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Van Eck Associates Corporation
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VanEck AA-BB CLO ETF

Ticker: CLOB | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$47	0.45%

How did the Fund perform last year?

Strong collateralized loan obligation total returns were driven by high interest rates, even as the Federal Reserve restarted its easing cycle in September, and benefited from spread tightening.
The Fund slightly underperformed its benchmark, the J.P. Morgan CLO Balanced Mezzanine Index, and most of the underperformance occurred in April. The Fund largely made up for this underperformance through the rest of the period.
Single-A rated CLOs contributed positively to returns relative to the benchmark, while AA, BBB and BB rated CLOs detracted from relative performance.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/24/2024).

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA US Broad Market Index	J.P. Morgan CLOIE Balanced Mezzanine Index
Sep 24	$10,000	$10,000	$10,000
Sep 24	$10,031	$9,970	$10,025
Oct 24	$10,116	$9,726	$10,123
Nov 24	$10,205	$9,824	$10,205
Dec 24	$10,288	$9,665	$10,285
Jan 25	$10,379	$9,721	$10,376
Feb 25	$10,428	$9,931	$10,427
Mar 25	$10,404	$9,935	$10,390
Apr 25	$10,346	$9,971	$10,385
May 25	$10,549	$9,900	$10,566
Jun 25	$10,625	$10,051	$10,638
Jul 25	$10,722	$10,030	$10,724
Aug 25	$10,793	$10,148	$10,796
Sep 25	$10,860	$10,258	$10,870
Oct 25	$10,893	$10,323	$10,904
Nov 25	$10,878	$10,386	$10,938
Dec 25	$11,002	$10,356	$11,016

Average Annual Total Returns

.	1 Year	Life*
VanEck AA-BB CLO ETF	6.94%	7.82%
J.P. Morgan CLOIE Balanced Mezzanine Index	7.10%	7.92%
ICE BofA US Broad Market Index	7.15%	2.80%

* Inception of Fund: 09/24/2024.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

Key Fund Statistics

Total Net Assets$151,981,350
Number of Portfolio Holdings50
Portfolio Turnover Rate47%
Advisory Fees Paid$505,803

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Government		4.6%
Collateralized Loan Obligations		94.0%

Top Ten Holdings ^{Footnote Reference*} (% of Total Net Assets)

Octagon 64 Ltd., 5.57%, 7/21/2037		6.6%
Rockford Tower CLO 2022-1 Ltd., 5.58%, 7/20/2035		4.6%
Dryden 95 CLO Ltd., 6.94%, 8/20/2034		4.6%
Rockford Tower CLO 2021-2 Ltd., 5.58%, 7/20/2034		4.3%
Capital Four US CLO III Ltd., 6.07%, 4/21/2038		3.3%
Signal Peak CLO 4 Ltd., 5.51%, 10/26/2034		3.3%
Brant Point CLO 2025-8 Ltd., 5.66%, 3/31/2038		3.3%
KKR CLO 36 Ltd., 5.65%, 10/15/2034		3.3%
Neuberger Berman Loan Advisers CLO 38 Ltd., 5.28%, 10/20/2036		3.3%
Sound Point CLO XXIX Ltd., 5.50%, 4/25/2034		3.3%

Footnote	Description
Footnote^*	Excludes short-term investments

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

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 | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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	$101	0.76%

How did the Fund perform last year?

The Fund posted a positive return over the period as improving economic growth, firm commodity prices and increased investor interest contributed to broader regional equity gains.
From a country of risk perspective, South Africa contributed the most to the Fund’s performance during the period, followed by the United Kingdom and Morocco. India was the only detractor during the period.
In terms of sectors, the Materials sector contributed the most to the Fund’s performance during the period, followed by Financials and Communication Services. The Energy sector detracted the most from the Fund’s performance during the period, followed by Health Care.
The leading individual contributors to performance were Airtel Africa Plc, Barrick Mining Corporation and Anglogold Ashanti PLC.
The leading individual detractors to performance were Kosmos Energy Ltd., MakeMyTrip Ltd. and Ivanhoe Mines Ltd. Class A.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® GDP Africa Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,216	$9,397	$9,148
Feb 16	$9,503	$9,332	$9,509
Mar 16	$10,491	$10,024	$10,496
Apr 16	$11,745	$10,172	$11,738
May 16	$11,309	$10,185	$11,326
Jun 16	$11,165	$10,123	$11,179
Jul 16	$11,645	$10,559	$11,712
Aug 16	$11,231	$10,595	$11,292
Sep 16	$11,491	$10,660	$11,572
Oct 16	$11,623	$10,479	$11,719
Nov 16	$10,889	$10,558	$11,060
Dec 16	$11,394	$10,786	$11,630
Jan 17	$12,114	$11,081	$12,310
Feb 17	$11,564	$11,392	$12,240
Mar 17	$11,751	$11,532	$12,291
Apr 17	$11,881	$11,711	$12,553
May 17	$12,199	$11,970	$12,858
Jun 17	$12,352	$12,024	$12,971
Jul 17	$13,146	$12,360	$13,840
Aug 17	$13,611	$12,408	$14,085
Sep 17	$13,220	$12,647	$13,708
Oct 17	$13,276	$12,910	$13,774
Nov 17	$13,770	$13,160	$14,302
Dec 17	$14,358	$13,372	$14,964
Jan 18	$15,093	$14,127	$15,715
Feb 18	$14,827	$13,533	$15,506
Mar 18	$14,746	$13,244	$15,384
Apr 18	$14,688	$13,370	$15,341
May 18	$14,022	$13,387	$14,648
Jun 18	$13,634	$13,314	$14,272
Jul 18	$13,669	$13,716	$14,307
Aug 18	$12,790	$13,824	$13,379
Sep 18	$12,541	$13,884	$13,146
Oct 18	$11,684	$12,843	$12,251
Nov 18	$11,893	$13,031	$12,458
Dec 18	$11,817	$12,113	$12,416
Jan 19	$12,952	$13,070	$13,578
Feb 19	$12,858	$13,419	$13,518
Mar 19	$12,740	$13,588	$13,390
Apr 19	$13,058	$14,047	$13,724
May 19	$12,193	$13,214	$12,843
Jun 19	$13,141	$14,079	$13,856
Jul 19	$12,494	$14,120	$13,210
Aug 19	$11,919	$13,785	$12,584
Sep 19	$11,922	$14,075	$12,486
Oct 19	$12,052	$14,460	$12,629
Nov 19	$12,230	$14,813	$12,830
Dec 19	$12,823	$15,335	$13,504
Jan 20	$12,035	$15,166	$12,716
Feb 20	$10,886	$13,941	$11,407
Mar 20	$8,036	$12,059	$8,519
Apr 20	$9,270	$13,350	$9,951
May 20	$9,602	$13,931	$10,174
Jun 20	$10,328	$14,376	$10,899
Jul 20	$10,839	$15,137	$11,522
Aug 20	$11,172	$16,063	$11,927
Sep 20	$11,031	$15,545	$11,755
Oct 20	$11,338	$15,167	$12,062
Nov 20	$12,192	$17,037	$13,107
Dec 20	$13,117	$17,828	$14,072
Jan 21	$13,482	$17,747	$14,480
Feb 21	$13,651	$18,158	$14,576
Mar 21	$13,491	$18,643	$14,459
Apr 21	$13,950	$19,458	$14,934
May 21	$14,573	$19,761	$15,598
Jun 21	$14,026	$20,021	$15,051
Jul 21	$13,973	$20,159	$15,012
Aug 21	$14,150	$20,664	$15,173
Sep 21	$13,475	$19,810	$14,515
Oct 21	$13,815	$20,821	$14,932
Nov 21	$13,082	$20,320	$14,139
Dec 21	$13,601	$21,133	$14,724
Jan 22	$13,824	$20,095	$14,860
Feb 22	$14,278	$19,576	$15,366
Mar 22	$14,363	$20,000	$15,532
Apr 22	$13,317	$18,399	$14,460
May 22	$12,895	$18,420	$14,044
Jun 22	$11,347	$16,868	$12,281
Jul 22	$11,634	$18,046	$12,556
Aug 22	$11,236	$17,381	$12,159
Sep 22	$10,136	$15,717	$11,152
Oct 22	$10,283	$16,666	$11,309
Nov 22	$11,645	$17,958	$12,839
Dec 22	$11,106	$17,252	$12,369
Jan 23	$11,767	$18,488	$13,138
Feb 23	$11,139	$17,958	$12,578
Mar 23	$11,080	$18,512	$12,449
Apr 23	$10,799	$18,778	$12,304
May 23	$10,107	$18,577	$11,665
Jun 23	$10,351	$19,656	$11,778
Jul 23	$11,216	$20,375	$12,944
Aug 23	$10,412	$19,806	$12,016
Sep 23	$10,044	$18,987	$11,738
Oct 23	$9,424	$18,416	$11,073
Nov 23	$10,055	$20,116	$11,907
Dec 23	$10,169	$21,082	$12,250
Jan 24	$9,688	$21,206	$11,780
Feb 24	$9,528	$22,116	$11,483
Mar 24	$10,672	$22,810	$12,887
Apr 24	$10,711	$22,057	$12,998
May 24	$11,129	$22,953	$13,454
Jun 24	$11,275	$23,464	$13,680
Jul 24	$11,553	$23,843	$14,036
Aug 24	$11,780	$24,448	$14,344
Sep 24	$12,253	$25,016	$14,954
Oct 24	$11,924	$24,455	$14,547
Nov 24	$11,688	$25,369	$14,252
Dec 24	$11,263	$24,769	$13,766
Jan 25	$12,012	$25,600	$14,713
Feb 25	$11,909	$25,446	$14,550
Mar 25	$12,517	$24,441	$15,296
Apr 25	$12,792	$24,669	$15,661
May 25	$13,401	$26,087	$16,429
Jun 25	$14,289	$27,258	$17,519
Jul 25	$14,823	$27,628	$18,216
Aug 25	$15,851	$28,310	$19,443
Sep 25	$17,294	$29,336	$21,234
Oct 25	$17,297	$29,992	$21,257
Nov 25	$17,722	$29,989	$21,764
Dec 25	$18,978	$30,302	$23,342

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Africa Index ETF	68.50%	7.67%	6.62%
MVIS^® GDP Africa Index	69.57%	10.65%	8.85%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$107,286,040
Number of Portfolio Holdings71
Portfolio Turnover Rate36%
Advisory Fees Paid$308,288

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		0.5%
Energy		2.1%
Industrials		3.2%
Consumer Staples		3.3%
Consumer Discretionary		7.4%
Communication Services		12.6%
Financials		32.6%
Materials		38.1%

Top Ten Holdings (% of Total Net Assets)

Attijariwafa Bank		6.2%
Airtel Africa PLC		4.9%
Endeavour Mining PLC		4.8%
Naspers Ltd.		4.5%
Anglo American PLC		4.2%
Ivanhoe Mines Ltd.		3.9%
Banque Centrale Populaire		3.3%
Perseus Mining Ltd.		3.3%
Gold Fields Ltd.		3.2%
Guaranty Trust Holding Co. PLC		3.0%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2025:

The Fund's net expense ratio decreased to 0.76% for the year ended December 31, 2025 from 0.88% for the year ended December 31, 2024 primarily resulting from lower interest expense and an increase in average net assets.

Householding

Need Additional Information?

VanEck Agribusiness ETF

Ticker: MOO | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$60	0.56%

How did the Fund perform last year?

During the period, performance reflected improving global agribusiness fundamentals amid easing cost pressures and stabilizing supply-demand dynamics.
The health care sector, which includes Bayer as a result its 2018 acquisition of Monsanto, rebounded from the prior-year’s detraction and ended the period as the Fund’s largest contributor. Materials, consumer staples, and industrials all contributed positively to performance.
From a country perspective, Germany was the largest contributor due to strong performance from select holdings, while the United States detracted modestly as a result of its higher portfolio weighting and lower relative returns.
The leading individual contributors to performance were Bayer and Nutrien.
The leading detractors were Zoetis and FMC.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Agribusiness Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,456	$9,397	$9,401
Feb 16	$9,598	$9,332	$9,577
Mar 16	$10,028	$10,024	$10,002
Apr 16	$10,445	$10,172	$10,464
May 16	$10,548	$10,185	$10,526
Jun 16	$10,307	$10,123	$10,250
Jul 16	$10,537	$10,559	$10,517
Aug 16	$10,971	$10,595	$10,938
Sep 16	$10,730	$10,660	$10,682
Oct 16	$10,610	$10,479	$10,583
Nov 16	$10,945	$10,558	$10,902
Dec 16	$11,274	$10,786	$11,251
Jan 17	$11,724	$11,081	$11,694
Feb 17	$11,808	$11,392	$11,778
Mar 17	$11,720	$11,532	$11,693
Apr 17	$11,974	$11,711	$11,957
May 17	$12,038	$11,970	$12,009
Jun 17	$12,091	$12,024	$12,041
Jul 17	$12,446	$12,360	$12,411
Aug 17	$12,367	$12,408	$12,327
Sep 17	$12,933	$12,647	$12,889
Oct 17	$13,208	$12,910	$13,161
Nov 17	$13,449	$13,160	$13,397
Dec 17	$13,719	$13,372	$13,695
Jan 18	$14,349	$14,127	$14,236
Feb 18	$13,897	$13,533	$13,819
Mar 18	$13,736	$13,244	$13,615
Apr 18	$13,794	$13,370	$13,714
May 18	$13,915	$13,387	$13,825
Jun 18	$13,841	$13,314	$13,758
Jul 18	$14,235	$13,716	$14,138
Aug 18	$14,447	$13,824	$14,354
Sep 18	$14,645	$13,884	$14,556
Oct 18	$13,703	$12,843	$13,622
Nov 18	$13,923	$13,031	$13,834
Dec 18	$12,929	$12,113	$12,861
Jan 19	$13,954	$13,070	$13,868
Feb 19	$14,045	$13,419	$13,972
Mar 19	$14,142	$13,588	$14,057
Apr 19	$14,591	$14,047	$14,504
May 19	$13,733	$13,214	$13,668
Jun 19	$15,132	$14,079	$15,043
Jul 19	$15,146	$14,120	$15,097
Aug 19	$14,933	$13,785	$14,862
Sep 19	$14,912	$14,075	$14,844
Oct 19	$15,113	$14,460	$15,062
Nov 19	$14,998	$14,813	$14,942
Dec 19	$15,734	$15,335	$15,690
Jan 20	$14,905	$15,166	$14,908
Feb 20	$13,770	$13,941	$13,687
Mar 20	$11,776	$12,059	$11,762
Apr 20	$12,774	$13,350	$12,739
May 20	$13,493	$13,931	$13,410
Jun 20	$13,818	$14,376	$13,741
Jul 20	$14,699	$15,137	$14,628
Aug 20	$15,586	$16,063	$15,531
Sep 20	$15,496	$15,545	$15,446
Oct 20	$15,222	$15,167	$15,171
Nov 20	$17,222	$17,037	$17,180
Dec 20	$18,051	$17,828	$17,996
Jan 21	$18,286	$17,747	$18,254
Feb 21	$19,649	$18,158	$19,599
Mar 21	$20,298	$18,643	$20,245
Apr 21	$21,164	$19,458	$21,128
May 21	$21,544	$19,761	$21,486
Jun 21	$21,132	$20,021	$21,092
Jul 21	$21,288	$20,159	$21,256
Aug 21	$21,535	$20,664	$21,515
Sep 21	$21,147	$19,810	$21,170
Oct 21	$22,127	$20,821	$22,120
Nov 21	$21,068	$20,320	$21,089
Dec 21	$22,383	$21,133	$22,407
Jan 22	$21,833	$20,095	$21,825
Feb 22	$22,538	$19,576	$22,567
Mar 22	$24,507	$20,000	$24,584
Apr 22	$23,128	$18,399	$23,221
May 22	$23,303	$18,420	$23,344
Jun 22	$20,318	$16,868	$20,336
Jul 22	$21,548	$18,046	$21,572
Aug 22	$21,301	$17,381	$21,366
Sep 22	$18,954	$15,717	$19,017
Oct 22	$20,854	$16,666	$20,914
Nov 22	$21,864	$17,958	$21,879
Dec 22	$20,604	$17,252	$20,695
Jan 23	$22,058	$18,488	$22,106
Feb 23	$21,291	$17,958	$21,375
Mar 23	$20,853	$18,512	$20,907
Apr 23	$20,493	$18,778	$20,543
May 23	$18,502	$18,577	$18,539
Jun 23	$19,570	$19,656	$19,600
Jul 23	$20,995	$20,375	$21,037
Aug 23	$20,045	$19,806	$20,100
Sep 23	$18,889	$18,987	$18,954
Oct 23	$17,395	$18,416	$17,431
Nov 23	$17,642	$20,116	$17,685
Dec 23	$18,835	$21,082	$18,903
Jan 24	$17,534	$21,206	$17,626
Feb 24	$17,937	$22,116	$18,006
Mar 24	$18,572	$22,810	$18,647
Apr 24	$17,672	$22,057	$17,771
May 24	$17,948	$22,953	$17,989
Jun 24	$17,339	$23,464	$17,401
Jul 24	$17,789	$23,843	$17,863
Aug 24	$18,201	$24,448	$18,260
Sep 24	$18,642	$25,016	$18,714
Oct 24	$17,623	$24,455	$17,713
Nov 24	$17,782	$25,369	$17,849
Dec 24	$16,530	$24,769	$16,616
Jan 25	$17,723	$25,600	$17,826
Feb 25	$17,412	$25,446	$17,483
Mar 25	$17,339	$24,441	$17,403
Apr 25	$17,603	$24,669	$17,672
May 25	$18,457	$26,087	$18,554
Jun 25	$18,754	$27,258	$18,840
Jul 25	$18,546	$27,628	$18,663
Aug 25	$19,076	$28,310	$19,178
Sep 25	$18,758	$29,336	$18,846
Oct 25	$18,217	$29,992	$18,317
Nov 25	$18,668	$29,989	$18,766
Dec 25	$19,014	$30,302	$19,134

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Agribusiness ETF	15.03%	1.04%	6.64%
MVIS^® Global Agribusiness Index	15.15%	1.23%	6.70%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$574,540,696
Number of Portfolio Holdings51
Portfolio Turnover Rate17%
Advisory Fees Paid$2,979,225

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Health Care		18.6%
Industrials		19.3%
Materials		24.9%
Consumer Staples		37.1%

Top Ten Holdings (% of Total Net Assets)

Zoetis, Inc.		8.4%
Deere & Co.		7.8%
Bayer AG		7.0%
Corteva, Inc.		6.6%
Nutrien Ltd.		6.1%
Archer-Daniels-Midland Co.		5.3%
Tyson Foods, Inc.		5.0%
CF Industries Holdings, Inc.		3.8%
Mowi ASA		3.7%
Kubota Corp.		3.7%

Householding

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VanEck BDC Income ETF

Ticker: BIZD | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$41	0.42%

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

How did the Fund perform last year?

Business development company equities were pressured during the period as discounts to NAV widened amid changing rate expectations and a shift in sentiment following select idiosyncratic credit events in the direct lending market.
Sixth Street Specialty Lending, Inc. was the top contributor to Fund performance during the period, while Blackstone Secured Lending Fund was the greatest detractor.
The Fund utilized index-linked swaps to achieve its investment objective of replicating as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Business Development Companies Index.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	S&P 500 Index	MVIS^® US Business Development Companies Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,649	$9,504	$9,412
Feb 16	$9,903	$9,491	$9,661
Mar 16	$10,737	$10,135	$10,469
Apr 16	$10,979	$10,174	$10,695
May 16	$10,832	$10,357	$10,541
Jun 16	$11,146	$10,384	$10,841
Jul 16	$11,791	$10,766	$11,465
Aug 16	$12,338	$10,782	$11,991
Sep 16	$12,153	$10,784	$11,811
Oct 16	$11,987	$10,587	$11,648
Nov 16	$12,476	$10,979	$12,116
Dec 16	$12,595	$11,196	$12,484
Jan 17	$12,957	$11,408	$12,570
Feb 17	$13,591	$11,861	$13,183
Mar 17	$13,705	$11,875	$13,301
Apr 17	$13,907	$11,997	$13,498
May 17	$13,065	$12,166	$12,683
Jun 17	$13,297	$12,242	$12,913
Jul 17	$13,393	$12,494	$13,010
Aug 17	$12,660	$12,532	$12,304
Sep 17	$13,201	$12,790	$12,839
Oct 17	$12,833	$13,089	$12,489
Nov 17	$12,984	$13,490	$12,634
Dec 17	$12,530	$13,640	$12,509
Jan 18	$12,687	$14,421	$12,353
Feb 18	$12,222	$13,890	$11,899
Mar 18	$12,586	$13,537	$12,255
Apr 18	$12,784	$13,589	$12,456
May 18	$13,276	$13,916	$12,933
Jun 18	$13,212	$14,002	$12,875
Jul 18	$13,840	$14,523	$13,485
Aug 18	$14,034	$14,996	$13,680
Sep 18	$13,840	$15,081	$13,490
Oct 18	$13,271	$14,050	$12,942
Nov 18	$13,345	$14,337	$13,011
Dec 18	$11,802	$13,042	$11,835
Jan 19	$13,637	$14,087	$13,302
Feb 19	$14,063	$14,540	$13,717
Mar 19	$13,927	$14,822	$13,588
Apr 19	$14,480	$15,422	$14,128
May 19	$14,007	$14,442	$13,669
Jun 19	$14,532	$15,460	$14,186
Jul 19	$14,695	$15,682	$14,352
Aug 19	$14,725	$15,434	$14,382
Sep 19	$15,073	$15,723	$14,723
Oct 19	$14,962	$16,063	$14,611
Nov 19	$15,458	$16,646	$15,101
Dec 19	$15,286	$17,149	$15,264
Jan 20	$15,712	$17,142	$15,355
Feb 20	$14,121	$15,731	$13,800
Mar 20	$8,747	$13,788	$8,482
Apr 20	$10,459	$15,555	$10,127
May 20	$11,742	$16,296	$11,350
Jun 20	$11,751	$16,620	$11,348
Jul 20	$11,731	$17,558	$11,315
Aug 20	$12,286	$18,820	$11,852
Sep 20	$12,222	$18,105	$11,792
Oct 20	$11,696	$17,623	$11,280
Nov 20	$14,214	$19,552	$13,704
Dec 20	$14,197	$20,304	$14,022
Jan 21	$14,861	$20,099	$14,341
Feb 21	$16,401	$20,653	$15,832
Mar 21	$17,132	$21,558	$16,546
Apr 21	$18,180	$22,708	$17,581
May 21	$18,507	$22,867	$17,900
Jun 21	$18,587	$23,401	$17,999
Jul 21	$18,710	$23,956	$18,124
Aug 21	$18,951	$24,685	$18,365
Sep 21	$18,952	$23,537	$18,370
Oct 21	$19,800	$25,186	$19,204
Nov 21	$19,302	$25,011	$18,727
Dec 21	$19,850	$26,132	$19,265
Jan 22	$20,272	$24,780	$19,681
Feb 22	$20,225	$24,038	$19,641
Mar 22	$20,582	$24,931	$20,007
Apr 22	$19,676	$22,757	$19,133
May 22	$19,002	$22,798	$18,481
Jun 22	$17,738	$20,916	$17,244
Jul 22	$19,178	$22,845	$18,668
Aug 22	$19,150	$21,913	$18,641
Sep 22	$16,343	$19,895	$15,888
Oct 22	$18,281	$21,506	$17,785
Nov 22	$19,146	$22,708	$18,625
Dec 22	$18,107	$21,399	$17,615
Jan 23	$19,598	$22,744	$19,064
Feb 23	$19,862	$22,189	$19,323
Mar 23	$18,965	$23,004	$18,457
Apr 23	$19,164	$23,363	$18,636
May 23	$19,352	$23,464	$18,814
Jun 23	$20,231	$25,015	$19,672
Jul 23	$21,370	$25,818	$20,784
Aug 23	$21,347	$25,407	$20,762
Sep 23	$21,685	$24,196	$21,097
Oct 23	$20,750	$23,687	$20,171
Nov 23	$22,072	$25,850	$21,456
Dec 23	$22,984	$27,025	$22,350
Jan 24	$23,344	$27,479	$22,702
Feb 24	$23,337	$28,946	$22,695
Mar 24	$24,240	$29,878	$23,570
Apr 24	$24,536	$28,657	$23,845
May 24	$25,528	$30,078	$24,809
Jun 24	$25,203	$31,157	$24,485
Jul 24	$25,247	$31,537	$24,533
Aug 24	$24,876	$32,302	$24,171
Sep 24	$25,046	$32,992	$24,337
Oct 24	$25,288	$32,692	$24,575
Nov 24	$26,357	$34,612	$25,615
Dec 24	$26,526	$33,786	$25,784
Jan 25	$27,940	$34,727	$27,173
Feb 25	$28,053	$34,274	$27,285
Mar 25	$26,873	$32,343	$26,140
Apr 25	$25,111	$32,124	$24,364
May 25	$26,521	$34,146	$25,744
Jun 25	$26,789	$35,882	$26,004
Jul 25	$27,301	$36,687	$26,512
Aug 25	$27,221	$37,431	$26,447
Sep 25	$25,206	$38,797	$24,514
Oct 25	$24,926	$39,706	$24,251
Nov 25	$25,355	$39,803	$24,677
Dec 25	$25,301	$39,827	$24,636

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck BDC Income ETF	(4.62)%	12.25%	9.73%
MVIS^® US Business Development Companies Index	(4.45)%	11.93%	9.44%
S&P 500 Index	17.88%	14.42%	14.82%

MVBDCTRG replaced the MVIS^® US Business Development Companies Index (MVBIZDTG) effective June 19, 2023. Index history prior to June 19, 2023 reflects the performance of the MVIS^® US Business Development Companies Index.

Key Fund Statistics

Total Net Assets$1,606,047,024
Number of Portfolio Holdings33
Portfolio Turnover Rate28%
Advisory Fees Paid$6,190,323

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		32.2%
Financials		67.8%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of (0.4)%

Top Ten Holdings ^{Footnote Reference*} (% of Total Net Assets)

Ares Capital Corp.		15.5%
Blue Owl Capital Corp.		9.1%
Blackstone Secured Lending Fund		7.7%
Hercules Capital, Inc.		3.3%
Main Street Capital Corp.		3.2%
Golub Capital BDC, Inc.		3.1%
FS KKR Capital Corp.		3.1%
Sixth Street Specialty Lending, Inc.		2.5%
Capital Southwest Corp.		1.6%
Morgan Stanley Direct Lending Fund		1.5%

Footnote	Description
Footnote^*	Excludes short-term investments

Householding

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VanEck Brazil Small-Cap ETF

Ticker: BRF | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$76	0.60%

How did the Fund perform last year?

The Fund posted a positive return over the period as improving domestic economic activity, resilient export demand and broad equity market strength lifted valuations, despite headwinds from high interest rates and trade tensions.
The Consumer Discretionary sector contributed the most to the Fund’s performance during the period, followed by Utilities and Financials.
The leading individual contributors to performance were Modec, Inc., Inter & Co., Inc. and Cyrela Brazil Realty SA Empreendimentos e Participacoes.
There were no negative detractors to the Fund’s performance during the period from a sector-level perspective.
The leading individual detractors to performance were Brava Energia SA, Raizen SA and Sao Martinho S.A.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Brazil Small-Cap Index	S&P 500 Index
Dec 15	$10,000	$10,000	$10,000	$10,000
Jan 16	$9,109	$9,397	$9,044	$9,504
Feb 16	$9,607	$9,332	$9,666	$9,491
Mar 16	$11,887	$10,024	$12,030	$10,135
Apr 16	$13,027	$10,172	$12,973	$10,174
May 16	$12,002	$10,185	$12,040	$10,357
Jun 16	$14,492	$10,123	$14,519	$10,384
Jul 16	$16,398	$10,559	$16,451	$10,766
Aug 16	$16,648	$10,595	$16,635	$10,782
Sep 16	$16,312	$10,660	$16,346	$10,784
Oct 16	$17,893	$10,479	$18,055	$10,587
Nov 16	$15,575	$10,558	$15,603	$10,979
Dec 16	$16,092	$10,786	$16,164	$11,196
Jan 17	$18,301	$11,081	$18,425	$11,408
Feb 17	$20,000	$11,392	$20,105	$11,861
Mar 17	$19,900	$11,532	$19,755	$11,875
Apr 17	$20,300	$11,711	$20,278	$11,997
May 17	$19,570	$11,970	$19,661	$12,166
Jun 17	$19,510	$12,024	$19,663	$12,242
Jul 17	$22,089	$12,360	$22,221	$12,494
Aug 17	$23,658	$12,408	$23,867	$12,532
Sep 17	$24,728	$12,647	$24,981	$12,790
Oct 17	$23,948	$12,910	$24,186	$13,089
Nov 17	$23,238	$13,160	$23,517	$13,490
Dec 17	$24,414	$13,372	$24,712	$13,640
Jan 18	$26,506	$14,127	$26,981	$14,421
Feb 18	$25,805	$13,533	$26,130	$13,890
Mar 18	$25,136	$13,244	$25,350	$13,537
Apr 18	$23,932	$13,370	$24,410	$13,589
May 18	$20,542	$13,387	$20,886	$13,916
Jun 18	$18,815	$13,314	$19,264	$14,002
Jul 18	$20,249	$13,716	$20,434	$14,523
Aug 18	$18,124	$13,824	$18,101	$14,996
Sep 18	$17,779	$13,884	$18,136	$15,081
Oct 18	$21,452	$12,843	$21,725	$14,050
Nov 18	$21,222	$13,031	$21,436	$14,337
Dec 18	$21,568	$12,113	$21,913	$13,042
Jan 19	$24,987	$13,070	$25,312	$14,087
Feb 19	$24,448	$13,419	$24,808	$14,540
Mar 19	$23,123	$13,588	$23,592	$14,822
Apr 19	$23,802	$14,047	$24,052	$15,422
May 19	$23,500	$13,214	$23,940	$14,442
Jun 19	$25,794	$14,079	$26,271	$15,460
Jul 19	$26,875	$14,120	$27,674	$15,682
Aug 19	$25,066	$13,785	$25,578	$15,434
Sep 19	$25,095	$14,075	$25,552	$15,723
Oct 19	$26,252	$14,460	$26,779	$16,063
Nov 19	$25,950	$14,813	$26,561	$16,646
Dec 19	$30,370	$15,335	$30,990	$17,149
Jan 20	$28,954	$15,166	$29,710	$17,142
Feb 20	$25,599	$13,941	$26,021	$15,731
Mar 20	$14,537	$12,059	$14,968	$13,788
Apr 20	$15,928	$13,350	$16,445	$15,555
May 20	$16,810	$13,931	$17,031	$16,296
Jun 20	$18,453	$14,376	$18,818	$16,620
Jul 20	$20,445	$15,137	$21,036	$17,558
Aug 20	$19,612	$16,063	$20,154	$18,820
Sep 20	$18,406	$15,545	$18,892	$18,105
Oct 20	$17,597	$15,167	$18,058	$17,623
Nov 20	$21,795	$17,037	$22,369	$19,552
Dec 20	$24,067	$17,828	$24,759	$20,304
Jan 21	$22,189	$17,747	$22,940	$20,099
Feb 21	$21,182	$18,158	$21,949	$20,653
Mar 21	$22,050	$18,643	$22,707	$21,558
Apr 21	$23,854	$19,458	$24,650	$22,708
May 21	$26,278	$19,761	$27,066	$22,867
Jun 21	$27,757	$20,021	$28,468	$23,401
Jul 21	$25,221	$20,159	$26,313	$23,956
Aug 21	$24,298	$20,664	$25,325	$24,685
Sep 21	$21,521	$19,810	$22,282	$23,537
Oct 21	$18,432	$20,821	$19,126	$25,186
Nov 21	$17,970	$20,320	$18,555	$25,011
Dec 21	$18,922	$21,133	$19,691	$26,132
Jan 22	$20,479	$20,095	$21,259	$24,780
Feb 22	$19,892	$19,576	$20,743	$24,038
Mar 22	$23,226	$20,000	$24,051	$24,931
Apr 22	$20,513	$18,399	$21,200	$22,757
May 22	$20,928	$18,420	$21,719	$22,798
Jun 22	$16,179	$16,868	$16,768	$20,916
Jul 22	$17,137	$18,046	$17,685	$22,845
Aug 22	$18,571	$17,381	$19,335	$21,913
Sep 22	$17,690	$15,717	$18,318	$19,895
Oct 22	$19,405	$16,666	$19,878	$21,506
Nov 22	$17,217	$17,958	$17,661	$22,708
Dec 22	$16,404	$17,252	$17,114	$21,399
Jan 23	$17,827	$18,488	$18,544	$22,744
Feb 23	$15,875	$17,958	$16,618	$22,189
Mar 23	$16,047	$18,512	$16,750	$23,004
Apr 23	$16,795	$18,778	$17,490	$23,363
May 23	$18,914	$18,577	$19,605	$23,464
Jun 23	$21,872	$19,656	$22,729	$25,015
Jul 23	$23,003	$20,375	$23,944	$25,818
Aug 23	$20,641	$19,806	$21,601	$25,407
Sep 23	$19,800	$18,987	$20,828	$24,196
Oct 23	$17,885	$18,416	$18,746	$23,687
Nov 23	$20,438	$20,116	$21,422	$25,850
Dec 23	$22,332	$21,082	$23,525	$27,025
Jan 24	$20,717	$21,206	$21,875	$27,479
Feb 24	$20,860	$22,116	$21,979	$28,946
Mar 24	$21,254	$22,810	$22,436	$29,878
Apr 24	$18,972	$22,057	$20,049	$28,657
May 24	$18,361	$22,953	$19,354	$30,078
Jun 24	$17,424	$23,464	$18,505	$31,157
Jul 24	$17,662	$23,843	$18,679	$31,537
Aug 24	$18,584	$24,448	$19,594	$32,302
Sep 24	$18,832	$25,016	$19,948	$32,992
Oct 24	$17,444	$24,455	$18,474	$32,692
Nov 24	$16,173	$25,369	$17,144	$34,612
Dec 24	$14,574	$24,769	$15,442	$33,786
Jan 25	$16,158	$25,600	$17,140	$34,727
Feb 25	$15,486	$25,446	$16,447	$34,274
Mar 25	$16,774	$24,441	$17,722	$32,343
Apr 25	$17,943	$24,669	$19,047	$32,124
May 25	$19,003	$26,087	$20,109	$34,146
Jun 25	$20,266	$27,258	$21,438	$35,882
Jul 25	$18,684	$27,628	$19,860	$36,687
Aug 25	$20,673	$28,310	$21,974	$37,431
Sep 25	$21,449	$29,336	$22,806	$38,797
Oct 25	$21,551	$29,992	$22,896	$39,706
Nov 25	$23,148	$29,989	$24,597	$39,803
Dec 25	$22,419	$30,302	$23,933	$39,827

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Brazil Small-Cap ETF	53.82%	(1.41)%	8.41%
MVIS^® Brazil Small-Cap Index	54.99%	(0.68)%	9.12%
MSCI ACWI Index	22.34%	11.19%	11.72%
S&P 500 Index	17.88%	14.42%	14.82%

Key Fund Statistics

Total Net Assets$21,798,792
Number of Portfolio Holdings93
Portfolio Turnover Rate43%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.6%
Information Technology		3.5%
Health Care		4.5%
Energy		4.6%
Real Estate		5.1%
Financials		6.6%
Consumer Staples		8.3%
Industrials		11.1%
Utilities		12.5%
Materials		12.6%
Consumer Discretionary		30.6%

Top Ten Holdings (% of Total Net Assets)

ERO Copper Corp.		5.1%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3.8%
Cia de Saneamento de Minas Gerais Copasa MG		3.7%
Alupar Investimento SA		3.5%
Cia De Sanena Do Parana		3.1%
Iguatemi SA		2.8%
Cogna Educacao SA		2.7%
Brava Energia SA		2.5%
Cury Construtora e Incorporadora SA		2.3%
Fleury SA		2.2%

Householding

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VanEck China Bond ETF

Ticker: CBON | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$52	0.50%

How did the Fund perform last year?

The Fund had a positive return over the period, benefiting primarily from Chinese Renminbi appreciation as the central bank allowed for larger adjustments through the year.
Policy banks, sovereign, and corporate bonds all contributed positively to returns over the period.
Currency appreciation contributed the most to performance during the period, while movements in local interest rates detracted from performance slightly.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA Global Broad Market Plus Index	FTSE Chinese Broad Bond 0-10 Years Diversified Select Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,906	$10,097	$9,977
Feb 16	$9,949	$10,314	$10,073
Mar 16	$10,151	$10,578	$10,275
Apr 16	$10,029	$10,713	$10,135
May 16	$9,920	$10,581	$10,040
Jun 16	$9,870	$10,889	$9,994
Jul 16	$9,984	$10,972	$10,141
Aug 16	$9,923	$10,922	$10,103
Sep 16	$9,997	$10,975	$10,182
Oct 16	$9,855	$10,685	$10,058
Nov 16	$9,567	$10,268	$9,766
Dec 16	$9,357	$10,225	$9,533
Jan 17	$9,562	$10,336	$9,700
Feb 17	$9,485	$10,389	$9,668
Mar 17	$9,441	$10,402	$9,650
Apr 17	$9,428	$10,518	$9,561
May 17	$9,615	$10,673	$9,716
Jun 17	$9,678	$10,664	$9,813
Jul 17	$9,768	$10,838	$9,901
Aug 17	$9,945	$10,947	$10,081
Sep 17	$9,902	$10,851	$10,063
Oct 17	$9,895	$10,808	$10,037
Nov 17	$9,866	$10,921	$10,016
Dec 17	$10,004	$10,961	$10,195
Jan 18	$10,411	$11,082	$10,584
Feb 18	$10,434	$10,984	$10,617
Mar 18	$10,575	$11,101	$10,822
Apr 18	$10,648	$10,929	$10,883
May 18	$10,481	$10,845	$10,756
Jun 18	$10,193	$10,797	$10,474
Jul 18	$10,039	$10,780	$10,327
Aug 18	$10,023	$10,784	$10,303
Sep 18	$9,981	$10,695	$10,263
Oct 18	$9,907	$10,583	$10,217
Nov 18	$9,999	$10,622	$10,358
Dec 18	$10,130	$10,836	$10,561
Jan 19	$10,465	$11,001	$10,907
Feb 19	$10,497	$10,940	$10,938
Mar 19	$10,505	$11,079	$10,941
Apr 19	$10,438	$11,048	$10,829
May 19	$10,210	$11,204	$10,614
Jun 19	$10,350	$11,451	$10,773
Jul 19	$10,369	$11,425	$10,815
Aug 19	$10,031	$11,671	$10,482
Sep 19	$10,071	$11,548	$10,517
Oct 19	$10,201	$11,624	$10,636
Nov 19	$10,284	$11,532	$10,749
Dec 19	$10,402	$11,591	$10,893
Jan 20	$10,428	$11,746	$11,042
Feb 20	$10,531	$11,833	$11,106
Mar 20	$10,454	$11,576	$11,039
Apr 20	$10,621	$11,792	$11,244
May 20	$10,391	$11,857	$10,966
Jun 20	$10,496	$11,963	$11,027
Jul 20	$10,613	$12,344	$11,119
Aug 20	$10,808	$12,304	$11,317
Sep 20	$10,922	$12,263	$11,422
Oct 20	$11,130	$12,251	$11,636
Nov 20	$11,322	$12,463	$11,843
Dec 20	$11,560	$12,617	$12,083
Jan 21	$11,650	$12,483	$12,204
Feb 21	$11,561	$12,235	$12,144
Mar 21	$11,524	$12,004	$12,070
Apr 21	$11,742	$12,153	$12,313
May 21	$11,976	$12,249	$12,575
Jun 21	$11,826	$12,169	$12,421
Jul 21	$11,933	$12,323	$12,566
Aug 21	$11,994	$12,272	$12,630
Sep 21	$11,996	$12,036	$12,630
Oct 21	$12,099	$12,003	$12,733
Nov 21	$12,211	$11,966	$12,892
Dec 21	$12,292	$11,937	$12,988
Jan 22	$12,328	$11,675	$13,078
Feb 22	$12,433	$11,530	$13,152
Mar 22	$12,356	$11,173	$13,080
Apr 22	$11,862	$10,564	$12,568
May 22	$11,866	$10,593	$12,574
Jun 22	$11,821	$10,256	$12,526
Jul 22	$11,810	$10,486	$12,527
Aug 22	$11,626	$10,067	$12,355
Sep 22	$11,233	$9,531	$11,945
Oct 22	$10,960	$9,461	$11,688
Nov 22	$11,283	$9,907	$11,976
Dec 22	$11,554	$9,949	$12,271
Jan 23	$11,858	$10,265	$12,592
Feb 23	$11,553	$9,932	$12,288
Mar 23	$11,740	$10,245	$12,516
Apr 23	$11,768	$10,297	$12,480
May 23	$11,455	$10,102	$12,206
Jun 23	$11,295	$10,104	$12,001
Jul 23	$11,540	$10,161	$12,267
Aug 23	$11,359	$10,029	$12,117
Sep 23	$11,318	$9,730	$12,045
Oct 23	$11,248	$9,607	$11,998
Nov 23	$11,572	$10,088	$12,355
Dec 23	$11,664	$10,509	$12,504
Jan 24	$11,642	$10,376	$12,519
Feb 24	$11,646	$10,238	$12,563
Mar 24	$11,576	$10,295	$12,497
Apr 24	$11,631	$10,029	$12,560
May 24	$11,646	$10,165	$12,603
Jun 24	$11,648	$10,185	$12,609
Jul 24	$11,813	$10,469	$12,797
Aug 24	$12,041	$10,712	$13,050
Sep 24	$12,178	$10,893	$13,224
Oct 24	$12,006	$10,526	$13,017
Nov 24	$11,847	$10,571	$12,865
Dec 24	$11,838	$10,335	$12,839
Jan 25	$11,921	$10,397	$12,931
Feb 25	$11,857	$10,558	$12,875
Mar 25	$11,926	$10,622	$12,935
Apr 25	$11,977	$10,926	$12,994
May 25	$12,104	$10,875	$13,143
Jun 25	$12,201	$11,082	$13,253
Jul 25	$12,108	$10,919	$13,164
Aug 25	$12,250	$11,078	$13,320
Sep 25	$12,236	$11,154	$13,299
Oct 25	$12,292	$11,129	$13,375
Nov 25	$12,372	$11,156	$13,485
Dec 25	$12,553	$11,167	$13,669

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck China Bond ETF	6.04%	1.66%	2.30%
FTSE Chinese Broad Bond 0-10 Years Diversified Select Index	6.46%	2.50%	3.17%
ICE BofA Global Broad Market Plus Index	8.05%	(2.41)%	1.11%

FTSE Chinese Broad Bond 0-10 Years Diversified Select Index replaced the ChinaBond China High Quality Bond Index effective May 31, 2024. Index history prior to May 31, 2024 reflects the performance of the ChinaBond China High Quality Bond Index.

Effective May 31, 2024, the index that the Fund seeks to track changed from the ChinaBond China High Quality Bond Index to the FTSE Chinese Broad Bond 0 – 10 Diversified Select Index.

Key Fund Statistics

Total Net Assets$18,344,486
Number of Portfolio Holdings29
Portfolio Turnover Rate48%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.0%
Energy		12.0%
Utilities		14.0%
Government		25.3%
Financials		46.7%

Top Ten Holdings (% of Total Net Assets)

China Petrochemical Corp., 2.00%, 8/9/2029		7.8%
Agricultural Development Bank of China, 2.96%, 4/17/2030		6.6%
China Government Bond, 2.67%, 11/25/2033		5.8%
China Government Bond, 1.62%, 8/15/2027		5.6%
China Everbright Bank Co. Ltd., 2.72%, 9/25/2026		4.6%
Bank of Communications Co. Ltd., 2.70%, 9/26/2026		4.6%
State Grid Corp. of China, 2.88%, 8/30/2027		4.4%
China Petroleum & Chemical Corp., 3.20%, 7/27/2026		4.1%
China Development Bank, 3.45%, 9/20/2029		4.0%
China Development Bank, 3.48%, 1/8/2029		3.7%

Householding

Need Additional Information?

VanEck ChiNext ETF

Ticker: CNXT | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck ChiNext ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$84	0.65%

How did the Fund perform last year?

The Fund posted a positive return over the period, supported by a sharp rebound in Chinese technology and innovation-oriented companies as policy support improved, valuations recovered from depressed levels and investor sentiment strengthened.
The Information Technology sector contributed the most to the Fund’s performance during the period, followed by Industrials and Materials.
The leading individual contributors to performance were Zhongji Innolight Co., Ltd., Eoptolink Technology Inc., Ltd. and Contemporary Amperex Technology Co., Ltd.
The Healthcare sector detracted the most from the Fund’s performance during the period, followed by Consumer Discretionary.
The leading individual detractors from performance were Shenzhen Mindray Bio-Medical Electronics Co., Ltd., East Money Information Co., Ltd and Chongqing Zhifei Biological Products Co., Ltd.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	ChiNext Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$7,175	$9,397	$7,524
Feb 16	$6,715	$9,332	$7,170
Mar 16	$8,170	$10,024	$8,424
Apr 16	$7,856	$10,172	$8,195
May 16	$7,832	$10,185	$8,141
Jun 16	$8,115	$10,123	$8,263
Jul 16	$7,904	$10,559	$8,044
Aug 16	$8,071	$10,595	$8,260
Sep 16	$7,851	$10,660	$8,012
Oct 16	$7,779	$10,479	$8,032
Nov 16	$7,714	$10,558	$8,008
Dec 16	$6,996	$10,786	$7,277
Jan 17	$6,981	$11,081	$7,271
Feb 17	$7,209	$11,392	$7,495
Mar 17	$7,223	$11,532	$7,505
Apr 17	$7,080	$11,711	$7,388
May 17	$7,053	$11,970	$7,347
Jun 17	$7,511	$12,024	$7,830
Jul 17	$7,520	$12,360	$7,852
Aug 17	$8,103	$12,408	$8,421
Sep 17	$8,201	$12,647	$8,526
Oct 17	$8,524	$12,910	$8,888
Nov 17	$8,237	$13,160	$8,626
Dec 17	$8,350	$13,372	$8,758
Jan 18	$8,475	$14,127	$8,993
Feb 18	$8,362	$13,533	$8,974
Mar 18	$8,473	$13,244	$9,171
Apr 18	$7,926	$13,370	$8,485
May 18	$7,940	$13,387	$8,543
Jun 18	$7,023	$13,314	$7,578
Jul 18	$6,754	$13,716	$7,237
Aug 18	$6,169	$13,824	$6,631
Sep 18	$6,039	$13,884	$6,514
Oct 18	$5,233	$12,843	$5,639
Nov 18	$5,398	$13,031	$5,817
Dec 18	$5,033	$12,113	$5,443
Jan 19	$5,276	$13,070	$5,687
Feb 19	$6,457	$13,419	$7,018
Mar 19	$6,990	$13,588	$7,603
Apr 19	$6,649	$14,047	$7,219
May 19	$5,902	$13,214	$6,447
Jun 19	$6,205	$14,079	$6,754
Jul 19	$6,360	$14,120	$6,984
Aug 19	$6,267	$13,785	$6,842
Sep 19	$6,338	$14,075	$6,925
Oct 19	$6,651	$14,460	$7,294
Nov 19	$6,601	$14,813	$7,213
Dec 19	$7,188	$15,335	$7,848
Jan 20	$7,339	$15,166	$8,323
Feb 20	$7,744	$13,941	$8,635
Mar 20	$6,760	$12,059	$7,754
Apr 20	$7,408	$13,350	$8,554
May 20	$7,337	$13,931	$8,328
Jun 20	$8,684	$14,376	$9,867
Jul 20	$10,164	$15,137	$11,585
Aug 20	$10,257	$16,063	$11,706
Sep 20	$9,884	$15,545	$11,186
Oct 20	$10,446	$15,167	$11,922
Nov 20	$10,586	$17,037	$12,113
Dec 20	$11,804	$17,828	$13,476
Jan 21	$12,358	$17,747	$14,269
Feb 21	$11,837	$18,158	$13,643
Mar 21	$10,790	$18,643	$12,407
Apr 21	$11,780	$19,458	$13,703
May 21	$12,483	$19,761	$14,678
Jun 21	$13,114	$20,021	$15,201
Jul 21	$12,692	$20,159	$14,648
Aug 21	$12,216	$20,664	$14,090
Sep 21	$12,244	$19,810	$14,194
Oct 21	$12,899	$20,821	$14,915
Nov 21	$13,104	$20,320	$15,112
Dec 21	$12,773	$21,133	$14,705
Jan 22	$11,348	$20,095	$12,887
Feb 22	$11,247	$19,576	$12,869
Mar 22	$10,175	$20,000	$11,809
Apr 22	$8,431	$18,399	$9,872
May 22	$8,770	$18,420	$10,194
Jun 22	$10,278	$16,868	$11,879
Jul 22	$9,694	$18,046	$11,214
Aug 22	$9,051	$17,381	$10,548
Sep 22	$7,798	$15,717	$9,144
Oct 22	$7,526	$16,666	$8,795
Nov 22	$8,165	$17,958	$9,290
Dec 22	$8,240	$17,252	$9,545
Jan 23	$9,347	$18,488	$10,821
Feb 23	$8,478	$17,958	$9,894
Mar 23	$8,479	$18,512	$9,905
Apr 23	$8,184	$18,778	$9,524
May 23	$7,500	$18,577	$8,768
Jun 23	$7,468	$19,656	$8,698
Jul 23	$7,678	$20,375	$8,926
Aug 23	$7,068	$19,806	$8,219
Sep 23	$6,747	$18,987	$7,825
Oct 23	$6,553	$18,416	$7,660
Nov 23	$6,567	$20,116	$7,700
Dec 23	$6,484	$21,082	$7,615
Jan 24	$5,363	$21,206	$6,250
Feb 24	$6,116	$22,116	$7,159
Mar 24	$6,073	$22,810	$7,158
Apr 24	$6,254	$22,057	$7,354
May 24	$6,097	$22,953	$7,163
Jun 24	$5,659	$23,464	$6,662
Jul 24	$5,753	$23,843	$6,748
Aug 24	$5,479	$24,448	$6,447
Sep 24	$7,567	$25,016	$8,995
Oct 24	$7,629	$24,455	$8,785
Nov 24	$7,777	$25,369	$8,901
Dec 24	$7,330	$24,769	$8,470
Jan 25	$7,164	$25,600	$8,228
Feb 25	$7,536	$25,446	$8,626
Mar 25	$7,315	$24,441	$8,408
Apr 25	$6,785	$24,669	$7,810
May 25	$6,971	$26,087	$8,098
Jun 25	$7,620	$27,258	$8,805
Jul 25	$8,141	$27,628	$9,474
Aug 25	$10,274	$28,310	$11,879
Sep 25	$11,585	$29,336	$13,317
Oct 25	$11,362	$29,992	$13,142
Nov 25	$11,033	$29,989	$12,664
Dec 25	$11,650	$30,302	$13,459

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck ChiNext ETF	58.93%	(0.26)%	1.54%
ChiNext Index	58.91%	(0.03)%	3.02%
MSCI ACWI Index	22.34%	11.19%	11.72%

ChiNext Index replaced the SME-ChiNext Index effective December 10, 2021. Index history prior to December 10, 2021 reflects the performance of the SME-ChiNext Index.

Key Fund Statistics

Total Net Assets$52,882,300
Number of Portfolio Holdings98
Portfolio Turnover Rate48%
Advisory Fees Paid$50,778

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Consumer Discretionary		1.2%
Communication Services		2.2%
Consumer Staples		3.0%
Materials		3.4%
Financials		7.9%
Health Care		8.8%
Industrials		33.0%
Information Technology		40.4%

Top Ten Holdings (% of Total Net Assets)

Contemporary Amperex Technology Co. Ltd.		18.1%
Zhongji Innolight Co. Ltd.		10.0%
Eoptolink Technology, Inc. Ltd.		7.3%
East Money Information Co. Ltd.		5.7%
Sungrow Power Supply Co. Ltd.		4.9%
Victory Giant Technology Huizhou Co. Ltd.		3.3%
Shenzhen Inovance Technology Co. Ltd.		2.8%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2.2%
Wens Foodstuff Group Co. Ltd.		1.8%
Suzhou TFC Optical Communication Co. Ltd.		1.7%

Householding

Need Additional Information?

VanEck CLO ETF

Ticker: CLOI | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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	$40	0.39%

How did the Fund perform last year?

Strong collateralized loan obligation total returns were driven by high interest rates, even as the Federal Reserve restarted its easing cycle in September, and benefited from spread tightening.
The Fund outperformed its benchmark, the J.P. Morgan CLO Index, over the period.
AAA, single-A and BB rated CLOs contributed positively to returns relative to the benchmark, while AA and BBB rated CLOs detracted from relative performance.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (6/21/2022).

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA US Broad Market Index	J.P. Morgan CLO IG Index	J.P. Morgan Collateralized Loan Obligation Index
Jun 22	$10,000	$10,000	$10,000	$10,000
Jun 22	$10,008	$10,186	$9,982	$9,978
Jul 22	$10,072	$10,422	$10,036	$10,035
Aug 22	$10,171	$10,139	$10,116	$10,126
Sep 22	$10,010	$9,692	$9,983	$9,967
Oct 22	$10,024	$9,559	$10,016	$10,000
Nov 22	$10,218	$9,906	$10,191	$10,186
Dec 22	$10,326	$9,864	$10,271	$10,269
Jan 23	$10,500	$10,161	$10,425	$10,436
Feb 23	$10,588	$9,906	$10,488	$10,496
Mar 23	$10,579	$10,157	$10,466	$10,472
Apr 23	$10,662	$10,222	$10,559	$10,571
May 23	$10,703	$10,110	$10,611	$10,621
Jun 23	$10,798	$10,074	$10,709	$10,726
Jul 23	$10,919	$10,065	$10,871	$10,901
Aug 23	$10,990	$10,003	$10,950	$10,988
Sep 23	$11,066	$9,754	$11,016	$11,054
Oct 23	$11,103	$9,603	$11,054	$11,090
Nov 23	$11,203	$10,024	$11,175	$11,229
Dec 23	$11,293	$10,396	$11,287	$11,352
Jan 24	$11,381	$10,384	$11,382	$11,459
Feb 24	$11,449	$10,241	$11,451	$11,531
Mar 24	$11,550	$10,328	$11,523	$11,614
Apr 24	$11,621	$10,078	$11,601	$11,697
May 24	$11,728	$10,249	$11,690	$11,797
Jun 24	$11,786	$10,347	$11,745	$11,855
Jul 24	$11,857	$10,587	$11,819	$11,933
Aug 24	$11,930	$10,737	$11,880	$11,991
Sep 24	$12,001	$10,882	$11,955	$12,073
Oct 24	$12,068	$10,616	$12,026	$12,152
Nov 24	$12,146	$10,722	$12,093	$12,225
Dec 24	$12,212	$10,549	$12,158	$12,294
Jan 25	$12,306	$10,610	$12,236	$12,378
Feb 25	$12,346	$10,840	$12,274	$12,420
Mar 25	$12,356	$10,843	$12,290	$12,426
Apr 25	$12,366	$10,883	$12,321	$12,455
May 25	$12,491	$10,805	$12,429	$12,577
Jun 25	$12,550	$10,970	$12,499	$12,650
Jul 25	$12,621	$10,947	$12,562	$12,720
Aug 25	$12,688	$11,076	$12,624	$12,785
Sep 25	$12,749	$11,196	$12,688	$12,853
Oct 25	$12,802	$11,267	$12,736	$12,900
Nov 25	$12,801	$11,336	$12,788	$12,949
Dec 25	$12,916	$11,303	$12,851	$13,016

Average Annual Total Returns

.	1 Year	Life*
VanEck CLO ETF	5.76%	7.52%
J.P. Morgan CLO IG Index	5.70%	7.37%
ICE BofA US Broad Market Index	7.15%	3.53%
J.P. Morgan Collateralized Loan Obligation Index	5.87%	7.75%

* Inception of Fund: 06/21/2022.

Key Fund Statistics

Total Net Assets$1,324,486,229
Number of Portfolio Holdings160
Portfolio Turnover Rate39%
Advisory Fees Paid$4,178,564

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Government		6.6%
Collateralized Loan Obligations		92.0%

Top Ten Holdings ^{Footnote Reference*} (% of Total Net Assets)

Signal Peak CLO 4 Ltd., 5.81%, 10/26/2034		2.8%
Regatta VI Funding Ltd., 5.21%, 10/20/2038		2.8%
Neuberger Berman Loan Advisers CLO 38 Ltd., 5.28%, 10/20/2036		2.0%
Trinitas CLO XIX Ltd., 4.99%, 10/20/2033		2.0%
Octagon 64 Ltd., 5.57%, 7/21/2037		1.9%
Neuberger Berman Loan Advisers CLO 42 Ltd., 5.29%, 7/16/2036		1.7%
Sagard-Halseypoint CLO 10 Ltd., 5.63%, 10/20/2038		1.7%
KKR CLO 36 Ltd., 5.92%, 10/15/2034		1.7%
RR 20 Ltd., 5.45%, 7/15/2037		1.7%
Silver Rock CLO II Ltd., 5.48%, 1/20/2035		1.6%

Footnote	Description
Footnote^*	Excludes short-term investments

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2025:

Effective September 8, 2025, the Fund's contractual management fee rate was reduced from 0.40% to 0.36%.

Householding

Need Additional Information?

VanEck CMCI Commodity Strategy ETF

Ticker: CMCI | Cboe BZX Exchange, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$70	0.67%

How did the Fund perform last year?

The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.
Commodities showed mixed performance with metals standing out on the upside and some energy and agricultural commodities lagging. Inflationary pressures, demand, and geopolitical risks supported prices, while weaker-than-expected economic conditions in China and softer global growth expectations weighed on certain commodity markets at points during the period.
Industrial metals and precious metals were the Fund’s largest contributors, particularly copper and aluminum, while gold and silver also contributed meaningfully.
Energy and agricultural commodities were the Fund’s largest detractors, as declining oil prices and weakness in key crops reflected ample global supply and favorable growing conditions.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/21/2023).

Cumulative Performance Based on $10,000 Investment

	Fund	S&P 500 Index	Bloomberg Commodity Index Total Return	UBS CM Commodity Index
Aug 23	$10,000	$10,000	$10,000	$10,000
Aug 23	$10,167	$10,252	$10,185	$10,173
Sep 23	$10,195	$9,763	$10,114	$10,208
Oct 23	$10,107	$9,558	$10,141	$10,129
Nov 23	$9,998	$10,430	$9,913	$10,029
Dec 23	$9,768	$10,904	$9,646	$9,803
Jan 24	$9,920	$11,087	$9,684	$9,966
Feb 24	$9,826	$11,680	$9,542	$9,880
Mar 24	$10,246	$12,055	$9,857	$10,310
Apr 24	$10,520	$11,563	$10,123	$10,600
May 24	$10,553	$12,136	$10,300	$10,634
Jun 24	$10,412	$12,572	$10,142	$10,505
Jul 24	$10,012	$12,725	$9,733	$10,109
Aug 24	$9,969	$13,033	$9,737	$10,071
Sep 24	$10,308	$13,312	$10,211	$10,415
Oct 24	$10,191	$13,191	$10,022	$10,311
Nov 24	$10,158	$13,965	$10,062	$10,285
Dec 24	$10,248	$13,632	$10,165	$10,384
Jan 25	$10,514	$14,012	$10,567	$10,662
Feb 25	$10,494	$13,829	$10,649	$10,651
Mar 25	$10,742	$13,050	$11,068	$10,915
Apr 25	$10,140	$12,962	$10,535	$10,314
May 25	$10,230	$13,777	$10,475	$10,415
Jun 25	$10,524	$14,478	$10,727	$10,723
Jul 25	$10,596	$14,803	$10,678	$10,807
Aug 25	$10,738	$15,103	$10,884	$10,957
Sep 25	$10,795	$15,654	$11,118	$11,025
Oct 25	$10,950	$16,021	$11,440	$11,194
Nov 25	$10,993	$16,060	$11,806	$11,250
Dec 25	$11,112	$16,070	$11,768	$11,376

Average Annual Total Returns

.	1 Year	Life*
VanEck CMCI Commodity Strategy ETF	8.42%	4.56%
UBS CM Commodity Index	9.55%	5.61%
S&P 500 Index	17.88%	22.25%
Bloomberg Commodity Index Total Return	15.77%	7.14%

* Inception of Fund: 08/21/2023.

Key Fund Statistics

Total Net Assets$2,391,210
Number of Portfolio Holdings18
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(5.7)%
Money Market Fund		12.4%
United States Treasuries		93.3%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.5%

Householding

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VanEck Digital India ETF

Ticker: DGIN | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$68	0.70%

How did the Fund perform last year?

The Fund posted a negative return over the period, as Indian technology companies faced persistent headwinds from weak global IT spending, slower corporate technology budgets, foreign investor outflows and margin pressure across the IT services sector.
The Energy sector contributed the most to the Fund’s performance during the period, followed by Communication Services and Financials.
The leading individual contributors to performance were Bharti Airtel Ltd., Reliance Industries Ltd. and Multi Commodity Exchange of India Ltd.
The Information Technology sector detracted the most from the Fund’s performance during the period, followed by Consumer Discretionary.
The leading individual detractors from performance were Tata Consultancy Services Ltd., Infosys Ltd. and Dixon Technologies (India) Ltd.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (2/15/2022).

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Digital India Index
Feb 22	$10,000	$10,000	$10,000
Feb 22	$9,648	$9,732	$9,626
Mar 22	$10,154	$9,942	$10,255
Apr 22	$9,197	$9,146	$9,307
May 22	$8,547	$9,157	$8,612
Jun 22	$7,936	$8,385	$7,951
Jul 22	$8,281	$8,971	$8,302
Aug 22	$8,187	$8,641	$8,344
Sep 22	$7,770	$7,813	$7,894
Oct 22	$7,911	$8,285	$7,980
Nov 22	$8,427	$8,928	$8,448
Dec 22	$7,744	$8,576	$7,833
Jan 23	$7,849	$9,191	$7,898
Feb 23	$7,763	$8,928	$7,861
Mar 23	$7,741	$9,203	$7,813
Apr 23	$7,929	$9,335	$8,003
May 23	$8,206	$9,235	$8,330
Jun 23	$8,668	$9,771	$8,777
Jul 23	$8,792	$10,129	$8,923
Aug 23	$8,994	$9,846	$9,185
Sep 23	$9,105	$9,439	$9,308
Oct 23	$8,878	$9,155	$9,038
Nov 23	$9,496	$10,000	$9,736
Dec 23	$10,072	$10,480	$10,421
Jan 24	$10,591	$10,542	$10,997
Feb 24	$10,869	$10,994	$11,348
Mar 24	$10,640	$11,339	$11,074
Apr 24	$10,478	$10,965	$10,983
May 24	$10,412	$11,411	$10,850
Jun 24	$11,396	$11,665	$12,055
Jul 24	$12,112	$11,853	$12,864
Aug 24	$12,532	$12,154	$13,542
Sep 24	$12,497	$12,436	$13,568
Oct 24	$11,961	$12,157	$12,921
Nov 24	$12,525	$12,612	$13,581
Dec 24	$12,392	$12,313	$13,508
Jan 25	$11,684	$12,727	$12,508
Feb 25	$10,625	$12,650	$11,148
Mar 25	$10,926	$12,150	$11,571
Apr 25	$11,463	$12,263	$12,174
May 25	$11,711	$12,968	$12,477
Jun 25	$12,319	$13,551	$13,241
Jul 25	$11,506	$13,734	$12,366
Aug 25	$11,383	$14,074	$12,179
Sep 25	$11,144	$14,584	$11,898
Oct 25	$11,645	$14,910	$12,548
Nov 25	$11,816	$14,908	$12,704
Dec 25	$11,655	$15,064	$12,536

Average Annual Total Returns

.	1 Year	Life*
VanEck Digital India ETF	(5.95)%	4.03%
MVIS^® Digital India Index	(7.20)%	6.01%
MSCI ACWI Index	22.34%	11.16%

* Inception of Fund: 02/15/2022.

Key Fund Statistics

Total Net Assets$18,431,900
Number of Portfolio Holdings49
Portfolio Turnover Rate22%
Advisory Fees Paid$151,275

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.3%
Other Investments		0.5%
Industrials		3.3%
Energy		8.2%
Financials		12.6%
Consumer Discretionary		13.7%
Communication Services		17.9%
Information Technology		43.5%

Top Ten Holdings (% of Total Net Assets)

Reliance Industries Ltd.		8.2%
Bharti Airtel Ltd.		8.1%
Infosys Ltd.		6.9%
Tata Consultancy Services Ltd.		6.5%
HCL Technologies Ltd.		5.8%
Eternal Ltd.		5.4%
Jio Financial Services Ltd.		4.5%
Tech Mahindra Ltd.		4.4%
PB Fintech Ltd.		3.8%
Wipro Ltd.		3.7%

Householding

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VanEck Gold Miners ETF

Ticker: GDX | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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	$91	0.51%

How did the Fund perform last year?

During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.
The Fund’s exposure to Canada, the United States and South Africa were the largest positive contributors to performance for the period.
The leading individual contributors to performance were Newmont, Agnico Eagle Mines and Barrick Gold.
There were no detractors at the country level. Countries with the lowest contributions included Indonesia, Columbia and Kyrgyzstan.
The only individual detractors from performance were Amman Mineral, Equinox Gold Corp. and Bellevue Gold.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MarketVector™ Global Gold Miners Index	NYSE Arca Gold Miners Index
Dec 15	$10,000	$10,000	$10,000	$10,000
Jan 16	$10,350	$9,397	$10,333	$10,333
Feb 16	$14,052	$9,332	$14,061	$14,061
Mar 16	$14,585	$10,024	$14,621	$14,621
Apr 16	$18,717	$10,172	$18,726	$18,726
May 16	$16,465	$10,185	$16,490	$16,490
Jun 16	$20,204	$10,123	$20,240	$20,240
Jul 16	$22,259	$10,559	$22,276	$22,276
Aug 16	$18,564	$10,595	$18,643	$18,643
Sep 16	$19,242	$10,660	$19,344	$19,344
Oct 16	$17,901	$10,479	$17,930	$17,930
Nov 16	$15,146	$10,558	$15,256	$15,256
Dec 16	$15,291	$10,786	$15,424	$15,424
Jan 17	$17,440	$11,081	$17,535	$17,535
Feb 17	$16,738	$11,392	$16,846	$16,846
Mar 17	$16,629	$11,532	$16,734	$16,734
Apr 17	$16,329	$11,711	$16,408	$16,408
May 17	$16,600	$11,970	$16,715	$16,715
Jun 17	$16,117	$12,024	$16,236	$16,236
Jul 17	$16,702	$12,360	$16,813	$16,813
Aug 17	$18,010	$12,408	$18,128	$18,128
Sep 17	$16,797	$12,647	$16,937	$16,937
Oct 17	$16,439	$12,910	$16,585	$16,585
Nov 17	$16,388	$13,160	$16,543	$16,543
Dec 17	$17,125	$13,372	$17,297	$17,297
Jan 18	$17,464	$14,127	$17,635	$17,635
Feb 18	$15,696	$13,533	$15,884	$15,884
Mar 18	$16,175	$13,244	$16,330	$16,330
Apr 18	$16,403	$13,370	$16,606	$16,606
May 18	$16,433	$13,387	$16,630	$16,630
Jun 18	$16,403	$13,314	$16,585	$16,585
Jul 18	$15,659	$13,716	$15,854	$15,854
Aug 18	$13,715	$13,824	$13,863	$13,863
Sep 18	$13,641	$13,884	$13,820	$13,820
Oct 18	$13,906	$12,843	$14,088	$14,088
Nov 18	$14,068	$13,031	$14,260	$14,260
Dec 18	$15,597	$12,113	$15,797	$15,797
Jan 19	$16,767	$13,070	$16,978	$16,978
Feb 19	$16,470	$13,419	$16,705	$16,705
Mar 19	$16,604	$13,588	$16,830	$16,830
Apr 19	$15,471	$14,047	$15,679	$15,679
May 19	$15,952	$13,214	$16,161	$16,161
Jun 19	$18,972	$14,079	$19,243	$19,243
Jul 19	$19,787	$14,120	$20,122	$20,122
Aug 19	$22,131	$13,785	$22,456	$22,456
Sep 19	$19,872	$14,075	$20,207	$20,207
Oct 19	$20,771	$14,460	$21,082	$21,082
Nov 19	$20,026	$14,813	$20,351	$20,351
Dec 19	$21,859	$15,335	$22,256	$22,256
Jan 20	$21,605	$15,166	$21,937	$21,937
Feb 20	$19,747	$13,941	$20,153	$20,153
Mar 20	$17,452	$12,059	$17,802	$17,802
Apr 20	$24,168	$13,350	$24,681	$24,681
May 20	$25,525	$13,931	$26,068	$26,068
Jun 20	$27,277	$14,376	$27,733	$27,733
Jul 20	$32,074	$15,137	$32,627	$32,627
Aug 20	$31,444	$16,063	$32,091	$32,091
Sep 20	$29,214	$15,545	$29,756	$29,756
Oct 20	$27,956	$15,167	$28,506	$28,506
Nov 20	$25,780	$17,037	$26,325	$26,325
Dec 20	$26,951	$17,828	$27,527	$27,527
Jan 21	$25,851	$17,747	$26,476	$26,476
Feb 21	$23,368	$18,158	$23,930	$23,930
Mar 21	$24,255	$18,643	$24,762	$24,763
Apr 21	$25,695	$19,458	$26,308	$26,309
May 21	$29,381	$19,761	$30,074	$30,074
Jun 21	$25,410	$20,021	$25,987	$25,987
Jul 21	$26,160	$20,159	$26,788	$26,788
Aug 21	$24,425	$20,664	$25,006	$25,006
Sep 21	$22,051	$19,810	$22,560	$22,561
Oct 21	$23,775	$20,821	$24,337	$24,337
Nov 21	$23,826	$20,320	$24,416	$24,416
Dec 21	$24,375	$21,133	$24,948	$24,948
Jan 22	$23,024	$20,095	$23,534	$23,535
Feb 22	$26,228	$19,576	$26,878	$26,878
Mar 22	$29,239	$20,000	$29,934	$29,934
Apr 22	$26,776	$18,399	$27,484	$27,484
May 22	$24,258	$18,420	$24,917	$24,917
Jun 22	$20,933	$16,868	$21,478	$21,478
Jul 22	$19,986	$18,046	$20,483	$20,483
Aug 22	$18,179	$17,381	$18,683	$18,684
Sep 22	$18,308	$15,717	$18,765	$18,765
Oct 22	$18,459	$16,666	$18,937	$18,937
Nov 22	$22,042	$17,958	$22,541	$22,541
Dec 22	$22,212	$17,252	$22,794	$22,795
Jan 23	$24,760	$18,488	$25,390	$25,391
Feb 23	$21,195	$17,958	$21,762	$21,762
Mar 23	$25,109	$18,512	$25,828	$25,828
Apr 23	$26,037	$18,778	$26,767	$26,767
May 23	$23,832	$18,577	$24,477	$24,477
Jun 23	$23,259	$19,656	$23,870	$23,870
Jul 23	$24,289	$20,375	$24,954	$24,954
Aug 23	$22,698	$19,806	$23,399	$23,399
Sep 23	$20,851	$18,987	$21,497	$21,497
Oct 23	$21,752	$18,416	$22,392	$22,392
Nov 23	$24,211	$20,116	$24,921	$24,921
Dec 23	$24,481	$21,082	$25,211	$25,211
Jan 24	$22,059	$21,206	$22,733	$22,733
Feb 24	$20,697	$22,116	$21,346	$21,346
Mar 24	$24,786	$22,810	$25,532	$25,532
Apr 24	$26,194	$22,057	$27,093	$27,093
May 24	$27,858	$22,953	$28,714	$28,714
Jun 24	$26,803	$23,464	$27,650	$27,650
Jul 24	$29,736	$23,843	$30,666	$30,667
Aug 24	$30,389	$24,448	$31,415	$31,415
Sep 24	$31,311	$25,016	$32,381	$32,381
Oct 24	$31,755	$24,455	$32,840	$32,840
Nov 24	$29,570	$25,369	$30,512	$30,512
Dec 24	$26,970	$24,769	$27,893	$27,893
Jan 25	$30,962	$25,600	$32,052	$32,053
Feb 25	$31,689	$25,446	$32,697	$32,697
Mar 25	$36,520	$24,441	$37,733	$37,734
Apr 25	$38,991	$24,669	$40,352	$40,352
May 25	$40,189	$26,087	$41,569	$41,569
Jun 25	$41,428	$27,258	$42,827	$42,827
Jul 25	$41,052	$27,628	$42,577	$42,577
Aug 25	$50,088	$28,310	$51,829	$51,829
Sep 25	$60,716	$29,336	$63,001	$62,709
Oct 25	$57,223	$29,992	$59,408	$59,323
Nov 25	$66,011	$29,989	$68,540	$68,330
Dec 25	$68,926	$30,302	$71,794	$72,042

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Gold Miners ETF	155.57%	20.66%	21.29%
MarketVector™ Global Gold Miners Index	157.39%	21.13%	21.79%
MSCI ACWI Index	22.34%	11.19%	11.72%
NYSE Arca Gold Miners Index	158.28%	21.22%	21.83%

Index data prior to September 22, 2025 reflects that of the NYSE Arca Gold Miners Index. From September 22, 2025 forward, the index data reflects that of the Fund's underlying index, MarketVector Global Gold Miners Index.

Key Fund Statistics

Total Net Assets$25,801,227,773
Number of Portfolio Holdings49
Portfolio Turnover Rate50%
Advisory Fees Paid$88,063,011

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Copper		1.1%
Precious Metals & Minerals		1.9%
Diversified Metals & Mining		1.9%
Silver		5.4%
Gold		89.6%

Top Ten Holdings (% of Total Net Assets)

Agnico Eagle Mines Ltd.		8.9%
Newmont Corp.		8.8%
Barrick Mining Corp.		7.2%
Wheaton Precious Metals Corp.		5.0%
Anglogold Ashanti PLC		4.9%
Gold Fields Ltd.		4.8%
Franco-Nevada Corp.		4.8%
Kinross Gold Corp.		4.4%
Pan American Silver Corp.		4.0%
Northern Star Resources Ltd.		3.5%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2025:

Effective after the close of trading on the NYSE Arca, Inc., on September 19, 2025, the Fund’s benchmark index became the MarketVector Global Gold Miners Index and the Fund’s investment objective and principal investment strategy changed in connection therewith.

Householding

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VanEck Copper and Green Metals ETF

Ticker: EMET | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Copper and Green Metals ETF (the "Fund") (formerly known as VanEck Green Metals ETF) for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 Copper and Green Metals ETF	$86	0.62%

How did the Fund perform last year?

During the period, performance reflected improving global green and industrial metals fundamentals, supported by stronger metal prices and energy transition–related demand.
Copper, diversified metals and mining, and platinum group metals companies contributed the most to performance.
The Fund’s exposure to South Africa and China were by far the leading contributors to performance for the period.
At the holdings level, Grupo Mexico, Antofagasta, Valterra Platinum, Impala Platinum, and Sibanye Stillwater were among the top contributors to performance.
PT Amman Mineral Internasional Tbk was the leading detractor among the few companies that detracted from performance for the period.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (11/9/2021).

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Clean-Tech Metals Index
Nov 21	$10,000	$10,000	$10,000
Nov 21	$9,936	$9,607	$9,937
Dec 21	$10,061	$9,992	$10,035
Jan 22	$9,699	$9,501	$9,583
Feb 22	$10,958	$9,256	$10,922
Mar 22	$10,647	$9,456	$10,684
Apr 22	$9,060	$8,699	$9,132
May 22	$9,580	$8,709	$9,595
Jun 22	$8,412	$7,975	$8,419
Jul 22	$8,390	$8,532	$8,382
Aug 22	$8,154	$8,218	$8,222
Sep 22	$7,555	$7,431	$7,625
Oct 22	$7,718	$7,880	$7,746
Nov 22	$9,021	$8,491	$8,985
Dec 22	$8,352	$8,157	$8,405
Jan 23	$9,681	$8,741	$9,681
Feb 23	$8,645	$8,491	$8,695
Mar 23	$8,387	$8,753	$8,410
Apr 23	$8,300	$8,878	$8,324
May 23	$7,560	$8,783	$7,602
Jun 23	$8,006	$9,293	$8,034
Jul 23	$8,522	$9,634	$8,567
Aug 23	$7,573	$9,364	$7,636
Sep 23	$7,373	$8,977	$7,443
Oct 23	$6,528	$8,707	$6,572
Nov 23	$6,682	$9,511	$6,738
Dec 23	$7,339	$9,968	$7,417
Jan 24	$6,536	$10,026	$6,618
Feb 24	$6,548	$10,456	$6,614
Mar 24	$7,255	$10,785	$7,359
Apr 24	$7,847	$10,429	$7,974
May 24	$8,099	$10,852	$8,168
Jun 24	$7,358	$11,094	$7,455
Jul 24	$7,238	$11,273	$7,319
Aug 24	$7,014	$11,559	$7,104
Sep 24	$7,792	$11,828	$7,907
Oct 24	$7,364	$11,562	$7,471
Nov 24	$7,170	$11,995	$7,259
Dec 24	$6,455	$11,711	$6,555
Jan 25	$6,521	$12,104	$6,632
Feb 25	$6,419	$12,031	$6,500
Mar 25	$6,432	$11,556	$6,507
Apr 25	$6,244	$11,664	$6,329
May 25	$6,634	$12,334	$6,747
Jun 25	$7,327	$12,888	$7,425
Jul 25	$7,433	$13,063	$7,559
Aug 25	$8,304	$13,385	$8,426
Sep 25	$9,771	$13,870	$9,908
Oct 25	$9,958	$14,180	$10,118
Nov 25	$10,327	$14,179	$10,480
Dec 25	$11,594	$14,327	$11,828

Average Annual Total Returns

.	1 Year	Life*
VanEck Copper and Green Metals ETF	79.63%	3.63%
MVIS^® Global Clean-Tech Metals Index	80.44%	4.14%
MSCI ACWI Index	22.34%	9.07%

* Inception of Fund: 11/09/2021.

Key Fund Statistics

Total Net Assets$31,493,177
Number of Portfolio Holdings57
Portfolio Turnover Rate21%
Advisory Fees Paid$120,547

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Fertilizers & Agricultural Chemicals		1.4%
Electrical Components & Equipment		2.1%
Specialty Chemicals		6.3%
Precious Metals & Minerals		9.9%
Copper		32.0%
Diversified Metals & Mining		48.2%

Top Ten Holdings (% of Total Net Assets)

Freeport-McMoRan, Inc.		8.1%
Glencore PLC		7.9%
Anglo American PLC		6.9%
Grupo Mexico SAB de CV		6.2%
Teck Resources Ltd.		5.4%
Antofagasta PLC		4.2%
Valterra Platinum Ltd.		4.0%
First Quantum Minerals Ltd.		3.9%
Southern Copper Corp.		3.2%
Boliden AB		3.2%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2025:

On February 13, 2026 (the "Effective Date"), i) the Fund’s name changed to the “VanEck Copper and Green Metals ETF” and ii) its ticker changed to "EMET." Additionally, on the Effective Date, the definition of "green metals" as set forth in the Fund's Principal Investment Strategies has been amended to reflect that copper is a type of green metal.

Householding

Need Additional Information?

VanEck India Growth Leaders ETF

Ticker: GLIN | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$70	0.72%

How did the Fund perform last year?

The Fund posted a negative return over the period, as broad Indian equities faced sustained pressure for much of the period from slowing corporate earnings growth, elevated valuations, foreign investor outflows and mixed economic indicators.
The Financials sector contributed the most to the Fund’s performance during the period, followed by Industrials and Communication Services.
The leading individual contributors to performance were Eicher Motors Ltd., Bharat Electronics Ltd. and State Bank of India.
The Information Technology sector detracted the most from the Fund’s performance during the period, followed by Healthcare and Consumer Discretionary.
The leading individual detractors from performance were Trent Ltd., HCL Technologies Ltd. and IndusInd Bank Ltd.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	Market Grader India All-Cap Growth Leaders Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$8,848	$9,397	$8,748
Feb 16	$7,368	$9,332	$7,347
Mar 16	$8,690	$10,024	$8,677
Apr 16	$9,166	$10,172	$9,182
May 16	$9,043	$10,185	$9,049
Jun 16	$9,725	$10,123	$9,620
Jul 16	$10,289	$10,559	$10,202
Aug 16	$10,440	$10,595	$10,378
Sep 16	$10,602	$10,660	$10,519
Oct 16	$11,164	$10,479	$11,084
Nov 16	$9,691	$10,558	$9,663
Dec 16	$9,530	$10,786	$9,518
Jan 17	$10,438	$11,081	$10,389
Feb 17	$11,281	$11,392	$11,257
Mar 17	$12,145	$11,532	$12,121
Apr 17	$13,158	$11,711	$13,145
May 17	$12,886	$11,970	$12,883
Jun 17	$13,039	$12,024	$12,841
Jul 17	$13,848	$12,360	$13,628
Aug 17	$13,490	$12,408	$13,197
Sep 17	$13,030	$12,647	$12,668
Oct 17	$14,496	$12,910	$14,110
Nov 17	$15,004	$13,160	$14,608
Dec 17	$15,904	$13,372	$15,545
Jan 18	$15,515	$14,127	$15,182
Feb 18	$14,462	$13,533	$14,251
Mar 18	$13,276	$13,244	$12,884
Apr 18	$13,730	$13,370	$13,517
May 18	$12,528	$13,387	$12,298
Jun 18	$11,267	$13,314	$11,047
Jul 18	$11,632	$13,716	$11,390
Aug 18	$11,623	$13,824	$11,398
Sep 18	$9,242	$13,884	$9,112
Oct 18	$9,093	$12,843	$8,967
Nov 18	$9,707	$13,031	$9,565
Dec 18	$9,861	$12,113	$9,759
Jan 19	$9,237	$13,070	$9,115
Feb 19	$8,939	$13,419	$8,845
Mar 19	$10,207	$13,588	$10,008
Apr 19	$9,786	$14,047	$9,578
May 19	$9,677	$13,214	$9,458
Jun 19	$8,869	$14,079	$8,695
Jul 19	$7,777	$14,120	$7,670
Aug 19	$7,379	$13,785	$7,254
Sep 19	$7,534	$14,075	$7,389
Oct 19	$7,757	$14,460	$7,622
Nov 19	$7,718	$14,813	$7,588
Dec 19	$7,726	$15,335	$7,593
Jan 20	$8,190	$15,166	$8,079
Feb 20	$7,396	$13,941	$7,237
Mar 20	$4,752	$12,059	$4,758
Apr 20	$5,425	$13,350	$5,523
May 20	$5,416	$13,931	$5,552
Jun 20	$5,719	$14,376	$5,862
Jul 20	$6,258	$15,137	$6,433
Aug 20	$6,478	$16,063	$6,674
Sep 20	$6,642	$15,545	$6,870
Oct 20	$6,696	$15,167	$6,893
Nov 20	$7,134	$17,037	$7,429
Dec 20	$7,788	$17,828	$8,043
Jan 21	$7,647	$17,747	$7,929
Feb 21	$7,743	$18,158	$8,000
Mar 21	$8,075	$18,643	$8,371
Apr 21	$8,306	$19,458	$8,660
May 21	$9,008	$19,761	$9,392
Jun 21	$9,216	$20,021	$9,591
Jul 21	$9,559	$20,159	$9,960
Aug 21	$10,092	$20,664	$10,547
Sep 21	$10,003	$19,810	$10,505
Oct 21	$9,800	$20,821	$10,243
Nov 21	$9,536	$20,320	$10,026
Dec 21	$10,057	$21,133	$10,552
Jan 22	$9,502	$20,095	$9,927
Feb 22	$9,011	$19,576	$9,379
Mar 22	$9,474	$20,000	$9,950
Apr 22	$9,015	$18,399	$9,506
May 22	$8,074	$18,420	$8,491
Jun 22	$7,438	$16,868	$7,659
Jul 22	$8,090	$18,046	$8,362
Aug 22	$8,062	$17,381	$8,458
Sep 22	$7,627	$15,717	$7,969
Oct 22	$7,794	$16,666	$8,120
Nov 22	$8,229	$17,958	$8,545
Dec 22	$7,846	$17,252	$8,191
Jan 23	$7,986	$18,488	$8,311
Feb 23	$7,635	$17,958	$7,977
Mar 23	$7,675	$18,512	$8,028
Apr 23	$8,033	$18,778	$8,425
May 23	$8,285	$18,577	$8,747
Jun 23	$8,751	$19,656	$9,190
Jul 23	$8,992	$20,375	$9,475
Aug 23	$9,044	$19,806	$9,580
Sep 23	$9,276	$18,987	$9,845
Oct 23	$9,117	$18,416	$9,667
Nov 23	$9,888	$20,116	$10,509
Dec 23	$10,631	$21,082	$11,405
Jan 24	$11,057	$21,206	$11,878
Feb 24	$11,510	$22,116	$12,492
Mar 24	$11,404	$22,810	$12,260
Apr 24	$11,626	$22,057	$12,625
May 24	$11,577	$22,953	$12,528
Jun 24	$12,273	$23,464	$13,428
Jul 24	$12,915	$23,843	$14,128
Aug 24	$13,066	$24,448	$14,444
Sep 24	$13,209	$25,016	$14,537
Oct 24	$12,532	$24,455	$13,671
Nov 24	$12,551	$25,369	$13,594
Dec 24	$12,343	$24,769	$13,424
Jan 25	$11,276	$25,600	$12,272
Feb 25	$9,964	$25,446	$10,773
Mar 25	$10,815	$24,441	$11,796
Apr 25	$11,194	$24,669	$12,145
May 25	$11,793	$26,087	$12,792
Jun 25	$12,150	$27,258	$13,241
Jul 25	$11,201	$27,628	$12,255
Aug 25	$11,080	$28,310	$12,057
Sep 25	$11,263	$29,336	$12,286
Oct 25	$11,679	$29,992	$12,830
Nov 25	$11,672	$29,989	$12,820
Dec 25	$11,736	$30,302	$12,874

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck India Growth Leaders ETF	(4.92)%	8.55%	1.61%
Market Grader India All-Cap Growth Leaders Index	(4.10)%	9.87%	2.56%
MSCI ACWI Index	22.34%	11.19%	11.72%

Market Grader India All-Cap Growth Leaders Index replaced the MVIS^® India Small-Cap Index effective May 1, 2020. Index history prior to May 1, 2020 reflects the performance of the MVIS^® India Small-Cap Index.

Key Fund Statistics

Total Net Assets$118,976,683
Number of Portfolio Holdings80
Portfolio Turnover Rate66%
Advisory Fees Paid$545,533

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		0.8%
Energy		4.0%
Materials		5.3%
Communication Services		7.5%
Consumer Discretionary		8.3%
Health Care		8.4%
Information Technology		11.8%
Industrials		21.6%
Financials		32.4%

Top Ten Holdings (% of Total Net Assets)

State Bank of India		5.7%
Bharti Airtel Ltd.		5.2%
Bharat Electronics Ltd.		5.1%
Infosys Ltd.		5.0%
Tata Consultancy Services Ltd.		5.0%
ICICI Bank Ltd.		4.5%
Eicher Motors Ltd.		4.0%
Coal India Ltd.		4.0%
Trent Ltd.		3.9%
Hindustan Aeronautics Ltd.		3.7%

Householding

Need Additional Information?

VanEck Indonesia Index ETF

Ticker: IDX | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$61	0.57%

How did the Fund perform last year?

The Fund posted a positive return over the period, supported by resilient domestic consumption and selective strength in Indonesian equities, despite ongoing headwinds from foreign investor outflows, currency volatility and policy uncertainty that pressured markets for much of the period.
The Energy sector contributed the most to the Fund’s performance during the period, followed by Materials and Communication Services.
The leading individual contributors to performance were PT Dian Swastatika Sentosa Tbk, PT Barito Pacific Tbk and PT Telkom Indonesia (Persero) Tbk.
The Consumer Staples sector detracted the most from the Fund’s performance during the period, followed by Consumer Discretionary and Real Estate.
The leading individual detractors from performance were PT Amman Mineral Internasional Tbk, PT Bank Central Asia Tbk and PT Sumber Alfaria Trijaya.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Indonesia Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$10,343	$9,397	$10,174
Feb 16	$10,866	$9,332	$10,803
Mar 16	$11,280	$10,024	$11,210
Apr 16	$11,149	$10,172	$11,114
May 16	$10,670	$10,185	$10,649
Jun 16	$11,846	$10,123	$11,720
Jul 16	$12,489	$10,559	$12,388
Aug 16	$12,549	$10,595	$12,551
Sep 16	$12,761	$10,660	$12,713
Oct 16	$12,794	$10,479	$12,798
Nov 16	$11,373	$10,558	$11,385
Dec 16	$11,749	$10,786	$11,796
Jan 17	$11,903	$11,081	$11,913
Feb 17	$12,063	$11,392	$12,107
Mar 17	$12,509	$11,532	$12,531
Apr 17	$12,813	$11,711	$12,859
May 17	$13,006	$11,970	$13,053
Jun 17	$13,215	$12,024	$13,269
Jul 17	$13,254	$12,360	$13,309
Aug 17	$13,292	$12,408	$13,336
Sep 17	$13,028	$12,647	$13,080
Oct 17	$13,154	$12,910	$13,222
Nov 17	$13,022	$13,160	$13,084
Dec 17	$13,904	$13,372	$14,004
Jan 18	$14,747	$14,127	$14,858
Feb 18	$14,269	$13,533	$14,411
Mar 18	$13,292	$13,244	$13,357
Apr 18	$12,651	$13,370	$12,817
May 18	$12,707	$13,387	$12,848
Jun 18	$11,691	$13,314	$11,816
Jul 18	$12,028	$13,716	$12,130
Aug 18	$12,050	$13,824	$12,177
Sep 18	$11,764	$13,884	$11,900
Oct 18	$11,168	$12,843	$11,288
Nov 18	$12,449	$13,031	$12,570
Dec 18	$12,543	$12,113	$12,694
Jan 19	$13,714	$13,070	$13,859
Feb 19	$13,026	$13,419	$13,219
Mar 19	$13,049	$13,588	$13,214
Apr 19	$13,198	$14,047	$13,373
May 19	$12,601	$13,214	$12,737
Jun 19	$13,278	$14,079	$13,458
Jul 19	$13,328	$14,120	$13,595
Aug 19	$12,879	$13,785	$13,088
Sep 19	$12,521	$14,075	$12,709
Oct 19	$12,908	$14,460	$13,118
Nov 19	$12,501	$14,813	$12,708
Dec 19	$13,293	$15,335	$13,506
Jan 20	$12,601	$15,166	$12,857
Feb 20	$11,139	$13,941	$11,140
Mar 20	$7,531	$12,059	$7,677
Apr 20	$8,758	$13,350	$8,939
May 20	$9,161	$13,931	$9,275
Jun 20	$9,772	$14,376	$9,872
Jul 20	$10,154	$15,137	$10,290
Aug 20	$10,415	$16,063	$10,582
Sep 20	$9,358	$15,545	$9,477
Oct 20	$9,897	$15,167	$10,170
Nov 20	$11,484	$17,037	$11,691
Dec 20	$12,203	$17,828	$12,406
Jan 21	$11,823	$17,747	$12,076
Feb 21	$11,992	$18,158	$12,255
Mar 21	$11,394	$18,643	$11,597
Apr 21	$11,429	$19,458	$11,680
May 21	$11,048	$19,761	$11,484
Jun 21	$10,773	$20,021	$10,975
Jul 21	$10,572	$20,159	$10,788
Aug 21	$11,163	$20,664	$11,335
Sep 21	$11,287	$19,810	$11,516
Oct 21	$12,184	$20,821	$12,363
Nov 21	$11,840	$20,320	$12,041
Dec 21	$12,003	$21,133	$12,199
Jan 22	$11,936	$20,095	$12,066
Feb 22	$12,366	$19,576	$12,500
Mar 22	$12,768	$20,000	$13,003
Apr 22	$13,339	$18,399	$13,597
May 22	$12,956	$18,420	$13,181
Jun 22	$11,879	$16,868	$12,058
Jul 22	$11,999	$18,046	$12,177
Aug 22	$12,375	$17,381	$12,611
Sep 22	$11,705	$15,717	$11,978
Oct 22	$11,573	$16,666	$11,782
Nov 22	$11,537	$17,958	$11,698
Dec 22	$10,817	$17,252	$11,035
Jan 23	$11,354	$18,488	$11,543
Feb 23	$10,978	$17,958	$11,313
Mar 23	$11,143	$18,512	$11,353
Apr 23	$11,631	$18,778	$11,847
May 23	$11,157	$18,577	$11,373
Jun 23	$11,293	$19,656	$11,467
Jul 23	$11,499	$20,375	$11,715
Aug 23	$11,341	$19,806	$11,571
Sep 23	$11,054	$18,987	$11,297
Oct 23	$10,052	$18,416	$10,257
Nov 23	$10,691	$20,116	$10,909
Dec 23	$11,023	$21,082	$11,268
Jan 24	$10,409	$21,206	$10,637
Feb 24	$10,555	$22,116	$10,767
Mar 24	$10,533	$22,810	$10,762
Apr 24	$10,409	$22,057	$10,661
May 24	$10,228	$22,953	$10,420
Jun 24	$10,289	$23,464	$10,516
Jul 24	$10,603	$23,843	$10,816
Aug 24	$11,652	$24,448	$11,900
Sep 24	$11,659	$25,016	$11,942
Oct 24	$11,158	$24,455	$11,450
Nov 24	$10,384	$25,369	$10,629
Dec 24	$10,118	$24,769	$10,396
Jan 25	$9,854	$25,600	$10,123
Feb 25	$8,359	$25,446	$8,549
Mar 25	$8,462	$24,441	$8,720
Apr 25	$9,050	$24,669	$9,290
May 25	$9,939	$26,087	$10,215
Jun 25	$9,754	$27,258	$10,003
Jul 25	$10,182	$27,628	$10,487
Aug 25	$10,636	$28,310	$10,924
Sep 25	$10,841	$29,336	$11,134
Oct 25	$10,991	$29,992	$11,310
Nov 25	$11,410	$29,989	$11,717
Dec 25	$11,453	$30,302	$11,800

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Indonesia Index ETF	13.19%	(1.26)%	1.37%
MVIS^® Indonesia Index	13.50%	(1.00)%	1.67%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$59,226,465
Number of Portfolio Holdings59
Portfolio Turnover Rate23%
Advisory Fees Paid$71,536

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Real Estate		1.5%
Health Care		2.0%
Consumer Discretionary		2.9%
Industrials		6.4%
Utilities		7.2%
Consumer Staples		7.5%
Communication Services		8.6%
Energy		14.4%
Materials		22.2%
Financials		27.1%

Top Ten Holdings (% of Total Net Assets)

Bank Rakyat Indonesia Persero Tbk PT		8.0%
Bank Central Asia Tbk PT		8.0%
Bank Mandiri Persero Tbk PT		7.2%
Telkom Indonesia Persero Tbk PT		6.2%
Barito Renewables Energy Tbk PT		5.6%
Dian Swastatika Sentosa Tbk PT		5.6%
Astra International Tbk PT		5.1%
Amman Mineral Internasional PT		3.7%
Chandra Asri Pacific Tbk PT		3.6%
Barito Pacific Tbk PT		3.5%

Householding

Need Additional Information?

VanEck International High Yield Bond ETF

Ticker: IHY | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$43	0.40%

How did the Fund perform last year?

The Fund had a positive return over the period, benefitting from high income and foreign currency appreciation.
Issuers in the Telecom, Energy and Banking sectors contributed the most to performance. There were no sectors with negative returns during the period.
In terms of country of risk, France, UK and Germany had the highest contribution to performance while Puerto Rico, China, and Ghana issuers detracted.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA Global Broad Market Index	ICE BofA ML Global ex-US Issuers High Yield Constrained Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,889	$10,101	$9,831
Feb 16	$9,914	$10,323	$9,864
Mar 16	$10,518	$10,569	$10,479
Apr 16	$10,851	$10,704	$10,814
May 16	$10,766	$10,585	$10,742
Jun 16	$10,801	$10,885	$10,779
Jul 16	$11,062	$10,963	$11,057
Aug 16	$11,228	$10,911	$11,237
Sep 16	$11,296	$10,962	$11,308
Oct 16	$11,218	$10,668	$11,237
Nov 16	$11,023	$10,261	$11,035
Dec 16	$11,130	$10,217	$11,199
Jan 17	$11,429	$10,319	$11,472
Feb 17	$11,493	$10,365	$11,559
Mar 17	$11,510	$10,375	$11,586
Apr 17	$11,724	$10,494	$11,826
May 17	$11,883	$10,647	$12,007
Jun 17	$11,917	$10,637	$12,068
Jul 17	$12,162	$10,807	$12,329
Aug 17	$12,248	$10,917	$12,422
Sep 17	$12,332	$10,820	$12,523
Oct 17	$12,355	$10,783	$12,562
Nov 17	$12,409	$10,891	$12,605
Dec 17	$12,423	$10,927	$12,656
Jan 18	$12,712	$11,039	$12,915
Feb 18	$12,482	$10,943	$12,695
Mar 18	$12,483	$11,058	$12,696
Apr 18	$12,417	$10,889	$12,626
May 18	$12,131	$10,818	$12,320
Jun 18	$12,059	$10,778	$12,243
Jul 18	$12,259	$10,754	$12,448
Aug 18	$12,102	$10,770	$12,298
Sep 18	$12,233	$10,671	$12,431
Oct 18	$12,015	$10,562	$12,197
Nov 18	$11,875	$10,591	$12,052
Dec 18	$11,850	$10,808	$12,076
Jan 19	$12,307	$10,965	$12,497
Feb 19	$12,465	$10,905	$12,681
Mar 19	$12,543	$11,051	$12,760
Apr 19	$12,675	$11,023	$12,904
May 19	$12,525	$11,186	$12,758
Jun 19	$12,917	$11,422	$13,174
Jul 19	$12,921	$11,390	$13,187
Aug 19	$12,819	$11,652	$13,077
Sep 19	$12,875	$11,522	$13,137
Oct 19	$13,101	$11,592	$13,366
Nov 19	$13,150	$11,500	$13,424
Dec 19	$13,360	$11,549	$13,706
Jan 20	$13,452	$11,714	$13,764
Feb 20	$13,226	$11,812	$13,543
Mar 20	$11,431	$11,581	$11,598
Apr 20	$12,082	$11,793	$12,231
May 20	$12,612	$11,849	$12,789
Jun 20	$12,939	$11,951	$13,170
Jul 20	$13,524	$12,334	$13,785
Aug 20	$13,769	$12,293	$14,058
Sep 20	$13,508	$12,253	$13,824
Oct 20	$13,537	$12,235	$13,854
Nov 20	$14,200	$12,436	$14,581
Dec 20	$14,507	$12,581	$14,978
Jan 21	$14,524	$12,452	$14,949
Feb 21	$14,583	$12,207	$15,027
Mar 21	$14,403	$11,982	$14,836
Apr 21	$14,655	$12,125	$15,112
May 21	$14,808	$12,217	$15,306
Jun 21	$14,695	$12,139	$15,178
Jul 21	$14,625	$12,301	$15,097
Aug 21	$14,701	$12,245	$15,190
Sep 21	$14,424	$12,019	$14,914
Oct 21	$14,233	$11,989	$14,713
Nov 21	$13,917	$11,957	$14,369
Dec 21	$14,103	$11,922	$14,561
Jan 22	$13,721	$11,654	$14,173
Feb 22	$13,243	$11,504	$13,675
Mar 22	$13,096	$11,138	$13,412
Apr 22	$12,446	$10,531	$12,744
May 22	$12,412	$10,553	$12,684
Jun 22	$11,477	$10,228	$11,704
Jul 22	$11,793	$10,459	$11,995
Aug 22	$11,614	$10,031	$11,838
Sep 22	$10,949	$9,501	$11,157
Oct 22	$11,073	$9,440	$11,261
Nov 22	$11,798	$9,888	$12,056
Dec 22	$12,056	$9,911	$12,328
Jan 23	$12,584	$10,219	$12,906
Feb 23	$12,298	$9,889	$12,631
Mar 23	$12,418	$10,206	$12,758
Apr 23	$12,544	$10,262	$12,902
May 23	$12,316	$10,061	$12,685
Jun 23	$12,576	$10,066	$12,959
Jul 23	$12,788	$10,106	$13,183
Aug 23	$12,680	$9,980	$13,086
Sep 23	$12,534	$9,671	$12,934
Oct 23	$12,406	$9,544	$12,808
Nov 23	$13,038	$10,028	$13,468
Dec 23	$13,527	$10,462	$13,974
Jan 24	$13,520	$10,326	$14,000
Feb 24	$13,547	$10,172	$14,062
Mar 24	$13,600	$10,236	$14,151
Apr 24	$13,438	$9,958	$14,016
May 24	$13,700	$10,096	$14,311
Jun 24	$13,724	$10,114	$14,350
Jul 24	$13,988	$10,408	$14,628
Aug 24	$14,323	$10,644	$14,987
Sep 24	$14,556	$10,821	$15,260
Oct 24	$14,350	$10,448	$15,068
Nov 24	$14,252	$10,499	$14,984
Dec 24	$14,141	$10,244	$14,871
Jan 25	$14,293	$10,299	$15,035
Feb 25	$14,426	$10,478	$15,214
Mar 25	$14,559	$10,543	$15,355
Apr 25	$14,850	$10,850	$15,643
May 25	$15,051	$10,783	$15,857
Jun 25	$15,421	$10,993	$16,263
Jul 25	$15,393	$10,825	$16,262
Aug 25	$15,662	$10,989	$16,552
Sep 25	$15,769	$11,076	$16,666
Oct 25	$15,698	$11,044	$16,566
Nov 25	$15,688	$11,074	$16,619
Dec 25	$15,940	$11,071	$16,816

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck International High Yield Bond ETF	12.72%	1.90%	4.77%
ICE BofA ML Global ex-US Issuers High Yield Constrained Index	13.08%	2.34%	5.33%
ICE BofA Global Broad Market Index	8.08%	(2.52)%	1.02%

Key Fund Statistics

Total Net Assets$48,316,251
Number of Portfolio Holdings567
Portfolio Turnover Rate36%
Advisory Fees Paid$145,593

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.7%
Other Investments		0.5%
Real Estate		2.8%
Consumer Non-Cyclicals		3.2%
Healthcare		4.4%
Utilities		6.8%
Basic Materials		8.1%
Consumer Cyclicals		9.4%
Energy		10.5%
Technology		11.9%
Industrials		14.7%
Financials		25.0%

Top Ten Holdings (% of Total Net Assets)

Petroleos Mexicanos, 6.70%, 2/16/2032		0.6%
Petroleos Mexicanos, 7.69%, 1/23/2050		0.5%
WEPA Hygieneprodukte GmbH, 5.62%, 1/15/2031		0.5%
British Telecommunications PLC, 5.12%, 10/3/2054		0.5%
Banco BPM SpA, 4.50%, 11/26/2036		0.5%
Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 5/9/2030		0.5%
InPost SA, 4.00%, 4/1/2031		0.5%
Mundys SpA, 1.88%, 2/12/2028		0.5%
Electricite de France SA, 3.38% (Perpetual maturity)		0.5%
VZ Vendor Financing II BV, 2.88%, 1/15/2029		0.5%

Householding

Need Additional Information?

VanEck Israel ETF

Ticker: ISRA | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$70	0.59%

How did the Fund perform last year?

The Fund posted a positive return over the period, supported by solid corporate balance sheets and continued innovation activity, despite persistent geopolitical tensions and heightened regional uncertainty that weighed on investor sentiment at various points during the year.
The Financials sector contributed the most to the Fund’s performance during the period, followed by Information Technology and Industrials.
The leading individual contributors to performance were Bank Leumi Le-Israel B.M., Bank Hapoalim BM and Elbit Systems Ltd.
The Consumer Discretionary sector detracted the most from the Fund’s performance during the period, followed by Communication Services.
The leading individual detractors from performance were Wix.com Ltd., NICE Ltd. and Monday.com Ltd.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	BlueStar^® Israel Global Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,337	$9,397	$9,281
Feb 16	$9,233	$9,332	$9,244
Mar 16	$9,701	$10,024	$9,700
Apr 16	$9,469	$10,172	$9,491
May 16	$9,431	$10,185	$9,434
Jun 16	$9,257	$10,123	$9,229
Jul 16	$9,687	$10,559	$9,691
Aug 16	$9,802	$10,595	$9,806
Sep 16	$9,698	$10,660	$9,739
Oct 16	$9,306	$10,479	$9,321
Nov 16	$9,476	$10,558	$9,493
Dec 16	$9,469	$10,786	$9,488
Jan 17	$9,720	$11,081	$9,728
Feb 17	$10,083	$11,392	$10,109
Mar 17	$10,238	$11,532	$10,267
Apr 17	$10,457	$11,711	$10,489
May 17	$10,714	$11,970	$10,742
Jun 17	$10,856	$12,024	$10,907
Jul 17	$10,806	$12,360	$10,852
Aug 17	$10,101	$12,408	$10,155
Sep 17	$10,513	$12,647	$10,529
Oct 17	$10,499	$12,910	$10,534
Nov 17	$10,587	$13,160	$10,632
Dec 17	$10,885	$13,372	$10,937
Jan 18	$11,358	$14,127	$11,448
Feb 18	$10,910	$13,533	$11,026
Mar 18	$10,688	$13,244	$10,729
Apr 18	$10,699	$13,370	$10,782
May 18	$11,254	$13,387	$11,340
Jun 18	$11,197	$13,314	$11,242
Jul 18	$11,573	$13,716	$11,652
Aug 18	$12,125	$13,824	$12,243
Sep 18	$11,892	$13,884	$11,979
Oct 18	$11,100	$12,843	$11,200
Nov 18	$11,416	$13,031	$11,517
Dec 18	$10,130	$12,113	$10,241
Jan 19	$11,225	$13,070	$11,333
Feb 19	$11,434	$13,419	$11,562
Mar 19	$11,394	$13,588	$11,546
Apr 19	$11,741	$14,047	$11,883
May 19	$11,160	$13,214	$11,379
Jun 19	$11,701	$14,079	$11,890
Jul 19	$12,119	$14,120	$12,311
Aug 19	$11,837	$13,785	$12,008
Sep 19	$11,862	$14,075	$12,034
Oct 19	$12,193	$14,460	$12,368
Nov 19	$12,835	$14,813	$13,031
Dec 19	$12,829	$15,335	$13,033
Jan 20	$13,100	$15,166	$13,329
Feb 20	$12,297	$13,941	$12,583
Mar 20	$10,258	$12,059	$10,492
Apr 20	$11,517	$13,350	$11,743
May 20	$12,362	$13,931	$12,417
Jun 20	$12,048	$14,376	$12,193
Jul 20	$13,019	$15,137	$13,161
Aug 20	$13,694	$16,063	$13,908
Sep 20	$13,082	$15,545	$13,312
Oct 20	$13,313	$15,167	$13,579
Nov 20	$14,878	$17,037	$15,146
Dec 20	$16,439	$17,828	$16,704
Jan 21	$16,731	$17,747	$17,052
Feb 21	$16,655	$18,158	$17,008
Mar 21	$16,217	$18,643	$16,499
Apr 21	$17,187	$19,458	$17,523
May 21	$17,135	$19,761	$17,435
Jun 21	$17,511	$20,021	$17,832
Jul 21	$17,380	$20,159	$17,725
Aug 21	$17,716	$20,664	$18,058
Sep 21	$17,337	$19,810	$17,713
Oct 21	$18,485	$20,821	$18,856
Nov 21	$17,633	$20,320	$18,034
Dec 21	$18,115	$21,133	$18,522
Jan 22	$16,714	$20,095	$17,041
Feb 22	$17,151	$19,576	$17,519
Mar 22	$17,250	$20,000	$17,668
Apr 22	$15,766	$18,399	$16,173
May 22	$15,082	$18,420	$15,420
Jun 22	$13,882	$16,868	$14,169
Jul 22	$15,217	$18,046	$15,558
Aug 22	$15,382	$17,381	$15,765
Sep 22	$13,466	$15,717	$13,807
Oct 22	$14,216	$16,666	$14,562
Nov 22	$14,339	$17,958	$14,600
Dec 22	$13,444	$17,252	$13,779
Jan 23	$14,296	$18,488	$14,621
Feb 23	$13,497	$17,958	$13,838
Mar 23	$13,533	$18,512	$13,855
Apr 23	$13,181	$18,778	$13,531
May 23	$13,134	$18,577	$13,472
Jun 23	$13,276	$19,656	$13,601
Jul 23	$13,940	$20,375	$14,312
Aug 23	$13,014	$19,806	$13,371
Sep 23	$12,628	$18,987	$12,959
Oct 23	$10,779	$18,416	$11,074
Nov 23	$12,413	$20,116	$12,763
Dec 23	$13,414	$21,082	$13,863
Jan 24	$13,366	$21,206	$13,785
Feb 24	$14,343	$22,116	$14,770
Mar 24	$14,377	$22,810	$14,868
Apr 24	$13,353	$22,057	$13,784
May 24	$13,768	$22,953	$14,185
Jun 24	$13,753	$23,464	$14,208
Jul 24	$14,177	$23,843	$14,637
Aug 24	$14,939	$24,448	$15,402
Sep 24	$15,005	$25,016	$15,489
Oct 24	$15,151	$24,455	$15,673
Nov 24	$16,398	$25,369	$16,936
Dec 24	$16,828	$24,769	$17,415
Jan 25	$17,545	$25,600	$18,160
Feb 25	$17,194	$25,446	$17,792
Mar 25	$16,322	$24,441	$16,863
Apr 25	$17,020	$24,669	$17,618
May 25	$18,363	$26,087	$19,021
Jun 25	$20,099	$27,258	$20,824
Jul 25	$19,510	$27,628	$20,265
Aug 25	$20,302	$28,310	$21,033
Sep 25	$21,294	$29,336	$22,106
Oct 25	$21,517	$29,992	$22,365
Nov 25	$21,851	$29,989	$22,808
Dec 25	$23,101	$30,302	$24,021

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Israel ETF	37.28%	7.04%	8.73%
BlueStar^® Israel Global Index	37.93%	7.54%	9.16%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$120,216,659
Number of Portfolio Holdings81
Portfolio Turnover Rate8%
Advisory Fees Paid$469,551

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Materials		1.0%
Consumer Staples		1.5%
Communication Services		1.6%
Energy		1.8%
Consumer Discretionary		2.3%
Utilities		3.7%
Real Estate		4.2%
Industrials		7.5%
Health Care		11.1%
Information Technology		30.7%
Financials		34.5%

Top Ten Holdings (% of Total Net Assets)

Teva Pharmaceutical Industries Ltd.		10.5%
Bank Leumi Le-Israel BM		8.4%
Bank Hapoalim BM		7.2%
CyberArk Software Ltd.		6.1%
Elbit Systems Ltd.		4.9%
Check Point Software Technologies Ltd.		4.4%
Israel Discount Bank Ltd.		3.2%
Mizrahi Tefahot Bank Ltd.		3.0%
Phoenix Financial Ltd.		2.5%
Tower Semiconductor Ltd.		2.5%

Householding

Need Additional Information?

VanEck J.P. Morgan EM Local Currency Bond ETF

Ticker: EMLC | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This 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 December 31, 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 year?

(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	$33	0.30%

How did the Fund perform last year?

The Fund generated a strong return over the period amid trade tensions and rising geopolitical risks, as strong fundamentals kept emerging markets local currency and real yields attractive.
Bonds denominated in Mexican Peso, South African Rand, and Brazilian Real were the largest contributors to performance, while bonds denominated in Dominican Pesos detracted slightly during the period.
Currency appreciation and high carry contributed the most to performance during the period.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA Global Broad Market Plus Index	JPMorgan GBI-EMG Core Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$10,050	$10,097	$10,019
Feb 16	$10,183	$10,314	$10,167
Mar 16	$11,073	$10,578	$11,080
Apr 16	$11,350	$10,713	$11,368
May 16	$10,761	$10,581	$10,773
Jun 16	$11,363	$10,889	$11,391
Jul 16	$11,436	$10,972	$11,476
Aug 16	$11,434	$10,922	$11,472
Sep 16	$11,628	$10,975	$11,682
Oct 16	$11,543	$10,685	$11,603
Nov 16	$10,743	$10,268	$10,795
Dec 16	$10,876	$10,225	$10,995
Jan 17	$11,188	$10,336	$11,261
Feb 17	$11,387	$10,389	$11,455
Mar 17	$11,598	$10,402	$11,700
Apr 17	$11,737	$10,518	$11,835
May 17	$11,947	$10,673	$12,057
Jun 17	$12,004	$10,664	$12,122
Jul 17	$12,237	$10,838	$12,355
Aug 17	$12,427	$10,947	$12,556
Sep 17	$12,391	$10,851	$12,520
Oct 17	$12,048	$10,808	$12,176
Nov 17	$12,238	$10,921	$12,390
Dec 17	$12,399	$10,961	$12,608
Jan 18	$12,959	$11,082	$13,128
Feb 18	$12,812	$10,984	$12,980
Mar 18	$12,916	$11,101	$13,112
Apr 18	$12,565	$10,929	$12,744
May 18	$11,883	$10,845	$12,056
Jun 18	$11,490	$10,797	$11,685
Jul 18	$11,766	$10,780	$11,945
Aug 18	$11,020	$10,784	$11,187
Sep 18	$11,244	$10,695	$11,435
Oct 18	$11,115	$10,583	$11,302
Nov 18	$11,370	$10,622	$11,589
Dec 18	$11,446	$10,836	$11,737
Jan 19	$12,102	$11,001	$12,364
Feb 19	$12,001	$10,940	$12,235
Mar 19	$11,806	$11,079	$12,053
Apr 19	$11,806	$11,048	$12,020
May 19	$11,764	$11,204	$12,003
Jun 19	$12,438	$11,451	$12,690
Jul 19	$12,551	$11,425	$12,821
Aug 19	$12,002	$11,671	$12,279
Sep 19	$12,119	$11,548	$12,378
Oct 19	$12,399	$11,624	$12,678
Nov 19	$12,174	$11,532	$12,434
Dec 19	$12,579	$11,591	$12,928
Jan 20	$12,501	$11,746	$12,787
Feb 20	$12,094	$11,833	$12,375
Mar 20	$10,762	$11,576	$11,000
Apr 20	$11,121	$11,792	$11,408
May 20	$11,657	$11,857	$11,971
Jun 20	$11,753	$11,963	$12,054
Jul 20	$12,122	$12,344	$12,450
Aug 20	$12,088	$12,304	$12,414
Sep 20	$11,868	$12,263	$12,191
Oct 20	$11,909	$12,251	$12,243
Nov 20	$12,559	$12,463	$12,917
Dec 20	$12,953	$12,617	$13,374
Jan 21	$12,849	$12,483	$13,234
Feb 21	$12,536	$12,235	$12,892
Mar 21	$12,127	$12,004	$12,496
Apr 21	$12,391	$12,153	$12,770
May 21	$12,661	$12,249	$13,081
Jun 21	$12,550	$12,169	$12,937
Jul 21	$12,477	$12,323	$12,876
Aug 21	$12,580	$12,272	$12,977
Sep 21	$12,146	$12,036	$12,540
Oct 21	$11,983	$12,003	$12,363
Nov 21	$11,617	$11,966	$11,994
Dec 21	$11,745	$11,937	$12,139
Jan 22	$11,783	$11,675	$12,173
Feb 22	$11,419	$11,530	$11,703
Mar 22	$11,200	$11,173	$11,524
Apr 22	$10,591	$10,564	$10,892
May 22	$10,720	$10,593	$11,036
Jun 22	$10,250	$10,256	$10,567
Jul 22	$10,236	$10,486	$10,569
Aug 22	$10,273	$10,067	$10,602
Sep 22	$9,792	$9,531	$10,111
Oct 22	$9,699	$9,461	$10,013
Nov 22	$10,335	$9,907	$10,677
Dec 22	$10,553	$9,949	$10,904
Jan 23	$10,945	$10,265	$11,301
Feb 23	$10,665	$9,932	$11,009
Mar 23	$11,059	$10,245	$11,430
Apr 23	$11,134	$10,297	$11,516
May 23	$11,025	$10,102	$11,420
Jun 23	$11,339	$10,104	$11,737
Jul 23	$11,603	$10,161	$12,003
Aug 23	$11,314	$10,029	$11,711
Sep 23	$10,931	$9,730	$11,309
Oct 23	$10,849	$9,607	$11,231
Nov 23	$11,406	$10,088	$11,816
Dec 23	$11,807	$10,509	$12,093
Jan 24	$11,634	$10,376	$11,867
Feb 24	$11,568	$10,238	$11,828
Mar 24	$11,462	$10,295	$11,822
Apr 24	$11,249	$10,029	$11,596
May 24	$11,436	$10,165	$11,796
Jun 24	$11,295	$10,185	$11,653
Jul 24	$11,543	$10,469	$11,917
Aug 24	$11,887	$10,712	$12,272
Sep 24	$12,246	$10,893	$12,651
Oct 24	$11,690	$10,526	$12,079
Nov 24	$11,617	$10,571	$12,016
Dec 24	$11,409	$10,335	$11,803
Jan 25	$11,630	$10,397	$12,043
Feb 25	$11,716	$10,558	$12,133
Mar 25	$11,847	$10,622	$12,287
Apr 25	$12,215	$10,926	$12,677
May 25	$12,374	$10,875	$12,845
Jun 25	$12,731	$11,082	$13,215
Jul 25	$12,621	$10,919	$13,110
Aug 25	$12,891	$11,078	$13,387
Sep 25	$13,060	$11,154	$13,579
Oct 25	$13,112	$11,129	$13,647
Nov 25	$13,229	$11,156	$13,836
Dec 25	$13,487	$11,167	$14,046

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck J.P. Morgan EM Local Currency Bond ETF	18.21%	0.81%	3.04%
JPMorgan GBI-EMG Core Index	19.00%	0.98%	3.46%
ICE BofA Global Broad Market Plus Index	8.05%	(2.41)%	1.11%

Key Fund Statistics

Total Net Assets$4,207,214,001
Number of Portfolio Holdings489
Portfolio Turnover Rate26%
Advisory Fees Paid$8,645,611

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.0%
Government		98.0%

Top Ten Holdings (% of Total Net Assets)

Mexican Bonos, 7.75%, 5/29/2031		0.8%
Republic of South Africa Government Bond, 8.75%, 2/28/2048		0.8%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2031		0.8%
Turkiye Government Bond, 30.00%, 9/12/2029		0.7%
Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2029		0.7%
Republic of South Africa Government Bond, 8.88%, 2/28/2035		0.7%
Republic of South Africa Government Bond, 8.25%, 3/31/2032		0.7%
Mexican Bonos, 7.75%, 11/23/2034		0.7%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027		0.7%
Republic of South Africa Government Bond, 8.00%, 1/31/2030		0.7%

Householding

Need Additional Information?

VanEck Junior Gold Miners ETF

Ticker: GDXJ | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$97	0.52%

How did the Fund perform last year?

During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.
The Fund’s exposure to Canada, Australia and United States were the largest positive contributors to performance for the period.
The leading individual contributors to performance were Harmony Gold, Evolution Mining and Pan American Silver.
There were no detractors at the country level. Countries with the lowest contributions included Turkey, Indonesia and Peru.
The leading individual detractors were Arizona Metals Corp, Pantoro Gold and Catalyst Metals.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Junior Gold Miners Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,922	$9,397	$9,921
Feb 16	$13,392	$9,332	$13,394
Mar 16	$14,521	$10,024	$14,543
Apr 16	$19,886	$10,172	$19,894
May 16	$17,601	$10,185	$17,606
Jun 16	$22,175	$10,123	$22,197
Jul 16	$25,942	$10,559	$25,928
Aug 16	$21,785	$10,595	$21,806
Sep 16	$22,986	$10,660	$23,073
Oct 16	$21,150	$10,479	$21,046
Nov 16	$17,810	$10,558	$17,863
Dec 16	$17,375	$10,786	$17,509
Jan 17	$20,591	$11,081	$20,642
Feb 17	$20,207	$11,392	$20,194
Mar 17	$19,747	$11,532	$19,774
Apr 17	$17,808	$11,711	$17,636
May 17	$17,288	$11,970	$17,157
Jun 17	$18,312	$12,024	$18,116
Jul 17	$18,356	$12,360	$18,156
Aug 17	$19,660	$12,408	$19,437
Sep 17	$18,400	$12,647	$18,227
Oct 17	$17,512	$12,910	$17,361
Nov 17	$17,337	$13,160	$17,196
Dec 17	$18,746	$13,372	$18,592
Jan 18	$18,444	$14,127	$18,288
Feb 18	$17,167	$13,533	$17,055
Mar 18	$17,578	$13,244	$17,431
Apr 18	$17,836	$13,370	$17,743
May 18	$17,918	$13,387	$17,806
Jun 18	$17,896	$13,314	$17,767
Jul 18	$17,370	$13,716	$17,273
Aug 18	$15,266	$13,824	$15,116
Sep 18	$14,992	$13,884	$14,916
Oct 18	$15,008	$12,843	$14,925
Nov 18	$14,658	$13,031	$14,585
Dec 18	$16,574	$12,113	$16,501
Jan 19	$18,143	$13,070	$18,073
Feb 19	$17,890	$13,419	$17,850
Mar 19	$17,483	$13,588	$17,441
Apr 19	$16,162	$14,047	$16,110
May 19	$16,211	$13,214	$16,144
Jun 19	$19,294	$14,079	$19,253
Jul 19	$20,905	$14,120	$20,941
Aug 19	$22,725	$13,785	$22,680
Sep 19	$20,142	$14,075	$20,138
Oct 19	$21,507	$14,460	$21,489
Nov 19	$20,896	$14,813	$20,890
Dec 19	$23,422	$15,335	$23,461
Jan 20	$22,987	$15,166	$22,901
Feb 20	$20,474	$13,941	$20,517
Mar 20	$15,879	$12,059	$15,922
Apr 20	$22,518	$13,350	$22,687
May 20	$25,387	$13,931	$25,537
Jun 20	$27,358	$14,376	$27,325
Jul 20	$33,549	$15,137	$33,526
Aug 20	$33,193	$16,063	$33,334
Sep 20	$30,766	$15,545	$30,851
Oct 20	$29,389	$15,167	$29,512
Nov 20	$27,565	$17,037	$27,724
Dec 20	$30,464	$17,828	$30,708
Jan 21	$28,222	$17,747	$28,548
Feb 21	$25,881	$18,158	$26,172
Mar 21	$25,142	$18,643	$25,372
Apr 21	$26,638	$19,458	$26,947
May 21	$30,572	$19,761	$31,070
Jun 21	$26,164	$20,021	$26,454
Jul 21	$25,701	$20,159	$26,026
Aug 21	$24,217	$20,664	$24,510
Sep 21	$21,491	$19,810	$21,768
Oct 21	$24,314	$20,821	$24,644
Nov 21	$23,950	$20,320	$24,285
Dec 21	$23,932	$21,133	$24,261
Jan 22	$21,905	$20,095	$22,175
Feb 22	$24,738	$19,576	$25,121
Mar 22	$26,854	$20,000	$27,274
Apr 22	$24,725	$18,399	$25,171
May 22	$22,560	$18,420	$22,960
Jun 22	$18,369	$16,868	$18,673
Jul 22	$19,185	$18,046	$19,474
Aug 22	$16,898	$17,381	$17,177
Sep 22	$16,742	$15,717	$17,010
Oct 22	$16,875	$16,666	$17,136
Nov 22	$20,221	$17,958	$20,458
Dec 22	$20,466	$17,252	$20,799
Jan 23	$22,365	$18,488	$22,738
Feb 23	$19,303	$17,958	$19,660
Mar 23	$22,783	$18,512	$23,235
Apr 23	$22,886	$18,778	$23,329
May 23	$21,221	$18,577	$21,622
Jun 23	$20,405	$19,656	$20,774
Jul 23	$21,569	$20,375	$21,991
Aug 23	$20,715	$19,806	$21,180
Sep 23	$18,537	$18,987	$18,990
Oct 23	$19,232	$18,416	$19,708
Nov 23	$22,068	$20,116	$22,601
Dec 23	$22,057	$21,082	$22,586
Jan 24	$19,681	$21,206	$20,182
Feb 24	$18,338	$22,116	$18,802
Mar 24	$22,292	$22,810	$22,844
Apr 24	$23,579	$22,057	$24,272
May 24	$26,206	$22,953	$26,849
Jun 24	$24,510	$23,464	$25,149
Jul 24	$26,580	$23,843	$27,257
Aug 24	$26,612	$24,448	$27,371
Sep 24	$28,342	$25,016	$29,184
Oct 24	$29,894	$24,455	$30,825
Nov 24	$27,635	$25,369	$28,423
Dec 24	$25,351	$24,769	$26,133
Jan 25	$28,723	$25,600	$29,712
Feb 25	$28,958	$25,446	$29,758
Mar 25	$33,851	$24,441	$34,934
Apr 25	$36,401	$24,669	$37,696
May 25	$38,604	$26,087	$39,962
Jun 25	$40,083	$27,258	$41,481
Jul 25	$38,015	$27,628	$39,533
Aug 25	$47,071	$28,310	$48,765
Sep 25	$58,596	$29,336	$60,800
Oct 25	$55,428	$29,992	$57,616
Nov 25	$64,536	$29,989	$67,048
Dec 25	$69,270	$30,302	$72,259

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Junior Gold Miners ETF	173.25%	17.86%	21.35%
MVIS^® Global Junior Gold Miners Index	176.50%	18.67%	21.87%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$9,405,743,590
Number of Portfolio Holdings92
Portfolio Turnover Rate36%
Advisory Fees Paid$31,712,302

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Precious Metals & Minerals		3.6%
Diversified Metals & Mining		4.6%
Silver		8.0%
Gold		83.6%

Top Ten Holdings (% of Total Net Assets)

Pan American Silver Corp.		7.0%
Alamos Gold, Inc.		6.3%
Coeur Mining, Inc.		5.7%
Equinox Gold Corp.		5.5%
Royal Gold, Inc.		5.0%
Industrias Penoles SAB de CV		3.1%
Evolution Mining Ltd.		2.7%
Endeavour Mining PLC		2.6%
Hecla Mining Co.		2.5%
IAMGOLD Corp.		2.5%

Householding

Need Additional Information?

VanEck Low Carbon Energy ETF

Ticker: SMOG | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$74	0.64%

How did the Fund perform last year?

During the period, performance reflected improving conditions across the global low-carbon and clean energy industry, supported by continued electrification trends and increased adoption of alternative energy technologies.
At the industry level, consumer discretionary and utilities sectors, specifically, electric vehicle manufacturers and electric utilities were the leading contributors to performance.
The Fund’s exposure to companies in the information technology sector, with select companies from China and the United States, led overall detractors.
The leading individual contributors to performance were Iberdrola SA, Enel SpA, and Vestas Wind Systems.
The leading individual detractors to performance were Enphase Energy and Owens Corning.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Low Carbon Energy Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,065	$9,397	$8,999
Feb 16	$9,056	$9,332	$9,039
Mar 16	$9,709	$10,024	$9,669
Apr 16	$9,601	$10,172	$9,556
May 16	$9,366	$10,185	$9,314
Jun 16	$9,181	$10,123	$9,090
Jul 16	$9,557	$10,559	$9,480
Aug 16	$9,663	$10,595	$9,580
Sep 16	$9,819	$10,660	$9,708
Oct 16	$9,472	$10,479	$9,381
Nov 16	$9,234	$10,558	$9,133
Dec 16	$9,474	$10,786	$9,397
Jan 17	$9,917	$11,081	$9,822
Feb 17	$10,119	$11,392	$10,027
Mar 17	$10,306	$11,532	$10,210
Apr 17	$10,662	$11,711	$10,587
May 17	$10,980	$11,970	$10,901
Jun 17	$11,137	$12,024	$11,058
Jul 17	$11,300	$12,360	$11,230
Aug 17	$10,937	$12,408	$10,864
Sep 17	$11,248	$12,647	$11,175
Oct 17	$11,699	$12,910	$11,624
Nov 17	$11,192	$13,160	$11,123
Dec 17	$11,548	$13,372	$11,496
Jan 18	$11,944	$14,127	$11,889
Feb 18	$11,573	$13,533	$11,550
Mar 18	$11,429	$13,244	$11,361
Apr 18	$11,488	$13,370	$11,470
May 18	$11,514	$13,387	$11,489
Jun 18	$11,008	$13,314	$10,990
Jul 18	$11,478	$13,716	$11,447
Aug 18	$11,577	$13,824	$11,541
Sep 18	$11,042	$13,884	$11,024
Oct 18	$10,303	$12,843	$10,289
Nov 18	$11,254	$13,031	$11,230
Dec 18	$10,506	$12,113	$10,502
Jan 19	$11,656	$13,070	$11,654
Feb 19	$12,119	$13,419	$12,129
Mar 19	$11,871	$13,588	$11,884
Apr 19	$12,548	$14,047	$12,573
May 19	$11,265	$13,214	$11,312
Jun 19	$12,401	$14,079	$12,442
Jul 19	$12,601	$14,120	$12,666
Aug 19	$11,872	$13,785	$11,927
Sep 19	$12,193	$14,075	$12,261
Oct 19	$12,640	$14,460	$12,717
Nov 19	$13,249	$14,813	$13,336
Dec 19	$14,433	$15,335	$14,535
Jan 20	$14,809	$15,166	$14,936
Feb 20	$14,208	$13,941	$14,302
Mar 20	$11,485	$12,059	$11,606
Apr 20	$13,539	$13,350	$13,675
May 20	$14,718	$13,931	$14,844
Jun 20	$15,574	$14,376	$15,722
Jul 20	$17,779	$15,137	$17,966
Aug 20	$20,870	$16,063	$21,112
Sep 20	$20,904	$15,545	$21,170
Oct 20	$21,982	$15,167	$22,267
Nov 20	$28,084	$17,037	$28,499
Dec 20	$31,558	$17,828	$32,027
Jan 21	$33,538	$17,747	$34,158
Feb 21	$30,912	$18,158	$31,408
Mar 21	$29,924	$18,643	$30,383
Apr 21	$28,920	$19,458	$29,543
May 21	$28,625	$19,761	$29,163
Jun 21	$30,719	$20,021	$31,225
Jul 21	$30,133	$20,159	$30,669
Aug 21	$30,954	$20,664	$31,611
Sep 21	$28,458	$19,810	$29,129
Oct 21	$33,545	$20,821	$34,258
Nov 21	$32,785	$20,320	$33,529
Dec 21	$30,603	$21,133	$31,329
Jan 22	$26,342	$20,095	$26,760
Feb 22	$27,416	$19,576	$28,012
Mar 22	$27,811	$20,000	$28,513
Apr 22	$24,356	$18,399	$25,059
May 22	$24,864	$18,420	$25,415
Jun 22	$23,972	$16,868	$24,445
Jul 22	$26,285	$18,046	$26,806
Aug 22	$25,012	$17,381	$25,609
Sep 22	$21,732	$15,717	$22,295
Oct 22	$21,382	$16,666	$21,861
Nov 22	$23,648	$17,958	$23,990
Dec 22	$21,569	$17,252	$22,065
Jan 23	$23,683	$18,488	$24,129
Feb 23	$22,631	$17,958	$23,154
Mar 23	$23,621	$18,512	$24,112
Apr 23	$22,428	$18,778	$22,896
May 23	$22,331	$18,577	$22,811
Jun 23	$23,877	$19,656	$24,389
Jul 23	$25,211	$20,375	$25,761
Aug 23	$22,451	$19,806	$22,974
Sep 23	$20,500	$18,987	$21,001
Oct 23	$18,388	$18,416	$18,783
Nov 23	$20,218	$20,116	$20,672
Dec 23	$21,859	$21,082	$22,379
Jan 24	$18,784	$21,206	$19,255
Feb 24	$19,319	$22,116	$19,756
Mar 24	$19,424	$22,810	$19,871
Apr 24	$18,952	$22,057	$19,456
May 24	$20,663	$22,953	$21,111
Jun 24	$19,140	$23,464	$19,609
Jul 24	$20,469	$23,843	$20,921
Aug 24	$20,485	$24,448	$20,983
Sep 24	$22,363	$25,016	$22,958
Oct 24	$20,471	$24,455	$20,968
Nov 24	$20,382	$25,369	$20,860
Dec 24	$19,855	$24,769	$20,395
Jan 25	$19,999	$25,600	$20,536
Feb 25	$20,382	$25,446	$20,909
Mar 25	$20,289	$24,441	$20,800
Apr 25	$20,624	$24,669	$21,156
May 25	$21,819	$26,087	$22,403
Jun 25	$22,034	$27,258	$22,615
Jul 25	$22,692	$27,628	$23,325
Aug 25	$23,685	$28,310	$24,364
Sep 25	$25,593	$29,336	$26,284
Oct 25	$27,234	$29,992	$27,998
Nov 25	$26,722	$29,989	$27,453
Dec 25	$26,382	$30,302	$27,191

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Low Carbon Energy ETF	32.88%	(3.52)%	10.19%
MVIS^® Global Low Carbon Energy Index	33.32%	(3.22)%	10.52%
MSCI ACWI Index	22.34%	11.19%	11.72%

MVIS Global Low Carbon Energy Index replaced the Ardour Global Index℠ (Extra Liquid) effective April 26, 2021. Index history prior to April 26, 2021 reflects the performance of the Ardour Global Index℠.

Key Fund Statistics

Total Net Assets$127,498,779
Number of Portfolio Holdings60
Portfolio Turnover Rate21%
Advisory Fees Paid$611,237

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		1.3%
Information Technology		9.2%
Industrials		23.0%
Consumer Discretionary		27.8%
Utilities		38.3%

Top Ten Holdings (% of Total Net Assets)

Tesla, Inc.		8.1%
NextEra Energy, Inc.		8.0%
Iberdrola SA		7.4%
Enel SpA		6.8%
BYD Co. Ltd.		5.9%
Vestas Wind Systems A/S		5.1%
First Solar, Inc.		3.7%
Rivian Automotive, Inc.		3.5%
Bloom Energy Corp.		2.6%
Kingspan Group PLC		2.4%

Householding

Need Additional Information?

VanEck Mortgage REIT Income ETF

Ticker: MORT | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$45	0.43%

How did the Fund perform last year?

The Fund provided positive total return during the period as mortgage REITs (mREITs) benefited from improved spread dynamics driven by a steeping yield curve.
Residential mREITs were the primary contributors to performance while the commercial and multi-type hybrid mREITs segments experienced more mixed outcomes.
Annaly Capital Management, Inc. was the top contributor to Fund performance during the period, while Ready Capital Corp. was the greatest detractor.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	S&P 500 Index	MVIS^® US Mortgage REITs Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,667	$9,504	$9,438
Feb 16	$9,915	$9,491	$9,681
Mar 16	$10,616	$10,135	$10,375
Apr 16	$10,830	$10,174	$10,584
May 16	$11,316	$10,357	$11,062
Jun 16	$11,678	$10,384	$11,426
Jul 16	$12,108	$10,766	$11,852
Aug 16	$12,234	$10,782	$11,982
Sep 16	$12,300	$10,784	$12,049
Oct 16	$12,303	$10,587	$12,043
Nov 16	$12,511	$10,979	$12,250
Dec 16	$12,308	$11,196	$12,318
Jan 17	$12,712	$11,408	$12,457
Feb 17	$13,407	$11,861	$13,140
Mar 17	$13,786	$11,875	$13,522
Apr 17	$14,311	$11,997	$14,042
May 17	$14,135	$12,166	$13,872
Jun 17	$14,486	$12,242	$14,215
Jul 17	$14,520	$12,494	$14,255
Aug 17	$14,740	$12,532	$14,478
Sep 17	$14,959	$12,790	$14,691
Oct 17	$14,485	$13,089	$14,228
Nov 17	$14,575	$13,490	$14,320
Dec 17	$14,539	$13,640	$14,653
Jan 18	$13,876	$14,421	$13,632
Feb 18	$13,404	$13,890	$13,174
Mar 18	$14,316	$13,537	$14,078
Apr 18	$14,356	$13,589	$14,123
May 18	$14,779	$13,916	$14,543
Jun 18	$15,032	$14,002	$14,795
Jul 18	$15,561	$14,523	$15,329
Aug 18	$15,638	$14,996	$15,409
Sep 18	$15,381	$15,081	$15,160
Oct 18	$15,080	$14,050	$14,856
Nov 18	$15,316	$14,337	$15,094
Dec 18	$13,953	$13,042	$14,057
Jan 19	$15,589	$14,087	$15,379
Feb 19	$15,562	$14,540	$15,361
Mar 19	$15,756	$14,822	$15,557
Apr 19	$16,078	$15,422	$15,882
May 19	$15,051	$14,442	$14,870
Jun 19	$15,799	$15,460	$15,621
Jul 19	$16,126	$15,682	$15,952
Aug 19	$15,160	$15,434	$15,004
Sep 19	$16,113	$15,723	$15,946
Oct 19	$16,540	$16,063	$16,374
Nov 19	$16,755	$16,646	$16,592
Dec 19	$16,868	$17,149	$17,152
Jan 20	$17,904	$17,142	$17,737
Feb 20	$16,328	$15,731	$16,185
Mar 20	$7,211	$13,788	$7,128
Apr 20	$8,582	$15,555	$8,460
May 20	$8,834	$16,296	$8,713
Jun 20	$10,099	$16,620	$9,976
Jul 20	$10,628	$17,558	$10,495
Aug 20	$10,848	$18,820	$10,717
Sep 20	$10,705	$18,105	$10,573
Oct 20	$10,690	$17,623	$10,569
Nov 20	$12,650	$19,552	$12,514
Dec 20	$13,176	$20,304	$13,318
Jan 21	$13,236	$20,099	$13,098
Feb 21	$14,445	$20,653	$14,298
Mar 21	$15,250	$21,558	$15,106
Apr 21	$15,937	$22,708	$15,794
May 21	$15,978	$22,867	$15,840
Jun 21	$16,246	$23,401	$16,110
Jul 21	$15,753	$23,956	$15,618
Aug 21	$16,152	$24,685	$16,018
Sep 21	$15,832	$23,537	$15,704
Oct 21	$16,444	$25,186	$16,320
Nov 21	$15,434	$25,011	$15,324
Dec 21	$15,628	$26,132	$15,522
Jan 22	$15,392	$24,780	$15,293
Feb 22	$14,363	$24,038	$14,276
Mar 22	$14,879	$24,931	$14,792
Apr 22	$13,589	$22,757	$13,500
May 22	$13,992	$22,798	$13,905
Jun 22	$12,500	$20,916	$12,422
Jul 22	$14,292	$22,845	$14,222
Aug 22	$13,211	$21,913	$13,150
Sep 22	$10,078	$19,895	$10,008
Oct 22	$11,450	$21,506	$11,373
Nov 22	$12,397	$22,708	$12,318
Dec 22	$11,444	$21,399	$11,380
Jan 23	$13,303	$22,744	$13,229
Feb 23	$12,219	$22,189	$12,157
Mar 23	$11,099	$23,004	$11,062
Apr 23	$11,286	$23,363	$11,243
May 23	$10,918	$23,464	$10,880
Jun 23	$12,293	$25,015	$12,260
Jul 23	$12,831	$25,818	$12,794
Aug 23	$12,556	$25,407	$12,522
Sep 23	$11,928	$24,196	$11,899
Oct 23	$10,669	$23,687	$10,629
Nov 23	$12,191	$25,850	$12,148
Dec 23	$13,190	$27,025	$13,135
Jan 24	$12,572	$27,479	$12,523
Feb 24	$12,472	$28,946	$12,427
Mar 24	$13,041	$29,878	$13,006
Apr 24	$12,256	$28,657	$12,217
May 24	$12,789	$30,078	$12,751
Jun 24	$12,846	$31,157	$12,813
Jul 24	$13,664	$31,537	$13,634
Aug 24	$13,959	$32,302	$13,933
Sep 24	$14,138	$32,992	$14,116
Oct 24	$13,429	$32,692	$13,405
Nov 24	$13,783	$34,612	$13,761
Dec 24	$13,221	$33,786	$13,200
Jan 25	$13,851	$34,727	$13,834
Feb 25	$14,682	$34,274	$14,671
Mar 25	$13,927	$32,343	$13,922
Apr 25	$13,279	$32,124	$13,244
May 25	$13,129	$34,146	$13,097
Jun 25	$13,671	$35,882	$13,647
Jul 25	$13,841	$36,687	$13,825
Aug 25	$14,574	$37,431	$14,561
Sep 25	$14,264	$38,797	$14,255
Oct 25	$14,211	$39,706	$14,205
Nov 25	$14,864	$39,803	$14,865
Dec 25	$14,903	$39,827	$14,910

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Mortgage REIT Income ETF	12.73%	2.49%	4.07%
MVIS^® US Mortgage REITs Index	12.96%	2.28%	4.08%
S&P 500 Index	17.88%	14.42%	14.82%

Key Fund Statistics

Total Net Assets$377,137,382
Number of Portfolio Holdings26
Portfolio Turnover Rate20%
Advisory Fees Paid$1,253,276

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Financial Services		100.1%

Top Ten Holdings (% of Total Net Assets)

Annaly Capital Management, Inc.		17.1%
AGNC Investment Corp.		13.7%
Starwood Property Trust, Inc.		7.7%
Rithm Capital Corp.		7.1%
ARMOUR Residential REIT, Inc.		4.8%
Blackstone Mortgage Trust, Inc.		4.8%
Dynex Capital, Inc.		4.7%
Orchid Island Capital, Inc.		4.0%
Arbor Realty Trust, Inc.		3.8%
Ellington Financial, Inc.		3.8%

Householding

Need Additional Information?

VanEck Natural Resources ETF

Ticker: HAP | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$48	0.41%

How did the Fund perform last year?

During the period, performance reflected improving conditions across global natural resource markets, supported by resilient energy demand and favorable commodity pricing, particularly in the metals segment.
The Fund’s exposure to materials, led by gold, and energy, led by integrated oil & gas, were the leading contributors to performance, while modest positioning in real estate was the leading detractor.
From a country perspective, the United States and Canada were the largest contributors to the Fund’s performance while contributions from Indonesia, Portugal, and Israel were more muted.
The leading individual contributors to performance were Bayer, Newmont, Iberdrola, Agnico Eagle Mines, and Barrick Mining.
The leading individual detractors were PT Amman Mineral Internasional Tbk, ONEOK, Ingredion, and Orsted.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MarketVector™ Global Natural Resources Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,610	$9,397	$9,566
Feb 16	$10,034	$9,332	$10,031
Mar 16	$10,788	$10,024	$10,787
Apr 16	$11,748	$10,172	$11,750
May 16	$11,338	$10,185	$11,333
Jun 16	$11,619	$10,123	$11,576
Jul 16	$11,956	$10,559	$11,941
Aug 16	$11,907	$10,595	$11,896
Sep 16	$12,036	$10,660	$12,009
Oct 16	$11,857	$10,479	$11,852
Nov 16	$12,210	$10,558	$12,178
Dec 16	$12,493	$10,786	$12,504
Jan 17	$13,000	$11,081	$12,981
Feb 17	$12,903	$11,392	$12,896
Mar 17	$12,864	$11,532	$12,860
Apr 17	$12,834	$11,711	$12,840
May 17	$12,714	$11,970	$12,717
Jun 17	$12,687	$12,024	$12,694
Jul 17	$13,263	$12,360	$13,269
Aug 17	$13,220	$12,408	$13,227
Sep 17	$13,673	$12,647	$13,684
Oct 17	$13,870	$12,910	$13,883
Nov 17	$14,075	$13,160	$14,084
Dec 17	$14,635	$13,372	$14,682
Jan 18	$15,242	$14,127	$15,273
Feb 18	$14,390	$13,533	$14,473
Mar 18	$14,240	$13,244	$14,261
Apr 18	$14,607	$13,370	$14,669
May 18	$14,784	$13,387	$14,842
Jun 18	$14,607	$13,314	$14,677
Jul 18	$14,784	$13,716	$14,850
Aug 18	$14,587	$13,824	$14,649
Sep 18	$14,907	$13,884	$14,989
Oct 18	$13,818	$12,843	$13,897
Nov 18	$13,794	$13,031	$13,869
Dec 18	$13,070	$12,113	$13,151
Jan 19	$14,308	$13,070	$14,391
Feb 19	$14,438	$13,419	$14,536
Mar 19	$14,523	$13,588	$14,610
Apr 19	$14,669	$14,047	$14,759
May 19	$13,582	$13,214	$13,685
Jun 19	$14,913	$14,079	$15,004
Jul 19	$14,629	$14,120	$14,769
Aug 19	$13,983	$13,785	$14,078
Sep 19	$14,309	$14,075	$14,405
Oct 19	$14,487	$14,460	$14,599
Nov 19	$14,639	$14,813	$14,743
Dec 19	$15,467	$15,335	$15,589
Jan 20	$14,358	$15,166	$14,521
Feb 20	$12,951	$13,941	$13,005
Mar 20	$10,492	$12,059	$10,584
Apr 20	$11,806	$13,350	$11,897
May 20	$12,402	$13,931	$12,418
Jun 20	$12,670	$14,376	$12,695
Jul 20	$13,311	$15,137	$13,347
Aug 20	$14,050	$16,063	$14,108
Sep 20	$13,537	$15,545	$13,578
Oct 20	$13,262	$15,167	$13,304
Nov 20	$15,500	$17,037	$15,587
Dec 20	$16,508	$17,828	$16,579
Jan 21	$16,734	$17,747	$16,832
Feb 21	$18,385	$18,158	$18,449
Mar 21	$19,035	$18,643	$19,106
Apr 21	$19,600	$19,458	$19,702
May 21	$20,251	$19,761	$20,349
Jun 21	$19,711	$20,021	$19,783
Jul 21	$19,538	$20,159	$19,616
Aug 21	$19,642	$20,664	$19,725
Sep 21	$19,377	$19,810	$19,499
Oct 21	$20,375	$20,821	$20,459
Nov 21	$19,558	$20,320	$19,665
Dec 21	$20,698	$21,133	$20,798
Jan 22	$21,127	$20,095	$21,188
Feb 22	$22,035	$19,576	$22,134
Mar 22	$23,889	$20,000	$24,046
Apr 22	$22,596	$18,399	$22,795
May 22	$23,200	$18,420	$23,348
Jun 22	$19,804	$16,868	$19,895
Jul 22	$20,852	$18,046	$20,926
Aug 22	$20,803	$17,381	$20,952
Sep 22	$18,902	$15,717	$19,037
Oct 22	$21,087	$16,666	$21,196
Nov 22	$22,947	$17,958	$23,020
Dec 22	$22,167	$17,252	$22,314
Jan 23	$23,504	$18,488	$23,613
Feb 23	$22,227	$17,958	$22,382
Mar 23	$22,255	$18,512	$22,368
Apr 23	$22,284	$18,778	$22,394
May 23	$20,347	$18,577	$20,480
Jun 23	$21,712	$19,656	$21,843
Jul 23	$23,112	$20,375	$23,260
Aug 23	$22,466	$19,806	$22,639
Sep 23	$22,148	$18,987	$22,323
Oct 23	$21,189	$18,416	$21,316
Nov 23	$21,876	$20,116	$22,012
Dec 23	$22,683	$21,082	$22,855
Jan 24	$21,878	$21,206	$22,068
Feb 24	$22,005	$22,116	$22,148
Mar 24	$23,708	$22,810	$23,877
Apr 24	$23,594	$22,057	$23,795
May 24	$24,400	$22,953	$24,550
Jun 24	$23,306	$23,464	$23,468
Jul 24	$23,846	$23,843	$24,009
Aug 24	$23,898	$24,448	$24,052
Sep 24	$24,567	$25,016	$24,727
Oct 24	$23,565	$24,455	$23,726
Nov 24	$23,686	$25,369	$23,829
Dec 24	$21,776	$24,769	$21,928
Jan 25	$22,891	$25,600	$23,070
Feb 25	$23,081	$25,446	$23,223
Mar 25	$23,781	$24,441	$23,922
Apr 25	$23,083	$24,669	$23,226
May 25	$23,976	$26,087	$24,126
Jun 25	$24,794	$27,258	$24,945
Jul 25	$25,041	$27,628	$25,213
Aug 25	$26,444	$28,310	$26,599
Sep 25	$27,264	$29,336	$27,424
Oct 25	$27,353	$29,992	$27,525
Nov 25	$28,554	$29,989	$28,720
Dec 25	$29,336	$30,302	$29,557

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Natural Resources ETF	34.72%	12.19%	11.36%
MarketVector™ Global Natural Resources Index	34.79%	12.26%	11.45%
MSCI ACWI Index	22.34%	11.19%	11.72%

MarketVector™ Global Natural Resources Index replaced the VanEck^® Natural Resources Index effective March 15, 2024. Index history prior to March 15, 2024 reflects the performance of the VanEck^® Natural Resources Index.

Effective March 15, 2024, the index that the Fund seeks to track changed from the VanEck^® Natural Resources Index to the MarketVector™ Global Natural Resources Index.

Key Fund Statistics

Total Net Assets$204,217,447
Number of Portfolio Holdings135
Portfolio Turnover Rate21%
Advisory Fees Paid$651,903

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.3%
Other Investments		1.0%
Health Care		3.4%
Consumer Staples		6.4%
Industrials		9.0%
Utilities		10.1%
Energy		30.2%
Materials		39.6%

Top Ten Holdings (% of Total Net Assets)

Exxon Mobil Corp.		5.0%
Chevron Corp.		5.0%
Deere & Co.		4.9%
NextEra Energy, Inc.		3.9%
Iberdrola SA		3.9%
Bayer AG		3.4%
Corteva, Inc.		2.9%
BHP Group Ltd.		2.6%
Nutrien Ltd.		2.4%
Shell PLC		2.3%

Householding

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VanEck Office and Commercial REIT ETF

Ticker: DESK | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$49	0.51%

How did the Fund perform last year?

Office and commercial REITs were pressured during the period as refinancing concerns and elevated vacancies continued to weigh on the office real estate sector.
Although select markets showed signs of stabilization, office REIT performance lagged amid ongoing uncertainty around long-term space demand.
Paramount Group, Inc. was the top contributor to Fund performance during the period, while SL Green Realty Corp. was the greatest detractor.

How did the Fund perform since inception?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/19/2023).

Cumulative Performance Based on $10,000 Investment

	Fund	S&P 500 Index	MarketVector™ US Listed Office and Commercial REITs Index
Sep 23	$10,000	$10,000	$10,000
Sep 23	$9,259	$9,653	$9,260
Oct 23	$8,433	$9,450	$8,437
Nov 23	$9,520	$10,313	$9,525
Dec 23	$11,170	$10,781	$11,181
Jan 24	$10,554	$10,963	$10,569
Feb 24	$10,510	$11,548	$10,530
Mar 24	$10,915	$11,920	$10,946
Apr 24	$10,300	$11,433	$10,328
May 24	$10,414	$12,000	$10,445
Jun 24	$10,584	$12,430	$10,623
Jul 24	$12,118	$12,581	$12,165
Aug 24	$12,574	$12,887	$12,630
Sep 24	$13,199	$13,162	$13,267
Oct 24	$13,318	$13,042	$13,391
Nov 24	$13,694	$13,808	$13,776
Dec 24	$12,984	$13,479	$13,064
Jan 25	$12,910	$13,854	$12,996
Feb 25	$12,616	$13,674	$12,705
Mar 25	$11,894	$12,903	$11,984
Apr 25	$11,079	$12,816	$11,150
May 25	$11,774	$13,622	$11,855
Jun 25	$12,230	$14,315	$12,320
Jul 25	$12,060	$14,636	$12,154
Aug 25	$12,906	$14,933	$13,015
Sep 25	$13,131	$15,478	$13,249
Oct 25	$12,321	$15,840	$12,436
Nov 25	$12,273	$15,879	$12,393
Dec 25	$11,638	$15,889	$11,754

Average Annual Total Returns

.	1 Year	Life*
VanEck Office and Commercial REIT ETF	(10.37)%	6.87%
MarketVector™ US Listed Office and Commercial REITs Index	(10.03)%	7.34%
S&P 500 Index	17.88%	22.49%

* Inception of Fund: 09/19/2023.

Key Fund Statistics

Total Net Assets$1,834,072
Number of Portfolio Holdings25
Portfolio Turnover Rate13%
Advisory Fees Paid$11,140

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.3)%
Equity Real Estate Investment Trusts (REITs)		100.3%

Top Ten Holdings (% of Total Net Assets)

BXP, Inc.		10.2%
Cousins Properties, Inc.		10.1%
Vornado Realty Trust		10.1%
Kilroy Realty Corp.		8.5%
COPT Defense Properties		7.1%
SL Green Realty Corp.		5.0%
Highwoods Properties, Inc.		4.8%
Simon Property Group, Inc.		4.3%
Realty Income Corp.		4.2%
Prologis, Inc.		4.2%

Householding

Need Additional Information?

VanEck Oil Refiners ETF

Ticker: CRAK | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$73	0.61%

How did the Fund perform last year?

During the period, strong refining margins and resilient demand for refined petroleum products supported performance across global downstream energy markets.
The Fund’s exposure to the United States, Poland, South Korea, and Finland were the largest positive contributors to performance for the period, while exposures to Israel, Thailand, and Turkey contributed slightly. There were no overall detractors at the country level.
The leading individual contributors to performance were ORLEN, HD Hyundai, and Neste.
Holdings including Delek US Holdings, Bangchak and SK Innovation detracted slightly from performance during the period.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Oil Refiners Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,548	$9,397	$9,469
Feb 16	$9,203	$9,332	$9,172
Mar 16	$10,284	$10,024	$10,234
Apr 16	$10,112	$10,172	$10,142
May 16	$9,568	$10,185	$9,547
Jun 16	$9,441	$10,123	$9,363
Jul 16	$9,543	$10,559	$9,504
Aug 16	$9,797	$10,595	$9,769
Sep 16	$10,127	$10,660	$10,064
Oct 16	$10,274	$10,479	$10,260
Nov 16	$10,381	$10,558	$10,323
Dec 16	$10,955	$10,786	$10,923
Jan 17	$10,965	$11,081	$10,918
Feb 17	$11,427	$11,392	$11,374
Mar 17	$11,816	$11,532	$11,751
Apr 17	$11,937	$11,711	$11,879
May 17	$11,816	$11,970	$11,748
Jun 17	$12,173	$12,024	$12,110
Jul 17	$12,929	$12,360	$12,868
Aug 17	$13,413	$12,408	$13,324
Sep 17	$14,022	$12,647	$13,932
Oct 17	$14,783	$12,910	$14,691
Nov 17	$15,361	$13,160	$15,242
Dec 17	$16,203	$13,372	$16,123
Jan 18	$16,630	$14,127	$16,512
Feb 18	$15,622	$13,533	$15,627
Mar 18	$15,921	$13,244	$15,790
Apr 18	$17,179	$13,370	$17,116
May 18	$17,397	$13,387	$17,314
Jun 18	$16,891	$13,314	$16,808
Jul 18	$18,351	$13,716	$18,248
Aug 18	$18,575	$13,824	$18,471
Sep 18	$18,938	$13,884	$18,839
Oct 18	$16,891	$12,843	$16,867
Nov 18	$16,043	$13,031	$15,964
Dec 18	$14,710	$12,113	$14,671
Jan 19	$16,064	$13,070	$15,961
Feb 19	$15,812	$13,419	$15,740
Mar 19	$15,703	$13,588	$15,659
Apr 19	$15,769	$14,047	$15,717
May 19	$14,251	$13,214	$14,238
Jun 19	$15,174	$14,079	$15,117
Jul 19	$15,277	$14,120	$15,286
Aug 19	$14,243	$13,785	$14,206
Sep 19	$15,404	$14,075	$15,375
Oct 19	$16,372	$14,460	$16,361
Nov 19	$15,991	$14,813	$15,962
Dec 19	$16,062	$15,335	$16,059
Jan 20	$14,328	$15,166	$14,373
Feb 20	$12,711	$13,941	$12,578
Mar 20	$9,606	$12,059	$9,596
Apr 20	$11,566	$13,350	$11,508
May 20	$12,167	$13,931	$12,032
Jun 20	$12,112	$14,376	$11,973
Jul 20	$11,887	$15,137	$11,790
Aug 20	$11,991	$16,063	$11,935
Sep 20	$10,983	$15,545	$10,914
Oct 20	$10,373	$15,167	$10,278
Nov 20	$13,117	$17,037	$13,067
Dec 20	$14,214	$17,828	$14,149
Jan 21	$14,385	$17,747	$14,351
Feb 21	$16,037	$18,158	$15,934
Mar 21	$15,475	$18,643	$15,374
Apr 21	$15,957	$19,458	$15,899
May 21	$16,977	$19,761	$16,875
Jun 21	$16,769	$20,021	$16,666
Jul 21	$15,561	$20,159	$15,471
Aug 21	$15,961	$20,664	$15,895
Sep 21	$16,601	$19,810	$16,589
Oct 21	$17,049	$20,821	$16,975
Nov 21	$15,038	$20,320	$15,011
Dec 21	$15,792	$21,133	$15,772
Jan 22	$16,454	$20,095	$16,324
Feb 22	$16,191	$19,576	$16,098
Mar 22	$17,534	$20,000	$17,545
Apr 22	$17,549	$18,399	$17,617
May 22	$19,154	$18,420	$19,153
Jun 22	$17,271	$16,868	$17,229
Jul 22	$17,684	$18,046	$17,576
Aug 22	$17,961	$17,381	$17,945
Sep 22	$15,825	$15,717	$15,831
Oct 22	$17,562	$16,666	$17,540
Nov 22	$19,389	$17,958	$19,260
Dec 22	$18,713	$17,252	$18,708
Jan 23	$19,652	$18,488	$19,593
Feb 23	$18,883	$17,958	$18,893
Mar 23	$19,109	$18,512	$19,045
Apr 23	$18,487	$18,778	$18,427
May 23	$17,406	$18,577	$17,384
Jun 23	$18,163	$19,656	$18,127
Jul 23	$20,055	$20,375	$20,037
Aug 23	$20,235	$19,806	$20,213
Sep 23	$20,794	$18,987	$20,700
Oct 23	$19,906	$18,416	$19,742
Nov 23	$20,976	$20,116	$20,842
Dec 23	$21,332	$21,082	$21,246
Jan 24	$21,863	$21,206	$21,827
Feb 24	$22,028	$22,116	$21,903
Mar 24	$23,833	$22,810	$23,736
Apr 24	$22,912	$22,057	$22,860
May 24	$22,581	$22,953	$22,415
Jun 24	$22,317	$23,464	$22,208
Jul 24	$22,337	$23,843	$22,256
Aug 24	$22,351	$24,448	$22,195
Sep 24	$21,458	$25,016	$21,308
Oct 24	$19,465	$24,455	$19,412
Nov 24	$19,610	$25,369	$19,497
Dec 24	$18,139	$24,769	$18,053
Jan 25	$18,842	$25,600	$18,837
Feb 25	$18,674	$25,446	$18,563
Mar 25	$18,938	$24,441	$18,841
Apr 25	$18,337	$24,669	$18,268
May 25	$19,705	$26,087	$19,663
Jun 25	$21,516	$27,258	$21,468
Jul 25	$22,175	$27,628	$22,154
Aug 25	$23,202	$28,310	$23,176
Sep 25	$24,204	$29,336	$24,153
Oct 25	$25,744	$29,992	$25,714
Nov 25	$26,018	$29,989	$25,963
Dec 25	$25,169	$30,302	$25,164

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Oil Refiners ETF	38.75%	12.11%	9.67%
MVIS^® Global Oil Refiners Index	39.39%	12.20%	9.67%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$38,499,373
Number of Portfolio Holdings26
Portfolio Turnover Rate26%
Advisory Fees Paid$46,489

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.		8.5%
Phillips 66		7.5%
ENEOS Holdings, Inc.		6.3%
Valero Energy Corp.		6.2%
Marathon Petroleum Corp.		6.2%
ORLEN SA		5.9%
Neste Oyj		5.3%
Galp Energia SGPS SA		4.8%
Idemitsu Kosan Co. Ltd.		4.7%
OMV AG		4.7%

Householding

Need Additional Information?

VanEck Oil Services ETF

Ticker: OIH | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$36	0.35%

How did the Fund perform last year?

During the period, positive, but muted performance reflected stable activity levels in global oilfield services markets, supported by ongoing offshore development and disciplined capital spending by energy producers.
The Fund’s majority exposure to the United States and United Kingdom contributed largely positively to performance for the period. There were no overall country-level detractors.
The leading individual contributors to performance were TechnipFMC, Baker Hughes, and Valaris.
The leading individual detractors were Patterson-UTI Energy, Cactus, and SLB.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® US Listed Oil Services 25 Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,187	$9,397	$9,185
Feb 16	$9,123	$9,332	$9,117
Mar 16	$10,076	$10,024	$10,067
Apr 16	$11,346	$10,172	$11,334
May 16	$10,620	$10,185	$10,606
Jun 16	$11,055	$10,123	$11,040
Jul 16	$10,658	$10,559	$10,646
Aug 16	$10,484	$10,595	$10,468
Sep 16	$11,055	$10,660	$11,037
Oct 16	$10,624	$10,479	$10,605
Nov 16	$12,345	$10,558	$12,319
Dec 16	$12,792	$10,786	$12,763
Jan 17	$12,784	$11,081	$12,755
Feb 17	$12,305	$11,392	$12,272
Mar 17	$11,814	$11,532	$11,786
Apr 17	$10,698	$11,711	$10,671
May 17	$9,951	$11,970	$9,925
Jun 17	$9,506	$12,024	$9,482
Jul 17	$9,525	$12,360	$9,463
Aug 17	$8,513	$12,408	$8,454
Sep 17	$10,012	$12,647	$9,946
Oct 17	$9,303	$12,910	$9,241
Nov 17	$9,421	$13,160	$9,358
Dec 17	$10,240	$13,372	$10,189
Jan 18	$10,799	$14,127	$10,748
Feb 18	$9,355	$13,533	$9,311
Mar 18	$9,398	$13,244	$9,351
Apr 18	$10,681	$13,370	$10,630
May 18	$10,685	$13,387	$10,632
Jun 18	$10,343	$13,314	$10,293
Jul 18	$10,228	$13,716	$10,184
Aug 18	$9,721	$13,824	$9,681
Sep 18	$9,914	$13,884	$9,877
Oct 18	$8,091	$12,843	$8,060
Nov 18	$7,115	$13,031	$7,088
Dec 18	$5,640	$12,113	$5,614
Jan 19	$6,785	$13,070	$6,756
Feb 19	$6,874	$13,419	$6,842
Mar 19	$6,918	$13,588	$6,887
Apr 19	$6,705	$14,047	$6,674
May 19	$5,262	$13,214	$5,238
Jun 19	$5,953	$14,079	$5,927
Jul 19	$5,792	$14,120	$5,769
Aug 19	$4,611	$13,785	$4,592
Sep 19	$4,726	$14,075	$4,708
Oct 19	$4,481	$14,460	$4,465
Nov 19	$4,696	$14,813	$4,679
Dec 19	$5,451	$15,335	$5,433
Jan 20	$4,478	$15,166	$4,460
Feb 20	$3,679	$13,941	$3,660
Mar 20	$1,653	$12,059	$1,629
Apr 20	$2,254	$13,350	$2,221
May 20	$2,436	$13,931	$2,399
Jun 20	$2,501	$14,376	$2,463
Jul 20	$2,568	$15,137	$2,530
Aug 20	$2,575	$16,063	$2,535
Sep 20	$2,007	$15,545	$1,978
Oct 20	$1,965	$15,167	$1,937
Nov 20	$2,835	$17,037	$2,793
Dec 20	$3,199	$17,828	$3,152
Jan 21	$3,378	$17,747	$3,329
Feb 21	$4,169	$18,158	$4,122
Mar 21	$3,973	$18,643	$3,929
Apr 21	$3,798	$19,458	$3,756
May 21	$4,422	$19,761	$4,375
Jun 21	$4,554	$20,021	$4,503
Jul 21	$3,970	$20,159	$3,928
Aug 21	$3,861	$20,664	$3,819
Sep 21	$4,096	$19,810	$4,053
Oct 21	$4,372	$20,821	$4,327
Nov 21	$3,709	$20,320	$3,670
Dec 21	$3,877	$21,133	$3,839
Jan 22	$4,735	$20,095	$4,690
Feb 22	$5,207	$19,576	$5,157
Mar 22	$5,929	$20,000	$5,873
Apr 22	$5,540	$18,399	$5,490
May 22	$6,161	$18,420	$6,105
Jun 22	$4,883	$16,868	$4,838
Jul 22	$5,074	$18,046	$5,029
Aug 22	$5,028	$17,381	$4,982
Sep 22	$4,430	$15,717	$4,391
Oct 22	$6,262	$16,666	$6,210
Nov 22	$6,398	$17,958	$6,345
Dec 22	$6,441	$17,252	$6,392
Jan 23	$6,994	$18,488	$6,943
Feb 23	$6,581	$17,958	$6,532
Mar 23	$5,876	$18,512	$5,835
Apr 23	$5,809	$18,778	$5,770
May 23	$5,228	$18,577	$5,191
Jun 23	$6,094	$19,656	$6,053
Jul 23	$7,279	$20,375	$7,232
Aug 23	$7,217	$19,806	$7,169
Sep 23	$7,303	$18,987	$7,256
Oct 23	$6,876	$18,416	$6,833
Nov 23	$6,619	$20,116	$6,577
Dec 23	$6,648	$21,082	$6,609
Jan 24	$6,284	$21,206	$6,248
Feb 24	$6,379	$22,116	$6,342
Mar 24	$7,229	$22,810	$7,189
Apr 24	$6,729	$22,057	$6,693
May 24	$6,904	$22,953	$6,867
Jun 24	$6,794	$23,464	$6,758
Jul 24	$7,248	$23,843	$7,212
Aug 24	$6,410	$24,448	$6,377
Sep 24	$6,094	$25,016	$6,063
Oct 24	$5,898	$24,455	$5,869
Nov 24	$6,507	$25,369	$6,475
Dec 24	$5,945	$24,769	$5,916
Jan 25	$6,067	$25,600	$6,039
Feb 25	$5,835	$25,446	$5,806
Mar 25	$5,748	$24,441	$5,719
Apr 25	$4,586	$24,669	$4,564
May 25	$4,746	$26,087	$4,722
Jun 25	$5,046	$27,258	$5,023
Jul 25	$5,337	$27,628	$5,316
Aug 25	$5,630	$28,310	$5,608
Sep 25	$5,693	$29,336	$5,670
Oct 25	$6,221	$29,992	$6,199
Nov 25	$6,349	$29,989	$6,325
Dec 25	$6,342	$30,302	$6,317

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Oil Services ETF	6.67%	14.67%	(4.45)%
MVIS^® US Listed Oil Services 25 Index	6.77%	14.92%	(4.49)%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$1,294,457,873
Number of Portfolio Holdings26
Portfolio Turnover Rate21%
Advisory Fees Paid$3,863,176

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		18.7%
Oil & Gas Equipment & Services		81.3%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

SLB Ltd.		20.5%
Baker Hughes Co.		12.5%
Halliburton Co.		7.8%
TechnipFMC PLC		5.2%
Tenaris SA		5.0%
Weatherford International PLC		4.6%
Transocean Ltd.		4.6%
NOV, Inc.		4.5%
Noble Corp. PLC		4.3%
Liberty Energy, Inc.		3.5%

Householding

Need Additional Information?

VanEck Preferred Securities ex Financials ETF

Ticker: PFXF | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$42	0.40%

How did the Fund perform last year?

The Fund provided positive total return during the period, supported by steady coupon income and improved price performance amid an attractive yield environment for preferred securities outside the financials sector.
Industrials and utility exposures were top sector contributors to Fund performance during the period, while the retail sector was the greatest detractor.
From an issuer perspective, Boeing Company, was the top contributor to performance, while QVC Group, Inc. detracted the most.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	ICE BofA US Broad Market Index	ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$10,057	$10,144	$9,955
Feb 16	$10,150	$10,218	$10,049
Mar 16	$10,586	$10,307	$10,483
Apr 16	$10,778	$10,346	$10,669
May 16	$10,885	$10,350	$10,771
Jun 16	$11,113	$10,542	$11,005
Jul 16	$11,269	$10,611	$11,153
Aug 16	$11,230	$10,596	$11,109
Sep 16	$11,160	$10,587	$11,031
Oct 16	$11,023	$10,501	$10,904
Nov 16	$10,585	$10,250	$10,463
Dec 16	$10,579	$10,262	$10,532
Jan 17	$10,954	$10,286	$10,816
Feb 17	$11,158	$10,355	$11,001
Mar 17	$11,211	$10,351	$11,048
Apr 17	$11,303	$10,429	$11,132
May 17	$11,303	$10,511	$11,122
Jun 17	$11,398	$10,502	$11,209
Jul 17	$11,500	$10,546	$11,302
Aug 17	$11,564	$10,644	$11,364
Sep 17	$11,557	$10,589	$11,354
Oct 17	$11,565	$10,597	$11,367
Nov 17	$11,552	$10,584	$11,355
Dec 17	$11,452	$10,632	$11,312
Jan 18	$11,307	$10,510	$11,114
Feb 18	$11,301	$10,411	$11,099
Mar 18	$11,378	$10,478	$11,181
Apr 18	$11,368	$10,402	$11,171
May 18	$11,489	$10,475	$11,289
Jun 18	$11,730	$10,463	$11,526
Jul 18	$11,813	$10,465	$11,614
Aug 18	$11,999	$10,533	$11,813
Sep 18	$11,803	$10,465	$11,619
Oct 18	$11,494	$10,384	$11,317
Nov 18	$11,298	$10,444	$11,125
Dec 18	$10,962	$10,637	$10,870
Jan 19	$11,839	$10,746	$11,655
Feb 19	$12,041	$10,745	$11,859
Mar 19	$12,215	$10,956	$12,032
Apr 19	$12,266	$10,957	$12,092
May 19	$12,297	$11,156	$12,123
Jun 19	$12,555	$11,301	$12,384
Jul 19	$12,804	$11,330	$12,634
Aug 19	$12,911	$11,638	$12,745
Sep 19	$13,059	$11,569	$12,895
Oct 19	$13,071	$11,600	$12,911
Nov 19	$12,976	$11,594	$12,822
Dec 19	$13,172	$11,582	$13,119
Jan 20	$13,512	$11,817	$13,360
Feb 20	$12,703	$12,032	$12,563
Mar 20	$10,817	$11,946	$10,704
Apr 20	$12,200	$12,156	$12,066
May 20	$12,481	$12,217	$12,349
Jun 20	$12,186	$12,299	$12,045
Jul 20	$12,904	$12,489	$12,760
Aug 20	$13,144	$12,386	$13,002
Sep 20	$13,053	$12,385	$12,911
Oct 20	$13,234	$12,323	$13,092
Nov 20	$13,853	$12,444	$13,711
Dec 20	$14,225	$12,458	$14,170
Jan 21	$14,166	$12,361	$14,029
Feb 21	$13,981	$12,140	$13,845
Mar 21	$14,518	$12,012	$14,382
Apr 21	$14,735	$12,115	$14,621
May 21	$14,843	$12,151	$14,725
Jun 21	$15,061	$12,254	$14,934
Jul 21	$15,296	$12,386	$15,179
Aug 21	$15,366	$12,369	$15,284
Sep 21	$15,175	$12,251	$15,086
Oct 21	$15,628	$12,253	$15,521
Nov 21	$15,171	$12,302	$15,119
Dec 21	$15,961	$12,261	$15,867
Jan 22	$15,198	$12,004	$15,133
Feb 22	$14,714	$11,852	$14,681
Mar 22	$15,085	$11,520	$15,039
Apr 22	$14,204	$11,097	$14,135
May 22	$14,516	$11,145	$14,453
Jun 22	$13,491	$10,995	$13,482
Jul 22	$14,411	$11,249	$14,378
Aug 22	$13,934	$10,944	$13,914
Sep 22	$13,068	$10,461	$13,092
Oct 22	$12,828	$10,318	$12,866
Nov 22	$13,455	$10,693	$13,506
Dec 22	$12,911	$10,647	$12,946
Jan 23	$14,248	$10,968	$14,279
Feb 23	$14,024	$10,693	$14,068
Mar 23	$13,765	$10,964	$13,807
Apr 23	$13,848	$11,034	$13,888
May 23	$13,662	$10,914	$13,697
Jun 23	$14,103	$10,874	$14,171
Jul 23	$14,130	$10,865	$14,188
Aug 23	$14,123	$10,797	$14,189
Sep 23	$13,607	$10,529	$13,676
Oct 23	$12,985	$10,366	$13,046
Nov 23	$14,115	$10,820	$14,184
Dec 23	$14,383	$11,222	$14,459
Jan 24	$14,715	$11,208	$14,792
Feb 24	$14,965	$11,055	$15,043
Mar 24	$14,880	$11,148	$14,987
Apr 24	$14,547	$10,879	$14,645
May 24	$15,137	$11,063	$15,237
Jun 24	$14,859	$11,169	$14,948
Jul 24	$14,831	$11,428	$14,951
Aug 24	$15,420	$11,590	$15,569
Sep 24	$15,917	$11,746	$16,059
Oct 24	$15,763	$11,459	$15,894
Nov 24	$15,849	$11,574	$15,989
Dec 24	$15,647	$11,387	$15,850
Jan 25	$15,705	$11,452	$15,918
Feb 25	$15,746	$11,701	$15,947
Mar 25	$15,275	$11,704	$15,433
Apr 25	$15,203	$11,748	$15,382
May 25	$15,616	$11,664	$15,810
Jun 25	$15,864	$11,842	$16,076
Jul 25	$16,396	$11,817	$16,612
Aug 25	$16,553	$11,956	$16,697
Sep 25	$16,765	$12,085	$16,916
Oct 25	$16,763	$12,162	$16,918
Nov 25	$16,716	$12,236	$16,964
Dec 25	$17,124	$12,201	$17,295

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Preferred Securities ex Financials ETF	9.44%	3.78%	5.53%
ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index	9.12%	4.07%	5.63%
ICE BofA US Broad Market Index	7.15%	(0.42)%	2.01%

Index data prior to June 1, 2021 reflects that of the Wells Fargo^® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021 forward, the index data reflects that of the Fund's underlying index, the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index.

Key Fund Statistics

Total Net Assets$2,028,512,081
Number of Portfolio Holdings113
Portfolio Turnover Rate31%
Advisory Fees Paid$7,558,351

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		4.2%
Electronic Equipment & Parts		1.0%
Investment Banking & Investment Services		1.2%
Healthcare Providers & Services		1.5%
Healthcare Equipment & Supplies		1.5%
Semiconductors & Semiconductor Equipment		2.6%
Automobiles & Auto Parts		2.7%
Multiline Utilities		2.8%
Computers Phones & Household Electronics		3.0%
Food & Tobacco		3.5%
Chemicals		4.1%
Software & IT Services		9.0%
Aerospace & Defense		9.9%
Telecommunications Services		10.0%
Residential & Commercial REITs		17.0%
Electric Utilities & IPPs		25.8%

Top Ten Holdings (% of Total Net Assets)

Boeing Co., 6.00%, 10/15/2027		9.9%
Strategy, Inc., 10.50% (Perpetual maturity)		4.1%
Albemarle Corp., 7.25%, 3/1/2027		4.1%
NextEra Energy, Inc., 7.30%, 6/1/2027		3.1%
Southern Co., 7.12%, 12/15/2028		3.0%
Hewlett Packard Enterprise Co., 7.62%, 9/1/2027		3.0%
Microchip Technology, Inc., 7.50%, 3/15/2028		2.6%
NextEra Energy, Inc., 7.23%, 11/1/2027		2.2%
AT&T, Inc., 4.75% (Perpetual maturity)		2.0%
PG&E Corp., 6.00%, 12/1/2027		2.0%

Householding

Need Additional Information?

VanEck Rare Earth and Strategic Metals ETF

Ticker: REMX | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$78	0.53%

How did the Fund perform last year?

During the period, performance reflected improving conditions across global rare earth and strategic metals markets, supported by geopolitical tensions, onshoring efforts, and increased demand tied to electrification and advanced manufacturing.
The Fund’s exposure to China, Australia, and the United States led to significant contributions to performance, while exposure to Germany led to marginal detraction.
The leading individual contributors to performance for the period were MP Materials, China Northern Rare Earth Group High-Tech, and Lynas Rare Earths.
The leading individual detractors were Tronox and Sigma Lithium.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Rare Earth/Strategic Metals Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$8,692	$9,397	$8,587
Feb 16	$9,598	$9,332	$9,562
Mar 16	$10,753	$10,024	$10,697
Apr 16	$11,754	$10,172	$11,762
May 16	$11,681	$10,185	$11,627
Jun 16	$12,091	$10,123	$11,942
Jul 16	$12,485	$10,559	$12,400
Aug 16	$12,354	$10,595	$12,289
Sep 16	$11,754	$10,660	$11,720
Oct 16	$11,711	$10,479	$11,732
Nov 16	$12,785	$10,558	$12,811
Dec 16	$12,635	$10,786	$12,664
Jan 17	$14,018	$11,081	$13,973
Feb 17	$14,504	$11,392	$14,473
Mar 17	$13,450	$11,532	$13,403
Apr 17	$12,859	$11,711	$12,821
May 17	$13,009	$11,970	$12,923
Jun 17	$13,151	$12,024	$13,092
Jul 17	$16,111	$12,360	$16,022
Aug 17	$17,323	$12,408	$17,167
Sep 17	$19,124	$12,647	$18,940
Oct 17	$20,365	$12,910	$20,144
Nov 17	$21,412	$13,160	$21,143
Dec 17	$22,924	$13,372	$22,774
Jan 18	$23,640	$14,127	$23,452
Feb 18	$23,163	$13,533	$23,126
Mar 18	$21,483	$13,244	$21,086
Apr 18	$21,044	$13,370	$20,843
May 18	$19,818	$13,387	$19,565
Jun 18	$17,923	$13,314	$17,654
Jul 18	$17,075	$13,716	$16,855
Aug 18	$15,658	$13,824	$15,462
Sep 18	$15,604	$13,884	$15,393
Oct 18	$13,816	$12,843	$13,566
Nov 18	$14,332	$13,031	$14,036
Dec 18	$11,761	$12,113	$11,588
Jan 19	$12,654	$13,070	$12,285
Feb 19	$13,807	$13,419	$13,449
Mar 19	$13,582	$13,588	$13,201
Apr 19	$12,515	$14,047	$12,143
May 19	$12,949	$13,214	$12,604
Jun 19	$13,096	$14,079	$12,700
Jul 19	$12,099	$14,120	$11,825
Aug 19	$10,623	$13,785	$10,309
Sep 19	$11,003	$14,075	$10,669
Oct 19	$10,836	$14,460	$10,506
Nov 19	$10,913	$14,813	$10,565
Dec 19	$11,867	$15,335	$11,501
Jan 20	$11,268	$15,166	$11,074
Feb 20	$9,951	$13,941	$9,531
Mar 20	$8,253	$12,059	$8,048
Apr 20	$9,258	$13,350	$9,026
May 20	$9,869	$13,931	$9,525
Jun 20	$10,070	$14,376	$9,637
Jul 20	$11,627	$15,137	$11,192
Aug 20	$12,097	$16,063	$11,699
Sep 20	$11,265	$15,545	$10,735
Oct 20	$11,888	$15,167	$11,357
Nov 20	$16,044	$17,037	$15,339
Dec 20	$19,370	$17,828	$18,577
Jan 21	$22,239	$17,747	$21,464
Feb 21	$24,648	$18,158	$23,680
Mar 21	$22,189	$18,643	$21,243
Apr 21	$23,739	$19,458	$22,944
May 21	$24,633	$19,761	$24,225
Jun 21	$25,306	$20,021	$24,434
Jul 21	$31,910	$20,159	$30,875
Aug 21	$34,786	$20,664	$33,860
Sep 21	$30,666	$19,810	$30,106
Oct 21	$34,406	$20,821	$33,365
Nov 21	$36,476	$20,320	$35,633
Dec 21	$34,884	$21,133	$33,957
Jan 22	$31,652	$20,095	$30,464
Feb 22	$34,315	$19,576	$33,153
Mar 22	$36,884	$20,000	$36,327
Apr 22	$29,802	$18,399	$29,661
May 22	$31,837	$18,420	$31,258
Jun 22	$27,167	$16,868	$25,557
Jul 22	$28,971	$18,046	$26,907
Aug 22	$29,998	$17,381	$28,485
Sep 22	$26,019	$15,717	$24,845
Oct 22	$26,781	$16,666	$25,379
Nov 22	$29,047	$17,958	$27,095
Dec 22	$24,182	$17,252	$23,012
Jan 23	$30,074	$18,488	$28,334
Feb 23	$26,871	$17,958	$25,774
Mar 23	$25,899	$18,512	$24,666
Apr 23	$25,251	$18,778	$23,977
May 23	$25,143	$18,577	$24,040
Jun 23	$26,385	$19,656	$25,189
Jul 23	$25,885	$20,375	$24,722
Aug 23	$22,447	$19,806	$21,521
Sep 23	$21,210	$18,987	$20,355
Oct 23	$18,148	$18,416	$17,251
Nov 23	$18,055	$20,116	$17,207
Dec 23	$19,591	$21,082	$18,773
Jan 24	$15,264	$21,206	$14,470
Feb 24	$16,601	$22,116	$15,753
Mar 24	$16,272	$22,810	$15,413
Apr 24	$16,015	$22,057	$15,426
May 24	$16,472	$22,953	$15,693
Jun 24	$13,504	$23,464	$12,882
Jul 24	$13,249	$23,843	$12,600
Aug 24	$12,794	$24,448	$12,312
Sep 24	$14,727	$25,016	$14,234
Oct 24	$14,786	$24,455	$14,264
Nov 24	$14,558	$25,369	$14,077
Dec 24	$12,682	$24,769	$12,319
Jan 25	$13,180	$25,600	$12,796
Feb 25	$12,911	$25,446	$12,466
Mar 25	$12,902	$24,441	$12,402
Apr 25	$12,285	$24,669	$11,840
May 25	$11,813	$26,087	$11,391
Jun 25	$13,209	$27,258	$12,736
Jul 25	$16,008	$27,628	$15,492
Aug 25	$20,302	$28,310	$19,538
Sep 25	$21,366	$29,336	$20,590
Oct 25	$22,688	$29,992	$21,893
Nov 25	$24,046	$29,989	$23,130
Dec 25	$24,355	$30,302	$23,455

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Rare Earth and Strategic Metals ETF	92.05%	4.69%	9.31%
MVIS^® Global Rare Earth/Strategic Metals Index	90.39%	4.77%	8.90%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$1,627,205,158
Number of Portfolio Holdings26
Portfolio Turnover Rate74%
Advisory Fees Paid$3,180,570

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Materials		100.0%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Albemarle Corp.		8.2%
China Northern Rare Earth Group High-Tech Co. Ltd.		7.8%
Lynas Rare Earths Ltd.		6.1%
MP Materials Corp.		5.9%
PLS Group Ltd.		5.8%
Sociedad Quimica y Minera de Chile SA		5.7%
Xiamen Tungsten Co. Ltd.		5.4%
Jinduicheng Molybdenum Co. Ltd.		4.8%
Shenghe Resources Holding Co. Ltd.		4.4%
Ganfeng Lithium Group Co. Ltd.		4.4%

Householding

Need Additional Information?

VanEck Russia ETF

Ticker: RSX | unlisted

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during and after the reporting period.

What were the Fund costs for the last year?

(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	$74	0.72%

How did the Fund perform last year?

Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.
Performance during the period resulted primarily from dividend income from money market fund holdings.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index
Dec 15	$10,000	$10,000
Jan 16	$9,789	$9,397
Feb 16	$9,816	$9,332
Mar 16	$11,212	$10,024
Apr 16	$12,090	$10,172
May 16	$11,579	$10,185
Jun 16	$11,920	$10,123
Jul 16	$12,158	$10,559
Aug 16	$12,410	$10,595
Sep 16	$12,696	$10,660
Oct 16	$12,594	$10,479
Nov 16	$13,186	$10,558
Dec 16	$14,591	$10,786
Jan 17	$14,899	$11,081
Feb 17	$14,089	$11,392
Mar 17	$14,311	$11,532
Apr 17	$14,449	$11,711
May 17	$13,674	$11,970
Jun 17	$13,190	$12,024
Jul 17	$13,757	$12,360
Aug 17	$14,761	$12,408
Sep 17	$15,404	$12,647
Oct 17	$15,141	$12,910
Nov 17	$14,996	$13,160
Dec 17	$15,265	$13,372
Jan 18	$16,919	$14,127
Feb 18	$16,825	$13,533
Mar 18	$16,298	$13,244
Apr 18	$15,323	$13,370
May 18	$15,193	$13,387
Jun 18	$15,121	$13,314
Jul 18	$15,691	$13,716
Aug 18	$14,449	$13,824
Sep 18	$15,670	$13,884
Oct 18	$15,027	$12,843
Nov 18	$14,839	$13,031
Dec 18	$14,277	$12,113
Jan 19	$16,040	$13,070
Feb 19	$15,622	$13,419
Mar 19	$15,721	$13,588
Apr 19	$16,336	$14,047
May 19	$16,503	$13,214
Jun 19	$18,038	$14,079
Jul 19	$17,914	$14,120
Aug 19	$17,001	$13,785
Sep 19	$17,353	$14,075
Oct 19	$18,345	$14,460
Nov 19	$18,484	$14,813
Dec 19	$20,044	$15,335
Jan 20	$19,736	$15,166
Feb 20	$17,262	$13,941
Mar 20	$13,493	$12,059
Apr 20	$15,331	$13,350
May 20	$16,522	$13,931
Jun 20	$16,718	$14,376
Jul 20	$17,534	$15,137
Aug 20	$18,166	$16,063
Sep 20	$16,847	$15,545
Oct 20	$15,692	$15,167
Nov 20	$18,137	$17,037
Dec 20	$19,769	$17,828
Jan 21	$19,633	$17,747
Feb 21	$20,365	$18,158
Mar 21	$21,358	$18,643
Apr 21	$21,471	$19,458
May 21	$23,288	$19,761
Jun 21	$24,077	$20,021
Jul 21	$23,794	$20,159
Aug 21	$24,340	$20,664
Sep 21	$25,196	$19,810
Oct 21	$26,477	$20,821
Nov 21	$23,379	$20,320
Dec 21	$23,474	$21,133
Jan 22	$21,070	$20,095
Feb 22	$6,869	$19,576
Mar 22	$299	$20,000
Apr 22	$297	$18,399
May 22	$276	$18,420
Jun 22	$354	$16,868
Jul 22	$331	$18,046
Aug 22	$326	$17,381
Sep 22	$303	$15,717
Oct 22	$303	$16,666
Nov 22	$333	$17,958
Dec 22	$323	$17,252
Jan 23	$324	$18,488
Feb 23	$326	$17,958
Mar 23	$327	$18,512
Apr 23	$328	$18,778
May 23	$504	$18,577
Jun 23	$658	$19,656
Jul 23	$660	$20,375
Aug 23	$666	$19,806
Sep 23	$1,266	$18,987
Oct 23	$1,271	$18,416
Nov 23	$1,277	$20,116
Dec 23	$1,281	$21,082
Jan 24	$3,782	$21,206
Feb 24	$3,889	$22,116
Mar 24	$3,906	$22,810
Apr 24	$3,939	$22,057
May 24	$3,937	$22,953
Jun 24	$6,051	$23,464
Jul 24	$6,095	$23,843
Aug 24	$6,463	$24,448
Sep 24	$6,489	$25,016
Oct 24	$6,635	$24,455
Nov 24	$6,667	$25,369
Dec 24	$6,684	$24,769
Jan 25	$6,713	$25,600
Feb 25	$6,733	$25,446
Mar 25	$6,755	$24,441
Apr 25	$6,777	$24,669
May 25	$6,799	$26,087
Jun 25	$6,821	$27,258
Jul 25	$6,840	$27,628
Aug 25	$6,860	$28,310
Sep 25	$6,881	$29,336
Oct 25	$6,901	$29,992
Nov 25	$6,921	$29,989
Dec 25	$6,927	$30,302

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Russia ETF	3.64%	(18.92)%	(3.61)%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$32,172,138
Number of Portfolio Holdings29
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(0.7)%
Money Market Fund		100.7%

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

Material Fund Changes

The following material fund changes occurred during and after the period ended December 31, 2025:

The Fund's net expense ratio increased to 0.72% for the year ended December 31, 2025 from 0.32% for the year ended December 31, 2024 primarily resulting from extraordinary legal fees and a decrease in average net assets.

Due to regulatory restrictions imposed by the Office of Foreign Assets Control ("OFAC") upon the Fund and certain of its service providers and operational counterparties, the Fund’s ability to process financial transactions and make payments, including distributions to shareholders, has been completely restricted. Such restrictions may exist for a prolonged period of time. During this period, the Fund may not be able to meet its obligations and certain regulatory requirements, which will have a negative impact on the Fund and its shareholders. In addition, the following risk has been added as a principal risk of the Fund.

Tax Risk. The Fund has qualified as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). However, due to restrictions on the Fund’s ability to pay distributions imposed by OFAC, the Fund will be unable, unless such restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Fund will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to result in income tax liability for the Fund and result in economic loss for the shareholders of the Fund.

This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by May 1, 2026 at [https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents] or upon request at [800.826.2333].

Householding

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/

Need Additional Information?

VanEck Russia Small-Cap ETF

Ticker: RSXJ | unlisted

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$150	0.72%

How did the Fund perform last year?

Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.
Performance during the period resulted primarily from a distribution made from a security and dividend income from money market fund holdings.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index
Dec 15	$10,000	$10,000
Jan 16	$9,094	$9,397
Feb 16	$9,420	$9,332
Mar 16	$11,554	$10,024
Apr 16	$12,615	$10,172
May 16	$12,771	$10,185
Jun 16	$13,853	$10,123
Jul 16	$14,635	$10,559
Aug 16	$15,324	$10,595
Sep 16	$16,401	$10,660
Oct 16	$17,240	$10,479
Nov 16	$18,389	$10,558
Dec 16	$20,107	$10,786
Jan 17	$21,548	$11,081
Feb 17	$20,913	$11,392
Mar 17	$21,664	$11,532
Apr 17	$21,654	$11,711
May 17	$21,797	$11,970
Jun 17	$20,744	$12,024
Jul 17	$21,215	$12,360
Aug 17	$22,812	$12,408
Sep 17	$22,558	$12,647
Oct 17	$22,855	$12,910
Nov 17	$21,691	$13,160
Dec 17	$22,321	$13,372
Jan 18	$23,682	$14,127
Feb 18	$23,380	$13,533
Mar 18	$23,188	$13,244
Apr 18	$20,922	$13,370
May 18	$20,637	$13,387
Jun 18	$19,808	$13,314
Jul 18	$19,517	$13,716
Aug 18	$17,877	$13,824
Sep 18	$17,761	$13,884
Oct 18	$16,680	$12,843
Nov 18	$16,955	$13,031
Dec 18	$15,829	$12,113
Jan 19	$17,795	$13,070
Feb 19	$17,692	$13,419
Mar 19	$17,600	$13,588
Apr 19	$17,933	$14,047
May 19	$18,105	$13,214
Jun 19	$19,808	$14,079
Jul 19	$20,151	$14,120
Aug 19	$19,457	$13,785
Sep 19	$19,553	$14,075
Oct 19	$19,682	$14,460
Nov 19	$20,119	$14,813
Dec 19	$21,553	$15,335
Jan 20	$22,866	$15,166
Feb 20	$20,483	$13,941
Mar 20	$14,461	$12,059
Apr 20	$16,363	$13,350
May 20	$17,485	$13,931
Jun 20	$18,716	$14,376
Jul 20	$19,863	$15,137
Aug 20	$20,476	$16,063
Sep 20	$19,640	$15,545
Oct 20	$18,655	$15,167
Nov 20	$21,594	$17,037
Dec 20	$22,681	$17,828
Jan 21	$22,423	$17,747
Feb 21	$23,181	$18,158
Mar 21	$22,823	$18,643
Apr 21	$22,936	$19,458
May 21	$23,483	$19,761
Jun 21	$23,001	$20,021
Jul 21	$22,976	$20,159
Aug 21	$23,986	$20,664
Sep 21	$23,575	$19,810
Oct 21	$24,888	$20,821
Nov 21	$22,302	$20,320
Dec 21	$21,938	$21,133
Jan 22	$19,764	$20,095
Feb 22	$8,523	$19,576
Mar 22	$500	$20,000
Apr 22	$446	$18,399
May 22	$451	$18,420
Jun 22	$426	$16,868
Jul 22	$426	$18,046
Aug 22	$414	$17,381
Sep 22	$377	$15,717
Oct 22	$349	$16,666
Nov 22	$322	$17,958
Dec 22	$294	$17,252
Jan 23	$291	$18,488
Feb 23	$293	$17,958
Mar 23	$293	$18,512
Apr 23	$293	$18,778
May 23	$294	$18,577
Jun 23	$294	$19,656
Jul 23	$304	$20,375
Aug 23	$306	$19,806
Sep 23	$307	$18,987
Oct 23	$309	$18,416
Nov 23	$310	$20,116
Dec 23	$311	$21,082
Jan 24	$312	$21,206
Feb 24	$314	$22,116
Mar 24	$315	$22,810
Apr 24	$317	$22,057
May 24	$318	$22,953
Jun 24	$320	$23,464
Jul 24	$1,381	$23,843
Aug 24	$1,386	$24,448
Sep 24	$2,084	$25,016
Oct 24	$2,091	$24,455
Nov 24	$2,109	$25,369
Dec 24	$2,115	$24,769
Jan 25	$2,125	$25,600
Feb 25	$2,132	$25,446
Mar 25	$2,139	$24,441
Apr 25	$2,146	$24,669
May 25	$2,154	$26,087
Jun 25	$2,161	$27,258
Jul 25	$2,169	$27,628
Aug 25	$2,177	$28,310
Sep 25	$2,183	$29,336
Oct 25	$6,622	$29,992
Nov 25	$6,641	$29,989
Dec 25	$6,665	$30,302

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Russia Small-Cap ETF	215.15%	(21.72)%	(3.98)%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$340,383
Number of Portfolio Holdings22
Portfolio Turnover Rate-%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(10.6)%
Money Market Fund		110.6%

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

Householding

Need Additional Information?

VanEck Steel ETF

Ticker: SLX | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2025 to December 31, 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.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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	$69	0.55%

How did the Fund perform last year?

During the period, performance reflected improving conditions across global steel and metals markets, supported by firm demand and favorable pricing dynamics.
The fund’s exposure to aerospace and defense-linked companies led the Fund’s contribution to performance for the period.
From a country perspective, exposures to the United States, Brazil, and Australia were the leading contributors to performance for the period, while Canada detracted.
The leading individual contributors were ATI, Carpenter Technology, Vale SA, Rio Tinto, and ArcelorMittal.
The leading individual detractors for the period were Algoma Steel Group and Gibraltar Industries.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MarketVector™ Global Steel Index	NYSE Arca Steel Index
Dec 15	$10,000	$10,000	$10,000	$10,000
Jan 16	$8,996	$9,397	$8,992	$8,992
Feb 16	$9,969	$9,332	$9,963	$9,963
Mar 16	$12,787	$10,024	$12,747	$12,747
Apr 16	$15,184	$10,172	$15,126	$15,126
May 16	$12,782	$10,185	$12,731	$12,731
Jun 16	$14,160	$10,123	$14,100	$14,100
Jul 16	$16,481	$10,559	$16,407	$16,407
Aug 16	$15,241	$10,595	$15,169	$15,169
Sep 16	$15,845	$10,660	$15,770	$15,770
Oct 16	$17,013	$10,479	$16,937	$16,937
Nov 16	$20,312	$10,558	$20,226	$20,226
Dec 16	$19,577	$10,786	$19,486	$19,486
Jan 17	$21,343	$11,081	$21,247	$21,247
Feb 17	$22,176	$11,392	$22,091	$22,091
Mar 17	$20,892	$11,532	$20,830	$20,830
Apr 17	$19,686	$11,711	$19,640	$19,640
May 17	$18,915	$11,970	$18,873	$18,873
Jun 17	$19,935	$12,024	$19,890	$19,890
Jul 17	$21,306	$12,360	$21,267	$21,267
Aug 17	$22,083	$12,408	$22,051	$22,051
Sep 17	$21,834	$12,647	$21,809	$21,809
Oct 17	$21,928	$12,910	$21,911	$21,911
Nov 17	$21,938	$13,160	$21,927	$21,927
Dec 17	$24,250	$13,372	$24,285	$24,285
Jan 18	$26,226	$14,127	$26,262	$26,262
Feb 18	$26,072	$13,533	$26,120	$26,120
Mar 18	$24,274	$13,244	$24,316	$24,316
Apr 18	$25,669	$13,370	$25,718	$25,718
May 18	$25,367	$13,387	$25,430	$25,430
Jun 18	$24,030	$13,314	$24,102	$24,102
Jul 18	$25,414	$13,716	$25,502	$25,502
Aug 18	$23,404	$13,824	$23,497	$23,497
Sep 18	$24,353	$13,884	$24,473	$24,473
Oct 18	$22,613	$12,843	$22,733	$22,733
Nov 18	$21,298	$13,031	$21,409	$21,409
Dec 18	$19,657	$12,113	$19,755	$19,755
Jan 19	$22,363	$13,070	$22,450	$22,450
Feb 19	$22,566	$13,419	$22,665	$22,665
Mar 19	$22,543	$13,588	$22,656	$22,656
Apr 19	$21,737	$14,047	$21,849	$21,849
May 19	$19,820	$13,214	$19,931	$19,931
Jun 19	$22,081	$14,079	$22,214	$22,214
Jul 19	$21,006	$14,120	$21,140	$21,140
Aug 19	$18,383	$13,785	$18,499	$18,499
Sep 19	$19,117	$14,075	$19,247	$19,247
Oct 19	$19,448	$14,460	$19,588	$19,588
Nov 19	$20,696	$14,813	$20,855	$20,855
Dec 19	$21,824	$15,335	$22,046	$22,046
Jan 20	$19,440	$15,166	$19,613	$19,613
Feb 20	$16,988	$13,941	$17,149	$17,149
Mar 20	$12,679	$12,059	$12,777	$12,777
Apr 20	$13,780	$13,350	$13,890	$13,890
May 20	$15,091	$13,931	$15,221	$15,221
Jun 20	$15,969	$14,376	$16,111	$16,111
Jul 20	$16,562	$15,137	$16,715	$16,715
Aug 20	$17,807	$16,063	$17,995	$17,995
Sep 20	$17,887	$15,545	$18,087	$18,087
Oct 20	$18,542	$15,167	$18,777	$18,777
Nov 20	$23,000	$17,037	$23,300	$23,300
Dec 20	$26,314	$17,828	$26,739	$26,739
Jan 21	$25,559	$17,747	$25,984	$25,984
Feb 21	$28,631	$18,158	$29,121	$29,121
Mar 21	$32,889	$18,643	$33,539	$33,539
Apr 21	$34,966	$19,458	$35,664	$35,663
May 21	$37,301	$19,761	$38,068	$38,068
Jun 21	$36,580	$20,021	$37,356	$37,356
Jul 21	$38,212	$20,159	$39,038	$39,038
Aug 21	$36,896	$20,664	$37,711	$37,711
Sep 21	$32,584	$19,810	$33,296	$33,296
Oct 21	$33,236	$20,821	$34,000	$34,000
Nov 21	$30,666	$20,320	$31,382	$31,382
Dec 21	$33,657	$21,133	$34,451	$34,451
Jan 22	$33,095	$20,095	$33,892	$33,892
Feb 22	$37,953	$19,576	$38,881	$38,881
Mar 22	$42,901	$20,000	$44,032	$44,032
Apr 22	$39,373	$18,399	$40,430	$40,430
May 22	$39,738	$18,420	$40,842	$40,842
Jun 22	$31,301	$16,868	$32,150	$32,150
Jul 22	$34,086	$18,046	$35,018	$35,018
Aug 22	$33,433	$17,381	$34,373	$34,373
Sep 22	$30,142	$15,717	$30,968	$30,968
Oct 22	$33,562	$16,666	$34,490	$34,490
Nov 22	$39,460	$17,958	$40,563	$40,563
Dec 22	$38,326	$17,252	$39,503	$39,503
Jan 23	$45,093	$18,488	$46,514	$46,514
Feb 23	$43,814	$17,958	$45,216	$45,216
Mar 23	$42,322	$18,512	$43,724	$43,724
Apr 23	$40,384	$18,778	$41,742	$41,742
May 23	$36,887	$18,577	$38,154	$38,154
Jun 23	$42,443	$19,656	$43,944	$43,944
Jul 23	$46,859	$20,375	$48,533	$48,533
Aug 23	$44,706	$19,806	$46,336	$46,336
Sep 23	$43,370	$18,987	$44,976	$44,976
Oct 23	$41,514	$18,416	$43,064	$43,064
Nov 23	$46,392	$20,116	$48,147	$48,147
Dec 23	$50,295	$21,082	$52,367	$52,367
Jan 24	$47,331	$21,206	$49,297	$49,297
Feb 24	$48,146	$22,116	$50,171	$50,171
Mar 24	$49,442	$22,810	$51,569	$51,569
Apr 24	$46,897	$22,057	$48,941	$48,941
May 24	$48,669	$22,953	$50,838	$50,838
Jun 24	$45,406	$23,464	$47,445	$47,444
Jul 24	$47,864	$23,843	$50,034	$50,034
Aug 24	$45,491	$24,448	$47,597	$47,597
Sep 24	$48,012	$25,016	$50,248	$50,248
Oct 24	$45,740	$24,455	$47,890	$47,890
Nov 24	$48,534	$25,369	$50,833	$50,833
Dec 24	$41,276	$24,769	$43,274	$43,274
Jan 25	$43,023	$25,600	$45,126	$45,126
Feb 25	$43,952	$25,446	$46,140	$46,140
Mar 25	$43,318	$24,441	$45,497	$45,497
Apr 25	$42,518	$24,669	$44,658	$44,658
May 25	$43,625	$26,087	$45,866	$45,866
Jun 25	$46,751	$27,258	$49,159	$49,159
Jul 25	$48,139	$27,628	$50,641	$50,641
Aug 25	$50,173	$28,310	$52,856	$52,856
Sep 25	$51,183	$29,336	$53,932	$53,932
Oct 25	$55,938	$29,992	$58,968	$58,968
Nov 25	$57,208	$29,989	$60,362	$60,362
Dec 25	$60,742	$30,302	$64,200	$63,364

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Steel ETF	47.16%	18.21%	19.77%
MarketVector™ Global Steel Index	48.36%	19.15%	20.44%
MSCI ACWI Index	22.34%	11.19%	11.72%
NYSE Arca Steel Index	46.43%	18.83%	20.28%

Index data prior to December 22, 2025 reflects that of the NYSE Arca Steel Index. From December 22, 2025 forward, the index data reflects that of the Fund's underlying index, MarketVector Global Steel Index.

Key Fund Statistics

Total Net Assets$161,097,156
Number of Portfolio Holdings39
Portfolio Turnover Rate107%
Advisory Fees Paid$375,907

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Industrials		1.8%
Energy		3.0%
Materials		94.8%

Top Ten Holdings (% of Total Net Assets)

Rio Tinto PLC		8.3%
BHP Group Ltd.		7.9%
Vale SA		6.9%
Fortescue Ltd.		6.2%
Nucor Corp.		5.9%
Rio Tinto Ltd.		5.8%
ArcelorMittal SA		5.0%
Nippon Steel Corp.		4.6%
Reliance, Inc.		4.4%
Steel Dynamics, Inc.		4.4%

Material Fund Changes

The following material fund change occurred during the period ended December 31, 2025:

Effective after the close of trading on the NYSE Arca, Inc., on December 19, 2025, the Fund’s benchmark index became the MarketVector Global Steel Index and the Fund’s investment objective and principal investment strategy changed in connection therewith.

Householding

Need Additional Information?

VanEck Uranium and Nuclear ETF

Ticker: NLR | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$67	0.52%

How did the Fund perform last year?

During the period, nuclear energy and uranium companies benefited from continued growth in electricity demand, driven by increased infrastructure investment and sustained demand from data centers and industrial users.
The Fund’s exposures to energy and utilities were among the top contributing sectors to performance.
The United States led the contributions to performance. There were no detractors during the period at the country level.
The leading individual contributors to performance were Okla, Centrus Energy, Cameco, and Constellation Energy.
The leading individual detractors from performance were PG&E, encore Energy, and Nano Nuclear Energy.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MVIS^® Global Uranium & Nuclear Energy Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$10,099	$9,397	$10,045
Feb 16	$10,099	$9,332	$10,075
Mar 16	$10,809	$10,024	$10,775
Apr 16	$10,630	$10,172	$10,655
May 16	$10,685	$10,185	$10,640
Jun 16	$11,151	$10,123	$11,050
Jul 16	$11,145	$10,559	$11,105
Aug 16	$10,696	$10,595	$10,628
Sep 16	$10,762	$10,660	$10,665
Oct 16	$10,690	$10,479	$10,619
Nov 16	$10,354	$10,558	$10,258
Dec 16	$10,887	$10,786	$10,776
Jan 17	$10,928	$11,081	$10,803
Feb 17	$11,251	$11,392	$11,119
Mar 17	$11,400	$11,532	$11,253
Apr 17	$11,317	$11,711	$11,200
May 17	$11,809	$11,970	$11,679
Jun 17	$11,516	$12,024	$11,373
Jul 17	$11,800	$12,360	$11,670
Aug 17	$12,105	$12,408	$11,960
Sep 17	$11,798	$12,647	$11,654
Oct 17	$12,267	$12,910	$12,109
Nov 17	$12,469	$13,160	$12,303
Dec 17	$11,787	$13,372	$11,615
Jan 18	$11,749	$14,127	$11,568
Feb 18	$11,377	$13,533	$11,230
Mar 18	$11,747	$13,244	$11,530
Apr 18	$12,277	$13,370	$12,104
May 18	$12,121	$13,387	$11,943
Jun 18	$12,239	$13,314	$12,055
Jul 18	$12,525	$13,716	$12,328
Aug 18	$12,505	$13,824	$12,318
Sep 18	$12,688	$13,884	$12,492
Oct 18	$12,445	$12,843	$12,264
Nov 18	$12,626	$13,031	$12,427
Dec 18	$12,394	$12,113	$12,177
Jan 19	$12,664	$13,070	$12,429
Feb 19	$12,921	$13,419	$12,682
Mar 19	$12,936	$13,588	$12,689
Apr 19	$12,786	$14,047	$12,546
May 19	$12,255	$13,214	$12,030
Jun 19	$12,741	$14,079	$12,501
Jul 19	$12,405	$14,120	$12,186
Aug 19	$12,306	$13,785	$12,075
Sep 19	$12,443	$14,075	$12,230
Oct 19	$12,248	$14,460	$12,052
Nov 19	$12,044	$14,813	$11,843
Dec 19	$12,449	$15,335	$12,246
Jan 20	$12,757	$15,166	$12,571
Feb 20	$11,899	$13,941	$11,686
Mar 20	$10,099	$12,059	$9,948
Apr 20	$10,892	$13,350	$10,695
May 20	$11,384	$13,931	$11,146
Jun 20	$10,856	$14,376	$10,633
Jul 20	$11,381	$15,137	$11,141
Aug 20	$11,420	$16,063	$11,194
Sep 20	$11,363	$15,545	$11,139
Oct 20	$11,578	$15,167	$11,347
Nov 20	$12,392	$17,037	$12,149
Dec 20	$12,896	$17,828	$12,636
Jan 21	$12,648	$17,747	$12,411
Feb 21	$12,415	$18,158	$12,179
Mar 21	$13,685	$18,643	$13,419
Apr 21	$14,004	$19,458	$13,708
May 21	$14,208	$19,761	$13,872
Jun 21	$13,678	$20,021	$13,389
Jul 21	$13,535	$20,159	$13,250
Aug 21	$14,052	$20,664	$13,748
Sep 21	$13,818	$19,810	$13,549
Oct 21	$14,497	$20,821	$14,192
Nov 21	$14,058	$20,320	$13,776
Dec 21	$14,635	$21,133	$14,302
Jan 22	$14,141	$20,095	$13,804
Feb 22	$14,365	$19,576	$14,051
Mar 22	$15,208	$20,000	$14,867
Apr 22	$14,719	$18,399	$14,425
May 22	$15,084	$18,420	$14,740
Jun 22	$13,904	$16,868	$13,580
Jul 22	$14,793	$18,046	$14,448
Aug 22	$14,999	$17,381	$14,676
Sep 22	$13,744	$15,717	$13,467
Oct 22	$14,327	$16,666	$14,014
Nov 22	$15,164	$17,958	$14,792
Dec 22	$14,942	$17,252	$14,668
Jan 23	$15,807	$18,488	$15,483
Feb 23	$15,012	$17,958	$14,732
Mar 23	$15,088	$18,512	$14,785
Apr 23	$15,353	$18,778	$15,038
May 23	$14,790	$18,577	$14,501
Jun 23	$16,187	$19,656	$15,830
Jul 23	$16,637	$20,375	$16,277
Aug 23	$17,429	$19,806	$17,084
Sep 23	$19,256	$18,987	$18,883
Oct 23	$18,927	$18,416	$18,523
Nov 23	$20,031	$20,116	$19,633
Dec 23	$20,325	$21,082	$19,919
Jan 24	$21,464	$21,206	$21,087
Feb 24	$21,005	$22,116	$20,591
Mar 24	$21,608	$22,810	$21,179
Apr 24	$21,919	$22,057	$21,565
May 24	$24,647	$22,953	$24,127
Jun 24	$22,820	$23,464	$22,397
Jul 24	$22,393	$23,843	$21,941
Aug 24	$21,477	$24,448	$21,059
Sep 24	$23,838	$25,016	$23,368
Oct 24	$25,792	$24,455	$25,323
Nov 24	$27,037	$25,369	$26,476
Dec 24	$23,276	$24,769	$22,839
Jan 25	$25,589	$25,600	$25,126
Feb 25	$22,801	$25,446	$22,308
Mar 25	$21,027	$24,441	$20,580
Apr 25	$22,619	$24,669	$22,132
May 25	$27,870	$26,087	$27,289
Jun 25	$31,687	$27,258	$31,023
Jul 25	$32,786	$27,628	$32,182
Aug 25	$34,006	$28,310	$33,330
Sep 25	$38,751	$29,336	$37,941
Oct 25	$44,372	$29,992	$43,496
Nov 25	$37,165	$29,989	$36,366
Dec 25	$36,296	$30,302	$35,587

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Uranium and Nuclear ETF	55.94%	22.99%	13.76%
MVIS^® Global Uranium & Nuclear Energy Index	55.82%	23.01%	13.53%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$3,602,853,321
Number of Portfolio Holdings26
Portfolio Turnover Rate42%
Advisory Fees Paid$10,247,077

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Industrials		16.1%
Utilities		35.6%
Energy		47.9%

Top Ten Holdings (% of Total Net Assets)

Cameco Corp.		8.2%
Constellation Energy Corp.		8.2%
BWX Technologies, Inc.		5.5%
Public Service Enterprise Group, Inc.		5.5%
PG&E Corp.		5.3%
CGN Power Co. Ltd.		4.7%
NexGen Energy Ltd.		4.6%
Denison Mines Corp.		4.6%
Oklo, Inc.		4.5%
Centrus Energy Corp.		4.3%

Householding

Need Additional Information?

VanEck Vietnam ETF

Ticker: VNM | Cboe BZX Exchange, Inc.

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2025 to December 31, 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 year?

(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	$87	0.66%

How did the Fund perform last year?

The Fund posted a positive return over the period, supported by robust economic growth in Vietnam, improving manufacturing and export activity and a recovery in domestic consumption, despite continued uncertainty around global demand and currency-related pressures.
The Real Estate sector contributed the most to the Fund’s performance during the period, followed by Financials and Industrials.
The leading individual contributors to performance were Vingroup Joint Stock Company, Vinhomes Joint Stock Company and VIX Securities Joint Stock Company.
The Information Technology sector detracted the most from the Fund’s performance during the period, followed by Energy.
The leading individual detractors from performance were Duc Giang Chemicals Group Joint Stock Company, Vietnam Airlines JSC and Vinh Hoan Corp.

How did the Fund perform over the past 10 years?

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

Cumulative Performance Based on $10,000 Investment

	Fund	MSCI ACWI Index	MarketVector™ Vietnam Local Index
Dec 15	$10,000	$10,000	$10,000
Jan 16	$9,456	$9,397	$9,326
Feb 16	$9,395	$9,332	$9,342
Mar 16	$9,469	$10,024	$9,421
Apr 16	$9,795	$10,172	$9,772
May 16	$9,734	$10,185	$9,708
Jun 16	$9,958	$10,123	$9,912
Jul 16	$10,209	$10,559	$10,185
Aug 16	$10,318	$10,595	$10,323
Sep 16	$10,352	$10,660	$10,299
Oct 16	$9,836	$10,479	$9,823
Nov 16	$9,164	$10,558	$9,149
Dec 16	$9,022	$10,786	$9,051
Jan 17	$9,286	$11,081	$9,309
Feb 17	$9,481	$11,392	$9,506
Mar 17	$9,745	$11,532	$9,802
Apr 17	$9,780	$11,711	$9,850
May 17	$9,940	$11,970	$10,016
Jun 17	$10,329	$12,024	$10,416
Jul 17	$10,329	$12,360	$10,422
Aug 17	$10,260	$12,408	$10,359
Sep 17	$10,350	$12,647	$10,440
Oct 17	$11,081	$12,910	$11,184
Nov 17	$11,839	$13,160	$11,948
Dec 17	$12,248	$13,372	$12,383
Jan 18	$13,572	$14,127	$13,699
Feb 18	$13,207	$13,533	$13,389
Mar 18	$13,593	$13,244	$13,814
Apr 18	$12,701	$13,370	$12,880
May 18	$11,689	$13,387	$11,843
Jun 18	$11,168	$13,314	$11,349
Jul 18	$11,428	$13,716	$11,572
Aug 18	$11,667	$13,824	$11,850
Sep 18	$11,850	$13,884	$12,051
Oct 18	$10,761	$12,843	$10,916
Nov 18	$10,979	$13,031	$11,145
Dec 18	$10,515	$12,113	$10,699
Jan 19	$10,919	$13,070	$11,091
Feb 19	$11,635	$13,419	$11,864
Mar 19	$11,755	$13,588	$11,971
Apr 19	$11,876	$14,047	$12,087
May 19	$11,302	$13,214	$11,566
Jun 19	$11,422	$14,079	$11,642
Jul 19	$11,421	$14,120	$11,722
Aug 19	$11,165	$13,785	$11,411
Sep 19	$11,661	$14,075	$11,914
Oct 19	$11,610	$14,460	$11,899
Nov 19	$11,412	$14,813	$11,677
Dec 19	$11,447	$15,335	$11,741
Jan 20	$10,635	$15,166	$11,009
Feb 20	$9,892	$13,941	$10,068
Mar 20	$7,528	$12,059	$7,815
Apr 20	$8,855	$13,350	$9,119
May 20	$9,694	$13,931	$9,936
Jun 20	$9,629	$14,376	$9,841
Jul 20	$9,866	$15,137	$10,145
Aug 20	$10,460	$16,063	$10,797
Sep 20	$10,625	$15,545	$10,908
Oct 20	$10,622	$15,167	$10,905
Nov 20	$11,430	$17,037	$11,795
Dec 20	$12,560	$17,828	$12,967
Jan 21	$12,081	$17,747	$12,544
Feb 21	$12,639	$18,158	$13,090
Mar 21	$12,824	$18,643	$13,242
Apr 21	$13,586	$19,458	$14,117
May 21	$14,039	$19,761	$14,610
Jun 21	$14,817	$20,021	$15,376
Jul 21	$13,887	$20,159	$14,411
Aug 21	$14,080	$20,664	$14,636
Sep 21	$13,878	$19,810	$14,511
Oct 21	$14,653	$20,821	$15,278
Nov 21	$14,907	$20,320	$15,586
Dec 21	$15,389	$21,133	$16,094
Jan 22	$14,293	$20,095	$14,820
Feb 22	$14,141	$19,576	$14,731
Mar 22	$13,682	$20,000	$14,382
Apr 22	$12,392	$18,399	$13,052
May 22	$11,592	$18,420	$12,181
Jun 22	$10,485	$16,868	$10,992
Jul 22	$10,640	$18,046	$11,145
Aug 22	$11,002	$17,381	$11,593
Sep 22	$9,399	$15,717	$9,962
Oct 22	$8,290	$16,666	$8,738
Nov 22	$8,925	$17,958	$9,316
Dec 22	$8,546	$17,252	$9,009
Jan 23	$9,323	$18,488	$9,786
Feb 23	$8,240	$17,958	$8,758
Mar 23	$8,869	$18,512	$9,372
Apr 23	$8,839	$18,778	$9,341
May 23	$9,107	$18,577	$9,676
Jun 23	$9,679	$19,656	$10,255
Jul 23	$10,835	$20,375	$11,507
Aug 23	$11,068	$19,806	$11,788
Sep 23	$9,921	$18,987	$10,584
Oct 23	$8,448	$18,416	$8,975
Nov 23	$9,608	$20,116	$10,234
Dec 23	$9,909	$21,082	$10,586
Jan 24	$9,740	$21,206	$10,439
Feb 24	$10,275	$22,116	$10,959
Mar 24	$10,558	$22,810	$11,194
Apr 24	$9,402	$22,057	$10,087
May 24	$9,770	$22,953	$10,423
Jun 24	$9,337	$23,464	$10,024
Jul 24	$9,279	$23,843	$9,929
Aug 24	$9,663	$24,448	$10,361
Sep 24	$9,791	$25,016	$10,530
Oct 24	$9,205	$24,455	$9,919
Nov 24	$9,044	$25,369	$9,707
Dec 24	$8,899	$24,769	$9,594
Jan 25	$8,908	$25,600	$9,619
Feb 25	$9,220	$25,446	$9,915
Mar 25	$9,615	$24,441	$10,351
Apr 25	$9,215	$24,669	$9,917
May 25	$10,398	$26,087	$11,250
Jun 25	$10,590	$27,258	$11,456
Jul 25	$12,399	$27,628	$13,472
Aug 25	$13,932	$28,310	$15,115
Sep 25	$13,715	$29,336	$14,874
Oct 25	$13,433	$29,992	$14,590
Nov 25	$13,919	$29,989	$15,116
Dec 25	$14,454	$30,302	$15,739

Average Annual Total Returns

.	1 Year	5 Years	10 Years
VanEck Vietnam ETF	62.42%	2.85%	3.75%
MarketVector™ Vietnam Local Index	64.05%	3.95%	4.64%
MSCI ACWI Index	22.34%	11.19%	11.72%

Key Fund Statistics

Total Net Assets$606,482,036
Number of Portfolio Holdings55
Portfolio Turnover Rate48%
Advisory Fees Paid$2,392,301

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Other Investments		0.8%
Energy		1.4%
Information Technology		1.9%
Materials		8.9%
Industrials		12.2%
Consumer Staples		16.8%
Financials		28.7%
Real Estate		29.2%

Top Ten Holdings (% of Total Net Assets)

Vingroup JSC		9.5%
Vinhomes JSC		9.3%
Masan Group Corp.		6.8%
Hoa Phat Group JSC		6.2%
Vietnam Dairy Products JSC		5.2%
SSI Securities Corp.		5.0%
Bank for Foreign Trade of Vietnam JSC		4.8%
VIX Securities JSC		3.6%
Vietjet Aviation JSC		3.3%
Vincom Retail JSC		3.1%

Householding

Need Additional Information?

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

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”).

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.

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.

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Mauritius 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 (“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”.

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 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 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).

foreign market is closed but the Funds are 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. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

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

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

Any Russian securities held in the Funds at December 31, 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 $0, 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 Schedule 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.

The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “CMCI 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.

The Mauritius Subsidiary of India Growth Leaders ETF, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Mauritius Subsidiary,

and it is intended that the Fund will remain the sole shareholder and will continue to control the Mauritius Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly-owned Mauritius Subsidiary. All interfund account balances and transactions between the Funds and their subsidiaries have been eliminated in consolidation.

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 CMCI 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 each 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.

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, 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.

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 December 31, 2025.

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.

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 over-the-counter (“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 Funds’ derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

The CMCI Commodity Strategy ETF enters into 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 swap transactions may contain provisions for early termination of a 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 swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap positions held by the Fund at December 31, 2025, are reflected in the Fund’s Consolidated Schedule of Investments.

At December 31, 2025, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

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. The Fund may pledge cash and or securities as collateral for derivative instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at December 31, 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 Statement 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 December 31, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statement 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.

The Funds’ Chief Financial Officer and the Funds’ Treasurer act 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.

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. 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.

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.

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets.

For the Funds listed below, the management fee rates and expense limitations for the year ended December 31, 2025 are as follows:

The Adviser has agreed, until at least May 1, 2026 (for Gold Miners ETF and Steel ETF until May 1, 2027), to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended December 31, 2025.

fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the year ended December 31, 2025 are as follows:

During the year ended December 31, 2025, the Adviser reimbursed the Brazil Small-Cap ETF $26,580 for an investment 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, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At December 31, 2025, the Adviser owned approximately 60% of CMCI Commodity Strategy ETF.

As of December 31, 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 securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

For the year ended December 31, 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 and U.S. government obligations) were as follows:

As of December 31, 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:

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2025. These losses are deemed to arise on the first day of the Funds' next taxable year.

During the year ended December 31, 2025, Africa Index ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Uranium and Nuclear ETF, and Vietnam ETF utilized $449,102, $2,548,620,957, $719,079,142, $1,407,595, $5,983,235, and $58,738,911 respectively, of its capital loss carryover available from prior years.

During the year ended December 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

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 Statement of Operations. During the year ended in December 31, 2025, the Funds did not incur any such interest or penalties.

In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are required for fiscal years beginning after December 15, 2024. ASU 2023-09 is effective for the year ended December 31, 2025 for all of the Funds included in these financial statements. Management has evaluated the implications of these changes and determined that no additional disclosures are necessary for any of the Funds except for Digital India ETF. The funds all qualify as Regulated Investment Companies (RICs) and therefore pay no federal taxes, an immaterial amount of state and local taxes and an immaterial amount of foreign taxes except for Digital India which pays a material amount of foreign taxes as disclosed below:

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 from 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.

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.

The taxation of income and capital gains of foreign securities is subject to the fiscal laws and practices of different jurisdictions. Any of those jurisdictions may change their fiscal laws and practices or interpretation and enforcement policies, possibly with retroactive effect. The India Growth Leaders ETF’s investment in the Mauritius Subsidiary involves certain tax risks. Changes to the Double Taxation Avoidance Treaty (the “Treaty”) between Mauritius and India, or its interpretation may adversely affect the ability of the Mauritius Subsidiary to realize efficiently income or capital gains. Indian capital gains tax can be imposed on income arising from the transfer of shares in a company registered outside India which derives, directly or indirectly, its value substantially from the assets located in India.

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 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, Copper and 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, Copper and 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 $0, as of December 31, 2025.

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

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.

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. In prior years, the Natural Resources ETF and Oil Services ETF adopted a unitary management fee in which the Adviser is responsible for paying all expenses of the Funds. For these Funds, the liability for the Plan which is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through the date of conversion to a unitary management fee structure. Digital India ETF and Copper and Green Metals ETF commenced operations with a unitary management fee, and therefore bear no cost or liabilities relative to the Plan.

To generate additional income, the Funds may lend 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 Fund’s Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 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 December 31, 2025:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the following Funds borrowed under this Facility:

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

Effective on February 13, 2026, the VanEck Green Metals ETF changed its name to the “VanEck Copper and Green Metals ETF” and its ticker changed to “EMET.” Additionally, the definition of “green metals” as set forth in the Fund’s Principal Investment Strategies was amended to reflect that copper is a type of green metal.

In a landmark ruling issued on January 15, 2026, the Supreme Court of India denied a plaintiff the benefits of the India Mauritius tax treaty, notwithstanding its possession of a valid Mauritius Tax Residency Certificate (TRC) and Global Business License. The Court held that Indian tax authorities may look beyond a TRC to evaluate an entity’s commercial substance, focusing in particular on decision-making authority, control, and the location of effective management when determining eligibility for treaty benefits. In light of this decision, legislative or administrative clarification from the Indian tax authorities may be forthcoming, including guidance regarding the scope of the ruling and its potential effect on applicable statutes of limitation. India Growth Leaders ETF is currently assessing the potential implications of this ruling with respect to treaty benefits previously claimed through its Mauritius Subsidiary. Given the uncertainty surrounding the interpretation and application of the decision, management is not currently able to reasonably estimate the potential impact, if any, to the Fund.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

*The financial statements of VanEck CMCI Commodity Strategy ETF and VanEck India Growth Leaders ETF are prepared on a consolidated basis

The financial statements of the Funds (other than VanEck CMCI Commodity Strategy ETF, VanEck Digital India ETF and VanEck India Growth Leaders ETF) as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

The financial statements of VanEck India Growth Leaders ETF as of and for the year ended December 31, 2021, and the financial highlights for the year ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 10, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(c) All or a portion of a shareholder’s total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(f) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

(g) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.

Additionally, Digital India ETF paid short-term capital gains of $0.1315 per share that represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

At a meeting held on December 5, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck MSCI EM Analyst Sentiment ETF (the “Fund”).

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

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

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

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

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

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

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

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

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”). The China Bond, International High Yield, and J.P. Morgan EM funds 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, Office and Commercial REIT and Preferred Securities each seek to achieve their investment objective through 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.

Van Eck Associates Corp. (“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”. PineBridge Investments LLC (“PineBridge” or the “Sub-Adviser”) is a Sub-Adviser for the AA-BB CLO ETF and CLO ETF. On December 30, 2025, PineBridge was acquired by MetLife, Inc. (“MetLife”) and is now part of MetLife Investment Management, the institutional

asset management business of MetLife. There have been no changes to the investment staff of PineBridge that provide services to the Funds, as well as to each Fund’s portfolio managers, investment philosophy or principal investment strategies and risks, in connection with the transaction.

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

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 Funds’ Board of Trustees (the “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 of the Adviser 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.

Dividends to shareholders from net investment income, if any, are declared and paid monthly by each fund (except BDC Income, Mortgage REIT, and Office and Commercial REIT which are declared and paid quarterly). Distributions of net realized capital gains, if any, are 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.

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.

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.

The BDC Income ETF enters into 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 swap transactions may contain provisions for early termination of a 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 swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap position held by the Fund at December 31, 2025 is reflected in the Fund’s Schedule of Investments.

During the year ended December 31, 2025, the BDC Income ETF held total return swap contracts with average monthly notional amount of $349,694,648.

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

The impact of transactions in derivative instruments during the year ended December 31, 2025 was as follows:

2 Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

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. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at December 31, 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 December 31, 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.

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 Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets.

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 expenses. The unitary management fee rates for the year ended December 31, 2025 are as follows:

For the Funds listed below, the management fee rates and expense limitations for the year ended December 31, 2025 are as follows:

The Adviser has agreed, until at least May 1, 2026, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended December 31, 2025.

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.

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

* Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2025. These losses are deemed to arise on the first day of the funds’ next taxable year.

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.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2025 the Funds did not incur any interest or penalties.

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 (“VAT”) 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 (“STA”) jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025. On January 15, 2026, STA [2026] No.5, extended the Corporate Income Tax (“CIT”) and VAT exemption treatment for the foreign institutions’ bond interest income derived from their investment into the domestic bond market of Mainland China from January 1, 2026 to December 31, 2027.

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.

disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Funds included in this report, since the Funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes.

The Funds (except BDC Income, China Bond, Mortgage REIT, Office and Commercial 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.

The AA-BB CLO and CLO 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.

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.

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. 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.

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.

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.

Office and Commercial REIT 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.

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.

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. AA-BB CLO ETF, CLO 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.

To generate additional income, the Funds, excluding the AA-BB ETF and the CLO ETF, may lend 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 Fund’s Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 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 December 31, 2025:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

(1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 and the period September 25, 2024 (commencement of operations) through December 31, 2024

(2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025, the period May 1, 2024 through December 31, 2024 and for the year ended April 30, 2024

(3) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

The financial statements of the Funds (except for VanEck AA-BB CLO ETF, VanEck CLO ETF, and VanEck Office and Commercial REIT ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on April 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 -Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(e) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.

(f) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(g) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

(h) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.

Additionally, AA-BB CLO ETF and CLO ETF paid short-term capital gains of $0.0641 and $0.0070 per share, respectively, that represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

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 year ended December 31, 2025. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

The summary of inputs used to value the Fund’s investments as of December 31, 2025 is as follows:

(a) Amount represents a realized loss resulting from an issuer bankruptcy. Due to the bankruptcy and share cancellation, no proceeds were received from the issuer.

There were no share transactions for the years ended December 31, 2025 and December 31, 2024, respectively (See Note 5).

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 Russia ETF declared a distribution of $0.0119 per share on December 22, 2025, to shareholders of record as of December 22, 2025. The distribution was paid to Depository Trust & Clearing Corporation (DTCC) to be distributed to shareholders on December 26, 2025. However, this distribution is currently being held by DTCC pending the issuance of a license to DTCC from the Office of Foreign Assets Control under applicable sanctions regulations relating to Russia authorizing its release. Shareholders should consult their tax advisers with regard to the U.S. federal income tax consequences of the unpaid distribution.

The Russia ETF has qualified as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). However, due to the restrictions on the Russia ETF’s ability to pay distributions, the Russia ETF will be unable, unless the restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Russia ETF will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

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 December 31, 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.

In connection with the Plan of Liquidation, 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.

Refer to the Liquidation FAQ posted on the Funds’ webpages for additional information.

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.

It is each Fund’s policy to comply with the provisions of the 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.

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 year ended December 31, 2025, are as follows:

Refer to the Statements of Operations for the amounts assumed by the Adviser for the year ended December 31, 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.

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.

As of December 31, 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.

For the year ended December 31, 2025, there were no purchases and sales of investments (excluding short-term investments). One position held by RSXJ was written off due to bankruptcy by the issuer and cancellation of shares. The Fund received no proceeds.

As of December 31, 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:

At December 31, 2025, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

During the year ended December 31, 2025, Russia ETF utilized $480 of its capital loss carryover available from prior years.

Each year, the Funds assess the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2025, the Funds did not have any reclassifications.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Funds included in this report, since the Funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes.

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.

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 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.

To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the

market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 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 December 31, 2025:

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

Subsequent to December 31, 2025, State Street Bank and Trust Company, which serves as custodian and provides transfer agency and fund accounting services to the Russia ETF, indicated that, due to certain restrictions imposed by the Office of Foreign Assets Control, State Street Bank and Trust Company and its affiliates will no longer process any financial transactions, including distributions for the Russia ETF. The Russia ETF will therefore have no operational mechanism to conduct transactions, pay expenses, or effect distributions to shareholders. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Without the ability to have its financial transactions processed, if the Russia ETF earned investment company taxable income for a particular taxable year, the Russia ETF would be unable to meet this annual distribution requirement and would no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification would likely result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Russia ETF and VanEck Russia Small-Cap ETF

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VanEck Russia ETF and VanEck Russia Small-Cap ETF (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and cash flows for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the four years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statement of the Funds as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on the financial statements and financial highlights.

As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Funds, and management is in process of executing its liquidation plan.

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

The following information is provided with respect to the distributions paid and received by shareholders during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

(a) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(b) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

(c) The interest from Federal obligations represents income derived from assets backed by the full faith and credit of the U.S. Government. State law varies as to what percentage of this dividend is exempt from state income tax.

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.

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.

(a)	The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)	The Registrant’s code of ethics is reasonably described in this Form N-CSR.

(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)	The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)	Not applicable.

(f)	The Registrant’s Code of Ethics is attached as an Exhibit hereto.

	The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

	The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31.

(a)	Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2025 and December 31, 2024, were $739,035 and $659,250, respectively.

(b)	Audit-Related Fees. Not applicable.

(c)	Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2025 and December 31, 2024, were $292,875 and $261,700 respectively.

(d)	All Other Fees

	None.

(e)	The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services.

	The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.

(f)	Not applicable.

(g)	Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant’s investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024, were $573,285 and $321,927 respectively.

(h)	The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

	The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Ms. Hesslein is the Chairperson of the Audit Committee.

Item 7.	FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

AFK	\|	Africa Index ETF
MOO	\|	Agribusiness ETF
BRF	\|	Brazil Small-Cap ETF
CNXT	\|	ChiNext ETF
CMCI	\|	CMCI Commodity Strategy ETF
EMET	\|	Copper and Green Metals ETF
DGIN	\|	Digital India ETF
GDX^®	\|	Gold Miners ETF
GLIN	\|	India Growth Leaders ETF
IDX	\|	Indonesia Index ETF
ISRA	\|	Israel 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
VNM	\|	Vietnam ETF

Schedule of Investments
Africa Index ETF	3
Agribusiness ETF	6
Brazil Small-Cap ETF	8
ChiNext ETF	11
CMCI Commodity Strategy ETF	14
Copper and Green Metals ETF	15
Digital India ETF	17
Gold Miners ETF	19
India Growth Leaders ETF	21
Indonesia Index ETF	23
Israel ETF	25
Junior Gold Miners ETF	28
Low Carbon Energy ETF	31
Natural Resources ETF	33
Oil Refiners ETF	36
Oil Services ETF	38
Rare Earth and Strategic Metals ETF	39
Steel ETF	41
Uranium and Nuclear ETF	43
Vietnam ETF	45
Statements of Assets and Liabilities	47
Statements of Operations	52
Statements of Changes in Net Assets	57
Financial Highlights
Africa Index ETF	67
Agribusiness ETF	68
Brazil Small-Cap ETF	69
ChiNext ETF	70
CMCI Commodity Strategy ETF	71
Copper and Green Metals ETF	72
Digital India ETF	73
Gold Miners ETF	74
India Growth Leaders ETF	75
Indonesia Index ETF	76
Israel ETF	77
Junior Gold Miners ETF	78
Low Carbon Energy ETF	79
Natural Resources ETF	80
Oil Refiners ETF	81
Oil Services ETF	82
Rare Earth and Strategic Metals ETF	83
Steel ETF	84
Uranium and Nuclear ETF	85
Vietnam ETF	86
Notes to Financial Statements	87
Report of Independent Registered Public Accounting Firm	103
Tax Information	105
Changes In and Disagreements with Accountants	108
Proxy Disclosures	108
Remuneration Paid to Directors, Officers and Others	108
Approval of Investment Management Agreements	109

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 5.3%
AVZ Minerals Ltd. †∞		1,399,901	$	251,118
Paladin Energy Ltd. * †		311,533		1,973,141
Perseus Mining Ltd.		928,609		3,488,376
				5,712,635
Burkina Faso: 2.5%
IAMGOLD Corp. (USD) *		162,418		2,678,273
Canada: 9.1%
B2Gold Corp. (USD)		48,105		216,953
Barrick Mining Corp. (USD)		67,985		2,960,747
Fortuna Mining Corp. (USD) *		239,460		2,349,103
Ivanhoe Mines Ltd. * †		371,049		4,225,479
				9,752,282
Egypt: 2.3%
Commercial International Bank - Egypt (USD) (GDR)		1,141,362		2,439,642
India: 1.6%
MakeMyTrip Ltd. (USD) * †		20,775		1,706,043
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		2,059,100		455,804
Kenya: 4.9%
Equity Group Holdings PLC		4,458,761		2,307,150
Safaricom PLC		13,603,157		2,989,531
				5,296,681
Morocco: 14.7%
Attijariwafa Bank		83,193		6,660,001
Bank of Africa		62,159		1,533,528
Banque Centrale Populaire		112,617		3,575,128
Co. Sucrerie Marocaine et de Raffinage		37,525		837,318
Societe d’Exploitation des Ports		30,682		3,196,042
				15,802,017
Nigeria: 5.1%
Guaranty Trust Holding Co. PLC		51,927,200		3,255,432
Zenith Bank PLC		51,522,648		2,200,864
				5,456,296
Norway: 0.1%
Scatec ASA 144A *		13,814		145,118
South Africa: 34.8%
Absa Group Ltd.		91,404		1,320,252
African Rainbow Minerals Ltd. †		10,542		126,153
Anglo American PLC (GBP)		109,324		4,512,183
Aspen Pharmacare Holdings Ltd.		26,210		184,735
AVI Ltd.		29,458		187,557
Bid Corp. Ltd.		28,663		729,756
Bidvest Group Ltd.		18,495		265,080
Capitec Bank Holdings Ltd.		8,319		2,086,982
Clicks Group Ltd.		18,954		385,982
Discovery Ltd.		55,645		764,254

	Number of Shares		Value
South Africa (continued)
Exxaro Resources Ltd.		22,221	$	240,046
FirstRand Ltd.		563,413		3,085,635
Gold Fields Ltd. (ADR)		77,802		3,396,835
Growthpoint Properties Ltd.		235,129		243,501
Harmony Gold Mining Co. Ltd. (ADR)		45,630		908,037
Impala Platinum Holdings Ltd.		75,427		1,184,631
Investec PLC (GBP)		58,399		432,557
Kumba Iron Ore Ltd.		6,432		136,432
Life Healthcare Group Holdings Ltd.		132,723		91,232
Momentum Group Ltd.		95,886		221,284
Mr Price Group Ltd.		19,415		205,023
MTN Group Ltd.		145,172		1,485,330
Naspers Ltd.		71,797		4,785,357
Nedbank Group Ltd.		43,170		693,690
Northam Platinum Holdings Ltd.		31,960		648,171
Old Mutual Ltd.		353,913		318,244
OUTsurance Group Ltd.		70,901		306,624
Pepkor Holdings Ltd. 144A		195,242		311,738
Remgro Ltd.		48,777		534,919
Sanlam Ltd.		165,113		981,411
Sasol Ltd. (ADR) * †		51,767		337,003
Shoprite Holdings Ltd.		43,763		713,591
Sibanye Stillwater Ltd. (ADR) * †		64,838		923,942
Standard Bank Group Ltd.		128,385		2,250,575
Tiger Brands Ltd.		9,470		209,298
Valterra Platinum Ltd.		22,126		1,872,687
Woolworths Holdings Ltd.		74,963		253,345
				37,334,072
Tanzania: 1.3%
Helios Towers PLC (GBP) *		607,555		1,338,789
United Arab Emirates: 1.9%
Itissalat Al-Maghrib (MAD)		174,563		2,080,230
United Kingdom: 12.5%
Airtel Africa PLC 144A		1,092,264		5,220,958
Anglogold Ashanti PLC (USD)		30,499		2,600,955
Endeavour Mining PLC		99,394		5,181,912
Vodacom Group Ltd. (ZAR)		41,740		355,961
				13,359,786
United States: 0.7%
Royal Caribbean Cruises Ltd.		2,510		700,089
Zambia: 2.6%
First Quantum Minerals Ltd. (CAD) *		104,833		2,814,411
Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		12,675
Econet Wireless Zimbabwe Ltd.		2,231		518

Item 1.	REPORTS TO STOCKHOLDERS.

	Number of Shares		Value
Zimbabwe (continued)
TN CyberTech Investments Holdings Ltd. *		32,900	$	152
				13,345
Total Common Stocks (Cost: $73,439,192)				107,085,513

RIGHTS: 0.0% (Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 243.00, exp. 12/31/26*		15		0

Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $73,439,192)				107,085,513

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,789,894)
State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a)		1,789,894		1,789,894

Total Investments: 101.5% (Cost: $75,229,086)				108,875,407
Liabilities in excess of other assets: (1.5)%				(1,589,367)
NET ASSETS: 100.0%			$	107,286,040

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

(a)	Rate shown is the 7-day yield as of 12/31/25.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,961,974.
∞	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 $5,677,814, or 5.3% of net assets.

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,461,517	$	251,118	$	5,712,635
Burkina Faso		2,678,273		—		—		2,678,273
Canada		9,752,282		—		—		9,752,282
Egypt		—		2,439,642		—		2,439,642
India		1,706,043		—		—		1,706,043
Indonesia		—		455,804		—		455,804
Kenya		5,296,681		—		—		5,296,681
Morocco		12,226,889		3,575,128		—		15,802,017
Nigeria		5,456,296		—		—		5,456,296
Norway		—		145,118		—		145,118
South Africa		11,251,599		26,082,473		—		37,334,072
Tanzania		—		1,338,789		—		1,338,789
United Arab Emirates		—		2,080,230		—		2,080,230
United Kingdom		2,956,916		10,402,870		—		13,359,786
United States		700,089		—		—		700,089
Zambia		2,814,411		—		—		2,814,411
Zimbabwe		13,345		—		—		13,345
Rights *		—		0		—		0
Money Market Fund		1,789,894		—		—		1,789,894
Total Investments	$	56,642,718	$	51,981,571	$	251,118	$	108,875,407

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 1.8%
Dyno Nobel Ltd.		2,475,817	$	5,287,971
Treasury Wine Estates Ltd. †		1,463,780		5,103,879
				10,391,850
Brazil: 3.3%
Rumo SA		2,106,300		5,662,936
Yara International ASA (NOK)		323,246		13,218,893
				18,881,829
Canada: 6.1%
Nutrien Ltd. (USD) †		572,815		35,354,142
China: 4.2%
China Mengniu Dairy Co. Ltd. (HKD)		4,238,000		8,134,209
Wilmar International Ltd. (SGD)		6,648,900		15,894,444
				24,028,653
Denmark: 1.3%
Bakkafrost P/F (NOK)		91,515		4,674,210
Schouw & Co. A/S		27,761		2,867,250
				7,541,460
Germany: 8.0%
Bayer AG		924,978		40,096,037
K+S AG		405,858		5,904,400
				46,000,437
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)		10,632,800		2,353,685
Israel: 1.0%
ICL Group Ltd. (USD) †		965,179		5,511,172
Japan: 6.0%
Kubota Corp. †		1,486,800		21,054,841
Maruha Nichiro Corp.		288,900		2,371,140
NH Foods Ltd.		166,200		6,935,212
Nissui Corp. †		559,300		4,076,520
				34,437,713
Malaysia: 2.9%
IOI Corp. Bhd		3,988,100		3,932,043
Kuala Lumpur Kepong Bhd		883,200		4,352,883
PPB Group Bhd		1,096,000		2,986,332
SD Guthrie Bhd		3,761,000		5,310,628
				16,581,886
Netherlands: 0.2%
OCI NV †		268,216		962,030
Norway: 6.1%
Leroy Seafood Group ASA		634,536		3,182,046
Mowi ASA		884,217		21,255,322
Salmar ASA		171,807		10,493,387
				34,930,755
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)		14,120,600	$	3,813,912
Switzerland: 1.1%
Bucher Industries AG		13,939		6,431,904
Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd.		1,688,000		2,566,542
Thailand: 1.3%
Charoen Pokphand Foods PCL (NVDR)		10,668,700		7,384,881
United Kingdom: 2.6%
CNH Industrial NV (USD)		1,271,005		11,718,666
Genus PLC		101,025		3,518,169
				15,236,835
United States: 52.5%
AGCO Corp.		91,318		9,526,294
Archer-Daniels-Midland Co.		532,204		30,596,408
Bunge Global SA		201,560		17,954,965
Cal-Maine Foods, Inc.		82,428		6,558,796
CF Industries Holdings, Inc.		282,762		21,868,813
Corteva, Inc.		562,402		37,697,806
Darling Ingredients, Inc. *		290,356		10,452,816
Deere & Co.		96,102		44,742,208
Elanco Animal Health, Inc. * †		562,967		12,739,943
FMC Corp. †		209,479		2,905,474
Mosaic Co.		496,303		11,955,939
Neogen Corp. *		310,222		2,168,452
Pilgrim’s Pride Corp.		96,894		3,777,897
Toro Co.		153,017		12,045,498
Tyson Foods, Inc.		488,357		28,627,487
Zoetis, Inc.		381,648		48,018,952
				301,637,748
Total Common Stocks (Cost: $721,397,960)				574,047,434

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.6%
Money Market Fund: 5.6% (Cost: $32,017,691)
State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a)		32,017,691		32,017,691

Total Investments: 105.5% (Cost: $753,415,651)				606,065,125
Liabilities in excess of other assets: (5.5)%				(31,524,429)
NET ASSETS: 100.0%			$	574,540,696

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

	Number of Shares		Value
COMMON STOCKS: 86.4%
Automobiles & Components: 1.9%
Fras-Le SA*		21,500	$	94,672
Iochpe Maxion SA		78,052		143,385
Mahle Metal Leve SA		29,600		184,170
				422,227
Capital Goods: 1.6%
Armac Locacao Logistica E Servicos SA*		38,900		31,638
Kepler Weber SA		79,650		142,708
Mills Locacao Servicos e Logistica SA *		41,550		105,772
Tupy SA*		25,000		56,087
				336,205
Commercial & Professional Services: 2.3%
Orizon Valorizacao de Residuos SA*		31,750		404,071
Valid Solucoes SA*		23,700		92,555
				496,626
Consumer Discretionary Distribution & Retail: 3.4%
C&A Modas SA		87,450		202,415
Grupo Casas Bahia SA *		57,900		32,962
Grupo SBF SA		46,200		108,933
Magazine Luiza SA		183,330		297,744
Pet Center Comercio e Participacoes SA*		131,250		103,781
				745,835
Consumer Durables & Apparel: 17.3%
Azzas 2154 SA		53,675		245,822
Construtora Tenda SA		46,300		207,657
Cury Construtora e Incorporadora SA		84,450		496,755
Cyrela Brazil Realty SA Empreendimentos e Participacoes		154,250		831,362
Direcional Engenharia SA		184,500		475,562
Ez Tec Empreendimentos e Participacoes SA		117,900		296,203
Grendene SA		159,900		133,823
Guararapes Confeccoes SA		73,750		119,150
MRV Engenharia e Participacoes SA *		166,200		235,929
Plano & Plano Desenvolvimento Imobiliario SA		33,700		84,225
Vivara Participacoes SA		75,300		455,306
Vulcabras SA		50,836		185,453
				3,767,247
Consumer Services: 6.7%
Afya Ltd.		8,806		135,700
Arcos Dorados Holdings, Inc.		58,661		430,572
Cogna Educacao SA		1,012,110		583,345
Cruzeiro do Sul Educacional SA		36,650		41,527
YDUQS Participacoes SA		116,600		258,679
Zamp SA*∞		41,615		0
				1,449,823

	Number of Shares		Value
Consumer Staples Distribution & Retail: 1.1%
Dimed SA Distribuidora da Medicamentos*		46,150	$	100,897
Empreendimentos Pague Menos SA*		117,422		130,351
				231,248
Energy: 4.6%
Brava Energia*		183,859		561,507
Karoon Energy Ltd. †		271,440		278,717
Petroreconcavo SA*		83,200		171,433
				1,011,657
Financial Services: 0.9%
Vinci Compass Investments Ltd.		14,695		191,623
Food, Beverage & Tobacco: 7.2%
Adecoagro SA†		5,907		46,843
BrasilAgro - Co. Brasileira de Propriedades Agricolas		27,250		98,845
Camil Alimentos SA		62,050		62,064
M Dias Branco SA		74,100		322,782
Minerva SA		277,700		291,902
Sao Martinho SA *		84,400		231,680
SLC Agricola SA		102,100		298,452
Tres Tentos Agroindustrial SA		73,550		221,606
				1,574,174
Health Care Equipment & Services: 4.3%
Fleury SA		177,737		486,455
Hospital Mater Dei SA		37,400		35,813
Odontoprev SA		148,290		302,907
Oncoclinicas do Brasil Servicos Medicos SA*		238,050		117,727
				942,902
Insurance: 1.5%
IRB-Brasil Resseguros SA*		32,423		317,013
Materials: 7.6%
Braskem SA (ADR)*		28,537		84,184
Cia Brasileira de Aluminio *		119,250		155,163
Dexco SA		233,408		212,267
ERO Copper Corp. * †		39,015		1,103,734
Irani Papel e Embalagem SA		66,700		105,592
				1,660,940
Mining: 0.0%
ESG Minerals Ltd.∞		26,308		702
Pharmaceuticals, Biotechnology & Life Sciences: 0.2%
Blau Farmaceutica SA		19,050		48,890
Real Estate Management & Development: 5.1%
Iguatemi SA		127,950		596,279
JHSF Participacoes SA		193,150		278,579
LOG Commercial Properties e Participacoes SA		16,100		70,771
Moura Dubeux Engenharia S/A		31,100		155,494
				1,101,123

	Number of Shares		Value
Software & Services: 1.4%
LWSA SA 144A		153,800	$	119,631
Sonda SA		221,257		84,085
VTEX*		29,274		110,070
				313,786
Technology Hardware & Equipment: 2.1%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		54,200		114,444
Ituran Location and Control Ltd.		7,991		343,693
				458,137
Telecommunication Services: 0.0%
OI SA*		1		0
Transportation: 4.7%
EcoRodovias Infraestrutura e Logistica SA		193,290		372,721
Hidrovias do Brasil SA *		160,715		107,779
Movida Participacoes SA		84,250		149,272
SIMPAR SA		180,500		170,284
Tegma Gestao Logistica SA		9,000		60,744
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*		280,950		164,599
				1,025,399
Utilities: 12.5%
Alupar Investimento SA		133,093		771,772
Auren Energia SA		192,300		416,839
Cia de Saneamento de Minas Gerais Copasa MG		101,038		808,100
Cia De Sanena Do Parana *		90,900		664,693
Light SA*		79,200		68,031
				2,729,435
Total Common Stocks (Cost: $16,126,015)				18,824,992

PREFERRED SECURITIES: 13.0%
Banks: 4.2%
Banco ABC Brasil SA^*		53,898		232,842
Banco do Estado do Rio Grande do Sul SA		119,650		332,340
Banco Pan SA^*		169,800		350,210
				915,392
Capital Goods: 2.5%
Marcopolo SA		415,294		451,982
Randoncorp SA		92,600		95,170
				547,152
Consumer Discretionary Distribution & Retail: 0.4%
Raizen SA^*		594,050		87,786
Consumer Durables & Apparel: 1.0%
Alpargatas SA		95,350		207,430
Materials: 4.9%
Bradespar SA		94,900		343,511
Cia de Ferro Ligas da Bahia FERBASA^*		82,100		103,535
Unipar Carbocloro SA		30,100		317,173

VanEck AA-BB CLO ETF

Ticker: CLOB | NYSE Arca, Inc.

Annual Shareholder Report - December 31, 2025

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VanEck Africa Index ETF

Ticker: AFK | NYSE Arca, Inc.

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VanEck Agribusiness ETF

Ticker: MOO | NYSE Arca, Inc.

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VanEck BDC Income ETF

Ticker: BIZD | NYSE Arca, Inc.

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VanEck Brazil Small-Cap ETF

Ticker: BRF | NYSE Arca, Inc.

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VanEck China Bond ETF

Ticker: CBON | NYSE Arca, Inc.

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	Number of Shares		Value
Materials (continued)
Usinas Siderurgicas de Minas Gerais SA Usiminas^*		291,200	$	314,657
				1,078,876
Total Preferred Securities (Cost: $2,527,751)				2,836,636

RIGHTS: 0.0%
Financial Services: 0.0%
Banco ABC Brasil SA BRL 19.70, exp. 02/02/26*		3,563		2,603
Health Care Equipment & Services: 0.0%
Empreendimentos Pague Menos SA BRL 3.30, exp. 01/27/26*		4,667		485

Total Rights (Cost: $0)				3,088

Total Investments Before Collateral for Securities Loaned: 99.4% (Cost: $18,653,766)				21,664,716

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $524,099)
State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a)		524,099		524,099

Total Investments: 101.8% (Cost: $19,177,865)				22,188,815
Liabilities in excess of other assets: (1.8)%				(390,023)
NET ASSETS: 100.0%			$	21,798,792

	Number of Shares		Value
Health Care Equipment & Services: 4.8%
Aier Eye Hospital Group Co. Ltd.		307,900	$	484,230
Intco Medical Technology Co. Ltd.		29,700		165,496
Jafron Biomedical Co. Ltd.		30,200		85,034
Lepu Medical Technology Beijing Co. Ltd.		83,800		189,748
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		43,100		1,176,691
Shenzhen New Industries Biomedical Engineering Co. Ltd.		24,200		195,020
Winner Medical Co. Ltd.		12,700		68,814
Winning Health Technology Group Co. Ltd.		126,100		159,239
				2,524,272
Household & Personal Products: 0.4%
By-health Co. Ltd.		69,200		118,978
Yunnan Botanee Bio-Technology Group Co. Ltd.		13,700		77,718
				196,696
Materials: 3.4%
Hubei Dinglong Co. Ltd.		48,700		262,296
Hubei Feilihua Quartz Glass Co. Ltd.		29,700		426,378
Jiangsu Nata Opto-electronic Material Co. Ltd.		41,900		257,321
Shandong Sinocera Functional Material Co. Ltd.		57,500		225,761
Shenzhen Capchem Technology Co. Ltd.		33,800		253,627
Sunresin New Materials Co. Ltd.		17,500		154,752
Weihai Guangwei Composites Co. Ltd.		37,800		213,616
				1,793,751
Media & Entertainment: 2.2%
Beijing Enlight Media Co. Ltd.		100,400		235,926
Bluefocus Intelligent Communications Group Co. Ltd. *		255,300		421,622
Kunlun Tech Co. Ltd. *		60,300		360,953
Mango Excellent Media Co. Ltd.		43,600		152,635
				1,171,136
Pharmaceuticals, Biotechnology & Life Sciences: 4.0%
Betta Pharmaceuticals Co. Ltd.		18,200		121,529
BGI Genomics Co. Ltd. *		18,900		122,821
Chongqing Zhifei Biological Products Co. Ltd. *		79,600		215,068
CSPC Innovation Pharmaceutical Co. Ltd.		26,100		134,841
Hangzhou Tigermed Consulting Co. Ltd.		37,500		304,550
Hebei Changshan Biochemical Pharmaceutical Co. Ltd. *		46,900		416,967
Imeik Technology Development Co. Ltd.		9,680		196,576
Pharmaron Beijing Co. Ltd.		66,700		271,636

	Number of Shares		Value
Technology Hardware & Equipment (continued)
Sharetronic Data Technology Co. Ltd.		16,100	$	388,721
Shenzhen Everwin Precision Technology Co. Ltd.		66,900		445,680
Shenzhen Longsys Electronics Co. Ltd. *		11,500		402,164
Shenzhen Sunway Communication Co. Ltd.		57,100		507,221
Suzhou TFC Optical Communication Co. Ltd.		31,236		903,002
Victory Giant Technology Huizhou Co. Ltd.		43,200		1,767,271
Wuhan Jingce Electronic Group Co. Ltd. *		13,800		180,216
Yealink Network Technology Corp. Ltd.		33,600		171,641
Zhongji Innolight Co. Ltd.		60,500		5,262,823
				16,322,426
Total Common Stocks (Cost: $36,109,794)				52,819,972

Total Investments: 99.9% (Cost: $36,109,794)				52,819,972
Other assets less liabilities: 0.1%				62,328
NET ASSETS: 100.0%			$	52,882,300

	Par (000’s)		Value
Short-Term Investments: 111.4%
United States Treasury Obligations: 99.0%
United States Treasury Bills (y)
3.57%, 06/11/26	$	125	$	123,070
3.63%, 06/04/26		170		167,495
3.71%, 05/28/26		40		39,432
3.74%, 04/02/26 #		125		123,891
3.74%, 05/21/26		100		98,657
3.75%, 04/16/26		100		98,984
3.76%, 03/19/26		100		99,261
3.77%, 03/12/26 #		25		24,830
3.90%, 03/05/26 #		325		323,028
3.93%, 02/26/26 # †		250		248,631

	Par (000’s)		Value
United States Treasury Obligations (continued)
3.99%, 02/12/26	$	125	$	124,490
4.00%, 02/19/26 #		350		348,342
4.03%, 01/29/26		150		149,604
4.04%, 02/05/26		150		149,500
4.18%, 01/22/26		250		249,508
				2,368,723

		Number of Shares		Value
Money Market Fund: 12.4%
Invesco Treasury Portfolio - Institutional Class 3.64%(a)		296,257		296,257

Total Short-Term Investments: 111.4% (Cost: $2,663,622)				2,664,980
Liabilities in excess of other assets: (11.4)%				(273,770)
NET ASSETS: 100.0%			$	2,391,210

#	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $372,589.
(a)	The rate shown is the 7-day yield as of 12/31/25.
(b)	The rate shown reflects the rate in effect at December 31, 2025: Secured Overnight Financing Rate + 0.40%.
(y)	The rate shown is the calculated yield to maturity.
†	Security fully or partially on loan. Total market value of securities on loan is $179,015.

	Number of Shares		Value
Indonesia: 1.9%
Amman Mineral Internasional PT *		1,139,300	$	438,630
Merdeka Copper Gold Tbk PT *		1,076,600		146,679
				585,309
Japan: 2.5%
Mitsubishi Materials Corp. †		7,700		180,602
Sumitomo Metal Mining Co. Ltd.		15,100		604,252
				784,854
Liechtenstein: 4.2%
Antofagasta PLC (GBP)		30,202		1,323,784
Mexico: 9.4%
Grupo Mexico SAB de CV		207,400		1,961,357
Southern Copper Corp. (USD)		7,078		1,015,481
				2,976,838
Poland: 2.2%
KGHM Polska Miedz SA *		8,955		694,780
Russia: 0.0%
GMK Norilskiy Nickel PAO *∞		440,500		0
GMK Norilskiy Nickel PAO (ADR) *∞		2		0
				0
South Africa: 16.8%
Anglo American PLC (GBP)		52,974		2,186,422
Impala Platinum Holdings Ltd.		50,439		792,178
Northam Platinum Holdings Ltd.		21,371		433,419
Sibanye Stillwater Ltd. (ADR) *		43,358		617,852
Valterra Platinum Ltd.		14,796		1,252,295
				5,282,166
Sweden: 3.2%
Boliden AB *		18,308		1,012,842
United Kingdom: 1.0%
Johnson Matthey PLC		10,694		306,120
United States: 11.7%
Albemarle Corp.		4,901		693,197
Freeport-McMoRan, Inc.		50,002		2,539,602
MP Materials Corp. * †		8,354		422,044
				3,654,843
Zambia: 3.9%
First Quantum Minerals Ltd. (CAD) *		45,215		1,213,870

Total Common Stocks (Cost: $23,949,490)				31,471,403

	Number of Shares		Value
COMMON STOCKS: 99.7%
Capital Goods: 0.6%
IndiaMart InterMesh Ltd. 144A		2,355	$	58,298
Zen Technologies Ltd.		3,773		57,568
				115,866
Commercial & Professional Services: 2.7%
Computer Age Management Services Ltd.		21,118		174,357
eClerx Services Ltd.		1,463		76,421
Firstsource Solutions Ltd.		22,585		84,416
L&T Technology Services Ltd. 144A		1,717		85,316
Sagility Ltd.		131,733		76,247
				496,757
Consumer Discretionary Distribution & Retail: 0.6%
Cartrade Tech Ltd.*		3,709		116,721
Consumer Durables & Apparel: 2.5%
Dixon Technologies India Ltd.		3,361		453,458
Consumer Services: 10.8%
Eternal Ltd.*		320,163		992,179
MakeMyTrip Ltd. *		4,061		333,489
Swiggy Ltd.*		148,849		640,754
				1,966,422
Energy: 8.1%
Reliance Industries Ltd. 144A (GDR)		21,493		1,504,900
Financial Services: 8.7%
Angel One Ltd.		5,112		133,427
Indian Energy Exchange Ltd. 144A		37,258		55,690
Jio Financial Services Ltd.		249,206		818,476
Kfin Technologies Ltd.		8,674		104,663
One 97 Communications Ltd.*		34,903		504,819
				1,617,075
Health Care Equipment & Services: 0.5%
Inventurus Knowledge Solutions Ltd.*		5,267		97,144
Insurance: 3.8%
PB Fintech Ltd.*		34,274		697,081
Media & Entertainment: 3.4%
Affle 3i Ltd.*		5,398		108,161
Info Edge India Ltd.		34,282		508,907
				617,068
Software & Services: 41.9%
Birlasoft Ltd.		12,351		59,568
Coforge Ltd.		23,125		428,430
Cyient Ltd.		6,158		76,723
HCL Technologies Ltd.		59,382		1,073,234
Hexaware Technologies Ltd.		13,026		111,001
Infosys Ltd. (ADR)		70,980		1,264,864
Intellect Design Arena Ltd.		5,936		64,191
KPIT Technologies Ltd.		14,260		186,187
LTIMindtree Ltd. 144A		5,815		392,747
Mphasis Ltd.		7,473		231,947
Oracle Financial Services Software Ltd.		2,003		171,612

	Number of Shares		Value
Software & Services (continued)
Persistent Systems Ltd.		8,744	$	610,455
Tata Consultancy Services Ltd.		33,605		1,200,679
Tata Elxsi Ltd.		2,975		173,643
Tata Technologies Ltd.		15,568		111,493
Tech Mahindra Ltd.		45,946		813,825
Wipro Ltd. (ADR)		241,422		685,638
Zensar Technologies Ltd.		8,724		68,324
				7,724,561
Technology Hardware & Equipment: 1.5%
Kaynes Technology India Ltd.*		2,629		117,400
Redington Ltd.		44,665		135,461
Tejas Networks Ltd. 144A		6,961		34,904
				287,765
Telecommunication Services: 14.6%
Bharti Airtel Ltd.		63,816		1,497,856
Bharti Hexacom Ltd.		6,395		129,988
HFCL Ltd.		73,813		55,742
Indus Towers Ltd. *		112,482		524,586
Tata Communications Ltd.		9,964		202,364
Vodafone Idea Ltd.*		2,309,690		276,895
				2,687,431
Total Common Stocks (Cost: $15,688,840)				18,382,249

Total Investments: 99.7% (Cost: $15,688,840)				18,382,249
Other assets less liabilities: 0.3%				49,651
NET ASSETS: 100.0%			$	18,431,900

	Number of Shares		Value
Mexico: 4.1%
Fresnillo PLC (GBP)		9,320,320	$	414,702,835
Industrias Penoles SAB de CV *		9,451,398		497,678,831
Orla Mining Ltd. (USD) * †		10,517,364		141,668,893
				1,054,050,559
Peru: 0.9%
Cia de Minas Buenaventura SAA (ADR)		8,761,515		243,832,962
South Africa: 6.3%
Gold Fields Ltd. (ADR) †		28,613,101		1,249,247,990
Harmony Gold Mining Co. Ltd. (ADR) †		19,652,474		391,084,232
				1,640,332,222
Turkey: 1.1%
Eldorado Gold Corp. (USD) *		7,827,465		281,162,543
United Kingdom: 6.6%
Anglogold Ashanti PLC (USD) †		14,907,922		1,271,347,588
Endeavour Mining PLC		8,181,284		426,531,703
				1,697,879,291
United States: 14.4%
Coeur Mining, Inc. *		22,421,139		399,768,908
Hecla Mining Co.		21,361,183		409,921,102
Newmont Corp.		22,702,076		2,266,802,289
Royal Gold, Inc.		2,860,611		635,885,219
				3,712,377,518
Total Common Stocks (Cost: $14,009,901,989)				25,781,541,683

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $64,968,841)
State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a)		64,968,841		64,968,841

Total Investments: 100.2% (Cost: $14,074,870,830)				25,846,510,524
Liabilities in excess of other assets: (0.2)%				(45,282,751)
NET ASSETS: 100.0%			$	25,801,227,773