UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM N-CSR

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

                              INVESTMENT COMPANIES

Investment Company Act file number  811-10325

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

                      666 Third Avenue, New York, NY 10017
               (Address of principal executive offices) (Zip code)

                         Van Eck Associates Corporation
                      666 THIRD AVENUE, NEW YORK, NY 10017
                     (Name and address of agent for service)

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

Date of fiscal year end:  APRIL 30

                    Date of reporting period: APRIL 30, 2019

Item 1. Report to Shareholders

ANNUAL REPORT April 30, 2019

VANECK VECTORS®
AMT-Free Intermediate Municipal Index ETF	ITM®
AMT-Free Long Municipal Index ETF	MLN®
AMT-Free Short Municipal Index ETF	SMB®
High-Yield Municipal Index ETF	HYD®
Short High-Yield Municipal Index ETF	SHYD®
CEF Municipal Income ETF	XMPT®

800.826.2333 vaneck.com

President’s Letter	1
Management Discussion	2
Performance Comparison
AMT-Free Intermediate Municipal Index ETF	3
AMT-Free Long Municipal Index ETF	4
AMT-Free Short Municipal Index ETF	5
High-Yield Municipal Index ETF	6
Short High-Yield Municipal Index ETF	7
CEF Municipal Income ETF	8
Explanation of Expenses	10
Schedule of Investments
AMT-Free Intermediate Municipal Index ETF	11
AMT-Free Long Municipal Index ETF	60
AMT-Free Short Municipal Index ETF	74
High-Yield Municipal Index ETF	89
Short High-Yield Municipal Index ETF	128
CEF Municipal Income ETF	142
Statements of Assets and Liabilities	144
Statements of Operations	146
Statements of Changes in Net Assets	150
Financial Highlights
AMT-Free Intermediate Municipal Index ETF	153
AMT-Free Long Municipal Index ETF	153
AMT-Free Short Municipal Index ETF	154
High-Yield Municipal Index ETF	154
Short High-Yield Municipal Index ETF	155
CEF Municipal Income ETF	155
Notes to Financial Statements	156
Report of Independent Registered Public Accounting Firm	163
Tax Information	164
Board of Trustees/Officers	166

Certain information contained in this management discussion represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2019.

VANECK VECTORS ETFs

April 30, 2019 (unaudited)

Dear Shareholders:

We are pleased to present this annual report.

Investment Outlook

As we write this letter in May 2019, conditions seem good for bond funds. Central banks from China to Europe are “accommodative” and not in a position to raise interest rates, which would hurt bond prices. Furthermore, global growth does not seem to be in a position to heat up. This macro situation should be positive for the income funds included in this annual report.

Getting to this relatively placid environment was a result of a lot of turbulence.

At the beginning of December last year, we were worried about the impact the European Central Bank’s (ECB) and the U.S. Federal Reserve’s (Fed) continued tightening would have on the financial markets. Typically, central bank tightening is unfavorable for financial assets, and markets decelerated going into December. Then, suddenly the Fed signaled it would stop raising rates and reverse on quantitative tightening. This led to a rally in U.S. equities and other asset classes.

The ECB is also now delaying any tightening steps. In early March, the ECB pushed back its timing for increasing interest rates and is expected to stay on hold through the end of 2019. It also announced a program to stimulate bank lending which will provide banks in the euro zone with cheap rates.

Last but not least, China’s “drip stimulus” (as opposed to big infrastructure stimulus program similar to what was implemented after the financial crisis) has been felt in the real economy, with manufacturing Purchasing Manager Index (PMI) ticking positive after March 2019.

Doubtless there are risks to the global economy and financial markets. Concerns around the strength of global economic growth, a persistently strong U.S. dollar, certain country-specific factors, e.g., Iran and Venezuela, and the escalating trade dispute between the U.S. and China continue to hang over the market.

We encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the twelve month period ended April 30, 2019. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

Jan F. van Eck
Trustee and President
VanEck Vectors ETF Trust

May 23, 2019

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

1

VANECK VECTORS ETFs

(unaudited) (continued)

Market Review

AMT-Free Intermediate Municipal Index ETF

Municipal bonds from California contributed the most to the fund’s positive total return of 6.98%. No state/U.S. territory detracted from performance. The state and local sectors were the two largest contributing sectors to the fund’s performance.

AMT-Free Long Municipal Index ETF

The healthcare, transportation, local, and water & sewer sectors contributed most to the fund’s gain of 7.15% for the 12 month period and while no sector detracted from performance, the industrial revenue sector contributed the least. Municipal bonds issued by California and New York contributed the most to performance. No state/U.S. territory detracted from performance.

AMT-Free Short Municipal Index ETF

Among short municipal bonds, the state sector contributed the greatest positive return to the fund, which overall gained 3.70% for the year. The local, transportation, and special tax sectors also contributed positively to return. In terms of state/U.S. territory, New York and Texas contributed the most to the total return of the Fund. No state/U.S territory detracted from performance.

Short High-Yield Municipal Index ETF/High-Yield Municipal Index ETF

The industrial revenue sector was by far the largest contributor to the 5.16% positive performance of the Short High-Yield Municipal Index ETF and no sector detracted from performance. Grouped by state/U.S. territory, Illinois was the greatest contributor to the fund’s total return, while municipal bonds from Indiana detracted the most from performance, but then only minimally.

In the High-Yield Municipal Index ETF, the industrial revenue and healthcare sectors contributed most to the fund’s positive total return of 5.46%. While no sector detracted from performance, the solid waste/resource contributed the least. Municipal bonds from Illinois made by far the greatest contribution to performance and only those from Oregon and the District of Columbia detracted from performance, and then only minimally.

CEF Municipal Income ETF

The CEF Municipal Income ETF returned an impressive 9.83% over the 12 months under review. During the period the discounts at which municipal closed-end funds (CEFs) trade widened out significantly as the U.S. Federal Reserve (Fed) began raising the benchmark interest rate. Starting September 11, 2018 at -7.44%, the discount widened to as much as -12.11% on December 20, 2018. Shortly thereafter, the Fed turned much more dovish and the discounts began to narrow, settling in the -6% range, and ending the 12 month period on April 30, 2019 at -6.95%. In addition to the Fed’s action (followed by their hard pause), the swift narrowing that occurred was also supported by the continuation of ultra-low supply in the form of new issuance from state and local governments working together with historically strong investor demand for municipals.

2

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	LMT2TR1	Share Price	NAV	LMT2TR1
One Year	7.24%	6.98%	7.46%	7.24%	6.98%	7.46%
Five Year	3.49%	3.54%	4.13%	18.72%	19.00%	22.41%
Ten Year	4.39%	4.43%	5.07%	53.62%	54.30%	63.96%

¹ Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds and is calculated using a market value weighting methodology. To be included in the Index, a bond must be rated investment grade (in accordance with the Index Provider’s methodology).

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000  

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

See “About Fund Performance” on page 9 for more information.

3

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	LMT3TR1	Share Price	NAV	LMT3TR1
One Year	7.76%	7.15%	8.03%	7.76%	7.15%	8.03%
Five Year	4.83%	4.79%	5.49%	26.58%	26.36%	30.62%
Ten Year	5.62%	5.61%	6.52%	72.82%	72.63%	88.03%

¹ Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds, and is calculated using a market value weighting methodology. To be included in the Index, bonds must be rated investment grade (in accordance with the Index Provider’s methodology).

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000  

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

See “About Fund Performance” on page 9 for more information.

4

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	LMT1TR1	Share Price	NAV	LMT1TR1
One Year	4.25%	3.70%	4.10%	4.25%	3.70%	4.10%
Five Year	1.20%	1.17%	1.64%	6.17%	5.98%	8.46%
Ten Year	1.87%	1.93%	2.44%	20.34%	21.11%	27.30%

¹ Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds and is calculated using a market value weighting methodology. To be included in the Index, bonds must be rated investment grade (in accordance with the Index Provider’s methodology).

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000  

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

See “About Fund Performance” on page 9 for more information.

5

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	LMEHTR1	Share Price	NAV	LMEHTR1
One Year	5.56%	5.46%	7.94%	5.56%	5.46%	7.94%
Five Year	5.61%	5.63%	6.87%	31.40%	31.52%	39.39%
Ten Year	7.19%	7.29%	8.77%	100.32%	102.14%	131.84%

¹ Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The Index is calculated using a market value weighting methodology and tracks the high yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a targeted 25% weight in triple-B rated investment grade municipal bonds (in accordance with the Index Provider’s methodology).

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000  

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

See “About Fund Performance” on page 9 for more information.

6

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	BMHYTR1	Share Price	NAV	BMHYTR1
One Year	5.25%	5.16%	7.35%	5.25%	5.16%	7.35%
Five Year	2.65%	2.67%	4.31%	13.94%	14.11%	23.50%
Life*	2.88%	2.88%	4.63%	16.20%	16.19%	27.09%

*

Commencement of Fund: 1/13/2014; First Day of Secondary Market Trading: 1/14/2014.

1

Bloomberg Barclays Municipal High-Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector, and is calculated using a market value weighting methodology. The Index tracks the high yield municipal bond market with a targeted 65% weight in noninvestment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds and a targeted 10% weight in single-A rated investment grade municipal bonds (in accordance with the Index Provider’s methodology).

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 9 for more information.

7

VANECK VECTORS CEF MUNICIPAL INCOME ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
	Share Price	NAV	CEFMXTR1	Share Price	NAV	CEFMXTR1
One Year	9.82%	9.83%	10.27%	9.82%	9.83%	10.27%
Five Year	5.67%	5.68%	6.02%	31.75%	31.82%	33.94%
Life*	5.98%	5.97%	6.34%	57.38%	57.24%	61.56%

*

Commencement of Fund: 7/12/2011; First Day of Secondary Market Trading: 7/13/2011

1

S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. The Index is divided into four main closed-end fund segments including: leveraged municipal fixed income closed-end funds; unleveraged municipal fixed income closed-end funds; leveraged high yield municipal fixed income closed-end funds; and unleveraged high yield municipal fixed income closed-end funds.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000 (Since Inception)    

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

See “About Fund Performance” on page 9 for more information.

8

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.

The “Net Asset Value” (NAV) of a VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.

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

The Intermediate Index, Long Index, Short Index, High Yield Index, and Short High-Yield Index are published by Bloomberg Finance L.P. and its affiliates (Bloomberg). CEFMX Index is published by S-Network Global Indexes, LLC (S-Network).

Bloomberg and S-Network are referred to herein as the “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at www.vaneck.com.

9

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2018 to April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2018	Ending Account Value April 30, 2019	Annualized Expense Ratio During Period	Expenses Paid During the Period* November 1, 2018 – April 30, 2019
AMT-Free Intermediate Municipal Index ETF
Actual	$1,000.00	$1,069.50	0.24%	$1.23
Hypothetical**	$1,000.00	$1,023.60	0.24%	$1.20
AMT-Free Long Municipal Index ETF
Actual	$1,000.00	$1,079.60	0.24%	$1.24
Hypothetical**	$1,000.00	$1,023.60	0.24%	$1.20
AMT-Free Short Municipal Index ETF
Actual	$1,000.00	$1,030.30	0.20%	$1.01
Hypothetical**	$1,000.00	$1,023.80	0.20%	$1.00
High-Yield Municipal Index ETF
Actual	$1,000.00	$1,049.00	0.35%	$1.78
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Short High-Yield Municipal Index ETF
Actual	$1,000.00	$1,041.70	0.35%	$1.77
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
CEF Municipal Income ETF
Actual	$1,000.00	$1,135.80	0.40%	$2.12
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2019) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses

10

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
MUNICIPAL BONDS: 98.8%
Alabama: 0.9%
		Alabama Federal Aid Highway Finance Authority (RB)
$	540,000	4.00%, 09/01/24 (c)	$	583,821
	945,000	5.00%, 09/01/24 (c)		1,096,965
	400,000	5.00%, 09/01/24 (c)		460,372
		Alabama Federal Aid Highway Finance Authority, Series A (RB)
	940,000	5.00%, 09/01/26 (c)		1,116,701
	10,000	5.00%, 09/01/26 (c)		11,847
	715,000	5.00%, 09/01/27 (c)		861,897
	250,000	5.00%, 09/01/27 (c)		300,445
	150,000	5.00%, 09/01/27		186,789
	280,000	5.00%, 09/01/27 (c)		339,374
	100,000	Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/25		119,792
		Alabama Public School and College Authority, Series B (RB)
	535,000	5.00%, 07/01/24 (c)		618,594
	540,000	5.00%, 07/01/24 (c)		626,400
		Auburn University, Series A (RB)
	10,000	5.00%, 06/01/26 (c)		11,970
	25,000	5.00%, 06/01/26 (c)		30,080
	860,000	Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		868,437
		County of Jefferson (RB)
	100,000	5.00%, 03/15/27 (c)		116,003
	600,000	5.00%, 03/15/27 (c)		712,728
	525,000	5.00%, 03/15/27 (c)		627,265
		Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series A (RB)
	530,000	3.00%, 02/01/26 (c)		534,388
	260,000	3.00%, 02/01/26 (c)		263,767
		Lower Alabama Gas District, Series A (RB)
	275,000	5.00%, 09/01/29		327,718
	360,000	5.00%, 09/01/31		433,742
	100,000	5.00%, 09/01/34		122,701
	1,325,000	State of Alabama, Series A (GO) 5.00%, 11/01/28 (c)		1,634,361
		UAB Medicine Finance Authority, Series B (RB)
	150,000	5.00%, 09/01/26 (c)		175,103
	225,000	5.00%, 09/01/26 (c)		265,331
	280,000	UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c)		332,212
		Water Works Board of the City of Birmingham, Series A (RB)
	595,000	5.00%, 01/01/27 (c)		701,672
	250,000	5.00%, 01/01/27 (c)		296,848
	775,000	5.00%, 01/01/27 (c)		937,231
				14,714,554

Principal Amount			Value
Alaska: 0.3%
		Alaska Housing Finance Corp., Series A (RB)
$	900,000	4.00%, 06/01/27 (c)	$	981,774
	125,000	4.00%, 06/01/27 (c)		136,795
	15,000	5.00%, 06/01/25 (c)		17,445
	590,000	5.00%, 06/01/27 (c)		696,489
		Matanuska-Susitna Borough, Goose Creek Correctional Center Project (RB)
	250,000	5.00%, 09/01/25 (c)		285,620
	300,000	5.25%, 09/01/25 (c)		354,288
	500,000	State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		567,845
	130,000	State of Alaska, Series A (GO) 5.00%, 08/01/25 (c)		150,184
		State of Alaska, Series B (GO)
	205,000	5.00%, 08/01/25 (c)		236,828
	1,125,000	5.00%, 08/01/25 (c)		1,314,540
				4,741,808
Arizona: 1.5%
		Arizona Transportation Board, Highway Revenue (RB)
	150,000	5.00%, 07/01/24 (c)		171,879
	110,000	5.00%, 07/01/24 (c)		126,641
	25,000	5.00%, 07/01/24 (c)		29,083
	1,050,000	5.00%, 07/01/26 (c)		1,249,867
	810,000	5.00%, 07/01/26 (c)		968,347
	210,000	Arizona Transportation Board, Maricopa County Regional Area (RB) 5.00%, 07/01/24 (c)		244,295
		Arizona Water Infrastructure Finance Authority, Series A (RB)
	35,000	5.00%, 10/01/24 (c)		40,990
	405,000	5.00%, 10/01/24 (c)		475,154
	750,000	Board of Regents, Arizona State University, Series A (RB) 5.00%, 07/01/25 (c)		884,895
	130,000	Board of Regents, Arizona State University, Series B (RB) 5.00%, 07/01/25 (c)		154,214
		Board of Regents, University of Arizona (RB)
	215,000	3.00%, 06/01/26 (c)		216,296
	100,000	5.00%, 06/01/26 (c)		118,428
	165,000	5.00%, 06/01/26 (c)		194,693
	30,000	City of Chandler (GO) 5.00%, 07/01/24 (c)		34,917
	450,000	City of Glendale, Water and Sewer Revenue, Senior Lien (RB) 5.00%, 07/01/25 (c)		530,964
		City of Mesa, Utility System Revenue (RB)
	1,235,000	3.25%, 07/01/24 (c)		1,283,227
	730,000	3.25%, 07/01/24 (c)		762,872
	1,590,000	4.00%, 07/01/26 (c)		1,748,793
	705,000	5.00%, 07/01/26 (c)		850,188
	270,000	5.00%, 07/01/26 (c)		323,819

See Notes to Financial Statements

 11

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Arizona: (continued)
		City of Phoenix (GO)
$	1,250,000	4.00%, 07/01/24 (c)	$	1,391,262
	335,000	5.00%, 07/01/26 (c)		407,615
		City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
	130,000	5.00%, 07/01/24 (c)		150,081
	860,000	5.00%, 07/01/26 (c)		1,036,524
	120,000	5.00%, 07/01/26 (c)		143,017
	620,000	5.00%, 07/01/26 (c)		747,261
	150,000	5.00%, 07/01/26 (c)		177,539
	1,250,000	City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series B (RB) 4.00%, 07/01/24 (c)		1,374,375
		City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
	250,000	5.00%, 07/01/27 (c)		297,550
	100,000	5.00%, 07/01/27 (c)		119,736
	250,000	5.00%, 07/01/27 (c)		302,635
	500,000	City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) 5.00%, 07/01/27 (c)		594,860
		City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series A (RB)
	1,870,000	5.00%, 07/01/24 (c)		2,175,483
	115,000	5.00%, 07/01/25 (c)		136,633
	1,250,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series B (RB) 5.00%, 07/01/26		1,523,012
	250,000	Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c)		299,683
		Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
	20,000	3.13%, 01/01/27 (c)		20,207
	215,000	5.00%, 01/01/28		265,067
	710,000	5.00%, 01/01/29		887,408
	190,000	Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/25		225,268
	25,000	Pima County, Sewer System (RB) 5.00%, 07/01/25		29,721
		Salt River Project Agricultural Improvement and Power District, Series A (RB)
	2,000,000	5.00%, 06/01/25 (c)		2,325,880
	120,000	5.00%, 01/01/26		145,004
	140,000	5.00%, 01/01/27 (c)		171,686
	250,000	5.00%, 01/01/28 (c)		304,130
				25,661,199

Principal Amount			Value
Arkansas: 0.1%
$	770,000	City of Little Rock, Sewer Revenue (RB) 4.70%, 04/01/25 (c)	$	882,859
	1,095,000	State of Arkansas, Federal Highway Grant Anticipation (GO) 5.00%, 10/01/24 (c)		1,284,063
				2,166,922
California: 15.4%
	210,000	Airport Commission of San Francisco, Series D (RB) 5.00%, 05/01/25		251,492
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM)
	125,000	3.00%, 10/01/26 (c)		125,180
	705,000	4.00%, 10/01/26 (c)		759,370
	1,055,000	Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c)		1,276,371
		Anaheim Housing and Public Improvements Authority, Series A (RB)
	135,000	5.00%, 10/01/21 (c)		145,400
	245,000	5.00%, 10/01/21 (c)		263,573
	25,000	5.00%, 10/01/21 (c)		27,050
	45,000	5.00%, 10/01/21 (c)		48,667
	1,720,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		1,914,996
	1,055,000	Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c)		1,175,755
	1,370,000	California Department of Water Resources, Central Valley Project Water System (RB) 5.00%, 12/01/24 (c)		1,617,134
		California Department of Water Resources, Central Valley Project Water System, Series AV (RB)
	750,000	4.00%, 06/01/26 (c)		841,785
	700,000	4.00%, 06/01/26 (c)		789,894
	100,000	California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 4.00%, 03/01/26 (c)		110,480
	110,000	California Health Facilities Financing Authority, Cedars-Sinai Medical Center (RB) 5.00%, 11/15/25 (c)		132,766
	310,000	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		371,414

See Notes to Financial Statements

 12

Principal Amount			Value
California: (continued)
$	400,000	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)	$	402,520
	175,000	California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c)		183,253
	140,000	California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) 5.00%, 11/01/27		178,275
		California Health Facilities Financing Authority, Lucile Salter Packard Children Hospital, Series A (RB)
	100,000	4.00%, 08/15/24 (c)		105,337
	160,000	5.00%, 08/15/26 (c)		188,474
		California Health Facilities Financing Authority, Providence Health and Services, Series A (RB)
	500,000	5.00%, 10/01/24 (c)		572,380
	1,000,000	5.00%, 10/01/24 (c)		1,166,450
	125,000	5.00%, 10/01/24 (c)		146,653
	45,000	5.00%, 10/01/24 (c)		53,127
	1,000,000	5.00%, 10/01/26 (c)		1,193,270
	300,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		302,841
	750,000	California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		919,125
	150,000	California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		180,546
		California Infrastructure and Economic Development Bank, Clean Water State (RB)
	100,000	5.00%, 10/01/25		121,853
	100,000	5.00%, 10/01/25		121,853
	550,000	5.00%, 04/01/26 (c)		676,428
	115,000	5.00%, 04/01/26 (c)		137,405
	1,235,000	5.00%, 04/01/26 (c)		1,512,863
	55,000	5.00%, 04/01/26 (c)		66,981
	840,000	California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		981,002
	1,000,000	California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c)		1,172,150
		California State Public Works Board, Department of Corrections and Rehabilitation, Series C (RB)
	135,000	5.25%, 10/01/24 (c)		156,855
	695,000	5.25%, 10/01/24 (c)		820,010

Principal Amount			Value
California: (continued)
		California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
$	1,290,000	3.00%, 09/01/27 (c)	$	1,320,805
	500,000	3.00%, 09/01/27 (c)		515,645
	250,000	5.00%, 09/01/24 (c)		288,218
	270,000	5.00%, 09/01/24 (c)		314,612
		California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB)
	590,000	2.50%, 10/01/26 (c)		597,086
	400,000	4.00%, 10/01/26 (c)		447,172
		California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB)
	270,000	3.00%, 12/01/25 (c)		281,497
	520,000	3.25%, 12/01/25 (c)		542,646
	345,000	3.38%, 12/01/25 (c)		361,312
		California State Public Works Board, Department of General Services, Series F (RB)
	600,000	5.00%, 05/01/25 (c)		706,818
	60,000	5.00%, 05/01/25 (c)		70,025
	930,000	5.00%, 05/01/25 (c)		1,087,598
	270,000	5.00%, 05/01/25		319,777
		California State Public Works Board, Judicial Council of California, Series B (RB)
	245,000	5.00%, 10/01/24 (c)		281,679
	35,000	5.00%, 10/01/24 (c)		40,069
	60,000	5.00%, 10/01/24 (c)		69,416
	300,000	5.00%, 10/01/24 (c)		346,413
		California State Public Works Board, Various Capital Projects, Series B (RB)
	120,000	5.00%, 10/01/27 (c)		146,783
	1,060,000	5.00%, 10/01/27 (c)		1,304,881
	1,045,000	5.00%, 10/01/27 (c)		1,294,421
		California State Public Works Board, Various Capital Projects, Series C (RB)
	425,000	4.00%, 11/01/26 (c)		471,248
	45,000	5.00%, 11/01/26 (c)		54,424
	30,000	5.00%, 11/01/26 (c)		36,075
	30,000	5.00%, 11/01/26 (c)		36,489
	160,000	5.00%, 03/01/27		196,504
	1,000,000	California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c)		1,211,370
	950,000	California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c)		1,186,084

See Notes to Financial Statements

 13

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
		California State University, Series A (RB)
$	910,000	3.00%, 05/01/26 (c)	$	918,081
	50,000	5.00%, 11/01/25		60,776
	300,000	5.00%, 11/01/25 (c)		352,200
	450,000	5.00%, 11/01/25 (c)		546,673
	35,000	5.00%, 11/01/25 (c)		41,418
	15,000	5.00%, 11/01/25 (c)		17,946
	100,000	5.00%, 11/01/25		121,552
	220,000	5.00%, 05/01/26 (c)		262,024
	130,000	5.00%, 05/01/26 (c)		159,879
	10,000	5.00%, 05/01/26 (c)		11,951
	510,000	5.00%, 05/01/27 (c)		618,564
	765,000	5.00%, 05/01/27 (c)		932,045
	1,015,000	5.00%, 05/01/27 (c)		1,255,880
	525,000	California State Veterans, Series CL (GO) 3.50%, 12/01/24 (c)		546,693
		California Statewide Communities Development Authority, Enloe Medical Center (RB)
	610,000	3.00%, 02/15/26 (c)		635,083
	130,000	3.25%, 02/15/26 (c)		134,680
	725,000	5.00%, 02/15/26 (c)		875,590
	735,000	5.00%, 02/15/26 (c)		882,933
	500,000	California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB) 5.00%, 07/01/24 (c)		566,515
	1,000,000	California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c)		1,157,150
	270,000	California Statewide Communities Development Authority, Series A (RB) 4.13%, 03/01/26 (c)		287,523
	300,000	Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c)		355,722
	140,000	Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c)		152,272
	255,000	City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		261,962
		City and County of San Francisco, Series R-1 (GO)
	40,000	5.00%, 06/15/23 (c)		45,493
	45,000	5.00%, 06/15/23 (c)		51,238
		City of Bakersfield, Wastewater Revenue, Series A (RB)
	240,000	5.00%, 09/15/20 (c)		250,975
	15,000	5.00%, 09/15/25 (c)		17,905

Principal Amount			Value
California: (continued)
		City of Los Angeles, Wastewater System, Series A (RB)
$	30,000	5.00%, 06/01/25 (c)	$	35,904
	250,000	5.00%, 06/01/27 (c)		305,968
	20,000	Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c)		23,329
	30,000	Contra Costa Water District (RB) 5.00%, 10/01/24 (c)		35,367
	250,000	Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		273,533
	150,000	County of San Diego, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c)		174,791
		County of Santa Clara, Series C (GO)
	525,000	5.00%, 08/01/27 (c)		640,264
	125,000	5.00%, 08/01/27 (c)		156,975
	620,000	Department of Airports of the City of Los Angeles, Series C (RB) 5.00%, 05/15/25 (c)		731,061
	120,000	Desert Community College District (GO) 5.00%, 08/01/27 (c)		145,940
	15,000	East Bay Municipal Utility District, Wastewater System, Series A (RB) 5.00%, 06/01/25		18,145
		East Bay Municipal Utility District, Water System, Series A (RB)
	175,000	4.00%, 06/01/25 (c)		191,163
	1,035,000	5.00%, 06/01/24 (c)		1,188,035
	315,000	5.00%, 06/01/24 (c)		362,615
	1,000,000	5.00%, 06/01/24 (c)		1,163,470
	20,000	5.00%, 06/01/25		24,194
	460,000	5.00%, 06/01/27 (c)		563,247
		East Bay Municipal Utility District, Water System, Series B (RB)
	140,000	5.00%, 06/01/25		169,357
	930,000	5.00%, 06/01/27		1,176,757
	220,000	5.00%, 06/01/27 (c)		271,841
	775,000	5.00%, 06/01/29		1,015,072
		Eastern Municipal Water District, Financing Authority, Series B (RB)
	560,000	5.00%, 07/01/26 (c)		668,265
	145,000	5.00%, 07/01/26 (c)		173,880
		Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB)
	625,000	5.00%, 07/01/26 (c)		752,287
	250,000	5.00%, 07/01/26 (c)		299,560
	435,000	5.00%, 07/01/26 (c)		526,485
	25,000	5.00%, 07/01/26 (c)		30,657
	100,000	5.00%, 07/01/26 (c)		121,930
	250,000	El Camino Healthcare District (GO) 4.00%, 02/01/27 (c)		275,370
		El Dorado Irrigation District, Series C (RB)
	100,000	5.00%, 03/01/26 (c)		118,123
	520,000	5.00%, 03/01/26 (c)		621,733

See Notes to Financial Statements

 14

Principal Amount			Value
California: (continued)
$	30,000	Emeryville Redevelopment Agency Successor Agency (AGM) (TA) 5.00%, 09/01/24 (c)	$	35,174
		Fontana Redevelopment Agency Successor Agency (TA)
	205,000	5.00%, 10/01/26		254,040
	760,000	5.00%, 10/01/27 (c)		921,226
		Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
	200,000	3.25%, 06/01/25 (c)		202,146
	335,000	3.25%, 06/01/25 (c)		342,668
	220,000	5.00%, 06/01/25 (c)		252,886
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	1,015,000	5.00%, 06/01/26		1,178,709
	2,500,000	5.00%, 06/01/28 (c)		2,864,850
	1,000,000	5.00%, 06/01/28 (c)		1,163,100
		Imperial Irrigation District, Electric System, Series C (RB)
	215,000	5.00%, 05/01/26 (c)		253,461
	750,000	5.00%, 05/01/26 (c)		888,262
	135,000	5.00%, 05/01/26 (c)		160,546
	105,000	Long Beach Unified School District (GO) 5.00%, 08/01/26 (c)		129,407
		Los Angeles Community College District, Series A (GO)
	1,120,000	4.00%, 08/01/24 (c)		1,210,250
	1,340,000	5.00%, 08/01/24 (c)		1,568,537
	175,000	5.00%, 08/01/24 (c)		204,461
	1,435,000	5.00%, 08/01/24 (c)		1,692,410
	690,000	5.00%, 08/01/24 (c)		812,240
	265,000	5.00%, 08/01/24 (c)		311,362
	1,580,000	5.00%, 08/01/24 (c)		1,852,945
		Los Angeles Community College District, Series G (GO)
	1,000,000	4.00%, 08/01/24 (c)		1,113,540
	150,000	5.00%, 08/01/24 (c)		177,074
	125,000	5.00%, 08/01/24 (c)		147,423
		Los Angeles Community College District, Series I (GO)
	775,000	2.13%, 08/01/26 (c)		749,719
	170,000	4.00%, 08/01/26 (c)		187,258
	25,000	4.00%, 08/01/26		29,242
	110,000	4.00%, 08/01/26 (c)		128,161
		Los Angeles Community College District, Series J (GO)
	750,000	4.00%, 08/01/27 (c)		840,007
	400,000	4.00%, 08/01/27 (c)		450,344
	100,000	5.00%, 08/01/27 (c)		125,984
		Los Angeles County Metropolitan Transportation Authority, Series A (RB)
	50,000	4.00%, 07/01/26 (c)		56,388
	105,000	5.00%, 06/01/25		126,746
	800,000	5.00%, 07/01/25 (c)		966,648
	165,000	5.00%, 06/01/26 (c)		198,526
	375,000	5.00%, 06/01/26 (c)		454,594
	115,000	5.00%, 06/01/26 (c)		140,928

Principal Amount			Value
California: (continued)
		Los Angeles County Public Works Financing Authority, Series B (RB)
$	15,000	5.00%, 12/01/25 (c)	$	17,724
	435,000	5.00%, 12/01/25 (c)		525,262
		Los Angeles County Public Works Financing Authority, Series D (RB)
	830,000	5.00%, 12/01/25 (c)		969,498
	320,000	5.00%, 12/01/25 (c)		378,323
		Los Angeles Department of Water and Power, Series A (RB)
	725,000	3.25%, 01/01/25 (c)		751,926
	25,000	5.00%, 01/01/25 (c)		28,981
	30,000	5.00%, 01/01/25 (c)		35,485
	1,975,000	5.00%, 01/01/25 (c)		2,309,249
	195,000	5.00%, 01/01/26 (c)		236,619
	155,000	5.00%, 01/01/26 (c)		188,576
	30,000	5.00%, 01/01/26 (c)		36,755
	1,000,000	5.00%, 01/01/27 (c)		1,212,090
	500,000	5.00%, 01/01/28 (c)		614,120
	500,000	5.00%, 01/01/28 (c)		617,830
		Los Angeles Department of Water and Power, Series B (RB)
	1,175,000	5.00%, 01/01/24 (c)		1,350,310
	170,000	5.00%, 06/01/25 (c)		204,988
	35,000	5.00%, 01/01/26 (c)		42,554
	125,000	5.00%, 01/01/26 (c)		152,078
	275,000	5.00%, 01/01/27 (c)		330,657
		Los Angeles Department of Water and Power, Series C (RB)
	240,000	5.00%, 07/01/24 (c)		282,031
	1,000,000	5.00%, 07/01/27 (c)		1,248,870
	200,000	5.00%, 07/01/27 (c)		241,996
	500,000	5.00%, 07/01/27 (c)		607,245
		Los Angeles Department of Water and Power, Series D (RB)
	245,000	5.00%, 07/01/24 (c)		282,652
	100,000	5.00%, 07/01/24 (c)		115,133
	1,285,000	5.00%, 07/01/24 (c)		1,500,970
	920,000	5.00%, 07/01/24 (c)		1,072,140
	185,000	Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/24 (c)		212,606
		Los Angeles Unified School District, Series A (GO)
	175,000	5.00%, 07/01/21 (c)		186,694
	20,000	5.00%, 07/01/21 (c)		21,350
	695,000	5.00%, 07/01/25 (c)		817,348
	25,000	5.00%, 07/01/25 (c)		29,465
	105,000	5.00%, 07/01/25 (c)		124,355
	105,000	5.00%, 07/01/26		127,225
	110,000	5.00%, 07/01/27		135,622
		Los Angeles Unified School District, Series B (GO)
	1,200,000	2.00%, 07/01/26 (c)		1,158,060
	780,000	3.00%, 07/01/26 (c)		804,827
	845,000	3.00%, 07/01/26 (c)		866,345
	605,000	5.00%, 07/01/24 (c)		699,531
	685,000	5.00%, 07/01/26 (c)		825,356
	1,035,000	5.00%, 07/01/26 (c)		1,241,141

See Notes to Financial Statements

 15

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
		Los Angeles Unified School District, Series B-1 (GO)
$	585,000	5.00%, 01/01/28 (c)	$	709,909
	345,000	5.00%, 01/01/28 (c)		422,601
		Los Angeles Unified School District, Series C (GO)
	1,040,000	5.00%, 07/01/24 (c)		1,199,172
	830,000	5.00%, 07/01/24 (c)		954,143
	565,000	5.00%, 07/01/24 (c)		649,371
	610,000	5.00%, 07/01/24 (c)		702,391
	200,000	5.00%, 07/01/25		237,508
		Metropolitan Water District of Southern California, Series A (RB)
	300,000	2.50%, 07/01/26		317,508
	830,000	2.50%, 07/01/27		879,410
	100,000	5.00%, 01/01/26 (c)		118,805
		Monterey Peninsula Community College District (GO)
	730,000	0.00%, 02/01/26 (c) ^		514,533
	975,000	0.00%, 02/01/26 (c) ^		657,355
	865,000	0.00%, 02/01/26 (c) ^		666,102
	615,000	0.00%, 02/01/26 (c) ^		453,895
		Municipal Improvement Corp. of Los Angeles, Series B (RB)
	135,000	5.00%, 11/01/26 (c)		165,788
	615,000	5.00%, 11/01/26 (c)		749,058
	275,000	5.00%, 11/01/26		340,711
	230,000	5.00%, 11/01/26 (c)		284,800
		Northern California Transmission Agency Project, Series A (RB)
	20,000	5.00%, 05/01/26 (c)		23,991
	40,000	5.00%, 05/01/26 (c)		48,614
	45,000	5.00%, 05/01/26 (c)		54,869
		Oakland Unified School District (GO)
	275,000	5.00%, 08/01/26 (c)		326,293
	175,000	5.00%, 08/01/26 (c)		206,537
	450,000	5.00%, 08/01/26 (c)		523,948
	925,000	5.00%, 08/01/26 (c)		1,101,027
	125,000	5.00%, 08/01/26		149,354
	400,000	5.00%, 08/01/27 (c)		467,224
		Oakland Unified School District, Series A (GO)
	335,000	5.00%, 08/01/25 (c)		381,324
	400,000	5.00%, 08/01/25 (c)		458,348
	315,000	Palm Springs Unified School District (GO) 4.00%, 08/01/26 (c)		345,599
		Palm Springs Unified School District, Series D (GO)
	425,000	2.50%, 08/01/26 (c)		414,443
	150,000	3.00%, 08/01/26 (c)		154,352
	690,000	Palomar Community College District (GO) 5.00%, 05/01/25 (c)		806,734
	775,000	Palomar Health, Series B (GO) 5.00%, 08/01/26 (c)		918,073

Principal Amount			Value
California: (continued)
$	250,000	Pittsburg Successor Agency, Los Medanos Community, Series A (AGM) (TA) 5.00%, 09/01/26 (c)	$	298,933
	250,000	Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c)		273,910
	100,000	Poway Unified School District (GO) 5.00%, 08/01/24 (c)		116,179
		Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB)
	440,000	5.00%, 10/01/25 (c)		520,489
	475,000	5.00%, 10/01/25 (c)		564,062
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
	30,000	5.00%, 05/01/25 (c)		35,870
	180,000	5.00%, 05/01/25 (c)		216,938
	715,000	5.00%, 11/01/26 (c)		853,081
	25,000	5.00%, 11/01/26 (c)		30,064
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB)
	585,000	5.00%, 11/01/27 (c)		712,273
	190,000	5.00%, 11/01/27 (c)		240,584
	300,000	Rancho Cucamonga Redevelopment Agency (AGM) (TA) 5.00%, 09/01/24 (c)		347,910
		Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
	160,000	4.00%, 05/15/25		182,704
	650,000	5.00%, 05/15/26 (c)		764,400
	645,000	Regents of the University of California, Series AM (RB) 5.00%, 05/15/24 (c)		747,232
		Regents of the University of California, Series AO (RB)
	190,000	5.00%, 05/15/25 (c)		221,044
	510,000	5.00%, 05/15/25 (c)		595,374
	605,000	5.00%, 05/15/25 (c)		727,149
		Regents of the University of California, Series AR (RB)
	500,000	5.00%, 05/15/26 (c)		598,885
	750,000	5.00%, 05/15/26 (c)		906,255
		Regents of the University of California, Series I (RB)
	150,000	5.00%, 05/15/25 (c)		175,509
	1,115,000	5.00%, 05/15/25 (c)		1,312,634
	460,000	5.00%, 05/15/25 (c)		549,944
	950,000	5.00%, 05/15/25 (c)		1,127,327
	455,000	Regents of the University of California, Series K (RB) 5.00%, 05/15/26 (c)		548,794
	150,000	Riverside Community College District (GO) 5.00%, 08/01/25 (c)		178,170

See Notes to Financial Statements

 16

Principal Amount			Value
California: (continued)
$	20,000	Riverside County Public Financing Authority (RB) 5.00%, 11/01/25	$	23,954
	730,000	Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c)		715,466
		Sacramento City Financing Authority, Master Lease Program Facilities (RB)
	650,000	3.38%, 12/01/25 (c)		694,154
	10,000	5.00%, 12/01/25 (c)		11,937
		Sacramento County Sanitation Districts Financing Authority, Series A (RB)
	1,060,000	5.00%, 06/01/24 (c)		1,209,418
	170,000	5.00%, 06/01/24 (c)		198,604
	350,000	5.00%, 06/01/24 (c)		400,960
	15,000	5.00%, 06/01/24 (c)		17,365
	250,000	5.00%, 06/01/24 (c)		287,053
	20,000	Sacramento Municipal Utility District (RB) 5.00%, 07/01/25		24,245
	1,000,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/28		1,285,880
		San Diego Association of Governments, South Bay Expressway, Series A (RB)
	705,000	5.00%, 07/01/27 (c)		843,948
	500,000	5.00%, 07/01/27 (c)		602,365
		San Diego Community College District (GO)
	855,000	5.00%, 08/01/26 (c)		1,039,535
	45,000	5.00%, 08/01/26 (c)		55,198
		San Diego County Regional Transportation Commission, Series A (RB)
	700,000	5.00%, 04/01/26 (c)		836,983
	105,000	5.00%, 04/01/26 (c)		126,101
		San Diego County Water Authority, Series A (RB)
	60,000	5.00%, 05/01/25 (c)		71,665
	500,000	5.00%, 05/01/26 (c)		595,460
	150,000	5.00%, 05/01/26 (c)		179,100
	100,000	5.00%, 05/01/26 (c)		119,910
		San Diego Public Facilities Financing Authority (RB)
	195,000	5.00%, 05/15/25		235,622
	365,000	5.00%, 10/15/25 (c)		434,773
	445,000	5.00%, 10/15/25 (c)		527,387
	70,000	San Diego Public Facilities Financing Authority, Series A (RB) 5.00%, 05/15/26 (c)		85,478
	155,000	San Diego Public Facilities Financing Authority, Series B (RB) 5.00%, 08/01/26		192,017
		San Diego Regional Building Authority, Series A (RB)
	555,000	5.00%, 10/15/25 (c)		654,833
	325,000	5.00%, 10/15/25 (c)		381,394

Principal Amount			Value
California: (continued)
$	510,000	San Diego Unified School District, Series F (GO) 5.00%, 07/01/25 (c)	$	602,055
		San Diego Unified School District, Series I (GO)
	115,000	0.00%, 07/01/25 (c) ^		65,089
	220,000	0.00%, 07/01/25 (c) ^		130,568
	650,000	5.00%, 07/01/27 (c)		798,889
	40,000	San Diego Unified School District, Series R-4 (GO) 5.00%, 07/01/25 (c)		48,019
		San Diego Unified School District, Series R-5 (GO)
	20,000	4.00%, 07/01/26 (c)		23,091
	520,000	5.00%, 07/01/26 (c)		636,480
	50,000	5.00%, 07/01/26		61,526
	575,000	San Diego Unified School District, Series SR-1 (GO) 4.00%, 07/01/26 (c)		640,251
	100,000	San Francisco Bay Area Rapid Transit District, Series A (RB) 5.00%, 07/01/25		121,291
	210,000	San Francisco Bay Area Rapid Transit District, Series D (GO) 5.00%, 08/01/25 (c)		251,771
		San Francisco Community College District (GO)
	120,000	5.00%, 06/15/25 (c)		141,752
	910,000	5.00%, 06/15/25 (c)		1,080,743
	140,000	5.00%, 06/15/25		168,612
		San Francisco County Transportation Authority (RB)
	1,100,000	3.00%, 02/01/27 (c)		1,117,820
	500,000	3.00%, 02/01/27 (c)		506,895
	135,000	3.00%, 02/01/27 (c)		139,999
	325,000	4.00%, 02/01/27 (c)		379,740
		San Francisco Unified School District, Proposition A (GO)
	500,000	3.00%, 06/15/24 (c)		518,390
	445,000	3.25%, 06/15/24 (c)		457,500
	525,000	5.00%, 06/15/24 (c)		617,064
	165,000	San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c)		200,373
		San Joaquin County, Administration Building Project (CP) (AGM)
	520,000	5.00%, 11/15/27 (c)		638,456
	500,000	5.00%, 11/15/27 (c)		619,145
	25,000	San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c)		29,582
	25,000	San Jose Evergreen Community College District, Series A (GO) 5.00%, 09/01/24 (c)		29,354
	230,000	San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		275,609

See Notes to Financial Statements

 17

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
		San Marcos Unified School District (GO)
$	400,000	4.00%, 08/01/27 (c)	$	442,320
	350,000	5.00%, 08/01/27 (c)		421,152
	515,000	5.00%, 08/01/27 (c)		634,176
	360,000	5.00%, 08/01/27 (c)		439,106
	300,000	San Mateo County Transit District, Series A (RB) 5.00%, 06/01/25 (c)		353,703
	20,000	San Mateo Joint Powers Financing Authority, Maple Street Correctional Center, Series A (RB) 5.00%, 06/15/24 (c)		23,154
	670,000	San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c)		739,204
		Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
	1,000,000	4.00%, 05/15/25 (c)		1,080,150
	760,000	4.00%, 05/15/25 (c)		825,474
	1,715,000	Santa Clara Unified School District (GO) 3.00%, 07/01/26 (c)		1,739,559
	25,000	Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		29,690
	500,000	Sequoia Union High School District (GO) 3.00%, 07/01/26 (c)		517,245
	20,000	Southern California Public Power Authority, APEX Power Project, Series A (RB) 5.00%, 07/01/21 (c)		21,429
		State of California (GO)
	120,000	4.00%, 09/01/26 (c)		133,088
	1,885,000	5.00%, 03/01/25 (c)		2,181,284
	270,000	State of California, Department of Water Resources, Central Valley Project, Series AS (RB) 5.00%, 12/01/24 (c)		321,727
		State of California, Department of Water Resources, Central Valley Project, Series AW (RB)
	275,000	5.00%, 12/01/26 (c)		333,127
	20,000	5.00%, 12/01/26 (c)		24,433
	900,000	State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/27 (c)		1,122,948
	100,000	State of California, Series CL (GO) 3.75%, 12/01/24 (c)		103,594
		State of California, Various Purpose (GO)
	645,000	3.00%, 09/01/26 (c)		656,571
	1,575,000	3.13%, 04/01/29 (c)		1,607,051
	430,000	3.50%, 08/01/27		480,546
	105,000	4.00%, 02/01/25 (c)		113,022
	700,000	4.00%, 08/01/26 (c)		769,293

Principal Amount			Value
California: (continued)
$	130,000	4.00%, 08/01/26 (c)	$	142,294
	545,000	4.00%, 09/01/26		629,257
	650,000	4.00%, 09/01/26 (c)		717,762
	645,000	4.00%, 09/01/26 (c)		712,699
	250,000	4.00%, 09/01/26 (c)		275,118
	1,810,000	4.00%, 09/01/26 (c)		2,007,417
	1,000,000	4.00%, 09/01/26 (c)		1,138,800
	950,000	4.00%, 09/01/26 (c)		1,053,616
	100,000	4.00%, 11/01/27 (c)		112,410
	115,000	5.00%, 09/01/21 (c)		123,753
	355,000	5.00%, 09/01/21 (c)		382,189
	390,000	5.00%, 09/01/21 (c)		419,496
	140,000	5.00%, 09/01/21 (c)		150,255
	1,050,000	5.00%, 09/01/21 (c)		1,128,666
	1,065,000	5.00%, 09/01/23 (c)		1,209,116
	265,000	5.00%, 08/01/24 (c)		304,469
	260,000	5.00%, 08/01/24 (c)		297,856
	965,000	5.00%, 10/01/24 (c)		1,123,453
	1,105,000	5.00%, 10/01/24 (c)		1,295,159
	990,000	5.00%, 10/01/24 (c)		1,160,369
	1,000,000	5.00%, 10/01/24 (c)		1,164,200
	25,000	5.00%, 10/01/24 (c)		29,232
	775,000	5.00%, 10/01/24 (c)		890,490
	255,000	5.00%, 10/01/24 (c)		293,477
	25,000	5.00%, 02/01/25 (c)		29,466
	1,040,000	5.00%, 02/01/25 (c)		1,215,521
	20,000	5.00%, 02/01/25 (c)		23,537
	1,300,000	5.00%, 02/01/25 (c)		1,515,423
	250,000	5.00%, 02/01/25 (c)		289,133
	630,000	5.00%, 02/01/25 (c)		727,014
	1,000,000	5.00%, 02/01/25 (c)		1,173,250
	1,140,000	5.00%, 03/01/25 (c)		1,347,685
	800,000	5.00%, 03/01/25 (c)		943,800
	450,000	5.00%, 03/01/25 (c)		529,794
	400,000	5.00%, 03/01/25 (c)		463,924
	690,000	5.00%, 03/01/25 (c)		815,283
	195,000	5.00%, 08/01/25		233,021
	185,000	5.00%, 08/01/25 (c)		220,829
	1,035,000	5.00%, 08/01/25 (c)		1,229,373
	1,425,000	5.00%, 08/01/25 (c)		1,666,224
	1,660,000	5.00%, 08/01/25 (c)		1,962,054
	1,715,000	5.00%, 08/01/25 (c)		1,995,831
	620,000	5.00%, 08/01/25		740,888
	420,000	5.00%, 09/01/25 (c)		502,013
	30,000	5.00%, 09/01/25 (c)		35,818
	1,305,000	5.00%, 09/01/25 (c)		1,552,063
	115,000	5.00%, 09/01/25		137,684
	1,300,000	5.00%, 09/01/25 (c)		1,522,521
	25,000	5.00%, 09/01/25		29,931
	1,010,000	5.00%, 09/01/25		1,209,222
	135,000	5.00%, 10/01/25		161,937
	750,000	5.00%, 04/01/26 (c)		899,820
	190,000	5.00%, 08/01/26 (c)		225,291
	600,000	5.00%, 08/01/26 (c)		716,196
	150,000	5.00%, 08/01/26 (c)		182,462
	865,000	5.00%, 08/01/26		1,056,295
	510,000	5.00%, 08/01/26 (c)		613,545
	1,135,000	5.00%, 08/01/26 (c)		1,385,903
	1,535,000	5.00%, 08/01/26 (c)		1,857,212

See Notes to Financial Statements

 18

Principal Amount			Value
California: (continued)
$	955,000	5.00%, 08/01/26 (c)	$	1,155,464
	165,000	5.00%, 08/01/26 (c)		196,667
	1,000,000	5.00%, 09/01/26		1,223,130
	390,000	5.00%, 09/01/26 (c)		464,954
	1,000,000	5.00%, 09/01/26 (c)		1,211,570
	250,000	5.00%, 09/01/26 (c)		301,165
	320,000	5.00%, 09/01/26 (c)		383,702
	2,000,000	5.00%, 09/01/26 (c)		2,423,140
	3,000,000	5.00%, 09/01/26 (c)		3,553,410
	475,000	5.00%, 09/01/26		580,987
	835,000	5.00%, 09/01/26 (c)		1,001,223
	150,000	5.00%, 09/01/26 (c)		182,732
	15,000	5.00%, 09/01/26		18,347
	2,500,000	5.00%, 09/01/26 (c)		2,986,750
	500,000	5.00%, 09/01/26 (c)		609,105
	2,500,000	5.00%, 04/01/27		3,091,525
	1,920,000	5.00%, 08/01/27 (c)		2,371,162
	950,000	5.00%, 08/01/27 (c)		1,165,783
	2,070,000	5.00%, 08/01/27 (c)		2,571,768
	2,480,000	5.00%, 11/01/27 (c)		3,093,453
	1,020,000	5.00%, 11/01/27 (c)		1,256,232
	2,645,000	5.00%, 11/01/27 (c)		3,237,163
	700,000	5.00%, 04/01/28		880,719
	450,000	5.00%, 08/01/28		569,043
	2,500,000	5.00%, 04/01/30		3,218,100
	340,000	5.00%, 04/01/31		441,116
	250,000	5.25%, 08/01/25 (c)		296,748
	425,000	5.25%, 08/01/25 (c)		503,136
		Stockton Unified School District (GO)
	100,000	5.00%, 02/01/26 (c)		117,700
	100,000	5.00%, 02/01/26 (c)		119,605
	335,000	Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c)		404,657
	125,000	Sweetwater Union High School District (GO) 5.00%, 08/01/24 (c)		142,205
		Trustees of the California State University, Series A (RB)
	250,000	4.00%, 05/01/26 (c)		289,488
	1,490,000	5.00%, 11/01/24 (c)		1,740,633
	750,000	5.00%, 05/01/26 (c)		901,110
	410,000	5.00%, 05/01/26 (c)		499,450
	830,000	5.00%, 05/01/26 (c)		1,016,526
	125,000	Tuolumne Wind Project Authority, Series A (RB) 5.00%, 01/01/27		156,405
		University of California, Series AM (RB)
	100,000	5.25%, 05/15/24 (c)		115,727
	100,000	5.25%, 05/15/24 (c)		116,198
		University of California, Series AO (RB)
	20,000	5.00%, 05/15/25 (c)		23,451
	100,000	5.00%, 05/15/25 (c)		117,568
	130,000	5.00%, 05/15/25 (c)		155,667
	10,000	University of California, Series AR (RB) 5.00%, 05/15/26 (c)		12,014
	310,000	University of California, Series AZ (RB)
		5.00%, 05/15/28 (c)		381,678

Principal Amount			Value
California: (continued)
		University of California, Series I (RB)
$	1,395,000	5.00%, 05/15/25 (c)	$	1,635,735
	285,000	5.00%, 05/15/25 (c)		341,450
	180,000	Walnut Energy Center Authority, Series A (RB) 5.00%, 07/01/24 (c)		204,878
		West Basin Municipal Water District, Series A (RB)
	155,000	5.00%, 02/01/26 (c)		188,232
	100,000	5.00%, 02/01/26 (c)		121,806
	20,000	West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c)		23,499
	500,000	Yosemite Community College District (GO) 5.00%, 08/01/25 (c)		592,275
				264,202,521
Colorado: 1.4%
	250,000	Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c)		306,123
	540,000	Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		649,744
		Adams and Weld Counties, School District No. 27J (GO) (SAW)
	365,000	4.00%, 12/01/25 (c)		401,690
	160,000	5.00%, 12/01/25 (c)		187,274
		Board of Governors of Colorado State University System (RB)
	935,000	5.00%, 03/01/28 (c)		1,131,911
	510,000	5.00%, 03/01/28 (c)		628,641
	1,050,000	Boulder Valley School District No. Re-2 Boulder, Series B (GO) (SAW) 4.00%, 06/01/27 (c)		1,211,983
	200,000	City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		116,346
		City of Aurora, Water Revenue, First Lien (RB)
	115,000	5.00%, 08/01/26 (c)		136,675
	490,000	5.00%, 08/01/26 (c)		584,119
		City of Colorado Springs, Utilities System, Series A-1 (RB)
	100,000	5.00%, 11/15/27 (c)		121,765
	120,000	5.00%, 11/15/27 (c)		147,342
	110,000	5.00%, 11/15/27 (c)		136,125
	545,000	Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A (RB) 5.00%, 05/15/26 (c)		641,492
	2,245,000	Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series C (RB) 5.00%, 11/15/26 (p)		2,704,013
		Colorado Health Facilities Authority, NCMC, Inc. Project (RB)
	260,000	3.25%, 05/15/26 (c)		265,114
	160,000	4.00%, 05/15/26 (c)		176,728

See Notes to Financial Statements

19

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Colorado: (continued)
$	115,000	Colorado Higher Education, Series A (CP) 5.00%, 11/01/26	$	139,225
	295,000	Denver City and County School District No. 1 (GO) 5.00%, 12/01/25		354,988
		Garfield Pitkin and Eagle Counties School District No. Re-1 (GO)
	565,000	5.00%, 12/15/25 (c)		671,830
	975,000	5.00%, 12/15/25 (c)		1,162,668
	1,110,000	Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)		1,381,295
		Mesa County Valley School District No. 51 (GO) (SAW)
	500,000	5.00%, 12/01/27 (c)		610,350
	500,000	5.00%, 12/01/27 (c)		615,145
		Park Creek Metropolitan District, Series A (RB)
	105,000	5.00%, 12/01/25 (c)		117,731
	560,000	5.00%, 12/01/25 (c)		635,062
	250,000	5.00%, 12/01/25 (c)		284,478
	980,000	Regents of the University of Colorado, Series A (RB) 5.00%, 06/01/25 (c)		1,154,195
	800,000	Regents of the University of Colorado, Series B (RB) 4.00%, 06/01/24 (c)		886,800
		Regents of the University of Colorado, Series B-1 (RB)
	600,000	2.75%, 06/01/26 (c)		614,322
	1,000,000	4.00%, 06/01/26 (c)		1,097,430
	540,000	4.00%, 06/01/26 (c)		594,200
	825,000	Regional Transportation District, Series A (CP) 4.13%, 06/01/23 (c)		876,521
	100,000	Regional Transportation District, Series B (RB) 5.00%, 11/01/27 (c)		121,428
	135,000	State of Connecticut, Series K (CP) 5.00%, 03/15/27 (c)		161,181
		University of Colorado, Series A-2 (RB)
	800,000	3.00%, 06/01/24 (c)		804,864
	500,000	4.00%, 06/01/28 (c)		553,090
	250,000	5.00%, 06/01/25		297,920
	25,000	University of Colorado, Series B (RB) 5.00%, 06/01/24 (c)		28,968
		University of Colorado, Series B-1 (RB)
	860,000	2.25%, 06/01/26 (c)		866,132
	30,000	5.00%, 06/01/25		35,750
				23,612,658
Connecticut: 2.3%
	160,000	City of Hartford, Series C (GO) (AGM) 4.00%, 07/15/25 (c)		170,896
		Connecticut Housing Finance Authority, Series A-1 (RB)
	260,000	2.88%, 05/15/25 (c)		262,319
	200,000	3.88%, 11/15/26 (c)		209,872

Principal Amount			Value
Connecticut: (continued)
$	500,000	Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c)	$	507,140
	200,000	Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c)		202,398
	250,000	Connecticut State Health & Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		254,493
		Connecticut State Health and Educational Facilities Authority, Series A (RB)
	995,000	5.00%, 07/01/24 (c)		1,130,997
	125,000	5.00%, 07/01/24 (c)		143,933
	20,000	5.00%, 07/01/24 (c)		23,104
	140,000	Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 3.13%, 06/01/26 (c)		140,179
	1,195,000	Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series A-2 (RB) 2.00%, 07/01/26 (p)		1,196,314
	120,000	Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c)		135,361
		South Central Connecticut Regional Water Authority, Series B (RB)
	310,000	4.00%, 08/01/26 (c)		336,961
	500,000	4.00%, 08/01/26 (c)		544,865
	25,000	5.00%, 08/01/26 (c)		29,874
		State of Connecticut, Series A (GO)
	100,000	3.25%, 03/15/25 (c)		102,063
	230,000	3.25%, 03/15/26 (c)		231,249
	1,000,000	5.00%, 03/15/25 (c)		1,133,780
	110,000	5.00%, 03/15/26 (c)		126,378
	630,000	5.00%, 03/15/26 (c)		739,324
	1,000,000	5.00%, 04/15/27 (c)		1,187,190
		State of Connecticut, Series B (GO)
	30,000	4.00%, 11/15/24 (c)		31,971
	440,000	5.00%, 05/15/25		511,443
	290,000	5.00%, 06/15/25 (c)		330,023
	575,000	5.00%, 06/15/25 (c)		668,104
	625,000	5.00%, 06/15/25 (c)		721,837
	150,000	5.00%, 11/15/25		176,067
	585,000	5.00%, 05/15/26		693,108
	1,065,000	5.00%, 04/15/27		1,275,987
	100,000	5.00%, 04/15/27		119,811
	1,025,000	State of Connecticut, Series C (GO) 5.00%, 06/15/25		1,193,387
	810,000	State of Connecticut, Series D (GO) 4.00%, 08/15/26 (c)		872,743
		State of Connecticut, Series E (GO)
	395,000	3.00%, 10/15/26 (c)		391,398
	585,000	4.00%, 09/01/24 (c)		620,416

See Notes to Financial Statements

20

Principal Amount			Value
Connecticut: (continued)
$	500,000	4.00%, 09/01/24 (c)	$	539,945
	100,000	5.00%, 08/01/25 (c)		115,752
	400,000	5.00%, 09/15/27		482,244
	1,000,000	5.00%, 09/15/28 (c)		1,204,930
		State of Connecticut, Series F (GO)
	335,000	3.25%, 11/15/25 (c)		344,263
	1,030,000	5.00%, 11/15/24 (c)		1,177,496
	420,000	5.00%, 11/15/25 (c)		482,576
	290,000	5.00%, 11/15/25 (c)		339,428
	400,000	5.00%, 11/15/25 (c)		463,472
	975,000	5.00%, 11/15/25		1,144,435
		State of Connecticut, Special Tax Obligation, Series A (RB)
	785,000	4.00%, 09/01/26 (c)		828,599
	320,000	5.00%, 09/01/24 (c)		357,482
	150,000	5.00%, 09/01/24 (c)		166,847
	470,000	5.00%, 09/01/24 (c)		538,643
	295,000	5.00%, 09/01/24 (c)		337,061
	220,000	5.00%, 09/01/24 (c)		250,411
	255,000	5.00%, 08/01/25 (c)		289,777
	590,000	5.00%, 08/01/25 (c)		667,302
	795,000	5.00%, 08/01/25 (c)		894,677
	55,000	5.00%, 08/01/25 (c)		63,737
	440,000	5.00%, 08/01/25		512,732
	335,000	5.00%, 08/01/25 (c)		384,382
	225,000	5.00%, 08/01/25 (c)		259,310
	100,000	5.00%, 09/01/25		116,718
	200,000	5.00%, 09/01/26 (c)		228,050
	10,000	5.00%, 09/01/26		11,824
	375,000	5.00%, 09/01/26 (c)		429,908
	190,000	5.00%, 01/01/28 (c)		220,332
		State of Connecticut, Special Tax Obligation, Series B (RB)
	335,000	5.00%, 09/01/26 (c)		391,307
	100,000	5.00%, 09/01/26 (c)		117,274
	1,025,000	5.00%, 10/01/28		1,236,365
	135,000	State of Connecticut, Special Tax Obligation, Series C (RB) 5.00%, 10/01/26		159,821
		State of Connecticut, State Revolving Fund, Series A (RB)
	125,000	3.13%, 03/01/25 (c)		128,926
	1,000,000	5.00%, 05/01/27 (c)		1,200,530
		University of Connecticut, Series A (RB)
	210,000	3.00%, 03/15/26 (c)		206,451
	200,000	5.00%, 02/15/25 (c)		227,086
	860,000	5.00%, 02/15/25 (c)		987,461
	100,000	5.00%, 02/15/25 (c)		114,354
	770,000	5.00%, 01/15/26		906,144
	265,000	5.00%, 03/15/26 (c)		305,715
	280,000	5.00%, 03/15/26 (c)		328,493
	435,000	5.00%, 03/15/26 (c)		508,232
	380,000	5.00%, 03/15/26 (c)		442,081
	745,000	5.00%, 01/15/27 (c)		877,610
	335,000	5.00%, 01/15/27 (c)		398,915
	1,060,000	5.00%, 01/15/27		1,267,739
				39,071,822

Principal Amount			Value
Delaware: 0.2%
$	180,000	Delaware State Health Facilities Authority (RB) 3.00%, 07/01/27 (c)	$	182,333
		Delaware Transportation Authority (RB)
	30,000	4.00%, 07/01/25		33,845
	20,000	5.00%, 07/01/25		23,854
		State of Delaware (GO)
	505,000	3.13%, 03/01/27 (c)		520,069
	500,000	4.00%, 03/01/27 (c)		568,195
	1,000,000	5.00%, 03/01/26		1,212,170
		State of Delaware, Series A (GO)
	545,000	2.13%, 03/01/26 (c)		552,428
	500,000	5.00%, 02/01/28 (c)		621,910
	500,000	5.00%, 02/01/28		628,640
				4,343,444
District of Columbia: 1.1%
		District of Columbia (RB)
	645,000	5.00%, 04/01/27 (c)		772,955
	105,000	5.00%, 04/01/27 (c)		127,302
	130,000	District of Columbia, Children’s Hospital Obligated Group (RB) 5.00%, 01/15/26 (c)		150,081
		District of Columbia, Series A (GO)
	30,000	5.00%, 06/01/25		35,712
	420,000	5.00%, 06/01/25 (c)		487,431
	20,000	5.00%, 12/01/25		24,108
	10,000	5.00%, 06/01/26		12,172
	290,000	5.00%, 06/01/26 (c)		342,542
	210,000	5.00%, 06/01/26 (c)		252,449
	30,000	5.00%, 06/01/26 (c)		35,861
	250,000	5.00%, 06/01/26 (c)		296,250
	580,000	5.00%, 06/01/27 (c)		696,748
	170,000	5.00%, 06/01/27 (c)		205,098
	750,000	5.00%, 06/01/28 (c)		909,315
		District of Columbia, Series C (GO)
	1,025,000	5.00%, 06/01/24 (c)		1,164,154
	280,000	5.00%, 06/01/24 (c)		319,460
		District of Columbia, Series D (GO)
	500,000	4.00%, 06/01/27 (c)		551,850
	160,000	5.00%, 12/01/26 (c)		194,466
	20,000	5.00%, 12/01/26 (c)		24,034
	1,000,000	5.00%, 06/01/27 (c)		1,233,120
	500,000	5.00%, 06/01/27 (c)		603,230
	25,000	District of Columbia, Series E (GO) 5.00%, 12/01/26 (c)		30,042
	195,000	District of Columbia, Water and Sewer Authority, Subordinated Lien, Series A (RB) 5.00%, 04/01/26 (c)		228,366
		District of Columbia, Water and Sewer Authority, Subordinated Lien, Series B (RB)
	1,000,000	5.00%, 10/01/25 (c)		1,165,870
	1,010,000	5.00%, 10/01/25 (c)		1,196,022
	1,030,000	5.00%, 04/01/26 (c)		1,213,185
	100,000	5.00%, 04/01/26 (c)		118,259

See Notes to Financial Statements

21

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
District of Columbia: (continued)
		District of Columbia, Water and Sewer Authority, Subordinated Lien, Series C (RB)
$	100,000	5.00%, 10/01/24 (c)	$	114,696
	200,000	5.00%, 10/01/24 (c)		231,722
		Washington Metropolitan Area Transit Authority, Series A-1 (RB)
	140,000	5.00%, 07/01/27 (c)		168,893
	330,000	5.00%, 07/01/27		408,273
		Washington Metropolitan Area Transit Authority, Series A-2 (RB)
	1,050,000	5.00%, 07/01/27 (c)		1,254,004
	300,000	5.00%, 07/01/27 (c)		360,690
		Washington Metropolitan Area Transit Authority, Series B (RB)
	150,000	5.00%, 07/01/25		178,517
	650,000	5.00%, 07/01/27 (c)		784,147
	1,070,000	5.00%, 07/01/27 (c)		1,281,764
	240,000	5.00%, 07/01/27		296,926
	555,000	5.00%, 07/01/27 (c)		673,703
				18,143,417
Florida: 4.4%
	10,000	Brevard County School District, Series C (CP) 5.00%, 07/01/25 (c)		11,536
	375,000	Broward County School Board, Series A (CP) 5.00%, 07/01/25		444,124
	520,000	Central Florida Expressway Authority (RB) 3.00%, 07/01/27 (c)		523,437
	1,055,000	Central Florida Expressway Authority, Series A (RB) 3.00%, 07/01/26 (c)		1,066,478
		Central Florida Expressway Authority, Series B (RB)
	30,000	5.00%, 07/01/25		35,588
	115,000	5.00%, 07/01/26		139,170
	175,000	City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c)		210,301
		City of Gainesville, Utilities System (RB)
	500,000	5.00%, 10/01/27 (c)		600,275
	195,000	5.00%, 10/01/27 (c)		235,535
	515,000	City of Jacksonville (RB) 5.00%, 10/01/24 (c)		587,811
	585,000	City of Jacksonville, Series B (RB) 5.00%, 10/01/27		703,767
		City of Jacksonville, Transportation Revenue (RB)
	100,000	3.00%, 10/01/25 (c)		101,259
	310,000	3.00%, 10/01/25 (c)		314,836
	450,000	3.25%, 10/01/25 (c)		458,847
	1,025,000	5.00%, 10/01/24 (c)		1,171,667
	210,000	5.00%, 10/01/25 (c)		246,462
	295,000	City of Lakeland, Department of Electric Utilities (RB) 5.00%, 04/01/26 (c)		353,791

Principal Amount			Value
Florida: (continued)
$	540,000	City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c)	$	637,675
		City of Port St. Lucie, Utility System Revenue (RB)
	500,000	4.00%, 09/01/26 (c)		550,790
	585,000	5.00%, 09/01/26 (c)		693,804
	1,000,000	City of Tallahassee, Energy System Revenue (RB) 5.00%, 10/01/23 (c)		1,128,190
	100,000	County of Lee, Florida Transportation Facilities (RB) (AGM) 5.00%, 10/01/24 (c)		115,917
		County of Miami-Dade (RB)
	845,000	0.00%, 10/01/26 (c) ^		568,465
	400,000	0.00%, 10/01/26 (c) ^		255,380
	1,000,000	3.38%, 07/01/28 (c)		1,036,500
	510,000	5.00%, 10/01/26 (c)		606,319
	275,000	5.00%, 10/01/26		334,769
	115,000	5.00%, 10/01/26 (c)		133,770
		County of Miami-Dade, Aviation Revenue, Series A (RB)
	750,000	5.00%, 10/01/26 (c)		879,735
	1,060,000	5.00%, 10/01/26 (c)		1,274,459
	190,000	County of Miami-Dade, Aviation Revenue, Series B (RB) 5.00%, 10/01/24 (c)		222,161
		County of Miami-Dade, Building Better Communities Program, Series A (GO)
	200,000	5.00%, 07/01/25		238,410
	100,000	5.00%, 07/01/25 (c)		116,719
	55,000	5.00%, 07/01/25		65,563
	280,000	5.00%, 07/01/26 (c)		329,174
	500,000	5.00%, 07/01/26 (c)		585,505
	575,000	5.00%, 07/01/26 (c)		693,674
	1,000,000	5.00%, 07/01/26 (c)		1,192,550
		County of Miami-Dade, Building Better Communities Program, Series B (GO)
	485,000	3.00%, 07/01/24 (c)		495,927
	555,000	4.00%, 07/01/24 (c)		596,436
	125,000	4.00%, 07/01/24 (c)		133,896
	275,000	5.00%, 07/01/24 (c)		318,557
		County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
	990,000	5.00%, 04/01/26 (c)		1,180,407
	1,000,000	5.00%, 04/01/26 (c)		1,197,400
	1,000,000	County of Miami-Dade, Educational Facilities Authority, Series A (RB) 5.00%, 04/01/25 (c)		1,136,260
	25,000	County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/26 (c)		29,211
		County of Miami-Dade, Expressway Authority Toll System, Series B (RB)
	130,000	5.00%, 07/01/24 (c)		149,275
	125,000	5.00%, 07/01/24 (c)		143,733

See Notes to Financial Statements

22

Principal Amount			Value
Florida: (continued)
$	250,000	County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)	$	271,403
		County of Miami-Dade, Water and Sewer System (RB)
	250,000	5.00%, 10/01/25 (c)		298,540
	270,000	5.00%, 10/01/25		322,785
	1,000,000	5.00%, 10/01/27 (c)		1,234,300
		County of Miami-Dade, Water and Sewer System, Series B (RB)
	370,000	3.00%, 10/01/27 (c)		370,873
	605,000	5.00%, 10/01/25 (c)		704,020
		Florida Department of Environmental Protection, Series A (RB)
	215,000	5.00%, 07/01/25		255,321
	115,000	5.00%, 07/01/25		136,567
	125,000	5.00%, 07/01/27		154,010
		Florida Department of Management Services, Series A (CP)
	105,000	5.00%, 08/01/25		124,924
	1,025,000	5.00%, 09/01/27 (c)		1,264,460
	500,000	Florida Higher Educational Facilities Financial Authority (RB) 5.00%, 04/01/26 (c)		565,575
	475,000	Florida Housing Finance Corp., Series 1 (RB) 3.25%, 01/01/27 (c)		484,015
		Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB)
	635,000	3.00%, 10/01/26 (c)		650,545
	125,000	5.00%, 10/01/26 (c)		148,405
	195,000	5.00%, 10/01/26 (c)		233,893
	470,000	5.00%, 10/01/27		579,966
	145,000	Florida Municipal Power Agency, All-Requirements Power Supply, Series B (RB) 5.00%, 10/01/25 (c)		172,090
	680,000	Florida State Board of Education, Public Education Capital Outlay, Series B (GO) 3.00%, 06/01/24 (c)		709,104
	640,000	Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 3.00%, 06/01/24 (c)		653,722
	1,000,000	Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c)		1,186,900
		Florida’s Turnpike Enterprise, Series B (RB)
	265,000	5.00%, 07/01/25 (c)		313,002
	110,000	5.00%, 07/01/25 (c)		130,559
	740,000	Florida’s Turnpike Enterprise, Series C (RB) 5.00%, 07/01/26 (c)		878,698
	995,000	Halifax Hospital Medical Center (RB) 3.38%, 06/01/26 (c)		1,008,631

Principal Amount			Value
Florida: (continued)
		Hernando County School District, Series A (CP) (AGM)
$	450,000	3.00%, 07/01/26 (c)	$	453,924
	450,000	3.00%, 07/01/26 (c)		454,603
		JEA Electric System, Series B (RB)
	175,000	3.38%, 10/01/22 (c)		175,373
	695,000	5.00%, 10/01/27 (c)		799,813
		JEA Electric System, Series Three B (RB)
	850,000	5.00%, 10/01/27 (c)		1,000,246
	610,000	5.00%, 10/01/27 (c)		722,386
	350,000	5.00%, 10/01/27		420,172
	15,000	JEA Water and Sewer System, Series A (RB) 5.00%, 04/01/24 (c)		17,332
		Manatee County School District (RB) (AGM)
	190,000	5.00%, 10/01/26		229,832
	160,000	5.00%, 04/01/27 (c)		192,211
		Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA)
	1,025,000	5.00%, 02/01/24 (c)		1,160,946
	610,000	5.00%, 02/01/24 (c)		688,165
	965,000	5.00%, 02/01/24 (c)		1,091,994
	640,000	5.00%, 02/01/24 (c)		729,510
	145,000	5.00%, 02/01/24 (c)		164,434
	425,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA) 5.00%, 02/01/24 (c)		480,938
	1,020,000	Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c)		1,130,935
	410,000	Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c)		479,384
	310,000	Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c)		358,131
		Orange County, Tourist Development Tax (RB)
	110,000	5.00%, 10/01/27		135,545
	420,000	5.00%, 10/01/30		536,516
	120,000	Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c)		145,457
	10,000	Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c)		11,429
		Palm Beach County School Board, Series A (CP)
	125,000	5.00%, 08/01/26		151,318
	120,000	5.00%, 08/01/27		147,860

See Notes to Financial Statements

23

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Florida: (continued)
$	385,000	Palm Beach County School Board, Series B (CP) 5.00%, 08/01/25	$	456,802
	110,000	Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c)		136,294
	175,000	Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c)		212,804
	125,000	School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c)		128,401
	170,000	School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/25		199,019
	720,000	School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c)		839,354
		School Board of Miami-Dade County, Series C (CP)
	1,020,000	3.25%, 02/01/21 (c)		1,028,170
	265,000	3.25%, 02/01/21 (c)		267,369
		School Board of Miami-Dade County, Series D (CP)
	140,000	4.00%, 02/01/26 (c)		150,429
	265,000	5.00%, 11/01/24 (c)		303,955
	165,000	5.00%, 02/01/26		195,819
	250,000	5.00%, 02/01/26 (c)		294,340
	200,000	School District of Broward County, Series A (CP) 5.00%, 07/01/26 (c)		234,298
		South Broward Hospital District (RB)
	500,000	4.00%, 05/01/26 (c)		536,355
	435,000	5.00%, 05/01/26 (c)		514,827
		South Florida Water Management District (CP)
	400,000	3.00%, 04/01/26 (c)		406,904
	150,000	5.00%, 04/01/26 (c)		178,229
		South Miami Health Facilities Authority (RB)
	1,000,000	5.00%, 08/15/27 (c)		1,188,810
	710,000	5.00%, 08/15/27 (c)		859,171
	500,000	St. Johns River Power Park, Issue 3, Series 7 (RB) 3.00%, 10/01/19 (c)		502,160
		State of Florida, Board of Education, Lottery Revenue, Series A (RB)
	100,000	5.00%, 07/01/25		118,947
	255,000	5.00%, 07/01/26		309,930
		State of Florida, Board of Education, Lottery Revenue, Series B (RB)
	1,015,000	5.00%, 07/01/25		1,207,312
	100,000	5.00%, 07/01/26		121,541
		State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
	825,000	2.70%, 06/01/24 (c)		849,898
	650,000	4.00%, 06/01/28 (c)		730,593
	525,000	5.00%, 06/01/24 (c)		609,436

Principal Amount			Value
Florida: (continued)
$	1,085,000	5.00%, 06/01/25 (c)	$	1,286,083
	795,000	5.00%, 06/01/28 (c)		987,867
		State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO)
	10,000	3.00%, 06/01/24 (c)		10,500
	125,000	5.00%, 06/01/24 (c)		145,104
		State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
	500,000	3.00%, 06/01/24 (c)		510,720
	250,000	3.00%, 06/01/24 (c)		256,960
	965,000	4.00%, 06/01/26 (c)		1,079,159
	500,000	4.00%, 06/01/26 (c)		562,395
	1,500,000	4.00%, 06/01/27 (c)		1,699,200
	20,000	5.00%, 06/01/24 (c)		23,217
	585,000	5.00%, 06/01/27		725,148
		State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
	20,000	4.00%, 06/01/26		22,987
	10,000	5.00%, 06/01/26 (c)		12,113
		State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
	1,070,000	2.38%, 06/01/26 (c)		1,055,320
	500,000	3.00%, 06/01/25 (c)		518,765
	200,000	4.00%, 06/01/25 (c)		218,626
		State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO)
	35,000	5.00%, 06/01/25 (c)		41,575
	35,000	5.00%, 06/01/26 (c)		42,396
		State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO)
	600,000	3.00%, 07/01/27 (c)		606,582
	555,000	3.00%, 07/01/27 (c)		581,168
	40,000	5.00%, 07/01/26 (c)		48,580
	750,000	State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/28 (c)		926,805
	555,000	State of Florida, Department of Transportation, Turnpike Revenue, Series B (RB) 2.63%, 07/01/25 (c)		569,641
	15,000	Tampa Bay, Water Utility System, Series A (RB) 5.00%, 10/01/25		17,983
		Volusia County School Board, Master Lease Program, Series B (CP)
	500,000	5.00%, 08/01/24 (c)		573,595
	575,000	5.00%, 08/01/24 (c)		654,091
	15,000	5.00%, 08/01/24 (c)		17,305
	280,000	5.00%, 08/01/24 (c)		322,420
				75,073,749

See Notes to Financial Statements

24

Principal Amount			Value
Georgia: 1.7%
		Atlanta Airport Passenger Facility, Series A (RB)
$	275,000	5.00%, 01/01/24 (c)	$	310,618
	405,000	5.00%, 01/01/24 (c)		462,494
	420,000	Augusta, Water and Sewer Revenue (RB) 3.00%, 10/01/27 (c)		429,009
	1,000,000	City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien, Series A (RB) 5.00%, 01/01/24 (c)		1,122,890
	130,000	City of Atlanta, Department of Aviation, Series A (RB) 5.00%, 01/01/24 (c)		148,017
		City of Atlanta, Public Improvement (GO)
	630,000	4.50%, 12/01/24 (c)		718,168
	25,000	4.88%, 12/01/24 (c)		29,226
	330,000	5.00%, 12/01/24 (c)		384,542
		City of Atlanta, Water and Wastewater (RB)
	580,000	5.00%, 05/01/25 (c)		671,512
	1,000,000	5.00%, 05/01/25 (c)		1,155,230
	990,000	5.00%, 05/01/25 (c)		1,148,865
	125,000	5.00%, 05/01/25 (c)		147,696
	30,000	5.00%, 05/01/25 (c)		34,900
	1,040,000	City of Austin, Water and Wastewater System (RB) 5.00%, 05/01/25 (c)		1,219,972
	250,000	Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c)		293,955
	750,000	Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c)		869,092
	25,000	County of Forsyth, Series B (GO) 5.00%, 03/01/25 (c)		29,539
	1,000,000	Forsyth County School District (GO) 5.00%, 02/01/28 (c)		1,253,040
		Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
	225,000	5.00%, 02/15/27 (c)		257,283
	100,000	5.00%, 02/15/27 (c)		117,292
		Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)
	925,000	2.90%, 12/01/25 (c)		934,814
	285,000	3.00%, 06/01/24 (c)		290,686
	190,000	Glynn-Brunswick Memorial Hospital Authority (RB) 5.00%, 08/01/25 (c)		210,159
	15,000	Henry County School District (GO) (SAW) 5.00%, 08/01/25		17,925
		Metropolitan Atlanta Rapid Transit Authority, Series B (RB)
	300,000	5.00%, 07/01/26 (c)		356,022
	30,000	5.00%, 07/01/26 (c)		35,711

Principal Amount			Value
Georgia: (continued)
		Metropolitan Atlanta Rapid Transit Authority, Series C (RB)
$	495,000	5.00%, 07/01/26 (c)	$	595,500
	235,000	5.00%, 07/01/26 (c)		284,202
	420,000	5.00%, 07/01/26		511,417
		Municipal Electric Authority of Georgia, Series A (RB)
	110,000	5.00%, 01/01/25 (c)		124,615
	200,000	5.00%, 07/01/26 (c)		231,012
	1,090,000	5.00%, 07/01/26 (c)		1,261,871
		Richmond County Hospital Authority, University Health Services, Inc. Project (RB)
	345,000	3.00%, 07/01/26 (c)		347,829
	585,000	5.00%, 07/01/26 (c)		694,489
		State of Georgia, Series A (GO)
	985,000	2.50%, 02/01/26 (c)		949,717
	1,000,000	3.00%, 02/01/24 (c)		1,031,620
	125,000	5.00%, 02/01/26		151,418
	1,190,000	5.00%, 02/01/26 (c)		1,436,735
	680,000	5.00%, 02/01/26 (c)		816,564
	600,000	5.00%, 07/01/26		733,308
	1,000,000	5.00%, 02/01/27		1,236,080
	150,000	5.00%, 02/01/27 (c)		182,940
	350,000	5.00%, 02/01/27 (c)		429,429
		State of Georgia, Series C (GO)
	1,200,000	5.00%, 07/01/25		1,434,336
	130,000	5.00%, 07/01/27		161,949
		State of Georgia, Series C-1 (GO)
	1,080,000	4.00%, 07/01/25		1,226,513
	1,010,000	5.00%, 02/01/26		1,223,453
	610,000	State of Georgia, Series E (GO) 5.00%, 12/01/25		736,154
				28,449,808
Hawaii: 1.3%
	35,000	City and County of Honolulu, Board of Water Supply, Series A (RB) 5.00%, 07/01/24 (c)		40,124
	675,000	City and County of Honolulu, Series A (GO) 5.00%, 10/01/25 (c)		797,539
		City and County of Honolulu, Series B (GO)
	10,000	5.00%, 10/01/25 (c)		11,749
	760,000	5.00%, 10/01/25 (c)		902,386
	1,010,000	5.00%, 10/01/25 (c)		1,203,678
	1,000,000	5.00%, 09/01/27 (c)		1,209,670
	1,000,000	City and County of Honolulu, Series C (GO) 5.00%, 10/01/29		1,278,310
		City and County of Honolulu, Wastewater System, Series A (RB)
	970,000	4.00%, 07/01/26 (c)		1,055,302
	1,015,000	5.00%, 07/01/26 (c)		1,199,375
	100,000	City and County of Honolulu, Wastewater System, Series B (RB) 4.00%, 07/01/26 (c)		108,155

See Notes to Financial Statements

25

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Hawaii: (continued)
$	175,000	State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25	$	205,697
	250,000	State of Hawaii, Series A (RB) 5.00%, 07/01/24 (c)		284,743
	295,000	State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c)		353,440
		State of Hawaii, Series EO (GO)
	1,300,000	5.00%, 08/01/24 (c)		1,514,669
	1,645,000	5.00%, 08/01/24 (c)		1,899,646
	25,000	State of Hawaii, Series EQ (GO) 5.00%, 08/01/24 (c)		28,493
	50,000	State of Hawaii, Series ET (GO) 5.00%, 10/01/25		59,910
		State of Hawaii, Series EY (GO)
	120,000	5.00%, 10/01/25 (c)		143,011
	1,205,000	5.00%, 10/01/25 (c)		1,440,867
	500,000	State of Hawaii, Series EZ (GO) 5.00%, 10/01/25 (c)		597,870
	200,000	State of Hawaii, Series FB (GO) 4.00%, 04/01/26 (c)		226,458
	10,000	State of Hawaii, Series FE (GO) 5.00%, 10/01/25		11,982
	15,000	State of Hawaii, Series FH (GO) 5.00%, 10/01/26 (c)		18,207
		State of Hawaii, Series FK (GO)
	690,000	5.00%, 05/01/27 (c)		823,618
	130,000	5.00%, 05/01/27 (c)		155,648
		State of Hawaii, Series FN (GO)
	500,000	5.00%, 10/01/27 (c)		610,730
	105,000	5.00%, 10/01/27 (c)		129,969
		State of Hawaii, Series FT (GO)
	295,000	4.00%, 01/01/28 (c)		328,131
	250,000	5.00%, 01/01/26		301,045
	1,020,000	5.00%, 10/01/27 (c)		1,239,647
	150,000	5.00%, 01/01/28 (c)		182,739
	1,150,000	5.00%, 01/01/28 (c)		1,407,335
	1,300,000	State of Hawaii, Series FW (GO) 5.00%, 01/01/28		1,623,778
	160,000	State of Hawaii, Series HI (GO) 5.00%, 10/01/26		195,643
		University of Hawaii, Series E (RB)
	285,000	5.00%, 10/01/26 (c)		339,033
	240,000	5.00%, 10/01/26 (c)		284,398
				22,212,995
Idaho: 0.0%
	500,000	Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c)		599,030
		Idaho Health Facilities Authority, Trinity Health Group, Series D (RB)
	115,000	5.00%, 06/01/22 (c)		124,171
	185,000	5.00%, 06/01/22 (c)		200,041
				923,242
Illinois: 4.6%
	235,000	Chicago Board of Education (RB) 5.75%, 04/01/27 (c)		270,915

Principal Amount			Value
Illinois: (continued)
$	1,315,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)	$	1,484,701
	175,000	Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/27 (c)		208,077
		Chicago O’Hare International Airport, Series B (RB)
	575,000	5.00%, 01/01/25 (c)		660,629
	510,000	5.00%, 01/01/25 (c)		580,992
	135,000	5.00%, 01/01/25 (c)		153,409
	580,000	5.00%, 01/01/25 (c)		657,447
	315,000	5.00%, 01/01/25 (c)		366,102
	130,000	5.00%, 01/01/25 (c)		151,545
	460,000	5.00%, 01/01/27 (c)		540,012
	100,000	5.00%, 01/01/27 (c)		116,980
		Chicago O’Hare International Airport, Series C (RB)
	135,000	5.00%, 01/01/26 (c)		156,252
	545,000	5.00%, 01/01/26		648,343
	500,000	Chicago Transit Authority (RB) 5.00%, 06/01/26		581,775
	100,000	City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c)		115,732
		City of Chicago, Motor Fuel Tax (RB) (AGM)
	765,000	5.00%, 01/01/24 (c)		829,130
	150,000	5.00%, 01/01/24 (c)		163,134
	750,000	City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.50%, 01/01/25 (c)		828,690
		City of Chicago, Series A (GO)
	800,000	5.63%, 01/01/27 (c)		913,680
	340,000	5.63%, 01/01/27 (c)		390,541
	510,000	City of Chicago, Series C (GO) 5.00%, 01/01/26 (c)		545,241
	100,000	City of Chicago, Series E (GO) 5.50%, 01/01/25 (c)		109,303
		City of Chicago, Wastewater Transmission Revenue, Second Lien (RB)
	125,000	5.00%, 01/01/24 (c)		137,539
	225,000	5.00%, 01/01/24 (c)		250,290
	1,125,000	5.00%, 01/01/24 (c)		1,255,871
	100,000	City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B (RB) 5.00%, 01/01/26		115,846
		City of Chicago, Water Revenue, Second Lien (RB)
	500,000	4.00%, 11/01/24 (c)		518,865
	120,000	5.00%, 11/01/24 (c)		133,946
	75,000	5.00%, 11/01/24 (c)		84,147
	655,000	5.00%, 11/01/24 (c)		733,862
	1,010,000	5.00%, 11/01/27 (c)		1,181,963
	180,000	5.25%, 11/01/27 (c)		210,163

See Notes to Financial Statements

26

Principal Amount			Value
Illinois: (continued)
		City of Chicago, Water Revenue, Second Lien, Series A-1 (RB)
$	305,000	5.00%, 11/01/26 (c)	$	346,816
	420,000	5.00%, 11/01/26 (c)		479,653
		City of Springfield, Electric Revenue, Senior Lien (RB)
	420,000	5.00%, 03/01/25 (c)		474,709
	15,000	5.00%, 03/01/25 (c)		16,871
	635,000	5.00%, 03/01/25 (c)		730,021
	425,000	5.00%, 03/01/25 (c)		486,374
	1,000,000	Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27		1,234,770
	210,000	Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c)		240,398
	325,000	County of Cook, Series A (GO) 5.00%, 11/15/26 (c)		366,213
		Illinois Finance Authority of Clean Water Initiative (RB)
	155,000	5.00%, 01/01/27 (c)		183,481
	115,000	5.00%, 01/01/27 (c)		138,077
		Illinois Finance Authority, Advocate Health Care Network (RB)
	225,000	5.00%, 08/01/24 (c)		252,632
	235,000	5.00%, 08/01/24 (c)		269,843
		Illinois Finance Authority, Clean Water Initiative (RB)
	230,000	4.00%, 07/01/25		258,904
	165,000	4.00%, 01/01/26 (c)		181,363
	100,000	4.00%, 01/01/26 (c)		112,330
	135,000	5.00%, 01/01/26		161,532
	685,000	5.00%, 01/01/26 (c)		808,416
	400,000	5.00%, 01/01/27 (c)		486,596
		Illinois Finance Authority, Mercy Health Corp. (RB)
	20,000	4.00%, 06/01/26 (c)		21,055
	1,000,000	4.00%, 06/01/26 (c)		1,047,810
	150,000	4.00%, 06/01/26 (c)		158,744
	325,000	5.00%, 12/01/25		380,497
	250,000	5.00%, 06/01/26 (c)		282,138
	130,000	5.00%, 06/01/26 (c)		151,356
		Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)
	1,325,000	3.00%, 01/15/28 (c)		1,299,560
	280,000	5.00%, 07/15/27		342,597
	260,000	Illinois Finance Authority, Northwestern University (RB) 5.00%, 12/01/28		329,540
	100,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.00%, 11/15/25 (c)		112,885
	1,010,000	Illinois Finance Authority, Presence Health Network, Series C (RB) 4.00%, 02/15/27 (c)		1,097,345

Principal Amount			Value
Illinois: (continued)
		Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB)
$	100,000	5.00%, 05/15/25 (c)	$	112,258
	125,000	5.00%, 05/15/25 (c)		142,333
	195,000	5.00%, 05/15/25 (c)		225,229
	190,000	Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24 (c)		218,551
	500,000	Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		515,190
	220,000	Illinois Housing Development Authority, Series C (RB) 3.10%, 02/01/26 (c)		219,155
	170,000	Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c)		196,095
		Illinois State Toll Highway Authority, Series A (RB)
	290,000	4.00%, 01/01/26 (c)		311,512
	220,000	5.00%, 01/01/26 (c)		254,694
	700,000	5.00%, 01/01/26 (c)		808,241
	510,000	5.00%, 01/01/28 (c)		608,654
	345,000	Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/24 (c)		393,645
		Illinois State Toll Highway Authority, Series C (RB)
	500,000	5.00%, 01/01/25 (c)		569,960
	100,000	5.00%, 01/01/25 (c)		115,932
		Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO)
	215,000	5.00%, 01/01/24 (c)		237,397
	120,000	5.00%, 01/01/24 (c)		133,380
		Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO)
	190,000	5.00%, 01/01/24 (c)		212,240
	450,000	5.00%, 01/01/24 (c)		498,870
	410,000	5.00%, 01/01/24 (c)		460,586
	1,055,000	5.00%, 01/01/24 (c)		1,181,146
	165,000	Kendall, Kane, and Will Counties Community Unit School District No. 308 (GO) 5.00%, 02/01/26 (c)		188,790
		Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)
	405,000	5.00%, 12/01/26 (c)		477,021
	340,000	5.00%, 12/01/26		407,711
		Northern Illinois Municipal Power Agency, Series A (RB)
	1,130,000	4.00%, 12/01/26 (c)		1,201,461
	30,000	5.00%, 12/01/25		35,203

See Notes to Financial Statements

27

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Illinois: (continued)
		Railsplitter Tobacco Settlement Authority (RB)
$	1,785,000	5.00%, 06/01/26 (c)	$	2,100,659
	175,000	5.00%, 06/01/26		206,988
		Regional Transportation Authority of Illinois, Series A (RB)
	500,000	5.00%, 07/01/25		585,485
	500,000	5.00%, 07/01/27 (c)		597,515
		Sales Tax Securitization Corp., Series A (RB)
	100,000	5.00%, 01/01/26		114,924
	250,000	5.00%, 01/01/28 (c)		285,378
	850,000	5.00%, 01/01/28 (c)		966,883
	250,000	5.00%, 01/01/28 (c)		286,390
	1,160,000	5.00%, 01/01/28 (c)		1,353,059
	1,160,000	5.00%, 01/01/28 (c)		1,343,848
		State of Illinois (RB)
	300,000	3.00%, 06/15/26 (c)		252,879
	495,000	3.00%, 06/15/26 (c)		435,357
	1,010,000	3.00%, 06/15/26 (c)		910,889
	475,000	3.00%, 06/15/26 (c)		422,926
	320,000	3.00%, 06/15/26 (c)		269,853
	720,000	3.50%, 06/01/26 (c)		691,430
	1,120,000	3.50%, 06/01/26 (c)		1,038,509
	595,000	4.00%, 01/01/26 (c)		597,243
	1,000,000	4.00%, 06/01/26 (c)		983,160
	1,060,000	4.00%, 06/01/26 (c)		1,058,124
	2,670,000	4.00%, 06/01/26 (c)		2,638,654
	280,000	4.00%, 06/15/26 (c)		291,743
	750,000	4.13%, 11/01/26 (c)		756,585
	960,000	5.00%, 04/01/24 (c)		1,016,938
	615,000	5.00%, 04/01/24 (c)		657,988
	1,080,000	5.00%, 05/01/24 (c)		1,153,678
	280,000	5.00%, 05/01/24 (c)		301,118
	275,000	5.00%, 05/01/24 (c)		295,292
	550,000	5.00%, 05/01/24 (c)		580,728
	1,025,000	5.00%, 01/01/26 (c)		1,093,511
	185,000	5.00%, 01/01/26 (c)		202,220
	130,000	5.00%, 01/01/26 (c)		139,048
	575,000	5.00%, 01/01/26 (c)		622,794
	1,080,000	5.00%, 01/01/26		1,181,466
	1,050,000	5.00%, 06/01/26 (c)		1,151,388
	400,000	5.00%, 06/15/26 (c)		445,552
	1,010,000	5.00%, 02/01/27		1,111,939
	1,890,000	5.00%, 02/01/27 (c)		2,081,287
	150,000	6.00%, 05/01/25		171,449
	1,000,000	6.00%, 05/01/26		1,159,170
		State of Illinois, Series A (RB)
	185,000	5.00%, 06/15/26		206,414
	100,000	5.00%, 06/15/26 (c)		111,376
	1,000,000	5.00%, 05/01/28 (c)		1,077,240
	260,000	5.00%, 10/01/28		288,075
	1,200,000	5.25%, 12/01/27 (c)		1,330,320
		State of Illinois, Series D (GO)
	4,060,000	5.00%, 11/01/25		4,449,354
	500,000	5.00%, 06/15/26 (c)		554,350
	2,200,000	5.00%, 11/01/27 (c)		2,431,924
	30,000	University of Illinois, Series A (RB)
		4.00%, 04/01/25 (c)		31,488
				79,307,490

Principal Amount			Value
Indiana: 0.7%
$	585,000	Ball State University, Series R (RB) 5.00%, 07/01/27	$	719,772
	15,000	Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c)		17,844
		Indiana Finance Authority Highway, Series C (RB)
	1,060,000	5.00%, 12/01/26 (c)		1,292,034
	150,000	5.00%, 12/01/26 (c)		183,740
	1,000,000	5.00%, 02/01/28 (c)		1,246,640
	385,000	5.00%, 06/01/28		485,312
	130,000	Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c)		156,771
	610,000	Indiana Finance Authority, Series C (RB) 5.00%, 02/01/28 (c)		755,412
		Indiana Finance Authority, Series E (RB)
	100,000	5.00%, 08/01/26 (c)		121,174
	1,000,000	5.00%, 08/01/26 (c)		1,204,890
	160,000	5.00%, 08/01/26 (c)		195,240
	2,165,000	5.00%, 06/01/29		2,764,012
	125,000	Indiana Finance Authority, Stadium Project, Series A (RB) 5.00%, 08/01/25 (c)		147,826
	300,000	Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		298,719
		Indiana Municipal Power Agency, Series A (RB)
	1,050,000	5.00%, 07/01/26 (c)		1,231,513
	250,000	5.00%, 01/01/28 (c)		300,300
	205,000	Indiana Municipal Power Agency, Series C (RB) 5.00%, 07/01/26 (c)		247,140
	15,000	Indiana University, Series W-2 (RB) 5.00%, 08/01/24 (c)		17,476
	160,000	Indianapolis Local Public Improvement Bond Bank, Series C (RB) 4.00%, 01/01/28 (c)		175,752
	10,000	IPS Multi-School Building Corp. (RB) 5.00%, 01/15/25 (c)		11,626
	220,000	Purdue University, Series CC (RB) 5.00%, 07/01/25		262,535
	185,000	Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c)		224,588
	140,000	Zionsville Community Schools Building Corp., Series B (RB) 3.00%, 07/15/24 (c)		145,166
				12,205,482
Iowa: 0.2%
		Iowa Finance Authority (RB)
	1,000,000	5.00%, 08/01/27 (c)		1,215,510
	1,000,000	5.00%, 08/01/27 (c)		1,237,220

See Notes to Financial Statements

28

Principal Amount			Value
Iowa: (continued)
$	125,000	State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c)	$	150,034
	130,000	State of Iowa, Prison Infrastructure Fund, Series A (RB) 5.00%, 06/15/26		157,286
				2,760,050
Kansas: 0.9%
		Butler County Unified School District No. 385 (GO)
	300,000	4.00%, 09/01/27 (c)		331,506
	500,000	4.00%, 09/01/27 (c)		557,835
	500,000	5.00%, 09/01/27 (c)		597,545
	250,000	5.00%, 09/01/27 (c)		299,685
	540,000	City of Wichita, Series 811 (GO) 3.00%, 06/01/23 (c)		555,763
	210,000	Johnson and Miami Counties Unified School District No. 230 Spring Hills (GO) 4.00%, 09/01/26 (c)		227,245
	300,000	Johnson County Unified School District No. 512, Series A (GO) 4.00%, 10/01/25 (c)		325,236
		Johnson County, Series A (GO)
	750,000	4.00%, 09/01/27 (c)		825,532
	750,000	5.00%, 09/01/27 (c)		922,185
		Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB)
	225,000	5.00%, 04/01/23 (c)		249,739
	10,000	5.00%, 04/01/23 (c)		11,098
		Kansas Development Finance Authority, State of Kansas Projects, Series A (RB)
	380,000	5.00%, 05/01/23 (c)		422,628
	155,000	5.00%, 05/01/23 (c)		172,577
	935,000	5.00%, 05/01/23 (c)		1,039,580
		State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
	110,000	5.00%, 09/01/24 (c)		126,842
	740,000	5.00%, 09/01/24 (c)		861,042
	150,000	5.00%, 09/01/27 (c)		180,480
	960,000	5.00%, 09/01/27 (c)		1,162,099
	1,015,000	5.00%, 09/01/27 (c)		1,224,932
	400,000	5.00%, 09/01/27		496,704
	875,000	5.00%, 09/01/27 (c)		1,059,205
		State of Kansas, Department of Transportation, Highway Revenue, Series B (RB)
	765,000	5.00%, 09/01/25 (c)		900,321
	120,000	5.00%, 09/01/25 (c)		140,681
	1,000,000	5.00%, 09/01/25 (c)		1,165,780
	445,000	5.00%, 09/01/25		531,303
	555,000	5.00%, 09/01/25 (c)		660,805
	295,000	5.00%, 09/01/25 (c)		349,879
	250,000	Wyandotte County, Kansas City Unified Government, Series A (GO) 4.00%, 09/01/26 (c)		271,050
				15,669,277

Principal Amount			Value
Kentucky: 0.7%
$	125,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c)	$	144,083
	670,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/25		777,347
		Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB)
	1,020,000	5.00%, 11/01/26 (c)		1,201,601
	585,000	5.00%, 11/01/26 (c)		691,294
	450,000	5.00%, 11/01/26		531,040
		Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB)
	20,000	5.00%, 09/01/25 (c)		23,408
	80,000	5.00%, 09/01/25		94,047
	325,000	Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB) 3.00%, 05/01/26 (c)		326,599
		Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
	1,030,000	5.00%, 09/01/25 (c)		1,180,792
	200,000	5.00%, 09/01/25 (c)		231,972
	100,000	Kentucky State Property and Building Commission No. 119 (RB) 5.00%, 05/01/28		119,231
	165,000	Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c)		193,205
		Kentucky Turnpike Authority, Series B (RB)
	310,000	5.00%, 07/01/25		361,829
	170,000	5.00%, 07/01/25		198,422
	800,000	5.00%, 07/01/26		949,248
	380,000	5.00%, 07/01/27		457,360
		Louisville and Jefferson County Metro Government, Norton Healthcare, Inc., Series A (RB)
	975,000	4.00%, 10/01/26 (c)		1,017,656
	55,000	5.00%, 10/01/26 (c)		64,403
	290,000	5.00%, 10/01/26 (c)		334,872
	105,000	Louisville and Jefferson County Metro Government, Water System (RB) 3.00%, 11/15/25 (c)		106,579
	20,000	Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26		23,454
	490,000	Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series A (RB) 5.00%, 07/01/25		571,923

See Notes to Financial Statements

29

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Kentucky: (continued)
$	125,000	Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series B (RB) 5.00%, 07/01/26	$	148,320
		University of Kentucky, Series A (RB)
	1,050,000	3.00%, 04/01/26 (c)		1,050,063
	500,000	4.00%, 04/01/26 (c)		550,245
	1,025,000	University of Kentucky, Series B (RB) 5.00%, 04/01/25 (c)		1,200,921
				12,549,914
Louisiana: 1.0%
	250,000	East Baton Rouge Sewerage Commission, Series B (RB) 5.00%, 02/01/25 (c)		287,720
	2,635,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		2,678,636
		Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB)
	200,000	3.25%, 10/01/27 (c)		204,566
	990,000	5.00%, 10/01/27 (c)		1,168,259
	295,000	Louisiana Public Facilities Authority (RB) 5.00%, 07/01/25 (c)		335,359
	505,000	Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB) 3.50%, 06/01/21 (c)		508,828
		Louisiana Public Facilities Authority, Hurricane Recovery Program (RB)
	900,000	5.00%, 06/01/24 (c)		1,026,369
	535,000	5.00%, 06/01/24 (c)		610,949
	365,000	5.00%, 06/01/24 (c)		417,575
	1,060,000	Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/26		1,276,876
		State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB)
	350,000	5.00%, 05/01/24 (c)		399,676
	100,000	5.00%, 05/01/25		118,124
		State of Louisiana, Series A (GO)
	150,000	3.50%, 04/01/27 (c)		157,847
	1,000,000	5.00%, 05/01/25 (c)		1,159,740
	1,000,000	5.00%, 03/01/26		1,202,870
	640,000	5.00%, 09/01/26 (c)		758,790
	565,000	5.00%, 04/01/27 (c)		680,260
		State of Louisiana, Series B (GO)
	200,000	5.00%, 08/01/26 (c)		238,692
	875,000	5.00%, 10/01/26		1,064,499
	150,000	5.00%, 10/01/27		185,751
		State of Louisiana, Series C (GO)
	100,000	5.00%, 08/01/24 (c)		115,096
	710,000	5.00%, 08/01/24 (c)		818,715

Principal Amount			Value
Louisiana: (continued)
		State of Louisiana, Series D (GO)
$	375,000	5.00%, 09/01/25	$	446,242
	100,000	5.00%, 09/01/26 (c)		119,569
		State of Louisiana, Series D-1 (GO)
	125,000	5.00%, 12/01/24 (c)		143,941
	500,000	5.00%, 12/01/24 (c)		580,915
				16,705,864
Maine: 0.0%
	480,000	Maine Turnpike Authority (RB) 5.00%, 07/01/25 (c)		568,786
Maryland: 2.9%
		City of Baltimore, Consolidated Public Improvement, Series B (GO)
	1,250,000	5.00%, 10/15/25		1,497,362
	250,000	5.00%, 10/15/26		306,113
	250,000	5.00%, 10/15/27 (c)		309,193
	280,000	5.00%, 10/15/27		348,452
	125,000	City of Baltimore, Convention Center Hotel (RB) 5.00%, 09/01/27 (c)		144,709
	1,730,000	County of Baltimore (GO) 5.00%, 03/01/26		2,095,808
	525,000	County of Harford, Series B (GO) 3.00%, 07/01/24 (c)		552,127
		County of Montgomery, Series A (GO)
	1,645,000	5.00%, 11/01/24 (c)		1,915,570
	1,190,000	5.00%, 11/01/24 (c)		1,391,729
	20,000	5.00%, 12/01/24 (c)		23,467
		County of Montgomery, Series B (GO)
	275,000	4.00%, 12/01/23 (c)		304,057
	1,800,000	5.00%, 11/01/24 (c)		2,113,020
	350,000	5.00%, 11/01/24 (c)		410,281
	1,190,000	County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,353,411
	15,000	Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c)		17,681
	255,000	Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue (RB) 4.00%, 07/01/25 (c)		269,571
	550,000	Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue (RB) 5.00%, 02/15/25 (c)		634,419
	1,250,000	Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c)		1,333,512
		Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)
	750,000	5.00%, 05/01/26 (c)		885,660
	250,000	5.00%, 05/01/26 (c)		291,525
	240,000	5.00%, 05/01/26		289,008
	250,000	5.00%, 05/01/26 (c)		296,885

See Notes to Financial Statements

30

Principal Amount			Value
Maryland: (continued)
$	1,000,000	Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)	$	1,196,170
		Maryland State Department of Transportation (RB)
	500,000	3.00%, 09/01/27 (c)		516,025
	1,500,000	4.00%, 05/01/25 (c)		1,679,550
		Maryland State Transportation Authority (RB)
	300,000	3.00%, 07/01/27 (c)		302,289
	510,000	3.00%, 07/01/27 (c)		518,104
		Maryland Water Quality Financing Administration (RB)
	810,000	2.80%, 03/01/24 (c)		840,181
	655,000	3.00%, 03/01/24 (c)		670,058
		Prince George’s County, Series A (GO)
	445,000	4.00%, 09/01/24 (c)		496,847
	140,000	4.00%, 09/01/24 (c)		155,855
	1,000,000	4.00%, 07/15/28 (c)		1,146,060
	1,000,000	5.00%, 07/15/28		1,265,660
	1,150,000	5.00%, 07/15/28 (c)		1,446,021
		State of Maryland, Department of Transportation (RB)
	1,000,000	3.00%, 11/01/24 (c)		1,025,010
	855,000	3.13%, 05/01/25 (c)		882,035
	750,000	4.00%, 05/01/28 (c)		863,812
	295,000	5.00%, 11/01/24 (c)		345,472
	200,000	State of Maryland, Department of Transportation, Second Issue (RB) 3.13%, 06/01/23 (c)		205,020
	435,000	State of Maryland, Department of Transportation, Third Issue (RB) 3.00%, 12/15/23 (c)		444,031
		State of Maryland, State and Local Facilities Loan, First Series (GO)
	350,000	3.00%, 06/01/24 (c)		356,664
	420,000	5.00%, 06/01/24 (c)		487,670
		State of Maryland, State and Local Facilities Loan, First Series (GO)
	350,000	4.00%, 06/01/24 (c)		387,566
	3,000,000	5.00%, 03/15/29 (c)		3,760,440
		State of Maryland, State and Local Facilities Loan, First Series A (GO)
	405,000	3.00%, 03/01/23 (c)		415,008
	250,000	3.13%, 03/15/28 (c)		258,303
	1,745,000	4.00%, 03/15/27 (c)		1,970,088
	1,250,000	5.00%, 03/15/26		1,516,512
	1,000,000	5.00%, 03/15/28		1,259,990
	100,000	State of Maryland, State and Local Facilities Loan, First Series B (GO) 4.00%, 08/01/26		115,040
		State of Maryland, State and Local Facilities Loan, Second Series (GO)
	530,000	4.00%, 08/01/28 (c)		596,451
	1,000,000	5.00%, 08/01/28 (c)		1,250,320

Principal Amount			Value
Maryland: (continued)
		State of Maryland, State and Local Facilities Loan, Second Series A (GO)
$	350,000	2.75%, 08/01/23 (c)	$	364,158
	1,000,000	3.00%, 08/01/27 (c)		1,029,070
	215,000	4.00%, 08/01/23 (c)		231,153
		State of Maryland, State and Local Facilities Loan, Second Series B (GO)
	100,000	3.00%, 08/01/22 (c)		102,280
	1,255,000	4.00%, 08/01/22 (c)		1,339,449
	1,000,000	5.00%, 08/01/26		1,222,680
		Washington Suburban Sanitary District (GO)
	115,000	3.00%, 06/01/24 (c)		119,584
	500,000	3.00%, 06/01/24 (c)		515,440
	560,000	3.00%, 06/01/24 (c)		582,322
	100,000	5.00%, 06/01/25		119,232
		Washington Suburban Sanitary District, Second Series (GO)
	1,170,000	4.00%, 06/01/24 (c)		1,277,511
	550,000	5.00%, 06/01/27 (c)		677,083
				50,735,774
Massachusetts: 3.1%
		Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)
	1,100,000	5.00%, 06/01/24 (c)		1,250,425
	720,000	5.00%, 06/15/24 (c)		836,287
	1,000,000	5.00%, 06/15/24 (c)		1,160,430
	15,000	5.00%, 06/01/25 (c)		17,746
	20,000	5.00%, 06/01/25 (c)		23,593
		Commonwealth of Massachusetts, Series A (GO)
	290,000	3.00%, 03/01/24 (c)		291,560
	210,000	4.00%, 05/01/23 (c)		228,178
	850,000	5.00%, 03/01/24 (c)		968,719
	1,260,000	5.00%, 07/01/25 (c)		1,487,821
	105,000	5.00%, 07/01/25		125,301
	160,000	5.00%, 07/01/25 (c)		188,093
	1,000,000	5.00%, 03/01/26		1,211,450
	275,000	5.00%, 07/01/26 (c)		332,577
	1,000,000	5.00%, 07/01/26		1,219,920
		Commonwealth of Massachusetts, Series B (GO)
	600,000	5.00%, 07/01/26 (c)		714,210
	1,860,000	5.00%, 07/01/26 (c)		2,195,525
	155,000	5.00%, 07/01/26 (c)		186,355
	1,155,000	5.00%, 07/01/28		1,458,800
		Commonwealth of Massachusetts, Series C (GO)
	740,000	3.00%, 07/01/22 (c)		764,087
	1,000,000	3.00%, 02/01/24 (c)		1,012,300
	1,070,000	4.00%, 07/01/22 (c)		1,129,492
	435,000	4.00%, 07/01/22 (c)		462,096
	2,345,000	5.00%, 08/01/25		2,803,752
		Commonwealth of Massachusetts, Series E (GO)
	1,150,000	3.00%, 11/01/27 (c)		1,157,820

See Notes to Financial Statements

31

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Massachusetts: (continued)
$	100,000	5.00%, 11/01/27 (c)	$	121,867
	420,000	Commonwealth of Massachusetts, Series F (GO) 3.00%, 11/01/22 (c)		434,666
		Commonwealth of Massachusetts, Series I (GO)
	500,000	5.00%, 12/01/26 (c)		595,985
	10,000	5.00%, 12/01/26 (c)		12,252
		Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB)
	145,000	3.00%, 06/01/25 (c)		148,535
	20,000	5.00%, 06/01/26 (c)		24,280
		Massachusetts Bay Transportation Authority, Series A (RB)
	1,160,000	0.00%, 07/01/26 (c) ^		806,444
	810,000	0.00%, 07/01/26 (c) ^		631,184
	130,000	0.00%, 07/01/26 (c) ^		97,631
	890,000	0.00%, 07/01/26 (c) ^		718,212
	210,000	2.00%, 07/01/26 (c)		209,055
	1,315,000	4.00%, 07/01/25 (c)		1,441,108
	160,000	5.00%, 07/01/25		191,349
	1,070,000	Massachusetts Bay Transportation Authority, Series B (RB) 5.00%, 07/01/25		1,278,254
	800,000	Massachusetts Clean Water Trust, Series 18 (RB) 5.00%, 02/01/24 (c)		913,848
		Massachusetts Clean Water Trust, Series 19 (RB)
	500,000	5.00%, 02/01/26 (c)		593,820
	1,100,000	5.00%, 02/01/26 (c)		1,311,596
	940,000	5.00%, 02/01/26 (c)		1,130,510
	1,000,000	Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c)		1,231,080
	1,000,000	Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29		1,266,850
	2,905,000	Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c)		3,269,374
	130,000	Massachusetts Development Finance Agency, Caregroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		151,165
		Massachusetts Development Finance Agency, Harvard University, Series A (RB)
	480,000	5.00%, 07/15/26 (c)		573,653
	700,000	5.00%, 07/15/26 (c)		857,157
		Massachusetts Development Finance Agency, Lahey Health System, Series F (RB)
	1,000,000	5.00%, 08/15/25 (c)		1,127,900
	125,000	5.00%, 08/15/25 (c)		143,474

Principal Amount			Value
Massachusetts: (continued)
		Massachusetts Development Finance Agency, Partners Healthcare System, Series Q (RB)
$	100,000	3.13%, 07/01/26 (c)	$	101,223
	105,000	5.00%, 07/01/26		127,225
	300,000	5.00%, 07/01/26 (c)		353,394
		Massachusetts Development Finance Agency, Series I (RB)
	760,000	3.00%, 07/01/26 (c)		768,755
	200,000	3.25%, 07/01/26 (c)		201,422
	200,000	5.00%, 07/01/26 (c)		233,116
	500,000	Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		571,605
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		117,059
	330,000	Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/27		392,575
	500,000	Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c)		516,700
	1,000,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB) 5.00%, 01/15/25 (c)		1,174,200
		Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB)
	15,000	5.00%, 08/15/25		17,970
	125,000	5.00%, 11/15/26 (c)		149,365
		Massachusetts State College Building Authority, Series A (RB)
	1,000,000	4.00%, 05/01/25 (c)		1,115,120
	500,000	5.00%, 05/01/25 (c)		578,300
	835,000	Massachusetts Water Pollution Abatement Trust (RB) 5.00%, 08/01/24 (c)		971,464
		Massachusetts Water Resources Authority, Series C (RB)
	685,000	5.00%, 08/01/26 (c)		816,643
	2,115,000	5.00%, 08/01/27 (c)		2,581,527
	730,000	University of Massachusetts Building Authority, Series 1 (RB) 5.00%, 11/01/25 (c)		876,869
	1,020,000	University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c)		1,250,877
				53,423,195
Michigan: 2.0%
	285,000	Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c)		336,462

See Notes to Financial Statements

32

Principal Amount			Value
Michigan: (continued)
		Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
$	250,000	5.00%, 07/01/26 (c)	$	291,620
	250,000	5.00%, 07/01/26 (c)		292,695
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
	1,220,000	5.00%, 07/01/26 (c)		1,413,321
	1,500,000	5.00%, 07/01/26 (c)		1,749,720
	500,000	5.00%, 07/01/26 (c)		587,910
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
	1,025,000	5.00%, 07/01/26 (c)		1,196,913
	30,000	5.00%, 07/01/26 (c)		35,650
	130,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c)		151,642
		Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
	155,000	5.00%, 07/01/26 (c)		185,157
	365,000	5.00%, 07/01/26		438,456
	140,000	Michigan Finance Authority Hospital, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		136,748
		Michigan Finance Authority Local Government Loan Program, Series C (RB)
	500,000	5.00%, 07/01/25 (c)		580,775
	250,000	5.00%, 07/01/25 (c)		291,150
		Michigan Finance Authority Local Government Loan Program, Series H-1 (RB)
	725,000	5.00%, 10/01/24 (c)		815,922
	140,000	5.00%, 11/15/26 (c)		167,779
		Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB)
	1,975,000	5.00%, 08/01/24 (c)		2,226,872
	1,790,000	5.00%, 08/01/24 (c)		2,056,352
		Michigan Finance Authority, Clean Water, Series B (RB)
	110,000	5.00%, 10/01/25		131,875
	100,000	5.00%, 10/01/26		122,355
		Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series C-3 (RB) (AGM)
	750,000	5.00%, 07/01/24 (c)		847,207
	405,000	5.00%, 07/01/24 (c)		459,181
	560,000	5.00%, 07/01/24 (c)		643,703
		Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series D-2 (RB) (AGM)
	935,000	5.00%, 07/01/24 (c)		1,068,780
	110,000	5.00%, 07/01/24 (c)		126,080

Principal Amount			Value
Michigan: (continued)
$	1,450,000	Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series D-4 (RB) 5.00%, 07/01/24 (c)	$	1,647,171
		Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB)
	105,000	5.00%, 06/01/22 (c)		113,537
	75,000	5.00%, 06/01/27 (c)		89,411
	1,205,000	5.50%, 06/01/25 (c)		1,449,808
	265,000	5.50%, 06/01/25 (c)		315,986
		Michigan State Building Authority, Series I (RB)
	15,000	5.00%, 10/15/25 (c)		17,463
	200,000	5.00%, 10/15/25 (c)		234,046
	360,000	5.00%, 10/15/25 (c)		423,306
	125,000	5.00%, 10/15/26 (c)		147,363
	120,000	5.00%, 10/15/26 (c)		140,558
	570,000	5.00%, 10/15/26 (c)		674,281
	1,440,000	5.00%, 10/15/26 (c)		1,718,323
	515,000	5.00%, 10/15/26 (c)		611,429
	100,000	Michigan State Hospital Finance Authority, Series B (RB) 5.00%, 12/01/26		121,396
	100,000	Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27		123,477
	960,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c)		985,546
		Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
	490,000	3.10%, 06/01/26 (c)		496,772
	170,000	3.35%, 06/01/26 (c)		172,958
	1,010,000	Regents of the University of Michigan (RB) 5.00%, 04/01/26 (c)		1,196,173
		Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB)
	420,000	5.00%, 03/01/24 (c)		469,384
	330,000	5.00%, 03/01/24 (c)		376,071
	3,000,000	State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		3,098,280
		State of Michigan, Environmental Program, Series A (GO)
	280,000	5.00%, 12/01/24 (c)		327,088
	500,000	5.00%, 12/01/25 (c)		596,185
	10,000	5.00%, 12/01/25 (c)		11,958
		State of Michigan, Grant Anticipation Refunding Bonds (RB)
	300,000	5.00%, 03/15/26		360,942
	1,100,000	5.00%, 03/15/27		1,348,281
				33,621,518

See Notes to Financial Statements

33

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Minnesota: 1.2%
		City of Maple Grove, Minnesota Health Care Facilities (RB)
$	180,000	3.38%, 05/01/27 (c)	$	184,039
	345,000	3.50%, 05/01/27 (c)		353,680
	1,000,000	City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/25 (c)		1,146,180
	520,000	City of St. Cloud, Minnesota Health Care, Series A (RB) 3.00%, 05/01/26 (c)		512,626
	335,000	City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 4.00%, 07/01/25 (c)		354,142
		County of Hennepin, First Lien, Sales Tax, Series A (RB)
	1,000,000	5.00%, 12/15/23 (c)		1,145,020
	1,500,000	5.00%, 12/15/25		1,808,655
		Minneapolis St Paul Metropolitan Airports Commission, Series B (RB)
	135,000	4.00%, 01/01/26		153,923
	120,000	5.00%, 01/01/26		144,334
	515,000	5.00%, 01/01/27 (c)		621,579
	325,000	5.00%, 01/01/27 (c)		389,750
	750,000	Minnesota Public Facilities Authority, Series B (GO) 5.00%, 10/01/26		919,410
	1,000,000	Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,223,740
	500,000	Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c)		595,525
		Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG)
	750,000	5.00%, 02/01/25 (c)		880,387
	600,000	5.00%, 02/01/25 (c)		705,384
		State of Minnesota, State Trunk Highway, Series B (GO)
	555,000	2.25%, 08/01/26 (c)		528,859
	440,000	3.00%, 08/01/24 (c)		458,656
	500,000	3.00%, 08/01/26 (c)		528,680
	570,000	3.25%, 08/01/25 (c)		585,202
	1,000,000	4.00%, 08/01/24 (c)		1,112,920
	225,000	4.00%, 08/01/24 (c)		250,904
	185,000	4.00%, 08/01/26		213,096
	585,000	4.00%, 08/01/26 (c)		671,217
		State of Minnesota, Various Purpose, Series A (GO)
	1,025,000	5.00%, 08/01/27		1,276,227
	400,000	5.00%, 10/01/27 (c)		497,932
		State of Minnesota, Various Purpose, Series D (GO)
	925,000	2.25%, 08/01/26 (c)		917,692
	1,000,000	3.00%, 10/01/27 (c)		1,039,810
	1,000,000	3.00%, 10/01/27 (c)		1,053,060
				20,272,629

Principal Amount			Value
Mississippi: 0.5%
$	1,000,000	Mississippi Development Bank, Desoto County Highway Construction Project (RB) 5.00%, 01/01/23 (c)	$	1,094,370
	300,000	Mississippi Development Bank, Jackson Public School District, Series A (RB) 5.00%, 04/01/26 (c)		351,591
		State of Mississippi, Series A (GO)
	125,000	5.00%, 10/01/26		152,651
	835,000	5.00%, 10/01/27 (c)		1,004,764
	300,000	5.00%, 10/01/27 (c)		359,658
	500,000	5.00%, 10/01/27 (c)		604,790
	1,000,000	5.00%, 10/01/27 (c)		1,220,600
	650,000	5.00%, 10/01/27 (c)		789,412
		State of Mississippi, Series B (GO)
	155,000	5.00%, 12/01/26 (c)		183,923
	750,000	5.00%, 12/01/26 (c)		900,675
		State of Mississippi, Series C (GO)
	850,000	5.00%, 10/01/25		1,017,883
	845,000	5.00%, 10/01/25 (c)		1,010,400
	105,000	State of Mississippi, Series E (RB) 5.00%, 10/15/25		123,395
				8,814,112
Missouri: 0.8%
		City of Kansas City, Downtown Arena Project, Series E (RB)
	450,000	3.00%, 04/01/25 (c)		453,325
	750,000	5.00%, 04/01/25 (c)		858,412
	570,000	City of Kansas City, Sanitary Sewer System Revenue, Series A (RB) 5.00%, 01/01/25 (c)		667,134
	100,000	City of Springfield, Missouri Public Utility (RB) 4.00%, 08/01/25 (c)		109,437
		County of Jackson, Harry S. Truman Sports Complex Project (RB)
	10,000	5.00%, 12/01/24 (c)		11,515
	195,000	5.00%, 12/01/24 (c)		225,328
		Curators of the University of Missouri, Series A (RB)
	185,000	5.00%, 11/01/24 (c)		214,646
	300,000	5.00%, 11/01/24 (c)		350,976
		Health and Educational Facilities Authority of the State of Missouri, Series A (RB)
	630,000	4.00%, 06/01/24 (c)		658,854
	110,000	5.00%, 02/01/24 (c)		117,646
	960,000	5.00%, 06/01/24 (c)		1,086,864
	615,000	5.00%, 06/01/24 (c)		704,544
	1,000,000	5.00%, 06/01/24 (c)		1,127,030
		Metropolitan St. Louis Sewer District, Wastewater System, Series B (RB)
	490,000	5.00%, 05/01/25 (c)		569,125
	1,165,000	5.00%, 05/01/25 (c)		1,355,978
		Missouri Highway and Transportation Commission, First Lien, Series A (RB)
	535,000	5.00%, 05/01/24 (c)		618,369
	515,000	5.00%, 05/01/26		625,813

See Notes to Financial Statements

34

Principal Amount			Value
Missouri: (continued)
		Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Series A (RB)
$	310,000	5.00%, 01/01/24 (c)	$	346,335
	290,000	5.00%, 01/01/24 (c)		326,676
	215,000	5.00%, 01/01/24 (c)		243,763
	100,000	Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series A (RB) 5.00%, 01/01/25 (c)		115,957
	395,000	Missouri Joint Municipal Electric Utility Commission, Power Project, Series A (RB) 5.00%, 06/01/25 (c)		456,225
	15,000	Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		16,361
	125,000	Missouri State Health and Educational Facilities, Series A (RB) 5.00%, 06/01/24 (c)		142,745
		Platte County Park Hill School District (GO) (SAW)
	225,000	3.00%, 03/01/26 (c)		226,807
	105,000	3.00%, 03/01/26 (c)		106,391
	1,035,000	Springfield School District No. R-12 (GO) (SAW) 4.00%, 03/01/28 (c)		1,179,165
	615,000	St Louis Land Clearance for Redevelopment Authority, Series A (RB) 4.25%, 06/01/26		655,695
				13,571,116
Nebraska: 0.5%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	1,000,000	5.00%, 09/01/27		1,170,990
	300,000	5.00%, 09/01/32		363,747
	100,000	City of Lincoln, Electric System, Series A (RB) 5.00%, 09/01/25 (c)		116,706
	115,000	Douglas County Hospital Authority No. 2 (RB) 4.00%, 05/15/26 (c)		124,174
	245,000	Douglas County School District No. 0001 (GO) 3.00%, 12/15/24 (c)		247,648
	260,000	Metropolitan Utilities District of Omaha, Water System (RB) 3.25%, 12/01/25 (c)		266,061
	100,000	Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c)		120,045
		Omaha Public Power District, Electric System, Series AA (RB)
	130,000	2.25%, 08/01/19 (c)		129,925
	120,000	4.00%, 02/01/24 (c)		127,561
	1,090,000	5.00%, 02/01/24 (c)		1,240,322

Principal Amount			Value
Nebraska: (continued)
$	1,855,000	Omaha Public Power District, Electric System, Series B (RB) 5.00%, 08/01/24 (c)	$	2,119,096
		Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB)
	1,295,000	3.00%, 07/01/26 (c)		1,298,108
	560,000	3.13%, 07/01/26 (c)		561,322
	1,400,000	5.00%, 01/01/25 (c)		1,594,362
				9,480,067
Nevada: 1.3%
		City of Las Vegas, Series C (GO)
	125,000	5.00%, 03/01/26 (c)		146,823
	500,000	5.00%, 03/01/26 (c)		596,085
	120,000	Clark County Limited Tax Bond Bank (GO) 5.00%, 06/01/25		142,392
		Clark County Limited Tax Bond Bank, Series A (GO)
	120,000	5.00%, 11/01/25		143,726
	110,000	5.00%, 05/01/26 (c)		131,366
	500,000	5.00%, 05/01/26 (c)		604,220
	300,000	Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c)		360,057
		Clark County Limited Tax Flood Control (GO)
	890,000	4.00%, 05/01/25 (c)		970,180
	420,000	5.00%, 05/01/25 (c)		493,941
	980,000	5.00%, 05/01/25 (c)		1,140,063
		Clark County Limited Tax, Series A (GO)
	150,000	5.00%, 06/01/28 (c)		181,308
	1,000,000	5.00%, 06/01/28 (c)		1,233,550
		Clark County Limited Tax, Series C (GO)
	500,000	3.00%, 07/01/27 (c)		503,305
	305,000	3.00%, 07/01/27 (c)		309,102
	1,025,000	Clark County School District, Limited Tax, Series C (GO) 5.00%, 12/15/25 (c)		1,203,596
		Clark County School District, Series B (GO)
	250,000	4.00%, 11/01/26 (c)		273,078
	140,000	4.00%, 11/01/26 (c)		153,390
	850,000	5.00%, 11/01/26		1,038,997
		Clark County School District, Series C (GO)
	1,010,000	5.00%, 06/15/25		1,184,144
	200,000	5.00%, 12/15/25 (c)		235,624
	855,000	5.00%, 12/15/27 (c)		1,009,687
		Clark County School District, Series D (GO)
	200,000	4.00%, 12/15/25 (c)		214,164
	25,000	5.00%, 06/15/25		29,311
	1,000,000	5.00%, 12/15/25 (c)		1,165,190
		Clark County Water Reclamation District (GO)
	630,000	3.00%, 07/01/26 (c)		662,628
	220,000	5.00%, 07/01/26		267,720

See Notes to Financial Statements

35

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Nevada: (continued)
		Las Vegas Valley Water District, Series A (GO)
$	500,000	4.00%, 02/01/27 (c)	$	547,130
	190,000	5.00%, 06/01/26 (c)		229,533
		State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
	325,000	3.38%, 06/01/28 (c)		334,506
	1,000,000	4.00%, 06/01/27 (c)		1,095,090
	1,000,000	4.00%, 06/01/28 (c)		1,105,500
	1,000,000	4.00%, 06/01/28 (c)		1,113,540
	20,000	5.00%, 12/01/25		24,012
	220,000	5.00%, 06/01/26 (c)		266,768
	1,020,000	5.00%, 06/01/26 (c)		1,229,467
	270,000	5.00%, 06/01/26 (c)		324,235
	795,000	5.00%, 06/01/27 (c)		962,411
		Truckee Meadows Water Authority (RB)
	355,000	5.00%, 07/01/26 (c)		418,115
	30,000	5.00%, 07/01/26 (c)		35,557
				22,079,511
New Jersey: 4.0%
	800,000	Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		893,528
	600,000	County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c)		624,972
	2,030,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		2,169,765
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	130,000	4.00%, 11/01/25		138,369
	1,000,000	5.00%, 11/01/25		1,144,840
		New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
	165,000	4.13%, 06/15/25		176,324
	380,000	5.50%, 12/15/26 (c)		433,641
		New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
	1,500,000	4.75%, 12/15/26 (c)		1,628,655
	275,000	5.50%, 12/15/26 (c)		317,903
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	1,175,000	5.00%, 06/15/27 (c)		1,301,900
	615,000	5.00%, 06/15/27 (c)		679,384
	340,000	5.00%, 06/15/27 (c)		377,818
	245,000	5.00%, 06/15/27		280,581
	250,000	5.00%, 06/15/27 (c)		280,278

Principal Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
$	240,000	3.50%, 06/15/24 (c)	$	246,190
	260,000	5.00%, 06/15/24 (c)		287,349
	610,000	5.00%, 06/15/24 (c)		657,586
	1,035,000	5.00%, 06/15/24 (c)		1,136,492
		New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
	240,000	5.00%, 06/15/24 (c)		259,678
	1,220,000	5.00%, 06/15/24 (c)		1,331,898
	555,000	5.00%, 06/15/24 (c)		609,423
		New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
	285,000	5.00%, 06/15/25 (c)		308,746
	180,000	5.00%, 06/15/25 (c)		195,404
	440,000	5.25%, 06/15/25 (c)		495,990
	100,000	5.25%, 06/15/25 (c)		110,359
	250,000	5.25%, 06/15/25 (c)		276,818
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	1,585,000	4.25%, 06/15/25 (c)		1,696,742
	565,000	4.38%, 06/15/25 (c)		606,714
	115,000	5.00%, 06/15/25		129,667
	3,000,000	New Jersey Economic Development Authority, State House Project, Series B (RB) 5.00%, 06/15/26		3,412,740
		New Jersey Economic Development Motor Vehicle, Series A (RB)
	335,000	3.38%, 07/01/27 (c)		334,481
	440,000	4.00%, 07/01/27 (c)		447,713
	450,000	4.00%, 07/01/27 (c)		465,165
	365,000	5.00%, 07/01/27 (c)		404,551
	235,000	New Jersey Educational Facilities Authority, College of New Jersey, Series G (RB) 5.00%, 07/01/25 (c)		272,668
	230,000	New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c)		251,096
	1,100,000	New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		1,219,372
	400,000	New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB) 5.00%, 07/01/26 (c)		478,964
	200,000	New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/25 (c)		237,766

See Notes to Financial Statements

36

Principal Amount			Value
New Jersey: (continued)
$	1,000,000	New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) 5.00%, 07/01/26 (c)	$	1,160,930
	1,590,000	New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 4.00%, 07/01/26 (c)		1,730,174
	1,000,000	New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c)		1,227,100
	20,000	New Jersey Health Care Facilities Financing Authority, Hospital Corp. (RB) 5.00%, 07/01/25		23,725
	200,000	New Jersey Health Care Facilities Financing Authority, Hospital Corp., Series A (RB) (AGM) 5.00%, 07/01/25 (c)		226,908
		New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
	1,390,000	3.00%, 07/01/26 (c)		1,394,351
	310,000	3.38%, 07/01/27 (c)		315,915
	115,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 3.00%, 07/01/26 (c)		109,314
	1,500,000	New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c)		1,562,790
		New Jersey State Turnpike Authority, Series A (RB)
	865,000	5.00%, 07/01/24 (c)		993,712
	765,000	5.00%, 07/01/24 (c)		881,272
		New Jersey State Turnpike Authority, Series B (RB)
	2,900,000	5.00%, 01/01/28 (c)		3,467,356
	1,080,000	5.00%, 01/01/28 (c)		1,296,356
	115,000	5.00%, 01/01/28 (c)		138,591
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	1,330,000	4.00%, 12/15/28 (c)		1,395,569
	435,000	5.00%, 06/15/26 (c)		496,135
	500,000	5.00%, 12/15/27		577,500
	1,000,000	5.00%, 12/15/28 (c)		1,134,280
	500,000	5.00%, 12/15/28		582,000
		New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
	780,000	4.10%, 06/15/26 (c)		816,793
	750,000	5.00%, 06/15/26 (c)		868,762
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	265,000	4.25%, 06/15/25 (c)		285,527
	320,000	4.63%, 06/15/25 (c)		345,376
	655,000	4.75%, 06/15/25 (c)		699,874

Principal Amount			Value
New Jersey: (continued)
$	360,000	5.00%, 06/15/24 (c)	$	402,019
	500,000	5.00%, 06/15/25 (c)		563,835
	435,000	5.25%, 06/15/25 (c)		492,959
	300,000	5.25%, 06/15/25 (c)		341,187
	170,000	New Jersey Transportation Trust Fund Authority, Series C (RB) 5.25%, 12/15/24 (c)		187,612
	1,110,000	New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c)		1,206,082
		New Jersey Turnpike Authority, Series A (RB)
	135,000	4.00%, 01/01/27 (c)		145,832
	800,000	5.00%, 07/01/24 (c)		911,176
	585,000	5.00%, 07/01/24 (c)		670,808
	1,565,000	5.00%, 07/01/24 (c)		1,786,228
	330,000	5.00%, 07/01/24 (c)		378,404
	1,800,000	5.00%, 07/01/24 (c)		2,060,370
	105,000	5.00%, 01/01/26 (c)		122,672
	375,000	5.00%, 01/01/26 (c)		433,534
	30,000	5.00%, 01/01/26 (c)		34,903
	2,010,000	5.00%, 01/01/27 (c)		2,407,075
	270,000	5.00%, 01/01/27 (c)		317,490
		New Jersey Turnpike Authority, Series E (RB)
	340,000	5.00%, 01/01/25 (c)		391,316
	150,000	5.00%, 01/01/27		182,834
	200,000	5.00%, 01/01/28 (c)		241,028
	115,000	5.00%, 01/01/28 (c)		141,435
	2,130,000	New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c)		2,335,289
		State of New Jersey, Various Purposes (GO)
	700,000	5.00%, 06/01/25 (c)		801,654
	130,000	5.00%, 06/01/25 (c)		150,866
	625,000	5.00%, 06/01/27		747,212
	225,000	The State University of New Jersey, Rutgers, Series M (RB) 5.00%, 05/01/26 (c)		263,637
		Tobacco Settlement Financing Corp., Series A (RB)
	125,000	5.00%, 06/01/27		148,278
	175,000	5.00%, 06/01/28 (c)		201,107
	1,250,000	5.00%, 06/01/28 (c)		1,451,825
	500,000	5.00%, 06/01/28 (c)		585,025
				68,155,532
New Mexico: 0.3%
		Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB)
	500,000	2.85%, 07/01/25 (c)		519,060
	985,000	5.00%, 07/01/25 (c)		1,168,515
	285,000	Albuquerque Municipal School District No. 12 (GO) (SAW) 5.00%, 08/01/26		346,298

See Notes to Financial Statements

37

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New Mexico: (continued)
$	2,400,000	New Mexico Finance Authority, State Transportation, Senior Lien, Series B-1 (RB) 5.00%, 06/15/24 (c)	$	2,786,304
	520,000	Regents of the University of New Mexico, Series A (RB) 2.50%, 06/01/26 (c)		522,304
		State of New Mexico, Series A (RB)
	100,000	5.00%, 07/01/25		118,883
	250,000	5.00%, 03/01/27		307,448
				5,768,812
New York: 14.6%
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM)
	955,000	4.00%, 01/15/27 (c)		1,063,058
	500,000	5.00%, 01/15/27 (c)		578,540
	1,740,000	5.00%, 01/15/27 (c)		2,038,027
	500,000	City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		507,215
		City of New York, Series A (GO)
	350,000	4.00%, 08/01/26 (c)		383,100
	15,000	5.00%, 08/01/24 (c)		17,419
	350,000	5.00%, 08/01/25		417,785
	1,100,000	5.00%, 08/01/25 (c)		1,311,398
	150,000	5.00%, 08/01/25		179,051
	760,000	5.00%, 08/01/25 (c)		908,603
	2,160,000	5.00%, 08/01/26 (c)		2,585,650
	500,000	5.00%, 08/01/27 (c)		617,320
	100,000	5.00%, 08/01/27		123,732
		City of New York, Series B-1 (GO)
	395,000	5.00%, 12/01/26 (c)		475,276
	910,000	5.25%, 10/01/27 (c)		1,123,359
		City of New York, Series C (GO)
	185,000	5.00%, 02/01/25 (c)		218,098
	735,000	5.00%, 08/01/26		894,752
	225,000	5.00%, 02/01/27 (c)		274,822
		City of New York, Series C and D (GO)
	100,000	5.00%, 08/01/25		119,367
	20,000	5.00%, 02/01/26 (c)		24,007
	1,050,000	5.00%, 02/01/26 (c)		1,264,882
	400,000	5.00%, 02/01/26 (c)		476,016
	500,000	5.00%, 08/01/26		608,675
	1,250,000	5.00%, 02/01/28 (c)		1,515,125
	820,000	5.00%, 02/01/28 (c)		1,022,376
		City of New York, Series E (GO)
	540,000	5.00%, 08/01/26 (c)		646,412
	560,000	5.00%, 08/01/26		681,716
		City of New York, Series E-1 (GO)
	1,015,000	5.00%, 03/01/28 (c)		1,239,630
	1,000,000	5.25%, 03/01/28 (c)		1,233,230
	1,500,000	5.25%, 03/01/28 (c)		1,868,205
		City of New York, Series J (GO)
	405,000	5.00%, 08/01/24 (c)		462,307
	20,000	5.00%, 08/01/24 (c)		22,861
	185,000	City of New York, Series J-7 (GO) 5.00%, 08/01/26		225,210

Principal Amount			Value
New York: (continued)
		County of Nassau, Series B (GO)
$	135,000	5.00%, 04/01/24 (c)	$	150,729
	300,000	5.00%, 04/01/24 (c)		339,564
	500,000	County of Nassau, Series C (GO) 5.00%, 10/01/27 (c)		596,645
		County of Suffolk, Series C (GO)
	500,000	5.00%, 05/01/24 (c)		570,070
	735,000	5.00%, 05/01/24 (c)		839,796
		Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
	325,000	3.00%, 07/01/26 (c)		336,258
	275,000	4.00%, 07/01/26 (c)		294,833
	500,000	5.00%, 07/01/26 (c)		576,755
	1,000,000	5.00%, 07/01/26		1,193,150
	100,000	5.00%, 07/01/26 (c)		116,362
	275,000	5.00%, 07/01/26 (c)		324,891
	300,000	5.00%, 07/01/26 (c)		351,666
	770,000	Erie County, New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW) 5.00%, 11/01/25 (c)		925,147
		Hudson Yards Infrastructure Corp., Series A (RB)
	450,000	5.00%, 02/15/27 (c)		539,064
	280,000	5.00%, 02/15/27 (c)		338,363
		Long Island Power Authority (RB)
	750,000	5.00%, 09/01/27 (c)		898,200
	500,000	5.00%, 09/01/27 (c)		601,465
	250,000	5.00%, 09/01/27 (c)		301,743
	30,000	Long Island Power Authority, Series B (RB) 5.00%, 09/01/26 (c)		36,348
		Metropolitan Transportation Authority, Series A (RB)
	340,000	4.00%, 11/15/26 (c)		367,040
	150,000	4.00%, 11/15/26		174,684
	205,000	5.25%, 11/15/26 (c)		247,367
	100,000	5.25%, 11/15/26 (c)		121,485
	105,000	5.25%, 11/15/26 (c)		127,037
	125,000	5.25%, 11/15/26 (c)		152,501
	290,000	5.25%, 11/15/26 (c)		358,730
		Metropolitan Transportation Authority, Series A-1 (RB)
	240,000	5.00%, 05/15/25 (c)		280,939
	845,000	5.00%, 05/15/26 (c)		991,008
		Metropolitan Transportation Authority, Series A-2 (RB)
	485,000	5.00%, 11/15/25		572,853
	1,020,000	5.00%, 05/15/27 (c)		1,211,648
	125,000	5.00%, 05/15/27 (c)		151,210
		Metropolitan Transportation Authority, Series B (RB)
	215,000	4.00%, 11/15/26 (c)		232,073
	1,205,000	5.00%, 11/15/25		1,423,274
	30,000	5.00%, 11/15/25		35,434
	250,000	5.00%, 11/15/26		300,535
	825,000	5.00%, 11/15/27		1,007,077
	335,000	5.00%, 11/15/28		413,819

See Notes to Financial Statements

38

Principal Amount			Value
New York: (continued)
$	430,000	Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/26 (c)	$	507,486
		Metropolitan Transportation Authority, Series B-2 (RB)
	2,030,000	4.00%, 11/15/27 (c)		2,256,649
	15,000	5.00%, 11/15/26 (c)		18,210
	1,050,000	5.00%, 11/15/27 (c)		1,265,775
	150,000	5.00%, 11/15/27 (c)		182,517
		Metropolitan Transportation Authority, Series C (RB)
	140,000	5.00%, 11/15/24 (c)		158,523
	1,000,000	5.00%, 11/15/24 (c)		1,137,330
		Metropolitan Transportation Authority, Series C-1 (RB)
	395,000	4.00%, 05/15/28 (c)		431,198
	1,000,000	4.00%, 05/15/28 (c)		1,102,190
	1,590,000	5.00%, 11/15/25 (c)		1,868,600
	90,000	5.00%, 11/15/26 (c)		106,176
	900,000	5.00%, 11/15/26 (c)		1,077,201
	2,000,000	5.00%, 05/15/28 (c)		2,371,440
	2,540,000	5.00%, 05/15/28 (c)		3,025,597
	420,000	5.00%, 05/15/28 (c)		515,298
	1,415,000	5.00%, 05/15/28 (c)		1,702,004
	1,035,000	Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		647,672
		Metropolitan Transportation Authority, Series D (RB)
	265,000	3.13%, 11/15/26 (c)		265,186
	400,000	4.00%, 11/15/26 (c)		435,328
	735,000	5.00%, 11/15/26 (c)		874,709
	1,680,000	5.00%, 11/15/26 (c)		1,989,170
	535,000	5.00%, 05/15/28 (c)		637,281
	1,040,000	5.00%, 05/15/28 (c)		1,258,130
		Metropolitan Transportation Authority, Series D-1 (RB)
	690,000	5.00%, 11/15/24 (c)		781,294
	105,000	5.00%, 11/15/24 (c)		119,929
	1,000,000	5.00%, 11/15/25 (c)		1,168,640
	175,000	5.00%, 11/15/25 (c)		205,546
		Metropolitan Transportation Authority, Series F (RB)
	600,000	5.00%, 11/15/25 (c)		685,872
	25,000	5.00%, 11/15/25		29,529
	20,000	Nassau County Interim Finance Authority, Series A (RB) 5.00%, 11/15/25		24,208
	200,000	Nassau County, New York General Improvement, Series A (GO) 5.00%, 04/01/24 (c)		227,186
		Nassau County, New York General Improvement, Series B (GO)
	645,000	5.00%, 04/01/24 (c)		732,675
	110,000	5.00%, 10/01/26 (c)		129,702
	265,000	New York City Housing Development Corp., Multi-Family Housing, Series G-1 (RB) 3.38%, 11/01/23 (c)		274,116

Principal Amount			Value
New York: (continued)
$	310,000	New York City Housing Development Corp., Multi-Family Housing, Series H (RB) 2.95%, 05/01/25 (c) (p)	$	319,049
	955,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB) 4.50%, 06/15/26 (c)		1,084,899
	355,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/24 (c)		410,788
		New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB)
	955,000	5.00%, 12/15/19 (c)		975,275
	460,000	5.00%, 06/15/25 (c)		547,773
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	500,000	5.00%, 07/15/21 (c)		534,330
	690,000	5.00%, 01/15/26 (c)		810,115
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW)
	100,000	3.50%, 07/15/25 (c)		104,343
	135,000	5.00%, 07/15/25 (c)		160,804
	1,010,000	5.00%, 07/15/28 (c)		1,245,966
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW)
	500,000	5.00%, 07/15/28 (c)		608,790
	100,000	5.00%, 07/15/28 (c)		123,363
	1,500,000	5.25%, 07/15/28 (c)		1,852,515
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	255,000	3.50%, 08/01/24 (c)		266,840
	200,000	5.00%, 08/01/24 (c)		228,440
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	2,645,000	4.00%, 05/01/26 (c)		2,931,744
	880,000	5.00%, 08/01/25 (c)		1,044,463
	135,000	5.00%, 08/01/25 (c)		159,478
	3,055,000	5.00%, 08/01/25 (c)		3,570,226
	225,000	5.00%, 08/01/25 (c)		261,700
	1,100,000	5.00%, 05/01/26 (c)		1,298,451
	125,000	5.00%, 05/01/26 (c)		146,253
	1,000,000	5.00%, 05/01/26 (c)		1,173,470
	1,500,000	5.00%, 05/01/26 (c)		1,766,055
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
	260,000	5.00%, 08/01/24 (c)		299,406
	300,000	5.00%, 08/01/24 (c)		343,989
	10,000	5.00%, 08/01/24 (c)		11,623
	30,000	5.00%, 08/01/24 (c)		34,789

See Notes to Financial Statements

39

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New York: (continued)
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
$	115,000	4.00%, 08/01/27 (c)	$	126,685
	100,000	5.00%, 08/01/24 (c)		114,220
	785,000	5.00%, 11/01/25 (c)		924,243
	185,000	5.00%, 11/01/25 (c)		219,521
	450,000	5.00%, 11/01/25 (c)		528,421
	1,015,000	5.00%, 08/01/26 (c)		1,200,075
	300,000	5.00%, 08/01/26 (c)		356,958
	1,750,000	5.00%, 08/01/26 (c)		2,105,512
	540,000	5.00%, 08/01/26 (c)		640,186
	1,000,000	5.00%, 08/01/27 (c)		1,205,540
	350,000	5.00%, 08/01/27 (c)		418,824
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
	100,000	5.00%, 05/01/25 (c)		118,768
	20,000	5.00%, 11/01/25 (c)		24,024
	2,500,000	5.00%, 05/01/27 (c)		3,033,200
	1,510,000	5.00%, 05/01/27 (c)		1,802,729
	460,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 02/01/24 (c)		521,879
	100,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c)		103,164
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
	100,000	3.00%, 02/01/26 (c)		100,815
	15,000	4.00%, 02/01/26		17,155
	155,000	5.00%, 02/01/25 (c)		178,572
	500,000	5.00%, 02/01/26 (c)		584,235
	1,000,000	5.00%, 02/01/26 (c)		1,180,030
	2,115,000	5.00%, 02/01/26 (c)		2,523,470
	1,500,000	5.00%, 02/01/26 (c)		1,779,150
	1,155,000	5.00%, 02/01/27 (c)		1,400,310
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB)
	1,265,000	4.00%, 02/01/26 (c)		1,385,744
	1,035,000	5.00%, 02/01/26 (c)		1,227,613
	1,145,000	5.00%, 02/01/26 (c)		1,351,134
		New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB)
	185,000	4.00%, 04/01/26		213,821
	705,000	4.00%, 10/01/26 (c)		799,308
	850,000	4.00%, 10/01/26 (c)		975,630
	115,000	New York City Water and Sewer System, Series BB (RB) 5.00%, 06/15/27 (c)		142,479
	140,000	New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/24 (c)		163,885

Principal Amount			Value
New York: (continued)
$	120,000	New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c)	$	144,538
	195,000	New York City Water and Sewer System, Series FF (RB) 5.00%, 06/15/25 (c)		231,243
		New York City Water and Sewer System, Series HH (RB)
	250,000	3.38%, 06/15/25 (c)		263,095
	25,000	5.00%, 06/15/25 (c)		29,903
	305,000	New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c)		356,447
		New York State Dormitory Authority, Columbia University (RB)
	10,000	5.00%, 10/01/25		12,124
	110,000	5.00%, 04/01/26 (c)		134,638
	20,000	5.00%, 04/01/26 (c)		24,383
	105,000	New York State Dormitory Authority, Columbia University, Series A (RB) 5.00%, 10/01/25		127,301
	25,000	New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27		31,624
		New York State Dormitory Authority, Cornell University, Series A (RB)
	200,000	4.00%, 07/01/26 (c)		221,522
	230,000	5.00%, 07/01/26 (c)		276,150
	225,000	New York State Dormitory Authority, Department of Health, Series A (RB) 5.00%, 07/01/25		268,648
	800,000	New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c)		866,088
	170,000	New York State Dormitory Authority, Hospitals Centers, Series A (RB) 5.00%, 07/01/26		205,603
	770,000	New York State Dormitory Authority, Icahn School of Medicine Sinai, Series A (RB) 5.00%, 07/01/25 (c)		902,140
	105,000	New York State Dormitory Authority, Long Island Jewish, Series A (RB) 5.00%, 05/01/25 (c)		122,471
		New York State Dormitory Authority, New York State University, Series A (RB)
	30,000	5.00%, 07/01/25		35,588
	20,000	5.00%, 07/01/25 (c)		23,272
	15,000	5.00%, 07/01/25 (c)		17,862
	150,000	5.00%, 07/01/25 (c)		175,868
		New York State Dormitory Authority, New York State University, Series B (RB)
	200,000	5.00%, 07/01/25 (c)		232,098
	20,000	5.00%, 07/01/25 (c)		23,372

See Notes to Financial Statements

40

Principal Amount			Value
New York: (continued)
		New York State Dormitory Authority, New York University, Series A (RB)
$	1,000,000	2.80%, 07/01/25 (c)	$	1,057,760
	260,000	5.00%, 07/01/26 (c)		312,554
	260,000	5.00%, 07/01/26		318,159
	250,000	5.00%, 07/01/27 (c)		303,898
	250,000	5.00%, 07/01/27 (c)		310,713
	385,000	5.00%, 07/01/28 (c)		475,783
		New York State Dormitory Authority, School Districts Bond, Series A (RB) (SAW)
	1,325,000	5.00%, 10/01/26 (c)		1,592,252
	200,000	5.00%, 10/01/26 (c)		238,542
	620,000	5.00%, 10/01/27 (c)		760,951
	100,000	5.00%, 10/01/27 (c)		121,202
	35,000	New York State Dormitory Authority, School Districts Bond, Series D (RB) (SAW) 5.00%, 10/01/25 (c)		41,187
	1,170,000	New York State Dormitory Authority, School Districts Bond, Series G (RB) (SAW) 5.00%, 10/01/25		1,406,597
	525,000	New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/27 (c)		577,999
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	160,000	5.00%, 02/15/25 (c)		183,622
	15,000	5.00%, 02/15/25 (c)		17,695
	195,000	5.00%, 03/15/25 (c)		224,603
	2,000,000	5.00%, 03/15/25 (c)		2,317,780
	1,760,000	5.00%, 03/15/25 (c)		2,069,866
	1,150,000	5.00%, 03/15/25 (c)		1,335,840
	150,000	5.00%, 03/15/25 (c)		177,276
	1,040,000	5.00%, 08/15/26 (c)		1,260,033
	300,000	5.00%, 02/15/27 (c)		358,773
	715,000	5.00%, 02/15/27 (c)		858,908
	1,375,000	5.00%, 02/15/27 (c)		1,676,936
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	475,000	4.00%, 02/15/27 (c)		519,740
	1,025,000	5.00%, 02/15/25 (c)		1,197,815
	2,000,000	5.00%, 08/15/27 (c)		2,426,160
	385,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		440,536
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	315,000	5.00%, 08/15/26 (c)		379,799
	540,000	5.00%, 08/15/26 (c)		654,248

Principal Amount			Value
New York: (continued)
		New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
$	510,000	5.00%, 02/15/25 (c)	$	598,781
	320,000	5.00%, 02/15/25 (c)		377,501
	350,000	5.00%, 09/15/25 (c)		411,072
	180,000	5.00%, 09/15/25 (c)		210,879
	100,000	5.00%, 09/15/25 (c)		119,784
	215,000	5.00%, 09/15/25 (c)		255,609
	175,000	5.25%, 09/15/25 (c)		207,916
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	570,000	5.00%, 03/15/24 (c)		649,030
	715,000	5.00%, 03/15/24 (c)		810,982
	115,000	5.00%, 03/15/24 (c)		131,089
	775,000	5.00%, 03/15/24 (c)		892,544
	1,060,000	5.00%, 03/15/24 (c)		1,210,658
	20,000	5.00%, 03/15/25 (c)		23,674
	140,000	5.00%, 09/15/26 (c)		167,665
	25,000	5.00%, 09/15/26 (c)		29,679
	2,380,000	5.00%, 09/15/26 (c)		2,882,704
	1,010,000	5.00%, 09/15/26 (c)		1,234,573
	2,350,000	5.00%, 09/15/26 (c)		2,860,772
	1,000,000	5.00%, 03/15/27 (c)		1,195,610
	1,405,000	5.00%, 03/15/27 (c)		1,674,816
	305,000	5.00%, 03/15/27 (c)		370,191
	515,000	5.00%, 03/15/27 (c)		621,049
		New York State Dormitory Authority, State Sales Tax, Series B (RB)
	340,000	5.00%, 09/15/25 (c)		398,327
	1,640,000	5.00%, 09/15/25 (c)		1,917,734
	500,000	5.00%, 09/15/25 (c)		583,220
	120,000	5.00%, 09/15/25 (c)		144,384
	285,000	5.00%, 09/15/25 (c)		338,643
	170,000	5.00%, 09/15/25 (c)		200,853
	750,000	New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c)		905,887
	2,500,000	New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		3,047,775
		New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB)
	950,000	5.00%, 08/01/26		1,124,572
	300,000	5.00%, 08/01/27		360,279
	1,000,000	5.00%, 08/01/28 (c)		1,168,210
	10,000	New York State Environmental Facilities Corp., Master Finance Program, Series B (RB) 5.00%, 05/15/24 (c)		11,517
		New York State Environmental Facilities Corp., Master Finance Program, Series D (RB)
	690,000	5.00%, 03/15/25 (c)		822,770
	110,000	5.00%, 03/15/25 (c)		131,359
	100,000	5.00%, 03/15/25 (c)		119,028

See Notes to Financial Statements

41

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New York: (continued)
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
$	165,000	5.00%, 06/15/24 (c)	$	192,161
	335,000	5.00%, 06/15/25 (c)		390,161
	15,000	5.00%, 06/15/25 (c)		17,705
	1,415,000	5.00%, 06/15/26 (c)		1,691,307
	765,000	5.00%, 06/15/26 (c)		922,896
	500,000	5.00%, 06/15/26 (c)		606,260
	150,000	5.00%, 06/15/27 (c)		180,872
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
	495,000	3.00%, 06/15/27 (c)		506,152
	500,000	5.00%, 06/15/27 (c)		604,950
	1,000,000	5.00%, 06/15/27 (c)		1,211,920
	500,000	5.00%, 06/15/27		628,385
		New York State Thruway Authority, Series A (RB)
	600,000	5.00%, 01/01/26 (c)		697,842
	625,000	5.00%, 01/01/26 (c)		731,450
		New York State Thruway Authority, Series K (RB)
	1,020,000	5.00%, 01/01/25 (c)		1,176,754
	1,000,000	5.00%, 01/01/25 (c)		1,156,130
		New York State Thruway Authority, Series L (RB)
	1,500,000	5.00%, 01/01/28 (c)		1,818,180
	1,000,000	5.00%, 01/01/28 (c)		1,207,280
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	125,000	5.00%, 03/15/24 (c)		142,269
	780,000	5.00%, 03/15/24 (c)		890,292
	115,000	5.00%, 03/15/24 (c)		130,155
	170,000	5.00%, 09/15/25 (c)		198,943
	1,010,000	5.00%, 09/15/25 (c)		1,178,428
	140,000	5.00%, 09/15/25 (c)		165,316
	670,000	5.00%, 03/15/26 (c)		800,623
	1,200,000	5.00%, 03/15/26 (c)		1,447,200
	990,000	5.00%, 03/15/26		1,200,464
	645,000	5.00%, 03/15/27		795,498
		New York State Urban Development Corp., State Personal Income, Series B (RB)
	1,100,000	5.00%, 03/15/24 (c)		1,260,325
	1,100,000	5.00%, 09/15/25 (c)		1,311,409
		New York State Urban Development Corp., State Personal Income, Series C (RB)
	2,500,000	5.00%, 03/15/27		3,083,325
	2,000,000	5.00%, 09/15/27 (c)		2,417,840
	350,000	5.00%, 09/15/27 (c)		425,061
		Port Authority of New York and New Jersey, Series 183 (RB)
	565,000	3.00%, 06/15/24 (c)		596,595
	870,000	3.25%, 06/15/24 (c)		898,588

Principal Amount			Value
New York: (continued)
		Port Authority of New York and New Jersey, Series 184 (RB)
$	205,000	5.00%, 09/01/24 (c)	$	234,887
	230,000	5.00%, 09/01/24 (c)		264,196
	190,000	5.00%, 09/01/24 (c)		219,304
	20,000	Port Authority of New York and New Jersey, Series 189 (RB) 5.00%, 05/01/25		23,964
		Port Authority of New York and New Jersey, Series 190 (RB)
	1,200,000	5.00%, 05/01/20 (c)		1,238,508
	100,000	5.00%, 05/01/20 (c)		103,391
		Port Authority of New York and New Jersey, Series 194 (RB)
	110,000	5.00%, 10/15/25 (c)		128,942
	100,000	5.00%, 10/15/25 (c)		117,697
		Port Authority of New York and New Jersey, Series 205 (RB)
	2,500,000	5.00%, 11/15/27 (c)		3,031,000
	1,000,000	5.00%, 11/15/27 (c)		1,223,750
	840,000	5.00%, 11/15/27 (c)		1,040,987
	500,000	Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		614,435
		Sales Tax Asset Receivable Corp., Series A (RB)
	335,000	3.00%, 10/15/24 (c)		350,521
	3,140,000	5.00%, 10/15/24 (c)		3,644,347
	1,200,000	5.00%, 10/15/24 (c)		1,403,760
	2,225,000	5.00%, 10/15/24 (c)		2,591,480
	130,000	5.00%, 10/15/24 (c)		152,593
	305,000	5.00%, 10/15/24 (c)		358,875
	790,000	State of New York Mortgage Agency, Series 191 (RB) 3.45%, 04/01/24 (c)		817,713
	1,000,000	State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c)		1,042,010
	615,000	State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		619,508
	775,000	State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c)		756,113
	830,000	State of New York Mortgage Agency, Series 208 (RB) 3.60%, 04/01/27 (c)		859,623
	10,000	Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c)		11,075
		Town of Oyster Bay (GO) (AGM)
	285,000	4.00%, 08/01/22 (c)		300,997
	520,000	4.00%, 08/01/22 (c)		552,412
	20,000	Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		24,117
		Triborough Bridge and Tunnel Authority, Series B (RB)
	1,550,000	5.00%, 05/15/27 (c)		1,879,452
	1,070,000	5.00%, 05/15/27 (c)		1,288,087

See Notes to Financial Statements

42

Principal Amount			Value
New York: (continued)
$	1,255,000	5.00%, 05/15/27 (c)	$	1,504,243
	1,000,000	5.00%, 05/15/27 (c)		1,249,840
	1,035,000	5.00%, 05/15/27 (c)		1,277,904
	1,350,000	5.00%, 05/15/27 (c)		1,647,742
	1,000,000	5.00%, 11/15/31		1,311,650
		Triborough Bridge and Tunnel Authority, Series C (RB)
	1,165,000	5.00%, 11/15/27		1,468,692
	500,000	5.00%, 11/15/28		639,355
		TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
	845,000	5.00%, 06/01/27 (c)		952,526
	185,000	5.00%, 06/01/27 (c)		215,858
	130,000	5.00%, 06/01/27 (c)		152,764
		Utility Debt Securitization Authority (RB)
	1,210,000	3.00%, 12/15/25 (c)		1,236,245
	200,000	5.00%, 12/15/25 (c)		241,292
	1,685,000	5.00%, 12/15/25 (c)		1,994,568
		Utility Debt Securitization Authority, Series A (RB)
	140,000	5.00%, 06/15/23 (c)		158,927
	430,000	5.00%, 06/15/24 (c)		499,862
	360,000	5.00%, 06/15/25 (c)		429,613
	185,000	5.00%, 12/15/25 (c)		223,195
	425,000	5.00%, 06/15/26 (c)		515,733
	610,000	5.00%, 06/15/26 (c)		726,827
	500,000	5.00%, 06/15/26 (c)		590,770
	1,135,000	Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c)		1,363,986
				251,154,004
North Carolina: 1.3%
	450,000	Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c)		502,744
	100,000	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c)		108,957
	1,000,000	County of Buncombe (RB) 5.00%, 06/01/25		1,189,770
	590,000	County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c)		603,021
		County of Guilford (GO)
	135,000	4.00%, 03/01/26		154,690
	1,000,000	5.00%, 03/01/27		1,238,010
		County of Mecklenburg, Series A (GO)
	900,000	4.00%, 04/01/27 (c)		1,020,609
	1,000,000	4.00%, 04/01/27 (c)		1,145,970
		County of Mecklenburg, Series B (GO)
	250,000	2.00%, 12/01/26 (c)		240,253
	500,000	5.00%, 12/01/25		604,095
	1,055,000	County of Wake, Public Improvement Bonds (GO) 3.00%, 09/01/24 (c)		1,120,726
	500,000	County of Wake, Series A (RB) 5.00%, 12/01/26 (c)		606,260

Principal Amount			Value
North Carolina: (continued)
$	15,000	North Carolina Medical Care Commission, Duke University Health System, Series A (RB) 5.00%, 06/01/26	$	18,169
	10,000	North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		11,004
	365,000	North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27		449,972
	135,000	North Carolina Medical Care Commission, Vidant Health (RB) 5.00%, 06/01/25 (c)		155,065
	355,000	North Carolina Municipal Power Agency No. 1, Series A (RB) 3.00%, 05/31/19 (c)		354,929
	500,000	North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)		572,530
		North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
	1,000,000	4.00%, 01/01/28 (c)		1,105,690
	360,000	4.00%, 01/01/28 (c)		399,254
	1,000,000	4.00%, 01/01/28 (c)		1,112,690
	75,000	State of North Carolina (RB) 5.00%, 03/01/25 (c)		87,923
		State of North Carolina, Series A (GO)
	1,000,000	3.00%, 06/01/28 (c)		1,022,600
	500,000	5.00%, 06/01/26		609,705
	1,140,000	5.00%, 06/01/28 (c)		1,424,373
		State of North Carolina, Series B (RB)
	1,000,000	3.00%, 05/01/27 (c)		1,027,770
	1,000,000	5.00%, 05/01/25		1,186,240
	115,000	5.00%, 06/01/25		136,678
	1,140,000	5.00%, 06/01/26 (c)		1,387,334
	115,000	5.00%, 06/01/26		139,889
	1,000,000	5.00%, 05/01/27 (c)		1,227,020
		State of North Carolina, Series C (RB)
	500,000	5.00%, 05/01/24 (c)		578,305
	540,000	5.00%, 05/01/24 (c)		624,510
				22,166,755
North Dakota: 0.2%
	1,010,000	County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		1,138,260
		North Dakota Public Finance Authority, Series A (RB)
	1,085,000	5.00%, 10/01/24 (c)		1,251,124
	900,000	5.00%, 10/01/24 (c)		1,045,755
				3,435,139

See Notes to Financial Statements

43

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Ohio: 2.4%
$	500,000	City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c)	$	606,700
		City of Columbus, Series 1 (GO)
	250,000	4.00%, 04/01/27		289,575
	200,000	4.00%, 10/01/27 (c)		227,194
	250,000	5.00%, 10/01/27 (c)		311,855
	750,000	5.00%, 10/01/27 (c)		928,237
		City of Columbus, Series A (GO)
	1,175,000	3.00%, 02/15/24 (c)		1,235,195
	800,000	4.00%, 02/15/24 (c)		872,032
		City of Columbus, Sewerage Revenue (RB)
	1,520,000	5.00%, 12/01/24 (c)		1,776,515
	250,000	5.00%, 12/01/24 (c)		288,738
	25,000	5.00%, 12/01/24 (c)		29,416
	500,000	5.00%, 12/01/24 (c)		584,850
		City of Columbus, Various Purpose, Series A (GO)
	300,000	3.00%, 07/01/25 (c)		312,012
	500,000	3.00%, 07/01/25 (c)		525,465
	750,000	3.00%, 07/01/25 (c)		798,067
	960,000	3.00%, 08/15/25 (c)		983,366
	750,000	3.10%, 07/01/25 (c)		778,095
	1,120,000	3.20%, 07/01/25 (c)		1,159,872
	1,100,000	4.00%, 08/15/25 (c)		1,242,373
	10,000	Cleveland Municipal School District, Series A (GO) (SD CRED PROG) 5.00%, 06/01/23 (c)		11,023
		County of Allen, Mercy Health, Series A (RB)
	1,000,000	5.00%, 02/01/28 (c)		1,200,640
	115,000	5.00%, 02/01/28 (c)		140,378
		County of Butler (RB)
	400,000	4.00%, 11/15/27 (c)		421,156
	1,805,000	5.00%, 11/15/27 (c)		2,106,579
	290,000	County of Cuyahoga, Convention Hotel Project (CP) 5.00%, 06/01/24 (c)		327,355
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	100,000	5.00%, 02/15/27 (c)		112,623
	250,000	5.00%, 02/15/27 (c)		285,058
	350,000	County of Cuyahoga, Various Purpose Sales Tax (RB) 3.13%, 12/01/24 (c)		358,155
		County of Franklin, Series A (RB)
	145,000	5.00%, 11/01/27 (c)		173,761
	125,000	5.00%, 11/01/27 (c)		150,611
	120,000	5.00%, 11/01/27 (c)		145,393
	340,000	County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c)		406,439
		County of Hamilton, Sewer System Revenue, Series A (RB)
	100,000	5.00%, 12/01/24 (c)		115,636
	375,000	5.00%, 12/01/24 (c)		434,393

Principal Amount			Value
Ohio: (continued)
$	165,000	County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c)	$	166,416
		Cuyahoga Community College District (GO)
	500,000	4.00%, 06/01/26 (c)		547,410
	350,000	4.00%, 06/01/26 (c)		384,048
		Dayton City School District (GO) (SD CRED PROG)
	305,000	5.00%, 11/01/26		368,068
	35,000	5.00%, 11/01/28		43,217
	95,000	5.00%, 11/01/29		117,996
	50,000	Franklin County Convention Facilities Authority (RB) 5.00%, 12/01/24 (c)		57,719
		Kent State University (RB)
	50,000	5.00%, 05/01/25		58,844
	20,000	5.00%, 05/01/26 (c)		23,905
	30,000	Miami University (RB) 5.00%, 09/01/25		35,759
		Ohio Turnpike and Infrastructure Commission, Series A (RB)
	500,000	5.00%, 02/15/28 (c)		602,270
	500,000	5.00%, 02/15/28 (c)		607,470
	500,000	5.00%, 02/15/28 (c)		613,165
	1,020,000	Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c)		1,284,700
	125,000	Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c)		151,599
		Ohio Water Development Authority, Fresh Water, Series B (RB)
	140,000	5.00%, 06/01/26 (c)		166,554
	1,000,000	5.00%, 12/01/26 (c)		1,202,040
	200,000	5.00%, 12/01/26 (c)		241,580
		Ohio Water Development Authority, Water Pollution Control, Series A (RB)
	10,000	5.00%, 06/01/25		11,911
	2,030,000	5.00%, 06/01/27 (c)		2,461,598
		Ohio Water Development Authority, Water Pollution Control, Series B (RB)
	20,000	5.00%, 12/01/25 (c)		23,985
	40,000	5.00%, 12/01/25 (c)		48,102
		State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
	760,000	4.00%, 01/01/28 (c)		836,053
	1,875,000	5.00%, 03/15/24 (c)		2,127,506
	115,000	5.00%, 01/01/27		140,447
	100,000	5.00%, 01/01/28 (c)		120,728
	115,000	5.00%, 01/01/28 (c)		141,535
	110,000	5.00%, 01/01/28 (c)		136,466
	110,000	5.00%, 01/01/28 (c)		134,323
		State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB)
	700,000	5.00%, 04/01/25 (c)		820,169
	615,000	5.00%, 04/01/28 (c)		748,350
	505,000	5.00%, 04/01/28 (c)		609,661
	640,000	5.00%, 04/01/28 (c)		775,123

See Notes to Financial Statements

44

Principal Amount			Value
Ohio: (continued)
		State of Ohio, Common School, Series A (GO)
$	25,000	5.00%, 03/15/24 (c)	$	28,313
	960,000	5.00%, 09/15/26		1,172,102
	25,000	State of Ohio, Higher Education, Series A (GO) 5.00%, 08/01/25		29,842
	395,000	State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27		490,444
	165,000	State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		167,581
	550,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c)		657,354
	1,000,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,202,960
	1,000,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28		1,259,970
	225,000	State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c)		270,740
	100,000	State of Ohio, Major New State Infrastructure Improvement Bonds, Series B (GO) 4.00%, 03/01/24 (c)		110,211
	100,000	State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c)		122,589
	500,000	State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c)		601,580
				41,261,160
Oklahoma: 0.4%
	330,000	Canadian County Educational Facilities Authority (RB) 3.00%, 09/01/26 (c)		340,428
		Grand River Dam Authority, Series A (RB)
	1,065,000	5.00%, 06/01/24 (c)		1,213,780
	150,000	5.00%, 06/01/24 (c)		171,216
	130,000	5.00%, 06/01/24 (c)		149,880
	320,000	5.00%, 06/01/26		386,416
	130,000	5.00%, 12/01/26 (c)		155,514
	100,000	5.00%, 12/01/26 (c)		120,113
	155,000	Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c)		167,955
		Oklahoma Capitol Improvement Authority, Series A (RB)
	1,025,000	5.00%, 07/01/24 (c)		1,175,050
	100,000	5.00%, 07/01/24 (c)		115,305
	250,000	5.00%, 07/01/24 (c)		289,198

Principal Amount			Value
Oklahoma: (continued)
$	15,000	Oklahoma Development Finance Authority Health System, Series A (RB) 5.00%, 08/15/25 (c)	$	17,464
	565,000	Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		667,796
	100,000	Oklahoma Turnpike Authority, Series D (RB) 5.00%, 01/01/27		122,528
		Oklahoma Turnpike Authority, Series E (RB)
	100,000	5.00%, 01/01/27 (c)		120,774
	155,000	5.00%, 01/01/27 (c)		189,213
	530,000	Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c)		622,718
	500,000	Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25		529,920
	30,000	University of Oklahoma, Series C (RB) 5.00%, 07/01/25 (c)		34,584
				6,589,852
Oregon: 1.3%
	410,000	City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c)		452,648
	1,285,000	Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,559,951
		Hillsboro School District No. 1J (GO) (SBG)
	590,000	5.00%, 06/15/27 (c)		703,209
	1,000,000	5.00%, 06/15/27 (c)		1,211,330
		Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
	930,000	0.00%, 06/15/27 (c) ^		569,365
	1,030,000	0.00%, 06/15/27 (c) ^		663,289
	500,000	Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		552,235
	290,000	Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		345,526
	130,000	Multnomah County School District No. 7, Series B (GO) (SBG) 0.00%, 06/15/25 (c) ^		85,379
		North Clackamas School District No. 12 (GO) (SBG)
	510,000	5.00%, 06/15/24 (c)		590,534
	1,385,000	5.00%, 06/15/24 (c)		1,602,777
	200,000	Oregon Health and Science University, Series B (RB) 5.00%, 07/01/26 (c)		234,692
	25,000	Oregon State Department of Administrative Services, Series B (RB) 5.00%, 04/01/24 (c)		28,848

See Notes to Financial Statements

45

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Oregon: (continued)
$	120,000	Oregon State Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c)	$	147,851
		Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB)
	195,000	5.00%, 10/01/26 (c)		219,071
	430,000	5.00%, 10/01/26 (c)		485,431
	115,000	Portland Community College District (GO) 5.00%, 06/15/26 (c)		138,968
	515,000	Salem-Keizer School District No. 24J (GO) (SBG) 5.00%, 06/15/28 (c)		633,594
	125,000	Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c)		150,149
	1,010,000	State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c)		1,236,816
		State of Oregon, Department of Administrative Services, Lottery Revenue, Series D (RB)
	1,010,000	5.00%, 04/01/25 (c)		1,191,426
	1,440,000	5.00%, 04/01/25 (c)		1,701,734
		State of Oregon, Department of Transportation, Highway User Tax, Senior Lien, Series A (RB)
	250,000	4.00%, 11/15/24 (c)		270,875
	1,520,000	5.00%, 11/15/24 (c)		1,768,778
	160,000	5.00%, 11/15/24 (c)		185,304
	125,000	5.00%, 11/15/24 (c)		146,739
	250,000	5.00%, 11/15/24 (c)		290,918
	745,000	5.00%, 11/15/24 (c)		873,282
	2,100,000	5.00%, 11/15/24 (c)		2,454,459
	450,000	State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c)		497,839
	145,000	State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c)		174,934
	10,000	State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)		12,034
		Tri-County Metropolitan Transportation District of Oregon, Series A (RB)
	320,000	3.25%, 04/01/28 (c)		326,013
	235,000	5.00%, 10/01/26		284,084
	350,000	Washington and Clackamas Counties, Tigard-Tualatin School District No. 23 (GO) (SBG) 5.00%, 06/15/26		426,332
		Washington and Multnomah Counties, Beaverton School District 48, Series B (GO) (SBG)
	115,000	5.00%, 06/15/24 (c)		131,032
	750,000	5.00%, 06/15/24 (c)		866,437
				23,213,883

Principal Amount			Value
Pennsylvania: 4.0%
		Allegheny County Hospital Development Authority, Series A (RB)
$	100,000	5.00%, 04/01/27	$	118,707
	120,000	5.00%, 04/01/28 (c)		140,356
		Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM)
	100,000	4.00%, 12/01/26 (c)		108,478
	290,000	5.00%, 12/01/25 (c)		337,804
	10,000	5.00%, 12/01/25		11,944
	380,000	City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c)		451,679
	1,000,000	City of Philadelphia, Pennsylvania Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c)		1,167,260
		City of Philadelphia, Series A (GO)
	1,025,000	5.00%, 08/01/25 (c)		1,189,051
	285,000	5.00%, 08/01/25 (c)		331,720
	100,000	5.00%, 08/01/27 (c)		115,743
	750,000	5.00%, 08/01/27 (c)		879,255
	750,000	5.00%, 08/01/27 (c)		886,657
	110,000	City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/25		130,918
	10,000	City of Philadelphia, Water and Wastewater Revenue, Series B (RB) 5.00%, 07/01/25 (c)		11,719
		Commonwealth Financing Authority (RB)
	200,000	5.00%, 06/01/25 (c)		226,652
	500,000	5.00%, 06/01/25 (c)		567,975
	415,000	5.00%, 06/01/28 (c)		489,559
	265,000	5.00%, 06/01/28 (c)		315,498
	775,000	5.00%, 06/01/28 (c)		929,124
		Commonwealth of Pennsylvania, First Series (GO)
	510,000	3.00%, 01/01/27 (c)		520,358
	600,000	4.00%, 01/01/27 (c)		659,940
	225,000	5.00%, 06/15/24 (c)		259,526
	1,430,000	5.00%, 03/15/25 (c)		1,638,094
	650,000	5.00%, 03/15/25 (c)		751,894
	230,000	5.00%, 03/15/25 (c)		262,267
	200,000	5.00%, 03/15/25 (c)		234,094
	775,000	5.00%, 08/15/25		918,801
	1,285,000	5.00%, 09/15/25		1,526,169
	500,000	5.00%, 02/01/26 (c)		590,535
	1,605,000	5.00%, 09/15/26		1,939,899
		Commonwealth of Pennsylvania, Second Series (GO) (AGM)
	395,000	3.00%, 09/15/26 (c)		399,337
	1,160,000	3.00%, 09/15/26 (c)		1,163,260
	350,000	4.00%, 08/15/25 (c)		376,282
	170,000	4.00%, 09/15/26 (c)		183,303
	610,000	4.00%, 09/15/26 (c)		670,817
	1,720,000	5.00%, 08/15/25 (c)		1,978,774
	1,775,000	5.00%, 09/15/26		2,145,371
	210,000	5.00%, 01/15/27 (c)		252,365

See Notes to Financial Statements

46

Principal Amount			Value
Pennsylvania: (continued)
$	695,000	County of Allegheny, Series C-75 (GO) 5.00%, 11/01/26 (c)	$	837,246
	750,000	County of Chester, Series A (GO) 4.00%, 07/15/26 (c)		849,975
		Dauphin County General Authority, Pinnacle Health System Project, Series A (RB)
	1,090,000	3.00%, 06/01/26 (c)		1,069,028
	20,000	4.00%, 06/01/26 (c)		21,402
	450,000	4.00%, 06/01/26 (c)		479,178
	330,000	Lancaster County Hospital Authority University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/26		398,267
	525,000	Montgomery County Higher Education and Health Authority Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c)		619,169
		Pennsylvania Economic Development Financing Authority (RB)
	100,000	4.00%, 09/15/26 (c)		107,119
	215,000	4.00%, 09/15/26 (c)		231,241
	385,000	5.00%, 09/15/26 (c)		455,220
	1,000,000	Pennsylvania Economic Development Financing Authority UPMC, Series A (RB) 3.38%, 11/15/27 (c)		1,013,640
		Pennsylvania Economic Development Financing Authority, Series A (RB)
	205,000	4.00%, 11/15/27 (c)		222,220
	700,000	5.00%, 08/01/24 (c)		801,906
	360,000	Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 06/15/25		422,298
	125,000	Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		143,164
	985,000	Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 5.00%, 06/15/26 (c)		1,147,505
	775,000	Pennsylvania Higher Educational Facilities Authority, Series AT-1 (RB) 4.00%, 06/15/26 (c)		829,126
		Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
	150,000	3.13%, 08/15/27 (c)		152,288
	725,000	4.00%, 08/15/26 (c)		812,167
	1,000,000	5.00%, 08/15/27 (c)		1,219,950
	270,000	5.00%, 08/15/27 (c)		320,900
	275,000	5.00%, 08/15/27 (c)		330,671

Principal Amount			Value
Pennsylvania: (continued)
$	1,040,000	Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series C (RB) 5.00%, 08/15/25	$	1,231,610
	425,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		432,710
	700,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		700,231
	985,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		1,029,611
	360,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		372,352
	300,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		305,727
	20,000	Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c)		23,973
		Pennsylvania Turnpike Commission (RB)
	175,000	5.00%, 12/01/25 (c)		203,690
	550,000	5.00%, 12/01/25 (c)		638,115
	110,000	5.00%, 12/01/26 (c)		133,727
	300,000	5.00%, 12/01/27 (c)		349,560
	1,000,000	5.00%, 12/01/27		1,202,440
	250,000	5.00%, 12/01/27 (c)		291,420
		Pennsylvania Turnpike Commission, Second Series B (RB)
	1,085,000	3.00%, 06/01/26 (c)		1,081,810
	720,000	3.00%, 06/01/26 (c)		722,405
	690,000	4.00%, 06/01/26 (c)		733,242
		Pennsylvania Turnpike Commission, Series A (RB)
	595,000	0.00%, 12/01/26 (c)		589,746
	15,000	5.00%, 12/01/26 (c)		17,274
	310,000	5.00%, 12/01/26 (c)		370,121
	750,000	5.00%, 12/01/26 (c)		887,902
	300,000	Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 06/01/25 (c)		347,592
		Pennsylvania Turnpike Commission, Series A-2 (RB)
	790,000	5.00%, 06/01/26 (c)		906,525
	175,000	5.00%, 12/01/27 (c)		211,188
	100,000	5.00%, 12/01/27 (c)		121,707
	510,000	Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		591,625

See Notes to Financial Statements

47

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Pennsylvania: (continued)
$	1,000,000	Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c)	$	1,168,780
		Pennsylvania Turnpike Commission, Series B-2 (RB)
	205,000	5.00%, 06/01/27 (c)		238,257
	2,460,000	5.00%, 06/01/27 (c)		2,925,826
	430,000	Pennsylvania Turnpike Commission, Series C (RB) 5.00%, 12/01/24 (c)		491,262
		Philadelphia Authority for Industrial Development (RB)
	10,000	5.00%, 04/01/25 (c)		11,457
	930,000	5.00%, 04/01/25 (c)		1,058,917
	110,000	Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		119,840
		Philadelphia Gas Works Co., Fourteenth Series (RB)
	1,000,000	5.00%, 10/01/25		1,171,020
	1,000,000	5.00%, 10/01/26 (c)		1,155,370
	1,030,000	5.00%, 10/01/26 (c)		1,193,317
	1,015,000	5.00%, 10/01/26 (c)		1,179,460
	1,225,000	Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25		1,417,227
	170,000	Reading School District of Berks County (GO) (AGM) (SAW) 5.00%, 03/01/27 (c)		196,425
		School District of Philadelphia, Series A (GO) (SAW)
	410,000	5.00%, 09/01/28 (c)		477,683
	450,000	5.00%, 09/01/28 (c)		529,573
	250,000	5.00%, 09/01/28 (c)		296,328
	485,000	School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		555,320
	845,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c)		1,031,052
		State Public School Building Authority, Philadelphia Scholl District, Series A (RB) (AGM) (SAW)
	260,000	5.00%, 12/01/26 (c)		300,542
	1,000,000	5.00%, 12/01/26 (c)		1,172,340
	965,000	Westmoreland County Municipal Authority (RB) 5.00%, 08/15/25 (c)		1,126,223
				68,677,387
Rhode Island: 0.2%
		Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
	285,000	5.00%, 06/15/25		334,499
	380,000	5.00%, 06/15/26 (c)		448,784
	230,000	5.00%, 06/15/26 (c)		274,342
	125,000	5.00%, 06/15/26		149,669

Principal Amount			Value
Rhode Island: (continued)
		Rhode Island Health and Educational Building Corp., Series A (RB)
$	1,000,000	4.00%, 05/15/26 (c)	$	1,104,820
	385,000	5.00%, 05/15/25 (c)		448,810
	110,000	5.00%, 05/15/26 (c)		130,222
	345,000	State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c)		350,596
	250,000	State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		303,245
		State of Rhode Island and Providence Plantations, Series D (GO)
	180,000	5.00%, 08/01/24 (c)		208,145
	250,000	5.00%, 08/01/24 (c)		290,040
				4,043,172
South Carolina: 0.6%
		Charleston Educational Excellence Finance Corp. (RB)
	150,000	5.00%, 12/01/24 (c)		172,941
	25,000	5.00%, 12/01/24 (c)		29,146
		Greenwood Fifty Schools Facilities, Inc., Greenwood School District No. 50 (RB)
	100,000	3.00%, 06/01/26 (c)		101,422
	135,000	3.13%, 06/01/26 (c)		137,341
	175,000	3.25%, 06/01/26 (c)		178,794
	250,000	5.00%, 06/01/26 (c)		296,385
	480,000	Kershaw County Public School District (RB) 3.38%, 12/01/25 (c)		496,819
		Lancaster County School District (GO)
	325,000	3.25%, 03/01/27 (c)		333,707
	1,000,000	4.00%, 03/01/27 (c)		1,146,540
	100,000	Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		117,689
	100,000	SCAGO Educational Facilities Corp. for Pickens School District (RB) 3.50%, 06/01/25 (c)		104,214
		South Carolina Public Service Authority, Series A (RB)
	140,000	3.13%, 06/01/26 (c)		140,585
	235,000	5.00%, 06/01/25 (c)		271,676
	200,000	5.00%, 06/01/26 (c)		234,256
	1,145,000	5.00%, 06/01/26 (c)		1,321,444
	205,000	5.00%, 06/01/26 (c)		238,815
	185,000	5.00%, 06/01/26 (c)		214,354
		South Carolina Public Service Authority, Series C (RB)
	1,560,000	5.00%, 12/01/24 (c)		1,758,713
	110,000	5.00%, 12/01/24 (c)		125,106
	390,000	5.00%, 12/01/24 (c)		447,303
	1,000,000	South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c)		1,129,690

See Notes to Financial Statements

48

Principal Amount			Value
South Carolina: (continued)
$	655,000	South Carolina Transportation Infrastructure Bank, Series A (RB) 2.25%, 10/01/25 (c)	$	593,109
		York County, South Carolina Fort Mill School District No. 4, Series B (GO)
	500,000	3.00%, 03/01/27 (c)		501,230
	325,000	3.00%, 03/01/27 (c)		327,724
				10,419,003
South Dakota: 0.0%
		South Dakota Health and Educational Facilities Authority (RB)
	100,000	5.00%, 09/01/27 (c)		117,542
	255,000	5.00%, 09/01/27 (c)		302,333
				419,875
Tennessee: 0.9%
	725,000	City of Chattanooga, Electric System, Series A (RB) 5.00%, 09/01/25		867,528
		Knox County Health Educational and Housing Facility Board (RB)
	700,000	5.00%, 04/01/27 (c)		787,150
	490,000	5.00%, 04/01/27 (c)		554,170
	150,000	Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c)		178,085
		Metropolitan Government of Nashville and Davidson County (GO)
	915,000	2.50%, 07/01/26 (c)		929,082
	580,000	4.00%, 07/01/26 (c)		642,872
	545,000	4.00%, 07/01/26 (c)		606,454
	335,000	4.00%, 07/01/27		387,816
	590,000	4.00%, 07/01/27 (c)		680,187
	1,205,000	4.00%, 07/01/27 (c)		1,343,912
	915,000	4.75%, 07/01/26		1,096,097
	100,000	5.00%, 01/01/26		120,418
	25,000	5.00%, 07/01/26 (c)		29,694
	235,000	5.00%, 07/01/26 (c)		280,198
	400,000	Metropolitan Government of Nashville and Davidson County, Series C (GO) 5.00%, 07/01/25 (c)		473,988
		Metropolitan Government of Nashville and Davidson County, Vanderbilt University Center, Series A (RB)
	130,000	5.00%, 07/01/26 (c)		147,830
	600,000	5.00%, 07/01/26 (c)		694,338
	200,000	Shelby County Health Educational and Housing Facilities Board (RB) 5.00%, 05/01/27 (c)		241,290
		State of Tennessee, Series A (GO)
	1,000,000	5.00%, 08/01/26 (c)		1,217,170
	780,000	5.00%, 08/01/26		954,876
	15,000	State of Tennessee, Series B (GO) 5.00%, 09/01/24 (c)		17,553
	495,000	Tennessee Housing Development Agency (RB) 3.50%, 07/01/27 (c)		517,755

Principal Amount			Value
Tennessee: (continued)
		Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB)
$	160,000	5.00%, 11/01/27 (c)	$	194,755
	395,000	5.00%, 11/01/27 (c)		477,871
	265,000	5.00%, 11/01/27		331,701
	750,000	5.00%, 11/01/27 (c)		927,637
		Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB)
	20,000	5.00%, 11/01/25 (c)		23,900
	40,000	5.00%, 11/01/25		48,072
				14,772,399
Texas: 9.3%
	250,000	Alamo Community College District (GO) 5.00%, 08/15/26		303,990
		Aldine Independent School District, Series A (GO)
	1,030,000	4.00%, 02/15/27 (c)		1,132,712
	675,000	4.00%, 02/15/27 (c)		739,584
	140,000	5.00%, 02/15/25 (c)		164,230
	700,000	5.00%, 02/15/27 (c)		852,586
	1,000,000	5.00%, 02/15/27 (c)		1,221,010
		Allen Independent School District (GO)
	185,000	4.00%, 02/15/26 (c)		201,583
	135,000	5.00%, 02/15/26		162,136
	400,000	5.00%, 02/15/26 (c)		470,696
	1,000,000	Alvin Independent School District (GO) 4.00%, 02/15/28 (c)		1,107,430
	500,000	Alvin Independent School District, Series A (GO) 5.00%, 02/15/26 (c)		589,245
	425,000	Arlington Independent School District (GO) 5.00%, 02/15/23 (c)		475,545
		Austin Convention Enterprises, Inc., Series A (RB)
	145,000	5.00%, 01/01/27 (c)		168,597
	760,000	5.00%, 01/01/27 (c)		889,428
	375,000	5.00%, 01/01/27 (c)		444,600
		Austin Convention Enterprises, Inc., Series B (RB)
	500,000	5.00%, 01/01/27 (c)		556,765
	500,000	5.00%, 01/01/27 (c)		562,890
	500,000	Austin Independent School District (GO) 4.00%, 08/01/26 (c)		551,235
	500,000	Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c)		603,675
	100,000	Austin Independent School District, Series C (GO) 5.00%, 08/01/26 (c)		119,483
	315,000	Beaumont Independent School District (GO) 3.00%, 02/15/26 (c)		325,805

See Notes to Financial Statements

49

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
		Bexar County Hospital District (GO)
$	250,000	3.00%, 02/15/26 (c)	$	255,780
	115,000	4.00%, 02/15/26 (c)		125,079
	180,000	5.00%, 02/15/26		216,056
	1,000,000	5.00%, 02/15/26 (c)		1,179,870
	250,000	Birdville Independent School District, Series B (GO) 5.00%, 02/15/25 (c)		292,003
	535,000	Board of Regents of Texas A&M University System, Series A (RB) 5.50%, 07/01/25 (c)		647,757
	1,175,000	Board of Regents of Texas A&M University System, Series C (RB) 5.00%, 05/15/25		1,395,066
	250,000	Board of Regents of the University of North Texas, Series A (RB) 5.00%, 04/15/27		305,843
		Board of Regents of the University of Texas System, Series A (RB)
	930,000	5.00%, 03/15/25 (c)		1,087,412
	525,000	5.00%, 07/01/25 (c)		614,098
		Board of Regents of the University of Texas System, Series B (RB)
	100,000	5.00%, 08/15/24 (c)		114,709
	125,000	5.00%, 07/01/26 (c)		151,439
	180,000	Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25		214,931
	520,000	Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27		646,552
		Board of Regents of the University of Texas System, Series J (RB)
	120,000	5.00%, 08/15/25		143,287
	25,000	5.00%, 08/15/26 (c)		30,341
	30,000	Board of Regents of University of Texas System, Permanent University Fund Bonds, Series B (RB) 5.00%, 07/01/25		35,723
	270,000	Board of Regents of University of Texas System, Series E (RB) 5.00%, 08/15/26		329,546
	330,000	Burleson Independent School District (GO) 3.50%, 02/01/26 (c)		343,804
		Central Texas Regional Mobility Authority, Senior Lien (RB)
	250,000	5.00%, 01/01/26 (c)		287,733
	625,000	5.00%, 01/01/26 (c)		723,837
	60,000	5.00%, 01/01/26 (c)		70,257
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
	100,000	5.00%, 07/01/25 (c)		113,266
	400,000	5.00%, 07/01/25 (c)		459,348
	30,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c)		33,799
	150,000	City of Arlington, Senior Lien Special Tax (AGM) (ST) 5.00%, 02/15/25 (c)		173,909

Principal Amount			Value
Texas: (continued)
$	15,000	City of Austin (GO) 5.00%, 09/01/25 (c)	$	17,959
	35,000	City of Austin, Electric Utility, Series A (RB) 5.00%, 11/15/25		41,932
		City of Austin, Water and Wastewater System (RB)
	650,000	5.00%, 05/15/24 (c)		741,552
	130,000	5.00%, 05/15/24 (c)		148,591
	1,050,000	5.00%, 05/15/24 (c)		1,204,392
	1,025,000	5.00%, 05/15/24 (c)		1,171,483
	995,000	5.00%, 11/15/26 (c)		1,183,164
	360,000	5.00%, 11/15/26 (c)		429,080
		City of Dallas (GO)
	500,000	5.00%, 02/15/24 (c)		564,515
	1,040,000	5.00%, 02/15/24 (c)		1,184,487
	420,000	5.00%, 02/15/25 (c)		478,330
	840,000	5.00%, 02/15/25 (c)		969,251
	500,000	5.00%, 02/15/27 (c)		609,700
		City of Dallas, Waterworks and Sewer System, Series A (RB)
	1,080,000	5.00%, 10/01/25 (c)		1,279,627
	540,000	5.00%, 10/01/25 (c)		641,968
	600,000	5.00%, 10/01/26 (c)		719,598
	555,000	5.00%, 10/01/26 (c)		668,214
	965,000	City of Denton, Utility System (RB) 5.00%, 12/01/26 (c)		1,144,355
	100,000	City of El Paso (GO) 4.00%, 08/15/26 (c)		108,339
	455,000	City of El Paso, Water and Sewer Revenue (RB) 5.00%, 03/01/24 (c)		521,689
	130,000	City of Fort Worth (GO) 5.00%, 03/01/26		156,189
	545,000	City of Fort Worth, Series A (GO) 5.00%, 03/01/25 (c)		636,702
		City of Houston, Combined Utility System, First Lien, Series B (RB)
	1,025,000	5.00%, 11/15/24 (c)		1,193,213
	180,000	5.00%, 11/15/26 (c)		212,321
	200,000	5.00%, 11/15/26 (c)		240,472
	540,000	5.00%, 11/15/26		658,411
	250,000	5.00%, 11/15/27		310,015
		City of Houston, Combined Utility System, First Lien, Series C (RB)
	780,000	5.00%, 05/15/24 (c)		895,908
	250,000	5.00%, 05/15/24 (c)		289,103
	35,000	City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/24 (c)		40,965
		City of Houston, Series A (GO)
	650,000	5.00%, 03/01/24 (c)		737,217
	1,000,000	5.00%, 03/01/24 (c)		1,137,140
	535,000	5.00%, 03/01/26 (c)		623,259
	180,000	5.00%, 03/01/26 (c)		211,064
	515,000	5.00%, 03/01/26 (c)		607,350
	520,000	5.00%, 03/01/27 (c)		617,802
	500,000	5.00%, 03/01/27 (c)		596,270

See Notes to Financial Statements

50

Principal Amount			Value
Texas: (continued)
$	60,000	City of Lubbock (GO) 5.00%, 02/15/25 (c)	$	70,206
		City of San Antonio, Electric and Gas Systems (RB)
	500,000	4.00%, 08/01/26 (c)		544,900
	30,000	5.00%, 02/01/26		36,043
	100,000	5.00%, 02/01/26 (c)		117,389
	110,000	5.00%, 08/01/26 (c)		130,837
	1,030,000	5.00%, 08/01/26 (c)		1,249,050
	125,000	5.00%, 08/01/26 (c)		150,528
	1,000,000	5.00%, 08/01/27 (c)		1,201,260
		City of San Antonio, General Improvement (GO)
	1,070,000	5.00%, 02/01/24 (c)		1,225,942
	1,030,000	5.00%, 02/01/24 (c)		1,183,655
	510,000	City of San Antonio, Water System, Series A (RB) 5.00%, 05/15/26 (c)		600,958
		Collin County Community College District (GO)
	500,000	3.25%, 08/15/27 (c)		512,065
	925,000	4.00%, 08/15/27 (c)		1,037,970
	1,015,000	5.00%, 08/15/27 (c)		1,249,526
		Conroe Independent School District (GO)
	35,000	5.00%, 02/15/25 (c)		40,651
	665,000	5.00%, 02/15/27 (c)		800,301
		County of Bexar (GO)
	150,000	4.00%, 06/15/25 (c)		161,964
	500,000	4.00%, 06/15/25 (c)		541,445
	1,000,000	5.00%, 06/15/26 (c)		1,179,300
	250,000	County of Dallas (GO) 5.00%, 08/15/26 (c)		302,648
	615,000	County of Denton (GO) 4.00%, 07/15/25 (c)		676,783
		County of Fort Bend, Series B (GO)
	500,000	4.00%, 03/01/26 (c)		552,050
	20,000	5.00%, 03/01/26 (c)		23,853
		County of Harris, Toll Road, Senior Lien, Series A (RB)
	375,000	5.00%, 08/15/25		446,295
	145,000	5.00%, 08/15/26 (c)		171,786
	670,000	5.00%, 08/15/26 (c)		791,873
	660,000	5.00%, 08/15/26 (c)		777,942
	685,000	5.00%, 08/15/26 (c)		816,397
	115,000	5.00%, 08/15/26		139,661
	195,000	5.00%, 08/15/26 (c)		236,360
	190,000	5.00%, 08/15/26 (c)		228,165
		County of Harris, Toll Road, Senior Lien, Series B (RB)
	160,000	5.00%, 08/15/25 (c)		185,554
	335,000	5.00%, 08/15/25 (c)		388,007
	190,000	5.00%, 08/15/25 (c)		224,143
	600,000	5.00%, 08/15/25 (c)		706,266
		County of Harris, Unlimited Tax Road, Series A (GO)
	1,115,000	5.00%, 10/01/25 (c)		1,321,097
	1,020,000	5.00%, 10/01/25 (c)		1,201,795
	25,000	5.00%, 10/01/25		29,821
	365,000	5.00%, 10/01/25 (c)		435,628

Principal Amount			Value
Texas: (continued)
		Cypress-Fairbanks Independent School District (GO)
$	360,000	3.00%, 02/15/26 (c)	$	370,757
	590,000	5.00%, 02/15/25 (c)		687,539
	125,000	5.00%, 02/15/26 (c)		148,539
	710,000	Cypress-Fairbanks Independent School District, Series C (GO) 5.00%, 02/15/24 (c)		813,184
	835,000	Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,049,854
		Dallas Area Rapid Transit, Senior Lien, Series A (RB)
	185,000	5.00%, 12/01/24 (c)		216,755
	165,000	5.00%, 12/01/25 (c)		195,284
	1,050,000	5.00%, 12/01/25 (c)		1,237,047
	545,000	5.00%, 12/01/25 (c)		650,959
	130,000	5.00%, 12/01/25 (c)		154,565
		Dallas County Utility and Reclamation District (GO)
	650,000	5.00%, 02/15/26		772,895
	340,000	5.00%, 02/15/28		418,142
		Dallas Independent School District, Series A (GO)
	1,030,000	5.00%, 08/15/24 (c)		1,187,641
	10,000	5.00%, 08/15/24 (c)		11,558
	1,170,000	Denton Independent School District (GO) 5.00%, 02/15/25 (c)		1,373,919
		Eagle Mountain and Saginaw Independent School District (GO)
	335,000	4.00%, 02/15/26 (c)		365,606
	10,000	5.00%, 02/15/26 (c)		11,789
	115,000	El Paso Independent School District (GO) 5.00%, 08/15/24 (c)		131,853
	315,000	Forney Independent School District (GO) 5.00%, 08/15/25 (c)		364,909
	635,000	Fort Bend Independent School District (GO) 4.00%, 08/15/27 (c)		715,099
		Fort Worth Independent School District (GO)
	45,000	5.00%, 02/15/25 (c)		52,638
	500,000	5.00%, 02/15/26 (c)		597,220
	750,000	5.00%, 02/15/26		902,880
		Frisco Independent School District (GO)
	500,000	4.00%, 02/15/27 (c)		551,405
	1,000,000	4.00%, 02/15/27 (c)		1,110,160
		Garland Independent School District (GO)
	165,000	4.00%, 02/15/25 (c)		180,528
	120,000	5.00%, 02/15/25 (c)		140,987
	100,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		122,524
	250,000	Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c)		291,873

See Notes to Financial Statements

51

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
		Harris County Cultural Education Facilities Finance Corp. (RB)
$	300,000	5.00%, 11/15/27 (c)	$	364,413
	195,000	5.00%, 11/15/27		237,188
	500,000	Harris County Cultural Education Facilities Finance Corp., Series A (RB) 5.00%, 12/01/24 (c)		576,625
		Harris County Flood Control District, Series A (GO)
	500,000	5.00%, 10/01/24 (c)		584,915
	1,180,000	5.00%, 10/01/25 (c)		1,403,598
	210,000	5.00%, 10/01/27 (c)		251,983
	250,000	5.00%, 10/01/27 (c)		306,238
		Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB)
	730,000	3.00%, 05/15/26 (c)		707,260
	385,000	3.00%, 05/15/26 (c)		375,910
	285,000	5.00%, 05/15/26 (c)		338,651
	160,000	Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB) 5.00%, 12/01/24 (c)		185,709
	1,455,000	Harris County, Cultural Education Facilities Finance Corp., Series A (RB) 5.00%, 12/01/24 (c)		1,649,242
	150,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital (RB) 5.00%, 10/01/25 (c)		177,329
		Harris County, Flood Control District, Series A (GO)
	510,000	5.00%, 10/01/24 (c)		595,175
	580,000	5.00%, 10/01/24 (c)		677,846
	275,000	5.00%, 10/01/25 (c)		327,844
	1,230,000	5.00%, 10/01/25 (c)		1,469,641
	100,000	Harris County, Hospital District Senior Lien (RB) 4.00%, 02/15/26 (c)		105,451
		Harris County, Houston Sports Authority, Senior Lien, Series A (RB)
	985,000	5.00%, 11/15/24 (c)		1,121,708
	100,000	5.00%, 11/15/24 (c)		113,493
	440,000	5.00%, 11/15/24 (c)		503,994
	445,000	5.00%, 11/15/24 (c)		507,981
	260,000	Harris County, Toll Road Senior Lien, Series A (RB) 5.00%, 02/15/28 (c)		313,719
		Hays Consolidated Independent School District (GO)
	800,000	4.00%, 02/15/27 (c)		873,600
	500,000	4.00%, 02/15/27 (c)		547,645
	500,000	Houston Independent School District (GO) 5.00%, 07/15/28 (c)		610,795

Principal Amount			Value
Texas: (continued)
		Houston Independent School District, Limited Tax School House (GO)
$	525,000	5.00%, 02/15/26	$	632,016
	1,000,000	5.00%, 02/15/27 (c)		1,190,460
	750,000	5.00%, 02/15/27 (c)		907,980
	900,000	5.00%, 02/15/27		1,103,697
		Houston Independent School District, Limited Tax School House, Series A (GO)
	1,080,000	4.00%, 02/15/26 (c)		1,180,667
	350,000	4.00%, 02/15/26 (c)		384,104
	100,000	5.00%, 02/15/26 (c)		119,976
	1,000,000	5.00%, 02/15/26 (c)		1,198,660
	135,000	5.00%, 02/15/26 (c)		160,597
	750,000	Houston, Public Improvement, Series A (GO) 5.00%, 03/01/24 (c)		854,707
	100,000	Humble Independent School District, Series A (GO) 4.00%, 02/15/25 (c)		111,202
	210,000	Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c)		228,753
		Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO)
	315,000	4.00%, 02/15/25 (c)		341,221
	280,000	5.00%, 02/15/25 (c)		328,796
	100,000	Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c)		117,307
	400,000	Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c)		448,988
		Lewisville Independent School District, Series B (GO)
	500,000	5.00%, 08/15/25 (c)		591,145
	90,000	5.00%, 08/15/25 (c)		106,934
	195,000	5.00%, 08/15/25		232,458
	1,000,000	Lone Star College System (GO) 5.00%, 02/15/26 (c)		1,167,500
		Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
	320,000	5.00%, 05/15/26 (c)		375,027
	270,000	5.00%, 05/15/26 (c)		323,141
		Lower Colorado River Authority, Series B (RB)
	370,000	5.00%, 05/15/25 (c)		428,245
	380,000	5.00%, 05/15/25 (c)		441,233
	105,000	5.00%, 05/15/25 (c)		123,219
	500,000	Mansfield Independent School District (GO) 5.00%, 02/15/25 (c)		583,975
		Metropolitan Transit Authority of Harris County, Series A (RB)
	150,000	5.00%, 11/01/25		179,658
	75,000	5.00%, 11/01/26 (c)		91,098

See Notes to Financial Statements

52

Principal Amount			Value
Texas: (continued)
		Montgomery Independent School District (GO)
$	500,000	4.00%, 02/15/25 (c)	$	545,850
	100,000	5.00%, 02/15/25 (c)		116,890
	1,000,000	New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB) 4.00%, 07/01/26 (c)		1,034,520
		New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		271,275
	250,000	5.00%, 08/15/27 (c)		299,775
		North Harris County Regional Water Authority (RB)
	20,000	5.00%, 12/15/25		23,853
	150,000	5.00%, 12/15/26 (c)		178,956
	40,000	5.00%, 12/15/26 (c)		48,277
	235,000	5.00%, 12/15/26 (c)		284,963
		North Texas Municipal Water District, Water System (RB)
	150,000	3.00%, 09/01/25 (c)		154,578
	530,000	5.00%, 09/01/25 (c)		626,168
	30,000	5.00%, 09/01/25 (c)		35,287
	700,000	5.00%, 09/01/26 (c)		820,358
	30,000	5.00%, 09/01/26 (c)		35,635
	400,000	5.00%, 09/01/26 (c)		477,648
		North Texas Tollway Authority, First Tier, Series A (RB)
	500,000	5.00%, 01/01/26 (c)		581,535
	295,000	5.00%, 01/01/26 (c)		348,017
	425,000	5.00%, 01/01/26 (c)		499,354
	575,000	5.00%, 01/01/26 (c)		672,934
	640,000	5.00%, 01/01/26 (c)		757,805
	460,000	5.00%, 01/01/26 (c)		542,671
	620,000	5.00%, 01/01/26 (c)		728,469
	100,000	North Texas Tollway Authority, First Tier, Series B (RB) 4.00%, 01/01/25 (c)		105,985
	655,000	North Texas Tollway Authority, Second Tier, Series A (RB) 5.00%, 01/01/25 (c)		747,021
		North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)
	450,000	4.00%, 01/01/27 (c)		487,399
	685,000	5.00%, 01/01/24 (c)		767,796
	875,000	5.00%, 01/01/26 (c)		1,028,685
	1,000,000	Northside Independent School District (GO) 5.00%, 08/15/27 (c)		1,203,770
		Northwest Independent School District (GO)
	25,000	5.00%, 02/15/25 (c)		29,118
	300,000	5.00%, 02/15/25 (c)		350,850
	105,000	5.00%, 02/15/25 (c)		123,174
	1,000,000	Northwest Independent School District, Series A (GO) 5.00%, 02/15/25 (c)		1,173,090

Principal Amount			Value
Texas: (continued)
		Permanent University Fund, Texas A&M University System, Series A (RB)
$	250,000	5.25%, 07/01/25 (c)	$	294,603
	360,000	5.50%, 07/01/25		438,685
		Pharr-San Juan-Alamo Independent School District (GO)
	100,000	3.25%, 02/01/25 (c)		102,365
	775,000	4.00%, 02/01/25 (c)		846,672
	100,000	Plano Independent School District (GO) 5.00%, 02/15/26 (c)		119,584
		San Antonio Water System, Junior Lien, Series A (RB)
	400,000	5.00%, 05/15/26 (c)		474,052
	650,000	5.00%, 05/15/26 (c)		774,221
	500,000	5.00%, 05/15/28 (c)		605,565
	200,000	San Antonio Water System, Junior Lien, Series B (RB) 5.00%, 05/15/25 (c)		229,028
		Socorro Independent School District, Series B (GO)
	225,000	4.00%, 08/15/27 (c)		247,464
	780,000	5.00%, 08/15/27 (c)		954,455
	800,000	5.00%, 08/15/27 (c)		972,040
		Spring Independent School District (GO)
	45,000	5.00%, 08/15/25 (c)		52,847
	1,000,000	5.00%, 08/15/25 (c)		1,186,670
	15,000	State of Texas, Finance Authority (GO) 5.00%, 10/01/26		18,295
		State of Texas, Transportation Commission, Highway Improvement (GO)
	20,000	5.00%, 04/01/24 (c)		22,988
	20,000	5.00%, 04/01/26 (c)		23,616
		State of Texas, Transportation Commission, Highway Improvement, Series A (GO)
	1,000,000	5.00%, 04/01/26 (c)		1,184,580
	500,000	5.00%, 04/01/26 (c)		595,715
		State of Texas, Transportation Commission, Mobility Fund (GO)
	1,000,000	4.00%, 04/01/24 (c)		1,080,760
	775,000	5.00%, 04/01/24 (c)		891,165
		State of Texas, Transportation Commission, Mobility Fund, Series A (GO)
	180,000	5.00%, 10/01/24 (c)		207,547
	150,000	5.00%, 10/01/25 (c)		178,925
	1,035,000	5.00%, 10/01/25 (c)		1,230,439
	150,000	5.00%, 10/01/27 (c)		180,623
		State of Texas, Transportation Commission, Mobility Fund, Series B (GO)
	240,000	5.00%, 10/01/27 (c)		288,996
	1,860,000	5.00%, 10/01/27 (c)		2,249,819
		Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB)
	80,000	5.00%, 05/15/26 (c)		94,502
	855,000	5.00%, 05/15/26 (c)		1,015,449

See Notes to Financial Statements

53

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
$	315,000	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 5.00%, 02/15/26	$	376,321
		Tarrant Regional Water Control and Improvement District (RB)
	70,000	5.00%, 03/01/25 (c)		82,497
	135,000	5.00%, 03/01/25 (c)		158,775
	1,030,000	5.00%, 03/01/25 (c)		1,218,274
	1,020,000	5.00%, 03/01/25 (c)		1,203,957
		Texas A&M University, Series D (RB)
	10,000	4.00%, 05/15/26 (c)		11,259
	190,000	5.00%, 05/15/26		230,639
		Texas A&M University, Series E (RB)
	25,000	5.00%, 05/15/25		29,682
	100,000	5.00%, 05/15/27 (c)		122,356
	495,000	Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c)		602,984
	130,000	Texas Public Finance Authority, Series A (GO) 5.00%, 10/01/26		158,556
		Texas State University System, Board of Regents, Series A (RB)
	150,000	5.00%, 03/15/25 (c)		175,844
	10,000	5.00%, 03/15/26		12,060
	1,000,000	5.00%, 03/15/27 (c)		1,217,970
	125,000	Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c)		142,075
	1,115,000	Texas Transportation Commission, State Highway Fund, First Tier (RB) 5.00%, 10/01/26		1,359,921
	245,000	Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB) 5.00%, 10/01/25		293,062
		Texas Water Development Board (RB)
	125,000	5.00%, 04/15/26		151,201
	600,000	5.00%, 10/15/26 (c)		726,354
	1,000,000	5.00%, 08/01/27 (c)		1,219,490
		Texas Water Development Board, Series A (RB)
	20,000	4.00%, 10/15/25 (c)		22,011
	400,000	4.00%, 10/15/27 (c)		445,872
	180,000	4.00%, 04/15/28 (c)		199,093
	600,000	4.00%, 04/15/28 (c)		670,398
	125,000	5.00%, 10/15/25 (c)		146,635
	1,060,000	5.00%, 10/15/25 (c)		1,268,332
	165,000	5.00%, 10/15/25 (c)		197,429
	250,000	5.00%, 10/15/27 (c)		306,680
	200,000	5.00%, 10/15/27 (c)		243,216
		Texas Water Development Board, Series B (RB)
	1,000,000	4.00%, 10/15/28 (c)		1,119,370
	1,000,000	5.00%, 10/15/28 (c)		1,231,710

Principal Amount			Value
Texas: (continued)
		Trinity River Authority, Regional Wastewater System (RB)
$	100,000	5.00%, 08/01/25	$	119,171
	170,000	5.00%, 08/01/26		206,564
	285,000	5.00%, 08/01/27 (c)		342,074
	595,000	5.00%, 08/01/27 (c)		722,580
		University of North Texas, Series A (RB)
	140,000	5.00%, 04/15/27 (c)		165,969
	75,000	5.00%, 04/15/27 (c)		90,608
	145,000	5.00%, 04/15/27 (c)		176,149
	155,000	University of Texas, Series B (RB) 5.00%, 08/15/26		189,184
		Via Metropolitan Transit Authority, Sales Tax (RB)
	275,000	5.00%, 01/15/27 (c)		329,211
	115,000	5.00%, 01/15/27 (c)		138,535
		Ysleta Independent School District (GO)
	125,000	5.00%, 08/15/24 (c)		144,131
	200,000	5.00%, 08/15/24 (c)		231,480
				159,888,292
Utah: 0.3%
	395,000	Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c)		437,553
	1,140,000	State of Utah (GO) 5.00%, 01/01/27 (c)		1,403,215
	365,000	University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		442,738
	1,000,000	University of Utah, Series B-1 (RB) 5.00%, 08/01/26		1,218,110
		Utah Transit Authority, Subordinated Sales Tax (RB)
	130,000	0.00%, 06/15/26 (c) ^		84,130
	935,000	3.00%, 06/15/26 (c)		973,232
	600,000	4.00%, 06/15/26 (c)		664,878
		Utah Transit Authority, Subordinated Sales Tax, Series A (RB)
	255,000	5.00%, 06/15/25 (c)		297,741
	100,000	5.00%, 06/15/25 (c)		116,959
				5,638,556
Vermont: 0.1%
	1,100,000	Vermont Educational and Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c)		1,279,069
Virginia: 2.1%
	650,000	Arlington County, Series B (GO) 5.00%, 08/15/26 (c)		794,800
		City of Richmond, Public Utility Revenue, Series A (RB)
	1,520,000	5.00%, 01/15/26 (c)		1,808,906
	20,000	5.00%, 01/15/26		24,188
		Commonwealth of Virginia, Series B (GO) (SAW)
	500,000	5.00%, 06/01/25 (c)		592,665
	1,000,000	5.00%, 06/01/25 (c)		1,191,050

See Notes to Financial Statements

54

Principal Amount			Value
Virginia: (continued)
$	1,000,000	County of Arlington (GO) 5.00%, 08/15/27 (c)	$	1,230,400
		County of Fairfax, Public Improvement, Series A (GO) (SAW)
	15,000	5.00%, 10/01/24 (c)		17,573
	1,000,000	5.00%, 10/01/25		1,204,250
	750,000	5.00%, 04/01/28 (c)		933,952
	1,755,000	5.00%, 04/01/29 (c)		2,209,843
	15,000	County of Fairfax, Public Improvement, Series B (GO) (SAW) 5.00%, 04/01/25 (c)		17,960
	25,000	County of Henrico, Water and Sewer Revenue (RB) 5.00%, 05/01/25		29,813
	485,000	Fairfax County Economic Development Authority, Series A (RB) 5.00%, 10/01/24 (c)		561,116
		Fairfax County Industrial Development Authority (RB)
	165,000	5.00%, 05/15/26		199,926
	155,000	5.00%, 05/15/26 (c)		184,028
	550,000	Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c)		635,118
	260,000	Hampton Roads Sanitation District, Series A (RB) 5.00%, 08/01/26 (c)		312,010
		Upper Occoquan Sewage Authority (RB)
	200,000	5.00%, 07/01/25 (c)		236,994
	830,000	5.00%, 07/01/25 (c)		985,127
	100,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)		102,145
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
	100,000	5.00%, 02/01/26		120,638
	100,000	5.00%, 02/01/27		123,037
	1,000,000	5.00%, 02/01/28 (c)		1,229,560
	1,000,000	5.00%, 02/01/28 (c)		1,237,470
	120,000	5.00%, 02/01/28 (c)		149,488
		Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
	750,000	3.00%, 09/01/27 (c)		755,790
	1,025,000	5.00%, 09/01/26 (c)		1,248,952
	1,000,000	5.00%, 09/01/26 (c)		1,213,620
		Virginia Commonwealth Transportation Board (RB)
	250,000	4.00%, 05/15/24 (c)		269,915
	15,000	5.00%, 05/15/24 (c)		17,307
	1,000,000	5.00%, 05/15/24 (c)		1,155,360
	1,000,000	5.00%, 05/15/26		1,216,840
	510,000	5.00%, 09/15/26 (c)		623,006
	20,000	5.00%, 09/15/26 (c)		24,316

Principal Amount			Value
Virginia: (continued)
		Virginia Commonwealth Transportation Board, Series A (RB)
$	180,000	4.00%, 11/15/27 (c)	$	197,973
	120,000	5.00%, 11/15/27 (c)		147,012
	1,000,000	5.00%, 11/15/27 (c)		1,220,700
		Virginia Public Building Authority, Series A (RB)
	125,000	3.00%, 08/01/24 (c)		130,073
	475,000	3.00%, 08/01/24 (c)		495,140
	695,000	3.00%, 08/01/26 (c)		704,758
	400,000	3.00%, 08/01/28 (c)		403,932
	1,050,000	3.13%, 08/01/28 (c)		1,063,776
	250,000	4.00%, 08/01/27 (c)		281,440
	100,000	5.00%, 08/01/25		119,367
	610,000	5.00%, 08/01/25		728,139
	485,000	5.00%, 08/01/26		591,152
	700,000	5.00%, 08/01/28 (c)		868,749
		Virginia Public Building Authority, Series B (RB)
	25,000	5.00%, 08/01/25		29,842
	15,000	5.00%, 08/01/26		18,283
	400,000	Virginia Public Building Authority, Series C (RB) 4.00%, 08/01/24 (c)		445,416
		Virginia Public School Authority (RB) (SAW)
	750,000	5.00%, 08/01/26 (c)		913,447
	30,000	5.00%, 08/01/26 (c)		36,365
	30,000	5.00%, 08/01/26		36,726
	575,000	5.00%, 08/01/26 (c)		701,235
	775,000	Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c)		919,034
	1,000,000	Virginia Public School Authority, Series B (RB) (SAW) 4.00%, 08/01/24 (c)		1,113,000
	1,040,000	Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c)		1,142,232
	750,000	Virginia Small Business Financing Authority, Hampton University (RB) 5.25%, 10/01/24 (c)		868,515
				35,833,469
Washington: 4.0%
	600,000	Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c)		652,662
		Central Puget Sound Regional Transit Authority, Series S-1 (RB)
	795,000	5.00%, 11/01/25 (c)		932,320
	815,000	5.00%, 11/01/25 (c)		949,100
	590,000	5.00%, 11/01/25 (c)		694,583
	15,000	5.00%, 11/01/25		18,027
	110,000	5.00%, 11/01/25 (c)		130,158
		City of Seattle, Drainage and Wastewater System (RB)
	525,000	4.00%, 04/01/26 (c)		572,864
	500,000	4.00%, 07/01/27 (c)		548,930

See Notes to Financial Statements

55

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Washington: (continued)
$	915,000	City of Seattle, Municipal Light and Power Revenue, Series A (RB) 4.00%, 01/01/28 (c)	$	1,006,491
	135,000	City of Seattle, Municipal Light and Power Revenue, Series B (RB) 5.00%, 04/01/26 (c)		162,036
	125,000	City of Seattle, Series A (GO) 5.00%, 06/01/25		148,881
		City of Seattle, Water System Improvement (RB)
	115,000	4.00%, 02/01/27 (c)		127,713
	100,000	5.00%, 05/01/25		118,624
	1,000,000	5.00%, 05/01/25 (c)		1,172,850
	20,000	5.00%, 08/01/26		24,377
	500,000	5.00%, 02/01/27 (c)		605,205
	15,000	City of Spokane, Water and Wastewater Revenue (RB) 5.00%, 12/01/24 (c)		17,574
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	195,000	5.00%, 07/01/20 (c)		202,256
	900,000	5.00%, 07/01/24 (c)		1,028,421
	185,000	5.00%, 07/01/26 (c)		223,458
	915,000	5.00%, 07/01/27 (c)		1,122,394
	1,330,000	5.00%, 07/01/27 (c)		1,601,998
	125,000	5.00%, 07/01/28 (c)		153,890
		Energy Northwest, Colombia Generating Station Electric, Series C (RB)
	715,000	5.00%, 07/01/25 (c)		834,212
	1,000,000	5.00%, 07/01/28 (c)		1,227,100
		Energy Northwest, Project 1 Electric, Series A (RB)
	430,000	5.00%, 07/01/22 (c)		472,213
	1,760,000	5.00%, 07/01/25		2,093,467
	340,000	5.00%, 07/01/25 (c)		403,301
	475,000	5.00%, 07/01/27 (c)		586,098
		Energy Northwest, Project 1 Electric, Series C (RB)
	1,145,000	5.00%, 07/01/24 (c)		1,324,559
	675,000	5.00%, 07/01/24 (c)		783,094
		Energy Northwest, Project 3 Electric, Series A (RB)
	105,000	5.00%, 07/01/25		124,894
	130,000	5.00%, 07/01/25 (c)		154,639
	1,125,000	5.00%, 07/01/26		1,367,336
	130,000	5.00%, 07/01/26 (c)		157,594
	1,000,000	FYI Properties (RB) 5.00%, 06/01/27		1,226,920
		Grant and Douglas Counties School District No. 144-101 (GO) (SBG)
	125,000	4.00%, 06/01/26 (c)		135,104
	520,000	4.00%, 06/01/26 (c)		575,208
	1,000,000	King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c)		1,106,800
		King County School District No. 401 (GO) (SBG)
	935,000	3.13%, 12/01/26 (c)		958,272
	900,000	5.00%, 12/01/26 (c)		1,078,020

Principal Amount			Value
Washington: (continued)
		King County School District No. 405 (GO) (SBG)
$	515,000	5.00%, 12/01/26 (c)	$	624,448
	360,000	5.00%, 12/01/26		441,292
	580,000	King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c)		638,400
	1,075,000	King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c)		1,301,782
	840,000	King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c)		952,308
	570,000	King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c)		666,472
		King County, Washington Limited Tax, Series E (GO)
	460,000	4.00%, 12/01/25 (c)		500,664
	500,000	5.00%, 12/01/25 (c)		599,250
	445,000	King County, Washington Sewer Revenue, Series B (RB) 5.00%, 07/01/24 (c)		514,068
		Kitsap County School District No. 401 (GO) (SBG)
	250,000	4.00%, 06/01/26 (c)		272,618
	15,000	4.00%, 06/01/26 (c)		16,878
	945,000	Klickitat County Public Utility District No. 1 (RB) 5.00%, 06/01/25 (c)		1,078,132
		Pierce County School District No. 10 (GO) (SBG)
	640,000	5.00%, 12/01/24 (c)		733,818
	25,000	5.00%, 12/01/25 (c)		29,279
	175,000	Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c)		192,621
		Port of Seattle, Intermediate Lien (RB)
	30,000	5.00%, 02/01/26 (c)		35,232
	130,000	5.00%, 02/01/26 (c)		153,898
	395,000	Port of Seattle, Intermediate Lien, Series B (RB) 5.00%, 09/01/24 (c)		455,771
	500,000	Port of Tacoma, Series A (GO) 5.00%, 12/01/26 (c)		604,305
	500,000	Puyallup School District No. 3 (GO) (SBG) 5.00%, 06/01/27 (c)		597,685
	1,015,000	Snohomish County School District No. 201 (GO) (SBG) 5.00%, 12/01/25 (c)		1,210,306
	125,000	State of Washington, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 01/01/26 (c)		146,659
	1,105,000	State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		1,315,613

See Notes to Financial Statements

56

Principal Amount			Value
Washington: (continued)
		State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO)
$	415,000	5.00%, 07/01/24 (c)	$	481,902
	135,000	5.00%, 08/01/26 (c)		161,503
	1,035,000	5.00%, 08/01/26 (c)		1,246,813
	1,000,000	State of Washington, Motor Vehicle Fuel Tax, Series R-C (GO) 5.00%, 01/01/26 (c)		1,170,340
	1,000,000	State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) 5.00%, 01/01/25 (c)		1,156,300
	10,000	State of Washington, Motor Vehicle Fuel Tax, Series R-F (GO) 5.00%, 01/01/25 (c)		11,749
	545,000	State of Washington, Motor Vehicle Fuel Tax, Series R-H (GO) 5.00%, 01/01/25 (c)		630,183
		State of Washington, Series A (GO)
	115,000	5.00%, 08/01/26 (c)		135,686
	955,000	5.00%, 08/01/26 (c)		1,130,539
	150,000	State of Washington, Series B (GO) 5.00%, 01/01/26 (c)		177,311
		State of Washington, Series C (GO)
	175,000	5.00%, 02/01/25 (c)		205,646
	960,000	5.00%, 02/01/25 (c)		1,098,710
	500,000	5.00%, 02/01/26 (c)		597,260
	100,000	5.00%, 08/01/27		124,163
	1,000,000	5.00%, 08/01/27 (c)		1,206,380
	170,000	5.00%, 02/01/28 (c)		209,450
		State of Washington, Series D (GO)
	250,000	5.00%, 08/01/25		298,580
	110,000	5.00%, 02/01/27		135,341
	1,000,000	5.00%, 08/01/27 (c)		1,210,460
		State of Washington, Various Purpose, Series A (GO)
	1,000,000	5.00%, 08/01/26 (c)		1,204,650
	245,000	5.00%, 08/01/26 (c)		293,098
	915,000	5.00%, 08/01/26 (c)		1,089,399
	200,000	5.00%, 08/01/26 (c)		239,264
	500,000	5.00%, 08/01/27 (c)		603,190
	500,000	5.00%, 08/01/27 (c)		598,735
		State of Washington, Various Purpose, Series A-1 (GO)
	385,000	5.00%, 08/01/24 (c)		444,178
	1,010,000	5.00%, 08/01/25 (c)		1,174,549
	20,000	State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/26 (c)		23,997
		State of Washington, Various Purpose, Series R-A (GO)
	1,190,000	4.00%, 07/01/24 (c)		1,322,673
	25,000	5.00%, 08/01/26 (c)		29,595
		State of Washington, Various Purpose, Series R-B (GO)
	20,000	5.00%, 01/01/26 (c)		23,465
	1,060,000	5.00%, 01/01/26 (c)		1,247,217
	105,000	5.00%, 01/01/26 (c)		125,542
	145,000	5.00%, 08/01/26 (c)		175,612

Principal Amount			Value
Washington: (continued)
		State of Washington, Various Purpose, Series R-C (GO)
$	360,000	5.00%, 01/01/25 (c)	$	419,987
	1,410,000	5.00%, 01/01/25 (c)		1,651,448
		State of Washington, Various Purpose, Series R-E (GO)
	630,000	5.00%, 01/01/25 (c)		725,558
	250,000	5.00%, 01/01/25 (c)		286,590
	1,000,000	5.00%, 01/01/25 (c)		1,174,900
	550,000	5.00%, 01/01/25 (c)		638,913
	220,000	Tacoma School District No. 10 (GO) (SBG) 5.00%, 12/01/25 (c)		259,354
		Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA)
	195,000	5.00%, 10/01/25		231,303
	225,000	5.00%, 10/01/28 (c)		269,303
	250,000	5.00%, 10/01/28 (c)		305,348
	1,000,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		1,125,440
		Washington State University (RB)
	405,000	5.00%, 04/01/25 (c)		466,191
	325,000	5.00%, 04/01/25 (c)		373,136
	430,000	5.00%, 04/01/25 (c)		497,291
	820,000	5.00%, 04/01/25 (c)		946,346
				69,259,730
West Virginia: 0.2%
	270,000	State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c)		328,517
		West Virginia Hospital Finance Authority, Series A (RB)
	1,055,000	3.00%, 06/01/26 (c)		1,052,542
	240,000	4.00%, 06/01/26 (c)		252,629
	595,000	5.00%, 06/01/25		692,955
	240,000	5.00%, 06/01/26 (c)		281,479
	1,045,000	5.00%, 06/01/26		1,237,520
				3,845,642
Wisconsin: 1.6%
	1,000,000	Central Brown County Water Authority, Series A (RB) 5.00%, 11/01/24 (c)		1,136,180
	155,000	City of Milwaukee, Series N2 (GO) 4.00%, 03/01/26		176,108
		City of Milwaukee, Series N4 (GO)
	200,000	5.00%, 04/01/26		240,424
	100,000	5.00%, 04/01/27		122,256
	350,000	Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		354,172
		Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB)
	180,000	5.00%, 03/01/26 (c)		212,528
	205,000	5.00%, 03/01/26 (c)		243,362

See Notes to Financial Statements

57

VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Wisconsin: (continued)
$	560,000	Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 5.00%, 06/01/25 (c)	$	633,399
		State of Wisconsin, Environmental Improvement Fund, Series A (RB)
	185,000	5.00%, 06/01/25 (c)		215,342
	100,000	5.00%, 06/01/25 (c)		116,153
	100,000	5.00%, 06/01/25		119,041
	185,000	5.00%, 06/01/25 (c)		218,583
	150,000	5.00%, 06/01/25 (c)		176,475
	220,000	5.00%, 06/01/25 (c)		257,864
		State of Wisconsin, General Fund Annual Appropriation, Series B (RB)
	10,000	5.00%, 05/01/26 (c)		11,840
	20,000	5.00%, 05/01/26 (c)		23,803
		State of Wisconsin, Series 1 (GO)
	15,000	5.00%, 05/01/25 (c)		17,756
	535,000	5.00%, 05/01/25		635,307
	460,000	5.00%, 05/01/27 (c)		556,292
	250,000	5.00%, 05/01/27 (c)		305,580
	405,000	5.00%, 05/01/27 (c)		500,341
		State of Wisconsin, Series 2 (GO)
	510,000	5.00%, 05/01/26 (c)		618,171
	150,000	5.00%, 05/01/26 (c)		180,530
	635,000	5.00%, 11/01/26		778,688
	315,000	5.00%, 11/01/26		386,278
	500,000	5.00%, 05/01/27 (c)		617,705
		State of Wisconsin, Series 3 (GO)
	145,000	5.00%, 11/01/22 (c)		160,363
	385,000	5.00%, 11/01/22 (c)		427,866
	500,000	5.00%, 05/01/27 (c)		602,755
	450,000	5.00%, 05/01/27 (c)		544,198
		State of Wisconsin, Series 4 (GO)
	40,000	5.00%, 11/01/24 (c)		46,660
	1,575,000	5.00%, 11/01/24 (c)		1,840,828
	700,000	5.00%, 11/01/24 (c)		820,946
		State of Wisconsin, Series A (GO)
	100,000	4.00%, 05/01/26 (c)		109,496
	250,000	5.00%, 05/01/25 (c)		291,988
	1,170,000	5.00%, 05/01/25 (c)		1,355,843
	1,010,000	5.00%, 05/01/25 (c)		1,165,590
	210,000	State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c)		245,270
	500,000	State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		547,740
	500,000	Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c)		545,790
		Wisconsin Department of Transportation, Series 1 (RB)
	565,000	5.00%, 07/01/24 (c)		643,942
	15,000	5.00%, 07/01/25 (c)		17,842
	500,000	5.00%, 07/01/26		607,705

Principal Amount			Value
Wisconsin: (continued)
		Wisconsin Department of Transportation, Series 2 (RB)
$	470,000	5.00%, 07/01/27 (c)	$	568,977
	115,000	5.00%, 07/01/27 (c)		140,463
		Wisconsin Department of Transportation, Series A (RB)
	1,160,000	5.00%, 07/01/24 (c)		1,331,993
	510,000	5.00%, 07/01/24 (c)		587,515
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	1,000,000	4.00%, 05/15/26 (c)		1,079,670
	1,500,000	4.00%, 05/15/26 (c)		1,602,915
	450,000	5.00%, 11/01/24 (c)		513,279
	35,000	5.00%, 05/15/26 (c)		41,669
	280,000	5.00%, 05/15/26 (c)		334,765
	100,000	5.00%, 05/15/26 (c)		118,200
	500,000	Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		545,715
	125,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)		145,961
	155,000	Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c)		179,377
	1,000,000	Wisconsin Health and Educational Facilities Authority, ProHealth Care, Inc. Obligated Group (RB) 3.38%, 08/15/24 (c)		1,034,980
	855,000	Wisconsin Health and Educational Facilities Authority, Series B (RB) 3.15%, 09/01/25 (c)		858,121
				27,912,600
Total Municipal Bonds (Cost: $1,655,784,572)				1,698,817,255
Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $2,585,114)
	2,585,114	Dreyfus Government Cash Management Fund – Institutional Shares		2,585,114
Total Investments: 98.9% (Cost: $1,658,369,686)				1,701,402,369
Other assets less liabilities: 1.1%				18,778,683
NET ASSETS: 100.0%			$	1,720,181,052

See Notes to Financial Statements

58

Definitions:
ACA	Credit Agricole SA
AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments By Sector	% of Investments			Value
Education		6.6	%	$	111,553,970
Health Care		6.9			117,442,953
Housing		1.1			18,921,112
Industrial Revenue		0.5			8,300,729
Leasing		7.1			121,089,223
Local		17.3			293,999,577
Power		5.2			88,716,566
Solid Waste/Resource Recovery		0.1			2,270,171
Special Tax		11.1			189,368,379
State		20.3			346,082,267
Tobacco		0.8			13,753,570
Transportation		12.8			217,470,147
Water & Sewer		10.0			169,848,591
Money Market Fund		0.2			2,585,114
		100.0	%	$	1,701,402,369

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Municipal Bonds*		$	—		$	1,698,817,255		$	—	$	1,698,817,255
Money Market Fund			2,585,114			—			—		2,585,114
Total		$	2,585,114		$	1,698,817,255		$	—	$	1,701,402,369

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

59

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Alabama: 1.4%
$	250,000	Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/27 (c)	$	297,537
	235,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 4.00%, 09/01/27 (c)		256,416
	260,000	Infirmary Health System, Inc., Series A (RB) 4.00%, 02/01/26 (c)		264,607
	85,000	Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/46		109,311
	210,000	Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c)		220,739
		UAB Medicine Finance Authority (RB)
	110,000	4.00%, 09/01/26 (c)		116,807
	280,000	4.00%, 03/01/27 (c)		293,586
	220,000	5.00%, 09/01/26 (c)		250,853
	260,000	Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c)		298,540
				2,108,396
Alaska: 0.1%
	215,000	Municipality Of Anchorage, Senior Lien, Series A (RB) 4.00%, 12/01/24 (c)		223,716
Arizona: 0.9%
	225,000	Arizona Health Facilities Authority, Series A (RB) 5.00%, 01/01/24 (c)		246,375
	215,000	City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c)		229,482
	350,000	Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 4.00%, 01/01/27 (c)		371,854
	270,000	Maricopa County Industrial Development Authority, Series A (RB) 5.00%, 01/01/27 (c)		313,764
	220,000	Salt River Project Agricultural Improvement and Power District, Series A (RB) 5.00%, 06/01/25 (c)		251,260
				1,412,735
California: 16.6%
	345,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series B (RB) 5.00%, 05/01/24 (c)		386,462
	300,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c)		352,929

Principal Amount			Value
California: (continued)
$	315,000	Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM) 4.00%, 10/01/26 (c)	$	336,020
	230,000	Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c)		217,030
	150,000	Anaheim Public Financing Authority (RB) 5.00%, 05/01/24 (c)		169,431
	345,000	Antelope Valley Community College District (GO) 5.00%, 02/01/25 (c)		394,608
	390,000	Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/24 (c)		428,041
	220,000	Bay Area Toll Authority, Series S-6 (RB) 5.00%, 10/01/24 (c)		242,906
	315,000	Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^		144,163
	250,000	California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		282,470
	160,000	California Educational Facilities Authority, Series U-6 (RB) 5.00%, 05/01/45		220,904
		California Health Facilities Financing Authority, Series A (RB)
	350,000	4.00%, 03/01/26 (c)		366,184
	230,000	4.00%, 11/15/27 (c)		241,288
	310,000	5.00%, 10/01/24 (c)		348,297
	250,000	5.00%, 11/15/25 (c)		284,610
		California Health Facilities Financing Authority, Series B (RB)
	300,000	4.00%, 11/15/26 (c)		321,996
	155,000	4.00%, 11/15/26 (c)		165,504
	350,000	5.00%, 11/15/26 (c)		411,299
	415,000	California Infrastructure and Economic Development Bank, Series A (RB) 4.00%, 11/01/23 (c)		431,309
	160,000	California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c)		166,450
	200,000	California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c)		213,100
	350,000	California Public Finance Authority, Henry Mayo Newhall Hospital (RB) 5.00%, 10/15/26 (c)		388,269
		California State University, Series A (RB)
	305,000	3.13%, 05/01/26 (c)		307,596
	250,000	4.00%, 05/01/26 (c)		264,733
		California Statewide Communities Development Authority (RB)
	200,000	4.00%, 08/01/23 (c)		205,050
	120,000	4.00%, 07/01/24 (c)		123,894

See Notes to Financial Statements

60

Principal Amount			Value
California: (continued)
$	300,000	California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c)	$	348,033
	155,000	California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB) 5.00%, 07/01/24 (c)		170,923
		California Statewide Communities Development Authority, John Muir Health, Series A (RB)
	150,000	4.00%, 08/15/26 (c)		155,192
	20,000	4.00%, 08/15/26 (c)		20,894
	125,000	California Statewide Communities Development Authority, Los Angeles Jewish Home For The Aging, Series A (RB) 5.00%, 08/01/22 (c)		138,663
	455,000	Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c)		482,282
	275,000	Cerritos Community College District, Series A (GO) 5.00%, 08/01/24 (c)		310,288
	155,000	City of Los Angeles, Department of Airports, Series B (RB) 5.00%, 05/15/25 (c)		176,678
	340,000	City of Los Angeles, Wastewater System, Series A (RB) 4.00%, 06/01/25 (c)		358,285
	255,000	County of Santa Clara, Series C (GO) 3.00%, 08/01/27 (c)		256,910
	195,000	Cupertino Union School District, Series C (GO) 4.00%, 08/01/26 (c)		210,345
	300,000	Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c)		301,221
	290,000	East Bay Municipal Utility District, Water System, Series B (RB) 4.00%, 06/01/25 (c)		308,081
	390,000	Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) 5.00%, 07/01/26 (c)		453,149
	170,000	Elk Grove Unified School District (CP) 3.13%, 02/01/26 (c)		165,320
	130,000	Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c)		139,276
		Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
	475,000	5.00%, 06/01/25 (c)		534,042
	125,000	5.00%, 06/01/25 (c)		141,028
	185,000	Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c)		198,061

Principal Amount			Value
California: (continued)
$	105,000	Imperial Irrigation District, Electric System, Series B-2 (RB) 5.00%, 11/01/26 (c)	$	121,847
	165,000	Imperial Irrigation District, Electric System, Series C (RB) 5.00%, 05/01/26 (c)		192,027
	185,000	Kaweah Delta Health Care District, Series B (RB) 5.00%, 06/01/25 (c)		202,286
		Livermore Valley Joint Unified School District (GO)
	215,000	3.00%, 08/01/26 (c)		202,506
	250,000	4.00%, 08/01/26 (c)		266,785
	100,000	Los Angeles Community College District, Series J (GO) 4.00%, 08/01/27 (c)		110,197
	750,000	Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c)		903,570
		Los Angeles Department of Water and Power, Series A (RB)
	335,000	5.00%, 07/01/24 (c)		378,148
	105,000	5.00%, 01/01/26 (c)		121,147
	300,000	5.00%, 01/01/26 (c)		343,890
	340,000	5.00%, 01/01/26 (c)		391,626
	540,000	5.00%, 01/01/27 (c)		641,466
	250,000	5.00%, 01/01/28 (c)		298,225
	275,000	Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c)		324,376
		Los Angeles Unified School District, Series A (GO)
	200,000	4.00%, 07/01/25 (c)		212,902
	335,000	5.00%, 07/01/25 (c)		383,984
	200,000	Marin Healthcare District, Series A (GO) 4.00%, 08/01/25 (c)		213,158
	345,000	Metropolitan Water District of Southern California, Series A (RB) 5.00%, 07/01/25 (c)		397,578
	530,000	Miracosta Community College District (GO) 4.00%, 08/01/27 (c)		571,255
	100,000	Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		104,766
	110,000	Oakland Unified School District, Series A (GO) 5.00%, 08/01/25 (c)		123,493
	380,000	Oxnard School District (GO) 4.00%, 08/01/27 (c)		403,689
	110,000	Peralta Community College District (GO) 4.00%, 08/01/25 (c)		116,844
	125,000	Port of Los Angeles, Harbor Department, Series B (RB) 5.00%, 08/01/24 (c)		142,399
	250,000	Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/25 (c)		265,708

See Notes to Financial Statements

61

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
$	265,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)	$	302,044
	250,000	Regents of the University of California, Series AR (RB) 4.00%, 05/15/26 (c)		269,275
	370,000	Riverside County Public Financing Authority (RB) 4.13%, 11/01/25 (c)		393,784
	150,000	San Diego County Regional Transportation Commission, Series A (RB) 4.75%, 04/01/24 (c)		167,871
	250,000	San Diego Unified School District, Series G (GO) 4.00%, 07/01/25 (c)		264,175
		San Diego Unified School District, Series I (GO)
	380,000	0.00%, 07/01/25 (c) ^		177,376
	425,000	0.00%, 07/01/25 (c) ^		218,127
	215,000	3.13%, 07/01/27 (c)		211,695
	595,000	4.00%, 07/01/27 (c)		636,483
	230,000	San Francisco Bay Area Rapid Transit District, Series E (GO) 4.00%, 08/01/27 (c)		251,728
	150,000	San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		160,386
	250,000	Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) 3.00%, 05/15/25 (c)		248,423
	250,000	Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c)		300,867
		State of California, Various Purpose (GO)
	105,000	4.00%, 09/01/26 (c)		112,096
	400,000	5.00%, 10/01/24 (c)		451,000
	590,000	5.00%, 09/01/26 (c)		685,781
	240,000	Victor Valley Community College District (GO) 4.00%, 08/01/26 (c)		254,750
	235,000	West Hollywood Public Financing Authority (RB) 4.00%, 04/01/26 (c)		248,646
	250,000	West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c)		272,417
				25,344,010
Colorado: 2.3%
	220,000	Adams and Weld Counties, School District No. 27J (GO) (SAW) 5.00%, 12/01/25 (c)		255,589
	550,000	Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c)		586,899

Principal Amount			Value
Colorado: (continued)
$	230,000	City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c)	$	247,234
	285,000	City and County of Denver, Colorado Certificates of Participation, Series A (CP) 4.00%, 06/01/26 (c)		300,592
	240,000	City of Aurora, Water Revenue, First Lien (RB) 2.00%, 08/01/19 (c)		229,154
	120,000	City of Colorado Springs, Utilities System, Series A (RB) 4.00%, 11/15/25 (c)		126,721
	320,000	Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A (RB) 4.00%, 05/15/28 (c)		338,963
	280,000	Colorado Health Facilities Authority, Children Hospital, Series A (RB) 5.00%, 06/01/26 (c)		318,545
	225,000	Colorado Health Facilities Authority, Vail Valley Center Project (RB) 4.00%, 01/15/26 (c)		233,136
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		270,037
	250,000	5.00%, 12/31/24 (c)		270,840
	110,000	Regional Transportation District, Series A (CP) 5.00%, 06/01/23 (c)		120,898
	230,000	University of Colorado (RB) 4.00%, 06/01/28 (c)		250,955
				3,549,563
Connecticut: 1.0%
	300,000	Connecticut Housing Finance Authority (RB) 4.00%, 05/15/27 (c)		312,468
	100,000	Connecticut Housing Finance Authority, Series A-1 (RB) 3.50%, 05/15/25 (c)		100,768
	15,000	Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c)		15,451
	250,000	Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c)		284,947
	220,000	Metropolitan District, Clean Water Project, Series A (RB) 5.00%, 11/01/24 (c)		245,183
	230,000	State of Connecticut Health and Educational Facilities Authority, Quinnipiac University, Series L (RB) 4.13%, 07/01/25 (c)		241,263
	215,000	State of Connecticut, State Revolving Fund, Series A (RB) 5.00%, 05/01/27 (c)		254,698
				1,454,778

See Notes to Financial Statements

62

Principal Amount			Value
Delaware: 0.1%
$	150,000	County of New Castle (GO) 4.00%, 04/01/27 (c)	$	160,107
District of Columbia: 1.5%
	145,000	District of Columbia (RB) 5.00%, 04/01/27 (c)		169,622
	250,000	District of Columbia, Children’s Hospital Obligated Group (RB) 5.00%, 01/15/26 (c)		279,542
		District of Columbia, Series A (GO)
	310,000	4.00%, 06/01/27 (c)		339,109
	250,000	5.00%, 06/01/27 (c)		295,725
	350,000	District of Columbia, Series D (GO) 5.00%, 12/01/26 (c)		413,826
		District of Columbia, Water and Sewer Authority, Subordinated Lien, Series A (RB)
	230,000	3.25%, 04/01/26 (c)		232,852
	100,000	5.00%, 04/01/26 (c)		115,448
	475,000	Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) 5.00%, 04/01/22 (c)		503,923
				2,350,047
Florida: 4.8%
	345,000	Central Florida Expressway Authority (RB) 4.00%, 07/01/27 (c)		367,194
	250,000	City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c)		292,912
		City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA)
	170,000	3.00%, 07/01/26 (c)		164,589
	200,000	3.25%, 07/01/26 (c)		197,718
	255,000	City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB) 4.00%, 12/01/25 (c)		260,613
	345,000	City of Tampa, Baycare Health System, Series A (RB) 4.00%, 05/15/26 (c)		362,040
	900,000	Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c)		895,230
	805,000	County of Miami-Dade (RB) 4.00%, 10/01/26 (c)		852,865
	500,000	County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/28 (c)		535,420
		County of Miami-Dade, Water and Sewer System (RB)
	360,000	4.00%, 10/01/27 (c)		389,786
	210,000	4.00%, 10/01/27 (c)		224,177
	140,000	County of Miami-Dade, Water and Sewer System, Series B (RB) 3.13%, 10/01/27 (c)		139,506
	125,000	Greater Orlando Aviation Authority (RB) 5.00%, 10/01/26 (c)		144,545

Principal Amount			Value
Florida: (continued)
		Halifax Hospital Medical Center (RB)
$	260,000	3.75%, 06/01/26 (c)	$	263,879
	110,000	5.00%, 06/01/26 (c)		122,169
	140,000	JEA Electric System, Series Three A (RB) 3.75%, 04/01/20 (c)		140,400
	160,000	Miami Beach Redevelopment Agency, Historic Convention Village, Series B (AGM) (TA) 5.00%, 02/01/24 (c)		178,832
	135,000	Miami Beach Redevelopment Agency, Series A (AGM) (TA) 5.00%, 02/01/24 (c)		152,017
		Miami-Dade County Educational Facilities Authority, Series A (RB)
	240,000	4.00%, 04/01/25 (c)		251,806
	465,000	5.00%, 04/01/25 (c)		514,611
	265,000	Orange County Health Facilities Authority (RB) 4.00%, 10/01/26 (c)		275,205
	355,000	Palm Beach County, Public Improvement (RB) 5.00%, 12/01/25 (c)		412,993
	260,000	State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO) 3.25%, 07/01/27 (c)		267,088
				7,405,595
Georgia: 1.5%
	260,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)		267,238
	150,000	County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c)		142,940
	90,000	Dahlonega Downtown Development Authority (RB) 3.13%, 07/01/23 (c)		87,871
	100,000	Forsyth County School District (GO) 5.00%, 02/01/28 (c)		120,386
	350,000	Georgia Higher Education Facilities Authority, USG Real Estate Foundation I, LLC Project (RB) 4.13%, 06/15/25 (c)		372,057
	150,000	Georgia Housing and Finance Authority (RB) 3.55%, 12/01/26 (c)		153,677
	150,000	Georgia Housing and Finance Authority, Series A-1 (RB) 3.20%, 12/01/25 (c)		150,321
		Georgia Housing and Finance Authority, Series B-1 (RB)
	115,000	3.35%, 12/01/25 (c)		115,541
	120,000	3.35%, 12/01/25 (c)		120,564
	335,000	Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c)		408,033

See Notes to Financial Statements

63

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Georgia: (continued)
$	165,000	Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)	$	171,021
	150,000	Private Colleges and Universities Authority, Emory University, Series B (RB) 3.00%, 10/01/24 (c)		146,169
	100,000	State of Georgia, Series A (GO) 3.00%, 02/01/27 (c)		99,973
				2,355,791
Hawaii: 0.1%
	130,000	City and County of Honolulu, Series A (GO) 5.00%, 10/01/25 (c)		149,188
Idaho: 0.1%
	190,000	Idaho Health Facilities Authority, Series A (RB) 5.00%, 03/01/24 (c)		206,281
Illinois: 5.0%
	100,000	Chicago Board of Education (ST) 6.00%, 04/01/27 (c)		115,874
	250,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c)		280,637
		Chicago O’Hare International Airport (RB)
	250,000	5.00%, 01/01/27 (c)		284,270
	150,000	5.00%, 01/01/27 (c)		170,562
		Chicago O’Hare International Airport, Series C (RB)
	165,000	5.00%, 01/01/26 (c)		188,348
	150,000	5.00%, 01/01/27 (c)		172,377
	255,000	Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/27 (c)		291,705
	500,000	Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c)		553,630
	250,000	City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.50%, 01/01/25 (c)		271,952
	510,000	City of Chicago, O’Hare International Airport, Senior Lien, Series D (RB) 5.00%, 01/01/25 (c)		568,670
	350,000	City of Chicago, Series A (GO) 6.00%, 01/01/27 (c)		399,336
		City of Chicago, Water Revenue, Second Lien (RB)
	405,000	5.00%, 11/01/24 (c)		442,337
	250,000	5.00%, 11/01/27 (c)		282,467
		County of Cook (RB)
	150,000	4.00%, 11/15/27 (c)		159,662
	160,000	4.00%, 11/15/27 (c)		168,728
	115,000	County of Will (GO)
		4.00%, 11/15/25 (c)		122,967
	230,000	Illinois Finance Authority, Advocate Health Care Network (RB) 4.13%, 05/01/25 (c)		240,069

Principal Amount			Value
Illinois: (continued)
$	355,000	Illinois Finance Authority, DePaul University, Series A (RB) 3.00%, 10/01/26 (c)	$	340,885
	510,000	Illinois Finance Authority, Mercy Health Corp. (RB) 5.00%, 06/01/26 (c)		558,914
	300,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 4.13%, 11/15/25 (c)		309,201
	140,000	Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/25 (c)		158,292
	370,000	Illinois State Toll Highway Authority (RB) 5.00%, 01/01/26 (c)		419,480
	165,000	Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c)		171,790
		State of Illinois, Series A (GO)
	630,000	5.00%, 05/01/28 (c)		670,931
	250,000	5.00%, 05/01/28 (c)		266,648
				7,609,732
Indiana: 0.8%
	240,000	Indiana Finance Authority, Stadium Project, Series A (RB) 5.25%, 08/01/25 (c)		282,319
	190,000	Indiana Municipal Power Agency, Series A (RB) 5.00%, 07/01/26 (c)		217,335
	120,000	Richmond Hospital Authority, Reid Hospital Project, Series A (RB) 5.00%, 01/01/25 (c)		131,956
	515,000	Trustees of Indiana University, Series A (RB) 4.00%, 06/01/25 (c)		545,812
				1,177,422
Iowa: 0.4%
		Iowa Higher Education Loan Authority (RB)
	300,000	5.00%, 12/01/26 (c)		350,127
	250,000	5.00%, 12/01/26 (c)		292,727
				642,854
Kansas: 0.8%
	200,000	Johnson and Miami Counties Unified School District No. 230 Spring Hills (GO) 4.00%, 09/01/26 (c)		214,414
	180,000	Johnson County, Series A (GO) 4.00%, 09/01/27 (c)		196,135
		Sedgwick County Unified School District No. 260 (GO)
	150,000	4.00%, 10/01/26 (c)		160,329
	300,000	5.00%, 10/01/26 (c)		342,810
	225,000	Shawnee County Unified School District No. 501 (GO) 4.00%, 08/01/22 (c)		231,077
	125,000	State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) 5.00%, 09/01/27 (c)		149,080
				1,293,845

See Notes to Financial Statements

64

Principal Amount			Value
Kentucky: 1.1%
$	500,000	Commonwealth of Kentucky, Certificates of Participation, Series A (CP) 4.00%, 04/15/28 (c)	$	517,415
	600,000	Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		622,452
		Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)
	225,000	3.00%, 11/15/25 (c)		212,497
	235,000	3.25%, 11/15/26 (c)		232,380
	140,000	University of Kentucky, Series A (RB) 3.25%, 04/01/25 (c)		140,958
				1,725,702
Louisiana: 1.8%
	235,000	East Baton Rouge Sewerage Commission, Series B (RB) 4.00%, 02/01/25 (c)		246,851
	140,000	Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Commission Project, Series A (RB) 5.00%, 02/01/24 (c)		154,689
	230,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c)		238,204
		Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB)
	315,000	5.00%, 07/01/26 (c)		344,270
	340,000	5.00%, 07/01/26 (c)		373,735
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB)
	230,000	4.00%, 05/15/27 (c)		237,530
	280,000	4.25%, 05/15/25 (c)		293,695
	240,000	New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c)		273,233
	500,000	State of Louisiana, Gasoline and Fuels Tax Revenue, Series A (RB) 4.50%, 05/01/25 (c)		542,745
				2,704,952
Maine: 0.2%
	250,000	Maine Municipal Bond Bank, Series C (RB) 5.00%, 11/01/27 (c)		297,947
Maryland: 1.5%
	190,000	City of Baltimore, Water Projects, Series A (RB) 5.00%, 01/01/25 (c)		214,003
	250,000	County of Baltimore (GO) 4.00%, 03/01/28 (c)		272,000

Principal Amount			Value
Maryland: (continued)
$	115,000	Maryland Health and Higher Educational Facilities Authority (RB) 4.00%, 07/01/24 (c)	$	119,675
	270,000	Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 4.00%, 07/01/26 (c)		277,109
		Maryland Health and Higher Educational Facilities Authority, Series A (RB)
	260,000	4.00%, 05/15/27 (c)		273,554
	220,000	5.00%, 07/01/26 (c)		248,904
	150,000	Maryland Health and Higher Educational Facilities Authority, Series D (RB) 4.00%, 01/01/28 (c)		157,698
	100,000	Prince George’s County (CP) 3.25%, 10/01/27 (c)		100,125
	270,000	Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c)		288,031
	390,000	Washington Suburban Sanitary District (GO) 4.00%, 06/01/24 (c)		412,776
				2,363,875
Massachusetts: 4.6%
	175,000	Boston Water and Sewer Commission, Series A (RB) 3.63%, 11/01/24 (c)		178,722
	160,000	Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c)		153,626
	275,000	Commonwealth of Massachusetts (GO) 5.00%, 04/01/27 (c)		320,510
	315,000	Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c)		371,546
	430,000	Commonwealth of Massachusetts, Series A (GO) 5.00%, 03/01/24 (c)		481,510
		Commonwealth of Massachusetts, Series E (GO)
	120,000	3.00%, 04/01/25 (c)		113,819
	275,000	3.25%, 09/01/25 (c)		275,550
	440,000	4.00%, 04/01/25 (c)		466,088
	375,000	4.00%, 09/01/25 (c)		399,337
	295,000	4.00%, 09/01/25 (c)		314,432
	245,000	Commonwealth of Massachusetts, Series G (GO) 3.00%, 09/01/26 (c)		230,266
	230,000	Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c)		246,284
	100,000	Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c)		117,170

See Notes to Financial Statements

65

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Massachusetts: (continued)
$	250,000	Massachusetts Development Finance Agency (RB) 4.00%, 10/01/27 (c)	$	268,340
	250,000	Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 4.00%, 07/01/26 (c)		257,108
	200,000	Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		216,714
		Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB)
	200,000	5.00%, 12/01/26 (c)		228,092
	290,000	5.00%, 12/01/26 (c)		336,229
	300,000	Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB) 5.00%, 08/15/25 (c)		331,083
	280,000	Massachusetts Development Finance Agency, Series D (RB) 5.00%, 07/01/25 (c)		305,897
	250,000	Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c)		258,435
	565,000	Massachusetts School Building Authority, Series C (RB) 5.00%, 08/15/25 (c)		653,259
	290,000	Massachusetts Water Resources Authority, Series C (RB) 4.00%, 08/01/26 (c)		314,319
	150,000	Massachusetts Water Resources Authority, Series D (RB) 3.00%, 08/01/26 (c)		146,060
				6,984,396
Michigan: 2.2%
	250,000	Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) 5.00%, 07/01/26 (c)		286,642
	390,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		440,345
	220,000	Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		251,757
		Michigan Finance Authority (RB)
	150,000	4.00%, 06/01/27 (c)		158,475
	500,000	5.00%, 06/01/22 (c)		540,340
		Michigan Finance Authority, Henry Ford Health System (RB)
	225,000	4.00%, 11/15/26 (c)		234,362
	110,000	4.00%, 11/15/26 (c)		116,749
	410,000	Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/25 (c)		434,481

Principal Amount			Value
Michigan: (continued)
$	100,000	Michigan State Housing Development Authority, Series A (RB) 3.70%, 12/01/25 (c)	$	102,923
	500,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c)		521,035
	190,000	Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c)		220,845
				3,307,954
Minnesota: 0.1%
	125,000	City of Apple Valley, Minnesota Senior Living LLC Project, Series A (RB) 4.50%, 01/01/22 (c)		127,971
Mississippi: 0.2%
	230,000	State of Mississippi (GO) 4.00%, 10/01/27 (c)		253,363
Missouri: 0.6%
	130,000	Health and Educational Facilities Authority of the State of Missouri, Series A (RB) 5.00%, 10/01/25 (c)		148,278
	235,000	Health and Educational Facilities Authority of the State of Missouri, Series C (RB) 4.00%, 11/15/27 (c)		250,682
	250,000	Health and Educational Facilities Authority of the State of Missouri, Series F (RB) 4.00%, 11/15/24 (c)		260,093
	315,000	Health and Educational Facilities Authority, Series C (RB) 4.00%, 07/01/26 (c) (p)		331,897
				990,950
Montana: 0.1%
	165,000	Gallatin County High School District No. 7, Series A (GO) 4.00%, 06/01/27 (c)		179,868
Nebraska: 0.9%
	475,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/37		588,625
	505,000	Nebraska Public Power District, Series A-2 (RB) 5.00%, 01/01/22 (c)		540,340
	210,000	Sarpy County Hospital Authority No. 1 (RB) 3.00%, 05/15/26 (c)		195,481
				1,324,446
Nevada: 0.6%
	390,000	Carson City, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		431,613
	200,000	Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c)		209,322
	100,000	Las Vegas Redevelopment Agency (TA) 5.00%, 06/15/26 (c)		110,804

See Notes to Financial Statements

66

Principal Amount			Value
Nevada: (continued)
$	135,000	Las Vegas Valley Water District, Series A (GO) 4.00%, 02/01/27 (c)	$	145,022
				896,761
New Hampshire: 0.3%
	265,000	New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c)		285,503
	200,000	New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c)		214,834
				500,337
New Jersey: 3.1%
		Atlantic County Improvement Authority, Series A (RB) (AGM)
	140,000	3.25%, 07/01/26 (c)		139,087
	165,000	4.00%, 07/01/26 (c)		173,229
	320,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c)		351,712
		New Jersey Health Care Facilities Financing Authority, Series A (RB)
	160,000	4.00%, 07/01/27 (c)		173,280
	130,000	5.00%, 07/01/24 (c)		145,743
	235,000	New Jersey Transportation Trust Fund Authority, Series A (RB) 5.00%, 12/15/28 (c)		262,239
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	910,000	4.50%, 12/15/28 (c)		949,203
	485,000	4.75%, 06/15/25 (c)		512,499
	100,000	5.00%, 06/15/24 (c)		106,264
	380,000	New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c)		407,170
	100,000	New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c)		117,519
	215,000	New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c)		241,267
	210,000	New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c)		224,519
		Rutgers, State University of New Jersey, Series M (RB)
	290,000	3.13%, 05/01/21 (c)		290,618
	125,000	3.13%, 05/01/21 (c)		125,130
	500,000	Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		522,240
				4,741,719
New York: 15.5%
		Brooklyn Arena Local Development Corp., Series A (RB) (AGM)
	110,000	3.00%, 01/15/27 (c)		105,613
	140,000	3.00%, 01/15/27 (c)		140,143

Principal Amount			Value
New York: (continued)
		Build NYC Resource Corp., New York Law School Project (RB)
$	240,000	4.00%, 01/01/26 (c)	$	240,130
	500,000	5.00%, 01/01/26 (c)		540,200
		City of New York, Series B-1 (GO)
	200,000	5.00%, 10/01/27 (c)		237,138
	100,000	5.00%, 10/01/27 (c)		119,237
	125,000	County of Nassau, Series C (GO) 5.00%, 04/01/26 (c)		141,115
	115,000	Dutchess County Local Development Corp. (RB) 5.00%, 07/01/25 (c)		130,025
	255,000	Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		286,867
		Hudson Yards Infrastructure Corp., Series A (RB)
	500,000	4.00%, 02/15/27 (c)		534,330
	1,160,000	5.00%, 02/15/27 (c)		1,352,920
	215,000	Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c)		216,503
	300,000	Long Island Power Authority (RB) 5.00%, 09/01/27 (c)		347,481
	250,000	Metropolitan Transportation Authority (RB) 4.00%, 05/15/28 (c)		266,133
		Metropolitan Transportation Authority, Series A (RB)
	300,000	5.00%, 05/15/25 (c)		335,913
	715,000	5.00%, 11/15/28 (c)		840,590
	285,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		327,704
		Metropolitan Transportation Authority, Series B (RB)
	130,000	5.00%, 05/15/24 (c)		143,345
	155,000	5.25%, 05/15/25 (c)		174,318
		Metropolitan Transportation Authority, Series C-1 (RB)
	225,000	5.00%, 11/15/26 (c)		258,377
	250,000	5.25%, 11/15/26 (c)		288,780
	250,000	Metropolitan Transportation Authority, Series D-1 (RB) 5.25%, 11/15/24 (c)		285,750
		MTA Hudson Rail Yards Trust, Series A (RB)
	500,000	5.00%, 11/15/19 (c)		508,090
	145,000	5.00%, 11/15/23 (c)		158,320
	255,000	New York City Housing Development Corp., Series D (RB) 3.65%, 02/01/25 (c)		259,118
		New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB)
	400,000	3.45%, 11/01/25 (c)		408,832
	250,000	3.75%, 11/01/25 (c)		254,028

See Notes to Financial Statements

67

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New York: (continued)
$	215,000	New York City Municipal Water Finance Authority, Series A (RB) 3.00%, 06/15/26 (c)	$	215,811
	375,000	New York City Municipal Water Finance Authority, Series BB-2 (RB) 5.00%, 06/15/25 (c)		427,335
	190,000	New York City Municipal Water Finance Authority, Series CC-1 (RB) 4.00%, 12/15/26 (c)		206,152
	400,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) 5.00%, 06/15/24 (c)		451,728
	105,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 4.00%, 06/15/24 (c)		110,073
	120,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 5.00%, 06/15/24 (c)		136,676
		New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)
	175,000	4.00%, 06/15/27 (c)		189,901
	375,000	5.00%, 06/15/24 (c)		426,919
	205,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) 5.00%, 06/15/25 (c)		234,922
	235,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 4.00%, 01/15/26 (c)		250,759
	250,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-3 (RB) (SAW) 5.00%, 07/15/28 (c)		301,207
		New York City Transitional Finance Authority, Future Tax Secured Revenue (RB)
	315,000	4.00%, 05/01/26 (c)		337,050
	400,000	4.00%, 08/01/27 (c)		431,744
	250,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A-1 (RB) 5.00%, 08/01/25 (c)		288,852
	500,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A-3 (RB) 5.00%, 08/01/27 (c)		587,220
	500,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series B-1 (RB) 5.00%, 08/01/24 (c)		567,860
	285,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-1 (RB) 5.00%, 05/01/27 (c)		332,378

Principal Amount			Value
New York: (continued)
		New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-3 (RB)
$	175,000	3.00%, 02/01/26 (c)	$	173,959
	245,000	3.00%, 02/01/26 (c)		245,115
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	260,000	5.00%, 08/01/28 (c)		309,098
	170,000	5.00%, 08/01/28 (c)		205,406
	230,000	New York Convention Center Development Corp., Series A (RB) 0.00%, 11/15/47 ^		82,059
		New York State Dormitory Authority (RB)
	200,000	4.00%, 07/01/26 (c)		213,712
	375,000	4.00%, 07/01/26 (c)		401,490
	800,000	4.00%, 03/15/27 (c)		853,088
	205,000	4.00%, 07/01/27 (c)		222,519
	550,000	5.00%, 03/15/24 (c)		622,418
	420,000	5.00%, 01/01/27 (c)		480,686
	150,000	5.00%, 03/15/27 (c)		174,717
	390,000	5.00%, 07/01/28 (c)		467,602
	235,000	5.00%, 07/01/28 (c)		282,407
	160,000	New York State Dormitory Authority, New York University, Series A (RB) 2.13%, 07/01/21 (c)		158,470
		New York State Dormitory Authority, Series A (RB)
	250,000	4.00%, 03/15/27 (c)		267,528
	155,000	5.00%, 03/15/24 (c)		175,255
	600,000	5.00%, 07/01/28 (c)		722,886
	150,000	New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/24 (c)		168,519
	250,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 08/15/26 (c)		289,332
	225,000	New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c)		231,075
	195,000	New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c)		199,304
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	115,000	5.00%, 09/15/25 (c)		132,588
	500,000	5.00%, 09/15/28 (c)		595,265
	450,000	Port Authority of New York and New Jersey, Series 194 (RB) 5.00%, 10/15/25 (c)		521,671
	190,000	State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c)		192,018
	300,000	Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		348,345

See Notes to Financial Statements

68

Principal Amount			Value
New York: (continued)
$	130,000	Triborough Bridge and Tunnel Authority, Series B-3 (RB) 5.00%, 11/15/25 (c)	$	151,021
	160,000	Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c)		187,286
	310,000	Westchester County Local Development Corp., Medical Center (RB) 3.75%, 11/01/25 (c)		312,629
				23,785,055
North Carolina: 0.9%
	100,000	North Carolina Agricultural & Technical State University (RB) 5.00%, 10/01/25 (c)		113,759
	265,000	North Carolina Capital Facilities Finance Agency (RB) 5.00%, 10/01/25 (c)		301,461
		North Carolina Housing Finance Agency (RB)
	150,000	3.85%, 07/01/27 (c)		155,895
	350,000	4.00%, 07/01/27 (c)		363,170
	350,000	North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		372,431
				1,306,716
Ohio: 2.3%
		American Municipal Power, Inc., Series A (RB)
	190,000	4.00%, 02/15/26 (c)		196,804
	220,000	5.00%, 02/15/26 (c)		248,114
	240,000	City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c)		247,865
	100,000	City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c)		114,655
	100,000	Clermont County Port Authority, West Clermont Local School District Project (RB) 4.25%, 12/01/25 (c)		104,723
	375,000	Columbus City School District (GO) 5.00%, 12/01/26 (c)		434,227
	150,000	County of Allen, Mercy Health, Series A (RB) 5.00%, 11/01/24 (c)		163,947
	260,000	County of Franklin (RB) 5.00%, 06/01/27 (c)		298,657
	150,000	Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c)		155,751
	250,000	Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		261,655
	190,000	North Royalton City School District (GO) 5.00%, 06/01/25 (c)		216,005
	565,000	Northeast Ohio Regional Sewer District (RB) 5.00%, 11/15/24 (c)		639,151

Principal Amount			Value
Ohio: (continued)
$	210,000	Ohio Housing Finance Agency, Series D (RB) 3.63%, 09/01/26 (c)	$	214,521
	250,000	State of Ohio, Higher Education, Series A (GO) 5.00%, 02/01/26 (c)		290,062
				3,586,137
Oklahoma: 0.5%
	250,000	Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c)		265,015
	350,000	Oklahoma Turnpike Authority (RB) 4.00%, 01/01/26 (c)		369,645
	100,000	University of Oklahoma, Series C (RB) 4.00%, 07/01/25 (c)		106,160
				740,820
Oregon: 0.9%
	335,000	City of Portland, Sewer System Revenue, Series B (RB) 4.00%, 10/01/24 (c)		353,361
	190,000	Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		204,138
	295,000	Multnomah County School District No. 1J, Series B (GO) (SBG) 3.25%, 06/15/27 (c)		297,956
	175,000	North Clackamas School District No. 12, Series A (GO) (SBG) 0.00%, 06/15/27 (c) ^		79,111
	170,000	Oregon Health and Science University, Series B (RB) 4.00%, 07/01/26 (c)		180,154
	240,000	Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c)		249,415
				1,364,135
Pennsylvania: 4.6%
	200,000	Berks County Industrial Development Authority (RB) 5.00%, 11/01/27 (c)		224,970
	180,000	Chester County Health and Education Facilities Authority, Series A (RB) 4.00%, 10/01/27 (c)		190,508
	140,000	Delaware County Authority, Series A (RB) 3.75%, 04/01/27 (c)		144,964
	230,000	Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c)		244,246
		Montgomery County Higher Education and Health Authority (RB)
	145,000	5.00%, 12/01/24 (c)		154,193
	110,000	5.00%, 09/01/28 (c)		127,529
	150,000	Montgomery County Industrial Development Authority (RB) 5.00%, 11/15/26 (c)		168,363
	115,000	Pennsylvania Higher Educational Facilities Authority (RB) 4.00%, 08/15/25 (c)		120,354

See Notes to Financial Statements

69

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Pennsylvania: (continued)
		Pennsylvania Housing Finance Agency (RB)
$	195,000	3.20%, 10/01/25 (c)	$	189,916
	250,000	3.65%, 04/01/27 (c)		256,543
	250,000	3.90%, 10/01/26 (c)		259,298
	455,000	4.00%, 10/01/26 (c)		469,979
		Pennsylvania Turnpike Commission (RB) (AGM)
	125,000	4.00%, 12/01/26 (c)		133,981
	115,000	5.00%, 12/01/24 (c)		128,170
	150,000	5.00%, 12/01/27 (c)		173,342
	155,000	5.00%, 12/01/27 (c)		177,039
	650,000	Pennsylvania Turnpike Commission, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		756,431
		Pennsylvania Turnpike Commission, Series B (RB)
	230,000	5.00%, 12/01/25 (c)		259,493
	100,000	5.00%, 12/01/25 (c)		114,211
	125,000	5.00%, 12/01/25 (c)		138,811
	205,000	5.00%, 12/01/25 (c)		232,199
	250,000	Pennsylvania Turnpike Commission, Third Series (RB) 4.00%, 12/01/27 (c)		266,430
		Philadelphia Authority for Industrial Development (RB)
	330,000	5.00%, 07/01/24 (c)		365,742
	100,000	5.00%, 04/01/25 (c)		111,818
	305,000	Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c)		348,295
	100,000	School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		113,203
	220,000	State College Area School District (GO) (SAW) 5.00%, 03/15/25 (c)		249,676
	145,000	West View Municipal Authority Water Revenue (RB) 4.00%, 11/15/24 (c)		152,407
	710,000	Westmoreland County Municipal Authority (RB) 5.00%, 08/15/27 (c)		839,227
				7,111,338
Rhode Island: 0.2%
	310,000	Rhode Island Health and Educational Building Corp., Brown University Issue, Series A (RB) 4.00%, 09/01/27 (c)		335,150
South Carolina: 1.0%
	100,000	Brookland-Cayce School District No. 2, Lexington County (GO) 3.00%, 03/01/26 (c)		97,519
	195,000	Greenville Health System, Series B (RB) 5.00%, 05/01/24 (c)		215,151
	100,000	Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c)		98,092

Principal Amount			Value
South Carolina: (continued)
		South Carolina Public Service Authority, Series A (RB)
$	125,000	4.00%, 06/01/25 (c)	$	129,234
	205,000	5.00%, 06/01/25 (c)		226,855
	125,000	5.50%, 06/01/24 (c)		138,873
		South Carolina Public Service Authority, Series C (RB)
	120,000	4.00%, 12/01/24 (c)		123,760
	200,000	5.00%, 12/01/24 (c)		220,294
	185,000	South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/25 (c)		207,814
				1,457,592
Tennessee: 1.3%
		Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB)
	250,000	5.00%, 10/01/24 (c)		272,740
	375,000	5.00%, 10/01/24 (c)		407,539
	230,000	County of Sullivan (GO) 4.00%, 05/01/26 (c)		242,724
	125,000	Metropolitan Nashville Airport Authority, Series A (RB) 5.00%, 07/01/25 (c)		140,660
	250,000	Sullivan County (GO) 3.75%, 05/01/26 (c)		254,833
	585,000	Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB) 5.00%, 11/01/25 (c)		663,367
				1,981,863
Texas: 10.8%
	190,000	Aldine Independent School District (GO) 3.13%, 02/15/25 (c)		188,702
	350,000	Alvin Independent School District (GO) 3.38%, 02/15/28 (c)		356,513
	55,000	Bexar County, Combined Venue Tax (RB) (AGM) 3.75%, 08/15/24 (c)		56,394
	650,000	Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		692,042
	250,000	Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c)		281,007
	250,000	Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) 5.00%, 07/01/25 (c)		279,180
	175,000	Central Texas Turnpike System, Series B (RB) 5.00%, 08/15/24 (c)		195,935
	145,000	City of Arlington, Senior Lien Special Tax (AGM) (ST) 4.00%, 02/15/28 (c)		154,460
	250,000	City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		288,620
	110,000	City of Austin, Water and Wastewater System (RB) 5.00%, 05/15/24 (c)		124,144

See Notes to Financial Statements

70

Principal Amount			Value
Texas: (continued)
$	260,000	City of Corpus Christi, Utility System, Series C (RB) 5.00%, 07/15/25 (c)	$	292,170
	190,000	City of Dallas (GO) (AGM) 3.25%, 02/15/27 (c)		192,426
	200,000	City of Dallas, Waterworks and Sewer System, Series A (RB) 4.00%, 10/01/26 (c)		217,148
	280,000	City of Denton (GO) 4.00%, 02/15/27 (c)		298,827
	285,000	City of El Paso (GO) 4.00%, 08/15/26 (c)		301,020
	440,000	City of Houston, Combined Utility System, First Lien, Series B (RB) 4.00%, 11/15/26 (c)		473,352
	220,000	City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c)		262,458
	265,000	Cleburne Independent School District (GO) 5.00%, 02/15/26 (c)		303,722
		Collin County Community College District (GO)
	150,000	3.50%, 08/15/22 (c)		151,553
	300,000	3.50%, 08/15/24 (c)		305,817
	250,000	Coppell Independent School District (GO) 4.00%, 08/15/28 (c)		268,760
	220,000	County of Bexar (GO) 4.00%, 06/15/26 (c)		234,575
		Dallas Area Rapid Transit, Senior Lien, Series A (RB)
	220,000	5.00%, 12/01/25 (c)		250,760
	175,000	5.00%, 12/01/25 (c)		201,166
	1,020,000	Frisco Independent School District (GO) 4.00%, 02/15/27 (c)		1,093,919
	640,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		750,566
	185,000	Harris County Cultural Education Facilities Finance Corp. (RB) 4.00%, 11/15/27 (c)		200,085
	150,000	Harris County Toll Road Authority (RB) 4.00%, 02/15/28 (c)		162,411
	340,000	Harris County, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c)		392,272
	215,000	Keller Independent School District (GO) 4.00%, 08/15/25 (c)		227,943
		Klein Independent School District (GO)
	305,000	4.00%, 08/01/25 (c)		322,495
	200,000	4.00%, 08/01/26 (c)		212,722
		Leander Independent School District, Series A (GO)
	125,000	0.00%, 08/16/26 (c) ^		46,744
	1,460,000	0.00%, 08/16/26 (c) ^		595,227
	300,000	2.25%, 08/15/19 (c)		296,985
	100,000	Leander Independent School District, Series D (GO) 0.00%, 08/15/24 (c) ^		44,020

Principal Amount			Value
Texas: (continued)
		New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB)
$	300,000	5.00%, 07/01/26 (c)	$	333,999
	520,000	5.00%, 07/01/26 (c)		582,499
		North Texas Tollway Authority (RB)
	290,000	4.00%, 01/01/26 (c)		305,709
	345,000	5.00%, 01/01/23 (c)		376,695
	160,000	Regents of the University of Texas, Series B (RB) 4.00%, 02/15/26 (c)		172,517
	145,000	San Jacinto College District, Series B (GO) 3.38%, 02/15/26 (c)		146,946
	450,000	State of Texas (GO) 5.00%, 10/01/24 (c)		510,808
	325,000	State of Texas, Series D (GO) 4.00%, 05/15/25 (c)		343,291
	115,000	Tarrant County Cultural Education Facilities Finance Corp. (RB) 4.00%, 05/15/26 (c)		120,511
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
	360,000	2.25%, 02/15/20 (c)		351,216
	220,000	4.00%, 08/15/26 (c)		231,733
		Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
	150,000	5.00%, 08/15/24 (c)		165,092
	290,000	5.00%, 08/15/24 (c)		321,363
		Texas Water Development Board (RB)
	400,000	4.00%, 10/15/26 (c)		437,228
	325,000	4.00%, 04/15/28 (c)		350,867
	265,000	5.00%, 10/15/25 (c)		305,158
	340,000	5.00%, 04/15/28 (c)		402,383
	150,000	University of Houston (RB) 4.00%, 02/15/26 (c)		160,208
	215,000	University of Texas, Series B (RB) 2.50%, 08/15/21 (c)		213,205
				16,547,568
Utah: 0.5%
		Utah County, IHC Health Services, Inc., Series B (RB)
	210,000	3.00%, 05/15/26 (c)		199,000
	350,000	4.00%, 05/15/24 (c)		365,620
	220,000	Utah Transit Authority, Subordinated Sales Tax, Series A (RB) 5.00%, 06/15/25 (c)		253,110
				817,730
Vermont: 0.2%
	220,000	Vermont Educational and Health Buildings Financing Agency, Series B (RB) 5.00%, 06/01/26 (c)		251,029
Virginia: 1.0%
	260,000	Chesapeake Bay Bridge and Tunnel District (RB) (AGM) 5.00%, 07/01/26 (c)		300,695

See Notes to Financial Statements

71

VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Virginia: (continued)
$	250,000	Fairfax County Industrial Development Authority (RB) 4.00%, 05/15/28 (c)	$	267,378
	250,000	Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c)		267,588
		Virginia Commonwealth Transportation Board (RB)
	105,000	3.00%, 05/15/26 (c)		104,273
	250,000	3.00%, 05/15/27 (c)		251,308
	150,000	3.25%, 05/15/28 (c)		152,873
	195,000	Virginia Small Business Financing Authority, Hampton University (RB) 4.00%, 10/01/24 (c)		201,076
				1,545,191
Washington: 2.4%
		Central Puget Sound Regional Transit Authority, Series S-1 (RB)
	210,000	5.00%, 11/01/25 (c)		239,843
	245,000	5.00%, 11/01/25 (c)		283,761
	450,000	City of Seattle, Municipal Light and Power Revenue, Series A (RB) 4.00%, 01/01/28 (c)		481,986
	230,000	City of Seattle, Series C (RB) 4.00%, 09/01/27 (c)		248,027
	290,000	King County Housing Authority (RB) 3.50%, 05/01/28 (c)		302,038
	340,000	State of Washington, Series A (GO) 5.00%, 08/01/26 (c)		395,202
	200,000	State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/27 (c)		236,828
	195,000	Tacoma School District No. 10 (GO) (SBG) 5.25%, 12/01/24 (c)		227,399
	475,000	University of Washington, Series A (RB) 4.00%, 12/01/26 (c)		509,323
	435,000	Washington Health Care Facilities Authority, MultiCare Health System, Series A (RB) 5.00%, 08/15/25 (c)		484,794
	205,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		207,874
				3,617,075
West Virginia: 0.2%
		West Virginia Hospital Finance Authority, Series A (RB)
	110,000	3.00%, 06/01/26 (c)		105,735
	160,000	3.25%, 06/01/26 (c)		155,667
				261,402

Principal Amount			Value
Wisconsin: 1.5%
$	240,000	State of Wisconsin (GO) 5.00%, 05/01/25 (c)	$	276,334
	250,000	Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c)		288,430
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	275,000	4.00%, 05/15/26 (c)		288,758
	410,000	4.50%, 05/15/26 (c)		453,058
	205,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c)		217,823
	225,000	Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c)		221,508
		Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)
	115,000	4.00%, 02/15/27 (c)		116,615
	105,000	4.00%, 02/15/27 (c)		107,511
	250,000	Wisconsin Housing and Economic Development Authority, Series D (RB) 3.30%, 09/01/25 (c)		252,403
				2,222,440
Wyoming: 0.2%
	90,000	Wyoming Community Development Authority (RB) 3.70%, 06/01/24 (c)		91,427
	160,000	Wyoming Municipal Power Agency, Inc., Series A (RB) 5.00%, 01/01/27 (c)		181,501
				272,928
Total Municipal Bonds (Cost: $147,707,864)				151,048,470
Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $437,205)
	437,205	Dreyfus Government Cash Management Fund – Institutional Shares		437,205
Total Investments: 99.0% (Cost: $148,145,069)				151,485,675
Other assets less liabilities: 1.0%				1,515,917
NET ASSETS: 100.0%			$	153,001,592

See Notes to Financial Statements

72

Definitions:
AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments By Sector	% of Investments			Value
Education		10.1	%	$	15,251,594
Health Care		18.4			27,851,897
Housing		4.3			6,580,589
Industrial Revenue		0.5			697,936
Leasing		4.8			7,295,005
Local		13.5			20,449,189
Power		4.8			7,262,166
Special Tax		12.4			18,829,458
State		5.8			8,755,861
Tobacco		0.8			1,197,310
Transportation		13.0			19,727,834
Water & Sewer		11.3			17,149,631
Money Market Fund		0.3			437,205
		100.0	%	$	151,485,675

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Municipal Bonds*		$	—		$	151,048,470		$	—	$	151,048,470
Money Market Fund			437,205			—			—		437,205
Total		$	437,205		$	151,048,470		$	—	$	151,485,675

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

73

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.9%
$	250,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22	$	277,413
	125,000	Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23		142,589
	325,000	Alabama Public School and College Authority, Series A (RB) 5.00%, 02/01/22		354,578
		Alabama Public School and College Authority, Series B (RB)
	285,000	5.00%, 01/01/21		300,795
	25,000	5.00%, 01/01/23		27,986
		Black Belt Energy Gas District, Series A (RB) (SAW)
	400,000	4.00%, 09/01/23 (c) (p)		427,132
	860,000	5.00%, 12/01/23		952,132
	375,000	Jefferson County (RB) 5.00%, 09/15/22		412,687
	250,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 03/01/24 (c) (p)		270,125
	105,000	State of Alabama, Series A (GO) 5.00%, 08/01/20		109,429
	450,000	UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/23		510,088
				3,784,954
Alaska: 0.5%
	750,000	Alaska Municipal Bond Bank Authority, Series 3 (RB) 4.00%, 12/01/21		792,810
	125,000	Alaska Railroad Corp., Series B (RB) 5.00%, 08/01/23		140,196
				933,006
Arizona: 1.9%
	15,000	Arizona Health Facilities, Banner Health, Series A (RB) 5.00%, 01/01/23		16,718
	95,000	Arizona School Facilities Board, Series A (CP) 5.00%, 09/01/20		99,221
	225,000	Board of Regents of Arizona, University Projects, Series A (CP) 5.00%, 06/01/22		247,169
	250,000	City of Chandler (GO) 4.00%, 07/01/21		262,845
	300,000	City of Glendale, Water and Sewer Revenue, Senior Lien (RB) 5.00%, 07/01/20		311,673
	225,000	City of Phoenix (GO) 4.00%, 07/01/20		231,305
	125,000	City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23		141,853

Principal Amount			Value
Arizona: (continued)
$	870,000	City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series B (RB) 5.00%, 07/01/23	$	988,042
	200,000	City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) 5.00%, 07/01/24		232,644
	250,000	City of Phoenix Civic Improvement Corp., Series D (RB) 5.00%, 07/01/23		283,057
	250,000	City of Tucson, Water System Revenue (RB) 5.00%, 07/01/21		267,975
	50,000	Maricopa County High School District No. 210 (GO) 5.00%, 07/01/22		55,169
	250,000	Maricopa County Industrial Development Authority, Series A (RB) 5.00%, 01/01/21		263,345
		Pima County (GO)
	15,000	4.00%, 07/01/22		16,100
	310,000	4.00%, 07/01/23		338,973
	105,000	State of Arizona, Certificates of Participation (CP) 5.00%, 10/01/21		113,219
				3,869,308
California: 12.8%
	100,000	ABAG Finance Authority for Nonprofit Corporations, Series A (RB) 5.00%, 08/01/21		107,922
	250,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		283,535
	475,000	Bay Area Toll Authority, Series G (RB) 2.00%, 10/01/23 (c) (p)		478,320
	500,000	Bay Area Toll Authority, Toll Bridge Revenue, Series E (RB) 2.00%, 10/01/20 (c) (p)		501,040
	500,000	California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/18/22 (p)		554,935
	100,000	California Infrastructure and Economic Development Bank, Clean Water State (RB) 5.00%, 10/01/24		118,633
	325,000	California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/22		351,565
	360,000	California State Department of Water Resources, Central Valley Project (RB) 5.00%, 12/01/21		393,322
	720,000	California State Department of Water Resources, Power Supply Revenue, Series O (RB) 5.00%, 05/01/21		771,322

See Notes to Financial Statements

74

Principal Amount			Value
California: (continued)
$	85,000	California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB) 5.00%, 09/01/20	$	88,834
	1,215,000	California State Public Works Board, Series D (RB) 5.00%, 09/01/23		1,384,322
	450,000	California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/22		500,058
	320,000	California State University, Series A (RB) 5.00%, 11/01/21		347,862
	70,000	California State University, Series B-2 (RB) 4.00%, 05/01/21 (c) (p)		73,270
		California State, Various Purpose (GO)
	600,000	5.00%, 09/01/23		684,426
	250,000	5.00%, 10/01/23		285,802
	100,000	City and County of San Francisco, Series B (CP) 5.00%, 04/01/25		119,822
	250,000	City and County of San Francisco, Series R-1 (GO) 5.00%, 06/15/21		268,703
	275,000	City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/21		297,877
	150,000	City of Los Angeles, Department of Airports, Series C (RB) 4.00%, 05/15/20		154,107
	500,000	Contra Costa Transportation Authority Sales Tax, Series A (RB) 5.00%, 03/01/21		532,410
	285,000	Department of Airports of the City of Los Angeles, Series C (RB) 5.00%, 05/15/22		316,270
	275,000	Elk Grove Unified School District (GO) 5.00%, 08/01/21		296,656
	500,000	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/22		549,425
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	700,000	5.00%, 06/01/21		744,793
	1,000,000	5.00%, 06/01/23		1,112,000
	250,000	Los Angeles Community College District, Series A (GO) 5.00%, 08/01/20		261,180
	500,000	Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23		532,885
		Los Angeles Department of Water and Power, Series A (RB)
	35,000	5.00%, 07/01/21		37,672
	250,000	5.00%, 07/01/23		286,420
	115,000	Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/20		119,787

Principal Amount			Value
California: (continued)
$	200,000	Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/22	$	222,048
		Los Angeles Unified School District, Series A (GO)
	10,000	4.00%, 07/01/21		10,501
	60,000	5.00%, 07/01/21		64,274
	750,000	5.00%, 07/01/24		870,802
	130,000	Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23		147,414
		Los Angeles Unified School District, Series C (GO)
	335,000	5.00%, 07/01/20		348,511
	140,000	5.00%, 07/01/21		149,974
	35,000	Metropolitan Water District of Southern California, Series E (RB) 5.00%, 07/01/21		37,688
	1,000,000	Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,081,820
		Oakland Unified School District (GO) (AGM)
	515,000	5.00%, 08/01/21		555,798
	430,000	5.00%, 08/01/23		485,083
	100,000	Orange County Sanitation District (RB) 5.00%, 02/01/24		116,657
	930,000	Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.13%, 04/01/23 (c) (p)		941,327
	15,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/22		16,838
	240,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/21		257,232
	420,000	Regents of the University of California, Series AO (RB) 5.00%, 05/15/21		450,421
	100,000	Riverside County Transportation Commission, Series A (RB) 5.00%, 06/01/21		107,453
	250,000	Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25		302,422
	300,000	Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23		341,484
	15,000	Sacramento County, Sanitation District Financial Authority, Series A (RB) 5.00%, 12/01/21		16,376
	125,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/24		147,785
	25,000	San Diego Public Facilities Financing Authority (RB) 5.00%, 05/15/22		27,688

See Notes to Financial Statements

75

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
$	100,000	San Francisco Community College District (GO) 5.00%, 06/15/24	$	117,482
	10,000	San Francisco State Building Authority, Civic Center Complex, Series A (RB) 5.00%, 12/01/21		10,891
	285,000	San Francisco Unified School District, Proposition A (GO) 2.00%, 06/15/22		289,822
		State of California, Various Purpose (GO)
	300,000	4.00%, 11/01/24		336,654
	100,000	5.00%, 08/01/20		104,472
	500,000	5.00%, 09/01/21		539,250
	300,000	5.00%, 09/01/21		323,550
	145,000	5.00%, 08/01/22		160,660
	265,000	5.00%, 09/01/22		294,330
	450,000	5.00%, 10/01/22		501,007
	500,000	5.00%, 09/01/23		570,355
	1,000,000	5.00%, 09/01/23		1,140,710
	525,000	5.00%, 11/01/23		601,503
	100,000	5.00%, 03/01/24		115,509
	100,000	5.00%, 10/01/24		117,209
	250,000	5.00%, 11/01/24		293,627
	100,000	5.00%, 03/01/25		118,340
	300,000	Stockton Unified School District (GO) 5.00%, 08/01/23		340,929
	500,000	University of California, Series AT (RB) 1.40%, 11/15/20 (c) (p)		496,605
				25,727,676
Colorado: 0.6%
	125,000	Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23		137,913
	250,000	City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22		276,665
	500,000	Colorado Higher Education, Series A (CP) 5.00%, 11/01/23		570,525
	125,000	Denver City and County School District No. 1 (GO) (SAW) 5.00%, 12/01/20		131,646
	140,000	Regional Transportation District, Series A (CP) 5.00%, 06/01/20		145,001
				1,261,750
Connecticut: 3.9%
	215,000	City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24		244,543
	350,000	City of New Haven, Series B (GO) (AGM) 5.00%, 08/01/22		381,867
	390,000	State of Connecticut Health and Educational Facilities Authority, Yale University, Series C-2 (RB) 5.00%, 02/01/23 (p)		436,078
		State of Connecticut, Series A (RB)
	270,000	5.00%, 09/01/20		281,594
	280,000	5.00%, 03/15/23		311,447
	265,000	5.00%, 04/15/23		295,372

Principal Amount			Value
Connecticut: (continued)
		State of Connecticut, Series B (GO)
$	375,000	4.00%, 05/15/23	$	404,044
	290,000	5.00%, 05/15/21		308,110
		State of Connecticut, Series C (GO)
	250,000	5.00%, 06/15/23		279,768
	125,000	5.00%, 06/15/24		142,670
		State of Connecticut, Series D (GO)
	115,000	5.00%, 06/15/20		119,188
	300,000	5.00%, 08/15/23		337,038
		State of Connecticut, Series E (GO)
	175,000	5.00%, 09/01/22		192,274
	350,000	5.00%, 10/15/22		385,763
	290,000	State of Connecticut, Series G (GO) 3.00%, 11/01/20		295,507
		State of Connecticut, Special Tax Obligation, Series A (RB)
	100,000	5.00%, 08/01/20		104,028
	305,000	5.00%, 01/01/22		329,778
	325,000	5.00%, 09/01/22		358,520
	480,000	5.00%, 01/01/23		532,978
	375,000	5.00%, 04/15/23		417,979
	300,000	5.00%, 08/01/23		338,298
	100,000	5.00%, 09/01/23		112,996
	175,000	5.00%, 09/01/23		197,743
	400,000	State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 08/01/23		451,064
		University of Connecticut, Series A (RB)
	170,000	5.00%, 01/15/22		183,959
	370,000	5.00%, 02/15/24		419,772
				7,862,378
Delaware: 0.5%
	150,000	Delaware Transportation Authority (RB) 5.00%, 07/01/22		165,603
	650,000	State of Delaware, Series B (GO) 5.00%, 07/01/23		738,757
				904,360
District of Columbia: 1.0%
		District of Columbia, Series A (GO)
	200,000	5.00%, 06/01/20		207,276
	1,020,000	5.00%, 06/01/21		1,090,798
	440,000	5.00%, 06/01/22		484,612
	225,000	Washington Metropolitan Area Transit Authority, Series A-1 (RB) 5.00%, 07/01/24		261,603
				2,044,289
Florida: 3.8%
		Citizens Property Insurance Corp., Series A-1 (RB)
	130,000	5.00%, 12/01/19 (c)		132,428
	450,000	5.00%, 12/01/21 (c)		486,162
	265,000	City of Jacksonville, Series B (RB) 5.00%, 10/01/24		305,704
	245,000	Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/20		254,477
	200,000	Hillsborough County (RB) 5.00%, 11/01/21		216,234

See Notes to Financial Statements

76

Principal Amount			Value
Florida: (continued)
$	460,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA) 5.00%, 02/01/24	$	526,360
	110,000	Miami-Dade County, Building Better Communities Program, Series B (GO) 5.00%, 07/01/20		114,358
		Miami-Dade County, Expressway Authority, Toll System Revenue, Series B (RB)
	50,000	5.00%, 07/01/20		51,904
	250,000	5.00%, 07/01/21		267,313
	85,000	Miami-Dade County, School Board Foundation, Inc., Series A (CP) 5.00%, 05/01/20		87,762
		Miami-Dade County, Water and Sewer System (RB)
	185,000	5.00%, 10/01/20		193,677
	495,000	5.00%, 10/01/23		564,755
	100,000	Palm Beach County School Board, Series B (CP) 5.00%, 08/01/22		110,432
	270,000	School District of Broward County, Series A (CP) 5.00%, 07/01/22		296,681
	210,000	School District of Broward County, Series C (CP) 5.00%, 07/01/24		243,037
		State of Florida, Board of Education, Lottery Revenue, Series A (RB)
	100,000	5.00%, 07/01/21		107,168
	450,000	5.00%, 07/01/23		510,084
	1,150,000	State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/24		1,336,162
	130,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23		147,256
	125,000	State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/22		137,674
		State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
	250,000	5.00%, 06/01/20		259,203
	275,000	5.00%, 06/01/21		294,206
	150,000	5.00%, 06/01/23		169,911
		State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
	225,000	5.00%, 06/01/23		254,867
	100,000	5.00%, 06/01/24		116,188
		State of Florida, Department of Management Services, Series A (CP)
	275,000	5.00%, 08/01/22		304,056
	180,000	5.00%, 09/01/23		205,166
				7,693,225

Principal Amount			Value
Georgia: 3.2%
$	500,000	Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p)	$	504,240
	290,000	Georgia State Road and Tollway Authority, Series B (RB) 5.00%, 06/01/21		310,007
	500,000	Main Street Natural Gas, Inc., Series A (RB) 4.00%, 06/01/23 (c) (p)		539,800
	500,000	Main Street Natural Gas, Inc., Series C (RB) 4.00%, 06/01/23		536,665
	1,000,000	Monroe County Industrial Development Agency (RB) 2.35%, 12/11/20 (p)		996,700
	200,000	Municipal Electric Authority of Georgia, Series A (RB) 4.00%, 01/01/21		206,344
	730,000	Richmond County, Board of Education (GO) (SAW) 5.00%, 10/01/21		788,407
		State of Georgia, Series A (GO)
	50,000	5.00%, 02/01/21		52,943
	480,000	5.00%, 02/01/22		523,954
	160,000	5.00%, 02/01/23		179,771
	15,000	5.00%, 02/01/23		16,854
	1,000,000	State of Georgia, Series E (GO) 5.00%, 12/01/24		1,178,640
	460,000	State of Georgia, Series F (GO) 5.00%, 07/01/21		493,378
				6,327,703
Hawaii: 1.1%
	120,000	City and County of Honolulu, Series B (GO) 5.00%, 10/01/23		137,131
	115,000	City and County of Honolulu, Wastewater System, Series A (RB) 5.00%, 07/01/24		133,523
	110,000	State of Hawaii (GO) 5.00%, 10/01/24		128,744
	200,000	State of Hawaii, Series EP (GO) 5.00%, 08/01/20		208,486
	120,000	State of Hawaii, Series EZ (GO) 5.00%, 10/01/23		137,021
	500,000	State of Hawaii, Series FB (GO) 5.00%, 04/01/21		532,010
	700,000	State of Hawaii, Series FE (GO) 5.00%, 10/01/23		799,288
	100,000	State of Hawaii, Series FT (GO) 5.00%, 01/01/23		111,904
				2,188,107
Idaho: 0.2%
	450,000	Idaho Health Facilities Authority, Trinity Health Credit Group, Series D (RB) 5.00%, 12/01/21		487,111
Illinois: 5.2%
	115,000	Chicago O’Hare International Airport (RB) 5.00%, 01/01/24		131,215

See Notes to Financial Statements

77

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Illinois: (continued)
		Chicago O’Hare International Airport, Series B (RB)
$	100,000	5.00%, 01/01/22	$	108,423
	270,000	5.00%, 01/01/24		308,070
		Chicago O’Hare International Airport, Series C (RB)
	250,000	5.00%, 01/01/22		271,058
	100,000	5.00%, 01/01/22		108,423
	150,000	5.00%, 01/01/23		167,063
		Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
	380,000	5.00%, 06/01/22		411,483
	350,000	5.00%, 06/01/23		387,401
		City of Chicago, Water Revenue, Second Lien (RB)
	215,000	5.00%, 11/01/20		224,598
	525,000	5.00%, 11/01/23		587,459
		City of Springfield, Electric Revenue, Senior Lien (RB)
	165,000	5.00%, 03/01/23		183,353
	235,000	5.00%, 03/01/24		266,532
	130,000	5.00%, 03/01/25		150,398
		Illinois Finance Authority of Clean Water Initiative (RB)
	310,000	4.00%, 01/01/23		334,775
	340,000	5.00%, 07/01/22		374,483
	250,000	5.00%, 01/01/23		278,815
	155,000	5.00%, 01/01/24		177,227
	250,000	Illinois Finance Authority, Series A (RB) 5.00%, 07/15/23		282,365
	210,000	Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24		246,021
	120,000	McHenry County Conservation District (GO) 5.00%, 02/01/21		126,828
	250,000	Regional Transportation Authority (RB) 5.00%, 07/01/24		286,537
	370,000	Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23		404,354
		State of Illinois (GO)
	85,000	5.00%, 05/01/20		87,233
	700,000	5.00%, 01/01/21		728,210
	100,000	5.00%, 04/01/21		104,622
	725,000	5.00%, 06/01/21		761,141
	110,000	5.00%, 05/01/22		117,231
	350,000	5.00%, 06/01/22		373,604
	350,000	5.00%, 02/01/23		374,370
		State of Illinois, Series C (RB)
	250,000	4.00%, 06/15/21		258,368
	395,000	5.00%, 06/15/22		425,861
	740,000	State of Illinois, Series D (GO) 5.00%, 11/01/22		796,262
	300,000	State of Illinois, Toll Highway Authority, Series A (RB) 5.00%, 12/01/22		334,602
	300,000	University of Illinois, Series A (CP) 5.00%, 08/15/20		311,946
				10,490,331

Principal Amount			Value
Indiana: 0.2%
$	110,000	Indiana Finance Authority, Indiana University Health Obligated Group, Series A (RB) 5.00%, 12/01/23	$	125,726
	250,000	Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/22		271,468
				397,194
Iowa: 0.5%
		Iowa Finance Authority (RB)
	285,000	5.00%, 08/01/20		297,021
	250,000	5.00%, 08/01/23		284,770
	25,000	State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/22		27,527
	250,000	State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23		283,050
				892,368
Kansas: 0.6%
	350,000	Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22		388,255
	230,000	Kansas Development Finance Authority, Series G (RB) 5.00%, 04/01/22		250,176
	535,000	State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) 5.00%, 09/01/22		592,924
				1,231,355
Kentucky: 1.8%
	220,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/24		251,409
		Kentucky State Property and Building Commission No. 108, Series B (RB)
	15,000	5.00%, 08/01/21		15,995
	220,000	5.00%, 08/01/22		240,612
		Kentucky State Property and Building Commission No. 112, Series B (RB)
	570,000	5.00%, 11/01/22		627,342
	320,000	5.00%, 11/01/23		360,115
		Kentucky Turnpike Authority, Series A (RB)
	55,000	5.00%, 07/01/20		57,069
	20,000	5.00%, 07/01/21		21,336
		Kentucky Turnpike Authority, Series B (RB)
	310,000	5.00%, 07/01/22		339,431
	300,000	5.00%, 07/01/23		336,327
	125,000	5.00%, 07/01/24		143,071
	250,000	University of Kentucky, Series B (RB) 5.00%, 10/01/21		269,815
		University of Kentucky, Series D (RB)
	430,000	5.00%, 10/01/23		490,793
	355,000	5.25%, 10/01/20		372,885
				3,526,200

See Notes to Financial Statements

78

Principal Amount			Value
Louisiana: 1.0%
$	390,000	City of New Orleans (GO) 5.00%, 12/01/20	$	409,106
	70,000	City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22		76,193
	175,000	Louisiana Local Government Environmental Facilities and Community Development Authority (RB) 5.00%, 10/01/22		192,871
		Louisiana State Citizens Property Insurance Corp. (RB)
	35,000	5.00%, 06/01/20		36,212
	310,000	5.00%, 06/01/21		330,661
	300,000	5.00%, 06/01/22		329,277
	590,000	5.00%, 06/01/23		665,083
				2,039,403
Maryland: 4.4%
	35,000	Anne Arundel County (GO) 5.00%, 04/01/23		39,453
	500,000	Maryland State Stadium Authority, Baltimore City Public Schools (RB) 5.00%, 05/01/23		562,635
	145,000	Maryland Water Quality Financing Administration (RB) 5.00%, 03/01/21		153,964
	410,000	Montgomery County, Consolidated Public Improvement, Series B (GO) 5.00%, 12/01/23		470,758
	300,000	Montgomery County, Series A (GO) 5.00%, 11/01/22		334,482
	455,000	Montgomery County, Series B (GO) 5.00%, 11/01/23		521,303
	2,730,000	State of Maryland (GO) 5.00%, 03/15/24		3,157,900
		State of Maryland, Department of Transportation (RB)
	15,000	5.00%, 02/01/23		16,848
	165,000	5.00%, 09/01/24		193,088
	40,000	State of Maryland, Department of Transportation, Second Issue (RB) 5.00%, 06/01/21		42,794
		State of Maryland, Department of Transportation, Third Issue (RB)
	100,000	5.00%, 12/15/20		105,511
	200,000	5.00%, 12/15/23		229,964
	30,000	State of Maryland, First Series A (GO) 5.00%, 03/01/23		33,762
		State of Maryland, Second Series C (GO)
	510,000	5.00%, 08/01/21		548,398
	635,000	5.00%, 08/01/22		702,945
	235,000	5.00%, 08/01/24		274,433
	790,000	State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22		870,343
	145,000	State of Maryland, State and Local Facilities Loan, Second Series (GO) 5.00%, 08/01/22		160,515

Principal Amount			Value
Maryland: (continued)
$	170,000	State of Maryland, State and Local Facilities Loan, Second Series C (GO) 5.25%, 08/01/20	$	177,715
	290,000	Washington Suburban Sanitary District (GO) 4.00%, 06/01/20		297,517
				8,894,328
Massachusetts: 1.7%
		Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB)
	20,000	5.00%, 06/15/21 (c)		21,409
	150,000	5.00%, 06/15/23 (c)		169,836
	85,000	Commonwealth of Massachusetts, Series A (RB) 5.00%, 06/01/20		88,148
	10,000	Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/21		10,808
	900,000	Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/23		1,022,112
	125,000	Massachusetts Bay Transportation Authority (RB) 4.00%, 12/01/21		132,624
		Massachusetts Development Finance Agency, Care Group, Series H-1 (RB)
	480,000	5.00%, 07/01/21		509,338
	500,000	5.00%, 07/01/22		544,410
	325,000	Massachusetts Development Finance Agency, Care Group, Series I (RB) 5.00%, 07/01/21		344,864
	10,000	Massachusetts Development Finance Agency, Harvard University, Series A (RB) 5.00%, 07/15/22		11,089
	30,000	Massachusetts Development Finance Agency, Healthcare System, Series Q (RB) 5.00%, 07/01/22		33,052
	250,000	Massachusetts State Water Resources Authority, Series C (RB) 5.00%, 08/01/22		277,253
	220,000	Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/23		250,987
				3,415,930
Michigan: 1.9%
		Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB)
	165,000	4.00%, 08/01/20		169,516
	295,000	5.00%, 08/01/22		324,889
	750,000	Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series C-3 (RB) (AGM) 5.00%, 07/01/21		802,102

See Notes to Financial Statements

79

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Michigan: (continued)
$	500,000	Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series C-5 (RB) 5.00%, 07/01/20	$	518,690
	200,000	Michigan Finance Authority, Henry Ford Health System (RB) 5.00%, 11/15/21		215,392
	100,000	Michigan State Building Authority, Series I (RB) 5.00%, 04/15/23		112,761
	500,000	Michigan Strategic Fund, Detroit Edison Company Pollution Control Project, Series CC (RB) 1.45%, 09/01/21 (p)		487,335
	500,000	Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23		564,220
		Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB)
	250,000	2.25%, 09/01/20		251,865
	35,000	5.00%, 09/01/21		37,572
	175,000	State of Michigan (RB) 5.00%, 03/15/24		201,191
	145,000	Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23		165,181
				3,850,714
Minnesota: 1.9%
	750,000	Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22		837,615
	370,000	Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG) 5.00%, 02/01/22		403,674
	290,000	State of Minnesota, 911 Services Revenue (RB) 5.00%, 06/01/21		309,943
	435,000	State of Minnesota, Series E (GO) 3.00%, 08/01/21		448,133
	475,000	State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 08/01/24		503,946
	150,000	State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/21		161,121
		State of Minnesota, Various Purpose, Series D (GO)
	235,000	5.00%, 08/01/20		244,821
	510,000	5.00%, 08/01/22		564,055
	380,000	5.00%, 08/01/22		420,276
				3,893,584
Mississippi: 0.2%
		State of Mississippi, Series E (RB)
	105,000	5.00%, 10/15/20		109,951
	200,000	5.00%, 10/15/21		215,600
				325,551

Principal Amount			Value
Missouri: 1.1%
$	1,000,000	City of St. Louis, Missouri Airport, Series A (RB) (AGM) 5.00%, 07/01/23	$	1,130,510
	260,000	Health and Educational Facilities Authority of the State of Missouri (RB) 5.00%, 11/15/22		288,122
	150,000	Missouri Highway and Transportation Commission, First Lien, Series A (RB) 5.00%, 05/01/24		174,155
	520,000	Springfield School District No. R-12, Series B (GO) (SAW) 5.00%, 03/01/22		568,870
				2,161,657
Nebraska: 1.5%
	500,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 10/01/23 (c) (p)		555,410
	440,000	Lincoln Electric System, Series A (RB) 5.00%, 09/01/20		459,725
	825,000	Metropolitan Utilities District of Omaha, Water System (RB) 5.00%, 12/01/21		894,349
	70,000	Nebraska Public Power District, Series A (RB) 5.00%, 01/01/21		73,832
	570,000	Omaha Public Power District, Electric System, Series B (RB) 5.00%, 02/01/21		603,145
		Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB)
	100,000	5.00%, 01/01/22		108,015
	195,000	5.00%, 01/01/23		216,011
				2,910,487
Nevada: 1.3%
	230,000	Clark County Flood Control (GO) 5.00%, 11/01/22		256,188
	100,000	Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 11/01/23		114,432
	250,000	Clark County School District, Series D (GO) 5.00%, 06/15/23		281,137
	250,000	Clark County Water Reclamation District (GO) 5.00%, 07/01/22		276,170
	450,000	Clark County, Series B (GO) 5.00%, 11/01/23		514,944
	300,000	Las Vegas Valley Water District, Series A (GO) 5.00%, 06/01/22		330,225
	300,000	State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24		352,191
	500,000	State of Nevada, Series B (GO) 5.00%, 11/01/21		541,355
				2,666,642

See Notes to Financial Statements

80

Principal Amount			Value
New Jersey: 2.3%
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
$	125,000	5.00%, 11/01/23	$	139,814
	100,000	5.00%, 11/01/24		113,399
	145,000	New Jersey Economic Development Authority, Princeton University, Series A (RB) 5.00%, 07/01/20		150,883
	160,000	New Jersey Economic Development Authority, Princeton University, Series B (RB) 5.00%, 07/01/22		177,219
	125,000	New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) 5.00%, 06/15/22		135,166
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	90,000	5.00%, 06/15/20		92,952
	320,000	5.00%, 06/15/21		338,963
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	330,000	5.00%, 06/15/22		356,839
	365,000	5.00%, 06/15/23		401,766
	225,000	New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24		252,302
	35,000	New Jersey Health Care Facilities Financing Authority, Series A (RB) 5.00%, 07/01/20		36,329
	125,000	New Jersey Transit Corp., Series A (RB) 5.00%, 09/15/21		133,554
		New Jersey Turnpike Authority, Series C (RB)
	100,000	5.00%, 01/01/21		105,457
	120,000	5.00%, 01/01/22		130,304
		State of New Jersey, Series T (GO)
	225,000	5.00%, 06/01/21		239,234
	335,000	5.00%, 06/01/22		365,582
	800,000	State of New Jersey, Various Purposes (GO) 5.00%, 06/01/22		873,032
	440,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		487,929
				4,530,724
New Mexico: 1.6%
	655,000	Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) 5.00%, 07/01/21		701,950
		Albuquerque Bernalillo County Water Utility Authority, Subordinate Lien, Series B (RB)
	335,000	5.00%, 07/01/23		379,009
	175,000	5.00%, 07/01/24		202,813

Principal Amount			Value
New Mexico: (continued)
$	250,000	Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB) 1.88%, 10/01/21 (p)	$	248,273
	325,000	New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22		357,848
	320,000	State of New Mexico, Series A (GO) 5.00%, 03/01/23		359,750
	775,000	State of New Mexico, Series B (RB) 4.00%, 07/01/23		846,455
	160,000	State of New Mexico, Severance Tax, Series B (RB) 5.00%, 07/01/21		171,256
				3,267,354
New York: 10.8%
	750,000	Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) 5.00%, 07/15/23		835,815
		City of New York, Series A (GO)
	670,000	5.00%, 08/01/22		741,013
	375,000	5.00%, 08/01/22		414,746
	320,000	City of New York, Series C and D (GO) 5.00%, 08/01/23		363,517
		City of New York, Series J (GO)
	320,000	5.00%, 08/01/20		333,578
	100,000	5.00%, 08/01/21		107,483
	100,000	City of Yonkers, Series C (GO) 5.00%, 10/01/23		114,689
	50,000	Erie County Industrial Development, Series A (RB) (SAW) 5.00%, 05/01/21		53,451
		Hudson Yards Infrastructure Corp., Series A (RB)
	100,000	3.00%, 02/15/22		104,021
	210,000	5.00%, 02/15/22		230,097
	100,000	5.00%, 02/15/23		112,873
	500,000	Long Island Power Authority, Series B (RB) 5.00%, 09/01/22		554,480
	30,000	Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/22		33,628
		Metropolitan Transportation Authority, Series A-1 (RB)
	600,000	5.00%, 11/15/23		681,084
	500,000	5.00%, 11/15/24 (p)		573,830
		Metropolitan Transportation Authority, Series A-2 (RB)
	250,000	5.00%, 11/15/20		262,378
	15,000	5.00%, 11/15/21		16,178
		Metropolitan Transportation Authority, Series B (RB)
	335,000	5.00%, 11/15/21		361,301
	450,000	5.00%, 11/15/22		498,672
	10,000	5.00%, 11/15/22		11,082
	165,000	5.00%, 11/15/23		187,298
	250,000	5.00%, 11/15/23		283,785
	125,000	5.00%, 11/15/24		144,800

See Notes to Financial Statements

81

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New York: (continued)
$	175,000	Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/20	$	183,664
	500,000	Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/23		567,570
		Metropolitan Transportation Authority, Series D (RB)
	255,000	5.00%, 11/15/21		275,020
	10,000	5.00%, 11/15/22		11,082
	250,000	Monroe County Industrial Development Agency (RB) (SAW) 5.00%, 05/01/23		283,077
	640,000	New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB) 2.20%, 11/01/20 (c)		643,501
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	790,000	5.00%, 07/15/23		898,151
	250,000	5.00%, 07/15/24		292,050
	1,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22		1,115,670
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
	90,000	5.00%, 11/01/20		94,550
	310,000	5.00%, 11/01/21		335,879
	60,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/22		65,494
	500,000	New York City Transitional Finance Authority, Series S-3 (RB) (SAW) 5.00%, 07/15/21 (c)		537,030
	125,000	New York State Dormitory Authority (RB) 5.00%, 10/01/24		147,861
		New York State Dormitory Authority, New York NYU Hospitals Center (RB)
	100,000	5.00%, 07/01/21		107,212
	100,000	5.00%, 07/01/22		110,272
		New York State Dormitory Authority, New York State University, Series A (RB)
	195,000	5.00%, 07/01/20		202,726
	200,000	5.00%, 03/15/21		212,548
	325,000	5.00%, 07/01/22		358,384
	250,000	New York State Dormitory Authority, School District, Series A (RB) (SAW) 5.00%, 10/01/22		277,898
	285,000	New York State Dormitory Authority, School of Medicine at Mount Sinai, Series A (RB) 4.00%, 07/01/20		292,316

Principal Amount			Value
New York: (continued)
		New York State Dormitory Authority, Series A (RB)
$	100,000	5.00%, 03/15/24	$	115,832
	600,000	5.00%, 03/15/24		694,992
	110,000	5.00%, 07/01/24		128,726
	100,000	New York State Dormitory Authority, Series B (RB) 5.00%, 03/15/23		112,906
	155,000	New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/24		179,540
	675,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 02/15/23		759,253
	10,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/23		11,275
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	770,000	5.00%, 02/15/22		841,487
	815,000	5.00%, 02/15/23		916,728
		New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
	900,000	4.00%, 03/15/21		939,951
	225,000	5.00%, 03/15/21		239,117
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	250,000	5.00%, 03/15/21		265,685
	155,000	5.00%, 03/15/22		169,900
	250,000	New York State Housing Finance Agency, Series M (RB) 2.00%, 05/01/21		251,108
		New York State Thruway Authority (RB)
	165,000	5.00%, 01/01/24		190,179
	200,000	5.00%, 01/01/24		230,520
	790,000	New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/23		891,325
	20,000	Sales Tax Asset Receivable Corp., Series A (RB) 5.00%, 10/15/22		22,407
	75,000	Triborough Bridge and Tunnel Authority, Series C-1 (RB) 5.00%, 11/15/23		86,299
	500,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22		544,125
				21,623,109
North Carolina: 1.4%
		Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB)
	115,000	4.00%, 01/15/23		124,327
	105,000	5.00%, 01/15/22		114,114

See Notes to Financial Statements

82

Principal Amount			Value
North Carolina: (continued)
$	340,000	City of Charlotte, North Carolina Water and Sewer System (RB) 5.00%, 07/01/22	$	375,812
	290,000	County of Durham (GO) 4.00%, 10/01/24		325,113
	150,000	Mecklenburg County, Series A (GO) 5.00%, 09/01/21		161,775
	350,000	Mecklenburg County, Series B (GO) 5.00%, 12/01/21		380,348
	500,000	State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23		560,725
	500,000	State of North Carolina, Series A (GO) 5.00%, 06/01/24		581,470
	140,000	State of North Carolina, Series C (RB) 5.00%, 05/01/23		158,348
	10,000	Wake County, Series A (RB) 5.00%, 12/01/20		10,532
				2,792,564
Ohio: 2.5%
		American Municipal Power, Inc., Series A (RB)
	145,000	5.00%, 02/15/21		153,300
	15,000	5.00%, 02/15/23		16,743
	120,000	City of Cincinnati, Various Purpose, Series A (GO) 5.00%, 12/01/20		126,322
	260,000	City of Cleveland, Airport System Revenue, Series B (RB) (AGM) 5.00%, 01/01/23		289,185
	250,000	City of Columbus, Various Purpose, Series A (GO) 2.00%, 08/15/20		251,360
	100,000	County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/21		108,406
	155,000	Hamilton County, Ohio Sales Tax Revenue, Series A (RB) 5.00%, 12/01/23		177,233
	790,000	Ohio State Higher Educational Facility, Case Western University (RB) 5.00%, 12/01/23		903,318
	100,000	Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/24		116,294
	150,000	Ohio Water Development Authority, Water Pollution Control, Series B (RB) 5.00%, 12/01/21		162,927
	260,000	State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/22		285,914
	200,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/22		219,934
	675,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22		753,077
	350,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		395,727

Principal Amount			Value
Ohio: (continued)
$	930,000	State of Ohio, Infrastructure Improvement, Series C (GO) 5.00%, 09/01/21	$	1,002,112
	20,000	State of Ohio, Infrastructure Project, Series 1 (RB) 5.00%, 12/15/22		22,368
	100,000	State of Ohio, Infrastructure Project, Series 1-A (RB) 5.00%, 12/15/23		114,742
				5,098,962
Oklahoma: 0.3%
	500,000	Oklahoma Development Finance Authority, Health System Revenue, Series A (RB) 5.00%, 08/15/22		550,230
	10,000	Oklahoma Water Resources Board, Clean Water Program (RB) 5.00%, 04/01/23		11,280
				561,510
Oregon: 0.9%
	250,000	City of Portland, Water System, First Lien, Series A (RB) 5.00%, 04/01/21		266,103
	200,000	Medford School District No. 549C (GO) (SBG) 5.00%, 12/15/20		210,956
	10,000	Oregon State Lottery, Department of Administrative Services, Series B (RB) 5.00%, 04/01/23		11,284
	285,000	Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/23		321,605
		State of Oregon, Department of Transportation, Highway User Tax, Senior Lien, Series A (RB)
	165,000	5.00%, 11/15/23		189,156
	225,000	5.00%, 11/15/24		264,512
	365,000	State of Oregon, Series A (GO) 5.00%, 05/01/22		401,157
	25,000	Washington County, Series B (GO) 5.00%, 03/01/23		28,135
				1,692,908
Pennsylvania: 3.8%
	385,000	Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 12/01/22		427,985
		City of Philadelphia, Gas Works Revenue, Thirteenth Series (RB)
	400,000	5.00%, 08/01/20		416,160
	500,000	5.00%, 08/01/21		534,090
	310,000	City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22		344,156
	100,000	City of Philadelphia, Water and Wastewater Revenue, Series B (RB) 5.00%, 07/01/22		110,239
	250,000	Commonwealth Financing Authority (RB) 5.00%, 06/01/23		279,928

See Notes to Financial Statements

83

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Pennsylvania: (continued)
$	380,000	Commonwealth of Pennsylvania (GO) 5.00%, 01/15/22	$	412,984
	150,000	Commonwealth of Pennsylvania, First Series (GO) 5.00%, 03/15/21		159,182
		Commonwealth of Pennsylvania, Second Series (GO)
	580,000	5.00%, 01/15/21		612,376
	250,000	5.00%, 08/15/22		276,213
	590,000	5.00%, 09/15/22		653,372
	370,000	5.00%, 01/15/23		413,501
	270,000	Lancaster County Hospital Authority University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/22		297,945
	500,000	Montgomery County, Higher Education and Health Authority Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		563,650
	150,000	Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23		171,018
	310,000	Pennsylvania Economic Development Financing Authority (RB) 5.00%, 03/15/24		355,300
	175,000	Pennsylvania Higher Educational Facilities Authority, Series AT-1 (RB) 5.00%, 06/15/23		196,945
	350,000	Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB) 5.00%, 08/15/21		375,651
		Pennsylvania State University, Series B (RB)
	315,000	5.00%, 09/01/21		339,349
	350,000	5.00%, 09/01/22		388,013
		School District of Philadelphia, Series F (GO) (SAW)
	100,000	5.00%, 09/01/22		109,464
	120,000	5.00%, 09/01/24		136,225
	115,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23		129,587
				7,703,333
Rhode Island: 0.3%
		Rhode Island Commerce Corp., Series A (RB)
	25,000	5.00%, 06/15/21		26,675
	105,000	5.00%, 06/15/22		115,169
	70,000	State of Rhode Island, Series D (GO) 5.00%, 08/01/20		72,944
	440,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/22		472,410
				687,198
South Carolina: 1.7%
	400,000	Beaufort County School District, Series A (GO) 5.00%, 03/01/20		411,436

Principal Amount			Value
South Carolina: (continued)
$	250,000	Charleston Educational Excellence Finance Corp. (RB) 5.00%, 12/01/24	$	293,057
	500,000	County of York (GO) (SAW) 5.00%, 04/01/24		580,050
	700,000	Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 11/01/23 (c) (p)		759,430
	575,000	SCAGO Educational Facilities Corp. for Pickens School District (RB) 5.00%, 12/01/21		621,816
	350,000	State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24		405,678
	330,000	York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23		370,993
				3,442,460
Tennessee: 0.9%
	10,000	City of Chattanooga, Tennessee Electric System, Series A (RB) 5.00%, 09/01/20		10,452
		Metropolitan Government of Nashville and Davidson County (GO)
	200,000	5.00%, 07/01/23		227,050
	200,000	5.00%, 07/01/24		232,752
	100,000	State of Tennessee, School Bond Authority, Series B (RB) 5.00%, 11/01/20		105,056
	435,000	State of Tennessee, Series A (GO) 5.00%, 08/01/20		453,457
	500,000	Tennergy Corp., Series A (RB) 5.00%, 07/01/24 (c) (p)		571,905
	250,000	Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 02/01/23 (c) (p)		265,053
				1,865,725
Texas: 10.1%
	300,000	Aldine Independent School District, Series A (GO) 5.00%, 02/15/23		336,381
	50,000	Alvin Independent School District, Series C (GO) 5.00%, 02/15/21		52,972
		Austin Independent School District, Series B (GO)
	250,000	5.00%, 08/01/22		276,163
	680,000	5.00%, 08/01/24		790,758
	725,000	Bexar County Hospital District (GO) 5.00%, 02/15/24		832,880
	240,000	Board of Regents of the Texas State University System, Series A (RB) 5.00%, 03/15/22		262,644
	10,000	Board of Regents of the Texas State University System, Series D (RB) 5.00%, 08/15/22		11,076
	250,000	Board of Regents of the University of North Texas, Series A (RB) 5.00%, 04/15/22		273,950

See Notes to Financial Statements

84

Principal Amount			Value
Texas: (continued)
$	110,000	Central Texas Turnpike System (RB) 5.00%, 04/01/20 (c) (p)	$	113,033
	15,000	City of Austin, Electric Utility, Series A (RB) 5.00%, 11/15/22		16,710
	440,000	City of Austin, Water and Wastewater System (RB) 5.00%, 11/15/22		489,988
	310,000	City of Austin, Water and Wastewater System, Series A (RB) 5.00%, 05/15/22		340,411
		City of Dallas (GO)
	225,000	5.00%, 02/15/21		238,167
	500,000	5.00%, 02/15/22		544,985
	250,000	5.00%, 02/15/24		286,827
	105,000	City of Fort Worth (GO) 5.00%, 03/01/24		120,810
	350,000	City of Fort Worth, Series A (GO) 5.00%, 03/01/23		392,507
	65,000	City of Frisco, Series A (GO) 5.00%, 02/15/22		70,904
	250,000	City of Houston, Airport System, Series D (RB) 5.00%, 07/01/24		289,465
		City of Houston, Combined Utility System, First Lien, Series C (RB)
	100,000	4.00%, 05/15/21		104,747
	390,000	5.00%, 05/15/20		403,568
	100,000	5.00%, 05/15/23		112,806
	150,000	5.00%, 05/15/24		173,462
		City of Houston, Combined Utility System, First Lien, Series D (RB)
	440,000	5.00%, 11/15/20		462,541
	130,000	5.00%, 11/15/21		140,847
		City of Houston, Series A (GO)
	250,000	5.00%, 03/01/23		279,770
	125,000	5.00%, 03/01/23		139,885
	50,000	City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/22		54,466
	65,000	City of San Antonio, General Improvement (GO) 5.00%, 02/01/21		68,791
	115,000	Colorado River Municipal Water District (RB) 5.00%, 01/01/24		131,603
	150,000	Conroe Independent School District (GO) 5.00%, 02/15/23		168,309
	125,000	Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24		143,973
	700,000	Cypress-Fairbanks Independent School District, Series C (GO) 5.00%, 02/15/23		785,715
	115,000	Dallas Area Rapid Transit, Senior Lien, Series A (RB) 5.00%, 12/01/22		128,349

Principal Amount			Value
Texas: (continued)
$	375,000	Dallas County, Texas Combination Tax and Parking Garage (GO) 5.00%, 08/15/23	$	425,929
	150,000	Dallas/Fort Worth International Airport, Series E (RB) 5.00%, 11/01/20		157,493
		Fort Worth Independent School District (GO)
	125,000	5.00%, 02/15/21		132,429
	100,000	5.00%, 02/15/22		109,111
	150,000	5.00%, 02/15/24		172,692
	200,000	Harris County, Houston Sports Authority, Senior Lien, Series A (RB) 5.00%, 11/15/20		209,590
	320,000	Harris County, Series A (GO) 5.00%, 10/01/22		355,597
		Houston Independent School District (GO)
	450,000	5.00%, 02/15/21		476,743
	680,000	5.00%, 02/15/22		741,955
	155,000	5.00%, 02/15/24		178,448
	165,000	Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/24		189,961
	70,000	Houston Independent School District, Public Facility Corp. (RB) 5.00%, 09/15/20		73,239
	650,000	Houston Independent School District, Series A (GO) 5.00%, 02/15/23		729,592
	440,000	Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/24		515,266
	160,000	New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		181,234
	70,000	North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/20		73,148
	470,000	Northeast Independent School District (GO) 5.00%, 08/01/21		504,954
	390,000	Northwest Independent School District, Series B (GO) 5.00%, 02/15/23		437,603
	100,000	Permanent University Fund, Texas A&M University System, Series A (RB) 5.75%, 07/01/24		119,852
		Plano Independent School District (GO)
	125,000	5.00%, 02/15/21		132,405
	425,000	5.00%, 02/15/22		463,722
		San Antonio Independent School District (GO)
	150,000	5.00%, 02/15/21		158,915
	200,000	5.00%, 02/15/25		235,460
	90,000	San Antonio Water System, Junior Lien, Series A (RB) 5.00%, 05/15/20		93,141

See Notes to Financial Statements

85

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
$	490,000	Spring Branch Independent School District, Series A (GO) 5.00%, 02/01/21	$	518,493
	460,000	State of Texas (GO) 5.00%, 10/01/23		524,612
	250,000	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 5.00%, 02/15/24		286,580
	710,000	Texas Transportation Commission, State Highway Fund, First Tier (RB) 5.00%, 10/01/23		810,380
	205,000	Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB) 5.00%, 04/01/24		236,875
	210,000	Texas Transportation Commission, State Mobility Fund (GO) 5.00%, 10/01/20		219,910
	350,000	Texas Water Development Board (RB) 5.00%, 08/01/23		397,596
	340,000	Texas Water Development Board, Series A (RB) 5.00%, 04/15/23		383,248
	345,000	Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22		359,835
	360,000	University of Texas, Series D (RB) 5.00%, 08/15/21		387,227
	275,000	University of Texas, Series H (RB) 5.00%, 08/15/23		313,079
				20,345,777
Utah: 0.6%
	500,000	State of Utah (GO) 5.00%, 07/01/23		568,275
	100,000	University of Utah, Series A (RB) 5.00%, 08/01/23		113,687
	385,000	Utah Transit Authority, Subordinated Sales Tax, Series A (RB) 5.00%, 06/15/22		424,012
				1,105,974
Virginia: 2.7%
	240,000	City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23		273,290
	765,000	County of Fairfax, Public Improvement, Series A (GO) (SAW) 5.00%, 10/01/20		801,980
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
	545,000	5.00%, 02/01/22		594,448
	60,000	5.00%, 02/01/23		67,298
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/22		272,683

Principal Amount			Value
Virginia: (continued)
$	135,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/24	$	155,539
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23		280,602
	125,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/22		138,921
	215,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) (SAW) 5.00%, 09/01/22		239,018
		Virginia Commonwealth Transportation Board (RB)
	150,000	5.00%, 09/15/22		166,580
	400,000	5.00%, 09/15/23		456,388
	175,000	Virginia Commonwealth Transportation Board, Series C (RB) 5.00%, 05/15/23		197,923
		Virginia Public Building Authority, Series A (RB)
	160,000	5.00%, 08/01/23		181,970
	120,000	5.00%, 08/01/24		139,873
	425,000	Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/24		496,085
	395,000	Virginia Resources Authority (RB) 5.00%, 10/01/22		440,192
	500,000	Virginia Resources Authority, Series B (RB) 5.00%, 10/01/21		540,620
				5,443,410
Washington: 1.7%
	25,000	Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/22		27,865
	100,000	County of King (GO) 5.00%, 07/01/24		116,484
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	465,000	5.00%, 07/01/22		513,067
	100,000	5.00%, 07/01/23		113,439
	50,000	Port of Seattle, Series B (RB) 5.00%, 03/01/23		55,935
		State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO)
	850,000	5.00%, 07/01/22		938,697
	1,000,000	5.00%, 07/01/23		1,134,390
	200,000	State of Washington, Series A (GO) 5.00%, 07/01/23		226,878

See Notes to Financial Statements

86

Principal Amount			Value
Washington: (continued)
$	200,000	State of Washington, Series D (GO) 5.00%, 02/01/24	$	230,328
	130,000	State of Washington, Various Purpose, Series R-A (GO) 5.00%, 07/01/20		135,119
				3,492,202
West Virginia: 0.2%
	410,000	State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23		465,116
Wisconsin: 1.9%
	545,000	City of Madison, Series A (GO) 4.00%, 10/01/22		588,922
	100,000	City of Milwaukee, Series N2 (GO) 4.00%, 03/01/23		108,608
	225,000	City of Milwaukee, Series N4 (GO) 5.00%, 04/01/24		259,641
	125,000	State of Wisconsin (GO) 5.00%, 11/01/21		135,339
		State of Wisconsin, Series 1 (GO)
	210,000	5.00%, 11/01/21		227,369
	500,000	5.00%, 11/01/22		556,930
		State of Wisconsin, Series A (GO)
	110,000	5.00%, 05/01/23 (c)		124,380
	750,000	5.00%, 05/01/23 (c)		848,047

Principal Amount			Value
Wisconsin: (continued)
$	500,000	Wisconsin Department of Transportation, Series 1 (RB) 5.00%, 07/01/21	$	535,840
	120,000	Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		139,393
	165,000	Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/23		187,453
				3,711,922
Total Municipal Bonds (Cost: $196,717,345)				197,609,859
Number of Shares
MONEY MARKET FUND: 0.3% (Cost: $640,172)
	640,172	Dreyfus Government Cash Management Fund – Institutional Shares		640,172
Total Investments: 98.7% (Cost: $197,357,517)				198,250,031
Other assets less liabilities: 1.3%				2,624,647
NET ASSETS: 100.0%			$	200,874,678

Definitions:
AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor

See Notes to Financial Statements

87

VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments By Sector	% of Investments			Value
Education		7.8	%	$	15,374,621
Health Care		4.5			8,966,324
Housing		0.5			894,609
Industrial Revenue		3.9			7,691,780
Leasing		6.4			12,662,644
Local		16.2			32,183,349
Power		3.6			7,139,741
Solid Waste/Resource Recovery		0.0			16,376
Special Tax		10.5			20,760,275
State		23.9			47,378,177
Tobacco		2.1			4,190,610
Transportation		11.0			21,837,946
Water & Sewer		9.3			18,513,407
Money Market Fund		0.3			640,172
		100.0	%	$	198,250,031

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Municipal Bonds*	$	—	$	197,609,859	$	—	$	197,609,859
Money Market Fund		640,172		—		—		640,172
Total	$	640,172	$	197,609,859	$	—	$	198,250,031

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

88

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 0.0% (Cost: $55,996)
South Carolina: 0.0%
$	55,996	Anuvia Florida LLC 5.00%, 01/01/29 # ∞	$	41,997
MUNICIPAL BONDS: 98.3%
Alabama: 1.1%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
	800,000	6.45%, 05/31/19 (c)		804,256
	2,415,000	6.45%, 05/31/19 (c)		2,427,848
		Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
	550,000	5.25%, 06/01/25		611,199
	500,000	5.75%, 06/01/26 (c)		543,515
	2,750,000	6.00%, 06/01/26 (c)		3,022,112
	1,390,000	Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 05/31/19 (c) (d) *		1,145,568
		Jefferson County, Alabama Sewer Revenue, Series D (RB)
	9,000,000	6.00%, 10/01/23 (c)		10,481,400
	8,000,000	6.50%, 10/01/23 (c)		9,482,080
		Jefferson County, Alabama Sewer Revenue, Series E (RB)
	60,000	0.00%, 10/01/23 (c) ^		21,433
	100,000	0.00%, 10/01/23 (c) ^		42,241
				28,581,652
Alaska: 0.5%
		Northern Tobacco Securitization Corp., Series A (RB)
	7,580,000	5.00%, 05/16/19 (c)		7,419,001
	4,680,000	5.00%, 05/16/19 (c)		4,679,813
	1,520,000	Northern Tobacco Securitization Corp., Series B (RB) 0.00%, 05/16/19 (c) ^		170,681
				12,269,495
American Samoa: 0.1%
		American Samoa Economic Development Authority, Series A (RB)
	250,000	6.50%, 09/01/28		260,498
	1,000,000	6.63%, 09/01/25 (c)		1,019,710
	500,000	7.13%, 09/01/28 (c)		520,755
				1,800,963
Arizona: 2.5%
		Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
	2,940,000	6.00%, 07/01/27 (c)		3,253,139
	2,000,000	6.00%, 07/01/27 (c)		2,247,980
		Arizona Industrial Development Authority, Basis School Project, Series A (RB)
	250,000	5.13%, 07/01/26 (c)		267,195
	500,000	5.25%, 07/01/26 (c)		530,575
	500,000	5.38%, 07/01/26 (c)		533,125

Principal Amount			Value
Arizona: (continued)
		Arizona Industrial Development Authority, Basis School Project, Series D (RB)
$	515,000	5.00%, 07/01/27 (c)	$	539,571
	270,000	5.00%, 07/01/27 (c)		283,829
	500,000	Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		525,610
		Arizona Industrial Development Authority, Doral Academy – Fire Mesa and Red Rock Campus, Series A (RB)
	300,000	5.00%, 07/15/27 (c)		317,559
	400,000	5.00%, 07/15/27 (c)		428,292
		Arizona Industrial Development Authority, Education Facility, Series A (RB)
	1,000,000	5.25%, 07/01/23 (c)		1,007,850
	2,800,000	5.50%, 07/01/23 (c)		2,821,756
		Arizona Industrial Development Authority, Great Lakes Living Communities, Third Tier, Series C (RB)
	2,500,000	5.00%, 07/01/29 (c)		2,523,650
	2,500,000	5.50%, 07/01/29 (c)		2,612,675
	1,000,000	Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c)		1,083,510
		Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
	250,000	4.00%, 11/15/24 (c)		253,228
	1,350,000	5.00%, 11/15/24 (c)		1,395,454
	1,000,000	5.00%, 11/15/24 (c)		1,051,020
		Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
	600,000	5.00%, 11/15/26 (c)		620,148
	650,000	5.25%, 11/15/26 (c)		669,130
	400,000	5.25%, 11/15/26 (c)		410,500
		Industrial Development Authority of Phoenix, Basis Schools, Inc. Project, Series A (RB)
	500,000	4.00%, 07/01/25		518,510
	1,000,000	5.00%, 07/01/25 (c)		1,040,790
	1,500,000	5.00%, 07/01/25 (c)		1,587,870
	500,000	5.00%, 07/01/25 (c)		520,670
	675,000	Industrial Development Authority of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		701,791
	750,000	Industrial Development Authority of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		796,755

See Notes to Financial Statements

89

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Arizona: (continued)
		Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)
$	500,000	5.00%, 07/01/28 (c)	$	560,030
	650,000	5.00%, 07/01/28 (c)		735,078
	3,000,000	Industrial Development Authority of the City of Phoenix, Guam Facilities Foundation, Inc. (RB) 5.38%, 02/01/24 (c)		3,000,000
	750,000	Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		788,632
	400,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		406,952
		Pima County Industrial Development Authority, American Leadership Academy (RB)
	1,250,000	4.13%, 06/15/22 (c)		1,266,575
	3,540,000	5.00%, 06/15/22 (c)		3,597,985
	3,000,000	5.00%, 06/15/22 (c)		3,053,550
		Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
	250,000	5.25%, 07/01/26 (c)		227,923
	250,000	5.38%, 07/01/26 (c)		221,438
	250,000	5.50%, 07/01/26 (c)		220,900
	295,000	6.00%, 07/01/20 (c)		293,599
	1,000,000	6.00%, 07/01/20 (c)		949,750
		Salt Verde Financial Corp. (RB)
	5,540,000	5.00%, 12/01/32		6,846,110
	6,055,000	5.00%, 12/01/37		7,635,476
	290,000	5.25%, 12/01/23		327,401
	305,000	5.25%, 12/01/24		351,052
	265,000	5.25%, 12/01/25		310,569
	215,000	5.25%, 12/01/27		259,892
	245,000	5.25%, 12/01/28		299,770
	315,000	5.50%, 12/01/29		396,418
	1,000,000	Tempe Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c)		1,057,120
		Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
	1,000,000	6.00%, 10/01/27 (c)		1,111,460
	500,000	6.13%, 10/01/27 (c)		548,655
	2,100,000	6.13%, 10/01/27 (c)		2,312,016
				65,320,533
Arkansas: 0.1%
		Pulaski County Public Facilities Board, Carti Project (RB)
	715,000	5.25%, 07/01/23 (c)		725,510
	735,000	5.50%, 07/01/23 (c)		744,518
				1,470,028

Principal Amount			Value
California: 13.3%
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
$	2,055,000	5.00%, 10/01/26 (c)	$	2,319,746
	5,000,000	5.00%, 10/01/26 (c)		5,628,550
	3,000,000	5.00%, 10/01/26 (c)		3,405,090
	1,650,000	5.00%, 10/01/26 (c)		1,867,998
		Anaheim Community Facilities District No. 08-1 (ST)
	500,000	4.00%, 09/01/23 (c)		510,180
	750,000	4.00%, 09/01/23 (c)		767,205
	200,000	4.00%, 09/01/23 (c)		206,408
		Antelope Valley Healthcare District, Series A (RB)
	300,000	5.00%, 03/01/26 (c)		310,668
	1,250,000	5.25%, 03/01/26 (c)		1,336,575
	500,000	California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		562,910
	1,000,000	California Community Housing Agency Workforce, Series A (RB) 5.00%, 04/01/29 (c)		1,064,290
		California County Tobacco Securitization Agency (RB)
	1,200,000	5.45%, 05/16/19 (c)		1,221,156
	3,555,000	5.60%, 05/16/19 (c)		3,557,453
	8,190,000	5.70%, 05/16/19 (c)		8,193,358
	30,000	California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/31/19 (c)		30,305
	105,000	California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. (RB) 5.25%, 05/16/19 (c)		102,809
		California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)
	4,115,000	5.00%, 05/16/19 (c)		4,114,835
	15,000	5.00%, 05/16/19 (c)		15,000
	25,000	California County Tobacco Securitization Agency, Kern County Tobacco Funding Corp. (RB) 5.00%, 06/01/21		26,290
	700,000	California County Tobacco Securitization Agency, Series C (RB) 0.00%, 05/20/19 (c) ^		98,686
		California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB)
	1,120,000	5.13%, 05/31/19 (c)		1,122,957
	2,000,000	5.25%, 05/31/19 (c)		2,005,300

See Notes to Financial Statements

90

Principal Amount			Value
California: (continued)
$	10,850,000	California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series C (RB) 0.00%, 05/16/19 (c) ^	$	712,628
	17,250,000	California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB) 0.00%, 05/16/19 (c) ^		797,467
		California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		262,035
	500,000	4.20%, 08/15/27 (c)		531,975
	80,000	4.25%, 11/15/22 (c)		84,987
	460,000	5.00%, 08/15/27 (c)		529,041
	1,410,000	5.00%, 08/15/27 (c)		1,610,953
		California Municipal Finance Authority, California Baptist University, Series A (RB)
	500,000	5.50%, 11/01/25 (c)		566,980
	1,000,000	6.13%, 11/01/23 (c)		1,153,750
		California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
	250,000	5.00%, 07/01/27 (c)		291,440
	200,000	5.00%, 07/01/27 (c)		234,430
	485,000	5.75%, 07/01/20 (c)		508,566
	900,000	California Municipal Finance Authority, Eisenhower Medical Center, Series B (RB) 5.00%, 07/01/27 (c)		1,012,824
		California Municipal Finance Authority, Julian Charter School Project, Series A (RB)
	320,000	5.00%, 03/01/25		323,686
	2,900,000	5.63%, 03/01/25 (c)		2,890,343
		California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
	1,950,000	3.00%, 06/30/28 (c)		1,952,379
	650,000	3.25%, 06/30/28 (c)		656,552
	730,000	3.50%, 06/30/28 (c)		743,191
	3,500,000	4.00%, 06/30/28 (c)		3,639,860
	7,555,000	5.00%, 06/30/28 (c)		8,603,785
	2,040,000	5.00%, 06/30/28 (c)		2,369,970
	2,550,000	5.00%, 06/30/28 (c)		2,913,426
	500,000	5.00%, 06/30/28 (c)		596,080
	500,000	5.00%, 06/30/28 (c)		598,180
	200,000	5.00%, 06/30/28 (c)		233,086
	1,035,000	5.00%, 06/30/28 (c)		1,220,451
	1,600,000	California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM) 5.00%, 06/01/28 (c)		1,819,680

Principal Amount			Value
California: (continued)
		California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)
$	230,000	5.25%, 11/01/26 (c)	$	252,936
	750,000	5.25%, 11/01/26 (c)		825,607
		California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
	500,000	5.00%, 07/01/26 (c)		528,935
	1,000,000	5.00%, 07/01/28 (c)		1,063,410
	930,000	California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)		1,031,984
	1,500,000	California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,593,735
	250,000	California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) 4.00%, 11/15/28 (c)		262,720
	150,000	California Municipal Finance Authority, West Village Student Housing Project (RB) 4.00%, 11/15/28 (c)		157,632
		California Pollution Control Financing Authority, Solid Waste Disposal (RB)
	3,500,000	7.50%, 07/01/22 (c)		3,663,485
	500,000	7.50%, 12/01/24 (c)		497,310
	2,935,000	8.00%, 07/01/27 (c)		3,184,974
	400,000	California Public Finance Authority, Henry Mayo Newhall Hospital (RB) 5.00%, 10/15/26 (c)		440,896
		California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
	300,000	5.00%, 07/01/27 (c)		313,683
	4,900,000	5.00%, 07/01/27 (c)		5,058,809
	345,000	5.00%, 07/01/27		368,774
	485,000	5.00%, 07/01/27 (c)		513,620
	400,000	California School Finance Authority, Bright Star Schools Obligated Group (RB) 5.00%, 06/01/27 (c)		413,136
		California School Finance Authority, Rocketship Education Obligated Group, Series A (RB)
	250,000	5.13%, 06/01/26 (c)		261,225
	250,000	5.25%, 06/01/26 (c)		261,560
	1,000,000	California Statewide Communities Development Authority, Baptist University, Series A (RB) 5.00%, 11/01/27 (c)		1,126,650
	250,000	California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		270,230

See Notes to Financial Statements

91

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
		California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
$	1,960,000	5.50%, 05/31/19 (c)	$	1,926,641
	365,000	5.75%, 05/31/19 (c)		355,977
	3,270,000	5.75%, 05/31/19 (c)		3,208,687
	1,225,000	5.75%, 05/31/19 (c)		1,199,177
	55,000	California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/31/19 (c)		53,677
		California Statewide Communities Development Authority, Independence Support, LLC Project (RB)
	100,000	6.00%, 06/01/25 (d) *		61,000
	125,000	6.50%, 06/01/25 (c) (d) *		76,250
		California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)
	90,000	5.00%, 05/15/20		92,989
	385,000	5.00%, 05/15/26 (c)		444,848
	75,000	California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c)		84,401
		California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
	1,010,000	4.90%, 07/20/19 (c)		1,034,088
	1,100,000	5.00%, 06/01/26 (c)		1,246,300
	350,000	5.00%, 06/01/26 (c)		397,457
	1,835,000	5.00%, 06/01/26 (c)		2,003,875
	1,595,000	5.00%, 06/01/26 (c)		1,752,937
	1,300,000	5.25%, 12/01/24 (c)		1,460,732
	4,880,000	5.25%, 12/01/24 (c)		5,306,658
	3,240,000	5.25%, 12/01/24 (c)		3,590,114
	7,380,000	5.25%, 06/01/26 (c)		8,111,432
	7,940,000	5.50%, 12/01/24 (c)		8,713,038
	5,500,000	5.50%, 06/01/28 (c)		6,254,160
	1,325,000	California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 4.25%, 01/01/28 (c)		1,386,149
		California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
	2,130,000	5.00%, 06/01/26 (c)		2,316,162
	125,000	5.75%, 01/15/23 (c)		132,704
	1,000,000	California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		1,097,620

Principal Amount			Value
California: (continued)
$	1,000,000	California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c)	$	1,067,800
		California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB)
	5,000,000	0.00%, 05/16/19 (c) ^		230,200
	7,350,000	0.00%, 05/16/19 (c) ^		1,327,704
	52,750,000	0.00%, 05/31/19 (c) ^		1,708,045
	3,175,000	6.00%, 05/31/19 (c)		3,193,510
	900,000	6.00%, 05/31/19 (c)		905,247
	120,000	Cathedral City, California Public Financing Authority, Series A (AMBAC) (TA) 4.50%, 05/31/19 (c)		120,125
	55,000	Chino Public Financing Authority (ST) 5.00%, 09/01/22 (c)		58,406
		City of Dublin, Community Facilities District No. 2015-1 (ST)
	1,840,000	5.00%, 09/01/27 (c)		2,025,159
	1,150,000	5.00%, 09/01/27 (c)		1,288,667
	250,000	City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		272,450
		City of Irvine, Community Facilities District No. 2013-3 (ST)
	1,000,000	4.00%, 09/01/23 (c)		1,029,700
	1,800,000	4.00%, 09/01/23 (c)		1,841,994
	250,000	4.00%, 09/01/23 (c)		262,635
	230,000	4.00%, 09/01/23 (c)		243,577
	250,000	4.00%, 09/01/23 (c)		263,470
	750,000	City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		824,460
	1,620,000	City of Long Beach, Marina System Revenue (RB) 5.00%, 05/15/25 (c)		1,769,591
	110,000	City of Marysville, Fremont-Rideout Health Group (RB) 5.25%, 01/01/21 (c)		116,883
	500,000	City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		565,890
	840,000	City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		929,443
		City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
	500,000	3.75%, 09/01/27 (c)		500,690
	155,000	5.00%, 09/01/27 (c)		173,330
	135,000	5.00%, 09/01/27 (c)		150,447
	200,000	City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		219,992

See Notes to Financial Statements

92

Principal Amount			Value
California: (continued)
$	225,000	City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21	$	248,967
	1,060,000	City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,160,244
	1,000,000	Compton Public Finance Authority (RB) 4.00%, 09/01/24 (c)		1,013,870
	1,300,000	Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,443,624
		Folsom Ranch Financing Authority (ST)
	1,000,000	5.00%, 09/01/27 (c)		1,109,820
	2,000,000	5.00%, 09/01/27 (c)		2,259,780
	1,100,000	5.00%, 09/01/27 (c)		1,261,931
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
	1,000,000	5.75%, 01/15/24 (c)		1,150,990
	2,500,000	6.00%, 01/15/24 (c)		2,926,950
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
	100,000	3.95%, 07/15/27 (c)		103,218
	1,000,000	6.00%, 01/15/24 (c)		1,168,620
	6,525,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		7,258,932
	1,000,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,176,180
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	3,500,000	3.50%, 06/01/22 (c)		3,491,215
	6,505,000	5.00%, 06/01/22 (c)		6,385,308
	2,630,000	5.00%, 06/01/25		3,013,086
	400,000	5.00%, 06/01/27		469,232
	4,000,000	5.00%, 06/01/28 (c)		4,614,520
	750,000	5.00%, 06/01/28 (c)		851,842
	3,815,000	5.25%, 06/01/22 (c)		3,840,675
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)
	12,750,000	5.00%, 06/01/22 (c)		12,515,400
	14,585,000	5.30%, 06/01/22 (c)		14,848,113
	83,745,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.00%, 05/16/19 (c) ^		13,369,889
	250,000	Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		247,878
	9,410,000	Inland Empire Tobacco Securitization Authority (RB) 0.00%, 05/16/19 (c) ^		1,360,121

Principal Amount			Value
California: (continued)
$	3,990,000	Inland Empire Tobacco Securitization Authority, Series A (RB) 4.63%, 05/16/19 (c)	$	3,990,040
	790,000	Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c)		817,950
	1,000,000	Irvine Unified School District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c)		1,103,730
	405,000	Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/25 (c)		443,301
	50,000	Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c)		54,711
	1,575,000	MSR Energy Authority, Series A (RB) 6.50%, 11/01/39		2,324,117
		MSR Energy Authority, Series B (RB)
	1,680,000	6.13%, 11/01/29		2,099,244
	805,000	6.50%, 11/01/39		1,187,882
	2,500,000	7.00%, 11/01/34		3,684,325
		MSR Energy Authority, Series C (RB)
	700,000	6.13%, 11/01/29		873,824
	3,850,000	6.50%, 11/01/39		5,681,175
	3,105,000	7.00%, 11/01/34		4,575,932
		Orange County Community Facilities District No. 1, Series A (ST)
	1,000,000	4.25%, 08/15/25 (c)		1,037,940
	465,000	5.25%, 08/15/25 (c)		511,086
		Palomar Health (CP)
	850,000	4.00%, 11/01/27 (c)		868,572
	1,500,000	4.00%, 11/01/27 (c)		1,526,640
	250,000	5.00%, 11/01/26 (c)		282,303
	500,000	5.00%, 11/01/26 (c)		555,020
	125,000	Palomar Pomerado Health, Series A (GO) 0.00%, 08/01/25 ^		107,181
	115,000	Patterson Public Financing Authority, Community Facilities District No. 2001-1, Series A (ST) 4.00%, 09/01/21		117,924
	1,000,000	Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,087,790
	750,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		822,720
	180,000	Rancho Cordova Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		184,941
		River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST)
	500,000	5.00%, 09/01/26 (c)		541,065
	500,000	5.00%, 09/01/26 (c)		539,745
	500,000	5.00%, 09/01/26 (c)		547,400
	3,000,000	5.50%, 09/01/22 (c)		3,212,850

See Notes to Financial Statements

93

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
California: (continued)
$	500,000	Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)	$	556,695
		Sacramento County, Community Facilities District No. 2005-2 (ST)
	495,000	5.00%, 09/01/26 (c)		538,946
	345,000	5.00%, 09/01/26 (c)		377,023
	3,120,000	San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c)		3,464,417
		San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)
	145,000	0.00%, 01/15/32 ^		93,096
	105,000	0.00%, 01/15/36 ^		56,717
	1,750,000	5.00%, 01/15/25 (c)		1,952,230
	3,780,000	5.00%, 01/15/25 (c)		4,182,230
	500,000	5.00%, 01/15/25 (c)		572,925
	2,300,000	5.00%, 01/15/25 (c)		2,587,040
	200,000	San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		221,532
		Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
	500,000	5.00%, 03/01/26 (c)		541,085
	500,000	5.00%, 03/01/26 (c)		542,975
		Silicon Valley Tobacco Securitization Authority (RB)
	9,750,000	0.00%, 05/16/19 (c) ^		345,930
	7,515,000	0.00%, 05/16/19 (c) ^		592,332
	9,000,000	0.00%, 05/31/19 (c) ^		3,383,730
	18,050,000	South California Tobacco Securitization Authority, Series C (RB) 0.00%, 05/16/19 (c) ^		2,282,061
	1,035,000	Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,077,921
		Tobacco Securitization Authority of Northern California, Series A-1 (RB)
	2,085,000	5.38%, 05/16/19 (c)		2,095,342
	6,025,000	5.50%, 05/16/19 (c)		6,055,185
	8,000,000	Tobacco Securitization Authority of Northern California, Series C (RB) 0.00%, 05/16/19 (c) ^		898,880
		Tobacco Securitization Authority of Southern California, Series A-1 (RB)
	5,455,000	5.00%, 05/16/19 (c)		5,486,857
	7,425,000	5.13%, 05/16/19 (c)		7,433,687
		Tobacco Securitization Authority of Southern California, Series B (RB)
	10,485,000	0.00%, 05/16/19 (c) ^		1,640,483
	15,000,000	0.00%, 05/16/19 (c) ^		2,905,050
	15,940,000	Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 05/16/19 (c) ^		1,647,080

Principal Amount			Value
California: (continued)
		Tustin Community Facilities District, Series A (ST)
$	100,000	5.00%, 09/01/25 (c)	$	109,218
	100,000	5.00%, 09/01/25 (c)		109,517
	750,000	Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		809,655
	455,000	Vernon Electric System, Series A (RB) 5.13%, 08/01/19 (c)		458,649
	2,500,000	West Contra Costa Healthcare District (CP) 6.25%, 07/01/21 (c)		2,667,800
		Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
	1,090,000	4.00%, 09/01/21		818,732
	530,000	5.30%, 09/01/22 (c)		345,110
	445,000	William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		492,050
				354,225,306
Colorado: 2.3%
		Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
	500,000	5.00%, 12/01/23 (c)		515,240
	750,000	5.13%, 12/01/23 (c)		773,475
	1,000,000	Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c)		1,041,020
		Castle Oaks Metropolitan District No. 3 (GO)
	500,000	5.00%, 12/01/20 (c)		503,230
	500,000	5.00%, 12/01/20 (c)		505,480
		Centerra Metropolitan District No. 1 (TA)
	500,000	5.00%, 12/01/22 (c)		515,235
	500,000	5.00%, 12/01/22 (c)		522,190
	500,000	5.00%, 12/01/22 (c)		536,155
	4,900,000	City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,285,042
	2,250,000	City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		2,443,500
	1,035,000	City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,073,367
		Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project (RB)
	1,000,000	5.00%, 07/01/26 (c)		1,030,270
	500,000	5.00%, 07/01/26 (c)		523,865
		Colorado Health Facilities Authority, Catholic Health Initiatives, Series A (RB)
	360,000	4.50%, 05/31/19 (c)		360,587
	260,000	4.75%, 05/31/19 (c)		260,127
	960,000	5.00%, 07/01/19 (c)		965,280

See Notes to Financial Statements

94

Principal Amount			Value
Colorado: (continued)
$	1,390,000	5.00%, 02/01/21 (c)	$	1,438,761
	150,000	5.00%, 02/01/21 (c)		157,659
	245,000	5.25%, 07/01/19 (c)		246,448
	425,000	5.25%, 02/01/21 (c)		446,773
	105,000	Colorado Health Facilities Authority, Christian Living Neighborhoods (RB) 5.00%, 01/01/24 (c)		114,217
		Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB)
	1,500,000	5.00%, 06/01/27 (c)		1,665,165
	335,000	5.00%, 06/01/27 (c)		377,445
	400,000	5.00%, 06/01/27 (c)		455,020
		Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
	750,000	5.20%, 05/31/19 (c)		750,465
	1,700,000	5.30%, 05/31/19 (c)		1,700,153
		Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)
	1,600,000	5.75%, 11/01/25 (c)		1,543,584
	1,400,000	6.00%, 11/01/25 (c)		1,351,126
	730,000	Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB) 4.00%, 11/01/20 (c)		686,236
	1,250,000	Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB) 6.13%, 12/01/25 (c)		1,309,425
		Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB)
	1,695,000	5.00%, 06/01/22 (c)		1,787,700
	195,000	5.00%, 06/01/27 (c)		221,087
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		270,038
	250,000	5.00%, 12/31/24 (c)		270,840
	2,500,000	Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,700,850
		Copperleaf Metropolitan District No. 2 (GO)
	500,000	5.25%, 12/01/20 (c)		524,030
	500,000	5.75%, 12/01/20 (c)		523,865
		Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
	1,000,000	5.63%, 12/01/23 (c)		1,008,540
	1,500,000	5.75%, 12/01/23 (c)		1,512,750
		Denver Convention Center Hotel Authority (RB)
	250,000	5.00%, 12/01/26 (c)		280,073
	1,000,000	5.00%, 12/01/26 (c)		1,137,490
		Dominion Water and Sanitation District (RB)
	3,500,000	5.75%, 12/01/21 (c)		3,715,215
	500,000	6.00%, 12/01/21 (c)		531,390

Principal Amount			Value
Colorado: (continued)
		Eaton Area Park and Recreation District (GO)
$	250,000	5.25%, 12/01/22 (c)	$	262,618
	310,000	5.50%, 12/01/22 (c)		327,689
	250,000	5.50%, 12/01/22 (c)		266,943
		Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
	1,020,000	4.50%, 11/01/25 (c)		1,013,258
	410,000	5.25%, 11/01/25 (c)		420,422
	1,835,000	5.50%, 11/01/25 (c)		1,896,656
	1,000,000	Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c)		1,018,320
		Lambertson Farms Metropolitan District No. 1 (GO)
	500,000	5.75%, 12/15/23 (c)		513,195
	500,000	6.00%, 12/15/23 (c)		517,655
	1,000,000	Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c)		1,014,540
	500,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		531,885
		Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
	5,000,000	5.00%, 12/01/22 (c)		5,046,600
	500,000	5.00%, 12/01/22 (c)		510,465
	1,000,000	5.00%, 12/01/22 (c)		1,034,370
		Velocity Metropolitan District No. 3 (GO)
	500,000	5.13%, 12/01/23 (c)		512,440
	500,000	5.38%, 12/01/23 (c)		512,320
	1,500,000	5.50%, 12/01/23 (c)		1,539,165
				60,518,949
Connecticut: 0.4%
	630,000	Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/13/19 (c)		630,019
	1,500,000	Connecticut State Health & Educational Facilities Authority, Church Home of Harford, Series A (RB) 5.00%, 09/01/26 (c)		1,557,690
	120,000	Connecticut State Health & Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		122,156
	235,000	Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series I (RB) 4.50%, 07/01/20 (c)		240,640
		Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
	935,000	4.25%, 07/01/22 (c)		980,048
	655,000	4.50%, 07/01/22 (c)		675,947
	380,000	5.00%, 07/01/22 (c)		407,235
	470,000	5.00%, 07/01/22 (c)		499,854
	100,000	5.00%, 07/01/22 (c)		106,571

See Notes to Financial Statements

95

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Connecticut: (continued)
$	1,040,000	Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c)	$	815,142
		Mohegan Tribe of Indians of Connecticut, Series C (RB)
	250,000	5.75%, 02/01/24		265,065
	1,000,000	6.25%, 02/01/26 (c)		1,105,070
		Town of Hamden, Series A (RB)
	410,000	7.63%, 01/01/20 (c)		418,549
	2,000,000	7.75%, 01/01/20 (c)		2,039,620
				9,863,606
Delaware: 0.0%
		Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
	500,000	5.00%, 06/01/26 (c)		525,195
	250,000	5.00%, 06/01/26 (c)		267,018
	275,000	Delaware Economic Development Authority, Indian River Power, LLC Project (RB) 5.38%, 10/01/20 (c)		285,131
				1,077,344
District of Columbia: 1.0%
		District of Columbia Tobacco Settlement Financing Corp. (RB)
	60,800,000	0.00%, 05/16/19 (c) ^		5,510,304
	7,960,000	0.00%, 05/31/19 (c) ^		1,228,626
	59,000	6.50%, 05/15/33		64,899
		District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
	665,000	4.13%, 07/01/24 (c)		685,854
	180,000	5.00%, 07/01/24 (c)		188,462
	1,000,000	5.00%, 07/01/24 (c)		1,040,020
	250,000	5.00%, 07/01/24 (c)		269,003
	665,000	5.00%, 07/01/24 (c)		703,769
	4,200,000	District of Columbia, National Center for Law Enforcement Issue, Series A (RB) 7.75%, 07/01/21 (c)		2,018,898
	1,130,000	District of Columbia, National Center for Law Enforcement Issue, Series B (RB) 6.38%, 05/31/19 (c)		544,796
		District of Columbia, Provident Group - Howard Properties, LLC Issue (RB)
	1,115,000	5.00%, 10/01/22 (c)		1,152,007
	395,000	5.00%, 10/01/22 (c)		404,559
	790,000	5.00%, 10/01/22 (c)		801,344
	985,000	6.25%, 04/01/21 (c)		1,032,447
	1,525,000	6.50%, 04/01/21 (c)		1,595,363
	1,450,000	6.50%, 04/01/21 (c)		1,519,904
	1,110,000	District of Columbia, The Howard University Issue, Series A (RB) 6.25%, 04/01/21 (c)		1,175,934
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)
	825,000	0.00%, 10/01/37 ^		387,973
	1,895,000	5.00%, 04/01/22 (c)		2,010,387

Principal Amount			Value
District of Columbia: (continued)
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
$	5,520,000	0.00%, 10/01/37 ^	$	2,691,276
	245,000	6.50%, 10/01/28 (c)		318,627
				25,344,452
Florida: 5.1%
	1,490,000	Alachua County, Florida Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		1,685,443
		Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
	1,540,000	8.00%, 11/15/21 (c)		1,553,891
	1,005,000	8.13%, 11/15/21 (c)		1,007,322
		Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB)
	800,000	6.00%, 11/15/24 (c)		724,224
	1,000,000	6.25%, 11/15/24 (c)		868,860
	55,000	Brevard County, Florida Tuff Florida Tech Project (RB) 6.75%, 11/01/19 (c)		55,787
	1,335,000	Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		1,436,447
		Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
	500,000	5.13%, 01/01/29 (c)		508,930
	500,000	5.25%, 01/01/29 (c)		508,685
	500,000	5.38%, 01/01/29 (c)		508,815
	500,000	Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 5.25%, 06/15/27 (c)		491,315
	3,405,000	Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series A (RB) 5.88%, 01/01/29 (c)		3,801,682
		Capital Trust Agency, First Mortgage, Tallahassee Tapestry Housing Project, Series A (RB)
	1,005,000	7.00%, 12/01/25 (c)		1,035,813
	500,000	7.13%, 12/01/25 (c)		517,290
	1,050,000	Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) 5.88%, 08/01/24 (c)		1,075,725
		Capital Trust Agency, Tapestry Walden, Series A (RB)
	975,000	6.75%, 07/01/27 (c)		1,010,100
	3,475,000	7.00%, 07/01/27 (c)		3,585,540
		Capital Trust Agency, Tuscan Gardens of Palm Coast Project, Series A (RB)
	2,220,000	7.00%, 04/01/22 (c)		2,123,719
	1,000,000	7.00%, 04/01/24 (c)		956,430

See Notes to Financial Statements

96

Principal Amount			Value
Florida: (continued)
		Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
$	2,200,000	4.00%, 12/01/28	$	2,125,552
	7,775,000	5.25%, 12/01/28 (c)		7,721,897
	2,500,000	5.25%, 12/01/28 (c)		2,529,925
	750,000	City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c)		793,725
	815,000	City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		939,899
		City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
	230,000	4.00%, 06/01/25 (c)		236,675
	300,000	5.00%, 06/01/25 (c)		328,911
	2,500,000	5.00%, 06/01/25 (c)		2,748,325
		City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB)
	475,000	4.00%, 12/01/25 (c)		485,455
	3,540,000	5.00%, 12/01/25 (c)		3,858,423
		Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
	1,150,000	7.00%, 05/15/24		1,156,233
	2,500,000	8.13%, 05/15/24 (c)		2,510,575
		Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB)
	1,000,000	4.75%, 07/15/26 (c)		989,490
	500,000	6.00%, 06/15/27 (c)		516,490
	1,000,000	6.13%, 06/15/27 (c)		1,026,580
		Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB)
	360,000	5.63%, 06/15/24 (c)		360,688
	450,000	5.88%, 06/15/24 (c)		450,063
	695,000	6.00%, 06/15/24 (c)		679,953
		Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
	750,000	5.50%, 06/15/22		762,405
	1,000,000	5.75%, 06/15/24 (c)		1,071,630
	2,600,000	6.00%, 06/15/22 (c)		2,670,304
	500,000	6.00%, 06/15/25 (c)		534,740
	685,000	6.13%, 06/15/25 (c)		724,785
	3,000,000	7.63%, 06/15/21 (c)		3,225,030
	2,000,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB) 6.13%, 06/15/22 (c)		2,036,940
	5,250,000	Florida Development Finance Corp., Tuscan Isle ChampionsGate Project, Series A (RB) 6.38%, 06/01/23 (c)		3,990,000

Principal Amount			Value
Florida: (continued)
$	375,000	Florida Development Finance Corp., Tuscan Isle Senior Living Community Project, Series A (RB) 6.00%, 06/01/23 (c)	$	285,000
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	6,500,000	6.25%, 01/01/20 (c) (p)		6,651,450
	1,500,000	6.38%, 01/01/20 (c) (p)		1,540,845
	5,250,000	6.50%, 01/01/20 (c) (p)		5,384,032
		Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A1 (RB)
	750,000	4.50%, 06/01/28 (c)		789,982
	500,000	4.75%, 06/01/28 (c)		528,305
	750,000	5.00%, 06/01/28 (c)		800,722
		Highlands County Health Facilities Authority, Trousdale Foundation Properties, Series A (RB)
	1,860,000	6.00%, 04/01/28 (c)		2,017,430
	1,500,000	6.25%, 04/01/28 (c)		1,637,970
	500,000	Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.13%, 01/01/27 (c)		503,885
	65,000	Lakes by the Bay South Community Development District (SA) 5.00%, 11/01/22 (c)		67,191
	365,000	Lakewood Ranch Stewardship District (SA) 4.00%, 05/01/21		367,661
		Lee County Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB)
	1,895,000	5.25%, 05/31/19 (c)		1,895,360
	3,500,000	5.38%, 05/31/19 (c)		3,449,985
	1,475,000	5.75%, 06/15/22 (c)		1,479,897
	300,000	Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA) 5.13%, 05/31/19 (c)		297,360
		Martin County Health Facilities Authority, Martin Memorial Medical Center (RB)
	530,000	4.00%, 11/15/24 (c)		547,967
	390,000	4.25%, 11/15/24 (c)		402,640
	100,000	5.13%, 11/15/21 (c)		106,317
	800,000	5.50%, 11/15/21 (c)		867,304
	1,250,000	5.50%, 11/15/21 (c)		1,343,087
		Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
	1,950,000	4.25%, 11/15/19 (c)		1,957,956
	925,000	5.00%, 11/15/24 (c)		1,009,822
	1,910,000	5.00%, 11/15/24 (c)		2,096,091
	250,000	Miami World Center Community Development District (SA) 5.25%, 11/01/27 (c)		260,608

See Notes to Financial Statements

97

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Florida: (continued)
		Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
$	1,390,000	5.00%, 06/01/25 (c)	$	1,431,033
	1,765,000	5.00%, 06/01/25 (c)		1,829,475
	525,000	5.00%, 06/01/25 (c)		558,023
		Miami-Dade County, Florida Seaport Department, Series A (RB)
	240,000	5.00%, 10/01/23 (c)		264,156
	65,000	5.38%, 10/01/23 (c)		73,007
	175,000	6.00%, 10/01/23 (c)		200,876
	2,460,000	Miami-Dade County, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c)		2,804,203
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	500,000	5.00%, 10/01/25 (c)		551,620
	500,000	5.00%, 10/01/25 (c)		558,285
	1,000,000	Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,097,160
	640,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c)		662,106
		Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
	1,945,000	4.25%, 05/01/23 (c)		2,012,180
	1,480,000	5.00%, 05/01/23 (c)		1,544,173
	155,000	North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		175,372
		Northern Palm Beach County Improvement District (RB)
	200,000	5.00%, 08/01/27 (c)		208,774
	200,000	5.00%, 08/01/27 (c)		210,330
	890,000	Orange County Industrial Development Authority, Series B (RB) 5.00%, 07/01/25 (c)		679,640
		Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB)
	1,740,000	5.00%, 05/15/23 (c)		1,827,957
	1,500,000	5.00%, 05/15/23 (c)		1,613,385
	1,500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)		1,690,785
	195,000	Palm Cost Park Community Development District (SA) 5.70%, 05/31/19 (c)		194,994
	385,000	Sumter County, Florida Village Community Development District No. 8 (SA) 6.13%, 05/01/20 (c)		399,823

Principal Amount			Value
Florida: (continued)
$	840,000	Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)	$	888,392
	400,000	Town of Davie, Florida Educational Facilities, Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c)		449,164
		Village Community Development District No. 12 (SA)
	250,000	3.25%, 05/01/26		253,738
	2,470,000	3.63%, 05/01/26 (c)		2,504,358
	2,475,000	3.88%, 05/01/26 (c)		2,486,311
	1,000,000	4.25%, 05/01/28 (c)		1,028,640
	1,250,000	4.38%, 05/01/28 (c)		1,286,075
	500,000	Volusia County Industrial Development Authority, Woodland Towers Project, Series C (RB) 7.25%, 07/01/24 (c)		508,075
				134,211,688
Georgia: 0.8%
	15,000	Albany-Dougherty Inner City Authority, Series A (RB) (XLCA) 4.50%, 05/31/19 (c)		15,004
		Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB)
	1,000,000	6.50%, 01/01/28 (c)		1,034,270
	2,725,000	6.75%, 01/01/28 (c)		2,804,216
	2,500,000	7.00%, 01/01/28 (c)		2,590,450
	720,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)		740,045
		Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB)
	1,000,000	6.00%, 07/01/23 (c)		890,020
	500,000	6.00%, 07/01/23 (c)		468,430
		Floyd County Development Authority, the Spires at Berry College Project, Series A (RB) (SBG)
	250,000	5.50%, 12/01/24 (c)		254,308
	1,000,000	6.25%, 12/01/24 (c)		1,014,480
	1,000,000	6.50%, 12/01/24 (c)		1,023,830
	110,000	Georgia Local Government, Grantor Trust Certificates of Participation, Series A (CP) (NATL) 4.75%, 06/01/28		121,180
		Greene County Development Authority, Glen-I, LLC Project, Series A (RB)
	500,000	6.13%, 01/01/25		450,000
	625,000	7.25%, 01/01/25 (c)		562,500
		Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
	250,000	5.75%, 06/15/27 (c)		256,335
	500,000	5.88%, 06/15/27 (c)		511,125
	1,000,000	6.00%, 06/15/27 (c)		1,023,770

See Notes to Financial Statements

98

Principal Amount			Value
Georgia: (continued)
		Marietta Development Authority, Life University, Inc. Project, Series A (RB)
$	500,000	5.00%, 11/01/27 (c)	$	541,335
	750,000	5.00%, 11/01/27 (c)		825,127
	375,000	Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		388,684
	1,000,000	Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		1,029,700
	3,850,000	Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)		3,911,908
				20,456,717
Guam: 0.6%
		A. B. Won Pat International Airport Authority, Series C (RB)
	1,000,000	5.00%, 10/01/21		1,028,860
	200,000	6.25%, 10/01/23 (c)		229,818
	1,100,000	Guam Economic Development and Commerce Authority (RB) 5.63%, 05/16/19 (c)		1,039,995
		Guam Government Business Privilege Tax, Series A (RB) (AGM)
	125,000	5.00%, 01/01/21		130,213
	500,000	5.00%, 01/01/22 (c)		525,990
	1,340,000	5.13%, 01/01/22 (c)		1,385,493
		Guam Government Business Privilege Tax, Series B (RB)
	1,250,000	5.00%, 01/01/22 (c)		1,290,562
	295,000	5.00%, 01/01/22 (c)		303,334
		Guam Government Business Privilege Tax, Series D (RB)
	585,000	5.00%, 11/15/25 (c)		624,148
	500,000	5.00%, 11/15/25 (c)		543,745
	1,100,000	Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c)		1,132,945
	620,000	Guam Government Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		660,567
		Guam Government Waterworks Authority, Water and Wastewater System (RB)
	1,375,000	5.00%, 07/01/26 (c)		1,501,954
	500,000	5.25%, 07/01/23 (c)		540,975
	355,000	5.50%, 07/01/20 (c)		370,808
	3,530,000	5.50%, 07/01/23 (c)		3,829,873
	355,000	5.63%, 07/01/20 (c)		371,319
		Guam Power Authority, Series A (RB)
	345,000	5.00%, 10/01/22 (c)		365,748
	500,000	5.00%, 10/01/27 (c)		552,090
	250,000	5.50%, 10/01/20 (c)		263,500
				16,691,937

Principal Amount			Value
Hawaii: 0.4%
		Kuakini, Hawaii Health System, Series A (RB)
$	1,270,000	6.30%, 05/31/19 (c)	$	1,273,810
	1,675,000	6.38%, 05/31/19 (c)		1,675,603
		State of Hawaii, Department of Budget and Finance, Series A (RB)
	1,150,000	5.00%, 01/01/25 (c)		1,152,737
	1,400,000	6.25%, 07/01/23 (c)		1,488,158
	2,085,000	6.63%, 07/01/23 (c)		2,213,978
	2,000,000	6.88%, 07/01/23 (c)		2,116,900
				9,921,186
Idaho: 0.2%
		Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
	450,000	3.50%, 09/01/26 (c)		418,545
	1,135,000	5.00%, 09/01/26 (c)		1,235,277
		Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB)
	100,000	7.00%, 10/01/24		109,974
	900,000	7.38%, 10/01/24 (c)		985,959
	2,000,000	8.00%, 10/01/24 (c)		2,239,180
	1,000,000	8.13%, 10/01/24 (c)		1,122,890
				6,111,825
Illinois: 12.7%
		Chicago Board of Education, Series A (GO)
	6,055,000	5.00%, 12/01/21 (c)		6,175,192
	14,745,000	5.00%, 12/01/22 (c)		15,131,319
	300,000	5.00%, 12/01/23		331,728
	100,000	5.00%, 12/01/25		114,439
	250,000	5.00%, 12/01/28 (c)		270,760
	250,000	5.00%, 12/01/28 (c)		287,888
	410,000	5.25%, 12/01/21 (c)		420,623
	5,650,000	5.50%, 12/01/21 (c)		5,838,258
	110,000	5.50%, 12/01/25		124,496
	130,000	5.50%, 12/01/26		148,013
	265,000	5.50%, 12/01/26		297,553
	14,020,000	7.00%, 12/01/25 (c)		16,414,195
	5,200,000	7.00%, 12/01/25 (c)		6,263,660
	1,250,000	7.00%, 12/01/27 (c)		1,515,375
		Chicago Board of Education, Series B (GO)
	150,000	4.00%, 12/01/22 (c)		141,407
	1,560,000	5.00%, 12/01/22 (c)		1,617,049
	1,105,000	5.00%, 12/01/22 (c)		1,147,465
		Chicago Board of Education, Series C (GO)
	6,250,000	5.00%, 12/01/27 (c)		6,828,750
	2,000,000	5.00%, 12/01/27		2,183,680
	250,000	5.00%, 12/01/27 (c)		269,053
	5,370,000	5.25%, 12/01/24 (c)		5,702,564
	4,260,000	5.25%, 12/01/24 (c)		4,485,950
	1,000,000	6.00%, 12/01/24 (c)		1,104,370
	750,000	Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/23 (c)		772,222

See Notes to Financial Statements

99

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Illinois: (continued)
$	1,980,000	Chicago Board of Education, Series E (GO) 5.13%, 12/01/24 (c)	$	2,106,423
		Chicago Board of Education, Series F (GO)
	3,260,000	5.00%, 12/01/20 (c)		3,317,865
	1,425,000	5.00%, 12/01/20		1,477,012
	5,500,000	Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		5,786,825
	400,000	Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		451,804
		Chicago School Reform Board of Trustees, Series A (GO)
	160,000	0.00%, 12/01/21 ^		147,720
	250,000	0.00%, 12/01/23 ^		214,718
	140,000	0.00%, 12/01/25 ^		111,289
	875,000	0.00%, 12/01/29 ^		582,785
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	450,000	0.00%, 12/01/21 ^		415,463
	120,000	0.00%, 12/01/22 ^		107,002
	590,000	0.00%, 12/01/24 ^		488,083
	1,500,000	0.00%, 12/01/25 ^		1,192,380
	1,120,000	0.00%, 12/01/26 ^		855,232
	465,000	0.00%, 12/01/27 ^		340,422
	560,000	0.00%, 12/01/28 ^		391,591
	620,000	0.00%, 12/01/29 ^		412,945
	450,000	0.00%, 12/01/30 ^		284,229
	165,000	0.00%, 12/01/31 ^		99,114
	345,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/21		364,793
		City of Chicago (GO)
	195,000	0.00%, 01/01/28 ^		144,099
	375,000	0.00%, 01/01/33 ^		220,268
	290,000	0.00%, 01/01/34 ^		162,325
		City of Chicago, Modern School Across Chicago Program, Series A (GO)
	915,000	5.00%, 12/01/20 (c)		943,594
	500,000	5.00%, 12/01/20 (c)		516,330
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	235,000	5.00%, 01/01/25		257,435
	910,000	5.25%, 01/01/25 (c)		994,575
	945,000	5.25%, 01/01/25 (c)		1,036,835
	3,980,000	5.50%, 01/01/25 (c)		4,329,484
	855,000	5.50%, 01/01/25 (c)		944,707
	115,000	5.50%, 01/01/25 (c)		127,629
	1,585,000	City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,782,649
		City of Chicago, Series A (GO)
	140,000	0.00%, 01/01/29 ^		99,492
	905,000	4.63%, 01/01/21 (c)		916,647
	125,000	5.00%, 05/31/19 (c)		125,339
	2,160,000	5.00%, 01/01/21 (c)		2,204,258

Principal Amount			Value
Illinois: (continued)
$	370,000	5.00%, 01/01/21	$	389,939
	865,000	5.00%, 01/01/22 (c)		892,325
	1,015,000	5.00%, 01/01/22 (c)		1,048,566
	395,000	5.00%, 01/01/23		422,915
	640,000	5.00%, 01/01/24 (c)		674,323
	1,485,000	5.00%, 01/01/24 (c)		1,561,953
	2,935,000	5.00%, 01/01/24 (c)		3,081,662
	2,110,000	5.25%, 01/01/21 (c)		2,167,202
	280,000	5.25%, 01/01/24 (c)		300,983
	1,120,000	5.25%, 01/01/24 (c)		1,196,406
	150,000	5.25%, 01/01/24 (c)		161,847
	1,150,000	5.25%, 01/01/24 (c)		1,244,645
	600,000	5.25%, 01/01/24 (c)		639,720
	880,000	5.38%, 01/01/25 (c)		967,410
	580,000	5.50%, 01/01/25 (c)		628,407
	445,000	5.50%, 01/01/25 (c)		487,689
	1,320,000	5.50%, 01/01/25 (c)		1,450,706
	500,000	5.63%, 01/01/27 (c)		571,050
	1,000,000	5.63%, 01/01/27 (c)		1,155,470
	180,000	5.75%, 01/01/27 (c)		205,657
	6,400,000	6.00%, 01/01/27 (c)		7,302,144
	870,000	City of Chicago, Series B (GO) 5.00%, 01/01/23		931,483
		City of Chicago, Series C (GO)
	555,000	0.00%, 01/01/30 ^		370,879
	195,000	0.00%, 01/01/32 ^		117,842
	1,800,000	5.00%, 01/01/22 (c)		1,887,210
	1,235,000	5.00%, 01/01/22		1,304,074
	110,000	5.00%, 01/01/22 (c)		115,139
	195,000	5.00%, 01/01/22 (c)		203,869
	1,110,000	5.00%, 01/01/24		1,201,342
	1,760,000	5.00%, 01/01/25		1,928,027
	2,600,000	5.00%, 01/01/26 (c)		2,757,508
	380,000	5.00%, 01/01/26		420,888
		City of Chicago, Series D (GO)
	870,000	5.00%, 05/31/19 (c)		871,636
	345,000	5.00%, 05/31/19 (c)		345,721
	1,045,000	5.50%, 01/01/25 (c)		1,136,761
	710,000	5.50%, 01/01/25 (c)		767,865
	520,000	5.50%, 01/01/25 (c)		571,490
	2,715,000	5.50%, 01/01/25 (c)		2,975,450
		City of Chicago, Series E (GO)
	910,000	5.50%, 01/01/25 (c)		981,626
	915,000	5.50%, 01/01/25 (c)		1,000,122
	1,020,000	City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,254,059
		City of Harvey, Series A (GO)
	465,000	5.50%, 05/31/19 (c) (d) *		255,750
	3,600,000	5.63%, 05/31/19 (c) (d) *		1,980,000
	625,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		667,163
	1,020,000	Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.75%, 10/15/20 (c)		1,060,157
		Illinois Finance Authority, Admiral Lake Project (RB)
	1,000,000	5.00%, 05/15/24 (c)		1,018,530

See Notes to Financial Statements

100

Principal Amount			Value
Illinois: (continued)
$	380,000	5.13%, 05/15/24 (c)	$	384,108
	1,150,000	5.25%, 05/15/24 (c)		1,154,462
	500,000	5.25%, 05/15/24 (c)		505,870
	300,000	5.50%, 05/15/24 (c)		307,029
	15,000	Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/31/19 (c)		15,003
	375,000	Illinois Finance Authority, Clare Oaks Project, Series B (RB) 4.00%, 06/03/19 (c)		293,276
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	705,000	4.75%, 05/15/23 (c)		718,458
	260,000	5.13%, 05/15/23 (c)		268,546
	860,000	5.25%, 05/15/23 (c)		892,224
		Illinois Finance Authority, Friendship Village of Schaumburg (RB)
	5,000,000	5.00%, 02/15/27 (c)		4,580,150
	2,160,000	5.00%, 02/15/27		2,143,368
	2,730,000	5.13%, 02/15/27 (c)		2,441,275
		Illinois Finance Authority, Institute of Technology, Series A (RB)
	990,000	5.00%, 05/31/19 (c)		990,059
	2,610,000	5.00%, 05/31/19 (c)		2,610,496
	500,000	Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		518,085
		Illinois Finance Authority, Lutheran Home and Obligated Group (RB)
	500,000	5.50%, 05/15/22 (c)		524,295
	400,000	5.75%, 05/15/22 (c)		411,632
	1,000,000	Illinois Finance Authority, Montgomery Place (RB) 5.25%, 05/15/27 (c)		1,046,660
	1,555,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 6.75%, 10/15/20 (c)		1,621,663
	1,000,000	Illinois Finance Authority, Norwegian American Hospital Inc. (RB) 7.75%, 09/15/20 (c)		1,070,540
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	715,000	6.20%, 05/15/20 (c)		670,455
	230,000	6.24%, 05/15/20 (c)		209,105
	315,000	6.33%, 05/15/20 (c)		285,598
	535,000	6.44%, 05/15/20 (c)		482,292
	437,508	Illinois Finance Authority, Park Place of Elmhurst Project, Series B (RB) 5.63%, 05/15/20		418,175
	250,000	Illinois Finance Authority, Roosevelt University Project (RB) 5.50%, 06/03/19 (c)		250,093
		Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)
	230,000	5.00%, 08/15/25 (c)		255,841
	525,000	5.00%, 08/15/25 (c)		575,642
	880,000	Illinois Finance Authority, Three Crowns Park (RB) 5.25%, 02/15/24 (c)		932,967

Principal Amount			Value
Illinois: (continued)
$	100,000	Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB) 7.13%, 10/01/21 (c)	$	106,194
	2,695,000	Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,835,059
		Illinois Sports Facilities Authority (RB) (AMBAC)
	655,000	0.00%, 06/15/26 ^		504,154
	1,000,000	5.00%, 06/15/24 (c)		1,111,630
		Metropolitan Pier and Exposition Authority (RB)
	555,000	0.00%, 06/15/30 ^		376,196
	410,000	5.70%, 06/15/23		459,241
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	840,000	0.00%, 06/15/29 ^		598,063
	340,000	0.00%, 12/15/30 ^		225,104
	125,000	0.00%, 06/15/31 ^		80,739
	190,000	0.00%, 06/15/34 ^		107,757
	510,000	0.00%, 12/15/34 ^		283,458
	185,000	0.00%, 06/15/37 ^		91,088
	115,000	0.00%, 06/15/39 ^		50,935
	1,500,000	0.00%, 06/15/40 ^		630,015
	4,410,000	5.00%, 06/15/22 (c)		4,567,040
	3,230,000	5.00%, 12/15/25 (c)		3,425,415
	250,000	5.00%, 12/15/27 (c)		267,875
	400,000	5.50%, 06/15/20 (c)		406,772
	1,400,000	5.50%, 12/15/25 (c)		1,525,118
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	1,080,000	0.00%, 06/15/28 ^		804,859
	1,000,000	0.00%, 12/15/41 ^		377,330
	720,000	0.00%, 12/15/50 ^		180,418
	15,515,000	0.00%, 12/15/51 ^		3,676,900
	740,000	0.00%, 12/15/54 ^		147,208
	6,780,000	4.25%, 06/15/22 (c)		6,711,725
	1,360,000	5.00%, 12/15/20		1,410,742
	1,450,000	5.00%, 06/15/22 (c)		1,539,929
	1,135,000	5.00%, 06/15/22 (c)		1,170,866
	3,765,000	5.00%, 06/15/22 (c)		3,969,816
	290,000	5.00%, 06/15/22 (c)		306,919
	335,000	5.00%, 12/15/22		357,690
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B-2 (RB)
	6,400,000	5.00%, 06/15/20 (c)		6,473,664
	425,000	5.20%, 06/15/20 (c)		430,814
	5,965,000	5.25%, 06/15/20 (c)		6,049,822
	435,000	Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/22 (c)		347,504
	230,000	Southwestern Illinois Development Authority (RB) 5.35%, 05/31/19 (c)		168,326

See Notes to Financial Statements

101

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Illinois: (continued)
$	430,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)	$	434,898
		State of Illinois (RB)
	100,000	3.00%, 06/15/26 (c)		90,187
	935,000	3.50%, 06/01/26 (c)		897,899
	175,000	3.50%, 06/01/26 (c)		162,267
	1,050,000	3.50%, 06/01/26 (c)		990,360
	150,000	4.00%, 08/01/22 (c)		152,475
	500,000	4.00%, 01/01/26 (c)		501,885
	360,000	4.00%, 06/01/26 (c)		355,774
	595,000	4.00%, 06/01/26 (c)		581,392
	270,000	4.00%, 06/01/26 (c)		265,453
	1,000,000	4.00%, 06/01/26 (c)		993,550
	220,000	4.00%, 06/01/26 (c)		219,611
	460,000	4.00%, 06/01/26 (c)		446,301
	160,000	4.13%, 03/01/22 (c)		161,843
	485,000	4.13%, 11/01/26 (c)		489,258
	530,000	4.50%, 11/01/26 (c)		537,712
	155,000	5.00%, 01/01/20 (c)		157,004
	1,240,000	5.00%, 01/01/20 (c)		1,256,715
	100,000	5.00%, 01/01/21		104,030
	750,000	5.00%, 01/01/21		780,225
	100,000	5.00%, 04/01/21		104,622
	505,000	5.00%, 07/01/21		531,144
	1,020,000	5.00%, 02/01/22		1,081,679
	1,000,000	5.00%, 02/01/22		1,060,470
	250,000	5.00%, 03/01/22 (c)		258,610
	100,000	5.00%, 03/01/22 (c)		103,324
	305,000	5.00%, 03/01/22 (c)		314,083
	525,000	5.00%, 03/01/22		557,666
	140,000	5.00%, 03/01/22 (c)		146,591
	55,000	5.00%, 06/01/22		58,709
	100,000	5.00%, 07/01/22		106,915
	1,830,000	5.00%, 08/01/22 (c)		1,936,652
	1,465,000	5.00%, 08/01/22		1,568,810
	3,235,000	5.00%, 02/01/23		3,460,253
	3,690,000	5.00%, 02/01/23		3,946,935
	335,000	5.00%, 05/01/23		359,773
	250,000	5.00%, 07/01/23		269,153
	2,195,000	5.00%, 02/01/24		2,373,256
	1,100,000	5.00%, 02/01/24 (c)		1,179,409
	1,105,000	5.00%, 02/01/24		1,194,737
	350,000	5.00%, 02/01/24 (c)		373,860
	375,000	5.00%, 02/01/24 (c)		401,520
	2,325,000	5.00%, 02/01/24 (c)		2,414,652
	585,000	5.00%, 04/01/24 (c)		625,892
	2,350,000	5.00%, 04/01/24 (c)		2,499,436
	100,000	5.00%, 05/01/24 (c)		104,763
	175,000	5.00%, 05/01/24 (c)		183,650
	275,000	5.00%, 05/01/24 (c)		290,364
	580,000	5.00%, 05/01/24		629,219
	2,005,000	5.00%, 05/01/24 (c)		2,141,781
	1,025,000	5.00%, 05/01/24 (c)		1,097,529
	1,770,000	5.00%, 01/01/26 (c)		1,859,739
	2,750,000	5.00%, 02/01/26		3,010,727
	1,040,000	5.00%, 06/01/26 (c)		1,135,898
	125,000	5.00%, 06/01/26		137,258
	800,000	5.00%, 06/01/26 (c)		877,248

Principal Amount			Value
Illinois: (continued)
$	1,000,000	5.00%, 11/01/26 (c)	$	1,094,590
	2,220,000	5.00%, 02/01/27 (c)		2,444,686
	1,550,000	5.25%, 07/01/23 (c)		1,656,407
	290,000	5.25%, 07/01/23 (c)		306,939
	510,000	5.25%, 07/01/23 (c)		543,278
	700,000	5.25%, 02/01/24 (c)		751,128
	2,545,000	5.50%, 07/01/23 (c)		2,772,854
	560,000	5.50%, 07/01/23 (c)		592,407
	1,165,000	5.50%, 07/01/23 (c)		1,263,699
	445,000	5.50%, 01/01/30		513,081
		State of Illinois, Series A (GO)
	950,000	4.00%, 05/09/19 (c)		950,437
	320,000	4.00%, 01/01/22 (c)		324,096
	100,000	4.00%, 01/01/22 (c)		100,382
	1,030,000	4.00%, 01/01/22 (c)		1,036,283
	190,000	4.00%, 01/01/22 (c)		194,389
	70,000	4.50%, 05/09/19 (c)		70,039
	195,000	5.00%, 04/01/21		204,013
	1,000,000	5.00%, 01/01/22 (c)		1,031,560
	1,000,000	5.00%, 01/01/22 (c)		1,030,420
	110,000	5.00%, 04/01/23 (c)		113,873
	500,000	5.00%, 12/01/27 (c)		536,140
	500,000	5.00%, 12/01/27 (c)		541,715
	500,000	5.00%, 12/01/27		553,300
	1,000,000	5.00%, 05/01/28 (c)		1,074,590
	270,000	5.00%, 05/01/28 (c)		287,979
	365,000	5.00%, 05/01/28 (c)		388,714
	1,045,000	5.00%, 05/01/28 (c)		1,147,567
	1,000,000	5.00%, 05/01/28 (c)		1,092,880
	1,000,000	5.00%, 05/01/28 (c)		1,077,240
	790,000	State of Illinois, Series B (GO) 5.25%, 01/01/21		825,029
		State of Illinois, Series D (GO)
	1,815,000	3.25%, 11/01/26		1,767,229
	2,600,000	5.00%, 11/01/23		2,813,070
	3,250,000	5.00%, 11/01/25		3,561,675
	2,190,000	5.00%, 11/01/26		2,411,891
	3,810,000	5.00%, 11/01/27 (c)		4,211,650
	1,500,000	5.00%, 11/01/27		1,659,135
	500,000	Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		509,155
	360,000	Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		349,160
		Village of Bridgeview, Series A (GO)
	1,175,000	5.50%, 05/31/19 (c)		1,175,153
	4,250,000	5.50%, 06/01/24 (c)		4,301,892
		Will County Community High School District No. 210, Series B (GO)
	160,000	0.00%, 01/01/27 ^		121,398
	120,000	0.00%, 01/01/28 ^		87,032
	90,000	0.00%, 01/01/29 ^		62,402
	220,000	0.00%, 01/01/31 ^		137,909
	310,000	0.00%, 01/01/33 ^		174,918
				338,407,282
Indiana: 1.2%
		Allen County, Storypoint Fort Wayne Project, Series A-1 (RB)
	300,000	6.75%, 01/15/24 (c)		319,770
	225,000	6.88%, 01/15/24 (c)		240,260

See Notes to Financial Statements

102

Principal Amount			Value
Indiana: (continued)
		Barrington of Carmel Project, Series A (RB)
$	2,500,000	7.13%, 11/15/22 (c)	$	2,000,000
	3,555,000	7.13%, 11/15/22 (c)		2,844,000
		City of Anderson, Anderson University (RB)
	150,000	4.75%, 10/01/22 (c)		156,959
	1,000,000	6.00%, 10/01/22 (c)		1,063,130
	1,015,000	6.00%, 10/01/22 (c)		1,079,077
	200,000	City of Crown Point, Indiana Economic Development, Series A (RB) 8.00%, 11/15/19 (c)		203,266
	1,000,000	City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c)		1,021,310
	900,000	City of Valparaiso, Indiana Exempt Facilities Revenue, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		981,171
	100,000	County of Knox, Indiana Good Samaritian Hospital Project, Series A (RB) 5.00%, 04/01/22 (c)		102,362
	500,000	Indiana Finance Authority, Baptist Healthcare System (RB) 5.00%, 08/15/27 (c)		554,355
		Indiana Finance Authority, Earlham College Project (RB)
	1,065,000	5.00%, 10/01/23 (c)		1,089,910
	50,000	5.00%, 10/01/23 (c)		51,962
		Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)
	765,000	5.13%, 08/15/20 (c)		792,685
	725,000	5.50%, 08/15/20 (c)		751,803
	600,000	5.50%, 08/15/20 (c)		622,980
		Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)
	250,000	5.00%, 07/01/23 (c)		270,435
	2,805,000	5.00%, 07/01/23 (c)		3,021,434
	3,890,000	5.25%, 07/01/23 (c)		4,225,901
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	2,230,000	5.00%, 06/01/22 (c)		2,241,975
	1,525,000	5.00%, 06/01/22 (c)		1,541,836
	4,500,000	Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c)		4,596,480
		Indiana Finance Authority, United States Steel Corp. Project (RB)
	320,000	5.75%, 08/01/22 (c)		323,930
	1,315,000	6.00%, 06/01/20 (c)		1,347,125
				31,444,116
Iowa: 2.2%
	8,105,000	Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c)		8,390,296

Principal Amount			Value
Iowa: (continued)
$	1,500,000	Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)	$	1,411,020
		Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
	6,975,000	5.25%, 12/01/23 (c)		7,520,933
	2,775,000	5.88%, 06/01/19 (c)		2,918,023
	9,300,000	Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/22 (c) (p)		9,973,041
		Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
	1,900,000	5.00%, 05/15/27 (c)		2,018,522
	355,000	5.00%, 05/15/27 (c)		378,249
		Iowa Finance Authority, Northcrest, Inc. Project, Series A (RB)
	500,000	5.00%, 03/01/24 (c)		523,370
	500,000	5.00%, 03/01/24 (c)		529,855
		Iowa Finance Authority, Sunrise Retirement Community Project (RB)
	1,215,000	5.50%, 09/01/20 (c)		1,235,108
	885,000	5.50%, 09/01/20 (c)		902,744
	945,000	5.75%, 09/01/20 (c)		962,303
		Iowa Higher Education Loan Authority, Wartburg College Project (RB)
	625,000	4.00%, 10/01/25		630,950
	3,615,000	5.00%, 10/01/25 (c)		3,659,356
	850,000	5.00%, 10/01/25 (c)		871,513
	180,000	Tobacco Settlement Authority, Series B (RB) 5.60%, 05/31/19 (c)		179,012
		Tobacco Settlement Authority, Series C (RB)
	3,175,000	5.38%, 05/31/19 (c)		3,143,567
	5,585,000	5.50%, 05/31/19 (c)		5,529,150
	6,960,000	5.63%, 05/31/19 (c)		6,887,616
	800,000	Tobacco Settlement Authority, Series D (RB) 0.00%, 05/31/19 (c) ^		130,808
				57,795,436
Kansas: 1.0%
	1,130,000	Arkansas City Public Building Commission, South Central Regional Medical Center (RB) 6.25%, 09/01/19 (c)		1,137,989
	750,000	City of Lenexa, Health Care Facility, Lake View Village, Inc., Series A (RB) 5.00%, 05/15/25 (c)		806,985
	1,000,000	City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/25 (c)		1,039,780
	255,000	City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c)		271,368
	380,000	City of Wichita, Health Care Facilities, Series IV-A (RB) 5.63%, 05/15/24 (c)		397,149

See Notes to Financial Statements

103

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Kansas: (continued)
$	1,000,000	Kansas Development Finance Authority, Village Shalom Project, Series A (RB) 5.25%, 11/15/23 (c)	$	1,028,690
		Overland Park, Kansas Development Corp. (RB) (AMBAC)
	7,200,000	5.13%, 05/31/19 (c)		7,210,656
	100,000	5.13%, 05/31/19 (c)		100,148
	1,000,000	5.25%, 05/31/19 (c)		1,001,620
	2,550,000	Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00%, 12/15/22 (c)		2,149,930
		Wyandotte County, Kansas City Unified Government (RB)
	165,000	0.00%, 12/01/27 ^		118,925
	10,000,000	0.00%, 09/01/34 ^		3,867,600
	1,000,000	4.50%, 12/01/26 (c)		1,016,670
		Wyandotte County, Kansas City Unified Government, Series A (RB)
	440,000	5.00%, 09/01/25 (c)		472,960
	3,170,000	5.75%, 09/01/25 (c)		3,427,658
	2,125,000	6.00%, 09/01/25 (c)		2,284,226
				26,332,354
Kentucky: 0.7%
	1,000,000	Christian County, Jennie Stuart Medical Center (RB) 5.50%, 02/01/26 (c)		1,097,570
		Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB)
	565,000	6.00%, 11/15/26 (c)		551,237
	550,000	6.25%, 11/15/26 (c)		537,279
	415,000	6.38%, 11/15/26 (c)		406,351
		Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
	250,000	5.00%, 05/15/26 (c)		257,310
	350,000	5.00%, 05/15/26 (c)		366,464
	400,000	5.38%, 11/15/22 (c)		418,904
	250,000	5.50%, 11/15/22 (c)		260,323
		Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)
	7,365,000	4.25%, 07/01/25 (c)		7,522,685
	1,585,000	5.00%, 07/01/25 (c)		1,703,447
	1,525,000	5.00%, 07/01/25 (c)		1,621,548
		Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB)
	150,000	5.00%, 06/01/26		171,080
	750,000	5.25%, 06/01/27 (c)		836,085
		Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)
	510,000	5.50%, 11/15/25 (c)		535,061
	500,000	5.75%, 11/15/25 (c)		525,795

Principal Amount			Value
Kentucky: (continued)
$	265,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/23	$	296,742
	335,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		365,579
		Louisville and Jefferson County, Metropolitan Government Catholic Health Initiatives, Series A (RB)
	150,000	5.00%, 06/01/22 (c)		163,106
	220,000	5.00%, 06/01/22 (c)		239,081
	1,220,000	Ohio County, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c)		1,254,062
				19,129,709
Louisiana: 0.5%
		City of Shreveport, Water and Sewer Revenue, Series C (RB)
	470,000	4.00%, 12/01/28 (c)		512,375
	2,235,000	4.00%, 12/01/28 (c)		2,448,554
	100,000	5.00%, 12/01/25		117,143
		Jefferson Parish Hospital Service District No. 2 (RB)
	500,000	5.63%, 07/01/21 (c)		495,000
	290,000	6.25%, 07/01/21 (c)		287,100
	3,490,000	6.38%, 07/01/21 (c)		3,455,100
	100,000	Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 09/01/19 (c)		99,991
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)		1,100,500
	3,200,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		3,252,992
	530,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 08/01/20 (c)		557,952
	500,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB) 6.50%, 11/01/20 (c)		531,780
	400,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB) 6.50%, 11/01/20 (c)		425,424

See Notes to Financial Statements

104

Principal Amount			Value
Louisiana: (continued)
$	1,647,254	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *	$	16
		Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)
	2,259,041	7.50%, 07/01/23 (d) *		23
	1,389,436	8.38%, 07/01/24 (c) (d) *		14
	350,000	Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p)		365,358
				13,649,322
Maine: 0.6%
	4,500,000	Maine Finance Authority, Solid  Disposal Facility (RB) 5.38%, 12/15/26 (c)		4,681,755
	200,000	Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 6.95%, 07/01/21 (c)		217,948
		Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
	1,470,000	4.00%, 07/01/26 (c)		1,485,964
	300,000	4.00%, 07/01/26 (c)		303,693
	645,000	5.00%, 07/01/26 (c)		702,199
	1,000,000	5.00%, 07/01/26 (c)		1,088,890
		Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB)
	75,000	5.25%, 07/01/21		78,789
	1,735,000	6.00%, 07/01/21 (c)		1,850,204
	2,220,000	6.75%, 07/01/21 (c)		2,398,799
	50,000	6.95%, 07/01/21 (c)		54,312
	55,000	7.50%, 07/01/21 (c)		60,852
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 05/31/19 (c)		2,010,640
				14,934,045
Maryland: 1.2%
	1,000,000	Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST) 5.25%, 07/01/24 (c)		1,016,230
		City of Baltimore, Convention Center Hotel (RB)
	2,000,000	5.00%, 09/01/27 (c)		2,207,460
	1,425,000	5.00%, 09/01/27 (c)		1,585,854
	915,000	5.00%, 09/01/27 (c)		1,025,331
	500,000	City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		535,835
	250,000	City of Baltimore, Harbor Point Project (RB) 5.13%, 06/01/26 (c)		260,453

Principal Amount			Value
Maryland: (continued)
$	2,700,000	Frederick County Urbana Community Development Authority,  Series B (ST) 5.50%, 07/01/20 (c)	$	2,777,787
	2,000,000	Frederick County, Maryland Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		2,124,380
	500,000	Howard County, Series A (TA) 4.50%, 02/15/26 (c)		509,635
	3,785,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c)		3,894,576
		Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
	100,000	3.75%, 01/01/27 (c)		101,732
	470,000	4.38%, 01/01/27 (c)		480,580
	530,000	4.50%, 01/01/27 (c)		541,697
	1,000,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series D (RB) 5.00%, 09/30/26 (c)		1,090,910
	1,120,000	Maryland Economic Development Corp., Transportation Facilities Project, Series A (RB) 5.00%, 06/01/28 (c)		1,292,614
		Maryland Health and Higher  Educational Facilities Authority, Mercy Medical Center,  Series A (RB)
	400,000	4.00%, 07/01/26 (c)		410,532
	250,000	5.00%, 07/01/26 (c)		278,485
		Maryland Health and Higher  Educational Facilities Authority, Meritus Medical Center (RB)
	210,000	4.00%, 07/01/25 (c)		224,030
	145,000	4.25%, 07/01/25 (c)		154,136
	1,500,000	5.00%, 07/01/25 (c)		1,646,775
	500,000	5.00%, 07/01/25 (c)		550,235
	625,000	5.00%, 07/01/25 (c)		700,669
		Maryland Health and Higher  Educational Facilities Authority, Western Maryland Health System Issue (RB)
	430,000	5.00%, 07/01/20		445,192
	40,000	5.00%, 07/01/22		43,682
	1,025,000	5.00%, 07/01/24		1,169,945
	500,000	5.25%, 07/01/24 (c)		573,670
		Mayor and Council of Rockville,  Ingleside at King Farm Project, Series B (RB)
	1,000,000	5.00%, 11/01/24 (c)		1,053,750
	1,000,000	5.00%, 11/01/24 (c)		1,058,140
		Prince George County, Collington Episcopal Life Care Community, Inc. (RB)
	1,000,000	5.25%, 04/01/27 (c)		1,058,300
	1,000,000	5.25%, 04/01/27 (c)		1,067,960

See Notes to Financial Statements

105

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Maryland: (continued)
		Prince George’s County, Suitland-Naylor Road Project (TA)
$	500,000	4.75%, 01/01/26 (c)	$	510,855
	500,000	5.00%, 01/01/26 (c)		513,645
				30,905,075
Massachusetts: 1.2%
		Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB)
	750,000	4.00%, 07/01/26 (c)		771,322
	550,000	5.00%, 07/01/26 (c)		618,987
		Massachusetts Development Finance Agency, Emerson College (RB)
	705,000	5.00%, 01/01/25 (c)		770,565
	680,000	5.00%, 01/01/25 (c)		742,506
	500,000	5.00%, 01/01/25 (c)		552,875
		Massachusetts Development Finance Agency, Emmanuel College,  Series A (RB)
	1,660,000	4.00%, 10/01/26 (c)		1,692,187
	445,000	5.00%, 07/01/22 (c)		489,602
	1,035,000	5.00%, 10/01/26 (c)		1,147,649
		Massachusetts Development Finance Agency, Lawrence General  Hospital (RB)
	585,000	5.00%, 07/01/27 (c)		631,326
	1,000,000	5.00%, 07/01/27 (c)		1,081,350
		Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)
	350,000	5.25%, 07/01/24 (c)		382,872
	435,000	5.50%, 07/01/24 (c)		474,955
		Massachusetts Development Finance Agency, Linden Ponds, Inc.  Facility (RB)
	500,000	5.00%, 11/15/25 (c)		523,150
	500,000	5.13%, 11/15/25 (c)		522,035
		Massachusetts Development Finance Agency, Newbridge on the  Charles, Inc. (RB)
	1,000,000	4.00%, 10/01/22 (c)		1,000,680
	750,000	4.00%, 10/01/22 (c)		783,232
	2,250,000	5.00%, 10/01/22 (c)		2,368,237
	1,000,000	5.00%, 10/01/22 (c)		1,059,810
		Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II Issue, UMass Dartmouth Student  Housing Project (RB)
	955,000	5.00%, 10/01/28 (c)		1,054,501
	500,000	5.00%, 10/01/28 (c)		557,570
		Massachusetts Development Finance Agency, Series D (RB)
	285,000	4.00%, 07/01/25 (c)		290,680
	2,105,000	5.00%, 07/01/25 (c)		2,299,691
	1,000,000	Massachusetts Development Finance Agency, Series I (RB) 4.00%, 07/01/26 (c)		1,038,940

Principal Amount			Value
Massachusetts: (continued)
		Massachusetts Development Finance Agency, Suffolk University (RB)
$	740,000	4.00%, 07/01/27 (c)	$	764,968
	1,000,000	5.00%, 07/01/27 (c)		1,153,940
	3,000,000	5.00%, 07/01/27 (c)		3,416,880
	1,500,000	5.00%, 07/01/27 (c)		1,714,815
		Massachusetts Development Finance Agency, UMass Health Care, Series L (RB)
	290,000	3.63%, 07/01/27 (c)		291,923
	550,000	4.00%, 07/01/27 (c)		565,142
		Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
	510,000	5.00%, 07/01/26 (c)		567,834
	190,000	5.00%, 07/01/26 (c)		221,118
	1,020,000	5.00%, 07/01/26 (c)		1,200,520
	1,510,000	Massachusetts Educational Financing Authority, Series C (RB) 4.13%, 07/01/28 (c)		1,562,457
				32,314,319
Michigan: 1.3%
	290,000	Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		308,943
	990,000	City of Flint Hospital Building Authority, Hurley Medical Center (RB) 7.38%, 07/01/20 (c)		1,040,549
	425,000	City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)		434,571
	170,000	Detroit Local Development Finance Authority, Series A (TA) 5.50%, 05/31/19 (c)		168,096
		Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB)
	500,000	5.00%, 11/01/24 (c)		516,420
	500,000	5.00%, 11/01/24 (c)		518,205
		Michigan Finance Authority, Lawrence Technological University Project (RB)
	1,000,000	5.00%, 02/01/27 (c)		1,071,500
	900,000	5.25%, 02/01/27 (c)		999,567
		Michigan Finance Authority,  Presbyterian Villages of  Michigan (RB)
	895,000	4.75%, 11/15/25		935,356
	250,000	5.25%, 11/15/25 (c)		257,940
	300,000	5.50%, 11/15/25 (c)		309,957
		Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
	110,000	5.00%, 07/01/23		121,463
	2,920,000	5.00%, 07/01/24 (c)		3,152,782
	185,000	5.00%, 07/01/24 (c)		200,540
	150,000	5.00%, 07/01/24 (c)		167,877
		Michigan Finance Authority, Thomas M Cooley Law School Project (RB)
	720,000	5.00%, 07/01/24 (c)		787,730
	780,000	6.75%, 07/01/24 (c)		804,703

See Notes to Financial Statements

106

Principal Amount			Value
Michigan: (continued)
$	1,000,000	Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/31/19 (c)	$	1,000,330
	455,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 05/31/19 (c)		450,823
	100,000	Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		106,077
	1,000,000	Michigan Strategic Fund, Evangelical Homes Project (RB) 5.50%, 06/01/22 (c)		1,033,660
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	330,000	5.13%, 05/16/19 (c)		329,987
	11,000,000	6.00%, 05/16/19 (c)		10,868,000
	3,975,000	6.00%, 05/16/19 (c)		3,929,327
	6,000,000	6.88%, 05/16/19 (c)		5,955,060
	1,205,000	Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/16/19 (c) ^		60,455
	1,400,000	Michigan Tobacco Settlement Finance Authority, Series C (RB) 0.00%, 06/01/33 (c) ^		38,066
				35,567,984
Minnesota: 1.2%
		City of Anoka, Homestead at Anoka, Inc. Project (RB)
	500,000	4.25%, 11/01/24 (c)		517,105
	1,000,000	5.50%, 11/01/24 (c)		1,086,580
		City of Apple Valley, Minnesota Senior Housing. Inc. (RB)
	2,920,000	4.38%, 09/01/23 (c)		2,938,279
	940,000	4.50%, 09/01/23 (c)		949,757
	1,015,000	City of Apple Valley, Minnesota Senior Living, Series B (RB) 5.00%, 01/01/22 (c)		1,039,269
		City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)
	500,000	5.00%, 06/01/23 (c)		514,490
	750,000	5.00%, 06/01/23 (c)		775,777
	350,000	5.00%, 06/01/23 (c)		365,642
	500,000	5.25%, 06/01/23 (c)		521,085
		City of Blaine, Crest View Senior  Communities Project,  Series A (RB)
	1,355,000	5.75%, 07/01/25 (c)		1,343,632
	1,055,000	6.13%, 07/01/25 (c)		1,056,234
	400,000	6.13%, 07/01/25 (c)		401,484
		City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
	245,000	5.50%, 07/01/25 (c)		252,985
	250,000	5.50%, 07/01/25 (c)		260,308
	500,000	5.75%, 07/01/25 (c)		520,715
		City of Deephaven, Minnesota Charter School, Eagle Ridge Academy Project, Series A (RB)
	500,000	5.25%, 07/01/25 (c)		532,410
	1,000,000	5.50%, 07/01/25 (c)		1,071,470

Principal Amount			Value
Minnesota: (continued)
$	500,000	City of Forest Lake (RB) (SAW) 5.38%, 08/01/27 (c)	$	529,665
	750,000	City of Ham Lake, Minnesota Charter School, Davinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c)		769,005
		City of Maple Grove, Minnesota Health Care Facilities (RB)
	1,000,000	4.00%, 05/01/27 (c)		1,047,830
	625,000	5.00%, 05/01/27 (c)		725,156
	500,000	City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c)		509,610
	1,245,000	City of Rochester, Health Care and Housing Facilities, Series A (RB) 5.00%, 12/01/25 (c)		1,251,885
		City of St. Paul Park, Minnesota Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB)
	730,000	4.38%, 05/01/23 (c)		731,336
	1,000,000	5.00%, 05/01/23 (c)		1,045,260
	1,100,000	City of Victoria, Minnesota Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c)		1,105,280
	500,000	City of West St. Paul, Minnesota Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		519,370
	665,000	Duluth Independent School District No 709, Series A (CP) 4.20%, 03/01/27 (c)		666,709
		Housing and Redevelopment Authority of The City of St. Paul, Series A (RB)
	325,000	5.75%, 09/01/26 (c)		352,216
	500,000	6.00%, 09/01/26 (c)		547,990
	750,000	Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22		786,802
	2,500,000	Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		2,554,425
		Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)
	250,000	4.00%, 08/01/26 (c)		249,678
	840,000	4.25%, 08/01/26 (c)		835,926
		Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB)
	2,200,000	5.75%, 05/31/19 (c)		2,247,806
	2,500,000	6.00%, 05/31/19 (c)		2,554,650
				33,177,821
Mississippi: 0.0%
	1,000,000	Mississippi Development Bank, Mississippi Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,184,930

See Notes to Financial Statements

107

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Missouri: 1.3%
$	1,000,000	Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c)	$	1,000,880
	600,000	City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		602,724
		City of Liberty, Liberty Commons  Project, Series A (TA)
	500,000	5.75%, 06/01/25 (c)		496,865
	500,000	6.00%, 06/01/25 (c)		501,230
		City of St. Ann, Northwest Plaza  Development Project, Series A (TA)
	1,500,000	4.63%, 11/01/27 (c)		1,484,970
	1,000,000	5.38%, 11/01/27 (c)		992,660
	150,000	Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA) 5.00%, 05/01/25 (c)		148,875
		I-470 Western Gateway Transportation Development District, Series A (RB)
	500,000	4.50%, 12/01/26 (c)		507,920
	1,000,000	5.25%, 12/01/26 (c)		1,019,360
	780,000	Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c)		811,816
		Kansas City Industrial Development Authority, KIngswood Project (RB)
	2,400,000	5.75%, 11/15/25 (c)		2,103,984
	4,910,000	6.00%, 11/15/25 (c)		4,115,022
	2,810,000	6.00%, 11/15/25 (c)		2,390,664
		Kansas City Land Clearance  Redevelopment Authority,  Convention Center Hotel  Project, Series B (AGM) (TA)
	2,800,000	5.00%, 02/01/28 (c)		2,902,116
	500,000	5.00%, 02/01/28 (c)		526,750
		Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
	1,000,000	5.25%, 05/15/27 (c)		1,072,380
	500,000	5.25%, 05/15/27 (c)		546,175
		Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
	1,250,000	5.00%, 08/15/24 (c)		1,299,400
	550,000	5.00%, 08/15/25 (c)		597,966
	200,000	5.00%, 08/15/25 (c)		210,456
	1,250,000	5.25%, 08/15/24 (c)		1,310,350
		Maryland Heights Industrial  Development Authority, San Louis Community Ice Center Project, Series A (RB)
	2,000,000	5.00%, 03/15/28 (c)		2,076,820
	860,000	5.00%, 03/15/28 (c)		907,859
	40,000	Nevada City, Regional Medical Center (RB) (ACA) 4.30%, 05/31/19 (c)		39,000

Principal Amount			Value
Missouri: (continued)
$	860,000	Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)	$	872,083
		St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB)
	500,000	5.00%, 09/01/25 (c)		540,210
	500,000	5.13%, 09/01/25 (c)		539,780
	1,500,000	5.25%, 09/01/25 (c)		1,626,525
	150,000	St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		157,625
		St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)
	250,000	4.38%, 11/15/26 (c)		258,015
	500,000	4.75%, 11/15/26 (c)		517,275
		St. Louis, Industrial Development Authority, Confluence Academy Project, Series A (RB)
	1,150,000	5.25%, 05/31/19 (c)		1,150,000
	570,000	5.35%, 05/31/19 (c)		553,755
	1,500,000	St. Louis, Industrial Development Authority, Ranken-Jordan Project (RB) 5.00%, 11/15/25 (c)		1,573,185
				35,454,695
Montana: 0.0%
	500,000	Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c)		505,635
Nebraska: 0.3%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	125,000	5.00%, 09/01/30		149,848
	830,000	5.00%, 09/01/34		1,018,418
	1,185,000	5.00%, 09/01/35		1,460,548
	3,250,000	5.00%, 09/01/42		4,088,240
				6,717,054
Nevada: 0.3%
	500,000	Carson City, Tahoe Regional  Healthcare Project (RB) 5.00%, 09/01/27 (c)		552,190
	4,000,000	City of Reno, Sales Tax, Transportation Rail Access Corridor Project  (RB) (AGM) 0.00%, 07/01/38 (c) ^		497,680
	1,000,000	City of Reno, Tax Increment Senior Lien Bonds, Series C (TA) 5.40%, 05/31/19 (c)		982,030
	185,000	Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		192,222

See Notes to Financial Statements

108

Principal Amount			Value
Nevada: (continued)
$	625,000	Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)	$	610,306
		State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)
	500,000	5.88%, 12/15/27		533,180
	735,000	6.25%, 12/15/27 (c)		796,505
		State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
	1,250,000	5.00%, 12/15/25 (c)		1,317,550
	500,000	5.00%, 12/15/25 (c)		520,245
	1,000,000	5.00%, 12/15/25 (c)		1,061,790
	1,000,000	5.13%, 12/15/25 (c)		1,049,390
				8,113,088
New Hampshire: 0.5%
	4,000,000	New Hampshire Business Finance Authority, Covanta Project, Series B (RB) 4.63%, 07/01/23 (c)		4,053,440
	870,000	New Hampshire Business Finance Authority, Covanta Project, Series C (RB) 4.88%, 07/01/23 (c)		888,174
	3,750,000	New Hampshire Health and Education Facilities Authority Act, Elliot Hospital (RB) 5.00%, 10/01/26 (c)		4,254,450
		New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
	2,950,000	6.13%, 07/01/24 (c)		3,125,377
	500,000	6.13%, 07/01/24 (c)		533,490
	500,000	6.25%, 07/01/24 (c)		535,550
				13,390,481
New Jersey: 7.1%
		Atlantic City (GO)
	25,000	5.00%, 11/01/21		24,797
	50,000	5.00%, 12/01/21		49,577
	65,000	5.00%, 11/01/22		63,851
	30,000	5.00%, 12/01/23 (c)		29,540
	370,000	Burlington County, New Jersey Bridge Commission, The Evergreens Project (RB) 5.63%, 05/31/19 (c)		369,963
		Camden County, New Jersey Improvement Authority, Series A (RB)
	1,000,000	5.00%, 02/15/24 (c)		1,101,850
	1,000,000	5.00%, 02/15/24 (c)		1,094,680
	150,000	5.00%, 02/15/24 (c)		166,766
	1,000,000	5.00%, 02/15/24 (c)		1,123,820
	1,055,000	5.00%, 02/15/24 (c)		1,178,340
		Casino Reinvestment Development Authority (RB)
	2,450,000	5.25%, 11/01/24 (c)		2,636,077
	1,410,000	5.25%, 11/01/24 (c)		1,519,261

Principal Amount			Value
New Jersey: (continued)
$	1,000,000	Essex County Improvement Authority, Covanta Project (RB) 5.25%, 07/01/20 (c)	$	1,006,880
	2,370,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		2,538,815
	470,000	New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		488,137
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	1,665,000	4.25%, 06/15/22 (c)		1,751,730
	925,000	5.00%, 06/15/20		954,998
	1,250,000	5.00%, 06/15/21		1,324,075
	535,000	5.00%, 06/15/22 (c)		569,160
	520,000	5.00%, 06/15/22 (c)		555,043
	1,150,000	5.00%, 06/15/22 (c)		1,234,916
	110,000	5.00%, 06/15/22		118,946
	1,020,000	5.00%, 06/15/22 (c)		1,098,724
	160,000	5.00%, 06/15/22 (c)		172,054
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	2,075,000	5.25%, 08/20/22 (c)		2,264,115
	2,215,000	5.50%, 05/31/19 (c)		2,220,117
	60,000	5.50%, 06/20/23 (c)		66,466
	235,000	5.63%, 03/05/24 (c)		267,555
	350,000	5.63%, 03/05/24 (c)		398,486
	2,695,000	5.75%, 09/15/22 (c)		2,973,825
		New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB)
	500,000	5.00%, 12/15/27 (c)		542,635
	1,130,000	5.00%, 12/15/27 (c)		1,230,638
	55,000	New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		61,473
		New Jersey Economic Development Authority, Lions Gate Project (RB)
	655,000	4.88%, 01/01/24 (c)		675,757
	500,000	5.00%, 01/01/24 (c)		512,070
	1,800,000	5.25%, 01/01/24 (c)		1,843,938
	515,000	New Jersey Economic Development Authority, Motor Vehicle Surcharges Revenue, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		418,916
	985,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		1,052,817
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	120,000	4.00%, 11/01/25		127,726
	4,000,000	5.00%, 11/01/22		4,379,680

See Notes to Financial Statements

109

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS 

(continued)

Principal Amount			Value
New Jersey: (continued)
$	1,000,000	New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) 5.00%, 10/01/27 (c)	$	1,096,300
	745,000	New Jersey Economic Development Authority, Saint Barnabas Project, Series A (RB) 0.00%, 07/01/21 ^		715,900
		New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
	1,555,000	5.00%, 12/15/26 (c)		1,683,723
	220,000	5.00%, 12/15/26 (c)		241,648
	1,730,000	New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 4.75%, 12/15/26 (c)		1,878,382
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	3,500,000	4.00%, 06/15/27 (c)		3,538,920
	780,000	5.00%, 06/15/27 (c)		874,466
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	745,000	5.00%, 03/01/21 (c)		783,218
	845,000	5.25%, 03/01/21 (c)		887,073
		New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
	165,000	5.00%, 03/01/21 (c)		172,450
	360,000	5.25%, 03/01/21 (c)		377,104
	210,000	5.25%, 03/01/21 (c)		220,133
	105,000	5.25%, 03/01/21 (c)		110,228
		New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
	335,000	5.00%, 03/01/22 (c)		356,068
	515,000	5.00%, 03/01/22 (c)		546,533
	435,000	5.00%, 03/01/22 (c)		465,633
	470,000	5.00%, 03/01/22 (c)		499,991
		New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB)
	1,645,000	4.00%, 12/15/27 (c)		1,637,071
	355,000	5.00%, 09/01/22 (c)		374,170
	685,000	5.00%, 09/01/22 (c)		719,099
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
	650,000	5.00%, 03/01/21		681,622
	3,050,000	5.00%, 03/01/22		3,276,035
	155,000	5.00%, 03/01/23 (c)		166,941
	300,000	5.00%, 03/01/23 (c)		323,964
	265,000	5.00%, 03/01/23 (c)		284,432
	650,000	5.00%, 03/01/23 (c)		703,865
	1,680,000	5.00%, 03/01/23 (c)		1,823,237
	865,000	5.00%, 03/01/23 (c)		941,302
	1,175,000	5.00%, 03/01/23 (c)		1,257,567

Principal Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
$	580,000	5.00%, 06/15/24 (c)	$	625,246
	140,000	5.00%, 06/15/24 (c)		152,116
	920,000	5.00%, 06/15/24 (c)		1,022,249
	120,000	New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)		129,070
		New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
	4,840,000	5.00%, 06/15/24 (c)		5,149,421
	875,000	5.00%, 06/15/24 (c)		939,960
		New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
	405,000	5.00%, 06/15/25 (c)		437,712
	575,000	5.00%, 06/15/25 (c)		619,862
	1,235,000	5.00%, 06/15/25 (c)		1,340,691
	545,000	5.00%, 06/15/25 (c)		590,409
	435,000	5.25%, 06/15/25 (c)		490,354
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	220,000	4.00%, 06/15/24		233,317
	595,000	4.25%, 06/15/25 (c)		636,948
	125,000	4.38%, 06/15/25 (c)		134,229
	1,085,000	5.00%, 06/15/21		1,149,297
	1,000,000	5.00%, 06/15/23		1,100,730
	1,080,000	5.00%, 06/15/24		1,206,500
		New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
	350,000	5.13%, 01/01/24 (c)		388,567
	900,000	5.38%, 01/01/24 (c)		994,410
	500,000	5.50%, 01/01/24 (c)		571,340
		New Jersey Economic Development Motor Vehicle, Series A (RB)
	875,000	3.38%, 07/01/27 (c)		873,644
	3,055,000	4.00%, 07/01/27 (c)		3,108,554
	1,640,000	4.00%, 07/01/27 (c)		1,695,268
	1,275,000	5.00%, 07/01/27 (c)		1,413,159
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	550,000	5.00%, 06/15/22		594,732
	150,000	5.00%, 06/15/23		165,110
	265,000	New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		293,758
		New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB)
	1,000,000	5.00%, 07/01/25		1,146,010
	1,050,000	5.00%, 07/01/26 (c)		1,174,278
	1,000,000	5.00%, 07/01/26 (c)		1,142,280

See Notes to Financial Statements

110

Principal Amount			Value
New Jersey: (continued)
		New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
$	630,000	5.00%, 04/01/28 (c)	$	692,433
	940,000	5.00%, 04/01/28 (c)		1,035,833
	1,000,000	5.00%, 04/01/28 (c)		1,105,500
		New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB)
	850,000	3.00%, 07/01/26 (c)		807,976
	785,000	3.13%, 07/01/26 (c)		748,592
	845,000	4.00%, 07/01/26 (c)		858,495
	1,750,000	5.00%, 07/01/26 (c)		1,913,642
		New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB)
	100,000	5.00%, 07/01/21		104,252
	170,000	6.00%, 07/01/21 (c)		181,399
	1,050,000	6.25%, 07/01/21 (c)		1,119,835
		New Jersey State Transportation Trust Fund Authority, Series A (RB)
	870,000	0.00%, 12/15/28 ^		631,881
	165,000	0.00%, 12/15/35 ^		87,577
		New Jersey State Transportation Trust Fund Authority, Series C (RB) (AMBAC)
	985,000	0.00%, 12/15/26 ^		777,884
	185,000	0.00%, 12/15/28 ^		134,366
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	270,000	0.00%, 12/15/25 ^		221,557
	230,000	0.00%, 12/15/25 ^		188,733
	575,000	0.00%, 12/15/26 ^		454,095
	4,440,000	0.00%, 12/15/28 ^		3,224,772
	325,000	0.00%, 12/15/29 ^		225,258
	2,210,000	0.00%, 12/15/30 ^		1,461,517
	1,780,000	0.00%, 12/15/31 ^		1,125,636
	1,295,000	0.00%, 12/15/32 ^		783,851
	935,000	0.00%, 12/15/33 ^		543,562
	705,000	0.00%, 12/15/33 ^		409,852
	510,000	0.00%, 12/15/34 ^		283,025
	915,000	0.00%, 12/15/34 ^		507,779
	1,780,000	0.00%, 12/15/37 ^		856,589
	1,115,000	0.00%, 12/15/37 ^		536,571
	605,000	0.00%, 12/15/38 ^		277,514
	705,000	0.00%, 12/15/38 ^		323,384
	1,500,000	0.00%, 12/15/39 ^		654,195
	750,000	0.00%, 12/15/40 ^		311,205
	695,000	4.00%, 12/15/28 (c)		729,263
	1,000,000	4.25%, 12/15/28 (c)		1,033,320
	100,000	5.00%, 06/15/20		103,280
	360,000	5.00%, 06/15/21 (c)		379,062
	5,875,000	5.00%, 06/15/22 (c)		6,147,365
	665,000	5.00%, 06/15/24		748,670
	1,000,000	5.00%, 12/15/28 (c)		1,128,030
	100,000	5.25%, 06/15/21 (c)		106,227
	370,000	5.25%, 06/15/21 (c)		388,052
	430,000	5.25%, 12/15/21		465,153
	100,000	5.25%, 12/15/23		113,465

Principal Amount			Value
New Jersey: (continued)
$	310,000	5.50%, 12/15/21	$	337,308
	205,000	5.50%, 12/15/23		234,844
	250,000	6.00%, 06/15/21 (c)		267,698
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	220,000	4.00%, 06/15/22 (c)		225,738
	695,000	4.25%, 06/15/24 (c)		706,273
	150,000	4.75%, 06/15/25 (c)		160,277
	1,375,000	4.75%, 06/15/25 (c)		1,452,962
	345,000	5.00%, 06/15/22		374,363
	265,000	5.00%, 06/15/22 (c)		282,858
	425,000	5.00%, 06/15/22 (c)		449,353
	4,710,000	5.00%, 06/15/22 (c)		4,943,192
	1,940,000	5.00%, 06/15/22 (c)		2,048,601
	135,000	5.00%, 06/15/23 (c)		147,393
	640,000	5.00%, 06/15/23 (c)		677,747
	1,115,000	5.00%, 06/15/23 (c)		1,170,014
	200,000	5.00%, 06/15/23 (c)		219,200
	1,620,000	5.00%, 06/15/24 (c)		1,728,621
	1,195,000	5.00%, 06/15/24 (c)		1,269,855
	340,000	5.00%, 06/15/25 (c)		363,725
	665,000	5.00%, 06/15/25 (c)		711,736
	130,000	5.25%, 06/15/23 (c)		140,089
	925,000	5.25%, 06/15/23 (c)		1,005,512
	505,000	5.25%, 06/15/25 (c)		549,203
		New Jersey Transportation Trust Fund Authority, Series B (RB)
	3,425,000	5.00%, 06/15/21 (c)		3,543,882
	835,000	5.25%, 06/15/21 (c)		871,515
		New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
	250,000	0.00%, 12/15/25 ^		205,145
	265,000	0.00%, 12/15/30 ^		179,299
	290,000	0.00%, 12/15/31 ^		185,675
	5,475,000	0.00%, 12/15/35 ^		2,905,966
	2,245,000	5.25%, 12/15/24 (c)		2,477,582
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	325,000	5.00%, 12/15/24		369,382
	960,000	5.00%, 12/15/24 (c)		1,043,098
	295,000	5.25%, 12/15/23		334,722
	100,000	Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) 5.25%, 01/01/27		118,722
	1,690,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		1,805,241
		South Jersey Port Corp., Marine Terminal, Series B (RB)
	500,000	5.00%, 01/01/28 (c)		553,590
	2,000,000	5.00%, 01/01/28 (c)		2,207,320
	1,260,000	5.00%, 01/01/28 (c)		1,410,368
	360,000	5.00%, 01/01/28 (c)		406,739
	750,000	5.00%, 01/01/28 (c)		842,370
		Tobacco Settlement Financing Corp., Series A (RB)
	4,800,000	5.00%, 06/01/28 (c)		5,246,400
	4,000,000	5.25%, 06/01/28 (c)		4,480,920

See Notes to Financial Statements

111

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New Jersey: (continued)
		Tobacco Settlement Financing Corp., Series B (RB)
$	3,000,000	3.20%, 06/01/27	$	3,105,990
	5,300,000	5.00%, 06/01/28 (c)		5,535,744
				187,591,389
New Mexico: 0.1%
	500,000	Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB) 1.88%, 10/01/21 (p)		496,545
	695,000	Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c)		724,802
	1,000,000	Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 05/01/20 (c)		1,012,430
				2,233,777
New York: 7.1%
		Brooklyn Arena Local Development Corp., Barclays Center (RB)
	270,000	0.00%, 07/15/32 ^		170,713
	370,000	0.00%, 07/15/33 ^		224,594
	4,350,000	0.00%, 07/15/45 ^		1,538,682
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	125,000	5.00%, 07/15/26		145,784
	4,025,000	5.00%, 01/15/27 (c)		4,501,439
	750,000	Buffalo and Erie County Industrial Land Development Corp., Series A (RB) 5.00%, 08/01/27 (c)		794,782
	250,000	Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c)		264,780
		Build NYC Resource Corp., New York Law School Project (RB)
	695,000	4.00%, 01/01/26 (c)		695,375
	725,000	5.00%, 01/01/26 (c)		783,290
		Build NYC Resource Corp., Pratt Paper, Inc. Project (RB)
	1,050,000	4.50%, 01/01/25		1,144,038
	560,000	5.00%, 11/01/24 (c)		573,776
	600,000	5.00%, 01/01/25 (c)		647,844
	750,000	5.25%, 11/01/24 (c)		784,177
	1,145,000	5.50%, 11/01/24 (c)		1,193,983
	1,100,000	Build NYC Resource Corp., South Bronx Charter School For International Cultures (RB) 5.00%, 04/15/23 (c)		1,130,107
	1,000,000	Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c)		1,008,880
		Dutchess County Industrial Development Agency, Bard College Civic Facility, Series A (RB)
	940,000	4.50%, 05/31/19 (c)		920,063

Principal Amount			Value
New York: (continued)
$	15,000	4.50%, 05/31/19 (c)	$	15,001
	400,000	5.00%, 05/31/19 (c)		400,024
		Erie Tobacco Asset Securitization Corp., Series A (RB)
	1,295,000	5.00%, 05/31/19 (c)		1,281,402
	335,000	5.00%, 05/31/19 (c)		331,650
	10,000,000	Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 05/31/19 (c) ^		517,200
		Nassau County Local Economic Assistance Corp., Winthrop University Hospital Project (RB)
	30,000	4.25%, 07/01/22 (c)		30,659
	450,000	5.00%, 07/01/22 (c)		479,475
	400,000	5.00%, 07/01/22 (c)		429,080
	175,000	5.00%, 07/01/22 (c)		189,863
	3,285,000	Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 05/16/19 (c)		3,285,427
		Nassau County Tobacco Settlement Corp., Series A-3 (RB)
	2,445,000	5.00%, 05/31/19 (c)		2,343,190
	3,905,000	5.13%, 05/16/19 (c)		3,747,043
		New Rochelle Industrial Development Agency (RB)
	2,075,000	5.25%, 07/01/19 (c)		1,079,000
	95,000	5.50%, 07/01/19 (c)		49,400
	2,000,000	New York City Housing Development Corp., 8 Spruce Street, Class E (RB) 3.50%, 05/15/24 (c)		2,042,920
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,520,000	4.75%, 05/31/19 (c)		1,521,596
	110,000	5.00%, 05/31/19 (c)		111,529
	650,000	5.00%, 05/31/19 (c)		659,692
	100,000	5.00%, 05/31/19 (c)		100,245
	825,000	5.00%, 05/31/19 (c)		827,029
	120,000	5.00%, 05/31/19 (c)		120,298
	2,000,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 (c)		2,147,720
		New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC)
	1,500,000	4.50%, 05/31/19 (c)		1,501,815
	600,000	5.00%, 05/31/19 (c)		603,222
	5,000	New York Counties Tobacco Trust II (RB) 5.63%, 05/31/19 (c)		5,018
		New York Counties Tobacco Trust IV (RB)
	10,525,000	0.00%, 05/16/19 (c) ^		477,309
	380,000	5.00%, 05/16/19 (c)		372,339
	745,000	5.00%, 05/16/19 (c)		725,071
	1,640,000	New York Counties Tobacco Trust V (RB) 0.00%, 05/16/19 (c) ^		530,819

See Notes to Financial Statements

112

Principal Amount			Value
New York: (continued)
		New York Counties Tobacco Trust VI (RB)
$	980,000	3.75%, 06/01/26 (c)	$	869,191
	5,500,000	5.00%, 06/01/26 (c)		5,611,485
		New York Liberty Development Corp., 3 World Trade Center Project (RB)
	23,350,000	5.00%, 11/15/24 (c)		25,147,249
	3,500,000	5.15%, 11/15/24 (c)		3,861,585
	3,700,000	5.38%, 11/15/24 (c)		4,067,410
	1,100,000	7.25%, 11/15/24 (c)		1,297,461
	255,000	New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c)		274,265
	375,000	New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		488,910
	150,000	New York State Dormitory Authority, Fit Student Housing Corp. (RB) 5.25%, 07/01/31		182,351
	450,000	New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 4.00%, 08/01/28 (c)		468,734
		New York State Dormitory Authority, Orange Regional Medical Center (RB)
	300,000	5.00%, 06/01/27 (c)		341,469
	300,000	5.00%, 06/01/27 (c)		351,714
	200,000	New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c)		203,828
	25,000	New York State Dormitory Authority, St. Joseph’s College (RB) 5.25%, 07/01/20 (c)		25,431
	50,000	New York State Dormitory Authority, Yeshiva (RB) 5.00%, 11/01/21 (c)		51,730
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	345,000	5.00%, 08/01/20		356,133
	6,190,000	5.00%, 08/01/21		6,543,201
	7,400,000	5.00%, 08/01/21 (c)		7,759,196
	3,075,000	5.00%, 08/01/21 (c)		3,243,356
		New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
	1,340,000	4.00%, 07/01/24 (c)		1,369,158
	2,410,000	4.00%, 07/01/24 (c)		2,468,515
	835,000	4.00%, 07/01/24 (c)		872,032
	730,000	4.00%, 07/01/24 (c)		763,916
	500,000	4.00%, 07/01/24 (c)		524,925
	420,000	5.00%, 07/01/24 (c)		467,296
	3,255,000	5.00%, 07/01/24 (c)		3,541,180
	5,720,000	5.00%, 07/01/24 (c)		6,207,802
	230,000	5.00%, 07/01/24 (c)		253,370
	6,955,000	5.25%, 07/01/24 (c)		7,598,268

Principal Amount			Value
New York: (continued)
		New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB)
$	15,000	5.00%, 01/01/21	$	15,748
	1,000,000	5.00%, 01/01/22		1,072,320
	250,000	5.00%, 01/01/23		274,148
	4,000,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c)		4,092,240
	495,000	Orange County Industrial Development Agency, The Glen Arden, Inc. Project (RB) 5.70%, 05/31/19 (c)		451,381
		Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB)
	260,000	5.00%, 12/01/20		269,162
	110,000	6.00%, 12/01/20 (c)		116,433
		Suffolk Tobacco Asset Securitization Corp., Series B (RB)
	60,000	5.38%, 05/31/19 (c)		59,999
	4,150,000	6.00%, 05/31/19 (c)		4,155,644
	6,150,000	Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.63%, 06/01/22 (c) (d) *		6,459,529
		Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
	200,000	5.00%, 01/01/26 (c)		209,428
	1,950,000	5.00%, 01/01/26 (c)		2,034,981
	300,000	5.00%, 01/01/26 (c)		316,278
	550,000	5.00%, 01/01/26 (c)		577,396
		Tompkins County Development Corp., Tompkins Cortland Community College Foundation, Inc. Project, Series A (RB)
	345,000	5.00%, 07/01/23 (c)		326,653
	2,230,000	5.00%, 07/01/23 (c)		2,198,156
	1,050,000	5.00%, 07/01/23 (c)		1,053,843
	1,710,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/27 (c)		1,842,439
		TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
	200,000	5.00%, 06/01/21		208,374
	9,400,000	5.00%, 06/01/27 (c)		9,200,250
	5,000,000	5.00%, 06/01/27 (c)		4,907,600
	4,000,000	Tuxedo Farms Local Development Corp. (RB) 6.55%, 05/01/27 (c)		4,684,320
		Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
	1,150,000	4.00%, 09/15/24 (c)		1,128,391
	400,000	5.00%, 09/15/24 (c)		392,904
	1,000,000	5.25%, 09/15/24 (c)		984,290
	1,000,000	5.25%, 09/15/24 (c)		994,090
	1,000,000	5.25%, 09/15/24 (c)		1,000,610

See Notes to Financial Statements

113

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New York: (continued)
$	4,000,000	Westchester County Industrial Development Agency, Million Air Two LLC General Aviation Facilities Project, Series A (RB) 7.00%, 06/01/24 (c)	$	4,419,440
		Westchester County Local Development Corp., Medical Center (RB)
	320,000	3.75%, 11/01/25 (c)		322,714
	1,445,000	5.00%, 11/01/25 (c)		1,587,650
		Westchester County Local Development Corp., Series A (RB)
	565,000	5.00%, 05/01/24 (c)		615,155
	1,390,000	5.50%, 05/01/24 (c)		1,527,805
	4,575,000	Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,612,057
				189,769,932
North Carolina: 0.3%
		North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
	250,000	5.00%, 06/30/25 (c)		273,383
	1,000,000	5.00%, 06/30/25 (c)		1,080,000
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		253,374
	1,330,000	5.00%, 03/01/22 (c)		1,380,713
	820,000	5.00%, 03/01/22 (c)		853,505
	150,000	North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		168,405
		North Carolina Medical Care Commission, Retirement Facilities (RB)
	550,000	4.70%, 07/01/25 (c)		564,168
	250,000	5.00%, 10/01/24 (c)		270,418
	250,000	5.00%, 10/01/24 (c)		266,060
	1,395,000	6.00%, 01/01/20 (c)		1,421,212
	165,000	North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c)		175,491
		North Carolina Turnpike Authority, Triangle Expressway System (RB)
	1,000,000	5.00%, 01/01/27 (c)		1,156,290
	100,000	5.00%, 01/01/29 (c)		120,514
				7,983,533
North Dakota: 0.3%
		City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB)
	25,000	4.00%, 12/01/21 (c)		25,718
	640,000	5.00%, 12/01/21 (c)		676,339

Principal Amount			Value
North Dakota: (continued)
		City of Williston, North Dakota, Eagle Crest Apartments LLC Project (RB)
$	615,000	6.25%, 09/01/23 (d) *	$	246,000
	1,285,000	7.75%, 09/01/23 (c) (d) *		514,000
	2,500,000	County of Grand Forks, North Dakota, Red River Biorefinery, LLC Project (RB) 5.38%, 09/15/28 (c)		2,343,050
		County of Ward, North Dakota Health Care Facilities, Series C (RB)
	2,050,000	5.00%, 06/01/28 (c)		2,228,842
	750,000	5.00%, 06/01/28 (c)		819,630
				6,853,579
Ohio: 5.5%
		Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB)
	500,000	5.25%, 11/15/26 (c)		567,115
	1,150,000	5.25%, 11/15/26 (c)		1,302,628
		Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB)
	16,965,000	5.13%, 05/16/19 (c)		15,947,609
	7,760,000	5.38%, 05/16/19 (c)		7,361,214
	10,935,000	5.75%, 05/16/19 (c)		10,380,814
	17,415,000	5.88%, 05/16/19 (c)		16,544,598
	17,000,000	5.88%, 05/16/19 (c)		16,277,500
	7,385,000	6.00%, 05/16/19 (c)		7,277,917
	15,400,000	6.50%, 05/16/19 (c)		15,363,348
	8,290,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c)		8,183,556
	5,070,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series B (RB) 0.00%, 05/16/19 (c) ^		290,258
	2,300,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series C (RB) 0.00%, 05/16/19 (c) ^		54,487
		Butler County Port Authority, Senior Series A (RB)
	250,000	6.25%, 01/15/24 (c)		262,100
	400,000	6.38%, 01/15/24 (c)		419,648
	890,000	6.50%, 01/15/24 (c)		933,797
		Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB)
	750,000	5.25%, 12/01/28 (c)		842,392
	1,740,000	5.50%, 12/01/28 (c)		1,953,324
	900,000	5.50%, 12/01/28 (c)		1,018,017
	1,465,000	Columbus-Franklin County Finance Authority (RB) (SBG) 6.50%, 03/01/25 (c)		1,532,873
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	405,000	4.00%, 02/15/27 (c)		422,994
	510,000	4.75%, 02/15/27 (c)		532,440
	775,000	5.00%, 02/15/27 (c)		835,365
	1,050,000	5.00%, 02/15/27 (c)		1,146,463
	570,000	5.25%, 02/15/27 (c)		627,895
	800,000	5.50%, 02/15/27 (c)		899,616
	180,000	5.50%, 02/15/27 (c)		201,701

See Notes to Financial Statements

114

Principal Amount			Value
Ohio: (continued)
		County of Licking, Health Care Facilities, Series A (RB)
$	1,555,000	6.00%, 07/01/25 (c)	$	1,641,551
	1,500,000	6.13%, 07/01/25 (c)		1,600,725
	1,350,000	County of Montgomery, Trousdale Foundation Properties, Series A (RB) 6.00%, 04/01/28 (c)		1,464,264
	750,000	Dayton-Montgomery County Port Authority, Storypoint Troy Project, Series 1 (RB) 7.00%, 01/15/25 (c)		761,475
	400,000	Franklin County, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c)		405,812
	890,000	Gallia County, Holzer Health System Obligated Group (RB) 8.00%, 07/01/22 (c)		1,006,065
		Hamilton County, Life Enriching Communities Project (RB)
	385,000	5.00%, 01/01/26 (c)		402,949
	280,000	5.00%, 01/01/26 (c)		292,225
	300,000	5.00%, 01/01/26 (c)		323,199
	250,000	5.00%, 01/01/26 (c)		265,085
		Lake County, Port and Economic Development Authority, Tapestry Wickliffe, Series A (RB)
	2,200,000	6.50%, 12/01/27 (c)		2,262,414
	4,000,000	6.75%, 12/01/27 (c)		4,091,040
	1,815,000	Montgomery County, Trousdale Foundation Properties, Series A (RB) 6.25%, 04/01/28 (c)		1,981,944
		Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
	490,000	5.00%, 02/15/23 (c)		513,099
	1,530,000	5.00%, 02/15/23 (c)		1,597,488
	490,000	5.00%, 02/15/23 (c)		517,646
	2,270,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		2,327,249
		Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
	500,000	4.25%, 01/15/28 (c)		517,265
	4,000,000	4.50%, 01/15/28 (c)		4,178,480
	1,100,000	Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 05/31/19 (c)		1,102,794
	2,050,000	Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 05/31/19 (c)		2,053,382
	795,000	Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/01/21 (c)		817,006

Principal Amount			Value
Ohio: (continued)
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
$	250,000	5.00%, 12/01/24 (c)	$	257,565
	245,000	5.00%, 12/01/24 (c)		261,988
	70,000	5.50%, 12/01/24 (c)		74,404
	710,000	5.75%, 12/01/22 (c)		766,062
	570,000	6.00%, 12/01/22 (c)		606,811
		State of Ohio, Portsmouth Bypass Project (RB)
	800,000	5.00%, 06/30/25 (c)		864,728
	1,525,000	5.00%, 06/30/25 (c)		1,632,085
				145,766,469
Oklahoma: 1.7%
		Comanche County Hospital Authority, Series A (RB)
	300,000	4.25%, 07/01/22 (c)		281,880
	210,000	5.00%, 07/01/22 (c)		218,574
	1,663,515	Kingfisher Hospital Authority (RB) 6.50%, 05/31/19 (c)		1,665,129
		Norman Regional Hospital Authority (RB)
	150,000	4.00%, 09/01/26 (c)		157,217
	1,030,000	5.00%, 09/01/26 (c)		1,183,614
		Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
	175,000	5.00%, 04/01/23		178,001
	225,000	5.13%, 04/01/22 (c)		209,914
		Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB)
	920,000	5.00%, 05/15/19 (c)		921,113
	1,000,000	5.13%, 05/15/19 (c)		1,001,260
		Oklahoma Development Finance Authority, Inverness Village Community (RB)
	275,000	5.25%, 05/31/19 (c) (d) *		178,750
	1,930,000	5.75%, 01/01/22 (c) (d) *		1,254,500
	1,000,000	6.00%, 01/01/22 (c)		650,000
		Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
	700,000	5.00%, 08/15/28 (c)		801,731
	400,000	5.00%, 08/15/28 (c)		470,760
	4,100,000	5.25%, 08/15/28 (c)		4,655,796
	2,900,000	5.25%, 08/15/28 (c)		3,304,289
	8,500,000	5.50%, 08/15/28 (c)		9,755,875
	2,800,000	5.50%, 08/15/28 (c)		3,224,508
		Oklahoma Development Finance Authority, Provident Oklahoma Education Resources, Inc. (RB)
	2,200,000	5.00%, 08/01/27 (c)		2,055,680
	5,075,000	5.00%, 08/01/27 (c)		4,740,760
	3,750,000	5.25%, 08/01/27 (c)		3,504,112
		Payne County Economic Development Authority, Series A (RB)
	360,000	6.00%, 11/01/26 (d) *		131,400

See Notes to Financial Statements

115

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Oklahoma: (continued)
$	500,000	6.63%, 11/01/26 (c) (d) *	$	182,500
	3,000,000	6.88%, 11/01/26 (c) (d) *		1,095,000
	2,800,000	7.00%, 11/01/26 (c) (d) *		1,022,000
	1,150,000	Payne County Economic Development Authority, Series B (RB) 4.75%, 05/21/19 (c) (d) *		419,750
	1,500,000	Payne County Economic Development Authority, Series B-1 (RB) 5.25%, 05/21/19 (c) (d) *		547,500
	375,000	Rogers County Industrial Development Authority (RB) 3.63%, 04/01/25 (c)		381,195
	2,125,000	Tulsa Municipal Airport Trust, American Airlines Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,335,481
				46,528,289
Oregon: 0.8%
		Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project, Series A (RB)
	500,000	5.00%, 05/15/25 (c)		528,785
	425,000	5.00%, 05/15/25 (c)		450,657
	605,000	5.00%, 05/15/25 (c)		643,653
	500,000	Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project, Series B-3 (RB) 2.60%, 11/15/19 (c)		500,050
		Clackamas County Hospital Facility Authority, Willamette View Project, Series A (RB)
	500,000	5.00%, 11/15/25 (c)		537,720
	760,000	5.00%, 11/15/25 (c)		821,917
		Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW)
	7,500,000	6.50%, 04/01/28 (c)		6,948,675
	8,500,000	6.50%, 04/01/28 (c)		7,875,165
	500,000	Polk County Hospital Facility Authority, Dallas Retirement Village Project (RB) 5.38%, 07/01/25 (c)		522,470
		Yamhill County Hospital Authority, Series A (RB)
	1,000,000	5.00%, 11/15/24 (c)		1,059,820
	500,000	5.00%, 11/15/24 (c)		528,250
	300,000	5.00%, 11/15/24 (c)		322,845
				20,740,007
Pennsylvania: 3.1%
	1,645,000	Allegheny County, Pennsylvania Hospital Development Authority, Series A (RB) 5.13%, 05/31/19 (c)		1,493,940
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	445,000	5.75%, 08/01/22 (c)		450,069
	730,000	6.75%, 11/01/19 (c)		739,497

Principal Amount			Value
Pennsylvania: (continued)
$	1,100,000	6.75%, 12/01/21 (c)	$	1,141,690
	600,000	6.88%, 11/01/19 (c)		604,458
	1,000,000	Allentown Commercial and Industrial Development Authority, Series A (RB) 6.25%, 07/01/24 (c)		1,002,950
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	2,000,000	5.00%, 05/01/27 (c)		2,158,460
	250,000	5.00%, 05/01/27 (c)		278,173
	500,000	5.00%, 05/01/28 (c)		543,770
	250,000	5.00%, 05/01/28 (c)		279,960
		Allentown Neighborhood Improvement Zone Development Authority, Series A (RB)
	1,915,000	5.00%, 05/01/22 (c)		2,004,909
	150,000	5.00%, 05/01/22 (c)		157,554
	3,980,000	5.00%, 05/01/22 (c)		4,133,747
	1,000,000	Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c)		1,107,480
		Chester County Health and Education Facilities Authority, Immaculata University Project (RB)
	1,590,000	4.25%, 11/01/27 (c)		1,570,697
	3,005,000	5.00%, 11/01/27 (c)		3,112,278
	440,000	Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		455,809
		Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
	400,000	5.00%, 03/01/28 (c)		414,124
	400,000	5.13%, 03/01/28 (c)		413,608
		Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
	1,440,000	6.00%, 06/01/26 (c)		1,609,056
	440,000	6.00%, 06/01/26 (c)		495,128
	400,000	Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group (RB) 5.25%, 01/01/22 (c)		413,004
	500,000	Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project (RB) 4.00%, 01/01/25 (c)		510,600
		Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
	600,000	5.00%, 10/15/27 (c)		643,998
	500,000	5.00%, 10/15/27		540,875
	500,000	5.13%, 10/15/27 (c)		530,785
	315,000	Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c)		312,890

See Notes to Financial Statements

116

Principal Amount			Value
Pennsylvania: (continued)
		Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)
$	345,000	5.13%, 06/01/26 (c)	$	358,572
	680,000	5.25%, 08/15/20 (c)		628,565
	800,000	6.13%, 08/15/20 (c)		796,616
		Delaware River Port Authority, Port District Project (RB)
	100,000	5.00%, 01/01/21		105,220
	100,000	5.00%, 01/01/22		107,934
	840,000	5.00%, 01/01/23 (c)		922,916
	1,080,000	5.00%, 01/01/23 (c)		1,189,890
	200,000	Fulton County Industrial Development Authority, the Fulton County Medical Center (RB) 5.00%, 07/01/26 (c)		207,036
	1,000,000	Lancaster County Hospital Authority, Brethren Village Project (RB) 5.13%, 07/01/27 (c)		1,059,770
	1,100,000	Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c)		1,115,257
	100,000	Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB) 4.25%, 01/15/25 (c)		106,023
	260,000	Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) 2.60%, 09/01/20 (p)		261,011
		Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
	150,000	5.00%, 01/01/25 (c)		152,504
	850,000	5.25%, 01/01/25 (c)		859,052
	820,000	5.38%, 01/01/25 (c)		831,718
		Moon Industrial Development Authority, Baptist Homes Society (RB)
	95,000	5.00%, 07/01/20		96,606
	300,000	5.63%, 07/01/25 (c)		319,965
	590,000	6.00%, 07/01/25 (c)		628,315
	2,950,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c)		3,018,882
	1,000,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series B (RB) 5.00%, 09/01/20 (p)		1,007,870
	2,500,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series C (RB) 5.00%, 09/01/20 (p)		2,519,675

Principal Amount			Value
Pennsylvania: (continued)
		Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)
$	1,685,000	4.13%, 06/30/26 (c)	$	1,721,784
	170,000	5.00%, 12/31/20		177,429
	45,000	5.00%, 12/31/22		49,114
	125,000	5.00%, 12/31/23		138,896
	550,000	5.00%, 12/31/24		622,199
	1,105,000	5.00%, 12/31/25		1,271,280
	3,200,000	5.00%, 06/30/26 (c)		3,532,800
	410,000	5.00%, 06/30/26 (c)		470,274
	935,000	5.00%, 06/30/26 (c)		1,079,729
	500,000	5.00%, 06/30/26 (c)		570,705
	500,000	5.00%, 06/30/26 (c)		548,465
	1,965,000	5.00%, 06/30/26 (c)		2,195,337
	410,000	5.00%, 06/30/26 (c)		465,174
	870,000	5.00%, 06/30/26		1,007,242
	1,800,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 05/31/19 (c)		1,800,594
		Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
	390,000	6.50%, 12/01/28 (c)		386,989
	5,620,000	6.75%, 12/01/28 (c)		5,567,565
		Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB)
	230,000	4.00%, 11/01/22 (c)		216,016
	250,000	5.00%, 11/01/22 (c)		258,330
	330,000	Philadelphia Authority for Industrial Development, Esperanza Academy Charter School Project (RB) 8.20%, 01/01/23 (c)		363,063
	1,000,000	Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)		1,132,240
		Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
	440,000	6.38%, 06/01/25 (c)		455,057
	440,000	6.50%, 06/01/25 (c)		456,936
	440,000	6.63%, 06/01/25 (c)		458,581
	2,000,000	Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c)		2,081,520
		Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)
	735,000	5.00%, 07/01/27 (c)		780,460
	500,000	5.00%, 07/01/27 (c)		516,205
	1,000,000	5.00%, 07/01/27 (c)		1,037,250

See Notes to Financial Statements

117

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Pennsylvania: (continued)
$	1,000,000	Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c)	$	1,107,610
		Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	1,240,000	5.00%, 07/01/27 (c)		1,386,766
	220,000	5.00%, 07/01/27 (c)		244,389
	1,745,000	5.63%, 07/01/22 (c)		1,877,306
	1,275,000	5.63%, 07/01/22 (c)		1,376,337
	750,000	Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB) 3.13%, 07/01/19 (c)		742,627
	250,000	Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		254,670
		Susquehanna Area Regional Airport Authority, Series A (RB)
	650,000	5.00%, 01/01/23 (c)		705,698
	1,500,000	5.00%, 01/01/23		1,626,165
	1,210,000	Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c)		1,236,765
				83,332,473
Puerto Rico: 3.6%
	5,920,000	Children’s Trust Fund, Tobacco Settlement (RB) 5.63%, 05/31/19 (c)		5,985,002
		Children’s Trust Fund, Tobacco Settlement, Series B (RB)
	50,000,000	0.00%, 05/31/19 (c) ^		1,314,000
	25,000,000	0.00%, 05/31/19 (c) ^		1,525,750
	100,000,000	0.00%, 06/03/19 (c) ^		4,010,000
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	25,000	4.00%, 07/01/22		24,628
	960,000	4.25%, 07/01/22 (c)		931,795
	500,000	5.00%, 07/01/21		502,500
	4,525,000	5.00%, 07/01/22 (c)		4,462,781
	45,000	5.00%, 07/01/22		45,113
	820,000	5.13%, 07/01/22 (c)		808,725
	1,000,000	5.25%, 07/01/22 (c)		998,750
	1,030,000	5.25%, 07/01/22 (c)		1,032,575
	4,370,000	5.25%, 07/01/22 (c)		4,353,612
	1,000,000	5.50%, 07/01/22 (c)		1,005,000
	3,195,000	5.75%, 07/01/22 (c)		3,214,969
	2,635,000	6.00%, 05/31/19 (c)		2,644,881
	2,835,000	6.00%, 05/31/19 (c)		2,845,631
	6,500,000	6.00%, 07/01/22 (c)		6,556,875
	190,000	6.13%, 07/01/24		195,938
	23,000,000	Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 0.00%, 05/31/19 (c) ^		3,121,100

Principal Amount			Value
Puerto Rico: (continued)
$	100,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 06/03/19 (c)	$	100,125
		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB)
	500,000	5.00%, 05/31/19 (c)		500,245
	100,000	5.13%, 04/01/22 (c)		100,384
	100,000	5.38%, 04/01/22 (c)		100,250
		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University of Sacred Heart Project (RB)
	500,000	4.38%, 10/01/22 (c)		450,000
	500,000	5.00%, 10/01/22 (c)		445,000
	20,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) 5.00%, 07/01/19 (c)		20,007
		Puerto Rico Sales Tax Financing Corp. (RB)
	1,027,000	0.00%, 07/01/24 ^		864,190
	3,029,000	0.00%, 07/01/27 ^		2,274,628
	6,433,000	0.00%, 07/01/28 (c) ^		1,485,122
	2,027,000	0.00%, 07/01/28 (c) ^		349,901
	7,268,000	0.00%, 07/01/28 (c) ^		3,891,142
	539,000	0.00%, 07/01/28 (c) ^		361,459
	8,171,000	0.00%, 07/01/28 (c) ^		4,881,274
		Puerto Rico Sales Tax Financing Corp., Series A (RB)
	3,644,000	4.50%, 07/01/25 (c)		3,705,802
	6,692,000	4.55%, 07/01/28 (c)		6,575,492
	5,590,000	4.75%, 07/01/28 (c)		5,352,984
	18,072,000	5.00%, 07/01/28 (c)		17,856,220
				94,893,850
Rhode Island: 0.3%
	100,000	Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26		114,457
		Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
	700,000	4.00%, 05/15/26 (c)		721,371
	250,000	5.00%, 05/15/23		276,453
	400,000	5.00%, 05/15/26 (c)		443,804
		Tobacco Settlement Financing Corp., Series A (RB)
	24,580,000	0.00%, 05/16/19 (c) ^		2,528,053
	115,000	5.00%, 06/01/23		125,571
	1,000,000	5.00%, 06/01/25 (c)		1,061,280

See Notes to Financial Statements

118

Principal Amount			Value
Rhode Island: (continued)
		Tobacco Settlement Financing Corp., Series B (RB)
$	2,000,000	4.50%, 06/01/25 (c)	$	1,972,060
	2,000,000	5.00%, 06/01/25 (c)		2,053,680
				9,296,729
South Carolina: 0.3%
		South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
	500,000	5.00%, 11/01/24 (c)		537,115
	500,000	5.00%, 11/01/24 (c)		540,600
	500,000	5.00%, 11/01/24 (c)		545,400
		South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
	500,000	5.75%, 12/15/26 (c)		545,635
	500,000	5.75%, 12/15/26 (c)		551,435
	300,000	South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c)		307,416
		South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
	545,000	4.00%, 11/15/24 (c)		539,376
	3,090,000	5.25%, 11/15/24 (c)		3,330,371
				6,897,348
South Dakota: 0.0%
		City of Sioux Falls, Dow Rummel Village Project (RB)
	750,000	5.00%, 11/01/26 (c)		768,840
	500,000	5.00%, 11/01/26 (c)		508,755
				1,277,595
Tennessee: 1.1%
		Blount County, Health and Educational Facilities Board, Series A (RB)
	1,000,000	5.00%, 01/01/25 (c)		1,024,880
	625,000	5.00%, 01/01/25 (c)		648,725
	3,135,000	Board of City of Franklin Health and Educational Facilities, Series A (RB) 7.50%, 06/01/27 (c)		3,430,756
		Bristol Industrial Development Board, Pinnacle Project, Series A (RB)
	2,000,000	5.00%, 12/01/26 (c)		2,027,620
	8,000,000	5.13%, 12/01/26 (c)		8,067,120
		Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB)
	750,000	5.00%, 10/01/24 (c)		818,220
	615,000	5.00%, 10/01/24 (c)		668,364
	775,000	5.00%, 10/01/24 (c)		853,213
		Johnson City Health and Educational Facilities Board, Series A (RB)
	120,000	0.00%, 07/01/27 ^		94,442
	100,000	5.38%, 07/01/20 (c)		104,274
	180,000	5.63%, 07/01/20 (c)		188,210

Principal Amount			Value
Tennessee: (continued)
		Knox County Health Educational and Housing Facility Board (RB)
$	205,000	4.00%, 09/01/26 (c)	$	209,912
	260,000	4.00%, 09/01/26 (c)		264,264
	2,250,000	5.00%, 04/01/27 (c)		2,492,820
		Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)
	500,000	5.50%, 07/01/27 (c)		538,060
	1,000,000	5.63%, 07/01/27 (c)		1,067,640
		Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Series A (RB)
	1,065,000	5.25%, 10/01/29 (c)		1,227,050
	2,000,000	6.25%, 04/01/28 (c)		2,183,960
	1,000,000	Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Series C (RB) 6.00%, 04/01/28 (c)		1,084,640
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
	1,225,000	5.38%, 09/01/23 (c)		1,211,562
	200,000	5.50%, 09/01/23 (c)		198,846
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Village at Germantown (RB)
	1,300,000	5.25%, 12/01/22 (c)		1,337,921
	450,000	5.38%, 12/01/22 (c)		464,220
	70,000	Tennessee Energy Acquisition Corp., Series B (RB) 5.63%, 09/01/26		82,543
	160,000	Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23		174,341
				30,463,603
Texas: 5.2%
	115,000	Austin Convention Enterprises, Inc., Series A (RB) 5.00%, 01/01/27 (c)		135,461
		Board of Managers, Joint Guadalupe County, City of Seguin Hospital Mortgage Revenue (RB)
	215,000	5.00%, 12/01/25 (c)		225,060
	610,000	5.00%, 12/01/25 (c)		639,231
	700,000	5.25%, 12/01/25 (c)		764,708
		Central Texas Regional Mobility Authority, Senior Lien (RB)
	1,315,000	3.38%, 01/01/26 (c)		1,299,759
	250,000	5.00%, 01/01/22		268,958
	285,000	5.00%, 01/01/26 (c)		323,652
	200,000	5.00%, 01/01/26 (c)		223,230
	850,000	5.00%, 01/01/26 (c)		984,419
	400,000	5.00%, 01/01/26 (c)		449,612
	545,000	6.00%, 01/01/21 (c)		582,807
	810,000	6.25%, 01/01/21 (c)		869,494

See Notes to Financial Statements

119

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
$	1,305,000	5.00%, 01/01/23 (c)	$	1,405,015
	1,270,000	5.00%, 01/01/23 (c)		1,381,747
	565,000	5.00%, 07/01/25 (c)		627,088
	805,000	5.00%, 07/01/25 (c)		898,960
	120,000	5.00%, 07/01/25 (c)		137,804
		Central Texas Regional Mobility Authority, Subordinated Lien (RB)
	360,000	5.00%, 01/01/23 (c)		387,234
	400,000	5.00%, 01/01/23 (c)		434,756
	25,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		28,704
	2,050,000	City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		2,217,464
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	200,000	4.50%, 07/01/20		204,800
	7,630,000	4.75%, 07/01/24		8,268,784
	650,000	5.00%, 07/01/24 (c)		717,983
	1,000,000	5.00%, 07/15/28		1,166,110
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
	2,000,000	5.00%, 07/15/25 (c)		2,186,900
	600,000	5.00%, 07/15/25 (c)		662,256
	1,000,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20		1,028,020
	4,900,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20		5,037,298
		Clifton Higher Education Finance Corp., Series A (RB)
	730,000	5.13%, 08/15/25 (c)		756,711
	610,000	5.50%, 08/15/25 (c)		635,571
		Clifton Higher Education Finance Corp., Series D (RB)
	500,000	5.75%, 08/15/25 (c)		530,200
	500,000	6.00%, 08/15/25 (c)		530,515
	2,950,000	6.13%, 08/15/25 (c)		3,115,406
	850,000	Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c)		892,755
	360,000	Grand Parkway Transportation Corp., Series A (RB) 5.50%, 10/01/23 (c)		401,688
	2,665,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		2,680,270

Principal Amount			Value
Texas: (continued)
		Harris County, Houston Sports Authority, Series A-3 (RB)
$	155,000	0.00%, 11/15/24 (c) ^	$	67,127
	100,000	0.00%, 11/15/24 (c) ^		55,144
		Harris County, Houston Sports Authority, Series H (RB)
	500,000	0.00%, 11/15/25 ^		409,010
	510,000	0.00%, 11/15/27 ^		388,110
	1,185,000	0.00%, 11/15/29 ^		832,071
	100,000	0.00%, 11/15/30 ^		67,062
	340,000	0.00%, 11/15/31 (c) ^		112,686
	100,000	0.00%, 11/15/31 (c) ^		43,127
	100,000	0.00%, 11/15/31 (c) ^		60,080
	675,000	La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c)		710,930
		Love Field Airport Modernization Corp., Southwest Airline Co. (RB)
	450,000	5.00%, 11/01/22 (c)		489,785
	280,000	5.00%, 11/01/22		308,767
	895,000	5.25%, 11/01/20 (c)		930,979
	105,000	Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		113,894
		Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB)
	770,000	5.00%, 02/15/26 (c)		805,997
	1,150,000	5.13%, 02/15/24 (c)		1,172,620
	1,030,000	New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB) 7.25%, 12/01/25 (c)		1,059,242
	230,000	New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		231,083
	1,500,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing College Station I LLC, Series A (RB) 5.00%, 04/01/24 (c)		1,576,515
	730,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Corpus Christi II, LLC (RB) 5.00%, 04/01/26 (c)		712,954
		New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
	1,375,000	4.00%, 08/15/21 (c)		1,387,815
	250,000	4.25%, 08/15/21 (c)		253,360
	1,000,000	5.00%, 08/15/21 (c)		1,012,630
	1,000,000	5.13%, 08/15/21 (c)		1,015,100

See Notes to Financial Statements

120

Principal Amount			Value
Texas: (continued)
		New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)
$	250,000	5.25%, 02/15/23 (c)	$	259,155
	1,000,000	6.00%, 02/15/23 (c)		1,039,820
	500,000	6.00%, 02/15/23 (c)		526,080
	2,950,000	New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project (RB) 5.00%, 01/01/24 (c)		3,008,115
		New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB)
	1,460,000	5.00%, 11/15/24 (c)		1,530,912
	100,000	5.00%, 11/15/24 (c)		107,251
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	115,000	5.00%, 07/01/24		104,893
	440,000	5.00%, 07/01/25 (c)		407,154
	100,000	5.00%, 07/01/25 (c)		91,953
	500,000	5.00%, 07/01/25 (c)		458,040
	2,000,000	Newark Higher Education Finance Corp., Series A (RB) 5.13%, 08/15/22 (c)		2,030,940
	1,050,000	North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,157,971
		North East Texas Regional Mobility Authority, Series B (RB)
	600,000	5.00%, 01/01/26 (c)		657,558
	400,000	5.00%, 01/01/26 (c)		440,080
	500,000	Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		510,745
		Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
	400,000	5.00%, 08/15/26 (c)		403,860
	400,000	5.00%, 08/15/26 (c)		411,160
	1,075,000	Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21		1,145,101
		San Antonio, Texas Convention Hotel Finance Corp., Series A (RB) (AMBAC)
	85,000	4.75%, 05/31/19 (c)		85,030
	230,000	5.00%, 05/31/19 (c)		230,046
	600,000	5.00%, 05/31/19 (c)		602,112
	9,900,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) (d) *		3,168,000
		Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB)
	1,000,000	5.00%, 05/15/24 (c)		1,043,950
	125,000	5.00%, 05/15/24 (c)		132,049

Principal Amount			Value
Texas: (continued)
		Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc., Series A (RB)
$	100,000	5.25%, 11/15/25 (c)	$	79,000
	800,000	5.50%, 11/15/25 (c)		632,000
	850,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc., Series B-1 (RB) 4.50%, 05/31/19 (c)		671,500
		Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living, Ventana Project, Series A (RB)
	4,850,000	6.63%, 05/15/27 (c)		5,531,473
	2,150,000	6.75%, 05/15/27 (c)		2,423,716
	1,000,000	6.75%, 05/15/27 (c)		1,130,870
		Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB)
	1,595,000	6.38%, 02/15/27 (c)		1,737,003
	3,010,000	6.38%, 02/15/27 (c)		3,269,913
		Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)
	2,975,000	4.00%, 05/15/24 (c)		3,041,342
	1,480,000	8.25%, 11/15/19 (c)		1,332,000
		Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB)
	240,000	8.00%, 05/31/19 (c)		216,000
	170,000	8.25%, 11/15/19 (c)		153,000
	1,150,000	Tarrant County Cultural Education Facilities Finance Corp., SQLC Senior Living Center at Corpus Christo, Inc., Series A (RB) 5.00%, 05/15/27 (c) (d) *		333,500
	1,375,000	Tarrant County Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB) 8.00%, 11/15/19 (c)		1,237,500
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	1,490,000	5.00%, 12/15/21		1,590,933
	1,265,000	5.00%, 12/15/22 (c)		1,376,877
	1,720,000	5.00%, 12/15/22 (c)		1,877,707
	1,285,000	5.00%, 12/15/22 (c)		1,394,508
	175,000	5.00%, 12/15/22 (c)		189,096
	790,000	5.00%, 12/15/22 (c)		855,507
	750,000	5.00%, 12/15/22 (c)		820,747
	1,280,000	5.00%, 12/15/22 (c)		1,408,218
	1,715,000	5.00%, 12/15/22		1,869,384
	1,445,000	5.00%, 12/15/22 (c)		1,588,257
	1,245,000	5.00%, 12/15/22 (c)		1,365,055
	1,360,000	5.00%, 12/15/22 (c)		1,493,266

See Notes to Financial Statements

121

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Texas: (continued)
		Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
$	460,000	5.00%, 12/31/25 (c)	$	502,693
	230,000	5.00%, 12/31/25 (c)		252,181
		Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB)
	150,000	7.00%, 06/30/20 (c)		158,649
	1,785,000	7.00%, 06/30/20 (c)		1,886,870
	95,000	7.50%, 06/30/20 (c)		101,146
	980,000	7.50%, 06/30/20 (c)		1,044,455
		Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
	515,000	7.00%, 09/01/23 (c)		603,987
	230,000	7.50%, 12/31/19 (c)		238,761
		Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
	7,100,000	5.00%, 08/15/24 (c)		7,867,865
	1,500,000	5.00%, 08/15/24 (c)		1,650,915
	600,000	5.00%, 08/15/24 (c)		672,048
	850,000	5.00%, 08/15/24 (c)		947,758
		Town of Westlake, Solana Public Improvement District (SA)
	1,000,000	6.13%, 09/01/25 (c)		1,013,220
	1,000,000	6.25%, 09/01/25 (c)		1,014,480
	1,000,000	6.38%, 09/01/25 (c)		1,020,990
	4,980,000	Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 06/01/20 (c)		5,050,268
				138,113,151
Utah: 0.3%
		Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
	1,500,000	5.25%, 06/15/27 (c)		1,534,740
	6,505,000	5.38%, 06/15/27 (c)		6,609,340
				8,144,080
Vermont: 0.1%
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c)		1,143,725
	910,000	Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c)		973,691
				2,117,416
Virgin Islands: 1.1%
	720,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) 4.25%, 06/03/19 (c)		720,338

Principal Amount			Value
Virgin Islands: (continued)
		Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
$	450,000	4.50%, 10/01/24 (c)	$	400,500
	1,000,000	5.00%, 10/01/24 (c)		917,500
	4,250,000	5.00%, 10/01/24 (c)		3,846,250
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
	110,000	6.63%, 10/01/19 (c)		108,086
	1,840,000	6.75%, 10/01/19 (c)		1,807,984
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
	310,000	5.00%, 10/01/20		304,575
	4,235,000	5.00%, 10/01/20 (c)		4,107,950
	3,280,000	5.00%, 10/01/20 (c)		3,181,600
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB)
	155,000	4.50%, 10/01/19 (c)		147,250
	1,125,000	5.00%, 10/01/19 (c)		1,091,250
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
	1,255,000	5.00%, 10/01/19 (c)		1,217,350
	935,000	5.00%, 10/01/19 (c)		902,275
	395,000	5.00%, 10/01/20 (c)		378,805
	3,005,000	5.25%, 10/01/20 (c)		2,881,795
	250,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 10/01/19 (c)		239,750
		Virgin Islands Water and Power Authority, Series A (RB)
	460,000	4.00%, 07/01/21		445,050
	330,000	5.00%, 05/31/19 (c)		314,738
	50,000	5.00%, 05/31/19 (c)		47,375
		Virgin Islands Water and Power Authority, Series B (RB)
	3,970,000	5.00%, 05/31/19 (c)		3,642,475
	1,070,000	5.00%, 05/31/19 (c)		1,003,125
	1,170,000	5.00%, 05/31/19 (c)		1,102,725
				28,808,746
Virginia: 1.7%
		Albemarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		659,194
	1,000,000	5.00%, 01/01/23 (c)		1,031,990
	500,000	Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c)		526,585
	1,000,000	Botetourt County, Virginia, Series A (RB) 6.00%, 07/01/24 (c)		1,095,340

See Notes to Financial Statements

122

Principal Amount			Value
Virginia: (continued)
$	250,000	Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c)	$	227,500
		Cherry Hill Community Development Authority, Potomac Shores Project (SA)
	200,000	5.15%, 03/01/25 (c)		206,900
	500,000	5.40%, 03/01/25 (c)		517,635
		Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
	1,025,000	5.00%, 07/01/26 (c)		1,142,547
	1,000,000	5.00%, 07/01/26 (c)		1,121,550
	650,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		661,551
	380,000	City of Chesapeake, Virginia Chesapeake Expressway, Series A (RB) 5.00%, 07/15/22 (c)		402,792
	650,000	City of Newport News, Economic Development Authority, Residential Care Facilities (RB) 3.13%, 12/01/25 (c)		632,613
		Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA)
	1,450,000	6.63%, 03/01/21 (c)		1,535,680
	1,000,000	6.88%, 03/01/21 (c)		1,062,020
		Farmville Industrial Development Authority, Series A (RB) (AMBAC)
	500,000	5.00%, 01/01/29 (c)		536,405
	500,000	5.00%, 01/01/29 (c)		543,065
	500,000	5.00%, 01/01/29 (c)		545,165
	1,250,000	Halifax County Industrial Development Authority, Virginia Recovery Zone Facility, Series A (RB) 2.15%, 09/01/20 (p)		1,252,762
		Hanover County Economic Development Authority (RB)
	500,000	5.00%, 07/01/24 (c)		530,570
	500,000	5.00%, 07/01/24 (c)		531,640
		Hanover County, Economic Development Authority, Series A (RB)
	340,000	4.00%, 07/01/22		346,484
	1,500,000	5.00%, 07/01/22 (c)		1,540,935
	1,500,000	5.00%, 07/01/22 (c)		1,543,635
	2,475,000	Henrico County Economic Development Authority, Residential Care Facilities, Series C (RB) 5.00%, 12/01/27 (c)		2,651,319
	240,000	Hopewell City, Virginia Sewer System, Series A (RB) 5.00%, 07/15/21 (c)		254,974
	3,000,000	Newport News Economic Development Authority, Residential Care Facilities (RB) 5.00%, 12/01/25 (c)		3,180,870

Principal Amount			Value
Virginia: (continued)
		Peninsula Town Center Community Development Authority (RB)
$	2,500,000	5.00%, 09/01/27 (c)	$	2,642,825
	500,000	5.00%, 09/01/27 (c)		532,910
	1,000,000	Roanoke County Economic Development Authority, Series B (RB) 4.63%, 09/01/24 (c) (p)		1,003,460
		Stafford County Economic Development Authority, Mary Washington Healthcare (RB)
	480,000	4.00%, 06/15/26 (c)		499,642
	300,000	5.00%, 06/15/26 (c)		344,493
	2,000,000	Tobacco Settlement Financing Corp., Series B-1 (RB) 5.00%, 05/16/19 (c)		1,944,060
	17,265,000	Tobacco Settlement Financing Corp., Series C (RB) 0.00%, 05/16/19 (c) ^		1,722,011
		Virginia College Building Authority, Marymount University Project, Series A (RB)
	2,000,000	5.00%, 07/01/25 (c)		2,091,520
	1,000,000	5.00%, 07/01/25 (c)		1,058,580
	300,000	Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		325,059
	1,260,000	Virginia College Building Authority, Regent University Project (RB) 5.00%, 05/31/19 (c)		1,260,063
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	760,000	5.50%, 07/01/22 (c)		821,210
	1,550,000	6.00%, 07/01/22 (c)		1,710,998
		Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
	300,000	5.00%, 01/01/22 (c)		316,500
	1,450,000	5.00%, 01/01/22 (c)		1,529,750
	1,000,000	Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/23 (c) (p)		1,035,240
		Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Series A (RB)
	300,000	1.88%, 06/01/20 (p)		299,664
	1,375,000	2.15%, 09/01/20 (p)		1,378,039
				44,797,745
Washington: 0.9%
	1,000,000	Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB) 5.50%, 09/01/22 (c)		1,021,550
		Kalispel Tribe Indians Priority, Series A (RB)
	250,000	5.00%, 01/01/28 (c)		274,085
	250,000	5.25%, 01/01/28 (c)		271,723

See Notes to Financial Statements

123

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Washington: (continued)
		King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO)
$	1,000,000	5.00%, 12/01/25 (c)	$	1,013,340
	500,000	5.75%, 12/01/25 (c)		518,880
	500,000	6.00%, 12/01/25 (c)		517,630
	250,000	6.25%, 12/01/25 (c)		258,708
		Klickitat County Public Hospital District No. 2 (RB)
	250,000	5.00%, 12/01/27 (c)		254,870
	1,170,000	5.00%, 12/01/27 (c)		1,200,689
	1,415,000	5.00%, 12/01/27 (c)		1,477,274
	300,000	Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB) 5.00%, 02/01/21 (c)		310,371
	1,650,000	Washington Health Care Facilities Authority, Central Washington Health Services Association (RB) 5.00%, 07/01/25 (c)		1,817,755
		Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
	500,000	5.00%, 08/15/27 (c)		555,460
	205,000	5.00%, 08/15/27 (c)		229,713
		Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
	1,000,000	5.00%, 07/01/24 (c)		1,039,580
	1,000,000	5.00%, 07/01/24 (c)		1,042,710
	150,000	5.00%, 07/01/24 (c)		158,967
	500,000	Washington State Housing Finance Commission, Hearthstone Project, Series A (RB) 5.00%, 07/01/26 (c)		514,410
		Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB)
	200,000	6.00%, 07/01/25		218,904
	1,000,000	6.75%, 07/01/25 (c)		1,090,100
	2,000,000	7.00%, 07/01/25 (c)		2,159,180
		Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB)
	150,000	5.50%, 05/21/19 (c)		150,096
	1,350,000	6.50%, 07/01/25 (c)		1,477,116
	1,100,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c)		1,177,825
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	150,000	3.75%, 07/01/26		150,917
	1,500,000	5.00%, 01/01/25 (c)		1,602,180
	2,495,000	5.00%, 01/01/25 (c)		2,656,451

Principal Amount			Value
Washington: (continued)
		Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
$	1,250,000	5.00%, 07/01/26 (c)	$	1,291,700
	500,000	5.00%, 07/01/26 (c)		518,235
				24,970,419
West Virginia: 0.4%
	325,000	Brooke County Commission, Series A (RB) 6.75%, 04/01/21 (c)		327,980
	175,000	County of Ohio, West Virginia Tax, Fort Henry Centre Tax Increment Financing District No. 1 (TA) 4.00%, 06/01/22 (c)		176,460
	500,000	Glenville State College Board of Governors Improvement (RB) 5.25%, 06/01/27 (c)		512,210
		Ohio County Development Authority, Sports Complex Project (RB)
	1,000,000	5.00%, 09/01/28 (c)		986,300
	2,735,000	5.00%, 09/01/28 (c)		2,755,102
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	2,395,000	6.50%, 05/16/19 (c)		1,808,896
	2,230,000	6.50%, 05/16/19 (c)		1,682,134
	2,720,000	6.75%, 05/16/19 (c)		2,054,688
				10,303,770
Wisconsin: 2.7%
		Public Finance Authority, American Dream at Meadowlands Project (RB)
	500,000	6.75%, 12/01/27 (c)		582,035
	17,500,000	7.00%, 12/01/27 (c)		20,479,900
	100,000	Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		112,546
	1,000,000	Public Finance Authority, American Preparatory Academy (RB) 5.38%, 07/15/27 (c)		1,071,440
	250,000	Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.13%, 06/01/26 (c)		254,970
		Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
	495,000	5.00%, 02/01/26 (c)		504,613
	500,000	5.13%, 02/01/26 (c)		505,785
		Public Finance Authority, Corvian Community School Project, Series A (RB)
	580,000	4.25%, 06/15/24 (c)		589,854
	800,000	5.00%, 06/15/24 (c)		810,040
	1,000,000	5.13%, 06/15/24 (c)		1,012,280
	1,000,000	Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c)		1,056,300

See Notes to Financial Statements

124

Principal Amount			Value
Wisconsin: (continued)
$	5,500,000	Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c)	$	6,655,385
	2,500,000	Public Finance Authority, Lombard Conference & Hotel Center, Second-Tier (RB) 3.75%, 03/15/28 (c)		2,263,875
	1,000,000	Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c)		1,060,470
	3,275,000	Public Finance Authority, Million Air Two LLC, Series B (RB) 7.13%, 06/01/24 (c)		3,582,817
	500,000	Public Finance Authority, National Gypsum Comp. (RB) 5.25%, 11/01/24 (c)		544,980
	1,000,000	Public Finance Authority, Nevada State College (RB) 5.00%, 05/01/29 (c)		1,053,070
		Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)
	2,150,000	5.00%, 06/15/26 (c)		1,959,789
	5,000,000	5.00%, 06/15/26 (c)		4,788,850
	500,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c)		492,855
	1,000,000	Public Finance Authority, Prime Healthcare Foundation, Series A (RB) 5.35%, 12/01/27 (c)		1,112,650
		Public Finance Authority, Retirement Facilities (RB)
	2,580,000	5.00%, 03/01/28 (c)		2,744,527
	1,250,000	5.00%, 03/01/28 (c)		1,345,050
	790,000	Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22		827,154
	1,455,000	Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c)		1,542,184
	200,000	Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		205,310

Principal Amount			Value
Wisconsin: (continued)
$	2,155,000	Public Finance Authority, Vista Grande Villa Project, Series A (RB) 6.50%, 07/01/25 (c)	$	2,187,476
	750,000	Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		823,740
		Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc., Series B (RB)
	1,095,000	5.00%, 07/01/23 (c)		1,126,558
	1,000,000	5.00%, 07/01/23 (c)		1,033,170
	550,000	Wisconsin Health and Educational Facilities Authority, Mile Bluff Medical Center Inc. (RB) 5.13%, 05/01/24 (c)		586,916
		Wisconsin Health and Educational Facilities Authority, Saul-Prairie Memorial Hospital, Inc., Series A (RB)
	2,150,000	5.25%, 02/01/23 (c)		2,203,384
	1,975,000	5.38%, 02/01/23 (c)		2,029,727
	3,950,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.13%, 02/01/23 (c)		4,038,085
				71,187,785
Total Municipal Bonds (Cost: $2,566,491,556)				2,608,960,712
Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $6,089,129)
	6,089,129	Dreyfus Government Cash Management Fund – Institutional Shares		6,089,129
Total Investments: 98.5% (Cost: $2,572,636,681)				2,615,091,838
Other assets less liabilities: 1.5%				40,843,896
NET ASSETS: 100.0%			$	2,655,935,734

See Notes to Financial Statements

125

VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:
ACA	Credit Agricole SA
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $41,997 which represents 0.0% of net assets.
¥	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Summary of Investments By Sector	% of Investments			Value
Education		8.4	%	$	219,120,993
Health Care		21.7			568,694,126
Housing		4.1			106,687,743
Industrial		0.0			41,997
Industrial Revenue		14.2			370,069,971
Leasing		6.4			167,354,594
Local		7.0			183,499,143
Power		0.4			10,766,047
Solid Waste/Resource Recovery		0.1			1,558,356
Special Tax		10.1			264,363,888
State		3.4			88,394,446
Tobacco		14.8			386,826,163
Transportation		6.7			175,340,746
Water & Sewer		2.5			66,284,496
Money Market Fund		0.2			6,089,129
		100.0	%	$	2,615,091,838

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—		$	—		$	41,997		$	41,997
Municipal Bonds*			—			2,608,960,712			—			2,608,960,712
Money Market Fund			6,089,129			—			—			6,089,129
Total		$	6,089,129		$	2,608,960,712		$	41,997		$	2,615,091,838

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

126

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended April 30, 2019:

	Corporate Bonds
	South Carolina
Balance as of April 30, 2018		$	—
Realized gain (loss)			—
Net change in unrealized appreciation (depreciation)			—
Purchases			—
Sales			—
Transfers in and/or out of level 3			41,997
Balance as of April 30, 2019		$	41,997

Transfers to Level 3 resulted from a bankruptcy restructuring. The Fund received debt obligations issued by a private company.

See Notes to Financial Statements

127

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
MUNICIPAL BONDS: 98.2%
Alabama: 0.7%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	150,000	6.45%, 05/31/19 (c)	$	150,798
	150,000	6.45%, 05/31/19 (c)		150,798
	1,000,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 01/01/24 (c) (p)		1,071,060
				1,372,656
American Samoa: 0.4%
		American Samoa Economic Development Authority, Series A (RB)
	500,000	6.00%, 09/01/23		506,310
	250,000	6.50%, 09/01/28		260,498
				766,808
Arizona: 1.9%
	125,000	Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) 5.00%, 02/01/21		131,735
	500,000	Arizona Industrial Development Authority, Doral Academy – Fire Mesa and Red Rock Campus, Series A (RB) 3.55%, 07/15/27 (c)		502,460
		Arizona Industrial Development Authority, Education Revenue Bonds, Series A (RB)
	250,000	4.75%, 07/01/23 (c)		252,175
	200,000	5.00%, 07/01/26		219,786
	125,000	City of Phoenix Civic Improvement Corp., Junior Lien, Airport Revenue, Series A (RB) 5.00%, 07/01/20 (c)		129,879
	1,000,000	Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)		1,012,910
		Industrial Development Authority of the City of Phoenix, Series A (RB)
	250,000	3.00%, 07/01/20		249,853
	500,000	4.00%, 07/01/25		518,510
	250,000	Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB) 5.00%, 07/01/23		259,408
	250,000	Pima County Industrial Development Authority, American Leadership Academy (RB) 4.13%, 06/15/22 (c)		253,315
	70,000	Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) 4.38%, 07/01/26		68,133

Principal Amount			Value
Arizona: (continued)
		Salt Verde Financial Corp. (RB)
$	65,000	5.25%, 12/01/21	$	70,169
	50,000	5.25%, 12/01/23		56,449
	65,000	5.25%, 12/01/24		74,814
	10,000	5.25%, 12/01/28		12,236
				3,811,832
California: 7.3%
	195,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series C (RB) 5.00%, 05/01/21 (c)		207,689
	375,000	Bay Area Toll Authority, Series S-4 (RB) 5.00%, 04/01/23 (c)		425,929
	430,000	California Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 05/31/19 (c)		418,837
	320,000	California Health Facilities Financing Authority, Catholic Healthcare West, Series E (RB) 5.63%, 07/01/19 (c)		321,965
	240,000	California Health Facilities Financing Authority, Catholic Healthcare West, Series G (RB) 5.50%, 05/31/19 (c)		240,835
		California Municipal Finance Authority (RB)
	545,000	5.00%, 06/30/27		648,757
	220,000	5.00%, 06/30/28		265,096
		California Municipal Finance Authority, Community Medical Centers, Series A (RB)
	50,000	5.00%, 02/01/27 (c)		59,191
	50,000	5.00%, 02/01/27		60,037
	500,000	California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.00%, 03/01/25		505,760
	400,000	California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) 3.88%, 07/01/28		410,660
	400,000	California Pollution Control Financing Authority, Solid Waste Disposal, Series A-1 (RB) 3.38%, 07/01/25		419,772
	735,000	California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) 5.00%, 07/01/27		785,649
	250,000	California State Public Works Board (RB) 3.00%, 05/01/28 (c)		260,485
		California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB)
	200,000	5.00%, 09/01/20		209,020
	300,000	5.00%, 09/01/21		323,334

See Notes to Financial Statements

128

Principal Amount			Value
California: (continued)
		California Statewide Communities Development Authority (RB)
$	200,000	5.00%, 07/01/24	$	217,996
	250,000	5.00%, 07/01/29		280,577
		California Statewide Communities Development Authority, Baptist University, Series A (RB)
	150,000	3.00%, 11/01/22		151,539
	500,000	3.50%, 11/01/27		522,385
	180,000	California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 05/31/19 (c)		175,550
	160,000	California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/20		165,314
	350,000	California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		397,456
	500,000	California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.63%, 12/01/23 (p)		501,055
	30,000	City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		31,198
	500,000	City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		581,035
	375,000	City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21		414,945
		County of Sacramento, Airport System Revenue (RB)
	250,000	5.00%, 07/01/27		305,062
	115,000	5.00%, 07/01/28		144,917
	145,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		161,310
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	110,000	5.00%, 06/01/23		122,320
	110,000	5.00%, 06/01/25		126,023
	250,000	5.00%, 06/01/26		290,322
	205,000	Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c)		212,253
	110,000	Irvine Unified School District, Special Tax, Community Facilities No. 09-1, Series A (ST) 5.00%, 09/01/26		128,955

Principal Amount			Value
California: (continued)
$	230,000	Lake Elsinore Public Financing Authority, Local Agency Revenue (ST) 5.00%, 09/01/24	$	259,134
	265,000	Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30		338,318
	325,000	Los Angeles Municipal Improvement Corporation, Series A (RB) 5.00%, 11/01/20		342,326
	165,000	Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c)		181,794
	1,250,000	Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,352,275
		Palomar Health (RB)
	250,000	5.00%, 11/01/25		288,962
	90,000	5.00%, 11/01/26 (c)		104,407
	250,000	Port of Oakland (RB) 5.00%, 11/01/23		282,717
	230,000	Port of Oakland, Series O (RB) 5.00%, 05/01/20		237,613
	110,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		123,699
	110,000	Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23		125,978
	85,000	San Francisco Community College District (GO) 5.00%, 06/15/22		94,436
	120,000	San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c)		132,175
	55,000	Vernon Electric System, Series A (RB) 5.13%, 08/01/19 (c)		55,441
	500,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21		375,565
				14,788,068
Colorado: 3.8%
	500,000	Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c)		510,830
	295,000	City and County of Denver, Airport System, Series A (RB) 5.00%, 12/01/28 (c)		360,629
	500,000	Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 3.75%, 07/01/26		504,995

See Notes to Financial Statements

129

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Colorado: (continued)
$	5,000	Colorado Health Facilities Authority, Catholic Health Initiatives, Series A (RB) 5.25%, 07/01/19 (c)	$	5,030
	200,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB) 4.00%, 12/01/22 (c)		208,398
	250,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 05/31/19 (c)		250,155
	85,000	Colorado Health Facilities Authority, NCMC, Inc. Project (RB) 5.00%, 05/15/26 (c)		100,688
	1,000,000	Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB) 4.00%, 11/01/20 (c)		940,050
	150,000	Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23		166,910
	120,000	Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/22		130,685
	2,500,000	Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c)		2,660,925
	1,470,000	Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		1,460,283
	140,000	Public Authority for Colorado Energy (RB) 6.25%, 11/15/28		177,458
	200,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		200,708
				7,677,744
Connecticut: 1.6%
	405,000	City of Hartford, Series A (GO) 5.00%, 04/01/23 (c)		449,724
		Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
	250,000	5.25%, 02/01/22		258,253
	250,000	5.50%, 02/01/23		261,847
		State of Connecticut, Series B (GO)
	200,000	5.00%, 04/15/22 (c)		217,050
	250,000	5.00%, 04/15/28		303,930
		State of Connecticut, Series D (GO)
	250,000	5.00%, 10/01/20 (c)		260,865
	100,000	5.00%, 11/01/21 (c)		107,157
		University of Connecticut, Series A (RB)
	815,000	5.00%, 02/15/21 (c)		856,215
	380,000	5.00%, 03/15/25		440,659
				3,155,700

Principal Amount			Value
District of Columbia: 0.1%
$	250,000	District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.13%, 07/01/24 (c)	$	257,840
Florida: 5.9%
	500,000	Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) 4.50%, 01/01/29 (c)		512,590
	500,000	Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 4.38%, 06/15/27		499,135
	1,000,000	Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) 4.00%, 12/01/28		966,160
	500,000	Citizens Property Insurance Corp., Series A-1 (RB) 5.00%, 06/01/20		517,310
		Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
	500,000	5.00%, 06/15/25		514,405
	255,000	5.50%, 06/15/22		259,218
	250,000	Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.13%, 06/15/27		255,060
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	2,000,000	6.25%, 01/01/20 (c) (p)		2,046,600
	1,750,000	6.38%, 01/01/20 (c) (p)		1,797,652
	2,250,000	6.50%, 01/01/20 (c) (p)		2,307,442
	110,000	JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c)		130,266
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	250,000	5.00%, 10/01/23		279,575
	250,000	5.00%, 10/01/24		284,680
	250,000	Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24		258,123
	120,000	School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c)		139,375
	250,000	School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25		294,722
	305,000	South Miami Health Facilities Authority (RB) 3.00%, 08/15/27 (c)		309,429
	500,000	Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		514,375
				11,886,117

See Notes to Financial Statements

130

Principal Amount			Value
Georgia: 1.9%
		Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB)
$	250,000	6.00%, 01/01/23	$	253,668
	500,000	6.50%, 01/01/28 (c)		517,135
	250,000	Burke County Development Authority (RB) 2.93%, 03/12/24 (p)		254,515
	1,000,000	Burke County Development Authority, Series E (RB) 3.25%, 02/03/25 (p)		1,020,950
	250,000	Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		254,308
	160,000	Georgia Local Government, Grantor Trust Certificates of Participation, Series A (CP) (NATL) 4.75%, 06/01/28		176,262
	325,000	Greene County Development Authority, Glen-I, LLC Project, Series A (RB) 6.13%, 01/01/25		292,500
		Main Street Natural Gas, Inc., Series A-1 (RB)
	130,000	5.50%, 09/15/23		147,642
	135,000	5.50%, 09/15/25		160,269
	250,000	Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		286,390
	500,000	Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c)		504,755
				3,868,394
Guam: 1.3%
	750,000	A. B. Won Pat International Airport Authority, Series C (RB) 5.00%, 10/01/21		771,645
	300,000	Guam Government Business Privilege Tax, Series A (RB) 5.00%, 01/01/22 (c)		315,594
	310,000	Guam Government Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		347,417
	1,000,000	Territory of Guam, Series A (RB) 5.00%, 12/01/24		1,113,060
				2,547,716
Hawaii: 0.1%
	115,000	Kuakini, Hawaii Health System, Series A (RB) 6.30%, 05/31/19 (c)		115,345
Illinois: 17.5%
		Chicago Board of Education (GO)
	250,000	0.00%, 12/01/22 ^		222,920
	320,000	0.00%, 12/01/23 ^		274,838
	105,000	0.00%, 12/01/24 ^		86,862
	180,000	0.00%, 12/01/26 ^		137,448
	500,000	4.00%, 12/01/22		513,415
	250,000	5.00%, 12/01/28 (c)		276,060
	200,000	5.00%, 12/01/28 (c)		235,492

Principal Amount			Value
Illinois: (continued)
		Chicago Board of Education, Series A (GO)
$	285,000	0.00%, 12/01/28 ^	$	199,292
	150,000	4.00%, 12/01/20		153,168
	200,000	7.00%, 12/01/25 (c)		240,910
	500,000	Chicago Board of Education, Series C (GO) 5.00%, 12/01/27		545,920
	495,000	Chicago Board of Education, Series F (GO) 5.00%, 12/01/20		513,067
	300,000	Chicago O’Hare International Airport (RB) 4.00%, 01/01/22 (c)		309,906
	340,000	Chicago School Reform Board of Trustees, Series A (GO) 0.00%, 12/01/29 ^		226,454
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	305,000	0.00%, 12/01/24 ^		252,314
	180,000	0.00%, 12/01/26 ^		137,448
	270,000	0.00%, 12/01/28 ^		188,803
	475,000	0.00%, 12/01/29 ^		316,369
	200,000	Chicago Transit Authority (RB) 5.25%, 12/01/21 (c)		212,738
	115,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/24		129,962
	105,000	City of Chicago, Modern School Across Chicago Program, Series A (GO) 5.00%, 12/01/20 (c)		108,281
	100,000	City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c)		109,296
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	280,000	5.00%, 01/01/25		306,732
	350,000	5.25%, 01/01/25 (c)		382,529
	270,000	City of Chicago, Series A (GO) 5.25%, 01/01/24 (c)		292,221
		City of Chicago, Series C (GO)
	95,000	5.00%, 01/01/22		103,104
	300,000	5.00%, 01/01/22 (c)		313,644
	660,000	5.00%, 01/01/23		706,642
	400,000	5.00%, 01/01/24		432,916
	1,090,000	5.00%, 01/01/25		1,194,062
		City of Chicago, Water Revenue, Second Lien (RB)
	100,000	5.00%, 11/01/22 (c)		108,002
	150,000	5.00%, 11/01/24 (c)		167,745
	100,000	5.00%, 11/01/24 (c)		111,622
	270,000	5.00%, 11/01/24 (c)		301,814
	100,000	City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c)		114,203
	240,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		254,414

See Notes to Financial Statements

131

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Illinois: (continued)
$	500,000	County of Cook, Series A (GO) 5.25%, 11/15/21 (c)	$	539,305
	775,000	Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27		769,032
	1,000,000	Illinois Finance Authority, Lutheran Home and Obligated Group (RB) 5.50%, 05/15/22 (c)		1,048,590
	100,000	Illinois Finance Authority, Roosevelt University (RB) 5.40%, 05/31/19 (c)		100,054
	250,000	Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		254,440
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	160,000	5.25%, 06/01/20		165,613
	75,000	5.25%, 06/01/21		79,951
	70,000	5.38%, 06/01/21		74,799
	145,000	Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		111,607
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	125,000	0.00%, 06/15/20 ^		121,701
	195,000	0.00%, 12/15/22 ^		177,037
	130,000	0.00%, 12/15/24 ^		110,591
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	115,000	0.00%, 06/15/28 ^		85,703
	60,000	5.00%, 06/15/22 (c)		63,721
	970,000	5.00%, 06/15/22 (c)		1,022,768
	35,000	5.00%, 12/15/22		37,371
	500,000	5.00%, 12/15/27 (c)		565,760
	100,000	Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		116,503
	285,000	Southern Illinois University, Series A (RB) 5.25%, 04/01/21		299,660
		State of Illinois (RB)
	100,000	3.75%, 06/15/21 (c)		100,911
	70,000	4.00%, 05/09/19 (c)		70,032
	275,000	4.00%, 03/01/22 (c)		278,242
	80,000	4.00%, 08/01/22 (c)		81,320
	660,000	4.00%, 05/01/24		679,853
	280,000	4.00%, 06/15/26 (c)		291,743
	300,000	4.13%, 03/01/22 (c)		303,456
	540,000	5.00%, 01/01/20 (c)		547,279
	300,000	5.00%, 01/01/21		312,090
	135,000	5.00%, 01/01/21		140,441
	785,000	5.00%, 05/01/21		822,688
	125,000	5.00%, 06/15/21		131,751
	70,000	5.00%, 07/01/21		73,624
	445,000	5.00%, 01/01/22 (c)		463,832
	200,000	5.00%, 02/01/22		212,094
	600,000	5.00%, 05/01/22		639,444
	165,000	5.00%, 06/15/22		177,891

Principal Amount			Value
Illinois: (continued)
$	920,000	5.00%, 08/01/22 (c)	$	973,618
	750,000	5.00%, 08/01/22		803,145
	145,000	5.00%, 06/15/23 (c)		156,883
	480,000	5.00%, 06/15/23		523,224
	230,000	5.00%, 06/15/23 (c)		248,621
	700,000	5.00%, 08/01/23		754,558
	500,000	5.00%, 02/01/24		540,605
	100,000	5.00%, 02/01/24		108,121
	150,000	5.00%, 02/01/24 (c)		160,829
	100,000	5.00%, 05/01/24 (c)		107,076
	500,000	5.00%, 11/01/24		545,965
	1,315,000	5.00%, 12/01/25		1,442,292
	200,000	5.00%, 01/01/26		218,790
	500,000	5.00%, 02/01/26		547,405
	445,000	5.00%, 06/01/26 (c)		487,969
	100,000	5.00%, 06/01/26		109,806
	1,000,000	5.00%, 02/01/27		1,100,930
	315,000	5.00%, 11/01/27 (c)		345,577
	275,000	5.25%, 07/01/23 (c)		292,944
	500,000	5.50%, 07/01/23 (c)		542,360
	270,000	5.50%, 07/01/23 (c)		294,173
	60,000	5.50%, 07/01/23 (c)		64,988
	500,000	6.00%, 05/01/25		571,495
		State of Illinois, Series A (GO)
	220,000	4.00%, 05/31/19 (c)		220,031
	305,000	4.00%, 01/01/21		312,354
	170,000	4.00%, 01/01/22 (c)		172,695
	100,000	4.00%, 01/01/22 (c)		101,280
	100,000	4.00%, 01/01/22 (c)		100,610
	105,000	4.00%, 01/01/22		108,458
	50,000	4.00%, 01/01/22 (c)		51,155
	100,000	5.00%, 04/01/21		104,622
	185,000	5.00%, 06/01/21		194,222
		State of Illinois, Series D (GO)
	165,000	3.25%, 11/01/26		160,657
	750,000	5.00%, 11/01/25		821,925
	505,000	5.00%, 11/01/26		556,167
	130,000	5.00%, 11/01/27		143,792
	110,000	5.00%, 11/01/27 (c)		121,596
	145,000	Will County Community High School District No. 210, Series B (GO) 0.00%, 01/01/28 ^		105,164
				35,467,612
Indiana: 0.2%
	500,000	City of Carmel (RB) 7.00%, 11/15/22 (c)		400,000
Iowa: 1.7%
		Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
	500,000	3.13%, 12/01/20 (c)		503,410
	500,000	5.25%, 12/01/23 (c)		539,135
		Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB)
	500,000	3.25%, 12/20/19 (c)		500,105
	495,000	5.00%, 03/01/24 (c)		540,273
		Iowa Higher Education Loan Authority, Wartburg College Project (RB)
	260,000	2.50%, 10/01/20		258,638
	1,130,000	4.00%, 10/01/25		1,140,758
				3,482,319

See Notes to Financial Statements

132

Principal Amount			Value
Kansas: 0.9%
$	125,000	Arkansas City Public Building Commission, South Central Regional Medical Center (RB) 6.25%, 09/01/19 (c)	$	125,884
	500,000	City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/25 (c)		541,200
	1,000,000	Kansas Development Finance Authority (RB) 4.00%, 11/15/25		1,021,930
	60,000	Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 05/31/19 (c)		60,098
	150,000	Wyandotte County, Kansas City Unified Government (RB) 0.00%, 12/01/27 ^		108,114
				1,857,226
Kentucky: 0.7%
	140,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		164,599
	325,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/26 (c)		382,863
	500,000	Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB) 5.50%, 11/15/26 (c)		480,250
	100,000	Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		110,265
	200,000	Kentucky State Property and Building Commission No. 100, Series A (RB) 5.00%, 08/01/20		207,904
	140,000	Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c)		161,778
				1,507,659
Louisiana: 1.0%
		City of New Orleans, Sewerage Service (RB)
	320,000	5.00%, 06/01/20		330,976
	20,000	5.00%, 06/01/22		21,769
	600,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Series A (RB) 5.50%, 11/15/25		647,442
	329,665	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		3

Principal Amount			Value
Louisiana: (continued)
$	521,317	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *	$	5
	710,000	Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p)		741,155
		Tobacco Settlement Financing Corp., Series A (RB)
	230,000	5.00%, 05/15/20		237,135
	80,000	5.00%, 05/15/21		84,682
				2,063,167
Maine: 0.1%
	155,000	Health and Higher Education Facilities Authority, Maine General Medical Center Issue (RB) 5.00%, 07/01/20		158,847
Maryland: 1.6%
	250,000	City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26		258,490
	200,000	City of Baltimore, Maryland Special Obligation, Research Park Project, Series A (RB) 4.00%, 09/01/27		208,376
	350,000	County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		395,734
	200,000	County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		205,864
	695,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c)		715,120
	245,000	Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)		249,243
	425,000	Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		507,509
	190,000	Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) 5.00%, 07/01/24		216,868
	500,000	Mayor and Council of Rockville, Ingleside at King Farm Project, Series C-1 (RB) 3.50%, 05/01/20 (c)		501,755
				3,258,959
Massachusetts: 1.4%
		Massachusetts Development Finance Agency (RB) (SBG)
	500,000	5.00%, 07/01/28 (c)		590,945
	500,000	5.00%, 07/01/28 (c)		595,060

See Notes to Financial Statements

133

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Massachusetts: (continued)
$	130,000	Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c)	$	143,030
		Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
	250,000	4.00%, 10/01/22 (c)		261,077
	500,000	4.00%, 10/01/22 (c)		523,845
	310,000	Massachusetts Development Finance Agency, Series I (RB) 5.00%, 07/01/26 (c)		361,330
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		117,059
	275,000	Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		312,097
				2,904,443
Michigan: 1.0%
	50,000	Detroit Water Supply System, Senior Lien, Series C (RB) 5.25%, 07/01/21 (c)		53,418
	250,000	Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		256,710
	500,000	Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) 5.00%, 07/01/24 (c)		552,490
	400,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 05/31/19 (c)		396,328
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	610,000	5.13%, 05/16/19 (c)		609,976
	70,000	5.25%, 05/16/19 (c)		70,001
				1,938,923
Minnesota: 0.3%
	100,000	City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		103,421
	180,000	City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25		178,628
	250,000	Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22		262,267
	120,000	Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26		129,347
				673,663
Missouri: 1.0%
	500,000	City of Liberty, Liberty Commons Project, Series A (TA) 5.13%, 06/01/25		499,075

Principal Amount			Value
Missouri: (continued)
$	270,000	City of St. Ann, Northwest Plaza Redevelopment, Series A (TA) 4.00%, 11/01/26	$	269,187
	235,000	Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c)		244,586
	500,000	Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) 4.38%, 03/15/28 (c)		511,450
	500,000	St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		560,065
				2,084,363
Montana: 0.7%
	1,320,000	City of Forsyth, Rosebud County, Montana Pollution Control Revenue (RB) 2.00%, 08/01/23		1,322,706
Nevada: 0.8%
	500,000	City of Reno, Tax Increment Senior Lien Bonds, Series C (TA) 5.40%, 05/31/19 (c)		491,015
	115,000	Clark County School District, Limited Tax, Series C (GO) 5.00%, 12/15/25 (c)		135,038
	500,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		533,180
	535,000	State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c)		562,793
				1,722,026
New Hampshire: 0.3%
	250,000	New Hampshire Business Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)		254,503
	290,000	New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c)		295,133
				549,636
New Jersey: 11.0%
	75,000	Atlantic City (GO) 5.00%, 12/01/20		74,626
	240,000	Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^		223,502
	750,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		803,422

See Notes to Financial Statements

134

Principal Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
$	345,000	4.25%, 06/15/22 (c)	$	362,971
	500,000	5.00%, 06/15/20		516,215
	165,000	5.00%, 06/15/22		178,419
	150,000	5.00%, 06/15/22 (c)		161,577
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	225,000	5.13%, 08/20/22 (c)		242,390
	300,000	5.75%, 09/15/22 (c)		331,038
	75,000	New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24		75,929
	210,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		224,459
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	500,000	4.00%, 11/01/25		532,190
	115,000	5.00%, 11/01/25		131,657
	115,000	New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		134,529
	100,000	New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		115,601
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c)		525,165
		New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
	520,000	5.25%, 03/01/21 (c)		545,090
	240,000	5.25%, 03/01/21 (c)		251,950
	260,000	New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c)		276,351
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
	250,000	5.00%, 03/01/21		262,162
	640,000	5.00%, 03/01/23 (c)		686,931
	490,000	5.00%, 03/01/23 (c)		529,141
	320,000	5.00%, 03/01/23 (c)		344,653
	200,000	5.00%, 03/01/23 (c)		217,052
	300,000	5.00%, 03/01/23 (c)		326,463
	480,000	5.00%, 03/01/23 (c)		513,730
	500,000	5.00%, 03/01/23 (c)		541,435
	340,000	New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/24 (c)		375,765

Principal Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
$	440,000	4.25%, 06/15/25 (c)	$	471,020
	130,000	4.38%, 06/15/25 (c)		139,598
	375,000	5.00%, 06/15/21		397,222
	345,000	5.00%, 06/15/25 (c)		386,566
	145,000	New Jersey Economic Development Authority, Series N-1 (RB) 5.50%, 09/01/23		164,005
		New Jersey Educational Facilities Authority (RB)
	145,000	5.00%, 06/15/24 (c)		160,253
	175,000	5.00%, 06/15/24 (c)		194,450
	315,000	New Jersey Health Care Facilities Financing Authority (RB) 5.00%, 10/01/24		353,745
	75,000	New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 5.00%, 07/01/21		78,189
	395,000	New Jersey State Transportation Trust Fund Authority, Series C (RB) (AMBAC) 0.00%, 12/15/28 ^		286,888
		New Jersey Transportation Trust Fund Authority (RB)
	300,000	0.00%, 12/15/27 ^		230,325
	100,000	5.25%, 06/15/21 (c)		105,872
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	120,000	0.00%, 12/15/25 ^		98,470
	2,000,000	0.00%, 12/15/30 ^		1,322,640
	200,000	5.00%, 06/15/21 (c)		210,590
	500,000	5.00%, 12/15/24		568,280
	500,000	5.00%, 12/15/25		573,520
	1,000,000	5.00%, 12/15/26		1,150,550
	110,000	New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c)		126,167
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	235,000	4.00%, 06/15/22 (c)		242,558
	200,000	5.00%, 06/15/22		217,022
	510,000	5.00%, 06/15/22 (c)		542,722
	205,000	5.00%, 06/15/22 (c)		219,947
	285,000	5.00%, 06/15/23 (c)		312,360
	275,000	5.00%, 06/15/25 (c)		310,109
	100,000	5.25%, 06/15/25 (c)		113,729
	345,000	5.25%, 06/15/25 (c)		389,215
	200,000	New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.00%, 12/15/29 ^		142,734
	265,000	New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23		297,166
	175,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		186,933

See Notes to Financial Statements

135

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
New Jersey: (continued)
$	350,000	State of New Jersey, Series Q (GO) 5.00%, 08/15/20	$	364,304
		State of New Jersey, Series T (GO)
	300,000	5.00%, 06/01/21		318,978
	250,000	5.00%, 06/01/22		272,822
		State of New Jersey, Various Purposes (GO)
	80,000	3.00%, 06/01/26		83,171
	110,000	4.00%, 06/01/23 (c)		116,947
	250,000	5.00%, 06/01/20		258,628
	100,000	5.00%, 06/01/27		119,554
		Tobacco Settlement Financing Corp., Series A (RB)
	500,000	5.00%, 06/01/23		554,465
	500,000	5.00%, 06/01/28 (c)		589,140
	150,000	5.00%, 06/01/28 (c)		178,134
				22,353,401
New Mexico: 0.1%
	250,000	Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB) 1.88%, 10/01/21 (p)		248,273
New York: 4.0%
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	400,000	5.00%, 07/15/23		445,768
	250,000	5.00%, 07/15/24		282,560
	100,000	5.00%, 07/15/26		116,627
	100,000	5.00%, 01/15/27 (c)		117,128
	100,000	5.00%, 01/15/27 (c)		117,357
	185,000	County of Suffolk County, Series A (GO) 5.00%, 05/15/20		191,107
	250,000	Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		304,462
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	25,000	5.00%, 05/31/19 (c)		25,061
	100,000	5.00%, 05/31/19 (c)		100,248
	105,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22		114,360
	250,000	New York State Dormitory Authority (RB) 5.00%, 08/01/24		285,995
		New York State Dormitory Authority, Medical Center Obligated Group (RB)
	300,000	5.00%, 12/01/26		353,085
	300,000	5.00%, 06/01/27 (c)		353,418
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	850,000	5.00%, 08/01/20		877,429
	35,000	5.00%, 08/01/21		36,997
	135,000	5.00%, 08/01/21 (c)		142,391

Principal Amount			Value
New York: (continued)
		New York Transportation Development Corp., Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project (RB)
$	160,000	5.00%, 01/01/28 (c)	$	189,394
	230,000	5.00%, 01/01/28 (c)		274,027
		New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB)
	35,000	5.00%, 01/01/21		36,744
	50,000	5.00%, 01/01/22		53,616
	500,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		511,475
	130,000	Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 5.00%, 12/01/20		134,581
	25,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/21 (c)		26,622
	1,000,000	Suffolk Tobacco Asset Securitization Corp., Series B (RB) 5.38%, 05/31/19 (c)		999,990
	355,000	Tompkins County Development Corp., Tompkins Cortland Community College Foundation, Inc. Project, Series A (RB) 5.00%, 07/01/23 (c)		356,299
	665,000	Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		690,622
		Town of Ramapo, Public Improvement, Series A (GO)
	120,000	4.00%, 05/15/23 (c)		122,201
	100,000	4.13%, 05/15/23 (c)		102,168
		TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
	70,000	5.00%, 06/01/27 (c)		82,258
	70,000	5.00%, 06/01/27		82,798
	650,000	Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		637,786
				8,164,574
North Carolina: 0.5%
	150,000	North Carolina Medical Care Commission, Baptist Hospital (RB) 5.25%, 06/01/20 (c)		155,688
	420,000	North Carolina Medical Care Commission, Retirement Facilities (RB) 5.13%, 07/01/23		433,411
	350,000	North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		401,922
				991,021

See Notes to Financial Statements

136

Principal Amount			Value
Ohio: 5.8%
		Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB)
$	3,750,000	5.13%, 05/16/19 (c)	$	3,525,112
	910,000	5.38%, 05/16/19 (c)		863,235
	3,500,000	5.88%, 05/16/19 (c)		3,351,250
	90,000	City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC) 5.25%, 01/01/21		95,065
	1,450,000	Cleveland-Cuyahoga County Port Authority (RB) 5.00%, 12/01/28		1,597,784
	250,000	County of Allen, Ohio Hospital Facilities, Catholic Healthcare Partners, Series B (RB) 5.00%, 09/01/20 (c)		260,803
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	250,000	5.00%, 02/15/25		280,560
	50,000	5.00%, 02/15/26		56,868
	110,000	5.00%, 02/15/27 (c)		125,425
	250,000	5.00%, 02/15/27		287,600
	425,000	County of Licking, Health Care Facilities, Series A (RB) 5.10%, 07/01/25		445,557
	255,000	County of Licking, Health Care Facilities, Series B (RB) 3.75%, 07/01/19 (c)		254,615
	50,000	County of Muskingum, Genesis HealthCare System (RB) 4.00%, 02/15/23		51,976
	500,000	Ohio Air Quality Development Authority (RB) 3.75%, 01/15/28		522,275
	10,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		10,252
				11,728,377
Oklahoma: 0.4%
	250,000	Oklahoma Development Finance Authority (RB) 5.00%, 08/15/27		293,807
	500,000	Oklahoma Development Finance Authority, Inverness Village Community (RB) 5.75%, 01/01/22 (c) (d) *		325,000
	250,000	Payne County Economic Development Authority, Series B (RB) 4.75%, 05/21/19 (c) (d) *		91,250
				710,057
Oregon: 0.5%
		Clackamas County Hospital Facility Authority (RB)
	500,000	2.80%, 11/15/19 (c)		500,180
	500,000	3.20%, 05/15/20 (c)		501,210
				1,001,390

Principal Amount			Value
Pennsylvania: 3.6%
$	225,000	Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) 6.75%, 11/01/19 (c)	$	227,927
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	250,000	5.00%, 05/01/22		264,450
	250,000	5.00%, 05/01/23		268,702
	250,000	5.00%, 05/01/27		281,530
	250,000	5.00%, 05/01/28		283,892
	80,000	City of Philadelphia, Pennsylvania Gas Works, Series 13 (RB) 5.00%, 08/01/25		93,581
	500,000	Commonwealth Financing Authority (RB) 5.00%, 06/01/23		559,855
		Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
	250,000	4.00%, 10/15/22		252,495
	850,000	5.00%, 10/15/27		919,487
	135,000	Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22		145,711
	240,000	Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) 2.60%, 09/01/20 (p)		240,934
	130,000	Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25		130,173
	135,000	Moon Industrial Development Authority, Baptist Homes Society (RB) 5.00%, 07/01/20		137,283
	500,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series C (RB) 5.00%, 09/01/20 (p)		503,935
		Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)
	80,000	5.00%, 12/31/20		83,496
	250,000	5.00%, 12/31/21		267,075
	125,000	5.00%, 12/31/23		138,896
	650,000	5.00%, 12/31/24		735,325
	550,000	5.00%, 06/30/26 (c)		635,134
	130,000	5.00%, 06/30/26		150,508
	100,000	Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		115,328
	100,000	Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26		118,912
	250,000	Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB) 3.13%, 07/01/19 (c)		247,543

See Notes to Financial Statements

137

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Pennsylvania: (continued)
$	110,000	Redevelopment Authority of City Scranton, Pennsylvania, Series A (RB) 5.00%, 11/15/21	$	113,001
		The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
	115,000	5.00%, 07/01/26		131,530
	275,000	5.00%, 07/01/27 (c)		312,012
				7,358,715
Puerto Rico: 3.4%
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	500,000	5.00%, 07/01/21		502,500
	485,000	5.25%, 07/01/22 (c)		486,212
	1,000,000	6.13%, 07/01/24		1,031,250
	185,000	Puerto Rico Convention Center District Authority, Series A (RB) 5.00%, 06/03/19 (c)		188,744
	250,000	Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 05/31/19 (c)		255,490
	200,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 05/31/19 (c)		200,098
	780,000	Puerto Rico Municipal Finance Agency (RB) (AGM) 5.00%, 06/03/19 (c)		791,817
		Puerto Rico Sales Tax Financing Corp. (RB)
	1,429,013	0.00%, 07/01/24 ^		1,202,472
	2,572,000	0.00%, 07/01/27 ^		1,931,443
	586,000	0.00%, 07/01/28 (c) ^		392,977
				6,983,003
Rhode Island: 0.1%
	155,000	Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		185,589
South Carolina: 0.7%
	100,000	Charleston Educational Excellence Financing Corp. Installment Purchase Revenue Refunding, Series B (RB) 5.00%, 12/01/23 (c)		114,258
	500,000	South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		546,265
	475,000	South Carolina Jobs-Economic Development Authority, Woodlands at Fuman (RB) 4.00%, 11/15/24 (c)		480,358
	220,000	South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c)		249,113
				1,389,994

Principal Amount			Value
Tennessee: 0.4%
$	500,000	Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)	$	530,325
	25,000	Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21		26,792
	85,000	Johnson City Health and Educational Facilities Board, Series A (RB) 5.38%, 07/01/20 (c)		88,633
	225,000	Memphis-Shelby County Industrial Development Board, Series A (TA) 4.75%, 07/01/27		238,736
				884,486
Texas: 6.4%
	120,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		137,780
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	550,000	4.50%, 07/01/20		563,200
	2,000,000	4.75%, 07/01/24		2,167,440
	1,500,000	5.00%, 07/15/28		1,749,165
	500,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20		514,010
	400,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20		411,208
	100,000	Clifton Higher Education Finance Corp., Series A (RB) 4.63%, 08/15/25		102,710
		Clifton Higher Education Finance Corp., Series D (RB)
	500,000	5.25%, 08/15/25 (c)		528,425
	500,000	5.25%, 08/15/25 (c)		531,265
	120,000	Dallas/Fort Worth International Airport, Series F (RB) 5.00%, 11/01/20 (c)		125,572
	335,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		336,920
	300,000	Harris County, Houston Sports Authority, Senior Lien, Series A (RB) 5.00%, 11/15/20		314,385
	160,000	Harris County, Houston Sports Authority, Series H (RB) 0.00%, 11/15/29 ^		112,347
	600,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c)		632,838
		New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
	200,000	3.38%, 08/15/21		200,364
	100,000	4.00%, 08/15/21 (c)		100,932

See Notes to Financial Statements

138

Principal Amount			Value
Texas: (continued)
$	250,000	New Hope Cultural Education Facilities Finance Corp., Legacy Prepatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)	$	259,155
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	100,000	5.00%, 07/01/23		91,195
	100,000	5.00%, 07/01/24		91,211
	90,000	New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24		93,812
		SA Energy Acquisition Public Facility Corp. (RB)
	75,000	5.50%, 08/01/21		80,027
	85,000	5.50%, 08/01/22		93,057
	55,000	5.50%, 08/01/24		62,838
	125,000	5.50%, 08/01/25		145,796
	110,000	5.50%, 08/01/27		132,814
	450,000	Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21		479,344
	230,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc., Series B-1 (RB) 4.50%, 05/31/19 (c)		181,700
	200,000	Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		204,460
	500,000	Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) 6.00%, 05/15/27 (c)		565,270
		Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
	240,000	5.25%, 12/15/21		258,790
	155,000	5.25%, 12/15/22		171,311
	15,000	5.25%, 12/15/23		16,970
	60,000	5.25%, 12/15/24		69,319
	100,000	5.25%, 12/15/25		117,882
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	115,000	5.00%, 12/15/21		122,790
	70,000	5.00%, 12/15/22 (c)		76,940
	1,000,000	5.00%, 12/15/22 (c)		1,100,170
	105,000	5.00%, 12/15/22		114,452
				13,057,864
Vermont: 0.1%
	150,000	Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20		156,569
Virgin Islands: 1.6%
	300,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 5.00%, 10/01/24		285,000

Principal Amount			Value
Virgin Islands: (continued)
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
$	545,000	5.00%, 10/01/20	$	535,462
	500,000	5.00%, 10/01/20 (c)		485,000
	250,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) 5.00%, 10/01/19 (c)		242,500
	30,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) 5.00%, 10/01/19 (c)		29,100
	750,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 10/01/19 (c)		719,250
		Virgin Islands Water and Power Authority, Series A (RB)
	650,000	4.00%, 07/01/21		628,875
	150,000	5.00%, 05/31/19 (c)		143,063
	75,000	5.00%, 05/31/19 (c)		71,063
	55,000	Virgin Islands Water and Power Authority, Series B (RB) 5.00%, 05/31/19 (c)		51,838
				3,191,151
Virginia: 1.4%
	140,000	Amherst Industrial Development Authority (RB) 4.75%, 06/03/19 (c)		132,580
	75,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		76,333
	100,000	City of Newport News, Economic Development Authority, Residential Care Facilities (RB) 3.13%, 12/01/25 (c)		97,325
	125,000	Economic Development Authority of the City of Newport News, Residential Care Facilities (RB) 5.00%, 12/01/24		138,026
	270,000	Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23		278,737
	325,000	Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		343,548
	500,000	Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c)		507,615
		Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Series A (RB)
	680,000	1.88%, 06/01/20 (p)		679,238
	500,000	2.15%, 09/01/20 (p)		501,105
				2,754,507

See Notes to Financial Statements

139

VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Washington: 1.3%
$	120,000	Clark County Public Utility District No 1, Electric System Revenue (RB) 5.00%, 01/01/26 (c)	$	142,558
	155,000	King County Public Hospital District No. 4, Series A (RB) 5.00%, 12/01/25		159,081
	500,000	Washington State Housing Finance Commission, Hearthstone Project, Series B (RB) 3.13%, 07/01/19 (c)		500,070
	475,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25		519,897
	550,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) 5.50%, 05/21/19 (c)		550,352
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	250,000	3.75%, 07/01/26		251,528
	500,000	4.00%, 01/01/25 (c)		528,325
				2,651,811
West Virginia: 0.4%
	250,000	County of Ohio, West Virginia Tax, Fort Henry Centre Tax Increment Financing District No. 1 (TA) 3.00%, 06/01/22 (c)		243,655
	150,000	West Virginia Hospital Finance Authority, Series A (RB) 5.00%, 06/01/26		177,635
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	65,000	6.25%, 05/16/19 (c)		49,167
	410,000	6.50%, 05/16/19 (c)		309,271
				779,728

Principal Amount			Value
Wisconsin: 2.3%
$	1,000,000	Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)	$	1,038,570
	500,000	Public Finance Authority, Corvian Community School Project, Series A (RB) 4.25%, 06/15/24 (c)		508,495
	900,000	Public Finance Authority, Marys Woods at Marylhurst Project, Series B-2 (RB) 3.50%, 05/21/19 (c)		900,153
	200,000	Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		196,000
	250,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		250,210
	550,000	Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22		575,866
	750,000	Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.00%, 06/01/21 (p)		748,642
		Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
	250,000	3.50%, 08/01/22		251,605
	250,000	5.00%, 08/01/24 (c)		274,580
				4,744,121
Total Municipal Bonds (Cost: $196,918,692)				198,974,400
Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $823,977)
	823,977	Dreyfus Government Cash Management Fund – Institutional Shares		823,977
Total Investments: 98.6% (Cost: $197,742,669)				199,798,377
Other assets less liabilities: 1.4%				2,746,194
NET ASSETS: 100.0%			$	202,544,571

See Notes to Financial Statements

140

Definitions:
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax
TA	Tax Allocation
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond
*	Non-income producing

Summary of Investments By Sector	% of Investments			Value
Education		9.2	%	$	18,337,888
Health Care		17.1			34,068,123
Housing		1.6			3,230,940
Industrial Revenue		15.4			30,695,491
Leasing		9.8			19,591,562
Local		5.9			11,831,254
Power		1.7			3,438,085
Solid Waste/Resource Recovery		0.2			396,336
Special Tax		12.3			24,623,006
State		10.1			20,230,011
Tobacco		6.4			12,859,312
Transportation		6.7			13,320,718
Water & Sewer		3.2			6,351,674
Money Market Fund		0.4			823,977
		100.0	%	$	199,798,377

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Municipal Bonds*		$	—		$	198,974,400		$	—	$	198,974,400
Money Market Fund			823,977			—			—		823,977
Total		$	823,977		$	198,974,400		$	—	$	199,798,377

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

141

VANECK VECTORS CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Number of Shares			Value
CLOSED-END FUNDS: 99.8% (a)
	133,942	AllianceBernstein National Municipal Income Fund, Inc.	$	1,738,567
	70,955	BlackRock Investment Quality Municipal Trust, Inc.		1,015,366
	42,738	BlackRock Long-Term Municipal Advantage Trust		507,727
	175,287	BlackRock Muni Intermediate Duration Fund, Inc.		2,427,725
	83,954	BlackRock MuniAssets Fund, Inc.		1,257,631
	294,699	BlackRock Municipal 2030 Target Term Trust		6,636,621
	43,370	BlackRock Municipal Bond Trust		627,998
	119,602	BlackRock Municipal Income Quality Trust		1,599,079
	176,816	BlackRock Municipal Income Trust		2,438,293
	73,750	BlackRock Municipal Income Trust II		1,033,975
	122,197	BlackRock MuniEnhanced Fund, Inc.		1,308,730
	45,755	BlackRock MuniHoldings Fund II, Inc.		688,613
	45,304	BlackRock MuniHoldings Fund, Inc.		721,240
	155,331	BlackRock MuniHoldings Investment Quality Fund		2,003,770
	102,718	BlackRock MuniHoldings Quality Fund II, Inc.		1,250,078
	59,549	BlackRock MuniHoldings Quality Fund, Inc.		715,183
	58,095	BlackRock MuniVest Fund II, Inc.		830,178
	208,525	BlackRock MuniVest Fund, Inc.		1,857,958
	149,449	BlackRock MuniYield Fund, Inc.		2,114,703
	37,415	BlackRock MuniYield Investment Fund		539,150
	101,757	BlackRock MuniYield Quality Fund II, Inc.		1,247,541
	309,581	BlackRock MuniYield Quality Fund III, Inc.		4,005,978
	138,612	BlackRock MuniYield Quality Fund, Inc.		1,939,182
	75,934	Dreyfus Municipal Bond Infrastructure Fund, Inc.		995,495
	93,269	Dreyfus Municipal Income, Inc.		776,931
	194,001	Dreyfus Strategic Municipal Bond Fund, Inc.		1,520,968
	248,086	Dreyfus Strategic Municipals, Inc.		1,992,131
	179,762	DWS Municipal Income Trust		1,995,358
	407,357	Eaton Vance Municipal Bond Fund		5,067,521
	34,479	Eaton Vance Municipal Income 2028 Term Trust		709,233
	129,449	Eaton Vance Municipal Income Trust		1,572,805
	41,835	Eaton Vance National Municipal Opportunities Trust		922,462
	182,445	Invesco Advantage Municipal Income Trust II		1,943,039
	109,628	Invesco Municipal Income Opportunities Trust		817,825
	279,011	Invesco Municipal Opportunity Trust		3,309,070
	227,003	Invesco Municipal Trust		2,714,956
	216,983	Invesco Quality Municipal Income Trust		2,601,626
	223,491	Invesco Trust for Investment Grade Municipals		2,735,530

Number of Shares			Value
CLOSED-END FUNDS: (continued)
	188,855	Invesco Value Municipal Income Trust	$	2,730,843
	66,244	MainStay Defined Term Municipal Opportunities Fund		1,358,664
	102,091	MFS High Income Municipal Trust		527,810
	164,243	MFS Municipal Income Trust		1,113,568
	75,501	Neuberger Berman Intermediate Municipal Fund, Inc.		1,100,805
	762,906	Nuveen AMT-Free Municipal Credit Income Fund		11,710,607
	42,506	Nuveen AMT-Free Municipal Value Fund		687,322
	853,411	Nuveen AMT-Free Quality Municipal Income Fund		11,367,435
	81,304	Nuveen Enhanced Municipal Value Fund		1,135,004
	189,883	Nuveen Intermediate Duration Municipal Term Fund		2,523,545
	53,269	Nuveen Intermediate Duration Quality Municipal Term Fund		691,432
	568,232	Nuveen Municipal Credit Income Fund		8,750,773
	201,071	Nuveen Municipal High Income Opportunity Fund		2,736,576
	668,814	Nuveen Municipal Value Fund, Inc.		6,668,076
	842,519	Nuveen Quality Municipal Income Fund		11,432,983
	58,129	Nuveen Select Tax-Free Income 2 Portfolio		814,387
	53,992	Nuveen Select Tax-Free Income Portfolio		804,481
	55,138	PIMCO Municipal Income Fund		802,809
	68,472	PIMCO Municipal Income Fund III		840,836
	99,025	Pioneer Municipal High Income Advantage Trust		1,056,597
	91,441	Pioneer Municipal High Income Trust		1,089,062
	225,820	Putnam Managed Municipal Income Trust		1,686,875
	151,520	Putnam Municipal Opportunities Trust		1,854,605
	105,388	Western Asset Managed Municipals Fund, Inc.		1,397,445
	28,777	Western Asset Municipal Defined Opportunity Trust, Inc.		614,964
Total Closed-End Funds (Cost: $146,403,430)				143,677,740
MONEY MARKET FUND: 0.1% (a) (Cost: $157,337)
	157,337	Dreyfus Government Cash Management Fund – Institutional Shares		157,337
Total Investments: 99.9% (Cost: $146,560,767)				143,835,077
Other assets less liabilities: 0.1%				134,917
NET ASSETS: 100.0%			$	143,969,994

See Notes to Financial Statements

142

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

Summary of Investments By Sector	% of Investments			Value
Financials		99.9	%	$	143,677,740
Money Market Fund		0.1			157,337
		100.0	%	$	143,835,077

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	143,677,740	$	—	$	—	$	143,677,740
Money Market Fund		157,337		—		—		157,337
Total	$	143,835,077	$	—	$	—	$	143,835,077

See Notes to Financial Statements

143

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2019

	AMT-Free Intermediate Municipal Index ETF			AMT-Free Long Municipal Index ETF			AMT-Free Short Municipal Index ETF
Assets:
Investments, at value
Unaffiliated issuers (1)		$	1,701,402,369		$	151,485,675		$	198,250,031
Receivables:
Investment securities sold			—			—			609,572
Shares sold			—			—			—
Dividends and interest			20,126,304			1,814,023			2,523,948
Prepaid expenses			—			—			—
Total assets			1,721,528,673			153,299,698			201,383,551
Liabilities:
Payables:
Investment securities purchased			—			267,928			474,122
Due to Adviser			335,174			28,495			32,960
Due to custodian			1,008,295			—			—
Deferred Trustee fees			3,000			1,517			1,600
Accrued expenses			1,152			166			191
Total liabilities			1,347,621			298,106			508,873
NET ASSETS		$	1,720,181,052		$	153,001,592		$	200,874,678
Shares outstanding			35,148,916			7,500,000			11,450,000
Net asset value, redemption and offering price per share		$	48.94		$	20.40		$	17.54
Net assets consist of:
Aggregate paid in capital		$	1,675,472,043		$	149,250,694		$	201,397,574
Total distributable earnings (loss)			44,709,009			3,750,898			(522,896	)
		$	1,720,181,052		$	153,001,592		$	200,874,678
(1) Cost of investments		$	1,658,369,686		$	148,145,069		$	197,357,517

See Notes to Financial Statements

144

High-Yield Municipal Index ETF			Short High-Yield Municipal Index ETF				CEF Municipal Income ETF
	$	2,615,091,838		$	199,798,377			$	143,835,077
		48,201			—				—
		3,138,430			—				—
		42,238,434			2,802,549				402,800
		—			—				622
		2,660,516,903			202,600,926				144,238,499
		3,821,838			—				—
		756,147			56,355				36,249
		—			—				194,129
		3,184			—				3,755
		—			—				34,372
		4,581,169			56,355				268,505
	$	2,655,935,734		$	202,544,571			$	143,969,994
		42,296,401			8,200,000				5,500,000
	$	62.79		$	24.70			$	26.18
	$	2,643,842,681		$	204,826,079			$	150,838,941
		12,093,053			(2,281,508	)			(6,868,947	)
	$	2,655,935,734		$	202,544,571			$	143,969,994
	$	2,572,636,681		$	197,742,669			$	146,560,767

See Notes to Financial Statements

145

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2019

	AMT-Free Intermediate Municipal Index ETF			AMT-Free Long Municipal Index ETF				AMT-Free Short Municipal Index ETF
Income:
Dividends		$	88,623		$	8,337			$	10,597
Interest			43,199,822			4,842,302				3,565,950
Total Income			43,288,445			4,850,639				3,576,547
Expenses:
Management fees			3,985,114			352,675				404,689
Interest			1,239			4,593				1,119
Total expenses			3,986,353			357,268				405,808
Net investment income			39,302,092			4,493,371				3,170,739
Net realized gain (loss) on:
Investments			43,124			28,630				(737,968	)
In-kind redemptions			514,911			(546,507	)			(303,159	)
Net realized gain (loss)			558,035			(517,877	)			(1,041,127	)
Net change in unrealized appreciation (depreciation) on:
Investments			73,777,750			5,697,114				5,337,459
Net Increase in Net Assets Resulting from Operations		$	113,637,877		$	9,672,608			$	7,467,071

See Notes to Financial Statements

146

High-Yield Municipal Index ETF				Short High-Yield Municipal Index ETF
	$	256,614			$	29,447
		116,667,138				6,056,450
		116,923,752				6,085,897
		8,782,454				585,337
		4,800				7,019
		8,787,254				592,356
		108,136,498				5,493,541
		(2,812,627	)			(1,284,464	)
		(9,308,683	)			(549,207	)
		(12,121,310	)			(1,833,671	)
		34,933,118				4,661,696
	$	130,948,306			$	8,321,566

See Notes to Financial Statements

147

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2019 (continued)

	CEF Municipal Income ETF
Income:
Dividends		$	5,951,304
Expenses:
Management fees			469,221
Professional fees			41,471
Insurance			902
Trustees’ fees and expenses			4,691
Reports to shareholders			11,331
Custodian fees			7,651
Registration fees			7,446
Transfer agent fees			2,402
Fund accounting fees			13,592
Interest			5,663
Other			3,873
Total expenses			568,243
Waiver of management fees			(93,228	)
Net expenses			475,015
Net investment income			5,476,289
Net realized gain (loss) on:
Investments			(1,498,173	)
In-kind redemptions			697,372
Net realized loss			(800,801	)
Net change in unrealized appreciation (depreciation) on:
Investments			6,795,757
Net Increase in Net Assets Resulting from Operations		$	11,471,245

See Notes to Financial Statements

148

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149

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	AMT-Free Intermediate Municipal Index ETF (a)								AMT-Free Long Municipal Index ETF
	For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
Operations:
Net investment income		$	39,302,092			$	38,314,571			$	4,493,371			$	5,079,994
Net realized gain (loss)			558,035				5,244,922				(517,877	)			1,115,009
Net change in unrealized appreciation (depreciation)			73,777,750				(28,625,432	)			5,697,114				(1,231,879	)
Net increase (decrease) in net assets resulting from operations			113,637,877				14,934,061				9,672,608				4,963,124
Distributions to shareholders: (b)
Dividends and Distributions			(39,306,781	)			(37,950,820	)			(4,518,275	)			(5,091,385	)
Share transactions:**
Proceeds from sale of shares			375,018,774				623,271,715				26,897,181				54,135,434
Cost of shares redeemed			(426,770,532	)			(495,165,079	)			(33,156,469	)			(61,865,930	)
Increase (Decrease) in net assets resulting from share transactions			(51,751,758	)			128,106,636				(6,259,288	)			(7,730,496	)
Total increase (decrease) in net assets			22,579,338				105,089,877				(1,104,955	)			(7,858,757	)
Net Assets, beginning of year			1,697,601,714				1,592,511,837				154,106,547				161,965,304
Net Assets, end of year (c)		$	1,720,181,052			$	1,697,601,714			$	153,001,592			$	154,106,547
** Shares of Common Stock Issued (no par value)
Shares sold			7,900,000				13,000,000				1,350,000				2,700,000
Shares redeemed			(9,001,084	)			(10,350,000	)			(1,700,000	)			(3,100,000	)
Net increase (decrease)			(1,101,084	)			2,650,000				(350,000	)			(400,000	)

(a)	Share activity has been adjusted to reflect the 1 for 2 reverse share split which took place on October 26, 2018 (See Note 10).
(b)	Current year and prior year presentation of distributions conforms to S-X Disclosure Simplification.
(c)	S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2.C.

See Notes to Financial Statements

150

AMT-Free Short Municipal Index ETF								High-Yield Municipal Index ETF (a)								Short High-Yield Municipal Index ETF
For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
	$	3,170,739			$	3,032,638			$	108,136,498			$	95,887,231			$	5,493,541			$	3,725,976
		(1,041,127	)			(427,488	)			(12,121,310	)			7,947,712				(1,833,671	)			(1,437,269	)
		5,337,459				(4,000,408	)			34,933,118				10,524,348				4,661,696				1,331,385
		7,467,071				(1,395,258	)			130,948,306				114,359,291				8,321,566				3,620,092
		(3,158,590	)			(3,033,695	)			(107,905,812	)			(93,925,370	)			(5,237,285	)			(3,692,380	)
		4,380,706				26,228,658				603,500,210				501,966,744				80,525,205				20,576,166
		(27,681,850	)			(69,069,944	)			(407,349,929	)			(192,398,771	)			(15,601,955	)			—
		(23,301,144	)			(42,841,286	)			196,150,281				309,567,973				64,923,250				20,576,166
		(18,992,663	)			(47,270,239	)			219,192,775				330,001,894				68,007,531				20,503,878
		219,867,341				267,137,580				2,436,742,959				2,106,741,065				134,537,040				114,033,162
	$	200,874,678			$	219,867,341			$	2,655,935,734			$	2,436,742,959			$	202,544,571			$	134,537,040
		250,000				1,500,000				9,700,000				8,050,000				3,300,000				850,000
		(1,600,000	)			(3,950,000	)			(6,603,599	)			(3,100,000	)			(650,000	)			—
		(1,350,000	)			(2,450,000	)			3,096,401				4,950,000				2,650,000				850,000

See Notes to Financial Statements

151

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	CEF Municipal Income ETF
	For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
Operations:
Net investment income		$	5,476,289			$	4,588,611
Net realized loss			(800,801	)			(819,019	)
Net change in unrealized appreciation (depreciation)			6,795,757				(5,770,685	)
Net increase (decrease) in net assets resulting from operations			11,471,245				(2,001,093	)
Distributions to shareholders: (a)
Dividends and Distributions			(5,350,340	)			(4,593,845	)
Share transactions:**
Proceeds from sale of shares			64,240,348				26,744,310
Cost of shares redeemed			(21,267,448	)			(8,992,546	)
Increase in net assets resulting from share transactions			42,972,900				17,751,764
Total increase in net assets			49,093,805				11,156,826
Net Assets, beginning of year			94,876,189				83,719,363
Net Assets, end of year (b)		$	143,969,994			$	94,876,189
** Shares of Common Stock Issued (no par value)
Shares sold			2,550,000				1,000,000
Shares redeemed			(850,000	)			(350,000	)
Net increase			1,700,000				650,000

(a)	Current year and prior year presentation of distributions conforms to S-X Disclosure Simplification.
(b)	S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2.C.

See Notes to Financial Statements

152

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	AMT-Free Intermediate Municipal Index ETF #
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$46.83		$47.40		$48.84		$46.98		$46.14
Income from investment operations:
Net investment income	1.12	(a)	1.08	(a)	1.06		1.10		1.12
Net realized and unrealized gain (loss) on investments	2.11		(0.59	)	(1.44	)	1.86		0.86
Total from investment operations	3.23		0.49		(0.38	)	2.96		1.98
Less:
Dividends from net investment income	(1.12	)	(1.06	)	(1.06	)	(1.10	)	(1.14	)
Net asset value, end of year	$48.94		$46.83		$47.40		$48.84		$46.98
Total return (b)	6.98	%	1.04	%	(0.80	)%	6.38	%	4.32	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$1,720,181		$1,697,602		$1,592,512		$1,418,799		$1,042,806
Ratio of expenses to average net assets	0.24	%	0.24	%	0.24	%	0.24	%	0.24	%
Ratio of expenses to average net assets excluding interest expense	0.24	%	0.24	%	0.24	%	0.24	%	0.24	%
Ratio of net investment income to average net assets	2.37	%	2.24	%	2.22	%	2.32	%	2.45	%
Portfolio turnover rate (c)	7	%	9	%	7	%	2	%	3	%
	AMT-Free Long Municipal Index ETF
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$19.63		$19.63		$20.43		$19.60		$18.96
Income from investment operations:
Net investment income	0.60	(a)	0.59	(a)	0.60		0.66		0.71
Net realized and unrealized gain (loss) on investments	0.77		0.01		(0.79	)	0.83		0.65
Total from investment operations	1.37		0.60		(0.19	)	1.49		1.36
Less:
Dividends from net investment income	(0.60	)	(0.60	)	(0.61	)	(0.66	)	(0.72	)
Net asset value, end of year	$20.40		$19.63		$19.63		$20.43		$19.60
Total return (b)	7.15	%	3.02	%	(0.99	)%	7.80	%	7.25	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$153,002		$154,107		$161,965		$156,292		$108,772
Ratio of expenses to average net assets	0.24	%	0.24	%	0.24	%	0.24	%	0.24	%
Ratio of expenses to average net assets excluding interest expense	0.24	%	0.24	%	0.24	%	0.24	%	0.24	%
Ratio of net investment income to average net assets	3.06	%	2.96	%	2.99	%	3.36	%	3.68	%
Portfolio turnover rate (c)	22	%	33	%	17	%	3	%	4	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

153

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	AMT-Free Short Municipal Index ETF
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$17.18		$17.52		$17.68		$17.54		$17.61
Income from investment operations:
Net investment income	0.27	(a)	0.22	(a)	0.20		0.20		0.20
Net realized and unrealized gain (loss) on investments	0.36		(0.34	)	(0.17	)	0.14		(0.07	)
Total from investment operations	0.63		(0.12	)	0.03		0.34		0.13
Less:
Dividends from net investment income	(0.27	)	(0.22	)	(0.19	)	(0.20	)	(0.20	)
Net asset value, end of year	$17.54		$17.18		$17.52		$17.68		$17.54
Total return (b)	3.70	%	(0.70	)%	0.20	%	1.95	%	0.75	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$200,875		$219,867		$267,138		$264,291		$274,541
Ratio of expenses to average net assets	0.20	%	0.20	%	0.20	%	0.20	%	0.20	%
Ratio of expenses to average net assets excluding interest expense	0.20	%	0.20	%	0.20	%	0.20	%	0.20	%
Ratio of net investment income to average net assets	1.57	%	1.26	%	1.11	%	1.13	%	1.14	%
Portfolio turnover rate (c)	33	%	41	%	12	%	3	%	2	%
	High-Yield Municipal Index ETF #
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$62.16		$61.52		$63.18		$62.12		$59.80
Income from investment operations:
Net investment income	2.67	(a)	2.72	(a)	2.68		2.96		3.08
Net realized and unrealized gain (loss) on investments	0.64		0.60		(1.64	)	0.98		2.24
Total from investment operations	3.31		3.32		1.04		3.94		5.32
Less:
Dividends from net investment income	(2.68	)	(2.68	)	(2.70	)	(2.88	)	(3.00	)
Net asset value, end of year	$62.79		$62.16		$61.52		$63.18		$62.12
Total return (b)	5.46	%	5.48	%	1.69	%	6.59	%	9.08	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$2,655,936		$2,436,743		$2,106,741		$1,882,555		$1,605,601
Ratio of expenses to average net assets	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Ratio of expenses to average net assets excluding interest expense	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Ratio of net investment income to average net assets	4.31	%	4.37	%	4.36	%	4.86	%	5.19	%
Portfolio turnover rate (c)	10	%	14	%	10	%	8	%	9	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

154

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Short High-Yield Municipal Index ETF
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$24.24		$24.26		$25.15		$25.43		$25.24
Income from investment operations:
Net investment income	0.80	(a)	0.76	(a)	0.72		0.87		0.82
Net realized and unrealized gain (loss) on investments	0.43		(0.02	)	(0.92	)	(0.34	)	0.15
Total from investment operations	1.23		0.74		(0.20	)	0.53		0.97
Less:
Dividends from net investment income	(0.77	)	(0.76	)	(0.69	)	(0.81	)	(0.78	)
Net asset value, end of year	$24.70		$24.24		$24.26		$25.15		$25.43
Total return (b)	5.16	%	3.07	%	(0.81	)%	2.14	%	3.91	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$202,545		$134,537		$114,033		$110,672		$99,171
Ratio of expenses to average net assets	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Ratio of expenses to average net assets excluding interest expense	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
Ratio of net investment income to average net assets	3.28	%	3.11	%	2.93	%	3.55	%	3.48	%
Portfolio turnover rate (c)	22	%	27	%	20	%	16	%	26	%
	CEF Municipal Income ETF
	For the Year Ended April 30,
	2019		2018		2017		2016		2015
Net asset value, beginning of year	$24.97		$26.58		$28.50		$26.62		$25.55
Income from investment operations:
Net investment income	1.16	(a)	1.27	(a)	1.37		1.39		1.41
Net realized and unrealized gain (loss) on investments	1.21		(1.61	)	(1.90	)	1.88		1.08
Total from investment operations	2.37		(0.34	)	(0.53	)	3.27		2.49
Less:
Dividends from net investment income	(1.16	)	(1.27	)	(1.39	)	(1.39	)	(1.42	)
Net asset value, end of year	$26.18		$24.97		$26.58		$28.50		$26.62
Total return (b)	9.83	%	(1.45	)%	(1.93	)%	12.87	%	10.02	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$143,970		$94,876		$83,719		$95,475		$47,921
Ratio of gross expenses to average net assets (d)	0.48	%	0.50	%	0.51	%	0.54	%	0.57	%
Ratio of net expenses to average net assets (d)	0.40	%	0.40	%	0.40	%	0.40	%	0.40	%
Ratio of net expenses to average net assets excluding interest expense (d)	0.40	%	0.40	%	0.40	%	0.40	%	0.40	%
Ratio of net investment income to average net assets (d)	4.67	%	4.78	%	4.98	%	5.38	%	5.52	%
Portfolio turnover rate (c)	13	%	9	%	12	%	10	%	6	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.

See Notes to Financial Statements

155

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2019

Note 1—Fund Organization—VanEck Vectors 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 following investment portfolios: AMT-Free Intermediate Municipal Index ETF (“Intermediate”), AMT-Free Long Municipal Index ETF (“Long”), AMT-Free Short Municipal Index ETF (“Short”), High-Yield Municipal Index ETF (“High-Yield”), Short High-Yield Municipal Index ETF (“Short High-Yield”) and CEF Municipal Income ETF (“CEF Municipal”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except CEF Municipal) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Municipal seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index.

Fund	Diversification Classification
Intermediate	Diversified
Long	Diversified
Short	Diversified
High-Yield	Diversified
Short High-Yield	Diversified
CEF Municipal	Diversified

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 are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.

The following is a summary of significant accounting policies followed by the Funds.

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees 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 (as described below). 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. Securities traded on national exchanges are valued at the last sales price as reported at the close of each business day. 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. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee

156

	in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
	Level 1 — Quoted prices in active markets for identical securities.
	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.	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 taxable income to its shareholders. Therefore, no federal income tax provision is required.
C.	Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.
	Effective in the current reporting period, it is no longer required to separately present distributions from net investment income and distributions from net realized capital gains. Additionally, undistributed net investment income included in net assets is no longer disclosed separately in the Statement of Changes in Net Assets. The April 30, 2018 sources of distributions and undistributed net investment income were as follows:

Fund	Dividends to shareholders from net investment income			Undistributed net investment income
Intermediate		$	37,950,820		$	3,477,424
Long			5,091,385			426,109
Short			3,033,695			269,388
High-Yield			93,925,370			12,173,135
Short High-Yield			3,692,380			544,128
CEF Municipal			4,593,845			323,633

157

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

D.	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.
E.	Components of Capital—Effective with the current reporting period, Net unrealized appreciation (depreciation), Undistributed net investment income (loss), and Accumulated net realized gain (loss) are aggregated and disclosed as Total distributable earnings (loss) in the Statement of Assets and Liabilities.
F.	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. The Funds may record distributions received in excess of income from certain investments as a reduction of cost of investments and/or an increase in realized gains. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gains and return of capital may differ from estimated amounts. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable.
	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 is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds (except for CEF Municipal) utilize a unitary management fee 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.

For CEF Municipal, the Adviser has agreed, until at least September 1, 2019 to waive management fees and assume expenses to prevent the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of average daily net assets. Refer to the Statement of Operations for the amounts waived/assumed by the Adviser for the year ended April 30, 2019.

The management fee rates for the year ended April 30, 2019 are as follows:

Fund	Management Fee Rate
CEF Municipal		0.40	%

Fund	Unitary Management Fee Rate
Intermediate		0.24	%
Long		0.24
Short		0.20
High-Yield		0.35
Short High-Yield		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.

158

Note 4—Investments—For the year ended April 30, 2019, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:

Fund	Cost of Investments Purchased			Proceeds from Investments Sold
Intermediate		$	334,113,540		$	112,942,406
Long			61,412,440			32,039,756
Short			73,808,206			65,194,090
High-Yield			805,850,244			242,023,633
Short High-Yield			116,296,705			36,633,850
CEF Municipal			14,872,697			14,868,728

Note 5—Income Taxes—As of April 30, 2019, 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)
Intermediate		$	1,658,327,878		$	44,529,629		$	(1,455,136	)		$	43,074,493
Long			148,132,049			3,592,197			(238,570	)			3,353,627
Short			197,357,337			1,569,086			(676,393	)			892,693
High-Yield			2,569,819,971			92,093,753			(46,821,885	)			45,271,868
Short High-Yield			197,522,433			4,307,332			(2,031,388	)			2,275,944
CEF Municipal			146,638,588			1,028,140			(3,831,651	)			(2,803,511	)

At April 30, 2019, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Tax Exempt Income			Accumulated Capital Losses				Other Temporary Differences				Net Unrealized Appreciation (Depreciation)				Total Distributable Earnings (Loss)
Intermediate		$	3,506,228		$	(1,791,941	)		$	(79,771	)		$	43,074,493			$	44,709,009
Long			407,276			—				(10,005	)			3,353,627				3,750,898
Short			300,622			(1,692,551	)			(23,660	)			892,693				(522,896	)
High-Yield			12,595,971			(45,663,954	)			(110,832	)			45,271,868				12,093,053
Short High-Yield			736,244			(5,291,185	)			(2,511	)			2,275,944				(2,281,508	)
CEF Municipal			431,521			(4,493,202	)			(3,755	)			(2,803,511	)			(6,868,947	)

The tax character of dividends paid to shareholders during the years ended April 30, 2019 and April 30, 2018 were as follows:

	April 30, 2019						April 30, 2018
Fund	Tax-Exempt Dividends			Ordinary Income			Tax-Exempt Dividends			Ordinary Income
Intermediate		$	39,219,343		$	87,438		$	37,852,588		$	98,232
Long			4,510,425			7,850			5,072,712			18,673
Short			3,148,479			10,111			3,013,185			20,510
High-Yield			107,112,165			793,647			92,835,728			1,089,642
Short High-Yield			5,192,715			44,570			3,646,155			46,225
CEF Municipal			5,280,748			69,592			4,555,917			37,928

At April 30, 2019, the Funds had capital loss carryforwards available to offset future capital gains, as follow:

Fund	Short-Term Capital Losses With No Expiration				Long-Term Capital Losses with No Expiration				Total
Intermediate		$	(1,510,290	)		$	(281,651	)		$	(1,791,941	)
Long			—				—				—
Short			(458,591	)			(1,233,960	)			(1,692,551	)
High-Yield			(10,936,232	)			(34,727,722	)			(45,663,954	)
Short High-Yield			(1,138,923	)			(4,152,262	)			(5,291,185	)
CEF Municipal			(1,267,185	)			(3,226,017	)			(4,493,202	)

159

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

During the year ended April 30, 2019, $50,395 of Long’s capital loss carryover available from prior years expired unutilized. Additionally, Intermediate and Long utilized $47,262 and $28,430 of their capital loss carryovers available from prior years.

During the year ended April 30, 2019, as a result of permanent book to tax differences, primarily due to gain / loss on in-kind redemptions and the expiration of capital loss carryovers, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Losses)				Increase (Decrease) in Aggregate Paid in Capital
Intermediate		$	(514,908	)		$	514,908
Long			596,701				(596,701	)
Short			303,158				(303,158	)
High-Yield			9,314,491				(9,314,491	)
Short High-Yield			549,217				(549,217	)
CEF Municipal			(639,495	)			639,495

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. Therefore, no provision for income tax is required in the Funds’ financial statements.

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 April 30, 2019, the Funds did not incur any interest or penalties.

Note 6—Capital Share Transactions—As of April 30, 2019, 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”), or multiples thereof, consisting of 50,000 shares, or multiples thereof. Prior to October 26, 2018, Creation Units for Intermediate and High-Yield consisted of 100,000 shares. 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 a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 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 Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

For the year ended April 30, 2019, the Funds had in-kind contributions and redemptions as follows:

Fund	In-Kind Contributions			In-Kind Redemptions
Intermediate		$	175,646,869		$	416,001,780
Long			—			32,877,154
Short			—			27,373,555
High-Yield			15,142,920			359,751,556
Short High-Yield			—			15,383,674
CEF Municipal			64,251,529			21,276,171

160

This table represent the accumulation of each Fund’s daily net in-kind shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.

Note 7—Principal Risks—Investments in municipal securities involve risks similar to those of investing in any fund of fixed income securities traded on exchanges, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.

High-Yield and Short High-Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. High-Yield and Short High-Yield may not be able to sell bonds at desired prices and that large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

CEF Municipal invests in closed-end funds that may trade at a discount or premium to their net asset value. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.

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

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

Effective September 1, 2010 the Intermediate, Long, Short and High Yield Funds adopted a unitary management fee where the Adviser is responsible for all expenses of the Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through that date. Amounts accrued after that date, including those from Short High-Yield, are represented in “Due to Adviser”.

For CEF Municipal, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statement of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statement of Assets and Liabilities.

Note 9—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 at rates based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2019, the following Funds borrowed under this facility:

Fund	Days Outstanding		Average Daily Loan Balance			Average Interest Rate
Intermediate		23		$	469,214		3.78	%
Long		127			361,915		3.59
Short		51			215,663		3.69
High-Yield		30			1,690,024		3.55
Short High-Yield		71			983,726		3.66
CEF Municipal		284			197,348		3.54

As of April 30, 2019, outstanding loan balances, if any, are reflected in the Statements of Assets and Liabilities.

161

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 10—Share Split—The Board of Trustees approved a 1 for 2 reverse share split for AMT-Free Intermediate Municipal Index ETF and High-Yield Municipal Index ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Statement of Changes in Net Assets and Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

Note 11—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended April 30, 2019, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statements of Operations.

Note 12—Recent Accounting Pronouncements and Regulatory Requirements—The Financial Accounting Standards Board issued an Accounting Standards Update ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, that shortens the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance does not change the accounting for purchased callable debt securities held at a discount. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. Management is currently evaluating the potential impact of this new guidance to the financial statements.

The Funds early adopted certain provisions of Accounting Standards Update No. 2018-13 Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management is currently evaluating the potential impact of additional requirements, not yet adopted, of the ASU 2018-13 to financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

Note 13—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

162

VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors AMT-Free Intermediate Municipal Index ETF, VanEck Vectors AMT-Free Long Municipal Index ETF, VanEck Vectors AMT-Free Short Municipal Index ETF, VanEck Vectors High-Yield Municipal Index ETF, VanEck Vectors Short High-Yield Municipal Index ETF and VanEck Vectors CEF Municipal Income ETF and the Board of Trustees of VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Vectors AMT-Free Intermediate Municipal Index ETF, VanEck Vectors AMT-Free Long Municipal Index ETF, VanEck Vectors AMT-Free Short Municipal Index ETF, VanEck Vectors High-Yield Municipal Index ETF, VanEck Vectors Short High-Yield Municipal Index ETF and VanEck Vectors CEF Municipal Income ETF (collectively referred to as the “Funds”) (six of the funds constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting VanEck Vectors ETF Trust) at April 30, 2019, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, NY

June 20, 2019

163

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited)

The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2019 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2019 income tax purposes will be sent to them in early 2020.

Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.

Please consult your tax advisor for proper treatment of this information.

Fund Name	Ticker Symbol	Record Date		Ex Dividend Date		Payable Date		Taxable Ordinary Income Per Share			Tax-Exempt Interest Per Share			Total Distribution Per Share
Intermediate – See Note (a)	ITM		05/02/2018		05/01/2018		05/07/2018		$	0.000177		$	0.045423		$	0.045600
Intermediate – See Note (a)	ITM		06/04/2018		06/01/2018		06/07/2018			0.000111			0.047089			0.047200
Intermediate – See Note (a)	ITM		07/03/2018		07/02/2018		07/09/2018			0.000101			0.045199			0.045300
Intermediate – See Note (a)	ITM		08/02/2018		08/01/2018		08/07/2018			0.000105			0.046995			0.047100
Intermediate – See Note (a)	ITM		09/05/2018		09/04/2018		09/10/2018			0.000104			0.046596			0.046700
Intermediate – See Note (a)	ITM		10/02/2018		10/01/2018		10/05/2018			0.000103			0.045997			0.046100
Intermediate	ITM		11/02/2018		11/01/2018		11/07/2018			0.000214			0.095686			0.095900
Intermediate	ITM		12/04/2018		12/03/2018		12/07/2018			0.000204			0.091196			0.091400
Intermediate	ITM		12/28/2018		12/27/2018		01/03/2019			0.000214			0.095486			0.095700
Intermediate	ITM		02/04/2019		02/01/2019		02/07/2019			0.000210			0.094790			0.095000
Intermediate	ITM		03/04/2019		03/01/2019		03/07/2019			0.000192			0.086708			0.086900
Intermediate	ITM		04/02/2019		04/01/2019		04/05/2019			0.000213			0.096087			0.096300
Intermediate Total									$	0.001948		$	0.837252		$	0.839200
Long	MLN		05/02/2018		05/01/2018		05/07/2018		$	0.000327		$	0.048573		$	0.048900
Long	MLN		06/04/2018		06/01/2018		06/07/2018			0.000129			0.049671			0.049800
Long	MLN		07/03/2018		07/02/2018		07/09/2018			0.000098			0.049002			0.049100
Long	MLN		08/02/2018		08/01/2018		08/07/2018			0.000101			0.050499			0.050600
Long	MLN		09/05/2018		09/04/2018		09/10/2018			0.000101			0.050599			0.050700
Long	MLN		10/02/2018		10/01/2018		10/05/2018			0.000098			0.049102			0.049200
Long	MLN		11/02/2018		11/01/2018		11/07/2018			0.000106			0.053094			0.053200
Long	MLN		12/04/2018		12/03/2018		12/07/2018			0.000098			0.049302			0.049400
Long	MLN		12/28/2018		12/27/2018		01/03/2019			0.000101			0.050799			0.050900
Long	MLN		02/04/2019		02/01/2019		02/07/2019			0.000066			0.053034			0.053100
Long	MLN		03/04/2019		03/01/2019		03/07/2019			0.000058			0.046442			0.046500
Long	MLN		04/02/2019		04/01/2019		04/05/2019			0.000064			0.051636			0.051700
Long Total									$	0.001347		$	0.601753		$	0.603100
Short	SMB		05/02/2018		05/01/2018		05/07/2018		$	0.000164		$	0.019836		$	0.020000
Short	SMB		06/04/2018		06/01/2018		06/07/2018			0.000081			0.022219			0.022300
Short	SMB		07/03/2018		07/02/2018		07/09/2018			0.000066			0.022234			0.022300
Short	SMB		08/02/2018		08/01/2018		08/07/2018			0.000066			0.022234			0.022300
Short	SMB		09/05/2018		09/04/2018		09/10/2018			0.000066			0.022334			0.022400
Short	SMB		10/02/2018		10/01/2018		10/05/2018			0.000065			0.022035			0.022100
Short	SMB		11/02/2018		11/01/2018		11/07/2018			0.000067			0.022733			0.022800
Short	SMB		12/04/2018		12/03/2018		12/07/2018			0.000066			0.022334			0.022400
Short	SMB		12/28/2018		12/27/2018		01/03/2019			0.000070			0.023630			0.023700
Short	SMB		02/04/2019		02/01/2019		02/07/2019			0.000087			0.023913			0.024000
Short	SMB		03/04/2019		03/01/2019		03/07/2019			0.000080			0.021920			0.022000
Short	SMB		04/02/2019		04/01/2019		04/05/2019			0.000087			0.023913			0.024000
Short Total									$	0.000965		$	0.269335		$	0.270300

(a) The Board of Trustees approved a 1 for 2 reverse share split for Intermediate and on October 26, 2018 shares began trading on a split-adjusted basis. The distributions indicated in this table have not been adjusted for the reverse share split.

164

Fund Name	Ticker Symbol	Record Date		Ex Dividend Date		Payable Date		Taxable Ordinary Income Per Share			Tax-Exempt Interest Per Share			Total Distribution Per Share
High-Yield – See Note (b)	HYD		05/02/2018		05/01/2018		05/07/2018		$	0.001933		$	0.112667		$	0.114600
High-Yield – See Note (b)	HYD		06/04/2018		06/01/2018		06/07/2018			0.001403			0.107297			0.108700
High-Yield – See Note (b)	HYD		07/03/2018		07/02/2018		07/09/2018			0.001062			0.103038			0.104100
High-Yield – See Note (b)	HYD		08/02/2018		08/01/2018		08/07/2018			0.001189			0.115311			0.116500
High-Yield – See Note (b)	HYD		09/05/2018		09/04/2018		09/10/2018			0.001142			0.110758			0.111900
High-Yield – See Note (b)	HYD		10/02/2018		10/01/2018		10/05/2018			0.001116			0.108284			0.109400
High-Yield	HYD		11/02/2018		11/01/2018		11/07/2018			0.002497			0.242203			0.244700
High-Yield	HYD		12/04/2018		12/03/2018		12/07/2018			0.002185			0.211915			0.214100
High-Yield	HYD		12/28/2018		12/27/2018		01/03/2019			0.002503			0.242797			0.245300
High-Yield	HYD		02/01/2019		02/04/2019		02/07/2019			0.000477			0.222023			0.222500
High-Yield	HYD		03/01/2019		03/04/2019		03/07/2019			0.000430			0.200070			0.200500
High-Yield	HYD		04/01/2019		04/02/2019		04/05/2019			0.000472			0.219528			0.220000
High-Yield Total									$	0.016409		$	1.995891		$	2.012300
Short High-Yield	SHYD		05/02/2018		05/01/2018		05/07/2018		$	0.000901		$	0.062099		$	0.063000
Short High-Yield	SHYD		06/04/2018		06/01/2018		06/07/2018			0.000672			0.054928			0.055600
Short High-Yield	SHYD		07/03/2018		07/02/2018		07/09/2018			0.000581			0.060119			0.060700
Short High-Yield	SHYD		08/02/2018		08/01/2018		08/07/2018			0.000596			0.061604			0.062200
Short High-Yield	SHYD		09/05/2018		09/04/2018		09/10/2018			0.000643			0.066457			0.067100
Short High-Yield	SHYD		10/02/2018		10/01/2018		10/05/2018			0.000627			0.064873			0.065500
Short High-Yield	SHYD		11/02/2018		11/01/2018		11/07/2018			0.000650			0.067250			0.067900
Short High-Yield	SHYD		12/04/2018		12/03/2018		12/07/2018			0.000639			0.066061			0.066700
Short High-Yield	SHYD		12/28/2018		12/27/2018		01/03/2019			0.000656			0.067844			0.068500
Short High-Yield	SHYD		02/01/2019		02/04/2019		02/07/2019			0.000391			0.063109			0.063500
Short High-Yield	SHYD		03/01/2019		03/04/2019		03/07/2019			0.000369			0.059531			0.059900
Short High-Yield	SHYD		04/01/2019		04/02/2019		04/05/2019			0.000421			0.067879			0.068300
Short High-Yield Total									$	0.007146		$	0.761754		$	0.768900
CEF Municipal	XMPT		05/02/2018		05/01/2018		05/07/2018		$	0.000471		$	0.102429		$	0.102900
CEF Municipal	XMPT		06/04/2018		06/01/2018		06/07/2018			0.001728			0.098772			0.100500
CEF Municipal	XMPT		07/03/2018		07/02/2018		07/09/2018			0.001658			0.094742			0.096400
CEF Municipal	XMPT		08/02/2018		08/01/2018		08/07/2018			0.001697			0.097003			0.098700
CEF Municipal	XMPT		09/05/2018		09/04/2018		09/10/2018			0.001675			0.095725			0.097400
CEF Municipal	XMPT		10/02/2018		10/01/2018		10/05/2018			0.001670			0.095430			0.097100
CEF Municipal	XMPT		11/02/2018		11/01/2018		11/07/2018			0.001690			0.096610			0.098300
CEF Municipal	XMPT		12/04/2018		12/03/2018		12/07/2018			0.001642			0.093858			0.095500
CEF Municipal	XMPT		12/28/2018		12/27/2018		01/03/2019			0.001833			0.104767			0.106600
CEF Municipal	XMPT		02/01/2019		02/04/2019		02/07/2019			0.000322			0.090578			0.090900
CEF Municipal	XMPT		03/01/2019		03/04/2019		03/07/2019			0.000301			0.084699			0.085000
CEF Municipal	XMPT		04/01/2019		04/02/2019		04/05/2019			0.000311			0.087689			0.088000
CEF Municipal Total									$	0.014998		$	1.142302		$	1.157300

(b) The Board of Trustees approved a 1 for 2 reverse share split for High-Yield and on October 26, 2018 shares began trading on a split-adjusted basis. The distributions indicated in this table have not been adjusted for the reverse share split.

165

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2019 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	56	Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to June 2015, and Board Member of the CFA Society of Stamford, July 2009 to present; Trustee, MainStay Fund Complex4 , January 2016 to present and currently Chairman of the Risk and Compliance Committee.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle), January 1988 to present	67	Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to July 2016; Director, Kenyon Review.
Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	56	Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Director, President and CEO, SmartBrief, Inc. (media company).	67	Director, Food and Friends, Inc., 2013 to present.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

166

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Interested Trustee:
Jan F. van Eck, 19634	Trustee, President and Chief Executive Officer	Trustee (Since 2006); President and Chief Executive Officer (Since 2009)	Director, President, Chief Executive Officer and Owner of the Adviser, Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC).	56	Director, National Committee on US-China Relations.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser, VEARA and VESC.

Officer Information

The Officers of the Trust, their addresses, positions with the Trust, year of birth and principal occupations during the past five years are set forth below.

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During The Past Five Years
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Director of Trading (since 1995) and Portfolio Manager (since 1997) of the Adviser; Officer of other investment companies advised by the Adviser and VEARA.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Officer of other investment companies advised by the Adviser and VEARA.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008).
Henry Glynn, 1983	Assistant Vice President	Since February 2018	Head of ETF Capital Markets Europe of Van Eck Switzerland AG (since 2017); member of the Capital Markets team at Vanguard Group (September 2013 to October 2016).
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since January 2018	Vice President and Chief Compliance Officer of the Adviser and VEARA (since January 2018) and Chief Compliance Officer of VESC (since October 2018); Chief Compliance Officer, City National Rochdale, LLC and City National Rochdale Funds (December 2012 to January 2018); Officer of other investment companies advised by the Adviser and VEARA.
Nicholas Jackson, 1974	Assistant Vice President	Since February 2018	Vice President, Business Development of VanEck Australia Pty Ltd. (since August 2013); Business Development Manager NSW, Leveraged Equities Limited (October 2006 to July 2013).
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016) and Assistant Secretary (Since 2008)	Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser and VEARA.

167

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2019 (unaudited) (continued)

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During The Past Five Years
Matthew McKinnon, 1970	Assistant Vice President	Since February 2018	Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. (since February 2018) and Director, Intermediaries and Institutions (July 2013 to February 2018) of VanEck Australia Pty Ltd.; General Manager, Retail Sales, Equities at Perpetual Limited (December 2006 to May 2012).
Arian Neiron, 1979	Vice President	Since February 2018	Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd. (since September 2012).
James Parker, 1969	Assistant Treasurer	Since June 2014	Assistant Vice President (since May 2017) and Manager – Portfolio Administration (June 2010 – May 2017) of the Adviser.
Adam Phillips, 1970	Vice President	Since February 2018	VanEck Vectors ETFs’ Chief Operating Officer of the Adviser (since 2012).
Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG (since 2010).
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014)	Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser and VEARA.

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

168

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.

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

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

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

ANNUAL REPORT
April 30, 2019

VANECK VECTORS®
BDC Income ETF	BIZD®
ChinaAMC China Bond ETF	CBON®
Emerging Markets Aggregate Bond ETF	EMAG®
Emerging Markets High Yield Bond ETF	HYEM®
Fallen Angel High Yield Bond ETF	ANGL®
Green Bond ETF	GRNB®
International High Yield Bond ETF	IHY®
Investment Grade Floating Rate ETF	FLTR®
J.P. Morgan EM Local Currency Bond ETF	EMLC®
Mortgage REIT Income ETF	MORT®
Preferred Securities ex Financials ETF	PFXF®

800.826.2333 vaneck.com

President’s Letter	1
Management Discussion	2
Performance Comparison
BDC Income ETF	5
ChinaAMC China Bond ETF	6
Emerging Markets Aggregate Bond ETF	7
Emerging Markets High Yield Bond ETF	8
Fallen Angel High Yield Bond ETF	9
Green Bond ETF	10
International High Yield Bond ETF	11
Investment Grade Floating Rate ETF	12
J.P. Morgan EM Local Currency Bond ETF	13
Mortgage REIT Income ETF	14
Preferred Securities ex Financials ETF	15
Explanation of Expenses	17
Schedule of Investments
BDC Income ETF	19
ChinaAMC China Bond ETF	21
Emerging Markets Aggregate Bond ETF	23
Emerging Markets High Yield Bond ETF	30
Fallen Angel High Yield Bond ETF	42
Green Bond ETF	47
International High Yield Bond ETF	52
Investment Grade Floating Rate ETF	66
J.P. Morgan EM Local Currency Bond ETF	76
Mortgage REIT Income ETF	82
Preferred Securities ex Financials ETF	84
Statements of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	92
Financial Highlights
BDC Income ETF	97
ChinaAMC China Bond ETF	97
Emerging Markets Aggregate Bond ETF	98
Emerging Markets High Yield Bond ETF	98
Fallen Angel High Yield Bond ETF	99
Green Bond ETF	99
International High Yield Bond ETF	100
Investment Grade Floating Rate ETF	100
J.P. Morgan EM Local Currency Bond ETF	101
Mortgage REIT Income ETF	101
Preferred Securities ex Financials ETF	102
Notes to Financial Statements	103
Report of Independent Registered Public Accounting Firm	114
Tax Information	116
Board of Trustees/Officers	121

Certain information contained in this management discussion represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2019.

VANECK VECTORS ETFs

April 30, 2019 (unaudited)

Dear Shareholders:

We are pleased to present this annual report.

Investment Outlook

As we write this letter in May 2019, conditions seem good for bond funds. Central banks from China to Europe are “accommodative” and not in a position to raise interest rates, which would hurt bond prices. Furthermore, global growth does not seem to be in a position to heat up. This macro situation should be positive for the income funds included in this annual report.

Getting to this relatively placid environment was a result of a lot of turbulence.

At the beginning of December last year, we were worried about the impact the European Central Bank’s (ECB) and the U.S. Federal Reserve’s (Fed) continued tightening would have on the financial markets. Typically, central bank tightening is unfavorable for financial assets, and markets decelerated going into December. Then, suddenly the Fed signaled it would stop raising rates and reverse on quantitative tightening. This led to a rally in U.S. equities and other asset classes.

The ECB is also now delaying any tightening steps. In early March, the ECB pushed back its timing for increasing interest rates and is expected to stay on hold through the end of 2019. It also announced a program to stimulate bank lending which will provide banks in the euro zone with cheap rates.

Last but not least, China’s “drip stimulus” (as opposed to big infrastructure stimulus program similar to what was implemented after the financial crisis) has been felt in the real economy, with manufacturing Purchasing Manager Index (PMI) ticking positive after March 2019.

Doubtless there are risks to the global economy and financial markets. Concerns around the strength of global economic growth, a persistently strong U.S. dollar, certain country-specific factors, e.g., Iran and Venezuela, and the escalating trade dispute between the U.S. and China continue to hang over the market.

We encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the twelve month period ended April 30, 2019. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

Jan F. van Eck

Trustee and President

VanEck Vectors ETF Trust

May 23, 2019

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

1

VANECK INCOME ETFs

(unaudited) (continued)

MARKET REVIEW

CORPORATE BOND

Fallen Angel Bonds

VanEck Vectors Fallen Angel High Yield Bond ETF (the Fund) was the first fallen angel ETF to be launched, and is now the largest. Fallen angel high yield bonds provide a distinct value proposition that sets them apart from the broad high yield market. Differentiated sector exposure, price appreciation, and a higher quality focus have provided long-term outperformance. Since the fund’s index launched in December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 200 basis points annually.¹ The rate of default in this segment has averaged 2.3% historically, below the 3.5% average for U.S. bonds originally issued as high yield bonds.²

Basic materials and technology were the two best performing sectors for the Fund which gained 5.04% during the period under review. The industrial and utilities sectors detracted the most to total return.

Bonds issued by Freeport-McMoRan, Inc. (7.0% of fund net assets^†), Xerox Corporation (3.8% of fund net assets^†), and Alcoa Corporation (sold during the period), were the top contributors to performance over the period, while bonds issued by Weatherford International Ltd. (1.7% of fund net assets^†), Telecom Italia Capital S.A. (3.6% of fund net assets^†), and J.C. Penney Company, Inc. (sold during the period), detracted the most.

Investment Grade Floating Rate Notes

Floating rate notes (FRNs) are investment grade-rated corporate (financial and non-financial) debt issues with variable coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. In addition, as short-term interest rates rise, portfolio securities reset to higher yields. This was seen over the last 12 months as three month LIBOR rates rose 21 basis points overall to 2.58% by April 30, 2019, which helped to drive the VanEck Vectors Investment Grade Floating Rate ETF’s positive return of 2.71%.

Bonds issued by Goldman Sachs Group, Inc. (7.8% of fund net assets^†), Morgan Stanley (6.1% of fund net assets^†), and Bank of America Corporation (5.1% of fund net assets^†) were the top contributors to performance over the period, while bonds issued by General Electric Capital Corporation (0.8% of fund net assets^†) were the greatest detractors.

EQUITY INCOME

Business Development Companies (BDCs)

BDCs typically lend to, and invest in, small privately held companies. The VanEck Vectors BDC Income ETF, with a positive return of 13.27% for the 12 month period, performed nearly in line with the broad U.S. equity markets, as measured by the S&P 500^® Index, which returned 13.49%,³ but also deviated therefrom at various times throughout the year. The fund weathered the U.S. market sell-off in the fourth quarter of 2018 and followed it with an impressive start to 2019. A significant factor influencing the fund throughout the period was the merger of FS Investment Corporation and Corporate Capital Trust into FS KKR Capital Corporation (8.7% of fund net assets^†), in December of 2018, resulting in it becoming one of the largest publicly traded BDCs in the market.⁴

FS Investment Corporation and Corporate Capital Trust both detracted from fund performance beginning in August through the closing of the merger. FS KKR Capital Corporation then began to recover in January 2019, but was unable to pare losses for the period. With few exceptions, including the aforementioned BDCs involved in the merger, larger capitalization companies contributed the most to fund returns. As a whole, BDCs have recently traded at a discount to their net asset value due generally to credit concerns in these late stages of the credit cycle, although some discounts have narrowed since the beginning of 2019.⁵

Mortgage REITs

Mortgage REITs (mREITs) borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. The yield curve flattened throughout the year ending April 30, 2019, which caused concern for some segments of the residential mREIT market. Commercial mREITs, which tend to feature more credit risk than residential mREITs, outperformed residential mREIT in the

2

first quarter through the risk-on equity market rally and finished as the top contributing segment to the VanEck Vectors Mortgage REIT Income ETF’s performance, a positive return of 12.00% for the 12 month period. While most fund constituents contributed positively to performance for the period, several residential mREITs struggled, posting negative returns. iStar, Inc. (sold during the period) detracted most from fund performance and was removed from the portfolio in March 2019.

Preferred Securities ex Financials

Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the Wells Fargo^® Hybrid and Preferred Securities ex Financials Index, the VanEck Vectors Preferred Securities ex Financials ETF excludes traditional financial companies which have been more volatile than other sectors historically. Over the 12 month period ending April 30, 2019, electric utilities, real estate investment trusts, and telecommunications preferred securities contributed most to the fund’s positive (7.90%) performance, while oil and gas, and chemical, preferred securities detracted from performance.

INTERNATIONAL BOND

China Onshore Bonds

Once closed to foreign investors, China is home to the largest bond market among the emerging economies. The size of the market is now approximately $12.4 trillion.⁶ While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises, and listed/non-listed corporations.

Although returns were positive in local currency, the weakness of the Chinese yuan over the period detracted from overall returns, with the currency depreciating more than 6% over the period against the U.S. dollar. Only one sector, energy, contributed positively to performance of the VanEck Vectors ChinaAMC China Bond ETF, which declined 1.98% over the 12 month period ending April 30, 2019, and then only minimally. Financial sector bonds detracted the most from performance, followed by industrial sector bonds.

Emerging Markets Local Currency Bonds

Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East, and Asia.

Concerns around the strength of global economic growth, a persistently strong U.S. dollar, certain country-specific factors, and the continuing trade dispute between the U.S. and China negatively impacted the emerging markets debt market and the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, which lost 6.05% over the 12 month period. Overall, interest rates in emerging markets economies remain attractive relative to developed markets both in nominal and real (after adjusting for inflation) terms, and emerging markets currencies may, in our opinion, be undervalued against the U.S. dollar relative to historical values.

Over the period, negative returns from currency depreciation were more than enough to offset positive returns from local interest rates. While bonds denominated in Mexican peso, Thai baht and Philippines peso contributed most to the fund’s total return, bonds denominated in Argentinian peso, Turkish lira, and South African rand were the greatest detractors from performance.

Emerging Markets Aggregate Bonds

The diverse universe of emerging markets bonds includes sovereign and corporate bonds denominated in U.S. dollars, euros, or local emerging markets currencies.

In terms of currency, U.S. dollar-denominated bonds had the greatest positive contribution to the performance of the VanEck Vectors Emerging Markets Aggregate Bond ETF, which returned 1.91% overall over the 12 month period. The next greatest contributions came from Mexican peso- and Malaysian ringgit-denominated bonds. Euro-, Turkish lira-, and South African rand-denominated bonds were the greatest detractors from total return. Government, energy sector, and financial sector bonds contributed the most to total return, while bonds of issuers in the communications sector detracted.

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VANECK INCOME ETFs

(unaudited) (continued)

Emerging Markets High Yield Bonds

Emerging markets high yield corporate bonds offer investors exposure to corporations, quasi-sovereign, and agency issuers from emerging markets countries.

The VanEck Vectors Emerging Markets High Yield Bond ETF gained 3.93% over the 12 month period. Bonds of Chinese, Russian, and Brazilian issuers were the greatest contributors to the fund’s total return in terms of country of risk, while issuers from Argentina, Jamaica and Trinidad and Tobago were the greatest detractors. Financial sector bonds provided the greatest contribution to total return, while bonds issued by government-related issuers detracted the most.

International High Yield Bonds

Non-U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.

Over the period, the VanEck Vectors International High Yield Bond ETF had a positive return of 2.08%. From a sector perspective, bonds of financial, energy, and communications issuers provided the largest contributions to total return, while consumer cyclical and industrial bonds detracted the most from performance. From a currency perspective, U.S. dollar-denominated bonds contributed positively to the fund’s total return, while euro-and sterling-denominated bonds detracted. Brazilian, Chinese and Canadian issuers provided the greatest positive contribution to total return in terms of country of risk, while Italian, Spanish, and Jamaican issuers detracted the most from performance.

Green Bonds

Green bonds are issued to finance projects with a positive environmental impact, and in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). The green bond market has grown tremendously since 2013, and has also become more diverse as new types of issuers have entered the market.

Overall, the VanEck Vectors Green Bond ETF had a negative return of 1.25% for the year, due primarily to negative currency returns. Bonds denominated in U.S. dollars contributed the most positively to total return during the period and bonds denominated in euros detracted the most from performance. From a country of risk perspective, U.S., Brazilian, and Indian issuers contributed most to total return, while bonds issued by German, French, and Dutch issuers were the largest detractors from performance. Government-, technology-, and basic materials-related bonds made the greatest positive contributions to returns, while financial, utilities, and industrial bonds detracted the most from performance.

Returns based on funds’ net asset values (NAVs).

^† All Fund assets referenced are Total Net Assets as of April 30, 2019, unless otherwise stated.

All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.

1	Source: Morningstar. Reflects the performance of the ICE BofAML US Fallen Angel High Yield Index and the ICE BofAML US High Yield Index from 12/15/2003 to 4/30/2019.
2	Source: ICE Data Services. Based on annual default rates of the ICE BofAML US Fallen Angel Index and the ICE BofAML US Original Issue High Yield Index from 1999 through 2018.
3	S&P 500® Index consists of 500 widely held common stocks covering in the leading industries of the U.S. economy.
4	PR Newswire: FS/KKR Announces Closing of Merger of FS Investment Corporation and Corporate Capital Trust, December 19, 2018, https://www.prnewswire.com/news-releases/fskkr-announces-closing-of-merger-of-fs-investment-corporation-and-corporate-capital-trust-300768935.html
5	JP Morgan Securities: BDCs: An Industry Primer, April 29, 2019
6	The Bank for International Settlements: Debt securities statistics, http://www.bis.org/statistics/secstats.htm. Data as at September 30, 2018.

4

VANECK VECTORS BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	MVBIZDTG1	Share Price	NAV	MVBIZDTG1
One Year	13.46%	13.27%	13.43%	13.46%	13.27%	13.43%
Five Year	5.30%	5.32%	5.38%	29.49%	29.60%	29.97%
Life*	5.39%	5.37%	5.50%	38.57%	38.43%	39.47%

*

Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13.

1

MVIS® US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of BDCs. To be eligible for the BDC Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.   Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

5

VANECK VECTORS CHINAAMC CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	CHQU01TR1	Share Price	NAV	CHQU01TR1
One Year	(1.57)%	(1.98)%	(0.50)%	(1.57)%	(1.98)%	(0.50)%
Life*	1.07%	1.10%	2.13%	4.89%	5.02%	9.87%

*	Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14.
1	ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index.
	As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

6

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	MVEMAG1	Share Price	NAV	MVEMAG1
One Year	3.65%	1.91%	2.53%	3.65%	1.91%	2.53%
Five Year	1.89%	1.72%	2.55%	9.80%	8.92%	13.42%
Life*	2.37%	2.32%	3.53%	20.52%	20.09%	31.87%

*	Commencement of Fund: 5/11/11; First Day of Secondary Market Trading: 5/12/11.
1	MVIS® EM Aggregate Bond Index (MVEMAG) is comprised of emerging market sovereign bonds and corporate bonds denominated in U.S. dollars, Euros or local emerging market currencies. MVEMAG includes both investment grade and below investment grade rated securities.
	Effective December 10, 2013, Market Vectors® LatAm Aggregate Bond ETF (BONO) changed its name to VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® EM Aggregate Bond Index (MVEMAG), from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS). LATS is a trademark of Merrill Lynch, Pierce, Fenner & Smith Incorporation, which neither sponsors nor endorses EMAG and makes no warranty or representation as to the accuracy and/or completeness of this Index.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

7

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	EMLH1	Share Price	NAV	EMLH1
One Year	4.93%	3.93%	4.28%	4.93%	3.93%	4.28%
Five Year	4.41%	4.43%	5.11%	24.08%	24.18%	28.31%
Life*	5.30%	5.24%	5.91%	43.39%	42.80%	49.28%

*	Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12.
1	ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets.
	Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. All Index history reflects a blend of the performance of the aforementioned Indexes.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

8

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	H0FA1	Share Price	NAV	H0FA1
One Year	5.71%	5.04%	5.26%	5.71%	5.04%	5.26%
Five Year	6.92%	6.77%	7.40%	39.73%	38.76%	42.90%
Life*	8.28%	8.23%	9.30%	75.28%	74.71%	87.32%

*	Commencement of Fund: 4/10/12; First Day of Secondary Market Trading: 4/11/12.
1	ICE BofAML US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

9

VANECK VECTORS GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	SPGRNSLT1	Share Price	NAV	SPGRNSLT1
One Year	(1.36)%	(1.25)%	(0.79)%	(1.36)%	(1.25)%	(0.79)%
Life*	3.44%	3.35%	4.05%	7.58%	7.37%	8.95%

*

Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/6/17.

1

S&P Green Bond Select Index (SPGRNSLT) is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of green-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

10

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	HXUS1	Share Price	NAV	HXUS1
One Year	2.01%	2.08%	2.20%	2.01%	2.08%	2.20%
Five Year	2.47%	2.58%	3.13%	12.99%	13.57%	16.66%
Life*	5.06%	5.10%	5.83%	41.79%	42.19%	49.29%

*	Commencement of Fund: 4/2/12; First Day of Secondary Market Trading: 4/3/12.
1	ICE BofAML ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States denominated in Euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

11

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	MVFLTR1	Share Price	NAV	MVFLTR1
One Year	2.59%	2.71%	2.89%	2.59%	2.71%	2.89%
Five Year	1.70%	1.70%	2.06%	8.80%	8.81%	10.72%
Life*	1.47%	1.47%	1.89%	12.38%	12.37%	16.14%

*	Commencement of Fund: 4/25/11; First Day of Secondary Market Trading: 4/26/11.
1	MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

12

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	GBIEMCOR1	Share Price	NAV	GBIEMCOR1
One Year	(5.76)%	(6.05)%	(5.69)%	(5.76)%	(6.05)%	(5.69)%
Five Year	(1.51)%	(1.56)%	(0.97)%	(7.34)%	(7.54)%	(4.76)%
Life*	0.51%	0.51%	1.22%	4.54%	4.52%	11.27%

*	Commencement of Fund: 7/22/10; First Day of Secondary Market Trading: 7/23/10.
1	J.P. Morgan GBI-EMG Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

13

VANECK VECTORS MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	MVMORTTG1	Share Price	NAV	MVMORTTG1
One Year	11.93%	12.00%	12.45%	11.93%	12.00%	12.45%
Five Year	8.07%	8.04%	8.48%	47.44%	47.21%	50.22%
Life*	9.42%	9.40%	9.95%	100.14%	99.90%	107.65%

*	Commencement of Fund: 8/16/11; First Day of Secondary Market Trading: 8/17/11.
1	MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

14

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2019 (unaudited)

	Average Annual Total Returns			Cumulative Total Returns
Total Return	Share Price	NAV	WHPSL1	Share Price	NAV	WHPSL1
One Year	7.56%	7.90%	8.25%	7.56%	7.90%	8.25%
Five Year	4.55%	4.61%	4.55%	24.94%	25.27%	24.92%
Life*	5.44%	5.45%	5.43%	43.29%	43.38%	43.15%

*	Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12.
1	Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges.

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. Hypothetical Growth of $10,000 (Since Inception)  

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

See “About Fund Performance” on page 16 for more information.

15

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.

The “Net Asset Value” (NAV) of a VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.

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

BDC Index, EM Aggregate Bond Index, Floating Rate Index and Mortgage REITs Index are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. ChinaBond Index is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). Emerging Markets Core Index and EM Investment Grade Plus Index are published by JPMorgan Securities Inc. (J.P. Morgan). Emerging Markets High Yield Index, Fallen Angel Index and International High Yield Index are published by ICE Data Indices, LLC (formerly known as Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofAML Merrill Lynch”) prior to 10/23/2017). Green Bond Index is published by S&P Dow Jones Indices (S&P). Preferred Securities Index is published by Wells Fargo & Company, LLC (Wells Fargo).

MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, and Wells Fargo do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at www.vaneck.com.

16

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2018 to April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

17

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2018	Ending Account Value April 30, 2019	Annualized Expense Ratio During Period	Expenses Paid During the Period* November 1, 2018 – April 30, 2019
BDC Income ETF
Actual	$1,000.00	$1,091.10	0.41%	$2.13
Hypothetical**	$1,000.00	$1,022.76	0.41%	$2.06
ChinaAMC China Bond ETF
Actual	$1,000.00	$1,053.60	0.50%	$2.55
Hypothetical**	$1,000.00	$1,022.32	0.50%	$2.51
Emerging Markets Aggregate Bond ETF
Actual	$1,000.00	$1,064.70	0.35%	$1.79
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,059.50	0.40%	$2.04
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$1,051.30	0.35%	$1.78
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Green Bond ETF
Actual	$1,000.00	$1,031.80	0.30%	$1.51
Hypothetical**	$1,000.00	$1,023.31	0.30%	$1.51
International High Yield Bond ETF
Actual	$1,000.00	$1,054.90	0.40%	$2.04
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
Investment Grade Floating Rate ETF
Actual	$1,000.00	$1,016.60	0.14%	$0.70
Hypothetical**	$1,000.00	$1,024.10	0.14%	$0.70
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$1,062.20	0.30%	$1.53
Hypothetical**	$1,000.00	$1,023.31	0.30%	$1.51
Mortgage REIT Income ETF
Actual	$1,000.00	$1,066.20	0.42%	$2.15
Hypothetical**	$1,000.00	$1,022.71	0.42%	$2.11
Preferred Securities ex Financials ETF
Actual	$1,000.00	$1,067.10	0.41%	$2.10
Hypothetical**	$1,000.00	$1,022.76	0.41%	$2.06

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2019) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses

18

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Number of Shares			Value
COMMON STOCKS: 99.9%
Diversified Financials: 23.1%
	276,222	Bain Capital Specialty Finance, Inc. †	$	5,593,496
	301,786	Barings BDC, Inc. †		2,999,753
	478,036	BlackRock TCP Capital Corp.		6,931,522
	196,880	Fidus Investment Corp.		3,091,016
	155,365	Newtek Business Services Corp. †		3,250,236
	951,483	Oaktree Specialty Lending Corp.		5,023,830
	412,365	Oxford Square Capital Corp.		2,659,754
	507,030	TCG BDC, Inc. †		7,585,169
	386,181	TPG Specialty Lending, Inc.		7,835,612
	199,431	TriplePoint Venture Growth BDC Corp.		2,784,057
				47,754,445
Investment Companies: 76.8%
	526,890	Apollo Investment Corp.		8,235,291
	2,328,947	Ares Capital Corp.		41,921,046
	595,698	BlackRock Kelso Capital Corp.		3,705,242
	3,454,704	FS KKR Capital Corp.		21,868,276
	246,672	Gladstone Capital Corp. †		2,343,384
	284,040	Gladstone Investment Corp. †		3,556,181
	292,712	Goldman Sachs BDC, Inc.		6,059,138
	503,579	Golub Capital BDC, Inc. †		9,280,961
	758,004	Hercules Technology Growth Capital, Inc.		9,846,472
	406,722	Main Street Capital Corp. †		16,053,317
	577,622	New Mountain Finance Corp.		8,121,365
	335,526	PennantPark Floating Rate Capital Ltd. †		4,425,588
	588,700	PennantPark Investment Corp.		4,203,318
	2,025,717	Prospect Capital Corp. †		13,673,590
	256,003	Solar Capital Ltd.		5,483,584
				158,776,753
Total Common Stocks (Cost: $213,378,768)				206,531,198
MONEY MARKET FUND: 0.0% (Cost: $80,323)
	80,323	Dreyfus Government Cash Management Fund – Institutional Shares		80,323
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $213,459,091)				206,611,521

Principal Amount			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 21.7%
Repurchase Agreements: 21.7%
$	10,649,040	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc. , 2.77%, due 5/1/19, proceeds $10,649,859; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $10,862,021 including accrued interest)	$	10,649,040
	10,649,040	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $10,649,862; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $10,862,021 including accrued interest)		10,649,040
	10,649,040	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.76%, due 5/1/19, proceeds $10,649,856; (collateralized by various U.S. government and agency obligations, 3.00% to 5.00%, due 3/1/30 to 12/1/48, valued at $10,862,021 including accrued interest)		10,649,040
	10,649,040	Repurchase agreement dated 4/30/19 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.77%, due 5/1/19, proceeds $10,649,859; (collateralized by various U.S. government and agency obligations, 2.50% to 4.50%, due 5/1/30 to 5/1/49, valued at $10,862,021 including accrued interest)		10,649,040
	2,238,978	Repurchase agreement dated 4/30/19 with Mizuho Securities USA, Inc. , 2.72%, due 5/1/19, proceeds $2,239,147; (collateralized by various U.S. government and agency obligations, 0.00% to 2.88%, due 5/28/19 to 11/15/46, valued at $2,283,759 including accrued interest)		2,238,978
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $44,835,138)				44,835,138
Total Investments: 121.6% (Cost: $258,294,229)				251,446,659
Liabilities in excess of other assets: (21.6)%				(44,631,671	)
NET ASSETS: 100.0%			$	206,814,988

See Notes to Financial Statements

19

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $43,463,478.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financial		100.0	%	$	206,531,198
Money Market Fund		0.0			80,323
		100.0	%	$	206,611,521

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	206,531,198	$	—		$	—	$	206,531,198
Money Market Fund		80,323		—			—		80,323
Repurchase Agreements		—		44,835,138			—		44,835,138
Total	$	206,611,521	$	44,835,138		$	—	$	251,446,659

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

20

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 72.5%
Consumer, Cyclical: 6.2%
CNY	1,400,000	China South Industries Group Co. Ltd 3.20%, 04/19/20 (p)	$	207,450
	500,000	Sinochem International Corp. 3.61%, 06/06/21		73,761
				281,211
Consumer, Non-cyclical: 7.0%
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		172,958
	1,000,000	Port of Dalian Corp. 3.94%, 11/26/20		148,344
				321,302
Energy: 7.3%
	1,200,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		183,302
	1,000,000	Jizhong Energy Resources Co. Ltd. 5.40%, 03/23/21 (p)		152,379
				335,681
Financial: 39.1%
	3,600,000	China Development Bank Corp. 3.91%, 04/06/22		541,435
		China Fortune Land Development Co. Ltd.
	1,000,000	5.10%, 10/22/20 (p)		148,106
	1,000,000	7.00%, 03/03/21 (p)		152,422
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		153,617
	1,000,000	China Overseas Property Group Co. Ltd. 3.85%, 11/19/20 (p)		148,824
	809,000	China Securities Co. Ltd. 3.14%, 05/20/19 (c) (p)		120,011
	1,000,000	Dalian Wanda Commercial Management Group Co. Ltd. 3.95%, 05/06/21 (p)		149,502
	900,000	Guangzhou R&F Properties Co. Ltd. 7.00%, 01/22/21 (p)		136,903
	1,000,000	Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/20 (p)		150,327
	600,000	Poly Real Estate Group Co. Ltd. 4.00%, 01/15/21 (p)		89,390
				1,790,537

Principal Amount			Value
Industrial: 12.9%
CNY	1,248,200	China Railway Corp. 4.63%, 08/25/21	$	188,851
	500,000	Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/24 (p)		80,966
	1,000,000	Power Construction Corp. of China Ltd. 5.20%, 10/29/22		153,100
	1,080,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #		164,877
				587,794
Total Corporate Bonds (Cost: $3,396,542)				3,316,525
FOREIGN GOVERNMENT OBLIGATIONS: 23.9%
Government: 23.9%
		China Government Bonds
	500,000	3.27%, 08/22/46		65,766
	5,347,000	3.40%, 04/17/23		795,993
	1,541,000	4.26%, 07/31/21		233,957
Total Foreign Debt Obligations (Cost: $1,172,228)				1,095,716
Total Investments Before Collateral for Securities Loaned: 96.4% (Cost: $4,568,770)				4,412,241
Total Investments: 96.4% (Cost: $4,568,770)				4,412,241
Other assets less liabilities: 3.6%				164,759
NET ASSETS: 100.0%			$	4,577,000

See Notes to Financial Statements

21

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

CNY	Chinese Yuan
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $164,877 which represents 3.6% of net assets.

Summary of Investments by Sector	% of Investments			Value
Consumer, Cyclical		6.4	%	$	281,211
Consumer, Non-cyclical		7.3			321,302
Energy		7.6			335,681
Financial		40.6			1,790,537
Government		24.8			1,095,716
Industrial		13.3			587,794
		100.0	%	$	4,412,241

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	3,316,525		$	—	$	3,316,525
Foreign Government Obligations*		—		1,095,716			—		1,095,716
Total	$	—	$	4,412,241		$	—	$	4,412,241

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

22

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 32.9%
Argentina: 0.2%
USD	25,000	YPF SA Reg S 8.50%, 07/28/25	$	22,969
Austria: 0.4%
	64,000	JBS Investments GmbH Reg S 6.25%, 05/30/19 (c)		65,200
Bermuda: 0.9%
	100,427	Digicel Group Two Ltd. 144A 9.13% 05/31/19 (c)		32,639
	100,000	Ooredoo International Finance Ltd. Reg S 3.25%, 02/21/23		100,066
				132,705
Brazil: 0.7%
		Banco do Brasil SA Reg S
	50,000	5.88%, 01/26/22		52,351
	50,000	8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (c)		53,423
				105,774
British Virgin Islands: 2.9%
	100,000	China Cinda Finance I Ltd. Reg S 4.25%, 04/23/25		101,758
	57,000	CNOOC Finance Ltd. Reg S 3.88%, 05/02/22		58,285
	50,000	Gerdau Trade, Inc. Reg S 5.75%, 01/30/21		52,163
	200,000	Huarong Finance II Co Ltd. Reg S 5.50%, 01/16/25		213,149
				425,355
Canada: 0.4%
	50,000	First Quantum Minerals Ltd. 144A 7.50%, 04/01/20 (c) †		48,500
	12,000	First Quantum Minerals Ltd. Reg S 7.00%, 05/30/19 (c)		12,248
				60,748
Cayman Islands: 5.3%
	100,000	Alibaba Group Holding Ltd. 144A 3.60%, 08/28/24 (c)		102,265
	75,000	CK Hutchison International 17 Ltd. Reg S 2.88%, 04/05/22		74,638
	50,000	Comunicaciones Celulares SA Reg S 6.88%, 05/30/19 (c)		51,906
	75,000	Hutchison Whampoa International 11 Ltd. Reg S 4.63%, 01/13/22		78,101
	100,000	Saudi Electricity Global Sukuk Co. 2 144A 3.47%, 04/08/23		100,750
	200,000	Swire Pacific MTN Financing Ltd. Reg S 4.50%, 10/09/23		211,257
		Vale Overseas Ltd.
	60,000	4.38%, 01/11/22		61,557
	75,000	6.88%, 11/21/36		87,305
				767,779

Principal Amount			Value
China / Hong Kong: 0.7%
USD	100,000	Bank of China Ltd. Reg S 5.00%, 11/13/24	$	105,928
Colombia: 0.9%
	100,000	Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		101,750
	110,857,000	Empresas Públicas de Medellín ESP Reg S 8.38%, 02/01/21		35,028
				136,778
Curacao: 0.1%
	10,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		9,357
Czech Republic: 0.4%
EUR	50,000	CEZ AS Reg S 4.50%, 06/29/20		58,991
France: 0.4%
	50,000	mFinance France SA Reg S 2.00%, 11/26/21		58,319
India: 0.9%
USD	28,000	ICICI Bank Ltd. Reg S 5.75%, 11/16/20		29,031
	100,000	State Bank of India/London 144A 4.88%, 04/17/24		105,066
				134,097
Indonesia: 1.2%
	70,000	Pertamina Persero PT 144A 4.30%, 05/20/23 †		71,993
	100,000	Perusahaan Listrik Negara PT Reg S 4.13%, 05/15/27		98,705
				170,698
Luxembourg: 2.1%
		Gaz Capital SA Reg S
	100,000	6.51%, 03/07/22		107,738
	60,000	8.63%, 04/28/34 (p)		79,068
	100,000	Gazprom OAO Via Gaz Capital SA Reg S 7.29%, 08/16/37		119,914
				306,720
Malaysia: 0.8%
	100,000	Petronas Capital Ltd. Reg S 7.88%, 05/22/22		113,874
Mexico: 4.0%
	125,000	America Movil SAB de CV 6.13%, 03/30/40		156,133
	50,000	Comision Federal de Electricidad Reg S 4.88%, 01/15/24		51,751
		Petróleos Mexicanos
	50,000	5.50%, 01/21/21		51,063
	75,000	6.50%, 03/13/27		76,155
	64,000	6.63%, 06/15/38		59,617
	50,000	6.75%, 09/21/47		46,175
	110,000	Petróleos Mexicanos Reg S 5.50%, 02/24/25		136,219
				577,113

See Notes to Financial Statements

23

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Netherlands: 4.4%
USD	100,000	Lukoil International Finance BV Reg S 6.66%, 06/07/22	$	108,626
	75,000	MDC-GMTN BV Reg S 5.50%, 03/01/22		79,875
	50,000	Metinvest BV 144A 7.75%, 01/23/23 (c)		49,121
		Petrobras Global Finance BV
	12,000	4.38%, 05/20/23		12,114
EUR	100,000	4.75%, 01/14/25		124,372
USD	50,000	6.00%, 01/27/28		51,285
	60,000	6.75%, 01/27/41		61,298
EUR	100,000	Teva Pharmaceutical Finance Netherlands II BV Reg S 1.13%, 10/15/24		101,129
		Teva Pharmaceutical Finance Netherlands III BV
USD	20,000	2.20%, 07/21/21		19,225
	20,000	2.80%, 07/21/23		18,207
	20,000	3.15%, 10/01/26		16,793
				642,045
Peru: 0.9%
	125,000	Banco de Credito del Peru Reg S 4.25%, 04/01/23		129,687
Turkey: 1.0%
	50,000	Turkiye Garanti Bankasi AS Reg S 5.25%, 09/13/22		46,879
	100,000	Yapi ve Kredi Bankasi AS 144A 6.10%, 03/16/23		91,589
				138,468
United Arab Emirates: 1.7%
	100,000	DP World Ltd. Reg S 6.85%, 07/02/37		122,005
EUR	100,000	Emirates Telecommunications Group Co. PJSC Reg S 2.75%, 06/18/26		125,054
				247,059
United Kingdom: 1.9%
		Anglo American Capital Plc Reg S
USD	50,000	3.63%, 09/11/24		49,928
	50,000	4.75%, 04/10/27		51,760
	50,000	AngloGold Ashanti Holdings Plc 5.13%, 08/01/22		51,954
	25,000	DTEK Finance Plc 10.75% 05/31/19 (c)		24,494
	100,000	Vedanta Resources Plc Reg S 6.38%, 07/30/22		97,925
				276,061
United States: 0.7%
	100,000	DAE Funding LLC Reg S 5.00%, 08/01/20 (c)		103,250
Total Corporate Bonds (Cost: $4,712,401)				4,788,975

Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS: 65.6%
Angola: 0.4%
USD	50,000	Angolan Government International Bonds 144A 8.25%, 05/09/28	$	52,468
Argentina: 0.5%
EUR	120,000	Provincia de Buenos Aires Reg S 4.00%, 05/15/35 (s)		77,279
Bahrain: 0.8%
		Bahrain Government International Bonds 144A
USD	64,000	6.13%, 08/01/23		66,865
	50,000	6.75%, 09/20/29		53,156
				120,021
Brazil: 4.5%
		Brazil Government International Bonds
	25,000	4.25%, 01/07/25 †		25,334
	20,000	4.88%, 01/22/21		20,640
	50,000	7.13%, 01/20/37		58,687
		Brazil Letras do Tesouro Nacional
BRL	470,000	0.00% 07/01/20 ^		110,298
	220,000	0.00% 07/01/21 ^		47,619
	200,000	0.00% 01/01/22 ^		41,425
	130,000	0.00% 07/01/22 ^		25,761
		Brazil Notas do Tesouro Nacional, Series F
	305,000	10.00%, 01/01/21		80,473
	395,000	10.00%, 01/01/23		105,547
	250,000	10.00%, 01/01/25		67,081
	230,000	10.00%, 01/01/27		61,727
	55,000	10.00%, 01/01/29		14,817
				659,409
Cayman Islands: 0.7%
		KSA Sukuk Ltd. 144A
USD	50,000	2.89%, 04/20/22		49,949
	50,000	3.63%, 04/20/27		50,429
				100,378
Chile: 3.1%
		Bonos de la Tesoreria de la Republica de Chile
CLP	5,000,000	4.50%, 03/01/21		7,515
	30,000,000	4.50%, 03/01/26		45,676
	25,000,000	5.00%, 03/01/35		40,163
	20,000,000	6.00%, 01/01/43		37,028
USD	100,000	Chile Government International Bonds 3.13%, 03/27/25		101,150
EUR	100,000	Corp. Nacional del Cobre de Chile Reg S 2.25%, 07/09/24		121,077
USD	100,000	Empresa Nacional del Petroleo Reg S 4.75%, 12/06/21		103,195
				455,804

See Notes to Financial Statements

24

Principal Amount			Value
China / Hong Kong: 0.7%
USD	100,000	Export-Import Bank of China Reg S 3.63%, 07/31/24	$	102,651
Colombia: 2.5%
		Colombia Government International Bonds
	25,000	4.00%, 11/26/23 (c)		25,769
	50,000	5.00%, 12/15/44 (c)		52,451
	25,000	6.13%, 01/18/41		29,469
		Colombian TES
COP	132,200,000	6.00%, 04/28/28		39,339
	137,500,000	7.00%, 05/04/22		44,530
	158,100,000	7.50%, 08/26/26		52,208
	100,500,000	7.75%, 09/18/30		33,337
	139,400,000	10.00%, 07/24/24		50,904
	86,200,000	11.00%, 07/24/20		28,689
				356,696
Croatia: 0.6%
USD	75,000	Croatia Government International Bonds 144A 6.00%, 01/26/24		84,096
Czech Republic: 1.2%
		Czech Republic Government Bonds
CZK	250,000	0.00%, 02/10/20 ^		10,793
	250,000	0.25%, 02/10/27		9,688
	330,000	2.75%, 07/23/29		15,484
		Czech Republic Government Bonds Reg S
	250,000	0.45%, 10/25/23		10,349
	250,000	0.95%, 05/15/30		9,802
	380,000	1.00%, 06/26/26		15,701
	440,000	2.40%, 09/17/25		19,938
	440,000	2.50%, 08/25/28		20,298
	50,000	Czech Republic International Bonds Reg S 3.88%, 05/24/22		63,043
				175,096
Dominican Republic: 0.5%
		Dominican Republic International Bonds Reg S
USD	25,000	5.95%, 01/25/27		26,438
	25,000	6.85%, 01/27/45		26,875
	21,200	7.50%, 05/06/21		21,974
				75,287
Ecuador: 0.7%
	50,000	Ecuador Government International Bonds 144A 7.95%, 06/20/24		50,875
	50,000	Ecuador Government International Bonds Reg S 7.88%, 01/23/28		48,375
				99,250
Egypt: 0.4%
	50,000	Egypt Government International Bonds 144A 7.50%, 01/31/27		51,663

Principal Amount			Value
El Salvador: 0.2%
USD	30,000	El Salvador Government International Bonds Reg S 7.65%, 06/15/35	$	31,163
Hungary: 2.0%
		Hungary Government Bonds
HUF	7,400,000	1.75%, 10/26/22		25,925
	2,600,000	2.50%, 10/27/21		9,356
	5,500,000	3.00%, 06/26/24		19,974
	7,450,000	3.00%, 10/27/27		26,178
	6,520,000	5.50%, 06/24/25		26,642
	6,600,000	6.00%, 11/24/23		27,063
	6,100,000	7.00%, 06/24/22		24,836
	4,830,000	7.50%, 11/12/20		18,606
USD	100,000	Hungary Government International Bonds 6.38%, 03/29/21		106,516
				285,096
Indonesia: 5.5%
		Indonesia Government International Bonds Reg S
	75,000	7.75%, 01/17/38		103,906
	100,000	8.50%, 10/12/35		144,230
		Indonesia Treasury Bonds
IDR	579,000,000	5.63%, 05/15/23		38,490
	712,000,000	6.13%, 05/15/28		44,968
	598,000,000	6.63%, 05/15/33		36,359
	635,000,000	7.00%, 05/15/22		44,584
	696,000,000	7.00%, 05/15/27		46,712
	595,000,000	8.25%, 07/15/21		43,004
	660,000,000	8.25%, 05/15/36		46,379
	840,000,000	8.38%, 03/15/24		61,602
	709,000,000	8.38%, 09/15/26		52,266
	628,000,000	8.38%, 03/15/34		44,676
	268,000,000	8.75%, 05/15/31		19,813
	630,000,000	9.00%, 03/15/29		47,728
	214,000,000	10.50%, 08/15/30		17,824
	66,000,000	11.00%, 11/15/20		4,929
				797,470
Israel: 2.5%
		Israel Government Bonds
ILS	120,000	1.75%, 08/31/25		34,001
	50,000	3.75%, 03/31/24		15,593
	155,000	4.25%, 03/31/23		48,424
	115,000	5.00%, 01/31/20		33,048
	130,000	5.50%, 01/31/22		40,776
	120,000	5.50%, 01/31/42		49,044
	100,000	6.25%, 10/30/26		37,000
		Israel Government International Bonds
USD	50,000	4.00%, 06/30/22		52,103
	50,000	4.50%, 01/30/43		53,916
				363,905
Jamaica: 0.4%
	50,000	Jamaica Government International Bonds 6.75%, 04/28/28		56,125

See Notes to Financial Statements

25

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Kazakhstan: 0.4%
USD	50,000	Kazakhstan Government International Bonds Reg S 5.13%, 07/21/25	$	55,244
Kuwait: 0.3%
	40,000	Kuwait International Government Bonds 144A 3.50%, 03/20/27		40,867
Lebanon: 0.9%
	140,000	Lebanon Government International Bonds Reg S 8.25%, 04/12/21		136,144
Malaysia: 4.0%
		Malaysia Government Bonds
MYR	130,000	3.42%, 08/15/22		31,327
	225,000	3.48%, 03/15/23		54,128
	47,000	3.66%, 10/15/20		11,412
	130,000	3.73%, 06/15/28		31,113
	130,000	3.80%, 09/30/22		31,681
	180,000	3.84%, 04/15/33		42,011
	32,000	3.88%, 03/10/22		7,836
	175,000	3.89%, 03/15/27		42,287
	92,000	3.90%, 11/16/27		22,314
	147,000	3.96%, 09/15/25		35,882
	25,000	4.05%, 09/30/21		6,134
	125,000	4.06%, 09/30/24		30,693
	150,000	4.16%, 07/15/21		36,853
	123,000	4.18%, 07/15/24		30,378
	130,000	4.23%, 06/30/31		31,836
	125,000	4.39%, 04/15/26		31,119
	125,000	4.50%, 04/15/30		31,585
	133,000	4.74%, 03/15/46		32,807
	130,000	4.76%, 04/07/37		33,324
				574,720
Mexico: 5.8%
		Mexican Bonos
MXN	664,000	5.75%, 03/05/26		30,730
	1,128,000	6.50%, 06/10/21		57,641
	1,150,000	6.50%, 06/09/22		58,071
	550,000	7.25%, 12/09/21		28,425
	1,190,100	7.50%, 06/03/27		60,389
	546,000	7.75%, 05/29/31		27,627
	477,000	7.75%, 11/23/34		23,747
	762,000	7.75%, 11/13/42		37,097
	936,900	8.00%, 06/11/20		49,289
	906,000	8.00%, 12/07/23		47,742
	520,000	8.50%, 05/31/29		28,007
	620,000	8.50%, 11/18/38		32,751
	1,095,000	10.00%, 12/05/24		62,941
	430,000	10.00%, 11/20/36		25,912
		Mexico Government International Bonds
USD	77,000	4.00%, 10/02/23		79,216
	75,000	4.75%, 03/08/44		73,875
	50,000	5.55%, 01/21/45		54,937
	60,000	6.05%, 01/11/40		68,925
				847,322

Principal Amount			Value
Nigeria: 1.0%
NGN	18,470,000	Nigeria Government Bonds 16.39%, 01/27/22	$	53,637
USD	100,000	Nigeria Government International Bonds 144A 6.50%, 11/28/27		98,599
				152,236
Oman: 0.8%
		Oman Government International Bonds 144A
	75,000	5.63%, 01/17/28		71,495
	50,000	6.75%, 01/17/48		45,474
				116,969
Panama: 0.3%
		Panama Government International Bonds
	20,000	3.88%, 12/17/27 (c)		20,748
	19,400	7.13%, 01/29/26		23,731
				44,479
Peru: 1.9%
		Peru Government Bonds
PEN	45,000	5.70%, 08/12/24		14,504
	90,000	6.35%, 08/12/28		29,616
	60,000	6.85%, 02/12/42		20,093
	60,000	6.90%, 08/12/37		20,273
	65,000	6.95%, 08/12/31		22,195
	55,000	8.20%, 08/12/26		20,026
		Peru Government Bonds Reg S 144A
	44,000	5.94%, 02/12/29		14,062
	70,000	6.15%, 08/12/32		22,303
		Peru Government International Bonds
USD	62,000	7.35%, 07/21/25		77,377
	25,000	8.75%, 11/21/33		38,813
				279,262
Philippines: 1.1%
		Philippine Government International Bonds
	50,000	5.00%, 01/13/37		58,995
	25,000	6.38%, 10/23/34		33,107
	25,000	9.50%, 02/02/30		38,511
	25,000	10.63%, 03/16/25		35,470
				166,083
Poland: 3.1%
		Republic of Poland Government Bonds
PLN	145,000	1.50%, 04/25/20		37,907
	180,000	1.75%, 07/25/21		47,152
	160,000	2.25%, 04/25/22		42,252
	70,000	2.50%, 01/25/23		18,600
	175,000	2.50%, 07/25/26		45,312
	175,000	2.50%, 07/25/27		44,585
	130,000	2.75%, 04/25/28		33,513
	130,000	3.25%, 07/25/25		35,275
	135,000	4.00%, 10/25/23		37,935
	110,000	5.25%, 10/25/20		30,270
	100,000	5.75%, 10/25/21		28,676
	120,000	5.75%, 09/23/22		35,176
	50,000	5.75%, 04/25/29		16,299
				452,952

See Notes to Financial Statements

26

Principal Amount			Value
Qatar: 0.9%
USD	100,000	Qatar Government International Bonds Reg S 6.40%, 01/20/40	$	130,627
Romania: 1.6%
		Romania Government Bonds
RON	60,000	2.25%, 02/26/20		14,021
	80,000	3.25%, 03/22/21		18,752
	80,000	3.40%, 03/08/22		18,618
	80,000	4.75%, 02/24/25		19,058
	60,000	5.80%, 07/26/27		15,084
	70,000	5.85%, 04/26/23		17,495
	70,000	5.95%, 06/11/21		17,275
		Romania Government International Bonds Reg S
EUR	25,000	2.75%, 10/29/25		30,318
	50,000	4.63%, 09/18/20		59,683
USD	25,000	4.88%, 01/22/24		26,668
				236,972
Russia: 3.4%
		Russian Federal Bonds
RUB	1,400,000	6.40%, 05/27/20		21,477
	700,000	6.50%, 02/28/24		10,308
	270,000	6.90%, 05/23/29		3,873
	2,000,000	7.00%, 12/15/21		30,585
	1,200,000	7.00%, 08/16/23		18,134
	2,000,000	7.05%, 01/19/28		29,315
	2,300,000	7.10%, 10/16/24		34,590
	2,400,000	7.40%, 12/07/22		36,942
	1,930,000	7.50%, 08/18/21		29,884
	2,600,000	7.70%, 03/23/33		38,767
	2,100,000	7.75%, 09/16/26		32,340
	2,080,000	8.15%, 02/03/27		32,768
	1,700,000	8.50%, 09/17/31		27,146
USD	50,000	Russian Federal Bonds 144A 5.00%, 04/29/20		51,016
		Russian Foreign Bonds Reg S
	18,750	7.50%, 03/31/30 (s)		20,946
	45,000	12.75%, 06/24/28 (p)		73,021
				491,112
Saudi Arabia: 0.3%
	50,000	Saudi Government International Bonds 144A 4.50%, 10/26/46		49,454
South Africa: 4.1%
		Republic of South Africa Government Bonds
ZAR	700,000	7.00%, 02/28/31		41,047
	550,000	7.75%, 02/28/23		38,418
	760,000	8.00%, 01/31/30		49,005
	600,000	8.25%, 03/31/32		38,460
	700,000	8.50%, 01/31/37		44,021
	720,000	8.75%, 01/31/44		45,362
	1,175,000	8.75%, 02/28/48		74,198
	550,000	8.88%, 02/28/35		36,118
	320,000	9.00%, 01/31/40		20,807
	1,050,000	10.50%, 12/21/26		81,048

Principal Amount			Value
South Africa: (continued)
		Republic of South Africa Government International Bonds
USD	50,000	4.30%, 10/12/28	$	46,719
	75,000	5.88%, 09/16/25		79,220
				594,423
Sri Lanka: 0.6%
		Sri Lanka Government International Bonds 144A
	50,000	5.75%, 04/18/23		49,163
	40,000	6.85%, 11/03/25		40,031
				89,194
Thailand: 3.7%
		Thailand Government Bonds
THB	1,300,000	1.88%, 06/17/22		40,700
	1,300,000	2.00%, 12/17/22		40,778
	1,400,000	2.13%, 12/17/26		43,168
	1,350,000	3.40%, 06/17/36		44,832
	1,593,000	3.63%, 06/16/23		53,033
	1,900,000	3.65%, 12/17/21		62,250
	1,300,000	3.65%, 06/20/31		44,613
	589,000	3.78%, 06/25/32		20,353
	1,250,000	3.85%, 12/12/25		42,929
	1,000,000	4.68%, 06/29/44		39,221
	1,400,000	4.88%, 06/22/29		52,753
	1,400,000	Thailand Government Bonds Reg S 4.26%, 12/12/37		49,814
				534,444
Turkey: 2.7%
		Turkey Government International Bonds
USD	60,000	5.63%, 03/30/21		59,269
	50,000	6.00%, 03/25/27		45,128
	90,000	6.88%, 03/17/36		80,788
TRY	170,000	7.10%, 03/08/23		17,543
USD	80,000	7.38%, 02/05/25		79,312
TRY	170,000	8.00%, 03/12/25		17,144
	100,000	9.20%, 09/22/21		12,857
	130,000	10.50%, 08/11/27		14,155
	215,000	10.60%, 02/11/26		24,491
	100,000	10.70%, 08/17/22		12,262
	130,000	11.00%, 03/02/22		16,456
	110,000	12.40%, 03/08/28		13,360
				392,765
United Arab Emirates: 0.8%
		Abu Dhabi Government International Bonds 144A
USD	50,000	2.50%, 10/11/22		49,567
	65,000	3.13%, 10/11/27		64,724
				114,291
Uruguay: 0.7%
	77,000	Uruguay Government International Bonds 4.50%, 08/14/24		80,465

See Notes to Financial Statements

27

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Uruguay: (continued)
		Uruguay Government International Bonds Reg S
UYU	370,000	8.50%, 03/15/28	$	9,139
	300,000	9.88%, 06/20/22		8,599
				98,203
Total Foreign Government Obligations (Cost: $9,867,460)				9,541,620
Number of Shares
MONEY MARKET FUND: 0.0% (Cost: $5,369)
	5,369	Dreyfus Government Cash Management Fund – Institutional Shares		5,369
Total Investments Before Collateral for Securities Loaned: 98.5% (Cost: $14,585,230)				14,335,964

Principal Amount			Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0% (Cost: $143,940)
Repurchase Agreements: 1.0%
USD	143,940	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.75%, due 5/1/19, proceeds $143,951; (collateralized by various U.S. government and agency obligations, 0.00% to 2.13%, due 5/9/19 to 9/30/21, valued at $146,819 including accrued interest)	$	143,940
Total Investments: 99.5% (Cost: $14,729,170)				14,479,904
Other assets less liabilities: 0.5%				77,850
NET ASSETS: 100.0%			$	14,557,754

Definitions:
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Sheqel
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $138,627.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,658,179, or 11.4% of net assets.

See Notes to Financial Statements

28

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.9	%	$	562,461
Communications		4.0			568,063
Consumer, Non-cyclical		2.5			351,916
Diversified		2.5			363,996
Energy		9.2			1,325,259
Financial		8.2			1,168,805
Government		66.6			9,541,620
Industrial		0.7			103,250
Utilities		2.4			345,225
Money Market Fund		0.0			5,369
		100.0	%	$	14,335,964

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	4,788,975		$	—	$	4,788,975
Foreign Government Obligations*		—		9,541,620			—		9,541,620
Money Market Fund		5,369		—			—		5,369
Repurchase Agreements		—		143,940			—		143,940
Total	$	5,369	$	14,474,535		$	—	$	14,479,904

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

29

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 92.5%
Argentina: 4.3%
$	350,000	Aeropuertos Argentina 2000 SA 144A 6.88%, 02/06/22 (c)	$	322,000
	550,000	AES Argentina Generacion SA 144A 7.75%, 02/02/21 (c)		440,688
	475,000	Agua y Saneamientos Argentinos SA 6.63%, 02/01/21 (c)		304,000
	450,000	Arcor SAIC 144A 6.00%, 07/06/20 (c)		423,023
	350,000	Banco Macro SA 144A 6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/21 (c)		276,504
	450,000	Cablevision SA 144A 6.50%, 06/15/19 (c)		427,500
	300,000	Capex SA 6.88%, 05/15/21 (c)		235,875
	300,000	Cia General de Combustibles SA 9.50%, 11/07/19 (c)		260,100
	400,000	Cia Latinoamericana de Infraestructura & Servicios SA 144A 9.50%, 07/20/20 (c)		274,036
	300,000	Generacion Mediterranea SA 9.63%, 07/27/20 (c)		232,503
	450,000	Genneia SA 144A 8.75%, 01/20/20 (c)		358,650
	300,000	IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/20 (c)		279,000
		Pampa Energia SA 144A
	400,000	7.38%, 07/21/20 (c) †		362,000
	700,000	7.50%, 01/24/22 (c)		596,750
	470,000	Pan American Energy LLC 7.88%, 05/07/21		468,825
	550,000	Rio Energy SA / UGEN SA / UENSA SA 6.88%, 02/01/22 (c)		360,250
	500,000	Tecpetrol SA 144A 4.88%, 12/12/20 (c)		451,875
	500,000	Transportadora de Gas del Sur SA 144A 6.75%, 05/02/22 (c)		455,000
		YPF SA 144A
	930,000	6.95%, 07/21/27		794,173
	675,000	7.00%, 06/15/47 (c)		525,656
	950,000	8.50%, 03/23/21 †		931,427
	1,300,000	8.50%, 07/28/25		1,194,375
	1,200,000	8.75%, 04/04/24 †		1,156,200
				11,130,410
Austria: 0.2%
	100,000	BRF GmbH 144A 4.35%, 09/29/26		92,110
	200,000	JBS Investments GmbH 144A 7.25%, 05/31/19 (c)		207,970
	300,000	JBS Investments II GmbH 144A 7.00%, 01/15/22 (c)		312,900
				612,980
Azerbaijan: 1.4%
	950,000	International Bank of Azerbaijan OJSC Reg S 3.50%, 09/01/24		843,125
	1,875,000	Southern Gas Corridor CJSC 144A 6.88%, 03/24/26		2,121,358

Principal Amount			Value
Azerbaijan: (continued)
$	700,000	State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30	$	795,837
				3,760,320
Bahrain: 0.8%
		Oil and Gas Holding Co. BSCC 144A
	875,000	7.50%, 10/25/27		935,738
	500,000	7.63%, 11/07/24		545,000
	500,000	8.38%, 11/07/28		565,681
				2,046,419
Bermuda: 1.9%
	400,000	China Oil & Gas Group Ltd. Reg S 4.63%, 04/20/20 (c)		392,726
	200,000	Cosan Ltd. 5.95%, 09/20/20 (c)		205,650
	712,000	Digicel Group One Ltd. 144A 8.25%, 12/30/20 (c)		474,192
		Digicel Group Two Ltd. 144A
	673,000	8.25%, 09/30/20 (c)		265,835
	1,205,132	9.13% 05/31/19 (c) †		391,668
		Digicel Ltd. 144A
	1,125,000	6.00%, 05/31/19 (c) †		998,437
	900,000	6.75%, 05/16/19 (c) †		641,880
	400,000	GCL New Energy Holdings Ltd. 7.10%, 01/30/21		353,474
	300,000	Geopark Ltd. 144A 6.50%, 09/21/21 (c)		304,500
	600,000	Inkia Energy Ltd. 144A 5.88%, 11/09/22 (c)		603,606
	500,000	Li & Fung Ltd. Reg S 5.25%, 11/03/21 (c)		386,189
				5,018,157
Brazil: 4.8%
	200,000	B3 SA - Brasil Bolsa Balcao 5.50%, 07/16/20		206,100
		Banco Bradesco SA 144A
	350,000	5.75%, 03/01/22		370,479
	600,000	5.90%, 01/16/21		623,700
	75,000	Banco BTG Pactual SA 144A 5.75%, 09/28/22		76,253
	300,000	Banco BTG Pactual SA Reg S 5.75%, 09/28/22		305,010
	1,100,000	Banco do Brasil SA 3.88%, 10/10/22		1,098,625
		Banco do Brasil SA 144A
	730,000	5.88%, 01/26/22 †		764,317
	200,000	5.88%, 01/19/23		211,752
	400,000	8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (c)		427,380
		Banco do Brasil SA/Cayman
	200,000	4.63%, 01/15/25 †		202,650
	200,000	5.38%, 01/15/21		205,150
	200,000	Banco do Brasil SA/Cayman 144A 4.75%, 03/20/24		204,440
	50,000	Banco do Estado do Rio Grande do Sul SA 144A 7.38%, 02/02/22		52,788
	200,000	Banco do Estado do Rio Grande do Sul SA Reg S 7.38%, 02/02/22		211,152

See Notes to Financial Statements

30

Principal Amount			Value
Brazil: (continued)
		Banco Nacional de Desenvolvimento Economico e Social 144A
$	400,000	4.75%, 05/09/24	$	411,504
	410,000	5.50%, 07/12/20		423,526
	400,000	Banco Safra SA 144A 6.75%, 01/27/21		420,004
	550,000	BRF SA 144A 4.75%, 05/22/24 †		532,125
	200,000	Caixa Economica Federal 144A 3.50%, 11/07/22		199,552
	560,000	Cemig Geracao e Transmissao SA 9.25%, 12/05/23 (c)		616,532
	660,000	Centrais Eletricas Brasileiras SA 144A 5.75%, 10/27/21		684,839
	300,000	Cia Brasileira de Aluminio 4.75%, 06/17/24 †		312,000
	200,000	Cia de Saneamento Basico do Estado de Sao Paulo Reg S 6.25%, 05/30/19 (c)		201,502
	425,000	Cielo SA 144A 3.75%, 11/16/22 †		418,880
		Globo Comunicacao e Participacoes SA
	150,000	4.84%, 03/08/25 (c) †		149,102
	150,000	4.88%, 04/11/22		153,152
	200,000	Itau Unibanco Holding SA 6.20%, 12/21/21		212,202
		Itau Unibanco Holding SA 144A
	1,200,000	5.13%, 05/13/23		1,253,100
	1,050,000	5.75%, 01/22/21		1,088,556
	200,000	Light Servicos de Eletricidade SA/Light Energia SA 144A 7.25%, 05/03/21 (c)		203,500
	300,000	Natura Cosmeticos SA 5.38%, 02/01/21 (c)		303,750
				12,543,622
British Virgin Islands: 4.4%
	350,000	Arcos Dorados Holdings, Inc. 144A 6.63%, 09/27/23		374,938
	350,000	Baoxin Auto Finance I Ltd. Reg S 5.63% (US Treasury Yield Curve Rate T 3 Year+8.91%), 10/30/20 (c)		334,221
	500,000	Central American Bottling Corp. 144A 5.75%, 01/31/22 (c)		515,000
		Easy Tactic Ltd. Reg S
	700,000	5.75%, 01/13/20 (c)		684,482
	200,000	7.00%, 04/25/20 (c)		202,697
	300,000	8.75%, 01/10/21		311,546
	1,200,000	Fortune Star BVI Ltd. Reg S 5.25%, 03/23/20 (c)		1,184,122
	400,000	Franshion Brilliant Ltd. Reg S 5.75% (USD Swap Semi 30/360 5 Year+3.86%), 01/17/22 (c)		384,001
	825,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20		837,540
	200,000	Greenland Global Investment Ltd. 5.25%, 02/12/21		198,106
		Greenland Global Investment Ltd. Reg S
	450,000	4.85%, 08/17/20		446,387
	350,000	5.88%, 07/03/24		329,609

Principal Amount			Value
British Virgin Islands: (continued)
$	250,000	Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/21 (c)	$	266,875
	300,000	Lai Fung Bonds 2018 Ltd. 5.65%, 01/18/23		284,870
	425,000	LS Finance 2022 Ltd. Reg S 4.25%, 10/16/22		421,974
	400,000	New Metro Global Ltd. Reg S 6.50%, 04/23/20 (c)		402,913
	220,000	Prime Bloom Holdings Ltd. 6.95%, 07/05/20 (c)		189,200
	200,000	RKI Overseas Finance 2016 B Ltd. Reg S 4.70%, 09/06/19 (c)		197,496
	250,000	RKI Overseas Finance 2017 A Ltd. 7.00%, 06/23/22 (c)		212,856
	200,000	RKP Overseas Finance 2016 A Ltd. Reg S 7.95%, 02/17/22 (c)		183,973
		Scenery Journey Ltd. Reg S
	500,000	11.00%, 11/06/20 †		520,890
	300,000	13.75%, 11/06/21 (c)		322,932
	400,000	Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (c) †		351,092
	526,900	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/26 (c)		525,916
	900,000	Studio City Co. Ltd. 144A 7.25%, 05/31/19 (c)		931,500
	500,000	Studio City Finance Ltd. 144A 7.25%, 02/11/21 (c)		523,000
	300,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		305,682
	200,000	Zhongrong International Resources Co. Ltd. Reg S 7.25%, 10/26/20		140,083
				11,583,901
Canada: 2.2%
	200,000	Canacol Energy Ltd. 144A 7.25%, 05/03/22 (c)		200,750
	800,000	First Quantum Minerals Ltd. 6.88%, 03/01/21 (c)		748,000
		First Quantum Minerals Ltd. 144A
	800,000	6.50%, 09/01/20 (c)		758,000
	800,000	7.25%, 05/31/19 (c) †		812,000
	1,000,000	7.25%, 10/01/19 (c)		991,250
	1,050,000	7.50%, 04/01/20 (c) †		1,018,500
	300,000	Frontera Energy Corp. 144A 9.70%, 06/25/21 (c)		320,625
	200,000	St. Marys Cement, Inc. Canada 5.75%, 10/28/26 (c)		213,250
	185,101	Stoneway Capital Corp. 10.00%, 03/01/22 (c)		159,187
	400,000	Vale Canada Ltd. 7.20%, 09/15/32		442,044
				5,663,606

See Notes to Financial Statements

31

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Cayman Islands: 12.6%
$	300,000	361 Degrees International Ltd. Reg S 7.25%, 06/03/19 (c) †	$	267,711
		Agile Group Holdings Ltd. Reg S
	200,000	8.50%, 07/18/20 (c)		212,692
	400,000	9.00%, 05/30/19 (c)		411,763
	300,000	Agricola Senior Trust 144A 6.75%, 06/18/20		308,625
	700,000	Alpha Star Holding III Ltd. 6.25%, 04/20/22		670,628
	200,000	Alpha Star Holding V Ltd. Reg S 6.63%, 04/18/23		189,347
	400,000	Batelco International Finance No. 1 Ltd. Reg S 4.25%, 05/01/20		398,905
	200,000	CAR, Inc. 6.00%, 06/03/19 (c)		195,180
	300,000	Cementos Progreso Trust 144A 7.13%, 06/17/19 (c) †		311,250
		Central China Real Estate Ltd. Reg S
	200,000	6.50%, 03/05/21		200,477
	275,000	8.75%, 05/30/19 (c)		286,273
		CFLD Cayman Investment Ltd. Reg S
	400,000	6.50%, 12/21/20		400,975
	200,000	8.63%, 02/28/21		206,215
	300,000	9.00%, 07/31/21		311,226
	200,000	China Aoyuan Group Ltd. Reg S 7.95%, 09/07/20 (c) (p)		207,567
	300,000	China Aoyuan Property Group Ltd. Reg S 7.50%, 05/10/20 (c)		308,205
		China Evergrande Group Reg S
	850,000	7.50%, 06/28/20 (c) †		780,106
	1,625,000	8.75%, 06/28/21 (c)		1,487,089
	500,000	9.50%, 03/29/21 (c)		479,114
	700,000	China SCE Property Holdings Ltd. Reg S 5.88%, 03/10/20 (c) †		684,505
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	5.50%, 01/23/20 (c)		196,165
	200,000	6.88%, 04/23/20 (c)		204,171
	700,000	7.75%, 05/30/19 (c)		715,393
	825,000	Comcel Trust 144A 6.88%, 05/31/19 (c)		856,453
		Country Garden Holdings Co. Ltd. Reg S
	600,000	4.75%, 09/28/20 (c) †		579,139
	300,000	5.63%, 12/15/21 (p)		299,685
	500,000	Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23		478,599
	400,000	Emirates Reit Sukuk Ltd. Reg S 5.13%, 12/12/22 †		388,389
	400,000	Energuate Trust 144A 5.88%, 05/03/22 (c)		401,000
	800,000	Ezdan Sukuk Co. Ltd. Reg S 4.38%, 05/18/21		717,952
		Fantasia Holdings Group Co. Ltd. Reg S
	500,000	7.38%, 10/04/19 (c) †		452,928
	200,000	15.00%, 12/18/20 (p)		211,265

Principal Amount			Value
Cayman Islands: (continued)
$	200,000	Future Land Development Holdings Ltd. Reg S 6.50%, 09/12/20	$	201,892
	600,000	Global A&T Electronics Ltd. 8.50%, 05/30/19 (c) †		577,202
	300,000	Gol Finance, Inc. 7.00%, 01/31/22 (c) †		286,500
	400,000	Greentown China Holdings Ltd. Reg S 5.88%, 05/30/19 (c)		404,536
	950,000	Grupo Aval Ltd. 144A 4.75%, 09/26/22		969,950
	400,000	Industrial Senior Trust 144A 5.50%, 11/01/22		406,000
	400,000	Jingrui Holdings Ltd. Reg S 9.45%, 04/23/21		386,347
	400,000	King Talent Management Ltd. Reg S 5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (c)		357,934
	200,000	KWG Group Holdings Ltd. Reg S 7.88%, 08/09/20 (c)		207,767
		KWG Property Holding Ltd. Reg S
	200,000	5.88%, 11/10/21 (c)		186,131
	300,000	6.00%, 03/15/20 (c)		296,338
	500,000	Lamar Funding Ltd. 144A 3.96%, 05/07/25		439,916
	800,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		703,865
		Latam Finance Ltd. 144A
	700,000	6.88%, 04/11/21 (c)		723,268
	400,000	7.00%, 03/01/23 (c)		410,500
	200,000	Logan Property Holdings Co. Ltd. 5.25%, 05/23/20 (c)		190,154
	400,000	Logan Property Holdings Co. Ltd. Reg S 6.88%, 04/24/20 (c)		406,341
		MAF Global Securities Ltd. Reg S
	550,000	5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c)		533,721
	300,000	6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 03/20/26 (c)		282,066
		Melco Resorts Finance Ltd. 144A
	900,000	4.88%, 06/06/20 (c)		901,815
	400,000	5.25%, 04/26/22 (c)		399,642
	200,000	Modern Land China Co. Ltd. Reg S 7.95%, 03/05/21		188,559
		Mumtalakat Sukuk Holding Co. Reg S
	500,000	4.00%, 11/25/21		488,288
	800,000	5.63%, 02/27/24		806,346
	300,000	NagaCorp Ltd. 144A 9.38%, 05/21/20 (c)		314,394
	300,000	NMC Healthcare Sukuk Ltd. Reg S 5.95%, 11/21/23		312,357
	157,547	Odebrecht Offshore Drilling Finance Ltd. 6.72%, 12/01/21 (c)		150,851
	200,000	Powerlong Real Estate Holdings Ltd. 6.95%, 04/17/21		200,072
	400,000	Ronshine China Holdings Ltd. 8.25%, 02/01/20 (p) †		407,476
	250,000	Sagicor Finance 2015 Ltd. 144A 8.88%, 08/11/19 (c)		264,063

See Notes to Financial Statements

32

Principal Amount			Value
Cayman Islands: (continued)
$	700,000	Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/21 (c)	$	689,500
	450,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/20 (c)		450,809
	400,000	Sunac China Holdings Ltd. 6.88%, 08/08/20		404,712
		Sunac China Holdings Ltd. Reg S
	600,000	7.95%, 08/08/20 (c) †		613,680
	300,000	8.38%, 01/15/21		310,082
	300,000	Termocandelaria Power Ltd. 144A 7.88%, 01/30/23 (c)		318,378
	800,000	Times Property Holdings Ltd. Reg S 6.60%, 11/30/20 (c)		789,813
	550,000	WTT Investment Ltd./Hong Kong 144A 5.50%, 11/21/20 (c)		563,581
		Wynn Macau Ltd. 144A
	500,000	4.88%, 10/01/20 (c)		495,000
	700,000	5.50%, 10/01/22 (c)		689,500
		Yuzhou Properties Co. Ltd. Reg S
	500,000	6.00%, 01/25/20 (c)		490,663
	400,000	7.90%, 05/11/20 (c)		411,939
	200,000	8.63%, 01/23/22		209,064
	200,000	Zhenro Properties Group Ltd. Reg S 12.50%, 01/02/21		212,783
				32,872,787
Chile: 0.7%
	400,000	AES Gener SA 144A 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 04/06/24 (c)		419,400
	500,000	CorpGroup Banking SA 144A 6.75%, 05/31/19 (c)		499,860
	500,000	Empresa Electrica Guacolda SA 4.56%, 01/30/25 (c)		473,215
	500,000	Latam Airlines Group SA 144A 7.25%, 06/09/20		522,250
				1,914,725
China / Hong Kong: 2.0%
	200,000	Agile Group Holdings Ltd. Reg S 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (c) †		194,654
	650,000	Bank of East Asia Ltd. 5.50% (US Treasury Yield Curve Rate T 5 Year+3.83%), 12/02/20 (c)		654,759
	1,050,000	China Cinda Asset Management Co. Ltd. Reg S 4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (c)		1,027,687
	600,000	China CITIC Bank International Ltd. Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (c)		570,728
	500,000	CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (c)		522,112
	200,000	Full Dragon Hong Kong International Development Ltd. Reg S 5.60%, 02/14/21		198,479

Principal Amount			Value
China / Hong Kong: (continued)
$	450,000	ICBC Asia Ltd. Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c)	$	446,612
	1,100,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c)		1,069,738
	200,000	Qinghai Provincial Investment Group Co. Ltd. Reg S 6.40%, 07/10/21		168,975
	200,000	Yanlord Land HK Co. Ltd. Reg S 5.88%, 01/23/20 (c) †		202,664
	200,000	Zoomlion HK SPV Co. Ltd. 144A 6.13%, 12/20/22		198,500
				5,254,908
Colombia: 2.0%
	550,000	Banco Davivienda SA 144A 5.88%, 07/09/22		584,380
	400,000	Banco de Bogota SA 6.25%, 05/12/26		438,200
	1,175,000	Banco de Bogota SA 144A 5.38%, 02/19/23 †		1,227,875
	300,000	Banco GNB Sudameris SA 6.50% (US Treasury Yield Curve Rate T 5 Year+4.56%), 04/03/22 (c)		313,125
		Bancolombia SA
	700,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		712,250
	900,000	5.13%, 09/11/22 †		938,250
	700,000	Colombia Telecomunicaciones SA ESP 144A 5.38%, 05/31/19 (c)		713,132
	300,000	Credivalores-Crediservicios SAS 9.75%, 07/27/20 (c)		291,750
				5,218,962
Costa Rica: 0.4%
	200,000	Banco Nacional de Costa Rica 5.88%, 04/25/21		202,250
	800,000	Banco Nacional de Costa Rica 144A 6.25%, 11/01/23		812,500
				1,014,750
Croatia: 0.3%
	600,000	Hrvatska Elektroprivreda 144A 5.88%, 10/23/22		645,418
Curacao: 0.3%
	450,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		421,054
	300,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		294,883
				715,937
Dominican Republic: 0.2%
	300,000	Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 04/01/24 (c)		315,105
	300,000	Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23		310,500
				625,605

See Notes to Financial Statements

33

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Ecuador: 0.2%
$	400,000	Petroamazonas EP 144A 4.63%, 11/06/20	$	397,408
Georgia: 0.4%
	400,000	Bank of Georgia JSC 144A 6.00%, 07/26/23		408,078
	200,000	Georgia Capital JSC 144A 6.13%, 03/09/24		190,100
	500,000	Georgian Railway JSC 144A 7.75%, 07/11/22		537,865
				1,136,043
India: 1.5%
	500,000	Delhi International Airport Pvt Ltd. 144A 6.13%, 10/31/26		518,050
		GMR Hyderabad International Airport Ltd. 144A
	300,000	4.25%, 10/27/27		270,003
	200,000	5.38%, 04/10/24		199,244
	400,000	HPCL-Mittal Energy Ltd. Reg S 5.25%, 04/28/27		391,028
	500,000	IDBI Bank Ltd. 4.25%, 11/30/20		500,954
	900,000	JSW Steel Ltd. 5.25%, 04/13/22		906,131
	700,000	ReNew Power Synthetic 144A 6.67%, 03/12/21 (c)		708,749
	500,000	Shriram Transport Finance Co. Ltd. 144A 5.95%, 10/24/22		500,968
				3,995,127
Indonesia: 0.6%
	300,000	ABM Investama Tbk PT 144A 7.13%, 08/01/20 (c)		295,742
	360,000	Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/13/20 (c)		376,943
	320,000	Chandra Asri Petrochemical Tbk PT 4.95%, 11/08/21 (c)		303,644
	200,000	Delta Merlin Dunia Tekstil PT 144A 8.63%, 03/12/22 (c)		206,276
	500,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		495,354
				1,677,959
Ireland: 3.1%
	925,000	Alfa Bank OJSC 144A 7.75%, 04/28/21		991,832
	750,000	Bank Otkritie Financial Corp. OJSC Reg S 10.00%, 12/17/19 (d) # ∞ *		0
	300,000	Borets Finance DAC 144A 6.50%, 04/07/22		303,402
		Credit Bank of Moscow Via CBOM Finance Plc 144A
	350,000	5.55%, 02/14/23		338,935
	550,000	5.88%, 11/07/21		546,082
	300,000	7.12%, 06/25/24		298,038
	700,000	Eurochem Finance DAC 144A 5.50%, 03/13/24		710,059
	200,000	Eurotorg LLC via Bonitron DAC 144A 8.75%, 10/30/22		208,150

Principal Amount			Value
Ireland: (continued)
		GTLK Europe DAC Reg S
$	600,000	5.13%, 05/31/24	$	593,487
	400,000	5.95%, 07/19/21		410,552
	600,000	Hacienda Investments Ltd. Via DME Airport DAC 5.08%, 02/15/23		601,737
	400,000	Koks OAO Via Koks Finance DAC 144A 7.50%, 05/04/22		411,816
	800,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		801,124
	550,000	Mobile Telesystems OJSC 144A 5.00%, 05/30/23		559,773
	200,000	MTS International Funding Ltd. 8.63%, 06/22/20		211,477
	900,000	SCF Capital Ltd. 144A 5.38%, 06/16/23		927,140
	300,000	Sibur Securities DAC 144A 4.13%, 10/05/23		295,814
				8,209,418
Kazakhstan: 1.5%
		Halyk Savings Bank of Kazakhstan JSC 144A
	476,206	5.50%, 05/31/19 (c)		479,056
	500,000	7.25%, 01/28/21		526,259
		KazMunayGas National Co. JSC 144A
	500,000	3.88%, 04/19/22		506,287
	300,000	4.40%, 04/30/23		308,258
	1,000,000	4.75%, 04/19/27		1,037,352
	1,100,000	5.75%, 04/19/47		1,154,320
				4,011,532
Kuwait: 0.1%
	300,000	Al Ahli Bank of Kuwait KSCP Reg S 7.25% (USD Swap Semi 30/360 5 Year+4.17%), 09/26/23 (c)		310,449
Luxembourg: 4.7%
	500,000	Adecoagro SA 144A 6.00%, 09/21/22 (c)		467,250
	200,000	Atento Luxco 1 SA 6.13%, 08/10/19 (c) †		202,558
	300,000	Avation Capital SA 144A 6.50%, 05/15/20 (c)		301,500
	550,000	Consolidated Energy Finance SA 6.88%, 06/15/20 (c)		569,250
	400,000	Consolidated Energy Finance SA 144A 6.50%, 05/15/21 (c)		410,000
	300,000	Cosan Luxembourg SA 144A 7.00%, 01/20/22 (c)		318,150
	300,000	CSN Resources SA 7.63%, 02/13/21 (c)		306,750
	500,000	CSN Resources SA 144A 6.50%, 07/21/20 †		510,000
	300,000	Gilex Holding Sarl 144A 8.50%, 05/02/21 (c)		319,200
	200,000	Hidrovias International Finance SARL 144A 5.95%, 01/24/22 (c)		199,390
	200,000	JSL Europe SA 144A 7.75%, 07/26/21 (c)		200,552

See Notes to Financial Statements

34

Principal Amount			Value
Luxembourg: (continued)
$	400,000	Kernel Holding SA 144A 8.75%, 01/31/22	$	410,498
	500,000	Klabin Finance SA 144A 4.88%, 09/19/27		488,630
	550,000	MHP Lux SA 144A 6.95%, 04/03/26		526,666
	100,000	Minerva Luxembourg SA 5.88%, 01/19/23 (c)		93,258
	550,000	Minerva Luxembourg SA 144A 6.50%, 09/20/21 (c)		545,600
	590,000	Offshore Drilling Holding SA 144A 8.38%, 05/31/19 (c)		275,825
	400,000	Offshore Drilling Holding SA Reg S 8.38%, 05/30/19 (c)		187,000
	1,200,000	Puma International Financing SA 144A 5.00%, 01/24/21 (c)		1,043,556
	200,000	Rede D’or Finance Sarl 4.95%, 10/17/27 (c)		189,000
	500,000	Rumo Luxembourg Sarl 144A 7.38%, 02/09/21 (c)		535,600
	1,850,000	Sberbank of Russia 144A 5.13%, 10/29/22		1,891,209
	400,000	Topaz Marine SA 144A 9.13%, 07/26/19 (c)		409,116
	300,000	Ultrapar International SA 144A 5.25%, 10/06/26		307,839
	300,000	Vm Holding SA 144A 5.38%, 02/04/27 (c)		312,825
	1,265,000	VTB Bank SA 144A 6.95%, 10/17/22		1,322,140
				12,343,362
Malaysia: 0.1%
	300,000	Press Metal Labuan Ltd. Reg S 4.80%, 10/30/20 (c)		295,605
Marshall Islands: 0.1%
	350,000	Navios South American Logistics, Inc. 144A 7.25%, 05/31/19 (c)		322,875
Mauritius: 1.4%
	375,000	Azure Power Energy Ltd. 144A 5.50%, 08/03/20 (c)		372,358
	500,000	Greenko Investment Co. 144A 4.88%, 08/16/19 (c)		477,012
	300,000	HT Global IT Solutions Holdings Ltd. 144A 7.00%, 05/31/19 (c)		309,600
	550,000	HTA Group Ltd. 144A 9.13%, 05/16/19 (c)		575,981
		MTN Mauritius Investments Ltd. 144A
	600,000	4.76%, 11/11/24		581,230
	500,000	5.37%, 02/13/22		507,085
	400,000	6.50%, 10/13/26		412,748
	500,000	Neerg Energy Ltd. 144A 6.00%, 02/13/20 (c)		495,662
				3,731,676
Mexico: 3.6%
	500,000	Axtel SAB de CV 144A 6.38%, 11/14/20 (c)		505,625

Principal Amount			Value
Mexico: (continued)
$	900,000	BBVA Bancomer SA 144A 5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/17/28 (c)	$	856,125
	300,000	Cemex SAB de CV 6.13%, 05/05/20 (c)		313,650
		Cemex SAB de CV 144A
	1,200,000	5.70%, 01/11/20 (c)		1,234,812
	900,000	7.75%, 04/16/21 (c) †		985,500
	500,000	Credito Real SAB de CV 144A 7.25%, 07/20/20 (c)		520,875
	200,000	Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/23 (c)		216,350
	300,000	Cydsa SAB de CV 144A 6.25%, 10/04/22 (c)		295,878
	360,000	Elementia SAB de CV 144A 5.50%, 01/15/20 (c)		348,300
	600,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (c)		621,852
	300,000	Grupo Idesa SA de CV 144A 7.88%, 05/31/19 (c)		226,500
	385,000	Grupo KUO SAB De CV 144A 5.75%, 07/07/22 (c)		371,048
	400,000	Grupo Posadas SAB de CV 144A 7.88%, 06/30/19 (c)		397,004
	350,000	Metalsa SA de CV 144A 4.90%, 04/24/23		353,500
	400,000	Nemak SAB de CV 144A 4.75%, 01/23/21 (c)		395,000
	300,000	Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/21 (c)		298,125
	450,000	TV Azteca SAB de CV Reg S 8.25%, 08/09/21 (c)		439,875
		Unifin Financiera SA de CV 144A
	400,000	7.00%, 07/15/21 (c)		382,680
	500,000	7.25%, 09/27/20 (c)		506,875
	100,000	Unifin Financiera SAB de CV SOFOM ENR 7.38%, 02/12/22 (c)		95,125
				9,364,699
Mongolia: 0.3%
	200,000	Mongolian Mining Corp./Energy Resources LLC 144A 9.25%, 04/15/21 (c)		203,284
	500,000	Trade & Development Bank of Mongolia LLC 144A 9.38%, 05/19/20		520,208
				723,492
Netherlands: 8.9%
	470,000	Ajecorp BV 144A 6.50%, 05/31/19 (c)		412,425
	200,000	Cimpor Financial Operations BV 144A 5.75%, 07/17/19 (c) †		176,502
	575,000	EA Partners I BV Reg S 6.88%, 09/28/20		336,968
	1,000,000	Greenko Dutch BV 144A 5.25%, 07/24/20 (c)		977,570

See Notes to Financial Statements

35

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Netherlands: (continued)
$	550,000	GTH Finance BV 144A 7.25%, 01/26/23 (c)	$	597,076
	800,000	IHS Netherlands Holdco BV 144A 9.50%, 05/31/19 (c)		832,034
	655,000	Indo Energy Finance II BV 144A 6.38%, 05/31/19 (c)		655,874
	200,000	Jababeka International BV 6.50%, 10/05/20 (c)		189,605
	1,000,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 †		1,182,688
	600,000	Listrindo Capital BV 144A 4.95%, 09/14/21 (c)		581,400
	900,000	Marfrig Holding Europe BV 144A 8.00%, 06/08/19 (c)		938,475
		Metinvest BV 144A
	950,000	7.75%, 01/23/23 (c)		933,292
	550,000	8.50%, 01/23/26 (c)		541,969
	850,000	Nostrum Oil & Gas Finance BV 144A 8.00%, 07/25/19 (c)		610,763
		Petrobras Global Finance BV
	342,000	4.38%, 05/20/23 †		345,249
	700,000	5.30%, 01/27/25		719,950
	200,000	5.75%, 02/01/29		201,000
	600,000	6.00%, 01/27/28		615,420
	650,000	6.25%, 03/17/24		701,480
	250,000	6.85%, 06/05/15		245,263
	100,000	6.88%, 01/20/40		103,000
	700,000	7.38%, 01/17/27		781,200
	380,000	8.75%, 05/23/26		456,224
		Teva Pharmaceutical Finance Netherlands III BV
	1,550,000	2.20%, 07/21/21		1,489,926
	1,650,000	2.80%, 07/21/23		1,502,065
	1,775,000	3.15%, 10/01/26		1,490,401
	1,040,000	4.10%, 10/01/46		740,140
	650,000	6.00%, 01/15/24 (c)		661,791
	750,000	6.75%, 12/01/27 (c)		773,176
		VEON Holdings BV
	600,000	3.95%, 03/16/21 (c)		599,760
	350,000	7.50%, 03/01/22		386,169
		VEON Holdings BV 144A
	600,000	4.95%, 03/16/24 (c)		610,644
	500,000	5.95%, 02/13/23		522,710
	1,176,000	VTR Finance BV 144A 6.88%, 05/13/19 (c)		1,221,570
				23,133,779
Nigeria: 0.7%
	200,000	Access Bank Plc 144A 10.50%, 10/19/21		218,706
	400,000	Fidelity Bank Plc 144A 10.50%, 10/16/22		422,187
	400,000	SEPLAT Petroleum Development Co. Plc 144A 9.25%, 04/01/20 (c)		418,000
	400,000	United Bank for Africa Plc 144A 7.75%, 06/08/22		415,411
	400,000	Zenith Bank Plc 144A 7.38%, 05/30/22 †		419,000
				1,893,304

Principal Amount			Value
Oman: 0.6%
		Bank Muscat SAOG Reg S
$	400,000	3.75%, 05/03/21	$	394,045
	500,000	4.88%, 03/14/23 †		495,650
	350,000	Mazoon Assets Co SAOC 144A 5.20%, 11/08/27		320,529
	300,000	National Bank of Oman SAOG Reg S 5.63%, 09/25/23		300,573
				1,510,797
Panama: 0.4%
	375,000	AES El Salvador Trust II 144A 6.75%, 05/31/19 (c)		364,219
	300,000	AES Panama SRL 144A 6.00%, 06/25/19 (c)		309,975
	450,000	Avianca Holdings SA 144A 8.38%, 05/31/19 (c)		446,738
				1,120,932
Paraguay: 0.1%
	200,000	Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/22 (c)		206,500
Peru: 1.1%
	193,529	Fenix Power Peru SA 144A 4.32%, 06/20/27 (c)		191,836
	300,000	Inretail Pharma SA 144A 5.38%, 05/02/21 (c)		314,250
	500,000	Minsur SA 144A 6.25%, 02/07/24		545,850
	300,000	Nexa Resources Peru SAA 144A 4.63%, 03/28/23		309,000
	400,000	Orazul Energy Egenor S. en C. por A. 144A 5.63%, 04/28/22 (c)		397,500
	400,000	Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A 5.75%, 04/03/23 (c)		421,000
	200,000	SAN Miguel Industrias Pet SA 144A 4.50%, 09/18/20 (c)		202,600
	530,000	Volcan Cia Minera SAA 144A 5.38%, 02/02/22		548,550
				2,930,586
Russia: 0.4%
	200,000	Global Ports Finance Plc 6.87%, 01/25/22		207,796
	400,000	Global Ports Finance Plc 144A 6.50%, 09/22/23		416,937
	525,000	MHP SE 7.75%, 05/10/24		532,297
				1,157,030
Saint Lucia: 0.2%
	400,000	Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/21 (c)		401,128
Saudi Arabia: 0.2%
	400,000	Dar Al-Arkan Sukuk Co. Ltd. 6.88%, 04/10/22		393,096

See Notes to Financial Statements

36

Principal Amount			Value
Singapore: 2.3%
		ABJA Investment Co. Pte Ltd. Reg S
$	400,000	5.45%, 01/24/28	$	374,587
	1,700,000	5.95%, 07/31/24		1,739,771
	400,000	APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/21 (c)		348,103
	111,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (c) (d) (e) *		1,388
	300,000	Geo Coal International Pte Ltd. 8.00%, 10/04/20 (c)		272,795
	300,000	Global Prime Capital Pte Ltd. Reg S 7.25%, 04/26/20 (c)		308,730
	300,000	Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/21 (c)		283,545
	300,000	Jubilant Pharma Ltd. Reg S 4.88%, 10/06/19 (c)		299,803
	400,000	Marble II Pte Ltd. 144A 5.30%, 06/20/19 (c)		396,522
	800,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/22 (c)		783,576
	200,000	SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/21 (c)		195,156
	200,000	TBG Global Pte Ltd. Reg S 5.25%, 02/10/20 (c)		201,880
	700,000	Theta Capital Pte Ltd. Reg S 7.00%, 05/30/19 (c)		691,825
				5,897,681
South Africa: 2.8%
	400,000	Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/23 (c)		403,334
		Eskom Holdings SOC Ltd. 144A
	1,450,000	5.75%, 01/26/21		1,440,685
	800,000	6.35%, 08/10/28		832,926
	980,000	6.75%, 08/06/23		985,721
	1,215,000	7.13%, 02/11/25		1,232,063
	400,000	8.45%, 08/10/28 †		433,722
		FirstRand Bank Ltd. Reg S
	600,000	4.25%, 04/30/20		603,787
	450,000	6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23 (c) †		461,777
	900,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		886,908
				7,280,923
South Korea: 0.5%
	200,000	Woori Bank 5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (c)		202,473
	200,000	Woori Bank 144A 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (c)		200,211
	900,000	Woori Bank Co. Ltd. 144A 5.00% (US Treasury Yield Curve Rate T 5 Year+3.33%), 06/10/20 (c)		907,010
				1,309,694

Principal Amount			Value
Spain: 0.4%
$	650,000	AI Candelaria Spain SLU 144A 7.50%, 09/15/28 (c)	$	695,500
	300,000	International Airport Finance SA 144A 12.00%, 03/15/24 (c)		323,550
				1,019,050
Thailand: 0.2%
	375,000	PTTEP Treasury Center Co. Ltd. 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (c)		375,153
Togo: 0.1%
	300,000	Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		308,957
Turkey: 8.8%
		Akbank TAS
	200,000	6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23 (c)		156,098
	375,000	7.20% (USD Swap Semi 30/360 5 Year+5.03%), 03/16/22 (c)		307,566
		Akbank TAS 144A
	550,000	5.00%, 10/24/22		509,297
	400,000	5.13%, 03/31/25 †		346,150
	300,000	Alternatifbank AS Reg S 8.75% (USD Swap Semi 30/360 5 Year+7.83%), 04/16/21 (c)		273,481
	420,000	Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 11/01/22		396,921
	400,000	Arcelik AS 144A 5.00%, 04/03/23		376,884
	400,000	Coca-Cola Icecek AS 144A 4.22%, 06/19/24 (c)		383,318
	450,000	Fibabanka AS Reg S 6.00%, 01/25/23		384,154
	700,000	Finansbank AS 144A 4.88%, 05/19/22		662,417
		KOC Holding AS 144A
	700,000	5.25%, 12/15/22 (c)		670,131
	600,000	6.50%, 12/11/24 (c)		581,529
	700,000	KT Kira Sertifikalari Varlik Kiralama AS Reg S 5.14%, 11/02/21		700,076
	400,000	Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.88%, 05/31/19 (c)		399,820
	400,000	Petkim Petrokimya Holding AS 5.88%, 01/26/21 (c)		370,160
	200,000	QNB Finansbank AS 144A 6.88%, 09/07/24		195,684
	250,000	Ronesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23		212,875
	100,000	TC Ziraat Bankasi AS 5.13%, 09/29/23		87,617
		TC Ziraat Bankasi AS 144A
	600,000	4.75%, 04/29/21		565,744
	600,000	5.13%, 05/03/22		548,928
	700,000	Tupras Turkiye Petrol Rafinerileri AS 144A 4.50%, 07/20/24 (c)		618,688

See Notes to Financial Statements

37

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Turkey: (continued)
		Turk Telekomunikasyon AS 144A
$	400,000	4.88%, 06/19/24	$	359,776
	400,000	6.88%, 02/28/25		384,020
		Turkcell Iletisim Hizmetleri AS 144A
	300,000	5.75%, 10/15/25		276,306
	500,000	5.80%, 01/11/28 (c)		437,025
		Turkiye Garanti Bankasi AS
	450,000	6.13% (USD Swap Semi 30/360 5 Year+4.22%), 05/24/22 (c)		359,984
	200,000	6.25%, 04/20/21		197,300
		Turkiye Garanti Bankasi AS 144A
	800,000	5.25%, 09/13/22		750,063
	600,000	5.88%, 03/16/23		563,108
	400,000	Turkiye Halk Bankasi AS 4.75%, 02/11/21		360,536
	400,000	Turkiye Halk Bankasi AS 144A 5.00%, 07/13/21		357,748
		Turkiye Is Bankasi AS
	200,000	5.00%, 06/25/21		187,703
	500,000	5.50%, 04/21/22		459,515
	350,000	7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23 (c)		267,446
		Turkiye Is Bankasi AS 144A
	700,000	5.00%, 04/30/20		688,203
	1,900,000	6.00%, 10/24/22		1,637,247
	1,200,000	6.13%, 04/25/24		1,041,034
	175,000	7.85%, 12/10/23		157,325
		Turkiye Sinai Kalkinma Bankasi AS
	200,000	4.88%, 05/18/21		188,037
	350,000	5.50%, 01/16/23		303,749
	200,000	Turkiye Sinai Kalkinma Bankasi AS Reg S 7.63% (USD Swap Semi 30/360 5 Year+5.54%), 03/29/22 (c)		158,812
	400,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 12/14/25 (c)		386,037
		Turkiye Vakiflar Bankasi TAO
	300,000	5.50%, 10/27/21		282,688
	100,000	5.63%, 05/30/22		91,708
		Turkiye Vakiflar Bankasi TAO 144A
	800,000	5.75%, 01/30/23		710,556
	800,000	6.00%, 11/01/22		694,483
	400,000	8.13%, 03/28/24		376,620
		Yapi ve Kredi Bankasi AS
	1,950,000	5.50%, 12/06/22 †		1,681,495
	200,000	5.75%, 02/24/22		188,945
	750,000	Yapi ve Kredi Bankasi AS 144A 5.85%, 06/21/24		653,756
				22,948,763
United Arab Emirates: 0.7%
	600,000	First Abu Dhabi Bank PJSC Reg S 5.25% (USD Swap Semi 30/360 5 Year+3.35%), 06/17/20 (c)		604,332
		Oztel Holdings SPC Ltd. 144A
	500,000	5.63%, 10/24/23		501,062
	850,000	6.63%, 04/24/28		832,065
				1,937,459

Principal Amount			Value
United Kingdom: 5.0%
		AngloGold Ashanti Holdings Plc
$	600,000	5.13%, 08/01/22 †	$	623,451
	400,000	6.50%, 04/15/40		415,954
	1,200,062	DTEK Finance Plc 10.75% 05/31/19 (c)		1,175,773
	200,000	Evraz Plc 6.75%, 01/31/22		213,608
		Evraz Plc 144A
	400,000	5.25%, 04/02/24		405,712
	1,275,000	5.38%, 03/20/23		1,307,882
	600,000	Evraz Plc Reg S 8.25%, 01/28/21		643,500
	600,000	Liquid Telecommunications Financing Plc 144A 8.50%, 07/13/20 (c)		608,655
	288,000	Oschadbank 144A 9.38%, 03/10/23 (s)		289,251
	600,000	Petra Diamonds US Treasury Plc 144A 7.25%, 05/31/19 (c) †		586,500
		Polyus Finance Plc 144A
	550,000	4.70%, 03/28/22		551,038
	350,000	4.70%, 01/29/24		344,904
	600,000	5.25%, 02/07/23		606,822
	1,200,000	Tullow Oil Plc 144A 6.25%, 05/13/19 (c)		1,211,100
	350,000	Ukraine Railways 144A 9.88%, 09/15/21		352,450
	300,000	Vedanta Resources Finance II Plc 144A 9.25%, 04/23/23 (c)		302,033
	650,000	Vedanta Resources Ltd. 6.38%, 07/30/22		636,512
		Vedanta Resources Plc 144A
	1,450,000	6.13%, 08/09/21 (c)		1,314,345
	1,310,000	8.25%, 06/07/21		1,356,112
				12,945,602
United States: 3.0%
	1,170,000	Cemex Finance LLC 144A 6.00%, 05/31/19 (c)		1,208,493
	300,000	DAE Funding LLC 4.00%, 08/01/19 (c)		301,875
		DAE Funding LLC 144A
	2,000,000	5.00%, 08/01/20 (c)		2,065,000
	200,000	5.25%, 10/15/21 (c)		206,500
		JBS USA LUX SA / JBS USA Finance, Inc.
	100,000	5.88%, 07/15/19 (c)		103,250
	300,000	6.75%, 02/15/23 (c)		318,375
	900,000	JBS USA LUX SA / JBS USA Finance, Inc. 144A 5.75%, 06/15/20 (c)		927,000
	500,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A 6.50%, 04/15/24 (c)		531,250
	500,000	Kosmos Energy Ltd. 144A 7.13%, 04/04/22 (c)		502,350
	553,955	Rio Oil Finance Trust 144A 9.25%, 07/06/24		609,356
	700,000	Stillwater Mining Co. 144A 7.13%, 06/27/21 (c)		696,893

See Notes to Financial Statements

38

Principal Amount			Value
United States: (continued)
$	425,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	$	417,214
				7,887,556
Total Corporate Bonds (Cost: $247,442,796)				241,800,142
FOREIGN GOVERNMENT OBLIGATIONS: 5.4%
Argentina: 3.1%
		City of Buenos Aires 144A
	875,000	7.50%, 06/01/27		706,562
	268,000	8.95%, 02/19/21		257,618
	350,000	Province of Salta 144A 9.13%, 07/07/24		264,250
	600,000	Provincia de Buenos Aires 6.50%, 02/15/23		442,500
		Provincia de Buenos Aires 144A
	1,850,000	7.88%, 06/15/27		1,239,500
	1,380,000	9.13%, 03/16/24		1,047,075
	950,000	9.95%, 06/09/21		811,062
	236,679	10.88%, 01/26/21 †		211,830
	300,000	Provincia de Buenos Aires/Argentina 9.63%, 04/18/28		213,750
	400,000	Provincia de Chubut 144A 7.75%, 07/26/26		312,000
		Provincia de Cordoba 144A
	800,000	7.13%, 06/10/21		645,600
	600,000	7.13%, 08/01/27		411,000
	125,000	7.45%, 09/01/24		90,000
	500,000	Provincia de Entre Rios 144A 8.75%, 02/08/25		324,450
	200,000	Provincia de la Rioja 144A 9.75%, 02/24/25		151,000
	500,000	Provincia de Mendoza 144A 8.38%, 05/19/24		373,750
	550,000	Provincia de Neuquen 144A 8.63%, 05/12/28		511,505
	200,000	Provincia de Rio Negro 7.75%, 12/07/25		127,300
				8,140,752
Azerbaijan: 0.3%
	850,000	State Oil Co. of the Azerbaijan Republic Reg S 4.75%, 03/13/23		871,996
Cayman Islands: 0.2%
	450,000	Brazil Minas SPE 144A 5.33%, 02/15/28		466,875
Costa Rica: 0.3%
		Instituto Costarricense de Electricidad 144A
	300,000	6.38%, 05/15/43		241,500
	500,000	6.95%, 11/10/21		501,250
				742,750
Mongolia: 0.2%
	400,000	Development Bank of Mongolia LLC 144A 7.25%, 10/23/23		407,902

Principal Amount			Value
Turkey: 0.9%
		Export Credit Bank of Turkey
$	500,000	5.00%, 09/23/21	$	470,262
	400,000	5.38%, 02/08/21		385,494
		Export Credit Bank of Turkey 144A
	400,000	4.25%, 09/18/22		357,088
	400,000	5.38%, 10/24/23		359,198
	400,000	6.13%, 05/03/24		364,683
	400,000	8.25%, 01/24/24		399,796
				2,336,521
Ukraine: 0.4%
	1,065,000	Ukreximbank 144A 9.75%, 01/22/25		1,072,577
Total Foreign Government Obligations (Cost: $16,964,054)				14,039,373
Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $2,498,947)
	2,498,947	Dreyfus Government Cash Management Fund – Institutional Shares		2,498,947
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $266,905,797)				258,338,462
Principal Amount
SHORT-TERM INVESTMENTS HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 7.5%
Repurchase Agreements: 7.5%
$	4,675,933	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $4,676,293; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $4,769,452 including accrued interest)		4,675,933
	4,675,933	Repurchase agreement dated 4/30/19 with Credit Agricole CIB, 2.72%, due 5/1/19, proceeds $4,676,286; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 2/1/47 to 10/1/48, valued at $4,769,452 including accrued interest)		4,675,933
	4,675,933	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $4,676,294; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $4,769,452 including accrued interest)		4,675,933

See Notes to Financial Statements

39

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Repurchase Agreements: (continued)
$	4,675,933	Repurchase agreement dated 4/30/19 with Deutsche Bank Securities, Inc., 2.75%, due 5/1/19, proceeds $4,676,290; (collateralized by various U.S. government and agency obligations, 2.50% to 8.50%, due 7/15/21 to 6/20/67, valued at $4,769,453 including accrued interest)	$	4,675,933
	968,145	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.75%, due 5/1/19, proceeds $968,219; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/19 to 2/15/49, valued at $987,508 including accrued interest)		968,145
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $19,671,877)				19,671,877
Total Investments: 106.3% (Cost: $286,577,674)				278,010,339
Liabilities in excess of other assets: (6.3)%				(16,554,514	)
NET ASSETS: 100.0%			$	261,455,825

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(e)	Security in default of principal
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $19,006,879.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $160,419,457, or 61.4% of net assets.

See Notes to Financial Statements

40

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		11.4	%	$	29,566,031
Communications		7.0			17,995,090
Consumer, Cyclical		4.5			11,733,593
Consumer, Non-cyclical		8.4			21,638,702
Diversified		0.8			2,192,486
Energy		13.5			34,762,053
Financial		35.3			91,252,164
Government		5.4			14,039,373
Industrial		6.1			15,743,623
Technology		0.2			396,522
Utilities		6.4			16,519,878
Money Market Fund		1.0			2,498,947
		100.0	%	$	258,338,462

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	241,800,142		$	0	$	241,800,142
Foreign Government Obligations*		—		14,039,373			—		14,039,373
Money Market Fund		2,498,947		—			—		2,498,947
Repurchase Agreements		—		19,671,877			—		19,671,877
Total	$	2,498,947	$	275,511,392		$	0	$	278,010,339

* See Schedule of Investments for geographic sector breakouts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended April 30, 2019:

	Corporate Bonds
	Ireland
Balance as of April 30, 2018		$	—
Realized gain (loss)			—
Net change in unrealized appreciation (depreciation)			(33,825	)
Purchases			—
Sales			—
Transfers in and/or out of level 3			33,825
Balance as of April 30, 2019		$	0

See Notes to Financial Statements

41

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 98.0%
Bermuda: 1.8%
$	2,140,000	Weatherford Bermuda Ltd. 9.88%, 03/01/39	$	1,401,700
		Weatherford International Ltd.
	5,682,000	4.50%, 01/15/22 (c) †		3,977,400
	3,238,000	5.13%, 09/15/20		2,638,970
	3,154,000	5.95%, 10/17/41 (c)		2,002,790
	3,970,000	6.50%, 08/01/36		2,520,950
	4,024,000	6.75%, 09/15/40 †		2,575,360
	4,038,000	7.00%, 03/15/38 †		2,584,320
				17,701,490
Canada: 0.6%
	2,145,000	Bombardier, Inc. 144A 7.45%, 05/01/34		2,153,044
	3,350,000	WestJet Airlines Ltd. 144A 3.50%, 05/16/21 (c)		3,328,322
				5,481,366
Cayman Islands: 3.1%
		Noble Holding International Ltd.
	4,137,000	5.25%, 03/15/42		2,575,283
	3,504,000	6.05%, 03/01/41		2,312,640
	3,513,000	6.20%, 08/01/40		2,380,058
	3,947,000	7.95%, 01/01/25 (c) †		3,493,095
	3,483,000	8.95%, 10/01/44 (c) †		2,856,060
		Transocean, Inc.
	8,776,000	6.80%, 03/15/38		6,976,920
	5,252,000	7.50%, 04/15/31		4,595,500
	2,257,000	8.38%, 12/15/21		2,398,063
	2,590,000	9.35%, 12/15/41		2,447,550
				30,035,169
Finland: 0.5%
	4,377,000	Nokia OYJ 6.63%, 05/15/39		4,683,390
Germany: 2.5%
		Deutsche Bank AG
	13,259,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		12,063,790
	13,181,000	4.50%, 04/01/25 †		12,350,607
				24,414,397
Ireland: 0.3%
	2,560,000	Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25		2,931,200
Italy: 1.7%
	17,466,000	Intesa Sanpaolo SpA 144A 5.02%, 06/26/24		16,867,618
Luxembourg: 3.6%
		Telecom Italia Capital
	8,788,000	6.00%, 09/30/34		8,172,840
	8,758,000	6.38%, 11/15/33		8,558,230
	8,756,000	7.20%, 07/18/36		9,014,302
	8,710,000	7.72%, 06/04/38		9,123,725
				34,869,097
Sweden: 0.9%
	8,757,000	Ericsson LM 4.13%, 05/15/22		8,932,140

Principal Amount			Value
United Kingdom: 5.7%
$	5,140,000	Barclays Bank Plc 6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)	$	5,371,300
		Ensco Plc
	5,482,000	4.50%, 07/01/24 (c)		4,413,010
	5,910,000	5.20%, 12/15/24 (c) †		4,776,107
	8,795,000	5.75%, 04/01/44 (c)		5,826,687
		Lloyds Banking Group Plc 144A
	3,260,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c)		3,382,250
	3,839,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (c)		4,016,554
	6,722,000	Royal Bank of Scotland Group Plc 7.65% (ICE LIBOR USD 3 Month+2.50%), 09/30/31 (c)		8,542,721
	3,565,000	Signet UK Finance Plc 4.70%, 03/15/24 (c) †		3,226,325
	6,600,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c) †		7,143,312
	4,552,000	Tesco Plc 144A 6.15%, 11/15/37		4,968,340
	3,959,000	Virgin Media Secured Finance Plc 5.25%, 01/15/21		4,092,616
				55,759,222
United States: 77.3%
		ADT Corp.
	8,798,000	3.50%, 07/15/22		8,567,052
	6,119,000	4.13%, 06/15/23		6,000,414
		Allegheny Technologies, Inc.
	4,443,000	5.95%, 10/15/20 (c)		4,554,075
	4,445,000	7.88%, 05/15/23 (c)		4,827,092
	4,510,000	Ally Financial, Inc. 8.00%, 11/01/31		5,738,975
		Arconic, Inc.
	11,026,000	5.40%, 01/15/21 (c)		11,368,192
	5,470,000	5.87%, 02/23/22		5,740,232
	5,499,000	5.90%, 02/01/27		5,818,272
	5,487,000	5.95%, 02/01/37		5,532,597
	8,758,000	6.15%, 08/15/20		9,055,028
	2,647,000	6.75%, 01/15/28		2,828,028
	4,399,000	Avon Products, Inc. 7.00%, 03/15/23 †		4,409,997
		Bed Bath & Beyond, Inc.
	2,665,000	3.75%, 05/01/24 (c) †		2,480,385
	2,625,000	4.92%, 02/01/34 (c)		2,049,743
	7,921,000	5.17%, 02/01/44 (c)		5,875,125
		Carpenter Technology Corp.
	2,680,000	4.45%, 12/01/22 (c)		2,729,429
	2,179,000	5.20%, 04/15/21 (c)		2,232,165
		CBL & Associates LP
	2,586,000	4.60%, 07/15/24 (c)		1,719,690
	3,966,000	5.25%, 09/01/23 (c) †		2,835,690
	5,461,000	5.95%, 09/15/26 (c) †		3,863,657
	4,494,000	CDK Global, Inc. 5.00%, 07/15/24 (c)		4,666,210
		CenturyLink, Inc.
	3,733,000	6.88%, 01/15/28		3,673,459
	6,985,000	7.60%, 09/15/39		6,146,800

See Notes to Financial Statements

42

Principal Amount			Value
United States: (continued)
		CF Industries Holdings, Inc.
$	6,605,000	3.45%, 06/01/23	$	6,489,412
	6,607,000	4.95%, 06/01/43		5,820,371
	6,561,000	5.15%, 03/15/34		6,380,572
	6,605,000	5.38%, 03/15/44		6,069,665
	2,641,000	Cliffs Natural Resources, Inc. 6.25%, 10/01/40		2,337,285
	3,011,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		3,387,375
		DCP Midstream Operating LP
	4,087,000	3.88%, 12/15/22 (c)		4,097,217
	3,037,000	4.95%, 01/01/22 (c)		3,120,517
	3,344,000	5.60%, 10/01/43 (c)		3,193,520
	2,378,000	8.13%, 08/16/30		2,853,600
		DCP Midstream Operating LP 144A
	4,392,000	4.75%, 06/30/21 (c)		4,485,330
	1,274,000	5.35%, 03/15/20		1,297,938
	2,700,000	6.45%, 11/03/36		2,767,500
	3,721,000	6.75%, 09/15/37		3,897,747
		Dell EMC
	17,496,000	2.65%, 06/01/20		17,407,874
	8,746,000	3.38%, 03/01/23 (c)		8,529,141
		Dell, Inc.
	3,518,000	4.63%, 04/01/21		3,586,161
	2,363,000	5.40%, 09/10/40		2,120,793
	3,371,000	6.50%, 04/15/38		3,434,594
	2,620,000	7.10%, 04/15/28 †		2,895,100
		Diamond Offshore Drilling, Inc.
	2,207,000	3.45%, 08/01/23 (c)		1,920,090
	6,546,000	4.88%, 05/01/43 (c)		4,238,535
	4,418,000	5.70%, 10/15/39		3,136,250
	8,735,000	Dresdner Funding Trust I 144A 8.15%, 06/30/29 (c)		11,224,475
		Edgewell Personal Care
	5,285,000	4.70%, 05/19/21		5,410,519
	4,430,000	4.70%, 05/24/22		4,590,587
	13,113,000	Embarq Corp. 8.00%, 06/01/36		12,998,261
	3,477,000	Energen Corp. 4.63%, 06/01/21 (c)		3,533,049
		EnLink Midstream Partners LP
	6,590,000	4.15%, 03/01/25 (c)		6,367,587
	4,840,000	4.40%, 01/01/24 (c)		4,821,850
	3,940,000	5.05%, 10/01/44 (c)		3,408,100
	3,071,000	5.60%, 10/01/43 (c)		2,783,094
		Freeport-McMoRan, Inc.
	16,578,000	3.55%, 12/01/21 (c)		16,474,387
	16,901,000	3.88%, 12/15/22 (c)		16,774,242
	5,284,000	4.00%, 11/14/21		5,356,655
	7,511,000	4.55%, 08/14/24 (c)		7,482,834
	6,547,000	5.40%, 05/14/34 (c)		6,178,731
	16,299,000	5.45%, 09/15/42 (c)		14,791,342
	8,220,000	Frontier Communications Corp. 9.00%, 08/15/31		4,705,950
	2,629,000	Frontier Florida LLC 6.86%, 02/01/28		2,392,390

Principal Amount				Value
United States: (continued)
		Genworth Holdings, Inc.
$	3,369,000	4.80%, 02/15/24 †	$	2,813,115
	3,334,000	4.90%, 08/15/23		2,833,900
	2,601,000	6.50%, 06/15/34 †		2,041,785
	3,357,000	7.20%, 02/15/21 †		3,298,252
	6,046,000	7.63%, 09/24/21		5,925,080
	3,518,000	7.70%, 06/15/20 †		3,535,590
	2,569,000	Global Marine, Inc. 7.00%, 06/01/28 †		2,312,100
	10,259,000	Goldman Sachs Capital I 6.35%, 02/15/34		12,358,666
	2,575,000	H.B. Fuller Co. 4.00%, 11/15/26 (c)		2,330,375
	2,521,000	HCA, Inc. 7.69%, 06/15/25		2,886,545
	1,855,000	IFM US Colonial Pipeline 2 LLC 144A 6.45%, 02/01/21 (c)		1,917,202
		Ingram Micro, Inc.
	2,683,000	5.00%, 02/10/22 (c)		2,682,276
	4,343,000	5.45%, 09/15/24 (c)		4,327,468
		JC Penney Corp., Inc.
	3,381,000	6.38%, 10/15/36		1,327,043
	2,599,000	7.40%, 04/01/37 (p)		1,072,088
	4,411,000	7.63%, 03/01/97		1,632,070
		L Brands, Inc.
	3,110,000	6.95%, 03/01/33		2,643,500
	2,645,000	7.60%, 07/15/37 †		2,308,027
	3,951,000	Leidos Holdings, Inc. 4.45%, 09/01/20 (c)		4,010,574
	2,245,000	Leonardo US Holdings, Inc. 144A 6.25%, 01/15/40		2,054,175
		Mack-Cali Realty LP
	2,402,000	3.15%, 02/15/23 (c)		2,194,344
	2,676,000	4.50%, 01/18/22 (c)		2,597,860
	3,508,000	Magellan Health, Inc. 4.90%, 07/22/24 (c)		3,429,070
		Mattel, Inc.
	3,099,000	2.35%, 07/15/21 (c)		2,982,788
	2,194,000	3.15%, 12/15/22 (c)		2,032,193
	2,195,000	4.35%, 10/01/20		2,216,950
	2,628,000	5.45%, 05/01/41 (c)		1,997,280
	2,224,000	6.20%, 10/01/40		1,801,440
	2,375,000	MBIA, Inc. 6.40%, 05/31/19 (c) †		2,363,125
	657,000	McClatchy Co. 6.88%, 03/15/29		796,613
		MDC Holdings, Inc.
	2,221,000	5.50%, 10/15/23 (c)		2,326,498
	4,381,000	6.00%, 10/15/42 (c)		3,877,185
		Murphy Oil Corp.
	4,437,000	4.00%, 03/01/22 (c)		4,433,166
	5,224,000	4.45%, 09/01/22 (c)		5,244,396
	3,074,000	5.88%, 06/01/42 (c)		2,752,400
	2,105,000	7.05%, 05/01/29		2,297,971
		Nabors Industries, Inc.
	6,091,000	4.63%, 09/15/21		6,098,614
	6,129,000	5.00%, 09/15/20		6,251,580
	3,071,000	5.10%, 06/15/23 (c)		2,894,418

See Notes to Financial Statements

43

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
United States: (continued)
		New Albertsons, Inc.
$	5,634,000	7.45%, 08/01/29	$	5,267,790
	3,510,000	8.00%, 05/01/31		3,343,275
	4,368,000	NGPL Pipeco LLC 144A 7.77%, 12/15/37		5,383,560
		NuStar Logistics, LP
	2,233,000	4.75%, 11/01/21 (c)		2,266,495
	3,974,000	4.80%, 09/01/20		4,043,545
		Oceaneering International, Inc.
	4,417,000	4.65%, 08/15/24 (c)		4,216,910
	2,620,000	6.00%, 11/01/27 (c)		2,577,425
		Owens & Minor, Inc.
	2,400,000	3.88%, 09/15/21		1,968,000
	2,420,000	4.38%, 09/15/24 (c)		1,579,050
	2,438,000	Pactiv LLC 7.95%, 12/15/25		2,511,140
		Pitney Bowes, Inc.
	2,575,000	3.88%, 09/15/20		2,592,050
	5,292,000	3.88%, 09/01/21 (c)		5,265,540
	3,531,000	4.38%, 04/15/22 (c) †		3,482,449
	4,407,000	4.63%, 12/15/23 (c)		4,155,801
	3,521,000	4.95%, 03/01/23 (c)		3,450,580
		PulteGroup, Inc.
	2,632,000	6.00%, 02/15/35		2,612,260
	3,519,000	6.38%, 05/15/33		3,694,950
	2,636,000	7.88%, 06/15/32		3,077,530
		Qwest Capital Funding, Inc.
	3,117,000	6.88%, 07/15/28		2,883,225
	3,137,000	7.75%, 02/15/31		2,901,725
		Qwest Corp.
	8,271,000	6.75%, 12/01/21		8,835,372
	7,480,000	6.88%, 05/31/19 (c)		7,486,424
	2,167,000	7.13%, 05/31/19 (c)		2,189,517
	2,185,000	7.25%, 09/15/25		2,389,216
	3,511,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		4,406,305
	2,495,000	Rite Aid Corp. 7.70%, 02/15/27 †		1,509,475
		Rowan Cos, Inc.
	3,475,000	4.75%, 10/15/23 (c) †		2,901,625
	5,449,000	4.88%, 03/01/22 (c)		5,285,530
	3,437,000	5.40%, 06/01/42 (c)		2,182,495
	3,511,000	5.85%, 07/15/43 (c)		2,308,483
	5,645,152	Ruby Pipeline LLC 144A 6.00%, 04/01/22 †		5,541,724
	2,564,000	Safeway, Inc. 7.25%, 02/01/31 †		2,448,620
		Sealed Air Corp. 144A
	225,000	4.88%, 09/01/22 (c)		233,156
	3,683,000	6.88%, 07/15/33		4,032,885
		SLM Corp.
	4,816,000	5.63%, 08/01/33		3,900,960
	311,000	8.00%, 03/25/20		323,051
	8,097,000	Southwestern Energy Co. 6.20%, 10/23/24 (c)		8,000,889
		Sprint Capital Corp.
	21,653,000	6.88%, 11/15/28		20,773,347
	17,503,000	8.75%, 03/15/32		18,421,907

Principal Amount				Value
United States: (continued)
		Symantec Corp.
$	3,560,000	3.95%, 03/15/22 (c)	$	3,570,388
	6,611,000	4.20%, 09/15/20		6,698,496
	3,161,000	Tenet Healthcare Corp. 6.88%, 11/15/31		2,955,535
	6,190,789	Topaz Solar Farms LLC 144A 5.75%, 09/30/39		6,497,383
	3,530,000	Trinity Industries, Inc. 4.55%, 07/01/24 (c)		3,395,491
	5,379,000	Under Armour, Inc. 3.25%, 03/15/26 (c)		4,968,097
	4,809,000	United States Cellular Corp. 6.70%, 12/15/33		5,133,607
	3,091,000	United States Steel Corp. 6.65%, 06/01/37		2,580,985
	6,665,000	Washington Prime Group LP 5.95%, 06/15/24 (c) †		6,187,020
	2,195,000	Weatherford International LLC 6.80%, 06/15/37		1,393,825
		Wyndham Destinations, Inc.
	3,546,000	3.90%, 12/01/22 (c)		3,507,216
	5,657,000	4.25%, 12/01/21 (c)		5,671,142
	2,662,000	5.40%, 02/01/24 (c)		2,755,170
	3,532,000	5.75%, 01/01/27 (c)		3,562,905
	3,101,000	6.35%, 07/01/25 (c)		3,310,317
		Xerox Corp.
	3,302,000	2.75%, 09/01/20		3,286,811
	2,773,000	2.80%, 05/15/20		2,765,513
	3,163,000	3.50%, 08/20/20		3,163,000
	2,636,000	3.80%, 05/15/24 †		2,541,104
	2,381,000	4.07%, 03/17/22		2,379,810
	8,812,000	4.13%, 02/15/23 (c)		8,834,030
	9,237,000	4.50%, 05/15/21		9,384,792
	2,198,000	4.80%, 03/01/35		1,780,380
	3,080,000	6.75%, 12/15/39 †		2,949,100
	2,664,000	XPO CNW, Inc. 6.70%, 05/01/34		2,384,280
		Yum! Brands, Inc.
	3,084,000	3.75%, 08/01/21 (c)		3,091,710
	3,121,000	3.88%, 08/01/20 (c)		3,144,407
	2,848,000	3.88%, 08/01/23 (c) †		2,848,000
	2,444,000	5.35%, 05/01/43 (c)		2,162,940
	2,898,000	6.88%, 11/15/37		2,999,430
				754,717,834
Total Corporate Bonds (Cost: $975,421,734)				956,392,923
Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $2,070,625)
	2,070,625	Dreyfus Government Cash Management Fund – Institutional Shares		2,070,625
Total Investments Before Collateral for Securities Loaned: 98.2% (Cost: $977,492,359)				958,463,548

See Notes to Financial Statements

44

Principal Amount			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.0%
Repurchase Agreements: 6.0%
$	13,963,649	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc. , 2.77%, due 5/1/19, proceeds $13,964,723; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $14,242,922 including accrued interest)	$	13,963,649
	13,963,649	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $13,964,727; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $14,242,923 including accrued interest)		13,963,649
	13,963,649	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.76%, due 5/1/19, proceeds $13,964,720; (collateralized by various U.S. government and agency obligations, 3.00% to 5.00%, due 3/1/30 to 12/1/48, valued at $14,242,922 including accrued interest)		13,963,649

Principal Amount				Value
Repurchase Agreements: (continued)
$	13,963,649	Repurchase agreement dated 4/30/19 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.77%, due 5/1/19, proceeds $13,964,723; (collateralized by various U.S. government and agency obligations, 2.50% to 4.50%, due 5/1/30 to 5/1/49, valued at $14,242,922 including accrued interest)	$	13,963,649
	2,935,612	Repurchase agreement dated 4/30/19 with Mizuho Securities USA, Inc., 2.72%, due 5/1/19, proceeds $2,935,834; (collateralized by various U.S. government and agency obligations, 0.00% to 2.88%, due 5/28/19 to 11/15/46, valued at $2,994,326 including accrued interest)		2,935,612
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $58,790,208)				58,790,208
Total Investments: 104.2% (Cost: $1,036,282,567)				1,017,253,756
Liabilities in excess of other assets: (4.2)%				(41,337,390	)
NET ASSETS: 100.0%			$	975,916,366

Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $56,640,548.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $91,192,515, or 9.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		16.4	%	$	156,683,166
Communications		17.2			164,573,940
Consumer, Cyclical		10.5			100,703,576
Consumer, Non-cyclical		4.1			39,212,623
Energy		21.4			205,476,123
Financial		15.6			149,899,692
Industrial		3.9			37,162,396
Technology		10.7			102,681,407
Money Market Fund		0.2			2,070,625
		100.0	%	$	958,463,548

See Notes to Financial Statements

45

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	956,392,923		$	—	$	956,392,923
Money Market Fund		2,070,625		—			—		2,070,625
Repurchase Agreements		—		58,790,208			—		58,790,208
Total	$	2,070,625	$	1,015,183,131		$	—	$	1,017,253,756

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

46

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 62.0%
Australia: 1.3%
AUD	30,000	Commonwealth Bank of Australia 3.25%, 03/31/22	$	21,878
		National Australia Bank Ltd.
USD	75,000	3.63%, 06/20/23		76,768
AUD	60,000	4.00%, 12/16/21		44,451
EUR	100,000	National Australia Bank Ltd. Reg S 0.35%, 09/07/22		113,281
AUD	100,000	Westpac Banking Corp. Reg S 3.10%, 06/03/21		72,111
				328,489
Austria: 0.9%
USD	100,000	Suzano Austria GmbH 5.75%, 07/14/26		106,750
EUR	100,000	Verbund AG Reg S 1.50%, 11/20/24		119,111
				225,861
Brazil: 0.8%
USD	100,000	Banco Nacional de Desenvolvimento Econômico e Social Reg S 4.75%, 05/09/24		102,876
EUR	100,000	BRF SA Reg S 2.75%, 06/03/22		114,418
				217,294
British Virgin Islands: 0.4%
USD	95,800	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/26 (c)		95,621
Canada: 1.3%
CAD	250,000	CPPIB Capital, Inc. Reg S 3.00%, 06/15/28		194,859
	75,000	Ontario Power Generation, Inc. 3.84%, 12/22/47 (c)		56,503
USD	100,000	Toronto-Dominion Bank 1.85%, 09/11/20		99,096
				350,458
Cayman Islands: 1.6%
	100,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		105,758
	200,000	MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		190,089
EUR	100,000	Three Gorges Finance II Cayman Islands Ltd. Reg S 1.30%, 06/21/24		114,413
				410,260
Chile: 0.2%
USD	50,000	Inversiones CMPC SA 144A 4.38%, 04/04/27		50,844
China / Hong Kong: 3.3%
	200,000	Agricultural Bank of China Ltd. Reg S 2.75%, 10/20/20		199,399
		Bank of China Ltd. Reg S
EUR	100,000	0.75%, 07/12/21		113,242
USD	200,000	2.25%, 07/12/21		196,465

Principal Amount			Value
China / Hong Kong: (continued)
EUR	125,000	CGNPC International Ltd. Reg S 1.63%, 12/11/24	$	142,843
USD	200,000	China Development Bank Reg S 2.75%, 11/16/22		199,037
				850,986
Costa Rica: 0.2%
	50,000	Banco Nacional de Costa Rica 5.88%, 04/25/21		50,563
Denmark: 0.6%
EUR	140,000	Orsted A/S Reg S 1.50%, 08/26/29 (c)		164,118
Finland: 0.4%
	100,000	Nordea Bank Abp Reg S 0.30%, 06/30/22		113,146
France: 10.1%
	100,000	BNP Paribas Reg S 0.50%, 06/01/22		113,908
	100,000	Covivio Reg S 1.88%, 02/20/26 (c)		117,134
	100,000	Credit Agricole SA/London Reg S 0.75%, 12/05/23		114,715
USD	250,000	Electricite de France SA 144A 3.63%, 07/13/25 (c)		255,071
		Electricite de France SA Reg S
EUR	100,000	1.00%, 07/13/26 (c)		115,133
	100,000	2.25%, 04/27/21		117,478
		Engie SA Reg S
	200,000	1.38%, 11/28/28 (c)		237,928
	100,000	1.50%, 12/27/27 (c)		121,184
	200,000	2.38%, 05/19/26		256,977
	100,000	HSBC France SA 0.63%, 12/03/20		113,575
	100,000	ICADE Reg S 1.50%, 06/13/27 (c)		113,236
	100,000	Paprec Holding SA Reg S 4.00%, 03/31/21 (c)		108,448
		SNCF Reseau EPIC Reg S
	100,000	1.00%, 11/09/31		114,239
	200,000	1.88%, 03/30/34		249,268
	200,000	Societe Du Grand Paris EPIC Reg S 1.13%, 10/22/28 †		236,576
	100,000	Societe Generale SA Reg S 0.75%, 11/25/20		113,729
	100,000	Unibail-Rodamco SE Reg S 1.00%, 03/14/25		115,943
				2,614,542
Germany: 9.0%
		Berlin Hyp AG Reg S
	100,000	0.50%, 09/26/23		112,141
	100,000	1.13%, 10/25/27		113,916
	100,000	1.50%, 04/18/28		116,304
	100,000	Deutsche Kreditbank AG 0.63%, 06/08/21		112,898
		Kreditanstalt fuer Wiederaufbau
	100,000	0.05%, 05/30/24		113,624
	350,000	0.25%, 06/30/25		401,361
SEK	2,000,000	0.50%, 01/27/21		212,290

See Notes to Financial Statements

47

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Germany: (continued)
USD	50,000	1.75%, 10/15/19	$	49,814
	50,000	1.88%, 11/30/20		49,637
	100,000	2.00%, 11/30/21		99,238
	100,000	2.00%, 09/29/22		98,985
		Kreditanstalt fuer Wiederaufbau Reg S
EUR	125,000	0.13%, 10/27/20		141,373
	140,000	0.38%, 07/22/19		157,231
AUD	150,000	2.40%, 07/02/20		106,633
EUR	100,000	Landesbank Baden-Wuerttemberg Reg S 0.20%, 12/13/21		112,582
	50,000	Muenchener Hypothekenbank eG Reg S 0.25%, 12/13/23		56,811
		NRW Bank Reg S
	125,000	0.50%, 09/13/27		142,559
	100,000	0.88%, 11/10/25		117,759
	50,000	Senvion Holding GmbH Reg S 3.88%, 05/10/19 (c)		21,994
				2,337,150
India: 0.2%
USD	50,000	Axis Bank Ltd. 144A 2.88%, 06/01/21		49,412
Italy: 1.8%
EUR	100,000	Ferrovie dello Stato Italiane SpA Reg S 0.88%, 12/07/23		112,036
	100,000	Hera SpA Reg S 2.38%, 07/04/24		121,317
	100,000	Intesa Sanpaolo SpA Reg S 0.88%, 06/27/22		112,872
	100,000	Terna Rete Elettrica Nazionale SpA Reg S 1.00%, 07/23/23		115,388
				461,613
Japan: 2.0%
USD	200,000	Development Bank of Japan, Inc. Reg S 2.50%, 10/18/22		199,102
EUR	100,000	Mitsubishi UFJ Financial Group, Inc. Reg S 0.68%, 01/26/23		113,729
	100,000	Mizuho Financial Group, Inc. Reg S 0.96%, 10/16/24		114,745
USD	100,000	Sumitomo Mitsui Banking Corp. 2.45%, 10/20/20		99,598
				527,174
Luxembourg: 0.7%
	40,000	Klabin Finance SA 144A 4.88%, 09/19/27		39,090
EUR	125,000	Prologis International Funding II SA Reg S 1.75%, 12/15/27 (c)		146,017
				185,107

Principal Amount			Value
Mauritius: 0.4%
USD	100,000	Greenko Investment Co. 144A 4.88%, 08/16/19 (c)	$	95,402
Netherlands: 10.2%
		ABN Amro Bank NV Reg S
EUR	150,000	0.63%, 05/31/22		171,665
	50,000	0.75%, 06/09/20		56,599
	100,000	Cooperatieve Rabobank UA Reg S 0.13%, 10/11/21		112,831
	100,000	EDP Finance BV Reg S 1.88%, 10/13/25		119,278
	40,000	EnBW International Finance BV Reg S 1.88%, 07/31/33 (c)		48,128
		Enel Finance International NV Reg S
	200,000	1.00%, 09/16/24		230,379
	100,000	1.13%, 06/16/26 (c)		113,722
		Greenko Dutch BV 144A
USD	100,000	4.88%, 07/24/19 (c)		99,055
	50,000	5.25%, 07/24/20 (c)		48,879
EUR	100,000	Iberdrola International BV Reg S 1.13%, 04/21/26		117,130
	100,000	ING Bank NV Reg S 0.75%, 11/24/20		113,669
USD	150,000	ING Groep NV 144A 4.63%, 01/06/26		158,562
EUR	100,000	innogy Finance BV Reg S 1.25%, 07/19/27 (c)		115,080
	100,000	Naturgy Finance BV Reg S 0.88%, 02/15/25 (c)		114,170
SEK	2,000,000	Nederlandse Waterschapsbank NV 1.00%, 04/11/25		214,145
		Nederlandse Waterschapsbank NV Reg S
	300,000	0.70%, 01/25/23		31,929
EUR	150,000	1.00%, 09/03/25		178,093
	100,000	Royal Schiphol Group NV Reg S 1.50%, 08/05/30 (c)		118,591
		TenneT Holding BV Reg S
	200,000	1.75%, 03/04/27 (c)		243,092
	200,000	2.00%, 03/05/34 (c)		246,856
				2,651,853
Norway: 1.6%
	200,000	DNB Boligkreditt AS Reg S 0.63%, 06/19/25		230,332
	150,000	SpareBank 1 Boligkreditt AS Reg S 0.50%, 01/30/25		171,921
				402,253
South Korea: 0.4%
USD	50,000	Hyundai Capital Services, Inc. 144A 2.88%, 03/16/21		49,681
	50,000	Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		51,347
				101,028

See Notes to Financial Statements

48

Principal Amount			Value
Spain: 4.5%
EUR	100,000	ACS Servicios Comunicaciones y Energia SL Reg S 1.88%, 01/20/26 (c)	$	112,375
		Adif - Alta Velocidad Reg S
	100,000	0.80%, 07/05/23		114,864
	100,000	1.25%, 05/04/26		115,767
	100,000	Banco Bilbao Vizcaya Argentaria SA Reg S 1.38%, 05/14/25		114,850
		Iberdrola Finanzas SA Reg S
	100,000	1.00%, 12/07/23 (c)		116,430
	300,000	1.00%, 12/07/24 (c)		349,314
	100,000	1.25%, 09/13/27		117,061
	100,000	Telefonica Emisiones SA Reg S 1.07%, 11/05/23 (c)		115,113
				1,155,774
Sweden: 0.9%
	100,000	Skandinaviska Enskilda Banken AB Reg S 0.30%, 02/17/22		113,039
	100,000	Swedbank AB Reg S 0.25%, 11/07/22		111,955
				224,994
United Kingdom: 1.4%
GBP	100,000	Anglian Water Services Financing Plc Reg S 1.63%, 05/10/25 (c)		127,873
EUR	100,000	Barclays Plc Reg S 0.63% (EUR Swap Annual 1 Year+.50%), 11/14/22 (c)		111,607
	100,000	SSE Plc Reg S 0.88%, 06/06/25 (c)		112,718
				352,198
United States: 7.8%
USD	100,000	Alexandria Real Estate Equities, Inc. 3.80%, 02/15/26 (c)		102,271
		Apple, Inc.
	150,000	2.85%, 12/23/22 (c)		151,062
	100,000	3.00%, 03/20/27 (c)		99,383
	50,000	Avangrid, Inc. 3.15%, 10/01/24 (c)		49,421
	100,000	Bank of America Corp. 2.15%, 11/09/19 (c)		99,228
	100,000	Boston Properties LP 4.50%, 09/01/28 (c)		107,134
EUR	100,000	Citigroup, Inc. Reg S 0.50%, 12/29/21 (c)		113,372
USD	100,000	Digital Realty Trust LP 3.95%, 05/01/22 (c)		102,861
	100,000	Duke Energy Carolinas LLC 3.95%, 08/15/28 (c)		106,210
	80,000	Kaiser Foundation Hospitals 3.15%, 02/01/27 (c)		79,902
		MidAmerican Energy Co.
	100,000	3.10%, 02/01/27 (c)		100,285
	100,000	3.65%, 02/01/48 (c)		96,744
	75,000	4.25%, 01/15/49 (c)		80,249

Number of Shares			Value
United States: (continued)
USD	100,000	Public Service Co. of Colorado 3.70%, 12/15/27 (c)	$	103,808
	50,000	Regency Centers LP 3.75%, 03/15/24 (c)		50,947
		Southern Power Co.
EUR	100,000	1.00%, 06/20/22		115,394
USD	100,000	1.95%, 12/15/19		99,586
	100,000	4.15%, 09/01/25 (c)		104,165
	50,000	TerraForm Power Operating LLC 144A 6.63%, 06/15/20 (c) (s)		52,438
EUR	100,000	Toyota Motor Credit Corp. Reg S 0.05%, 07/21/21 ♦		112,340
USD	100,000	Verizon Communications, Inc. 3.88%, 11/08/28 (c)		103,598
				2,030,398
Total Corporate Bonds (Cost: $16,142,141)				16,046,538
FOREIGN GOVERNMENT OBLIGATIONS: 37.3%
Australia: 1.3%
AUD	200,000	New South Wales Treasury Corp. Reg S 3.00%, 11/15/28		149,922
	200,000	Queensland Treasury Corp. Reg S 144A 3.00%, 03/22/24		148,932
	50,000	Treasury Corp. of Victoria Reg S 1.75%, 07/27/21		35,395
				334,249
Belgium: 2.1%
EUR	450,000	Kingdom of Belgium Government Bond Reg S 1.25%, 04/22/33		535,166
Canada: 2.0%
USD	100,000	Export Development Canada 1.63%, 06/01/20		99,193
		Province of Ontario Canada
CAD	165,000	1.95%, 01/27/23		123,134
	170,000	2.65%, 02/05/25		130,227
		Province of Quebec Canada
	170,000	1.65%, 03/03/22		126,072
	50,000	2.25%, 02/22/24		37,620
				516,246
Denmark: 0.4%
EUR	100,000	Kommunekredit Reg S 0.75%, 07/05/28		115,358
Finland: 0.2%
USD	50,000	Municipality Finance Plc 144A 1.38%, 09/21/21		48,801
France: 9.7%
EUR	100,000	Caisse des dépôts et consignations Reg S 0.20%, 03/01/22		113,882
	100,000	City of Paris France Reg S 1.75%, 05/25/31		124,296
	100,000	French Development Agency Reg S 1.38%, 09/17/24		119,874

See Notes to Financial Statements

49

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
France: (continued)
EUR	1,500,000	French Republic Government Bond OAT Reg S 144A 1.75%, 06/25/39	$	1,899,176
	200,000	Region of Ile de France Reg S 2.38%, 04/24/26		258,395
				2,515,623
Indonesia: 0.3%
USD	75,000	Perusahaan Penerbit SBSN Indonesia III 144A 3.90%, 08/20/24		76,271
Ireland: 1.5%
EUR	325,000	Ireland Government Bond Reg S 1.35%, 03/18/31		389,001
Lithuania: 0.4%
	100,000	Lietuvos Energija UAB Reg S 2.00%, 07/14/27		115,860
Mexico: 0.2%
USD	50,000	Nacional Financiera SNC 144A 3.38%, 11/05/20		50,001
Norway: 0.5%
	125,000	Kommunalbanken AS 144A 2.13%, 02/11/25		122,578
Poland: 1.4%
		Republic of Poland Government International Bond Reg S
EUR	55,000	0.50%, 12/20/21		62,704
	250,000	1.13%, 08/07/26		295,091
				357,795
South Korea: 0.2%
USD	50,000	Export-Import Bank of Korea 2.13%, 02/11/21		49,504
Supranational: 15.4%
SEK	1,000,000	African Development Bank Reg S 0.38%, 06/01/22		106,031
		Asian Development Bank
EUR	40,000	0.35%, 07/16/25		45,671
USD	125,000	1.00%, 08/16/19		124,463
	150,000	1.88%, 08/10/22		147,865
	100,000	2.38%, 08/10/27		98,756
	100,000	European Bank for Reconstruction & Development 0.88%, 07/22/19		99,638
		European Investment Bank
EUR	175,000	0.50%, 11/13/37		183,254
	250,000	1.38%, 11/15/19		283,023
	50,000	1.50%, 11/15/47		60,988
USD	200,000	2.13%, 04/13/26		195,480
	100,000	2.38%, 05/24/27 †		99,186
	75,000	2.50%, 10/15/24		75,380
AUD	100,000	3.30%, 02/03/28		75,986
		European Investment Bank 144A
CAD	100,000	1.25%, 11/05/20		73,782
	50,000	2.38%, 01/18/23		37,871
		European Investment Bank Reg S
SEK	700,000	0.50%, 07/19/22		74,556
EUR	200,000	0.50%, 11/15/23		232,033
	400,000	1.25%, 11/13/26		489,963
GBP	235,000	2.25%, 03/07/20		310,063
AUD	80,000	2.70%, 01/12/23		58,248
SEK	400,000	2.75%, 11/13/23		46,829

Principal Amount			Value
Supranational: (continued)
		International Bank for Reconstruction & Development
USD	230,000	2.13%, 03/03/25	$	226,771
	150,000	3.13%, 11/20/25		155,866
		International Finance Corp.
	280,000	2.00%, 10/24/22		277,002
	50,000	2.13%, 04/07/26		48,838
		Nordic Investment Bank
SEK	1,000,000	0.16%, 04/23/20		105,546
USD	75,000	2.25%, 09/30/21		74,714
		Nordic Investment Bank Reg S
EUR	125,000	0.13%, 06/10/24		142,173
SEK	400,000	0.63%, 01/20/21		42,591
				3,992,567
Sweden: 0.9%
USD	175,000	Kommuninvest I Sverige AB 144A
		1.88%, 06/01/21		173,166
	50,000	Svensk Exportkredit AB
		1.88%, 06/23/20		49,684
				222,850
Switzerland: 0.3%
CHF	75,000	Canton of Geneva Reg S
		0.25%, 11/29/27		75,313
United Kingdom: 0.5%
GBP	100,000	Transport for London Reg S
		2.13%, 04/24/25		134,325
Total Foreign Government Obligations (Cost: $9,570,303)				9,651,508
Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $22,734)
	22,734	Dreyfus Government Cash Management Fund – Institutional Shares		22,734
Total Investments Before Collateral for Securities Loaned: 99.4% (Cost: $25,735,178)				25,720,780
Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% (Cost: $227,674)
Repurchase Agreements: 0.9%
USD	227,674	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.75%, due 5/1/19, proceeds $227,691; (collateralized by various U.S. government and agency obligations, 0.00% to 2.13%, due 5/9/19 to 9/30/21, valued at $232,228 including accrued interest)		227,674
Total Investments: 100.3% (Cost: $25,962,852)				25,948,454
Liabilities in excess of other assets: (0.3)%				(78,218	)
NET ASSETS: 100.0%			$	25,870,236

See Notes to Financial Statements

50

Definitions:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
SEK	Swedish Krona
USD	United States Dollar
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
†	Security fully or partially on loan. Total market value of securities on loan is $217,474.
♦	Rate shown is the effective yield at purchase date
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $3,675,980, or 14.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		1.2	%	$	302,442
Communications		0.8			218,711
Consumer, Cyclical		0.6			162,021
Consumer, Non-cyclical		3.1			788,458
Energy		1.2			314,785
Financial		31.2			8,017,053
Government		37.5			9,651,508
Industrial		3.1			787,734
Technology		1.0			250,445
Utilities		20.2			5,204,889
Money Market Fund		0.1			22,734
		100.0	%	$	25,720,780

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	16,046,538		$	—	$	16,046,538
Foreign Government Obligations*		—		9,651,508			—		9,651,508
Money Market Fund		22,734		—			—		22,734
Repurchase Agreements		—		227,674			—		227,674
Total	$	22,734	$	25,925,720		$	—	$	25,948,454

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

51

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
CORPORATE BONDS: 97.5%
Argentina: 1.4%
USD	130,000	Arcor SAIC 144A 6.00%, 07/06/20 (c) †	$	122,207
	150,000	Cablevision SA 144A 6.50%, 06/15/19 (c)		142,500
	100,000	Genneia SA 144A 8.75%, 01/20/20 (c)		79,700
		Pampa Energia SA 144A
	50,000	7.38%, 07/21/20 (c) †		45,250
	200,000	7.50%, 01/24/22 (c)		170,500
	150,000	Pan American Energy LLC Reg S 7.88%, 05/07/21		149,625
	150,000	Transportadora de Gas del Sur SA 144A 6.75%, 05/02/22 (c)		136,500
		YPF SA 144A
	170,000	6.95%, 07/21/27		145,172
	25,000	7.00%, 06/15/47 (c)		19,469
	100,000	8.50%, 03/23/21 †		98,045
	370,000	8.50%, 07/28/25		339,937
	100,000	8.75%, 04/04/24		96,350
				1,545,255
Australia: 0.4%
	300,000	FMG Resources 144A 5.13%, 02/15/24 (c)		305,625
	150,000	Virgin Australia Holdings Ltd. 144A 7.88%, 10/15/21		154,500
				460,125
Austria: 0.7%
	400,000	JBS Investments GmbH 144A 7.25%, 05/31/19 (c)		415,940
	150,000	JBS Investments II GmbH 144A 7.00%, 01/15/22 (c)		156,450
EUR	100,000	Raiffeisenlandesbank Niederoesterreich-Wien AG 5.88%, 11/27/23		125,042
	100,000	Wienerberger AG 5.00% (EUR Swap Annual 5 Year+5.95%), 02/09/21 (c)		119,400
				816,832
Azerbaijan: 0.1%
USD	170,000	International Bank of Azerbaijan OJSC Reg S 3.50%, 09/01/24		150,875
Bahamas: 0.2%
EUR	200,000	Starfruit Finco BV / Starfruit US Holdco LLC Reg S 6.50%, 10/01/21 (c)		231,069
Bermuda: 0.8%
USD	200,000	China Oil & Gas Group Ltd. Reg S 4.63%, 04/20/20 (c)		196,363
	51,000	Digicel Group One Ltd. 144A 8.25%, 12/30/20 (c)		33,966
		Digicel Group Two Ltd. 144A
	49,000	8.25%, 09/30/20 (c)		19,355
	401,711	9.13% 05/31/19 (c) †		130,556

Principal Amount			Value
Bermuda: (continued)
USD	300,000	Digicel Ltd. 144A 6.00%, 05/31/19 (c) †	$	266,250
	200,000	Inkia Energy Ltd. 144A 5.88%, 11/09/22 (c)		201,202
				847,692
Brazil: 4.0%
	100,000	B3 SA - Brasil Bolsa Balcao 5.50%, 07/16/20		103,050
		Banco Bradesco SA 144A
	100,000	5.75%, 03/01/22		105,851
	350,000	5.90%, 01/16/21 †		363,825
	200,000	Banco BTG Pactual SA Reg S 5.75%, 09/28/22		203,340
	750,000	Banco do Brasil SA 3.88%, 10/10/22		749,062
	200,000	Banco do Brasil SA 144A 5.88%, 01/19/23		211,752
	100,000	Banco do Brasil SA/Cayman 4.63%, 01/15/25		101,325
	200,000	Banco Safra SA/Cayman Islands 144A 4.13%, 02/08/23		200,650
	300,000	BRF SA 144A 4.75%, 05/22/24 †		290,250
	150,000	Caixa Economica Federal 144A 3.50%, 11/07/22		149,664
	200,000	Cemig Geracao e Transmissao SA 9.25%, 12/05/23 (c)		220,190
	200,000	Centrais Eletricas Brasileiras SA 144A 5.75%, 10/27/21		207,527
	100,000	Cia Brasileira de Aluminio 4.75%, 06/17/24 †		104,000
	200,000	Cielo SA 144A 3.75%, 11/16/22 †		197,120
	200,000	Globo Comunicacao e Participacoes SA 4.84%, 03/08/25 (c) †		198,802
	100,000	Itau Unibanco Holding SA 6.20%, 12/21/21		106,101
		Itau Unibanco Holding SA 144A
	500,000	5.13%, 05/13/23		522,125
	300,000	5.75%, 01/22/21		311,016
	200,000	Natura Cosmeticos SA 5.38%, 02/01/21 (c)		202,500
				4,548,150
British Virgin Islands: 3.5%
	100,000	Arcos Dorados Holdings, Inc. 144A 6.63%, 09/27/23		107,125
	200,000	Baoxin Auto Finance I Ltd. Reg S 5.63% (US Treasury Yield Curve Rate T 3 Year+8.91%), 10/30/20 (c)		190,983
	100,000	Central American Bottling Corp. 144A 5.75%, 01/31/22 (c)		103,000

See Notes to Financial Statements

52

Principal Amount			Value
British Virgin Islands: (continued)
USD	200,000	Easy Tactic Ltd. 5.88%, 11/17/20 (c)	$	192,742
		Easy Tactic Ltd. Reg S
	200,000	5.75%, 01/13/20 (c)		195,566
	200,000	7.00%, 04/25/20 (c)		202,697
	300,000	Fortune Star BVI Ltd. Reg S 5.25%, 03/23/20 (c)		296,030
	100,000	Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20		101,520
		Greenland Global Investment Ltd. Reg S
	200,000	4.85%, 08/17/20 †		198,394
	200,000	5.88%, 07/03/24		188,348
	200,000	New Metro Global Ltd. Reg S 6.50%, 04/23/20 (c)		201,456
	250,000	RKI Overseas Finance 2017 A Ltd. 7.00%, 06/23/22 (c)		212,856
	500,000	Scenery Journey Ltd. Reg S 11.00%, 11/06/20 †		520,890
	250,000	Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (c) †		219,433
	191,600	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/26 (c)		191,242
	200,000	Studio City Co. Ltd. 144A 7.25%, 05/31/19 (c)		207,000
	200,000	Studio City Finance Ltd. 144A 7.25%, 02/11/21 (c)		209,200
	200,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		203,788
	200,000	Wealth Driven Ltd. 5.50%, 08/17/19 (c) (p)		198,992
				3,941,262
Bulgaria: 0.1%
EUR	125,000	Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25		144,825
Canada: 6.4%
USD	125,000	Air Canada 144A 7.75%, 04/15/21		134,063
	100,000	Athabasca Oil Corp. 144A 9.88%, 05/31/19 (c)		97,844
	100,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/21 (c)		101,375
	150,000	Baytex Energy Corp. 144A 5.63%, 06/01/19 (c)		142,875
		Bombardier, Inc. 144A
	50,000	6.00%, 05/31/19 (c)		50,281
	150,000	6.13%, 01/15/23		150,188
CAD	150,000	7.35%, 12/22/26		112,013

Principal Amount			Value
Canada: (continued)
USD	100,000	7.50%, 12/01/20 (c)	$	102,000
	300,000	7.50%, 03/15/20 (c)		301,875
	375,000	7.88%, 04/15/22 (c)		377,812
	100,000	8.75%, 12/01/21		111,000
	200,000	Brookfield Residential 144A 6.50%, 05/31/19 (c)		200,750
	125,000	Cascades, Inc. 144A 5.50%, 05/31/19 (c)		126,563
	125,000	Eldorado Gold Corp. 144A 6.13%, 05/31/19 (c)		124,688
	200,000	Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/26 (c)		215,517
		First Quantum Minerals Ltd. 144A
	200,000	7.25%, 10/01/19 (c)		198,250
	450,000	7.50%, 04/01/20 (c) †		436,500
	100,000	Garda World Security Corp. 144A 8.75%, 05/15/20 (c)		94,770
	100,000	goeasy Ltd. 144A 7.88%, 11/01/19 (c)		105,500
	100,000	Hudbay Minerals, Inc. 144A 7.63%, 01/15/20 (c)		104,500
	125,000	Hulk Finance Corp. 144A 7.00%, 06/01/21 (c)		122,188
	100,000	IAMGOLD Corp. 144A 7.00%, 04/15/20 (c)		102,500
	256,000	Lightstream Resources 144A 8.63%, 05/31/19 (c) (d) *		5
	175,000	Mattamy Group Corp. 144A 6.88%, 12/15/19 (c)		182,000
	350,000	MEG Energy Corp. 144A 6.38%, 05/31/19 (c)		332,062
	100,000	New Gold, Inc. 144A 6.25%, 05/08/19 (c)		91,250
		New Red Finance, Inc. 144A
	180,000	4.25%, 05/15/20 (c)		177,750
	200,000	4.63%, 05/31/19 (c)		201,125
	350,000	5.00%, 10/15/20 (c)		347,812
	100,000	Northwest Acquisitions ULC / Dominion Finco, Inc. 144A 7.13%, 11/01/19 (c)		84,250
	425,000	NOVA Chemicals Corp. 144A 5.25%, 05/31/19 (c)		429,781
	200,000	Open Text Corp. 144A 5.63%, 05/31/19 (c)		206,000
CAD	150,000	Parkland Fuel Corp. 5.63%, 05/09/20 (c)		113,684
USD	100,000	Parkland Fuel Corp. 144A 6.00%, 04/01/21 (c)		102,250
	150,000	Precision Drilling Corp. 144A 7.13%, 11/15/20 (c)		151,500
	100,000	Quebecor Media, Inc. 5.75%, 01/15/23		104,750
CAD	250,000	Quebecor Media, Inc. 144A 6.63%, 01/15/23		200,158

See Notes to Financial Statements

53

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Canada: (continued)
USD	100,000	Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/20 (c)	$	103,250
	200,000	Seven Generations Energy Ltd. 144A 6.75%, 05/31/19 (c)		206,250
CAD	200,000	Sobeys, Inc. 4.70%, 05/08/23 (c)		155,340
USD	150,000	Superior Plus LP / Superior General Partner, Inc. 144A 7.00%, 07/15/21 (c)		154,500
	100,000	Telesat Canada / Telesat LLC 144A 8.88%, 11/15/19 (c)		108,625
	100,000	Tervita Escrow Corp. 144A 7.63%, 05/31/19 (c)		101,750
CAD	200,000	Videotron Ltd. 5.63%, 03/15/25 (c)		158,457
	50,000	Videotron Ltd. Reg S 5.75%, 09/15/20 (c)		40,020
				7,265,621
Cayman Islands: 9.2%
USD	200,000	Agile Group Holdings Ltd. Reg S 9.00%, 05/30/19 (c)		205,881
	200,000	Alpha Star Holding III Ltd. 6.25%, 04/20/22		191,608
	200,000	Central China Real Estate Ltd. Reg S 8.75%, 05/30/19 (c)		208,199
		CFLD Cayman Investment Ltd. Reg S
	200,000	6.50%, 12/21/20		200,487
	200,000	9.00%, 07/31/21		207,484
	200,000	China Aoyuan Property Group Ltd. Reg S 5.38%, 09/13/20 (c)		194,459
		China Evergrande Group
	200,000	6.25%, 06/28/21		190,671
	200,000	8.25%, 03/23/20 (c)		192,366
		China Evergrande Group Reg S
	800,000	8.75%, 06/28/21 (c)		732,106
	300,000	9.50%, 03/29/21 (c)		287,468
	200,000	China SCE Property Holdings Ltd. Reg S 5.88%, 03/10/20 (c) †		195,573
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	5.38% (US Treasury Yield Curve Rate T 5 Year+8.57%), 08/24/22 (c)		186,162
	200,000	7.75%, 05/30/19 (c)		204,398
	200,000	Comcel Trust 144A 6.88%, 05/31/19 (c)		207,625
	400,000	Country Garden Holdings Co. Ltd. Reg S 4.75%, 09/28/20 (c) †		386,093
	200,000	Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23		191,439

Principal Amount			Value
Cayman Islands: (continued)
USD	200,000	Ezdan Sukuk Co. Ltd. Reg S 4.88%, 04/05/22	$	177,144
	200,000	Fantasia Holdings Group Co. Ltd. Reg S 7.38%, 10/04/19 (c) †		181,171
	100,000	Global A&T Electronics Ltd. 8.50%, 05/30/19 (c) †		96,200
	275,000	Greentown China Holdings Ltd. Reg S 5.88%, 05/30/19 (c)		278,119
	200,000	Grupo Aval Ltd. 144A 4.75%, 09/26/22		204,200
	100,000	Industrial Senior Trust Reg S 5.50%, 11/01/22		101,500
	350,000	KWG Property Holding Ltd. Reg S 5.88%, 11/10/21 (c)		325,730
	225,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		197,962
		Latam Finance Ltd. 144A
	100,000	6.88%, 04/11/21 (c)		103,324
	200,000	7.00%, 03/01/23 (c)		205,250
	400,000	Logan Property Holdings Co. Ltd. 5.25%, 05/23/20 (c)		380,309
	200,000	MAF Global Securities Ltd. Reg S 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (c)		194,080
	200,000	Melco Resorts Finance Ltd. 144A 4.88%, 06/06/20 (c)		200,403
	400,000	Noble Holding International Ltd. 7.95%, 01/01/25 (c)		354,000
	137,853	Odebrecht Offshore Drilling Finance Ltd. 6.72%, 12/01/21 (c)		131,994
	200,000	Powerlong Real Estate Holdings Ltd. 5.95%, 07/19/20		198,296
	200,000	Ronshine China Holdings Ltd. 8.25%, 02/01/20 (p)		203,738
	200,000	Sable International Finance Ltd. 144A 6.88%, 05/31/19 (c)		209,500
	100,000	Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/21 (c)		98,500
	200,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/20 (c)		200,360
		Sunac China Holdings Ltd. Reg S
	200,000	7.35%, 07/19/20 (c) †		202,739
	400,000	7.95%, 08/08/20 (c) †		409,120
	200,000	Times China Holdings Ltd. Reg S 7.85%, 06/04/20 (c)		205,597
	235,000	UPCB Finance IV Ltd. 144A 5.38%, 01/15/20 (c)		240,804

See Notes to Financial Statements

54

Principal Amount			Value
Cayman Islands: (continued)
EUR	90,000	UPCB Finance IV Ltd. Reg S 4.00%, 01/15/21 (c)	$	106,537
	100,000	UPCB Finance VII Ltd. Reg S 3.63%, 06/15/22 (c)		117,904
USD	200,000	WTT Investment Ltd./Hong Kong 144A 5.50%, 11/21/20 (c)		204,938
	200,000	Wynn Macau Ltd. 144A 5.50%, 10/01/22 (c)		197,000
		Yuzhou Properties Co. Ltd. Reg S
	300,000	6.00%, 10/25/20 (c) †		284,170
	200,000	7.90%, 05/11/20 (c)		205,969
	200,000	Zhenro Properties Group Ltd. Reg S 12.50%, 01/02/21		212,783
				10,411,360
China / Hong Kong: 1.5%
	200,000	Agile Group Holdings Ltd. Reg S 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (c) †		194,654
	400,000	China Cinda Asset Management Co. Ltd. Reg S 4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (c)		391,500
	200,000	China CITIC Bank International Ltd. Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (c)		190,243
	200,000	China South City Holdings Ltd. Reg S 6.75%, 09/13/19 (c)		175,072
	200,000	Full Dragon Hong Kong International Development Ltd. Reg S 5.60%, 02/14/21		198,479
	200,000	ICBC Asia Ltd. Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (c)		198,494
	200,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (c)		194,498
	200,000	Yanlord Land HK Co. Ltd. Reg S 5.88%, 01/23/20 (c) †		202,664
				1,745,604
Colombia: 1.0%
	100,000	Banco Davivienda SA Reg S 5.88%, 07/09/22		106,251
	100,000	Banco de Bogota SA 6.25%, 05/12/26		109,550

Principal Amount			Value
Colombia: (continued)
USD	200,000	Banco de Bogota SA 144A 5.38%, 02/19/23 †	$	209,000
	50,000	Banco GNB Sudameris SA 144A 7.50%, 07/30/22		54,001
	80,000	Banco GNB Sudameris SA Reg S 7.50%, 07/30/22		86,401
		Bancolombia SA
	200,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/22 (c)		203,500
	150,000	5.13%, 09/11/22 †		156,375
	165,000	Colombia Telecomunicaciones SA, ESP Reg S 5.38%, 05/30/19 (c)		168,095
				1,093,173
Curacao: 0.1%
	100,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		93,568
	50,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		49,147
				142,715
Czech Republic: 0.3%
EUR	100,000	Energo-Pro AS Reg S 4.00%, 12/07/20 (c)		112,403
	150,000	Residomo SRO Reg S 3.38%, 10/15/20 (c)		174,586
				286,989
Denmark: 0.4%
	275,000	DKT Finance ApS Reg S 7.00%, 06/17/20 (c)		334,850
	100,000	Norican A/S Reg S 4.50%, 11/15/19 (c)		106,659
				441,509
Finland: 0.7%
		Nokia OYJ
USD	100,000	3.38%, 06/12/22		100,096
	100,000	6.63%, 05/15/39		107,000
EUR	200,000	Nokia OYJ Reg S 2.00%, 12/15/23 (c)		232,142
	125,000	Teollisuuden Voima OYJ 2.50%, 03/17/21		145,610
	175,000	Teollisuuden Voima OYJ Reg S 2.13%, 11/04/24 (c)		201,179
				786,027
France: 5.1%
	100,000	Accor SA Reg S 4.13% (EUR Swap Annual 5 Year+3.65%), 06/30/20 (c)		116,456
		Altice France SA 144A
USD	200,000	6.25%, 06/13/19 (c)		205,750
	900,000	7.38%, 05/01/21 (c)		914,062
EUR	50,000	Altice France SA Reg S 5.63%, 05/30/19 (c)		57,873

See Notes to Financial Statements

55

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
France: (continued)
EUR	100,000	Arkema SA Reg S 4.75% (EUR Swap Annual 5 Year+4.35%), 10/29/20 (c)	$	119,380
		Casino Guichard Perrachon SA Reg S
	100,000	1.87%, 03/13/22 (c)		104,947
	200,000	4.50%, 12/07/23 (c)		220,237
	200,000	4.56%, 01/25/23 †		222,442
	100,000	5.98%, 05/26/21		119,625
	250,000	CMA CGM SA Reg S 7.75%, 05/10/19 (c)		283,585
	100,000	Elis SA Reg S 1.88%, 11/15/22 (c)		114,975
	200,000	Europcar Mobility Group Reg S 5.75%, 05/10/19 (c)		229,016
	200,000	Faurecia SA Reg S 3.63%, 06/15/19 (c)		229,654
	100,000	Fnac Darty SA Reg S 3.25%, 05/15/19 (c)		115,212
	100,000	Getlink SE Reg S 3.63%, 10/01/20 (c)		117,603
	150,000	La Financiere Atalian SASU Reg S 4.00%, 05/15/20 (c)		126,550
	100,000	La Poste SA Reg S 3.13% (EUR Swap Annual 5 Year+2.44%), 10/29/25 (c)		110,025
		Loxam SAS Reg S
	125,000	3.50%, 05/10/19 (c)		143,016
	100,000	4.25%, 04/15/20 (c)		117,949
	200,000	New AREVA Holding SA 4.88%, 09/23/24		249,967
	100,000	New AREVA Holding SA Reg S 3.13%, 12/20/22 (c)		117,513
	100,000	Nexans SA Reg S 3.25%, 02/26/21 (c)		118,042
	100,000	Orano SA 3.50%, 03/22/21		117,820
	100,000	Paprec Holding SA Reg S 4.00%, 03/31/21 (c)		108,448
	200,000	Rexel SA Reg S 2.13%, 12/15/20 (c)		226,708
	180,000	SFR Group SA 144A 5.63%, 05/30/19 (c)		208,344
	250,000	Solvay Finance SA 5.43% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (c)		320,625
USD	200,000	SPCM SA 144A 4.88%, 09/15/20 (c)		196,000
EUR	100,000	SPIE SA Reg S 3.13%, 09/22/23 (c)		117,345
	100,000	Tereos Finance Groupe I SA Reg S 4.13%, 03/16/23 (c)		95,926
		Vallourec SA Reg S
	100,000	2.25%, 09/30/24		79,416
	125,000	6.63%, 10/15/20 (c)		125,942
				5,750,453

Principal Amount			Value
Georgia: 0.2%
USD	200,000	Bank of Georgia JSC 144A 6.00%, 07/26/23	$	204,039
Germany: 4.7%
EUR	200,000	ADLER Real Estate AG Reg S 1.50%, 11/06/21 (c)		227,200
		Deutsche Bank AG
USD	100,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/23 (c)		90,986
	500,000	4.50%, 04/01/25		468,500
EUR	135,000	Deutsche Bank AG Reg S 2.75%, 02/17/25		152,035
	100,000	Deutsche Lufthansa AG Reg S 5.13% (EUR Swap Annual 5 Year+4.78%), 02/12/21 (c)		120,157
	100,000	Deutsche Pfandbriefbank AG Reg S 2.88% (EUR Swap Annual 5 Year+2.75%), 06/28/22 (c)		111,996
	150,000	Douglas GmbH Reg S 6.25%, 05/10/19 (c)		164,449
	93,333	Hapag-Lloyd AG Reg S 6.75%, 05/10/19 (c)		107,799
		IHO Verwaltungs GmbH 144A
USD	200,000	5.25% 09/15/19 (c)		202,962
	300,000	5.50% 09/15/21 (c) †		292,500
EUR	300,000	K+S AG Reg S 3.00%, 06/20/22 †		357,797
	100,000	LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 06/06/23 (c)		122,727
	140,000	Metro Wholesale & Food Reg S 1.50%, 03/19/25		155,862
	200,000	Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/20 (c)		230,147
USD	200,000	Norddeutsche Landesbank Girozentrale Reg S 6.25%, 04/10/24 †		186,908
EUR	100,000	Platin 1426 GmbH Reg S 5.38%, 12/15/19 (c)		112,070
	130,000	ProGroup AG Reg S 3.00%, 03/31/21 (c)		150,940
USD	100,000	RWE AG 6.63% (USD Swap Semi 30/360 10 Year +4.52%), 12/30/25 (c)		108,406
EUR	100,000	RWE AG Reg S 2.75% (EUR Swap Annual 5 Year+2.64%), 10/21/20 (c)		114,776
	100,000	Tele Columbus AG Reg S 3.88%, 05/02/21 (c)		108,041
		thyssenkrupp AG Reg S
	300,000	1.38%, 12/03/21 (c)		338,550
	200,000	2.50%, 02/25/25		232,392
	200,000	2.75%, 12/08/20 (c)		232,361
	100,000	TUI AG Reg S 2.13%, 07/26/21 (c)		115,453
USD	200,000	Unitymedia GmbH 144A 6.13%, 01/15/20 (c)		208,000

See Notes to Financial Statements

56

Principal Amount			Value
Germany: (continued)
EUR	400,000	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH Reg S 4.00%, 01/15/20 (c)	$	467,199
	100,000	WEPA Hygieneprodukte GmbH Reg S 3.75%, 05/15/19 (c)		114,087
				5,294,300
India: 0.5%
USD	200,000	Delhi International Airport Ltd. Reg S 6.13%, 02/03/22		207,403
	200,000	IDBI Bank Ltd. 4.25%, 11/30/20		200,382
	200,000	ReNew Power Synthetic 144A 6.67%, 03/12/21 (c)		202,500
				610,285
Indonesia: 0.2%
	200,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		198,142
Ireland: 2.1%
	200,000	Alfa Bank OJSC 144A 7.75%, 04/28/21		214,450
EUR	100,000	Allied Irish Banks Plc Reg S 4.13% (EUR Swap Annual 5 Year+3.95%), 11/26/20 (c)		117,392
GBP	100,000	Bank of Ireland Group Plc Reg S 3.13% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/22 (c)		129,284
USD	200,000	Credit Bank of Moscow Via CBOM Finance Plc 144A 5.55%, 02/14/23		193,677
EUR	150,000	eircom Finance DAC Reg S 4.50%, 05/10/19 (c)		170,716
USD	200,000	GTLK Europe DAC Reg S 5.13%, 05/31/24		197,829
	150,000	James Hardie International Finance DAC 144A 5.00%, 01/15/23 (c)		146,813
	200,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		200,281
	250,000	Mobile Telesystems OJSC 144A 5.00%, 05/30/23		254,442
	200,000	SCF Capital Ltd. 144A 5.38%, 06/16/23		206,031
EUR	300,000	Smurfit Kappa Acquisitions ULC Reg S 2.38%, 11/01/23 (c)		355,804
GBP	150,000	Virgin Media Receivables Financing Notes I DAC Reg S 5.50%, 09/15/19 (c)		202,246
				2,388,965

Principal Amount			Value
Italy: 6.8%
EUR	100,000	Astaldi SpA Reg S 7.13%, 05/30/19 (c)	$	27,795
	100,000	Banca IFIS SpA Reg S 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/22 (c)		94,139
		Banco BPM SpA Reg S
	200,000	1.75%, 04/24/23		223,669
	100,000	2.75%, 07/27/20		115,291
	100,000	4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/22 (c)		111,472
	100,000	Banco Popolare SC Reg S 6.00%, 11/05/20		118,639
	100,000	BPER Banca Reg S 5.13% (EUR Swap Annual 5 Year+4.91%), 05/31/22 (c)		115,712
	100,000	EVOCA SpA Reg S 7.00%, 10/15/19 (c)		118,659
	100,000	Iccrea Banca SpA Reg S 1.50%, 10/11/22		112,306
	300,000	Intesa Sanpaolo SpA 3.93%, 09/15/26		354,874
		Intesa Sanpaolo SpA 144A
USD	100,000	5.02%, 06/26/24		96,574
	150,000	5.71%, 01/15/26		146,657
EUR	300,000	Intesa Sanpaolo SpA Reg S 6.63%, 09/13/23		399,782
	100,000	Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (c)		116,023
		Leonardo Finmeccanica SpA
	150,000	4.88%, 03/24/25		197,564
	150,000	5.25%, 01/21/22		189,102
	100,000	Mediobanca SpA 5.00%, 11/15/20		119,365
	100,000	Nexi Capital SpA Reg S 4.13%, 11/30/19 (c)		116,725
	100,000	Salini Impregilo SpA Reg S 3.75%, 06/24/21		108,429
	100,000	Sisal Group SpA Reg S 7.00%, 07/31/19 (c)		114,538
	100,000	Societa Cattolica di Assicurazioni SC Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/27 (c)		109,789
		Telecom Italia SpA
	100,000	5.25%, 03/17/55		112,053
GBP	150,000	5.88%, 05/19/23		211,618
USD	400,000	Telecom Italia SpA 144A 5.30%, 05/30/24		400,000
		Telecom Italia SpA Reg S
EUR	230,000	2.38%, 07/12/27 (c)		239,935
	200,000	2.88%, 10/28/25 (c)		219,713
	250,000	3.63%, 05/25/26		287,645
	100,000	4.00%, 01/11/24 (c)		117,683
	400,000	5.25%, 02/10/22		502,018

See Notes to Financial Statements

57

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Italy: (continued)
		UniCredit SpA Reg S
EUR	125,000	4.38% (EUR Swap Annual 5 Year+4.32%), 01/03/22 (c)	$	145,870
	200,000	4.88% (EUR Swap Annual 5 Year+4.74%), 02/20/24 (c)		233,461
	300,000	5.75% (EUR Swap Annual 5 Year+4.10%), 10/28/20 (c)		353,798
	280,000	6.95%, 10/31/22		364,360
		Unione di Banche Italiane SpA Reg S
	100,000	4.25% (EUR Swap Annual 5 Year+4.18%), 05/05/21 (c)		113,162
	150,000	4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/22 (c)		169,508
	200,000	Unipol Gruppo SpA Reg S 3.00%, 03/18/25		226,547
	200,000	UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (c)		225,452
		Wind Tre SpA 144A
	150,000	2.63%, 11/03/19 (c)		164,551
	250,000	3.13%, 11/03/20 (c)		268,413
USD	250,000	5.00%, 11/03/20 (c)		229,687
				7,692,578
Japan: 2.0%
	200,000	Asahi Mutual Life Insurance Co. Reg S 6.50% (USD Swap Semi 30/360 5 Year+4.59%), 09/05/23 (c)		203,192
		SoftBank Group Corp. Reg S
	200,000	4.75%, 06/21/24 (c)		200,161
	200,000	5.13%, 06/21/27 (c) †		198,495
	200,000	5.38%, 04/30/22 (c) †		206,500
	700,000	6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (c)		658,097
	600,000	6.25%, 01/16/28 (c) †		635,218
	200,000	6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (c) †		187,899
				2,289,562
Kazakhstan: 0.6%
	200,000	Halyk Savings Bank of Kazakhstan JSC 144A 7.25%, 01/28/21		210,504
		KazMunayGas National Co. JSC 144A
	100,000	4.75%, 04/19/27		103,735
	300,000	5.75%, 04/19/47		314,815
				629,054
Luxembourg: 9.0%
	200,000	Adecoagro SA 144A 6.00%, 09/21/22 (c)		186,900
		Altice Financing SA 144A
	500,000	6.63%, 05/31/19 (c)		513,750
	200,000	7.50%, 05/15/21 (c)		203,500

Principal Amount			Value
Luxembourg: (continued)
EUR	150,000	Altice Financing SA Reg S 5.25%, 05/30/19 (c)	$	173,233
		Altice Luxembourg SA 144A
USD	100,000	7.63%, 02/15/20 (c)		93,844
	615,000	7.75%, 05/31/19 (c)		628,069
		Altice Luxembourg SA Reg S
EUR	100,000	6.25%, 02/15/20 (c)		111,337
	100,000	7.25%, 05/30/19 (c)		114,515
GBP	100,000	Amigo Luxembourg SA Reg S 7.63%, 01/15/20 (c)		130,571
EUR	200,000	ARD Finance SA 7.38% 09/15/19 (c)		228,096
		Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
USD	200,000	4.63%, 05/31/19 (c)		202,388
	100,000	6.00%, 02/15/20 (c)		101,000
		Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S
EUR	350,000	2.75%, 03/15/20 (c)		401,908
	250,000	4.13%, 05/15/19 (c)		287,156
	100,000	BMBG Bond Finance SCA Reg S 3.00%, 05/30/19 (c)		113,480
GBP	101,000	Cabot Financial Luxembourg SA Reg S 7.50%, 10/01/19 (c)		134,198
EUR	150,000	Cirsa Finance International Sarl 144A 6.25%, 06/20/20 (c)		178,932
	100,000	Codere Finance SA Reg S 6.75%, 05/30/19 (c)		107,822
USD	200,000	Consolidated Energy Finance SA 6.88%, 06/15/20 (c)		207,000
	100,000	Cosan Luxembourg SA 144A 7.00%, 01/20/22 (c)		106,050
EUR	100,000	CPI Property Group SA Reg S 4.38% (EUR Swap Annual 5 Year+4.15%), 08/09/23 (c)		106,811
USD	200,000	CSN Resources SA 7.63%, 02/13/21 (c)		204,500
	155,000	CSN Resources SA 144A 6.50%, 07/21/20 †		158,100
EUR	100,000	DEA Finance SA Reg S 7.50%, 05/01/19 (c)		116,273
	150,000	Dufry Finance SCA Reg S 4.50%, 05/30/19 (c)		174,087
	100,000	eDreams ODIGEO SA Reg S 5.50%, 09/01/20 (c)		114,291
		Fiat Chrysler Finance Europe SA Reg S
	100,000	4.75%, 03/22/21		121,306
	150,000	4.75%, 07/15/22		188,709
	200,000	Garfunkelux Holdco 3 SA Reg S 7.50%, 05/10/19 (c)		212,834

See Notes to Financial Statements

58

Principal Amount			Value
Luxembourg: (continued)
EUR	100,000	Gestamp Funding Luxembourg SA Reg S 3.50%, 05/15/19 (c)	$	114,049
	300,000	INEOS Group Holdings SA Reg S 5.38%, 08/01/19 (c) †		346,506
	200,000	Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/20 (c)		114,946
	190,000	Matterhorn Telecom SA Reg S 3.88%, 05/10/19 (c)		215,039
USD	200,000	MHP Lux SA 144A 6.95%, 04/03/26		191,515
		Millicom International Cellular SA 144A
	200,000	5.13%, 09/15/22 (c)		197,000
	100,000	6.25%, 03/25/24 (c)		103,250
	125,000	Minerva Luxembourg SA 5.88%, 01/19/23 (c)		116,573
	200,000	Minerva Luxembourg SA 144A 6.50%, 09/20/21 (c)		198,400
	200,000	Offshore Drilling Holding SA 144A 8.38%, 05/31/19 (c)		93,500
	250,000	Puma International Financing SA 144A 5.00%, 01/24/21 (c)		217,407
EUR	100,000	Rossini Sarl Reg S 6.75%, 10/30/21 (c)		121,231
USD	200,000	Rumo Luxembourg Sarl 144A 7.38%, 02/09/21 (c)		214,240
	250,000	Sberbank of Russia 144A 5.13%, 10/29/22		255,569
EUR	100,000	SCHMOLZ + BICKENBACH Luxembourg Finance SA Reg S 5.63%, 07/15/19 (c)		105,836
	200,000	SES SA Reg S 4.63% (EUR Swap Annual 5 Year+4.66%), 01/02/22 (c)		237,140
	150,000	Swissport Financing Sarl 144A 6.75%, 05/10/19 (c)		174,333
	370,000	Telecom Italia Finance SA 7.75%, 01/24/33		542,597
USD	200,000	Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 12/01/22 (c)		199,500
EUR	90,000	Telenet Finance VI Luxembourg SCA Reg S 4.88%, 07/15/21 (c)		109,097
USD	200,000	Ultrapar International SA 144A 5.25%, 10/06/26		205,226
	100,000	Votorantim Cimentos International SA 7.25%, 04/05/41		114,135
	300,000	VTB Bank SA 144A 6.95%, 10/17/22		313,551
				10,121,300

Principal Amount			Value
Mauritius: 0.3%
USD	200,000	MTN Mauritius Investments Ltd. 144A 4.76%, 11/11/24	$	193,743
	200,000	Neerg Energy Ltd. 144A 6.00%, 02/13/20 (c)		198,265
				392,008
Mexico: 1.3%
	200,000	BBVA Bancomer SA 144A 5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/17/28 (c)		190,250
	150,000	Cemex SAB de CV 6.13%, 05/05/20 (c)		156,825
		Cemex SAB de CV 144A
	200,000	5.70%, 01/11/20 (c)		205,802
	100,000	7.75%, 04/16/21 (c) †		109,500
	200,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (c)		207,284
	200,000	Grupo KUO SAB De CV 144A 5.75%, 07/07/22 (c)		192,752
	200,000	Nemak SAB de CV 144A 4.75%, 01/23/21 (c) †		197,500
		Unifin Financiera SA de CV 144A
	100,000	7.00%, 07/15/21 (c)		95,670
	100,000	7.25%, 09/27/20 (c)		101,375
				1,456,958
Netherlands: 12.3%
	200,000	Cimpor Financial Operations BV 144A 5.75%, 07/17/19 (c) †		176,502
EUR	310,000	Constellium NV Reg S 4.63%, 05/30/19 (c)		349,644
	125,000	Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 02/04/23 (c)		127,026
USD	400,000	Fiat Chrysler Automobiles NV 5.25%, 04/15/23		418,000
EUR	200,000	Fiat Chrysler Automobiles NV Reg S 3.75%, 03/29/24		248,252
USD	200,000	Greenko Dutch BV 144A 5.25%, 07/24/20 (c)		195,514
	200,000	GTH Finance BV 144A 7.25%, 01/26/23 (c)		217,118
	200,000	IHS Netherlands Holdco BV 144A 9.50%, 05/31/19 (c)		208,008
	200,000	Indo Energy Finance II BV 144A 6.38%, 05/31/19 (c)		200,267
EUR	100,000	Intertrust Group BV Reg S 3.38%, 11/15/21 (c)		117,674
	200,000	InterXion Holding NV Reg S 4.75%, 06/15/21 (c)		239,908
	100,000	IPD 3 BV Reg S 4.50%, 07/15/19 (c)		115,287

See Notes to Financial Statements

59

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Netherlands: (continued)
USD	200,000	Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 †	$	236,538
	200,000	Marfrig Holding Europe BV 144A 8.00%, 06/08/19 (c)		208,550
		Metinvest BV 144A
	150,000	7.75%, 01/23/23 (c)		147,362
	100,000	8.50%, 01/23/26 (c)		98,540
EUR	200,000	Naturgy Finance BV Reg S 4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (c)		240,546
USD	200,000	Nostrum Oil & Gas Finance BV 144A 8.00%, 07/25/19 (c)		143,709
EUR	125,000	Nyrstar Netherlands Holdings BV Reg S 6.88%, 03/15/20 (c)		62,059
	100,000	OCI NV Reg S 5.00%, 04/15/20 (c)		118,755
		Petrobras Global Finance BV
USD	71,000	4.38%, 05/20/23 †		71,675
EUR	100,000	4.75%, 01/14/25		124,372
USD	450,000	5.30%, 01/27/25		462,825
	150,000	5.75%, 02/01/29		150,750
EUR	100,000	5.88%, 03/07/22		127,024
USD	675,000	6.00%, 01/27/28		692,347
	200,000	6.25%, 03/17/24		215,840
	275,000	6.85%, 06/05/15		269,789
	100,000	6.88%, 01/20/40		103,000
	300,000	7.25%, 03/17/44		318,037
	400,000	7.38%, 01/17/27		446,400
	44,000	8.38%, 05/23/21 †		48,499
	330,000	8.75%, 05/23/26		396,195
EUR	41,000	Phoenix PIB Dutch Finance BV Reg S 3.63%, 07/30/21		49,095
	300,000	Repsol International Finance BV Reg S 3.88% (EUR Swap Annual 6 Year+3.56%), 03/25/21 (c)		354,925
	300,000	Saipem Finance International BV Reg S 3.75%, 09/08/23		363,485
	125,000	Samvardhana Motherson Automotive Systems Group BV Reg S 1.80%, 07/06/24		130,551
	125,000	Selecta Group BV Reg S 5.88%, 02/01/20 (c)		145,130
	200,000	Sigma Holdco BV Reg S 5.75%, 05/15/21 (c)		216,671
USD	150,000	Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A 7.00%, 07/15/21 (c)		157,687

Principal Amount			Value
Netherlands: (continued)
EUR	400,000	Stichting Afwikkeling Onderhandse Schulden SNS REAAL Reg S 11.25% (EUR Swap Annual 5 Year+9.76%), 11/27/19 (c) (d) *	$	3,900
		Telefonica Europe BV Reg S
	200,000	2.63% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (c)		217,747
	200,000	3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (c)		220,157
	200,000	3.75% (EUR Swap Annual 5 Year+3.86%), 03/15/22 (c)		234,069
	100,000	3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (c)		110,571
GBP	100,000	6.75% (GBP Swap 5 Year+4.46%), 11/26/20 (c)		139,134
EUR	175,000	TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (c)		204,234
	100,000	Teva Pharmaceutical Finance Netherlands II BV 1.63%, 10/15/28		91,213
		Teva Pharmaceutical Finance Netherlands II BV Reg S
	250,000	1.13%, 10/15/24		252,822
	100,000	1.25%, 12/31/22 (c)		106,887
	100,000	1.88%, 12/31/26 (c)		97,143
		Teva Pharmaceutical Finance Netherlands III BV
USD	380,000	2.20%, 07/21/21		365,272
	500,000	2.80%, 07/21/23		455,171
	600,000	3.15%, 10/01/26		503,798
	250,000	4.10%, 10/01/46		177,918
	250,000	6.00%, 01/15/24 (c)		254,535
	200,000	6.75%, 12/01/27 (c)		206,180
EUR	160,000	United Group BV Reg S 4.38%, 07/01/19 (c)		184,038
USD	100,000	UPC Holding BV 144A 5.50%, 10/15/22 (c)		101,250
		VEON Holdings BV
	100,000	3.95%, 03/16/21 (c)		99,960
	100,000	7.50%, 03/01/22		110,334
	200,000	VTR Finance BV 144A 6.88%, 05/13/19 (c)		207,750
EUR	100,000	Ziggo Bond Co. BV Reg S 7.13%, 05/30/19 (c)		116,693
		Ziggo BV Reg S
	200,000	3.75%, 01/15/20 (c)		231,594
	100,000	4.25%, 01/15/22 (c)		117,209
USD	350,000	Ziggo Secured Finance BV 144A 5.50%, 01/15/22 (c)		350,875
				13,874,010
Norway: 0.1%
	150,000	Aker BP ASA 144A 6.00%, 07/01/19 (c)		155,025

See Notes to Financial Statements

60

Principal Amount			Value
Oman: 0.2%
USD	200,000	Bank Muscat SAOG Reg S 4.88%, 03/14/23 †	$	198,260
Panama: 0.2%
	200,000	AES Panama SRL 144A 6.00%, 06/25/19 (c)		206,650
Peru: 0.3%
	200,000	Orazul Energy Egenor S. en C. por A. 144A 5.63%, 04/28/22 (c)		198,750
	100,000	Volcan Cia Minera SAA 144A 5.38%, 02/02/22		103,500
				302,250
Portugal: 0.3%
EUR	100,000	Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/23 (c)		122,073
	200,000	EDP - Energias de Portugal SA Reg S 5.38% (EUR Swap Annual 5 Year+5.04%), 03/16/21 (c)		241,902
				363,975
Singapore: 0.7%
USD	250,000	ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		255,849
	150,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (c) (d) (e) *		1,875
	200,000	Marble II Pte Ltd. 144A 5.30%, 06/20/19 (c) †		198,261
	200,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/22 (c)		195,894
	200,000	Theta Capital Pte Ltd. Reg S 6.75%, 10/31/21 (c)		182,206
				834,085
South Africa: 0.9%
		Eskom Holdings SOC Ltd. 144A
	200,000	5.75%, 01/26/21		198,715
	200,000	6.75%, 08/06/23		201,168
	100,000	7.13%, 02/11/25		101,404
	100,000	8.45%, 08/10/28 †		108,430
	200,000	FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23 (c) †		205,234
	128,340	South Africa Ltd. 144A 3.00% 12/31/22		1,283
	200,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		197,091
				1,013,325
South Korea: 0.2%
	200,000	Woori Bank 144A 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (c)		200,211

Principal Amount			Value
Spain: 1.3%
USD	63,204	Abengoa Abenewco 2 SAU Reg S 1.25% 03/31/23	$	711
EUR	100,000	Abengoa SA 0.00%, 03/31/27 (d) (s) *		1,121
	200,000	Banco de Sabadell SA Reg S 5.63%, 05/06/26		249,714
	200,000	Bankia SA Reg S 3.38% (EUR Swap Annual 5 Year+3.35%), 03/15/22 (c)		233,056
	100,000	Bankinter SA Reg S 2.50% (EUR Swap Annual 5 Year+2.40%), 04/06/22 (c)		115,311
	200,000	Cellnex Telecom SAU Reg S 3.13%, 07/27/22		238,674
	100,000	El Corte Ingles SA Reg S 3.00%, 10/15/20 (c)		116,700
	175,000	Grifols SA Reg S 3.20%, 05/01/20 (c)		200,608
	125,000	Grupo Antolin-Irausa SA Reg S 3.25%, 04/30/20 (c)		131,834
		Grupo Isolux Corsan SA
	302	0.25%, 05/30/19 (c) (d) *		1
	56,417	6.00%, 05/30/19 (c) (d) *		506
	100,000	Ibercaja Banco SA Reg S 5.00% (EUR Swap Annual 5 Year+4.55%), 07/28/20 (c)		116,028
	100,000	Obrascon Huarte Lain SA Reg S 5.50%, 05/30/19 (c)		75,253
				1,479,517
Sweden: 1.4%
	175,000	Akelius Residential Property AB Reg S 3.88% (EUR Swap Annual 5 Year+3.49%), 07/08/23 (c)		203,534
	100,000	Corral Petroleum Holdings AB Reg S 13.25% 05/15/19 (c)		119,087
	300,000	Intrum AB Reg S 3.13%, 07/15/20 (c)		332,994
USD	200,000	Stena AB 144A 7.00%, 02/01/24 †		192,500
EUR	300,000	Telefonaktiebolaget LM Ericsson Reg S 1.88%, 03/01/24		346,459
	200,000	Verisure Midholding AB Reg S 5.75%, 12/01/19 (c)		230,929
	100,000	Volvo Car AB Reg S 3.25%, 05/18/21		118,774
				1,544,277
Turkey: 3.4%
		Akbank TAS 144A
USD	125,000	5.00%, 10/24/22		115,749
	150,000	5.13%, 03/31/25 †		129,806
	200,000	Arcelik AS 144A 5.00%, 04/03/23		188,442
	200,000	Finansbank AS 144A 4.88%, 05/19/22		189,262

See Notes to Financial Statements

61

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Turkey: (continued)
USD	300,000	KOC Holding AS 144A 5.25%, 12/15/22 (c)	$	287,199
	200,000	TC Ziraat Bankasi AS 144A 5.13%, 05/03/22		182,976
	100,000	Turk Telekomunikasyon AS 144A 4.88%, 06/19/24		89,944
	200,000	Turkcell Iletisim Hizmetleri AS 144A 5.80%, 01/11/28 (c)		174,810
	400,000	Turkiye Garanti Bankasi AS 144A 5.25%, 09/13/22		375,032
	200,000	Turkiye Halk Bankasi AS 4.75%, 02/11/21		180,268
		Turkiye Is Bankasi AS 144A
	300,000	5.00%, 04/30/20		294,944
	425,000	6.00%, 10/24/22		366,226
	200,000	Turkiye Sinai Kalkinma Bankasi AS 5.50%, 01/16/23		173,571
	200,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 12/14/25 (c)		193,019
	125,000	Turkiye Vakiflar Bankasi TAO 5.50%, 10/27/21		117,787
		Turkiye Vakiflar Bankasi TAO 144A
	100,000	5.75%, 01/30/23		88,820
	100,000	6.00%, 11/01/22		86,810
		Yapi ve Kredi Bankasi AS
	200,000	5.50%, 12/06/22		172,461
	150,000	5.75%, 02/24/22		141,709
	100,000	8.50% (USD Swap Semi 30/360 5 Year+7.40%), 03/09/21 (c)		90,513
	175,000	Yapi ve Kredi Bankasi AS 144A 5.85%, 06/21/24		152,543
				3,791,891
United Arab Emirates: 0.2%
	200,000	Oztel Holdings SPC Ltd. 144A 5.63%, 10/24/23		200,425
United Kingdom: 9.7%
		AngloGold Ashanti Holdings Plc
	125,000	5.13%, 08/01/22		129,886
	100,000	6.50%, 04/15/40		103,989
GBP	200,000	Ardonagh Midco 3 Plc Reg S 8.38%, 07/15/20 (c) †		219,401
	100,000	Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/20 (c)		140,635
USD	200,000	Aston Martin Capital Holdings Ltd. 144A 6.50%, 05/31/19 (c)		199,000
	30,000	Barclays Bank Plc 6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (c)		31,350

Principal Amount			Value
United Kingdom: (continued)
EUR	90,000	Barclays Bank Plc Reg S 4.75% (Euribor 3 Month ACT/360+.71%), 03/15/20 (c)	$	95,411
GBP	100,000	Boparan Finance Plc Reg S 5.50%, 05/10/19 (c)		90,591
	100,000	Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/25 (c)		133,086
	149,000	Co-operative Group Holdings Ltd. Reg S 6.88%, 07/08/20 (s)		204,393
USD	150,000	Delphi Technologies Plc 144A 5.00%, 10/01/25		138,000
	200,000	DTEK Finance Plc 10.75% 05/31/19 (c)		195,952
GBP	100,000	EI Group Plc Reg S 6.38%, 05/30/19 (c)		134,285
USD	675,000	Ensco Plc 5.75%, 04/01/44 (c)		447,187
	300,000	Evraz Plc 144A 5.38%, 03/20/23		307,737
GBP	150,000	GKN Holdings Plc Reg S 5.38%, 09/19/22		211,862
	150,000	Heathrow Finance Plc Reg S 5.75%, 03/03/25		212,441
USD	200,000	Inmarsat Finance Plc 144A 4.88%, 05/31/19 (c)		203,000
EUR	150,000	International Personal Finance Plc Reg S 5.75%, 04/07/21		165,617
GBP	300,000	Jaguar Land Rover Automotive Plc 144A 5.00%, 02/15/22		381,667
EUR	200,000	Jaguar Land Rover Automotive Plc Reg S 2.20%, 01/15/24		195,160
GBP	110,000	Jerrold Finco Plc Reg S 6.25%, 09/15/19 (c)		146,750
USD	200,000	KCA Deutag Finance Plc 144A 7.25%, 05/31/19 (c)		177,000
GBP	100,000	Ladbrokes Group Finance Plc Reg S 5.13%, 09/16/22		138,106
EUR	100,000	LHC3 Plc Reg S 9.00% 08/15/20 (c)		114,600
		Lloyds Banking Group Plc 144A
USD	190,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (c)		197,125
	150,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (c)		156,937
	200,000	MARB BondCo Plc 144A 6.88%, 01/19/21 (c)		200,025
GBP	100,000	Matalan Finance Plc Reg S 6.75%, 01/31/20 (c)		129,345
	100,000	Mclaren Finance Plc Reg S 5.00%, 08/01/19 (c)		129,765

See Notes to Financial Statements

62

Principal Amount			Value
United Kingdom: (continued)
EUR	150,000	Merlin Entertainments Plc Reg S 2.75%, 12/15/21 (c)	$	176,269
USD	80,000	Oschadbank 144A 9.38%, 03/10/23 (s)		80,348
EUR	200,000	OTE Plc Reg S 3.50%, 07/09/20		232,383
USD	100,000	Petra Diamonds US Treasury Plc 144A 7.25%, 05/31/19 (c)		97,750
EUR	100,000	Playtech Plc Reg S 3.75%, 10/12/20 (c)		116,175
USD	300,000	Polyus Finance Plc 144A 5.25%, 02/07/23		303,411
GBP	100,000	Shop Direct Funding Plc Reg S 7.75%, 11/15/19 (c)		122,694
USD	100,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (c)		108,232
GBP	100,000	Stonegate Pub Co. Financing Plc Reg S 4.88%, 05/10/19 (c)		132,802
	100,000	Stretford 79 Plc Reg S 6.75%, 07/15/19 (c)		131,092
EUR	200,000	Synlab Bondco Plc Reg S 6.25%, 05/10/19 (c)		230,154
		Tesco Plc
	150,000	5.13%, 04/10/47		222,712
GBP	280,000	6.13%, 02/24/22		408,127
EUR	190,000	Thomas Cook Group Plc Reg S 6.25%, 06/15/19 (c)		163,702
	100,000	Titan Global Finance Plc Reg S 3.50%, 06/17/21		118,508
USD	150,000	Travelport Corporate Finance Plc 144A 6.00%, 05/01/19 (c)		161,625
GBP	100,000	Travis Perkins Plc Reg S 4.38%, 09/15/21		135,224
USD	200,000	Tullow Oil Plc 144A 7.00%, 03/01/21 (c) †		204,500
GBP	100,000	Twinkle Pizza Plc Reg S 6.63%, 05/10/19 (c)		114,061
USD	200,000	Vedanta Resources Finance II Plc 144A 9.25%, 04/23/23 (c)		201,356
	450,000	Vedanta Resources Plc 144A 6.13%, 08/09/21 (c)		407,900
EUR	100,000	Virgin Media Finance Plc Reg S 4.50%, 01/15/20 (c)		116,462
		Virgin Media Secured Finance Plc 144A
USD	200,000	5.25%, 01/15/20 (c)		204,192
GBP	100,000	6.00%, 01/15/21 (c) (s)		146,514
		Virgin Media Secured Finance Plc Reg S
	275,000	4.88%, 01/15/21 (c)		363,839
	200,000	5.00%, 04/15/22 (c)		265,737

Principal Amount			Value
United Kingdom: (continued)
EUR	100,000	Viridian Group FinanceCo Plc / Viridian Power & Energy Reg S 4.00%, 09/15/20 (c)	$	112,082
USD	250,000	Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 01/04/29 (c)		263,101
GBP	125,000	William Hill Plc Reg S 4.25%, 06/05/20		168,026
EUR	100,000	Worldpay Finance Plc Reg S 3.75%, 08/15/22 (c)		124,728
				10,964,009
United States: 2.7%
USD	100,000	Calfrac Holdings LP 144A 8.50%, 06/15/21 (c)		83,500
	350,000	Cemex Finance LLC 144A 6.00%, 05/31/19 (c)		361,515
EUR	100,000	CGG Holding US, Inc. Reg S 7.88%, 05/01/20 (c)		121,235
USD	200,000	Cott Holdings, Inc. 144A 5.50%, 04/01/20 (c)		203,250
	150,000	DAE Funding LLC 4.00%, 08/01/19 (c) †		150,938
	300,000	DAE Funding LLC 144A 5.00%, 08/01/20 (c)		309,750
	150,000	Dresdner Funding Trust I 144A 8.15%, 06/30/29 (c)		192,750
	100,000	JBS USA LUX SA / JBS USA Finance, Inc. 6.75%, 02/15/23 (c)		106,125
	150,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A 6.50%, 04/15/24 (c)		159,375
	100,000	Kronos Acquisition Holdings, Inc. 144A 9.00%, 05/31/19 (c)		89,500
		Mercer International, Inc.
	41,000	5.50%, 01/15/21 (c)		40,693
	100,000	6.50%, 02/01/20 (c)		103,500
	160,000	Navios Maritime Holdings, Inc. and Navios Maritime Finance II USA, Inc. 144A 7.38%, 05/31/19 (c)		105,600
	100,000	RBS Capital Trust II 6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (c)		125,500
	100,000	Resolute Forest Products, Inc. 5.88%, 05/31/19 (c)		101,525
	261,590	Rio Oil Finance Trust 144A 9.25%, 07/06/24		287,751
	100,000	Stillwater Mining Co. 144A 7.13%, 06/27/21 (c)		99,556
	220,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp. 144A 6.50%, 07/15/22 (c)		236,225

See Notes to Financial Statements

63

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
United States: (continued)
USD	200,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	$	196,336
				3,074,624
Total Corporate Bonds (Cost: $113,443,183)				110,089,261
FOREIGN GOVERNMENT OBLIGATIONS: 0.9%
Azerbaijan: 0.2%
	200,000	State Oil Co. of the Azerbaijan Republic Reg S 4.75%, 03/13/23		205,176
Costa Rica: 0.2%
	200,000	Instituto Costarricense de Electricidad Reg S 6.95%, 11/10/21		200,500
Turkey: 0.3%
		Export Credit Bank of Turkey
	100,000	5.00%, 09/23/21		94,052
	100,000	5.38%, 02/08/21		96,373
	200,000	Export Credit Bank of Turkey 144A 6.13%, 05/03/24		182,341
				372,766
United Kingdom: 0.2%
	200,000	Ukreximbank 144A 9.75%, 01/22/25		201,423
Total Foreign Government Obligations (Cost: $995,687)				979,865
Number of Shares
COMMON STOCK: 0.0%
(Cost: $5,626)
United States: 0.0%
	988	Tervita Corp. * #		4,640
WARRANTS: 0.0%
(Cost: $10,977)
Spain: 0.0%
	138	Grupo Isolux Corsan SA (EUR 0.00, expiring 12/30/21) * # ∞		0
Total Investments Before Collateral for Securities Loaned: 98.4% (Cost: $114,455,473)				111,073,766
Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%
Repurchase Agreements: 8.8%
USD	2,369,795	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $2,369,977; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $2,417,191 including accrued interest)		2,369,795

Principal Amount			Value
Repurchase Agreements: (continued)
USD	2,369,795	Repurchase agreement dated 4/30/19 with Credit Agricole CIB, 2.72%, due 5/1/19, proceeds $2,369,974; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 2/1/47 to 10/1/48, valued at $2,417,191 including accrued interest)	$	2,369,795
	2,369,795	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $2,369,978; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $2,417,191 including accrued interest)		2,369,795
	2,369,795	Repurchase agreement dated 4/30/19 with Deutsche Bank Securities, Inc., 2.75%, due 5/1/19, proceeds $2,369,976; (collateralized by various U.S. government and agency obligations, 2.50% to 8.50%, due 7/15/21 to 6/20/67, valued at $2,417,191 including accrued interest)		2,369,795
	488,183	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.75%, due 5/1/19, proceeds $488,220; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/19 to 2/15/49, valued at $497,947 including accrued interest)		488,183
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $9,967,363)				9,967,363
Total Investments: 107.2% (Cost: $124,422,836)				121,041,129
Liabilities in excess of other assets: (7.2)%				(8,162,669	)
NET ASSETS: 100.0%			$	112,878,460

See Notes to Financial Statements

64

Definitions:
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default of coupon payment
(e)	Security in default of principal
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,612,973.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,640 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $41,657,189, or 36.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		8.5	%	$	9,482,859
Communications		18.2			20,261,188
Consumer, Cyclical		9.2			10,255,989
Consumer, Non-cyclical		9.7			10,732,410
Diversified		0.7			823,391
Energy		9.9			11,017,633
Financial		29.9			33,167,261
Government		0.9			979,865
Industrial		8.0			8,830,550
Technology		0.8			875,631
Utilities		4.2			4,646,989
		100.0	%	$	111,073,766

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	110,089,261		$	—	$	110,089,261
Foreign Government Obligations*		—		979,865			—		979,865
Common Stock*		—		4,640			—		4,640
Warrants*		—		—			0		0
Repurchase Agreements		—		9,967,363			—		9,967,363
Total	$	—	$	121,041,129		$	0	$	121,041,129

* See Schedule of Investments for geographic sector breakouts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended April 30, 2019:

	Warrants
	Spain
Balance as of April 30, 2018		$	0
Realized gain (loss)			—
Net change in unrealized appreciation (depreciation)			0
Purchases			—
Sales			—
Transfers in and/or out of level 3			—
Balance as of April 30, 2019		$	0

See Notes to Financial Statements

65

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal Amount			Value
FLOATING RATE NOTES: 99.5%
Australia: 5.2%
		Australia & New Zealand Banking Group Ltd. 144A
$	400,000	3.02% (ICE LIBOR USD 3 Month+.32%), 11/09/20	$	400,616
	900,000	3.14% (ICE LIBOR USD 3 Month+.46%), 05/17/21		902,334
	1,600,000	3.39% (ICE LIBOR USD 3 Month+.71%), 05/19/22		1,610,759
		Commonwealth Bank of Australia 144A
	450,000	3.05% (ICE LIBOR USD 3 Month+.45%), 03/10/20		451,571
	1,925,000	3.30% (ICE LIBOR USD 3 Month+.70%), 03/10/22		1,936,674
	2,375,000	3.31% (ICE LIBOR USD 3 Month+.70%), 03/16/23		2,382,572
	350,000	3.38% (ICE LIBOR USD 3 Month+.64%), 11/07/19		351,147
	1,400,000	3.44% (ICE LIBOR USD 3 Month+.82%), 06/04/24		1,407,984
	700,000	3.44% (ICE LIBOR USD 3 Month+.83%), 09/06/21		707,445
	375,000	Macquarie Bank Ltd. 144A 3.70% (ICE LIBOR USD 3 Month+1.12%), 07/29/20		379,381
	1,650,000	Macquarie Group Ltd. 144A
		3.96% (ICE LIBOR USD 3 Month+1.35%), 03/27/23 (c)		1,663,737
		National Australia Bank Ltd. 144A
	750,000	2.95% (ICE LIBOR USD 3 Month+.35%), 01/12/21		751,512
	1,050,000	3.17% (ICE LIBOR USD 3 Month+.51%), 05/22/20		1,055,102
	1,620,000	3.20% (ICE LIBOR USD 3 Month+.60%), 04/12/23		1,619,976
	1,630,000	3.38% (ICE LIBOR USD 3 Month+.72%), 05/22/22		1,640,497
	650,000	3.47% (ICE LIBOR USD 3 Month+.89%), 01/10/22		656,378
	625,000	3.60% (ICE LIBOR USD 3 Month+1.00%), 07/12/21		633,667
		Westpac Banking Corp.
	614,000	2.93% (ICE LIBOR USD 3 Month+.34%), 01/25/21		614,971
	570,000	2.96% (ICE LIBOR USD 3 Month+.28%), 05/15/20		571,290
	450,000	3.04% (ICE LIBOR USD 3 Month+.43%), 03/06/20		451,411
	1,600,000	3.15% (ICE LIBOR USD 3 Month+.57%), 01/11/23		1,599,360
	1,625,000	3.31% (ICE LIBOR USD 3 Month+.71%), 06/28/22		1,634,089
	2,150,000	3.40% (ICE LIBOR USD 3 Month+.72%), 05/15/23		2,157,882
	1,600,000	3.42% (ICE LIBOR USD 3 Month+.77%), 02/26/24		1,608,896
	600,000	3.43% (ICE LIBOR USD 3 Month+.85%), 01/11/22		605,418
	535,000	3.53% (ICE LIBOR USD 3 Month+.85%), 08/19/21		541,123
				28,335,792

Principal Amount			Value
Canada: 3.9%
		Bank of Montreal
$	850,000	2.94% (ICE LIBOR USD 3 Month+.34%), 07/13/20	$	852,154
	625,000	3.05% (ICE LIBOR USD 3 Month+.44%), 06/15/20		627,644
	850,000	3.06% (ICE LIBOR USD 3 Month+.46%), 04/13/21		854,062
	580,000	3.43% (ICE LIBOR USD 3 Month+.79%), 08/27/21		586,213
		Bank of Nova Scotia
	525,000	2.88% (ICE LIBOR USD 3 Month+.29%), 01/08/21		525,819
	775,000	3.03% (ICE LIBOR USD 3 Month+.44%), 04/20/21		778,343
	457,000	3.22% (ICE LIBOR USD 3 Month+.62%), 12/05/19		458,552
	1,525,000	3.25% (ICE LIBOR USD 3 Month+.64%), 03/07/22		1,535,452
		Canadian Imperial Bank of Commerce
	700,000	2.89% (ICE LIBOR USD 3 Month+.32%), 02/02/21		700,806
	351,000	2.91% (ICE LIBOR USD 3 Month+.31%), 10/05/20		351,681
	1,600,000	3.27% (ICE LIBOR USD 3 Month+.66%), 09/13/23 †		1,603,728
	1,550,000	3.33% (ICE LIBOR USD 3 Month+.72%), 06/16/22		1,559,280
		Enbridge, Inc.
	546,000	2.98% (ICE LIBOR USD 3 Month+.40%), 01/10/20		546,146
	320,000	3.31% (ICE LIBOR USD 3 Month+.70%), 06/15/20		320,745
	435,000	National Bank of Canada
		3.16% (ICE LIBOR USD 3 Month+.56%), 05/12/20 (c)		436,923
		Royal Bank of Canada
	400,000	2.83% (ICE LIBOR USD 3 Month+.24%), 10/26/20		400,590
	500,000	2.89% (ICE LIBOR USD 3 Month+.30%), 07/22/20		501,021
	1,650,000	2.97% (ICE LIBOR USD 3 Month+.39%), 04/30/21		1,657,081
	450,000	3.00% (ICE LIBOR USD 3 Month+.38%), 03/02/20		451,373
	425,000	3.13% (ICE LIBOR USD 3 Month+.52%), 03/06/20		426,826
	1,596,000	3.31% (ICE LIBOR USD 3 Month+.73%), 02/01/22		1,612,479
		Toronto-Dominion Bank
	529,000	2.82% (ICE LIBOR USD 3 Month+.24%), 01/25/21		529,358
	750,000	2.87% (ICE LIBOR USD 3 Month+.26%), 09/17/20		751,845
	630,000	2.88% (ICE LIBOR USD 3 Month+.28%), 06/11/20		631,407
	900,000	3.03% (ICE LIBOR USD 3 Month+.43%), 06/11/21		904,361
	352,000	3.29% (ICE LIBOR USD 3 Month+.56%), 11/05/19		352,946

See Notes to Financial Statements

66

Principal Amount			Value
Canada: (continued)
$	577,000	3.59% (ICE LIBOR USD 3 Month+1.00%), 04/07/21	$	586,041
	400,000	TransCanada PipeLines Ltd. 2.96% (ICE LIBOR USD 3 Month+.28%), 11/15/19		400,503
				20,943,379
Cayman Islands: 0.3%
	1,575,000	Tencent Holdings Ltd. 144A 3.20% (ICE LIBOR USD 3 Month+.60%), 01/19/23		1,564,042
China / Hong Kong: 0.2%
	725,000	AIA Group Ltd. 144A 3.15% (ICE LIBOR USD 3 Month+.52%), 08/20/21 (c)		726,132
	550,000	Industrial & Commercial Bank of China Ltd. 3.49% (ICE LIBOR USD 3 Month+.75%), 11/08/20		551,060
				1,277,192
Finland: 0.1%
	800,000	Nordea Bank Abp 144A 3.10% (ICE LIBOR USD 3 Month+.47%), 05/29/20		802,959
France: 1.5%
	375,000	Banque Federative du Credit Mutuel SA 144A 3.08% (ICE LIBOR USD 3 Month+.49%), 07/20/20		376,266
	1,925,000	BPCE SA 3.51% (ICE LIBOR USD 3 Month+.88%), 05/31/22		1,940,378
		BPCE SA 144A
	1,625,000	3.84% (ICE LIBOR USD 3 Month+1.24%), 09/12/23		1,628,924
	1,615,000	3.88% (ICE LIBOR USD 3 Month+1.22%), 05/22/22		1,629,425
		Credit Agricole SA 144A
	300,000	3.57% (ICE LIBOR USD 3 Month+.97%), 06/10/20		302,496
	1,600,000	3.60% (ICE LIBOR USD 3 Month+1.02%), 04/24/23		1,596,264
	500,000	Societe Generale SA 144A 3.92% (ICE LIBOR USD 3 Month+1.33%), 04/08/21		508,423
				7,982,176
Germany: 0.6%
		Deutsche Bank AG
	627,000	3.41% (ICE LIBOR USD 3 Month+.81%), 01/22/21		619,496
	500,000	3.57% (ICE LIBOR USD 3 Month+.97%), 07/13/20		499,120
	1,565,000	3.87% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 †		1,531,980
	500,000	4.03% (ICE LIBOR USD 3 Month+1.29%), 02/04/21		497,408
				3,148,004

Principal Amount			Value
Italy: 0.1%
$	350,000	UniCredit SpA 144A 6.50% (ICE LIBOR USD 3 Month+3.90%), 01/14/22	$	364,334
Japan: 8.0%
		Mitsubishi UFJ Financial Group, Inc.
	800,000	3.24% (ICE LIBOR USD 3 Month+.65%), 07/26/21		804,276
	1,550,000	3.31% (ICE LIBOR USD 3 Month+.70%), 03/07/22		1,554,890
	2,389,000	3.36% (ICE LIBOR USD 3 Month+.74%), 03/02/23		2,389,219
	3,100,000	3.37% (ICE LIBOR USD 3 Month+.79%), 07/25/22		3,114,602
	5,100,000	3.45% (ICE LIBOR USD 3 Month+.86%), 07/26/23		5,124,820
	1,614,000	3.58% (ICE LIBOR USD 3 Month+.92%), 02/22/22		1,629,202
	1,135,000	3.67% (ICE LIBOR USD 3 Month+1.06%), 09/13/21		1,150,185
	850,000	4.51% (ICE LIBOR USD 3 Month+1.88%), 03/01/21		872,633
		Mizuho Financial Group, Inc.
	2,700,000	3.39% (ICE LIBOR USD 3 Month+.79%), 03/05/23		2,706,991
	3,600,000	3.48% (ICE LIBOR USD 3 Month+.88%), 09/11/22		3,621,940
	3,870,000	3.57% (ICE LIBOR USD 3 Month+.94%), 02/28/22		3,904,762
	2,075,000	3.60% (ICE LIBOR USD 3 Month+1.00%), 09/11/23 (c) †		2,094,702
	1,125,000	3.75% (ICE LIBOR USD 3 Month+1.14%), 09/13/21		1,138,939
	400,000	Mizuho Financial Group, Inc. 144A 4.08% (ICE LIBOR USD 3 Month+1.48%), 04/12/21		406,999
		Sumitomo Mitsui Banking Corp.
	400,000	2.91% (ICE LIBOR USD 3 Month+.31%), 10/18/19		400,498
	1,075,000	2.94% (ICE LIBOR USD 3 Month+.35%), 01/17/20		1,076,865
	650,000	2.97% (ICE LIBOR USD 3 Month+.37%), 10/16/20		650,981
		Sumitomo Mitsui Financial Group, Inc.
	1,600,000	3.33% (ICE LIBOR USD 3 Month+.74%), 01/17/23		1,602,750
	1,600,000	3.34% (ICE LIBOR USD 3 Month+.74%), 10/18/22		1,606,496
	1,625,000	3.38% (ICE LIBOR USD 3 Month+.78%), 07/12/22		1,634,309
	2,625,000	3.40% (ICE LIBOR USD 3 Month+.80%), 10/16/23		2,634,207
	1,600,000	3.45% (ICE LIBOR USD 3 Month+.86%), 07/19/23		1,608,014
	575,000	3.71% (ICE LIBOR USD 3 Month+1.11%), 07/14/21		583,156
	590,000	3.73% (ICE LIBOR USD 3 Month+1.14%), 10/19/21		599,776
	300,000	Sumitomo Mitsui Trust Bank Ltd. 144A 3.51% (ICE LIBOR USD 3 Month+.91%), 10/18/19		301,134
				43,212,346

See Notes to Financial Statements

67

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
Luxembourg: 0.1%
$	325,000	Allergan Funding SCS 3.85% (ICE LIBOR USD 3 Month+1.25%), 03/12/20	$	327,621
Mexico: 0.5%
	2,850,000	Petroleos Mexicanos 6.25% (ICE LIBOR USD 3 Month+3.65%), 03/11/22 †		2,986,800
Netherlands: 3.0%
		ABN AMRO Bank NV 144A
	920,000	3.00% (ICE LIBOR USD 3 Month+.41%), 01/19/21		921,858
	1,150,000	3.21% (ICE LIBOR USD 3 Month+.57%), 08/27/21		1,154,716
	1,250,000	BNG Bank NV 144A 2.70% (ICE LIBOR USD 3 Month+.10%), 07/14/20		1,251,557
		Cooperatieve Rabobank UA
	875,000	3.02% (ICE LIBOR USD 3 Month+.43%), 04/26/21		877,990
	615,000	3.41% (ICE LIBOR USD 3 Month+.83%), 01/10/22		622,146
		ING Groep NV
	1,650,000	3.60% (ICE LIBOR USD 3 Month+1.00%), 10/02/23		1,647,771
	3,150,000	3.75% (ICE LIBOR USD 3 Month+1.15%), 03/29/22		3,193,072
	400,000	Mondelez International Holdings Netherlands BV 144A 3.19% (ICE LIBOR USD 3 Month+.61%), 10/28/19		400,744
	800,000	Nederlandse Waterschapsbank NV 144A 2.68% (ICE LIBOR USD 3 Month+.03%), 02/24/20		800,198
		Shell International Finance BV
	1,550,000	3.09% (ICE LIBOR USD 3 Month+.40%), 11/13/23		1,551,855
	500,000	3.15% (ICE LIBOR USD 3 Month+.45%), 05/11/20		502,181
		Siemens Financieringsmaatschappij NV 144A
	525,000	2.95% (ICE LIBOR USD 3 Month+.34%), 03/16/20		526,483
	2,600,000	3.22% (ICE LIBOR USD 3 Month+.61%), 03/16/22		2,616,850
				16,067,421
New Zealand: 0.3%
	1,670,000	ASB Bank Ltd. 144A 3.56% (ICE LIBOR USD 3 Month+.97%), 06/14/23		1,679,572
Norway: 0.1%
	450,000	DNB Bank ASA 144A 2.97% (ICE LIBOR USD 3 Month+.37%), 10/02/20		451,045
Singapore: 0.7%
	1,550,000	BOC Aviation Ltd. 144A 3.73% (ICE LIBOR USD 3 Month+1.12%), 08/26/23 (c)		1,553,294

Principal Amount			Value
Singapore: (continued)
		DBS Group Holdings Ltd. 144A
$	950,000	3.08% (ICE LIBOR USD 3 Month+.49%), 06/08/20	$	951,649
	900,000	3.20% (ICE LIBOR USD 3 Month+.62%), 07/25/22		904,935
	700,000	United Overseas Bank Ltd. 144A 3.07% (ICE LIBOR USD 3 Month+.48%), 04/23/21		701,706
				4,111,584
South Korea: 0.1%
	400,000	KEB Hana Bank 144A 3.32% (ICE LIBOR USD 3 Month+.72%), 04/05/20		400,774
Spain: 0.9%
		Banco Santander SA
	1,550,000	3.72% (ICE LIBOR USD 3 Month+1.12%), 04/12/23		1,546,532
	1,570,000	3.74% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		1,565,305
	1,650,000	4.14% (ICE LIBOR USD 3 Month+1.56%), 04/11/22		1,680,443
				4,792,280
Sweden: 0.8%
	1,250,000	Skandinaviska Enskilda Banken AB 144A 3.11% (ICE LIBOR USD 3 Month+.43%), 05/17/21		1,252,929
		Svenska Handelsbanken AB
	350,000	2.95% (ICE LIBOR USD 3 Month+.36%), 09/08/20		350,671
	1,325,000	3.12% (ICE LIBOR USD 3 Month+.47%), 05/24/21		1,330,911
	1,675,000	Swedbank AB 144A 3.29% (ICE LIBOR USD 3 Month+.70%), 03/14/22		1,659,870
				4,594,381
Switzerland: 2.9%
		Credit Suisse Group AG 144A
	1,400,000	3.79% (ICE LIBOR USD 3 Month+1.20%), 12/14/22 (c)		1,400,720
	2,425,000	3.84% (ICE LIBOR USD 3 Month+1.24%), 06/12/23 (c)		2,430,935
		UBS AG 144A
	747,000	3.11% (ICE LIBOR USD 3 Month+.48%), 11/01/20 (c)		748,884
	1,425,000	3.17% (ICE LIBOR USD 3 Month+.58%), 05/08/20 (c)		1,431,521
	1,515,000	UBS Group Funding Jersey Ltd. 144A 4.11% (ICE LIBOR USD 3 Month+1.53%), 02/01/22		1,552,313
		UBS Group Funding Switzerland AG 144A
	3,800,000	3.63% (ICE LIBOR USD 3 Month+.95%), 08/15/22 (c)		3,801,269
	3,045,000	3.87% (ICE LIBOR USD 3 Month+1.22%), 05/23/22 (c)		3,077,810
	1,130,000	4.38% (ICE LIBOR USD 3 Month+1.78%), 04/14/21		1,157,464
				15,600,916

See Notes to Financial Statements

68

Principal Amount			Value
United Kingdom: 7.0%
		Barclays Plc
$	1,175,000	3.04% (ICE LIBOR USD 3 Month+.46%), 12/11/20 (c)	$	1,170,741
	2,400,000	4.11% (ICE LIBOR USD 3 Month+1.43%), 02/15/22 (c)		2,399,619
	2,200,000	4.21% (ICE LIBOR USD 3 Month+1.62%), 01/10/22 (c)		2,219,594
	1,155,000	4.81% (ICE LIBOR USD 3 Month+2.11%), 08/10/21		1,184,209
	1,147,000	Credit Suisse Group Funding Guernsey Ltd. 4.89% (ICE LIBOR USD 3 Month+2.29%), 04/16/21		1,186,073
	400,000	Diageo Capital Plc 2.92% (ICE LIBOR USD 3 Month+.24%), 05/18/20		400,384
	850,000	GlaxoSmithKline Capital Plc 3.04% (ICE LIBOR USD 3 Month+.35%), 05/14/21		852,085
		HSBC Holdings Plc
	2,250,000	3.25% (ICE LIBOR USD 3 Month+.65%), 09/11/20 (c)		2,254,413
	2,250,000	3.28% (ICE LIBOR USD 3 Month+.60%), 05/18/20 (c)		2,253,719
	6,010,000	3.68% (ICE LIBOR USD 3 Month+1.00%), 05/18/23 (c)		6,009,430
	1,300,000	4.10% (ICE LIBOR USD 3 Month+1.50%), 01/05/22		1,328,570
	1,150,000	4.31% (ICE LIBOR USD 3 Month+1.66%), 05/25/21		1,175,533
	1,111,000	4.83% (ICE LIBOR USD 3 Month+2.24%), 03/08/21		1,146,664
	1,200,000	Lloyds Bank Plc 3.23% (ICE LIBOR USD 3 Month+.49%), 05/07/21		1,201,148
	350,000	Lloyds Banking Group Plc 3.41% (ICE LIBOR USD 3 Month+.80%), 06/21/21		350,151
	2,275,000	Reckitt Benckiser Treasury Services Plc 144A 3.16% (ICE LIBOR USD 3 Month+.56%), 06/24/22		2,261,630
	4,700,000	Royal Bank of Scotland Group Plc 4.15% (ICE LIBOR USD 3 Month+1.47%), 05/15/22 (c)		4,715,921
		Santander UK Plc
	900,000	3.25% (ICE LIBOR USD 3 Month+.62%), 06/01/21		901,568
	550,000	3.34% (ICE LIBOR USD 3 Month+.66%), 11/15/21		551,859
	1,535,000	Standard Chartered Plc 144A 3.74% (ICE LIBOR USD 3 Month+1.15%), 01/20/22 (c)		1,535,906
	3,094,000	Vodafone Group Plc 3.59% (ICE LIBOR USD 3 Month+.99%), 01/16/24		3,078,691
				38,177,908

Principal Amount			Value
United States: 63.2%
		American Express Co.
$	415,000	2.91% (ICE LIBOR USD 3 Month+.33%), 09/29/20 (c)	$	415,509
	900,000	3.21% (ICE LIBOR USD 3 Month+.53%), 04/17/21 (c)		904,161
	1,100,000	3.33% (ICE LIBOR USD 3 Month+.60%), 10/05/21 (c)		1,105,436
	1,525,000	3.49% (ICE LIBOR USD 3 Month+.75%), 07/03/23 (c)		1,535,421
	370,000	American Express Credit Corp. 3.64% (ICE LIBOR USD 3 Month+1.05%), 08/14/20 (c)		374,159
		American Honda Finance Corp.
	350,000	2.79% (ICE LIBOR USD 3 Month+.15%), 02/21/20		350,262
	450,000	2.87% (ICE LIBOR USD 3 Month+.26%), 06/16/20		450,907
	350,000	3.03% (ICE LIBOR USD 3 Month+.34%), 02/14/20		350,948
		Apple, Inc.
	350,000	2.77% (ICE LIBOR USD 3 Month+.07%), 05/11/20		350,139
	350,000	2.94% (ICE LIBOR USD 3 Month+.20%), 02/07/20		350,516
	350,000	2.95% (ICE LIBOR USD 3 Month+.25%), 02/07/20		350,577
	385,000	2.99% (ICE LIBOR USD 3 Month+.30%), 05/06/20		386,045
	2,300,000	3.05% (ICE LIBOR USD 3 Month+.35%), 05/11/22 †		2,313,721
	3,100,000	3.20% (ICE LIBOR USD 3 Month+.50%), 02/09/22		3,130,655
	605,000	3.78% (ICE LIBOR USD 3 Month+1.13%), 02/23/21		616,390
		AT&T, Inc.
	575,000	3.25% (ICE LIBOR USD 3 Month+.65%), 01/15/20		577,078
	1,625,000	3.38% (ICE LIBOR USD 3 Month+.75%), 06/01/21		1,636,384
	481,000	3.53% (ICE LIBOR USD 3 Month+.93%), 06/30/20		484,781
	1,725,000	3.55% (ICE LIBOR USD 3 Month+.95%), 07/15/21		1,744,770
	10,850,000	3.78% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		10,903,188
	1,800,000	Athene Global Funding 144A 3.83% (ICE LIBOR USD 3 Month+1.23%), 07/01/22		1,810,511
	180,000	Aviation Capital Group LLC 144A 3.58% (ICE LIBOR USD 3 Month+.95%), 06/01/21		180,659
		Bank of America Corp.
	1,615,000	2.97% (ICE LIBOR USD 3 Month+.38%), 01/23/21 (c)		1,613,457
	775,000	3.24% (ICE LIBOR USD 3 Month+.65%), 10/01/20 (c)		777,307
	1,150,000	3.25% (ICE LIBOR USD 3 Month+.66%), 07/21/20 (c)		1,154,973

See Notes to Financial Statements

69

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
United States: (continued)
$	2,625,000	3.25% (ICE LIBOR USD 3 Month+.65%), 06/25/21 (c)	$	2,634,321
	4,375,000	3.39% (ICE LIBOR USD 3 Month+.79%), 03/05/23 (c)		4,379,735
	4,675,000	3.50% (ICE LIBOR USD 3 Month+.77%), 02/05/25 (c)		4,600,058
	1,625,000	3.55% (ICE LIBOR USD 3 Month+.96%), 07/23/23 (c)		1,637,216
	4,725,000	3.58% (ICE LIBOR USD 3 Month+1.00%), 04/24/22 (c)		4,775,177
	2,388,000	3.75% (ICE LIBOR USD 3 Month+1.16%), 01/20/22 (c)		2,420,749
	1,600,000	3.77% (ICE LIBOR USD 3 Month+1.18%), 10/21/21 (c)		1,619,979
	575,000	4.01% (ICE LIBOR USD 3 Month+1.42%), 04/19/21		586,753
	1,225,000	Bank of America NA 2.88% (ICE LIBOR USD 3 Month+.25%), 08/28/19 (c)		1,225,601
	1,037,000	Bank of New York Mellon 2.92% (ICE LIBOR USD 3 Month+.30%), 12/04/19 (c)		1,038,282
		BAT Capital Corp.
	725,000	3.28% (ICE LIBOR USD 3 Month+.59%), 08/14/20		724,177
	2,350,000	3.56% (ICE LIBOR USD 3 Month+.88%), 07/15/22 (c)		2,339,020
		Bayer US Finance II LLC 144A
	1,375,000	3.23% (ICE LIBOR USD 3 Month+.63%), 05/25/21 (c)		1,367,695
	3,800,000	3.62% (ICE LIBOR USD 3 Month+1.01%), 11/15/23 (c)		3,748,446
	615,000	BB&T Corp. 3.18% (ICE LIBOR USD 3 Month+.57%), 06/15/20		617,512
		BMW US Capital LLC 144A
	500,000	2.97% (ICE LIBOR USD 3 Month+.38%), 04/06/20		500,828
	800,000	3.01% (ICE LIBOR USD 3 Month+.41%), 04/12/21		801,661
	550,000	3.06% (ICE LIBOR USD 3 Month+.37%), 08/14/20		551,631
	875,000	3.19% (ICE LIBOR USD 3 Month+.50%), 08/13/21		877,708
	499,000	Branch Banking & Trust Co. 3.05% (ICE LIBOR USD 3 Month+.45%), 12/15/19 (c)		500,005
	442,000	Campbell Soup Co. 3.11% (ICE LIBOR USD 3 Month+.50%), 03/16/20		441,521
	315,000	Capital One Financial Corp. 3.46% (ICE LIBOR USD 3 Month+.76%), 04/12/20 (c)		316,625
	1,615,000	Capital One NA 3.73% (ICE LIBOR USD 3 Month+1.15%), 01/30/22 (c)		1,630,813
		Caterpillar Financial Services Corp.
	1,350,000	2.84% (ICE LIBOR USD 3 Month+.23%), 03/15/21		1,351,790

Principal Amount			Value
United States: (continued)
$	400,000	2.86% (ICE LIBOR USD 3 Month+.18%), 05/15/20	$	400,562
	500,000	2.90% (ICE LIBOR USD 3 Month+.25%), 08/26/20		500,873
	416,000	3.09% (ICE LIBOR USD 3 Month+.51%), 01/10/20		417,158
		Citibank NA
	450,000	2.89% (ICE LIBOR USD 3 Month+.30%), 10/20/20		450,684
	1,125,000	2.90% (ICE LIBOR USD 3 Month+.32%), 04/01/20 (c)		1,127,165
	1,475,000	3.05% (ICE LIBOR USD 3 Month+.35%), 01/12/21 (c)		1,476,308
	415,000	3.10% (ICE LIBOR USD 3 Month+.50%), 06/12/20		416,407
	900,000	3.16% (ICE LIBOR USD 3 Month+.57%), 06/23/21 (c)		904,318
	1,600,000	3.21% (ICE LIBOR USD 3 Month+.53%), 02/19/21 (c)		1,603,677
		Citigroup, Inc.
	1,675,000	3.20% (ICE LIBOR USD 3 Month+.55%), 08/25/36		1,325,520
	700,000	3.37% (ICE LIBOR USD 3 Month+.79%), 12/10/19 (c)		703,004
	2,125,000	3.53% (ICE LIBOR USD 3 Month+.95%), 07/24/22 (c)		2,139,454
	3,913,000	3.54% (ICE LIBOR USD 3 Month+.96%), 03/25/22 (c)		3,957,070
	3,075,000	3.65% (ICE LIBOR USD 3 Month+1.02%), 06/01/23 (c)		3,096,484
	870,000	3.66% (ICE LIBOR USD 3 Month+1.07%), 11/08/21 (c)		881,384
	892,000	3.77% (ICE LIBOR USD 3 Month+1.19%), 08/02/21		905,035
	4,363,000	3.78% (ICE LIBOR USD 3 Month+1.10%), 05/17/23 (c)		4,407,011
	2,100,000	3.84% (ICE LIBOR USD 3 Month+1.25%), 07/01/25 (c)		2,119,983
	1,150,000	3.98% (ICE LIBOR USD 3 Month+1.38%), 03/30/21		1,170,837
	6,200,000	4.06% (ICE LIBOR USD 3 Month+1.43%), 09/01/22 (c)		6,327,326
		Comcast Corp.
	900,000	2.92% (ICE LIBOR USD 3 Month+.33%), 10/01/20		901,965
	1,157,000	3.03% (ICE LIBOR USD 3 Month+.44%), 10/01/21		1,163,057
	1,400,000	3.23% (ICE LIBOR USD 3 Month+.63%), 04/15/24		1,404,619
		Conagra Brands, Inc.
	400,000	3.09% (ICE LIBOR USD 3 Month+.50%), 10/09/20		399,040
	400,000	3.34% (ICE LIBOR USD 3 Month+.75%), 10/22/19 (c)		400,170
	1,550,000	ConocoPhillips Co. 3.58% (ICE LIBOR USD 3 Month+.90%), 05/15/22		1,568,854

See Notes to Financial Statements

70

Principal Amount			Value
United States: (continued)
$	700,000	Consolidated Edison Co of New York, Inc. 3.00% (ICE LIBOR USD 3 Month+.40%), 06/25/21	$	701,014
	850,000	Constellation Brands, Inc. 3.38% (ICE LIBOR USD 3 Month+.70%), 10/30/19 (c)		850,716
		CVS Health Corp.
	700,000	3.23% (ICE LIBOR USD 3 Month+.63%), 03/09/20		702,426
	1,115,000	3.32% (ICE LIBOR USD 3 Month+.72%), 03/09/21		1,119,843
		Daimler Finance North America LLC 144A
	1,000,000	3.11% (ICE LIBOR USD 3 Month+.45%), 02/22/21		998,521
	305,000	3.26% (ICE LIBOR USD 3 Month+.53%), 05/05/20		305,301
	1,185,000	3.29% (ICE LIBOR USD 3 Month+.55%), 05/04/21		1,185,859
	825,000	3.40% (ICE LIBOR USD 3 Month+.67%), 11/05/21		827,018
	601,000	Dollar Tree, Inc. 3.29% (ICE LIBOR USD 3 Month+.70%), 05/16/19 (c)		601,051
	550,000	Dominion Energy Gas Holdings LLC 3.21% (ICE LIBOR USD 3 Month+.60%), 06/15/21		551,141
	500,000	DowDuPont, Inc. 3.39% (ICE LIBOR USD 3 Month+.71%), 11/15/20		504,073
	650,000	Duke Energy Corp. 144A 3.19% (ICE LIBOR USD 3 Month+.50%), 05/14/21		649,978
	700,000	DXC Technology Co. 3.58% (ICE LIBOR USD 3 Month+.95%), 05/13/19 (c)		699,607
	600,000	EI du Pont de Nemours & Co. 3.11% (ICE LIBOR USD 3 Month+.53%), 05/01/20		602,093
	500,000	EQT Corp. 3.36% (ICE LIBOR USD 3 Month+.77%), 05/16/19 (c)		498,568
	1,525,000	Exxon Mobil Corp. 2.98% (ICE LIBOR USD 3 Month+.37%), 03/06/22		1,536,781
		Ford Motor Credit Co. LLC
	900,000	3.41% (ICE LIBOR USD 3 Month+.81%), 04/05/21		890,163
	550,000	3.48% (ICE LIBOR USD 3 Month+.88%), 10/12/21		540,153
	400,000	3.53% (ICE LIBOR USD 3 Month+.93%), 09/24/20		399,798
	737,000	3.59% (ICE LIBOR USD 3 Month+1.00%), 01/09/20		737,819
	1,825,000	3.82% (ICE LIBOR USD 3 Month+1.08%), 08/03/22		1,787,783
	1,650,000	3.92% (ICE LIBOR USD 3 Month+1.24%), 02/15/23		1,603,290

Principal Amount			Value
United States: (continued)
		General Dynamics Corp.
$	400,000	2.99% (ICE LIBOR USD 3 Month+.29%), 05/11/20	$	400,945
	600,000	3.08% (ICE LIBOR USD 3 Month+.38%), 05/11/21		601,669
		General Electric Capital Corp.
	2,432,000	3.11% (ICE LIBOR USD 3 Month+.38%), 05/05/26		2,192,202
	2,100,000	3.61% (ICE LIBOR USD 3 Month+1.00%), 03/15/23		2,063,801
	931,000	General Mills, Inc. 3.14% (ICE LIBOR USD 3 Month+.54%), 04/16/21		932,686
	325,000	General Motors Co. 3.54% (ICE LIBOR USD 3 Month+.80%), 08/07/20		324,892
		General Motors Financial Co., Inc.
	575,000	3.44% (ICE LIBOR USD 3 Month+.85%), 04/09/21		574,392
	1,050,000	3.53% (ICE LIBOR USD 3 Month+.93%), 04/13/20		1,053,377
	1,625,000	3.91% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		1,626,178
	1,600,000	4.15% (ICE LIBOR USD 3 Month+1.55%), 01/14/22		1,610,599
		Goldman Sachs Group, Inc.
	850,000	3.34% (ICE LIBOR USD 3 Month+.73%), 12/27/19 (c)		852,295
	3,850,000	3.36% (ICE LIBOR USD 3 Month+.78%), 10/31/21 (c)		3,853,686
	8,100,000	3.40% (ICE LIBOR USD 3 Month+.75%), 02/23/23		8,070,605
	520,000	3.41% (ICE LIBOR USD 3 Month+.80%), 12/13/19		521,803
	2,300,000	3.58% (ICE LIBOR USD 3 Month+1.00%), 07/24/22 (c)		2,307,608
	350,000	3.61% (ICE LIBOR USD 3 Month+1.02%), 10/23/19		351,451
	2,300,000	3.65% (ICE LIBOR USD 3 Month+1.05%), 06/05/22 (c)		2,311,784
	5,400,000	3.70% (ICE LIBOR USD 3 Month+1.11%), 04/26/21 (c)		5,450,847
	950,000	3.75% (ICE LIBOR USD 3 Month+1.16%), 03/23/20 (c)		957,849
	700,000	3.81% (ICE LIBOR USD 3 Month+1.20%), 08/15/20 (c)		707,622
	1,375,000	3.85% (ICE LIBOR USD 3 Month+1.17%), 11/15/20 (c)		1,387,170
	4,610,000	3.85% (ICE LIBOR USD 3 Month+1.17%), 05/15/25 (c)		4,574,388
	1,150,000	3.94% (ICE LIBOR USD 3 Month+1.36%), 03/23/21 (c)		1,168,530
	5,550,000	4.23% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		5,689,343
	3,145,000	4.33% (ICE LIBOR USD 3 Month+1.75%), 10/28/26 (c) †		3,221,028
	720,000	4.42% (ICE LIBOR USD 3 Month+1.77%), 02/25/21		737,274

See Notes to Financial Statements

71

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
United States: (continued)
		Halfmoon Parent, Inc. 144A
$	675,000	2.96% (ICE LIBOR USD 3 Month+.35%), 03/17/20	$	675,373
	1,075,000	3.26% (ICE LIBOR USD 3 Month+.65%), 09/17/19 (c)		1,075,359
	2,200,000	3.49% (ICE LIBOR USD 3 Month+.89%), 06/15/23 (c)		2,191,981
	1,610,000	Hartford Financial Services Group, Inc. 144A 4.81% (ICE LIBOR USD 3 Month+2.12%), 05/31/19 (c)		1,442,375
	850,000	Hewlett Packard Enterprise Co. 3.32% (ICE LIBOR USD 3 Month+.72%), 09/20/19 (c)		850,238
	390,000	Home Depot, Inc. 2.75% (ICE LIBOR USD 3 Month+.15%), 06/05/20		390,683
	800,000	Hyundai Capital America 144A 3.53% (ICE LIBOR USD 3 Month+.94%), 07/08/21		800,801
		IBM Credit LLC
	650,000	2.85% (ICE LIBOR USD 3 Month+.26%), 01/20/21		650,358
	450,000	3.10% (ICE LIBOR USD 3 Month+.47%), 11/30/20		453,015
		Intel Corp.
	500,000	2.78% (ICE LIBOR USD 3 Month+.08%), 05/11/20		500,446
	2,475,000	3.05% (ICE LIBOR USD 3 Month+.35%), 05/11/22		2,485,049
		International Business Machines Corp.
	350,000	2.81% (ICE LIBOR USD 3 Month+.23%), 01/27/20		350,384
	1,135,000	3.31% (ICE LIBOR USD 3 Month+.58%), 11/06/21 †		1,142,571
		Jackson National Life Global Funding 144A
	700,000	2.90% (ICE LIBOR USD 3 Month+.30%), 10/15/20		699,754
	650,000	3.08% (ICE LIBOR USD 3 Month+.48%), 06/11/21		652,589
		John Deere Capital Corp.
	550,000	2.77% (ICE LIBOR USD 3 Month+.18%), 01/07/20		550,593
	842,000	2.84% (ICE LIBOR USD 3 Month+.24%), 03/12/21		842,440
		JPMorgan Chase & Co.
	1,975,000	3.15% (ICE LIBOR USD 3 Month+.55%), 03/09/20 (c)		1,979,800
	3,453,000	3.22% (ICE LIBOR USD 3 Month+.61%), 06/18/21 (c)		3,458,843
	1,100,000	3.31% (ICE LIBOR USD 3 Month+.68%), 06/01/20 (c)		1,105,075
	1,575,000	3.32% (ICE LIBOR USD 3 Month+.73%), 04/23/23 (c)		1,567,989
	1,550,000	3.43% (ICE LIBOR USD 3 Month+.85%), 01/10/24 (c)		1,541,064
	3,850,000	3.48% (ICE LIBOR USD 3 Month+.90%), 04/25/22 (c)		3,873,239

Principal Amount			Value
United States: (continued)
$	2,835,000	3.48% (ICE LIBOR USD 3 Month+.89%), 07/23/23 (c)	$	2,844,430
	750,000	3.55% (ICE LIBOR USD 3 Month+.95%), 01/23/20		754,812
	1,575,000	3.60% (ICE LIBOR USD 3 Month+1.00%), 01/15/22 (c)		1,589,435
	1,900,000	3.68% (ICE LIBOR USD 3 Month+1.00%), 05/31/19 (c)		1,511,859
	800,000	3.71% (ICE LIBOR USD 3 Month+1.10%), 05/07/21 (c)		810,861
	350,000	3.79% (ICE LIBOR USD 3 Month+1.21%), 09/29/20 (c)		354,845
	6,150,000	3.81% (ICE LIBOR USD 3 Month+1.23%), 10/24/22 (c)		6,243,750
	885,000	4.11% (ICE LIBOR USD 3 Month+1.48%), 02/01/21 (c)		901,993
		JPMorgan Chase Bank NA
	950,000	2.86% (ICE LIBOR USD 3 Month+.23%), 09/01/19 (c)		950,658
	1,200,000	2.87% (ICE LIBOR USD 3 Month+.29%), 02/01/20 (c)		1,200,652
	1,500,000	2.93% (ICE LIBOR USD 3 Month+.34%), 04/26/20 (c)		1,501,882
	1,700,000	3.05% (ICE LIBOR USD 3 Month+.37%), 02/19/20 (c)		1,702,435
		Kraft Heinz Foods Co.
	750,000	3.27% (ICE LIBOR USD 3 Month+.57%), 02/10/21		750,066
	1,525,000	3.52% (ICE LIBOR USD 3 Month+.82%), 08/10/22		1,525,160
	600,000	Marriott International, Inc. 3.23% (ICE LIBOR USD 3 Month+.60%), 12/01/20		602,152
	650,000	McDonald’s Corp. 3.01% (ICE LIBOR USD 3 Month+.43%), 10/28/21		651,304
	400,000	Medtronic, Inc. 3.41% (ICE LIBOR USD 3 Month+.80%), 03/15/20		402,466
	513,000	Merck & Co., Inc. 3.07% (ICE LIBOR USD 3 Month+.38%), 02/10/20		514,377
	1,120,000	Metropolitan Life Global Funding I 144A 2.82% (ICE LIBOR USD 3 Month+.23%), 01/08/21		1,119,337
		Morgan Stanley
	2,250,000	3.25% (ICE LIBOR USD 3 Month+.55%), 02/10/20 (c)		2,253,302
	6,272,000	3.52% (ICE LIBOR USD 3 Month+.93%), 07/22/21 (c)		6,319,425
	300,000	3.72% (ICE LIBOR USD 3 Month+1.14%), 01/27/20		302,029
	9,350,000	3.77% (ICE LIBOR USD 3 Month+1.18%), 01/20/21 (c)		9,454,033
	5,430,000	3.96% (ICE LIBOR USD 3 Month+1.22%), 05/08/23 (c)		5,511,605
	7,847,000	3.98% (ICE LIBOR USD 3 Month+1.40%), 10/24/22 (c)		8,007,495
	1,149,000	3.99% (ICE LIBOR USD 3 Month+1.40%), 04/21/21		1,169,972

See Notes to Financial Statements

72

Principal Amount			Value
United States: (continued)
$	1,700,000	NBCUniversal Enterprise, Inc. 144A 2.99% (ICE LIBOR USD 3 Month+.40%), 04/01/21	$	1,705,802
		New York Life Global Funding 144A
	400,000	2.69% (ICE LIBOR USD 3 Month+.10%), 01/21/20		400,207
	507,000	2.75% (ICE LIBOR USD 3 Month+.16%), 10/01/20		507,589
	500,000	NextEra Energy Capital Holdings, Inc. 3.03% (ICE LIBOR USD 3 Month+.40%), 08/28/19 (c)		499,853
	1,600,000	Nissan Motor Acceptance Corp. 144A 3.49% (ICE LIBOR USD 3 Month+.89%), 01/13/22		1,592,079
	320,000	Oracle Corp.   3.10% (ICE LIBOR USD 3 Month+.51%), 10/08/19		320,728
	650,000	Phillips 66   3.25% (ICE LIBOR USD 3 Month+.60%), 05/16/19 (c)		650,050
		PNC Bank NA
	1,000,000	2.95% (ICE LIBOR USD 3 Month+.35%), 03/12/20 (c)		1,001,754
	375,000	3.04% (ICE LIBOR USD 3 Month+.36%), 05/19/20		375,928
	1,585,000	3.08% (ICE LIBOR USD 3 Month+.50%), 07/27/22		1,588,840
	1,550,000	QUALCOMM, Inc. 3.31% (ICE LIBOR USD 3 Month+.73%), 01/30/23		1,557,955
	625,000	Regions Bank 3.19% (ICE LIBOR USD 3 Month+.50%), 08/13/20 (c)		623,295
		Sempra Energy
	931,000	3.06% (ICE LIBOR USD 3 Month+.45%), 03/15/21		926,053
	825,000	3.10% (ICE LIBOR USD 3 Month+.50%), 05/31/19 (c)		821,544
	600,000	Southern Power Co. 144A 3.18% (ICE LIBOR USD 3 Month+.55%), 05/31/19 (c)		599,598
	386,000	State Street Corp. 3.58% (ICE LIBOR USD 3 Month+.90%), 08/18/20		389,626
	550,000	Synchrony Bank 3.23% (ICE LIBOR USD 3 Month+.62%), 03/30/20		551,061
	700,000	TD Ameritrade Holding Corp. 3.01% (ICE LIBOR USD 3 Month+.43%), 10/01/21 (c)		702,650
	815,000	The Charles Schwab Corp. 2.96% (ICE LIBOR USD 3 Month+.32%), 04/21/21 (c)		815,859
		Toyota Motor Credit Corp.
	550,000	2.78% (ICE LIBOR USD 3 Month+.17%), 09/18/20		550,465
	600,000	2.83% (ICE LIBOR USD 3 Month+.14%), 11/14/19		600,421
	350,000	2.84% (ICE LIBOR USD 3 Month+.24%), 07/15/20		350,303

Principal Amount			Value
United States: (continued)
$	450,000	2.85% (ICE LIBOR USD 3 Month+.26%), 04/17/20	$	450,882
	825,000	2.88% (ICE LIBOR USD 3 Month+.28%), 04/13/21		827,152
	350,000	2.97% (ICE LIBOR USD 3 Month+.37%), 03/12/20		350,939
	315,000	3.04% (ICE LIBOR USD 3 Month+.44%), 10/18/19		315,759
	1,825,000	3.07% (ICE LIBOR USD 3 Month+.48%), 09/08/22		1,825,959
	1,509,000	United Parcel Service, Inc. 3.04% (ICE LIBOR USD 3 Month+.45%), 04/01/23		1,513,753
	920,000	United Technologies Corp. 3.33% (ICE LIBOR USD 3 Month+.65%), 08/16/19 (c)		920,963
		US Bank NA
	453,000	2.71% (ICE LIBOR USD 3 Month+.12%), 12/17/19 (c)		453,242
	950,000	2.83% (ICE LIBOR USD 3 Month+.25%), 06/24/20 (c)		952,626
	1,000,000	2.91% (ICE LIBOR USD 3 Month+.32%), 03/26/21 (c)		1,002,509
		US Bank NA/Cincinnati OH
	600,000	2.93% (ICE LIBOR USD 3 Month+.29%), 05/21/20 (c)		600,725
	700,000	3.05% (ICE LIBOR USD 3 Month+.31%), 01/04/21 (c)		702,383
		Verizon Communications, Inc.
	710,000	3.21% (ICE LIBOR USD 3 Month+.55%), 05/22/20		712,895
	3,740,000	3.61% (ICE LIBOR USD 3 Month+1.00%), 03/16/22		3,812,643
	5,550,000	3.78% (ICE LIBOR USD 3 Month+1.10%), 03/15/25 (c)		5,598,909
		Volkswagen Group of America Finance LLC 144A
	950,000	3.46% (ICE LIBOR USD 3 Month+.77%), 11/13/20		953,665
	650,000	3.64% (ICE LIBOR USD 3 Month+.94%), 11/12/21		653,900
	575,000	Vulcan Materials Co. 3.28% (ICE LIBOR USD 3 Month+.65%), 03/01/21		576,004
		Walmart, Inc.
	310,000	2.64% (ICE LIBOR USD 3 Month+.04%), 06/23/20		310,254
	1,025,000	2.83% (ICE LIBOR USD 3 Month+.23%), 06/23/21		1,028,632
		Walt Disney Co.
	300,000	2.79% (ICE LIBOR USD 3 Month+.19%), 06/05/20		300,427
	1,550,000	3.01% (ICE LIBOR USD 3 Month+.39%), 03/04/22		1,553,965
		Wells Fargo & Co.
	450,000	3.26% (ICE LIBOR USD 3 Month+.68%), 01/30/20		451,931
	550,000	3.47% (ICE LIBOR USD 3 Month+.88%), 07/22/20		554,364

See Notes to Financial Statements

73

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
United States: (continued)
$	1,300,000	3.61% (ICE LIBOR USD 3 Month+1.02%), 07/26/21	$	1,316,817
	6,200,000	3.63% (ICE LIBOR USD 3 Month+.93%), 02/11/21 (c)		6,252,434
	3,650,000	3.69% (ICE LIBOR USD 3 Month+1.11%), 01/24/22 (c)		3,698,464
	6,175,000	3.81% (ICE LIBOR USD 3 Month+1.23%), 10/31/22 (c)		6,298,127
	1,350,000	3.96% (ICE LIBOR USD 3 Month+1.34%), 03/04/21		1,373,922
		Wells Fargo Bank NA
	700,000	2.83% (ICE LIBOR USD 3 Month+.23%), 01/15/20		700,895
	875,000	2.91% (ICE LIBOR USD 3 Month+.31%), 01/15/21		876,930
	1,425,000	3.09% (ICE LIBOR USD 3 Month+.50%), 07/23/20 (c)		1,428,378
	1,200,000	3.10% (ICE LIBOR USD 3 Month+.51%), 09/21/21 (c)		1,204,121
	700,000	3.26% (ICE LIBOR USD 3 Month+.65%), 12/06/19		702,524
				342,199,349
Total Floating Rate Notes (Cost: $539,607,860)				539,019,875
Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $281,911)
	281,911	Dreyfus Government Cash Management Fund – Institutional Shares		281,911
Total Investments Before Collateral for Securities Loaned: 99.6% (Cost: $539,889,771)				539,301,786

Principal Amount			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Repurchase Agreements: 0.9%
$	1,122,044	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $1,122,130; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $1,144,485 including accrued interest)	$	1,122,044
	1,122,044	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $1,122,131; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $1,144,485 including accrued interest)		1,122,044
	1,122,044	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.76%, due 5/1/19, proceeds $1,122,130; (collateralized by various U.S. government and agency obligations, 3.00% to 5.00%, due 3/1/30 to 12/1/48, valued at $1,144,485 including accrued interest)		1,122,044
	1,122,044	Repurchase agreement dated 4/30/19 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.77%, due 5/1/19, proceeds $1,122,130; (collateralized by various U.S. government and agency obligations, 2.50% to 4.50%, due 5/1/30 to 5/1/49, valued at $1,144,485 including accrued interest)		1,122,044
	235,892	Repurchase agreement dated 4/30/19 with Mizuho Securities USA, Inc., 2.72%, due 5/1/19, proceeds $235,910; (collateralized by various U.S. government and agency obligations, 0.00% to 2.88%, due 5/28/19 to 11/15/46, valued at $240,610 including accrued interest)		235,892
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $4,724,068)				4,724,068
Total Investments: 100.5% (Cost: $544,613,839)				544,025,854
Liabilities in excess of other assets: (0.5)%				(2,518,634	)
NET ASSETS: 100.0%			$	541,507,220

See Notes to Financial Statements

74

Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $4,587,313.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $94,261,607, or 17.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.2	%	$	1,106,166
Communications		6.9			37,143,216
Consumer, Cyclical		5.8			31,205,489
Consumer, Non-cyclical		4.5			24,402,986
Energy		1.9			10,562,483
Financial		74.5			401,941,218
Industrial		2.1			11,400,742
Technology		3.1			16,508,394
Utilities		0.9			4,749,181
Money Market Fund		0.1			281,911
		100.0	%	$	539,301,786

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Floating Rate Notes*	$	—	$	539,019,875		$	—	$	539,019,875
Money Market Fund		281,911		—			—		281,911
Repurchase Agreements		—		4,724,068			—		4,724,068
Total	$	281,911	$	543,743,943		$	—	$	544,025,854

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

75

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Principal
Amount			Value
CORPORATE BONDS: 0.6%
Colombia: 0.2%
		Empresas Públicas de Medellín ESP Reg S
COP	3,596,000,000	7.63%, 06/10/24 (c)	$	1,115,288
	15,762,000,000	8.38%, 02/01/21		4,980,443
	19,450,000,000	Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 05/12/24 (c)		6,231,388
				12,327,119
Germany: 0.0%
ZAR	20,000,000	Landwirtschaftliche Rentenbank Reg S 8.25%, 05/23/22		1,433,429
Ireland: 0.1%
RUB	134,900,000	RusHydro Via RusHydro Capital Markets DAC Reg S 8.13%, 09/28/22		2,074,716
Mexico: 0.1%
		Petróleos Mexicanos Reg S
MXN	28,330,000	7.19%, 09/12/24		1,260,436
	50,200,000	7.65%, 11/24/21		2,494,053
				3,754,489
South Africa: 0.2%
		Eskom Holdings Ltd.
ZAR	77,330,000	0.00% 08/18/27 ^		1,738,249
	11,000,000	7.50%, 09/15/33		585,042
	25,350,000	7.85%, 04/02/26		1,601,798
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,430,348
	85,800,000	10.80%, 11/06/23		6,357,785
	5,000,000	13.50%, 04/18/28		421,642
				12,134,864
Total Corporate Bonds (Cost: $46,076,871)				31,724,617
FOREIGN GOVERNMENT OBLIGATIONS: 97.0%
Argentina: 3.0%
ARS	143,000,000	Argentina Treasury Bill 0.00% 07/31/19 ^		3,272,460
		Argentine Bonos del Tesoro
	3,982,468,000	15.50%, 10/17/26 †		68,889,599
	2,410,319,000	16.00%, 10/17/23 †		42,504,977
	2,689,924,463	18.20%, 10/03/21 †		45,278,620
				159,945,656
Brazil: 9.8%
		Brazil Government International Bonds
BRL	6,280,000	8.50%, 01/05/24		1,634,584
	8,360,000	10.25%, 01/10/28		2,385,964
	4,010,000	12.50%, 01/05/22		1,148,235
		Brazil Letras do Tesouro Nacional
	463,590,000	0.00% 07/01/20 ^		108,794,080
	217,489,000	0.00% 07/01/21 ^		47,075,966
	207,310,000	0.00% 01/01/22 ^		42,939,352
	188,600,000	0.00% 07/01/22 ^		37,373,193
	29,920,000	0.00% 07/01/23 ^		5,409,807

Principal
Amount			Value
Brazil: (continued)
		Brazil Notas do Tesouro Nacional, Series F
BRL	254,271,000	10.00%, 01/01/21	$	67,088,567
	320,203,000	10.00%, 01/01/23		85,560,714
	220,155,000	10.00%, 01/01/25		59,072,723
	186,790,000	10.00%, 01/01/27		50,130,140
	50,440,000	10.00%, 01/01/29		13,588,736
				522,202,061
Chile: 3.0%
		Bonos de la Tesoreria de la Republica de Chile
CLP	5,100,000,000	4.50%, 02/28/21		7,663,255
	13,865,000,000	4.50%, 03/01/21		20,838,349
	19,925,000,000	4.50%, 03/01/26		30,336,652
	24,625,000,000	5.00%, 03/01/35		39,560,603
	16,105,000,000	6.00%, 01/01/43		29,817,139
		Bonos de la Tesoreria de la Republica de Chile Reg S 144A
	10,845,000,000	4.00%, 03/01/23		16,190,050
	6,935,000,000	4.70%, 09/01/30		10,723,856
	355,000,000	Bonos del Banco Central de Chile 4.50%, 06/01/20		529,005
	2,108,500,000	Chile Government International Bonds 5.50%, 08/05/20		3,185,024
				158,843,933
Colombia: 4.7%
		Colombia Government International Bonds
COP	5,430,000,000	4.38%, 12/21/22 (c)		1,614,937
	11,855,000,000	7.75%, 04/14/21		3,828,268
	8,690,000,000	9.85%, 06/28/27		3,326,740
		Colombian TES
	108,968,100,000	6.00%, 04/28/28		32,426,126
	69,011,000,000	6.25%, 11/26/25		21,407,658
	141,152,900,000	7.00%, 05/04/22		45,712,582
	78,756,700,000	7.00%, 06/30/32		24,411,267
	126,897,700,000	7.50%, 08/26/26		41,904,596
	75,636,100,000	7.75%, 09/18/30		25,089,674
	98,704,800,000	10.00%, 07/24/24		36,043,298
	43,272,300,000	11.00%, 07/24/20		14,401,775
				250,166,921
Czech Republic: 3.0%
		Czech Republic Government Bonds
CZK	265,940,000	0.25%, 02/10/27		10,305,803
	370,710,000	2.75%, 07/23/29		17,393,603
		Czech Republic Government Bonds Reg S
	201,220,000	0.45%, 10/25/23		8,329,596
	361,200,000	0.95%, 05/15/30		14,162,447
	325,910,000	1.00%, 06/26/26		13,465,691
	406,920,000	2.40%, 09/17/25		18,439,140
	398,600,000	2.50%, 08/25/28		18,387,839
	316,810,000	3.75%, 09/12/20		14,253,183
	308,590,000	3.85%, 09/29/21		14,205,984
	298,110,000	4.70%, 09/12/22		14,323,343
	301,430,000	5.70%, 05/25/24		15,778,948
				159,045,577

See Notes to Financial Statements

76

Principal
Amount			Value
Dominican Republic: 3.0%
DOP	167,000,000	Dominican Republic International Bonds 144A 8.90%, 02/15/23	$	3,299,170
	7,925,700,000	Dominican Republic International Bonds Reg S 8.90%, 02/15/23		156,576,259
				159,875,429
Germany: 0.0%
TRY	5,850,000	Kreditanstalt fuer Wiederaufbau Reg S 9.25%, 05/22/20		856,132
Hungary: 3.0%
		Hungary Government Bonds
HUF	3,320,600,000	0.50%, 04/21/21		11,460,073
	4,775,900,000	1.75%, 10/26/22		16,732,091
	2,784,250,000	2.50%, 10/27/21 †		10,019,298
	2,879,210,000	2.75%, 12/22/26		10,027,644
	3,829,100,000	3.00%, 06/26/24		13,905,961
	5,106,140,000	3.00%, 10/27/27		17,941,937
	2,512,900,000	3.50%, 06/24/20 †		9,029,306
	5,126,550,000	5.50%, 06/24/25		20,948,213
	4,284,010,000	6.00%, 11/24/23 †		17,566,192
	2,107,800,000	6.75%, 10/22/28		9,522,516
	4,127,740,000	7.00%, 06/24/22 †		16,805,676
	2,198,880,000	7.50%, 11/12/20		8,470,336
				162,429,243
Indonesia: 8.8%
		Indonesia Treasury Bonds
IDR	321,320,000,000	5.63%, 05/15/23		21,360,091
	488,451,000,000	6.13%, 05/15/28		30,849,537
	384,553,000,000	6.63%, 05/15/33		23,380,930
	218,427,000,000	7.00%, 05/15/22		15,335,875
	474,238,000,000	7.00%, 05/15/27		31,828,325
	205,510,000,000	7.50%, 08/15/32		13,608,742
	307,780,000,000	7.50%, 05/15/38		19,810,794
	230,220,000,000	8.13%, 05/15/24		16,733,359
	276,833,000,000	8.25%, 07/15/21		20,008,401
	189,150,000,000	8.25%, 05/15/29		13,705,079
	179,494,000,000	8.25%, 06/15/32		12,737,751
	410,365,000,000	8.25%, 05/15/36		28,836,680
	592,323,000,000	8.38%, 03/15/24		43,438,516
	495,647,000,000	8.38%, 09/15/26		36,538,332
	450,534,000,000	8.38%, 03/15/34		32,051,147
	97,190,000,000	8.38%, 04/15/39		6,862,978
	272,147,000,000	8.75%, 05/15/31		20,119,971
	428,982,000,000	9.00%, 03/15/29		32,498,803
	110,611,000,000	9.50%, 07/15/31		8,666,352
	133,012,000,000	10.50%, 08/15/30		11,078,546
	3,550,000,000	11.00%, 11/15/20		265,129
	93,022,000,000	11.00%, 09/15/25		7,667,422
		Perusahaan Penerbit SBSN
	31,090,000,000	8.25%, 09/15/20		2,214,882
	80,410,000,000	8.75%, 08/15/23		5,900,796
	186,830,000,000	8.88%, 11/15/31		13,296,081
				468,794,519

Principal
Amount			Value
Malaysia: 4.2%
		Malaysia Government Bonds
MYR	43,106,000	3.62%, 11/30/21	$	10,476,431
	49,340,000	3.66%, 10/15/20		11,980,306
	49,829,000	3.73%, 06/15/28		11,925,769
	38,378,000	3.76%, 04/20/23		9,335,735
	43,176,000	3.80%, 08/17/23		10,499,678
	17,070,000	3.89%, 08/15/29		4,159,882
	62,849,000	3.90%, 11/16/27		15,243,691
	41,214,000	3.90%, 11/30/26		9,994,273
	47,458,000	3.95%, 04/14/22		11,608,345
	58,714,000	3.96%, 09/15/25		14,331,925
	47,523,000	4.06%, 09/30/24		11,668,991
	49,858,000	4.09%, 11/30/23		12,262,439
	54,174,000	4.13%, 08/15/25		13,340,745
	58,382,000	4.16%, 07/15/21		14,343,643
	47,537,000	4.18%, 07/15/24		11,740,587
	3,079,000	4.25%, 05/31/35		744,852
	47,350,000	4.26%, 07/26/27		11,779,871
	51,428,000	4.37%, 10/31/28		12,909,467
	50,860,000	4.76%, 04/07/37		13,037,210
		Malaysia Government Investment Issue
	30,075,000	3.73%, 03/31/22		7,324,981
	21,635,000	4.13%, 07/09/29		5,341,760
				224,050,581
Mexico: 8.8%
		Mexican Bonos
MXN	449,866,000	5.75%, 03/05/26		20,820,039
	930,987,000	6.50%, 06/10/21		47,573,916
	936,866,000	6.50%, 06/09/22		47,308,460
	502,372,000	7.25%, 12/09/21		25,963,814
	924,897,300	7.50%, 06/03/27		46,932,112
	489,376,000	7.75%, 05/29/31		24,761,943
	317,020,000	7.75%, 11/23/34		15,782,256
	675,595,800	7.75%, 11/13/42		32,890,675
	661,712,900	8.00%, 06/11/20		34,811,854
	794,959,000	8.00%, 12/07/23		41,890,711
	26,285,000	8.00%, 09/05/24		1,400,850
	347,936,000	8.00%, 11/07/47		17,304,543
	288,894,000	8.50%, 05/31/29		15,559,627
	467,738,900	8.50%, 11/18/38		24,707,700
	900,746,200	10.00%, 12/05/24		51,775,541
	302,698,000	10.00%, 11/20/36		18,240,900
				467,724,941
Peru: 3.0%
		Peru Government Bonds
PEN	59,058,000	5.70%, 08/12/24		19,034,498
	76,705,000	6.35%, 08/12/28		25,241,031
	64,183,000	6.90%, 08/12/37		21,686,390
	74,677,000	6.95%, 08/12/31		25,499,224
	64,970,000	8.20%, 08/12/26		23,655,988
		Peru Government Bonds Reg S 144A
	65,575,000	5.94%, 02/12/29		20,957,437
	69,650,000	6.15%, 08/12/32		22,191,451
				158,266,019

See Notes to Financial Statements

77

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value
Philippines: 2.9%
		Philippine Government International Bonds
PHP	1,890,500,000	3.90%, 11/26/22	$	35,082,384
	2,701,500,000	4.95%, 01/15/21		51,839,770
	3,349,500,000	6.25%, 01/14/36		70,862,533
				157,784,687
Poland: 7.6%
		Republic of Poland Government Bonds
PLN	54,489,000	0.00% 07/25/20 ^		13,974,668
	133,296,000	1.75%, 07/25/21		34,917,904
	118,292,000	2.00%, 04/25/21		31,129,636
	125,191,000	2.25%, 04/25/22		33,059,699
	131,900,000	2.50%, 01/25/23		35,048,374
	97,376,000	2.50%, 04/25/24 †		25,624,252
	136,785,000	2.50%, 07/25/26		35,417,028
	139,038,000	2.50%, 07/25/27		35,423,255
	135,017,000	2.75%, 04/25/28		34,806,177
	125,751,000	3.25%, 07/25/25		34,122,372
	119,670,000	4.00%, 10/25/23		33,627,079
	59,769,000	5.25%, 10/25/20		16,447,599
	68,096,000	5.75%, 10/25/21		19,527,281
	78,332,000	5.75%, 09/23/22		22,961,849
				406,087,173
Romania: 2.9%
		Romania Government Bonds
RON	66,250,000	3.25%, 03/22/21		15,529,328
	69,075,000	3.25%, 04/29/24		15,510,122
	66,625,000	3.40%, 03/08/22		15,505,704
	66,110,000	3.50%, 12/19/22		15,273,161
	56,715,000	4.00%, 10/27/21		13,427,936
	60,950,000	4.25%, 06/28/23		14,369,492
	68,425,000	4.75%, 02/24/25		16,300,937
	70,710,000	5.80%, 07/26/27		17,777,052
	67,390,000	5.85%, 04/26/23		16,842,740
	66,090,000	5.95%, 06/11/21		16,310,032
				156,846,504
Russia: 5.5%
		Russian Federal Bonds
RUB	1,420,262,000	6.50%, 02/28/24		20,914,157
	1,136,307,000	6.90%, 05/23/29		16,299,809
	1,450,525,000	7.00%, 12/15/21		22,182,346
	657,785,000	7.00%, 01/25/23		9,958,220
	1,090,895,000	7.00%, 08/16/23		16,485,180
	1,553,254,000	7.05%, 01/19/28		22,766,707
	1,561,037,000	7.10%, 10/16/24		23,476,894
	737,881,000	7.25%, 05/10/34		10,485,674
	1,521,918,000	7.40%, 12/07/22		23,425,907
	1,150,964,000	7.50%, 08/18/21		17,821,206
	485,661,000	7.60%, 04/14/21		7,532,587
	754,420,000	7.60%, 07/20/22		11,646,240
	1,529,028,000	7.70%, 03/23/33		22,798,269
	1,560,213,000	7.75%, 09/16/26		24,027,196
	1,529,968,000	8.15%, 02/03/27		24,102,549
	1,109,144,000	8.50%, 09/17/31		17,711,352
				291,634,293

Principal
Amount			Value
South Africa: 7.6%
		Republic of South Africa Government Bonds
ZAR	465,613,000	6.25%, 03/31/36	$	23,591,416
	428,998,000	6.50%, 02/28/41		21,201,157
	50,347,000	6.75%, 03/31/21 †		3,508,531
	467,193,000	7.00%, 02/28/31		27,395,295
	260,320,000	7.75%, 02/28/23		18,183,587
	596,336,000	8.00%, 01/31/30		38,451,770
	454,334,000	8.25%, 03/31/32		29,122,441
	543,846,000	8.50%, 01/31/37		34,200,701
	584,082,000	8.75%, 01/31/44		36,798,765
	966,380,000	8.75%, 02/28/48		61,024,592
	398,334,000	8.88%, 02/28/35		26,158,440
	379,485,000	9.00%, 01/31/40		24,674,777
	763,810,000	10.50%, 12/21/26		58,957,687
				403,269,159
Supranational: 3.4%
		European Bank for Reconstruction and Development
IDR	73,700,000,000	6.25%, 07/25/22		4,977,724
	29,900,000,000	6.45%, 12/13/22		2,025,122
	75,200,000,000	8.30%, 10/02/20		5,289,858
	117,130,000,000	9.25%, 12/02/20		8,372,124
RUB	14,000,000	European Bank for Reconstruction and Development Reg S 6.00%, 07/24/23		211,573
		European Investment Bank
BRL	6,170,000	0.00% 08/27/21 ^		1,356,906
PLN	33,700,000	4.25%, 10/25/22		9,396,051
ZAR	5,200,000	7.25%, 02/28/23 †		361,021
MXN	9,120,000	7.63%, 01/12/22		472,274
ZAR	206,265,000	8.13%, 12/21/26		14,558,147
	72,600,000	8.25%, 09/13/21		5,179,952
	81,000,000	9.00%, 03/31/21		5,839,628
TRY	3,650,000	10.75%, 11/15/19		567,033
	42,500,000,000	European Investment Bank 144A 5.75%, 01/24/25		2,729,663
		European Investment Bank Reg S
PLN	25,960,000	2.75%, 08/25/26		6,779,398
	30,930,000	3.00%, 05/24/24		8,326,780
MXN	63,480,000	4.00%, 02/25/20		3,213,861
	184,040,000	4.75%, 01/19/21		9,114,976
IDR	118,800,000,000	5.20%, 03/01/22		7,835,381
ZAR	17,500,000	8.00%, 05/05/27		1,219,913
	24,900,000	8.50%, 09/17/24		1,790,118
TRY	30,020,000	8.75%, 09/18/21		3,930,812
	1,700,000	9.25%, 10/03/24		203,893
		Inter-American Development Bank
IDR	9,000,000,000	5.80%, 09/28/20		617,279
	139,680,000,000	6.25%, 06/15/21		9,576,510
MXN	129,870,000	7.50%, 12/05/24		6,687,763
IDR	41,790,000,000	7.88%, 03/14/23		2,972,295
	52,500,000	Inter-American Development Bank Reg S 7.70%, 02/12/24		2,737,560

See Notes to Financial Statements

78

Principal
Amount			Value
Supranational: (continued)
		International Bank for Reconstruction & Development
PLN	14,300,000	1.50%, 07/31/20	$	3,728,460
	21,260,000	1.50%, 10/30/20		5,575,051
	5,200,000	1.63%, 12/30/21		1,360,061
RUB	220,000,000	7.25%, 11/23/20		3,458,399
IDR	52,244,800,000	7.45%, 08/20/21		3,666,118
MXN	51,908,000	7.50%, 03/05/20		2,709,665
COP	7,800,000,000	8.00%, 03/02/20		2,501,082
IDR	27,500,000,000	8.40%, 10/12/21		1,952,172
	36,500,000	International Bank for Reconstruction & Development Reg S 7.13%, 02/09/21		1,886,947
		International Finance Corp.
RUB	130,000,000	5.25%, 03/22/22		1,936,427
	37,100,000	6.03%, 05/19/21		560,249
MXN	175,100,000	7.00%, 07/20/27		8,495,934
	84,600,000	7.50%, 01/18/28		4,184,793
	106,780,000	7.75%, 01/18/30		5,273,353
IDR	3,100,000,000	8.00%, 10/09/23		220,911
ZAR	3,000,000	8.00%, 07/27/27		205,409
		International Finance Corp. Reg S
RUB	281,600,000	6.25%, 06/07/21		4,322,365
MXN	41,900,000	8.38%, 05/31/29		2,226,837
				180,607,848
Thailand: 7.1%
		Thailand Government Bonds
THB	779,793,000	1.88%, 06/17/22		24,413,273
	914,867,000	2.00%, 12/17/22		28,697,193
	1,026,434,000	2.13%, 12/17/26		31,649,630
	604,199,000	2.40%, 12/17/23		19,187,619
	441,723,000	2.55%, 06/26/20		13,962,155
	523,908,000	2.88%, 12/17/28		17,012,872
	718,768,000	2.88%, 06/17/46		21,172,733
	831,138,000	3.40%, 06/17/36		27,600,967
	872,278,000	3.63%, 06/16/23		29,039,057
	1,194,731,000	3.65%, 12/17/21		39,143,205
	866,536,000	3.65%, 06/20/31		29,737,697
	917,401,000	3.78%, 06/25/32		31,701,384
	894,496,000	3.85%, 12/12/25		30,719,949
	824,000	4.75%, 12/20/24		29,301
	980,638,000	4.88%, 06/22/29		36,951,238
				381,018,273
Turkey: 2.8%
		Turkey Government International Bonds
TRY	84,891,000	7.10%, 03/08/23		8,760,006
	74,341,000	8.00%, 03/12/25		7,496,990
	54,400,000	8.50%, 09/14/22		6,251,512
	64,523,000	8.80%, 09/27/23		6,955,449
	62,155,000	9.00%, 07/24/24		6,719,966
	56,292,000	9.20%, 09/22/21		7,237,476
	64,812,000	9.40%, 07/08/20		9,373,013
	52,812,000	9.50%, 01/12/22		6,453,866
	37,282,000	10.40%, 03/20/24		4,234,391
	94,294,000	10.50%, 08/11/27		10,267,376

Principal
Amount			Value
Turkey: (continued)
TRY	102,571,000	10.60%, 02/11/26	$	11,684,108
	69,308,000	10.70%, 02/17/21		9,526,294
	76,791,000	10.70%, 08/17/22		9,416,369
	84,422,000	11.00%, 03/02/22		10,686,712
	80,781,000	11.00%, 02/24/27		9,027,390
	72,116,000	12.20%, 01/18/23		9,133,042
	52,820,000	12.40%, 03/08/28		6,415,026
	53,267,000	16.20%, 06/14/23		7,540,098
				147,179,084
Uruguay: 2.9%
		Uruguay Government International Bonds 144A
UYU	1,022,239,000	8.50%, 03/15/28		25,250,322
	290,788,000	9.88%, 06/20/22		8,334,985
		Uruguay Government International Bonds Reg S
	1,721,220,000	8.50%, 03/15/28		42,515,849
	2,770,784,000	9.88%, 06/20/22		79,420,203
				155,521,359
Total Foreign Government Obligations (Cost: $5,548,456,583)				5,172,149,392
Number
of Shares
MONEY MARKET FUND: 0.0% (Cost: $543,467)
	543,467	Dreyfus Government Cash Management Fund – Institutional Shares		543,467
Total Investments Before Collateral for Securities Loaned: 97.6% (Cost: $5,595,076,921)				5,204,417,476
Principal
Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Repurchase Agreements: 2.0%
USD	24,994,105	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $24,996,028; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $25,493,987 including accrued interest)		24,994,105
	24,994,105	Repurchase agreement dated 4/30/19 with Credit Agricole CIB, 2.72%, due 5/1/19, proceeds $24,995,993; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 2/1/47 to 10/1/48, valued at $25,493,987 including accrued interest)		24,994,105

See Notes to Financial Statements

79

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value
Repurchase Agreements: (continued)
USD	24,994,105	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $24,996,035; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $25,493,988 including accrued interest)	$	24,994,105
	24,994,105	Repurchase agreement dated 4/30/19 with Deutsche Bank Securities, Inc., 2.75%, due 5/1/19, proceeds $24,996,014; (collateralized by various U.S. government and agency obligations, 2.50% to 8.50%, due 7/15/21 to 6/20/67, valued at $25,493,992 including accrued interest)		24,994,105

Principal
Amount			Value
Repurchase Agreements: (continued)
USD	5,092,004	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.75%, due 5/1/19, proceeds $5,092,393; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/19 to 2/15/49, valued at $5,193,844 including accrued interest)	$	5,092,004
Total Short- Term Investments Held As Collateral For Securities On Loan (Cost: $105,068,424)				105,068,424
Total Investments: 99.6% (Cost: $5,700,145,345)				5,309,485,900
Other assets less liabilities: 0.4%				22,426,504
NET ASSETS: 100.0%			$	5,331,912,404

Definitions:
ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $90,156,551.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $109,676,934, or 2.1% of net assets.

See Notes to Financial Statements

80

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		0.1	%	$	3,754,489
Financial		0.1			7,664,817
Government		99.4			5,172,149,392
Industrial		0.2			8,209,775
Utilities		0.2			12,095,536
Money Market Fund		0.0			543,467
		100.0	%	$	5,204,417,476

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Corporate Bonds*	$	—	$	31,724,617		$	—	$	31,724,617
Foreign Government Obligations*		—		5,172,149,392			—		5,172,149,392
Money Market Fund		543,467		—			—		543,467
Repurchase Agreements		—		105,068,424			—		105,068,424
Total	$	543,467	$	5,308,942,433		$	—	$	5,309,485,900

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

81

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Number of Shares			Value
COMMON STOCKS: 99.7%
Real Estate Investment Trusts: 99.7%
	138,717	AG Mortgage Investment Trust, Inc.	$	2,373,448
	872,296	AGNC Investment Corp.		15,518,146
	2,249,936	Annaly Capital Management, Inc.		22,701,854
	425,661	Apollo Commercial Real Estate Finance, Inc.		7,976,887
	357,543	Arbor Realty Trust, Inc. †		4,884,037
	251,273	ARMOUR Residential REIT, Inc.		4,794,289
	250,113	Blackstone Mortgage Trust, Inc.		8,901,522
	287,548	Capstead Mortgage Corp.		2,470,037
	458,493	Chimera Investment Corp.		8,789,311
	490,542	Colony Credit Real Estate, Inc. †		7,623,023
	325,937	Dynex Capital, Inc.		1,988,216
	207,477	Granite Point Mortgage Trust, Inc.		3,989,783
	237,147	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,305,739
	489,357	Invesco Mortgage Capital, Inc.		7,986,306
	110,202	KKR Real Estate Finance Trust, Inc.		2,222,774
	398,456	Ladder Capital Corp.		6,933,134
	1,051,211	MFA Financial, Inc.		7,894,595
	684,268	New Residential Investment Corp.		11,502,545
	857,330	New York Mortgage Trust, Inc.		5,401,179
	268,062	PennyMac Mortgage Investment Trust		5,629,302
	270,779	Redwood Trust, Inc.		4,429,945
	459,621	Starwood Property Trust, Inc.		10,594,264
	123,358	TPG RE Finance Trust, Inc.		2,431,386
	616,619	Two Harbors Investment Corp.		8,546,339
	226,429	Western Asset Mortgage Capital Corp.		2,382,033
Total Common Stocks (Cost: $168,713,744)				174,270,094
MONEY MARKET FUND: 0.6% (Cost: $1,138,940)
	1,138,940	Dreyfus Government Cash Management Fund – Institutional Shares		1,138,940
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $169,852,684)				175,409,034
Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Repurchase Agreements: 2.8%
$	1,161,165	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $1,161,254; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $1,184,388 including accrued interest)		1,161,165

Principal Amount			Value
Repurchase Agreements: (continued)
$	1,161,165	Repurchase agreement dated 4/30/19 with Daiwa Capital Markets America, Inc., 2.78%, due 5/1/19, proceeds $1,161,255; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/14/19 to 9/9/49, valued at $1,184,388 including accrued interest)	$	1,161,165
	1,161,165	Repurchase agreement dated 4/30/19 with HSBC Securities USA, Inc., 2.76%, due 5/1/19, proceeds $1,161,254; (collateralized by various U.S. government and agency obligations, 3.00% to 5.00%, due 3/1/30 to 12/1/48, valued at $1,184,388 including accrued interest)		1,161,165
	91,770	Repurchase agreement dated 4/30/19 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.75%, due 5/1/19, proceeds $91,777; (collateralized by various U.S. government and agency obligations, 0.00% to 2.63%, due 11/15/20 to 2/15/36, valued at $93,605 including accrued interest)		91,770
	1,069,395	Repurchase agreement dated 4/30/19 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.77%, due 5/1/19, proceeds $1,069,477; (collateralized by various U.S. government and agency obligations, 2.50% to 4.50%, due 5/1/30 to 5/1/49, valued at $1,090,783 including accrued interest)		1,069,395
	244,109	Repurchase agreement dated 4/30/19 with Mizuho Securities USA, Inc., 2.72%, due 5/1/19, proceeds $244,127; (collateralized by various U.S. government and agency obligations, 0.00% to 2.88%, due 5/28/19 to 11/15/46, valued at $248,991 including accrued interest)		244,109
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $4,888,769)				4,888,769
Total Investments: 103.1% (Cost: $174,741,453)				180,297,803
Liabilities in excess of other assets: (3.1)%				(5,426,395	)
NET ASSETS: 100.0%			$	174,871,408

See Notes to Financial Statements

82

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $4,747,376.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		95.8	%	$	167,964,355
Real Estate		3.6			6,305,739
Money Market Fund		0.6			1,138,940
		100.0	%	$	175,409,034

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	174,270,094	$	—		$	—	$	174,270,094
Money Market Fund		1,138,940		—			—		1,138,940
Repurchase Agreements		—		4,888,769			—		4,888,769
Total	$	175,409,034	$	4,888,769		$	—	$	180,297,803

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

83

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2019

Number of Shares			Value
PREFERRED SECURITIES: 100.4%
Basic Materials: 1.6%
$	173,749	International Flavors & Fragrances, Inc. 6.00%, 09/15/21	$	9,109,660
Communications: 13.4%
		AT&T, Inc.
	557,050	5.35%, 11/01/22 (c)		14,288,332
	347,497	5.63%, 08/01/23 (c)		8,996,697
	315,907	eBay, Inc. 6.00%, 03/01/21 (c)		8,194,628
		Qwest Corp.
	326,437	6.13%, 05/30/19 (c) †		7,429,706
	411,732	6.50%, 09/01/21 (c) †		9,498,657
	172,696	6.63%, 09/15/20 (c) †		4,260,410
	277,998	6.75%, 06/15/22 (c) †		6,691,412
	210,604	6.88%, 10/01/19 (c)		5,385,144
	126,362	Telephone & Data Systems, Inc. 7.00%, 05/30/19 (c) †		3,209,595
		United States Cellular Corp.
	144,054	6.95%, 05/30/19 (c)		3,612,874
	115,833	7.25%, 12/08/19 (c)		3,047,566
	126,362	7.25%, 12/01/20 (c)		3,341,011
				77,956,032
Consumer, Non-cyclical: 9.7%
	521,247	Becton Dickinson and Co. 6.13%, 05/01/20		31,019,409
		CHS, Inc.
	207,446	6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 (c)		5,393,596
	176,908	7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 (c)		4,643,835
	217,976	7.50%, 01/21/25 (c) †		6,005,239
	218,656	7.88%, 09/26/23 (c)		5,991,174
	129,227	8.00%, 07/18/23 (c) †		3,703,646
				56,756,899
Energy: 4.2%
	121,098	Algonquin Power & Utilities Corp. 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/23 (c)		3,243,004
	317,462	Blueknight Energy Partners LP 11.00%, 05/14/2168		1,841,280
	252,726	Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/23 (c)		6,679,548
		Energy Transfer Operating LP
	189,544	7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 (c)		4,649,514
	187,438	7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 (c)		4,652,211
	162,165	NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 (c)		3,347,086
				24,412,643
Government: 0.5%
	115,162	Tennessee Valley Authority 3.55% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/19 (p) †		2,891,718

Number of Shares			Value
Industrial: 1.4%
$	315,907	Stanley Black & Decker, Inc. 5.75%, 05/30/19 (c) †	$	7,964,015
Real Estate Investment Trusts: 25.7%
	136,893	AGNC Investment Corp. 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 (c)		3,545,529
	108,988	American Homes 4 Rent 6.50%, 05/24/21 (c)		2,882,733
		Annaly Capital Management, Inc.
	179,014	6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 (c)		4,409,115
	303,270	6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 (c)		7,775,843
	193,756	7.50%, 05/30/19 (c)		4,958,216
	105,963	Brookfield Property REIT, Inc. 6.38%, 05/30/19 (c)		2,679,804
	108,767	Capstead Mortgage Corp. 7.50%, 05/30/19 (c)		2,748,542
	191,124	CBL & Associates Properties, Inc. 7.38%, 05/30/19 (c)		1,488,856
		Chimera Investment Corp.
	109,514	7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 (c)		2,789,322
	136,893	8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 (c) †		3,496,247
		Colony Capital, Inc.
	121,098	7.13%, 04/13/20 (c) †		2,441,336
	132,681	7.13%, 09/22/22 (c) †		2,689,444
	145,317	7.15%, 06/05/22 (c) †		2,964,467
	105,302	8.75%, 05/30/19 (c) †		2,635,709
		Digital Realty Trust, Inc.
	105,302	5.88%, 05/30/19 (c)		2,653,610
	105,302	6.35%, 08/24/20 (c) †		2,730,481
	130,574	Government Properties Income Trust 5.88%, 05/26/21 (c)		3,278,713
	121,098	Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 (c) †		3,071,045
	111,410	Kimco Realty Corp. 5.25%, 12/20/22 (c) †		2,585,826
	118,389	Monmouth Real Estate Investment Corp. 6.13%, 09/15/21 (c)		2,867,382
		National Retail Properties, Inc.
	145,317	5.20%, 10/11/21 (c)		3,489,061
	121,098	5.70%, 05/30/19 (c)		3,003,230
	169,537	NuStar Logistics LP 9.31% (ICE LIBOR USD 3 Month+6.73%), 05/30/19 (c)		4,284,200
		Public Storage
	147,424	4.90%, 10/14/21 (c)		3,507,217
	136,893	4.95%, 07/20/21 (c) †		3,329,238
	126,362	5.05%, 08/09/22 (c)		3,137,568
	117,938	5.15%, 06/02/22 (c)		2,909,530
	210,604	5.20%, 05/30/19 (c)		5,206,131
	208,499	5.38%, 05/30/19 (c)		5,174,945
	126,362	5.40%, 01/20/21 (c)		3,196,959
	120,796	5.60%, 03/11/24 (c) †		3,144,320
	121,098	5.63%, 05/30/19 (c) †		3,046,826
	121,098	6.00%, 06/04/19 (c) †		3,057,724

See Notes to Financial Statements

84

Number of Shares			Value
Real Estate Investment Trusts: (continued)
$	135,624	RLJ Lodging Trust 1.95%, 05/14/2168	$	3,438,068
		Senior Housing Properties Trust
	147,424	5.63%, 05/30/19 (c)		3,169,616
	105,302	6.25%, 02/18/21 (c)		2,604,118
		Two Harbors Investment Corp.
	124,257	7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 (c)		3,071,633
	121,098	7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 (c)		3,037,138
	451,053	VEREIT, Inc. 6.70%, 05/30/19 (c)		11,325,941
		Vornado Realty Trust
	134,576	5.25%, 12/13/22 (c)		3,182,722
	126,362	5.40%, 05/30/19 (c)		3,119,878
	126,362	5.70%, 05/30/19 (c)		3,191,904
	115,833	Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c)		2,987,333
				150,307,520
Reinsurance: 5.0%
		Aspen Insurance Holdings Ltd.
	105,302	5.63%, 01/01/27 (c)		2,620,967
	115,833	5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 (c) †		3,055,675
	231,665	Axis Capital Holdings Ltd. 5.50%, 11/07/21 (c)		5,682,742
	123,770	PartnerRe Ltd. 7.25%, 04/29/21 (c)		3,307,134
		Reinsurance Group of America, Inc.
	168,484	5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/26 (c)		4,554,123
	168,484	6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/22 (c)		4,510,317
		RenaissanceRe Holdings Ltd.
	115,833	5.38%, 05/30/19 (c) †		2,877,292
	105,302	5.75%, 06/30/23 (c)		2,669,406
				29,277,656
Technology: 0.7%
	179,014	Pitney Bowes, Inc. 6.70%, 05/30/19 (c)		4,292,756
Utilities: 38.2%
	105,302	Alabama Power Co. 5.00%, 10/01/22 (c)		2,778,920
	170,598	American Electric Power Co., Inc. 6.13%, 03/15/22		8,867,684
	205,866	CenterPoint Energy, Inc. 7.00%, 09/01/21		10,960,306
		CMS Energy Corp.
	117,938	5.88%, 10/15/23 (c) †		3,132,433
	265,362	5.88%, 03/01/24 (c)		6,939,216
		Dominion Energy, Inc.
	336,968	5.25%, 07/30/21 (c)		8,508,442
	294,846	6.75%, 08/15/19		14,810,115
		DTE Energy Co.
	168,484	5.25%, 12/01/22 (c)		4,294,657
	126,362	5.38%, 06/01/21 (c)		3,217,177
	117,938	6.00%, 12/15/21 (c) †		3,128,895
	142,158	6.50%, 10/01/19		7,933,838

Number of Shares			Value
Utilities: (continued)
		Duke Energy Corp.
$	210,604	5.13%, 05/30/19 (c)	$	5,254,570
	210,604	5.63%, 09/15/23 (c)		5,460,962
	421,071	5.75%, 06/15/24 (c)		10,956,267
	172,696	Entergy Arkansas, Inc. 4.88%, 09/01/21 (c)		4,362,301
	113,726	Entergy Louisiana LLC 4.88%, 09/01/21 (c)		2,871,582
	109,514	Entergy Mississippi, Inc. 4.90%, 10/01/21 (c) †		2,776,180
	113,726	Georgia Power Co. 5.00%, 10/01/22 (c) †		2,897,738
		NextEra Energy Capital Holdings, Inc.
	189,544	5.00%, 05/30/19 (c)		4,556,638
	210,604	5.13%, 05/30/19 (c)		5,182,964
	240,090	5.25%, 06/01/21 (c) †		6,182,317
	291,399	5.65%, 06/15/24 (c)		7,488,954
	315,907	6.12%, 09/01/19		19,712,597
	210,604	NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 (c)		5,555,734
	189,544	PPL Capital Funding, Inc. 5.90%, 05/30/19 (c)		4,823,895
	168,484	SCE Trust II 5.10%, 05/30/19 (c)		3,592,079
	115,833	SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 (c)		2,826,325
	136,893	SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 (c)		3,171,811
	126,362	SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 (c)		2,966,980
	200,075	SCE Trust VI 5.00%, 06/26/22 (c)		4,351,631
	181,647	Sempra Energy 6.00%, 01/15/21		19,416,248
		Southern Co.
	336,968	5.25%, 10/01/21 (c) †		8,592,684
	189,544	5.25%, 12/01/22 (c)		4,770,822
	421,209	6.25%, 10/15/20 (c) †		10,993,555
				223,336,517
Total Preferred Securities (Cost: $589,151,118)				586,305,416
MONEY MARKET FUND: 1.3% (Cost: $7,897,296)
	7,897,296	Dreyfus Government Cash Management Fund – Institutional Shares		7,897,296
Total Investments Before Collateral for Securities Loaned: 101.7% (Cost: $597,048,414)				594,202,712

See Notes to Financial Statements

85

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Repurchase Agreements: 0.4%
$	1,000,000	Repurchase agreement dated 4/30/19 with Citigroup Global Markets, Inc., 2.77%, due 5/1/19, proceeds $1,000,077; (collateralized by various U.S. government and agency obligations, 1.25% to 8.50%, due 5/25/19 to 4/20/69, valued at $1,020,000 including accrued interest)	$	1,000,000
	929,017	Repurchase agreement dated 4/30/19 with Credit Agricole CIB, 2.72%, due 5/1/19, proceeds $929,087; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 2/1/47 to 10/1/48, valued at $947,597 including accrued interest)		929,017
Total Short-Term Investments Held As Collateral For Securities On Loan (Cost: $1,929,017)				1,929,017
Total Investments: 102.1% (Cost: $598,977,431)				596,131,729
Liabilities in excess of other assets: (2.1)%				(12,015,722	)
NET ASSETS: 100.0%			$	584,116,007

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $1,882,898.

Summary of Investments by Sector
Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		1.5	%	$	9,109,660
Communications		13.1			77,956,032
Consumer, Non-cyclical		9.6			56,756,899
Energy		4.1			24,412,643
Financial		4.6			27,378,832
Government		0.5			2,891,718
Industrial		1.4			7,964,015
Real Estate		22.1			131,280,836
Reinsurance		3.5			20,925,508
Technology		0.7			4,292,756
Utilities		37.6			223,336,517
Money Market Fund		1.3			7,897,296
		100.0	%	$	594,202,712

See Notes to Financial Statements

86

The summary of inputs used to value the Fund’s investments as of April 30, 2019 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Foreign Government Obligations*	$	2,891,718	$	—		$	—	$	2,891,718
Preferred Securities*		583,413,698		—			—		583,413,698
Money Market Fund		7,897,296		—			—		7,897,296
Repurchase Agreements		—		1,929,017			—		1,929,017
Total	$	594,202,712	$	1,929,017		$	—	$	596,131,729

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

87

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2019

	BDC Income ETF				ChinaAMC China Bond ETF				Emerging Markets Aggregate Bond ETF				Emerging Markets High Yield Bond ETF
Assets:
Investments, at value
Unaffiliated issuers (1) (2)		$	206,611,521			$	4,412,241			$	14,335,964			$	258,338,462
Short-term investments held as collateral for securities loaned (3)			44,835,138				—				143,940				19,671,877
Cash			—				981				89,791				1,031,820
Cash denominated in foreign currency, at value (4)			—				130,738	(a)			42,800				—
Receivables:
Investment securities sold			—				—				—				7,343,741
Shares sold			982				—				—				—
Due from Adviser			—				6,182				6,232				—
Dividends and interest			301,594				60,238				232,394				3,862,213
Prepaid expenses			854				23				90				1,674
Total assets			251,750,089				4,610,403				14,851,211				290,249,787
Liabilities:
Payables:
Investment securities purchased			—				—				97,660				8,947,507
Collateral for securities loaned			44,835,138				—				143,940				19,671,877
Due to Adviser			49,022				—				—				81,943
Due to custodian			—				—				—				—
Deferred Trustee fees			4,258				181				1,469				25,439
Accrued expenses			46,683				33,222				50,388				67,196
Total liabilities			44,935,101				33,403				293,457				28,793,962
NET ASSETS		$	206,814,988			$	4,577,000			$	14,557,754			$	261,455,825
Shares outstanding			12,500,000				200,000				700,000				11,200,000
Net asset value, redemption and offering price per share		$	16.55			$	22.89			$	20.80			$	23.34
Net assets consist of:
Aggregate paid in capital		$	235,355,644			$	4,780,612			$	16,687,872			$	310,889,929
Total distributable earnings (loss)			(28,540,656	)			(203,612	)			(2,130,118	)			(49,434,104	)
		$	206,814,988			$	4,577,000			$	14,557,754			$	261,455,825
(1)  Value of securities on loan		$	43,463,478			$	—			$	138,627			$	19,006,879
(2)  Cost of investments		$	213,459,091			$	4,568,770			$	14,585,230			$	266,905,797
(3)  Cost of short-term investments held as collateral for securities loaned		$	44,835,138			$	—			$	143,940			$	19,671,877
(4)  Cost of cash denominated in foreign currency		$	—			$	130,307			$	43,028			$	—

(a) Includes $671 of foreign investor minimum settlement reserve funds (See Note 2.J)

See Notes to Financial Statements

88

Fallen Angel High Yield Bond ETF				Green Bond ETF				International High Yield Bond ETF				Investment Grade Floating Rate ETF			J.P. Morgan EM Local Currency Bond ETF				Mortgage REIT Income ETF				Preferred Securities ex Financials ETF
	$	958,463,548			$	25,720,780			$	111,073,766			$	539,301,786		$	5,204,417,476			$	175,409,034			$	594,202,712
		58,790,208				227,674				9,967,363				4,724,068			105,068,424				4,888,769				1,929,017
		325,017				—				619,013				50,290			—				—				—
		—				38,796				752,815				—			7,969,772				—				—
		6,426,019				525,475				1,587,560				—			130,546,124				—				—
		1,449,237				—				—				—			81,999				—				—
		—				24,466				—				34,426			—				—				—
		14,695,299				164,624				1,606,086				2,260,794			108,502,097				250,966				1,140,547
		5,392				72				762				1,608			22,854				649				2,345
		1,040,154,720				26,701,887				125,607,365				546,372,972			5,556,608,746				180,549,418				597,274,621
		5,146,724				532,818				2,655,193				50,290			117,492,900				—				10,981,806
		58,790,208				227,674				9,967,363				4,724,068			105,068,424				4,888,769				1,929,017
		200,764				—				13,913				—			408,486				49,581				159,885
		—				—				—				—			—				676,865				—
		11,652				243				23,992				11,467			151,924				10,222				18,987
		89,006				70,916				68,444				79,927			1,574,608				52,573				68,919
		64,238,354				831,651				12,728,905				4,865,752			224,696,342				5,678,010				13,158,614
	$	975,916,366			$	25,870,236			$	112,878,460			$	541,507,220		$	5,331,912,404			$	174,871,408			$	584,116,007
		33,650,000				1,000,000				4,600,000				21,450,000			161,022,682				7,400,000				30,150,000
	$	29.00			$	25.87			$	24.54			$	25.25		$	33.11			$	23.63			$	19.37
	$	993,695,842			$	26,035,274			$	124,539,482			$	541,131,833		$	5,953,927,554			$	205,756,305			$	627,688,520
		(17,779,476	)			(165,038	)			(11,661,022	)			375,387			(622,015,150	)			(30,884,897	)			(43,572,513	)
	$	975,916,366			$	25,870,236			$	112,878,460			$	541,507,220		$	5,331,912,404			$	174,871,408			$	584,116,007
	$	56,640,548			$	217,474			$	9,612,973			$	4,587,313		$	90,156,551			$	4,747,376			$	1,882,898
	$	977,492,359			$	25,735,178			$	114,455,473			$	539,889,771		$	5,595,076,921			$	169,852,684			$	597,048,414
	$	58,790,208			$	227,674			$	9,967,363			$	4,724,068		$	105,068,424			$	4,888,769			$	1,929,017
	$	—			$	38,907			$	754,889			$	—		$	8,011,350			$	—			$	—

See Notes to Financial Statements

89

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2019

	BDC Income ETF				ChinaAMC China Bond ETF				Emerging Markets Aggregate Bond ETF				Emerging Markets High Yield Bond ETF
Income:
Dividends		$	19,515,187			$	881			$	4,519			$	45,897
Interest			—				173,373				928,725				17,620,198
Securities lending income			546,221				—				1,093				154,902
Foreign taxes withheld			—				(764	)			(13,070	)			(1,397	)
Total Income			20,061,408				173,490				921,267				17,819,600
Expenses:
Management fees			790,955				18,279				61,886				1,148,342
Professional fees			43,532				51,850				41,583				52,083
Insurance			1,750				40				139				3,329
Trustees’ fees and expenses			7,077				5				475				18,081
Reports to shareholders			23,900				6,065				7,406				17,733
Indicative optimized portfolio value fee			5,002				7,935				7,933				7,935
Custodian fees			8,407				2,885				29,563				26,911
Registration fees			9,165				5,005				5,006				6,787
Transfer agent fees			2,402				2,402				2,402				2,402
Fund accounting fees			17,744				6,567				1,543				22,521
Interest			24,161				—				78				125
Other			4,098				1,577				4,356				14,359
Total expenses			938,193				102,610				162,370				1,320,608
Waiver of management fees			(122,930	)			(18,279	)			(61,886	)			(171,184	)
Expenses assumed by the Adviser			—				(61,374	)			(36,328	)			—
Net expenses			815,263				22,957				64,156				1,149,424
Net investment income			19,246,145				150,533				857,111				16,670,176
Net realized gain (loss) on:
Investments			(7,362,315	)			(36,250	)			(275,160	)			(3,237,604	)
In-kind redemptions			2,104,904				—				(118,283	)			(3,956,532	)
Foreign currency transactions and foreign denominated assets and liabilities			—				(17,920	)			(3,354	)			—
Net realized loss			(5,257,411	)			(54,170	)			(396,797	)			(7,194,136	)
Net change in unrealized appreciation (depreciation) on:
Investments			9,446,120				(188,477	)			413,403	(a)			(1,919,555	)
Foreign currency transactions and foreign denominated assets and liabilities			—				(7,515	)			(5,260	)			—
Net change in unrealized appreciation (depreciation)			9,446,120				(195,992	)			408,143				(1,919,555	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	23,434,854			$	(99,629	)		$	868,457			$	7,556,485

(a)	Net of foreign taxes of $3,525
(b)	Net of foreign taxes of $735,478

See Notes to Financial Statements

90

Fallen Angel High Yield Bond ETF				Green Bond ETF				International High Yield Bond ETF				Investment Grade Floating Rate ETF				J.P. Morgan EM Local Currency Bond ETF				Mortgage REIT Income ETF				Preferred Securities ex Financials ETF
	$	102,527			$	456			$	21,597			$	21,642			$	113,163			$	11,265,216			$	32,943,274
		61,310,114				372,271				6,876,873				17,419,602				320,856,558				—				—
		978,231				853				143,296				18,344				619,869				43,200				728,559
		—				(2,071	)			—				—				(6,287,634	)			(114	)			(275	)
		62,390,872				371,509				7,041,766				17,459,588				315,301,956				11,308,302				33,671,558
		4,087,190				78,830				557,010				1,918,293				13,212,209				594,015				2,125,999
		78,307				78,451				41,320				63,681				186,617				42,318				54,915
		10,770				145				1,446				3,390				47,136				1,296				4,645
		34,384				760				12,083				19,905				189,011				7,143				21,954
		105,811				10,072				8,663				32,710				661,308				17,103				40,553
		7,935				8,424				7,934				7,935				7,935				3,182				5,017
		50,700				27,764				80,991				60,715				4,310,826				5,283				24,774
		55,481				11,074				9,989				41,234				310,995				5,978				20,595
		2,398				2,403				2,402				2,402				2,402				2,402				2,402
		79,721				8,255				15,749				44,192				329,243				15,168				38,371
		2,941				—				—				41				28,364				30,925				57,992
		45,315				2,643				8,208				9,596				273,459				7,813				32,521
		4,560,953				228,821				745,795				2,204,094				19,559,505				732,626				2,429,738
		(981,342	)			(78,830	)			(187,879	)			(1,436,344	)			(4,676,220	)			(107,324	)			(245,076	)
		—				(76,405	)			—				—				—				—				—
		3,579,611				73,586				557,916				767,750				14,883,285				625,302				2,184,662
		58,811,261				297,923				6,483,850				16,691,838				300,418,671				10,683,000				31,486,896
		(5,178,897	)			(228,645	)			(1,884,523	)			(496,309	)			(263,040,833	)			(6,623,121	)			(15,297,543	)
		947,277				—				(818,015	)			(1,085,721	)			(13,611,159	)			964,630				(195,350	)
		—				(5,927	)			(102,795	)			—				(18,414,260	)			86				—
		(4,231,620	)			(234,572	)			(2,805,333	)			(1,582,030	)			(295,066,252	)			(5,658,405	)			(15,492,893	)
		(12,960,329	)			(239,599	)			(2,646,680	)			(2,144,191	)			(340,307,610	)(b)			11,882,581				22,841,710
		—				1,482				44,884				—				(322,920	)			(113	)			—
		(12,960,329	)			(238,117	)			(2,601,796	)			(2,144,191	)			(340,630,530	)			11,882,468				22,841,710
	$	41,619,312			$	(174,766	)		$	1,076,721			$	12,965,617			$	(335,278,111	)		$	16,907,063			$	38,835,713

See Notes to Financial Statements

91

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF								ChinaAMC China Bond ETF
	For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
Operations:
Net investment income		$	19,246,145			$	16,415,931			$	150,533			$	152,302
Net realized gain (loss)			(5,257,411	)			(7,149,825	)			(54,170	)			(316,223	)
Net change in unrealized appreciation (depreciation)			9,446,120				(24,955,009	)			(195,992	)			720,058
Net increase (decrease) in net assets resulting from operations			23,434,854				(15,688,903	)			(99,629	)			556,137
Distributions to shareholders: (a)
Dividends and Distributions			(18,917,640	)			(16,864,170	)			(75,947	)			—
Return of capital			—				—				(75,613	)			(172,450	)
Total Dividends and Distributions			(18,917,640	)			(16,864,170	)			(151,560	)			(172,450	)
Share transactions:**
Proceeds from sale of shares			59,854,177				50,998,687				—				—
Cost of shares redeemed			(35,482,112	)			(23,586,858	)			—				(2,204,390	)
Increase (Decrease) in net assets resulting from share transactions			24,372,065				27,411,829				—				(2,204,390	)
Total increase (decrease) in net assets			28,889,279				(5,141,244	)			(251,189	)			(1,820,703	)
Net Assets, beginning of period			177,925,709				183,066,953				4,828,189				6,648,892
Net Assets, end of period (b)		$	206,814,988			$	177,925,709			$	4,577,000			$	4,828,189
**Shares of Common Stock Issued (no par value)
Shares sold			3,650,000				2,900,000				—				—
Shares redeemed			(2,200,000	)			(1,400,000	)			—				(100,000	)
Net increase (decrease)			1,450,000				1,500,000				—				(100,000	)

(a)	Current year and prior year presentation of distributions conforms to S-X Disclosure Simplification.
(b)	S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2.C.

See Notes to Financial Statements

92

Emerging Markets Aggregate Bond ETF								Emerging Markets High Yield Bond ETF								Fallen Angel High Yield Bond ETF
For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
	$	857,111			$	670,966			$	16,670,176			$	19,877,935			$	58,811,261			$	54,727,332
		(396,797	)			(424,243	)			(7,194,136	)			(3,070,087	)			(4,231,620	)			18,729,137
		408,143				319,780				(1,919,555	)			(12,657,114	)			(12,960,329	)			(40,815,147	)
		868,457				566,503				7,556,485				4,150,734				41,619,312				32,641,322
		(396,164	)			(498,718	)			(17,159,220	)			(19,986,740	)			(57,221,575	)			(56,791,560	)
		(424,256	)			(225,432	)			—				—				—				—
		(820,420	)			(724,150	)			(17,159,220	)			(19,986,740	)			(57,221,575	)			(56,791,560	)
		16,223,578				—				4,642,504				97,684,846				211,481,227				585,632,345
		(16,706,509	)			—				(105,262,054	)			(83,096,656	)			(443,069,325	)			(193,755,686	)
		(482,931	)			—				(100,619,550	)			14,588,190				(231,588,098	)			391,876,659
		(434,894	)			(157,647	)			(110,222,285	)			(1,247,816	)			(247,190,361	)			367,726,421
		14,992,648				15,150,295				371,678,110				372,925,926				1,223,106,727				855,380,306
	$	14,557,754			$	14,992,648			$	261,455,825			$	371,678,110			$	975,916,366			$	1,223,106,727
		800,000				—				200,000				4,000,000				7,450,000				19,600,000
		(800,000	)			—				(4,600,000	)			(3,400,000	)			(15,700,000	)			(6,550,000	)
		—				—				(4,400,000	)			600,000				(8,250,000	)			13,050,000

See Notes to Financial Statements

93

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Green Bond ETF								International High Yield Bond ETF
	For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
Operations:
Net investment income		$	297,923			$	118,819			$	6,483,850			$	6,494,868
Net realized gain (loss)			(234,572	)			57,049				(2,805,333	)			(44,150	)
Net change in unrealized appreciation (depreciation)			(238,117	)			94,460				(2,601,796	)			1,598,166
Net increase (decrease) in net assets resulting from operations			(174,766	)			270,328				1,076,721				8,048,884
Distributions to shareholders: (a)
Dividends and Distributions			(250,504	)			(141,820	)			(6,138,316	)			(6,003,821	)
Return of capital			(43,266	)			—				(272,224	)			(951,959	)
Total Dividends and Distributions			(293,770	)			(141,820	)			(6,410,540	)			(6,955,780	)
Share transactions:**
Proceeds from sale of shares			9,085,096				12,036,844				14,757,781				61,340,929
Cost of shares redeemed			—				—				(67,903,985	)			(20,553,737	)
Increase (Decrease) in net assets resulting from share transactions			9,085,096				12,036,844				(53,146,204	)			40,787,192
Total increase (decrease) in net assets			8,616,560				12,165,352				(58,480,023	)			41,880,296
Net Assets, beginning of period			17,253,676				5,088,324				171,358,483				129,478,187
Net Assets, end of period (b)		$	25,870,236			$	17,253,676			$	112,878,460			$	171,358,483
** Shares of Common Stock Issued (no par value)
Shares sold			350,000				450,000				600,000				2,400,000
Shares redeemed			—				—				(2,800,000	)			(800,000	)
Net increase (decrease)			350,000				450,000				(2,200,000	)			1,600,000

(a)	Current year and prior year presentation of distributions conforms to S-X Disclosure Simplification.
(b)	S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2.C.
(c)	Share activity has been adjusted to reflect the 1 for 2 reverse share split which took place on October 26, 2018 (See Note 10).

See Notes to Financial Statements

94

Investment Grade Floating Rate ETF								J.P. Morgan EM Local Currency Bond ETF (c)								Mortgage REIT Income ETF
For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018				For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
	$	16,691,838			$	4,819,375			$	300,418,671			$	258,089,519			$	10,683,000			$	10,282,939
		(1,582,030	)			217,454				(295,066,252	)			(20,238,436	)			(5,658,405	)			3,076,232
		(2,144,191	)			809,762				(340,630,530	)			9,665,291				11,882,468				(12,894,284	)
		12,965,617				5,846,591				(335,278,111	)			247,516,374				16,907,063				464,887
		(16,008,835	)			(4,284,650	)			(187,663,587	)			(227,606,627	)			(10,684,627	)			(10,915,551	)
		—				—				(113,204,112	)			(43,548,533	)			(185,563	)			(449,699	)
		(16,008,835	)			(4,284,650	)			(300,867,699	)			(271,155,160	)			(10,870,190	)			(11,365,250	)
		379,873,713				245,012,075				1,498,892,254				2,611,250,831				43,069,583				26,705,716
		(212,522,242	)			(17,696,865	)			(1,175,872,435	)			(297,324,480	)			(5,967,010	)			(32,216,403	)
		167,351,471				227,315,210				323,019,819				2,313,926,351				37,102,573				(5,510,687	)
		164,308,253				228,877,151				(313,125,991	)			2,290,287,565				43,139,446				(16,411,050	)
		377,198,967				148,321,816				5,645,038,395				3,354,750,830				131,731,962				148,143,012
	$	541,507,220			$	377,198,967			$	5,331,912,404			$	5,645,038,395			$	174,871,408			$	131,731,962
		15,050,000				9,700,000				44,600,000				68,000,000				1,850,000				1,100,000
		(8,500,000	)			(700,000	)			(33,877,318	)			(7,800,000	)			(250,000	)			(1,350,000	)
		6,550,000				9,000,000				10,722,682				60,200,000				1,600,000				(250,000	)

See Notes to Financial Statements

95

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Preferred Securities ex Financials ETF
	For the Year Ended April 30, 2019				For the Year Ended April 30, 2018
Operations:
Net investment income		$	31,486,896			$	27,113,527
Net realized loss			(15,492,893	)			(637,130	)
Net change in unrealized appreciation (depreciation)			22,841,710				(25,003,486	)
Net increase in net assets resulting from operations			38,835,713				1,472,911
Distributions to shareholders: (a)
Dividends and Distributions			(32,627,855	)			(28,076,858	)
Return of capital			—				(208,987	)
Total Dividends and Distributions			(32,627,855	)			(28,285,845	)
Share transactions:**
Proceeds from sale of shares			115,390,399				103,794,398
Cost of shares redeemed			(35,730,391	)			(16,449,689	)
Increase in net assets resulting from share transactions			79,660,008				87,344,709
Total increase in net assets			85,867,866				60,531,775
Net Assets, beginning of period			498,248,141				437,716,366
Net Assets, end of period (b)		$	584,116,007			$	498,248,141
** Shares of Common Stock Issued (no par value)
Shares sold			6,000,000				5,200,000
Shares redeemed			(1,950,000	)			(850,000	)
Net increase			4,050,000				4,350,000

(a)	Current year and prior year presentation of distributions conforms to S-X Disclosure Simplification.
(b)	S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2.C.

See Notes to Financial Statements

96

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		BDC Income ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	16.10			$	19.17			$	16.43			$	18.56			$	19.84
Income from investment operations:
Net investment income			1.59	(a)			1.52	(a)			1.54				1.59				1.51
Net realized and unrealized gain (loss) on investments			0.41				(3.04	)			2.67				(2.20	)			(1.27	)
Total from investment operations			2.00				(1.52	)			4.21				(0.61	)			0.24
Less:
Dividends from net investment income			(1.55	)			(1.55	)			(1.47	)			(1.52	)			(1.52	)
Net asset value, end of year		$	16.55			$	16.10			$	19.17			$	16.43			$	18.56
Total return (b)			13.27	%			(8.08	)%			26.67	%			(2.98	)%			1.28	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$206,815				$177,926				$183,067				$85,454				$74,259
Ratio of gross expenses to average net assets			0.47	%			0.49	%			0.52	%			0.58	%			0.58	%
Ratio of net expenses to average net assets			0.41	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			9.73	%			8.85	%			9.12	%			9.87	%			8.59	%
Portfolio turnover rate (c)			13	%			19	%			23	%			23	%			20	%
	ChinaAMC China Bond ETF
	For the Year Ended April 30,																For the Period November 10, 2014(d) through April 30,
		2019				2018				2017				2016			2015
Net asset value, beginning of period		$	24.14			$	22.16			$	24.28			$	24.94			$	25.00
Income from investment operations:
Net investment income			0.75	(a)			0.74	(a)			0.21				0.70				0.29
Net realized and unrealized gain (loss) on investments			(1.24	)			2.07				(1.64	)			(0.65	)			(0.12	)
Total from investment operations			(0.49	)			2.81				(1.43	)			0.05				0.17
Less:
Dividends from net investment income			(0.38	)			—				—				(0.37	)			(0.15	)
Return of capital			(0.38	)			(0.83	)			(0.69	)			(0.34	)			(0.08	)
Total dividends			(0.76	)			(0.83	)			(0.69	)			(0.71	)			(0.23	)
Net asset value, end of period		$	22.89			$	24.14			$	22.16			$	24.28			$	24.94
Total return (b)			(1.98	)%			12.94	%			(6.00	)%			0.20	%			0.71	%(e)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	4,577			$	4,828			$	6,649		$12,140				$19,955
Ratio of gross expenses to average net assets			2.25	%			2.59	%			1.90	%			1.12	%			1.22	%(f)
Ratio of net expenses to average net assets			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%(f)
Ratio of net expenses to average net assets excluding interest expense			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%(f)
Ratio of net investment income to average net assets			3.29	%			3.21	%			3.04	%			2.88	%			2.61	%(f)
Portfolio turnover rate (c)			22	%			39	%			9	%			58	%			58	%(e)

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	Commencement of operations
(e)	Not Annualized
(f)	Annualized

See Notes to Financial Statements

97

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		Emerging Markets Aggregate Bond ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	21.42			$	21.64			$	21.68			$	22.41			$	23.95
Income from investment operations:
Net investment income			1.00	(a)			0.96	(a)			0.98				0.95				1.04
Net realized and unrealized loss on investments			(0.63	)			(0.15	)			(0.08	)			(0.70	)			(1.63	)
Total from investment operations			0.37				0.81				0.90				0.25				(0.59	)
Less:
Dividends from net investment income			(0.48	)			(0.71	)			(0.62	)			(0.37	)			(0.72	)
Return of capital			(0.51	)			(0.32	)			(0.32	)			(0.61	)			(0.23	)
Total dividends			(0.99	)			(1.03	)			(0.94	)			(0.98	)			(0.95	)
Net asset value, end of year		$	20.80			$	21.42			$	21.64			$	21.68			$	22.41
Total return (b)			1.91	%			3.78	%			4.27	%			1.33	%			(2.52	)%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$14,558				$14,993				$15,150				$15,179				$17,928
Ratio of gross expenses to average net assets			0.92	%			1.12	%			1.26	%			1.21	%			1.01	%
Ratio of net expenses to average net assets			0.36	%			0.49	%			0.49	%			0.49	%			0.49	%
Ratio of net expenses to average net assets excluding interest expense			0.36	%			0.49	%			0.49	%			0.49	%			0.49	%
Ratio of net investment income to average net assets			4.85	%			4.38	%			4.60	%			4.61	%			4.41	%
Portfolio turnover rate (c)			25	%			20	%			11	%			13	%			24	%
		Emerging Markets High Yield Bond ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	23.83			$	24.86			$	23.37			$	24.51			$	25.68
Income from investment operations:
Net investment income			1.33	(a)			1.33	(a)			1.46				1.64				1.64
Net realized and unrealized gain (loss) on investments			(0.46	)			(1.01	)			1.50				(1.13	)			(1.18	)
Total from investment operations			0.87				0.32				2.96				0.51				0.46
Less:
Dividends from net investment income			(1.36	)			(1.35	)			(1.47	)			(1.65	)			(1.63	)
Net asset value, end of year		$	23.34			$	23.83			$	24.86			$	23.37			$	24.51
Total return (b)			3.93	%			1.28	%			13.04	%			2.38	%			1.94	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$261,456				$371,678				$372,926				$247,709				$387,262
Ratio of gross expenses to average net assets			0.46	%			0.45	%			0.47	%			0.50	%			0.47	%
Ratio of net expenses to average net assets			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.81	%			5.43	%			6.13	%			6.93	%			6.64	%
Portfolio turnover rate (c)			27	%			40	%			39	%			42	%			35	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

98

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		Fallen Angel High Yield Bond ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	29.19			$	29.65			$	27.14			$	27.66			$	27.82
Income from investment operations:
Net investment income			1.64	(a)			1.54	(a)			1.56				1.39				1.43
Net realized and unrealized gain (loss) on investments			(0.24	)			(0.40	)			2.62				(0.51	)			0.17
Total from investment operations			1.40				1.14				4.18				0.88				1.60
Less:
Dividends from net investment income			(1.59	)			(1.51	)			(1.58	)			(1.34	)			(1.48	)
Distributions from net realized capital gains			—				(0.09	)			(0.09	)			(0.06	)			(0.28	)
Total dividends and distributions			(1.59	)			(1.60	)			(1.67	)			(1.40	)			(1.76	)
Net asset value, end of year		$	29.00			$	29.19			$	29.65			$	27.14			$	27.66
Total return (b)			5.04	%			3.86	%			15.86	%			3.59	%			5.98	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$975,916				$1,223,107				$855,380				$145,182				$26,279
Ratio of gross expenses to average net assets			0.45	%			0.44	%			0.46	%			0.65	%			0.90	%
Ratio of net expenses to average net assets			0.35	%			0.35	%			0.35	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.35	%			0.35	%			0.35	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.76	%			5.16	%			5.61	%			6.27	%			5.27	%
Portfolio turnover rate (c)			29	%			20	%			32	%			39	%			50	%

		Green Bond ETF
		For the Year Ended April 30,							For the Period March 3, 2017(d) through April 30,
		2019				2018			2017
Net asset value, beginning of period		$	26.54			$	25.44			$	24.75
Income from investment operations:
Net investment income			0.34	(a)			0.29	(a)			0.04
Net realized and unrealized gain (loss) on investments			(0.68	)			1.16				0.67
Total from investment operations			(0.34	)			1.45				0.71
Less:
Dividends from net investment income			(0.29	)			(0.35	)			(0.02	)
Distributions from net realized capital gains			—				0.00	(g)			—
Return of capital			(0.04	)			—				—
Total dividends and distributions			(0.33	)			(0.35	)			(0.02	)
Net asset value, end of period		$	25.87			$	26.54			$	25.44
Total return (b)			(1.25	)%			5.72	%			2.86	%(e)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$25,870				$17,254					$	5,088
Ratio of gross expenses to average net assets			1.02	%			1.56	%			5.49	%(f)
Ratio of net expenses to average net assets			0.33	%			0.40	%			0.40	%(f)
Ratio of net expenses to average net assets excluding interest expense			0.33	%			0.40	%			0.40	%(f)
Ratio of net investment income to average net assets			1.32	%			1.10	%			1.03	%(f)
Portfolio turnover rate (c)			28	%			26	%			0	%(e)

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	Commencement of operations
(e)	Not Annualized
(f)	Annualized
(g)	Amount represents less than $0.005 per share.

See Notes to Financial Statements

99

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		International High Yield Bond ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	25.20			$	24.90			$	24.20			$	25.00			$	27.73
Income from investment operations:
Net investment income			1.13	(a)			1.07	(a)			1.24				1.30				1.32
Net realized and unrealized gain (loss) on investments			(0.65	)			0.39				0.65				(0.80	)			(2.67	)
Total from investment operations			0.48				1.46				1.89				0.50				(1.35	)
Less:
Dividends from net investment income			(1.08	)			(1.02	)			(0.83	)			(1.00	)			(1.09	)
Return of capital			(0.06	)			(0.14	)			(0.36	)			(0.30	)			(0.29	)
Total dividends and distributions			(1.14	)			(1.16	)			(1.19	)			(1.30	)			(1.38	)
Net asset value, end of year		$	24.54			$	25.20			$	24.90			$	24.20			$	25.00
Total return (b)			2.08	%			5.91	%			8.04	%			2.29	%			(4.94	)%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$112,878				$171,358				$129,478				$130,686				$155,003
Ratio of gross expenses to average net assets			0.54	%			0.52	%			0.54	%			0.61	%			0.54	%
Ratio of net expenses to average net assets			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			4.66	%			4.19	%			4.95	%			5.48	%			5.13	%
Portfolio turnover rate (c)			32	%			41	%			34	%			20	%			37	%
		Investment Grade Floating Rate ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	25.32			$	25.14			$	24.77			$	24.94			$	25.02
Income from investment operations:
Net investment income			0.77	(a)			0.52	(a)			0.33				0.20				0.16
Net realized and unrealized gain (loss) on investments			(0.10	)			0.13				0.36				(0.18	)			(0.07	)
Total from investment operations			0.67				0.65				0.69				0.02				0.09
Less:
Dividends from net investment income			(0.74	)			(0.47	)			(0.32	)			(0.19	)			(0.16	)
Distributions from net realized capital gains			—				—				—				—				(0.01	)
Total dividends and distributions			(0.74	)			(0.47	)			(0.32	)			(0.19	)			(0.17	)
Net asset value, end of year		$	25.25			$	25.32			$	25.14			$	24.77			$	24.94
Total return (b)			2.71	%			2.59	%			2.80	%			0.10	%			0.35	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$541,507				$377,199				$148,322				$79,273				$99,769
Ratio of gross expenses to average net assets			0.40	%			0.41	%			0.46	%			0.48	%			0.48	%
Ratio of net expenses to average net assets			0.14	%			0.14	%			0.14	%			0.14	%			0.17	%
Ratio of net expenses to average net assets  excluding interest expense			0.14	%			0.14	%			0.14	%			0.14	%			0.17	%
Ratio of net investment income to average net assets			3.05	%			2.06	%			1.40	%			0.81	%			0.63	%
Portfolio turnover rate (c)			30	%			28	%			46	%			36	%			33	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

100

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		J.P. Morgan EM Local Currency Bond ETF #
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	37.56			$	37.24			$	37.90			$	41.10			$	47.38
Income from investment operations:
Net investment income			2.14	(a)			2.18	(a)			2.56				2.08	(a)			2.46
Net realized and unrealized gain (loss) on investments			(4.45	)			0.40				(1.34	)			(3.24	)			(6.52	)
Total from investment operations			(2.31	)			2.58				1.22				(1.16	)			(4.06	)
Less:
Dividends from net investment income			(1.36	)			(1.98	)			(0.60	)			—				(1.24	)
Return of capital			(0.78	)			(0.28	)			(1.28	)			(2.04	)			(0.98	)
Total dividends			(2.14	)			(2.26	)			(1.88	)			(2.04	)			(2.22	)
Net asset value, end of year		$	33.11			$	37.56			$	37.24			$	37.90			$	41.10
Total return (b)			(6.05	)%			7.05	%			3.41	%			(2.47	)%			(8.85	)%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$5,331,912				$5,645,038				$3,354,751				$1,489,642				$1,093,524
Ratio of gross expenses to average net assets			0.41	%			0.46	%			0.48	%			0.51	%			0.49	%
Ratio of net expenses to average net assets			0.31	%			0.44	%			0.47	%			0.47	%			0.47	%
Ratio of net expenses to average net assets excluding interest expense			0.31	%			0.44	%			0.47	%			0.47	%			0.47	%
Ratio of net investment income to average net assets			6.35	%			5.69	%			5.60	%			5.69	%			5.49	%
Portfolio turnover rate (c)			36	%			28	%			37	%			34	%			36	%
		Mortgage REIT Income ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	22.71			$	24.49			$	20.03			$	23.59			$	24.40
Income from investment operations:
Net investment income			1.68	(a)			1.70	(a)			1.81				2.12				2.03
Net realized and unrealized gain (loss) on investments			0.94				(1.59	)			4.38				(3.71	)			(0.55	)
Total from investment operations			2.62				0.11				6.19				(1.59	)			1.48
Less:
Dividends from net investment income			(1.67	)			(1.81	)			(1.73	)			(1.90	)			(2.29	)
Return of capital			(0.03	)			(0.08	)			—				(0.07	)			—
Total dividends			(1.70	)			(1.89	)			(1.73	)			(1.97	)			(2.29	)
Net asset value, end of year		$	23.63			$	22.71			$	24.49			$	20.03			$	23.59
Total return (b)			12.00	%			0.32	%			32.15	%			(6.66	)%			6.23	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$174,871				$131,732				$148,143				$96,150				$117,960
Ratio of gross expenses to average net assets			0.49	%			0.49	%			0.54	%			0.57	%			0.51	%
Ratio of net expenses to average net assets			0.42	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			7.19	%			7.13	%			8.25	%			10.27	%			8.65	%
Portfolio turnover rate (c)			35	%			21	%			24	%			16	%			29	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On October 26, 2018, The Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

101

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		Preferred Securities ex Financials ETF
		For the Year Ended April 30,
		2019				2018				2017				2016				2015
Net asset value, beginning of year		$	19.09			$	20.12			$	20.34			$	20.75			$	20.70
Income from investment operations:
Net investment income			1.13	(a)			1.10	(a)			1.15				1.20				1.22
Net realized and unrealized gain (loss) on investments			0.32				(0.98	)			(0.19	)			(0.48	)			—	(d)
Total from investment operations			1.45				0.12				0.96				0.72				1.22
Less:
Dividends from net investment income			(1.17	)			(1.14	)			(1.18	)			(1.13	)			(1.17	)
Return of capital			—				(0.01	)			—				—				—
Total dividends			(1.17	)			(1.15	)			(1.18	)			(1.13	)			(1.17	)
Net asset value, end of year		$	19.37			$	19.09			$	20.12			$	20.34			$	20.75
Total return (b)			7.90	%			0.57	%			4.88	%			3.77	%			6.08	%
Ratios/Supplemental Data
Net assets, end of year (000’s)	$584,116				$498,248				$437,716				$310,138				$287,354
Ratio of gross expenses to average net assets			0.46	%			0.45	%			0.46	%			0.49	%			0.47	%
Ratio of net expenses to average net assets			0.41	%			0.41	%			0.41	%			0.41	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.92	%			5.57	%			5.70	%			6.05	%			6.04	%
Portfolio turnover rate (c)			31	%			47	%			31	%			27	%			16	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	Amount represents less than $0.005 per share.

See Notes to Financial Statements

102

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2019

Note 1—Fund Organization—VanEck Vectors 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 following investment portfolios: BDC Income ETF (“BDC Income”), ChinaAMC China Bond ETF (“ChinaAMC China Bond”), Emerging Markets Aggregate Bond ETF (“Emerging Markets Aggregate”), Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), Green Bond ETF (“Green Bond”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”), Mortgage REIT Income ETF (“Mortgage REIT”) and Preferred Securities ex Financials ETF (“Preferred Securities”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC China Bond. ChinaAMC China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.

Fund	Diversification Classification
BDC Income	Diversified
ChinaAMC China Bond	Non-Diversified
Emerging Markets Aggregate	Non-Diversified
Emerging Markets High Yield	Diversified
Fallen Angel	Diversified
Green Bond	Non-Diversified
International High Yield	Diversified
Investment Grade	Non-Diversified
J.P. Morgan EM	Non-Diversified
Mortgage REIT	Non-Diversified
Preferred Securities	Non-Diversified

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 are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies followed by the Funds.

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees 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 (as described below). 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. Securities traded on national exchanges

103

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

are valued at the last sales price as reported at the close of each business day. 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. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

B.

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 to its shareholders. Therefore, no federal income tax provision is required.

C.

Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

104

Effective in the current reporting period, it is no longer required to separately present distributions from net investment income and distributions from net realized capital gains. Additionally, undistributed net investment income (loss) included in net assets is no longer disclosed separately in the Statements of Changes in Net Assets. The April 30, 2018 sources of distributions and undistributed net investment income were as follows:

	Distributions to shareholders:
	Net investment income			Net realized capital gains		Undistributed net investment income (loss)
BDC Income		$	16,864,170	$	—		$	401,268
ChinaAMC China Bond			—		—			(30,653	)
Emerging Markets Aggregate			498,718		—			(231,823	)
Emerging Markets High Yield			19,986,740		—			1,902,342
Fallen Angel			53,367,560		3,424,000			4,683,192
Green Bond			140,320		1,500			51,968
International High Yield			6,003,821		—			(69,618	)
Investment Grade			4,284,650		—			733,640
J.P. Morgan EM			227,606,627		—			(37,975,743	)
Mortgage REIT			10,915,551		—			(8,681	)
Preferred Securities			28,076,858		—			(1,901,628	)

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) 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.	Components of Capital—Effective with the current reporting period, Net unrealized appreciation (depreciation), Undistributed net investment income (loss), and Accumulated net realized gain (loss) are aggregated and disclosed as Total distributable earnings (loss) in the Statements of Assets and Liabilities.
G.	Repurchase Agreements—The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of April 30, 2019 are reflected in the Schedules of Investments.
H.	Warrants—The Funds may invest in warrants whose values are linked to indices or underlying instruments. The Funds may use these warrants to gain exposure to markets that might be difficult to invest in through conventional securities. Warrants may be more volatile than their linked indices or underlying instruments. Potential losses are

105

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	limited to the amount of the original investment. Warrants are obligations of the issuer and are not secured by any collateral. Warrants may be exercised by the Funds during the exercise period. If the warrants have not been exercised on the last day of the exercise period, the warrants will be automatically exercised on that day. Warrants held at April 30, 2019, if any, are reflected in the Schedules of Investments.
I.	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 setoff in those agreements allows the Funds to set off 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, securities lending and repurchase agreements. For financial reporting purposes, the Funds present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at April 30, 2019 is presented in the Schedules of Investments. Refer to related disclosures in Note 2.G. (Repurchase Agreements) and Note 9 (Securities Lending).
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. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable.
	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
	The character of distributions received from Real Estate Investment Trusts (“REITs”) and Business Development Corporations (“BDCs”) held by the Funds are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from these investments based on historical data provided by the companies if actual amounts are not available. After each calendar year end, the REITs and BDCs 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.
	At April 30, 2019, ChinaAMC China Bond included $671 in cash denominated in foreign currency, at value on the Statements of Assets and Liabilities which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. 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 September 1, 2019, 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, offering costs, and taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended April 30, 2019.

106

The current expense limitations and management fee rates are as follows:

Fund	Expense Limitations			Management Fee Rates
BDC Income		0.40	%		0.40	%
ChinaAMC China Bond		0.50			0.40
Emerging Markets Aggregate*		0.35			0.35
Emerging Markets High Yield		0.40			0.40
Fallen Angel		0.35			0.40
Green Bond**		0.30			0.35
International High Yield		0.40			0.40
Investment Grade		0.14			0.35
J.P. Morgan EM***		0.30			0.27
Mortgage REIT		0.40			0.40
Preferred Securities		0.40			0.40

*	Prior to June 8, 2018 the expense limitation was 0.49%
**	Prior to September 1, 2018 the expense limitation was 0.40%
***	Prior to June 8, 2018 the expense limitation was 0.42% and the management fee rate was 0.35%

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.

Note 4—Investments—For the year ended April 30, 2019, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:

Fund	Cost of Investments Purchased			Proceeds from Investments Sold
BDC Income		$	26,048,228		$	26,355,345
ChinaAMC China Bond			1,346,086			918,212
Emerging Markets Aggregate			18,293,948			4,460,990
Emerging Markets High Yield			77,899,509			77,240,018
Fallen Angel			490,320,889			291,436,437
Green Bond			15,516,768			6,322,906
International High Yield			57,689,968			43,856,944
Investment Grade			541,287,942			162,201,461
J.P. Morgan EM			2,080,626,326			1,702,696,073
Mortgage REIT			52,782,501			52,490,685
Preferred Securities			168,076,926			165,969,772

Note 5—Income Taxes—As of April 30, 2019, for Federal income tax purposes, the identified tax cost of investments owned, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

Fund	Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
BDC Income		$	259,901,870		$	7,018,208		$	(15,473,417	)		$	(8,455,211	)
ChinaAMC China Bond			4,568,770			24,819			(181,348	)			(156,529	)
Emerging Markets Aggregate			14,731,256			459,884			(711,236	)			(251,352	)
Emerging Markets High Yield			286,592,582			3,334,612			(11,916,855	)			(8,582,243	)
Fallen Angel			1,038,169,198			12,605,451			(33,520,893	)			(20,915,442	)
Green Bond			25,963,649			416,475			(431,670	)			(15,195	)
International High Yield			124,444,328			1,520,718			(4,923,917	)			(3,403,199	)
Investment Grade			544,749,129			754,103			(1,477,378	)			(723,275	)
J.P. Morgan EM			5,861,587,197			30,905,345			(583,006,642	)			(552,101,297	)
Mortgage REIT			176,357,291			10,585,424			(6,644,909	)			3,940,515
Preferred Securities			598,344,922			11,099,837			(13,313,038	)			(2,213,201	)

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(continued)

At April 30, 2019, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income			Accumulated Capital Losses				Post-October Losses Deferred*				Other Temporary Differences				Unrealized Appreciation (Depreciation)				Total Distributable Earnings / (Losses)
BDC Income		$	390,042		$	(20,471,230	)		$	—			$	(4,257	)		$	(8,455,211	)		$	(28,540,656	)
ChinaAMC China Bond			—			(44,261	)			(3,369	)			(182	)			(155,800	)			(203,612	)
Emerging Markets Aggregate			—			(1,872,288	)			—				(1,468	)			(256,362	)			(2,130,118	)
Emerging Markets High Yield			1,473,589			(42,300,012	)			—				(25,438	)			(8,582,243	)			(49,434,104	)
Fallen Angel			4,560,976			(1,413,358	)			—				(11,652	)			(20,915,442	)			(17,779,476	)
Green Bond			—			(147,348	)			—				(243	)			(17,447	)			(165,038	)
International High Yield			—			(7,998,661	)			(229,446	)			(23,992	)			(3,408,923	)			(11,661,022	)
Investment Grade			1,428,109			(317,981	)			—				(11,466	)			(723,275	)			375,387
J.P. Morgan EM			—			(60,071,341	)			(7,861,974	)			(151,924	)			(553,929,911	)			(622,015,150	)
Mortgage REIT			—			(34,815,190	)			—				(10,222	)			3,940,515				(30,884,897	)
Preferred Securities			1,384,696			(40,775,155	)			—				(1,968,853	)			(2,213,201	)			(43,572,513	)

* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2018. These losses are deemed to arise on the first day of the Funds’ next taxable year.

The tax character of dividends paid to shareholders during the years ended April 30, 2019 and April 30, 2018 was as follows:

	April 30, 2019						April 30, 2018
Fund	Ordinary Income			Return of Capital				Ordinary Income			Long-Term Capital Gains		Return of Capital
BDC Income		$	18,917,640		$	—		$	16,864,170		$	—	$	—
ChinaAMC China Bond			75,947			75,613			—			—		172,450
Emerging Markets Aggregate			396,164			424,256			498,718			—		225,432
Emerging Markets High Yield			17,159,220			—			19,986,740			—		—
Fallen Angel			57,221,575			—			56,099,560	**		692,000		—
Green Bond			250,504			43,266			141,820	**		—		—
International High Yield			6,138,316			272,224			6,003,821			—		951,959
Investment Grade			16,008,835			—			4,284,650			—		—
J.P. Morgan EM			187,663,587			113,204,112			227,606,627			—		43,548,533
Mortgage REIT			10,684,627			185,563			10,915,551			—		449,699
Preferred Securities			32,627,855			—			28,076,858			—		208,987

** Includes short-term capital gains.

At April 30, 2019, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration				Long-Term Capital Losses with No Expiration				Total
BDC Income		$	(4,524,592	)		$	(15,946,638	)		$	(20,471,230	)
ChinaAMC China Bond			(26,183	)			(18,078	)			(44,261	)
Emerging Markets Aggregate			(1,559,424	)			(312,864	)			(1,872,288	)
Emerging Markets High Yield			(9,118,235	)			(33,181,777	)			(42,300,012	)
Fallen Angel			(1,413,358	)			—				(1,413,358	)
Green Bond			(36,672	)			(110,676	)			(147,348	)
International High Yield			(836,051	)			(7,162,610	)			(7,998,661	)
Investment Grade			(317,981	)			—				(317,981	)
J.P. Morgan EM			(21,931,142	)			(38,140,199	)			(60,071,341	)
Mortgage REIT			(4,136,394	)			(30,678,796	)			(34,815,190	)
Preferred Securities			(9,195,490	)			(31,579,665	)			(40,775,155	)

108

During the year ended April 30, 2019, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions and deemed distributions on shareholder redemptions, the Funds incurred differences that affected total distributable earnings (losses) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings / (Losses)				Increase (Decrease) in Aggregate Paid in Capital
BDC Income		$	(2,302,225	)		$	2,302,225
ChinaAMC China Bond			—				—
Emerging Markets Aggregate			118,284				(118,284	)
Emerging Markets High Yield			3,967,058				(3,967,058	)
Fallen Angel			97,756				(97,756	)
Green Bond			—				—
International High Yield			845,371				(845,371	)
Investment Grade			1,134,252				(1,134,252	)
J.P. Morgan EM			29,646,217				(29,646,217	)
Mortgage REIT			(866,625	)			866,625
Preferred Securities			400,980				(400,980	)

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2019, the Funds did not incur any interest or penalties.

Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFIIs”).

On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021.

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of RQFIIs (and QFIIs) are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively, regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to CBON and its shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, such as the Sub-Adviser, and begin collecting WHT, CBON could be subject to WHT liability. The impact of any such tax liability on CBON’s return could be substantial. CBON may also be liable to the Sub-Adviser for any tax that is imposed on the Sub-Adviser by the PRC with respect to its investments.

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NOTES TO FINANCIAL STATEMENTS

(continued)

Note 6—Capital Share Transactions—As of April 30, 2019, 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”), or multiples thereof, as follows:

Fund	Creation Units
BDC Income		50,000
ChinaAMC China Bond		100,000
Emerging Markets Aggregate		50,000
Emerging Markets High Yield		200,000
Fallen Angel		50,000
Green Bond		50,000
International High Yield		200,000
Investment Grade*		50,000
J.P. Morgan EM*		100,000
Mortgage REIT		50,000
Preferred Securities		50,000

* Prior to October 26, 2018, Investment Grade and J.P. Morgan EM creation units were 100,000 shares and 200,000 shares, respectively.

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 a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 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 Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

For the year ended April 30, 2019, the Funds had in-kind contributions and redemptions as follows:

Fund	In-Kind Contributions			In-Kind Redemptions
BDC Income		$	59,834,816		$	35,470,408
ChinaAMC China Bond			—			—
Emerging Markets Aggregate			427			14,233,538
Emerging Markets High Yield			6,637			100,732,249
Fallen Angel			—			425,437,318
Green Bond			—			—
International High Yield			1,711			64,652,401
Investment Grade			—			210,352,620
J.P. Morgan EM			698,839,086			803,069,993
Mortgage REIT			43,022,074			5,967,228
Preferred Securities			115,372,720			35,724,193

The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.

Note 7—Principal and Other Risks—Non-diversified funds (see Note 1) generally hold securities of fewer issuers than diversified funds 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.

110

Investments in bond funds involve risks such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except ChinaAMC China Bond, Investment Grade, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.

ChinaAMC China Bond, Emerging Markets Aggregate, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Investment Grade and J.P. Morgan EM invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.

Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

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

As a result of certain events the United States and the EU have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.

At April 30, 2019, the Adviser owned approximately 57% of Emerging Markets Aggregate and 29% of Green Bond.

111

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NOTES TO FINANCIAL STATEMENTS

(continued)

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

For each Fund, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest 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 collateral earned are shared with the securities lending agent under the terms of the securities lending agreement. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. 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 lender 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 outstanding at April 30, 2019 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.

The following table presents repurchase agreements held as collateral by type of security on loan pledged as of April 30, 2019:

Fund	Corporate Bonds			Equity Securities			Foreign Government Obligations			Gross amount of Recognized Liabilities for Securities Loaned in the Statements of Assets and Liabilities*
BDC Income		$	—		$	44,835,138		$	—		$	44,835,138
Emerging Markets Aggregate			143,940			—			—			143,940
Emerging Markets High Yield			19,556,465			—			115,412			19,671,877
Fallen Angel			58,790,208			—			—			58,790,208
Green Bond			102,000			—			125,674			227,674
International High Yield			9,967,363			—			—			9,967,363
Investment Grade			4,724,068			—			—			4,724,068
J.P. Morgan EM			—			—			105,068,424			105,068,424
Mortgage REIT			—			4,888,769			—			4,888,769
Preferred Securities			—			1,929,017			—			1,929,017

* Remaining contractual maturity of the agreements: overnight and continuous

Note 10—Share Split—On October 26, 2018, the Board of Trustees of the Trust approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. Fund shares began trading on a split-adjusted basis on October 26, 2018. The Statement of Changes in Net Assets and Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

112

Note 11—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 at rates based on prevailing market rates in effect at the time of borrowings. The outstanding loan balance for each respective fund as of April 30, 2019 is disclosed as Line of Credit in the Statements of Assets and Liabilities. During the year ended April 30, 2019, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance			Average Interest Rate
BDC Income		284		$	872,953		3.49	%
Emerging Markets Aggregate		1			331,064		3.80
Emerging Markets High Yield		1			1,461,940		3.10
Fallen Angel		22			1,314,320		3.64
Investment Grade		1			385,090		3.80
J.P. Morgan EM		82			3,070,590		3.30
Mortgage REIT		281			1,085,473		3.54
Preferred Securities		217			2,088,431		3.48

Note 12—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended April 30, 2019, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statements of Operations.

Note 13—Recent Accounting Pronouncements and Regulatory Requirements—The Financial Accounting Standards Board issued an Accounting Standards Update ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, that shortens the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance does not change the accounting for purchased callable debt securities held at a discount. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. Management is currently evaluating the potential impact of this new guidance to the financial statements.

The Funds early adopted certain provisions of Accounting Standards Update No. 2018-13 Disclosure Framework –Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management is currently evaluating the potential impact of additional requirements, not yet adopted, of the ASU 2018-13 to financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

Note 14—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

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VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF and the Board of Trustees of VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF (collectively referred to as the “Funds”) (eleven of the funds constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2019, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eleven of the funds constituting VanEck Vectors ETF Trust) at April 30, 2019, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the VanEck Vectors ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
VanEck Vectors BDC Income ETF	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the five years in the period ended April 30, 2019
VanEck Vectors ChinaAMC China Bond ETF	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the four years in the period ended April 30, 2019 and the period from November 10, 2014 (commencement of operations) through April 30, 2015
VanEck Vectors Emerging Markets Aggregate Bond ETF	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the five years in the period ended April 30, 2019
VanEck Vectors Emerging Markets High Yield Bond ETF
VanEck Vectors Fallen Angel High Yield Bond ETF
VanEck Vectors Green Bond ETF	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the two years ended April 30, 2019 and the period from March 3, 2017 (commencement of operations) through April 30, 2017

114

Individual fund constituting the VanEck Vectors ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
VanEck Vectors International High Yield Bond ETF	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the five years in the period ended April 30, 2019
VanEck Vectors Investment Grade Floating Rate ETF
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF
VanEck Vectors Mortgage REIT Income ETF
VanEck Vectors Preferred Securities ex Financials ETF

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the VanEck investment companies since 1999.

New York, NY
June 25, 2019

115

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited)

RETURN OF CAPITAL, FOREIGN SOURCE INCOME & FOREIGN TAX CREDITS

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2019 income tax purposes will be sent to them in early 2020.

The Funds listed below paid distributions during the taxable year ended April 30, 2019 that were considered to be a return of capital.

A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held at each of the respective record dates.

Additionally, the Funds below have qualified to “pass-through” the foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. The information below is provided to assist you in computing your foreign tax credit. Please consult your tax advisor regarding the appropriate treatment of these distributions.

Fund Name	Ticker Symbol	Record Date	Ex Dividend Date	Payable Date	Total Distribution Paid Per Share		Income Dividends		Foreign Taxes Paid		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income(a)		Return of Capital (Non Dividend) Distribution
ChinaAMC China Bond	CBON	06/04/2018	06/01/2018	06/07/2018	$	0.060500	$	0.024779	$	—	$	0.024779	100.00	%	$	0.035721
ChinaAMC China Bond	CBON	07/03/2018	07/02/2018	07/09/2018		0.063300		0.025925		—		0.025925	100.00	%		0.037375
ChinaAMC China Bond	CBON	08/02/2018	08/01/2018	08/07/2018		0.064500		0.026417		—		0.026417	100.00	%		0.038083
ChinaAMC China Bond	CBON	09/05/2018	09/04/2018	09/10/2018		0.063300		0.025925		—		0.025925	100.00	%		0.037375
ChinaAMC China Bond	CBON	10/02/2018	10/01/2018	10/05/2018		0.055900		0.022895		—		0.022895	100.00	%		0.033005
ChinaAMC China Bond	CBON	11/02/2018	11/01/2018	11/07/2018		0.055500		0.022731		—		0.022731	100.00	%		0.032769
ChinaAMC China Bond	CBON	12/04/2018	12/03/2018	12/07/2018		0.052600		0.021543		—		0.021543	100.00	%		0.031057
ChinaAMC China Bond	CBON	12/28/2018	12/27/2018	01/03/2019		0.092500		0.037885		—		0.037885	100.00	%		0.054615
ChinaAMC China Bond	CBON	02/04/2019	02/01/2019	02/07/2019		0.059600		0.040965		—		0.040965	100.00	%		0.018635
ChinaAMC China Bond	CBON	03/04/2019	03/01/2019	03/07/2019		0.048600		0.033405		—		0.033405	100.00	%		0.015195
ChinaAMC China Bond	CBON	04/02/2019	04/01/2019	04/05/2019		0.070300		0.048320		—		0.048320	100.00	%		0.021980
ChinaAMC China Bond	CBON	04/25/2019	04/24/2019	04/30/2019		0.071200		0.048940		—		0.048940	100.00	%		0.022260
ChinaAMC China Bond Total					$	0.757800	$	0.379730	$	—	$	0.379730	100.00	%	$	0.378070
Emerging Markets Aggregate	EMAG	06/04/2018	06/01/2018	06/07/2018	$	0.081900	$	0.050597	$	0.001527	$	0.052124	100.00	%	$	0.031303
Emerging Markets Aggregate	EMAG	07/03/2018	07/02/2018	07/09/2018		0.059100		0.036512		0.001102		0.037614	100.00	%		0.022588
Emerging Markets Aggregate	EMAG	08/02/2018	08/01/2018	08/07/2018		0.104200		0.064374		0.001943		0.066317	100.00	%		0.039826
Emerging Markets Aggregate	EMAG	09/05/2018	09/04/2018	09/10/2018		0.081100		0.050103		0.001512		0.051615	100.00	%		0.030997
Emerging Markets Aggregate	EMAG	10/02/2018	10/01/2018	10/05/2018		0.080200		0.049547		0.001495		0.051042	100.00	%		0.030653
Emerging Markets Aggregate	EMAG	11/02/2018	11/01/2018	11/07/2018		0.083100		0.051339		0.001549		0.052888	100.00	%		0.031761
Emerging Markets Aggregate	EMAG	12/04/2018	12/03/2018	12/07/2018		0.080700		0.049856		0.001505		0.051361	100.00	%		0.030844
Emerging Markets Aggregate	EMAG	12/28/2018	12/27/2018	01/03/2019		0.067900		0.041948		0.001266		0.043214	100.00	%		0.025952
Emerging Markets Aggregate	EMAG	02/04/2019	02/01/2019	02/07/2019		0.087800		0.021536		—		0.021536	100.00	%		0.066264
Emerging Markets Aggregate	EMAG	03/04/2019	03/01/2019	03/07/2019		0.084200		0.020653		—		0.020653	100.00	%		0.063547
Emerging Markets Aggregate	EMAG	04/02/2019	04/01/2019	04/05/2019		0.097900		0.024013		—		0.024013	100.00	%		0.073887
Emerging Markets Aggregate	EMAG	04/25/2019	04/24/2019	04/30/2019		0.085600		0.020996		—		0.020996	100.00	%		0.064604
Emerging Markets Aggregate Total					$	0.993700	$	0.481474	$	0.011899	$	0.493373	100.00	%	$	0.512226

116

Fund Name	Ticker Symbol	Record Date	Ex Dividend Date	Payable Date	Total Distribution Paid Per Share		Income Dividends		Foreign Taxes Paid		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income(a)		Return of Capital (Non Dividend) Distribution
Green Bond	GRNB	05/02/2018	05/01/2018	05/07/2018	$	0.022100	$	0.022100	$	—	$	0.022100	—	%	$	—
Green Bond	GRNB	06/04/2018	06/01/2018	06/07/2018		0.024700		0.024700		—		0.024700	—	%		—
Green Bond	GRNB	07/03/2018	07/02/2018	07/09/2018		0.024300		0.024300		—		0.024300	—	%		—
Green Bond	GRNB	08/02/2018	08/01/2018	08/07/2018		0.025700		0.025700		—		0.025700	86.48	%		—
Green Bond	GRNB	09/05/2018	09/04/2018	09/10/2018		0.025500		0.025500		—		0.025500	86.48	%		—
Green Bond	GRNB	10/02/2018	10/01/2018	10/05/2018		0.020700		0.020700		—		0.020700	86.48	%		—
Green Bond	GRNB	11/02/2018	11/01/2018	11/07/2018		0.030700		0.030700		—		0.030700	86.48	%		—
Green Bond	GRNB	12/04/2018	12/03/2018	12/07/2018		0.028800		0.028800		—		0.028800	86.48	%		—
Green Bond	GRNB	12/28/2018	12/27/2018	01/03/2019		0.031500		0.031500		—		0.031500	86.48	%		—
Green Bond	GRNB	02/04/2019	02/01/2019	02/07/2019		0.043700		0.024563		—		0.024563	86.48	%		0.019137
Green Bond	GRNB	03/04/2019	03/01/2019	03/07/2019		0.026000		0.014614		—		0.014614	86.48	%		0.011386
Green Bond	GRNB	04/02/2019	04/01/2019	04/05/2019		0.029100		0.016357		—		0.016357	86.48	%		0.012743
Green Bond Total					$	0.332800	$	0.289534	$	—	$	0.289534	100.00	%	$	0.043266
International High Yield	IHY	06/04/2018	06/01/2018	06/07/2018	$	0.095300	$	0.095300	$	—	$	0.095300	100.00	%	$	—
International High Yield	IHY	07/03/2018	07/02/2018	07/09/2018		0.092800		0.092800		—		0.092800	100.00	%		—
International High Yield	IHY	08/02/2018	08/01/2018	08/07/2018		0.094400		0.094400		—		0.094400	100.00	%		—
International High Yield	IHY	09/05/2018	09/04/2018	09/10/2018		0.092500		0.092500		—		0.092500	100.00	%		—
International High Yield	IHY	10/02/2018	10/01/2018	10/05/2018		0.095300		0.095300		—		0.095300	100.00	%		—
International High Yield	IHY	11/02/2018	11/01/2018	11/07/2018		0.113400		0.113400		—		0.113400	100.00	%		—
International High Yield	IHY	12/04/2018	12/03/2018	12/07/2018		0.090800		0.090800		—		0.090800	100.00	%		—
International High Yield	IHY	12/28/2018	12/27/2018	01/03/2019		0.090400		0.090400		—		0.090400	100.00	%		—
International High Yield	IHY	02/04/2019	02/01/2019	02/07/2019		0.098900		0.084034		—		0.084034	100.00	%		0.014866
International High Yield	IHY	03/04/2019	03/01/2019	03/07/2019		0.082500		0.070099		—		0.070099	100.00	%		0.012401
International High Yield	IHY	04/02/2019	04/01/2019	04/05/2019		0.098900		0.084034		—		0.084034	100.00	%		0.014866
International High Yield	IHY	04/25/2019	04/24/2019	04/30/2019		0.096200		0.081740		—		0.081740	100.00	%		0.014460
International High Yield Total					$	1.141400	$	1.084807	$	—	$	1.084807	100.00	%	$	0.056593
J.P. Morgan EM – See Note (b)	EMLC	06/04/2018	06/01/2018	06/07/2018	$	0.096100	$	0.070012	$	0.002588	$	0.072600	100.00	%	$	0.026088
J.P. Morgan EM – See Note (b)	EMLC	07/03/2018	07/02/2018	07/09/2018		0.088700		0.064620		0.002389		0.067009	100.00	%		0.024080
J.P. Morgan EM – See Note (b)	EMLC	08/02/2018	08/01/2018	08/07/2018		0.093100		0.067826		0.002507		0.070333	100.00	%		0.025274
J.P. Morgan EM – See Note (b)	EMLC	09/05/2018	09/04/2018	09/10/2018		0.086100		0.062726		0.002319		0.065045	100.00	%		0.023374
J.P. Morgan EM – See Note (b)	EMLC	10/02/2018	10/01/2018	10/05/2018		0.084300		0.061415		0.002270		0.063685	100.00	%		0.022885
J.P. Morgan EM	EMLC	11/02/2018	11/01/2018	11/07/2018		0.176800		0.128804		0.004762		0.133566	100.00	%		0.047996
J.P. Morgan EM	EMLC	12/04/2018	12/03/2018	12/07/2018		0.176100		0.128294		0.004743		0.133037	100.00	%		0.047806
J.P. Morgan EM	EMLC	12/28/2018	12/27/2018	01/03/2019		0.182100		0.132665		0.004904		0.137569	100.00	%		0.049435
J.P. Morgan EM	EMLC	02/04/2019	02/01/2019	02/07/2019		0.184200		0.081954		0.001952		0.083906	100.00	%		0.102246
J.P. Morgan EM	EMLC	03/04/2019	03/01/2019	03/07/2019		0.156900		0.069807		0.001663		0.071470	100.00	%		0.087093
J.P. Morgan EM	EMLC	04/02/2019	04/01/2019	04/05/2019		0.183200		0.081508		0.001942		0.083450	100.00	%		0.101692
J.P. Morgan EM	EMLC	04/25/2019	04/24/2019	04/30/2019		0.182200		0.081064		0.001931		0.082995	100.00	%		0.101136
J.P. Morgan EM Total					$	1.689800	$	1.030695	$	0.033970	$	1.064665	100.00	%	$	0.659105

(a)	To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(b)	The Board of Trustees approved a 1 for 2 reverse share split for J.P. Morgan EM and on October 26, 2018 shares began trading on a split-adjusted basis. The distributions indicated in this table have not been adjusted for the reverse share split.

117

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

RETURN OF CAPITAL, QUALIFIED DIVIDEND INCOME, DIVIDENDS RECEIVED DEDUCTION & SECTION 199A

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2019 income tax purposes will be sent to them in early 2020.

A portion of the distributions paid by MORT are considered a return of capital. A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead, should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held on each of the respective record dates.

All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. The table below provides a summary of the per share QDI amounts for the taxable year ended April 30, 2019. This data is being provided for informational purposes only. If a fund pays more than one distribution during the year, the amount that will be reported in Box 1b of a shareholder’s 2019 Form 1099-DIV will be based on the QDI percentage specific to each distribution. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. The table below provides a summary of the percentage of total ordinary income qualifying for the dividends received deduction or DRD for the taxable year ended April 30, 2019. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the per share amounts shown below times DRD percentage indicated times the number of shares you held on the record date of each distribution.

To treat a dividend as qualifying for the DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.

The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, allows a deduction of up to 20% on QBI for non-corporate taxpayers. Proposed regulations issued January 18, 2019 enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders. Please consult your tax advisor for additional information regarding the treatment of these distributions.

118

Fund Name	Ticker Symbol	Record Date	Ex Dividend Date	Payable Date	Total Distribution Per Share		Return of Capital (Non Dividend) Distribution		Ordinary Income Dividends		Percent of Ordinary Income Dividends that are QDI Eligible				Percent of Ordinary Income Dividends that are DRD Eligible				Section 199A QBI as a Percent of Ordinary Income Dividends
BDC Income	BIZD	07/03/2018	07/02/2018	07/09/2018	$	0.349600	$	—	$	0.349600		1.65	%			0.28	%			0.10	%
BDC Income	BIZD	10/02/2018	10/01/2018	10/05/2018		0.388400		—		0.388400		1.73	%			0.31	%			0.11	%
BDC Income	BIZD	12/28/2018	12/27/2018	01/03/2019		0.406600		—		0.406600		1.73	%			0.31	%			0.11	%
BDC Income	BIZD	04/02/2019	04/01/2019	04/05/2019		0.410000		—		0.410000		0.12	%	(c)		0.24	%	(c)		0.01	%	(c)
BDC Income Total					$	1.554600	$	—	$	1.554600		1.29	%	(c)		0.28	%	(c)		0.08	%	(c)
Mortgage REIT	MORT	07/02/2018	07/03/2018	07/09/2018	$	0.382100	$	—	$	0.382100		1.61	%			—				58.05	%
Mortgage REIT	MORT	10/01/2018	10/02/2018	10/05/2018		0.480100		—		0.480100		1.61	%			—				58.05	%
Mortgage REIT	MORT	12/27/2018	12/28/2018	01/03/2019		0.460400		—		0.460400		1.61	%			—				58.05	%
Mortgage REIT	MORT	04/02/2019	04/01/2019	04/05/2019		0.377000		0.025953		0.351047		0.55	%	(c)		—				82.31	%	(c)
Mortgage REIT					$	1.699600	$	0.025953	$	1.673647		1.39	%	(c)		0.00	%			63.13	%	(c)
Preferred Securities	PFXF	05/01/2018	05/02/2018	05/07/2018	$	0.082500	$	—	$	0.082500		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	06/01/2018	06/04/2018	06/07/2018		0.092700		—		0.092700		18.61	%			17.83	%			0.30	%
Preferred Securities	PFXF	07/02/2018	07/03/2018	07/09/2018		0.138300		—		0.138300		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	08/01/2018	08/02/2018	08/07/2018		0.077100		—		0.077100		18.61	%			17.83	%			0.30	%
Preferred Securities	PFXF	09/04/2018	09/05/2018	09/10/2018		0.068300		—		0.068300		18.61	%			17.83	%			0.30	%
Preferred Securities	PFXF	10/01/2018	10/02/2018	10/05/2018		0.113600		—		0.113600		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	11/01/2018	11/02/2018	11/07/2018		0.092500		—		0.092500		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	12/03/2018	12/04/2018	12/07/2018		0.086600		—		0.086600		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	12/27/2018	12/28/2018	01/03/2019		0.119500		—		0.119500		18.62	%			17.83	%			0.30	%
Preferred Securities	PFXF	02/04/2019	02/01/2019	02/07/2019		0.072700		—		0.072700		16.04	%	(c)		13.98	%	(c)		8.26	%	(c)
Preferred Securities	PFXF	03/04/2019	03/01/2019	03/07/2019		0.076000		—		0.076000		16.04	%	(c)		13.98	%	(c)		8.26	%	(c)
Preferred Securities	PFXF	04/02/2019	04/01/2019	04/05/2019		0.094300		—		0.094300		16.04	%	(c)		13.98	%	(c)		8.26	%	(c)
Preferred Securities	PFXF	04/25/2019	04/24/2019	04/30/2019		0.056600		—		0.056600		16.04	%	(c)		13.98	%	(c)		8.26	%	(c)
Preferred Securities Total					$	1.170700	$	—	$	1.170700		17.96	%	(c)		16.84	%	(c)		2.33	%	(c)

(c) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2019 Form 1099s received in 2020.

119

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

QUALIFIED INTEREST INCOME FOR NON-U.S. SHAREHOLDERS

The Funds listed below paid distributions during the taxable year ended April 30, 2019 that were considered to be Qualified Interest Income (“QII”). The Funds did not have any Qualified Short-Term Capital Gains (“QSTG”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation. Please consult your tax advisor for additional information regarding the treatment of these distributions.

Fund Name	Ticker Symbol	Record Date	Ex Dividend Date	Payable Date	Total Ordinary Income Distribution Per Share			Qualified Interest Income Per Share (QII)		Qualified Interest Income (QII) as a Percentage of the Total Ordinary Income Distribution
Fallen Angel	ANGL	05/02/2018	05/01/2018	05/07/2018	$	0.122400		$	0.078679		64.28	%
Fallen Angel	ANGL	06/04/2018	06/01/2018	06/07/2018		0.131600			0.088856		67.52	%
Fallen Angel	ANGL	07/03/2018	07/02/2018	07/09/2018		0.126900			0.085683		67.52	%
Fallen Angel	ANGL	08/02/2018	08/01/2018	08/07/2018		0.139100			0.093920		67.52	%
Fallen Angel	ANGL	09/05/2018	09/04/2018	09/10/2018		0.132600			0.089532		67.52	%
Fallen Angel	ANGL	10/02/2018	10/01/2018	10/05/2018		0.128500			0.086763		67.52	%
Fallen Angel	ANGL	11/02/2018	11/01/2018	11/07/2018		0.139500			0.094190		67.52	%
Fallen Angel	ANGL	12/04/2018	12/03/2018	12/07/2018		0.150600			0.101685		67.52	%
Fallen Angel	ANGL	12/28/2018	12/27/2018	01/03/2019		0.143600			0.096959		67.52	%
Fallen Angel	ANGL	02/01/2019	02/04/2019	02/07/2019		0.122300			0.096998		79.31	%
Fallen Angel	ANGL	03/01/2019	03/04/2019	03/07/2019		0.115700			0.091764		79.31	%
Fallen Angel	ANGL	04/01/2019	04/02/2019	04/05/2019		0.135200			0.107229		79.31	%
Fallen Angel Total					$	1.588000		$	1.112258		70.04	%
Investment Grade	FLTR	05/02/2018	05/01/2018	05/07/2018	$	0.049400		$	0.028336		57.36	%
Investment Grade	FLTR	06/04/2018	06/01/2018	06/07/2018		0.054900			0.033324		60.70	%
Investment Grade	FLTR	07/03/2018	07/02/2018	07/09/2018		0.056100			0.034058		60.71	%
Investment Grade	FLTR	08/02/2018	08/01/2018	08/07/2018		0.061100			0.037094		60.71	%
Investment Grade	FLTR	09/05/2018	09/04/2018	09/10/2018		0.059900			0.036365		60.71	%
Investment Grade	FLTR	10/02/2018	10/01/2018	10/05/2018		0.058600			0.035576		60.71	%
Investment Grade	FLTR	11/02/2018	11/01/2018	11/07/2018		0.058300			0.035394		60.71	%
Investment Grade	FLTR	12/04/2018	12/03/2018	12/07/2018		0.058100			0.035273		60.71	%
Investment Grade	FLTR	12/28/2018	12/27/2018	01/03/2019		0.073200			0.044440		60.71	%
Investment Grade	FLTR	02/01/2019	02/04/2019	02/07/2019		0.070700			0.047471		67.14	%
Investment Grade	FLTR	03/01/2019	03/04/2019	03/07/2019		0.065500			0.043979		67.14	%
Investment Grade	FLTR	04/01/2019	04/02/2019	04/05/2019		0.075300			0.050559		67.14	%
Investment Grade Total					$	0.741100		$	0.461869		62.32	%
Green Bond	GRNB	05/02/2018	05/01/2018	05/07/2018	$	0.022100		$	0.001945		8.80	%
Green Bond	GRNB	06/04/2018	06/01/2018	06/07/2018		0.024700			0.002174		8.80	%
Green Bond	GRNB	07/03/2018	07/02/2018	07/09/2018		0.024300			0.002138		8.80	%
Green Bond	GRNB	08/02/2018	08/01/2018	08/07/2018		0.025700			0.002588		10.07	%
Green Bond	GRNB	09/05/2018	09/04/2018	09/10/2018		0.025500			0.002678		10.50	%
Green Bond	GRNB	10/02/2018	10/01/2018	10/05/2018		0.020700			0.002174		10.50	%
Green Bond	GRNB	11/02/2018	11/01/2018	11/07/2018		0.030700			0.003224		10.50	%
Green Bond	GRNB	12/04/2018	12/03/2018	12/07/2018		0.028800			0.003024		10.50	%
Green Bond	GRNB	12/28/2018	12/27/2018	01/03/2019		0.031500			0.003308		10.50	%
Green Bond	GRNB	02/01/2019	02/04/2019	02/07/2019		0.024563	(d)		0.005267		21.44	%
Green Bond	GRNB	03/01/2019	03/04/2019	03/07/2019		0.014614	(d)		0.003134		21.45	%
Green Bond	GRNB	04/01/2019	04/02/2019	04/05/2019		0.016357	(d)		0.003507		21.44	%
Green Bond Total					$	0.289534		$	0.035161		12.14	%

(d) Amounts have been reduced by a return of capital.

120

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2019 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	56	Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to June 2015, and Board Member of the CFA Society of Stamford, July 2009 to present; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle), January 1988 to present	67	Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to July 2016; Director, Kenyon Review.
Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/ Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	56	Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Director, President and CEO, SmartBrief, Inc. (media company).	67	Director, Food and Friends, Inc., 2013 to present.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

121

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2019 (unaudited) (continued)

Interested Trustee:

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Jan F. van Eck, 19634	Trustee, President and Chief Executive Officer	Trustee (Since 2006); President and Chief Executive Officer (Since 2009)	Director, President, Chief Executive Officer and Owner of the Adviser, Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC).	56	Director, National Committee on US-China Relations.

1	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser, VEARA and VESC.

Officer Information

The Officers of the Trust, their addresses, positions with the Trust, year of birth and principal occupations during the past five years are set forth below.

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During The Past Five Years
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Director of Trading (since 1995) and Portfolio Manager (since 1997) of the Adviser; Officer of other investment companies advised by the Adviser and VEARA.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Officer of other investment companies advised by the Adviser and VEARA.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008).
Henry Glynn, 1983	Assistant Vice President	Since February 2018	Head of ETF Capital Markets Europe of Van Eck Switzerland AG (since 2017); member of the Capital Markets team at Vanguard Group (September 2013 to October 2016).
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since January 2018	Vice President and Chief Compliance Officer of the Adviser and VEARA (since January 2018) and Chief Compliance Officer of VESC (since October 2018); Chief Compliance Officer, City National Rochdale, LLC and City National Rochdale Funds (December 2012 to January 2018); Officer of other investment companies advised by the Adviser and VEARA.
Nicholas Jackson, 1974	Assistant Vice President	Since February 2018	Vice President, Business Development of VanEck Australia Pty Ltd. (since August 2013); Business Development Manager NSW, Leveraged Equities Limited (October 2006 to July 2013).
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016) and Assistant Secretary (Since 2008)	Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser and VEARA.

122

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During The Past Five Years
Matthew McKinnon, 1970	Assistant Vice President	Since February 2018	Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. (since February 2018) and Director, Intermediaries and Institutions (July 2013 to February 2018) of VanEck Australia Pty Ltd.; General Manager, Retail Sales, Equities at Perpetual Limited (December 2006 to May 2012).
Arian Neiron, 1979	Vice President	Since February 2018	Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd. (since September 2012).
James Parker, 1969	Assistant Treasurer	Since June 2014	Assistant Vice President (since May 2017) and Manager – Portfolio Administration (June 2010 – May 2017) of the Adviser.
Adam Phillips, 1970	Vice President	Since February 2018	VanEck Vectors ETFs’ Chief Operating Officer of the Adviser (since 2012).
Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG (since 2010).
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014)	Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser and VEARA.

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

123

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.

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

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

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

Item 2. CODE OF ETHICS.

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

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

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

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

(e)  Not applicable.

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

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

     The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and
     4(g) are for the Funds of the Registrant for which the fiscal year end is
     April 30.

(a)  Audit Fees. The aggregate Audit Fees of Ernst & Young for professional
     services billed for the audits of the financial statements, or services
     that are normally provided in connection with statutory and regulatory
     filings or engagements for the fiscal years ended April 30, 2019 and
     April 30, 2018, were $438,820 and $497,260, respectively.

(b)  Audit-Related Fees. Not applicable.

(c)  Tax Fees. The aggregate Tax Fees of Ernst & Young for professional
     services billed for the review of Federal, state and excise tax returns
     and other tax compliance consultations for the fiscal years ended
     April 30, 2019 and April 30, 2018, were $361,083 and $395,794,
     respectively.

(d)  All Other Fees

     None.

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

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





(f)  Not applicable.

(g)  Not applicable.

(h)  Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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


Item 6. SCHEDULE OF INVESTMENTS.

     Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.

     Not applicable.

Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

     Not applicable.

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
        COMPANY AND AFFILIATED PURCHASERS.

     Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.

Item 11. CONTROLS AND PROCEDURES.

(a)  The registrant's principal executive and principal financial officers, or
     persons performing similar functions, have concluded that the registrant's
     disclosure controls and procedures (as defined in Rule 30a-3(c) under the
     Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
     270.30a-3 (c)) are effective, as of a date within 90 days of the filing
     date of the report that includes the disclosure required by this
     paragraph, based on their evaluation of these controls and procedures
     required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
     Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as
     amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).


(b)  There were no changes in the registrant's internal control over financial
     reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
     270.30a(d)) that occurred during the period covered by this report that
     has materially affected, or is reasonably likely to materially affect, the
     registrant's internal control over financial reporting.


Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END
	 MANAGEMENT INVESTMENT COMPANIES

     Not applicable.

Item 13. EXHIBITS.

(a)(1) The code of ethics is attached as EX-99.CODE ETH

(a)(2) A separate certification for each principal executive officer and
       principal financial officer of the registrant as required by Rule 30a-2
       under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.

(b)  Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
     furnished as Exhibit 99.906CERT.




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK VECTORS ETF TRUST

By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO
                         ---------------------------------------
Date July 8, 2019
     ----------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title) /s/ Jan F. van Eck, CEO
                        --------------------------
Date July 8, 2019
     ----------------

By (Signature and Title)  /s/ John J. Crimmins, Treasurer and CFO
                        ------------------------------------------

Date July 8, 2019
     ----------------