	AA-BB CLO ETF	3
	Africa Index ETF	6
	Brazil Small-Cap ETF	9
	ChiNext ETF	12
	CLO ETF	15
	Digital India ETF	21
	India Growth Leaders ETF	23
	Indonesia Index ETF	26
	Israel ETF	28
	Office and Commercial REIT ETF	31
	Vietnam ETF	32
	Statements of Assets and Liabilities	34
	Statements of Operations	37
	Statements of Changes in Net Assets	40
	FInancial Highlights
	AA-BB CLO ETF	46
	Africa Index ETF	47
	Brazil Small-Cap ETF	48
	ChiNext ETF	49
	CLO ETF	50
	Digital India ETF	51
	India Growth Leaders ETF	52
	Indonesia Index ETF	53
	Israel ETF	54
	Office and Commercial REIT ETF	55
	Vietnam ETF	56
	Notes to Financial Statements	57
	Changes In and Disagreements with Accountants	66
	Proxy Disclosures	66
	Remuneration Paid to Directors, Officers, and Others	66
	Approval of Investment Advisory Contracts	67

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 95.3%
Bain Capital Credit CLO 2021-1 Ltd. 144A 10.57% (Term SOFR USD 3 Month+6.30%), 04/18/34	$	3,000		$	2,941,011
Bain Capital Credit CLO 2021-2 Ltd. 144A 6.26% (Term SOFR USD 3 Month+2.00%), 07/16/34		2,250			2,253,573
Bain Capital Credit CLO 2021-7 Ltd. 144A 10.77% (Term SOFR USD 3 Month+6.50%), 01/22/35		3,500			3,410,243
Bain Capital Credit CLO 2022-2 Ltd. 144A 1.00% (Term SOFR USD 3 Month+5.00%), 04/22/35		1,000			1,003,750
Bain Capital Credit CLO 2022-3 Ltd. 144A 7.98% (Term SOFR USD 3 Month+3.70%), 07/17/35		2,980			2,997,880
BlueMountain CLO XXVIII Ltd. 144A 7.42% (Term SOFR USD 3 Month+3.16%), 04/15/34		1,500			1,494,941
BlueMountain CLO XXXII Ltd. 144A 10.86% (Term SOFR USD 3 Month+6.60%), 10/15/34		3,250			3,196,245
BlueMountain CLO XXXIII Ltd. 144A 11.41% (Term SOFR USD 3 Month+7.09%), 11/20/34		3,000			2,991,405
BlueMountain CLO XXXV Ltd. 144A 12.35% (Term SOFR USD 3 Month+8.07%), 10/22/37		2,500			2,515,588
Canyon Capital CLO 2019-2 Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/34		1,775			1,777,929
Canyon CLO 2020-1 Ltd. 144A 6.21% (Term SOFR USD 3 Month+1.95%), 07/15/34		1,500			1,501,737
Capital Four US CLO III Ltd. 144A

	Par (000’s		)	Value
6.53% (Term SOFR USD 3 Month+2.20%), 04/21/38	$	5,000		$	5,031,864
Carlyle Global Market Strategies CLO 2012-4 Ltd. 144A 6.37% (Term SOFR USD 3 Month+2.10%), 04/22/32		1,650			1,652,193
Dryden 72 CLO Ltd. 144A 6.33% (Term SOFR USD 3 Month+2.00%), 05/15/32		1,000			1,001,259
Dryden 95 CLO Ltd. 144A 7.37% (Term SOFR USD 3 Month+3.05%), 08/20/34		7,000			6,988,015
Goldentree Loan Management US CLO 12 Ltd. 144A 5.80% (Term SOFR USD 3 Month+1.53%), 07/20/37		2,000			2,000,678
Goldentree Loan Management US CLO 8 Ltd. 144A 6.12% (Term SOFR USD 3 Month+1.85%), 10/20/34		1,000			1,001,881
Golub Capital Partners CLO 74 B Ltd. 144A 6.13% (Term SOFR USD 3 Month+1.85%), 07/25/37		1,250			1,253,405
Halseypoint CLO 7 Ltd. 144A 6.49% (Term SOFR USD 3 Month+2.20%), 07/20/38		1,000			1,002,500
KKR CLO 27 Ltd. 144A 10.51% (Term SOFR USD 3 Month+6.25%), 01/15/35		2,500			2,475,310
LCM 39 Ltd. 144A 11.26% (Term SOFR USD 3 Month+7.00%), 10/15/34		2,500			2,502,618
Madison Park Funding LVII Ltd. 144A 7.23% (Term SOFR USD 3 Month+2.95%), 07/27/34		1,500			1,493,835
Neuberger Berman Loan Advisers CLO 38 Ltd. 144A 5.67% (Term SOFR USD 3 Month+1.40%), 10/20/36		5,000			5,000,614
Neuberger Berman Loan Advisers CLO 42 Ltd. 144A

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.66% (Term SOFR USD 3 Month+1.40%), 07/16/36	$	5,000		$	5,000,140
Ocean Trails CLO XIV Ltd. 144A 6.27% (Term SOFR USD 3 Month+2.00%), 01/20/38		1,700			1,701,787
Octagon 64 Ltd. 144A 6.02% (Term SOFR USD 3 Month+1.70%), 07/21/37		10,000			10,009,849
OZLM XXIII Ltd. 144A 6.46% (Term SOFR USD 3 Month+2.20%), 10/15/37		1,000			1,005,033
Rockford Tower CLO 2019-2 Ltd. 144A 6.32% (Term SOFR USD 3 Month+2.00%), 08/20/32		1,000			1,001,273
Sculptor CLO XXVI Ltd. 144A 6.47% (Term SOFR USD 3 Month+2.20%), 01/20/38		3,300			3,318,173
Sculptor CLO XXVIII Ltd. 144A 6.22% (Term SOFR USD 3 Month+1.95%), 01/20/35		3,000			2,997,342
Sculptor CLO XXX Ltd. 144A 7.87% (Term SOFR USD 3 Month+3.60%), 07/20/38		2,000			2,007,500
Signal Peak CLO 4 Ltd. 144A 7.74% (Term SOFR USD 3 Month+3.46%), 10/26/34		2,300			2,230,354
Sound Point CLO XXIX Ltd. 144A 8.04% (Term SOFR USD 3 Month+3.76%), 04/25/34		3,500			3,510,966

	Par (000’s		)	Value
Sound Point CLO XXVI Ltd. 144A 7.88% (Term SOFR USD 3 Month+3.61%), 07/20/34	$	1,000		$	980,412
Sound Point CLO XXXI Ltd. 144A 7.79% (Term SOFR USD 3 Month+3.51%), 10/25/34		2,500			2,405,045
Trinitas CLO XIX Ltd. 144A 7.22% (Term SOFR USD 3 Month+2.95%), 10/20/33		2,500			2,504,493
Whitebox CLO III Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/35		2,250			2,253,681
Wind River 2022-1 CLO Ltd. 144A 6.12% (Term SOFR USD 3 Month+1.85%), 07/20/35		2,500			2,502,385
Wind River 2023-1 CLO Ltd. 144A 6.36% (Term SOFR USD 3 Month+2.05%), 07/25/38		1,000			1,004,958

Total Collateralized Loan Obligations (Cost: $101,874,142)					101,921,865

SHORT-TERM INVESTMENT: 3.6%
United States Treasury Obligations: 3.6% (Cost: $3,796,032)
United States Treasury Bills 4.23%, 07/10/25		3,800,000			3,796,023
Total Investments: 98.9% (Cost: $105,670,174)					105,717,888
Other assets less liabilities: 1.1%					1,202,359
NET ASSETS: 100.0%				$	106,920,247

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

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. These securities have an aggregate value of $101,921,865, or 95.3% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Collateralized Loan Obligations	$	—	$	101,921,865	$	—	$	101,921,865
United States Treasury Obligations		—		3,796,023		—		3,796,023
Total Investments	$	—	$	105,717,888	$	—	$	105,717,888

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 5.3%
AVZ Minerals Ltd. * †∞		1,399,901	$	40,367
Paladin Energy Ltd. * †		287,651		1,527,028
Perseus Mining Ltd.		508,662		1,150,352
				2,717,747
Burkina Faso: 2.4%
IAMGOLD Corp. (USD) *		172,314		1,266,508

Canada: 7.3%
B2Gold Corp. (USD)		61,144		220,730
Barrick Mining Corp. (USD)		90,414		1,882,419
Ivanhoe Mines Ltd. * †		222,081		1,664,997
				3,768,146
Egypt: 2.6%
Commercial International Bank - Egypt (USD) (GDR)		787,261		1,322,377

India: 2.8%
MakeMyTrip Ltd. (USD) * †		14,778		1,448,540

Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		1,086,500		213,265

Kenya: 5.1%
Equity Group Holdings PLC		2,753,361		1,041,697
Safaricom PLC		8,400,157		1,620,325
				2,662,022
Morocco: 14.8%
Attijariwafa Bank		34,195		2,578,851
Bank of Africa		32,011		994,059
Banque Centrale Populaire		67,861		2,182,595
Co. Sucrerie Marocaine et de Raffinage		20,024		521,883
Societe d’Exploitation des Ports		15,554		1,397,275
				7,674,663
Nigeria: 6.6%
Guaranty Trust Holding Co. PLC		35,792,220		1,897,105
Zenith Bank PLC		40,746,112		1,512,272
				3,409,377
Norway: 0.2%
Scatec ASA 144A *		8,444		77,700

South Africa: 33.6%
Absa Group Ltd.		55,129		546,637
African Rainbow Minerals Ltd.		7,373		71,695
Anglo American PLC (GBP)		61,930		1,822,506
Aspen Pharmacare Holdings Ltd.		18,970		127,550
AVI Ltd.		15,902		84,229
Bid Corp. Ltd.		15,993		420,657
Bidvest Group Ltd.		10,849		142,559
Capitec Bank Holdings Ltd.		5,429		1,081,383
Clicks Group Ltd.		11,583		241,812
Discovery Ltd.		32,264		390,726
Exxaro Resources Ltd.		8,414		69,566
FirstRand Ltd.		337,817		1,438,628

	Number of Shares		Value
South Africa (continued)
Gold Fields Ltd. (ADR)		50,096	$	1,185,772
Growthpoint Properties Ltd.		133,689		100,690
Harmony Gold Mining Co. Ltd. (ADR) †		27,883		389,526
Impala Platinum Holdings Ltd. *		45,493		407,213
Investec PLC (GBP)		28,340		211,655
Kumba Iron Ore Ltd.		3,879		62,217
Life Healthcare Group Holdings Ltd.		84,209		67,666
Momentum Group Ltd.		60,967		117,637
Mr Price Group Ltd.		12,516		156,315
MTN Group Ltd.		90,780		719,885
Naspers Ltd.		9,786		3,041,766
Nedbank Group Ltd.		26,958		368,693
Northam Platinum Holdings Ltd. †		20,127		217,123
Old Mutual Ltd.		197,006		133,804
OUTsurance Group Ltd.		42,729		188,336
Pepkor Holdings Ltd. 144A		133,451		204,664
Remgro Ltd.		24,372		217,287
Sanlam Ltd.		93,000		464,025
Sasol Ltd. (ADR) * †		28,207		124,675
Shoprite Holdings Ltd.		27,233		424,403
Sibanye Stillwater Ltd. (ADR) *		36,600		264,252
Standard Bank Group Ltd.		76,979		984,627
Thungela Resources Ltd.		8,262		39,416
Tiger Brands Ltd. †		7,098		127,364
Valterra Platinum Ltd.		13,345		591,956
Woolworths Holdings Ltd.		41,329		120,374
				17,369,289
Tanzania: 1.5%
Helios Towers PLC (GBP) *		471,131		785,067

United Arab Emirates: 2.2%
Itissalat Al-Maghrib (MAD)		93,150		1,149,437

United Kingdom: 9.5%
Airtel Africa PLC 144A		866,774		2,142,915
Anglogold Ashanti PLC (USD)		27,461		1,251,398
Endeavour Mining PLC		43,564		1,335,998
Vodacom Group Ltd. (ZAR)		25,027		192,513
				4,922,824
United States: 2.9%
Kosmos Energy Ltd. * †		591,370		1,017,158
Royal Caribbean Cruises Ltd.		1,622		507,913
				1,525,071
Zambia: 2.8%
First Quantum Minerals Ltd. (CAD) *		80,939		1,434,895

Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		7,858
Ecocash Holdings Zimbabwe Ltd. *		32,900		152

See Notes to Financial Statements

	Number of Shares		Value
Zimbabwe (continued)
Econet Wireless Zimbabwe Ltd.		2,231	$	323
				8,333
Total Common Stocks (Cost: $39,985,117)				51,755,261

RIGHTS: 0.0% (Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 190.00, exp. 10/13/25*		21		9
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $39,985,117)				51,755,270

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.8%
Money Market Fund: 0.8% (Cost: $417,955)
State Street Navigator Securities Lending Government Money Market Portfolio		417,955		417,955
Total Investments: 100.8% (Cost: $40,403,072)				52,173,225
Liabilities in excess of other assets: (0.8)%				(421,491)
NET ASSETS: 100.0%			$	51,751,734

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,878,152.
¥	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
*	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. These securities have an aggregate value of $2,425,279, or 4.7% of net assets.

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,677,380	$	40,367	$	2,717,747
Burkina Faso		1,266,508		—		—		1,266,508
Canada		3,768,146		—		—		3,768,146
Egypt		—		1,322,377		—		1,322,377
India		1,448,540		—		—		1,448,540
Indonesia		213,265		—		—		213,265
Kenya		1,041,697		1,620,325		—		2,662,022
Morocco		7,674,663		—		—		7,674,663
Nigeria		1,512,272		1,897,105		—		3,409,377
Norway		—		77,700		—		77,700
South Africa		5,553,895		11,815,394		—		17,369,289
Tanzania		—		785,067		—		785,067
United Arab Emirates		—		1,149,437		—		1,149,437
United Kingdom		1,443,911		3,478,913		—		4,922,824
United States		1,525,071		—		—		1,525,071
Zambia		1,434,895		—		—		1,434,895
Zimbabwe		8,333		—		—		8,333
Rights *		9		—		—		9
Money Market Fund		417,955		—		—		417,955
Total Investments	$	27,309,160	$	24,823,698	$	40,367	$	52,173,225

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 88.7%
Automobiles & Components: 1.4%
Iochpe Maxion SA		60,402	$	148,418
Mahle Metal Leve SA		23,300		129,556
				277,974
Banks: 3.0%
Inter & Co., Inc.		80,889		601,005

Capital Goods: 1.5%
Armac Locacao Logistica E Servicos SA		44,300		27,723
Kepler Weber SA		61,850		92,665
Mills Locacao Servicos e Logistica SA		41,450		84,302
Tupy SA *		26,200		87,862
				292,552
Commercial & Professional Services: 2.0%
Orizon Valorizacao de Residuos SA *		30,200		299,437
Valid Solucoes SA *		21,300		100,402
				399,839
Consumer Discretionary Distribution & Retail: 3.7%
C&A Modas SA		72,750		263,250
Grupo SBF SA		43,150		96,893
Magazine Luiza SA		152,600		276,658
Pet Center Comercio e Participacoes SA		134,250		96,615
				733,416
Consumer Durables & Apparel: 15.7%
Azzas 2154 SA		74,125		586,659
Construtora Tenda SA		41,600		186,825
Cury Construtora e Incorporadora SA		68,900		374,359
Cyrela Brazil Realty SA Empreendimentos e Participacoes		139,650		671,891
Direcional Engenharia SA		52,050		391,062
Ez Tec Empreendimentos e Participacoes SA		71,702		183,706
Grendene SA		62,100		62,865
Guararapes Confeccoes SA *		41,750		65,701
MRV Engenharia e Participacoes SA *		135,550		158,925
Plano & Plano Desenvolvimento Imobiliario SA		30,050		86,835
Vivara Participacoes SA		55,750		277,359
Vulcabras SA		27,050		105,002
				3,151,189
Consumer Services: 5.9%
Afya Ltd.		7,328		130,878
Arcos Dorados Holdings, Inc. †		41,105		324,319
Cogna Educacao SA		756,400		391,210
Cruzeiro do Sul Educacional SA		30,450		28,919
YDUQS Participacoes SA		97,050		294,556
Zamp SA *		34,015		21,349
				1,191,231

	Number of Shares		Value
Consumer Staples Distribution & Retail: 0.6%
Dimed SA Distribuidora da Medicamentos *		47,300	$	82,706
Empreendimentos Pague Menos SA *		42,872		27,224
				109,930
Energy: 10.7%
Brava Energia *		184,809		591,868
Excelerate Energy, Inc.		7,078		207,527
Karoon Energy Ltd.		251,788		317,741
Modec, Inc.		19,800		848,686
Petroreconcavo SA		67,800		178,825
				2,144,647
Financial Services: 0.6%
Vinci Partners Investments Ltd.		12,917		124,907

Food, Beverage & Tobacco: 9.9%
Adecoagro SA †		13,762		125,785
BrasilAgro - Co. Brasileira de Propriedades Agricolas		25,200		91,837
Camil Alimentos SA		51,650		48,673
Jalles Machado SA		80,617		57,127
M Dias Branco SA		61,700		272,552
Marfrig Global Foods SA		118,063		497,624
Minerva SA *		232,600		209,777
Sao Martinho SA		70,300		227,342
SLC Agricola SA		87,150		286,645
Tres Tentos Agroindustrial SA		61,200		170,203
				1,987,565
Health Care Equipment & Services: 3.3%
Fleury SA		134,437		322,168
Hospital Mater Dei SA		31,700		27,481
Odontoprev SA		112,640		242,981
Oncoclinicas do Brasil Servicos Medicos SA *		80,050		75,584
				668,214
Insurance: 1.1%
IRB-Brasil Resseguros SA *		26,973		224,597

Materials: 4.6%
Cia Brasileira de Aluminio *		99,200		87,823
Dexco SA		173,400		180,961
ERO Copper Corp. * †		33,601		566,177
Irani Papel e Embalagem SA		58,900		78,814
				913,775
Media & Entertainment: 0.9%
VTEX *		25,957		171,316

Mining: 0.0%
ESG Minerals Ltd.		26,308		693

Pharmaceuticals, Biotechnology & Life Sciences: 0.2%
Blau Farmaceutica SA *		15,850		40,230

Real Estate Management & Development: 3.0%
Iguatemi SA		93,050		397,164
JHSF Participacoes SA		160,750		157,699
LOG Commercial Properties e Participacoes SA		13,400		51,670
				606,533

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Software & Services: 0.9%
LWSA SA 144A		138,350	$	100,584
Sonda SA		183,658		70,130
				170,714
Technology Hardware & Equipment: 1.8%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		45,050		132,254
Ituran Location and Control Ltd.		5,867		227,229
				359,483
Telecommunication Services: 0.0%
OI SA *		1		0

Transportation: 7.2%
EcoRodovias Infraestrutura e Logistica SA *		164,340		226,557
Hidrovias do Brasil SA *		193,915		128,489
Log-in Logistica Intermodal SA *		6,300		30,694
Movida Participacoes SA		64,950		83,801
Santos Brasil Participacoes SA		208,100		529,720
SIMPAR SA		150,200		140,438
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA *		170,000		130,791
Wilson Sons SA		54,050		173,598
				1,444,088
Utilities: 10.7%
Alupar Investimento SA		109,193		622,027
Auren Energia SA		160,100		299,685
Cia de Saneamento de Minas Gerais Copasa MG		93,438		481,026
Cia De Sanena Do Parana *		58,050		406,973
Light SA *		64,100		76,215
Serena Energia SA *		122,402		263,138
				2,149,064
Total Common Stocks (Cost: $15,103,251)				17,762,962

PREFERRED SECURITIES: 11.3%
Banks: 3.1%
Banco ABC Brasil SA*		44,848		184,820

	Number of Shares		Value
Banks (continued)
Banco do Estado do Rio Grande do Sul SA		99,600	$	212,102
Banco Pan SA*		150,300		223,800
				620,722
Capital Goods: 3.1%
Marcopolo SA		335,590		491,671
Randon SA Implementos e Participacoes		82,600		135,460
				627,131
Consumer Discretionary Distribution & Retail: 0.7%
Raizen SA		454,200		137,938

Consumer Durables & Apparel: 0.5%
Alpargatas SA		55,700		94,831

Materials: 3.9%
Bradespar SA		91,550		264,552
Cia de Ferro Ligas da Bahia FERBASA*		67,100		83,981
Unipar Carbocloro SA		25,050		268,062
Usinas Siderurgicas de Minas Gerais SA Usiminas*		228,850		173,540
				790,135
Total Preferred Securities (Cost: $2,083,163)				2,270,757
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $17,186,414)				20,033,719

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%
Money Market Fund: 0.6% (Cost: $121,947)
State Street Navigator Securities Lending Government Money Market Portfolio		121,947		121,947
Total Investments: 100.6% (Cost: $17,308,361)				20,155,666
Liabilities in excess of other assets: (0.6)%				(121,966)
NET ASSETS: 100.0%			$	20,033,700

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $914,626.

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. These securities have an aggregate value of $100,584, or 0.5% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	277,974	$	—	$	—	$	277,974
Banks		601,005		—		—		601,005
Capital Goods		292,552		—		—		292,552
Commercial & Professional Services		399,839		—		—		399,839
Consumer Discretionary Distribution & Retail		733,416		—		—		733,416
Consumer Durables & Apparel		3,151,189		—		—		3,151,189
Consumer Services		1,191,231		—		—		1,191,231
Consumer Staples Distribution & Retail		109,930		—		—		109,930
Energy		978,220		1,166,427		—		2,144,647
Financial Services		124,907		—		—		124,907
Food, Beverage & Tobacco		1,987,565		—		—		1,987,565
Health Care Equipment & Services		668,214		—		—		668,214
Insurance		224,597		—		—		224,597
Materials		913,775		—		—		913,775
Media & Entertainment		171,316		—		—		171,316
Mining		—		693		—		693
Pharmaceuticals, Biotechnology & Life Sciences		40,230		—		—		40,230
Real Estate Management & Development		606,533		—		—		606,533
Software & Services		170,714		—		—		170,714
Technology Hardware & Equipment		359,483		—		—		359,483
Telecommunication Services		0		—		—		0
Transportation		1,444,088		—		—		1,444,088
Utilities		2,149,064		—		—		2,149,064
Preferred Securities *		2,270,757		—		—		2,270,757
Money Market Fund		121,947		—		—		121,947
Total Investments	$	18,988,546	$	1,167,120	$	—	$	20,155,666

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Capital Goods: 32.6%
Beijing Easpring Material Technology Co. Ltd.		23,400	$	143,333
CNGR Advanced Material Co. Ltd.		24,300		111,601
Contemporary Amperex Technology Co. Ltd.		148,900		5,250,794
Dongguan Yiheda Automation Co. Ltd.		18,900		60,359
Eve Energy Co. Ltd.		73,100		467,834
Ginlong Technologies Co. Ltd.		12,800		102,668
Hunan Yuneng New Energy Battery Material Co. Ltd.		23,100		100,665
JL Mag Rare-Earth Co. Ltd.		34,800		115,984
Qingdao TGOOD Electric Co. Ltd. *		41,600		139,357
Shenzhen Inovance Technology Co. Ltd.		114,800		1,035,384
Siasun Robot & Automation Co. Ltd. *		68,900		165,398
Sungrow Power Supply Co. Ltd.		84,680		801,612
Sunwoda Electronic Co. Ltd.		78,900		221,223
Wuxi Lead Intelligent Equipment Co. Ltd.		63,800		221,444
				8,937,656
Commercial & Professional Services: 0.8%
Beijing Originwater Technology Co. Ltd.		122,500		77,033
Centre Testing International Group Co. Ltd.		81,300		132,788
				209,821
Consumer Durables & Apparel: 0.5%
DBG Technology Co. Ltd.		21,700		76,165
Huali Industrial Group Co. Ltd.		8,800		64,606
				140,771
Consumer Services: 0.4%
Songcheng Performance Development Co. Ltd.		92,800		110,831

Financial Services: 11.0%
Beijing Compass Technology Development Co. Ltd. *		21,065		237,554
East Money Information Co. Ltd.		724,700		2,342,453
Hithink RoyalFlush Information Network Co. Ltd.		11,800		450,100
				3,030,107
Food, Beverage & Tobacco: 3.6%
Gambol Pet Group Co. Ltd.		4,700		71,786
Jiangsu Lihua Foods Group Co. Ltd.		17,800		46,707
Wens Foodstuff Group Co. Ltd.		308,500		735,957
Yihai Kerry Arawana Holdings Co. Ltd.		32,600		134,446
				988,896

	Number of Shares		Value
Health Care Equipment & Services: 8.0%
Aier Eye Hospital Group Co. Ltd.		252,000	$	439,298
Huaxia Eye Hospital Group Co. Ltd.		10,100		27,044
Intco Medical Technology Co. Ltd.		24,700		81,697
Jafron Biomedical Co. Ltd.		25,000		75,332
Lepu Medical Technology Beijing Co. Ltd.		71,000		136,630
Ovctek China, Inc.		29,700		63,360
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		31,800		998,387
Shenzhen New Industries Biomedical Engineering Co. Ltd.		19,300		152,853
Winner Medical Co. Ltd.		10,600		60,846
Winning Health Technology Group Co. Ltd.		105,300		155,892
				2,191,339
Household & Personal Products: 0.6%
By-health Co. Ltd.		57,300		89,965
Yunnan Botanee Bio- Technology Group Co. Ltd.		10,700		66,086
				156,051
Materials: 3.8%
Canmax Technologies Co. Ltd.		33,400		88,881
Hubei Dinglong Co. Ltd. *		39,600		158,636
Hubei Feilihua Quartz Glass Co. Ltd.		24,600		175,463
Jiangsu Nata Opto-electronic Material Co. Ltd.		34,000		150,343
Shandong Sinocera Functional Material Co. Ltd.		45,300		109,773
Shenzhen Capchem Technology Co. Ltd.		27,800		136,706
Sunresin New Materials Co. Ltd.		14,400		101,125
Weihai Guangwei Composites Co. Ltd.		30,800		136,172
				1,057,099
Media & Entertainment: 2.8%
Beijing Enlight Media Co. Ltd.		81,300		230,229
Bluefocus Intelligent Communications Group Co. Ltd. *		206,000		188,794
Kunlun Tech Co. Ltd. *		49,500		232,593
Mango Excellent Media Co. Ltd.		35,900		109,422
				761,038
Pharmaceuticals, Biotechnology & Life Sciences: 5.3%
Betta Pharmaceuticals Co. Ltd.		14,800		119,848
BGI Genomics Co. Ltd.		14,100		97,973
Chongqing Zhifei Biological Products Co. Ltd.		65,700		179,856
CSPC Innovation Pharmaceutical Co. Ltd.		21,400		154,534
Hangzhou Tigermed Consulting Co. Ltd.		30,600		227,907

See Notes to Financial Statements

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Imeik Technology Development Co. Ltd.		7,980	$	194,821
Pharmaron Beijing Co. Ltd. *		54,700		187,552
Shenzhen Kangtai Biological Products Co. Ltd.		35,900		76,184
Walvax Biotechnology Co. Ltd.		93,800		144,139
Yili Chuanning Biotechnology Co. Ltd.		37,200		62,562
				1,445,376
Semiconductors & Semiconductor Equipment: 5.3%
All Winner Technology Co. Ltd.		34,500		191,505
Hangzhou Chang Chuan Technology Co. Ltd.		24,300		152,509
Ingenic Semiconductor Co. Ltd.		17,100		165,305
Konfoong Materials International Co. Ltd.		12,000		124,262
SG Micro Corp.		23,270		236,843
Shenzhen SC New Energy Technology Corp.		15,200		115,284
Sigmastar Technology Ltd.		9,700		81,710
Suzhou Maxwell Technologies Co. Ltd.		8,713		84,667
Wuhan DR Laser Technology Corp. Ltd.		7,800		58,004
Yangzhou Yangjie Electronic Technology Co. Ltd.		16,700		121,105
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		35,600		135,029
				1,466,223
Software & Services: 6.9%
Beijing E-Hualu Information Technology Co. Ltd. *		27,200		82,690
Beijing Sinnet Technology Co. Ltd.		81,000		161,770
Beijing Ultrapower Software Co. Ltd. *		109,100		179,822
Empyrean Technology Co. Ltd.		10,400		179,975
Isoftstone Information Technology Group Co. Ltd.		34,100		260,238
Jiangsu Hoperun Software Co. Ltd. *		44,300		314,510

	Number of Shares		Value
Software & Services (continued)
Range Intelligent Computing
Technology Group Co. Ltd.		28,100	$	194,212
Sangfor Technologies, Inc.		13,900		182,868
Thunder Software Technology Co. Ltd.		20,300		162,207
Wangsu Science & Technology Co. Ltd.		119,100		178,318
				1,896,610
Technology Hardware & Equipment: 18.3%
Anker Innovations Technology Co. Ltd.		12,280		194,942
Chaozhou Three-Circle Group Co. Ltd.		72,800		339,830
Electric Connector Technology Co. Ltd.		15,600		99,066
Eoptolink Technology, Inc. Ltd.		50,840		906,997
Lens Technology Co. Ltd.		112,600		351,034
Maxscend Microelectronics Co. Ltd.		19,800		197,505
Ruijie Networks Co. Ltd.		5,700		49,055
Shanghai Huace Navigation Technology Ltd.		28,700		140,265
Sharetronic Data Technology Co. Ltd.		12,800		154,555
Shenzhen Everwin Precision Technology Co. Ltd.		54,600		163,383
Shenzhen Longsys Electronics Co. Ltd.		5,700		69,687
Shenzhen Sunway Communication Co. Ltd. *		46,700		146,315
Suzhou TFC Optical Communication Co. Ltd.		25,036		280,808
Victory Giant Technology Huizhou Co. Ltd.		35,400		666,298
Wuhan Jingce Electronic Group Co. Ltd. *		11,100		93,989
Yealink Network Technology Corp. Ltd.		27,300		132,522
Zhongji Innolight Co. Ltd.		49,900		1,022,394
				5,008,645
Total Common Stocks (Cost: $25,762,693)				27,400,463
Total Investments: 99.9% (Cost: $25,762,693)				27,400,463
Other assets less liabilities: 0.1%				32,615
NET ASSETS: 100.0%			$	27,433,078

Footnotes:

*	Non-income producing

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	—			$	27,400,463			$	—			$	27,400,463

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 96.3%
610 Funding CLO 2 Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.35%), 01/20/34	$	10,600		$	10,619,228
6.12% (Term SOFR USD 3 Month+1.85%), 01/20/34		6,000			6,004,590
AGL CLO 5 Ltd. 144A 5.93% (Term SOFR USD 3 Month+1.66%), 07/20/34		23,150			23,181,669
AGL Core CLO 8 Ltd. 144A 5.77% (Term SOFR USD 3 Month+1.50%), 01/20/38		3,000			3,005,043
AIMCO CLO 24 Ltd. 144A 6.15% (Term SOFR USD 3 Month+1.85%), 04/19/38		2,650			2,663,398
Allegro CLO XII Ltd. 144A 5.71% (Term SOFR USD 3 Month+1.44%), 07/21/37		8,625			8,652,169
Anchorage Capital CLO 15 Ltd. 144A 6.31% (Term SOFR USD 3 Month+2.10%), 07/20/38		2,000			2,005,000
Anchorage Capital CLO 17 Ltd. 144A 5.71% (Term SOFR USD 3 Month+1.45%), 02/15/38		7,875			7,863,699
5.91% (Term SOFR USD 3 Month+1.65%), 02/15/38		4,250			4,262,771
Anchorage Capital CLO 30 Ltd. 144A 5.92% (Term SOFR USD 3 Month+1.60%), 01/20/37		3,075			3,078,050
Ares LIV CLO Ltd. 144A 6.06% (Term SOFR USD 3 Month+1.80%), 10/15/32		1,750			1,750,088
Ares LX CLO Ltd. 144A 6.18% (Term SOFR USD 3 Month+1.91%), 07/18/34		2,000			2,006,616
Bain Capital Credit CLO 2017-2 Ltd. 144A 5.68% (Term SOFR USD 3 Month+1.40%), 07/25/37		10,600			10,639,453
Bain Capital Credit CLO 2020-1 Ltd. 144A

	Par (000’s		)	Value
6.07% (Term SOFR USD 3 Month+1.80%), 04/18/33	$	2,250		$	2,252,561
Bain Capital Credit CLO 2020-3 Ltd. 144A 7.38% (Term SOFR USD 3 Month+3.10%), 10/23/34		10,130			10,097,138
Bain Capital Credit CLO 2020-5 Ltd. 144A 7.87% (Term SOFR USD 3 Month+3.60%), 04/20/34		2,500			2,506,150
Bain Capital Credit CLO 2021-1 Ltd. 144A 5.67% (Term SOFR USD 3 Month+1.40%), 04/18/34		5,950			5,953,487
Bain Capital Credit CLO 2021-2 Ltd. 144A 7.36% (Term SOFR USD 3 Month+3.10%), 07/16/34		12,850			12,893,587
Bain Capital Credit CLO 2021-4 Ltd. 144A 7.63% (Term SOFR USD 3 Month+3.36%), 10/20/34		6,780			6,759,809
Bain Capital Credit CLO 2021-7 Ltd. 144A 6.07% (Term SOFR USD 3 Month+1.80%), 01/22/35		4,500			4,481,091
10.77% (Term SOFR USD 3 Month+6.50%), 01/22/35		1,100			1,071,791
BlueMountain CLO 2018-3 Ltd. 144A 5.47% (Term SOFR USD 3 Month+1.19%), 10/25/30		2,263			2,264,355
BlueMountain CLO XXV Ltd. 144A 5.61% (Term SOFR USD 3 Month+1.35%), 01/15/38		13,000			13,018,616
BlueMountain CLO XXVIII Ltd. 144A 7.42% (Term SOFR USD 3 Month+3.16%), 04/15/34		4,250			4,235,665
BlueMountain CLO XXX Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 04/15/35		3,135			3,140,511
BlueMountain CLO XXXV Ltd. 144A

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.97% (Term SOFR USD 3 Month+1.70%), 10/22/37	$	11,000		$	11,027,071
Brant Point CLO 2024-4 Ltd. 144A 6.02% (Term SOFR USD 3 Month+1.75%), 07/20/37		5,500			5,515,945
Canyon Capital CLO 2016-1 Ltd. 144A 6.22% (Term SOFR USD 3 Month+1.96%), 07/15/31		10,000			10,047,650
Canyon Capital CLO 2016-2 Ltd. 144A 6.27% (Term SOFR USD 3 Month+2.01%), 10/15/31		6,000			6,010,038
Canyon Capital CLO 2019-1 Ltd. 144A 5.69% (Term SOFR USD 3 Month+1.43%), 07/15/37		2,150			2,155,356
Canyon Capital CLO 2019-2 Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/34		12,325			12,345,336
Canyon CLO 2020-1 Ltd. 144A 6.21% (Term SOFR USD 3 Month+1.95%), 07/15/34		11,500			11,513,317
Canyon CLO 2020-2 Ltd. 144A 5.79% (Term SOFR USD 3 Month+1.53%), 10/15/34		16,665			16,607,522
Carlyle Global Market Strategies CLO 2012-4 Ltd. 144A 6.37% (Term SOFR USD 3 Month+2.10%), 04/22/32		1,425			1,426,894
Carlyle Global Market Strategies CLO 2015-4 Ltd. 144A 6.12% (Term SOFR USD 3 Month+1.85%), 07/20/32		8,520			8,531,979
CBAM 2017-2 Ltd. 144A 6.39% (Term SOFR USD 3 Month+2.11%), 07/17/34		1,500			1,501,773
CBAM 2021-14 Ltd. 144A 7.63% (Term SOFR USD 3 Month+3.36%), 04/20/34		5,000			4,974,890
Columbia Cent CLO 31 Ltd. 144A

	Par (000’s		)	Value
5.87% (Term SOFR USD 3 Month+1.60%), 04/20/34	$	5,740		$	5,733,537
Columbia Cent CLO 32 Ltd. 144A 6.33% (Term SOFR USD 3 Month+2.05%), 07/24/34		4,000			4,004,472
7.45% (Term SOFR USD 3 Month+3.17%), 07/24/34		10,000			10,029,350
Columbia Cent CLO 34 Ltd. 144A 6.09% (Term SOFR USD 3 Month+1.65%), 01/25/38		12,000			12,029,436
6.29% (Term SOFR USD 3 Month+1.85%), 01/25/38		2,300			2,307,795
Columbia Cent CLO 35 Ltd. 144A 6.07% (Term SOFR USD 3 Month+1.75%), 07/25/36		7,500			7,509,375
6.32% (Term SOFR USD 3 Month+2.00%), 07/25/36		1,500			1,503,750
Creeksource 2024-1 Dunes Creek CLO Ltd. 144A 5.98% (Term SOFR USD 3 Month+1.65%), 01/15/38		3,500			3,509,800
Dryden 104 CLO Ltd. 144A 5.92% (Term SOFR USD 3 Month+1.60%), 08/20/34		1,075			1,075,779
Dryden 113 CLO Ltd. 144A 7.36% (Term SOFR USD 3 Month+3.10%), 10/15/37		3,900			3,905,815
Dryden 61 CLO Ltd. 144A 5.84% (Term SOFR USD 3 Month+1.58%), 01/17/32		10,375			10,394,360
Dryden 64 CLO Ltd. 144A 5.50% (Term SOFR USD 3 Month+1.23%), 04/18/31		491			491,996
Dryden 80 CLO Ltd. 144A 6.43% (Term SOFR USD 3 Month+2.15%), 01/17/33		1,250			1,251,485
Dryden 95 CLO Ltd. 144A 7.37% (Term SOFR USD 3 Month+3.05%), 08/20/34		5,275			5,265,969
Fort Washington CLO 2019-1 144A 5.97% (Term SOFR USD 3 Month+1.70%), 10/20/37		5,500			5,516,049

See Notes to Financial Statements

	Par (000’s		)	Value
Generate CLO 22 Ltd. 144A 1.00% (Term SOFR USD 3 Month+1.75%), 07/20/38	$	12,000		$	12,015,000
Generate CLO 9 Ltd. 144A 6.02% (Term SOFR USD 3 Month+1.75%), 01/20/38		10,000			10,030,560
Halseypoint CLO 7 Ltd. 144A 6.49% (Term SOFR USD 3 Month+2.20%), 07/20/38		1,200			1,203,000
ICG US CLO 2021-3 Ltd. 144A 6.37% (Term SOFR USD 3 Month+2.10%), 10/20/34		6,000			6,014,772
KKR CLO 24 Ltd. 144A 5.61% (Term SOFR USD 3 Month+1.34%), 04/20/32		2,553			2,555,305
KKR CLO 27 Ltd. 144A 10.51% (Term SOFR USD 3 Month+6.25%), 01/15/35		1,000			990,124
KKR CLO 28 Ltd. 144A 6.36% (Term SOFR USD 3 Month+2.10%), 02/09/35		8,000			8,019,816
6.96% (Term SOFR USD 3 Month+2.70%), 02/09/35		1,500			1,504,031
KKR CLO 30 Ltd. 144A 6.13% (Term SOFR USD 3 Month+1.85%), 04/17/37		2,500			2,507,305
KKR CLO 36 Ltd. 144A 6.22% (Term SOFR USD 3 Month+1.96%), 10/15/34		5,000			5,006,020
KKR CLO 37 Ltd. 144A 5.89% (Term SOFR USD 3 Month+1.65%), 04/20/38		15,700			15,721,007
KKR CLO 40 Ltd. 144A 5.97% (Term SOFR USD 3 Month+1.70%), 10/20/34		6,350			6,357,017
LCM 29 Ltd. 144A 5.59% (Term SOFR USD 3 Month+1.33%), 04/15/31		3,038			3,039,101
LCM 39 Ltd. 144A 6.26% (Term SOFR USD 3 Month+2.00%), 10/15/34		14,250			14,261,742
7.51% (Term SOFR USD 3 Month+3.25%), 10/15/34		2,675			2,677,723

	Par (000’s		)	Value
11.26% (Term SOFR USD 3 Month+7.00%), 10/15/34	$	1,250		$	1,251,309
LCM 40 Ltd. 144A 6.41% (Term SOFR USD 3 Month+2.15%), 01/15/38		13,200			13,263,677
11.76% (Term SOFR USD 3 Month+7.50%), 01/15/38		1,500			1,448,934
LCM 41 Ltd. 144A 6.01% (Term SOFR USD 3 Month+1.70%), 04/15/36		3,300			3,304,125
7.91% (Term SOFR USD 3 Month+3.60%), 04/15/36		1,850			1,856,938
Madison Park Funding LXIII Ltd. 144A 6.47% (Term SOFR USD 3 Month+2.15%), 07/21/38		2,000			2,019,338
MidOcean Credit CLO X 144A 5.88% (Term SOFR USD 3 Month+1.60%), 10/23/34		1,400			1,400,645
6.23% (Term SOFR USD 3 Month+1.95%), 10/23/34		2,650			2,652,454
MidOcean Credit CLO XI Ltd. 144A 5.77% (Term SOFR USD 3 Month+1.50%), 01/18/36		4,500			4,502,732
Neuberger Berman Loan Advisers CLO 38 Ltd. 144A 5.67% (Term SOFR USD 3 Month+1.40%), 10/20/36		26,700			26,703,284
Neuberger Berman Loan Advisers CLO 42 Ltd. 144A 5.66% (Term SOFR USD 3 Month+1.40%), 07/16/36		22,500			22,500,630
Ocean Trails CLO XI 144A 5.82% (Term SOFR USD 3 Month+1.55%), 07/20/34		9,800			9,742,317
OCP CLO 2019-17 Ltd. 144A 5.67% (Term SOFR USD 3 Month+1.40%), 07/20/37		5,950			5,969,439
Octagon 54 Ltd. 144A 5.64% (Term SOFR USD 3 Month+1.38%), 07/15/34		5,900			5,903,416
Octagon 64 Ltd. 144A 6.02% (Term SOFR USD 3 Month+1.70%), 07/21/37		25,000			25,024,625

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Octagon Investment Partners 28 Ltd. 144A 6.00% (Term SOFR USD 3 Month+1.72%), 04/24/37	$	2,500		$	2,505,770
Octagon Investment Partners 43 Ltd. 144A 6.13% (Term SOFR USD 3 Month+1.85%), 10/25/32		5,000			5,006,825
Octagon Investment Partners 46 Ltd. 144A 5.68% (Term SOFR USD 3 Month+1.42%), 07/15/36		10,000			10,012,250
OZLM Funding II Ltd. 144A 5.48% (Term SOFR USD 3 Month+1.20%), 07/30/31		3,182			3,182,637
OZLM XIV Ltd. 144A 6.10% (Term SOFR USD 3 Month+1.84%), 01/15/38		16,400			16,444,165
OZLM XIX Ltd. 144A 5.61% (Term SOFR USD 3 Month+1.35%), 01/15/35		16,625			16,634,526
6.31% (Term SOFR USD 3 Month+2.05%), 01/15/35		3,125			3,128,109
7.76% (Term SOFR USD 3 Month+3.50%), 01/15/35		10,000			10,015,370
OZLM XV Ltd. 144A 5.49% (Term SOFR USD 3 Month+1.22%), 04/20/33		10,600			10,609,084
OZLM XXII Ltd. 144A 5.61% (Term SOFR USD 3 Month+1.33%), 01/17/31		149			148,733
Palmer Square CLO 2023-2 Ltd. 144A 6.53% (Term SOFR USD 3 Month+2.20%), 07/20/38		2,000			2,020,646
Park Blue CLO 2024-V Ltd. 144A 5.76% (Term SOFR USD 3 Month+1.48%), 07/25/37		5,100			5,113,556
Polus US CLO II Ltd. 144A 9.03% (Term SOFR USD 3 Month+4.75%), 07/20/38		2,000			2,003,940
Riserva CLO Ltd. 144A 5.88% (Term SOFR USD 3 Month+1.61%), 01/18/34		2,540			2,544,958
Rockford Tower CLO 2019-2 Ltd. 144A

	Par (000’s		)	Value
6.32% (Term SOFR USD 3 Month+2.00%), 08/20/32	$	3,000		$	3,003,819
Rockford Tower CLO 2020-1 Ltd. 144A 6.17% (Term SOFR USD 3 Month+1.90%), 01/20/36		8,650			8,656,799
Rockford Tower CLO 2021-3 Ltd. 144A 5.91% (Term SOFR USD 3 Month+1.65%), 01/15/38		13,500			13,534,047
Rockford Tower CLO 2022-3 Ltd. 144A 5.71% (Term SOFR USD 3 Month+1.44%), 07/20/37		12,000			12,030,024
RR 15 Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.36%), 04/15/36		31,500			31,533,043
5.97% (Term SOFR USD 3 Month+1.71%), 04/15/36		5,065			5,078,260
RR 16 Ltd. 144A 6.17% (Term SOFR USD 3 Month+1.91%), 07/15/36		5,000			5,006,755
RR 20 Ltd. 144A 5.81% (Term SOFR USD 3 Month+1.55%), 07/15/37		22,000			22,024,090
Sagard-Halseypoint CLO 8 Ltd. 144A 5.70% (Term SOFR USD 3 Month+1.39%), 01/30/38		14,500			14,529,232
Sculptor CLO XXVI Ltd. 144A 6.12% (Term SOFR USD 3 Month+1.85%), 01/20/38		1,725			1,729,797
Sculptor CLO XXVIII Ltd. 144A 6.22% (Term SOFR USD 3 Month+1.95%), 01/20/35		9,000			8,992,026
Sculptor CLO XXX Ltd. 144A 6.32% (Term SOFR USD 3 Month+2.05%), 07/20/38		2,000			2,005,000
Signal Peak CLO 10 Ltd. 144A 5.73% (Term SOFR USD 3 Month+1.45%), 01/24/38		4,000			3,996,804
Signal Peak CLO 4 Ltd. 144A 6.29% (Term SOFR USD 3 Month+2.01%), 10/26/34		1,450			1,451,968
7.74% (Term SOFR USD 3 Month+3.46%), 10/26/34		7,400			7,175,921

See Notes to Financial Statements

	Par (000’s		)	Value
Signal Peak CLO 9 Ltd. 144A 5.63% (Term SOFR USD 3 Month+1.36%), 01/21/38	$	5,275		$	5,301,000
6.02% (Term SOFR USD 3 Month+1.75%), 01/21/38		6,950			6,973,713
Silver Point CLO 9 Ltd. 144A 6.09% (Term SOFR USD 3 Month+1.80%), 03/31/38		5,000			5,007,660
Silver Rock CLO II Ltd. 144A 5.87% (Term SOFR USD 3 Month+1.60%), 01/20/35		21,000			21,001,176
6.37% (Term SOFR USD 3 Month+2.10%), 01/20/35		2,000			2,000,520
Sound Point CLO 2025-2 Ltd. 144A 8.60% (Term SOFR USD 3 Month+4.30%), 04/15/38		2,875			2,899,768
Sound Point CLO 2025R-1 Ltd. 144A 5.97% (Term SOFR USD 3 Month+1.65%), 02/20/38		10,200			10,224,133
6.42% (Term SOFR USD 3 Month+2.10%), 02/20/38		1,000			1,004,294
Sound Point CLO XVIII Ltd. 144A 5.65% (Term SOFR USD 3 Month+1.38%), 01/21/31		1,818			1,820,097
Sound Point CLO XXIII Ltd. 144A 5.69% (Term SOFR USD 3 Month+1.43%), 07/15/34		1,000			1,000,746
Sound Point CLO XXVI Ltd. 144A 5.70% (Term SOFR USD 3 Month+1.43%), 07/20/34		1,100			1,100,887
6.18% (Term SOFR USD 3 Month+1.91%), 07/20/34		10,510			10,518,723
Sound Point CLO XXXI Ltd. 144A 7.79% (Term SOFR USD 3 Month+3.51%), 10/25/34		2,250			2,164,541
Sound Point CLO XXXIII Ltd. 144A 6.18% (Term SOFR USD 3 Month+1.90%), 04/25/35		9,900			9,908,346
Sycamore Tree CLO 2021-1 Ltd. 144A

	Par (000’s		)	Value
5.66% (Term SOFR USD 3 Month+1.39%), 01/20/38	$	11,000		$	11,021,901
Symphony CLO 42 Ltd. 144A 5.81% (Term SOFR USD 3 Month+1.53%), 04/17/37		10,600			10,628,503
TCI-Symphony CLO 2017-1 Ltd. 144A 5.45% (Term SOFR USD 3 Month+1.19%), 07/15/30		1,310			1,311,987
TCW CLO 2017-1A Ltd. 144A 5.73% (Term SOFR USD 3 Month+1.45%), 10/29/34		8,000			8,003,640
TCW CLO 2019-1 AMR Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.30%), 08/16/34		2,300			2,303,512
6.28% (Term SOFR USD 3 Month+1.95%), 08/16/34		9,150			9,160,230
8.26% (Term SOFR USD 3 Month+3.93%), 08/16/34		3,200			3,154,346
TCW CLO 2020-1 Ltd. 144A 6.27% (Term SOFR USD 3 Month+2.00%), 04/20/34		4,200			4,210,500
TCW CLO 2021-1 Ltd. 144A 6.37% (Term SOFR USD 3 Month+2.10%), 01/20/38		8,200			8,241,197
TCW CLO 2023-1 Ltd. 144A 6.09% (Term SOFR USD 3 Month+1.75%), 03/31/38		2,000			2,002,500
TIAA CLO I Ltd. 144A 5.52% (Term SOFR USD 3 Month+1.25%), 07/20/31		4,071			4,072,914
TICP CLO VII Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 04/15/33		3,700			3,704,984
Trinitas CLO XIV Ltd. 144A 5.82% (Term SOFR USD 3 Month+1.54%), 01/25/34		6,750			6,750,864
6.68% (Term SOFR USD 3 Month+2.40%), 01/25/34		11,500			11,526,335
Trinitas CLO XIX Ltd. 144A 5.38% (Term SOFR USD 3 Month+1.11%), 10/20/33		31,000			30,963,853
7.22% (Term SOFR USD 3 Month+2.95%), 10/20/33		7,000			7,012,579

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Trinitas CLO XVII Ltd. 144A 6.23% (Term SOFR USD 3 Month+1.96%), 10/20/34	$	1,500		$	1,501,521
Trinitas CLO XX Ltd. 144A 5.77% (Term SOFR USD 3 Month+1.50%), 07/20/35		17,000			16,900,278
Voya CLO 2016-3 Ltd. 144A 5.97% (Term SOFR USD 3 Month+1.70%), 10/18/31		6,040			6,045,768
Voya CLO 2018-1 Ltd. 144A 5.48% (Term SOFR USD 3 Month+1.21%), 04/19/31		2,258			2,258,435
Whitebox CLO III Ltd. 144A 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/35		2,100			2,103,436
Wind River 2023-1 CLO Ltd. 144A

	Par (000’s		)	Value
6.36% (Term SOFR USD 3 Month+2.05%), 07/25/38	$	1,000		$	1,004,958
Wind River 2024-1 CLO Ltd. 144A 5.87% (Term SOFR USD 3 Month+1.60%), 04/20/37		10,000			10,032,030
Total Collateralized Loan Obligations (Cost: $1,013,222,102)					1,014,999,689

SHORT-TERM INVESTMENTS: 3.2% United States Treasury Obligations: 3.2% (Cost: $33,448,201)
United States Treasury Bills
4.22%, 07/24/25		10,500,000			10,472,093
4.23%, 07/10/25		23,000,000			22,975,927
					33,448,020
Total Investments: 99.5% (Cost: $1,046,670,303)					1,048,447,709
Other assets less liabilities: 0.5%					5,699,320
NET ASSETS: 100.0%				$	1,054,147,029

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

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. These securities have an aggregate value of $1,014,999,689, or 96.3% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Collateralized Loan Obligations	$	—	$	1,014,999,689	$	—	$	1,014,999,689
United States Treasury Obligations		—		33,448,020		—		33,448,020
Total Investments	$	—	$	1,048,447,709	$	—	$	1,048,447,709

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.7%
Capital Goods: 0.7%
IndiaMart InterMesh Ltd. 144A		2,522	$	76,439
Zen Technologies Ltd.		4,041		93,435
				169,874
Commercial & Professional Services: 2.8%
Computer Age Management Services Ltd.		4,516		225,931
Firstsource Solutions Ltd.		24,191		105,642
L&T Technology Services Ltd. 144A		1,837		94,333
WNS Holdings Ltd. *		3,222		203,759
				629,665
Consumer Durables & Apparel: 2.7%
Dixon Technologies India Ltd.		3,368		588,731

Consumer Services: 11.1%
Eternal Ltd. *		396,167		1,220,114
MakeMyTrip Ltd. *		5,322		521,662
Swiggy Ltd. *		152,602		712,506
				2,454,282
Energy: 8.2%
Reliance Industries Ltd. 144A (GDR)		25,663		1,789,531

Financial Services: 10.4%
Angel One Ltd.		4,956		169,124
IIFL Finance Ltd. *		21,343		117,706
Indian Energy Exchange Ltd. 144A		39,908		89,917
Jio Financial Services Ltd. *		272,733		1,040,344
Kfin Technologies Ltd.		7,702		121,135
Motilal Oswal Financial Services Ltd.		14,232		144,554
Multi Commodity Exchange of India Ltd.		2,282		238,183
One 97 Communications Ltd. *		34,376		370,230
				2,291,193
Health Care Equipment & Services: 0.5%
Inventurus Knowledge Solutions Ltd. *		5,642		105,979

Insurance: 3.3%
PB Fintech Ltd. *		33,978		722,258

	Number of Shares		Value
Media & Entertainment: 3.5%
Affle 3i Ltd. *		5,775	$	134,597
Info Edge India Ltd.		36,691		637,015
				771,612
Software & Services: 40.4%
Birlasoft Ltd.		13,198		66,732
Coforge Ltd.		24,437		548,463
Cyient Ltd.		7,202		108,235
HCL Technologies Ltd.		64,522		1,300,891
Infosys Ltd. (ADR)		81,446		1,509,194
KPIT Technologies Ltd.		15,274		224,221
LTIMindtree Ltd. 144A		6,496		402,921
Mphasis Ltd.		7,992		265,326
Oracle Financial Services Software Ltd.		2,143		224,622
Persistent Systems Ltd.		9,857		694,768
Tata Consultancy Services Ltd.		34,667		1,399,869
Tata Elxsi Ltd.		3,186		234,439
Tata Technologies Ltd.		14,451		119,837
Tech Mahindra Ltd.		49,184		967,879
Wipro Ltd. (ADR)		258,460		780,549
Zensar Technologies Ltd.		9,337		91,732
				8,939,678
Technology Hardware & Equipment: 1.9%
Kaynes Technology India Ltd. *		2,458		174,981
Redington Ltd.		47,128		178,842
Tejas Networks Ltd. 144A		7,409		61,839
				415,662
Telecommunication Services: 14.2%
Bharti Airtel Ltd.		79,634		1,866,944
Bharti Hexacom Ltd.		6,850		155,778
HFCL Ltd.		73,792		74,523
Indus Towers Ltd. *		120,482		590,933
Tata Communications Ltd.		10,673		210,434
Vodafone Idea Ltd. *		2,473,957		214,226
				3,112,838
Transportation: 1.0%
Delhivery Ltd. *		48,384		216,074
Total Common Stocks (Cost: $17,652,801)				22,207,377
Total Investments: 100.7% (Cost: $17,652,801)				22,207,377
Liabilities in excess of other assets: (0.7)%				(153,785)
NET ASSETS: 100.0%			$	22,053,592

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,514,980, or 11.4% of net assets.

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	169,874	$	—	$	169,874
Commercial & Professional Services		203,759		425,906		—		629,665
Consumer Durables & Apparel		—		588,731		—		588,731
Consumer Services		521,662		1,932,620		—		2,454,282
Energy		—		1,789,531		—		1,789,531
Financial Services		—		2,291,193		—		2,291,193
Health Care Equipment & Services		—		105,979		—		105,979
Insurance		—		722,258		—		722,258
Media & Entertainment		—		771,612		—		771,612
Software & Services		2,289,743		6,649,935		—		8,939,678
Technology Hardware & Equipment		—		415,662		—		415,662
Telecommunication Services		—		3,112,838		—		3,112,838
Transportation		—		216,074		—		216,074
Total Investments	$	3,015,164	$	19,192,213	$	—	$	22,207,377

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.7%
Automobiles & Components: 4.4%
Eicher Motors Ltd.		84,654	$	5,584,969
Gabriel India Ltd.		32,244		264,134
Pricol Ltd. *		39,881		213,162
				6,062,265
Banks: 23.7%
Bank of Baroda		820,165		2,379,841
Bank of India		514,723		711,713
Bank of Maharashtra		815,105		542,967
ICICI Bank Ltd.		400,280		6,764,629
IDBI Bank Ltd.		3,217,347		3,881,266
Indian Bank		129,454		971,622
Jammu & Kashmir Bank Ltd.		247,449		334,223
Karur Vysya Bank Ltd.		265,912		829,613
Kotak Mahindra Bank Ltd.		257,600		6,499,002
Punjab National Bank		1,749,672		2,254,937
State Bank of India		683,029		6,533,667
Union Bank of India Ltd.		713,841		1,278,774
				32,982,254
Capital Goods: 24.3%
ABB India Ltd.		28,954		2,053,800
Action Construction Equipment Ltd.		19,286		274,238
Balu Forge Industries Ltd.		29,523		244,980
Bharat Electronics Ltd.		1,798,499		8,844,912
Capacit’e Infraprojects Ltd. *		32,252		125,573
Cummins India Ltd.		75,041		2,976,168
Enviro Infra Engineers Ltd. *		42,434		117,083
Force Motors Ltd.		1,323		248,105
GE Vernova T&D India Ltd.		39,266		1,082,302
Hindustan Aeronautics Ltd.		108,136		6,142,451
IndiaMart InterMesh Ltd. 144A		16,867		511,218
Interarch Building Solutions Ltd. *		5,567		142,506
Jupiter Wagons Ltd.		59,516		269,897
Kirloskar Brothers Ltd.		13,481		371,079
Mazagon Dock Shipbuilders Ltd.		23,039		871,624
Olectra Greentech Ltd.		22,791		311,716
Polycab India Ltd.		32,306		2,468,451
Shakti Pumps India Ltd.		26,378		290,862
Suzlon Energy Ltd. *		5,693,159		4,497,956
TD Power Systems Ltd.		50,064		291,718
Triveni Turbine Ltd.		55,243		394,635
Voltamp Transformers Ltd.		4,080		453,196
Zen Technologies Ltd.		23,812		550,572
				33,535,042
Commercial & Professional Services: 0.5%
BLS International Services Ltd.		56,649		243,818
Doms Industries Ltd.		8,739		256,911
EMS Ltd.		13,296		96,618
				597,347
Consumer Discretionary Distribution & Retail: 5.2%
Trent Ltd.		99,791		7,234,485

Consumer Services: 0.0%
TAJGVK Hotels & Resorts Ltd.		7,405		35,250

	Number of Shares		Value
Energy: 4.7%
Coal India Ltd.		1,315,151	$	6,013,975
Great Eastern Shipping Co. Ltd.		45,217		516,496
				6,530,471
Financial Services: 7.1%
Aditya Birla Sun Life Asset Management Co. Ltd.		47,413		442,297
Angel One Ltd.		21,366		729,116
Authum Investment & Infrastucture Ltd.		10,181		312,572
HDFC Asset Management Co. Ltd. 144A		56,580		3,426,798
Kfin Technologies Ltd.		38,546		606,244
Motilal Oswal Financial Services Ltd.		79,980		812,355
Nippon Life India Asset Management Ltd. 144A		89,350		833,909
REC Ltd.		598,458		2,811,891
				9,975,182
Food, Beverage & Tobacco: 0.5%
Godfrey Phillips India Ltd.		7,135		746,952

Health Care Equipment & Services: 0.1%
Yatharth Hospital & Trauma Care Services Ltd. *		29,181		182,202

Materials: 2.5%
Aeroflex Industries Ltd. *		20,229		50,258
Ashapura Minechem Ltd. *		31,777		158,066
Chambal Fertilisers and Chemicals Ltd.		76,670		505,448
Deepak Fertilisers & Petrochemicals Corp. Ltd.		30,927		615,644
Jindal Saw Ltd.		121,537		341,542
National Aluminium Co. Ltd.		279,329		629,458
NMDC Ltd.		1,449,636		1,184,097
				3,484,513
Media & Entertainment: 0.1%
Tips Music Ltd.		22,375		175,599

Pharmaceuticals, Biotechnology & Life Sciences: 8.9%
Caplin Point Laboratories Ltd.		10,101		249,540
Dr. Reddy’s Laboratories Ltd.		446,431		6,688,137
Lupin Ltd.		142,757		3,228,467
Natco Pharma Ltd.		45,596		492,584
Supriya Lifescience Ltd.		16,778		138,743
Zydus Lifesciences Ltd.		137,212		1,584,861
				12,382,332
Real Estate Management & Development: 0.9%
Arkade Developers Ltd. *		35,879		81,373
Ganesh Housing Corp. Ltd.		10,812		125,269
Oberoi Realty Ltd.		42,874		953,266
				1,159,908
Semiconductors & Semiconductor Equipment: 0.8%
Waaree Energies Ltd. *		29,100		1,065,838

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Software & Services: 13.5%
Genesys International Corp. Ltd. *		13,301	$	99,776
HCL Technologies Ltd.		317,958		6,410,661
Infosys Ltd. (ADR)		301,533		5,587,406
KPIT Technologies Ltd.		63,614		933,850
Tata Consultancy Services Ltd.		139,429		5,630,207
				18,661,900
Technology Hardware & Equipment: 0.1%
Netweb Technologies India Ltd.		9,309		200,363

Telecommunication Services: 2.4%
Indus Towers Ltd. *		691,049		3,389,415
Total Common Stocks (Cost: $112,347,353)				138,401,318
Total Investments: 99.7% (Cost: $112,347,353)				138,401,318
Other assets less liabilities: 0.3%				470,682
NET ASSETS: 100.0%			$	138,872,000

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $4,771,925, or 3.4% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	6,062,265	$	—	$	6,062,265
Banks		—		32,982,254		—		32,982,254
Capital Goods		—		33,535,042		—		33,535,042
Commercial & Professional Services		—		597,347		—		597,347
Consumer Discretionary Distribution & Retail		—		7,234,485		—		7,234,485
Consumer Services		—		35,250		—		35,250
Energy		—		6,530,471		—		6,530,471
Financial Services		—		9,975,182		—		9,975,182
Food, Beverage & Tobacco		—		746,952		—		746,952
Health Care Equipment & Services		—		182,202		—		182,202
Materials		—		3,484,513		—		3,484,513
Media & Entertainment		—		175,599		—		175,599
Pharmaceuticals, Biotechnology & Life Sciences		—		12,382,332		—		12,382,332
Real Estate Management & Development		—		1,159,908		—		1,159,908
Semiconductors & Semiconductor Equipment		—		1,065,838		—		1,065,838
Software & Services		5,587,406		13,074,494		—		18,661,900
Technology Hardware & Equipment		—		200,363		—		200,363
Telecommunication Services		—		3,389,415		—		3,389,415
Total Investments	$	5,587,406	$	132,813,912	$	—	$	138,401,318

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 26.4%
Bank Central Asia Tbk PT		4,828,200	$	2,580,901
Bank Jago Tbk PT *		1,054,000		115,315
Bank Mandiri Persero Tbk PT		7,352,604		2,208,607
Bank Negara Indonesia Persero Tbk PT		4,051,264		1,028,225
Bank Rakyat Indonesia Persero Tbk PT		10,736,033		2,475,302
				8,408,350
Capital Goods: 5.7%
Astra International Tbk PT		5,331,600		1,478,530
Jardine Cycle & Carriage Ltd. †		17,188		329,138
				1,807,668
Consumer Discretionary Distribution & Retail: 3.5%
GoTo Gojek Tokopedia Tbk PT *		263,269,100		940,540
Mitra Adiperkasa Tbk PT		2,208,800		160,421
				1,100,961
Consumer Staples Distribution & Retail: 2.4%
Sumber Alfaria Trijaya Tbk PT		5,299,800		780,575

Energy: 12.3%
Adaro Andalan Indonesia PT *		528,600		219,775
AKR Corporindo Tbk PT		1,907,900		136,285
Alamtri Resources Indonesia Tbk PT		4,009,300		452,626
Banpu PCL (NVDR)		2,503,029		309,871
Bukit Asam Tbk PT		1,063,700		161,247
Bumi Resources Tbk PT *		35,293,300		258,752
Dian Swastatika Sentosa Tbk PT *		418,500		1,381,037
Indo Tambangraya Megah Tbk PT		107,400		145,525
Petrindo Jaya Kreasi Tbk PT		457,900		355,034
United Tractors Tbk PT		384,869		508,443
				3,928,595
Financial Services: 0.3%
BFI Finance Indonesia Tbk PT		1,994,500		100,124

Food, Beverage & Tobacco: 7.0%
Charoen Pokphand Indonesia Tbk PT		1,692,100		489,897
First Pacific Co. Ltd.		555,250		393,570
Golden Agri-Resources Ltd.		1,239,800		243,356
Indofood CBP Sukses Makmur Tbk PT		601,700		389,332
Indofood Sukses Makmur Tbk PT		1,192,200		596,970
Japfa Comfeed Indonesia Tbk PT		1,401,100		130,777
				2,243,902
Health Care Equipment & Services: 1.4%
Medikaloka Hermina Tbk PT		2,879,200		251,172
Mitra Keluarga Karyasehat Tbk PT		1,321,797		206,798
				457,970
Household & Personal Products: 0.4%
Unilever Indonesia Tbk PT		1,554,000		138,928

	Number of Shares		Value
Materials: 22.5%
Amman Mineral Internasional PT *		3,741,600	$	1,950,949
Aneka Tambang Tbk		2,284,000		429,796
Avia Avian Tbk PT		4,205,900		108,818
Barito Pacific Tbk PT *		7,382,648		755,511
Bumi Resources Minerals Tbk PT *		16,170,900		396,364
Chandra Asri Pacific Tbk PT		2,584,236		1,572,836
Indah Kiat Pulp & Paper Tbk PT		638,800		226,358
Indocement Tunggal Prakarsa Tbk PT		399,900		131,216
Merdeka Battery Materials Tbk PT *		9,091,300		257,685
Merdeka Copper Gold Tbk PT *		3,721,595		461,347
Nickel Industries Ltd.		601,051		274,287
Pabrik Kertas Tjiwi Kimia Tbk PT		338,200		117,199
Pantai Indah Kapuk Dua Tbk PT		320,900		223,908
Semen Indonesia Persero Tbk PT		898,362		148,876
Vale Indonesia Tbk PT		601,000		127,818
				7,182,968
Media & Entertainment: 0.5%
Elang Mahkota Teknologi Tbk PT		4,834,700		144,253

Pharmaceuticals, Biotechnology & Life Sciences: 1.6%
Kalbe Farma Tbk PT		5,339,200		502,182

Real Estate Management & Development: 1.0%
Bumi Serpong Damai Tbk PT *		1,897,200		91,728
Ciputra Development Tbk PT		2,365,695		139,473
Pakuwon Jati Tbk PT *		4,054,200		93,295
				324,496
Telecommunication Services: 8.4%
Indosat Tbk PT		1,401,300		180,310
Sarana Menara Nusantara Tbk PT		5,125,700		155,905
Telkom Indonesia Persero Tbk PT (ADR) †		121,542		2,058,922
XLSMART Telecom Sejahtera Tbk PT		2,026,375		280,834
				2,675,971
Transportation: 0.7%
Jasa Marga Persero Tbk PT		591,250		132,914
Transcoal Pacific Tbk PT		271,600		92,429
				225,343
Utilities: 5.8%
Barito Renewables Energy Tbk PT		4,359,600		1,579,295
Perusahaan Gas Negara Tbk PT		2,830,600		281,706
				1,861,001
Total Common Stocks (Cost: $41,941,681)				31,883,287

See Notes to Financial Statements

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%
Money Market Fund: 2.3% (Cost: $733,845)
State Street Navigator Securities Lending Government Money Market Portfolio		733,845	$	733,845
Total Investments: 102.2% (Cost: $42,675,526)				32,617,132
Liabilities in excess of other assets: (2.2)%				(706,552)
NET ASSETS: 100.0%			$	31,910,580

Definitions:

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $975,104.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	8,408,350	$	—	$	8,408,350
Capital Goods		—		1,807,668		—		1,807,668
Consumer Discretionary Distribution & Retail		—		1,100,961		—		1,100,961
Consumer Staples Distribution & Retail		—		780,575		—		780,575
Energy		1,600,812		2,327,783		—		3,928,595
Financial Services		100,124		—		—		100,124
Food, Beverage & Tobacco		243,356		2,000,546		—		2,243,902
Health Care Equipment & Services		206,798		251,172		—		457,970
Household & Personal Products		—		138,928		—		138,928
Materials		—		7,182,968		—		7,182,968
Media & Entertainment		—		144,253		—		144,253
Pharmaceuticals, Biotechnology & Life Sciences		—		502,182		—		502,182
Real Estate Management & Development		—		324,496		—		324,496
Telecommunication Services		2,339,756		336,215		—		2,675,971
Transportation		92,429		132,914		—		225,343
Utilities		—		1,861,001		—		1,861,001
Money Market Fund		733,845		—		—		733,845
Total Investments	$	5,317,120	$	27,300,012	$	—	$	32,617,132

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Automobiles & Components: 0.5%
Mobileye Global, Inc. *		28,947	$	520,467

Banks: 24.0%
Bank Hapoalim BM		406,840		7,816,464
Bank Leumi Le-Israel BM		510,150		9,493,870
FIBI Holdings Ltd.		6,042		450,625
First International Bank Of Israel Ltd.		21,170		1,533,816
Israel Discount Bank Ltd.		368,712		3,678,673
Mizrahi Tefahot Bank Ltd.		56,826		3,707,741
				26,681,189
Capital Goods: 5.8%
Ashtrom Group Ltd.		13,121		299,234
Elbit Systems Ltd.		10,519		4,728,290
Electra Ltd.		342		219,665
Kornit Digital Ltd. *		12,688		252,618
Shapir Engineering and Industry Ltd.		36,261		323,399
Shikun & Binui Ltd. *		75,552		379,571
Stratasys Ltd. *		19,202		220,247
				6,423,024
Commercial & Professional Services: 0.6%
Fiverr International Ltd. *		11,072		324,742
Hilan Ltd.		3,818		324,516
				649,258
Consumer Discretionary Distribution & Retail: 1.2%
Global-e Online Ltd. *		39,181		1,314,131

Consumer Durables & Apparel: 0.2%
Delta Galil Ltd.		4,023		213,609

Consumer Services: 0.3%
Fattal Holdings 1998 Ltd. *		1,804		313,763

Consumer Staples Distribution & Retail: 0.7%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,354		323,831
Shufersal Ltd.		36,764		422,653
				746,484
Energy: 1.8%
Delek Group Ltd.		3,711		769,398
Energean PLC †		50,837		634,991
Oil Refineries Ltd.		870,453		234,999
Paz Retail And Energy Ltd.		1,825		333,964
				1,973,352
Financial Services: 2.2%
Isracard Ltd.		72,261		372,509
Payoneer Global, Inc. *		88,036		603,047
Plus500 Ltd.		20,154		938,881
Tel Aviv Stock Exchange Ltd.		28,138		544,700
				2,459,137
Food, Beverage & Tobacco: 0.4%
Strauss Group Ltd.		17,030		467,568

	Number of Shares		Value
Health Care Equipment & Services: 0.8%
Inmode Ltd. *		22,053	$	318,446
Novocure Ltd. *		22,614		402,529
OPKO Health, Inc. *		119,041		157,134
				878,109
Household & Personal Products: 0.6%
Oddity Tech Ltd. *		8,443		637,193

Insurance: 6.1%
Clal Insurance Enterprises Holdings Ltd.		25,181		1,114,142
Harel Insurance Investments & Financial Services Ltd.		45,212		1,266,934
Lemonade, Inc. * †		21,698		950,589
Menora Mivtachim Holdings Ltd.		9,363		738,442
Migdal Insurance & Financial Holdings Ltd.		192,517		530,649
Phoenix Financial Ltd.		77,548		2,245,092
				6,845,848
Materials: 1.5%
ICL Group Ltd. †		172,764		1,188,616
Israel Corp. Ltd.		1,413		472,552
				1,661,168
Media & Entertainment: 0.5%
Perion Network Ltd. *		11,511		116,837
Playtika Holding Corp.		38,055		180,000
Taboola.com Ltd. *		68,152		249,436
				546,273
Pharmaceuticals, Biotechnology & Life Sciences: 6.5%
Teva Pharmaceutical Industries Ltd. (ADR) *		432,738		7,252,689

Real Estate Management & Development: 3.8%
Airport City Ltd. *		16,083		295,242
Alony Hetz Properties & Investments Ltd.		38,393		398,136
Amot Investments Ltd.		55,506		376,170
Azrieli Group Ltd.		14,763		1,359,830
Big Shopping Centers Ltd. *		4,206		807,371
Melisron Ltd.		6,372		727,580
Mivne Real Estate KD Ltd.		76,779		287,942
				4,252,271
Semiconductors & Semiconductor Equipment: 4.0%
Camtek Ltd. * †		11,470		969,903
Nova Ltd. * †		6,771		1,863,379
SolarEdge Technologies, Inc. * †		17,486		356,715
Tower Semiconductor Ltd. *		29,017		1,257,887
				4,447,884
Software & Services: 33.5%
Amdocs Ltd.		32,938		3,005,263
Cellebrite DI Ltd. *		49,547		792,752
Check Point Software Technologies Ltd. *		33,852		7,489,755
CyberArk Software Ltd. *		18,660		7,592,381
Formula Systems 1985 Ltd.		1,867		238,081

See Notes to Financial Statements

	Number of Shares		Value
Software & Services (continued)
JFrog Ltd. *		39,973	$	1,754,015
Matrix IT Ltd.		9,810		341,676
Monday.com Ltd. *		14,213		4,469,704
Nice Ltd. (ADR) * †		22,581		3,814,157
One Software Technologies Ltd.		10,166		262,307
Radware Ltd. *		12,642		372,181
Sapiens International Corp. NV		12,697		371,387
SentinelOne, Inc. *		108,484		1,983,088
Varonis Systems, Inc. *		35,871		1,820,453
Wix.com Ltd. *		19,196		3,041,798
				37,348,998
Technology Hardware & Equipment: 0.6%
Next Vision Stabilized Systems Ltd.		19,109		713,623

Telecommunication Services: 1.0%
Bezeq The Israeli Telecommunication Corp. Ltd.		652,199		1,114,788

Transportation: 0.7%
ZIM Integrated Shipping Services Ltd.		48,868		786,286

	Number of Shares		Value
Utilities: 2.7%
Energix-Renewable Energies Ltd.		73,710	$	272,327
Enlight Renewable Energy Ltd. *		26,120		593,783
Kenon Holdings Ltd.		5,920		244,693
OPC Energy Ltd. *		28,019		341,313
Ormat Technologies, Inc. †		18,704		1,566,647
				3,018,763
Total Common Stocks (Cost: $65,608,403)				111,265,875


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Money Market Fund: 2.0% (Cost: $2,249,320)
State Street Navigator Securities Lending Government Money Market Portfolio		2,249,320		2,249,320
Total Investments: 102.0% (Cost: $67,857,723)				113,515,195
Liabilities in excess of other assets: (2.0)%				(2,194,043)
NET ASSETS: 100.0%			$	111,321,152

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,406,277.

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	520,467	$	—	$	—	$	520,467
Banks		—		26,681,189		—		26,681,189
Capital Goods		5,201,155		1,221,869		—		6,423,024
Commercial & Professional Services		324,742		324,516		—		649,258
Consumer Discretionary Distribution & Retail		1,314,131		—		—		1,314,131
Consumer Durables & Apparel		—		213,609		—		213,609
Consumer Services		—		313,763		—		313,763
Consumer Staples Distribution & Retail		—		746,484		—		746,484
Energy		634,991		1,338,361		—		1,973,352
Financial Services		603,047		1,856,090		—		2,459,137
Food, Beverage & Tobacco		—		467,568		—		467,568
Health Care Equipment & Services		878,109		—		—		878,109
Household & Personal Products		637,193		—		—		637,193
Insurance		950,589		5,895,259		—		6,845,848
Materials		1,188,616		472,552		—		1,661,168
Media & Entertainment		546,273		—		—		546,273
Pharmaceuticals, Biotechnology & Life Sciences		7,252,689		—		—		7,252,689
Real Estate Management & Development		—		4,252,271		—		4,252,271
Semiconductors & Semiconductor Equipment		4,447,884		—		—		4,447,884
Software & Services		36,506,934		842,064		—		37,348,998
Technology Hardware & Equipment		—		713,623		—		713,623
Telecommunication Services		—		1,114,788		—		1,114,788
Transportation		786,286		—		—		786,286
Utilities		1,566,647		1,452,116		—		3,018,763
Money Market Fund		2,249,320		—		—		2,249,320
Total Investments	$	65,609,073	$	47,906,122	$	—	$	113,515,195

See Notes to Financial Statements

VANECK OFFICE AND COMMERCIAL REIT ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.2%
Real Estate Investment Trusts: 99.2%
American Assets Trust, Inc.		2,983	$	58,914
Brandywine Realty Trust		9,064		38,885
BXP, Inc.		3,306		223,057
COPT Defense Properties		3,820		105,356
Cousins Properties, Inc.		7,374		221,441
Douglas Emmett, Inc.		7,258		109,160
Easterly Government Properties, Inc.		2,475		54,945
EastGroup Properties, Inc.		199		33,257
Empire State Realty Trust, Inc.		8,325		67,349
Highwoods Properties, Inc.		3,458		107,509
Hudson Pacific Properties, Inc. *		21,923		60,069
JBG SMITH Properties		3,103		53,682
Kilroy Realty Corp. †		5,666		194,400
Kimco Realty Corp.		2,506		52,676
Net Lease Office Properties *		937		30,499
Paramount Group, Inc. *		12,084		73,712
Piedmont Realty Trust, Inc.		8,094		59,005
Prologis, Inc.		890		93,557

	Number of Shares		Value
Real Estate Investment Trusts (continued)
Realty Income Corp.		1,671	$	96,266
Regency Centers Corp.		400		28,492
Rexford Industrial Realty, Inc.		704		25,041
Simon Property Group, Inc.		604		97,099
SL Green Realty Corp.		3,402		210,584
Vornado Realty Trust		5,879		224,814
WP Carey, Inc.		820		51,152
Total Common Stocks (Cost: $2,428,946)				2,370,921


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.3%
Money Market Fund: 6.3% (Cost: $151,640)
State Street Navigator Securities Lending Government Money Market Portfolio		151,640		151,640
Total Investments: 105.5% (Cost: $2,580,586)				2,522,561
Liabilities in excess of other assets: (5.5)%				(132,487)
NET ASSETS: 100.0%			$	2,390,074

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $146,264.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	2,370,921	$	—	$	—	$	2,370,921
Money Market Fund		151,640		—		—		151,640
Total Investments	$	2,522,561	$	—	$	—	$	2,522,561

* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 11.4%
Bank for Foreign Trade of Vietnam JSC *		11,324,101	$	24,717,910
Nam A Commercial JSB *		7,434,800		4,767,812
Saigon - Hanoi Commercial Joint Stock Bank		21,234,425		10,492,455
Vietnam Export Import Commercial JSB		9,369,029		8,191,721
				48,169,898
Capital Goods: 8.1%
Development Investment Construction JSC *		5,377,649		3,647,351
Gelex Group JSC		6,808,142		9,753,033
Ha Do Group JSC *		2,147,356		2,086,881
Hoang Huy Investment Financial Services JSC *		5,300,020		4,063,601
IDICO Corp. JSC		2,043,310		3,466,748
Tasco JSC *		8,460,300		4,178,246
Vietnam Construction and Import-Export JSC		5,252,919		4,435,317
Viettel Construction JSC		641,400		2,523,949
				34,155,126
Energy: 1.7%
PetroVietnam Drilling & Well Services JSC *		4,516,688		3,465,717
PetroVietnam Technical Services Corp.		3,143,500		3,959,387
				7,425,104
Financial Services: 17.2%
FPT Securities JSC		3,449,934		4,991,222
Sai Gon-Ha Noi Securities JSC		7,267,824		3,589,324
SSI Securities Corp.		24,604,639		23,299,335
Vietcap Securities JSC		9,724,935		13,331,408
VIX Securities JSC *		26,664,406		13,043,697
VNDirect Securities Corp.		21,793,325		14,376,143
				72,631,129
Food, Beverage & Tobacco: 18.0%
BAF Viet Nam Agriculture JSC *		2,764,600		3,725,576
HAGL JSC *		9,410,100		4,665,332
KIDO Group Corp.		1,794,436		3,949,754
Masan Group Corp. *		7,234,476		21,279,816
Saigon Beer Alcohol Beverage Corp.		2,481,000		4,465,128
Thanh Thanh Cong - Bien Hoa JSC *		6,776,018		5,126,901
Vietnam Dairy Products JSC		12,379,141		27,487,612
Vinh Hoan Corp.		2,214,760		5,064,268
				75,764,387
Insurance: 0.9%
Bao Viet Holdings		1,866,596		3,802,269

	Number of Shares		Value
Materials: 11.7%
Duc Giang Chemicals JSC		2,498,032	$	9,737,947
Hoa Phat Group JSC *		33,834,699		29,481,910
Hoa Sen Group		4,805,201		3,057,777
PetroVietNam Ca Mau Fertilizer JSC		2,458,200		3,171,948
Petrovietnam Fertilizer & Chemicals JSC		2,574,200		3,795,251
				49,244,833
Real Estate Management & Development: 28.3%
CEO Group JSC *		4,704,705		3,224,066
Dat Xanh Group JSC *		5,124,965		3,322,465
Khang Dien House Trading and Investment JSC *		2,738,466		3,085,336
Kinh Bac City Development Holding Corp. *		4,603,900		4,725,070
Novaland Investment Group Corp. *		16,222,258		9,408,978
Phat Dat Real Estate Development Corp. *		6,845,136		4,738,246
Sai Gon VRG Investment Corp.		1,792,400		4,738,407
Van Phu Real Estate Development JSC *		2,290,552		4,673,970
Vincom Retail JSC *		13,627,922		12,865,743
Vingroup JSC *		9,323,849		34,132,700
Vinhomes JSC 144A *		11,664,867		34,285,561
				119,200,542
Transportation: 1.5%
Vietjet Aviation JSC *		1,885,940		6,363,168

Utilities: 1.1%
PetroVietnam Power Corp. *		9,061,510		4,512,190

Total Common Stocks (Cost: $312,456,654)				421,268,646


RIGHTS: 0.0% (Cost: $0)
Capital Goods: 0.0%
Tasco JSC, VND 10,000.00, exp. 08/20/25*		8,571,500		190,328


EXCHANGE TRADED FUND: 0.0% (Cost: $42,158)
DCVFMVN Diamond ETF		62,610		79,076

Total Investments: 99.9% (Cost: $312,498,812)				421,538,050
Other assets less liabilities: 0.1%				219,017
NET ASSETS: 100.0%			$	421,757,067

Definitions:

VND	Vietnam Dong

See Notes to Financial Statements

Footnotes:

*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $34,285,561, or 8.1% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	48,169,898	$	—	$	48,169,898
Capital Goods		4,178,246		29,976,880		—		34,155,126
Energy		3,959,387		3,465,717		—		7,425,104
Financial Services		3,589,324		69,041,805		—		72,631,129
Food, Beverage & Tobacco		35,878,520		39,885,867		—		75,764,387
Insurance		—		3,802,269		—		3,802,269
Materials		—		49,244,833		—		49,244,833
Real Estate Management & Development		17,307,014		101,893,528		—		119,200,542
Transportation		—		6,363,168		—		6,363,168
Utilities		—		4,512,190		—		4,512,190
Rights *		—		190,328		—		190,328
Exchange Traded Fund		79,076		—		—		79,076
Total Investments	$	64,991,567	$	356,546,483	$	—	$	421,538,050

* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	AA-BB CLO ETF		Africa Index ETF			Brazil Small-Cap ETF			ChiNext ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	105,717,888	$	51,755,270		$	20,033,719		$	27,400,463
Short-term investments held as collateral for securities loaned (3)		—		417,955			121,947			—
Cash		922,888		59,747			—			74,502
Cash denominated in foreign currency, at value (4)		—		353			9,097			12,990
Receivables:
Investment securities sold		—		242,869			—			—
Due from Adviser		—		—			3,089			3,342
Dividends and interest		1,321,110		128,153			93,756			—
Prepaid expenses		—		226			141			79
Other assets		—		5,435			8,768			478
Total assets		107,961,886		52,610,008			20,270,517			27,491,854
Liabilities:
Payables:
Investment securities purchased		1,000,000		313,773			—			—
Collateral for securities loaned		—		417,955			121,947			—
Due to Adviser		41,639		18,086			—			—
Due to custodian		—		—			21,419			—
Deferred Trustee fees		—		17,432			44,955			1,728
Accrued expenses		—		54,764			48,496			57,048
Accrued foreign taxes		—		36,264			—			—
Total liabilities		1,041,639		858,274			236,817			58,776
NET ASSETS	$	106,920,247	$	51,751,734		$	20,033,700		$	27,433,078
Shares outstanding		2,100,000		2,600,000			1,300,000			950,000
Net asset value, redemption and offering price per share	$	50.91	$	19.90		$	15.41		$	28.88
Net Assets consist of:
Aggregate paid-in capital	$	106,153,424	$	113,444,918		$	187,517,826		$	38,029,343
Total distributable earnings (loss)		766,823		(61,693,184	)		(167,484,126	)		(10,596,265	)
NET ASSETS	$	106,920,247	$	51,751,734		$	20,033,700		$	27,433,078
(1) Includes Investment in securities on loan, at market value	$	—	$	4,878,152		$	914,626		$	—
(2) Cost of investments - Unaffiliated issuers	$	105,670,174	$	39,985,117		$	17,186,414		$	25,762,693
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	417,955		$	121,947		$	—
(4) Cost of cash denominated in foreign currency	$	—	$	649		$	9,011		$	12,969

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	CLO ETF		Digital India ETF		India Growth Leaders ETF (a)			Indonesia Index ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,048,447,709	$	22,207,377	$	138,401,318		$	31,883,287
Short-term investments held as collateral for securities loaned (3)		—		—		—			733,845
Cash		505,083		259,774		69,178			384
Cash denominated in foreign currency, at value (4)		—		38,085		583,018			—
Receivables:
Shares of beneficial interest sold		10,594,158		—		—			—
Dividends and interest		12,427,756		21,923		248,643			224,246
Prepaid expenses		—		—		164			150
Other assets		—		—		3,913			7,429
Total assets		1,071,974,706		22,527,159		139,306,234			32,849,341
Liabilities:
Payables:
Investment securities purchased		17,485,382		88,574		—			—
Collateral for securities loaned		—		—		—			733,845
Line of credit		—		—		—			105,036
Due to Adviser		342,295		12,329		47,672			5,485
Deferred Trustee fees		—		—		19,873			38,315
Accrued expenses		—		—		69,340			56,080
Accrued foreign taxes		—		372,664		297,349			—
Total liabilities		17,827,677		473,567		434,234			938,761
NET ASSETS	$	1,054,147,029	$	22,053,592	$	138,872,000		$	31,910,580
Shares outstanding		19,900,000		500,000		2,874,967			2,200,000
Net asset value, redemption and offering price per share	$	52.97	$	44.11	$	48.30		$	14.50
Net Assets consist of:
Aggregate paid-in capital	$	1,046,662,087	$	17,956,236	$	190,089,110		$	172,260,755
Total distributable earnings (loss)		7,484,942		4,097,356		(51,217,110	)		(140,350,175	)
NET ASSETS	$	1,054,147,029	$	22,053,592	$	138,872,000		$	31,910,580
(1) Includes Investment in securities on loan, at market value	$	—	$	—	$	—		$	975,104
(2) Cost of investments - Unaffiliated issuers	$	1,046,670,303	$	17,652,801	$	112,347,353		$	41,941,681
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	—	$	—		$	733,845
(4) Cost of cash denominated in foreign currency	$	—	$	37,749	$	585,011		$	—


(a)	Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Israel ETF		Office and Commercial REIT ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	111,265,875	$	2,370,921		$	421,538,050
Short-term investments held as collateral for securities loaned (3)		2,249,320		151,640			—
Cash		79,658		9,576			2,042
Cash denominated in foreign currency, at value (4)		27		—			957,295
Receivables:
Investment securities sold		—		36,188			5,462,002
Dividends and interest		64,850		11,549			1,142,345
Federal and State income taxes		—		187			—
Prepaid expenses		331		—			797
Other assets		2,258		—			25,368
Total assets		113,662,319		2,580,061			429,127,899
Liabilities:
Payables:
Investment securities purchased		—		37,340			—
Shares of beneficial interest redeemed		—		—			5,470,656
Collateral for securities loaned		2,249,320		151,640			—
Line of credit		—		—			1,349,755
Due to Adviser		39,049		1,007			170,990
Deferred Trustee fees		6,355		—			71,410
Accrued expenses		46,443		—			308,021
Total liabilities		2,341,167		189,987			7,370,832
NET ASSETS	$	111,321,152	$	2,390,074		$	421,757,067
Shares outstanding		2,150,000		60,000			30,500,000
Net asset value, redemption and offering price per share	$	51.78	$	39.83		$	13.83
Net Assets consist of:
Aggregate paid-in capital	$	81,509,561	$	2,416,200		$	719,134,267
Total distributable earnings (loss)		29,811,591		(26,126	)		(297,377,200	)
NET ASSETS	$	111,321,152	$	2,390,074		$	421,757,067
(1) Includes Investment in securities on loan, at market value	$	4,406,277	$	146,264		$	—
(2) Cost of investments - Unaffiliated issuers	$	65,608,403	$	2,428,946		$	312,498,812
(3) Cost of short-term investments held as collateral for securities loaned	$	2,249,320	$	151,640		$	—
(4) Cost of cash denominated in foreign currency	$	27	$	—		$	956,602

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	AA-BB CLO ETF			Africa Index ETF			Brazil Small-Cap ETF			ChiNext ETF
Income:
Dividends	$	—		$	1,126,035		$	381,313		$	278,737
Interest		3,338,716			3,436			598			10,286
Securities lending income		—			8,651			15,610			—
Net foreign taxes withheld		—			(95,610	)		(13,118	)		(27,874	)
Total income		3,338,716			1,042,512			384,403			261,149
Expenses:
Management fees		201,647			110,885			42,549			72,008
Professional fees		—			23,931			24,049			26,553
Custody and accounting fees		—			36,408			29,710			46,139
Reports to shareholders		—			10,243			7,617			7,464
Trustees’ fees and expenses		—			1,002			1,065			392
Exchange listing fees		—			3,358			3,358			3,364
Insurance		—			549			542			540
Interest		—			947			223			—
Taxes		185			185			185			185
Other		—			971			1,181			3,805
Total expenses		201,832			188,479			110,479			160,450
Expenses assumed by the Adviser		—			(14,365	)		(59,863	)		(66,654	)
Net expenses		201,832			174,114			50,616			93,796
Net investment income		3,136,884			868,398			333,787			167,353

Net realized gain (loss) on:
Investments		71,358			807,582			(1,180,483	)		(2,279,708	)
In-kind redemptions		—			1,048,364			41,849			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(16,053	)		3,348			(3,769	)
Net realized gain (loss)		71,358			1,839,893			(1,135,286	)		(2,283,477	)

Net change in unrealized appreciation (depreciation) on:
Investments		(378,198	)		7,870,574			6,487,604			2,670,389
Foreign currency translations and foreign denominated assets and liabilities		—			542			7,192			65
Net change in unrealized appreciation (depreciation)		(378,198	)		7,871,116			6,494,796			2,670,454
Net increase in net assets resulting from operations	$	2,830,044		$	10,579,407		$	5,693,297		$	554,330

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	CLO ETF			Digital India ETF			India Growth Leaders ETF (a)			Indonesia Index ETF
Income:
Dividends	$	—		$	154,323		$	1,177,208		$	1,056,625
Interest		29,620,701			9,102			5,185			1,487
Securities lending income		—			—			—			1,778
Net foreign taxes withheld		—			(28,460	)		(242,717	)		(154,936	)
Total income		29,620,701			134,965			939,676			904,954
Expenses:
Management fees		1,925,572			83,366			336,106			71,245
Professional fees		—			—			38,648			22,952
Custody and accounting fees		—			—			82,451			20,818
Reports to shareholders		—			—			11,054			7,786
Trustees’ fees and expenses		—			—			13,038			974
Exchange listing fees		—			—			3,358			3,358
Insurance		—			—			1,676			547
Interest		760			130			6,303			180
Taxes		185			185			185			185
Other		—			—			8,560			227
Total expenses		1,926,517			83,681			501,379			128,272
Expenses assumed by the Adviser		—			—			(24,343	)		(46,687	)
Net expenses		1,926,517			83,681			477,036			81,585
Net investment income		27,694,184			51,284			462,640			823,369

Net realized gain (loss) on:
Investments (1)		61,583			(180,889	)		(6,126,598	)		(2,422,599	)
In-kind redemptions		288,491			217,639			348,999			(223,600	)
Foreign currency transactions and foreign denominated assets and liabilities		—			(40,082	)		69,171			(276	)
Net realized gain (loss)		350,074			(3,332	)		(5,708,428	)		(2,646,475	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		(2,136,946	)		(659,579	)		805,721			1,413,252
Foreign currency translations and foreign denominated assets and liabilities		—			587			(479	)		—
Net change in unrealized appreciation (depreciation)		(2,136,946	)		(658,992	)		805,242			1,413,252
Net increase (decrease) in net assets resulting from operations	$	25,907,312		$	(611,040	)	$	(4,440,546	)	$	(409,854	)
(1) Net of foreign taxes	$	—		$	(92,633	)	$	(3,604	)	$	—
(2) Net change in accrued foreign taxes	$	—		$	476,239		$	(297,349	)	$	—

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Israel ETF			Office and Commercial REIT ETF			Vietnam ETF
Income:
Dividends	$	997,250		$	32,965		$	2,939,692
Interest		1,968			55			5,361
Securities lending income		71,435			62			—
Net foreign taxes withheld		(218,849	)		—			—
Total income		851,804			33,082			2,945,053
Expenses:
Management fees		236,167			5,712			989,234
Professional fees		23,265			—			24,324
Custody and accounting fees		28,912			—			204,820
Reports to shareholders		9,516			—			19,631
Trustees’ fees and expenses		1,087			—			6,813
Exchange listing fees		3,359			—			1,976
Insurance		1,345			—			4,255
Interest		292			—			103,816
Taxes		185			243			185
Other		352			—			5,099
Total expenses		304,480			5,955			1,360,153
Expenses assumed by the Adviser		(25,325	)		—			—
Net expenses		279,155			5,955			1,360,153
Net investment income		572,649			27,127			1,584,900

Net realized gain (loss) on:
Investments		(1,298,304	)		(41,167	)		4,177,719
In-kind redemptions		—			73,598			—
Foreign currency transactions and foreign denominated assets and liabilities		(308	)		—			(462,025	)
Net realized gain (loss)		(1,298,612	)		32,431			3,715,694

Net change in unrealized appreciation (depreciation) on:
Investments		18,565,801			(218,551	)		62,162,738
Foreign currency translations and foreign denominated assets and liabilities		163			—			(3,115	)
Net change in unrealized appreciation (depreciation)		18,565,964			(218,551	)		62,159,623
Net increase (decrease) in net assets resulting from operations	$	17,840,001		$	(158,993	)	$	67,460,217

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	AA-BB CLO ETF						Africa Index ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	3,136,884		$	895,028		$	868,398		$	972,114
Net realized gain (loss)		71,358			(61	)		1,839,893			(1,216,838	)
Net change in unrealized appreciation (depreciation)		(378,198	)		425,912			7,871,116			4,450,502
Net increase in net assets resulting from operations		2,830,044			1,320,879			10,579,407			4,205,778
Distributions to shareholders from:
Distributable earnings		(2,494,280	)		(889,820	)		—			—

Share transactions*:
Proceeds from sale of shares		60,912,013			60,300,171			2,847,673			9,433,069
Cost of shares redeemed		(15,058,760	)		—			(4,821,439	)		(12,274,875	)
Net increase (decrease) in net assets resulting from share transactions		45,853,253			60,300,171			(1,973,766	)		(2,841,806	)
Total increase in net assets		46,189,017			60,731,230			8,605,641			1,363,972
Net Assets, beginning of period		60,731,230			—			43,146,093			41,782,121
Net Assets, end of period	$	106,920,247		$	60,731,230		$	51,751,734		$	43,146,093
*Shares of Common Stock Issued (no par value)
Shares sold		1,200,000			1,200,000			150,000			600,000
Shares redeemed		(300,000	)		—			(300,000	)		(800,000	)
Net increase (decrease)		900,000			1,200,000			(150,000	)		(200,000	)


(a)	For the period September 25, 2024 (commencement of operations) through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Brazil Small-Cap ETF						ChiNext ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	333,787		$	778,759		$	167,353		$	102,694
Net realized loss		(1,135,286	)		(1,539,123	)		(2,283,477	)		(4,303,642	)
Net change in unrealized appreciation (depreciation)		6,494,796			(8,832,330	)		2,670,454			(559,901	)
Net increase (decrease) in net assets resulting from operations		5,693,297			(9,592,694	)		554,330			(4,760,849	)
Distributions to shareholders from:
Distributable earnings		—			(650,035	)		—			(48,120	)

Share transactions*:
Proceeds from sale of shares		—			—			—			41,168,856
Cost of shares redeemed		(1,729,431	)		(3,732,846	)		(6,451,892	)		(20,254,902	)
Net increase (decrease) in net assets resulting from share transactions		(1,729,431	)		(3,732,846	)		(6,451,892	)		20,913,954
Total increase (decrease) in net assets		3,963,866			(13,975,575	)		(5,897,562	)		16,104,985
Net Assets, beginning of period		16,069,834			30,045,409			33,330,640			17,225,655
Net Assets, end of period	$	20,033,700		$	16,069,834		$	27,433,078		$	33,330,640
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			—			1,200,000
Shares redeemed		(150,000	)		(250,000	)		(250,000	)		(700,000	)
Net increase (decrease)		(150,000	)		(250,000	)		(250,000	)		500,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CLO ETF						Digital India ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	27,694,184		$	28,689,042		$	51,284		$	51,637
Net realized gain (loss)		350,074			2,167,982			(3,332	)		(118	)
Net change in unrealized appreciation (depreciation)		(2,136,946	)		1,575,429			(658,992	)		4,284,429
Net increase (decrease) in net assets resulting from operations		25,907,312			32,432,453			(611,040	)		4,335,948
Distributions to shareholders from:
Distributable earnings		(23,030,320	)		(30,616,070	)		—			—

Share transactions*:
Proceeds from sale of shares		464,351,495			570,662,000			—			14,415,956
Cost of shares redeemed		(204,748,242	)		(15,684,333	)		(5,097,443	)		—
Net increase (decrease) in net assets resulting from share transactions		259,603,253			554,977,667			(5,097,443	)		14,415,956
Total increase (decrease) in net assets		262,480,245			556,794,050			(5,708,483	)		18,751,904
Net Assets, beginning of period		791,666,784			234,872,734			27,762,075			9,010,171
Net Assets, end of period	$	1,054,147,029		$	791,666,784		$	22,053,592		$	27,762,075
*Shares of Common Stock Issued (no par value)
Shares sold		8,800,000			10,800,000			—			375,000
Shares redeemed		(3,900,000	)		(300,000	)		(125,000	)		—
Net increase (decrease)		4,900,000			10,500,000			(125,000	)		375,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	India Growth Leaders ETF (a)						Indonesia Index ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	462,640		$	775,564		$	823,369		$	1,190,448
Net realized gain (loss)		(5,708,428	)		14,211,235			(2,646,475	)		(2,098,485	)
Net change in unrealized appreciation (depreciation)		805,242			3,011,121			1,413,252			(4,474,539	)
Net increase (decrease) in net assets resulting from operations		(4,440,546	)		17,997,920			(409,854	)		(5,382,576	)
Distributions to shareholders from:
Distributable earnings		—			(5,499,942	)		—			(1,274,950	)

Share transactions*:
Proceeds from sale of shares		4,750,034			45,660,398			3,736,566			51,254,389
Cost of shares redeemed		(14,794,806	)		—			(1,508,438	)		(43,477,457	)
Net increase (decrease) in net assets resulting from share transactions		(10,044,772	)		45,660,398			2,228,128			7,776,932
Total increase (decrease) in net assets		(14,485,318	)		58,158,376			1,818,274			1,119,406
Net Assets, beginning of period		153,357,318			95,198,942			30,092,306			28,972,900
Net Assets, end of period	$	138,872,000		$	153,357,318		$	31,910,580		$	30,092,306
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			950,000			300,000			2,850,000
Shares redeemed		(350,000	)		—			(100,000	)		(2,550,000	)
Net increase (decrease)		(250,000	)		950,000			200,000			300,000

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Israel ETF						Office and Commercial REIT ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	572,649		$	885,800		$	27,127		$	38,992
Net realized gain (loss)		(1,298,612	)		(2,871,693	)		32,431			105,793
Net change in unrealized appreciation (depreciation)		18,565,964			19,364,376			(218,551	)		32,329
Net increase (decrease) in net assets resulting from operations		17,840,001			17,378,483			(158,993	)		177,114
Distributions to shareholders from:
Distributable earnings		—			(1,050,000	)		(28,946	)		(34,588	)
Return of capital		—			—			—			(22,379	)
Total distributions		—			(1,050,000	)		(28,946	)		(56,967	)

Share transactions*:
Proceeds from sale of shares		5,699,258			12,000,037			834,324			1,659,528
Cost of shares redeemed		—			—			(406,632	)		(786,927	)
Net increase in net assets resulting from share transactions		5,699,258			12,000,037			427,692			872,601
Total increase in net assets		23,539,259			28,328,520			239,753			992,748
Net Assets, beginning of period		87,781,893			59,453,373			2,150,321			1,157,573
Net Assets, end of period	$	111,321,152		$	87,781,893		$	2,390,074		$	2,150,321
*Shares of Common Stock Issued (no par value)
Shares sold		125,000			325,000			20,000			40,000
Shares redeemed		—			—			(10,000	)		(20,000	)
Net increase		125,000			325,000			10,000			20,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Vietnam ETF
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	1,584,900		$	3,748,577
Net realized gain (loss)		3,715,694			(15,892,288	)
Net change in unrealized appreciation (depreciation)		62,159,623			(40,013,540	)
Net increase (decrease) in net assets resulting from operations		67,460,217			(52,157,251	)
Share transactions*:
Proceeds from sale of shares		3,445,507			1,296,496
Cost of shares redeemed		(66,319,751	)		(59,226,300	)
Net decrease in net assets resulting from share transactions		(62,874,244	)		(57,929,804	)
Total increase (decrease) in net assets		4,585,973			(110,087,055	)
Net Assets, beginning of period		417,171,094			527,258,149
Net Assets, end of period	$	421,757,067		$	417,171,094
*Shares of Common Stock Issued (no par value)
Shares sold		250,000			100,000
Shares redeemed		(5,650,000	)		(4,950,000	)
Net decrease		(5,400,000	)		(4,850,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	AA-BB CLO ETF

	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024 (a)

Net asset value, beginning of period	$	50.61		$	50.00
Net investment income (b)		1.76			0.95
Net realized and unrealized gain (loss) on investments		(0.13	)		0.49
Total from investment operations		1.63			1.44
Distributions from:
Net investment income		(1.33	)		(0.83	)
Net asset value, end of period	$	50.91		$	50.61
Total return (c)		3.26	%		2.90	%

Ratios to average net assets
Expenses		0.45	%(d)		0.45	%(d)
Net investment income		7.00	%(d)		6.93	%(d)
Supplemental data
Net assets, end of period (in millions)		$107			$61
Portfolio turnover rate (e)		40	%		—	%


(a)	For the period September 25, 2024 (commencement of operations) through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Africa Index ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$15.69			$14.16			$15.81			$20.06			$20.17			$20.50
Net investment income (a)		0.34			0.33			0.35			0.60			0.53			0.52
Net realized and unrealized gain (loss) on investments		3.87			1.20			(1.69	)		(4.27	)		0.20	(b)		(0.05	)
Total from investment operations		4.21			1.53			(1.34	)		(3.67	)		0.73			0.47
Distributions from:
Net investment income		—			—			(0.31	)		(0.58	)		(0.84	)		(0.80	)
Net asset value, end of period		$19.90			$15.69			$14.16			$15.81			$20.06			$20.17
Total return (c)		26.87	%		10.77	%		(8.45	)%		(18.34	)%		3.69	%		2.29	%

Ratios to average net assets
Gross expenses		0.85	%(d)		0.89	%		1.47	%		0.98	%		0.77	%		0.92	%
Net expenses		0.79	%(d)		0.88	%		1.31	%		0.98	%		0.77	%		0.79	%
Net expenses excluding interest and taxes		0.78	%(d)		0.78	%		0.78	%		0.75	%		0.77	%		0.78	%
Net investment income		3.92	%(d)		2.16	%		2.33	%		3.29	%		2.50	%		3.00	%
Supplemental data
Net assets, end of period (in millions)		$52			$43			$42			$46			$59			$52
Portfolio turnover rate (e)		23	%		44	%		34	%		33	%		37	%		37	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Brazil Small-Cap ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$11.08			$17.67			$13.64			$16.35			$21.44			$27.50
Net investment income (a)		0.25			0.51			0.46			0.44			0.48			0.33
Net realized and unrealized gain (loss) on investments		4.08			(6.65	)		4.45			(2.59	)		(5.08	)		(6.04	)
Total from investment operations		4.33			(6.14	)		4.91			(2.15	)		(4.60	)		(5.71	)
Distributions from:
Net investment income		—			(0.45	)		(0.88	)		(0.56	)		(0.49	)		(0.35	)
Return of capital		—			—			—			—	(b)		—			—
Total distributions		—			(0.45	)		(0.88	)		(0.56	)		(0.49	)		(0.35	)
Net asset value, end of period		$15.41			$11.08			$17.67			$13.64			$16.35			$21.44
Total return (c)		39.05	%		(34.74	)%		36.14	%		(13.30	)%		(21.38	)%		(20.75	)%

Ratios to average net assets
Gross expenses		1.30	%(d)		0.97	%		1.07	%		0.83	%(e)		0.84	%(e)		0.84	%
Net expenses		0.59	%(d)		0.60	%		0.68	%		0.59	%(e)		0.59	%(e)		0.60	%
Net expenses excluding interest and taxes		0.59	%(d)		0.59	%		0.59	%		0.59	%(e)		0.59	%(e)		0.59	%
Net investment income		3.92	%(d)		3.40	%		2.93	%		2.71	%(e)		2.32	%(e)		1.73	%
Supplemental data
Net assets, end of period (in millions)		$20			$16			$30			$25			$32			$55
Portfolio turnover rate (f)		17	%		30	%		43	%		42	%		56	%		31	%


(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	ChiNext ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$27.78			$24.61			$31.27			$48.47			$48.95			$29.81
Net investment income (loss) (a)		0.16			0.12			0.10			(0.08	)		(0.06	)		0.03
Net realized and unrealized gain (loss) on investments		0.94			3.09	(b)		(6.76	)		(17.12	)		4.03			19.09
Payment from Adviser		—			—			—			—			0.02	(c)		0.02	(d)
Total from investment operations		1.10			3.21			(6.66	)		(17.20	)		3.99			19.14
Distributions from:
Net investment income		—			(0.04	)		—			—			—			—	(e)
Net realized capital gains		—			—			—			—			(3.74	)		—
Return of capital		—			—			—			—			(0.73	)		—
Total distributions		—			(0.04	)		—			—			(4.47	)		—
Net asset value, end of period		$28.88			$27.78			$24.61			$31.27			$48.47			$48.95
Total return (f)		3.96	%		13.04	%		(21.31	)%		(35.49	)%		8.21	%(c)		64.23	%(d)

Ratios to average net assets
Gross expenses		1.11	%(g)		1.27	%		1.89	%		1.25	%		0.89	%		1.15	%
Net expenses		0.65	%(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		1.16	%(g)		0.48	%		0.34	%		(0.22	)%		(0.12	)%		0.07	%
Supplemental data
Net assets, end of period (in millions)		$27			$33			$17			$20			$41			$49
Portfolio turnover rate (h)		4	%		109	%		123	%		10	%		59	%		96	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(d)	For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(e)	Amount represents less than $0.005 per share.
(f)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(g)	Annualized
(h)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CLO ETF

	Six Months Ended June 30, 2025			Year Ended December 31,						Period Ended December 31,
	(unaudited)			2024			2023			2022 (a)

Net asset value, beginning of period		$52.78			$52.19			$50.48			$50.00
Net investment income (b)		1.51			3.52			3.32			1.18
Net realized and unrealized gain (loss) on investments		(0.08	)		0.61			1.32			0.43
Total from investment operations		1.43			4.13			4.64			1.61
Distributions from:
Net investment income		(1.24	)		(3.42	)		(2.93	)		(1.13	)
Net realized capital gains		—			(0.12	)		—			—
Total distributions		(1.24	)		(3.54	)		(2.93	)		(1.13	)
Net asset value, end of period		$52.97			$52.78			$52.19			$50.48
Total return (c)		2.74	%		8.13	%		9.40	%		3.26	%

Ratios to average net assets
Expenses		0.40	%(d)		0.40	%		0.40	%		0.40	%(d)
Net investment income		5.75	%(d)		6.65	%		6.38	%		4.43	%(d)
Supplemental data
Net assets, end of period (in millions)		$1,054			$792			$235			$25
Portfolio turnover rate (e)		20	%		68	%		59	%		15	%


(a)	For the period June 22, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital India ETF

	Six Months Ended June 30, 2025			Year Ended December 31,						Period Ended December 31,
	(unaudited)			2024			2023			2022 (a)

Net asset value, beginning of period		$44.42			$36.04			$27.79			$36.25
Net investment income (b)		0.09			0.09			0.09			0.14
Net realized and unrealized gain (loss) on investments		(0.40	)		8.29			8.25			(8.33	)
Total from investment operations		(0.31	)		8.38			8.34			(8.19	)
Distributions from:
Net investment income		—			—			(0.08	)		(0.27	)
Return of capital		—			—			(0.01	)		—
Total distributions		—			—			(0.09	)		(0.27	)
Net asset value, end of period		$44.11			$44.42			$36.04			$27.79
Total return (c)		(0.59	)%		23.25	%		30.00	%		(22.56	)%

Ratios to average net assets
Expenses		0.70	%(d)		0.74	%		0.77	%		0.76	%(d)
Expenses excluding interest and taxes		0.70	%(d)		0.70	%		0.71	%		0.75	%(d)
Net investment income		0.43	%(d)		0.22	%		0.27	%		0.53	%(d)
Supplemental data
Net assets, end of period (in millions)		$22			$28			$9			$1
Portfolio turnover rate (e)		13	%		28	%		22	%		22	%


(a)	For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	India Growth Leaders ETF(a)
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$49.07			$43.77			$32.62			$42.93			$32.94			$32.76
Net investment income (b)		0.15			0.27			0.33			0.59			0.08			0.15
Net realized and unrealized gain (loss) on investments		(0.92	)		6.79			11.24			(10.34	)		9.91			0.11	(c)
Total from investment operations		(0.77	)		7.06			11.57			(9.75	)		9.99			0.26
Distributions from:
Net investment income		—			(1.76	)		(0.42	)		(0.56	)		—			(0.08	)
Net asset value, end of period		$48.30			$49.07			$43.77			$32.62			$42.93			$32.94
Total return (d)		(1.57	)%		16.11	%		35.48	%		(22.67	)%		30.30	%		0.80	%

Ratios to average net assets
Gross expenses		0.75	%(e)		0.76	%		1.09	%		0.80	%		1.00	%		1.24	%
Net expenses		0.71	%(e)		0.76	%		0.87	%		0.80	%		0.90	%		1.05	%
Net expenses excluding interest and taxes		0.70	%(e)		0.70	%		0.72	%		0.73	%		0.83	%		0.85	%
Net investment income		0.69	%(e)		0.54	%		0.91	%		1.64	%		0.22	%		0.55	%
Supplemental data
Net assets, end of period (in millions)		$139			$153			$95			$51			$78			$68
Portfolio turnover rate (f)		41	%		47	%		79	%		102	%		67	%		133	%


(a)	Consolidated Financial Highlights
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Indonesia Index ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$15.05			$17.04			$17.34			$19.93			$20.49			$22.68
Net investment income (a)		0.40			0.58			0.63			0.45			0.27			0.36
Net realized and unrealized loss on investments		(0.95	)		(1.98	)		(0.31	)		(2.41	)		(0.61	)		(2.21	)
Total from investment operations		(0.55	)		(1.40	)		0.32			(1.96	)		(0.34	)		(1.85	)
Distributions from:
Net investment income		—			(0.59	)		(0.62	)		(0.63	)		(0.22	)		(0.34	)
Net asset value, end of period		$14.50			$15.05			$17.04			$17.34			$19.93			$20.49
Total return (b)		(3.60	)%		(8.21	)%		1.91	%		(9.88	)%		(1.65	)%		(8.20	)%

Ratios to average net assets
Gross expenses		0.90	%(c)		0.84	%		0.99	%		0.67	%		0.82	%		0.97	%
Net expenses		0.57	%(c)		0.57	%		0.58	%		0.57	%		0.57	%		0.57	%
Net expenses excluding interest and taxes		0.57	%(c)		0.57	%		0.57	%		0.57	%		N/A			N/A
Net investment income		5.78	%(c)		3.49	%		3.56	%		2.24	%		1.38	%		2.03	%
Supplemental data
Net assets, end of period (in millions)		$32			$30			$29			$33			$54			$36
Portfolio turnover rate (d)		8	%		23	%		21	%		25	%		36	%		13	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Israel ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$43.35			$34.97			$35.71			$48.77			$44.82			$35.03
Net investment income (a)		0.27			0.47			0.45			0.61			0.27			0.08
Net realized and unrealized gain (loss) on investments		8.16			8.44			(0.53	)		(13.19	)		4.30			9.79
Total from investment operations		8.43			8.91			(0.08	)		(12.58	)		4.57			9.87
Distributions from:
Net investment income		—			(0.53	)		(0.66	)		(0.48	)		(0.62	)		(0.08	)
Net asset value, end of period		$51.78			$43.35			$34.97			$35.71			$48.77			$44.82
Total return (b)		19.44	%		25.44	%		(0.22	)%		(25.79	)%		10.20	%		28.14	%

Ratios to average net assets
Gross expenses		0.64	%(c)		0.71	%		0.78	%		0.64	%		0.71	%		0.80	%
Net expenses		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.60	%
Net expenses excluding interest and taxes		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.21	%(c)		1.25	%		1.28	%		1.48	%		0.57	%		0.24	%
Supplemental data
Net assets, end of period (in millions)		$111			$88			$59			$59			$80			$75
Portfolio turnover rate (d)		4	%		10	%		13	%		12	%		32	%		22	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Office and Commercial REIT ETF

	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Period Ended December 31, 2023 (a)

Net asset value, beginning of period		$43.01			$38.59			$35.14
Net investment income (b)		0.46			1.22			0.51
Net realized and unrealized gain (loss) on investments		(3.04	)		4.83			3.61
Total from investment operations		(2.58	)		6.05			4.12
Distributions from:
Net investment income		(0.60	)		(0.85	)		(0.58	)
Net realized capital gains		—			(0.15	)		(0.09	)
Return of capital		—			(0.63	)		—
Total distributions		(0.60	)		(1.63	)		(0.67	)
Net asset value, end of period		$39.83			$43.01			$38.59
Total return (c)		(5.81	)%		16.24	%		11.70	%

Ratios to average net assets
Expenses		0.52	%(d)		0.52	%		0.50	%(d)
Expenses excluding interest and taxes		0.50	%(d)		0.50	%		0.50	%(d)
Net investment income		2.37	%(d)		3.07	%		5.40	%(d)
Supplemental data
Net assets, end of period (in millions)		$2			$2			$1
Portfolio turnover rate (e)		7	%		17	%		1	%


(a)	For the period September 20, 2023 (commencement of operations) through December 31, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Vietnam ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$11.62			$12.94			$11.75			$21.36			$17.52			$16.05
Net investment income (a)		0.05			0.09			0.08			0.18			0.11			0.08
Net realized and unrealized gain (loss) on investments		2.16			(1.41	)		1.78			(9.68	)		3.83			1.46
Total from investment operations		2.21			(1.32	)		1.86			(9.50	)		3.94			1.54
Distributions from:
Net investment income		—			—			(0.67	)		(0.11	)		(0.10	)		(0.06	)
Return of capital		—			—			—			—			—			(0.01	)
Total distributions		—			—			(0.67	)		(0.11	)		(0.10	)		(0.07	)
Net asset value, end of period		$13.83			$11.62			$12.94			$11.75			$21.36			$17.52
Total return (b)		19.00	%		(10.19	)%		15.95	%		(44.47	)%		22.52	%		9.72	%

Ratios to average net assets
Expenses		0.69	%(c)(d)		0.68	%(d)		0.70	%(d)		0.66	%(d)		0.59	%(d)		0.61	%
Expenses excluding interest and taxes		0.63	%(c)(d)		0.62	%(d)		0.61	%(d)		0.60	%(d)		0.58	%(d)		0.60	%
Net investment income		0.80	%(c)(d)		0.75	%(d)		0.59	%(d)		1.13	%(d)		0.58	%(d)		0.55	%
Supplemental data
Net assets, end of period (in millions)		$422			$417			$527			$413			$591			$457
Portfolio turnover rate (e)		14	%		21	%		55	%		57	%		57	%		33	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Annualized
(d)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

Fund		Diversification Classification

AA-BB CLO ETF		Non-Diversified
Africa Index ETF		Diversified
Brazil Small-Cap ETF		Diversified
ChiNext ETF		Diversified
CLO ETF		Non-Diversified
Digital India ETF		Non-Diversified
India Growth Leaders ETF		Diversified
Indonesia Index ETF		Non-Diversified
Israel ETF		Non-Diversified
Office and Commercial REIT ETF		Non-Diversified
Vietnam ETF		Non-Diversified

Each Fund, except for AA-BB CLO ETF and CLO 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 listed in the table below.

Fund		Index

Africa Index ETF		MVIS^®GDP Africa Index
Brazil Small-Cap ETF		MVIS^®Brazil Small-Cap Index
ChiNext ETF		ChiNext Index
Digital India ETF		MVIS^®Digital India Index
India Growth Leaders ETF		MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF		MVIS^®Indonesia Index
Israel ETF		Bluestar^®Israel Global Index
Office and Commercial REIT ETF		MarketVector™ US Listed Office and Commercial REITs Index
Vietnam ETF		MarketVector™ Vietnam Local Index

The AA-BB CLO ETF and CLO ETF are actively managed exchange-traded funds that seek capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”).

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. ChiNext ETF seeks to achieve its investment objective by primarily investing directly in A-shares through the Shanghai and Shenzhen-Hong Kong Stock Connect Programs (the “Programs”).

Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Funds. PineBridge Investments LLC (the “Sub-Adviser”) is a Sub-Adviser for the AA-BB CLO ETF and CLO ETF.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

A.	Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

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

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

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

	Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. 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 Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other

	security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

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

B.	Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the “Fund”) in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.

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

D.	Distributions to Shareholders— Dividends to shareholders from net investment income, if any, are declared and paid annually by each Fund (except AA-BB CLO ETF and CLO ETF, which declare and pay monthly, and Office and Commercial REIT ETF, which declares and pays quarterly). Distributions from net realized capital gains, if any, are generally declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.

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

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

G.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2025 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.	Segment Reporting—The Adviser acts as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.

I.	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 net investment 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. After each calendar year end, these investments report the actual tax character of 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 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 May 1, 2026, to waive fees and/or assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the period ended June 30, 2025, are as follows:

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Brazil Small-Cap ETF		0.50			0.59
ChiNext ETF		0.50			0.65
India Growth Leaders ETF		0.50			0.70
Indonesia Index ETF		0.50			0.57
Israel ETF		0.50			0.59
Vietnam ETF		0.50			0.76

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended June 30, 2025.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expense.

Fund	Management Fee Rate
AA-BB CLO ETF		0.45	%
CLO ETF		0.40
Digital India ETF		0.70
Office and Commercial REIT ETF		0.50

During the year ended December 31, 2020, the Adviser reimbursed the ChiNext ETF $17,518 for a transactional loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

At June 30, 2025, the Adviser owned approximately 10% of AA-BB CLO ETF.

Note 5—Investments—For the period ended June 30, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
AA-BB CLO ETF	$	76,920,533	$	34,983,468	$	—	$	—
Africa Index ETF		10,388,551		10,161,870		2,033,898		3,383,910
Brazil Small-Cap ETF		2,962,678		3,974,879		—		352,581
ChiNext ETF		1,209,429		7,455,151		—		—
CLO ETF		457,385,023		186,130,940		49,324,741		89,226,817
Digital India ETF		3,096,005		6,227,901		—		1,168,746
India Growth Leaders ETF		57,002,073		66,445,148		231,210		685,229
Indonesia Index ETF		3,235,607		2,422,495		3,713,569		1,506,890
Israel ETF		4,636,914		4,061,562		5,700,791		—
Office and Commercial REIT ETF		173,252		334,754		834,023		254,962
Vietnam ETF		54,999,953		116,757,064		—		—

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
AA-BB CLO ETF	$	105,670,174	$	421,058	$	(373,344	)	$	47,714
Africa Index ETF		41,527,753		14,398,464		(3,752,992	)		10,645,472
Brazil Small-Cap ETF		19,295,841		4,754,120		(3,894,295	)		859,825
ChiNext ETF		25,107,690		4,041,353		(1,748,580	)		2,292,773
CLO ETF		1,046,670,303		2,326,476		(549,070	)		1,777,406
Digital India ETF		17,846,454		5,042,516		(681,593	)		4,360,923
India Growth Leaders ETF		114,369,195		28,951,279		(4,919,156	)		24,032,123
Indonesia Index ETF		42,784,188		1,057,781		(11,224,837	)		(10,167,056	)
Israel ETF		69,048,688		50,618,853		(6,152,346	)		44,466,507
Office and Commercial REIT ETF		2,584,388		61,075		(122,902	)		(61,827	)
Vietnam ETF		343,983,637		129,691,171		(52,136,758	)		77,554,413

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties.

Investments in China: Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for ChiNext ETF (the “Fund”). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived non-People’s Republic of China (“PRC”) resident enterprises (including a Qualified Foreign Institutional Investor (“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes this Fund, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Minister of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Fund could be subject to additional tax liabilities. Prior to January 12, 2024, all or a portion of the Fund’s investments were through an RQFII arrangement with a sub-adviser.

Investments in India: India currently assesses a capital gains tax on shares sold on the exchange of 20% on short term capital gains and 12.5% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the 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, difficult to trade, and potentially less liquid than securities issued in more developed markets. 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. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss. There may be limitations or delays in the convertibility or repatriation of certain currencies, which would adversely affect the U.S. dollar value and/or liquidity of a Fund’s investments denominated in such currencies. This may impair a Fund’s ability to achieve its investment objective and/or may impede a Fund’s ability to satisfy redemption requests in a timely manner.

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

The AA-BB CLO ETF and CLO ETF assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may individually be rated below investment grade or equivalent unrated loans, and including “covenant lite” loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Funds are invested. The Funds invest primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Funds’ portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset.

Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by a Fund and may adversely affect the value of a Fund’s shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity.

Office and Commercial REIT ETF invests in office and commercial real estate companies and is exposed to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Investment Trusts (“REITs”) are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

cash flow dependency, default by borrowers or tenants and self-liquidation. REITs also must satisfy specific requirements of the Internal Revenue Code in order to qualify for tax-free pass-through income. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing the return to the Fund on its investment in such company. In addition, REITs, like mutual funds, have expenses, including management and administration fees, that are paid by their shareholders. As a result, shareholders will absorb their proportionate share of duplicate levels of fees when the Fund invests in REITs.

Equity REITs that invest in commercial real estate may be adversely affected by conditions in the real estate market, failure of tenants to renew leases and decline in rental values.

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

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

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

Note 9—Securities Lending—To generate additional income, each of the Funds (except for AA-BB CLO ETF and CLO ETF) may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2025:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	4,878,152	$	417,955	$	5,579,502	$	5,997,457
Brazil Small-Cap ETF		914,626		121,947		805,143		927,090
Indonesia Index ETF		975,104		733,845		258,686		992,531
Israel ETF		4,406,277		2,249,320		2,217,413		4,466,733
Office and Commercial REIT ETF		146,264		151,640		–		151,640

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	417,955
Brazil Small-Cap ETF		121,947
Indonesia Index ETF		733,845
Israel ETF		2,249,320
Office and Commercial REIT ETF		151,640

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit— The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2025, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Africa Index ETF	12	$323,388	5.68	%
Brazil Small-Cap ETF	3	55,079	5.68
Digital India ETF	2	413,589	5.68
India Growth Leaders ETF	39	792,678	5.68
Indonesia Index ETF	7	141,341	5.68
Israel ETF	20	79,751	5.68
Vietnam ETF	104	5,039,221	5.68

Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Accounting Pronouncements and Regulatory Requirements— In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreements”) with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the “Sub-Adviser”) (the “Existing Sub-Advisory Agreements”) with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the “CLO ETFs”). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the “New Sub-Advisory Agreements,” and collectively with the Existing Sub-Advisory Agreements, the “Sub-Advisory Agreements”) to take effect upon the expected acquisition of the Sub-Adviser by a third party (the “Acquisition”), which could be deemed to be a “change in control” of the Sub-Adviser and thus would result in an “assignment” (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the “Agreements.”

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

June 30, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

BIZD	\|	BDC Income ETF
CBON	\|	China Bond ETF
IHY	\|	International High Yield Bond ETF
EMLC	\|	J.P. Morgan EM Local Currency Bond ETF
MORT	\|	Mortgage REIT Income ETF
PFXF	\|	Preferred Securities ex Financials ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	BDC Income ETF	3
	China Bond ETF	5
	International High Yield Bond ETF	6
	J.P. Morgan EM Local Currency Bond ETF	21
	Mortgage REIT Income ETF	28
	Preferred Securities ex Financials ETF	29
	Statements of Assets and Liabilities	32
	Statements of Operations	34
	Statements of Changes in Net Assets	36
	Financial Highlights
	BDC Income ETF	42
	China Bond ETF	43
	International High Yield Bond ETF	44
	J.P. Morgan EM Local Currency Bond ETF	45
	Mortgage REIT Income ETF	46
	Preferred Securities ex Financials ETF	47
	Notes to Financial Statements	48
	Changes In and Disagreements with Accountants	58
	Proxy Disclosures	58
	Remuneration Paid to Directors, Officers and Others	58
	Approval of Investment Advisory Contracts	59

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 78.6%
Financial Services: 78.6%
Ares Capital Corp. †		12,885,205	$	282,959,102
Bain Capital Specialty Finance, Inc. †		831,104		12,499,804
Barings BDC, Inc. †		2,058,376		18,813,557
BlackRock TCP Capital Corp. †		1,911,430		14,718,011
Blackstone Secured Lending Fund †		4,716,489		145,032,037
Blue Owl Capital Corp. †		12,012,799		172,263,538
Capital Southwest Corp. †		1,232,143		27,156,432
Carlyle Secured Lending, Inc. †		1,638,671		22,417,019
CION Investment Corp. †		1,182,127		11,312,955
Fidus Investment Corp. †		786,977		15,896,935
FS KKR Capital Corp. †		2,748,257		57,026,333
Gladstone Capital Corp. †		501,917		13,536,701
Gladstone Investment Corp. †		828,010		11,815,703
Goldman Sachs BDC, Inc. †		2,478,348		27,881,415
Golub Capital BDC, Inc. †		3,882,230		56,874,669
Hercules Capital, Inc. †		3,268,117		59,741,179
Main Street Capital Corp. †		1,023,337		60,479,217
MidCap Financial Investment Corp. †		2,097,226		26,466,992
Morgan Stanley Direct Lending Fund †		1,665,000		31,168,800
New Mountain Finance Corp. †		2,181,801		23,018,001
Nuveen Churchill Direct Lending Corp. †		870,250		14,089,347
Oaktree Specialty Lending Corp. †		1,801,741		24,611,782
PennantPark Floating Rate Capital Ltd. †		2,230,163		23,037,584

	Number of Shares			Value
Financial Services (continued)
Prospect Capital Corp. †		8,220,963		$	26,142,662
Sixth Street Specialty Lending, Inc. †		1,858,627			44,253,909
SLR Investment Corp. †		956,473			15,437,474
Trinity Capital, Inc. †		1,453,184			20,446,299
Total Common Stocks (Cost: $1,261,223,034)					1,259,097,457

		Par (000’s	)
SHORT-TERM INVESTMENTS: 19.1%
United States Treasury Obligations: 19.1% (Cost: $306,295,761)
United States Treasury Bills
4.24%, 10/16/25		10,951			10,814,719
4.27%, 07/15/25 # †		295,965			295,487,632
					306,302,351
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $1,567,518,795)					1,565,399,808

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.0%
Money Market Fund: 9.0% (Cost: $143,382,512)
State Street Navigator Securities Lending Government Money Market Portfolio		143,382,512			143,382,512
Total Investments: 106.7% (Cost: $1,710,901,307)					1,708,782,320
Liabilities in excess of other assets: (6.7)%					(106,764,209)
NET ASSETS: 100.0%				$	1,602,018,111

Total Return Swap Contracts
Long Exposure

Reference
Obligation

Notional
Amount

Counterparty

Rate paid by
the Fund

Payment
Frequency

Termination
Date

Unrealized
Appreciation/
(Depreciation)

% of Net
Assets

MVIS US Business Development Companies Index

$200,299,807

UBS

5.04%(a)

Monthly

10/15/25

$(278,262)

0.0%

MVIS US Business Development Companies Index

$127,925,672

UBS

5.24%(b)

Monthly

10/15/25

(8,759)

0.0%

$(287,021)

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $345,725,458.
#	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $32,946,774.

See Notes to Financial Statements

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

(a)	The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.70%.
(b)	The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.90%.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,259,097,457	$	—	$	—	$	1,259,097,457
United States Treasury Obligations		—		306,302,351		—		306,302,351
Money Market Fund		143,382,512		—		—		143,382,512
Total Investments	$	1,402,479,969	$	306,302,351	$	—	$	1,708,782,320
Other Financial Instruments:
Liabilities
Total Return Swap Contracts	$	—	$	287,021	$	—	$	287,021


*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 75.5%
Energy: 9.9%
China National Petroleum Corp. 4.16%, 08/16/25	CNY	6,000		$	840,158
China Petroleum & Chemical Corp. 3.20%, 07/27/26	CNY	6,610			937,715
					1,777,873
Financials: 46.6%
Agricultural Development Bank of China 2.90%, 03/08/28	CNY	5,850			844,793
2.96%, 04/17/30	CNY	2,320			343,004
3.74%, 07/12/29	CNY	2,740			413,422
3.75%, 01/25/29	CNY	2,620			392,378
4.39%, 09/08/27	CNY	1,270			187,949
4.65%, 05/11/28	CNY	1,360			205,951
Bank of Communications Co. Ltd. Reg S 2.70%, 09/26/26	CNY	5,800			819,562
China Development Bank
2.69%, 09/11/33	CNY	4,060			606,394
3.45%, 09/20/29	CNY	4,800			718,794
3.48%, 01/08/29	CNY	4,460			661,941
3.65%, 05/21/29	CNY	1,950			292,642
3.66%, 03/01/31	CNY	1,170			180,626
3.70%, 10/20/30	CNY	4,150			638,510
4.04%, 07/06/28	CNY	4,360			652,421
China Everbright Bank Co. Ltd. Reg S 2.72%, 09/25/26	CNY	5,800			819,637
Export-Import Bank of China 3.10%, 02/13/33	CNY	580			88,613

	Par (000’s		)	Value
Financials (continued)
3.38%, 07/16/31	CNY	1,750		$	267,422
3.74%, 11/16/30	CNY	1,740			268,105
					8,402,164
Utilities: 19.0%
China Huaneng Group Co. Ltd. 3.95%, 04/21/26	CNY	4,500			639,535
China Southern Power Grid Co. Ltd. 2.42%, 10/24/25	CNY	5,250			734,600
China Three Gorges Corp. 4.15%, 05/11/26	CNY	3,400			485,134
Guangdong Hengjian Investment Holding Co. Ltd. 3.28%, 01/14/27	CNY	4,300			613,996
State Grid Corp. of China 2.88%, 08/30/27	CNY	6,600			942,429
					3,415,694
Total Corporate Bonds (Cost: $13,791,873)					13,595,731

GOVERNMENT OBLIGATIONS: 21.7%
China Government Bond 1.62%, 08/15/27	CNY	7,170			1,005,483
2.27%, 05/25/34	CNY	3,490			510,033
2.35%, 02/25/34	CNY	1,760			258,585
2.40%, 07/15/28	CNY	3,480			499,868
2.67%, 11/25/33	CNY	6,950			1,044,363
3.27%, 11/19/30	CNY	3,820			584,125
Total Government Obligations (Cost: $3,791,457)					3,902,457
Total Investments: 97.2% (Cost: $17,583,330)					17,498,188
Other assets less liabilities: 2.8%					505,473
NET ASSETS: 100.0%				$	18,003,661

Definitions:

CNY	Chinese Yuan

Footnotes:

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	13,595,731	$	—	$	13,595,731
Government Obligations *		—		3,902,457		—		3,902,457
Total Investments	$	—	$	17,498,188	$	—	$	17,498,188


*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 97.8%
Argentina: 1.1%
MercadoLibre, Inc. 3.12%, 01/14/31	USD		25		$	22,497
Pampa Energia SA 144A 7.88%, 12/16/34	USD		50			49,980
Tecpetrol SA 144A 7.62%, 01/22/33	USD		25			25,375
Telecom Argentina SA 144A 9.50%, 07/18/31	USD		75			78,375
Transportadora de Gas del Sur SA 144A 8.50%, 07/24/31	USD		25			26,278
Vista Energy Argentina SAU 144A 7.62%, 12/10/35	USD		25			24,269
YPF SA 144A
6.95%, 07/21/27	USD		25			24,818
7.00%, 09/30/33 (s)	USD		75			72,165
7.00%, 12/15/47	USD		25			20,942
8.75%, 09/11/31	USD		81			83,790
9.00%, 06/30/29 (s)	USD		25			25,834
						454,323
Australia: 1.0%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD		50			46,756
4.50%, 09/15/27	USD		25			24,716
5.88%, 04/15/30	USD		100			101,327
6.12%, 04/15/32	USD		50			50,894
Karoon USA Finance, Inc. 144A 10.50%, 05/14/29	USD		25			25,389
Mineral Resources Ltd. 144A
8.12%, 05/01/27	USD		100			100,019
9.25%, 10/01/28	USD		25			25,617
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD		30			27,705
						402,423
Austria: 0.5%
ams-OSRAM AG Reg S 10.50%, 03/30/29	EUR		100			123,136
Benteler International AG 144A 10.50%, 05/15/28	USD		50			52,668
LD Celulose International GmbH 144A 7.95%, 01/26/32 †	USD		50			52,656
						228,460
Azerbaijan: 0.5%
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30	USD		200			210,924
Bahrain: 0.5%
Bapco Energies BSCC 144A 7.50%, 10/25/27	USD		200			205,414

		Par (000’s		)	Value
Belgium: 0.3%
Azelis Finance NV Reg S 4.75%, 09/25/29	EUR		100		$	120,732

Bermuda: 0.5%
Borr IHC Ltd. / Borr Finance LLC 144A 10.00%, 11/15/28	USD		45			40,691
Digicel Group Holdings Ltd. 144A 0.00%, 12/31/30 ^∞	USD		31			313
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD		50			49,048
Seadrill Finance Ltd. 144A 8.38%, 08/01/30	USD		100			101,923
						191,975
Brazil: 4.5%
Adecoagro SA 144A 6.00%, 09/21/27	USD		50			49,703
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD		50			48,817
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD		50			45,894
Banco Bradesco SA 144A 6.50%, 01/22/30 †	USD		50			52,395
Banco do Brasil SA 144A 6.00%, 03/18/31	USD		100			101,380
Braskem Idesa SAPI 144A 7.45%, 11/15/29 †	USD		75			55,286
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28 †	USD		50			43,108
4.50%, 01/31/30 †	USD		50			38,788
5.88%, 01/31/50	USD		50			31,488
7.25%, 02/13/33 †	USD		50			39,643
BRF SA 144A 4.88%, 01/24/30	USD		50			47,904
Caixa Economica Federal 144A 5.62%, 05/13/30	USD		100			99,988
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD		50			47,654
Cosan Luxembourg SA 144A 5.50%, 09/20/29	USD		50			48,754
CSN Inova Ventures 144A 6.75%, 01/28/28	USD		50			47,309
Globo Comunicacao e Participacoes SA 144A 5.50%, 01/14/32	USD		100			93,876
Itau Unibanco Holding SA 144A 6.00%, 02/27/30 †	USD		50			51,320
Klabin Austria GmbH 144A
3.20%, 01/12/31	USD		100			89,291
5.75%, 04/03/29	USD		50			50,470
MARB BondCo PLC 144A

See Notes to Financial Statements

		Par (000’s		)	Value
Brazil (continued)
3.95%, 01/29/31	USD		50		$	44,370
MV24 Capital BV 144A 6.75%, 06/01/34	USD		18			17,772
Petrobras Global Finance BV
5.60%, 01/03/31	USD		25			25,369
5.75%, 02/01/29 †	USD		100			101,881
6.00%, 01/27/28 †	USD		75			76,561
6.75%, 01/27/41	USD		50			49,414
6.85%, 06/05/15	USD		75			66,905
6.88%, 01/20/40	USD		25			24,899
6.90%, 03/19/49	USD		25			23,767
7.25%, 03/17/44	USD		25			25,510
7.38%, 01/17/27	USD		25			25,951
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD		50			47,520
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD		50			49,414
Samarco Mineracao SA 144A 9.50%, 06/30/31	USD		137			135,108
Ultrapar International SA 144A 5.25%, 10/06/26	USD		50			49,917
XP, Inc. 144A 3.25%, 07/01/26	USD		50			48,741
						1,896,167
Bulgaria: 0.3%
Bulgarian Energy Holding EAD Reg S 2.45%, 07/22/28	EUR		100			113,472

Burkina Faso: 0.1%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD		25			24,808

Canada: 8.1%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29	USD		125			119,161
3.88%, 01/15/28	USD		50			48,749
4.00%, 10/15/30	USD		100			93,292
6.12%, 06/15/29	USD		50			51,325
Air Canada 144A
3.88%, 08/15/26	USD		50			49,530
4.62%, 08/15/29	CAD		100			72,668
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD		50			48,813
AltaGas Ltd. 5.25% (Generic Canadian 5 Year+3.81%), 01/11/82	CAD		15			10,741
7.35% (Generic Canadian 5 Year+4.54%), 08/17/82	CAD		25			19,237
AltaGas Ltd. 144A 7.20% (US Treasury Yield Curve Rate T 5 Year+3.57%), 10/15/54	USD		25			25,068

		Par (000’s		)	Value
Canada (continued)
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD		25		$	23,924
ATS Corp. 6.50%, 08/21/32	CAD		25			18,446
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD		25			23,178
Baytex Energy Corp. 144A 8.50%, 04/30/30	USD		50			50,067
Bell Telephone Co. of Canada or Bell Canada
5.62% (Generic Canadian 5 Year+2.95%), 03/27/55	CAD		50			36,819
6.88% (US Treasury Yield Curve Rate T 5 Year+2.39%), 09/15/55	USD		100			102,751
Bombardier, Inc. 144A
7.00%, 06/01/32	USD		25			26,066
7.25%, 07/01/31 †	USD		50			52,548
7.35%, 12/22/26	CAD		25			19,030
7.50%, 02/01/29 †	USD		25			26,268
7.88%, 04/15/27	USD		11			11,070
8.75%, 11/15/30	USD		75			81,287
Brookfield Property Finance ULC
3.93%, 01/15/27	CAD		25			18,064
4.00%, 09/30/26	CAD		25			18,177
7.12%, 02/13/28	CAD		25			19,208
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD		50			49,829
Capital Power Corp. 8.12% (Generic Canadian 5 Year+4.44%), 06/05/54	CAD		25			20,129
Capstone Copper Corp. 144A 6.75%, 03/31/33	USD		50			51,229
Cascades, Inc./Cascades USA Inc. 144A 5.38%, 01/15/28	USD		25			24,802
Cineplex, Inc. 144A 7.62%, 03/31/29	CAD		25			19,198
Cogeco Communications, Inc. 6.12%, 02/27/29	CAD		25			18,993
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD		25			6,103
Dye & Durham Ltd. 144A 8.62%, 04/15/29	USD		15			15,710
Eldorado Gold Corp. 144A 6.25%, 09/01/29 †	USD		25			25,057
Empire Communities Corp. 144A 9.75%, 05/01/29	USD		25			25,597
Enerflex Ltd. 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Canada (continued)
9.00%, 10/15/27	USD		22		$	22,763
First Quantum Minerals Ltd. 144A
8.00%, 03/01/33	USD		100			102,694
8.62%, 06/01/31	USD		50			51,937
9.38%, 03/01/29	USD		50			53,130
Garda World Security Corp. 144A
6.00%, 06/01/29	USD		50			48,846
8.38%, 11/15/32	USD		50			51,404
GFL Environmental, Inc. 144A
4.38%, 08/15/29	USD		25			24,296
4.75%, 06/15/29	USD		25			24,686
6.75%, 01/15/31	USD		100			104,767
goeasy Ltd. 144A
6.88%, 05/15/30	USD		25			25,157
7.38%, 10/01/30	USD		50			51,132
7.62%, 07/01/29	USD		15			15,474
9.25%, 12/01/28	USD		15			15,880
Great Canadian Gaming Corp./Raptor LLC 144A 8.75%, 11/15/29	USD		25			24,488
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC 144A 9.00%, 02/15/29	USD		40			41,872
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC 144A 6.00%, 09/15/28	USD		25			25,000
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD		25			18,903
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30	USD		25			26,516
Keyera Corp.
5.95% (Generic Canadian 5 Year+4.66%), 03/10/81	CAD		25			18,506
6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD		25			19,251
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32	CAD		25			18,231
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD		25			24,048
5.25%, 12/15/27	USD		50			49,794
MEG Energy Corp. 144A 5.88%, 02/01/29	USD		25			24,990
Mercer International, Inc. 5.12%, 02/01/29	USD		50			40,828

		Par (000’s		)	Value
Canada (continued)
Methanex Corp. 5.25%, 12/15/29 †	USD		100		$	98,860
Northriver Midstream Finance LP 144A 6.75%, 07/15/32	USD		25			25,909
NOVA Chemicals Corp. 144A
4.25%, 05/15/29	USD		25			24,060
5.25%, 06/01/27	USD		40			39,817
8.50%, 11/15/28	USD		50			52,870
9.00%, 02/15/30	USD		25			27,030
Open Text Corp. 144A 3.88%, 12/01/29	USD		75			70,719
Parkland Corp. 6.00%, 06/23/28	CAD		75			56,149
Parkland Corp. 144A
4.38%, 03/26/29	CAD		50			35,428
4.50%, 10/01/29	USD		75			72,153
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD		25			17,973
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81	CAD		100			73,537
5.62% (Generic Canadian 5 Year+2.85%), 04/15/55	CAD		50			36,802
7.00% (US Treasury Yield Curve Rate T 5 Year+2.65%), 04/15/55	USD		50			51,243
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82	USD		50			49,652
Sleep Country Canada Holdings, Inc. 6.62%, 11/28/32	CAD		25			18,352
South Bow Canadian Infrastructure Holdings Ltd. 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+3.67%), 03/01/55	USD		25			25,816
7.62% (US Treasury Yield Curve Rate T 5 Year+3.95%), 03/01/55	USD		50			52,117
Strathcona Resources Ltd. 144A 6.88%, 08/01/26	USD		25			25,018
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD		25			24,062
Superior Plus LP 144A 4.25%, 05/18/28	CAD		25			17,967
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD		25			24,977
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD		25			15,125
TELUS Corp.

See Notes to Financial Statements

		Par (000’s		)	Value
Canada (continued)
6.25% (Generic Canadian 5 Year+3.48%), 07/21/55	CAD		75		$	56,649
7.00% (US Treasury Yield Curve Rate T 5 Year+2.71%), 10/15/55	USD		50			50,460
TransAlta Corp. 7.75%, 11/15/29	USD		25			26,283
TransAlta Corp. 144A 5.62%, 03/24/32	CAD		25			18,849
TransAlta Corp. Reg S 5.62%, 03/24/32	CAD		25			18,723
Vermilion Energy, Inc. 144A 7.25%, 02/15/33	USD		25			23,483
						3,376,810
Cayman Islands: 1.0%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD		100			96,631
Banco BTG Pactual SA 144A 6.25%, 04/08/29	USD		50			51,444
Bapco Energies Sukuk Ltd. 144A 5.25%, 04/08/29	USD		100			98,006
Global Aircraft Leasing Co. Ltd. 144A 8.75%, 09/01/27	USD		40			41,054
Oryx Funding Ltd. 144A 5.80%, 02/03/31	USD		50			50,874
Sable International Finance Ltd. 144A 7.12%, 10/15/32	USD		75			75,265
						413,274
Chile: 0.4%
Latam Airlines Group SA 144A
7.88%, 04/15/30 †	USD		100			102,125
13.38%, 10/15/29	USD		50			56,054
						158,179
China: 2.4%
CFAMC III Co. Ltd. Reg S 4.25%, 11/07/27	USD		200			196,730
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 09/24/26 (o)	USD		400			392,718
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29	USD		100			93,891
5.62%, 07/17/27	USD		50			49,944
5.75%, 07/21/28	USD		50			48,975
MGM China Holdings Ltd. 144A 4.75%, 02/01/27	USD		100			99,311
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 07/12/29	USD		183			45,138
Studio City Finance Ltd. 144A

		Par (000’s		)	Value
China (continued)
5.00%, 01/15/29	USD		100		$	91,829
						1,018,536
Colombia: 2.3%
Ecopetrol SA
4.62%, 11/02/31	USD		125			105,668
5.88%, 05/28/45	USD		50			34,550
6.88%, 04/29/30	USD		100			99,172
7.38%, 09/18/43	USD		100			83,383
7.75%, 02/01/32	USD		75			73,753
8.38%, 01/19/36	USD		50			48,275
8.62%, 01/19/29	USD		50			52,905
8.88%, 01/13/33	USD		75			77,423
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD		75			69,295
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD		50			45,890
Grupo Nutresa SA 144A
8.00%, 05/12/30	USD		50			52,475
9.00%, 05/12/35	USD		50			54,074
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD		50			49,565
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27	USD		25			24,906
Termocandelaria Power SA 144A 7.75%, 09/17/31	USD		100			102,675
						974,009
Costa Rica: 0.1%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD		50			45,285

Czech Republic: 0.3%
Allwyn International AS Reg S 3.88%, 02/15/27	EUR		100			117,450

Denmark: 0.3%
Orsted AS Reg S 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19	EUR		100			110,955

Dominican Republic: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 7.00%, 06/30/34 †	USD		25			26,042

Finland: 0.2%
SBB Treasury Oyj Reg S 1.12%, 11/26/29	EUR		100			81,984

France: 11.1%
Accor SA Reg S 7.25% (EUR Swap Annual 5 Year+4.11%), 12/31/99 (o)	EUR		100			129,805
Air France-KLM Reg S 8.12%, 05/31/28	EUR		100			131,844
Alstom SA Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
France (continued)
5.87% (EUR Swap Annual 5 Year+2.93%), 05/29/29 (o)	EUR		100		$	123,769
Altice France SA 144A 5.12%, 07/15/29	USD		100			82,750
Atos SE Reg S 9.00%, 12/18/29 (s)	EUR		75			98,556
Banijay Entertainment SAS 144A 8.12%, 05/01/29	USD		50			51,915
CAB Selas Reg S 3.38%, 02/01/28	EUR		100			111,831
Cerba Healthcare SACA Reg S 3.50%, 05/31/28	EUR		100			85,459
Constellium SE 144A 3.75%, 04/15/29	USD		100			94,039
Electricite de France SA 144A 9.12% (US Treasury Yield Curve Rate T 5 Year+5.41%), 03/15/33 (o)	USD		50			56,521
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 06/15/30 (o)	EUR		200			223,403
5.88% (BPISDS15+3.32%), 01/22/29 (o)	GBP		100			134,447
ELO SACA Reg S 6.00%, 03/22/29	EUR		100			109,616
Emeria SASU Reg S 7.75%, 03/31/28	EUR		100			109,413
Eramet SA Reg S 6.50%, 11/30/29	EUR		100			117,172
Eurofins Scientific SE Reg S 6.75% (Euribor 3 Month ACT/360+4.24%), 04/24/28 (o)	EUR		100			125,524
Eutelsat SA Reg S 2.25%, 07/13/27	EUR		100			114,545
Fnac Darty SA Reg S 6.00%, 04/01/29	EUR		100			123,219
Forvia SE Reg S
2.38%, 06/15/27	EUR		100			114,342
2.75%, 02/15/27	EUR		100			115,766
5.62%, 06/15/30	EUR		100			117,697
Holding d’Infrastructures des Metiers de l’Environnement Reg S 0.62%, 09/16/28	EUR		100			107,459
Iliad Holding SASU 144A
7.00%, 10/15/28	USD		100			101,905
8.50%, 04/15/31	USD		100			107,052
iliad SA Reg S
5.38%, 06/14/27	EUR		100			122,023
5.62%, 02/15/30	EUR		100			125,719
Loxam SAS Reg S 6.38%, 05/31/29	EUR		100			122,680

		Par (000’s		)	Value
France (continued)
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR		55		$	64,719
Nexans SA Reg S 4.12%, 05/29/29	EUR		100			120,497
Opal Bidco SAS Reg S 5.50%, 03/31/32	EUR		100			120,026
Paprec Holding SA Reg S 3.50%, 07/01/28	EUR		100			116,791
Picard Groupe SAS Reg S 6.38%, 07/01/29	EUR		100			122,682
RCI Banque SA Reg S 5.50% (EUR Swap Annual 5 Year+2.75%), 10/09/34	EUR		100			123,560
Renault SA Reg S 2.50%, 04/01/28	EUR		100			116,328
Rexel SA Reg S 2.12%, 06/15/28	EUR		100			113,932
SNF Group SACA Reg S 2.62%, 02/01/29	EUR		100			114,879
Tereos Finance Groupe I SA Reg S 7.25%, 04/15/28	EUR		100			121,441
Valeo SE Reg S
1.00%, 08/03/28	EUR		100			108,448
4.50%, 04/11/30	EUR		100			116,971
Vallourec SACA 144A 7.50%, 04/15/32	USD		100			104,951
Veolia Environnement SA Reg S 2.50% (EUR Swap Annual 5 Year+2.84%), 09/20/28 (o)	EUR		100			112,540
						4,636,236
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28	USD		25			22,558

Germany: 4.8%
Bayer AG Reg S 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79	EUR		100			114,894
7.00% (EUR Swap Annual 5 Year+3.90%), 09/25/83	EUR		100			126,498
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR		100			116,277
Dresdner Funding Trust I 144A 8.15%, 06/30/31	USD		25			27,642
Fressnapf Holding SE Reg S 5.25%, 10/31/31	EUR		100			118,994
Gruenenthal GmbH Reg S 4.12%, 05/15/28	EUR		100			117,855
IHO Verwaltungs GmbH 144A 7.75%, 11/15/30	USD		100			102,707
IHO Verwaltungs GmbH Reg S

See Notes to Financial Statements

		Par (000’s		)	Value
Germany (continued)
8.75%, 05/15/28	EUR		100		$	122,996
Mahle GmbH Reg S 2.38%, 05/14/28	EUR		100			111,761
METRO AG Reg S 4.00%, 03/05/30	EUR		100			121,154
Nidda Healthcare Holding GmbH Reg S 5.62%, 02/21/30	EUR		100			119,895
ProGroup AG Reg S 5.38%, 04/15/31	EUR		100			116,725
Schaeffler AG Reg S
3.38%, 10/12/28	EUR		100			115,702
4.50%, 03/28/30	EUR		100			117,650
Techem Verwaltungsgesellschaft 675 mbH Reg S 5.38%, 07/15/29	EUR		100			121,191
TK Elevator Holdco GmbH Reg S 6.62%, 07/15/28	EUR		90			106,084
ZF Europe Finance BV Reg S 3.00%, 10/23/29	EUR		200			203,586
						1,981,611
Gibraltar: 0.3%
888 Acquisitions Ltd. Reg S 7.56%, 07/15/27	EUR		100			118,423

Greece: 1.5%
Eurobank Ergasias Services and Holdings SA Reg S 4.25% (EUR Swap Annual 5 Year+2.00%), 04/30/35	EUR		100			116,591
Metlen Energy & Metals SA Reg S 4.00%, 10/17/29	EUR		100			120,554
National Bank of Greece SA Reg S 8.00% (EUR Swap Annual 5 Year+4.65%), 01/03/34	EUR		100			132,377
Piraeus Financial Holdings SA Reg S 5.38% (EUR Swap Annual 5 Year+3.15%), 09/18/35	EUR		100			122,247
Public Power Corp. SA Reg S 4.62%, 10/31/31	EUR		100			120,313
						612,082
Guatemala: 0.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	USD		100			97,319

Hungary: 0.8%
MBH Bank Nyrt Reg S 5.25% (Euribor 3 Month ACT/360+3.00%), 01/29/30	EUR		100			118,435
OTP Bank Nyrt Reg S

		Par (000’s		)	Value
Hungary (continued)
7.30% (US Treasury Yield Curve Rate T 5 Year+2.86%), 07/30/35	USD		200		$	204,485
						322,920
India: 0.9%
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD		100			102,400
JSW Steel Ltd. 144A 5.05%, 04/05/32	USD		100			92,799
Muthoot Finance Ltd. 144A 6.38%, 04/23/29	USD		100			99,831
ReNew Pvt Ltd. 144A 5.88%, 03/05/27	USD		50			49,658
Shriram Finance Ltd. 144A 6.62%, 04/22/27	USD		50			50,605
						395,293
Indonesia: 0.1%
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞	USD		150			577
Indika Energy Tbk PT 144A 8.75%, 05/07/29	USD		25			24,074
						24,651
Ireland: 1.0%
ASG Finance Designated Activity Co. 144A 9.75%, 05/15/29	USD		100			94,330
eircom Finance DAC Reg S 2.62%, 02/15/27	EUR		100			115,852
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP		150			196,302
						406,484
Israel: 0.5%
Energean Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33	USD		25			25,686
Leviathan Bond Ltd. 144A Reg S
6.50%, 06/30/27	USD		25			24,895
6.75%, 06/30/30	USD		15			14,831
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD		25			25,721
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD		50			49,060
4.10%, 10/01/46	USD		50			36,013
6.75%, 03/01/28	USD		50			51,958
						228,164
Italy: 5.3%
A2A SpA Reg S 5.00% (EUR Swap Annual 5 Year+2.26%), 06/11/29 (o)	EUR		100			121,829
Banca IFIS SpA Reg S 5.50%, 02/27/29	EUR		100			125,187

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Italy (continued)
Banca Monte dei Paschi di Siena SpA Reg S 3.62% (Euribor 3 Month ACT/360+1.45%), 11/27/30	EUR		100		$	118,601
BPER Banca SPA Reg S 5.75% (Euribor 3 Month ACT/360+2.60%), 09/11/29	EUR		150			191,674
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26	EUR		100			116,692
Intesa Sanpaolo Assicurazioni SpA Reg S 4.22%, 03/05/35	EUR		200			234,073
Lottomatica Group Spa Reg S 5.38%, 06/01/30	EUR		100			122,301
Mediobanca Banca di Credito Finanziario SpA Reg S 5.25% (EUR Swap Annual 5 Year+2.75%), 04/22/34	EUR		200			247,292
Mundys SpA Reg S
1.88%, 07/13/27	EUR		100			115,532
1.88%, 02/12/28	EUR		100			113,533
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 03/24/29 (o)	EUR		100			111,648
Telecom Italia Capital SA
6.38%, 11/15/33	USD		25			26,100
7.72%, 06/04/38	USD		200			215,823
Telecom Italia SpA Reg S 1.62%, 01/18/29	EUR		100			111,822
Unipol Assicurazioni SpA Reg S 3.88%, 03/01/28	EUR		100			120,226
Webuild SpA Reg S 7.00%, 09/27/28	EUR		100			127,743
						2,220,076
Japan: 2.3%
Nissan Motor Co. Ltd. 144A
4.34%, 09/17/27	USD		75			72,052
4.81%, 09/17/30	USD		75			68,857
Nissan Motor Co. Ltd. Reg S 3.20%, 09/17/28	EUR		100			114,877
Rakuten Group, Inc. 144A 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/26 (o)	USD		25			23,202
9.75%, 04/15/29	USD		50			54,909
11.25%, 02/15/27	USD		75			81,609
SoftBank Group Corp. Reg S
3.38%, 07/06/29	EUR		100			110,980
4.00%, 09/19/29	EUR		100			114,319
5.00%, 04/15/28	EUR		100			119,659

		Par (000’s		)	Value
Japan (continued)
5.12%, 09/19/27	USD		200		$	197,985
						958,449
Jersey, Channel Islands: 0.2%
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC 144A 9.50%, 05/15/30	USD		100			102,308

Luxembourg: 6.7%
Aegea Finance Sarl 144A 9.00%, 01/20/31	USD		50			53,138
Albion Financing 1 SARL / Aggreko Holdings, Inc. 144A 7.00%, 05/21/30	USD		100			102,303
Altice Financing SA 144A 5.00%, 01/15/28	USD		150			112,985
Ambipar Lux Sarl 144A 9.88%, 02/06/31	USD		50			47,292
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD		65			61,081
5.25%, 08/15/27 †	USD		30			13,402
Aroundtown Finance Sarl 7.12% (EUR Swap Annual 5 Year+4.51%), 01/16/30 (o)	EUR		100			123,629
Cidron Aida Finco Sarl Reg S 7.00%, 10/27/31	EUR		100			120,234
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27	EUR		100			117,786
Connect Finco SARL / Connect US Finco LLC 144A 9.00%, 09/15/29	USD		75			75,478
Consolidated Energy Finance SA 144A 12.00%, 02/15/31 †	USD		50			49,104
CPI Property Group SA Reg S
1.50%, 01/27/31	EUR		100			97,759
4.00%, 01/22/28 (s)	GBP		100			130,760
CSN Resources SA 144A
4.62%, 06/10/31	USD		50			39,402
8.88%, 12/05/30	USD		100			99,146
Energean Israel Finance Ltd. 144A Reg S
5.38%, 03/30/28	USD		25			23,867
5.88%, 03/30/31	USD		35			32,349
Essendi SA Reg S 6.38%, 10/15/29	EUR		100			123,278
FS Luxembourg Sarl 144A 8.88%, 02/12/31	USD		100			102,658
ION Trading Technologies Sarl 144A 9.50%, 05/30/29	USD		100			103,200
Loarre Investments Sarl Reg S

See Notes to Financial Statements

		Par (000’s		)	Value
Luxembourg (continued)
6.50%, 05/15/29	EUR		100		$	121,277
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD		46			36,110
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD		75			66,956
Puma International Financing SA 144A 7.75%, 04/25/29	USD		25			25,742
Rossini Sarl Reg S 6.75%, 12/31/29	EUR		100			124,182
Saavi Energia Sarl 144A 8.88%, 02/10/35	USD		125			130,594
SES SA Reg S 2.88% (EUR Swap Annual 5 Year+3.19%), 05/27/26 (o)	EUR		100			113,768
Stena International SA 144A 7.25%, 01/15/31	USD		100			100,397
Summer BC Holdco B SARL Reg S 5.88%, 02/15/30	EUR		100			116,744
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR		100			117,021
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD		100			99,996
Vivion Investments Sarl Reg S 6.50%, 08/31/28	EUR		101			116,581
						2,798,219
Malta: 0.2%
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A
6.38%, 02/01/30 †	USD		50			46,925
7.88%, 05/01/27	USD		50			50,349
						97,274
Mauritius: 0.7%
CA Magnum Holdings 144A 5.38%, 10/31/26	USD		50			49,758
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD		80			75,103
UPL Corp. Ltd. Reg S 4.62%, 06/16/30	USD		200			181,710
						306,571
Mexico: 3.5%
Alsea SAB de CV 144A 7.75%, 12/14/26	USD		25			25,240
Cemex SAB de CV 144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 06/08/26 (o)	USD		50			49,210
Grupo Aeromexico SAB de CV 144A 8.62%, 11/15/31 †	USD		25			23,941

		Par (000’s		)	Value
Mexico (continued)
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD		50		$	49,298
Nemak SAB de CV 144A 3.62%, 06/28/31	USD		25			20,737
Petróleos Mexicanos
5.35%, 02/12/28	USD		75			72,066
5.95%, 01/28/31	USD		150			135,746
6.35%, 02/12/48	USD		50			34,847
6.38%, 01/23/45	USD		50			35,450
6.49%, 01/23/27	USD		25			24,889
6.50%, 03/13/27	USD		75			74,526
6.50%, 01/23/29	USD		25			24,482
6.50%, 06/02/41	USD		50			37,173
6.62%, 06/15/35	USD		50			42,172
6.70%, 02/16/32	USD		150			139,496
6.75%, 09/21/47	USD		125			90,615
6.84%, 01/23/30	USD		50			48,336
6.88%, 08/04/26 †	USD		50			50,043
6.95%, 01/28/60	USD		50			35,961
7.69%, 01/23/50	USD		175			137,762
8.75%, 06/02/29	USD		25			25,917
10.00%, 02/07/33	USD		50			53,563
Petróleos Mexicanos Reg S
4.75%, 02/26/29	EUR		100			112,406
4.88%, 02/21/28	EUR		100			114,849
						1,458,725
Mongolia: 0.1%
Golomt Bank 144A 11.00%, 05/20/27	USD		25			25,469

Morocco: 0.7%
OCP SA 144A
6.70%, 03/01/36	USD		100			100,668
6.75%, 05/02/34	USD		100			103,796
6.88%, 04/25/44	USD		100			96,827
						301,291
Netherlands: 7.1%
Abertis Infraestructuras Finance BV Reg S 4.87% (EUR Swap Annual 5 Year+2.62%), 11/28/29 (o)	EUR		100			120,246
Arcos Dorados BV 144A 6.38%, 01/29/32	USD		75			78,067
Boels Topholding BV Reg S 5.75%, 05/15/30	EUR		100			121,998
Braskem Netherlands Finance BV 144A 8.50%, 01/12/31	USD		125			109,385
Dufry One BV Reg S 2.00%, 02/15/27	EUR		100			115,366
Flora Food Management BV Reg S 6.88%, 07/02/29	EUR		100			119,351
Koninklijke KPN NV Reg S 6.00% (EUR Swap Annual 5 Year+3.77%), 09/21/27 (o)	EUR		100			124,941
Odido Holding BV Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Netherlands (continued)
3.75%, 01/15/29	EUR		100		$	116,431
Petrobras Global Finance BV
5.50%, 06/10/51	USD		25			19,368
6.00%, 01/13/35 †	USD		50			49,005
6.50%, 07/03/33	USD		25			25,653
Saipem Finance International BV Reg S 4.88%, 05/30/30	EUR		100			124,136
Sunrise FinCo I BV 144A 4.88%, 07/15/31	USD		100			94,638
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o)	EUR		100			110,153
5.75% (EUAMDB08+3.12%), 01/15/32 (o)	EUR		100			122,055
7.12% (EUR Swap Annual 6 Year+4.32%), 08/23/28 (o)	EUR		100			128,837
TenneT Holding BV Reg S 4.88% (EUR Swap Annual 5 Year+2.21%), 12/21/31 (o)	EUR		100			119,934
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27	EUR		100			118,119
4.38%, 05/09/30	EUR		200			239,764
7.38%, 09/15/29	EUR		100			133,427
Teva Pharmaceutical Finance Netherlands III BV
5.12%, 05/09/29 †	USD		50			50,326
6.00%, 12/01/32	USD		25			25,553
Trivium Packaging Finance BV 144A 8.25%, 07/15/30	USD		100			105,825
United Group BV Reg S 3.62%, 02/15/28	EUR		100			114,952
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR		200			213,949
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o)	EUR		100			110,425
Yinson Boronia Production BV 144A 8.95%, 07/31/42	USD		50			52,807
Ziggo BV 144A 4.88%, 01/15/30	USD		100			93,513
						2,958,224
Oman: 0.4%
Mazoon Assets Co. SAOC 144A 5.25%, 10/09/31	USD		50			49,952
OQ SAOC 144A 5.12%, 05/06/28	USD		100			100,122
						150,074

		Par (000’s		)	Value
Panama: 0.3%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30	USD		71		$	64,656
Banistmo SA 144A 4.25%, 07/31/27	USD		50			49,030
						113,686
Peru: 0.6%
Cia de Minas Buenaventura SAA 144A 6.80%, 02/04/32	USD		25			25,425
Minsur SA 144A 4.50%, 10/28/31	USD		50			46,552
Peru LNG Srl 144A 5.38%, 03/22/30	USD		21			19,609
Petroleos del Peru SA 144A 4.75%, 06/19/32	USD		75			58,231
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.75%, 08/02/28	USD		100			93,998
						243,815
Poland: 0.5%
Bank Millennium SA Reg S 9.88% (Euribor 3 Month ACT/360+6.41%), 09/18/27	EUR		100			127,035
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD		100			93,745
						220,780
Portugal: 0.6%
EDP SA Reg S 4.62% (EUR Swap Annual 5 Year+2.40%), 09/16/54	EUR		100			119,231
5.94% (EUR Swap Annual 5 Year+3.18%), 04/23/83	EUR		100			124,827
						244,058
Romania: 0.3%
Banca Transilvania SA Reg S 5.12% (EURIBOR ICE Swap Rate 1 Year+2.95%), 09/30/30	EUR		100			119,158

Serbia: 0.2%
Telekom Srbija a.d. Beograd 144A 7.00%, 10/28/29	USD		100			100,126

Singapore: 0.3%
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29	USD		50			52,201
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD		68			69,769
						121,970
South Africa: 0.4%
Sasol Financing USA LLC 6.50%, 09/27/28 †	USD		50			47,548
Transnet SOC Ltd. 144A

See Notes to Financial Statements

		Par (000’s		)	Value
South Africa (continued)
8.25%, 02/06/28	USD		100		$	103,565
						151,113
Spain: 1.4%
Abanca Corp. Bancaria SA Reg S 8.38% (EUR Swap Annual 5 Year+5.25%), 09/23/33	EUR		100			133,088
Abengoa Abenewco 2 SA Reg S
1.50%, 10/26/24 (d) *∞	USD		63			633
1.50%, 10/26/24 (d) *∞	USD		63			103
Abengoa SA 0.00%, 03/31/27 (s) ^∞	EUR		100			588
AI Candelaria Spain SA 144A 5.75%, 06/15/33	USD		50			42,467
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30	USD		50			43,045
Grifols SA Reg S 3.88%, 10/15/28	EUR		100			112,581
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR		100			117,469
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o)	EUR		100			118,126
						568,100
Sweden: 1.1%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/02/26 (o)	EUR		100			115,077
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR		100			116,803
Verisure Midholding AB Reg S 5.25%, 02/15/29	EUR		100			118,121
Volvo Car AB Reg S 4.25%, 05/31/28	EUR		100			120,281
						470,282
Tanzania: 0.1%
AngloGold Ashanti Holdings PLC 6.50%, 04/15/40	USD		40			41,208

Thailand: 0.1%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34	USD		50			46,546

Trinidad and Tobago: 0.1%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29	USD		25			25,563

		Par (000’s		)	Value
Turkey: 2.8%
Eregli Demir ve Celik Fabrikalari TAS 144A 8.38%, 07/23/29	USD		50		$	51,446
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28	USD		50			52,012
QNB Bank AS Reg S 7.25%, 05/21/29	USD		200			207,619
TC Ziraat Bankasi AS 144A 7.25%, 02/04/30	USD		100			99,937
Turk Telekomunikasyon AS 144A 7.38%, 05/20/29	USD		100			102,264
Turkcell Iletisim Hizmetleri AS 144A 7.45%, 01/24/30	USD		100			101,956
Turkiye Garanti Bankasi AS 144A 8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35	USD		100			100,734
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26	USD		100			100,153
Turkiye Is Bankasi AS 144A 7.75%, 06/12/29	USD		100			102,798
Turkiye Vakiflar Bankasi TAO 144A 8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34	USD		100			103,334
Yapi ve Kredi Bankasi AS 144A 9.25%, 10/16/28	USD		100			106,941
Zorlu Enerji Elektrik Uretim AS 144A 11.00%, 04/23/30	USD		50			46,207
						1,175,401
United Arab Emirates: 0.7%
Alpha Star Holding VIII Ltd. Reg S 8.38%, 04/12/27	USD		200			207,506
Five Holdings Bvi Ltd. 144A 9.38%, 10/03/28	USD		50			52,597
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29	USD		50			40,096
						300,199
United Kingdom: 10.5%
Amber Finco PLC Reg S 6.62%, 07/15/29	EUR		100			123,037
Ardonagh Finco Ltd. 144A 7.75%, 02/15/31	USD		100			104,624
Ardonagh Finco Ltd. Reg S 6.88%, 02/15/31	EUR		100			120,912
Aston Martin Capital Holdings Ltd. 144A 10.00%, 03/31/29	USD		50			47,400

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
United Kingdom (continued)
Atlantica Sustainable Infrastructure Ltd. 144A 4.12%, 06/15/28	USD		100		$	95,673
Avianca Midco 2 PLC 144A 9.00%, 12/01/28	USD		75			71,148
Azule Energy Finance PLC 144A 8.12%, 01/23/30	USD		100			99,150
B&M European Value Retail SA Reg S 8.12%, 11/15/30	GBP		100			146,422
BCP V Modular Services Finance II PLC Reg S 4.75%, 11/30/28	EUR		100			115,673
Bellis Finco PLC Reg S 4.00%, 02/16/27	GBP		100			137,336
Belron UK Finance PLC 144A 5.75%, 10/15/29	USD		150			151,360
Biocon Biologics Global PLC 144A 6.67%, 10/09/29	USD		100			95,052
British Telecommunications PLC Reg S 5.12% (EUR Swap Annual 5 Year+2.54%), 10/03/54	EUR		100			122,192
eG Global Finance PLC 144A 12.00%, 11/30/28	USD		100			110,498
Global Auto Holdings Ltd./ AAG FH UK Ltd. 144A 8.75%, 01/15/32	USD		50			42,662
Heathrow Finance PLC Reg S 4.12%, 09/01/29 (s)	GBP		100			126,346
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC 144A 7.25%, 02/15/31	USD		50			51,816
HTA Group Ltd. 144A 7.50%, 06/04/29	USD		100			102,705
IHS Holding Ltd. 144A 8.25%, 11/29/31	USD		50			50,615
INEOS Finance PLC Reg S 6.62%, 05/15/28	EUR		100			120,996
INEOS Quattro Finance 2 PLC 144A 9.62%, 03/15/29	USD		100			101,504
Ithaca Energy North Sea PLC 144A 8.12%, 10/15/29	USD		100			103,235
Jaguar Land Rover Automotive PLC Reg S 4.50%, 07/15/28	EUR		100			118,831
Jerrold Finco PLC Reg S 7.88%, 04/15/30	GBP		100			141,386
Market Bidco Finco PLC Reg S 5.50%, 11/04/27	GBP		100			134,810
Mobico Group PLC Reg S 4.88%, 09/26/31	EUR		100			95,228

		Par (000’s		)	Value
United Kingdom (continued)
Motion Bondco DAC 144A 6.62%, 11/15/27 †	USD		100		$	94,488
NGG Finance PLC Reg S 2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82	EUR		100			114,860
Panama Infrastructure Receivable Purchaser PLC 144A 0.00%, 04/05/32 ^	USD		100			71,163
Pinnacle Bidco PLC Reg S 10.00%, 10/11/28	GBP		100			145,210
Sisecam UK PLC 144A 8.62%, 05/02/32 †	USD		50			50,636
Standard Chartered PLC 144A 7.01%, 07/30/37 (o)	USD		50			51,744
Vedanta Resources Finance II PLC 144A
9.47%, 07/24/30	USD		100			99,222
10.88%, 09/17/29	USD		50			51,905
Virgin Media Secured Finance PLC 144A 5.50%, 05/15/29	USD		50			49,210
Virgin Media Secured Finance PLC Reg S 4.25%, 01/15/30	GBP		100			125,685
Vmed O2 UK Financing I PLC Reg S
3.25%, 01/31/31	EUR		100			112,016
4.50%, 07/15/31	GBP		100			123,118
Vodafone Group PLC 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD		100			91,504
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81	USD		100			75,894
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD		75			78,367
Vodafone Group PLC Reg S 8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86	GBP		100			149,155
WE Soda Investments Holding PLC 144A 9.50%, 10/06/28	USD		50			52,260
Zegona Finance PLC Reg S 6.75%, 07/15/29	EUR		100			125,027
						4,392,075
United States: 4.3%
180 Medical, Inc. 144A 3.88%, 10/15/29	USD		100			95,186
Amer Sports Co. 144A 6.75%, 02/16/31	USD		75			78,145
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A 6.38%, 02/15/32	USD		50			50,126

See Notes to Financial Statements

		Par (000’s		)	Value
United States (continued)
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	USD		100		$	89,618
EUSHI Finance, Inc. 7.62% (US Treasury Yield Curve Rate T 5 Year+3.14%), 12/15/54	USD		50			51,886
Fibercop SpA 144A 7.72%, 06/04/38	USD		200			198,999
Fibercop SpA Reg S 7.88%, 07/31/28	EUR		100			129,090
Garrett Motion Holdings, Inc. / Garrett LX I Sarl 144A 7.75%, 05/31/32	USD		50			52,102
Kosmos Energy Ltd. 144A 8.75%, 10/01/31 †	USD		50			37,089
Kronos Acquisition Holdings, Inc. 144A 8.25%, 06/30/31	USD		25			22,731
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD		75			50,587
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD		68			66,250
Open Text Holdings, Inc. 144A
4.12%, 02/15/30	USD		50			47,302
4.12%, 12/01/31	USD		25			23,040
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD		25			22,711
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR		100			115,256
RB Global Holdings, Inc. 144A
6.75%, 03/15/28	USD		100			102,702
7.75%, 03/15/31	USD		40			42,100
Sasol Financing USA LLC 5.50%, 03/18/31	USD		50			41,135
Stillwater Mining Co. 144A

		Par (000’s		)	Value
United States (continued)
4.00%, 11/16/26	USD		100		$	97,765
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27	USD		25			9,378
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD		75			72,127
5.62%, 08/26/28	USD		100			98,371
ZF North America Capital, Inc. 144A
6.75%, 04/23/30	USD		50			48,078
6.88%, 04/14/28	USD		50			50,197
6.88%, 04/23/32	USD		125			115,629
						1,807,600
Uzbekistan: 0.4%
Navoi Mining & Metallurgical Combinat 144A
6.70%, 10/17/28	USD		100			102,362
6.95%, 10/17/31	USD		25			25,613
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD		50			45,912
						173,887
Zambia: 0.1%
First Quantum Minerals Ltd. 144A 6.88%, 10/15/27 †	USD		50			50,106
Total Corporate Bonds (Cost: $40,489,017)						40,759,316

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,003,713)
State Street Navigator Securities Lending Government Money Market Portfolio			1,003,713			1,003,713
Total Investments: 100.2% (Cost: $41,492,730)						41,763,029
Liabilities in excess of other assets: (0.2)%						(86,490)
NET ASSETS: 100.0%					$	41,676,539

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Footnotes:

(s)	Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at June 30, 2025.
†	Security fully or partially on loan. Total market value of securities on loan is $1,140,722.
^	Zero Coupon Bond
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(o)	Perpetual Maturity — the date shown is the next call date

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

*	Non-income producing
(d)	Security in default
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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. These securities have an aggregate value of $16,727,403, or 40.1% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	454,323	$	—	$	454,323
Australia		—		402,423		—		402,423
Austria		—		228,460		—		228,460
Azerbaijan		—		210,924		—		210,924
Bahrain		—		205,414		—		205,414
Belgium		—		120,732		—		120,732
Bermuda		—		191,662		313		191,975
Brazil		—		1,896,167		—		1,896,167
Bulgaria		—		113,472		—		113,472
Burkina Faso		—		24,808		—		24,808
Canada		—		3,376,810		—		3,376,810
Cayman Islands		—		413,274		—		413,274
Chile		—		158,179		—		158,179
China		—		1,018,536		—		1,018,536
Colombia		—		974,009		—		974,009
Costa Rica		—		45,285		—		45,285
Czech Republic		—		117,450		—		117,450
Denmark		—		110,955		—		110,955
Dominican Republic		—		26,042		—		26,042
Finland		—		81,984		—		81,984
France		—		4,636,236		—		4,636,236
Georgia		—		22,558		—		22,558
Germany		—		1,981,611		—		1,981,611
Gibraltar		—		118,423		—		118,423
Greece		—		612,082		—		612,082
Guatemala		—		97,319		—		97,319
Hungary		—		322,920		—		322,920
India		—		395,293		—		395,293
Indonesia		—		24,074		577		24,651
Ireland		—		406,484		—		406,484
Israel		—		228,164		—		228,164
Italy		—		2,220,076		—		2,220,076
Japan		—		958,449		—		958,449
Jersey, Channel Islands		—		102,308		—		102,308
Luxembourg		—		2,798,219		—		2,798,219
Malta		—		97,274		—		97,274
Mauritius		—		306,571		—		306,571
Mexico		—		1,458,725		—		1,458,725
Mongolia		—		25,469		—		25,469
Morocco		—		301,291		—		301,291
Netherlands		—		2,958,224		—		2,958,224
Oman		—		150,074		—		150,074
Panama		—		113,686		—		113,686
Peru		—		243,815		—		243,815
Poland		—		220,780		—		220,780
Portugal		—		244,058		—		244,058
Romania		—		119,158		—		119,158
Serbia		—		100,126		—		100,126
Singapore		—		121,970		—		121,970
South Africa		—		151,113		—		151,113
Spain		—		566,776		1,324		568,100
Sweden		—		470,282		—		470,282
Tanzania		—		41,208		—		41,208
Thailand		—		46,546		—		46,546
Trinidad and Tobago		—		25,563		—		25,563

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Turkey	$	—	$	1,175,401	$	—	$	1,175,401
United Arab Emirates		—		300,199		—		300,199
United Kingdom		—		4,392,075		—		4,392,075
United States		—		1,807,600		—		1,807,600
Uzbekistan		—		173,887		—		173,887
Zambia		—		50,106		—		50,106
Money Market Fund		1,003,713		—		—		1,003,713
Total Investments	$	1,003,713	$	40,757,102	$	2,214	$	41,763,029

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 0.3%
Canada: 0.0%
Export Development Canada Reg S 30.00%, 12/05/25	TRY	34,000		$	811,314

Qatar: 0.1%
QNB Finance Ltd. 13.50%, 10/06/25	TRY	30,350			700,239
QNB Finance Ltd. Reg S 3.50%, 03/09/26	CNY	14,100			1,988,686
					2,688,925
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.00%, 08/18/27 ^	ZAR	78,505			3,260,356
7.50%, 09/15/33	ZAR	11,000			516,464
7.85%, 04/02/26	ZAR	24,350			1,367,390
Transnet SOC Ltd. 9.50%, 08/19/25	ZAR	21,000			1,182,827
Transnet SOC Ltd. Reg S 13.50%, 04/18/28	ZAR	500			29,630
					6,356,667
Total Corporate Bonds (Cost: $15,418,287)					9,856,906

GOVERNMENT OBLIGATIONS: 97.1%
Brazil: 5.2%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/26 ^	BRL	219,710			35,111,130
0.00%, 07/01/27 ^	BRL	103,230			14,676,590
0.00%, 01/01/28 ^	BRL	61,090			8,205,503
0.00%, 07/01/28 ^	BRL	22,570			2,862,901
0.00%, 01/01/29 ^	BRL	179,470			21,351,372
0.00%, 01/01/30 ^	BRL	69,790			7,348,746
0.00%, 01/01/32 ^	BRL	35,880			2,904,026
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/27	BRL	124,200			21,594,189
10.00%, 01/01/29	BRL	126,865			21,339,116
10.00%, 01/01/31	BRL	124,980			20,105,266
10.00%, 01/01/33	BRL	54,570			8,506,988
10.00%, 01/01/35	BRL	79,150			11,970,192
					175,976,019
Chile: 3.2%
Bonos de la Tesoreria de la Republica en pesos
0.00%, 05/06/27 ^	CLP	13,595,000			13,310,849
0.00%, 04/01/29 ^	CLP	11,790,000			10,516,553
5.00%, 03/01/35	CLP	11,915,000			12,210,609
6.00%, 01/01/43	CLP	8,725,000			9,721,927
Bonos de la Tesoreria de la Republica en pesos 144A Reg S
4.70%, 09/01/30	CLP	12,220,000			12,675,788
5.00%, 10/01/28	CLP	3,840,000			4,111,349
5.30%, 11/01/37	CLP	5,275,000			5,495,817
5.80%, 10/01/29	CLP	7,620,000			8,320,139
5.80%, 10/01/34	CLP	4,750,000			5,172,699

	Par (000’s		)	Value
Chile (continued)
6.00%, 04/01/33	CLP	14,795,000		$	16,257,902
6.20%, 10/01/40	CLP	5,215,000			5,883,576
7.00%, 05/01/34	CLP	2,580,000			3,029,225
					106,706,433
China: 8.5%
China Government Bond
1.42%, 11/15/27	CNY	14,060			1,963,159
1.43%, 01/25/30	CNY	33,780			4,704,132
1.45%, 02/25/28	CNY	25,320			3,538,844
1.45%, 04/25/30	CNY	25,240			3,512,361
1.46%, 05/25/28	CNY	31,160			4,355,673
1.49%, 12/25/31	CNY	5,100			706,617
1.57%, 05/15/32	CNY	15,180			2,111,159
1.61%, 02/15/35	CNY	44,690			6,197,866
1.62%, 08/15/27	CNY	34,170			4,789,930
1.65%, 05/15/35	CNY	17,940			2,493,090
1.67%, 05/25/35	CNY	25,960			3,627,597
1.74%, 10/15/29	CNY	23,650			3,336,770
1.79%, 03/25/32	CNY	17,620			2,489,343
1.85%, 05/15/27	CNY	26,370			3,711,452
1.87%, 09/15/31	CNY	15,610			2,213,534
1.88%, 04/25/55	CNY	20,580			2,879,017
1.91%, 07/15/29	CNY	22,460			3,185,561
1.92%, 01/15/55	CNY	18,770			2,624,282
1.98%, 04/25/45	CNY	8,640			1,220,651
2.04%, 02/25/27	CNY	4,760			671,399
2.04%, 11/25/34	CNY	31,610			4,542,144
2.05%, 04/15/29	CNY	29,380			4,184,906
2.11%, 08/25/34	CNY	35,550			5,135,700
2.12%, 06/25/31	CNY	26,970			3,876,276
2.17%, 08/29/34	CNY	29,400			4,266,825
2.18%, 08/15/26	CNY	14,090			1,984,255
2.19%, 09/25/54	CNY	23,990			3,557,805
2.25%, 08/29/39	CNY	9,170			1,335,000
2.27%, 05/25/34	CNY	32,170			4,705,995
2.28%, 03/25/31	CNY	26,770			3,877,949
2.30%, 05/15/26	CNY	27,630			3,887,648
2.33%, 08/15/44	CNY	19,200			2,855,580
2.35%, 02/25/34	CNY	22,260			3,270,937
2.37%, 01/20/27	CNY	930			131,774
2.37%, 01/15/29	CNY	9,880			1,421,950
2.39%, 11/15/26	CNY	25,290			3,578,072
2.40%, 07/15/28	CNY	25,860			3,713,107
2.44%, 10/15/27	CNY	26,900			3,838,272
2.46%, 02/15/26	CNY	3,500			491,724
2.47%, 07/25/54	CNY	16,220			2,525,331
2.48%, 04/15/27	CNY	14,880			2,116,818
2.48%, 09/25/28	CNY	16,860			2,430,029
2.49%, 05/25/44	CNY	17,090			2,601,298
2.50%, 07/25/27	CNY	29,960			4,267,951
2.52%, 08/25/33	CNY	6,870			1,019,943
2.54%, 12/25/30	CNY	32,740			4,803,386
2.55%, 10/15/28	CNY	33,600			4,854,902
2.57%, 05/20/54	CNY	22,180			3,534,301
2.60%, 09/15/30	CNY	33,310			4,892,713
2.60%, 09/01/32	CNY	23,120			3,442,314
2.62%, 04/15/28	CNY	23,190			3,342,724

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
China (continued)
2.62%, 09/25/29	CNY		28,330		$	4,133,715
2.62%, 06/25/30	CNY		23,670			3,478,563
2.64%, 01/15/28	CNY		7,570			1,088,690
2.67%, 05/25/33	CNY		24,480			3,669,070
2.67%, 11/25/33	CNY		15,500			2,329,589
2.68%, 05/21/30	CNY		36,870			5,427,552
2.69%, 08/12/26	CNY		33,950			4,810,334
2.69%, 08/15/32	CNY		22,210			3,322,416
2.75%, 06/15/29	CNY		22,310			3,264,465
2.75%, 02/17/32	CNY		33,920			5,069,289
2.76%, 05/15/32	CNY		15,150			2,275,960
2.79%, 12/15/29	CNY		28,190			4,151,390
2.80%, 03/24/29	CNY		23,340			3,414,097
2.80%, 03/25/30	CNY		34,990			5,171,121
2.80%, 11/15/32	CNY		19,610			2,961,750
2.85%, 06/04/27	CNY		32,270			4,633,154
2.88%, 02/25/33	CNY		20,820			3,166,652
2.89%, 11/18/31	CNY		30,340			4,564,810
2.91%, 10/14/28	CNY		23,110			3,378,773
3.00%, 10/15/53	CNY		19,130			3,320,218
3.01%, 05/13/28	CNY		32,740			4,779,844
3.02%, 05/27/31	CNY		30,990			4,688,533
3.03%, 03/11/26	CNY		6,460			912,978
3.12%, 12/05/26	CNY		6,090			872,735
3.12%, 10/25/52	CNY		19,280			3,359,519
3.13%, 11/21/29	CNY		21,890			3,276,878
3.19%, 04/15/53	CNY		11,960			2,115,041
3.25%, 06/06/26	CNY		25,180			3,581,765
3.25%, 11/22/28	CNY		2,020			299,832
3.27%, 11/19/30	CNY		32,810			5,017,256
3.28%, 12/03/27	CNY		33,930			4,962,964
3.29%, 05/23/29	CNY		24,120			3,617,707
3.32%, 04/15/52	CNY		14,840			2,660,869
3.53%, 10/18/51	CNY		12,540			2,319,701
3.72%, 04/12/51	CNY		13,570			2,582,847
3.81%, 09/14/50	CNY		29,170			5,634,394
						285,134,537
Colombia: 4.0%
Colombian TES
5.75%, 11/03/27	COP		29,656,200			6,688,699
6.00%, 04/28/28	COP		65,135,100			14,365,093
6.25%, 07/09/36	COP		49,360,700			7,823,178
7.00%, 03/26/31	COP		53,594,100			10,648,697
7.00%, 06/30/32	COP		48,261,300			9,076,908
7.25%, 10/18/34	COP		49,071,900			8,795,626
7.25%, 10/26/50	COP		79,432,100			11,684,113
7.50%, 08/26/26	COP		47,829,900			11,490,378
7.75%, 09/18/30	COP		47,496,300			10,061,293
9.25%, 05/28/42	COP		86,793,000			16,331,185
11.50%, 07/25/46	COP		65,381,900			14,498,401
13.25%, 02/09/33	COP		48,291,400			12,396,437
						133,860,008
Czech Republic: 4.5%
Czech Republic Government Bond
0.05%, 11/29/29	CZK		119,720			4,855,464
0.25%, 02/10/27	CZK		207,020			9,345,326
1.20%, 03/13/31	CZK		201,180			8,286,890

		Par (000’s		)	Value
Czech Republic (continued)
1.50%, 04/24/40	CZK		120,070		$	3,848,299
1.75%, 06/23/32	CZK		204,830			8,464,976
1.95%, 07/30/37	CZK		107,020			3,929,106
2.00%, 10/13/33	CZK		201,010			8,170,099
2.75%, 07/23/29	CZK		196,380			9,010,068
3.00%, 03/03/33	CZK		90,410			4,003,822
3.50%, 05/30/35	CZK		201,140			9,008,471
3.60%, 06/03/36	CZK		71,380			3,196,064
4.50%, 11/11/32	CZK		195,920			9,580,153
4.90%, 04/14/34	CZK		206,660			10,355,747
5.00%, 09/30/30	CZK		201,280			10,099,054
5.50%, 12/12/28	CZK		159,820			8,055,788
5.75%, 03/29/29	CZK		90,340			4,608,651
6.00%, 02/26/26	CZK		17,710			855,887
6.20%, 06/16/31	CZK		81,250			4,340,366
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK		201,020			8,373,996
1.00%, 06/26/26	CZK		199,570			9,263,577
2.50%, 08/25/28	CZK		201,030			9,248,658
4.20%, 12/04/36	CZK		108,430			5,081,585
						151,982,047
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
10.50%, 03/15/37	DOP		689,950			11,520,066
10.75%, 06/01/36	DOP		597,950			10,383,728
11.25%, 09/15/35	DOP		58,000			1,032,302
13.62%, 02/03/33	DOP		362,200			7,119,879
Dominican Republic International Bond Reg S
10.50%, 03/15/37	DOP		112,500			1,878,408
10.75%, 06/01/36	DOP		56,000			972,471
11.25%, 09/15/35	DOP		441,900			7,865,077
13.62%, 02/03/33	DOP		45,080			886,152
						41,658,083
Hungary: 3.6%
Hungary Government Bond
1.50%, 04/22/26 †	HUF		2,609,160			7,410,042
1.50%, 08/26/26	HUF		1,648,490			4,605,430
2.00%, 05/23/29	HUF		4,541,960			11,390,001
2.25%, 04/20/33	HUF		4,007,680			8,617,515
2.25%, 06/22/34	HUF		1,624,350			3,320,640
2.75%, 12/22/26	HUF		2,177,890			6,100,127
3.00%, 10/27/27	HUF		3,584,200			9,807,440
3.00%, 08/21/30	HUF		4,380,890			11,006,460
3.00%, 10/27/38	HUF		1,467,540			2,814,223
3.00%, 04/25/41	HUF		1,089,980			1,948,077
3.25%, 10/22/31	HUF		4,023,890			9,837,160
4.50%, 03/23/28	HUF		2,727,520			7,646,560
4.75%, 11/24/32	HUF		3,272,790			8,534,305
6.75%, 10/22/28	HUF		4,633,570			13,759,465
7.00%, 10/24/35	HUF		2,243,760			6,576,294

See Notes to Financial Statements

		Par (000’s		)	Value
Hungary (continued)
9.50%, 10/21/26	HUF		2,207,890		$	6,751,319
						120,125,058
India: 8.3%
India Government Bond
5.77%, 08/03/30	INR		792,010			9,118,931
5.79%, 05/11/30	INR		520,890			6,013,506
5.85%, 12/01/30	INR		739,980			8,550,445
6.10%, 07/12/31	INR		1,076,190			12,483,203
6.45%, 10/07/29	INR		696,870			8,272,081
6.54%, 01/17/32	INR		849,000			10,060,591
6.67%, 12/17/50	INR		932,720			10,448,628
6.75%, 12/23/29	INR		405,340			4,859,727
6.79%, 12/30/31	INR		66,600			800,323
6.79%, 10/07/34	INR		1,195,650			14,369,216
6.79%, 12/02/34	INR		134,300			1,609,429
6.99%, 12/15/51	INR		1,037,420			12,092,506
7.02%, 06/18/31	INR		322,230			3,903,882
7.04%, 06/03/29	INR		426,530			5,149,340
7.06%, 04/10/28	INR		479,130			5,770,916
7.10%, 04/18/29	INR		728,930			8,809,624
7.10%, 04/08/34	INR		1,147,430			13,978,684
7.16%, 09/20/50	INR		650,760			7,736,752
7.17%, 04/17/30	INR		550,650			6,698,468
7.18%, 08/14/33	INR		1,311,510			16,020,364
7.18%, 07/24/37	INR		1,050,390			12,831,697
7.26%, 01/14/29	INR		337,310			4,108,294
7.26%, 08/22/32	INR		778,980			9,581,532
7.26%, 02/06/33	INR		748,580			9,205,806
7.30%, 06/19/53	INR		1,276,620			15,438,616
7.32%, 11/13/30	INR		486,820			5,995,804
7.36%, 09/12/52	INR		1,076,010			13,041,841
7.37%, 10/23/28	INR		413,630			5,029,781
7.37%, 01/23/54	INR		39,470			478,209
7.38%, 06/20/27	INR		473,120			5,699,640
7.41%, 12/19/36	INR		951,140			11,832,510
7.54%, 05/23/36	INR		956,450			11,989,116
7.72%, 06/15/49	INR		554,590			7,064,899
						279,044,361
Indonesia: 7.9%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR		111,157,000			6,741,996
5.50%, 04/15/26	IDR		59,906,000			3,678,638
6.12%, 05/15/28	IDR		103,421,000			6,359,293
6.25%, 06/15/36	IDR		61,728,000			3,665,468
6.38%, 08/15/28	IDR		107,660,000			6,665,835
6.38%, 04/15/32	IDR		198,009,000			12,102,515
6.38%, 07/15/37	IDR		24,574,000			1,462,119
6.50%, 07/15/30	IDR		120,509,000			7,484,845
6.50%, 02/15/31	IDR		187,962,000			11,610,807
6.62%, 05/15/33	IDR		105,871,000			6,513,659
6.62%, 02/15/34	IDR		206,412,000			12,701,700
6.75%, 07/15/35	IDR		187,304,000			11,642,325
6.88%, 04/15/29	IDR		169,521,000			10,655,256
7.00%, 05/15/27	IDR		120,928,000			7,575,597
7.00%, 09/15/30	IDR		228,238,000			14,466,508
7.00%, 02/15/33	IDR		166,963,000			10,526,228
7.12%, 06/15/38	IDR		120,758,000			7,598,047
7.12%, 08/15/40	IDR		61,225,000			3,830,004

		Par (000’s		)	Value
Indonesia (continued)
7.12%, 06/15/42	IDR		131,473,000		$	8,202,020
7.12%, 06/15/43	IDR		121,191,000			7,564,901
7.12%, 08/15/45	IDR		26,351,000			1,644,150
7.50%, 08/15/32	IDR		56,788,000			3,672,769
7.50%, 06/15/35	IDR		126,238,000			8,223,160
7.50%, 05/15/38	IDR		91,484,000			5,917,524
7.50%, 04/15/40	IDR		145,251,000			9,399,757
8.25%, 05/15/29	IDR		116,463,000			7,662,742
8.25%, 06/15/32	IDR		47,568,000			3,198,527
8.25%, 05/15/36	IDR		130,802,000			8,962,294
8.38%, 09/15/26	IDR		96,873,000			6,136,742
8.38%, 03/15/34	IDR		145,787,000			9,981,762
8.38%, 04/15/39	IDR		57,451,000			3,997,011
8.75%, 05/15/31	IDR		88,120,000			6,030,263
9.00%, 03/15/29	IDR		91,493,000			6,147,980
9.50%, 07/15/31	IDR		30,111,000			2,126,261
10.50%, 08/15/30	IDR		53,160,000			3,843,859
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR		89,886,000			5,466,685
5.88%, 07/15/28	IDR		50,699,000			3,092,714
6.38%, 03/15/34	IDR		43,510,000			2,647,087
6.62%, 09/15/29	IDR		10,084,000			628,162
6.88%, 03/15/36	IDR		24,600,000			1,539,749
8.88%, 11/15/31	IDR		44,820,000			3,108,060
						264,475,019
Ivory Coast: 0.2%
African Development Bank 6.55%, 05/23/35	INR		619,000			7,161,121

Luxembourg: 0.1%
European Investment Bank Reg S 4.50%, 02/16/28	MXN		57,200			2,773,286

Malaysia: 8.4%
Malaysia Government Bond
2.63%, 04/15/31	MYR		41,682			9,516,542
3.34%, 05/15/30	MYR		5,766			1,378,199
3.50%, 05/31/27	MYR		38,152			9,136,513
3.52%, 04/20/28	MYR		23,809			5,711,968
3.58%, 07/15/32	MYR		27,383			6,580,025
3.73%, 06/15/28	MYR		28,563			6,891,422
3.76%, 05/22/40	MYR		29,769			7,092,935
3.83%, 07/05/34	MYR		36,906			8,977,235
3.88%, 08/15/29	MYR		36,623			8,901,596
3.90%, 11/30/26	MYR		27,374			6,578,484
3.90%, 11/16/27	MYR		29,171			7,050,192
3.91%, 07/15/26	MYR		23,843			5,714,274
4.05%, 04/18/39	MYR		27,452			6,779,782
4.07%, 06/15/50	MYR		35,142			8,430,697
4.18%, 05/16/44	MYR		16,579			4,152,663
4.25%, 05/31/35	MYR		19,306			4,859,936
4.46%, 03/31/53	MYR		30,252			7,722,395
4.50%, 04/30/29	MYR		11,559			2,867,791
4.64%, 11/07/33	MYR		29,732			7,644,161
4.70%, 10/15/42	MYR		30,398			8,052,466

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Malaysia (continued)
4.76%, 04/07/37	MYR		30,948		$	8,150,322
4.89%, 06/08/38	MYR		27,987			7,440,423
4.92%, 07/06/48	MYR		19,613			5,321,463
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR		30,757			7,358,576
3.45%, 07/15/36	MYR		25,600			5,986,284
3.46%, 10/15/30	MYR		33,319			7,965,090
3.60%, 07/31/28	MYR		30,939			7,440,931
3.61%, 04/30/35	MYR		5,813			1,391,404
3.63%, 08/30/30	MYR		6,416			1,548,458
3.73%, 03/31/26	MYR		30,367			7,251,273
3.77%, 05/31/45	MYR		5,020			1,193,918
3.80%, 10/08/31	MYR		23,208			5,640,660
3.97%, 07/16/40	MYR		9,191			2,251,345
4.07%, 09/30/26	MYR		35,138			8,449,216
4.12%, 11/30/34	MYR		35,127			8,723,357
4.13%, 07/09/29	MYR		36,066			8,843,428
4.19%, 10/07/32	MYR		30,367			7,540,091
4.25%, 09/30/30	MYR		26,300			6,521,381
4.26%, 07/26/27	MYR		12,542			3,048,998
4.29%, 08/14/43	MYR		36,310			9,178,674
4.37%, 10/31/28	MYR		29,171			7,180,502
4.42%, 09/30/41	MYR		22,610			5,788,212
4.47%, 09/15/39	MYR		36,649			9,420,849
4.66%, 03/31/38	MYR		11,918			3,111,132
						280,785,263
Mexico: 5.4%
Mexican Bonos
5.50%, 03/04/27	MXN		42,789			2,173,110
5.75%, 03/05/26	MXN		6,072			316,116
7.00%, 09/03/26	MXN		6,879			359,405
7.50%, 06/03/27	MXN		85,917			4,495,431
7.50%, 05/26/33	MXN		367,197			17,761,011
7.75%, 05/29/31	MXN		464,418			23,439,919
7.75%, 11/23/34	MXN		495,948			23,962,106
7.75%, 11/13/42	MXN		477,572			20,966,790
8.00%, 05/24/35	MXN		25,607			1,243,799
8.00%, 11/07/47	MXN		295,575			12,997,723
8.00%, 07/31/53	MXN		445,825			19,424,082
8.50%, 03/02/28	MXN		32,318			1,717,497
8.50%, 03/01/29	MXN		210,889			11,140,000
8.50%, 05/31/29	MXN		306,133			16,160,278
8.50%, 02/28/30	MXN		140,107			7,216,611
8.50%, 11/18/38	MXN		247,628			12,060,096
10.00%, 11/20/36	MXN		117,096			6,512,355
						181,946,329
Peru: 3.3%
Peru Government Bond
5.35%, 08/12/40	PEN		27,430			6,625,676
5.40%, 08/12/34	PEN		46,380			12,332,421
5.94%, 02/12/29	PEN		33,247			9,826,587
6.15%, 08/12/32	PEN		50,181			14,608,276
6.35%, 08/12/28	PEN		18,240			5,476,839
6.90%, 08/12/37	PEN		50,928			14,592,080
6.95%, 08/12/31	PEN		47,303			14,472,108
8.20%, 08/12/26	PEN		9,948			2,926,226

		Par (000’s		)	Value
Peru (continued)
Peru Government Bond 144A Reg S
6.85%, 08/12/35	PEN		20,574		$	5,970,895
7.30%, 08/12/33	PEN		42,403			13,014,650
7.60%, 08/12/39	PEN		38,964			11,685,899
						111,531,657
Poland: 4.8%
Republic of Poland Government Bond
0.00%, 01/25/28 ^	PLN		5,375			1,327,242
0.25%, 10/25/26	PLN		13,136			3,446,494
1.25%, 10/25/30	PLN		58,870			13,559,124
1.75%, 04/25/32	PLN		64,127			14,322,539
2.50%, 07/25/26	PLN		6,019			1,634,373
2.50%, 07/25/27	PLN		48,300			12,847,016
2.75%, 04/25/28	PLN		18,807			4,961,644
2.75%, 10/25/29	PLN		65,918			16,841,192
3.75%, 05/25/27	PLN		35,667			9,743,678
4.50%, 07/25/30	PLN		28,603			7,771,585
4.75%, 07/25/29	PLN		64,135			17,747,159
5.00%, 01/25/30	PLN		25,757			7,174,160
5.00%, 10/25/34	PLN		60,282			16,182,512
6.00%, 10/25/33	PLN		68,534			19,779,405
7.50%, 07/25/28	PLN		41,526			12,416,838
						159,754,961
Romania: 3.9%
Romania Government Bond
2.50%, 10/25/27	RON		20,505			4,275,391
3.25%, 06/24/26	RON		24,195			5,411,734
3.65%, 09/24/31	RON		23,495			4,449,103
4.15%, 01/26/28	RON		23,650			5,082,821
4.15%, 10/24/30	RON		22,620			4,510,358
4.25%, 04/28/36	RON		19,025			3,411,162
4.75%, 10/11/34	RON		24,630			4,700,462
4.85%, 04/22/26	RON		23,455			5,339,781
4.85%, 07/25/29	RON		26,645			5,636,973
5.00%, 02/12/29	RON		24,725			5,308,592
5.80%, 07/26/27	RON		24,350			5,476,220
6.30%, 04/26/28	RON		16,345			3,687,490
6.30%, 04/25/29	RON		27,215			6,081,313
6.70%, 02/25/32	RON		27,860			6,212,609
6.75%, 04/25/35	RON		8,765			1,932,938
6.85%, 07/29/30	RON		8,590			1,939,396
7.10%, 07/31/34	RON		23,560			5,334,915
7.20%, 10/28/26	RON		27,070			6,275,310
7.20%, 05/31/27	RON		27,245			6,298,060
7.20%, 10/30/33	RON		28,335			6,463,225
7.35%, 04/28/31	RON		27,920			6,448,750
7.90%, 02/24/38	RON		29,505			7,155,117
8.00%, 04/29/30	RON		29,245			6,936,975
8.25%, 09/29/32	RON		29,945			7,248,076
8.75%, 10/30/28	RON		28,210			6,794,568
						132,411,339
Serbia: 1.3%
Serbia Treasury Bonds
4.50%, 08/20/32	RSD		1,216,920			11,872,911
5.25%, 07/27/35	RSD		946,230			9,483,158

See Notes to Financial Statements

		Par (000’s		)	Value
Serbia (continued)
5.88%, 02/08/28	RSD		971,840		$	10,129,318
7.00%, 10/26/31	RSD		938,990			10,490,194
						41,975,581
South Africa: 5.1%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		115,483			4,853,539
6.50%, 02/28/41	ZAR		102,855			3,917,098
7.00%, 02/28/31	ZAR		243,149			12,602,503
8.00%, 01/31/30	ZAR		399,493			22,129,805
8.25%, 03/31/32	ZAR		389,074			20,932,510
8.50%, 01/31/37	ZAR		378,696			18,576,755
8.75%, 01/31/44	ZAR		320,875			14,689,277
8.75%, 02/28/48	ZAR		499,266			22,578,625
8.88%, 02/28/35	ZAR		406,996			21,441,221
9.00%, 01/31/40	ZAR		334,385			16,292,872
10.00%, 03/31/33	ZAR		17,761			1,028,473
10.50%, 12/21/26	ZAR		42,708			2,495,084
10.88%, 03/31/38	ZAR		41,330			2,379,387
11.62%, 03/31/53	ZAR		91,422			5,398,640
						169,315,789
Supranational: 7.4%
Asian Development Bank 2.50%, 02/15/27	CNY		14,000			1,983,609
Asian Infrastructure Investment Bank Reg S 5.00%, 03/05/26	MXN		55,650			2,871,961
European Bank for Reconstruction & Development
0.87%, 03/04/26	PLN		7,140			1,921,206
2.75%, 04/27/32	CNY		28,000			4,161,590
3.70%, 02/02/26	CZK		116,340			5,552,199
4.25%, 02/07/28	IDR		47,900,000			2,835,645
5.00%, 10/06/26	IDR		63,083,400			3,846,009
5.12%, 05/01/27	IDR		3,000,000			182,162
6.25%, 04/11/28	INR		370,300			4,301,079
6.75%, 01/13/32	INR		656,700			7,740,413
European Bank for Reconstruction & Development Reg S
3.01%, 03/13/28	PLN		18,650			4,914,852
5.08%, 12/15/25	MXN		291,260			15,147,853
European Investment Bank 8.12%, 12/21/26	ZAR		201,055			11,403,301
European Investment Bank 144A 6.95%, 03/01/29	INR		214,700			2,538,222
European Investment Bank Reg S
1.00%, 02/25/28	PLN		20,822			5,221,705
2.75%, 08/25/26	PLN		63,868			17,285,495
2.88%, 11/15/29	PLN		4,088			1,037,218
3.00%, 01/27/26	CZK		13,010			619,683
3.00%, 11/25/29	PLN		34,910			8,893,923
7.40%, 10/23/33	INR		118,000			1,450,348
8.00%, 05/05/27	ZAR		15,560			886,289

		Par (000’s		)	Value
Supranational (continued)
Inter-American Development Bank
7.00%, 01/25/29	INR		555,000		$	6,566,260
7.00%, 04/17/33	INR		247,000			2,948,191
7.05%, 04/08/29	INR		342,000			4,050,503
7.35%, 10/06/30	INR		322,000			3,876,371
International Bank for Reconstruction & Development
1.75%, 01/24/28	CNY		36,000			5,044,851
2.00%, 02/18/26	CNY		30,000			4,194,586
2.25%, 01/19/29	CNY		49,000			6,987,935
2.50%, 01/13/31	CNY		6,000			871,678
2.50%, 08/02/33	CNY		37,000			5,377,081
2.75%, 01/19/27	CNY		76,000			10,784,201
2.75%, 07/26/34	CNY		20,000			2,975,190
4.25%, 01/22/26	MXN		161,680			8,369,156
4.60%, 02/09/26	IDR		88,600,000			5,413,686
5.30%, 06/25/30	MXN		65,000			3,006,061
5.35%, 02/09/29	IDR		4,860,000			292,723
5.73%, 08/02/27	PLN		3,600			1,018,644
6.50%, 04/17/30	INR		191,800			2,232,566
6.75%, 09/08/27	INR		183,200			2,151,247
7.25%, 01/21/27	MXN		269,750			14,121,324
8.50%, 04/06/26	MXN		33,600			1,771,327
International Finance Corp.
5.02%, 02/11/28	MXN		40,000			1,953,208
7.00%, 07/20/27	MXN		303,380			15,700,541
7.50%, 01/18/28	MXN		109,710			5,723,770
7.75%, 01/18/30	MXN		243,230			12,622,416
8.00%, 07/27/27	ZAR		3,010			172,419
12.00%, 11/03/27	COP		7,100,000			1,817,696
International Finance Corp. Reg S 8.38%, 05/31/29	MXN		238,740			12,663,633
						247,502,026
Thailand: 7.1%
Thailand Government Bond
1.00%, 06/17/27	THB		371,103			11,327,758
1.58%, 12/17/35	THB		249,460			7,677,128
1.60%, 12/17/29	THB		250,228			7,756,409
1.60%, 06/17/35	THB		133,561			4,100,316
1.66%, 03/17/30	THB		76,290			2,377,156
2.00%, 12/17/31	THB		391,927			12,446,620
2.00%, 06/17/42	THB		183,748			5,676,435
2.05%, 04/17/28	THB		165,445			5,180,065
2.12%, 12/17/26	THB		271,219			8,431,027
2.25%, 03/17/27	THB		302,632			9,441,570
2.35%, 06/17/26	THB		235,906			7,326,971
2.40%, 11/17/27	THB		296,472			9,332,443
2.40%, 03/17/29	THB		285,629			9,097,862
2.41%, 03/17/35	THB		128,151			4,224,069
2.50%, 11/17/29	THB		284,451			9,152,567
2.65%, 06/17/28	THB		322,429			10,276,461
2.70%, 06/17/40	THB		108,963			3,795,146
2.80%, 06/17/34	THB		284,779			9,633,960

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Thailand (continued)
2.88%, 12/17/28	THB		236,777		$	7,644,127
2.88%, 06/17/46	THB		214,401			7,384,568
2.98%, 06/17/45	THB		131,162			4,607,412
3.30%, 06/17/38	THB		307,436			11,209,941
3.35%, 06/17/33	THB		296,602			10,330,443
3.39%, 06/17/37	THB		316,969			11,572,380
3.40%, 06/17/36	THB		221,426			7,990,026
3.45%, 06/17/43	THB		343,982			12,788,149
3.65%, 06/20/31	THB		237,480			8,215,770
3.77%, 06/25/32	THB		291,060			10,298,259
4.88%, 06/22/29	THB		262,453			9,150,149
						238,445,187
Turkey: 2.6%
Turkiye Government Bond
10.50%, 08/11/27	TRY		184,794			2,992,855
10.60%, 02/11/26	TRY		44,104			941,813
11.00%, 02/24/27	TRY		50,214			878,385
11.70%, 11/13/30	TRY		115,552			1,522,234
12.40%, 03/08/28	TRY		217,146			3,424,723
16.90%, 09/02/26	TRY		104,412			2,116,555
17.30%, 07/19/28	TRY		397,487			7,069,455
17.80%, 07/13/33	TRY		218,440			3,669,829
26.20%, 10/05/33	TRY		885,992			20,591,764
27.70%, 09/27/34	TRY		181,193			4,339,416
30.00%, 09/12/29	TRY		1,021,638			24,023,340
31.08%, 11/08/28	TRY		689,851			16,385,184
						87,955,553

		Par (000’s		)	Value
Uruguay: 1.1%
Uruguay Government International Bond
8.25%, 05/21/31	UYU		553,822		$	13,492,135
9.75%, 07/20/33	UYU		643,613			16,895,647
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU		41,512			1,028,258
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU		234,433			5,806,936
						37,222,976
Total Government Obligations (Cost: $3,228,326,442)						3,257,742,633
Total Investments Before Collateral for Securities Loaned: 97.4% (Cost: $3,243,744,729)						3,267,599,539

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $580,274)
State Street Navigator Securities Lending Government Money Market Portfolio			580,274			580,274
Total Investments: 97.4% (Cost: $3,244,325,003)						3,268,179,813
Other assets less liabilities: 2.6%						85,683,960
NET ASSETS: 100.0%					$	3,353,863,773

Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RSD	Serbian Dinar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

See Notes to Financial Statements

Footnotes:

^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $568,002.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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. These securities have an aggregate value of $125,240,394, or 3.7% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	9,856,906	$	—	$	9,856,906
Government Obligations *		—		3,257,742,633		—		3,257,742,633
Money Market Fund		580,274		—		—		580,274
Total Investments	$	580,274	$	3,267,599,539	$	—	$	3,268,179,813

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 97.8%
Financial Services: 97.8%
AGNC Investment Corp. †		4,516,499	$	41,506,626
Annaly Capital Management, Inc.		2,177,969		40,989,377
Apollo Commercial Real Estate Finance, Inc. †		948,547		9,181,935
Arbor Realty Trust, Inc. †		1,298,379		13,892,655
ARMOUR Residential REIT, Inc.		678,293		11,402,105
Blackstone Mortgage Trust, Inc. †		778,003		14,976,558
BrightSpire Capital, Inc.		1,000,262		5,051,323
Chicago Atlantic Real Estate Finance, Inc. †		189,386		2,643,829
Chimera Investment Corp.		629,314		8,728,585
Dynex Capital, Inc.		1,107,473		13,533,320
Ellington Financial, Inc. †		767,074		9,964,291
Franklin BSP Realty Trust, Inc. †		621,709		6,646,069
Invesco Mortgage Capital, Inc. †		630,250		4,941,160
KKR Real Estate Finance Trust, Inc.		434,415		3,809,819
Ladder Capital Corp.		955,217		10,268,583
MFA Financial, Inc.		733,141		6,935,514
New York Mortgage Trust, Inc. †		720,774		4,829,186

	Number of Shares		Value
Financial Services (continued)
Orchid Island Capital, Inc. †		1,169,995	$	8,201,665
PennyMac Mortgage Investment Trust †		594,007		7,638,930
Ready Capital Corp. †		1,378,925		6,025,902
Redwood Trust, Inc. †		880,811		5,205,593
Rithm Capital Corp.		2,199,599		24,833,473
Starwood Property Trust, Inc. †		1,337,421		26,842,039
TPG RE Finance Trust, Inc.		528,397		4,079,225
Two Harbors Investment Corp. †		732,015		7,883,801
Total Common Stocks (Cost: $322,595,412)				300,011,563

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4%
Money Market Fund: 3.4% (Cost: $10,444,130)
State Street Navigator Securities Lending Government Money Market Portfolio		10,444,130		10,444,130
Total Investments: 101.2% (Cost: $333,039,542)				310,455,693
Liabilities in excess of other assets: (1.2)%				(3,548,894)
NET ASSETS: 100.0%			$	306,906,799

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $84,304,475.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	300,011,563	$	—	$	—	$	300,011,563
Money Market Fund		10,444,130		—		—		10,444,130
Total Investments	$	310,455,693	$	—	$	—	$	310,455,693

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
PREFERRED SECURITIES: 99.6%
Aerospace & Defense: 13.1%
Boeing Co. 6.00%, 10/15/27		3,437,736	$	233,766,048

Automobiles & Auto Parts: 3.1%
Ford Motor Co.
6.00%, 12/01/59		956,583		19,887,360
6.20%, 06/01/59		896,803		18,814,927
6.50%, 08/15/62 †		717,442		16,070,701
				54,772,988
Chemicals: 2.5%
Albemarle Corp. 7.25%, 03/01/27		1,375,094		44,140,517

Computers Phones & Household Electronics: 3.0%
Hewlett Packard Enterprise Co. 7.62%, 09/01/27		896,803		52,803,761

Consumer Goods Conglomerates: 0.3%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		298,931		4,741,046

Diversified Retail: 0.4%
QVC Group, Inc. 8.00%, 03/15/31 †		380,189		2,611,898
QVC, Inc. 6.25%, 11/26/68		598,110		5,921,289
				8,533,187
Electric Utilities & IPPs: 25.1%
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26 (o)		418,512		6,591,564
4.88%, 12/09/26 (o)		310,889		5,027,075
DTE Energy Co.
4.38%, 12/01/81		334,805		5,705,077
5.25%, 12/01/77		478,291		10,044,111
Duke Energy Corp.
5.62%, 09/15/78 †		597,861		14,091,584
5.75% (o) †		1,195,734		29,080,251
Entergy Arkansas LLC 4.88%, 09/01/66		490,249		9,903,030
Entergy Louisiana LLC 4.88%, 09/01/66 †		322,847		6,466,625
Entergy Mississippi LLC 4.90%, 10/01/66 †		310,889		6,236,433
Georgia Power Co. 5.00%, 10/01/77 †		322,847		6,631,277
NextEra Energy Capital Holdings, Inc.
5.65%, 03/01/79 †		822,070		18,175,968
6.50%, 06/01/85		1,046,268		26,146,237
NextEra Energy, Inc.
6.93%, 09/01/25		1,195,734		47,518,469
7.23%, 11/01/27		896,803		39,683,533
7.30%, 06/01/27		1,195,734		56,307,114
PG&E Corp. 6.00%, 12/01/27		962,562		36,192,331
SCE Trust IV

	Number of Shares		Value
Electric Utilities & IPPs (continued)
5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25 (o)		388,616	$	8,759,405
SCE Trust V
5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26 (o)		358,721		8,178,839
SCE Trust VI 5.00% (o)		567,977		9,087,632
SCE Trust VII 7.50%, 11/22/28 (o) †		657,652		14,613,027
SCE Trust VIII 6.95%, 05/13/29 (o)		418,512		8,964,527
Southern Co.
4.20%, 10/15/60		896,803		15,756,829
4.95%, 01/30/80		1,195,734		23,675,533
5.25%, 12/01/77 †		538,082		11,466,528
6.50%, 03/15/85		675,589		17,349,126
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		306,705		7,176,897
				448,829,022
Food & Tobacco: 3.8%
CHS, Inc.
6.75% (o)		588,898		14,015,772
7.10% (o) †		502,207		12,329,182
7.50% (o) †		618,794		15,618,361
7.88% (o) †		641,510		16,621,524
8.00% (o) †		366,852		10,106,773
				68,691,612
Healthcare Providers & Services: 1.1%
BrightSpring Health Services, Inc. 6.75%, 02/01/27		239,151		19,741,915

Investment Banking & Investment Services: 0.4%
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 (o) †		391,957		7,917,531

Machinery; Equipment & Components: 0.8%
Chart Industries, Inc. 6.75%, 12/15/25		240,638		14,534,535

Multiline Utilities: 2.9%
Algonquin Power & Utilities Corp. 8.86%, 07/01/79		418,512		10,529,762
CMS Energy Corp.
5.88%, 10/15/78		334,805		7,375,754
5.88%, 03/01/79 †		753,317		16,723,637
Sempra 5.75%, 07/01/79 †		905,766		18,613,491
				53,242,644
Natural Gas Utilities: 0.4%
Spire, Inc.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Natural Gas Utilities (continued)
5.90% (o) †		298,931	$	7,051,782

Office Equipment: 0.5%
Pitney Bowes, Inc. 6.70%, 03/07/43		508,187		9,472,606

Oil & Gas: 0.5%
NGL Energy Partners LP
11.77% (Term SOFR USD 3 Month+7.47%) (o)		376,183		8,257,217

Professional & Commercial Services: 0.3%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 (o)		358,721		5,836,391

Real Estate Operations: 1.5%
Brookfield Property Preferred LP 6.25%, 07/26/81		802,457		11,948,585
DigitalBridge Group, Inc.
7.12% (o)		347,239		7,142,706
7.15% (o) †		384,670		7,893,428
				26,984,719
Residential & Commercial REITs: 18.0%
AGNC Investment Corp.
9.21% (Term SOFR USD 3 Month+4.96%) (o) †		687,547		17,264,305
9.51% (Term SOFR USD 3 Month+5.25%) (o)		481,286		12,224,664
9.63% (Term SOFR USD 3 Month+5.37%) (o) †		388,616		9,898,050
Annaly Capital Management, Inc.
8.72% (Term SOFR USD 3 Month+4.43%) (o)		508,187		12,577,628
9.54% (Term SOFR USD 3 Month+5.25%) (o) †		529,108		13,328,230
9.55% (Term SOFR USD 3 Month+5.25%) (o)		860,929		21,686,801
Arbor Realty Trust, Inc.
6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 (o) †		339,108		6,887,284
Chimera Investment Corp. 7.75%, 09/30/25 (o)		310,889		7,016,765
10.35% (Term SOFR USD 3 Month+6.05%) (o) †		388,616		9,490,003
Digital Realty Trust, Inc. 5.20% (o)		412,533		8,242,409
Diversified Healthcare Trust
5.62%, 08/01/42		418,512		6,549,713
6.25%, 02/01/46 †		298,931		4,944,319
Franklin BSP Realty Trust, Inc. 7.50% (o)		308,737		6,242,662
Hudson Pacific Properties, Inc. 4.75%, 11/16/26 (o) †		508,187		7,551,659
Kimco Realty Corp. 5.25% (o)		312,803		6,240,420
MFA Financial, Inc.
9.90% (Term SOFR USD 3 Month+5.61%) (o)		328,826		7,733,988

	Number of Shares		Value
Residential & Commercial REITs (continued)
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 (o)		298,931	$	5,575,063
Public Storage
3.88%, 10/06/25 (o) †		337,789		5,168,172
4.00%, 11/19/26 (o)		1,242,128		19,560,333
4.10%, 01/13/27 (o)		298,931		4,848,661
4.62% (o)		675,589		12,336,255
4.70% (o)		309,451		5,700,087
4.88% (o) †		378,085		7,228,985
5.05% (o)		358,721		7,181,594
5.15% (o)		334,805		6,809,934
5.60% (o) †		340,784		7,640,377
Rithm Capital Corp. 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 (o)		556,019		13,311,095
9.56% (Term SOFR USD 3 Month+5.23%) (o)		475,426		11,647,937
10.19% (Term SOFR USD 3 Month+5.90%) (o) †		336,600		8,482,320
RLJ Lodging Trust 1.95% (o)		385,027		9,109,739
Two Harbors Investment Corp. 7.62%, 07/27/27 (o)		303,721		6,791,202
UMH Properties, Inc. 6.38% (o)		384,789		8,384,552
Vornado Realty Trust
4.45%, 09/22/26 (o)		358,721		5,165,582
5.25% (o) †		740,753		12,245,114
5.40% (o) †		358,721		6,130,542
				321,196,444
Semiconductors & Semiconductor Equipment: 3.3%
Microchip Technology, Inc. 7.50%, 03/15/28 †		887,829		59,164,925

Software & IT Services: 7.2%
MicroStrategy, Inc.
8.00% (o) †		357,149		43,218,600
10.00% (o) †		642,036		64,461,592
QXO, Inc. 5.50%, 05/15/28		341,898		21,194,257
				128,874,449
Telecommunications Services: 11.4%
AT&T, Inc.
4.75% (o)		2,092,537		39,967,457
5.00% (o) †		1,434,874		28,912,711
5.35%, 11/01/66		1,581,355		35,106,081
Qwest Corp.
6.50%, 09/01/56		1,168,833		21,038,994
6.75%, 06/15/57		789,180		14,339,400
Telephone and Data Systems, Inc.
6.00%, 09/30/26 (o) †		825,054		14,603,456
6.62%, 03/31/26 (o)		502,207		9,687,573
United States Cellular Corp.
5.50%, 03/01/70		611,371		12,545,333
5.50%, 06/01/70		610,571		12,522,811

See Notes to Financial Statements

	Number of Shares		Value
Telecommunications Services (continued)
6.25%, 09/01/69		611,371	$	14,446,697
				203,170,513
Total Preferred Securities (Cost: $1,797,511,317)				1,781,723,852


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Money Market Fund: 2.0% (Cost: $34,983,084)
State Street Navigator Securities Lending Government Money Market Portfolio		34,983,084		34,983,084
Total Investments: 101.6% (Cost: $1,832,494,401)				1,816,706,936
Liabilities in excess of other assets: (1.6)%				(27,969,777)
NET ASSETS: 100.0%			$	1,788,737,159

Definitions:

IPP	Independent power producer
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $37,847,826.
(o)	Perpetual Maturity — the date shown, if applicable, is the next call date

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	1,781,723,852	$	—	$	—	$	1,781,723,852
Money Market Fund		34,983,084		—		—		34,983,084
Total Investments	$	1,816,706,936	$	—	$	—	$	1,816,706,936

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	BDC Income ETF			China Bond ETF			International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,565,399,808		$	17,498,188		$	40,759,316		$	3,267,599,539
Short-term investments held as collateral for securities loaned (3)		143,382,512			—			1,003,713			580,274
Cash		5,225,531			108,760			216,029			150,965
Cash denominated in foreign currency, at value (4)		—			137,213	(a)		512,189			1,954,681
Receivables:
Investment securities sold		9,969,100			—			786,078			77,043,204
Shares of beneficial interest sold		7,325,964			—			—			—
Due from Adviser		—			372			—			—
Dividends and interest		14,917,314			307,366			711,319			68,761,870
Prepaid expenses		—			149			—			4,380
Other assets		—			466			—			91,641
Total assets		1,746,220,229			18,052,514			43,988,644			3,416,186,554
Liabilities:
Total return swap contracts, at value		287,021			—			—			—
Payables:
Investment securities purchased		—			—			1,262,487			59,384,696
Collateral for securities loaned		143,382,512			—			1,003,713			580,274
Due to Adviser		516,771			—			12,484			672,796
Deferred Trustee fees		9,396			1,683			33,385			328,308
Accrued expenses		6,418			47,170			36			494,901
Accrued foreign taxes		—			—			—			861,806
Total liabilities		144,202,118			48,853			2,312,105			62,322,781
NET ASSETS	$	1,602,018,111		$	18,003,661		$	41,676,539		$	3,353,863,773
Shares outstanding		98,400,000			800,000			1,900,000			132,822,682
Net asset value, redemption and offering price per share	$	16.28		$	22.50		$	21.94		$	25.25
Net Assets consist of:
Aggregate paid-in capital	$	1,704,705,702		$	18,415,819		$	60,356,962		$	3,912,318,713
Total distributable loss		(102,687,591	)		(412,158	)		(18,680,423	)		(558,454,940	)
NET ASSETS	$	1,602,018,111		$	18,003,661		$	41,676,539		$	3,353,863,773
(1) Includes Investment in securities on loan, at market value	$	212,722,885		$	—		$	1,140,722		$	568,002
(2) Cost of investments - Unaffiliated issuers	$	1,567,518,795		$	17,583,330		$	40,489,017		$	3,243,744,729
(3) Cost of short-term investments held as collateral for securities loaned	$	143,382,512		$	—		$	1,003,713		$	580,274
(4) Cost of cash denominated in foreign currency	$	—		$	139,612		$	506,682		$	1,936,030

(a)	Includes $29,449 of foreign investor minimum settlement reserve funds (see Note 2I).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	300,011,563		$	1,781,723,852
Short-term investments held as collateral for securities loaned (3)		10,444,130			34,983,084
Cash		999,256			25,655,705
Receivables:
Investment securities sold		916,885			47,436,138
Shares of beneficial interest sold		528,235			17,898,883
Dividends and interest		6,034,141			1,763,670
Federal and State income taxes		—			25,478
Total assets		318,934,210			1,909,486,810
Liabilities:
Payables:
Investment securities purchased		1,468,982			76,619,895
Shares of beneficial interest redeemed		—			8,525,880
Collateral for securities loaned		10,444,130			34,983,084
Due to Adviser		97,940			582,725
Deferred Trustee fees		16,359			36,282
Accrued expenses		—			1,785
Total liabilities		12,027,411			120,749,651
NET ASSETS	$	306,906,799		$	1,788,737,159
Shares outstanding		29,050,000			104,900,000
Net asset value, redemption and offering price per share	$	10.56		$	17.05
Net Assets consist of:
Aggregate paid-in capital	$	492,781,968		$	2,027,637,654
Total distributable loss		(185,875,169	)		(238,900,495	)
NET ASSETS	$	306,906,799		$	1,788,737,159
(1) Includes Investment in securities on loan, at market value	$	84,304,475		$	37,847,826
(2) Cost of investments - Unaffiliated issuers	$	322,595,412		$	1,797,511,317
(3) Cost of short-term investments held as collateral for securities loaned	$	10,444,130		$	34,983,084

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	BDC Income ETF			China Bond ETF			International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF
Income:
Dividends	$	67,138,217		$	—		$	—		$	—
Interest		4,558,152			215,957			753,819			94,485,773
Securities lending income		2,772,440			—			4,388			11,477
Net foreign taxes withheld		—			—			(885	)		(2,664,649	)
Total income		74,468,809			215,957			757,322			91,832,601
Expenses:
Management fees		2,955,926			38,735			52,707			3,728,667
Professional fees		—			27,061			—			31,170
Custody and accounting fees		—			12,440			—			387,750
Reports to shareholders		—			6,609			—			127,702
Trustees’ fees and expenses		—			325			—			35,521
Exchange listing fees		—			1,649			—			1,600
Insurance		—			544			—			17,979
Interest		126,899			—			—			37,216
Taxes		—			185			185			185
Other		—			488			—			21,112
Total expenses		3,082,825			88,036			52,892			4,388,902
Expenses assumed by the Adviser		—			(39,432	)		—			(208,537	)
Net expenses		3,082,825			48,604			52,892			4,180,365
Net investment income		71,385,984			167,353			704,430			87,652,236

Net realized gain (loss) on:
Investments (1)		(2,967,064	)		(325,715	)		(79,580	)		(51,386,840	)
In-kind redemptions		6,266,466			—			(183,353	)		331,638
Capital gain distributions from investment companies		342,902			—			—			—
Swap contracts		(4,928,134	)		—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(3,389	)		2,318			(1,179,511	)
Net realized loss		(1,285,830	)		(329,104	)		(260,615	)		(52,234,713	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		(57,731,702	)		682,832			1,944,146			267,927,986
Swap contracts		(371,878	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			13,143			25,284			4,356,079
Net change in unrealized appreciation (depreciation)		(58,103,580	)		695,975			1,969,430			272,284,065
Net increase in net assets resulting from operations	$	11,996,574		$	534,224		$	2,413,245		$	307,701,588
(1) Net of foreign taxes	$	—		$	—		$	—		$	(680,504	)
(2) Net change in accrued foreign taxes	$	—		$	—		$	—		$	(423,504	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Income:
Dividends	$	14,490,156		$	60,299,519
Interest		7,052			85,499
Securities lending income		173,269			446,436
Net foreign taxes withheld		—			(6,156	)
Total income		14,670,477			60,825,298
Expenses:
Management fees		586,663			3,641,050
Interest		45,817			15,035
Taxes		185			185
Total expenses		632,665			3,656,270
Net investment income		14,037,812			57,169,028

Net realized gain (loss) on:
Investments		(13,795,378	)		(24,555,093	)
In-kind redemptions		1,348,510			7,905,508
Capital gain distributions from investment companies		315,944			164,614
Net realized loss		(12,130,924	)		(16,484,971	)

Net change in unrealized appreciation (depreciation) on:
Investments		6,738,070			(22,384,867	)
Net change in unrealized appreciation (depreciation)		6,738,070			(22,384,867	)
Net increase in net assets resulting from operations	$	8,644,958		$	18,299,190

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	71,385,984		$	100,277,252		$	89,851,157
Net realized gain (loss)		(1,285,830	)		(6,033,853	)		3,724,610
Net change in unrealized appreciation (depreciation)		(58,103,580	)		2,207,977			93,198,589
Net increase in net assets resulting from operations		11,996,574			96,451,376			186,774,356
Distributions to shareholders from:
Distributable earnings		(38,848,275	)		(100,652,127	)		(89,851,157	)
Return of capital		—			(534,358	)		(187,793	)
Total distributions		(38,848,275	)		(101,186,485	)		(90,038,950	)

Share transactions*:
Proceeds from sale of shares		306,822,072			382,193,690			510,600,418
Cost of shares redeemed		(47,199,549	)		(92,553,027	)		(100,247,033	)
Net increase in net assets resulting from share transactions		259,622,523			289,640,663			410,353,385
Total increase in net assets		232,770,822			284,905,554			507,088,791
Net Assets, beginning of period		1,369,247,289			1,084,341,735			577,252,944
Net Assets, end of period	$	1,602,018,111		$	1,369,247,289		$	1,084,341,735
*Shares of Common Stock Issued (no par value)
Shares sold		18,775,000			22,925,000			31,825,000
Shares redeemed		(2,925,000	)		(5,550,000	)		(6,350,000	)
Net increase		15,850,000			17,375,000			25,475,000

(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Bond ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	167,353		$	311,579		$	765,062
Net realized loss		(329,104	)		(383,568	)		(3,361,989	)
Net change in unrealized appreciation (depreciation)		695,975			554,868			1,766,414
Net increase (decrease) in net assets resulting from operations		534,224			482,879			(830,513	)
Distributions to shareholders from:
Distributable earnings		(141,350	)		—			—
Return of capital		—			(312,780	)		(1,040,340	)
Total distributions		(141,350	)		(312,780	)		(1,040,340	)

Share transactions*:
Proceeds from sale of shares		—			—			2,165,020
Cost of shares redeemed		(4,383,303	)		(2,252,117	)		(19,651,805	)
Net decrease in net assets resulting from share transactions		(4,383,303	)		(2,252,117	)		(17,486,785	)
Total decrease in net assets		(3,990,429	)		(2,082,018	)		(19,357,638	)
Net Assets, beginning of period		21,994,090			24,076,108			43,433,746
Net Assets, end of period	$	18,003,661		$	21,994,090		$	24,076,108

*Shares of Common Stock Issued (no par value)
Shares sold		—			—			100,000
Shares redeemed		(200,000	)		(100,000	)		(900,000	)
Net decrease		(200,000	)		(100,000	)		(800,000	)

(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International High Yield Bond ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	704,430		$	929,861		$	2,207,379
Net realized loss		(260,615	)		(730,316	)		(5,090,301	)
Net change in unrealized appreciation (depreciation)		1,969,430			1,240,408			5,490,598
Net increase in net assets resulting from operations		2,413,245			1,439,953			2,607,676
Distributions to shareholders from:
Distributable earnings		(553,260	)		(762,590	)		(1,811,747	)
Return of capital		—			(190,340	)		(464,333	)
Total distributions		(553,260	)		(952,930	)		(2,276,080	)

Share transactions*:
Proceeds from sale of shares		19,263,674			—			—
Cost of shares redeemed		(2,064,859	)		(8,297,285	)		(35,962,025	)
Net increase (decrease) in net assets resulting from share transactions		17,198,815			(8,297,285	)		(35,962,025	)
Total increase (decrease) in net assets		19,058,800			(7,810,262	)		(35,630,429	)
Net Assets, beginning of period		22,617,739			30,428,001			66,058,430
Net Assets, end of period	$	41,676,539		$	22,617,739		$	30,428,001
*Shares of Common Stock Issued (no par value)
Shares sold		900,000			—			—
Shares redeemed		(100,000	)		(400,000	)		(1,800,000	)
Net increase (decrease)		800,000			(400,000	)		(1,800,000	)


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	87,652,236		$	116,610,026		$	190,687,135
Net realized loss		(52,234,713	)		(80,348,331	)		(239,448,468	)
Net change in unrealized appreciation (depreciation)		272,284,066			2,685,881			72,095,992
Net increase in net assets resulting from operations		307,701,589			38,947,576			23,334,659
Distributions to shareholders from:
Distributable earnings		(70,170,488	)		—			(74,799,534	)
Return of capital		—			(116,685,317	)		(116,037,962	)
Total distributions		(70,170,488	)		(116,685,317	)		(190,837,496	)

Share transactions*:
Proceeds from sale of shares		711,707,569			115,993,004			362,831,748
Cost of shares redeemed		(185,928,157	)		(226,378,184	)		(640,998,130	)
Net increase (decrease) in net assets resulting from share transactions		525,779,412			(110,385,180	)		(278,166,382	)
Total increase (decrease) in net assets		763,310,513			(188,122,921	)		(445,669,219	)
Net Assets, beginning of period		2,590,553,260			2,778,676,181			3,224,345,400
Net Assets, end of period	$	3,353,863,773		$	2,590,553,260		$	2,778,676,181
*Shares of Common Stock Issued (no par value)
Shares sold		29,100,000			4,600,000			14,400,000
Shares redeemed		(7,900,000	)		(9,400,000	)		(26,300,000	)
Net increase (decrease)		21,200,000			(4,800,000	)		(11,900,000	)

(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mortgage REIT Income ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	14,037,812		$	20,146,343		$	23,290,638
Net realized loss		(12,130,924	)		(25,273,187	)		(17,394,242	)
Net change in unrealized appreciation (depreciation)		6,738,070			24,541,341			9,541,624
Net increase in net assets resulting from operations		8,644,958			19,414,497			15,438,020
Distributions to shareholders from:
Distributable earnings		(10,544,540	)		(18,288,440	)		(23,290,638	)
Return of capital		—			(5,850,010	)		(2,175,757	)
Total distributions		(10,544,540	)		(24,138,450	)		(25,466,395	)

Share transactions*:
Proceeds from sale of shares		40,633,609			50,849,592			98,094,333
Cost of shares redeemed		(19,806,332	)		(14,189,073	)		(21,455,897	)
Net increase in net assets resulting from share transactions		20,827,277			36,660,519			76,638,436
Total increase in net assets		18,927,695			31,936,566			66,610,061
Net Assets, beginning of period		287,979,104			256,042,538			189,432,477
Net Assets, end of period	$	306,906,799		$	287,979,104		$	256,042,538
*Shares of Common Stock Issued (no par value)
Shares sold		3,750,000			4,450,000			8,650,000
Shares redeemed		(1,850,000	)		(1,250,000	)		(1,900,000	)
Net increase		1,900,000			3,200,000			6,750,000


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Six Months Ended June 30, 2025 (unaudited)			Period Ended December 31, 2024(a)			Year Ended April 30, 2024
Operations:
Net investment income	$	57,169,028		$	87,260,197		$	99,354,821
Net realized loss		(16,484,971	)		(81,947,165	)		(31,324,978	)
Net change in unrealized appreciation (depreciation)		(22,384,867	)		118,561,865			(4,235,878	)
Net increase in net assets resulting from operations		18,299,190			123,874,897			63,793,965
Distributions to shareholders from:
Distributable earnings		(46,432,110	)		(108,632,645	)		(103,210,465	)

Share transactions*:
Proceeds from sale of shares		66,850,868			380,527,666			610,528,274
Cost of shares redeemed		(151,032,615	)		(82,936,239	)		(42,538,023	)
Net increase (decrease) in net assets resulting from share transactions		(84,181,747	)		297,591,427			567,990,251
Total increase (decrease) in net assets		(112,314,667	)		312,833,679			528,573,751
Net Assets, beginning of period		1,901,051,826			1,588,218,147			1,059,644,396
Net Assets, end of period	$	1,788,737,159		$	1,901,051,826		$	1,588,218,147
*Shares of Common Stock Issued (no par value)
Shares sold		3,900,000			21,450,000			35,350,000
Shares redeemed		(9,150,000	)		(4,650,000	)		(2,500,000	)
Net increase (decrease)		(5,250,000	)		16,800,000			32,850,000

(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$16.59			$16.64			$14.54			$16.76			$16.76			$10.75			$16.55
Net investment income(b)		0.78			1.39			1.84			1.63			1.44			1.43			1.54
Net realized and unrealized gain (loss) on investments		(0.66	)		(0.08	)		2.04			(2.18	)		(0.06	)		6.02			(5.86	)
Total from investment operations		0.12			1.31			3.88			(0.55	)		1.38			7.45			(4.32	)
Distributions from:
Net investment income		(0.43	)		(1.35	)		(1.78	)		(1.63	)		(1.38	)		(1.44	)		(1.48	)
Return of capital		—			(0.01	)		—	(c)		(0.04	)		—			—	(c)		—
Total distributions		(0.43	)		(1.36	)		(1.78	)		(1.67	)		(1.38	)		(1.44	)		(1.48	)
Net asset value, end of period		$16.28			$16.59			$16.64			$14.54			$16.76			$16.76			$10.75
Total return (d)		0.99	%		8.11	%		28.03	%		(2.60	)%		8.23	%		73.81	%		27.77	%

Ratios to average net assets
Gross expenses(e)(f)		0.42	% (g)		0.42	% (g)		0.42	%		0.42	%		0.41	%		0.46	%		0.48	%
Net expenses (e)(f)		0.42	% (g)		0.42	% (g)		0.42	%		0.42	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest(e)(f)		0.40	% (g)		0.40	% (g)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income(e)		9.66	% (g)		12.55	% (g)		11.60	%		10.75	%		8.34	%		10.57	%		9.95	%
Supplemental data
Net assets, end of period (in millions)		$1,602			$1,369			$1,084			$577			$625			$412			$170
Portfolio turnover rate (h)		16	%		17	%		12	%		28	%		29	%		26	%		22	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f)	Periods after April 30, 2021 reflect a unitary management fee structure.
(g)	Annualized
(h)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	China Bond ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$21.99			$21.89			$22.86			$23.56			$24.07			$22.39			$22.89
Net investment income(b)		0.19			0.29			0.51			0.57			0.66			0.73			0.87
Net realized and unrealized gain (loss) on investments		0.48			0.11			(0.79	)		(0.76	)		(0.40	)		1.60			(0.49	)
Total from investment operations		0.67			0.40			(0.28	)		(0.19	)		0.26			2.33			0.38
Distributions from:
Net investment income		(0.16	)		—			—			—	(c)		(0.76	)		(0.65	)		(0.79	)
Return of capital		—			(0.30	)		(0.69	)		(0.51	)		(0.01	)		—			(0.09	)
Total distributions		(0.16	)		(0.30	)		(0.69	)		(0.51	)		(0.77	)		(0.65	)		(0.88	)
Net asset value, end of period		$22.50			$21.99			$21.89			$22.86			$23.56			$24.07			$22.39
Total return (d)		3.06	%		1.83	%		(1.21	)%		(0.80	)%		1.02	%		10.56	%		1.76	%

Ratios to average net assets
Gross expenses		0.91	% (e)		1.16	% (e)		0.79	%		0.51	%		0.52	%		0.68	%		3.53	%
Net expenses		0.50	% (e)		0.50	% (e)		0.51	%		0.51	%		0.51	%		0.50	%		0.50	%
Net expenses excluding interest and taxes		0.50	% (e)		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		1.73	% (e)		1.97	% (e)		2.31	%		2.51	%		2.69	%		3.07	%		3.93	%
Supplemental data
Net assets, end of period (in millions)		$18			$22			$24			$43			$130			$104			$4
Portfolio turnover rate (f)		18	%		72	%		65	%		10	%		60	%		17	%		21	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$20.56			$20.29			$20.02			$20.90			$25.71			$22.21			$24.54
Net investment income(b)		0.56			0.75			1.06			0.96			1.02			1.13			1.26
Net realized and unrealized gain (loss) on investments		1.28			0.31			0.33			(0.85	)		(4.78	)		3.54			(2.33	)
Total from investment operations		1.84			1.06			1.39			0.11			(3.76	)		4.67			(1.07	)
Distributions from:
Net investment income		(0.46	)		(0.63	)		(0.88	)		(0.89	)		(1.05	)		(1.10	)		(1.17	)
Return of capital		—			(0.16	)		(0.24	)		(0.10	)		—			(0.07	)		(0.09	)
Total distributions		(0.46	)		(0.79	)		(1.12	)		(0.99	)		(1.05	)		(1.17	)		(1.26	)
Net asset value, end of period		$21.94			$20.56			$20.29			$20.02			$20.90			$25.71			$22.21
Total return (c)		9.05	%		5.23	%		7.13	%		0.78	%		(15.07	)%		21.30	%		(4.67	)%

Ratios to average net assets
Gross expenses(d)		0.40	% (e)		0.41	% (e)		0.40	%		0.40	%		0.40	%		0.56	%		0.62	%
Net expenses (d)		0.40	% (e)		0.41	% (e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses excluding interest and taxes(d)		0.40	% (e)		0.40	% (e)		0.40	%		0.40	%		N/A	%		N/A	%		N/A	%
Net investment income		5.35	% (e)		5.33	% (e)		5.27	%		4.89	%		4.21	%		4.54	%		5.17	%
Supplemental data
Net assets, end of period (in millions)		$42			$23			$30			$66			$79			$100			$89
Portfolio turnover rate (f)		22	%		19	%		31	%		22	%		25	%		33	%		37	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$23.21			$23.87			$25.13			$25.33			$31.14			$29.36			$33.11
Net investment income(b)		0.76			1.02			1.52			1.43			1.47			1.55			2.00
Net realized and unrealized gain (loss) on investments		1.89			(0.66	)		(1.25	)		(0.21	)		(5.84	)		1.78			(3.75	)
Total from investment operations		2.65			0.36			0.27			1.22			(4.37	)		3.33			(1.75	)
Distributions from:
Net investment income		(0.61	)		—			(0.60	)		(0.18	)		(0.77	)		(0.01	)		(0.48	)
Return of capital		—			(1.02	)		(0.93	)		(1.24	)		(0.67	)		(1.54	)		(1.52	)
Total distributions		(0.61	)		(1.02	)		(1.53	)		(1.42	)		(1.44	)		(1.55	)		(2.00	)
Net asset value, end of period		$25.25			$23.21			$23.87			$25.13			$25.33			$31.14			$29.36
Total return (c)		11.58	%		1.43	%		1.03	%		5.16	%		(14.56	)%		11.40	%		(5.79	)%

Ratios to average net assets
Gross expenses		0.32	% (d)		0.31	% (d)		0.31	%		0.31	%		0.32	%		0.31	%		0.36	%
Net expenses		0.30	% (d)		0.30	% (d)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		6.35	% (d)		6.26	% (d)		6.10	%		5.87	%		5.00	%		4.92	%		6.05	%
Supplemental data
Net assets, end of period (in millions)		$3,354			$2,591			$2,779			$3,224			$3,073			$3,380			$3,339
Portfolio turnover rate (e)		17	%		25	%		37	%		29	%		33	%		40	%		39	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$10.61			$10.69			$11.01			$15.23			$19.45			$11.42			$23.63
Net investment income(b)		0.51			0.80			1.17			1.21			0.76			0.86			1.45
Net realized and unrealized gain (loss) on investments		(0.18	)		0.05			(0.22	)		(3.82	)		(3.44	)		8.49			(11.90	)
Total from investment operations		0.33			0.85			0.95			(2.61	)		(2.68	)		9.35			(10.45	)
Distributions from:
Net investment income		(0.38	)		(0.70	)		(1.16	)		(1.21	)		(0.79	)		(0.83	)		(1.45	)
Return of capital		—			(0.23	)		(0.11	)		(0.40	)		(0.75	)		(0.49	)		(0.31	)
Total distributions		(0.38	)		(0.93	)		(1.27	)		(1.61	)		(1.54	)		(1.32	)		(1.76	)
Net asset value, end of period		$10.56			$10.61			$10.69			$11.01			$15.23			$19.45			$11.42
Total return (c)		3.40	%		7.88	%		8.59	%		(16.95	)%		(14.74	)%		85.71	%		(46.63	)%

Ratios to average net assets
Gross expenses(d)		0.43	% (e)		0.42	% (e)		0.43	%		0.43	%		0.41	%		0.49	%		0.50	%
Net expenses (d)		0.43	% (e)		0.42	% (e)		0.43	%		0.43	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest and taxes(d)		0.40	% (e)		0.40	% (e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		9.57	% (e)		10.44	% (e)		10.40	%		9.30	%		4.15	%		5.55	%		6.70	%
Supplemental data
Net assets, end of period (in millions)		$307			$288			$256			$189			$211			$310			$119
Portfolio turnover rate (f)		13	%		26	%		16	%		19	%		12	%		31	%		16	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF

	Six Months			Period			Year Ended April 30,
	Ended June 30, 2025 (unaudited)			Ended December 31, 2024 (a)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$17.26			$17.01			$17.51			$19.15			$20.97			$18.23			$19.37
Net investment income(b)		0.53			0.85			1.29			1.12			1.01			0.98			1.06
Net realized and unrealized gain (loss) on investments		(0.31	)		0.43			(0.45	)		(1.62	)		(1.68	)		2.72			(1.12	)
Total from investment operations		0.22			1.28			0.84			(0.50	)		(0.67	)		3.70			(0.06	)
Distributions from:
Net investment income		(0.43	)		(1.03	)		(1.34	)		(1.14	)		(1.13	)		(0.96	)		(1.08	)
Return of capital		—			—			—			—			(0.02	)		—			—
Total distributions		(0.43	)		(1.03	)		(1.34	)		(1.14	)		(1.15	)		(0.96	)		(1.08	)
Net asset value, end of period		$17.05			$17.26			$17.01			$17.51			$19.15			$20.97			$18.23
Total return (c)		1.39	%		7.57	%		5.04	%		(2.50	)%		(3.61	)%		20.78	%		(0.54	)%

Ratios to average net assets
Gross expenses(d)		0.40	% (e)		0.40	% (e)		0.40	%		0.41	%		0.40	%		0.43	%		0.44	%
Net expenses (d)		0.40	% (e)		0.40	% (e)		0.40	%		0.41	%		0.40	%		0.40	%		0.41	%
Net expenses excluding interest and taxes(d)		0.40	% (e)		0.40	% (e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.28	% (e)		7.14	% (e)		7.55	%		6.28	%		4.79	%		4.79	%		5.41	%
Supplemental data
Net assets, end of period (in millions)		$1,789			$1,901			$1,588			$1,060			$1,002			$948			$689
Portfolio turnover rate (f)		14	%		30	%		27	%		27	%		37	%		36	%		45	%


(a)	The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

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

Fund		Diversification Classification

BDC Income ETF (“BDC Income”)		Diversified
China Bond ETF (“China Bond”)		Non-Diversified
International High Yield Bond ETF (“International High Yield”)		Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)		Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)		Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)		Non-Diversified

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

Fund		Index

BDC Income		MVIS^®US Business Development Companies Index
China Bond		FTSE Chinese Broad Bond 0 – 10 Diversified Select Index
International High Yield		ICE BofA Global ex-US Issuers High Yield Constrained Index
J.P. Morgan EM		J.P. Morgan GBI-EM Global Core Index
Mortgage REIT		MVIS^®US Mortgage REITs Index
Preferred Securities		ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for BDC Income. Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the “Adviser”.

The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective by investing in a portfolio of securities in substantially the same weighting as their index. BDC Income may invest in swaps and other types of derivative instruments that have investment exposure to BDCs, including swaps on the benchmark index and/or swaps on the components that comprise the benchmark index. BDC Income may also invest in exchange-traded notes.

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

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

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

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

C. Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP due to recharacterization for tax purposes. Dividends and distributions that exceed taxable earnings and profit are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.

D. Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. In connection with the Russian Presidential Decrees No. 198 and No. 244, the J.P. Morgan EM Local Currency Bond ETF’s Ruble balances were converted to U.S. Dollars and Euros, but continue to be subject to sanctions and are held in a restricted account by the Fund. Due to these restrictions the balances were valued at $0 as of June 30, 2025.

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

F. Use of Derivative Instruments—The Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

Total Return Swaps— The BDC Income ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset or assets. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap contracts held by the BDC Income ETF at June 30, 2025 are reflected in the Fund’s Schedule of Investments.

During the six months ended June 30, 2025, the BDC Income ETF held total return swap contracts for six months with an average monthly notional amount of $234,536,984 At June 30, 2025, the BDC Income ETF held derivatives (not designated as hedging instruments under GAAP):

	Asset Derivatives
	Equity Risk
BDC Income ETF
Swap contracts¹	$	(287,021)


¹	Statement of Assets and Liabilities location: Total return swap contracts, at value

The impact of transactions in derivative instruments during the six months ended June 30, 2025 was as follows:

	Equity Risk
BDC Income ETF
Realized loss:
Swap contracts¹	$	(4,928,134)
Net change in unrealized appreciation (depreciation):
Swap contracts²		(371,878)


1	Statement of Operations location: Net realized gain (loss) on swap contracts
2	Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

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 June 30, 2025 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).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of June 30, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities	Financial Instruments and Cash Collateral Received	Net Amount
BDC Income ETF
Total return swap contracts	$287,021	$—	$287,021	$—	$287,021

H. Segment Reporting— The Adviser acts as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.

I . Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

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 net investment 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. After each calendar year end, these investments report the actual tax character of 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.

China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at June 30, 2025.

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 May 1, 2026, to waive fees and/or assume expenses to prevent total annual operating expenses (excluding acquired fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the six months ended June 30, 2025 are as follows:

Fund	Management Fees		Expense Limitations
China Bond	0.40	%		0.50	%
J.P. Morgan EM	0.27			0.30

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended June 30, 2025.

fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the period ended June 30, 2025 are as follows:

Fund	Management Fee Rate
BDC Income	0.40	%
International High Yield	0.40
Mortgage REIT	0.40
Preferred Securities	0.40

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.

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
BDC Income	$	225,027,516	$	208,846,034	$	—	$	47,243,290
China Bond		3,249,053		4,723,642		—		—
International High Yield		5,774,977		5,844,725		19,041,507		2,076,413
J.P. Morgan EM		709,967,448		459,906,104		328,400,049		99,489,401
Mortgage REIT		37,649,001		37,667,543		40,617,105		19,774,209
Preferred Securities		262,149,875		251,712,569		63,785,149		151,913,958

Note 6—Income Taxes—As of June 30, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	1,719,068,771	$	62,936,348	$	(73,222,799	)	$	(10,286,451	)
China Bond		17,583,330		262,322		(347,464	)		(85,142	)
International High Yield		41,583,044		1,315,698		(1,135,713	)		179,985
J.P. Morgan EM		3,316,114,468		111,908,280		(159,842,935	)		(47,934,655	)
Mortgage REIT		340,016,413		2,006,910		(31,567,630	)		(29,560,720	)
Preferred Securities		1,861,534,709		112,374,979		(157,202,752	)		(44,827,773	)

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the six months ended June 30, 2025, the net realized gains (losses) from foreign currency translations were as follows:

China Bond	$ (107,142)
International High Yield	(43,431)
J.P. Morgan EM	(39,914,411)

China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

On November 7, 2018, the People’s Republic of China (“PRC”) issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital

gains from Chinese Bonds to RQFIIs, which is the former Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

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.

Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except BDC Income, China Bond, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

China Bond, International High Yield, and J.P. Morgan EM invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

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, and potentially less liquid than securities issued in more developed markets. 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 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. 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.

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

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. BDC Income may invest in total return swap agreements that provide economic exposure to the investment returns of underlying BDC companies. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates. Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

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 May 1, 2021, for BDC Income, International High Yield, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021.

For China Bond and J.P. Morgan EM, 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.

the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2025:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	345,725,458	$	143,382,512	$	211,590,980	$	354,973,492
International High Yield		1,140,722		1,003,713		184,205		1,187,918
J.P. Morgan EM		568,002		580,274		–		580,274
Mortgage REIT		84,304,475		10,444,130		77,242,469		87,686,599
Preferred Securities		37,847,826		34,983,084		1,901,411		36,884,495

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

Gross Amount of Recognized Liabilities for Securities Lending Transactions*
in the Statements of Assets and Liabilities

Fund

Corporate Bonds

Equity Securities

Government
Obligations

BDC Income

–

143,382,512

–

International High Yield

1,003,713

–

J.P. Morgan EM

–

580,274

Mortgage REIT

–

10,444,130

–

Preferred Securities

–

34,983,084

–


*	Remaining contractual maturity: overnight and continuous

Fund	Days Outstanding	Average Daily Loan Balance		Average Interest Rate
BDC Income	82		$9,272,003		5.68	%
J.P. Morgan EM	51		4,514,680		5.68
Mortgage REIT	73		3,884,871		5.68
Preferred Securities	78		1,200,563		5.68

Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Accounting Pronouncements and Regulatory Requirements—In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Fund except for the CLO ETFs (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. The Trustees considered information from the VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund’s allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

June 30, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

RSX	\|	Russia ETF
RSXJ	\|	Russia Small-Cap ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	Russia ETF	3
	Russia Small-Cap ETF	5
	Statements of Assets and Liabilities	7
	Statements of Operations	8
	Statements of Changes in Net Assets	9
	Statements of Cash Flows	10
	Financial Highlights
	Russia ETF	11
	Russia Small-Cap ETF	12
	Notes to Financial Statements	13
	Changes In and Disagreements with Accountants	19
	Proxy Disclosures	19
	Remuneration Paid to Directors, Officers, and Others	19
	Approval of Investment Advisory Contracts	20

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Sberbank of Russia PJSC ∞		46,050,016	$	0
VTB Bank PJSC *∞		13,375,470		0
				0
Consumer Discretionary Distribution & Retail: 0.0%
Ozon Holdings PLC (ADR) *† ∞		8,707		0

Energy: 0.0%
Gazprom PJSC *∞		45,772,138		0
LUKOIL PJSC *∞		2,063,982		0
Novatek PJSC *∞		7,452,940		0
Rosneft Oil Co. PJSC ∞		16,922,345		0
Surgutneftegas PAO ∞		125,211,510		0
Surgutneftegas PAO (ADR) *∞		1,364,815		0
Tatneft PJSC (ADR) *∞		3,393,156		0
				0
Financial Services: 0.0%
Moscow Exchange MICEX-RTS PJSC *∞		17,946,312		0

Materials: 0.0%
Alrosa PJSC *∞		33,188,190		0
Evraz PLC *∞		266,000		0
GMK Norilskiy Nickel PAO *∞		52,917,800		0
GMK Norilskiy Nickel PAO (ADR) *∞		4		0
Novolipetsk Steel PJSC *∞		22,272,460		0
PhosAgro PJSC ∞		705,974		0
PhosAgro PJSC (GDR) ∞		13,644		0
Polyus PJSC (GDR) *∞		1,155,875		0
Raspadskaya OJSC *∞		730,890		0
Severstal PAO (GDR) *∞		3,405,164		0
				0
Media & Entertainment: 0.0%
VK IPJSC (GDR) *∞		2,338,938		0

Telecommunication Services: 0.0%
Rostelecom PJSC *∞		13,944,591		0

	Number of Shares		Value
Utilities: 0.0%
Inter RAO UES PJSC *∞		482,502,010	$	0
Irkutsk Electronetwork Co. JSC *∞		7,410,870		0
				0
Total Common Stocks (Cost: $1,403,242,108)				0

PREFERRED SECURITIES: 0.0% (Cost: $46,034,628)
Energy: 0.0%
Transneft PJSC ∞		2,097,200		0

MONEY MARKET FUND: 100.4% (Cost: $32,942,863)
State Street Institutional Treasury Plus - Premier Class		32,942,863		32,942,863

Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $1,482,219,599)				32,942,863

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $150,712)
State Street Navigator Securities Lending Government Money Market Portfolio		150,712		150,712
Total Investments: 100.9% (Cost: $1,482,370,311)				33,093,575
Liabilities in excess of other assets: (0.9)%				(299,274)
NET ASSETS: 100.0%			$	32,794,301

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is 0.

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—	$	0	$	0
Preferred Securities *		—		—		0		0
Money Market Funds		33,093,575		—		—		33,093,575
Total Investments	$	33,093,575	$	—	$	0	$	33,093,575


*	See Schedule of Investments for industry sectors.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2025. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

	Common Stock
Balance as of December 31, 2024	$	0
Realized loss		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2025	$	0

	Preferred Securities
Balance as of December 31, 2024	$	0
Realized loss		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2025	$	0

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Credit Bank of Moscow PJSC *∞		21,005,200	$	0

Consumer Discretionary Distribution & Retail: 0.0%
M.Video PJSC *∞		110,194		0

Consumer Staples Distribution & Retail: 0.0%
Lenta International Co. PJSC (GDR) *∞		263,199		0

Energy: 0.0%
Sovcomflot PJSC ∞		989,960		0

Financial Services: 0.0%
SFI PJSC *∞		2,663		0

Food, Beverage & Tobacco: 0.0%
NovaBev Group PJSC *∞		89,880		0

Materials: 0.0%
Mechel PJSC *∞		438,883		0
Raspadskaya OJSC *∞		703,205		0
Segezha Group PJSC 144A *∞		8,945,900		0
				0
Real Estate Management & Development: 0.0%
Etalon Group PLC (GDR) *∞		394,873		0
Gruppa Kompanii Samolyot PAO *∞		16,988		0
LSR Group PJSC *		103,574		0
				0
Telecommunication Services: 0.0%
Sistema AFK PAO ∞		6,612,640		0

	Number of Shares		Value
Transportation: 0.0%
Aeroflot PJSC *∞		1,885,382	$	0
Globaltrans Investment PLC (GDR) *∞		182,773		0
Novorossiysk Commercial Sea Port PJSC ∞		8,972,400		0
				0
Utilities: 0.0%
Mosenergo PJSC ∞		19,492,800		0
OGK-2 PJSC *∞		51,450,600		0
TGC-1 PJSC *∞		1,701,100,000		0
Unipro PJSC *∞		24,734,000		0
				0
Total Common Stocks (Cost: $20,767,966)				0

PREFERRED SECURITIES: 0.0% (Cost: $341,612)
Utilities: 0.0%
Rosseti Lenenergo PJSC ∞		171,506		0

MONEY MARKET FUND: 113.9% (Cost: $393,991)
State Street Institutional Treasury Plus - Premier Class		393,991		393,991

Total Investments: 113.9% (Cost: $21,503,569)				393,991
Liabilities in excess of other assets: (13.9)%				(48,123)
NET ASSETS: 100.0%			$	345,868

Definitions:

GDR	Global Depositary Receipt

Footnotes:

∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
*	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. These securities have an aggregate value of $0, or 0.0% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—	$	0	$	0
Preferred Securities *		—		—		0		0
Money Market Fund		393,991		—		—		393,991
Total Investments	$	393,991	$	—	$	0	$	393,991


*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Common Stock
Balance as of December 31, 2024	$	0
Realized loss		(1,603,111	)
Net change in unrealized appreciation (depreciation)		1,603,111
Purchases		—
Sales		0
Transfers in/out of level 3		—
Balance as of June 30, 2025	$	0

	Preferred Securities
Balance as of December 31, 2024	$	0
Realized loss		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2025	$	0

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	32,942,863		$	393,991
Short-term investments held as collateral for securities loaned (3)		150,712			—
Cash denominated in foreign currency, at value (4)		696			641
Receivables:
Due from Adviser		—			1,997
Dividends and interest		114,677			1,368
Prepaid expenses		285			—
Other assets		8,359			1,103
Total assets		33,217,592			399,100
Liabilities:
Payables:
Collateral for securities loaned		150,712			—
Deferred Trustee fees		240,443			4,589
Accrued expenses		32,136			48,643
Total liabilities		423,291			53,232
NET ASSETS	$	32,794,301		$	345,868
Shares outstanding		95,900,000			883,318
Net asset value, redemption and offering price per share	$	0.34		$	0.39
Net Assets consist of:
Aggregate paid-in capital	$	3,460,323,422		$	41,603,873
Total distributable loss		(3,427,529,121	)		(41,258,005	)
NET ASSETS	$	32,794,301		$	345,868
(1) Includes Investment in securities on loan, at market value	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	1,482,219,599		$	21,503,569
(3) Cost of short-term investments held as collateral for securities loaned	$	150,712		$	—
(4) Cost of cash denominated in foreign currency	$	612		$	613

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

	Russia ETF		Russia Small-Cap ETF
Income:
Interest	$	693,607	$	8,330
Securities lending income		373		—
Total income		693,980		8,330
Expenses:
Professional fees		19,702		17,169
Custody and accounting fees		12,217		—
Reports to shareholders		35,000		4,500
Trustees’ fees and expenses		8,979		168
Insurance		1,345		531
Taxes		185		185
Other		498		498
Total expenses		77,926		23,051
Expenses assumed by the Adviser		—		(21,729	)
Net expenses		77,926		1,322
Net investment income		616,054		7,008

Net realized gain (loss) on:
Investments		480		(1,603,111	)(a)
Net realized gain (loss)		480		(1,603,111	)

Net change in unrealized appreciation (depreciation) on:
Investments		—		1,603,111
Foreign currency translations and foreign denominated assets and liabilities		61		55
Net change in unrealized appreciation (depreciation)		61		1,603,166
Net increase in net assets resulting from operations	$	616,595	$	7,063


(a)	Amount represents loss resulting from an issuer bankruptcy of one position which was held by RSXJ. Due to the bankruptcy and share cancellation, no proceeds were received from the issuer.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia ETF					Russia Small-Cap ETF
	Six Months Ended June 30, 2025 (unaudited)		Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	616,054	$	2,558,164		$	7,008		$	32,699
Net realized gain (loss)		480		(80,967,925	)		(1,603,111	)		(157,606	)
Net change in unrealized appreciation (depreciation)		61		167,972,420			1,603,166			2,064,582
Net increase in net assets resulting from operations		616,595		89,562,659			7,063			1,939,675
Distributions to shareholders from:
Distributable earnings		—		(2,757,442	)		—			(33,046	)
Return of capital		—		(87,014,548	)		—			(1,907,869	)
Total distributions		—		(89,771,990	)		—			(1,940,915	)

Total increase (decrease) in net assets		616,595		(209,331	)		7,063			(1,240	)
Net Assets, beginning of period		32,177,706		32,387,037			338,805			340,045
Net Assets, end of period	$	32,794,301	$	32,177,706		$	345,868		$	338,805

There were no share transactions for the period ended June 30, 2025 and year ended December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Period Ended June 30, 2025 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	616,595		$	7,063
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:		616,595			7,063
Net (purchases) sales of short term investments		(603,553	)		7,980
Net realized loss on investments in securities		—			1,603,111
Net change in unrealized (appreciation) depreciation on investments		—			(1,603,111	)
(Increase) decrease in assets:
Dividends and interest receivable		(14,713	)		(142	)
Due from Adviser		—			3,054
Prepaid expenses		1,345			531
Other assets		4,316			94
Increase (decrease) in liabilities:
Accrued expenses		(41,184	)		(18,996	)
Deferred trustee fees		4,263			65
Net cash used for operating activities		(32,931	)		(351	)
Cash Flows from Financing Activities
Cash distributions paid to shareholders		—			—
Net cash provided by financing activities		—			—
Net change in cash		(32,931	)		(351	)
Cash at beginning of period		33,627			992
Cash at end of period	$	696		$	641
Supplemental disclosure of cash flow information
Interest expense paid during the period	$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Russia ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$0.34			$0.34			$0.37			$26.75			$23.82			$24.96
Net investment income (a)		0.01			0.03			0.02			0.05			1.39			0.97
Net realized and unrealized gain (loss) on investments		(0.01	)		0.91			0.66			(26.43	)		3.06			(1.31	)
Total from investment operations		—			0.94			0.68			(26.38	)		4.45			(0.34	)
Distributions from:
Net investment income		—			(0.03	)		(0.02	)		—			(1.52	)		(0.79	)
Return of capital		—			(0.91	)		(0.69	)		—			—			(0.01	)
Total distributions		—			(0.94	)		(0.71	)		—			(1.52	)		(0.80	)
Net asset value, end of period		$0.34			$0.34			$0.34			$0.37			$26.75			$23.82
Total return (b)		2.05	%		421.94	%(c)		296.65	%(c)		(98.62	)%		18.74	%		(1.38	)%

Ratios to average net assets
Expenses (d)		0.48	%(e)		0.32	%		0.47	%		0.60	%(f)		0.56	%		0.61	%
Expenses excluding interest, a portion of depositary receipt fees and taxes (d) (g)		0.48	%(e)		0.31	%		0.41	%		0.59	%(f)		0.56	%		0.60	%
Net investment income		3.82	%(e)		4.72	%		4.55	%		1.67	%		4.99	%		4.45	%
Supplemental data
Net assets, end of period (in millions)		$33			$32			$32			$35			$1,376			$1,621
Portfolio turnover rate (h)		—	%		—	%		—	%		4	%		20	%		25	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at zero. See Note 2 - Plan of Liquidation for more information.
(d)	Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(e)	Annualized
(f)	During the period the Fund incurred significant expenses outside of its expense cap.
(g)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.
(h)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Russia Small-Cap ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period		$0.38			$0.38			$0.44			$32.97			$36.22			$35.94
Net investment income (loss) (a)		0.01			0.04			0.02			(0.09	)		1.12			1.12
Net realized and unrealized gain (loss) on investments		—			2.16			—			(32.44	)		(2.29	)		0.74
Total from investment operations		0.01			2.20			0.02			(32.53	)		(1.17	)		1.86
Distributions from:
Net investment income		—			(0.04	)		(0.02	)		—			(2.00	)		(1.58	)
Return of capital		—			(2.16	)		(0.06	)		—			(0.08	)		—
Total distributions		—			(2.20	)		(0.08	)		—			(2.08	)		(1.58	)
Net asset value, end of period		$0.39			$0.38			$0.38			$0.44			$32.97			$36.22
Total return (b)		2.21	%		580.57	%(c)		5.73	%		(98.66	)%		(3.29	)%		5.23	%

Ratios to average net assets
Gross expenses (d)		13.58	%(e)		12.02	%		24.81	%		5.34	%(f)		1.08	%		1.31	%
Net expenses (d)		0.78	%(e)		0.72	%		0.74	%		4.50	%(f)		0.75	%		0.75	%
Net expenses excluding interest, a portion of depositary receipt fees and taxes (d) (g)		0.67	%(e)		0.67	%		0.67	%		4.49	%(f)		0.75	%		0.75	%
Net investment income (loss)		4.13	%(e)		4.80	%		5.30	%		(1.77	)%		3.01	%		3.45	%
Supplemental data
Net assets, end of period (in millions)		$—	(h)		$—	(h)		$—	(h)		$—	(h)		$24			$32
Portfolio turnover rate (i)		—	%		—	%		—	%		68	%		47	%		47	%


(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at zero. See Note 2 - Plan of Liquidation for more information.
(d)	Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(e)	Annualized
(f)	During the period the Fund incurred significant expenses outside of its expense cap.
(g)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.
(h)	Amount is less than $500,000.
(i)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

Fund	Diversification Classification

Russia ETF	Non-Diversified
Russia Small-Cap ETF	Non-Diversified

Prior to the Funds’ plan of liquidation (See Note 2), the Funds sought to replicate as closely as possible, before fees and expenses, the price and yield performance of their index. Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index were decommissioned. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Note 2—Plan of Liquidation— Russia’s large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds’ operations since March 2022. The governments of the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. It remains uncertain how long this will persist.

As a result, the fair value of Russian securities held by the Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds’ investments in equity securities, including depositary receipts, illiquid.

On September 29, 2022, the Board of Trustees of the Trust (the Trustees”) unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders. Furthermore, because the Funds have been delisted by Cboe BZX Exchange, Inc. in connection with the liquidation of the Funds, the Funds are no longer exchange-traded funds and we do not anticipate that there will be a trading market for your shares. Upon payment of the final liquidating distribution, the Funds will be terminated.

The Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period of time, if circumstances involving Russian securities markets do not improve.

While certain Russian securities held by the Funds have declared dividends, there is no assurance these dividends can be collected by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of June 30, 2025.

The Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any additional liquidating distributions relating to the Russian securities and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale.

Refer to the Liquidation FAQ posted on the Funds’ webpages for additional information.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3—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.

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)

The Trustees have designated Van Eck Associates Corp. (the “Adviser”) as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

The holdings of the Funds at June 30, 2025 are generally restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as Level 3 in the fair value hierarchy.

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.

Distributions to Shareholders—In accordance with the Plan of Liquidation and Termination, the Funds may make a series of liquidating distributions at various times. Additionally, until termination, each of the Funds may declare taxable distributions of income (if any) and/or net capital gains, (if any after reduction for capital loss carryforwards) to continue to satisfy the Federal income and excise tax distribution requirements for regulated investment companies.

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

Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of June 30, 2025.

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.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 10 (Securities Lending).

Segment Reporting— The Adviser acts as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. In accordance with the Plan of Liquidation, the Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. Therefore, the CODM has determined that segment reporting is not applicable.

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.

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.

Note 4—Investment Management and Other Agreements— Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds’ management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.

The management fee rates and expense limitations for the period ended June 30, 2025, are as follows:

Fund	Management Fees*			Expense Limitations
Russia ETF		0.50	%		0.62	%
Russia Small-Cap ETF		0.50			0.67


*	Fee rates reflected are those in effect before voluntary waivers.

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended June 30, 2025.

In connection with the Plan of Liquidation (Note 2), the Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

Note 5—Capital Share Transactions—As of June 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

Note 6—Investments—For the period ended June 30, 2025, there were no purchases and sales of investments (excluding short-term investments). One position held by RSXJ was closed out due to bankruptcy by the issuer. The Fund received no proceeds.

Note 7—Income Taxes—As of June 30, 2025, 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)
Russia ETF	$	1,484,007,950	$	–	$	(1,450,914,375	)	$	(1,450,914,375	)
Russia Small-Cap ETF		22,054,934		–		(21,660,943	)		(21,660,943	)

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

Note 8—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 own 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. Additionally, the Funds invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price, difficult to trade, and potentially less liquid than securities issued in more developed markets. 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.

As a result of the current conditions related to Russian securities and Russian markets as outlined in the Plan of Liquidation (Note 2), the Funds are unable to dispose of the Russian securities in their portfolios, with limited exceptions, and the Funds’ portfolios have become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices. Russia recently took actions that impact the custody of equity securities of Russian issuers and may be detrimental to a Fund’s ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to a Fund.

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

Note 9—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

Note 10— Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2025:

Fund		Market Value of Securities on Loan				Cash Collateral				Non-Cash Collateral				Total Collateral
Russia ETF		$	–			$	150,712			$	–			$	150,712

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Russia ETF	$	150,712


*	Remaining contractual maturity: overnight and continuous

Note 10— New Accounting Pronouncements and Regulatory Requirements — In December 2023, the Federal Accounting Standard Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Fund except for the CLO ETFs (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. The Trustees considered information from the VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund’s allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

Item 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19.

EXHIBITS.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.

(a)(4)	Not applicable.

(a)(5)	Not applicable.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

By (Signature and Title)

/s/ John J. Crimmins, Chief Financial Officer

Date September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Jan F. van Eck, Chief Executive Officer

Date September 5, 2025

By (Signature and Title)

/s/ John J. Crimmins, Chief Financial Officer

Date September 5, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

c113435_ex99cert.htm

c113435_ex99-906cert.htm

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