VanEck Biotech ETF

Ticker: BBH

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Biotech ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Biotech ETF	$17	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$365,936,852
Number of Portfolio Holdings25
Portfolio Turnover Rate7%
Advisory Fees Paid$712,592

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Pharmaceuticals		2.9%
Life Sciences Tools & Services		16.9%
Biotechnology		80.2%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Amgen, Inc.		16.5%
Gilead Sciences, Inc.		12.6%
Vertex Pharmaceuticals, Inc.		11.1%
Regeneron Pharmaceuticals, Inc.		5.2%
Argenx SE		5.2%
Natera, Inc.		4.5%
Alnylam Pharmaceuticals, Inc.		4.4%
IQVIA Holdings, Inc.		4.4%
ICON PLC		3.6%
Biogen, Inc.		3.4%

Need Additional Information?

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/

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/.

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Commodity Strategy ETF

Ticker: PIT

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Commodity Strategy ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$30,552,801
Number of Portfolio Holdings31
Portfolio Turnover Rate-%
Advisory Fees Paid$73,995

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		8.7%
Government		91.3%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on futures contracts of 2.8%

Need Additional Information?

Investment Adviser:	Van Eck Absolute Return Advisers Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Digital Transformation ETF

Ticker: DAPP

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Digital Transformation ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Digital Transformation ETF	$23	0.52%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$130,727,675
Number of Portfolio Holdings21
Portfolio Turnover Rate28%
Advisory Fees Paid$454,713

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Consumer Discretionary		5.7%
Financials		28.7%
Information Technology		65.7%

Top Ten Holdings (% of Total Net Assets)

MicroStrategy, Inc.		9.6%
Coinbase Global, Inc.		7.9%
Block, Inc.		7.5%
MARA Holdings, Inc.		6.3%
Metaplanet, Inc.		5.7%
Riot Platforms, Inc.		5.5%
Core Scientific, Inc.		5.3%
Defi Technologies, Inc.		4.9%
Hut 8 Corp.		4.7%
Cleanspark, Inc.		4.6%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Durable High Dividend ETF

Ticker: DURA

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Durable High Dividend ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Durable High Dividend ETF	$15	0.30%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$47,762,317
Number of Portfolio Holdings62
Portfolio Turnover Rate31%
Advisory Fees Paid$70,120

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.8%
Communication Services		4.9%
Information Technology		4.9%
Materials		6.9%
Consumer Discretionary		7.1%
Utilities		7.3%
Financials		9.7%
Industrials		11.1%
Health Care		14.3%
Consumer Staples		14.6%
Energy		18.4%

Top Ten Holdings (% of Total Net Assets)

Exxon Mobil Corp.		5.3%
Chevron Corp.		5.1%
Verizon Communications, Inc.		4.9%
Johnson & Johnson		4.8%
Altria Group, Inc.		4.7%
McDonald's Corp.		4.6%
PepsiCo, Inc.		4.6%
Pfizer, Inc.		4.5%
Texas Instruments, Inc.		4.5%
Merck & Co., Inc.		4.3%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Energy Income ETF

Ticker: EINC

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Energy Income ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Energy Income ETF	$25	0.46%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$83,894,793
Number of Portfolio Holdings31
Portfolio Turnover Rate7%
Advisory Fees Paid$163,235

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

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

Top Ten Holdings (% of Total Net Assets)

The Williams Companies, Inc.		8.1%
Enbridge, Inc.		8.0%
ONEOK, Inc.		7.2%
Cheniere Energy, Inc.		6.7%
Kinder Morgan, Inc.		6.2%
TC Energy Corp.		5.3%
Targa Resources Corp.		5.1%
Enterprise Products Partners LP		4.5%
Pembina Pipeline Corp.		4.5%
DT Midstream, Inc.		4.4%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Environmental Services ETF

Ticker: EVX

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Environmental Services ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Environmental Services ETF	$27	0.55%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$80,019,618
Number of Portfolio Holdings22
Portfolio Turnover Rate13%
Advisory Fees Paid$172,643

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Health Care		4.1%
Consumer Staples		4.4%
Energy		4.5%
Materials		15.6%
Industrials		71.3%

Top Ten Holdings (% of Total Net Assets)

Waste Connections, Inc.		10.3%
Republic Services, Inc.		10.2%
Waste Management, Inc.		10.1%
Ecolab, Inc.		9.9%
Aris Water Solutions, Inc.		4.5%
Darling Ingredients, Inc.		4.4%
Casella Waste Systems, Inc.		4.3%
GFL Environmental, Inc.		4.2%
Clean Harbors, Inc.		4.2%
ABM Industries, Inc.		4.2%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Fabless Semiconductor ETF

Ticker: SMHX

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Fabless Semiconductor ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Fabless Semiconductor ETF	$17	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$34,411,487
Number of Portfolio Holdings22
Portfolio Turnover Rate12%
Advisory Fees Paid$47,359

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Application Software		10.3%
Semiconductors		89.7%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

NVIDIA Corp.		19.8%
Broadcom, Inc.		13.7%
Advanced Micro Devices, Inc.		5.4%
Qualcomm, Inc.		5.3%
Synopsys, Inc.		5.2%
Cadence Design Systems, Inc.		5.1%
Monolithic Power Systems, Inc.		4.7%
Rambus, Inc.		4.5%
ARM Holdings Plc		4.5%
Marvell Technology, Inc.		4.2%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Gaming ETF

Ticker: BJK

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Gaming ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Gaming ETF	$30	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$25,406,186
Number of Portfolio Holdings31
Portfolio Turnover Rate6%
Advisory Fees Paid$54,948

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Real Estate		12.3%
Consumer Discretionary		87.8%

Top Ten Holdings (% of Total Net Assets)

Aristocrat Leisure Ltd.		8.0%
Flutter Entertainment PLC		7.9%
VICI Properties, Inc.		7.5%
DraftKings, Inc.		5.9%
Las Vegas Sands Corp.		5.7%
Evolution AB		5.4%
Galaxy Entertainment Group Ltd.		5.1%
Churchill Downs, Inc.		4.9%
Gaming and Leisure Properties, Inc.		4.8%
Wynn Resorts Ltd.		4.4%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Green Infrastructure ETF

Ticker: RNEW

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Green Infrastructure ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Green Infrastructure ETF	$23	0.47%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,775,208
Number of Portfolio Holdings42
Portfolio Turnover Rate11%
Advisory Fees Paid$4,223

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Materials		5.7%
Information Technology		11.0%
Energy		14.2%
Consumer Discretionary		16.2%
Utilities		17.0%
Industrials		35.8%

Top Ten Holdings (% of Total Net Assets)

Republic Services, Inc.		6.4%
Cheniere Energy Partners LP		6.3%
Waste Management, Inc.		6.0%
Cheniere Energy, Inc.		6.0%
Ecolab, Inc.		5.7%
Rivian Automotive, Inc.		4.9%
Enphase Energy, Inc.		4.7%
Donaldson Co., Inc.		4.6%
Clean Harbors, Inc.		4.4%
Quanta Services, Inc.		4.2%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Real Assets ETF

Ticker: RAAX

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Real Assets ETF (the "Fund") (formerly known as VanEck Inflation Allocation ETF) for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$105,041,273
Number of Portfolio Holdings13
Portfolio Turnover Rate8%
Advisory Fees Paid$138,748

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Income Assets		26.4%
Financial Assets		27.1%
Resource Assets		46.1%

Top Ten Holdings (% of Total Net Assets)

VanEck Merk Gold ETF		25.0%
VanEck Commodity Strategy ETF		21.9%
VanEck Energy Income ETF		12.5%
Energy Select Sector SPDR Fund		11.9%
Materials Select Sector SPDR Fund		8.7%
Global X US Infrastructure Development ETF		7.1%
iShares Residential and Multisector Real Estate ETF		6.8%
VanEck Uranium and Nuclear ETF		2.4%
VanEck Gold Miners ETF		1.4%
Invesco Water Resources ETF		1.2%

Need Additional Information?

Investment Adviser:	Van Eck Absolute Return Advisers Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Long/Flat Trend ETF

Ticker: LFEQ

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Long/Flat Trend ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Long/Flat Trend ETF	$27	0.55%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$24,847,250
Number of Portfolio Holdings1
Portfolio Turnover Rate0%
Advisory Fees Paid$34,287

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.3%
Exchanged Traded Fund		99.7%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar ESG Moat ETF

Ticker: MOTE

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar ESG Moat ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar ESG Moat ETF	$24	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$5,999,341
Number of Portfolio Holdings63
Portfolio Turnover Rate11%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Real Estate		1.3%
Materials		3.7%
Communication Services		5.9%
Consumer Discretionary		8.6%
Industrials		11.8%
Consumer Staples		12.0%
Financials		15.3%
Health Care		19.8%
Information Technology		21.7%

Top Ten Holdings (% of Total Net Assets)

Yum! Brands, Inc.		3.1%
Veeva Systems, Inc.		3.1%
Tyler Technologies, Inc.		2.9%
Allegion Plc		2.7%
Equifax, Inc.		2.6%
PepsiCo, Inc.		2.5%
Masco Corp.		2.6%
TransUnion		2.5%
Walt Disney Co.		2.5%
Thermo Fisher Scientific, Inc.		2.4%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar Global Wide Moat ETF

Ticker: MOTG

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar Global Wide Moat ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar Global Wide Moat ETF	$26	0.53%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$15,596,012
Number of Portfolio Holdings74
Portfolio Turnover Rate38%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Materials		5.8%
Communication Services		7.6%
Consumer Discretionary		8.9%
Information Technology		9.3%
Financials		11.9%
Consumer Staples		12.7%
Health Care		16.5%
Industrials		27.4%

Top Ten Holdings (% of Total Net Assets)

Rheinmetall AG		3.0%
Tencent Holdings Ltd.		2.2%
Corteva, Inc.		2.1%
Toronto-Dominion Bank		2.1%
GSK Plc		2.1%
JD.com, Inc.		2.1%
Yum China Holdings, Inc.		2.1%
British American Tobacco Plc		2.0%
Brambles Ltd.		2.0%
Roche Holding AG		2.0%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar International Moat ETF

Ticker: MOTI

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar International Moat ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar International Moat ETF	$29	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$167,322,763
Number of Portfolio Holdings47
Portfolio Turnover Rate68%
Advisory Fees Paid$417,083

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.2)%
Materials		2.3%
Information Technology		4.5%
Communication Services		5.3%
Financials		8.5%
Consumer Discretionary		12.8%
Health Care		13.6%
Industrials		23.3%
Consumer Staples		29.9%

Top Ten Holdings (% of Total Net Assets)

Rheinmetall AG		3.7%
Alibaba Group Holding Ltd.		3.0%
Allegro.eu SA		2.7%
Tencent Holdings Ltd.		2.7%
Anheuser-Busch InBev SA		2.6%
Reckitt Benckiser Group Plc		2.6%
Sanofi SA		2.6%
GSK Plc		2.6%
JD.com, Inc.		2.7%
Yum China Holdings, Inc.		2.6%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar SMID Moat ETF

Ticker: SMOT

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar SMID Moat ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar SMID Moat ETF	$24	0.49%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$416,664,728
Number of Portfolio Holdings105
Portfolio Turnover Rate40%
Advisory Fees Paid$909,391

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Real Estate		1.4%
Energy		3.0%
Communication Services		4.1%
Consumer Staples		4.4%
Utilities		4.6%
Materials		9.4%
Financials		11.0%
Information Technology		12.2%
Health Care		14.5%
Industrials		15.7%
Consumer Discretionary		19.6%

Top Ten Holdings (% of Total Net Assets)

Hess Corp.		1.6%
Corteva, Inc.		1.5%
SS&C Technologies Holdings, Inc.		1.5%
Edwards Lifesciences Corp.		1.4%
Portland General Electric Co.		1.4%
CNH Industrial NV		1.4%
Western Union Co.		1.4%
LPL Financial Holdings, Inc.		1.4%
The Campbell's Co.		1.4%
Allegion Plc		1.4%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar Wide Moat ETF

Ticker: MOAT

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar Wide Moat ETF	$22	0.46%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$13,460,594,554
Number of Portfolio Holdings53
Portfolio Turnover Rate25%
Advisory Fees Paid$34,465,368

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Consumer Discretionary		3.4%
Communication Services		4.6%
Materials		5.2%
Financials		6.3%
Consumer Staples		14.1%
Industrials		18.1%
Information Technology		22.3%
Health Care		25.9%

Top Ten Holdings (% of Total Net Assets)

Zimmer Biomet Holdings, Inc.		2.8%
Huntington Ingalls Industries, Inc.		2.8%
Corteva, Inc.		2.8%
Boeing Co.		2.7%
Pfizer, Inc.		2.6%
The Campbell's Co.		2.6%
Allegion Plc		2.6%
MarketAxess Holdings, Inc.		2.6%
Veeva Systems, Inc.		2.6%
GE HealthCare Technologies, Inc.		2.6%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar Wide Moat Growth ETF

Ticker: MGRO

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Growth ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar Wide Moat Growth ETF	$25	0.54%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$706,330
Number of Portfolio Holdings42
Portfolio Turnover Rate24%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Materials		2.4%
Financials		5.1%
Communication Services		6.1%
Consumer Discretionary		6.3%
Consumer Staples		8.9%
Health Care		15.6%
Industrials		18.8%
Information Technology		36.8%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Veeva Systems, Inc.		5.2%
MarketAxess Holdings, Inc.		5.1%
Monolithic Power Systems, Inc.		4.9%
Microsoft Corp.		4.7%
TransUnion		4.6%
Teradyne, Inc.		4.2%
Yum! Brands, Inc.		3.4%
Allegion Plc		3.3%
Equifax, Inc.		2.8%
West Pharmaceutical Services, Inc.		2.8%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Morningstar Wide Moat Value ETF

Ticker: MVAL

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Value ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Morningstar Wide Moat Value ETF	$24	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$4,734,033
Number of Portfolio Holdings39
Portfolio Turnover Rate25%
Advisory Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.1%
Communication Services		4.5%
Financials		4.7%
Consumer Discretionary		5.4%
Materials		7.0%
Information Technology		10.3%
Consumer Staples		18.5%
Industrials		20.2%
Health Care		29.3%

Top Ten Holdings (% of Total Net Assets)

Zimmer Biomet Holdings, Inc.		4.9%
Huntington Ingalls Industries, Inc.		4.9%
Boeing Co.		4.7%
Pfizer, Inc.		4.6%
The Campbell's Co.		4.6%
Danaher Corp.		4.3%
International Flavors & Fragrances, Inc.		4.2%
NXP Semiconductors N.V.		4.1%
NIKE, Inc.		3.8%
Thermo Fisher Scientific, Inc.		3.0%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Pharmaceutical ETF

Ticker: PPH

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Pharmaceutical ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Pharmaceutical ETF	$18	0.36%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$668,742,363
Number of Portfolio Holdings26
Portfolio Turnover Rate12%
Advisory Fees Paid$1,086,853

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Personal Care Products		4.6%
Biotechnology		6.6%
Health Care Distributors		10.2%
Pharmaceuticals		78.2%

Top Ten Holdings (% of Total Net Assets)

Eli Lilly & Co.		11.9%
Johnson & Johnson		6.6%
AbbVie, Inc.		6.6%
Novartis AG		5.1%
Cencora, Inc.		4.9%
AstraZeneca PLC		4.9%
Merck & Co., Inc.		4.8%
Sanofi SA		4.8%
McKesson Corp.		4.7%
Novo Nordisk A/S		4.7%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Retail ETF

Ticker: RTH

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Retail ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Retail ETF	$18	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$232,877,202
Number of Portfolio Holdings25
Portfolio Turnover Rate4%
Advisory Fees Paid$404,219

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.2)%
Health Care		13.9%
Consumer Staples		27.8%
Consumer Discretionary		58.5%

Top Ten Holdings (% of Total Net Assets)

Amazon.com, Inc.		18.8%
Walmart, Inc.		8.8%
Costco Wholesale Corp.		8.7%
The Home Depot, Inc.		7.5%
The TJX Companies, Inc.		5.2%
O'Reilly Automotive, Inc.		4.8%
McKesson Corp.		4.6%
CVS Health Corp.		4.6%
Lowe's Companies, Inc.		4.5%
JD.com, Inc.		4.5%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Robotics ETF

Ticker: IBOT

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Robotics ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Robotics ETF	$22	0.47%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$14,731,515
Number of Portfolio Holdings64
Portfolio Turnover Rate10%
Advisory Fees Paid$30,400

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.4%
Energy		1.1%
Health Care		1.8%
Consumer Discretionary		2.5%
Industrials		34.3%
Information Technology		59.9%

Top Ten Holdings (% of Total Net Assets)

Siemens AG		6.3%
ASML Holding N.V.		5.2%
Keyence Corp.		5.1%
ABB Ltd.		4.9%
Dassault Systemes SE		4.7%
Emerson Electric Co.		4.5%
NVIDIA Corp.		4.3%
Autodesk, Inc.		4.0%
Hexagon AB		3.2%
Teledyne Technologies, Inc.		2.8%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Semiconductor ETF

Ticker: SMH

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Semiconductor ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$19,140,062,517
Number of Portfolio Holdings26
Portfolio Turnover Rate5%
Advisory Fees Paid$40,879,952

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Application Software		6.5%
Semiconductor Materials & Equipment		18.0%
Semiconductors		75.5%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

NVIDIA Corp.		19.6%
Taiwan Semiconductor Manufacturing Co. Ltd.		11.1%
Broadcom, Inc.		7.8%
Qualcomm, Inc.		5.3%
ASML Holding N.V.		4.9%
Texas Instruments, Inc.		4.8%
Advanced Micro Devices, Inc.		4.8%
Analog Devices, Inc.		4.6%
Applied Materials, Inc.		4.6%
KLA Corp.		4.3%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Social Sentiment ETF

Ticker: BUZZ

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

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Social Sentiment ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Social Sentiment ETF	$39	0.77%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$47,972,852
Number of Portfolio Holdings76
Portfolio Turnover Rate142%
Advisory Fees Paid$216,783

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Other Investments		0.9%
Health Care		5.3%
Industrials		6.5%
Consumer Staples		7.8%
Financials		12.6%
Communication Services		14.9%
Consumer Discretionary		19.8%
Information Technology		32.2%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Celsius Holdings, Inc.		3.9%
Robinhood Markets, Inc.		3.4%
MicroStrategy, Inc.		3.2%
Tesla, Inc.		3.2%
Palantir Technologies, Inc.		3.1%
Apple, Inc.		3.1%
Advanced Micro Devices, Inc.		3.1%
SoFi Technologies, Inc.		3.0%
GameStop Corp.		3.0%
Amazon.com, Inc.		2.9%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

VanEck Video Gaming and eSports ETF

Ticker: ESPO

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about the VanEck Video Gaming and eSports ETF (the "Fund") for the period October 1, 2024 to March 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$298,472,451
Number of Portfolio Holdings26
Portfolio Turnover Rate27%
Advisory Fees Paid$706,148

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Consumer Discretionary		13.5%
Information Technology		15.0%
Communication Services		71.6%

Top Ten Holdings (% of Total Net Assets)

AppLovin Corp.		7.9%
Tencent Holdings Ltd.		7.9%
Nintendo Co. Ltd.		7.1%
NetEase, Inc.		6.5%
Roblox Corp.		6.2%
Take-Two Interactive Software, Inc.		5.6%
Electronic Arts, Inc.		5.4%
Capcom Co. Ltd.		4.9%
Konami Group Corp.		4.7%
GameStop Corp.		4.6%

Need Additional Information?

Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation 666 Third Avenue New York, NY 10017
Account Assistance:	800.826.2333

March 31, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND

OTHER INFORMATION

BBH	\|	Biotech ETF
DAPP	\|	Digital Transformation ETF
EINC	\|	Energy Income ETF
EVX	\|	Environmental Services ETF
SMHX	\|	Fabless Semiconductor ETF
BJK	\|	Gaming ETF
RNEW	\|	Green Infrastructure ETF
PPH	\|	Pharmaceutical ETF
RTH	\|	Retail ETF
IBOT	\|	Robotics ETF
SMH	\|	Semiconductor ETF
ESPO	\|	Video Gaming and eSports ETF


	800.826.2333	vaneck.com


Schedule of Investments
Biotech ETF	3
Digital Transformation ETF	4
Energy Income ETF	5
Environmental Services ETF	6
Fabless Semiconductor ETF	7
Gaming ETF	8
Green Infrastructure ETF	10
Pharmaceutical ETF	12
Retail ETF	13
Robotics ETF	14
Semiconductor ETF	16
Video Gaming and eSports ETF	17
Statements of Assets and Liabilities	19
Statements of Operations	22
Statements of Changes in Net Assets	25
Financial Highlights
Biotech ETF	31
Digital Transformation ETF	32
Energy Income ETF	33
Environmental Services ETF	34
Fabless Semiconductor ETF	35
Gaming ETF	36
Green Infrastructure ETF	37
Pharmaceutical ETF	38
Retail ETF	39
Robotics ETF	40
Semiconductor ETF	41
Video Gaming and eSports ETF	42
Notes to Financial Statements	43
Changes In and Disagreements with Accountants	52
Proxy Disclosures	52
Remuneration Paid to Directors, Officers and Others	52
Approval of Investment Management Agreement	53

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 2.2%
BeiGene Ltd. (ADR) *		29,603	$	8,057,049
Germany: 2.3%
BioNTech SE (ADR) *		93,069		8,474,863
Ireland: 3.6%
ICON PLC (USD) *		74,581		13,050,929
United States: 91.9%
Alnylam Pharmaceuticals, Inc. *		59,779		16,141,526
Amgen, Inc.		193,343		60,236,012
Argenx SE (ADR) *		31,891		18,875,167
Biogen, Inc. *		91,100		12,466,124
BioMarin Pharmaceutical, Inc. *		95,754		6,768,850
Bio-Techne Corp.		117,434		6,885,155
Charles River Laboratories International, Inc. *		36,963		5,563,671
Exact Sciences Corp. * †		104,422		4,520,428
Gilead Sciences, Inc.		412,822		46,256,705

	Number of Shares		Value
United States (continued)
Illumina, Inc. *		124,026	$	9,840,223
Incyte Corp. *		99,076		5,999,052
Insmed, Inc. * †		123,552		9,425,782
Intra-Cellular Therapies, Inc. *		80,052		10,560,460
IQVIA Holdings, Inc. *		91,553		16,140,794
Moderna, Inc. *		278,853		7,905,482
Natera, Inc. *		115,349		16,311,502
Neurocrine Biosciences, Inc. *		72,062		7,970,057
QIAGEN N.V. *		137,668		5,527,370
Regeneron Pharmaceuticals, Inc.		30,038		19,051,001
Repligen Corp. * †		37,682		4,794,658
Sarepta Therapeutics, Inc. *		70,131		4,475,760
Vertex Pharmaceuticals, Inc. *		83,907		40,679,792
				336,395,571
Total Common Stocks (Cost: $396,159,382)				365,978,412
Total Investments: 100.0% (Cost: $396,159,382)				365,978,412
Liabilities in excess of other assets: 0.0%				(41,560)
NET ASSETS: 100.0%			$	365,936,852

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $12,850,008.

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	365,978,412			$	—			$	—			$	365,978,412

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.3%
IREN Ltd. (USD) * †		918,738	$	5,595,114
Canada: 12.1%
Bitfarms Ltd. (USD) * †		4,079,542		3,215,495
Defi Technologies, Inc. *		3,076,700		6,455,886
Hut 8 Corp. (USD) *		532,339		6,185,779
				15,857,160
China: 4.1%
OSL Group Ltd. (HKD) * †		4,664,500		5,296,366
Germany: 4.1%
Northern Data AG * †		205,980		5,383,205
Japan: 5.7%
Metaplanet, Inc. *		2,649,000		7,501,954
Singapore: 4.1%
Bitdeer Technologies Group (USD) * †		603,914		5,332,561
United States: 65.7%
Applied Digital Corp. * †		977,027		5,490,892
Bit Digital, Inc. * †		1,824,401		3,685,290
Block, Inc. *		179,986		9,778,639
Cipher Mining, Inc. * †		2,021,224		4,648,815
Cleanspark, Inc. * †		887,231		5,962,192

	Number of Shares		Value
United States (continued)
Coinbase Global, Inc. *		59,972	$	10,328,978
Core Scientific, Inc. *		963,563		6,976,196
Galaxy Digital Holdings Ltd. (CAD) * †		532,217		5,609,680
MARA Holdings, Inc. * †		712,627		8,195,211
MicroStrategy, Inc. *		43,796		12,625,073
Riot Platforms, Inc. * †		1,007,036		7,170,096
Terawulf, Inc. * †		2,002,451		5,466,691
				85,937,753
Total Common Stocks (Cost: $163,717,348)				130,904,113

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 17.8%
Money Market Fund: 17.8% (Cost: $23,224,525)
State Street Navigator Securities Lending Government Money Market Portfolio		23,224,525		23,224,525
Total Investments: 117.9% (Cost: $186,941,873)				154,128,638
Liabilities in excess of other assets: (17.9)%				(23,400,963)
NET ASSETS: 100.0%			$	130,727,675

Definitions:

CAD	Canadian Dollar HKD Hong Kong Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $34,165,696.
*	Non-income producing

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	5,595,114	$	—	$	—	$	5,595,114
Canada		15,857,160		—		—		15,857,160
China		—		5,296,366		—		5,296,366
Germany		—		5,383,205		—		5,383,205
Japan		—		7,501,954		—		7,501,954
Singapore		5,332,561		—		—		5,332,561
United States		85,937,753		—		—		85,937,753
Money Market Fund		23,224,525		—		—		23,224,525
Total Investments	$	135,947,113	$	18,181,525	$	—	$	154,128,638

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 77.5%
Energy: 77.5%
Antero Midstream Corp.		201,560	$	3,628,080
Archrock, Inc.		88,877		2,332,133
Cheniere Energy, Inc.		24,262		5,614,227
DT Midstream, Inc.		38,682		3,732,039
Enbridge, Inc.		151,034		6,692,316
Excelerate Energy, Inc.		9,437		270,653
Gibson Energy, Inc. †		116,335		1,804,383
Hess Midstream LP		23,153		979,140
Keyera Corp.		119,858		3,725,547
Kinder Morgan, Inc.		181,702		5,183,958
Kinetik Holdings, Inc.		23,752		1,233,679
NextDecade Corp. *		109,683		853,334
ONEOK, Inc.		60,470		5,999,833
Pembina Pipeline Corp.		93,314		3,735,359
South Bow Corp. †		140,734		3,591,532
Summit Midstream Corp. *		2,738		92,791
Targa Resources Corp.		21,469		4,303,891
TC Energy Corp. †		94,809		4,475,933
The Williams Companies, Inc.		114,120		6,819,811
Total Common Stocks (Cost: $56,227,775)				65,068,639

MASTER LIMITED PARTNERSHIPS: 22.2%
Energy: 22.2%
Cheniere Energy Partners LP		10,667		704,449
Delek Logistics Partners LP		4,435		191,858

	Number of Shares		Value
Energy (continued)
Energy Transfer LP		196,416	$	3,651,373
Enterprise Products Partners LP		109,583		3,741,164
Genesis Energy LP		20,571		322,759
MPLX LP		68,061		3,642,625
NGL Energy Partners LP *		28,001		127,124
Plains All American Pipeline LP		112,441		2,248,820
Plains GP Holdings LP		45,756		977,348
Sunoco LP		20,265		1,176,586
Western Midstream Partners LP		45,076		1,846,313
Total Master Limited Partnerships (Cost: $15,460,010)				18,630,419
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $71,687,785)				83,699,058

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3%
Money Market Fund: 5.3% (Cost: $4,410,132)
State Street Navigator Securities Lending Government Money Market Portfolio		4,410,132		4,410,132
Total Investments: 105.0% (Cost: $76,097,917)				88,109,190
Liabilities in excess of other assets: (5.0)%				(4,214,397)
NET ASSETS: 100.0%			$	83,894,793

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,952,282.
*	Non-income producing

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	65,068,639	$	—	$	—	$	65,068,639
Master Limited Partnerships *		18,630,419		—		—		18,630,419
Money Market Fund		4,410,132		—		—		4,410,132
Total Investments	$	88,109,190	$	—	$	—	$	88,109,190

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Canada: 4.3%
GFL Environmental, Inc. (USD)		70,579	$	3,409,672
United States: 95.6%
ABM Industries, Inc.		70,547		3,341,106
Aris Water Solutions, Inc.		112,295		3,597,932
Casella Waste Systems, Inc. *		30,692		3,422,465
CECO Environmental Corp. * †		67,467		1,538,247
Clean Harbors, Inc. *		16,979		3,346,561
Darling Ingredients, Inc. *		112,105		3,502,160
Donaldson Co., Inc.		48,377		3,244,162
Ecolab, Inc.		31,221		7,915,148
Energy Recovery, Inc. *		98,028		1,557,665
Montrose Environmental Group, Inc. * †		100,792		1,437,294
Perma-Fix Environmental Services, Inc. * †		220,012		1,599,487
PureCycle Technologies, Inc. * †		429,785		2,974,112
Radius Recycling, Inc.		54,663		1,578,667
Republic Services, Inc.		33,843		8,195,421

	Number of Shares		Value
United States (continued)
STERIS PLC		14,455	$	3,276,226
Tennant Co.		39,145		3,121,814
Tetra Tech, Inc.		111,351		3,257,017
Veralto Corp.		33,553		3,269,740
Waste Connections, Inc.		42,226		8,242,093
Waste Management, Inc.		35,067		8,118,361
				76,535,678
Total Common Stocks (Cost: $74,205,936)				79,945,350

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%
Money Market Fund: 2.6% (Cost: $2,086,773)
State Street Navigator Securities Lending Government Money Market Portfolio		2,086,773		2,086,773
Total Investments: 102.5% (Cost: $76,292,709)				82,032,123
Liabilities in excess of other assets: (2.5)%				(2,012,505)
NET ASSETS: 100.0%			$	80,019,618

Definitions:

USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $5,170,594.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	79,945,350	$	—	$	—	$	79,945,350
Money Market Fund		2,086,773		—		—		2,086,773
Total Investments	$	82,032,123	$	—	$	—	$	82,032,123

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK FABLESS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 4.2%
Marvell Technology, Inc. (USD)		23,427	$	1,442,400
Taiwan: 1.7%
Silicon Motion Technology Corp. (ADR)		11,442		578,508
United Kingdom: 4.5%
ARM Holdings Plc (ADR) *		14,520		1,550,590
United States: 89.6%
Advanced Micro Devices, Inc. *		18,040		1,853,430
Allegro MicroSystems, Inc. *		21,246		533,912
Ambarella, Inc. *		12,417		624,948
Astera Labs, Inc. *		23,778		1,418,833
Broadcom, Inc.		28,084		4,702,104
Cadence Design Systems, Inc. *		6,841		1,739,872

	Number of Shares		Value
United States (continued)
Cirrus Logic, Inc. *		14,045	$	1,399,654
Impinj, Inc. *		4,993		452,865
Lattice Semiconductor Corp. *		25,139		1,318,541
Monolithic Power Systems, Inc.		2,808		1,628,584
NVIDIA Corp.		62,838		6,810,382
Power Integrations, Inc.		14,410		727,705
Qualcomm, Inc.		11,900		1,827,959
Rambus, Inc. *		29,995		1,552,991
Semtech Corp. *		20,142		692,885
Silicon Laboratories, Inc. *		6,407		721,236
SiTime Corp. *		3,426		523,733
Synaptics, Inc. *		8,022		511,162
Synopsys, Inc. *		4,204		1,802,885
				30,843,681
Total Common Stocks (Cost: $41,850,539)				34,415,179
Total Investments: 100.0% (Cost: $41,850,539)				34,415,179
Liabilities in excess of other assets: 0.0%				(3,692)
NET ASSETS: 100.0%			$	34,411,487

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	34,415,179			$	—			$	—			$	34,415,179

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 11.8%
Aristocrat Leisure Ltd.		50,367	$	2,031,457
Lottery Corp. Ltd. †		289,904		865,035
Tabcorp Holdings Ltd.		284,473		105,254
				3,001,746
China: 6.3%
Galaxy Entertainment Group Ltd. (HKD)		328,240		1,282,947
Melco Resorts & Entertainment Ltd. (ADR) *		30,591		161,215
SJM Holdings Ltd. (HKD) * †		502,500		155,195
				1,599,357
France: 2.8%
FDJ UNITED 144A		22,357		702,772

Greece: 2.7%
OPAP SA		34,733		689,300

Ireland: 7.9%
Flutter Entertainment PLC (USD) *		9,106		2,017,434

Japan: 3.0%
Heiwa Corp. †		11,100		174,631
Sankyo Co. Ltd.		39,795		583,276
				757,907
Malaysia: 4.5%
Genting Bhd		428,300		314,844
Genting Malaysia Bhd		596,698		224,296
Genting Singapore Ltd. (SGD)		1,087,700		603,308
				1,142,448

	Number of Shares		Value
South Korea: 1.1%
Kangwon Land, Inc. *		24,177	$	274,949

Sweden: 5.4%
Evolution AB 144A		18,397		1,371,659

United Kingdom: 4.0%
Entain PLC		74,697		563,931
Playtech PLC *		49,764		447,704
				1,011,635
United States: 50.6%
Boyd Gaming Corp. †		8,341		549,088
Caesars Entertainment, Inc. *		22,741		568,525
Churchill Downs, Inc.		11,254		1,249,982
DraftKings, Inc. *		44,818		1,488,406
Gaming and Leisure Properties, Inc.		24,092		1,226,283
International Game Technology PLC		22,444		364,939
Las Vegas Sands Corp.		37,349		1,442,792
Light & Wonder, Inc. *		10,193		882,816
MGM Resorts International * †		31,176		924,056
Penn Entertainment, Inc. * †		17,871		291,476
Sands China Ltd. (HKD) *		434,000		870,768
VICI Properties, Inc.		58,103		1,895,320
Wynn Resorts Ltd. †		13,248		1,106,208
				12,860,659
Total Common Stocks (Cost: $35,347,378)				25,429,866
Total Investments: 100.1% (Cost: $35,347,378)				25,429,866
Liabilities in excess of other assets: (0.1)%				(23,680)
NET ASSETS: 100.0%			$	25,406,186

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $2,873,217.
*	Non-income producing
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,074,431, or 8.2% of net assets.

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	3,001,746	$	—	$	3,001,746
China		161,215		1,438,142		—		1,599,357
France		—		702,772		—		702,772
Greece		—		689,300		—		689,300
Ireland		2,017,434		—		—		2,017,434
Japan		—		757,907		—		757,907
Malaysia		—		1,142,448		—		1,142,448
South Korea		—		274,949		—		274,949
Sweden		—		1,371,659		—		1,371,659
United Kingdom		447,704		563,931		—		1,011,635
United States		11,989,891		870,768		—		12,860,659
Total Investments	$	14,616,244	$	10,813,622	$	—	$	25,429,866

See Notes to Financial Statements

VANECK GREEN INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 92.9%
Automobiles & Components: 16.1%
BorgWarner, Inc.		2,216	$	63,488
Lucid Group, Inc. *		30,517		73,851
Rivian Automotive, Inc. * †		6,943		86,440
Tesla, Inc. *		236		61,162
				284,941
Capital Goods: 14.5%
Ameresco, Inc. *		349		4,216
Array Technologies, Inc. *		1,540		7,500
Bloom Energy Corp. *		2,316		45,533
ChargePoint Holdings, Inc. * †		4,482		2,712
Donaldson Co., Inc.		1,210		81,143
Energy Recovery, Inc. *		587		9,327
Plug Power, Inc. * †		9,233		12,465
Quanta Services, Inc.		293		74,475
Shoals Technologies Group, Inc. *		1,689		5,607
Sunrun, Inc. *		2,273		13,320
				256,298
Commercial & Professional Services: 21.3%
Casella Waste Systems, Inc. *		632		70,474
Clean Harbors, Inc. *		398		78,446
Enviri Corp. *		812		5,400
Montrose Environmental Group, Inc. *		348		4,962
Republic Services, Inc.		469		113,572
Waste Management, Inc.		460		106,494
				379,348
Consumer Discretionary Distribution & Retail: 0.2%
EVgo, Inc. *		1,088		2,894
Energy: 8.0%
Cheniere Energy, Inc.		459		106,213
Clean Energy Fuels Corp. *		2,264		3,509
Green Plains, Inc. *		655		3,177
New Fortress Energy, Inc. †		2,548		21,174
REX American Resources Corp. *		178		6,687
				140,760
Materials: 5.7%
Ecolab, Inc.		396		100,394
Semiconductors & Semiconductor Equipment: 8.3%
Enphase Energy, Inc. *		1,351		83,830
First Solar, Inc. *		502		63,468
				147,298

	Number of Shares		Value
Technology Hardware & Equipment: 2.7%
Itron, Inc. *		457	$	47,875
Utilities: 16.1%
Altus Power, Inc. *		1,621		8,024
Brookfield Renewable Corp. †		1,820		50,814
Clearway Energy, Inc.		839		25,397
IDACORP, Inc.		540		62,759
Northwestern Energy Group, Inc.		621		35,937
Ormat Technologies, Inc.		613		43,382
Southwest Gas Holdings, Inc.		727		52,199
Sunnova Energy International, Inc. * †		1,266		471
XPLR Infrastructure LP		948		9,006
				287,989
Total Common Stocks (Cost: $1,842,490)				1,647,797

MASTER LIMITED PARTNERSHIPS: 7.1%
Energy: 6.3%
Cheniere Energy Partners LP		1,697		112,069
Utilities: 0.8%
Suburban Propane Partners LP		653		13,721
Total Master Limited Partnerships (Cost: $98,956)				125,790
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,941,446)				1,773,587

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.2%
Money Market Fund: 6.2% (Cost: $110,801)
State Street Navigator Securities Lending Government Money Market Portfolio		110,801		110,801
Total Investments: 106.2% (Cost: $2,052,247)				1,884,388
Liabilities in excess of other assets: (6.2)%				(109,180)
NET ASSETS: 100.0%			$	1,775,208

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $137,642.

See Notes to Financial Statements

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,647,797	$	—	$	—	$	1,647,797
Master Limited Partnerships *		125,790		—		—		125,790
Money Market Fund		110,801		—		—		110,801
Total Investments	$	1,884,388	$	—	$	—	$	1,884,388

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.6%
Denmark: 4.7%
Novo Nordisk A/S (ADR)		447,557	$	31,078,358
France: 4.8%
Sanofi SA (ADR) †		580,219		32,178,946
Israel: 4.2%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,827,992		28,096,237
Japan: 4.5%
Takeda Pharmaceutical Co. Ltd. (ADR) †		2,017,774		30,004,299
Switzerland: 5.1%
Novartis AG (ADR)		308,101		34,347,100
United Kingdom: 13.9%
AstraZeneca PLC (ADR)		442,935		32,555,722
GSK PLC (ADR) †		774,825		30,016,721
Haleon PLC (ADR) †		2,956,360		30,420,944
				92,993,387
United States: 62.4%
AbbVie, Inc.		211,768		44,369,631
Axsome Therapeutics, Inc. *		62,995		7,347,107
Bausch Health Companies, Inc. * †		467,152		3,022,473
Bristol-Myers Squibb Co.		503,679		30,719,382
Cencora, Inc.		118,607		32,983,421
Elanco Animal Health, Inc. *		659,832		6,928,236

	Number of Shares		Value
United States (continued)
Eli Lilly & Co.		95,912	$	79,214,680
Jazz Pharmaceuticals PLC *		102,877		12,772,180
Johnson & Johnson		267,935		44,434,340
McKesson Corp.		47,016		31,641,298
Merck & Co., Inc.		358,566		32,184,884
Organon & Co. †		415,120		6,181,137
Patterson Companies, Inc.		121,777		3,804,313
Perrigo Co. PLC		213,829		5,995,765
Pfizer, Inc.		1,171,740		29,691,892
Viatris, Inc.		1,769,354		15,411,073
Zoetis, Inc.		186,330		30,679,235
				417,381,047
Total Common Stocks (Cost: $720,768,147)				666,079,374

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $11,128,873)
State Street Navigator Securities Lending Government Money Market Portfolio		11,128,873		11,128,873
Total Investments: 101.3% (Cost: $731,897,020)				677,208,247
Liabilities in excess of other assets: (1.3)%				(8,465,884)
NET ASSETS: 100.0%			$	668,742,363

Definitions:

ADR	American Depositary Receipt

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $59,838,162.
*	Non-income producing

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	666,079,374	$	—	$	—	$	666,079,374
Money Market Fund		11,128,873		—		—		11,128,873
Total Investments	$	677,208,247	$	—	$	—	$	677,208,247

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
China: 4.5%
JD.com, Inc. (ADR)		254,492	$	10,464,711
United States: 95.7%
Amazon.com, Inc. *		229,582		43,680,271
AutoZone, Inc. *		2,267		8,643,572
Best Buy Co., Inc.		24,979		1,838,704
Cardinal Health, Inc.		29,988		4,131,447
Carvana Co. *		16,151		3,376,851
Cencora, Inc.		24,401		6,785,674
Costco Wholesale Corp.		21,360		20,201,861
CVS Health Corp.		158,449		10,734,920
Dollar General Corp.		32,119		2,824,224
Dollar Tree, Inc. *		27,087		2,033,421
Lowe’s Companies, Inc.		44,995		10,494,184
Lululemon Athletica, Inc. *		15,334		4,340,442
McKesson Corp.		16,036		10,792,068

	Number of Shares		Value
United States (continued)
O’Reilly Automotive, Inc. *		7,847	$	11,241,455
Ross Stores, Inc.		46,378		5,926,645
Sysco Corp.		66,090		4,959,394
Target Corp.		62,737		6,547,233
The Home Depot, Inc.		47,799		17,517,855
The Kroger Co.		96,432		6,527,482
The TJX Companies, Inc.		98,971		12,054,668
Tractor Supply Co.		76,660		4,223,966
Ulta Beauty, Inc. *		6,688		2,451,419
Walgreens Boots Alliance, Inc. †		102,611		1,146,165
Walmart, Inc.		232,868		20,443,482
				222,917,403
Total Common Stocks (Cost: $213,120,760)				233,382,114
Total Investments: 100.2% (Cost: $213,120,760)				233,382,114
Liabilities in excess of other assets: (0.2)%				(504,912)
NET ASSETS: 100.0%			$	232,877,202

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $492,876.

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	233,382,114			$	—			$	—			$	233,382,114

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.7%
Austria: 1.0%
Andritz AG		2,664	$	149,314
Canada: 0.6%
ATS Corp. (USD) * †		3,815		95,108
Finland: 0.9%
Konecranes Oyj		2,171		138,798
France: 4.7%
Dassault Systemes SE		18,135		689,746
Germany: 8.0%
Duerr AG		4,462		112,602
Krones AG		899		122,486
Siemens AG		4,001		923,076
				1,158,164
Israel: 0.8%
Nova Ltd. (USD) *		654		120,552
Japan: 21.8%
Advantest Corp.		2,700		120,719
Amada Co. Ltd. †		12,900		126,019
Argo Graphics, Inc.		2,500		87,289
Azbil Corp.		17,900		139,473
Daifuku Co. Ltd.		7,900		194,778
Daihen Corp.		2,300		98,964
Denso Corp.		30,300		377,050
FANUC Corp.		11,400		311,536
Fuji Corp.		7,500		105,973
Keyence Corp.		1,900		749,347
Lasertec Corp.		1,300		112,072
Omron Corp.		4,600		130,280
Optex Group Co. Ltd.		7,100		83,171
Renesas Electronics Corp.		10,600		142,602
Tokyo Electron Ltd.		1,200		165,054
Yaskawa Electric Corp.		5,500		138,234
Yokogawa Electric Corp.		6,200		121,363
				3,203,924
Netherlands: 6.7%
ASM International N.V.		263		119,725
ASML Holding N.V. (USD)		1,149		761,362
TKH Group N.V. †		2,925		114,970
				996,057
Norway: 0.6%
AutoStore Holdings Ltd. 144A *		102,179		89,946
Sweden: 3.2%
Hexagon AB		44,456		475,541
Switzerland: 7.2%
ABB Ltd.		13,970		720,782
Interroll Holding AG †		48		113,735
Kardex Holding AG		371		98,130

	Number of Shares		Value
Switzerland (continued)
STMicroelectronics N.V. (USD)		5,339	$	117,244
				1,049,891
United Kingdom: 2.8%
IMI PLC		6,485		159,401
Renishaw PLC		2,648		87,157
TechnipFMC PLC (USD)		5,011		158,799
				405,357
United States: 41.4%
Ambarella, Inc. *		1,750		88,078
Analog Devices, Inc.		977		197,032
ANSYS, Inc. *		1,003		317,510
Applied Materials, Inc.		1,395		202,442
Autodesk, Inc. *		2,229		583,552
Bentley Systems, Inc.		4,329		170,303
Cognex Corp.		4,852		144,735
Emerson Electric Co.		5,993		657,073
Intuitive Surgical, Inc. *		547		270,913
KLA Corp.		306		208,019
Lam Research Corp.		2,693		195,781
Lattice Semiconductor Corp. *		1,999		104,848
Lincoln Electric Holdings, Inc.		964		182,350
Microchip Technology, Inc.		2,440		118,120
Novanta, Inc. *		997		127,486
NVIDIA Corp.		5,890		638,358
ON Semiconductor Corp. *		2,082		84,717
Onto Innovation, Inc. *		769		93,310
Ouster, Inc. *		8,519		76,501
PTC, Inc. *		2,133		330,508
Rockwell Automation, Inc.		1,235		319,099
Symbotic, Inc. *		3,994		80,719
TE Connectivity PLC		1,040		146,973
Teledyne Technologies, Inc. *		830		413,099
Teradyne, Inc.		1,136		93,834
Texas Instruments, Inc.		1,441		258,948
				6,104,308
Total Common Stocks (Cost: $15,930,820)				14,676,706

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $137,607)
State Street Navigator Securities Lending Government Money Market Portfolio		137,607		137,607
Total Investments: 100.6% (Cost: $16,068,427)				14,814,313
Liabilities in excess of other assets: (0.6)%				(82,798)
NET ASSETS: 100.0%			$	14,731,515

See Notes to Financial Statements

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $385,814.
*	Non-income producing
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $89,946, or 0.6% of net assets.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	149,314	$	—	$	149,314
Canada		95,108		—		—		95,108
Finland		—		138,798		—		138,798
France		—		689,746		—		689,746
Germany		—		1,158,164		—		1,158,164
Israel		120,552		—		—		120,552
Japan		—		3,203,924		—		3,203,924
Netherlands		876,332		119,725		—		996,057
Norway		—		89,946		—		89,946
Sweden		—		475,541		—		475,541
Switzerland		117,244		932,647		—		1,049,891
United Kingdom		245,956		159,401		—		405,357
United States		6,104,308		—		—		6,104,308
Money Market Fund		137,607		—		—		137,607
Total Investments	$	7,697,107	$	7,117,206	$	—	$	14,814,313

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 2.2%
Marvell Technology, Inc. (USD)		6,738,819	$	414,909,086
Netherlands: 6.9%
ASML Holding N.V. (USD)		1,420,277		941,118,148
NXP Semiconductors N.V. (USD)		2,003,783		380,838,997
				1,321,957,145
Switzerland: 0.9%
STMicroelectronics N.V. (USD)		7,326,419		160,888,161
Taiwan: 11.1%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		12,805,727		2,125,750,682
United States: 78.9%
Advanced Micro Devices, Inc. *		8,920,353		916,477,067
Analog Devices, Inc.		4,351,369		877,540,586
Applied Materials, Inc.		6,031,687		875,318,417
Broadcom, Inc.		8,892,150		1,488,812,674
Cadence Design Systems, Inc. *		2,475,022		629,472,345
Intel Corp.		36,164,944		821,305,878
KLA Corp.		1,214,882		825,876,784
Lam Research Corp.		9,852,073		716,245,707
Microchip Technology, Inc.		4,431,256		214,517,103

	Number of Shares		Value
United States (continued)
Micron Technology, Inc.		9,400,671	$	816,824,303
Monolithic Power Systems, Inc.		372,771		216,199,725
NVIDIA Corp.		34,524,944		3,741,813,431
ON Semiconductor Corp. *		2,996,569		121,930,393
Qorvo, Inc. * †		811,693		58,774,690
Qualcomm, Inc.		6,537,816		1,004,273,916
Skyworks Solutions, Inc.		1,415,111		91,458,624
Synopsys, Inc. *		1,431,028		613,696,358
Teradyne, Inc.		1,241,191		102,522,377
Texas Instruments, Inc.		5,117,153		919,552,394
Universal Display Corp.		391,112		54,552,302
				15,107,165,074
Total Common Stocks (Cost: $24,255,916,890)				19,130,670,148

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $4,401)
State Street Navigator Securities Lending Government Money Market Portfolio		4,401		4,401
Total Investments: 100.0% (Cost: $24,255,921,291)				19,130,674,549
Other assets less liabilities: 0.0%				9,387,968
NET ASSETS: 100.0%			$	19,140,062,517

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,489,693.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	19,130,670,148	$	—	$	—	$	19,130,670,148
Money Market Fund		4,401		—		—		4,401
Total Investments	$	19,130,674,549	$	—	$	—	$	19,130,674,549

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.4%
Aristocrat Leisure Ltd.		322,375	$	13,002,380
China: 18.8%
Kingsoft Corp. Ltd. (HKD)		2,124,800		10,349,584
NetEase, Inc. (ADR)		187,835		19,331,978
Tencent Holdings Ltd. (HKD)		367,900		23,510,777
XD, Inc. (HKD) *		718,600		2,990,108
				56,182,447
France: 1.0%
Ubisoft Entertainment SA * †		251,816		3,042,241
Japan: 28.4%
Bandai Namco Holdings, Inc.		406,100		13,664,617
Capcom Co. Ltd.		588,900		14,578,700
Konami Group Corp.		117,200		13,880,891
MIXI, Inc.		90,800		2,018,097
Nexon Co. Ltd.		802,300		11,021,644
Nintendo Co. Ltd.		309,700		21,116,046
Square Enix Holdings Co. Ltd.		182,400		8,498,251
				84,778,246
Poland: 3.0%
CD Projekt SA		164,141		9,008,222
South Korea: 5.6%
Krafton, Inc. *		57,264		13,095,697
NCSoft Corp.		36,068		3,673,464
				16,769,161
Sweden: 2.0%
Embracer Group AB * †		360,607		3,815,704

	Number of Shares		Value
Sweden (continued)
Modern Times Group MTG AB *		190,445	$	2,153,910
				5,969,614
Taiwan: 2.9%
Micro-Star International Co. Ltd.		1,757,000		8,675,943
United States: 34.0%
AppLovin Corp. *		88,948		23,568,551
Electronic Arts, Inc.		111,328		16,089,123
GameStop Corp. *		620,218		13,843,266
Roblox Corp. *		319,817		18,642,133
Take-Two Interactive Software, Inc. *		81,183		16,825,177
Unity Software, Inc. * †		634,058		12,421,196
				101,389,446
Total Common Stocks (Cost: $262,259,966)				298,817,700

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $206)
State Street Navigator Securities Lending Government Money Market Portfolio		206		206
Total Investments: 100.1% (Cost: $262,260,172)				298,817,906
Liabilities in excess of other assets: (0.1)%				(345,455)
NET ASSETS: 100.0%			$	298,472,451

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $16,300,351.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	13,002,380	$	—	$	13,002,380
China		19,331,978		36,850,469		—		56,182,447
France		—		3,042,241		—		3,042,241
Japan		—		84,778,246		—		84,778,246
Poland		—		9,008,222		—		9,008,222
South Korea		—		16,769,161		—		16,769,161
Sweden		—		5,969,614		—		5,969,614
Taiwan		—		8,675,943		—		8,675,943
United States		101,389,446		—		—		101,389,446
Money Market Fund		206		—		—		206
Total Investments	$	120,721,630	$	178,096,276	$	—	$	298,817,906

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Biotech ETF		Digital Transformation ETF		Energy Income ETF		Environmental Services ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	365,978,412	$	130,904,113	$	83,699,058	$	79,945,350
Short-term investments held as collateral for securities loaned (3)		—		23,224,525		4,410,132		2,086,773
Cash		128,707		1,127,952		—		174,641
Cash denominated in foreign currency, at value (4)		—		132		35,556		—
Receivables:
Investment securities sold		—		491,830		—		—
Dividends and interest		8,175		127,558		208,513		26,095
Federal and State income taxes		—		—		18,570		—
Prepaid expenses		—		—		—		903
Other assets		—		—		—		466
Total assets		366,115,294		155,876,110		88,371,829		82,234,228
Liabilities:
Payables:
Investment securities purchased		—		1,858,516		—		62,729
Collateral for securities loaned		—		23,224,525		4,410,132		2,086,773
Due to Adviser		113,138		62,218		31,397		29,660
Due to custodian		—		—		35,241		—
Deferred Trustee fees		64,926		—		—		4,646
Accrued expenses		378		3,176		266		30,802
Total liabilities		178,442		25,148,435		4,477,036		2,214,610
NET ASSETS	$	365,936,852	$	130,727,675	$	83,894,793	$	80,019,618
Shares outstanding		2,326,503		14,425,000		839,720		2,260,000
Net asset value, redemption and offering price per share	$	157.29	$	9.06	$	99.91	$	35.41
Net Assets consist of:
Aggregate paid in capital	$	633,521,143	$	229,057,089	$	65,119,997	$	98,573,706
Total distributable earnings (loss)		(267,584,291)		(98,329,414)		18,774,796		(18,554,088)
NET ASSETS	$	365,936,852	$	130,727,675	$	83,894,793	$	80,019,618
(1) Includes Investment in securities on loan, at market value	$	12,850,008	$	34,165,696	$	5,952,282	$	5,170,594
(2) Cost of investments - Unaffiliated issuers	$	396,159,382	$	163,717,348	$	71,687,785	$	74,205,936
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	23,224,525	$	4,410,132	$	2,086,773
(4) Cost of cash denominated in foreign currency	$	—	$	132	$	35,755	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Fabless Semiconductor ETF			Gaming ETF			Green Infrastructure ETF			Pharmaceutical ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	34,415,179		$	25,429,866		$	1,773,587		$	666,079,374
Short-term investments held as collateral for securities loaned (3)		—			—			110,801			11,128,873
Cash		1,670			504,765			1,725			219,122
Cash denominated in foreign currency, at value (4)		—			836			—			—
Receivables:
Investment securities sold		—			401,481			—			—
Dividends and interest		5,377			80,456			574			2,671,734
Prepaid expenses		—			513			—			—
Other assets		—			1,231			—			—
Total assets		34,422,226			26,419,148			1,886,687			680,099,103
Liabilities:
Payables:
Shares of beneficial interest redeemed		—			952,474			—			—
Collateral for securities loaned		—			—			110,801			11,128,873
Due to Adviser		10,739			7,918			678			191,830
Deferred Trustee fees		—			10,663			—			36,037
Accrued expenses		—			41,907			—			—
Total liabilities		10,739			1,012,962			111,479			11,356,740
NET ASSETS	$	34,411,487		$	25,406,186		$	1,775,208		$	668,742,363
Shares outstanding		1,475,000			675,000			75,000			7,338,138
Net asset value, redemption and offering price per share	$	23.33		$	37.64		$	23.67		$	91.13
Net Assets consist of:
Aggregate paid in capital	$	41,114,075		$	65,186,861		$	2,159,112		$	854,544,378
Total distributable loss		(6,702,588	)		(39,780,675	)		(383,904	)		(185,802,015	)
NET ASSETS	$	34,411,487		$	25,406,186		$	1,775,208		$	668,742,363
(1) Includes Investment in securities on loan, at market value	$	—		$	2,873,217		$	137,642		$	59,838,162
(2) Cost of investments - Unaffiliated issuers	$	41,850,539		$	35,347,378		$	1,941,446		$	720,768,147
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	110,801		$	11,128,873
(4) Cost of cash denominated in foreign currency	$	—		$	834		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Retail ETF		Robotics ETF			Semiconductor ETF			Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	233,382,114	$	14,676,706		$	19,130,670,148		$	298,817,700
Short-term investments held as collateral for securities loaned (3)		—		137,607			4,401			206
Cash		303		46,757			1,351,091			245
Cash denominated in foreign currency, at value (4)		—		23,381			—			40
Receivables:
Investment securities sold		—		—			95,068,200			—
Shares of beneficial interest sold		—		—			147,894,369			—
Dividends and interest		90,519		50,484			14,217,526			594,199
Prepaid expenses		—		—			—			1,816
Other assets		—		—			—			3,644
Total assets		233,472,936		14,934,935			19,389,205,735			299,417,850
Liabilities:
Payables:
Investment securities purchased .		—		60,187			147,883,866			—
Shares of beneficial interest redeemed		—		—			95,074,951			—
Collateral for securities loaned		—		137,607			4,401			206
Line of credit		515,585		—			—			743,650
Due to Adviser		69,244		5,626			6,065,487			131,100
Deferred Trustee fees		10,259		—			97,455			14,152
Accrued expenses		646		—			17,058			56,291
Total liabilities		595,734		203,420			249,143,218			945,399
NET ASSETS	$	232,877,202	$	14,731,515		$	19,140,062,517		$	298,472,451
Shares outstanding		1,031,531		375,000			90,591,874			3,450,000
Net asset value, redemption and offering price per share	$	225.76	$	39.28		$	211.28		$	86.51
Net Assets consist of:
Aggregate paid in capital	$	232,603,821	$	15,219,807		$	23,916,747,785		$	315,112,613
Total distributable earnings (loss).		273,381		(488,292	)		(4,776,685,268	)		(16,640,162	)
NET ASSETS	$	232,877,202	$	14,731,515		$	19,140,062,517		$	298,472,451
(1) Includes Investment in securities on loan, at market value	$	492,876	$	385,814		$	9,489,693		$	16,300,351
(2) Cost of investments - Unaffiliated issuers	$	213,120,760	$	15,930,820		$	24,255,916,890		$	262,259,966
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	137,607		$	4,401		$	206
(4) Cost of cash denominated in foreign currency	$	—	$	23,585		$	—		$	40

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

	Biotech ETF			Digital Transformation ETF			Energy Income ETF			Environmental Services ETF
Income:
Dividends	$	2,056,034		$	—		$	1,201,595		$	317,564
Interest		6,631			10,453			907			1,090
Securities lending income		9,068			558,541			15,065			57,662
Net foreign taxes withheld		(32,688	)		—			(93,780	)		(4,539	)
Total income		2,039,045			568,994			1,123,787			371,777
Expenses:
Management fees		712,592			454,713			163,235			198,292
Professional fees		—			—			—			18,727
Custody and accounting fees		—			—			—			12,186
Reports to shareholders		—			—			—			8,468
Trustees’ fees and expenses		—			—			—			831
Exchange listing fees		—			—			—			3,380
Insurance		—			—			—			1,488
Interest		400			17,436			2,497			574
Taxes		185			185			185			185
Other		—			—			—			398
Total expenses		713,177			472,334			165,917			244,529
Expenses assumed by the Adviser		—			—			—			(25,649	)
Net expenses		713,177			472,334			165,917			218,880
Net investment income		1,325,868			96,660			957,870			152,897

Net realized gain (loss) on:
Investments		(9,733,928	)		(17,345,322	)		925,450			(992,812	)
In-kind redemptions		15,272,073			24,915,390			4,381,754			3,304,003
Foreign currency transactions and foreign denominated assets and liabilities		—			(17,185	)		(7,669	)		—
Net realized gain		5,538,145			7,552,883			5,299,535			2,311,191

Net change in unrealized appreciation (depreciation) on:
Investments		(53,605,321	)		(61,627,063	)		4,963,359			(3,749,775	)
Foreign currency translations and foreign denominated assets and liabilities		—			2,898			(388	)		—
Net change in unrealized appreciation (depreciation)		(53,605,321	)		(61,624,165	)		4,962,971			(3,749,775	)
Net increase (decrease) in net assets resulting from operations	$	(46,741,308	)	$	(53,974,622	)	$	11,220,376		$	(1,285,687	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

	Fabless Semiconductor ETF			Gaming ETF			Green Infrastructure ETF			Pharmaceutical ETF
Income:
Dividends	$	69,199		$	242,815		$	7,473		$	7,901,784
Interest		226			1,148			32			4,693
Securities lending income		178			1,159			1,154			130,643
Net foreign taxes withheld		—			(6,543	)		(198	)		(330,238	)
Total income		69,603			238,579			8,461			7,706,882
Expenses:
Management fees		47,359			79,378			4,223			1,086,853
Professional fees		—			19,179			—			—
Custody and accounting fees		—			16,997			—			—
Reports to shareholders		—			8,194			—			—
Trustees’ fees and expenses		—			609			—			—
Exchange listing fees		—			1,989			—			—
Insurance		—			495			—			—
Interest		—			86			—			37,117
Taxes		185			185			185			185
Other		—			781			—			—
Total expenses		47,544			127,893			4,408			1,124,155
Expenses assumed by the Adviser		—			(24,430	)		—			—
Net expenses		47,544			103,463			4,408			1,124,155
Net investment income		22,059			135,116			4,053			6,582,727

Net realized gain (loss) on:
Investments		(725,806	)		(1,715,493	)		(116,394	)		(9,569,380	)
In-kind redemptions		1,468,663			(336,321	)		162,955			39,993,262
Foreign currency transactions and foreign denominated assets and liabilities		—			(4,526	)		—			—
Net realized gain (loss)		742,857			(2,056,340	)		46,561			30,423,882

Net change in unrealized appreciation (depreciation) on:
Investments		(7,905,356	)		(2,625,013	)		(153,375	)		(64,371,276	)
Foreign currency translations and foreign denominated assets and liabilities		—			(626	)		—			—
Net change in unrealized appreciation (depreciation)		(7,905,356	)		(2,625,639	)		(153,375	)		(64,371,276	)
Net decrease in net assets resulting from operations	$	(7,140,440	)	$	(4,546,863	)	$	(102,761	)	$	(27,364,667	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

	Retail ETF			Robotics ETF			Semiconductor ETF			Video Gaming and eSports ETF
Income:
Dividends	$	1,293,055		$	97,944		$	100,773,238		$	1,073,742
Interest		1,094			146			243,323			7,491
Securities lending income		1,094			518			37,845			18,410
Net foreign taxes withheld		—			(11,082	)		(5,569,090	)		(68,467	)
Total income		1,295,243			87,526			95,485,316			1,031,176
Expenses:
Management fees		404,219			30,400			40,879,952			714,128
Professional fees		—			—			—			19,026
Custody and accounting fees		—			—			—			26,176
Reports to shareholders		—			—			—			22,438
Trustees’ fees and expenses		—			—			—			2,415
Exchange listing fees		—			—			—			1,989
Insurance		—			—			—			2,415
Interest		2,420			18			17,203			12,381
Taxes		185			185			185			185
Other		—			—			—			4,934
Total expenses		406,824			30,603			40,897,340			806,087
Expenses assumed by the Adviser		—			—			—			(7,980	)
Net expenses		406,824			30,603			40,897,340			798,107
Net investment income		888,419			56,923			54,587,976			233,069

Net realized gain (loss) on:
Investments		(4,591,101	)		(149,543	)		(330,101,473	)		16,608,920
In-kind redemptions		16,113,878			873,982			1,855,629,422			2,702,970
Foreign currency transactions and foreign denominated assets and liabilities		—			(1,697	)		—			(33,797	)
Net realized gain		11,522,777			722,742			1,525,527,949			19,278,093

Net change in unrealized appreciation (depreciation) on:
Investments		(2,848,269	)		(2,435,032	)		(4,764,610,466	)		15,067,336
Foreign currency translations and foreign denominated assets and liabilities		—			(984	)		—			2,952
Net change in unrealized appreciation (depreciation)		(2,848,269	)		(2,436,016	)		(4,764,610,466	)		15,070,288
Net increase (decrease) in net assets resulting from operations	$	9,562,927		$	(1,656,351	)	$	(3,184,494,541	)	$	34,581,450

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Transformation ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	1,325,868		$	2,510,056		$	96,660		$	858,972
Net realized gain		5,538,145			16,948,283			7,552,883			26,477,302
Net change in unrealized appreciation (depreciation)		(53,605,321	)		42,382,577			(61,624,165	)		32,834,890
Net increase (decrease) in net assets resulting from operations		(46,741,308	)		61,840,916			(53,974,622	)		60,171,164
Distributions to shareholders from:
Distributable earnings		(3,149,907	)		(2,099,973	)		(6,650,159	)		—

Share transactions*:
Proceeds from sale of shares		29,986,773			111,263,335			100,907,873			64,229,694
Cost of shares redeemed		(66,149,046	)		(169,993,318	)		(44,326,106	)		(32,880,167	)
Net increase (decrease) in net assets resulting from share transactions		(36,162,273	)		(58,729,983	)		56,581,767			31,349,527
Total increase (decrease) in net assets		(86,053,488	)		1,010,960			(4,043,014	)		91,520,691
Net Assets, beginning of period		451,990,340			450,979,380			134,770,689			43,249,998
Net Assets, end of period	$	365,936,852		$	451,990,340		$	130,727,675		$	134,770,689
*Shares of Common Stock Issued (no par value)
Shares sold		185,000			675,000			6,275,000			6,300,000
Shares redeemed		(405,000	)		(1,025,000	)		(3,250,000	)		(2,825,000	)
Net increase (decrease)		(220,000	)		(350,000	)		3,025,000			3,475,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Energy Income ETF						Environmental Services ETF (a)
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	957,870		$	1,184,914		$	152,897		$	394,073
Net realized gain		5,299,535			6,745,188			2,311,191			5,876,570
Net change in unrealized appreciation (depreciation)		4,962,971			5,708,044			(3,749,775	)		11,859,242
Net increase (decrease) in net assets resulting from operations		11,220,376			13,638,146			(1,285,687	)		18,129,885
Distributions to shareholders from:
Distributable earnings		(837,312	)		(327,149	)		(350,020	)		(725,000	)
Return of capital		—			(1,435,928	)		—			—
Total distributions		(837,312	)		(1,763,077	)		(350,020	)		(725,000	)

Share transactions*:
Proceeds from sale of shares		28,919,887			28,427,613			12,377,433			29,952,010
Cost of shares redeemed		(11,864,639	)		(20,480,705	)		(10,149,881	)		(45,368,218	)
Net increase (decrease) in net assets resulting from share transactions		17,055,248			7,946,908			2,227,552			(15,416,208	)
Total increase in net assets		27,438,312			19,821,977			591,845			1,988,677
Net Assets, beginning of period		56,456,481			36,634,504			79,427,773			77,439,096
Net Assets, end of period	$	83,894,793		$	56,456,481		$	80,019,618		$	79,427,773
*Shares of Common Stock Issued (no par value)
Shares sold		300,000			375,000			350,000			900,000
Shares redeemed		(125,000	)		(275,000	)		(290,000	)		(1,400,000	)
Net increase (decrease)		175,000			100,000			60,000			(500,000	)

(a)	Prior year audited share activity has been adjusted to reflect the 5 for 1 share split that took place on February 6, 2025. The effects of this adjustment have not been audited.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fabless Semiconductor ETF						Gaming ETF
	Six Months Ended March 31, 2025 (unaudited)			Period Ended September 30, 2024(a)			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	22,059		$	2,261		$	135,116		$	601,555
Net realized gain (loss)		742,857			25,461			(2,056,340	)		(2,548,400	)
Net change in unrealized appreciation (depreciation)		(7,905,356	)		469,996			(2,625,639	)		7,204,336
Net increase (decrease) in net assets resulting from operations		(7,140,440	)		497,718			(4,546,863	)		5,257,491
Distributions to shareholders from:
Distributable earnings		(9,990	)		—			(875,025	)		(799,988	)

Share transactions*:
Proceeds from sale of shares		41,163,620			6,542,655			—			—
Cost of shares redeemed		(6,018,333	)		(623,743	)		(7,363,092	)		(16,195,540	)
Net increase (decrease) in net assets resulting from share transactions		35,145,287			5,918,912			(7,363,092	)		(16,195,540	)
Total increase (decrease) in net assets		27,994,857			6,416,630			(12,784,980	)		(11,738,037	)
Net Assets, beginning of period		6,416,630			—			38,191,166			49,929,203
Net Assets, end of period	$	34,411,487		$	6,416,630		$	25,406,186		$	38,191,166
*Shares of Common Stock Issued (no par value)
Shares sold		1,450,000			275,000			—			—
Shares redeemed		(225,000	)		(25,000	)		(175,000	)		(400,000	)
Net increase (decrease)		1,225,000			250,000			(175,000	)		(400,000	)

(a)	For the period August 28, 2024 (commencement of operations) through September 30, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Infrastructure ETF						Pharmaceutical ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	4,053		$	14,968		$	6,582,727		$	10,400,822
Net realized gain		46,561			765			30,423,882			40,785,405
Net change in unrealized appreciation (depreciation)		(153,375	)		113,790			(64,371,276	)		42,663,264
Net increase (decrease) in net assets resulting from operations		(102,761	)		129,523			(27,364,667	)		93,849,491
Distributions to shareholders from:
Distributable earnings		(15,000	)		(15,998	)		(5,934,473	)		(9,117,032	)

Share transactions*:
Proceeds from sale of shares		632,163			1,206,602			633,482,024			691,277,501
Cost of shares redeemed		(639,447	)		(1,220,877	)		(657,971,039	)		(479,525,738	)
Net increase (decrease) in net assets resulting from share transactions		(7,284	)		(14,275	)		(24,489,015	)		211,751,763
Total increase (decrease) in net assets		(125,045	)		99,250			(57,788,155	)		296,484,222
Net Assets, beginning of period		1,900,253			1,801,003			726,530,518			430,046,296
Net Assets, end of period	$	1,775,208		$	1,900,253		$	668,742,363		$	726,530,518
*Shares of Common Stock Issued (no par value)
Shares sold		25,000			50,000			7,050,000			7,800,000
Shares redeemed		(25,000	)		(50,000	)		(7,350,000	)		(5,550,000	)
Net increase (decrease)		—			—			(300,000	)		2,250,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Retail ETF						Robotics ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	888,419		$	2,100,612		$	56,923		$	58,365
Net realized gain		11,522,777			12,300,112			722,742			280,563
Net change in unrealized appreciation (depreciation)		(2,848,269	)		35,513,386			(2,436,016	)		1,265,065
Net increase (decrease) in net assets resulting from operations		9,562,927			49,914,110			(1,656,351	)		1,603,993
Distributions to shareholders from:
Distributable earnings		(1,700,012	)		(1,849,973	)		(346,470	)		(61,373	)

Share transactions*:
Proceeds from sale of shares		39,098,236			59,777,343			6,378,118			11,501,046
Cost of shares redeemed		(37,064,464	)		(39,430,277	)		(5,322,741	)		—
Net increase in net assets resulting from share transactions		2,033,772			20,347,066			1,055,377			11,501,046
Total increase (decrease) in net assets		9,896,687			68,411,203			(947,444	)		13,043,666
Net Assets, beginning of period		222,980,515			154,569,312			15,678,959			2,635,293
Net Assets, end of period	$	232,877,202		$	222,980,515		$	14,731,515		$	15,678,959
*Shares of Common Stock Issued (no par value)
Shares sold		170,000			300,000			150,000			275,000
Shares redeemed		(160,000	)		(200,000	)		(125,000	)		—
Net increase		10,000			100,000			25,000			275,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Semiconductor ETF						Video Gaming and eSports ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	54,587,976		$	94,705,065		$	233,069		$	753,058
Net realized gain		1,525,527,949			6,485,436,108			19,278,093			49,466,365
Net change in unrealized appreciation (depreciation)		(4,764,610,466	)		778,943,630			15,070,288			49,191,266
Net increase (decrease) in net assets resulting from operations		(3,184,494,541	)		7,359,084,803			34,581,450			99,410,689
Distributions to shareholders from:
Distributable earnings		(101,925,490	)		(68,496,917	)		(1,222,751	)		(2,439,900	)

Share transactions*:
Proceeds from sale of shares		14,151,399,949			38,981,223,547			9,316,734			48,365,238
Cost of shares redeemed		(15,451,261,711	)		(31,939,465,600	)		(7,982,281	)		(124,150,797	)
Net increase (decrease) in net assets resulting from share transactions		(1,299,861,762	)		7,041,757,947			1,334,453			(75,785,559	)
Total increase (decrease) in net assets		(4,586,281,793	)		14,332,345,833			34,693,152			21,185,230
Net Assets, beginning of period		23,726,344,310			9,393,998,477			263,779,299			242,594,069
Net Assets, end of period	$	19,140,062,517		$	23,726,344,310		$	298,472,451		$	263,779,299
*Shares of Common Stock Issued (no par value)
Shares sold		57,700,000			186,250,000			100,000			750,000
Shares redeemed		(63,800,000	)		(154,350,000	)		(100,000	)		(2,000,000	)
Net increase (decrease)		(6,100,000	)		31,900,000			—			(1,250,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Biotech ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020
Net asset value, beginning of period	$177.49		$155.70		$140.61		$201.99		$162.01		$118.04
Net investment income (a)	0.54		0.92		0.70		0.69		0.42		0.59
Net realized and unrealized gain (loss) on investments	(19.49	)	21.58		15.14		(61.67	)	40.17		43.85
Total from investment operations	(18.95	)	22.50		15.84		(60.98	)	40.59		44.44
Distributions from:
Net investment income	(1.25	)	(0.71	)	(0.75	)	(0.40	)	(0.61	)	(0.47	)
Net asset value, end of period	$157.29		$177.49		$155.70		$140.61		$201.99		$162.01
Total return (b)	(10.68	)%	14.50	%	11.24	%	(30.24	)%	25.13	%	37.71	%

Ratios to average net assets
Gross expenses (c)	0.35	%(d)	0.35	%	0.35	%	0.35	%	0.38	%	0.39	%
Net expenses (c)	0.35	%(d)	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income	0.65	%(d)	0.56	%	0.44	%	0.42	%	0.23	%	0.40	%
Supplemental data
Net assets, end of period (in millions)	$366		$452		$451		$414		$590		$485
Portfolio turnover rate (e)	7	%	19	%	18	%	24	%	41	%	40	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF

	Six Months Ended March 31, 2025		Year Ended September 30,						Period Ended September 30,
	(unaudited)		2024		2023		2022		2021 (a)
Net asset value, beginning of period	$11.82		$5.46		$4.95		$22.81		$35.25
Net investment income (b)	0.01		0.09		0.15		0.26		—	(c)
Net realized and unrealized gain (loss) on investments	(2.19	)	6.27		0.36		(16.24	)	(12.44	)
Total from investment operations	(2.18	)	6.36		0.51		(15.98	)	(12.44	)
Distributions from:
Net investment income	(0.58	)	—		—		(1.88	)	—
Net asset value, end of period	$9.06		$11.82		$5.46		$4.95		$22.81
Total return (d)	(20.58	)%	116.65	%	10.29	%	(76.33	)%	(35.30	)%

Ratios to average net assets
Expenses	0.52	%(e)	0.51	%	0.51	%	0.50	%	0.58	%(e)
Expenses excluding interest and taxes	0.50	%(e)	0.50	%	0.50	%	0.50	%	N/A
Net investment income	0.11	%(e)	0.91	%	2.81	%	2.28	%	0.02	%(e)
Supplemental data
Net assets, end of period (in millions)	$131		$135		$43		$30		$46
Portfolio turnover rate (f)	28	%	80	%	57	%	74	%	49	%

(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Energy Income ETF(a)

	Period		Year Ended September 30,								Period
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		Ended September 30, 2020 (b)		Year Ended November 30, 2019
Net asset value, beginning of period	$84.93		$64.87		$56.84		$54.25		$34.29		$51.20		$58.32
Net investment income (loss)(c)	1.26		1.97		1.51		1.17		1.15		0.76		(0.39	)
Net realized and unrealized gain (loss) on investments	14.86		20.94		9.04		3.67		21.90		(15.58	)	(1.42	)
Total from investment operations	16.12		22.91		10.55		4.84		23.05		(14.82	)	(1.81	)
Distributions from:
Net investment income	(1.14	)	(0.55	)	(1.34	)	(1.02	)	(1.37	)	—		(1.77	)
Return of capital	—		(2.30	)	(1.18	)	(1.23	)	(1.72	)	(2.09	)	(3.54	)
Total distributions	(1.14	)	(2.85	)	(2.52	)	(2.25	)	(3.09	)	(2.09	)	(5.31	)
Net asset value, end of period	$99.91		$84.93		$64.87		$56.84		$54.25		$34.29		$51.20
Total return (d)	19.05	%	36.09	%	18.70	%	8.79	%	68.88	%	(29.74	)%	(3.66	)%

Ratios to average net assets
Expenses	0.46	%(e)	0.47	%	0.46	%	0.48	%	0.46	%	0.45	%(e)(f)(g)	1.41	%(h)
Expenses excluding interest and taxes	0.45	%(e)	0.45	%	0.45	%	0.45	%	0.45	%	0.45	%(e)(f)(g)	1.41	%(h)
Net investment income (loss)	2.64	%(e)	2.65	%	2.41	%	1.95	%	2.43	%	2.17	%(e)(i)	(0.68	)%(h)
Supplemental data
Net assets, end of period (in millions)	$84		$56		$37		$31		$24		$20		$52
Portfolio turnover rate (j)	7	%	28	%	23	%	21	%	24	%	24	%	106	%

(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed its fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(g)	Effective December 2, 2019, the unitary management fee rate changed from 0.82% to 0.45%
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been lower.
(j)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Environmental Services ETF(a)
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020
Net asset value, beginning of period	$36.10		$28.68		$26.12		$28.64		$19.88		$20.85
Net investment income (b)	0.07		0.17		0.25		0.11		0.07		0.09
Net realized and unrealized gain (loss) on investments	(0.60	)	7.54		2.42		(2.56	)	8.77		(0.97	)
Total from investment operations	(0.53	)	7.71		2.67		(2.45	)	8.84		(0.88	)
Distributions from:
Net investment income	(0.16	)	(0.29	)	(0.11	)	(0.07	)	(0.08	)	(0.09	)
Net asset value, end of period	$35.41		$36.10		$28.68		$26.12		$28.64		$19.88
Total return (c)	(1.48	)%	27.08	%	10.25	%	(8.56	)%	44.50	%	(4.23	)%

Ratios to average net assets
Gross expenses	0.62	%(d)	0.62	%	0.64	%	0.62	%	0.71	%	0.85	%
Net expenses	0.55	%(d)	0.55	%	0.55	%	0.55	%	0.55	%	0.55	%
Net investment income	0.39	%(d)	0.52	%	0.85	%	0.39	%	0.27	%	0.47	%
Supplemental data
Net assets, end of period (in millions)	$80		$79		$77		$68		$67		$31
Portfolio turnover rate (e)	13	%	23	%	22	%	35	%	21	%	38	%

(a)	Prior year audited per share data has been adjusted to reflect the 5 for 1 share split that took place on February 6, 2025. The effects of this adjustment have not been audited.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fabless Semiconductor ETF

	Six Months Ended March 31, 2025 (unaudited)		Period Ended September 30, 2024 (a)
Net asset value, beginning of period	$25.67		$25.26
Net investment income (b)	0.02		0.02
Net realized and unrealized gain (loss) on investments	(2.35	)	0.39
Total from investment operations	(2.33	)	0.41
Distributions from:
Net investment income	(0.01	)	—
Net asset value, end of period	$23.33		$25.67
Total return (c)	(9.07	)%	1.60	%

Ratios to average net assets
Expenses	0.35	%(d)	0.35	%(d)
Net investment income	0.16	%(d)	0.68	%(d)
Supplemental data
Net assets, end of period (in millions)	$34		$6
Portfolio turnover rate (e)	12	%	7	%

(a)	For the period August 28, 2024 (commencement of operations) through September 30, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Gaming ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020
Net asset value, beginning of period	$44.93		$39.94		$32.74		$48.32		$39.14		$36.61
Net investment income (a)	0.18		0.59		0.42		0.25		0.16		0.51
Net realized and unrealized gain (loss) on investments	(6.30	)	5.11		6.95		(15.48	)	9.24		3.25
Total from investment operations	(6.12	)	5.70		7.37		(15.23	)	9.40		3.76
Distributions from:
Net investment income	(1.17	)	(0.71	)	(0.17	)	(0.35	)	(0.22	)	(1.23	)
Net asset value, end of period	$37.64		$44.93		$39.94		$32.74		$48.32		$39.14
Total return (b)	(13.84	)%	14.38	%	22.55	%	(31.72	)%	24.06	%	10.03	%

Ratios to average net assets
Gross expenses	0.81	%(c)	0.78	%	0.74	%	0.65	%	0.62	%	0.92	%
Net expenses	0.65	%(c)	0.67	%	0.72	%	0.65	%	0.62	%	0.65	%
Net expenses excluding interest and taxes	0.65	%(c)	0.65	%	0.65	%	0.63	%	0.62	%	0.65	%
Net investment income	0.85	%(c)	1.43	%	0.99	%	0.63	%	0.32	%	1.41	%
Supplemental data
Net assets, end of period (in millions)	$25		$38		$50		$61		$118		$55
Portfolio turnover rate (d)	6	%	22	%	15	%	16	%	20	%	29	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Infrastructure ETF

	Six Months Ended March 31, 2025 (unaudited)		Year Ended September 30, 2024		Period Ended September 30, 2023 (a)

Net asset value, beginning of period	$25.34		$24.01		$25.50
Net investment income (b)	0.05		0.20		0.24
Net realized and unrealized gain (loss) on investments	(1.52	)	1.34		(1.67	)
Total from investment operations	(1.47	)	1.54		(1.43	)
Distributions from:
Net investment income	(0.20	)	(0.21	)	(0.06	)
Net asset value, end of period	$23.67		$25.34		$24.01
Total return (c)	(5.86	)%	6.42	%	(5.62	)%

Ratios to average net assets
Expenses	0.47	%(d)	0.47	%	0.46	%(d)
Expenses excluding interest and taxes	0.45	%(d)	0.45	%	0.45	%(d)
Net investment income	0.43	%(d)	0.84	%	0.99	%(d)
Supplemental data
Net assets, end of period (in millions)	$2		$2		$2
Portfolio turnover rate (e)	11	%	5	%	12	%

(a)	For the period October 19, 2022 (commencement of operations) through September 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Pharmaceutical ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$95.12		$79.81		$67.25		$72.68		$62.08		$56.93
Net investment income (a)	0.95		1.73		1.47		1.32		1.29		1.06
Net realized and unrealized gain (loss) on investments	(4.12	)	15.12		12.65		(5.44	)	10.46		5.14
Total from investment operations	(3.17	)	16.85		14.12		(4.12	)	11.75		6.20
Distributions from:
Net investment income	(0.82	)	(1.54	)	(1.56	)	(1.31	)	(1.15	)	(1.05	)
Net asset value, end of period	$91.13		$95.12		$79.81		$67.25		$72.68		$62.08
Total return (b)	(3.31	)%	21.33	%	21.14	%	(5.91	)%	19.10	%	11.02	%

Ratios to average net assets
Gross expenses (c)	0.36	%(d)	0.36	%	0.36	%	0.36	%	0.40	%	0.42	%
Net expenses (c)	0.36	%(d)	0.36	%	0.36	%	0.36	%	0.35	%	0.35	%
Net expenses excluding interest and taxes (c)	0.35	%(d)	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income	2.12	%(d)	1.96	%	1.91	%	1.74	%	1.85	%	1.74	%
Supplemental data
Net assets, end of period (in millions)	$669		$727		$430		$524		$319		$235
Portfolio turnover rate (e)	12	%	12	%	22	%	23	%	20	%	18	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Retail ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$218.28		$167.73		$154.84		$174.75		$148.87		$114.49
Net investment income (a)	0.87		2.15		1.56		1.52		1.54		1.22
Net realized and unrealized gain (loss) on investments	8.34		50.41		13.17		(19.92	)	25.34		34.25
Total from investment operations	9.21		52.56		14.73		(18.40	)	26.88		35.47
Distributions from:
Net investment income	(1.73	)	(2.01	)	(1.84	)	(1.51	)	(1.00	)	(1.09	)
Net asset value, end of period	$225.76		$218.28		$167.73		$154.84		$174.75		$148.87
Total return (b)	4.21	%	31.53	%	9.58	%	(10.69	)%	18.13	%	31.22	%

Ratios to average net assets
Gross expenses (c)	0.35	%(d)	0.35	%	0.35	%	0.35	%	0.42	%	0.47	%
Net expenses (c)	0.35	%(d)	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income	0.77	%(d)	1.09	%	0.94	%	0.86	%	0.92	%	0.96	%
Supplemental data
Net assets, end of period (in millions)	$233		$223		$155		$150		$240		$182
Portfolio turnover rate (e)	4	%	7	%	20	%	14	%	12	%	12	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Robotics ETF

	Six Months Ended March 31, 2025 (unaudited)		Year Ended September 30, 2024		Period Ended September 30, 2023 (a)

Net asset value, beginning of period	$44.80		$35.14		$34.39
Net investment income (b)	0.19		0.29		0.08
Net realized and unrealized gain (loss) on investments	(4.56	)	10.19		0.67
Total from investment operations	(4.37	)	10.48		0.75
Distributions from:
Net investment income	(0.23	)	(0.15	)	—
Net realized capital gains	(0.92	)	(0.67	)	—
Total distributions	(1.15	)	(0.82	)	—
Net asset value, end of period	$39.28		$44.80		$35.14
Total return (c)	(9.88	)%	30.15	%	2.18	%

Ratios to average net assets
Expenses	0.47	%(d)	0.47	%	0.47	%(d)
Net investment income	0.88	%(d)	0.69	%	0.43	%(d)
Supplemental data
Net assets, end of period (in millions)	$15		$16		$3
Portfolio turnover rate (e)	10	%	26	%	13	%

(a)	For the period April 6, 2023 (commencement of operations) through September 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Semiconductor ETF(a)
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$245.38		$144.99		$92.56		$128.13		$87.22		$59.57
Net investment income (b)	0.57		1.19		1.11		1.07		0.86		0.94
Net realized and unrealized gain (loss) on investments	(33.60	)	100.24		52.52		(35.85	)	40.80		27.77
Total from investment operations	(33.03	)	101.43		53.63		(34.78	)	41.66		28.71
Distributions from:
Net investment income	(1.07	)	(1.04	)	(1.20	)	(0.79	)	(0.75	)	(1.06	)
Net asset value, end of period	$211.28		$245.38		$144.99		$92.56		$128.13		$87.22
Total return (c)	(13.53	)%	70.26	%	58.49	%	(27.40	)%	47.94	%	48.60	%

Ratios to average net assets
Gross expenses (d)	0.35	%(e)	0.35	%	0.35	%	0.35	%	0.36	%	0.37	%
Net expenses (d)	0.35	%(e)	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Net investment income	0.47	%(e)	0.56	%	0.88	%	0.85	%	0.72	%	1.31	%
Supplemental data
Net assets, end of period (in millions)	$19,140		$23,726		$9,394		$5,632		$5,938		$2,646
Portfolio turnover rate (f)	5	%	15	%	18	%	22	%	20	%	14	%

(a)	On May 5, 2023, the Fund effected a 2 for 1 share split. Per share data prior to this date has been adjusted to reflect the share split.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Video Gaming and eSports ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$76.46		$51.62		$40.66		$65.05		$61.36		$33.74
Net investment income (a)	0.07		0.18		0.44		0.31		0.04		0.03
Net realized and unrealized gain (loss) on investments	10.35		25.20		10.91		(22.47	)	3.73		27.67
Total from investment operations	10.42		25.38		11.35		(22.16	)	3.77		27.70
Distributions from:
Net investment income	(0.37	)	(0.54	)	(0.39	)	(0.05	)	(0.08	)	(0.08	)
Net realized capital gains	—		—		—		(2.18	)	—		—
Total distributions	(0.37	)	(0.54	)	(0.39	)	(2.23	)	(0.08	)	(0.08	)
Net asset value, end of period	$86.51		$76.46		$51.62		$40.66		$65.05		$61.36
Total return (b)	13.64	%	49.58	%	28.11	%	(35.42	)%	6.15	%	82.25	%

Ratios to average net assets
Gross expenses	0.56	%(c)	0.57	%	0.59	%	0.56	%	0.55	%	0.58	%
Net expenses	0.56	%(c)	0.56	%	0.56	%	0.56	%	0.55	%	0.55	%
Net expenses excluding interest and taxes	0.55	%(c)	0.55	%	0.55	%	0.55	%	N/A		N/A
Net investment income	0.16	%(c)	0.30	%	0.89	%	0.52	%	0.06	%	0.06	%
Supplemental data
Net assets, end of period (in millions)	$298		$264		$243		$262		$631		$522
Portfolio turnover rate (d)	27	%	36	%	30	%	35	%	33	%	25	%

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

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

Fund	Diversification Classification

Biotech ETF	Non-Diversified
Digital Transformation ETF	Non-Diversified
Energy Income ETF	Non-Diversified
Environmental Services ETF	Non-Diversified
Fabless Semiconductor ETF	Non-Diversified
Gaming ETF	Non-Diversified
Green Infrastructure ETF	Non-Diversified
Pharmaceutical ETF	Non-Diversified
Retail ETF	Non-Diversified
Robotics ETF	Non-Diversified
Semiconductor ETF	Non-Diversified
Video Gaming and eSports ETF	Non-Diversified

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

Fund	Index

Biotech ETF	MVIS^®US Listed Biotech 25 Index
Digital Transformation ETF	MVIS Global Digital Assets Equity Index
Energy Income ETF	MVIS^®North America Energy Infrastructure Index
Environmental Services ETF	NYSE Arca Environmental Services Index
Fabless Semiconductor ETF	MarketVector™ US Listed Fabless Semiconductor Index
Gaming ETF	MVIS^®Global Gaming Index
Green Infrastructure ETF	Indxx US Green Infrastructure-MCAP Weighted Index
Pharmaceutical ETF	MVIS^®US Listed Pharmaceutical 25 Index
Retail ETF	MVIS^®US Listed Retail 25 Index
Robotics ETF	BlueStar Robotics Index
Semiconductor ETF	MVIS^®US Listed Semiconductor 25 Index
Video Gaming and eSports ETF	MVIS^®Global Video Gaming and eSports Index

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

Effective December 2, 2019, the Energy Income ETF federal tax status changed from a taxable C-Corporation into a regulated investment company (“RIC”). In September 2020, the Board of Trustees (“Trustees”) approved changing the Energy Income ETF’s fiscal year-end from November 30 to September 30.

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

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

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

The following summarizes the Funds’ significant accounting policies.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADR’s”) and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

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

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

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

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

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

C.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions of net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Energy Income ETF and Pharmaceutical ETF, which are declared and paid quarterly). 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.

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

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

F.	Master Limited Partnerships—The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships (“MLPs”) receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). The Fund invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes.

G.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	Cash collateral received for securities lending in the form of money market fund investments, if any, at September 30, 2024, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

H.	Segment Reporting— During the year, the Funds adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds’ financial position or results of operations.

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

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

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

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

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

Note 3—Investment Management and Other Agreements— The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2026, to waive 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 the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the period ended March 31, 2025, are as follows:

Fund	Management Fees			Expense Limitations
Environmental Services ETF		0.50	%		0.55	%
Gaming ETF		0.50			0.65
Video Gaming and eSports ETF		0.50			0.55

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

The Funds listed in the table below utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, (excluding the fee payment under the investment management

agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until February 1, 2026.

The unitary management fee rates for the six months ended March 31, 2025, are as follows:

Fund	Management Fee Rate
Biotech ETF	0.35	%
Digital Transformation ETF	0.50
Energy Income ETF	0.45
Fabless Semiconductor ETF	0.35
Green Infrastructure ETF	0.45
Pharmaceutical ETF	0.35
Retail ETF	0.35
Robotics ETF	0.47
Semiconductor ETF	0.35

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

At March 31, 2025, the Adviser owned approximately 3% of the shares outstanding of Digital Transformation ETF.

Note 4—Capital Share Transactions— As of March 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.

Note 5—Investments— For the period ended March 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Biotech ETF	$	27,837,806	$	28,685,173	$	29,983,490	$	66,650,362
Digital Transformation ETF		68,302,401		47,359,023		73,534,701		44,159,274
Energy Income ETF		6,384,681		4,871,603		28,766,609		12,678,479
Environmental Services ETF		10,479,270		10,628,128		12,325,882		10,167,810
Fabless Semiconductor ETF		3,109,728		3,404,135		41,170,991		5,711,242
Gaming ETF		2,034,885		3,154,085		—		6,986,200
Green Infrastructure ETF		199,358		422,044		631,754		422,797
Pharmaceutical ETF		75,145,511		74,830,735		633,359,169		658,310,737

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Retail ETF		11,167,203		10,200,408		39,102,079		38,497,774
Robotics ETF		1,317,107		1,651,207		6,352,450		5,275,947
Semiconductor ETF		1,152,361,527		1,186,115,438		14,152,597,874		15,457,936,192
Video Gaming and eSports ETF		78,786,286		76,580,794		8,460,237		7,294,709

Note 6—Income Taxes— As of March 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:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotech ETF	$	401,193,995	$	45,553,405	$	(80,768,988	)	$	(35,215,583	)
Digital Transformation ETF		193,426,474		8,586,109		(47,883,945	)		(39,297,836	)
Energy Income ETF		74,288,962		12,151,107		1,669,121			13,820,228
Environmental Services ETF		76,311,441		10,554,812		(4,834,130	)		5,720,682
Fabless Semiconductor ETF		41,850,775		46,414		(7,482,010	)		(7,435,596	)
Gaming ETF		36,264,994		1,589,052		(12,424,180	)		(10,835,128	)
Green Infrastructure ETF		2,049,910		195,090		(360,612	)		(165,522	)
Pharmaceutical ETF		731,897,426		12,524,632		(67,213,811	)		(54,689,179	)
Retail ETF		213,139,007		33,774,123		(13,531,016	)		20,243,107
Robotics ETF		16,068,584		431,951		(1,686,222	)		(1,254,271	)
Semiconductor ETF		24,255,921,291		–		(5,125,246,742	)		(5,125,246,742	)
Video Gaming and eSports ETF		271,041,161		60,493,626		(32,716,881	)		27,776,745

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2024, the Funds did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. In addition, to the extent that a Fund is concentrated in a particular sector or industry, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors

from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

Certain of the Funds’ investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of the applicable blockchain network could be affected by internet connectivity disruptions, fraud, consensus failures or cybersecurity attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price.

Under normal circumstances, the Energy Income ETF invests in securities of MLPs, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash than an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

The Green Infrastructure ETF may invest in securities of oil and gas companies whose profitability is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies’ securities can be extremely volatile. In addition, the Fund invests in green infrastructure companies and performance will be impacted on the overall condition of these companies. Green infrastructure related companies are subject to a variety of factors that may adversely affect their business such as higher interest costs, cost of compliance with changes in environmental and other regulations and uncertainty concerning the availability of energy. Additionally, the Fund’s investments may be dependent on supportive government policies, including tax incentives and subsidies, and the support for such policies may fluctuate over time. If government subsidies and incentives for renewable energy sources are reduced or eliminated, the demand for renewable energy may decline and cause corresponding declines in the revenues and profits of renewable energy companies.

The Robotics ETF invests primarily in the securities of robotics companies and is particularly sensitive to the risks to such companies. Robotics companies and information technology companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.

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

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

A unitary management fee was adopted on October 1, 2021, for Biotech ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through September 30, 2021. Digital Transformation ETF, Energy Income ETF, Fabless Semiconductor ETF, Green Infrastructure ETF and Robotics

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

For Environmental Services ETF, Gaming ETF, and Video Gaming and eSports ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend investments up to one-third of its net assets 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 on the 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 collateral, if any, at March 31, 2025 are 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 March 31, 2025.

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	12,850,008	$	–	$	13,423,209	$	13,423,209
Digital Transformation ETF		34,165,696		23,224,525		13,927,150		37,151,675
Energy Income ETF		5,952,282		4,410,132		1,936,884		6,347,016
Environmental Services ETF		5,170,594		2,086,773		3,371,998		5,458,771
Gaming ETF		2,873,217		–		2,959,824		2,959,824
Green Infrastructure ETF		137,642		110,801		33,377		144,178
Pharmaceutical ETF		59,838,162		11,128,873		50,310,682		61,439,555
Retail ETF		492,876		–		503,634		503,634
Robotics ETF		385,814		137,607		276,067		413,674
Semiconductor ETF		9,489,693		4,401		9,558,650		9,563,051
Video Gaming and eSports ETF		16,300,351		206		17,816,813		17,817,019

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Digital Transformation ETF	$	23,224,525
Energy Income ETF		4,410,132
Environmental Services ETF		2,086,773
Green Infrastructure ETF		110,801
Pharmaceutical ETF		11,128,873
Robotics ETF		137,607
Semiconductor ETF		4,401
Video Gaming and eSports ETF		206

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2025, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Biotech ETF	15	$145,891	5.80	%
Digital Transformation ETF	51	2,147,799	5.78
Energy Income ETF	68	191,402	5.94
Environmental Services ETF	1	2,945,265	6.18
Gaming ETF	1	258,198	6.18
Pharmaceutical ETF	135	1,657,138	5.88
Retail ETF	78	184,166	5.88
Robotics ETF	1	115,033	5.68
Semiconductor ETF	16	6,814,330	5.68
Video Gaming and eSports ETF	14	1,048,284	5.73

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

Note 11—Share Split— The Energy Income ETF executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020. The Semiconductor ETF executed a 2-for-1 share split for shareholders of record before the open of markets on May 5, 2023. The Environmental Services ETF executed a 5-for-1 share split for shareholders of record before the open of markets on February 6, 2025. The impacts of the share splits have been retroactively applied to each of the prior years presented in the financials highlights.

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

March 31, 2025 (unaudited)

At a meeting held on March 31, 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 Alternative Asset Manager 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 programs, 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 managers 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.

March 31, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND

OTHER INFORMATION

PIT	\|	Commodity Strategy ETF
DURA	\|	Durable High Dividend ETF
LFEQ	\|	Long/Flat Trend ETF
MOTE	\|	Morningstar ESG Moat ETF
MOTG	\|	Morningstar Global Wide Moat ETF
MOTI	\|	Morningstar International Moat ETF
SMOT	\|	Morningstar SMID Moat ETF
MOAT^®	\|	Morningstar Wide Moat ETF
MGRO	\|	Morningstar Wide Moat Growth ETF
MVAL	\|	Morningstar Wide Moat Value ETF
RAAX	\|	Real Assets ETF
BUZZ	\|	Social Sentiment ETF


	800.826.2333	vaneck.com

Schedule of Investments
Commodity Strategy ETF	3
Durable High Dividend ETF	5
Long/Flat Trend ETF	7
Morningstar ESG Moat ETF	8
Morningstar Global Wide Moat ETF	10
Morningstar International Moat ETF	12
Morningstar SMID Moat ETF	14
Morningstar Wide Moat ETF	16
Morningstar Wide Moat Growth ETF	18
Morningstar Wide Moat Value ETF	19
Real Assets ETF	20
Social Sentiment ETF	21
Statements of Assets and Liabilities	23
Statements of Operations	26
Statements of Changes in Net Assets	29
Financial Highlights
Commodity Strategy ETF	35
Durable High Dividend ETF	36
Long/Flat Trend ETF	37
Morningstar ESG Moat ETF	38
Morningstar Global Wide Moat ETF	39
Morningstar International Moat ETF	40
Morningstar SMID Moat ETF	41
Morningstar Wide Moat ETF	42
Morningstar Wide Moat Growth ETF	43
Morningstar Wide Moat Value ETF	44
Real Assets ETF	45
Social Sentiment ETF	46
Notes to Financial Statements	47
Changes In and Disagreements with Accountants	57
Proxy Disclosures	57
Remuneration Paid to Directors, Officers and Others	57
Approval of Investment Management Agreement	58

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Par (000’s		)	Value
Short-Term Investments: 91.3%
United States Treasury Obligations: 91.3%
United States Treasury Bills
4.26%, 05/01/25 #	$	13,006		$	12,960,183
4.26%, 06/05/25 #		15,052			14,938,127
					27,898,310
Total Short-Term Investments: 91.3% (Cost: $27,898,347)					27,898,310
Other assets less liabilities: 8.7%					2,654,491
NET ASSETS: 100.0%				$	30,552,801

Footnotes:

#	All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $4,475,994.

Futures Contracts

Reference Entity	Type	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Brent Crude Oil	Long	40	04/30/25	$	2,990,800	$	205,292
Cattle Feeder	Long	5	05/22/25		711,250		3,757
Cocoa	Long	3	07/16/25		236,640		(4,318	)
Cocoa	Long	3	12/15/25		225,270		(60,028	)
Coffee C	Long	5	07/21/25		703,875		(5,468	)
Copper	Long	23	05/28/25		2,894,550		171,908
Corn	Long	12	05/14/25		274,350		(26,773	)
FCOJ-A	Long	7	05/09/25		255,728		(173,645	)
Gasoline RBOB	Long	26	04/30/25		2,501,444		79,144
Gold 100 OZ	Long	20	06/26/25		6,300,599		452,287
Live Cattle	Long	10	06/30/25		814,600		78,649
LME Copper	Long	3	04/14/25		725,942		17,551
LME Copper	Long	3	05/19/25		727,235		(12,062	)
LME Primary Aluminium	Long	19	04/14/25		1,195,171		(87,112	)
LME Primary Aluminium	Long	19	05/19/25		1,201,475		(62,543	)
LME Tin	Long	2	04/14/25		368,150		42,835
LME Tin	Long	2	05/19/25		368,800		16,285
LME Zinc	Long	20	04/14/25		1,420,770		(4,877	)
LME Zinc	Long	20	05/19/25		1,424,400		(33,451	)
Low Sulphur Gasoil	Long	10	05/12/25		682,000		26,451
Natural Gas	Long	17	04/28/25		700,230		16,768
NY Harbor ULSD	Long	17	04/30/25		1,627,492		57,160
NY Harbor ULSD	Long	3	05/30/25		284,647		(21,569	)
Platinum	Long	6	07/29/25		308,250		12,376
Silver	Long	7	05/28/25		1,211,385		57,186
Soybean	Long	11	09/12/25		557,975		4,658
Soybean Oil	Long	13	05/14/25		350,142		(12,794	)
White Sugar	Long	13	07/16/25		340,860		(6,552	)
WTI Crude Oil	Long	37	05/20/25		2,625,150		19,495
LME Copper	Short	3	04/14/25		725,942		12,035
LME Primary Aluminium	Short	19	04/14/25		1,195,171		70,457
LME Tin	Short	2	04/14/25		368,150		(16,165	)
LME Zinc	Short	20	04/14/25		1,420,770		31,279
Net unrealized appreciation on futures contracts						$	848,216

See Notes to Financial Statements

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	27,898,310	$	—	$	27,898,310
Other Financial Instruments:
Assets
Futures Contracts	$	848,216	$	—	$	—	$	848,216

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.2%
Automobiles & Components: 0.1%
Gentex Corp.		1,987	$	46,297
Banks: 0.8%
M&T Bank Corp.		2,238		400,042
Capital Goods: 2.5%
A.O. Smith Corp.		1,057		69,086
Emerson Electric Co.		4,694		514,650
General Dynamics Corp.		2,304		628,024
				1,211,760
Commercial & Professional Services: 2.2%
Automatic Data Processing, Inc.		3,452		1,054,690
Consumer Discretionary Distribution & Retail: 2.4%
Lowe’s Companies, Inc.		4,845		1,129,999
Consumer Services: 4.6%
McDonald’s Corp.		7,049		2,201,896
Energy: 18.4%
Baker Hughes Co.		8,704		382,541
Chevron Corp.		14,473		2,421,188
Diamondback Energy, Inc.		4,663		745,520
Exxon Mobil Corp.		21,170		2,517,748
Halliburton Co.		10,573		268,237
Marathon Petroleum Corp.		3,527		513,849
ONEOK, Inc.		11,465		1,137,557
Phillips 66		6,645		820,525
				8,807,165
Financial Services: 8.9%
Blackrock, Inc.		1,418		1,342,109
Blackstone, Inc.		8,919		1,246,698
Cohen & Steers, Inc.		349		28,007
Federated Hermes, Inc.		1,197		48,802
Fidelity National Information Services, Inc.		4,925		367,799
Invesco Ltd.		7,607		115,398
Janus Henderson Group Plc		2,333		84,338
State Street Corp.		4,292		384,263
T Rowe Price Group, Inc.		5,121		470,466
Western Union Co.		12,952		137,032
				4,224,912
Food, Beverage & Tobacco: 12.5%
Altria Group, Inc.		37,061		2,224,401
Conagra Brands, Inc.		11,187		298,357
Hormel Foods Corp.		4,892		151,359
Kellanova		3,145		259,431
Kraft Heinz Co.		20,208		614,930
PepsiCo, Inc.		14,521		2,177,279
Tyson Foods, Inc.		4,019		256,452
				5,982,209
Health Care Equipment & Services: 0.4%
Baxter International, Inc.		5,892		201,683
Household & Personal Products: 2.1%
Clorox Co.		1,774		261,222
Kimberly-Clark Corp.		5,043		717,215
				978,437

	Number of Shares		Value
Materials: 6.9%
Air Products and Chemicals, Inc.		2,319	$	683,920
Dow, Inc.		23,837		832,388
DuPont de Nemours, Inc.		3,653		272,806
LyondellBasell Industries NV		8,195		576,928
Mosaic Co.		4,736		127,919
PPG Industries, Inc.		2,486		271,844
Smurfit WestRock Plc		11,322		510,169
				3,275,974
Pharmaceuticals, Biotechnology & Life Sciences: 13.9%
Johnson & Johnson		13,686		2,269,686
Merck & Co., Inc.		23,152		2,078,123
Pfizer, Inc.		85,143		2,157,524
Royalty Pharma Plc		4,512		140,459
				6,645,792
Semiconductors & Semiconductor Equipment: 4.9%
Skyworks Solutions, Inc.		2,842		183,679
Texas Instruments, Inc.		11,972		2,151,368
				2,335,047
Telecommunication Services: 4.9%
Verizon Communications, Inc.		52,070		2,361,895
Transportation: 6.4%
FedEx Corp.		2,127		518,520
Norfolk Southern Corp.		2,298		544,281
United Parcel Service, Inc.		17,955		1,974,871
				3,037,672
Utilities: 7.3%
Alliant Energy Corp.		3,469		223,230
Duke Energy Corp.		11,932		1,455,346
Essential Utilities, Inc.		3,618		143,020
Evergy, Inc.		3,904		269,181
FirstEnergy Corp.		9,799		396,076
New Jersey Resources Corp.		1,555		76,288
Portland General Electric Co.		2,028		90,449
PPL Corp.		9,720		350,989
WEC Energy Group, Inc.		4,432		482,999
				3,487,578
Total Common Stocks (Cost: $47,156,749)				47,383,048
Total Investments: 99.2% (Cost: $47,156,749)				47,383,048
Other assets less liabilities: 0.8%				379,269
NET ASSETS: 100.0%			$	47,762,317

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	47,383,048			$	—			$	—			$	47,383,048

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUND: 99.7%(a) (Cost: $20,372,071)
Vanguard S&P 500 ETF		48,204	$	24,772,518

Total Investments: 99.7% (Cost: $20,372,071)				24,772,518
Other assets less liabilities: 0.3%				74,732
NET ASSETS: 100.0%			$	24,847,250


(a)	The underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www. sec.gov.

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Exchange Traded Funds		$	24,772,518			$	—			$	—			$	24,772,518

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 1.0%
Harley-Davidson, Inc. †		2,367	$	59,767
Banks: 1.4%
US Bancorp		2,039		86,087
Capital Goods: 6.6%
Allegion Plc		1,248		162,814
Masco Corp.		2,187		152,084
Otis Worldwide Corp.		827		85,346
				400,244
Commercial & Professional Services: 5.1%
Equifax, Inc.		636		154,904
TransUnion		1,832		152,038
				306,942
Consumer Discretionary Distribution & Retail: 2.5%
Etsy, Inc. *		1,388		65,486
Lowe’s Companies, Inc.		357		83,263
				148,749
Consumer Durables & Apparel: 2.0%
NIKE, Inc.		1,038		65,892
Polaris, Inc. †		1,257		51,462
				117,354
Consumer Services: 3.0%
Yum! Brands, Inc.		1,170		184,112
Consumer Staples Distribution & Retail: 1.4%
Sysco Corp.		1,127		84,570
Financial Services: 13.8%
Blackrock, Inc.		103		97,487
CME Group, Inc.		416		110,361
Intercontinental Exchange, Inc.		587		101,258
Jack Henry & Associates, Inc.		493		90,022
MarketAxess Holdings, Inc.		349		75,506
Mastercard, Inc.		178		97,565
Northern Trust Corp.		981		96,776
State Street Corp.		1,113		99,647
T Rowe Price Group, Inc.		680		62,472
				831,094
Food, Beverage & Tobacco: 8.3%
Brown-Forman Corp.		1,820		61,771
Constellation Brands, Inc.		660		121,123
Mondelez International, Inc.		1,297		88,001
PepsiCo, Inc.		1,018		152,639
The Campbell’s Co.		1,904		76,008
				499,542
Health Care Equipment & Services: 5.8%
GE HealthCare Technologies, Inc.		989		79,822
Veeva Systems, Inc. *		794		183,915
Zimmer Biomet Holdings, Inc.		766		86,696
				350,433
Household & Personal Products: 2.3%
Clorox Co.		497		73,183
Estee Lauder Cos, Inc.		1,008		66,528
				139,711

	Number of Shares		Value
Materials: 3.7%
Air Products and Chemicals, Inc.		284	$	83,757
International Flavors & Fragrances, Inc.		1,762		136,749
				220,506
Media & Entertainment: 6.0%
Alphabet, Inc.		844		130,516
Comcast Corp.		2,097		77,379
Walt Disney Co.		1,506		148,642
				356,537
Pharmaceuticals, Biotechnology & Life Sciences: 14.1%
Agilent Technologies, Inc.		602		70,422
Amgen, Inc.		267		83,184
Bio-Rad Laboratories, Inc. *		240		58,454
Danaher Corp.		348		71,340
Gilead Sciences, Inc.		886		99,276
Merck & Co., Inc.		821		73,693
Pfizer, Inc.		3,245		82,228
Thermo Fisher Scientific, Inc.		292		145,299
Waters Corp. *		268		98,777
West Pharmaceutical Services, Inc.		257		57,537
				840,210
Real Estate Management & Development: 1.3%
CoStar Group, Inc. *		1,011		80,102
Semiconductors & Semiconductor Equipment: 8.4%
Analog Devices, Inc.		377		76,030
Applied Materials, Inc.		478		69,367
KLA Corp.		126		85,655
Microchip Technology, Inc.		1,331		64,434
Monolithic Power Systems, Inc.		131		75,977
NXP Semiconductors NV		372		70,702
Teradyne, Inc.		681		56,251
				498,416
Software & Services: 13.4%
Adobe, Inc. *		321		123,113
Autodesk, Inc. *		353		92,415
Microsoft Corp.		182		68,321
Palo Alto Networks, Inc. *		488		83,272
Salesforce, Inc.		332		89,096
ServiceNow, Inc. *		109		86,779
Tyler Technologies, Inc. *		296		172,091
Workday, Inc. *		376		87,807
				802,894
Total Common Stocks (Cost: $5,967,000)				6,007,270
Total Investments: 100.1% (Cost: $5,967,000)				6,007,270
Liabilities in excess of other assets: (0.1)%				(7,929)
NET ASSETS: 100.0%			$	5,999,341

See Notes to Financial Statements

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $99,328.
*	Non-income producing

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	6,007,270			$	—			$	—			$	6,007,270

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.0%
ASX Ltd.		7,617	$	311,323
Brambles Ltd.		25,302		318,776
				630,099
Belgium: 1.0%
Anheuser-Busch InBev SA		2,518		154,653
Brazil: 1.1%
Ambev SA		70,500		166,168
Canada: 3.1%
Shopify, Inc. *		1,636		155,615
Toronto-Dominion Bank †		5,513		330,301
				485,916
China: 12.6%
Alibaba Group Holding Ltd. (HKD)		13,600		225,058
Inner Mongolia Yili Industrial Group Co. Ltd.		37,600		145,316
JD.com, Inc. (HKD)		15,950		328,164
SF Holding Co. Ltd.		53,100		315,075
Tencent Holdings Ltd. (HKD)		5,300		338,698
Wuliangye Yibin Co. Ltd.		16,100		291,267
Yum China Holdings, Inc. (USD)		6,264		326,104
				1,969,682
France: 6.8%
Airbus SE		924		162,538
Bureau Veritas SA		5,082		154,032
Dassault Aviation SA		749		246,714
Safran SA		577		151,760
Sanofi SA		1,614		178,523
Thales SA		605		160,658
				1,054,225
Germany: 3.9%
Rheinmetall AG		328		468,866
Siemens Healthineers AG 144A		2,753		148,374
				617,240
Japan: 6.0%
Daifuku Co. Ltd.		6,400		157,795
FANUC Corp.		5,400		147,570
Hoya Corp.		1,400		158,477
Kao Corp.		3,400		147,618
Nabtesco Corp.		9,700		151,191
Sony Group Corp.		6,700		170,040
				932,691
Netherlands: 6.4%
Adyen NV 144A *		94		143,936
ASML Holding NV		210		138,831
Koninklijke Philips NV *		11,698		297,506
NXP Semiconductors NV (USD)		1,469		279,198
Universal Music Group NV		5,265		145,235
				1,004,706
Poland: 1.1%
Allegro.eu SA 144A *		20,665		167,420

	Number of Shares		Value
Singapore: 1.1%
Singapore Exchange Ltd.		16,700	$	165,263
Switzerland: 7.0%
Barry Callebaut AG †		122		161,569
Cie Financiere Richemont SA		987		172,287
DSM-Firmenich AG (EUR)		2,851		281,957
Julius Baer Group Ltd. †		2,235		154,912
Roche Holding AG		962		316,603
				1,087,328
Taiwan: 1.8%
Taiwan Semiconductor
Manufacturing Co. Ltd.		10,000		281,630
United Kingdom: 9.4%
BAE Systems Plc		9,909		199,932
British American Tobacco Plc		7,785		319,128
Experian plc		3,202		148,251
GSK Plc		17,223		328,880
Imperial Brands Plc		4,663		172,406
Melrose Industries Plc		19,781		122,010
Rentokil Initial Plc		38,013		172,375
				1,462,982
United States: 34.8%
Agilent Technologies, Inc.		1,316		153,946
Allegion Plc		2,375		309,842
Alphabet, Inc.		1,709		264,280
Bio-Rad Laboratories, Inc. *		446		108,628
Blackrock, Inc.		173		163,741
Charles Schwab Corp.		2,125		166,345
Constellation Brands, Inc.		640		117,453
Corteva, Inc.		5,263		331,200
Danaher Corp.		649		133,045
Equifax, Inc.		580		141,265
GE HealthCare Technologies, Inc.		1,880		151,735
International Flavors & Fragrances, Inc.		3,724		289,020
MarketAxess Holdings, Inc.		658		142,358
Masco Corp.		4,144		288,174
Merck & Co., Inc.		1,550		139,128
Meta Platforms, Inc.		255		146,972
Microsoft Corp.		412		154,661
Northrop Grumman Corp.		333		170,499
Oracle Corp.		1,045		146,101
Pfizer, Inc.		6,135		155,461
Teradyne, Inc.		1,818		150,167
The Campbell’s Co.		7,758		309,699
TransUnion		3,391		281,419
Tyler Technologies, Inc. *		242		140,696
US Bancorp		6,744		284,732
Veeva Systems, Inc. *		1,322		306,215

See Notes to Financial Statements

	Number of Shares		Value
United States (continued)
Walt Disney Co.		2,915	$	287,710
				5,434,492
Total Common Stocks (Cost: $14,156,439)				15,614,495
Total Investments: 100.1% (Cost: $14,156,439)				15,614,495
Liabilities in excess of other assets: (0.1)%				(18,483)
NET ASSETS: 100.0%			$	15,596,012

Definitions:

EUR	Euro
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $299,137.

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 $459,730, or 2.9% of net assets.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	630,099	$	—	$	630,099
Belgium		—		154,653		—		154,653
Brazil		166,168		—		—		166,168
Canada		485,916		—		—		485,916
China		326,104		1,643,578		—		1,969,682
France		—		1,054,225		—		1,054,225
Germany		—		617,240		—		617,240
Japan		—		932,691		—		932,691
Netherlands		279,198		725,508		—		1,004,706
Poland		—		167,420		—		167,420
Singapore		—		165,263		—		165,263
Switzerland		—		1,087,328		—		1,087,328
Taiwan		—		281,630		—		281,630
United Kingdom		—		1,462,982		—		1,462,982
United States		5,434,492		—		—		5,434,492
Total Investments	$	6,691,878	$	8,922,617	$	—	$	15,614,495

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Australia: 3.7%
Brambles Ltd.		339,178	$	4,273,252
Endeavour Group Ltd.		828,908		1,999,192
				6,272,444
Belgium: 2.7%
Anheuser-Busch InBev SA		72,235		4,436,596
Brazil: 2.6%
Ambev SA		1,827,500		4,307,395
Canada: 1.9%
BRP, Inc. †		91,816		3,099,767
China: 26.8%
Alibaba Group Holding Ltd. (HKD)		303,700		5,025,753
Baidu, Inc. (HKD) *		372,600		4,301,239
Inner Mongolia Yili Industrial Group Co. Ltd.		1,064,100		4,112,519
JD.com, Inc. (HKD)		213,700		4,396,788
Jiangsu Yanghe Distillery Co. Ltd.		376,300		3,949,807
Luzhou Laojiao Co. Ltd.		219,000		3,914,129
SF Holding Co. Ltd.		712,579		4,228,166
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		72,500		2,138,562
Tencent Holdings Ltd. (HKD)		71,200		4,550,061
Wuliangye Yibin Co. Ltd.		216,700		3,920,341
Yum China Holdings, Inc. (USD)		84,009		4,373,508
				44,910,873
France: 7.2%
Edenred SE		124,791		4,051,143
Pernod Ricard SA		36,886		3,640,360
Sanofi SA		39,872		4,410,213
				12,101,716
Germany: 6.1%
Rheinmetall AG		4,385		6,268,216
Sartorius Stedim Biotech		19,593		3,877,759
				10,145,975
Ireland: 1.3%
Kerry Group Plc		21,503		2,249,392
Japan: 13.6%
Daifuku Co. Ltd. †		173,900		4,287,586
Harmonic Drive Systems, Inc. †		129,000		2,753,361
Kubota Corp. †		330,100		4,091,453
Murata Manufacturing Co. Ltd.		122,900		1,901,431
Nabtesco Corp.		253,100		3,944,989
Omron Corp. †		130,400		3,693,144
Unicharm Corp.		266,200		2,126,605
				22,798,569
Netherlands: 3.5%
Adyen NV 144A *		2,520		3,858,717
Koninklijke Philips NV *		80,012		2,034,884
				5,893,601

	Number of Shares		Value
Poland: 2.7%
Allegro.eu SA 144A *		562,326	$	4,555,760
Singapore: 1.3%
Singapore Exchange Ltd.		220,500		2,182,063
Sweden: 2.3%
Elekta AB †		719,877		3,782,961
Switzerland: 8.6%
Barry Callebaut AG †		1,655		2,191,780
DSM-Firmenich AG (EUR)		38,257		3,783,519
Julius Baer Group Ltd. †		60,674		4,205,442
Roche Holding AG		12,894		4,243,531
				14,424,272
Taiwan: 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		71,000		1,999,572
United Kingdom: 14.7%
British American Tobacco Plc		104,350		4,277,580
GSK Plc		230,754		4,406,342
Imperial Brands Plc		61,697		2,281,138
Melrose Industries Plc		261,699		1,614,170
Reckitt Benckiser Group Plc		65,519		4,426,998
Rentokil Initial Plc		900,560		4,083,705
Spirax Group Plc		43,181		3,478,290
				24,568,223
Total Common Stocks (Cost: $156,552,745)				167,729,179

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $3,644,277)
State Street Navigator Securities Lending Government Money Market Portfolio		3,644,277		3,644,277
Total Investments: 102.4% (Cost: $160,197,022)				171,373,456
Liabilities in excess of other assets: (2.4)%				(4,050,693)
NET ASSETS: 100.0%			$	167,322,763

See Notes to Financial Statements

Definitions:

EUR	Euro
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $10,972,977.
*	Non-income producing

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $8,414,477, or 5.0% of net assets.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	6,272,444	$	—	$	6,272,444
Belgium		—		4,436,596		—		4,436,596
Brazil		4,307,395		—		—		4,307,395
Canada		3,099,767		—		—		3,099,767
China		4,373,508		40,537,365		—		44,910,873
France		—		12,101,716		—		12,101,716
Germany		—		10,145,975		—		10,145,975
Ireland		—		2,249,392		—		2,249,392
Japan		—		22,798,569		—		22,798,569
Netherlands		—		5,893,601		—		5,893,601
Poland		—		4,555,760		—		4,555,760
Singapore		—		2,182,063		—		2,182,063
Sweden		—		3,782,961		—		3,782,961
Switzerland		—		14,424,272		—		14,424,272
Taiwan		—		1,999,572		—		1,999,572
United Kingdom		—		24,568,223		—		24,568,223
Money Market Fund		3,644,277		—		—		3,644,277
Total Investments	$	15,424,947	$	155,948,509	$	—	$	171,373,456

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Automobiles & Components: 1.9%
BorgWarner, Inc.		186,843	$	5,353,052
Gentex Corp.		100,833		2,349,409
				7,702,461
Banks: 0.7%
Truist Financial Corp.		67,386		2,772,934
Capital Goods: 11.1%
Acuity, Inc.		10,520		2,770,442
Allegion Plc		44,631		5,822,560
Chart Industries, Inc. *		34,697		5,008,859
CNH Industrial NV		479,781		5,891,711
Fortive Corp.		76,992		5,634,275
Fortune Brands Innovations, Inc.		39,468		2,402,812
L3Harris Technologies, Inc.		13,637		2,854,360
Masco Corp.		77,888		5,416,332
Sensata Technologies Holding Plc		103,690		2,516,556
Vertiv Holdings Co.		32,523		2,348,161
WESCO International, Inc.		32,095		4,984,354
				45,650,422
Commercial & Professional Services: 4.2%
Dayforce, Inc. *		52,069		3,037,185
Equifax, Inc.		11,694		2,848,191
SS&C Technologies Holdings, Inc.		73,814		6,165,682
TransUnion		63,539		5,273,102
				17,324,160
Consumer Discretionary Distribution & Retail: 6.5%
Asbury Automotive Group, Inc. *		23,635		5,219,553
AutoNation, Inc. *		34,272		5,549,322
Bath & Body Works, Inc.		81,506		2,471,262
CarMax, Inc. *		73,696		5,742,392
Coupang, Inc. *		124,689		2,734,430
Lithia Motors, Inc.		17,187		5,045,072
				26,762,031
Consumer Durables & Apparel: 3.3%
Brunswick Corp.		41,167		2,216,843
Hasbro, Inc.		93,438		5,745,503
Mattel, Inc. *		135,521		2,633,173
Tapestry, Inc.		49,494		3,484,873
				14,080,392
Consumer Services: 7.9%
Airbnb, Inc. *		21,943		2,621,311
Carnival Corp. *		255,458		4,989,095
DraftKings, Inc. *		145,684		4,838,166
Expedia Group, Inc.		33,349		5,605,967
Flutter Entertainment Plc *		11,866		2,628,912
Las Vegas Sands Corp.		59,085		2,282,454
Norwegian Cruise Line Holdings Ltd. *		256,351		4,860,415
Wynn Resorts Ltd.		65,317		5,453,970
				33,280,290

	Number of Shares		Value
Energy: 3.0%
Devon Energy Corp.		79,909	$	2,988,597
Hess Corp.		40,946		6,540,304
Schlumberger NV		69,334		2,898,161
				12,427,062
Equity Real Estate Investment Trusts (REITs): 0.7%
SBA Communications Corp.		12,827		2,822,068
Financial Services: 10.4%
Capital One Financial Corp.		16,291		2,920,976
Carlyle Group, Inc.		120,826		5,266,805
Discover Financial Services		16,967		2,896,267
Fidelity National Information Services, Inc.		40,764		3,044,256
Global Payments, Inc.		26,335		2,578,723
Jack Henry & Associates, Inc.		17,525		3,200,065
LPL Financial Holdings, Inc.		17,818		5,828,981
MarketAxess Holdings, Inc.		26,686		5,773,516
SEI Investments Co.		37,626		2,920,906
T Rowe Price Group, Inc.		29,769		2,734,878
Western Union Co.		552,571		5,846,201
				43,011,574
Food, Beverage & Tobacco: 2.8%
General Mills, Inc.		48,689		2,911,115
Kraft Heinz Co.		91,644		2,788,727
The Campbell’s Co.		145,960		5,826,723
				11,526,565
Health Care Equipment & Services: 9.1%
Align Technology, Inc. *		12,868		2,044,210
Baxter International, Inc.		80,698		2,762,293
Edwards Lifesciences Corp. *		82,072		5,948,579
GE HealthCare Technologies, Inc.		71,055		5,734,849
Labcorp Holdings, Inc.		13,518		3,146,179
ResMed, Inc.		25,422		5,690,715
STERIS Plc		14,888		3,374,365
Veeva Systems, Inc. *		24,928		5,774,073
Zimmer Biomet Holdings, Inc.		26,693		3,021,114
				37,496,377
Household & Personal Products: 1.6%
Kenvue, Inc.		140,746		3,375,089
Kimberly-Clark Corp.		24,208		3,442,862
				6,817,951
Materials: 9.3%
Amcor Plc		308,693		2,994,322
Ball Corp.		54,586		2,842,293
Corteva, Inc.		99,289		6,248,256
Crown Holdings, Inc.		35,174		3,139,631
DuPont de Nemours, Inc.		74,675		5,576,729
Eastman Chemical Co.		61,680		5,434,625
FMC Corp.		56,513		2,384,283
International Flavors & Fragrances, Inc.		70,018		5,434,097
Sealed Air Corp.		178,000		5,144,200
				39,198,436

See Notes to Financial Statements

	Number of Shares		Value
Media & Entertainment: 4.1%
Charter Communications, Inc. *		7,939	$	2,925,760
Interpublic Group of Cos, Inc.		211,142		5,734,617
Omnicom Group, Inc.		69,097		5,728,832
Pinterest, Inc. *		83,438		2,586,578
				16,975,787
Pharmaceuticals, Biotechnology & Life Sciences: 5.5%
Agilent Technologies, Inc.		45,137		5,280,126
Bio-Rad Laboratories, Inc. *		8,989		2,189,361
Bio-Techne Corp.		84,916		4,978,625
Incyte Corp. *		42,583		2,578,401
Revvity, Inc.		51,563		5,455,365
Royalty Pharma Plc		84,530		2,631,419
				23,113,297
Real Estate Investment Trusts: 0.7%
Crown Castle, Inc.		29,141		3,037,366
Semiconductors & Semiconductor Equipment: 2.4%
Monolithic Power Systems, Inc.		9,580		5,556,208
Teradyne, Inc.		57,663		4,762,964
				10,319,172
Software & Services: 6.3%
Atlassian Corp. *		12,263		2,602,331
Cognizant Technology Solutions Corp.		39,217		3,000,101

	Number of Shares		Value
Software & Services (continued)
Datadog, Inc. *		27,216	$	2,700,099
Dynatrace, Inc. *		56,417		2,660,062
Elastic NV *		28,174		2,510,303
HubSpot, Inc. *		4,544		2,595,942
Workday, Inc. *		11,490		2,683,260
Zoom Communications, Inc. *		72,638		5,358,505
Zscaler, Inc. *		14,890		2,954,474
				27,065,077
Technology Hardware & Equipment: 3.2%
Littelfuse, Inc.		26,026		5,120,355
Vontier Corp.		162,543		5,339,538
Zebra Technologies Corp. *		9,946		2,810,342
				13,270,235
Transportation: 0.6%
Lyft, Inc. *		196,098		2,327,683
Utilities: 4.6%
Essential Utilities, Inc.		81,799		3,233,514
Evergy, Inc.		48,797		3,364,553
FirstEnergy Corp.		78,440		3,170,545
Portland General Electric Co.		132,869		5,925,957
WEC Energy Group, Inc.		32,441		3,535,420
				19,229,989
Total Common Stocks (Cost: $425,837,102)				416,211,329
Total Investments: 99.9% (Cost: $425,837,102)				416,211,329
Other assets less liabilities: 0.1%				453,399
NET ASSETS: 100.0%			$	416,664,728

Footnotes:

*	Non-income producing

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	416,211,329			$	—			$	—			$	416,211,329

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 2.4%
US Bancorp		7,591,990	$	320,533,818
Capital Goods: 12.1%
Allegion Plc		2,682,042		349,899,199
Boeing Co. *		2,129,565		363,197,311
Huntington Ingalls Industries, Inc. †		1,849,868		377,447,067
IDEX Corp.		922,667		166,975,047
Masco Corp.		2,320,964		161,399,837
Northrop Grumman Corp.		401,249		205,443,500
				1,624,361,961
Commercial & Professional Services: 3.6%
Equifax, Inc.		698,613		170,154,182
TransUnion		3,819,258		316,960,222
				487,114,404
Consumer Discretionary Distribution & Retail: 1.2%
Amazon.com, Inc. *		843,850		160,550,901
Consumer Durables & Apparel: 2.2%
NIKE, Inc.		4,626,807		293,709,708
Financial Services: 3.9%
Charles Schwab Corp.		2,261,303		177,014,799
MarketAxess Holdings, Inc.		1,603,665		346,952,923
				523,967,722
Food, Beverage & Tobacco: 10.2%
Altria Group, Inc.		3,374,965		202,565,399
Brown-Forman Corp. †		9,205,256		312,426,388
Constellation Brands, Inc.		1,683,671		308,987,302
Mondelez International, Inc.		3,035,521		205,960,100
The Campbell’s Co. †		8,770,315		350,110,975
				1,380,050,164
Health Care Equipment & Services: 8.0%
GE HealthCare Technologies, Inc.		4,268,160		344,483,193
Veeva Systems, Inc. *		1,497,592		346,887,235
Zimmer Biomet Holdings, Inc.		3,384,304		383,035,527
				1,074,405,955
Household & Personal Products: 3.9%
Estee Lauder Cos, Inc.		4,892,819		322,926,054
Kenvue, Inc.		8,408,571		201,637,533
				524,563,587
Materials: 5.2%
Corteva, Inc.		5,964,658		375,355,928
International Flavors & Fragrances, Inc.		4,207,454		326,540,505
				701,896,433
Media & Entertainment: 4.6%
Alphabet, Inc.		1,926,165		297,862,155
Walt Disney Co.		3,286,527		324,380,215
				622,242,370
Pharmaceuticals, Biotechnology & Life Sciences: 17.9%
Agilent Technologies, Inc.		2,712,815		317,345,099
Amgen, Inc.		684,867		213,370,314
Bio-Rad Laboratories, Inc. *		537,008		130,793,668
Bristol-Myers Squibb Co.		3,331,222		203,171,230
Danaher Corp.		1,600,848		328,173,840

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Gilead Sciences, Inc.		1,994,005	$	223,428,260
Merck & Co., Inc.		1,866,778		167,561,993
Pfizer, Inc.		13,880,165		351,723,381
Thermo Fisher Scientific, Inc.		344,427		171,386,875
West Pharmaceutical Services, Inc.		1,341,944		300,434,423
				2,407,389,083
Semiconductors & Semiconductor Equipment: 11.6%
Applied Materials, Inc.		1,125,951		163,398,009
Lam Research Corp.		2,191,323		159,309,182
Microchip Technology, Inc.		6,236,069		301,888,100
Monolithic Power Systems, Inc.		575,663		333,873,027
NXP Semiconductors NV		1,661,105		315,709,616
Teradyne, Inc.		3,467,314		286,400,137
				1,560,578,071
Software & Services: 10.7%
Adobe, Inc. *		712,574		273,293,506
Autodesk, Inc. *		666,401		174,463,782
Cadence Design Systems, Inc. *		701,596		178,436,911
Manhattan Associates, Inc. *		1,007,049		174,259,759
Microsoft Corp.		437,903		164,384,407
Oracle Corp.		1,112,288		155,508,985
Salesforce, Inc.		589,756		158,266,920
Synopsys, Inc. *		388,089		166,431,968
				1,445,046,238
Transportation: 2.4%
United Parcel Service, Inc.		2,890,843		317,963,822
Total Common Stocks (Cost: $14,192,718,059)				13,444,374,237

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $6,285)
State Street Navigator Securities Lending Government Money Market Portfolio		6,285		6,285
Total Investments: 99.9% (Cost: $14,192,724,344)				13,444,380,522
Other assets less liabilities: 0.1%				16,214,032
NET ASSETS: 100.0%			$	13,460,594,554

See Notes to Financial Statements

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $261,906,311.

Transactions in securities of affiliates for the period ended March 31, 2025 were as follows:

Value
9/30/2024

Purchases

Sales
Proceeds

Net Realized
Gain (Loss)

Net Change in
Unrealized
Appreciation
(Depreciation)

Value
3/31/2025

Dividend
Income

Bio-Rad Laboratories, Inc.

$416,768,239

$114,432,630

$(305,419,379)

$(44,967,413)

$(50,020,409)

$–(a)

$–

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	13,444,374,237	$	—	$	—	$	13,444,374,237
Money Market Fund		6,285		—		—		6,285
Total Investments	$	13,444,380,522	$	—	$	—	$	13,444,380,522

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT GROWTH ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Capital Goods: 11.3%
A.O. Smith Corp.		185	$	12,092
Allegion Plc		179		23,352
General Electric Co.		77		15,412
IDEX Corp.		87		15,744
Otis Worldwide Corp.		133		13,726
				80,326
Commercial & Professional Services: 7.6%
Equifax, Inc.		80		19,485
TransUnion		396		32,864
				52,349
Consumer Discretionary Distribution & Retail: 2.9%
Amazon.com, Inc. *		79		15,031
Etsy, Inc. *		119		5,614
				20,645
Consumer Services: 3.4%
Yum! Brands, Inc.		154		24,233
Financial Services: 5.2%
MarketAxess Holdings, Inc.		167		36,130
Food, Beverage & Tobacco: 5.4%
Brown-Forman Corp.		475		16,122
Constellation Brands, Inc.		80		14,682
Hershey Co.		43		7,354
				38,158
Health Care Equipment & Services: 7.0%
GE HealthCare Technologies, Inc.		159		12,833
Veeva Systems, Inc. *		157		36,366
				49,199
Household & Personal Products: 3.4%
Clorox Co.		50		7,363
Estee Lauder Cos, Inc.		262		17,292
				24,655
Materials: 2.4%
Corteva, Inc.		269		16,928

	Number of Shares		Value
Media & Entertainment: 6.0%
Alphabet, Inc.		119	$	18,402
Meta Platforms, Inc.		25		14,409
Walt Disney Co.		103		10,166
				42,977
Pharmaceuticals, Biotechnology & Life Sciences: 8.6%
Agilent Technologies, Inc.		162		18,951
Bio-Rad Laboratories, Inc. *		38		9,255
Merck & Co., Inc.		77		6,912
Thermo Fisher Scientific, Inc.		12		5,971
West Pharmaceutical Services, Inc.		87		19,478
				60,567
Semiconductors & Semiconductor Equipment: 12.4%
Applied Materials, Inc.		71		10,304
Lam Research Corp.		89		6,470
Microchip Technology, Inc.		118		5,712
Monolithic Power Systems, Inc.		60		34,799
Teradyne, Inc.		357		29,488
				86,773
Software & Services: 24.4%
Adobe, Inc. *		43		16,492
Autodesk, Inc. *		63		16,493
Cadence Design Systems, Inc. *		66		16,786
Manhattan Associates, Inc. *		95		16,439
Microsoft Corp.		88		33,034
Oracle Corp.		63		8,808
Salesforce, Inc.		55		14,760
Synopsys, Inc. *		37		15,867
Tyler Technologies, Inc. *		33		19,186
Workday, Inc. *		65		15,179
				173,044
Total Common Stocks (Cost: $715,108)				705,984
Total Investments: 100.0% (Cost: $715,108)				705,984
Other assets less liabilities: 0.0%				346
NET ASSETS: 100.0%			$	706,330

Footnotes:

*	Non-income producing

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	705,984			$	—			$	—			$	705,984

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT VALUE ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Banks: 2.3%
US Bancorp		2,577	$	108,801
Capital Goods: 18.0%
Allegion Plc		591		77,102
Boeing Co. *		1,310		223,421
Caterpillar, Inc.		237		78,163
Huntington Ingalls Industries, Inc.		1,136		231,789
Masco Corp.		1,757		122,182
Northrop Grumman Corp.		237		121,346
				854,003
Consumer Discretionary Distribution & Retail: 1.6%
Etsy, Inc. *		1,582		74,639
Consumer Durables & Apparel: 3.8%
NIKE, Inc.		2,846		180,664
Financial Services: 2.4%
Charles Schwab Corp.		1,447		113,271
Food, Beverage & Tobacco: 13.9%
Altria Group, Inc.		1,994		119,680
Brown-Forman Corp.		2,847		96,627
Constellation Brands, Inc.		560		102,771
Mondelez International, Inc.		1,794		121,723
The Campbell’s Co.		5,396		215,408
				656,209
Health Care Equipment & Services: 7.8%
GE HealthCare Technologies, Inc.		1,687		136,158
Zimmer Biomet Holdings, Inc.		2,079		235,301
				371,459
Household & Personal Products: 4.5%
Estee Lauder Cos, Inc.		1,461		96,426
Kenvue, Inc.		4,968		119,133
				215,559

	Number of Shares		Value
Materials: 7.0%
Corteva, Inc.		2,084	$	131,146
International Flavors & Fragrances, Inc.		2,590		201,010
				332,156
Media & Entertainment: 4.6%
Alphabet, Inc.		483		74,691
Walt Disney Co.		1,417		139,858
				214,549
Pharmaceuticals, Biotechnology & Life Sciences: 21.5%
Agilent Technologies, Inc.		380		44,452
Bio-Rad Laboratories, Inc. *		123		29,958
Bristol-Myers Squibb Co.		1,968		120,028
Danaher Corp.		986		202,130
Gilead Sciences, Inc.		1,178		131,995
Merck & Co., Inc.		706		63,371
Pfizer, Inc.		8,522		215,947
Thermo Fisher Scientific, Inc.		283		140,821
West Pharmaceutical Services, Inc.		307		68,731
				1,017,433
Semiconductors & Semiconductor Equipment: 8.0%
Applied Materials, Inc.		496		71,980
Lam Research Corp.		796		57,869
Microchip Technology, Inc.		1,164		56,349
NXP Semiconductors NV		1,022		194,241
				380,439
Software & Services: 2.3%
Adobe, Inc. *		183		70,186
Oracle Corp.		282		39,426
				109,612
Transportation: 2.2%
United Parcel Service, Inc.		932		102,511
Total Common Stocks (Cost: $4,985,751)				4,731,305
Total Investments: 99.9% (Cost: $4,985,751)				4,731,305
Other assets less liabilities: 0.1%				2,728
NET ASSETS: 100.0%			$	4,734,033

Footnotes:

*	Non-income producing

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	4,731,305			$	—			$	—			$	4,731,305

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK REAL ASSETS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 99.5%(a)
Energy Select Sector SPDR Fund †		133,846	$	12,507,909
Global X US Infrastructure Development ETF †		198,857		7,502,875
Invesco Water Resources ETF †		19,154		1,235,816
iShares Gold Trust		6,194		365,198
iShares Residential and Multisector Real Estate ETF †		82,975		7,170,700
Materials Select Sector SPDR Fund †		105,889		9,104,336
SPDR Gold MiniShares Trust		5,936		367,379
VanEck Commodity Strategy ETF ‡		451,168		23,014,080
VanEck Energy Income ETF ‡		131,369		13,133,865
VanEck Gold Miners ETF ‡		31,158		1,432,333
VanEck Merk Gold ETF		870,955		26,250,584

	Number of Shares		Value
VanEck Uranium and Nuclear ETF † ‡		34,636	$	2,537,780
Total Exchange Traded Funds (Cost: $89,762,546)				104,622,855

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%
Money Market Fund: 8.1% (Cost: $8,551,549)
State Street Navigator Securities Lending Government Money Market Portfolio		8,551,549		8,551,549
Total Investments: 107.6% (Cost: $98,314,095)				113,174,404
Liabilities in excess of other assets: (7.6)%				(8,133,131)
NET ASSETS: 100.0%			$	105,041,273

Footnotes:

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
†	Security fully or partially on loan. Total market value of securities on loan is $14,214,536.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Transactions in securities of affiliates for the period ended March 31, 2025 were as follows:

	Value 9/30/2024		Purchases		Sales Proceeds		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 3/31/2025		Dividend Income
VanEck Agribusiness ETF		$774,279		$555,173		$(1,239,870)		$(316,715)		$227,133		$–		$35,062
VanEck Commodity Strategy ETF		15,739,444		7,448,756		(1,471,662)		35,936		1,261,606		23,014,080		695,849
VanEck Energy Income ETF		9,601,795		4,188,568		(2,718,340)		438,177		1,623,665		13,133,865		145,679
VanEck Gold Miners ETF		1,075,658		433,844		(302,121)		36,095		188,857		1,432,333		13,237
VanEck Steel ETF		1,359,810		777,155		(1,894,240)		(172,505)		(70,220)		—		55,969
VanEck Uranium and Nuclear ETF		1,595,471		1,524,628		(190,819)		22,310		(413,810)		2,537,780		16,029
Total		$30,146,457		$14,928,124		$(7,817,052)		$43,298		$2,817,231		$40,118,058		$961,825

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	104,622,855	$	—	$	—	$	104,622,855
Money Market Fund		8,551,549		—		—		8,551,549
Total Investments	$	113,174,404	$	—	$	—	$	113,174,404

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 8.0%
Ford Motor Co.		31,701	$	317,961
Lucid Group, Inc. *		461,979		1,117,989
Rivian Automotive, Inc. * †		67,938		845,828
Tesla, Inc. *		5,872		1,521,788
				3,803,566
Banks: 2.4%
Bank of America Corp.		4,602		192,041
JPMorgan Chase & Co.		2,784		682,915
NU Holdings Ltd. *		26,506		271,421
				1,146,377
Capital Goods: 3.7%
Boeing Co. *		1,927		328,650
Lockheed Martin Corp.		323		144,287
Rocket Lab USA, Inc. * †		73,709		1,317,917
				1,790,854
Consumer Discretionary Distribution & Retail: 7.5%
Amazon.com, Inc. *		7,288		1,386,615
Carvana Co. *		2,951		616,995
GameStop Corp. *		64,379		1,436,939
MercadoLibre, Inc. *		80		156,070
				3,596,619
Consumer Durables & Apparel: 1.3%
NIKE, Inc.		10,048		637,847
Consumer Services: 3.1%
Carnival Corp. *		8,730		170,497
Cava Group, Inc. *		2,117		182,930
DraftKings, Inc. *		14,113		468,693
Dutch Bros, Inc. *		3,398		209,793
McDonald’s Corp.		511		159,621
Starbucks Corp.		3,026		296,820
				1,488,354
Consumer Staples Distribution & Retail: 3.2%
Costco Wholesale Corp.		410		387,770
Target Corp.		2,314		241,489
Walgreens Boots Alliance, Inc.		29,399		328,387
Walmart, Inc.		6,069		532,797
				1,490,443
Energy: 0.9%
Occidental Petroleum Corp.		4,534		223,798
Permian Resources Corp.		15,355		212,667
				436,465
Financial Services: 10.2%
Coinbase Global, Inc. *		7,961		1,371,123
PayPal Holdings, Inc. *		6,919		451,465
Robinhood Markets, Inc. *		39,232		1,632,837
SoFi Technologies, Inc. * †		124,067		1,442,899
				4,898,324
Food, Beverage & Tobacco: 4.7%
Celsius Holdings, Inc. * †		53,065		1,890,176
Philip Morris International, Inc.		1,413		224,285
The Coca-Cola Co.		2,211		158,352
				2,272,813

	Number of Shares		Value
Health Care Equipment & Services: 3.7%
Hims & Hers Health, Inc. *		44,804	$	1,323,958
UnitedHealth Group, Inc.		839		439,426
				1,763,384
Media & Entertainment: 10.5%
Alphabet, Inc.		8,288		1,281,656
Meta Platforms, Inc.		2,392		1,378,653
Netflix, Inc. *		295		275,096
Reddit, Inc. *		3,898		408,900
Roblox Corp. *		2,532		147,590
Roku, Inc. *		3,044		214,419
Snap, Inc. *		29,138		253,792
Trade Desk, Inc. *		15,029		822,387
Walt Disney Co.		2,304		227,405
				5,009,898
Pharmaceuticals, Biotechnology & Life Sciences: 1.5%
Eli Lilly & Co.		175		144,534
Moderna, Inc. *		10,931		309,894
Pfizer, Inc.		11,939		302,534
				756,962
Semiconductors & Semiconductor Equipment: 10.9%
Advanced Micro Devices, Inc. *		14,404		1,479,867
Broadcom, Inc.		3,829		641,089
Intel Corp.		59,625		1,354,084
Marvell Technology, Inc.		3,505		215,803
Micron Technology, Inc.		2,936		255,109
NVIDIA Corp.		12,226		1,325,054
				5,271,006
Software & Services: 14.2%
Adobe, Inc. *		482		184,861
AppLovin Corp. *		2,271		601,747
Cloudflare, Inc. *		2,216		249,721
Crowdstrike Holdings, Inc. *		754		265,845
Datadog, Inc. *		1,922		190,682
Microsoft Corp.		3,069		1,152,072
MicroStrategy, Inc. *		5,368		1,547,434
MongoDB, Inc. *		885		155,229
Oracle Corp.		1,258		175,881
Palantir Technologies, Inc. *		17,749		1,498,016
Snowflake, Inc. *		2,506		366,277
Unity Software, Inc. * †		20,198		395,679
				6,783,444
Technology Hardware & Equipment: 7.1%
Apple, Inc.		6,740		1,497,156
Dell Technologies, Inc.		2,092		190,686
IonQ, Inc. *		21,610		476,933
Super Micro Computer, Inc. * †		36,160		1,238,118
				3,402,893
Telecommunication Services: 4.5%
AST SpaceMobile, Inc. * †		54,101		1,230,257
AT&T, Inc.		23,985		678,296
Verizon Communications, Inc.		4,848		219,905
				2,128,458

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Transportation: 2.7%
Grab Holdings Ltd. *		203,437	$	921,570
Uber Technologies, Inc. *		5,418		394,755
				1,316,325
Total Common Stocks (Cost: $51,501,590)				47,994,032

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
Money Market Fund: 2.4% (Cost: $1,154,253)
State Street Navigator Securities Lending Government Money Market Portfolio		1,154,253		1,154,253
Total Investments: 102.5% (Cost: $52,655,843)				49,148,285
Liabilities in excess of other assets: (2.5)%				(1,175,433)
NET ASSETS: 100.0%			$	47,972,852

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,664,432.

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	47,994,032	$	—	$	—	$	47,994,032
Money Market Fund		1,154,253		—		—		1,154,253
Total Investments	$	49,148,285	$	—	$	—	$	49,148,285

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Commodity Strategy ETF (a)		Durable High Dividend ETF		Long/Flat Trend ETF			Morningstar ESG Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	27,898,310	$	47,383,048	$	24,772,518	$	6,007,270
Cash		253,104		119,825		103,996		3,045
Cash on deposit with broker for futures contracts		1,564,443		—		—		—
Receivables:
Investment securities sold		—		193,942		—		—
Due from Adviser		—		—		—		4,880
Dividends and interest		—		77,906		—		5,516
Prepaid expenses		—		—		410		303
Net variation margin on futures contracts		850,800		—		—		—
Other assets		—		—		441		24
Total assets		30,566,657		47,774,721		24,877,365		6,021,038
Liabilities:
Payables:
Due to Adviser		13,856		11,780		4,995		—
Deferred Trustee fees		—		624		1,523		31
Accrued expenses		—		—		23,597		21,666
Total liabilities		13,856		12,404		30,115		21,697
NET ASSETS	$	30,552,801	$	47,762,317	$	24,847,250	$	5,999,341
Shares outstanding		600,000		1,400,000		525,000		225,000
Net asset value, redemption and offering price per share	$	50.92	$	34.12	$	47.33	$	26.66
Net Assets consist of:
Aggregate paid in capital	$	28,280,552	$	63,694,333	$	27,774,690	$	6,323,103
Total distributable earnings (loss)		2,272,249		(15,932,016)		(2,927,440)		(323,762)
NET ASSETS	$	30,552,801	$	47,762,317	$	24,847,250	$	5,999,341
(1) Includes Investment in securities on loan, at market value	$	—	$	—	$	—	$	99,328
(2) Cost of investments - Unaffiliated issuers	$	27,898,347	$	47,156,749	$	20,372,071	$	5,967,000

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Morningstar Global Wide Moat ETF		Morningstar International Moat ETF		Morningstar SMID Moat ETF			Morningstar Wide Moat ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	15,614,495	$	167,729,179	$	416,211,329	$	13,444,374,237
Short-term investments held as collateral for securities loaned (3)		—		3,644,277		—		6,285
Cash		—		511		341,405		1,763,289
Cash denominated in foreign currency, at value (4)		15,301		182,527		—		—
Receivables:
Investment securities sold		—		—		—		4,396,558
Shares of beneficial interest sold		—		—		2,460,597		—
Due from Adviser		2,122		—		—		—
Dividends and interest		37,802		609,321		293,382		20,001,385
Prepaid expenses		361		1,751		14,912		246,199
Other assets		131		1,536		990		109,511
Total assets		15,670,212		172,169,102		419,322,615		13,470,897,464
Liabilities:
Payables:
Investment securities purchased		—		—		2,462,302		—
Shares of beneficial interest redeemed.		—		—		—		4,398,867
Collateral for securities loaned		—		3,644,277		—		6,285
Line of credit		30,060		1,119,693		—		—
Due to Adviser		—		52,621		164,392		5,386,886
Due to custodian		2,442		—		—		—
Deferred Trustee fees		387		3,463		990		225,095
Accrued expenses		41,311		26,285		30,203		285,777
Total liabilities		74,200		4,846,339		2,657,887		10,302,910
NET ASSETS	$	15,596,012	$	167,322,763	$	416,664,728	$	13,460,594,554
Shares outstanding		400,000		5,050,000		12,700,000		153,000,000
Net asset value, redemption and offering price per share	$	38.99	$	33.13	$	32.81	$	87.98
Net Assets consist of:
Aggregate paid in capital	$	13,121,887	$	177,478,718	$	440,583,956	$	15,103,712,302
Total distributable earnings (loss)		2,474,125		(10,155,955)		(23,919,228)		(1,643,117,748)
NET ASSETS	$	15,596,012	$	167,322,763	$	416,664,728	$	13,460,594,554
(1) Includes Investment in securities on loan, at market value	$	299,137	$	10,972,977	$	—	$	261,906,311
(2) Cost of investments - Unaffiliated issuers	$	14,156,439	$	156,552,745	$	425,837,102	$	14,192,718,059
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	3,644,277	$	—	$	6,285
(4) Cost of cash denominated in foreign currency	$	15,341	$	182,950	$	—	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

	Morningstar Wide Moat Growth ETF			Morningstar Wide Moat Value ETF			Real Assets ETF (a)			Social Sentiment ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	705,984		$	4,731,305		$	64,504,797		$	47,994,032
Affiliated issuers (3)		—			—			40,118,058			—
Short-term investments held as collateral for securities loaned (4)		—			—			8,551,549			1,154,253
Cash		11,989			7,248			462,929			2,447
Receivables:
Due from Adviser		4,469			2,848			—			—
Dividends and interest		342			9,171			14,250			8,950
Prepaid expenses		268			268			939			—
Other assets		—			—			531			—
Total assets		723,052			4,750,840			113,653,053			49,159,682
Liabilities:
Payables:
Collateral for securities loaned		—			—			8,551,549			1,154,253
Due to Adviser		—			—			26,528			32,577
Deferred Trustee fees		—			—			1,214			—
Accrued expenses		16,722			16,807			32,489			—
Total liabilities		16,722			16,807			8,611,780			1,186,830
NET ASSETS	$	706,330		$	4,734,033		$	105,041,273		$	47,972,852
Shares outstanding		25,000			150,000			3,450,000			2,150,000
Net asset value, redemption and offering price per share	$	28.25		$	31.56		$	30.45		$	22.31
Net Assets consist of:
Aggregate paid in capital	$	798,193		$	4,876,382		$	113,895,350		$	162,246,278
Total distributable loss		(91,863	)		(142,349	)		(8,854,077	)		(114,273,426	)
NET ASSETS	$	706,330		$	4,734,033		$	105,041,273		$	47,972,852
(1) Includes Investment in securities on loan, at market value	$	—		$	—		$	14,214,536		$	6,664,432
(2) Cost of investments - Unaffiliated issuers	$	715,108		$	4,985,751		$	53,477,481		$	51,501,590
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	36,285,065		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	—		$	—		$	8,551,549		$	1,154,253

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

	Commodity Strategy ETF (a)			Durable High Dividend ETF			Long/Flat Trend ETF			Morningstar ESG Moat ETF
Income:
Dividends	$	—		$	900,405		$	175,671		$	49,543
Interest		597,937			948			891			818
Securities lending income		—			91			1,953			12
Net foreign taxes withheld		—			—			—			(57	)
Total income		597,937			901,444			178,515			50,316
Expenses:
Management fees		73,995			70,120			65,947			14,454
Professional fees		—			—			16,714			19,889
Custody and accounting fees		—			—			11,474			12,419
Reports to shareholders		—			—			5,609			5,033
Trustees’ fees and expenses		—			—			359			62
Exchange listing fees		—			—			3,380			3,480
Insurance		—			—			523			537
Interest		—			1,763			—			77
Taxes		—			185			—			185
Other		—			—			195			651
Total expenses		73,995			72,068			104,201			56,787
Expenses assumed by the Adviser		—			—			(31,660	)		(40,786	)
Net expenses		73,995			72,068			72,541			16,001
Net investment income		523,942			829,376			105,974			34,315

Net realized gain (loss) on:
Investments		240			(1,084,436	)		15,191			(26,286	)
In-kind redemptions		—			2,094,009			556,234			417,424
Futures contracts		1,851,141			—			—			—
Net realized gain		1,851,381			1,009,573			571,425			391,138

Net change in unrealized appreciation (depreciation) on:
Investments		(6,552	)		(2,044,148	)		(1,224,627	)		(864,294	)
Futures contracts		319,681			—			—			—
Net change in unrealized appreciation (depreciation)		313,129			(2,044,148	)		(1,224,627	)		(864,294	)
Net increase (decrease) in net assets resulting from operations	$	2,688,452		$	(205,199	)	$	(547,228	)	$	(438,841	)

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

	Morningstar Global Wide Moat ETF			Morningstar International Moat ETF			Morningstar SMID Moat ETF			Morningstar Wide Moat ETF
Income:
Dividends	$	146,968		$	1,594,613		$	3,393,749		$	140,560,353
Interest		445			1,966			7,413			230,984
Securities lending income		272			21,432			—			81,028
Net foreign taxes withheld		(5,886	)		(119,134	)		—			(372,040	)
Total income		141,799			1,498,877			3,401,162			140,500,325
Expenses:
Management fees		34,918			458,876			909,391			34,465,368
Professional fees		19,623			32,487			20,977			18,617
Custody and accounting fees		22,910			40,051			16,337			72,554
Reports to shareholders		6,929			14,423			19,033			308,562
Trustees’ fees and expenses		272			2,361			3,332			145,875
Registration fees		—			—			7,732			121,002
Exchange listing fees		1,989			1,989			2,983			1,989
Insurance		531			2,643			3,341			41,208
Interest		207			27,048			1,920			8,645
Taxes		185			185			185			185
Other		5,529			2,904			1,351			52,257
Total expenses		93,093			582,967			986,582			35,236,262
Expenses assumed by the Adviser		(52,352	)		(41,793	)		—			—
Net expenses		40,741			541,174			986,582			35,236,262
Net investment income		101,058			957,703			2,414,580			105,264,063

Net realized gain (loss) on:
Investments - unaffiliated issuers		994,153			(1,344,955	)		(24,021,687	)		(178,991,763	)
Investments - affiliated issuers		—			—			—			(46,993,358	)
In-kind redemptions		—			5,032,229			35,643,201			1,046,452,711
In-kind redemptions - affiliated issuers		—			—			—			2,025,945
Foreign currency transactions and foreign denominated assets and liabilities		268			(11,026	)		—			—
Net realized gain		994,421			3,676,248			11,621,514			822,493,535

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(991,112	)		(12,458,572	)		(38,596,054	)		(2,095,643,524	)
Investments - affiliated issuers		—			—			—			(50,020,409	)
Foreign currency translations and foreign denominated assets and liabilities		(674	)		(15,256	)		—			—
Net change in unrealized appreciation (depreciation)		(991,786	)		(12,473,828	)		(38,596,054	)		(2,145,663,933	)
Net increase (decrease) in net assets resulting from operations	$	103,693		$	(7,839,877	)	$	(24,559,960	)	$	(1,217,906,335	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

	Morningstar Wide Moat Growth ETF			Morningstar Wide Moat Value ETF			Real Assets ETF (a)			Social Sentiment ETF
Income:
Dividends - unaffiliated issuers	$	3,281		$	59,899		$	364,562		$	135,671
Dividends - affiliated issuers		—			—			961,825			—
Interest		620			442			7,761			4,939
Securities lending income		—			—			56,958			9,836
Net foreign taxes withheld		—			(218	)		—			—
Total income		3,901			60,123			1,391,106			150,446
Expenses:
Management fees		1,761			11,090			234,238			216,783
Professional fees		13,958			13,958			18,324			—
Custody and accounting fees		11,550			11,825			12,488			—
Reports to shareholders		1,703			1,698			10,038			—
Trustees’ fees and expenses		144			162			747			—
Registration fees		112			719			—			—
Exchange listing fees		3,446			3,446			3,977			—
Insurance		536			536			1,518			—
Interest		—			52			69			6,387
Taxes		185			185			—			185
Other		333			336			873			—
Total expenses		33,728			44,007			282,272			223,355
Waiver of management fees		—			—			(95,490	)		—
Expenses assumed by the Adviser		(31,625	)		(31,695	)		—			—
Net expenses		2,103			12,312			186,782			223,355
Net investment income (loss)		1,798			47,811			1,204,324			(72,909	)

Net realized gain (loss) on:
Investments - unaffiliated issuers		(99,938	)		(94,689	)		99,379			(7,317,725	)
Investments - affiliated issuers		—			—			(334,448	)		—
In-kind redemptions - unaffiliated issuers		42,490			195,706			310,969			15,372,655
In-kind redemptions - affiliated issuers		—			—			377,746			—
Net realized gain (loss)		(57,448	)		101,017			453,646			8,054,930

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(17,999	)		(393,204	)		2,387,305			(5,688,375	)
Investments - affiliated issuers		—			—			2,817,231			—
Net change in unrealized appreciation (depreciation)		(17,999	)		(393,204	)		5,204,536			(5,688,375	)
Net increase (decrease) in net assets resulting from operations	$	(73,649	)	$	(244,376	)	$	6,862,506		$	2,293,646

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Commodity Strategy ETF (a)						Durable High Dividend ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	523,942		$	1,189,938		$	829,376		$	1,857,549
Net realized gain (loss)		1,851,381			(1,941,602	)		1,009,573			2,632,684
Net change in unrealized appreciation (depreciation)		313,129			(288,326	)		(2,044,148	)		4,781,705
Net increase (decrease) in net assets resulting from operations		2,688,452			(1,039,990	)		(205,199	)		9,271,938
Distributions to shareholders from:
Distributable earnings		(850,000	)		(1,774,980	)		(917,590	)		(2,234,105	)

Share transactions*:
Proceeds from sale of shares		4,690,274			5,004,117			15,336,346			28,880,844
Cost of shares redeemed		—			(4,620,033	)		(18,608,335	)		(69,306,807	)
Net increase (decrease) in net assets resulting from share transactions		4,690,274			384,084			(3,271,989	)		(40,425,963	)
Total increase (decrease) in net assets		6,528,726			(2,430,886	)		(4,394,778	)		(33,388,130	)
Net Assets, beginning of period		24,024,075			26,454,961			52,157,095			85,545,225
Net Assets, end of period	$	30,552,801		$	24,024,075		$	47,762,317		$	52,157,095
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			100,000			450,000			875,000
Shares redeemed		—			(100,000	)		(550,000	)		(2,200,000	)
Net increase (decrease)		100,000			—			(100,000	)		(1,325,000	)

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long/Flat Trend ETF						Morningstar ESG Moat ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	105,974		$	274,877		$	34,315		$	60,960
Net realized gain		571,425			3,056,441			391,138			327,971
Net change in unrealized appreciation (depreciation)		(1,224,627	)		4,869,434			(864,294	)		986,232
Net increase (decrease) in net assets resulting from operations		(547,228	)		8,200,752			(438,841	)		1,375,163
Distributions to shareholders from:
Distributable earnings		(199,980	)		(375,000	)		(60,008	)		(65,003	)

Share transactions*:
Proceeds from sale of shares		1,254,251			44,765,651			1,424,494			1,928,769
Cost of shares redeemed		(2,469,321	)		(50,210,843	)		(1,440,230	)		(3,073,893	)
Net decrease in net assets resulting from share transactions		(1,215,070	)		(5,445,192	)		(15,736	)		(1,145,124	)
Total increase (decrease) in net assets		(1,962,278	)		2,380,560			(514,585	)		165,036
Net Assets, beginning of period		26,809,528			24,428,968			6,513,926			6,348,890
Net Assets, end of period	$	24,847,250		$	26,809,528		$	5,999,341		$	6,513,926
*Shares of Common Stock Issued (no par value)
Shares sold		25,000			1,200,000			50,000			75,000
Shares redeemed		(50,000	)		(1,300,000	)		(50,000	)		(125,000	)
Net decrease		(25,000	)		(100,000	)		—			(50,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Global Wide Moat ETF						Morningstar International Moat ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	101,058		$	291,911		$	957,703		$	6,753,483
Net realized gain		994,421			1,341,913			3,676,248			473,633
Net change in unrealized appreciation (depreciation)		(991,786	)		2,487,363			(12,473,828	)		35,620,282
Net increase (decrease) in net assets resulting from operations		103,693			4,121,187			(7,839,877	)		42,847,398
Distributions to shareholders from:
Distributable earnings		(811,720	)		(325,000	)		(7,250,000	)		(5,575,320	)

Share transactions*:
Proceeds from sale of shares		—			—			10,367,185			2,953,035
Cost of shares redeemed		—			(5,205,153	)		(68,772,836	)		(30,764,298	)
Net decrease in net assets resulting from share transactions		—			(5,205,153	)		(58,405,651	)		(27,811,263	)
Total increase (decrease) in net assets		(708,027	)		(1,408,966	)		(73,495,528	)		9,460,815
Net Assets, beginning of period		16,304,039			17,713,005			240,818,291			231,357,476
Net Assets, end of period	$	15,596,012		$	16,304,039		$	167,322,763		$	240,818,291
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			300,000			100,000
Shares redeemed		—			(150,000	)		(2,100,000	)		(1,000,000	)
Net decrease		—			(150,000	)		(1,800,000	)		(900,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar SMID Moat ETF						Morningstar Wide Moat ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income	$	2,414,580		$	3,898,130		$	105,264,063		$	196,819,289
Net realized gain		11,621,514			19,213,342			822,493,535			1,549,278,893
Net change in unrealized appreciation (depreciation)		(38,596,054	)		35,773,737			(2,145,663,933	)		1,761,407,557
Net increase (decrease) in net assets resulting from operations		(24,559,960	)		58,885,209			(1,217,906,335	)		3,507,505,739
Distributions to shareholders from:
Distributable earnings		(4,500,405	)		(1,500,150	)		(207,996,750	)		(112,006,875	)

Share transactions*:
Proceeds from sale of shares		241,545,589			380,280,893			4,773,489,017			10,604,116,455
Cost of shares redeemed		(177,279,100	)		(242,376,141	)		(6,058,094,530	)		(8,446,106,765	)
Net increase (decrease) in net assets resulting from share transactions		64,266,489			137,904,752			(1,284,605,513	)		2,158,009,690
Total increase (decrease) in net assets		35,206,124			195,289,811			(2,710,508,598	)		5,553,508,554
Net Assets, beginning of period		381,458,604			186,168,793			16,171,103,152			10,617,594,598
Net Assets, end of period	$	416,664,728		$	381,458,604		$	13,460,594,554		$	16,171,103,152
*Shares of Common Stock Issued (no par value)
Shares sold		6,925,000			11,850,000			51,600,000			121,650,000
Shares redeemed		(5,125,000	)		(7,500,000	)		(65,350,000	)		(94,950,000	)
Net increase (decrease)		1,800,000			4,350,000			(13,750,000	)		26,700,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Morningstar Wide Moat Growth ETF						Morningstar Wide Moat Value ETF
	Six Months Ended March 31, 2025 (unaudited)			Period Ended September 30, 2024(a)			Six Months Ended March 31, 2025 (unaudited)			Period Ended September 30, 2024(a)
Operations:
Net investment income	$	1,798		$	1,426		$	47,811		$	19,814
Net realized gain (loss)		(57,448	)		23,427			101,017			22,657
Net change in unrealized appreciation (depreciation)		(17,999	)		8,875			(393,204	)		138,758
Net increase (decrease) in net assets resulting from operations		(73,649	)		33,728			(244,376	)		181,229
Distributions to shareholders from:
Distributable earnings		(2,600	)		—			(46,995	)		—

Share transactions*:
Proceeds from sale of shares		1,496,801			1,520,040			1,616,133			5,668,090
Cost of shares redeemed		(1,500,125	)		(767,865	)		(1,616,110	)		(823,938	)
Net increase (decrease) in net assets resulting from share transactions		(3,324	)		752,175			23			4,844,152
Total increase (decrease) in net assets		(79,573	)		785,903			(291,348	)		5,025,381
Net Assets, beginning of period		785,903			—			5,025,381			—
Net Assets, end of period	$	706,330		$	785,903		$	4,734,033		$	5,025,381
*Shares of Common Stock Issued (no par value)
Shares sold		50,000			50,000			50,000			175,000
Shares redeemed		(50,000	)		(25,000	)		(50,000	)		(25,000	)
Net increase		—			25,000			—			150,000

(a)	For the period March 27, 2024 (commencement of operations) through September 30, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Real Assets ETF (a)						Social Sentiment ETF
	Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024			Six Months Ended March 31, 2025 (unaudited)			Year Ended September 30, 2024
Operations:
Net investment income (loss)	$	1,204,324		$	3,475,350		$	(72,909	)	$	405,552
Net realized gain (loss)		453,646			(2,265,242	)		8,054,930			17,005,042
Net change in unrealized appreciation (depreciation)		5,204,536			12,678,630			(5,688,375	)		2,562,248
Net increase in net assets resulting from operations		6,862,506			13,888,738			2,293,646			19,972,842
Distributions to shareholders from:
Distributable earnings		(1,700,055	)		(4,000,118	)		(280,350	)		(324,950	)

Share transactions*:
Proceeds from sale of shares		28,380,772			26,371,413			66,895,187			120,123,862
Cost of shares redeemed		(5,930,411	)		(49,483,711	)		(76,349,151	)		(139,443,171	)
Net increase (decrease) in net assets resulting from share transactions		22,450,361			(23,112,298	)		(9,453,964	)		(19,319,309	)
Total increase (decrease) in net assets		27,612,812			(13,223,678	)		(7,440,668	)		328,583
Net Assets, beginning of period		77,428,461			90,652,139			55,413,520			55,084,937
Net Assets, end of period	$	105,041,273		$	77,428,461		$	47,972,852		$	55,413,520
*Shares of Common Stock Issued (no par value)
Shares sold		975,000			1,025,000			2,650,000			6,100,000
Shares redeemed		(200,000	)		(1,925,000	)		(3,075,000	)		(7,100,000	)
Net increase (decrease)		775,000			(900,000	)		(425,000	)		(1,000,000	)

(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Commodity Strategy ETF(a)

	Six Months Ended March 31, 2025 (unaudited)		Year Ended September 30, 2024		Period Ended September 30, 2023 (b)

Net asset value, beginning of period	$48.05		$52.91		$50.00
Net investment income (c)	0.95		2.33		1.69
Net realized and unrealized gain (loss) on investments	3.62		(4.23	)	1.22
Total from investment operations	4.57		(1.90	)	2.91
Distributions from:
Net investment income	(1.70	)	(2.96	)	—
Net asset value, end of period	$50.92		$48.05		$52.91
Total return (d)	9.82	%	(3.41	)%	5.82	%

Ratios to average net assets
Expenses	0.55	%(e)	0.55	%	0.55	%(e)
Net investment income	3.89	%(e)	4.78	%	4.36	%(e)
Supplemental data
Net assets, end of period (in millions)	$31		$24		$26
Portfolio turnover rate (f)	—	%	—	%	—	%

(a)	Consolidated Financial Highlights
(b)	For the period December 21, 2022 (commencement of operations) through September 30, 2023.
(c)	Calculated based upon average shares outstanding
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Durable High Dividend ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$34.77		$30.28		$27.72		$30.59		$26.78		$28.24
Net investment income (a)	0.58		0.98		1.07		0.99		1.01		0.92
Net realized and unrealized gain (loss) on investments	(0.59	)	4.56		2.50		(2.90	)	3.71		(1.28	)
Total from investment operations	(0.01	)	5.54		3.57		(1.91	)	4.72		(0.36	)
Distributions from:
Net investment income	(0.64	)	(1.05	)	(1.01	)	(0.96	)	(0.91	)	(0.90	)
Net realized capital gains	—		—		—		—		—		(0.20	)
Total distributions	(0.64	)	(1.05	)	(1.01	)	(0.96	)	(0.91	)	(1.10	)
Net asset value, end of period	$34.12		$34.77		$30.28		$27.72		$30.59		$26.78
Total return (b)	0.01	%	18.79	%	12.91	%	(6.58	)%	17.89	%	(1.26	)%

Ratios to average net assets
Gross expenses (c)	0.30	%(d)	0.30	%	0.30	%	0.29	%	0.53	%	0.73	%
Net expenses (c)	0.30	%(d)	0.30	%	0.30	%	0.29	%	0.29	%	0.29	%
Net expenses excluding interest and taxes (c)	0.29	%(d)	0.29	%	0.29	%	0.29	%	N/A		N/A
Net investment income	3.43	%(d)	3.13	%	3.42	%	3.19	%	3.38	%	3.44	%
Supplemental data
Net assets, end of period (in millions)	$48		$52		$86		$73		$51		$33
Portfolio turnover rate (e)	31	%	62	%	61	%	50	%	50	%	67	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long/Flat Trend ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$48.74		$37.58		$33.58		$39.96		$31.55		$28.02
Net investment income (a)	0.20		0.45		0.51		0.24		0.34		0.40
Net realized and unrealized gain (loss) on investments	(1.25	)	11.34		3.90		(6.46	)	8.78		3.56	(b)
Total from investment operations	(1.05	)	11.79		4.41		(6.22	)	9.12		3.96
Distributions from:
Net investment income	(0.36	)	(0.63	)	(0.41	)	(0.16	)	(0.71	)	(0.43	)
Net asset value, end of period	$47.33		$48.74		$37.58		$33.58		$39.96		$31.55
Total return (c)	(2.20	)%	31.72	%	13.27	%	(15.67	)%	29.29	%	14.22	%

Ratios to average net assets
Gross expenses (d)	0.79	%(e)	0.84	%	0.90	%	0.72	%	0.82	%	0.76	%
Net expenses (d)	0.55	%(e)	0.61	%	0.66	%	0.59	%	0.55	%	0.55	%
Net expenses excluding interest and taxes (d)	0.55	%(e)	0.55	%	0.55	%	0.55	%	0.55	%	0.55	%
Net investment income (d)	0.80	%(e)	1.06	%	1.41	%	0.60	%	0.91	%	1.38	%
Supplemental data
Net assets, end of period (in millions)	$25		$27		$24		$34		$41		$32
Portfolio turnover rate (f)	—	%	1	%	115	%	243	%	1	%	—	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar ESG Moat ETF

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

Net asset value, beginning of period	$28.95		$23.09		$19.93		$25.05
Net investment income (b)	0.15		0.26		0.29		0.25
Net realized and unrealized gain (loss) on investments	(2.17	)	5.89		3.08		(5.32	)
Total from investment operations	(2.02	)	6.15		3.37		(5.07	)
Distributions from:
Net investment income	(0.27	)	(0.29	)	(0.21	)	(0.05	)
Net asset value, end of period	$26.66		$28.95		$23.09		$19.93
Total return (c)	(7.04	)%	26.82	%	16.97	%	(20.30	)%

Ratios to average net assets
Gross expenses	1.77	%(d)	1.86	%	2.20	%	4.24	%(d)
Net expenses	0.50	%(d)	0.50	%	0.49	%	0.49	%(d)
Net expenses excluding interest and taxes	0.49	%(d)	0.49	%	0.49	%	0.49	%(d)
Net investment income	1.07	%(d)	1.01	%	1.25	%	1.06	%(d)
Supplemental data
Net assets, end of period (in millions)	$6		$7		$6		$2
Portfolio turnover rate (e)	11	%	33	%	38	%	44	%

(a)	For the period October 6, 2021 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$40.76		$32.21		$29.24		$38.42		$32.17		$28.97
Net investment income (a)	0.25		0.63		0.65		0.63		0.54		0.46
Net realized and unrealized gain (loss) on investments	0.01		8.57		3.49		(7.60	)	6.74		3.47
Total from investment operations	0.26		9.20		4.14		(6.97	)	7.28		3.93
Distributions from:
Net investment income	(0.65	)	(0.65	)	(0.70	)	(0.55	)	(0.43	)	(0.34	)
Net realized capital gains	(1.38	)	—		(0.47	)	(1.66	)	(0.60	)	(0.39	)
Total distributions	(2.03	)	(0.65	)	(1.17	)	(2.21	)	(1.03	)	(0.73	)
Net asset value, end of period	$38.99		$40.76		$32.21		$29.24		$38.42		$32.17
Total return (b)	0.93	%	28.93	%	14.14	%	(19.41	)%	22.99	%	13.70	%

Ratios to average net assets
Gross expenses	1.20	%(c)	1.15	%	1.08	%	0.96	%	1.20	%	2.04	%
Net expenses	0.53	%(c)	0.52	%	0.52	%	0.52	%	0.52	%	0.52	%
Net expenses excluding interest and taxes	0.52	%(c)	0.52	%	0.52	%	0.52	%	N/A		N/A
Net investment income	1.30	%(c)	1.78	%	1.94	%	1.76	%	1.44	%	1.54	%
Supplemental data
Net assets, end of period (in millions)	$16		$16		$18		$18		$19		$10
Portfolio turnover rate (d)	38	%	78	%	73	%	67	%	74	%	68	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar International Moat ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$35.16		$29.85		$25.10		$33.54		$29.38		$30.57
Net investment income (a)	0.17		0.93		0.89		1.34		1.07		0.62
Net realized and unrealized gain (loss) on investments	(0.75	)	5.11		4.81	(b)	(8.28	)	3.81		(0.56	)
Total from investment operations	(0.58	)	6.04		5.70		(6.94	)	4.88		0.06
Distributions from:
Net investment income	(1.45	)	(0.73	)	(0.95	)	(1.50	)	(0.72	)	(1.25	)
Net asset value, end of period	$33.13		$35.16		$29.85		$25.10		$33.54		$29.38
Total return (c)	(1.31	)%	20.56	%	22.82	%	(21.65	)%	16.64	%	(0.14	)%

Ratios to average net assets
Gross expenses	0.64	%(d)	0.61	%	0.63	%	0.67	%	0.76	%	0.76	%
Net expenses	0.59	%(d)	0.58	%	0.58	%	0.58	%	0.57	%	0.58	%
Net expenses excluding interest and taxes	0.56	%(d)	0.56	%	0.56	%	0.56	%	0.56	%	0.56	%
Net investment income	1.04	%(d)	2.99	%	2.85	%	4.32	%	3.09	%	2.10	%
Supplemental data
Net assets, end of period (in millions)	$167		$241		$231		$67		$70		$51
Portfolio turnover rate (e)	68	%	83	%	87	%	105	%	110	%	94	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar SMID Moat ETF

	Six Months Ended March 31, 2025 (unaudited)		Year Ended September 30, 2024		Period Ended September 30, 2023 (a)

Net asset value, beginning of period	$35.00		$28.42		$26.02
Net investment income (b)	0.21		0.42		0.37
Net realized and unrealized gain (loss) on investments	(1.99	)	6.37		2.09	(c)
Total from investment operations	(1.78	)	6.79		2.46
Distributions from:
Net investment income	(0.41	)	(0.21	)	(0.06	)
Net asset value, end of period	$32.81		$35.00		$28.42
Total return (d)	(5.16	)%	23.93	%	9.49	%

Ratios to average net assets
Gross expenses	0.49	%(e)	0.50	%	0.59	%(e)
Net expenses	0.49	%(e)	0.49	%	0.49	%(e)
Net investment income	1.19	%(e)	1.33	%	1.30	%(e)
Supplemental data
Net assets, end of period (in millions)	$417		$381		$186
Portfolio turnover rate (f)	40	%	76	%	76	%

(a)	For the period October 5, 2022 (commencement of operations) through September 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Wide Moat ETF
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$96.98		$75.81		$59.98		$73.28		$54.63		$50.13
Net investment income (a)	0.64		1.22		0.78		0.85		0.96		0.92
Net realized and unrealized gain (loss) on investments	(8.37	)	20.68		15.86		(13.33	)	18.59		4.30
Total from investment operations	(7.73	)	21.90		16.64		(12.48	)	19.55		5.22
Distributions from:
Net investment income	(1.27	)	(0.73	)	(0.81	)	(0.82	)	(0.90	)	(0.72	)
Net asset value, end of period	$87.98		$96.98		$75.81		$59.98		$73.28		$54.63
Total return (b)	(8.06	)%	29.02	%	27.98	%	(17.27	)%	36.11	%	10.40	%

Ratios to average net assets
Expenses	0.46	%(c)	0.47	%	0.47	%	0.46	%	0.46	%	0.47	%
Expenses excluding interest and taxes	0.46	%(c)	0.46	%	0.46	%	0.46	%	N/A		N/A
Net investment income	1.37	%(c)	1.42	%	1.06	%	1.20	%	1.40	%	1.77	%
Supplemental data
Net assets, end of period (in millions)	$13,461		$16,171		$10,618		$5,866		$6,599		$3,398
Portfolio turnover rate (d)	25	%	55	%	51	%	51	%	47	%	48	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Wide Moat Growth ETF

	Six Months Ended March 31, 2025 (unaudited)		Period Ended September 30, 2024 (a)

Net asset value, beginning of period	$31.44		$29.95
Net investment income (b)	0.07		0.06
Net realized and unrealized gain (loss) on investments	(3.16	)	1.43
Total from investment operations	(3.09	)	1.49
Distributions from:
Net investment income	(0.10	)	—
Net asset value, end of period	$28.25		$31.44
Total return (c)	(9.83	)%	4.96	%

Ratios to average net assets
Gross expenses	8.62	%(d)	13.08	%(d)
Net expenses	0.54	%(d)	0.49	%(d)
Net expenses excluding interest and taxes	0.49	%(d)	0.49	%(d)
Net investment income	0.46	%(d)	0.38	%(d)
Supplemental data
Net assets, end of period (in millions)	$1		$1
Portfolio turnover rate (e)	24	%	16	%

(a)	For the period March 27, 2024 (commencement of operations) through September 30, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Wide Moat Value ETF

	Six Months Ended March 31, 2025 (unaudited)		Period Ended September 30, 2024 (a)

Net asset value, beginning of period	$33.50		$29.99
Net investment income (b)	0.32		0.42
Net realized and unrealized gain (loss) on investments	(1.95	)	3.09
Total from investment operations	(1.63	)	3.51
Distributions from:
Net investment income	(0.31	)	—
Net asset value, end of period	$31.56		$33.50
Total return (c)	(4.90	)%	11.71	%

Ratios to average net assets
Gross expenses	1.79	%(d)	6.72	%(d)
Net expenses	0.50	%(d)	0.49	%(d)
Net expenses excluding interest and taxes	0.49	%(d)	0.49	%(d)
Net investment income	1.94	%(d)	2.61	%(d)
Supplemental data
Net assets, end of period (in millions)	$5		$5
Portfolio turnover rate (e)	25	%	48	%

(a)	For the period March 27, 2024 (commencement of operations) through September 30, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Real Assets ETF(a)
	Six Months		Year Ended September 30,
	Ended March 31, 2025 (unaudited)		2024		2023		2022		2021		2020

Net asset value, beginning of period	$28.95		$25.36		$22.79		$25.47		$20.15		$25.25
Net investment income (b)	0.38		1.06		0.37		0.92		0.14		0.45
Net realized and unrealized gain (loss) on investments	1.66		3.47		2.58		(1.44	)	6.57		(4.94	)
Total from investment operations	2.04		4.53		2.95		(0.52	)	6.71		(4.49	)
Distributions from:
Net investment income	(0.54	)	(0.94	)	(0.38	)	(2.16	)	(1.39	)	(0.61	)
Net asset value, end of period	$30.45		$28.95		$25.36		$22.79		$25.47		$20.15
Total return (c)	7.22	%	18.35	%	12.95	%	(2.71	)%	34.11	%	(18.32	)%

Ratios to average net assets
Gross expenses (d)	0.60	%(e)	0.64	%	0.61	%	0.63	%	1.60	%	1.12	%
Net expenses (d)	0.40	%(e)	0.44	%	0.42	%	0.51	%	0.56	%	0.55	%
Net expenses excluding interest and taxes (d)	0.40	%(e)	0.44	%	0.42	%	0.51	%	0.55	%	0.55	%
Net investment income (d)	2.57	%(e)	4.01	%	1.48	%	3.56	%	0.58	%	1.97	%
Supplemental data
Net assets, end of period (in millions)	$105		$77		$91		$131		$17		$9
Portfolio turnover rate (f)	8	%	47	%	70	%	32	%	76	%	195	%

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Social Sentiment ETF

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

Net asset value, beginning of period	$21.52		$15.41		$12.74		$24.66		$25.00
Net investment income (loss) (b)	(0.03	)	0.13		0.07		0.02		(0.03	)
Net realized and unrealized gain (loss) on investments	0.94		6.08		2.65		(11.94	)	(0.31	)(c)
Total from investment operations	0.91		6.21		2.72		(11.92	)	(0.34	)
Distributions from:
Net investment income	(0.12	)	(0.10	)	(0.05	)	—		—
Net asset value, end of period	$22.31		$21.52		$15.41		$12.74		$24.66
Total return (d)	4.18	%	40.39	%	21.46	%	(48.34	)%	(1.38	)%

Ratios to average net assets
Gross expenses	0.77	%(e)	0.76	%	1.23	%(f)	1.16	%(f)	0.75	%(e)
Net expenses	0.77	%(e)	0.76	%	0.75	%	0.75	%	0.75	%(e)
Net expenses excluding interest and taxes	0.75	%(e)	0.75	%	0.75	%	0.75	%	N/A
Net investment income (loss)	(0.25	)%(e)	0.68	%	0.47	%	0.11	%	(0.20	)%(e)
Supplemental data
Net assets, end of period (in millions)	$48		$55		$55		$58		$193
Portfolio turnover rate (g)	142	%	230	%	232	%	263	%	161	%

(a)	For the period March 3, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	The ratio presented reflects the Fund’s extraordinary legal expenses which were paid/reimbursed by the Adviser and/or paid from insurance proceeds during the year.
(g)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

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

Fund		Diversification Classification

Commodity Strategy ETF		Non-Diversified
Durable High Dividend ETF		Diversified
Long/Flat Trend ETF		Diversified
Morningstar ESG Moat ETF		Diversified
Morningstar Global Wide Moat ETF		Diversified
Morningstar International Moat ETF		Diversified
Morningstar SMID Moat ETF		Non-Diversified
Morningstar Wide Moat ETF		Diversified
Morningstar Wide Moat Growth ETF		Non-Diversified
Morningstar Wide Moat Value ETF		Non-Diversified
Real Assets ETF*		Diversified
Social Sentiment ETF		Diversified

*	Formerly known as Inflation Allocation ETF

Each Fund, except for Commodity Strategy ETF and Real Assets ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index listed in the table below.

Fund		Index

Durable High Dividend ETF		Morningstar^®US Dividend Valuation Index^SM
Long/Flat Trend ETF		Ned Davis Research CMG US Large Cap Long/Flat Index
Morningstar ESG Moat ETF		Morningstar^®US Sustainability Moat Focus Index^SM
Morningstar Global Wide Moat ETF		Morningstar^®Global Wide Moat Focus Index^SM
Morningstar International Moat ETF*		Morningstar^®Global Markets ex-US Wide Moat Focus Index^SM
Morningstar SMID Moat ETF		Morningstar^®US Small-Mid Cap Moat Focus Index^SM
Morningstar Wide Moat ETF		Morningstar^®Wide Moat Focus Index^SM
Morningstar Wide Moat Growth ETF		Morningstar^®US Broad Growth Wide Moat Focus Index^SM
Morningstar Wide Moat Value ETF		Morningstar^®US Broad Value Wide Moat Focus Index^SM
Social Sentiment ETF		BUZZ NextGen AI US Sentiment Leaders Index

*	Effective December 20, 2024, Morningstar International Moat ETF index changed from Morningstar^® Global ex-US Moat Focus Index^SM.

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

The Commodity Strategy ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, in exchange-traded commodity futures contracts, exchange-traded and over-the-counter (“OTC”) commodity-linked instruments, and pooled investment vehicles, including ETPs that provide exposure to commodities and Cash and Fixed Income Investments. The Fund does not invest in commodities directly.

Van Eck Associates Corp. (“VEAC”) serves as the investment adviser for the Funds, except for Commodity Strategy ETF and Real Assets ETF. Van Eck Absolute Return Advisers Corp. (“VEARA”), a wholly owned

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF, Real Assets ETF and their Subsidiaries. VEAC and VEARA are collectively referred to as the “Adviser”.

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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

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

	The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with 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 classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

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

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

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

	Each wholly owned Subsidiary is classified as controlled foreign corporation (“CFC”) under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the 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.

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

E.	Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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

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

	Futures Contracts— Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity futures contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are generally made or received by the Fund each day depending on the fluctuations in the value of the futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Commodity Strategy ETF held futures contracts during the six months ended March 31, 2025, the average notional amount for the period was $27,460,882. Futures contracts held by Commodity Strategy ETF at March 31, 2025 are reflected in the Consolidated Schedule of Investments.

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

	Asset Derivatives
	Commodities Futures Risk
Commodity Strategy ETF
Futures contracts¹	$	848,216

1	Reflects net unrealized appreciation/depreciation as disclosed in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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

	Commodities Futures Risk
Commodity Strategy ETF
Realized gain (loss):
Futures contracts¹	$	1,851,141
Net change in unrealized appreciation (depreciation):
Futures contracts²	$	319,681

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

H.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities lending. 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. Refer to the Schedule of Investments and Statement of Assets and Liabilities for collateral received or pledged as of March 31, 2025. Cash collateral received for securities lending in the form of money market fund investments, if any, at March 31, 2025, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral for securities lending is disclosed in Note 9 (Securities Lending). Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements.

I.	Segment Reporting— During the period, the Funds adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds’ financial position or results of operations. The Adviser acts as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM to assess each Fund’s performance versus its comparative benchmarks, is consistent with that presented within the Fund’s financial statements and financial highlights.

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

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

	The character of distributions received from certain investments may be comprised of income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Funds and other industry sources. After each calendar year

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

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

Note 3—Investment Management and Other Agreements— The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 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 expense limitations listed in the following table.

The management fee rates and expense limitations for the six months ended March 31, 2025, are as follows:

Fund	Management Fees		Expense Limitations
Long/Flat Trend ETF	0.50	%	0.55	%
Morningstar ESG Moat ETF	0.45		0.49
Morningstar Global Wide Moat ETF	0.45		0.52
Morningstar International Moat ETF	0.50		0.56
Morningstar SMID Moat ETF	0.45		0.49
Morningstar Wide Moat ETF	0.45		0.49
Morningstar Wide Moat Growth ETF	0.45		0.49
Morningstar Wide Moat Value ETF	0.45		0.49
Real Assets ETF	0.50		0.55

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the period ended March 31, 2025, the Adviser waived management fees of $95,490 due to such investments held in the Real Assets ETF.

Refer to the Statements of Operations for amounts waived/assumed by the Adviser for the period ended March 31, 2025.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. In addition, for Commodity Strategy ETF, the Adviser has agreed to pay and/or reimburse the Fund for the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants (“FCMs”) until at least February 1, 2026.

Fund	Management Fee Rate
Commodity Strategy ETF		0.55	%
Durable High Dividend ETF		0.29
Social Sentiment ETF		0.75

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

At March 31, 2025, the Adviser owned approximately 83%, 22%, and 11% of the shares outstanding of Morningstar Wide Moat Value ETF, Morningstar ESG Moat ETF and Durable High Dividend ETF, respectively.

Note 4—Capital Share Transactions—As of March 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 designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended March 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Durable High Dividend ETF	$	15,209,905	$	15,524,268	$	15,347,214	$	18,557,042
Long/Flat Trend ETF		52,185		165,836		1,254,011		2,469,091
Morningstar ESG Moat ETF		1,307,863		726,214		1,424,439		2,034,917
Morningstar Global Wide Moat ETF		5,976,084		6,656,989		—		—
Morningstar International Moat ETF		128,702,404		139,419,319		7,705,857		61,451,258
Morningstar SMID Moat ETF		162,492,003		164,621,986		240,689,538		176,647,010
Morningstar Wide Moat ETF		3,863,594,217		3,954,677,741		4,773,676,060		6,074,647,034
Morningstar Wide Moat Growth ETF		181,822		1,219,669		1,496,376		461,647
Morningstar Wide Moat Value ETF		1,542,269		1,257,196		1,615,497		1,904,195
Real Assets ETF^*		8,917,923		7,256,615		24,755,895		4,457,796
Social Sentiment ETF		78,599,900		78,952,449		66,860,580		76,290,503

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

Note 6—Income Taxes—As of March 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:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Commodity Strategy ETF	$	30,206,910	$	272	$	(2,308,872	)	$	(2,308,600	)
Durable High Dividend ETF		47,157,626		2,121,031		(1,895,609	)		225,422
Long/Flat Trend ETF		20,372,071		4,400,447		–			4,400,447
Morningstar ESG Moat ETF		6,032,131		430,122		(454,983	)		(24,861	)
Morningstar Global Wide Moat ETF		14,174,507		1,893,937		(453,949	)		1,439,988
Morningstar International Moat ETF		161,441,382		17,245,986		(7,313,912	)		9,932,074
Morningstar SMID Moat ETF		426,032,435		12,006,182		(21,827,288	)		(9,821,106	)
Morningstar Wide Moat ETF		14,193,735,822		592,591,737		(1,341,947,037	)		(749,355,300	)
Morningstar Wide Moat Growth ETF		715,107		13,163		(22,286	)		(9,123	)
Morningstar Wide Moat Value ETF		4,985,750		119,830		(374,275	)		(254,445	)
Real Assets ETF		100,519,518		15,969,774		(3,314,888	)		12,654,886
Social Sentiment ETF		53,314,595		1,319,029		(5,485,339	)		(4,166,310	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

Commodity Strategy ETF invests in futures contracts. The usage of futures contracts is subject to risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets. Futures contracts are subject to collateral requirements and daily limits that may limit the Fund’s ability to achieve its investment objective. If the Fund is unable to meet its investment objective, the Fund’s returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so. Futures contracts exhibit “futures basis,” which refers to the difference between the current market value of the underlying commodity (the “spot” price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled futures contracts generally trade at a premium to the current market value of the underlying commodity. If a negative futures basis exists, the Fund’s investments in futures contracts will generally underperform a direct investment in the underlying commodity.

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

Real Assets ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.

Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Commodity Strategy ETF and Real Assets ETF.

Social Sentiment ETF may concentrate its investment in the information technology and communication services sectors. The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition of these sectors. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. Companies in the communication services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. The index provider relies on social media analytics, which are relatively new and untested. Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company’s stock performance.

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

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

On October 1, 2021, the Durable High Dividend ETF adopted a unitary management fee, therefore, the liability of the Plan shown as “Deferred Trustee fees” in the Statement of Asset and Liabilities represents amounts accrued through September 30, 2021. Commodity Strategy ETF and Social Sentiment ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend investments up to one-third of its net assets 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

securities and related cash collateral, if any, at March 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 March 31, 2025:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Morningstar ESG Moat ETF	$	99,328	$	–	$	101,648	$	101,648
Morningstar Global Wide Moat ETF		299,137		–		320,977		320,977
Morningstar International Moat ETF		10,972,977		3,644,277		7,998,693		11,642,970
Morningstar Wide Moat ETF		261,906,311		6,285		269,428,419		269,434,704
Real Assets ETF		14,214,536		8,551,549		5,922,787		14,474,336
Social Sentiment ETF		6,664,432		1,154,253		5,696,938		6,851,191

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Morningstar International Moat ETF	$	3,644,277
Morningstar Wide Moat ETF		6,285
Real Assets ETF		8,551,549
Social Sentiment ETF		1,154,253

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2025, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Durable High Dividend ETF		87	$	122,317		5.91	%
Morningstar Global Wide Moat ETF		8		131,441		5.68
Morningstar International Moat ETF		163		704,177		5.85
Morningstar SMID Moat ETF		16		760,294		5.68
Morningstar Wide Moat ETF		16		3,064,449		5.96
Real Assets ETF		1		434,910		5.68
Social Sentiment ETF		48		747,044		5.86

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

Changes In and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

(unaudited)

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.