We take our noise measurements with the sound meter positioned 1 foot from the graphics card. I measured the noise floor to be 32 dBA, thus anything above this level can be attributed to the graphics cards. The power supply is passive for the entire power output range we tested all graphics cards in, while all CPU and system fans were disabled. A reading under load comes from running A Plague Tale: Requiem for 30 minutes.
The downside is the Ventus 3X isn't the quietest card I've tested. Under load, the fans span up to 58%, or 2090rpm, producing a fair bit of noise, and my sound meter recorded 40dBa. I'd argue you could definitely lower this as the temperatures are well within safe limits – it seems MSI wanted to play things safe by opting for higher noise levels.