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: OCTOBER 31, 2019
ITEM 1. REPORT TO SHAREHOLDERS
 | SEMI-ANNUAL REPORT
October 31, 2019 (unaudited) |
| 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® |
| Municipal Allocation ETF | MAAXTM |
Certain information contained in this President’s letter 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. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2019.
VANECK VECTORS ETFs
PRESIDENT’S LETTER
October 31, 2019 (unaudited)
Dear Shareholders:
The story for 2019 is simple and familiar-slower economic growth has been combated by expansive monetary policy.
A comment on global growth: the two engines of the global economy, the U.S. and China, continue to move forward, albeit at a slower pace. The latest economic statistics from China are no cause for panic. China’s services sector is expanding robustly and manufacturing is struggling but not collapsing. My blog,China’s Economic Growth: Continuing Despite Headlines, shows this in two charts.
The biggest event in the markets this summer was the surge in bonds with negative interest rates in Europe. At the end of September, nearly $15 trillion worth of debt globally carried a negative yield.1Despite moves by the European Central Bank to stimulate, not only is the European economy slowing down, but there are also concerns about just how effective central bank actions are. Looking forward, therefore, I think investors should assess their hedge against central bank uncertainty by considering, for example, their gold allocations. While high interest rate environments tend to be tough for gold (it does not pay any yield), against negative interest rates, gold and other hedges against central bank impotence should be strongly considered.
We encourage you to stay in touch with us through the videos, email subscriptions and research blogs available on our website, www.vaneck.com. I have started my own email subscription where I share interesting research—you can sign up on 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 financial statements for each of the funds for the fiscal half-year ended October 31, 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
November 12, 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 contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
| 1 | Financial Times: September was the busiest month ever for corporate debt issuance, September 30, 2019, https://www.ft.com/content/eef8234c-e3c0-11e9-b112-9624ec9edc59 |
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, May 1, 2019 to October 31, 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
May 1, 2019 | | Ending
Account
Value
October 31, 2019 | | Annualized
Expense
Ratio
During Period | | Expenses Paid
During the Period*
May 1, 2019 —
October 31, 2019 |
| AMT-Free Intermediate Municipal Index ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,039.20 | | 0.24% | | $1.23 |
| Hypothetical** | | $1,000.00 | | $1,023.93 | | 0.24% | | $1.22 |
| AMT-Free Long Municipal Index ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,047.90 | | 0.24% | | $1.24 |
| Hypothetical** | | $1,000.00 | | $1,023.93 | | 0.24% | | $1.22 |
| AMT-Free Short Municipal Index ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,021.00 | | 0.20% | | $1.02 |
| Hypothetical** | | $1,000.00 | | $1,024.13 | | 0.20% | | $1.02 |
| High-Yield Municipal Index ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,045.60 | | 0.35% | | $1.80 |
| Hypothetical** | | $1,000.00 | | $1,023.38 | | 0.35% | | $1.78 |
| Short High-Yield Municipal Index ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,034.60 | | 0.35% | | $1.79 |
| Hypothetical** | | $1,000.00 | | $1,023.38 | | 0.35% | | $1.78 |
| CEF Municipal Income ETF | | | | | | | | |
| Actual | | $1,000.00 | | $1,070.20 | | 0.40% | | $2.08 |
| Hypothetical** | | $1,000.00 | | $1,023.13 | | 0.40% | | $2.03 |
| Municipal Allocation ETF | | | | | | | | |
| Actual*** | | $1,000.00 | | $1,032.80 | | 0.08% | | $0.38 |
| Hypothetical** | | $1,000.00 | | $1,024.73 | | 0.08% | | $0.41 |
| | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 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 |
| *** | | Expenses are equal to the Fund’s annualized expense ratio (for the period from May 15, 2019 (commencement of operations) to October 31, 2019) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| MUNICIPAL BONDS: 98.9% | | | | |
| Alabama: 0.9% | | | | |
| | | | | Alabama Federal Aid Highway Finance Authority (RB) | | | | |
| $ | 540,000 | | | 4.00%, 09/01/24 (c) | | $ | 596,425 | |
| | 945,000 | | | 5.00%, 09/01/24 (c) | | | 1,106,935 | |
| | 400,000 | | | 5.00%, 09/01/24 (c) | | | 465,896 | |
| | | | | Alabama Federal Aid Highway Finance Authority, Series A (RB) | | | | |
| | 940,000 | | | 5.00%, 09/01/26 (c) | | | 1,139,271 | |
| | 1,060,000 | | | 5.00%, 09/01/26 (c) | | | 1,272,657 | |
| | 10,000 | | | 5.00%, 09/01/26 (c) | | | 12,097 | |
| | 715,000 | | | 5.00%, 09/01/27 (c) | | | 886,764 | |
| | 250,000 | | | 5.00%, 09/01/27 (c) | | | 309,193 | |
| | 150,000 | | | 5.00%, 09/01/27 | | | 189,965 | |
| | 460,000 | | | 5.00%, 09/01/27 (c) | | | 572,571 | |
| | 100,000 | | | Alabama Federal Aid Highway Finance Authority, Series B (RB)
5.00%, 09/01/25 | | | 121,190 | |
| | | | | Alabama Public School and College Authority, Series B (RB) | | | | |
| | 535,000 | | | 5.00%, 07/01/24 (c) | | | 623,992 | |
| | 540,000 | | | 5.00%, 07/01/24 (c) | | | 631,692 | |
| | | | | Auburn University, Series A (RB) | | | | |
| | 10,000 | | | 5.00%, 06/01/26 (c) | | | 12,172 | |
| | 25,000 | | | 5.00%, 06/01/26 (c) | | | 30,541 | |
| | 860,000 | | | Board of Trustees of the University of Alabama, Series B (RB)
3.00%, 07/01/27 (c) | | | 901,787 | |
| | | | | County of Jefferson (RB) | | | | |
| | 100,000 | | | 5.00%, 03/15/27 (c) | | | 119,891 | |
| | 600,000 | | | 5.00%, 03/15/27 (c) | | | 730,116 | |
| | 525,000 | | | 5.00%, 03/15/27 (c) | | | 641,676 | |
| | | | | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series A (RB) | | | | |
| | 530,000 | | | 3.00%, 02/01/26 (c) | | | 549,409 | |
| | 260,000 | | | 3.00%, 02/01/26 (c) | | | 270,793 | |
| | | | | Lower Alabama Gas District, Series A (RB) | | | | |
| | 305,000 | | | 5.00%, 09/01/29 | | | 378,420 | |
| | 375,000 | | | 5.00%, 09/01/31 | | | 476,494 | |
| | 100,000 | | | 5.00%, 09/01/34 | | | 130,927 | |
| | 675,000 | | | State of Alabama, Series A (GO)
5.00%, 11/01/28 (c) | | | 859,714 | |
| | | | | UAB Medicine Finance Authority, Series B (RB) | | | | |
| | 150,000 | | | 5.00%, 09/01/26 (c) | | | 180,086 | |
| | 225,000 | | | 5.00%, 09/01/26 (c) | | | 271,872 | |
| | 280,000 | | | UAB Medicine Finance Authority, Series B-1 (RB)
5.00%, 03/01/27 (c) | | | 342,121 | |
| | 1,500,000 | | | University of Alabama, Series A (RB)
3.00%, 07/01/29 (c) | | | 1,557,375 | |
| | | | | Water Works Board of the City of Birmingham, Series A (RB) | | | | |
| | 595,000 | | | 5.00%, 01/01/27 (c) | | | 721,467 | |
| | 250,000 | | | 5.00%, 01/01/27 (c) | | | 304,120 | |
| | 775,000 | | | 5.00%, 01/01/27 (c) | | | 953,351 | |
| | | | | | | | 17,360,980 | |
Principal
Amount | | | | | Value | |
| Alaska: 0.3% | | | | |
| | | | | Alaska Housing Finance Corp., Series A (RB) | | | | |
| $ | 900,000 | | | 4.00%, 06/01/27 (c) | | $ | 1,018,026 | |
| | 125,000 | | | 4.00%, 06/01/27 (c) | | | 141,710 | |
| | 15,000 | | | 5.00%, 06/01/25 (c) | | | 17,703 | |
| | 590,000 | | | 5.00%, 06/01/27 (c) | | | 716,809 | |
| | | | | Matanuska-Susitna Borough, Goose Creek Correctional Center Project (RB) | | | | |
| | 1,500,000 | | | 5.00%, 09/01/25 (c) | | | 1,750,995 | |
| | 300,000 | | | 5.25%, 09/01/25 (c) | | | 359,481 | |
| | 500,000 | | | State of Alaska, International Airports System, Series B (RB)
5.00%, 10/01/25 (c) | | | 583,700 | |
| | 130,000 | | | State of Alaska, Series A (GO)
5.00%, 08/01/25 (c) | | | 153,764 | |
| | | | | State of Alaska, Series B (GO) | | | | |
| | 205,000 | | | 5.00%, 08/01/25 (c) | | | 242,474 | |
| | 1,125,000 | | | 5.00%, 08/01/25 (c) | | | 1,335,476 | |
| | | | | | | | 6,320,138 | |
| Arizona: 1.4% | | | | |
| | | | | Arizona Transportation Board, Highway Revenue (RB) | | | | |
| | 150,000 | | | 5.00%, 07/01/24 (c) | | | 173,783 | |
| | 110,000 | | | 5.00%, 07/01/24 (c) | | | 127,675 | |
| | 25,000 | | | 5.00%, 07/01/24 (c) | | | 29,272 | |
| | 1,050,000 | | | 5.00%, 07/01/26 (c) | | | 1,274,878 | |
| | 835,000 | | | 5.00%, 07/01/26 (c) | | | 1,016,796 | |
| | 35,000 | | | Arizona Water Infrastructure Finance Authority, Series A (RB)
5.00%, 10/01/24 (c) | | | 41,138 | |
| | 750,000 | | | Board of Regents, Arizona State University, Series A (RB)
5.00%, 07/01/25 (c) | | | 894,780 | |
| | 240,000 | | | Board of Regents, Arizona State University, Series B (RB)
5.00%, 07/01/25 (c) | | | 288,646 | |
| | | | | Board of Regents, University of Arizona (RB) | | | | |
| | 215,000 | | | 3.00%, 06/01/26 (c) | | | 223,555 | |
| | 165,000 | | | 5.00%, 06/01/26 (c) | | | 198,216 | |
| | 30,000 | | | City of Chandler (GO)
5.00%, 07/01/24 (c) | | | 35,087 | |
| | 450,000 | | | City of Glendale, Water and Sewer Revenue, Senior Lien (RB)
5.00%, 07/01/25 (c) | | | 538,303 | |
| | | | | City of Mesa, Utility System Revenue (RB) | | | | |
| | 915,000 | | | 3.25%, 07/01/24 (c) | | | 967,878 | |
| | 730,000 | | | 3.25%, 07/01/24 (c) | | | 776,333 | |
| | 1,590,000 | | | 4.00%, 07/01/26 (c) | | | 1,793,695 | |
| | 705,000 | | | 5.00%, 07/01/26 (c) | | | 863,928 | |
| | 270,000 | | | 5.00%, 07/01/26 (c) | | | 329,619 | |
| | 355,000 | | | City of Phoenix (GO)
5.00%, 07/01/26 (c) | | | 437,129 | |
| | | | | City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | | | | |
| | 860,000 | | | 5.00%, 07/01/26 (c) | | | 1,051,720 | |
| | 120,000 | | | 5.00%, 07/01/26 (c) | | | 145,700 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Arizona: (continued) | | | | |
| $ | 620,000 | | | 5.00%, 07/01/26 (c) | | $ | 756,022 | |
| | 150,000 | | | 5.00%, 07/01/26 (c) | | | 181,307 | |
| | | | | City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series B (RB) | | | | |
| | 1,250,000 | | | 4.00%, 07/01/24 (c) | | | 1,389,650 | |
| | 1,025,000 | | | 5.00%, 07/01/24 (c) | | | 1,194,637 | |
| | | | | City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | | | | |
| | 250,000 | | | 5.00%, 07/01/27 (c) | | | 306,263 | |
| | 100,000 | | | 5.00%, 07/01/27 (c) | | | 123,040 | |
| | 250,000 | | | 5.00%, 07/01/27 (c) | | | 309,893 | |
| | 500,000 | | | City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)
5.00%, 07/01/27 (c) | | | 611,810 | |
| | | | | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series A (RB) | | | | |
| | 1,870,000 | | | 5.00%, 07/01/24 (c) | | | 2,187,058 | |
| | 115,000 | | | 5.00%, 07/01/25 (c) | | | 137,968 | |
| | 1,250,000 | | | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series B (RB)
5.00%, 07/01/26 | | | 1,547,450 | |
| | 250,000 | | | Maricopa County High School District No. 210 (GO)
5.00%, 07/01/27 (c) | | | 307,710 | |
| | | | | Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | | | | |
| | 20,000 | | | 3.13%, 01/01/27 (c) | | | 20,895 | |
| | 215,000 | | | 5.00%, 01/01/28 | | | 271,786 | |
| | 710,000 | | | 5.00%, 01/01/29 | | | 913,046 | |
| | | | | Maricopa County Special Health Care District, Series C (GO) | | | | |
| | 190,000 | | | 5.00%, 07/01/25 | | | 227,821 | |
| | 205,000 | | | 5.00%, 07/01/26 | | | 251,869 | |
| | 25,000 | | | Pima County, Sewer System (RB)
5.00%, 07/01/25 | | | 30,143 | |
| | | | | Salt River Project Agricultural Improvement and Power District, Series A (RB) | | | | |
| | 2,000,000 | | | 5.00%, 06/01/25 (c) | | | 2,360,460 | |
| | 130,000 | | | 5.00%, 01/01/26 | | | 158,835 | |
| | 1,150,000 | | | 5.00%, 01/01/27 (c) | | | 1,432,635 | |
| | 250,000 | | | 5.00%, 01/01/28 (c) | | | 312,393 | |
| | 100,000 | | | University of Arizona (RB)
5.00%, 06/01/26 (c) | | | 120,493 | |
| | | | | | | | 26,361,315 | |
| Arkansas: 0.1% | | | | |
| | 770,000 | | | City of Little Rock, Sewer Revenue (RB)
4.70%, 04/01/25 (c) | | | 893,623 | |
| | 1,095,000 | | | State of Arkansas, Federal Highway Grant Anticipation (GO)
5.00%, 10/01/24 (c) | | | 1,291,914 | |
| | | | | | | | 2,185,537 | |
Principal
Amount | | | | | Value | |
| California: 15.5% | | | | |
| | | | | Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM) | | | | |
| $ | 125,000 | | | 3.00%, 10/01/26 (c) | | $ | 129,549 | |
| | 705,000 | | | 4.00%, 10/01/26 (c) | | | 781,937 | |
| | 1,055,000 | | | Alameda County Joint Powers Authority (RB)
5.00%, 12/01/26 (c) | | | 1,300,129 | |
| | | | | Anaheim Housing and Public Improvements Authority, Series A (RB) | | | | |
| | 135,000 | | | 5.00%, 10/01/21 (c) | | | 144,682 | |
| | 245,000 | | | 5.00%, 10/01/21 (c) | | | 262,378 | |
| | 25,000 | | | 5.00%, 10/01/21 (c) | | | 26,862 | |
| | 45,000 | | | 5.00%, 10/01/21 (c) | | | 48,343 | |
| | 1,200,000 | | | Anaheim Housing and Public Improvements Authority, Series B (RB)
5.00%, 04/01/23 (c) | | | 1,345,452 | |
| | 100,000 | | | Bay Area Toll Authority, Series A (RB)
2.63%, 10/01/25 (c) (p) | | | 107,026 | |
| | 1,055,000 | | | Bay Area Toll Authority, Series S-7 (RB)
4.00%, 04/01/27 (c) | | | 1,210,032 | |
| | 1,040,000 | | | California Department of Water Resources, Central Valley Project Water System (RB)
5.00%, 12/01/24 (c) | | | 1,236,882 | |
| | | | | California Department of Water Resources, Central Valley Project Water System, Series AV (RB) | | | | |
| | 750,000 | | | 4.00%, 06/01/26 (c) | | | 864,592 | |
| | 725,000 | | | 4.00%, 06/01/26 (c) | | | 839,891 | |
| | 100,000 | | | California Health Facilities Financing Authority, Adventist Health System, Series A (RB)
4.00%, 03/01/26 (c) | | | 112,582 | |
| | | | | California Health Facilities Financing Authority, Cedars-Sinai Medical Center (RB) | | | | |
| | 110,000 | | | 5.00%, 11/15/25 (c) | | | 134,196 | |
| | 100,000 | | | 5.00%, 11/15/25 (c) | | | 122,640 | |
| | 310,000 | | | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB)
5.00%, 08/15/26 (c) | | | 380,792 | |
| | 400,000 | | | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB)
3.00%, 08/15/26 (c) | | | 418,240 | |
| | 175,000 | | | California Health Facilities Financing Authority, El Camino Hospital (RB)
3.75%, 02/01/27 (c) | | | 189,035 | |
| | 140,000 | | | California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB)
5.00%, 11/01/27 | | | 179,890 | |
| | 160,000 | | | California Health Facilities Financing Authority, Lucile Salter Packard Children Hospital, Series A (RB)
5.00%, 08/15/26 (c) | | | 192,680 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| | | | | California Health Facilities Financing Authority, Providence Health and Services, Series A (RB) | | | | |
| $ | 45,000 | | | 5.00%, 10/01/24 (c) | | $ | 53,216 | |
| | 1,000,000 | | | 5.00%, 10/01/26 (c) | | | 1,218,880 | |
| | 300,000 | | | California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB)
2.00%, 10/01/25 (c) (p) | | | 312,210 | |
| | 750,000 | | | California Health Facilities Financing Authority, Stanford Health Care, Series A (RB)
5.00%, 11/15/27 (c) | | | 950,415 | |
| | 150,000 | | | California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c) | | | 188,175 | |
| | | | | California Infrastructure and Economic Development Bank, Clean Water State (RB) | | | | |
| | 100,000 | | | 5.00%, 10/01/25 | | | 122,748 | |
| | 100,000 | | | 5.00%, 10/01/25 | | | 122,748 | |
| | 130,000 | | | 5.00%, 04/01/26 (c) | | | 158,224 | |
| | 550,000 | | | 5.00%, 04/01/26 (c) | | | 680,883 | |
| | 935,000 | | | 5.00%, 04/01/26 (c) | | | 1,154,173 | |
| | 55,000 | | | 5.00%, 04/01/26 (c) | | | 67,623 | |
| | 150,000 | | | 5.00%, 10/01/26 | | | 188,811 | |
| | 170,000 | | | 5.00%, 04/01/27 (c) | | | 212,090 | |
| | 840,000 | | | California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27 (c) | | | 1,012,528 | |
| | 790,000 | | | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c) | | | 948,427 | |
| | | | | California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | | | | |
| | 1,290,000 | | | 3.00%, 09/01/27 (c) | | | 1,368,845 | |
| | 500,000 | | | 3.00%, 09/01/27 (c) | | | 534,065 | |
| | 250,000 | | | 5.00%, 09/01/24 (c) | | | 292,203 | |
| | 270,000 | | | 5.00%, 09/01/24 (c) | | | 317,650 | |
| | | | | California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB) | | | | |
| | 655,000 | | | 2.50%, 10/01/26 (c) | | | 682,896 | |
| | 400,000 | | | 4.00%, 10/01/26 (c) | | | 457,912 | |
| | | | | California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB) | | | | |
| | 270,000 | | | 3.00%, 12/01/25 (c) | | | 288,079 | |
| | 520,000 | | | 3.25%, 12/01/25 (c) | | | 556,270 | |
| | 345,000 | | | 3.38%, 12/01/25 (c) | | | 370,840 | |
| | 110,000 | | | 4.00%, 12/01/25 (c) | | | 122,587 | |
| | 100,000 | | | 5.00%, 12/01/25 (c) | | | 121,409 | |
| | | | | California State Public Works Board, Department of General Services, Series F (RB) | | | | |
| | 75,000 | | | 5.00%, 05/01/25 (c) | | | 89,134 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 600,000 | | | 5.00%, 05/01/25 (c) | | $ | 714,468 | |
| | 930,000 | | | 5.00%, 05/01/25 (c) | | | 1,109,592 | |
| | | | | California State Public Works Board, Various Capital Projects, Series B (RB) | | | | |
| | 120,000 | | | 5.00%, 10/01/27 (c) | | | 150,047 | |
| | 1,060,000 | | | 5.00%, 10/01/27 (c) | | | 1,330,247 | |
| | 1,045,000 | | | 5.00%, 10/01/27 (c) | | | 1,316,784 | |
| | | | | California State Public Works Board, Various Capital Projects, Series C (RB) | | | | |
| | 100,000 | | | 3.38%, 03/01/27 (c) | | | 108,866 | |
| | 425,000 | | | 4.00%, 11/01/26 (c) | | | 483,935 | |
| | 45,000 | | | 5.00%, 11/01/26 (c) | | | 55,295 | |
| | 30,000 | | | 5.00%, 11/01/26 (c) | | | 36,765 | |
| | 30,000 | | | 5.00%, 11/01/26 (c) | | | 37,003 | |
| | 160,000 | | | 5.00%, 03/01/27 | | | 199,899 | |
| | 1,000,000 | | | California State Public Works Board, Various Capital Projects, Series D (RB)
5.00%, 10/01/26 (c) | | | 1,227,070 | |
| | 950,000 | | | California State Public Works Board, Various Correctional Facilities, Series C (RB)
5.00%, 11/01/28 (c) | | | 1,215,791 | |
| | | | | California State University, Series A (RB) | | | | |
| | 910,000 | | | 3.00%, 05/01/26 (c) | | | 946,318 | |
| | 400,000 | | | 4.00%, 05/01/26 (c) | | | 452,208 | |
| | 50,000 | | | 5.00%, 11/01/25 | | | 61,522 | |
| | 450,000 | | | 5.00%, 11/01/25 (c) | | | 552,523 | |
| | 300,000 | | | 5.00%, 11/01/25 (c) | | | 361,005 | |
| | 15,000 | | | 5.00%, 11/01/25 (c) | | | 18,281 | |
| | 35,000 | | | 5.00%, 11/01/25 (c) | | | 42,363 | |
| | 110,000 | | | 5.00%, 11/01/25 | | | 135,348 | |
| | 220,000 | | | 5.00%, 05/01/26 (c) | | | 267,089 | |
| | 160,000 | | | 5.00%, 05/01/26 (c) | | | 198,696 | |
| | 10,000 | | | 5.00%, 05/01/26 (c) | | | 12,172 | |
| | 510,000 | | | 5.00%, 05/01/27 (c) | | | 633,813 | |
| | 225,000 | | | 5.00%, 05/01/27 (c) | | | 277,781 | |
| | 1,015,000 | | | 5.00%, 05/01/27 (c) | | | 1,279,235 | |
| | 1,640,000 | | | 5.00%, 05/01/27 (c) | | | 2,046,720 | |
| | 525,000 | | | California State Veterans, Series CL (GO)
3.50%, 12/01/24 (c) | | | 557,760 | |
| | | | | California Statewide Communities Development Authority, Enloe Medical Center (RB) | | | | |
| | 635,000 | | | 3.00%, 02/15/26 (c) | | | 677,659 | |
| | 450,000 | | | 3.25%, 02/15/26 (c) | | | 478,516 | |
| | 725,000 | | | 5.00%, 02/15/26 (c) | | | 891,119 | |
| | 735,000 | | | 5.00%, 02/15/26 (c) | | | 899,905 | |
| | 500,000 | | | California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB)
5.00%, 07/01/24 (c) | | | 572,960 | |
| | 100,000 | | | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)
5.00%, 05/15/26 | | | 120,980 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| | | | | California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | | | | |
| $ | 760,000 | | | 5.00%, 01/01/28 (c) | | $ | 920,672 | |
| | 315,000 | | | 5.00%, 01/01/28 (c) | | | 383,238 | |
| | 270,000 | | | California Statewide Communities Development Authority, Series A (RB)
4.13%, 03/01/26 (c) | | | 295,267 | |
| | 300,000 | | | Campbell Union High School District, Series B (GO)
5.00%, 08/01/26 (c) | | | 364,791 | |
| | 140,000 | | | Chabot-Las Positas Community College District (GO)
4.00%, 08/01/26 (c) | | | 156,667 | |
| | 255,000 | | | City and County of San Francisco, Series B (CP)
3.00%, 10/01/25 (c) | | | 270,065 | |
| | | | | City and County of San Francisco, Series R-1 (GO) | | | | |
| | 40,000 | | | 5.00%, 06/15/23 (c) | | | 45,676 | |
| | 45,000 | | | 5.00%, 06/15/23 (c) | | | 51,386 | |
| | | | | City of Bakersfield, Wastewater Revenue, Series A (RB) | | | | |
| | 240,000 | | | 5.00%, 09/15/20 (c) | | | 247,896 | |
| | 520,000 | | | 5.00%, 09/15/25 (c) | | | 635,804 | |
| | 15,000 | | | 5.00%, 09/15/25 (c) | | | 18,160 | |
| | 405,000 | | | City of Los Angeles, Solid Waste Resources, Series A (RB)
4.00%, 02/01/28 (c) | | | 472,258 | |
| | | | | City of Los Angeles, Wastewater System, Series A (RB) | | | | |
| | 30,000 | | | 5.00%, 06/01/25 (c) | | | 36,341 | |
| | 250,000 | | | 5.00%, 06/01/27 (c) | | | 313,180 | |
| | 1,250,000 | | | City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO)
5.00%, 03/01/29 (c) | | | 1,614,275 | |
| | 625,000 | | | Coast Community College District (GO)
0.00%, 08/01/25 (c) ^ | | | 372,775 | |
| | 20,000 | | | Contra Costa Transportation Authority (RB)
5.00%, 03/01/25 (c) | | | 23,834 | |
| | 30,000 | | | Contra Costa Water District (RB)
5.00%, 10/01/24 (c) | | | 35,632 | |
| | 250,000 | | | Corona-Norco Unified School District, Series A (GO)
4.00%, 08/01/26 (c) | | | 282,958 | |
| | | | | County of Sacramento, Airport System, Series E (RB) | | | | |
| | 275,000 | | | 5.00%, 07/01/27 | | | 348,606 | |
| | 150,000 | | | 5.00%, 07/01/28 (c) | | | 187,856 | |
| | 150,000 | | | County of San Diego, Edgemoor and RCS Refunding, Series A (CP)
5.00%, 10/15/24 (c) | | | 177,018 | |
| | | | | County of Santa Clara, Series C (GO) | | | | |
| | 245,000 | | | 3.00%, 08/01/27 (c) | | | 255,792 | |
| | 125,000 | | | 5.00%, 08/01/27 (c) | | | 160,244 | |
| | 525,000 | | | 5.00%, 08/01/27 (c) | | | 656,796 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 620,000 | | | Department of Airports of the City of Los Angeles, Series C (RB)
5.00%, 05/15/25 (c) | | $ | 741,545 | |
| | 120,000 | | | Desert Community College District (GO)
5.00%, 08/01/27 (c) | | | 149,927 | |
| | 15,000 | | | East Bay Municipal Utility District, Wastewater System, Series A (RB)
5.00%, 06/01/25 | | | 18,225 | |
| | | | | East Bay Municipal Utility District, Water System, Series A (RB) | | | | |
| | 175,000 | | | 4.00%, 06/01/25 (c) | | | 195,613 | |
| | 315,000 | | | 5.00%, 06/01/24 (c) | | | 368,361 | |
| | 20,000 | | | 5.00%, 06/01/25 | | | 24,299 | |
| | 460,000 | | | 5.00%, 06/01/27 (c) | | | 575,189 | |
| | | | | East Bay Municipal Utility District, Water System, Series B (RB) | | | | |
| | 220,000 | | | 5.00%, 06/01/27 (c) | | | 276,855 | |
| | 135,000 | | | 5.00%, 06/01/27 (c) | | | 172,229 | |
| | 2,590,000 | | | East Side Union High School District, Series B (GO) (AGM)
3.00%, 08/01/27 (c) | | | 2,684,898 | |
| | | | | Eastern Municipal Water District, Financing Authority, Series B (RB) | | | | |
| | 560,000 | | | 5.00%, 07/01/26 (c) | | | 684,163 | |
| | 145,000 | | | 5.00%, 07/01/26 (c) | | | 177,593 | |
| | | | | Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) | | | | |
| | 625,000 | | | 5.00%, 07/01/26 (c) | | | 767,131 | |
| | 250,000 | | | 5.00%, 07/01/26 (c) | | | 305,705 | |
| | 435,000 | | | 5.00%, 07/01/26 (c) | | | 536,512 | |
| | 25,000 | | | 5.00%, 07/01/26 (c) | | | 31,039 | |
| | 100,000 | | | 5.00%, 07/01/26 (c) | | | 123,698 | |
| | 250,000 | | | El Camino Healthcare District (GO)
4.00%, 02/01/27 (c) | | | 285,240 | |
| | | | | El Dorado Irrigation District, Series C (RB) | | | | |
| | 250,000 | | | 5.00%, 03/01/26 (c) | | | 299,263 | |
| | 520,000 | | | 5.00%, 03/01/26 (c) | | | 630,349 | |
| | 30,000 | | | Emeryville Redevelopment Agency Successor Agency (AGM) (TA)
5.00%, 09/01/24 (c) | | | 35,418 | |
| | | | | Fontana Redevelopment Agency Successor Agency (TA) | | | | |
| | 205,000 | | | 5.00%, 10/01/26 | | | 258,042 | |
| | 760,000 | | | 5.00%, 10/01/27 (c) | | | 952,455 | |
| | | | | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | | | | |
| | 395,000 | | | 3.25%, 06/01/25 (c) | | | 420,154 | |
| | 330,000 | | | 3.25%, 06/01/25 (c) | | | 349,625 | |
| | 220,000 | | | 5.00%, 06/01/25 (c) | | | 260,053 | |
| | 155,000 | | | 5.00%, 06/01/25 (c) | | | 182,094 | |
| | | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | | | | |
| | 1,050,000 | | | 5.00%, 06/01/26 | | | 1,240,312 | |
| | 2,000,000 | | | 5.00%, 06/01/27 (c) | | | 2,381,640 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 2,500,000 | | | 5.00%, 06/01/28 (c) | | $ | 2,991,125 | |
| | 1,000,000 | | | 5.00%, 06/01/28 (c) | | | 1,207,150 | |
| | | | | Imperial Irrigation District, Electric System, Series C (RB) | | | | |
| | 215,000 | | | 5.00%, 05/01/26 (c) | | | 261,019 | |
| | 1,165,000 | | | 5.00%, 05/01/26 (c) | | | 1,421,207 | |
| | 135,000 | | | 5.00%, 05/01/26 (c) | | | 165,428 | |
| | 105,000 | | | Long Beach Unified School District (GO)
5.00%, 08/01/26 (c) | | | 130,369 | |
| | | | | Los Angeles Community College District, Series A (GO) | | | | |
| | 1,140,000 | | | 4.00%, 08/01/24 (c) | | | 1,262,972 | |
| | 955,000 | | | 5.00%, 08/01/24 (c) | | | 1,119,862 | |
| | 175,000 | | | 5.00%, 08/01/24 (c) | | | 204,859 | |
| | 1,050,000 | | | 5.00%, 08/01/24 (c) | | | 1,239,756 | |
| | 710,000 | | | 5.00%, 08/01/24 (c) | | | 836,870 | |
| | 265,000 | | | 5.00%, 08/01/24 (c) | | | 311,950 | |
| | 1,490,000 | | | 5.00%, 08/01/24 (c) | | | 1,750,973 | |
| | | | | Los Angeles Community College District, Series G (GO) | | | | |
| | 720,000 | | | 4.00%, 08/01/24 (c) | | | 808,805 | |
| | 170,000 | | | 5.00%, 08/01/24 (c) | | | 200,722 | |
| | | | | Los Angeles Community College District, Series I (GO) | | | | |
| | 775,000 | | | 2.13%, 08/01/26 (c) | | | 782,920 | |
| | 170,000 | | | 4.00%, 08/01/26 (c) | | | 194,001 | |
| | 25,000 | | | 4.00%, 08/01/26 | | | 29,612 | |
| | 135,000 | | | 4.00%, 08/01/26 (c) | | | 159,224 | |
| | | | | Los Angeles Community College District, Series J (GO) | | | | |
| | 750,000 | | | 4.00%, 08/01/27 (c) | | | 874,237 | |
| | 400,000 | | | 4.00%, 08/01/27 (c) | | | 469,212 | |
| | 100,000 | | | 5.00%, 08/01/27 (c) | | | 127,659 | |
| | | | | Los Angeles County Metropolitan Transportation Authority, Series A (RB) | | | | |
| | 50,000 | | | 4.00%, 07/01/26 (c) | | | 57,632 | |
| | 800,000 | | | 5.00%, 07/01/25 (c) | | | 972,392 | |
| | 165,000 | | | 5.00%, 06/01/26 (c) | | | 202,848 | |
| | 375,000 | | | 5.00%, 06/01/26 (c) | | | 462,435 | |
| | 115,000 | | | 5.00%, 06/01/26 (c) | | | 142,770 | |
| | 795,000 | | | 5.00%, 07/01/27 (c) | | | 1,003,695 | |
| | | | | Los Angeles County Public Works Financing Authority, Series B (RB) | | | | |
| | 15,000 | | | 5.00%, 12/01/25 (c) | | | 18,192 | |
| | 435,000 | | | 5.00%, 12/01/25 (c) | | | 532,114 | |
| | | | | Los Angeles County Public Works Financing Authority, Series D (RB) | | | | |
| | 830,000 | | | 5.00%, 12/01/25 (c) | | | 1,001,237 | |
| | 320,000 | | | 5.00%, 12/01/25 (c) | | | 388,093 | |
| | | | | Los Angeles Department of Water and Power, Series A (RB) | | | | |
| | 735,000 | | | 3.25%, 01/01/25 (c) | | | 778,828 | |
| | 25,000 | | | 5.00%, 01/01/25 (c) | | | 29,421 | |
| | 30,000 | | | 5.00%, 01/01/25 (c) | | | 35,683 | |
| | 1,975,000 | | | 5.00%, 01/01/25 (c) | | | 2,335,023 | |
| | 245,000 | | | 5.00%, 01/01/26 (c) | | | 299,250 | |
| | 155,000 | | | 5.00%, 01/01/26 (c) | | | 190,201 | |
| | 30,000 | | | 5.00%, 01/01/26 (c) | | | 37,044 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 1,010,000 | | | 5.00%, 01/01/27 (c) | | $ | 1,249,107 | |
| | 500,000 | | | 5.00%, 01/01/28 (c) | | | 631,095 | |
| | 500,000 | | | 5.00%, 01/01/28 (c) | | | 633,485 | |
| | 115,000 | | | 5.00%, 01/01/28 (c) | | | 148,893 | |
| | | | | Los Angeles Department of Water and Power, Series B (RB) | | | | |
| | 180,000 | | | 5.00%, 06/01/25 (c) | | | 218,804 | |
| | 35,000 | | | 5.00%, 01/01/26 (c) | | | 43,119 | |
| | 125,000 | | | 5.00%, 01/01/26 (c) | | | 153,388 | |
| | 1,000,000 | | | 5.00%, 01/01/27 (c) | | | 1,233,690 | |
| | 275,000 | | | 5.00%, 01/01/27 (c) | | | 338,330 | |
| | 110,000 | | | 5.00%, 07/01/27 | | | 141,291 | |
| | | | | Los Angeles Department of Water and Power, Series C (RB) | | | | |
| | 250,000 | | | 5.00%, 07/01/24 (c) | | | 295,310 | |
| | 100,000 | | | 5.00%, 07/01/24 (c) | | | 117,924 | |
| | 1,100,000 | | | 5.00%, 07/01/27 (c) | | | 1,396,450 | |
| | 500,000 | | | 5.00%, 07/01/27 (c) | | | 622,715 | |
| | 200,000 | | | 5.00%, 07/01/27 (c) | | | 248,562 | |
| | | | | Los Angeles Department of Water and Power, Series D (RB) | | | | |
| | 245,000 | | | 5.00%, 07/01/24 (c) | | | 285,633 | |
| | 100,000 | | | 5.00%, 07/01/24 (c) | | | 116,585 | |
| | 1,015,000 | | | 5.00%, 07/01/24 (c) | | | 1,195,416 | |
| | 640,000 | | | 5.00%, 07/01/24 (c) | | | 751,846 | |
| | 185,000 | | | Los Angeles Department of Water and Power, Series E (RB)
5.00%, 07/01/24 (c) | | | 215,318 | |
| | | | | Los Angeles Unified School District, Series A (GO) | | | | |
| | 1,580,000 | | | 4.00%, 07/01/29 (c) | | | 1,883,155 | |
| | 20,000 | | | 5.00%, 07/01/21 (c) | | | 21,230 | |
| | 175,000 | | | 5.00%, 07/01/21 (c) | | | 185,584 | |
| | 25,000 | | | 5.00%, 07/01/25 (c) | | | 29,946 | |
| | 695,000 | | | 5.00%, 07/01/25 (c) | | | 830,838 | |
| | 105,000 | | | 5.00%, 07/01/25 (c) | | | 126,345 | |
| | 105,000 | | | 5.00%, 07/01/26 | | | 129,683 | |
| | 550,000 | | | 5.00%, 07/01/27 | | | 693,561 | |
| | | | | Los Angeles Unified School District, Series B (GO) | | | | |
| | 1,200,000 | | | 2.00%, 07/01/26 (c) | | | 1,201,296 | |
| | 780,000 | | | 3.00%, 07/01/26 (c) | | | 824,569 | |
| | 855,000 | | | 3.00%, 07/01/26 (c) | | | 896,083 | |
| | 885,000 | | | 5.00%, 07/01/26 (c) | | | 1,084,506 | |
| | 1,035,000 | | | 5.00%, 07/01/26 (c) | | | 1,257,421 | |
| | | | | Los Angeles Unified School District, Series B-1 (GO) | | | | |
| | 585,000 | | | 5.00%, 01/01/28 (c) | | | 731,496 | |
| | 345,000 | | | 5.00%, 01/01/28 (c) | | | 433,893 | |
| | | | | Metropolitan Water District of Southern California, Series A (RB) | | | | |
| | 410,000 | | | 2.50%, 07/01/26 | | | 443,944 | |
| | 990,000 | | | 2.50%, 07/01/27 | | | 1,079,011 | |
| | 100,000 | | | 5.00%, 01/01/26 (c) | | | 121,405 | |
| | | | | Monterey Peninsula Community College District (GO) | | | | |
| | 730,000 | | | 0.00%, 02/01/26 (c) ^ | | | 540,952 | |
| | 975,000 | | | 0.00%, 02/01/26 (c) ^ | | | 695,643 | |
| | 865,000 | | | 0.00%, 02/01/26 (c) ^ | | | 691,265 | |
| | 865,000 | | | 0.00%, 02/01/26 (c) ^ | | | 665,349 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | Municipal Improvement Corp. of Los Angeles, Series B (RB) | | | | |
| $ | 135,000 | | | 5.00%, 11/01/26 (c) | | $ | 167,829 | |
| | 615,000 | | | 5.00%, 11/01/26 (c) | | | 761,210 | |
| | 275,000 | | | 5.00%, 11/01/26 | | | 344,127 | |
| | 265,000 | | | 5.00%, 11/01/26 (c) | | | 330,458 | |
| | | | | Northern California Transmission Agency Project, Series A (RB) | | | | |
| | 20,000 | | | 5.00%, 05/01/26 (c) | | | 24,448 | |
| | 40,000 | | | 5.00%, 05/01/26 (c) | | | 49,328 | |
| | 45,000 | | | 5.00%, 05/01/26 (c) | | | 55,665 | |
| | | | | Oakland Unified School District (GO) | | | | |
| | 175,000 | | | 5.00%, 08/01/26 (c) | | | 213,147 | |
| | 450,000 | | | 5.00%, 08/01/26 (c) | | | 545,490 | |
| | 275,000 | | | 5.00%, 08/01/26 (c) | | | 335,673 | |
| | 495,000 | | | 5.00%, 08/01/26 | | | 609,310 | |
| | 680,000 | | | 5.00%, 08/01/26 (c) | | | 833,068 | |
| | | | | Oakland Unified School District, Series A (GO) | | | | |
| | 335,000 | | | 5.00%, 08/01/25 (c) | | | 394,690 | |
| | 400,000 | | | 5.00%, 08/01/25 (c) | | | 473,120 | |
| | 400,000 | | | Oakland Unified School District, Series C (GO)
5.00%, 08/01/27 (c) | | | 491,236 | |
| | 1,355,000 | | | Orange County Local Transportation Authority (RB)
5.00%, 02/15/29 (c) | | | 1,772,272 | |
| | 315,000 | | | Palm Springs Unified School District (GO)
4.00%, 08/01/26 (c) | | | 358,735 | |
| | | | | Palm Springs Unified School District, Series D (GO) | | | | |
| | 525,000 | | | 2.50%, 08/01/26 (c) | | | 535,033 | |
| | 160,000 | | | 3.00%, 08/01/26 (c) | | | 171,482 | |
| | 690,000 | | | Palomar Community College District (GO)
5.00%, 05/01/25 (c) | | | 818,057 | |
| | 775,000 | | | Palomar Health, Series B (GO)
5.00%, 08/01/26 (c) | | | 932,395 | |
| | 1,000,000 | | | Peralta Community College District, Series A (GO)
5.00%, 08/01/24 (c) | | | 1,166,600 | |
| | 250,000 | | | Pittsburg Successor Agency, Los Medanos Community, Series A (AGM) (TA)
5.00%, 09/01/26 (c) | | | 303,773 | |
| | 260,000 | | | Placentia-Yorba Linda Unified School District, Series A (CP) (AGM)
4.00%, 10/01/25 (c) | | | 291,697 | |
| | 100,000 | | | Poway Unified School District (GO)
5.00%, 08/01/24 (c) | | | 117,011 | |
| | | | | Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB) | | | | |
| | 440,000 | | | 5.00%, 10/01/25 (c) | | | 532,228 | |
| | 475,000 | | | 5.00%, 10/01/25 (c) | | | 575,766 | |
| | | | | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | | | | |
| | 100,000 | | | 4.00%, 11/01/26 (c) | | | 117,546 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| $ | 55,000 | | | 5.00%, 05/01/25 (c) | | $ | 66,106 | |
| | 235,000 | | | 5.00%, 05/01/25 (c) | | | 284,258 | |
| | 230,000 | | | 5.00%, 05/01/25 (c) | | | 277,530 | |
| | 250,000 | | | 5.00%, 05/01/25 (c) | | | 301,070 | |
| | 155,000 | | | 5.00%, 11/01/25 | | | 190,213 | |
| | 1,215,000 | | | 5.00%, 11/01/26 (c) | | | 1,492,956 | |
| | 25,000 | | | 5.00%, 11/01/26 (c) | | | 30,892 | |
| | 160,000 | | | 5.00%, 11/01/26 (c) | | | 200,981 | |
| | | | | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) | | | | |
| | 585,000 | | | 5.00%, 11/01/27 (c) | | | 738,293 | |
| | 255,000 | | | 5.00%, 11/01/27 (c) | | | 328,315 | |
| | 300,000 | | | Rancho Cucamonga Redevelopment Agency (AGM) (TA)
5.00%, 09/01/24 (c) | | | 350,643 | |
| | 650,000 | | | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/26 (c) | | | 784,712 | |
| | | | | Regents of the University of California, Series AO (RB) | | | | |
| | 190,000 | | | 5.00%, 05/15/25 (c) | | | 226,482 | |
| | 510,000 | | | 5.00%, 05/15/25 (c) | | | 608,823 | |
| | 605,000 | | | 5.00%, 05/15/25 (c) | | | 732,286 | |
| | | | | Regents of the University of California, Series AR (RB) | | | | |
| | 500,000 | | | 5.00%, 05/15/26 (c) | | | 610,435 | |
| | 750,000 | | | 5.00%, 05/15/26 (c) | | | 922,327 | |
| | | | | Regents of the University of California, Series I (RB) | | | | |
| | 150,000 | | | 5.00%, 05/15/25 (c) | | | 179,066 | |
| | 1,115,000 | | | 5.00%, 05/15/25 (c) | | | 1,337,643 | |
| | 480,000 | | | 5.00%, 05/15/25 (c) | | | 580,411 | |
| | 980,000 | | | 5.00%, 05/15/25 (c) | | | 1,180,332 | |
| | 455,000 | | | Regents of the University of California, Series K (RB)
5.00%, 05/15/26 (c) | | | 558,267 | |
| | 170,000 | | | Riverside Community College District (GO)
5.00%, 08/01/25 (c) | | | 205,027 | |
| | 20,000 | | | Riverside County Public Financing Authority, Capital Facilities Project (RB)
5.00%, 11/01/25 | | | 24,285 | |
| | 160,000 | | | Riverside County Public Financing Authority, Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects (TA)
3.00%, 10/01/25 (c) | | | 164,872 | |
| | 730,000 | | | Riverside County Transportation Commission, Series A (RB)
2.00%, 06/01/24 (c) | | | 738,103 | |
| | | | | Sacramento City Financing Authority, Master Lease Program Facilities (RB) | | | | |
| | 650,000 | | | 3.38%, 12/01/25 (c) | | | 709,728 | |
| | 110,000 | | | 5.00%, 12/01/25 (c) | | | 133,909 | |
| | 10,000 | | | 5.00%, 12/01/25 (c) | | | 12,096 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | Sacramento County Sanitation Districts Financing Authority, Series A (RB) | | | | |
| $ | 170,000 | | | 5.00%, 06/01/24 (c) | | $ | 200,544 | |
| | 250,000 | | | 5.00%, 06/01/24 (c) | | | 292,228 | |
| | 15,000 | | | 5.00%, 06/01/24 (c) | | | 17,636 | |
| | 20,000 | | | Sacramento Municipal Utility District (RB)
5.00%, 07/01/25 | | | 24,396 | |
| | 1,000,000 | | | Sacramento Municipal Utility District, Series D (RB)
5.00%, 08/15/28 | | | 1,308,630 | |
| | | | | San Diego Association of Governments, South Bay Expressway, Series A (RB) | | | | |
| | 705,000 | | | 5.00%, 07/01/27 (c) | | | 868,877 | |
| | 500,000 | | | 5.00%, 07/01/27 (c) | | | 619,365 | |
| | | | | San Diego Community College District (GO) | | | | |
| | 855,000 | | | 5.00%, 08/01/26 (c) | | | 1,056,541 | |
| | 65,000 | | | 5.00%, 08/01/26 (c) | | | 80,719 | |
| | | | | San Diego County Regional Transportation Commission, Series A (RB) | | | | |
| | 700,000 | | | 5.00%, 04/01/26 (c) | | | 853,545 | |
| | 105,000 | | | 5.00%, 04/01/26 (c) | | | 128,330 | |
| | | | | San Diego County Water Authority, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 05/01/25 (c) | | | 120,015 | |
| | 75,000 | | | 5.00%, 05/01/25 (c) | | | 90,188 | |
| | 500,000 | | | 5.00%, 05/01/26 (c) | | | 610,660 | |
| | 165,000 | | | 5.00%, 05/01/26 (c) | | | 201,945 | |
| | 150,000 | | | 5.00%, 05/01/26 (c) | | | 184,025 | |
| | 100,000 | | | San Diego County Water Authority, Series B (RB)
5.00%, 05/01/26 (c) | | | 121,266 | |
| | | | | San Diego Public Facilities Financing Authority (RB) | | | | |
| | 445,000 | | | 5.00%, 10/15/25 (c) | | | 537,702 | |
| | 365,000 | | | 5.00%, 10/15/25 (c) | | | 442,665 | |
| | | | | San Diego Public Facilities Financing Authority, Series A (RB) | | | | |
| | 95,000 | | | 5.00%, 05/15/26 (c) | | | 117,319 | |
| | 135,000 | | | 5.00%, 05/15/26 (c) | | | 167,925 | |
| | 185,000 | | | San Diego Public Facilities Financing Authority, Series B (RB)
5.00%, 08/01/26 | | | 231,505 | |
| | | | | San Diego Regional Building Authority, Series A (RB) | | | | |
| | 555,000 | | | 5.00%, 10/15/25 (c) | | | 667,099 | |
| | 325,000 | | | 5.00%, 10/15/25 (c) | | | 389,980 | |
| | 510,000 | | | San Diego Unified School District, Series F (GO)
5.00%, 07/01/25 (c) | | | 608,144 | |
| | | | | San Diego Unified School District, Series I (GO) | | | | |
| | 115,000 | | | 0.00%, 07/01/25 (c) ^ | | | 67,184 | |
| | 220,000 | | | 0.00%, 07/01/25 (c) ^ | | | 134,587 | |
| | 650,000 | | | 5.00%, 07/01/27 (c) | | | 812,961 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | San Diego Unified School District, Series R-4 (GO) | | | | |
| $ | 40,000 | | | 5.00%, 07/01/25 (c) | | $ | 48,253 | |
| | 100,000 | | | 5.00%, 07/01/25 | | | 121,365 | |
| | | | | San Diego Unified School District, Series R-5 (GO) | | | | |
| | 20,000 | | | 4.00%, 07/01/26 (c) | | | 23,333 | |
| | 520,000 | | | 5.00%, 07/01/26 (c) | | | 642,616 | |
| | 50,000 | | | 5.00%, 07/01/26 | | | 62,332 | |
| | 575,000 | | | San Diego Unified School District, Series SR-1 (GO)
4.00%, 07/01/26 (c) | | | 657,754 | |
| | 100,000 | | | San Francisco Bay Area Rapid Transit District, Series A (RB)
5.00%, 07/01/25 | | | 121,733 | |
| | 210,000 | | | San Francisco Bay Area Rapid Transit District, Series D (GO)
5.00%, 08/01/25 (c) | | | 254,564 | |
| | | | | San Francisco Community College District (GO) | | | | |
| | 120,000 | | | 5.00%, 06/15/25 (c) | | | 143,357 | |
| | 665,000 | | | 5.00%, 06/15/25 (c) | | | 798,419 | |
| | 140,000 | | | 5.00%, 06/15/25 | | | 170,120 | |
| | | | | San Francisco County Transportation Authority (RB) | | | | |
| | 1,100,000 | | | 3.00%, 02/01/27 (c) | | | 1,153,933 | |
| | 500,000 | | | 3.00%, 02/01/27 (c) | | | 523,820 | |
| | 135,000 | | | 3.00%, 02/01/27 (c) | | | 144,148 | |
| | 325,000 | | | 4.00%, 02/01/27 (c) | | | 387,627 | |
| | | | | San Francisco Unified School District, Proposition A (GO) | | | | |
| | 500,000 | | | 3.00%, 06/15/24 (c) | | | 527,370 | |
| | 445,000 | | | 3.25%, 06/15/24 (c) | | | 466,235 | |
| | 165,000 | | | San Joaquin County Transportation Authority (RB)
5.00%, 03/01/27 (c) | | | 204,989 | |
| | | | | San Joaquin County, Administration Building Project (CP) (AGM) | | | | |
| | 520,000 | | | 5.00%, 11/15/27 (c) | | | 656,781 | |
| | 500,000 | | | 5.00%, 11/15/27 (c) | | | 635,520 | |
| | 25,000 | | | San Joaquin Delta Community College District, Series A (GO)
5.00%, 08/01/25 (c) | | | 30,259 | |
| | 25,000 | | | San Jose Evergreen Community College District, Series A (GO)
5.00%, 09/01/24 (c) | | | 29,631 | |
| | 230,000 | | | San Jose Redevelopment Agency, Series A (TA)
5.00%, 08/01/27 (c) | | | 286,552 | |
| | | | | San Marcos Unified School District (GO) | | | | |
| | 400,000 | | | 4.00%, 08/01/27 (c) | | | 459,376 | |
| | 350,000 | | | 5.00%, 08/01/27 (c) | | | 435,480 | |
| | 515,000 | | | 5.00%, 08/01/27 (c) | | | 650,471 | |
| | 360,000 | | | 5.00%, 08/01/27 (c) | | | 452,372 | |
| | 300,000 | | | San Mateo County Transit District, Series A (RB)
5.00%, 06/01/25 (c) | | | 359,628 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) |
| $ | 20,000 | | | San Mateo Joint Powers Financing Authority, Maple Street Correctional Center, Series A (RB)
5.00%, 06/15/24 (c) | | $ | 23,493 | |
| | 670,000 | | | San Mateo Union High School District, Series C (GO)
4.00%, 09/01/26 (c) | | | 759,244 | |
| | | | | Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/15/25 (c) | | | 1,116,970 | |
| | 760,000 | | | 4.00%, 05/15/25 (c) | | | 850,455 | |
| | | | | Santa Clara Unified School District (GO) | | | | |
| | 1,715,000 | | | 3.00%, 07/01/26 (c) | | | 1,798,057 | |
| | 100,000 | | | 3.00%, 07/01/26 (c) | | | 105,524 | |
| | 25,000 | | | Santa Clara Valley Water District, Series A (RB)
5.00%, 12/01/25 (c) | | | 30,499 | |
| | 500,000 | | | Sequoia Union High School District (GO)
3.00%, 07/01/26 (c) | | | 541,855 | |
| | 20,000 | | | Southern California Public Power Authority, APEX Power Project, Series A (RB)
5.00%, 07/01/21 (c) | | | 21,291 | |
| | | | | State of California (GO) | | | | |
| | 120,000 | | | 4.00%, 09/01/26 (c) | | | 137,772 | |
| | 1,535,000 | | | 5.00%, 03/01/25 (c) | | | 1,818,791 | |
| | 470,000 | | | State of California, Department of Water Resources, Central Valley Project, Series AS (RB)
5.00%, 12/01/24 (c) | | | 561,537 | |
| | | | | State of California, Department of Water Resources, Central Valley Project, Series AW (RB) | | | | |
| | 275,000 | | | 5.00%, 12/01/26 (c) | | | 340,698 | |
| | 50,000 | | | 5.00%, 12/01/26 (c) | | | 62,225 | |
| | | | | State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | | | | |
| | 100,000 | | | 5.00%, 12/01/27 (c) | | | 127,247 | |
| | 915,000 | | | 5.00%, 12/01/27 (c) | | | 1,167,833 | |
| | 350,000 | | | State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM)
5.00%, 06/01/29 (c) | | | 457,401 | |
| | 100,000 | | | State of California, Series CL (GO)
3.75%, 12/01/24 (c) | | | 106,953 | |
| | | | | State of California, Various Purpose (GO) | | | | |
| | 645,000 | | | 3.00%, 09/01/26 (c) | | | 677,650 | |
| | 1,575,000 | | | 3.13%, 04/01/29 (c) | | | 1,681,092 | |
| | 430,000 | | | 3.50%, 08/01/27 | | | 496,740 | |
| | 105,000 | | | 4.00%, 02/01/25 (c) | | | 116,453 | |
| | 700,000 | | | 4.00%, 08/01/26 (c) | | | 796,082 | |
| | 130,000 | | | 4.00%, 08/01/26 (c) | | | 147,117 | |
| | 545,000 | | | 4.00%, 09/01/26 | | | 641,410 | |
| | 645,000 | | | 4.00%, 09/01/26 (c) | | | 737,654 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| $ | 1,000,000 | | | 4.00%, 09/01/26 (c) | | $ | 1,162,600 | |
| | 650,000 | | | 4.00%, 09/01/26 (c) | | | 743,372 | |
| | 1,810,000 | | | 4.00%, 09/01/26 (c) | | | 2,078,061 | |
| | 250,000 | | | 4.00%, 09/01/26 (c) | | | 284,673 | |
| | 950,000 | | | 4.00%, 09/01/26 (c) | | | 1,090,695 | |
| | 100,000 | | | 4.00%, 11/01/27 (c) | | | 116,962 | |
| | 1,050,000 | | | 5.00%, 09/01/21 (c) | | | 1,122,817 | |
| | 355,000 | | | 5.00%, 09/01/21 (c) | | | 379,885 | |
| | 140,000 | | | 5.00%, 09/01/21 (c) | | | 149,709 | |
| | 390,000 | | | 5.00%, 09/01/21 (c) | | | 417,117 | |
| | 115,000 | | | 5.00%, 09/01/21 (c) | | | 123,040 | |
| | 1,065,000 | | | 5.00%, 09/01/23 (c) | | | 1,218,605 | |
| | 500,000 | | | 5.00%, 04/01/24 (c) | | | 578,540 | |
| | 265,000 | | | 5.00%, 08/01/24 (c) | | | 310,747 | |
| | 260,000 | | | 5.00%, 08/01/24 (c) | | | 303,839 | |
| | 710,000 | | | 5.00%, 10/01/24 (c) | | | 839,547 | |
| | 965,000 | | | 5.00%, 10/01/24 (c) | | | 1,139,559 | |
| | 200,000 | | | 5.00%, 10/01/24 (c) | | | 236,074 | |
| | 1,000,000 | | | 5.00%, 10/01/24 (c) | | | 1,180,890 | |
| | 25,000 | | | 5.00%, 10/01/24 (c) | | | 29,549 | |
| | 255,000 | | | 5.00%, 10/01/24 (c) | | | 299,796 | |
| | 205,000 | | | 5.00%, 10/01/24 (c) | | | 242,298 | |
| | 775,000 | | | 5.00%, 10/01/24 (c) | | | 909,935 | |
| | 1,105,000 | | | 5.00%, 10/01/24 (c) | | | 1,306,618 | |
| | 950,000 | | | 5.00%, 02/01/25 (c) | | | 1,128,400 | |
| | 20,000 | | | 5.00%, 02/01/25 (c) | | | 23,823 | |
| | 25,000 | | | 5.00%, 02/01/25 (c) | | | 29,793 | |
| | 250,000 | | | 5.00%, 02/01/25 (c) | | | 296,110 | |
| | 630,000 | | | 5.00%, 02/01/25 (c) | | | 744,446 | |
| | 1,000,000 | | | 5.00%, 02/01/25 (c) | | | 1,190,020 | |
| | 1,040,000 | | | 5.00%, 02/01/25 (c) | | | 1,236,456 | |
| | 890,000 | | | 5.00%, 03/01/25 (c) | | | 1,064,137 | |
| | 1,140,000 | | | 5.00%, 03/01/25 (c) | | | 1,363,052 | |
| | 1,050,000 | | | 5.00%, 03/01/25 (c) | | | 1,254,246 | |
| | 450,000 | | | 5.00%, 03/01/25 (c) | | | 537,021 | |
| | 400,000 | | | 5.00%, 03/01/25 (c) | | | 475,084 | |
| | 185,000 | | | 5.00%, 08/01/25 (c) | | | 223,800 | |
| | 1,660,000 | | | 5.00%, 08/01/25 (c) | | | 2,003,039 | |
| | 1,715,000 | | | 5.00%, 08/01/25 (c) | | | 2,048,413 | |
| | 1,425,000 | | | 5.00%, 08/01/25 (c) | | | 1,712,479 | |
| | 195,000 | | | 5.00%, 08/01/25 | | | 236,260 | |
| | 1,035,000 | | | 5.00%, 08/01/25 (c) | | | 1,250,156 | |
| | 420,000 | | | 5.00%, 09/01/25 (c) | | | 509,263 | |
| | 25,000 | | | 5.00%, 09/01/25 | | | 30,360 | |
| | 1,305,000 | | | 5.00%, 09/01/25 (c) | | | 1,579,898 | |
| | 30,000 | | | 5.00%, 09/01/25 (c) | | | 36,357 | |
| | 115,000 | | | 5.00%, 09/01/25 | | | 139,657 | |
| | 1,300,000 | | | 5.00%, 09/01/25 (c) | | | 1,565,733 | |
| | 135,000 | | | 5.00%, 10/01/25 | | | 164,326 | |
| | 750,000 | | | 5.00%, 04/01/26 (c) | | | 910,800 | |
| | 190,000 | | | 5.00%, 08/01/26 (c) | | | 229,281 | |
| | 600,000 | | | 5.00%, 08/01/26 (c) | | | 728,448 | |
| | 115,000 | | | 5.00%, 08/01/26 (c) | | | 138,639 | |
| | 150,000 | | | 5.00%, 08/01/26 (c) | | | 184,605 | |
| | 865,000 | | | 5.00%, 08/01/26 | | | 1,072,297 | |
| | 1,535,000 | | | 5.00%, 08/01/26 (c) | | | 1,881,710 | |
| | 1,490,000 | | | 5.00%, 08/01/26 (c) | | | 1,838,317 | |
| | 955,000 | | | 5.00%, 08/01/26 (c) | | | 1,170,706 | |
| | 165,000 | | | 5.00%, 08/01/26 (c) | | | 199,932 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | |
| $ | 510,000 | | | 5.00%, 08/01/26 (c) | | $ | 622,496 | |
| | 390,000 | | | 5.00%, 09/01/26 (c) | | | 473,464 | |
| | 1,000,000 | | | 5.00%, 09/01/26 | | | 1,242,050 | |
| | 1,000,000 | | | 5.00%, 09/01/26 (c) | | | 1,228,090 | |
| | 475,000 | | | 5.00%, 09/01/26 | | | 589,974 | |
| | 2,000,000 | | | 5.00%, 09/01/26 (c) | | | 2,456,180 | |
| | 250,000 | | | 5.00%, 09/01/26 (c) | | | 305,680 | |
| | 835,000 | | | 5.00%, 09/01/26 (c) | | | 1,018,282 | |
| | 15,000 | | | 5.00%, 09/01/26 | | | 18,631 | |
| | 3,000,000 | | | 5.00%, 09/01/26 (c) | | | 3,626,760 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 616,190 | |
| | 150,000 | | | 5.00%, 09/01/26 (c) | | | 184,857 | |
| | 320,000 | | | 5.00%, 09/01/26 (c) | | | 390,240 | |
| | 2,500,000 | | | 5.00%, 09/01/26 (c) | | | 3,040,775 | |
| | 4,555,000 | | | 5.00%, 04/01/27 | | | 5,719,668 | |
| | 2,070,000 | | | 5.00%, 08/01/27 (c) | | | 2,609,463 | |
| | 1,920,000 | | | 5.00%, 08/01/27 (c) | | | 2,409,638 | |
| | 950,000 | | | 5.00%, 08/01/27 (c) | | | 1,186,474 | |
| | 1,000,000 | | | 5.00%, 11/01/27 (c) | | | 1,261,250 | |
| | 2,480,000 | | | 5.00%, 11/01/27 (c) | | | 3,143,350 | |
| | 2,645,000 | | | 5.00%, 11/01/27 (c) | | | 3,310,535 | |
| | 1,020,000 | | | 5.00%, 11/01/27 (c) | | | 1,280,008 | |
| | 710,000 | | | 5.00%, 04/01/28 | | | 909,183 | |
| | 450,000 | | | 5.00%, 08/01/28 | | | 580,216 | |
| | 1,445,000 | | | 5.00%, 08/01/28 (c) | | | 1,815,642 | |
| | 150,000 | | | 5.00%, 04/01/29 (c) | | | 193,197 | |
| | 3,500,000 | | | 5.00%, 04/01/29 (c) | | | 4,471,005 | |
| | 1,000,000 | | | 5.00%, 10/01/29 | | | 1,315,680 | |
| | 3,000,000 | | | 5.00%, 10/01/29 (c) | | | 3,913,200 | |
| | 2,590,000 | | | 5.00%, 04/01/30 | | | 3,429,005 | |
| | 380,000 | | | 5.00%, 04/01/31 | | | 509,690 | |
| | 3,500,000 | | | 5.00%, 04/01/32 | | | 4,750,585 | |
| | 250,000 | | | 5.25%, 08/01/25 (c) | | | 304,340 | |
| | 425,000 | | | 5.25%, 08/01/25 (c) | | | 514,760 | |
| | | | | Stockton Unified School District (GO) | | | | |
| | 100,000 | | | 5.00%, 02/01/26 (c) | | | 119,072 | |
| | 100,000 | | | 5.00%, 02/01/26 (c) | | | 120,306 | |
| | 335,000 | | | Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA)
5.00%, 09/01/25 (c) | | | 409,149 | |
| | | | | Trustees of the California State University, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 05/01/26 (c) | | | 294,685 | |
| | 410,000 | | | 5.00%, 05/01/26 (c) | | | 505,460 | |
| | 750,000 | | | 5.00%, 05/01/26 (c) | | | 915,915 | |
| | 830,000 | | | 5.00%, 05/01/26 (c) | | | 1,027,374 | |
| | | | | Tuolumne Wind Project Authority, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 01/01/27 (c) | | | 315,915 | |
| | 125,000 | | | 5.00%, 01/01/27 | | | 158,511 | |
| | | | | University of California, Series AO (RB) | | | | |
| | 20,000 | | | 5.00%, 05/15/25 (c) | | | 23,923 | |
| | 100,000 | | | 5.00%, 05/15/25 (c) | | | 119,908 | |
| | 130,000 | | | 5.00%, 05/15/25 (c) | | | 157,040 | |
| | 10,000 | | | University of California, Series AR (RB)
5.00%, 05/15/26 (c) | | | 12,245 | |
| | 200,000 | | | University of California, Series AY (RB)
5.00%, 05/15/27 (c) | | | 252,486 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | University of California, Series AZ (RB) | | | | |
| $ | 310,000 | | | 5.00%, 05/15/28 (c) | | $ | 395,424 | |
| | 275,000 | | | 5.00%, 05/15/28 (c) | | | 358,113 | |
| | | | | University of California, Series I (RB) | | | | |
| | 1,395,000 | | | 5.00%, 05/15/25 (c) | | | 1,669,424 | |
| | 335,000 | | | 5.00%, 05/15/25 (c) | | | 405,879 | |
| | 170,000 | | | University of California, Series O (RB)
5.00%, 05/15/28 (c) | | | 213,362 | |
| | 180,000 | | | Walnut Energy Center Authority, Series A (RB)
5.00%, 07/01/24 (c) | | | 208,705 | |
| | | | | West Basin Municipal Water District, Series A (RB) | | | | |
| | 155,000 | | | 5.00%, 02/01/26 (c) | | | 190,720 | |
| | 100,000 | | | 5.00%, 02/01/26 (c) | | | 123,264 | |
| | 20,000 | | | West Contra Costa Unified School District, Series A (GO)
5.00%, 08/01/25 (c) | | | 23,862 | |
| | 500,000 | | | Yosemite Community College District (GO)
5.00%, 08/01/25 (c) | | | 601,790 | |
| | | | | | | | 292,728,925 | |
| Colorado: 1.6% |
| | 250,000 | | | Adams 12 Five Star Schools, Series B (GO)
5.00%, 12/15/26 (c) | | | 310,548 | |
| | 540,000 | | | Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW)
5.00%, 12/01/26 (c) | | | 664,627 | |
| | | | | Adams and Weld Counties, School District No. 27J (GO) (SAW) | | | | |
| | 365,000 | | | 4.00%, 12/01/25 (c) | | | 411,837 | |
| | 160,000 | | | 5.00%, 12/01/25 (c) | | | 190,488 | |
| | | | | Board of Governors of Colorado State University System (RB) | | | | |
| | 935,000 | | | 5.00%, 03/01/28 (c) | | | 1,168,254 | |
| | 510,000 | | | 5.00%, 03/01/28 (c) | | | 645,170 | |
| | 1,050,000 | | | Boulder Valley School District No. RE-2, Series B (GO) (SAW)
4.00%, 06/01/27 (c) | | | 1,241,404 | |
| | 150,000 | | | City and County of Denver, Series A (RB)
5.00%, 08/01/26 (c) | | | 183,981 | |
| | 200,000 | | | City and County of Denver, Series A-2 (RB)
0.00%, 08/01/26 (c) ^ | | | 125,926 | |
| | | | | City of Aurora, Water Revenue, First Lien (RB) | | | | |
| | 115,000 | | | 5.00%, 08/01/26 (c) | | | 139,947 | |
| | 490,000 | | | 5.00%, 08/01/26 (c) | | | 597,820 | |
| | | | | City of Colorado Springs, Utilities System, Series A-1 (RB) | | | | |
| | 100,000 | | | 5.00%, 11/15/27 (c) | | | 125,004 | |
| | 120,000 | | | 5.00%, 11/15/27 (c) | | | 150,403 | |
| | 110,000 | | | 5.00%, 11/15/27 (c) | | | 138,555 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Colorado: (continued) |
| $ | 1,000,000 | | | Colorado Health Facilities Authority, AdventHealth Obligated Group, Series B (RB)
5.00%, 11/19/26 (p) | | $ | 1,227,120 | |
| | 545,000 | | | Colorado Health Facilities Authority, Adventist Health System, Series B (RB)
5.00%, 05/15/26 (c) | | | 654,888 | |
| | 2,245,000 | | | Colorado Health Facilities Authority, Adventist Health System, Series C (RB)
5.00%, 11/15/26 (p) | | | 2,754,256 | |
| | 1,000,000 | | | Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
5.00%, 08/01/29 (c) | | | 1,235,180 | |
| | 2,000,000 | | | Colorado Health Facilities Authority, CommonSpirit Health, Series B-2 (RB)
5.00%, 02/01/26 (c) (p) | | | 2,362,900 | |
| | | | | Colorado Health Facilities Authority, NCMC, Inc. Project (RB) | | | | |
| | 270,000 | | | 3.25%, 05/15/26 (c) | | | 299,465 | |
| | 160,000 | | | 4.00%, 05/15/26 (c) | | | 185,118 | |
| | 115,000 | | | Colorado Higher Education, Series A (CP)
5.00%, 11/01/26 | | | 141,912 | |
| | 295,000 | | | Denver City and County School District No. 1 (GO)
5.00%, 12/01/25 | | | 359,699 | |
| | | | | Garfield Pitkin and Eagle Counties School District No. Re-1 (GO) | | | | |
| | 565,000 | | | 5.00%, 12/15/25 (c) | | | 681,729 | |
| | 975,000 | | | 5.00%, 12/15/25 (c) | | | 1,178,502 | |
| | 1,110,000 | | | Jefferson County School District R-1 (GO)
5.00%, 12/15/28 (c) | | | 1,426,095 | |
| | | | | Mesa County Valley School District No. 51 (GO) (SAW) | | | | |
| | 500,000 | | | 5.00%, 12/01/27 (c) | | | 625,550 | |
| | 500,000 | | | 5.00%, 12/01/27 (c) | | | 629,470 | |
| | | | | Park Creek Metropolitan District, Series A (RB) | | | | |
| | 105,000 | | | 5.00%, 12/01/25 (c) | | | 121,822 | |
| | 560,000 | | | 5.00%, 12/01/25 (c) | | | 653,447 | |
| | 250,000 | | | 5.00%, 12/01/25 (c) | | | 292,328 | |
| | 980,000 | | | Regents of the University of Colorado, Series A (RB)
5.00%, 06/01/25 (c) | | | 1,165,877 | |
| | 800,000 | | | Regents of the University of Colorado, Series B (RB)
4.00%, 06/01/24 (c) | | | 895,392 | |
| | | | | Regents of the University of Colorado, Series B-1 (RB) | | | | |
| | 600,000 | | | 2.75%, 06/01/26 (c) | | | 631,518 | |
| | 1,000,000 | | | 4.00%, 06/01/26 (c) | | | 1,126,470 | |
| | 540,000 | | | 4.00%, 06/01/26 (c) | | | 609,574 | |
Principal
Amount | | | | | Value | |
| Colorado: (continued) |
| | | | | Regional Transportation District, Series B (RB) | | | | |
| $ | 100,000 | | | 5.00%, 11/01/27 (c) | | $ | 124,331 | |
| | 100,000 | | | 5.00%, 11/01/27 (c) | | | 124,699 | |
| | 410,000 | | | State of Colorado, Series K (CP)
5.00%, 03/15/27 (c) | | | 502,156 | |
| | 190,000 | | | State of Colorado, Series M (CP)
5.00%, 03/15/28 (c) | | | 238,954 | |
| | | | | University of Colorado, Series A-2 (RB) | | | | |
| | 800,000 | | | 3.00%, 06/01/24 (c) | | | 823,072 | |
| | 500,000 | | | 4.00%, 06/01/28 (c) | | | 575,740 | |
| | 450,000 | | | 5.00%, 06/01/26 | | | 553,117 | |
| | 250,000 | | | 5.00%, 06/01/27 | | | 314,273 | |
| | 25,000 | | | University of Colorado, Series B (RB)
5.00%, 06/01/24 (c) | | | 29,162 | |
| | | | | University of Colorado, Series B-1 (RB) | | | | |
| | 860,000 | | | 2.25%, 06/01/26 (c) | | | 888,784 | |
| | 30,000 | | | 5.00%, 06/01/25 | | | 36,052 | |
| | | | | | | | 29,562,616 | |
| Connecticut: 2.5% |
| | 160,000 | | | City of Hartford, Series C (GO) (AGM)
4.00%, 07/15/25 (c) | | | 175,741 | |
| | | | | Connecticut Housing Finance Authority, Series A-1 (RB) | | | | |
| | 260,000 | | | 2.88%, 05/15/25 (c) | | | 268,923 | |
| | 2,000,000 | | | 3.65%, 11/15/26 (c) | | | 2,140,000 | |
| | 200,000 | | | 3.88%, 11/15/26 (c) | | | 215,116 | |
| | 500,000 | | | Connecticut Housing Finance Authority, Series D-1 (RB)
3.20%, 11/15/26 (c) | | | 522,245 | |
| | 200,000 | | | Connecticut Housing Finance Authority, Series F-1 (RB)
3.05%, 05/15/26 (c) | | | 208,662 | |
| | 250,000 | | | Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)
4.00%, 07/01/26 (c) | | | 265,043 | |
| | 2,200,000 | | | Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
5.00%, 07/01/29 (c) | | | 2,731,256 | |
| | 20,000 | | | Connecticut State Health and Educational Facilities Authority, Series A (RB)
5.00%, 07/01/24 (c) | | | 23,342 | |
| | 140,000 | | | Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)
3.13%, 06/01/26 (c) | | | 144,838 | |
| | 1,195,000 | | | Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series A-2 (RB)
2.00%, 07/01/26 (p) | | | 1,237,255 | |
| | 305,000 | | | Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
5.00%, 09/01/24 (c) | | | 351,973 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Connecticut: (continued) |
| | | | | South Central Connecticut Regional Water Authority, Series B (RB) | | | | |
| $ | 310,000 | | | 4.00%, 08/01/26 (c) | | $ | 346,906 | |
| | 500,000 | | | 4.00%, 08/01/26 (c) | | | 560,790 | |
| | 25,000 | | | 5.00%, 08/01/26 (c) | | | 30,521 | |
| | | | | State of Connecticut, Series A (GO) | | | | |
| | 100,000 | | | 3.25%, 03/15/25 (c) | | | 104,384 | |
| | 230,000 | | | 3.25%, 03/15/26 (c) | | | 237,544 | |
| | 680,000 | | | 5.00%, 03/15/25 (c) | | | 785,312 | |
| | 755,000 | | | 5.00%, 03/15/25 (c) | | | 885,094 | |
| | 110,000 | | | 5.00%, 03/15/26 (c) | | | 129,580 | |
| | 780,000 | | | 5.00%, 03/15/26 (c) | | | 933,707 | |
| | 1,400,000 | | | 5.00%, 04/15/26 | | | 1,686,902 | |
| | 680,000 | | | 5.00%, 04/15/27 (c) | | | 828,512 | |
| | | | | State of Connecticut, Series B (GO) | | | | |
| | 30,000 | | | 4.00%, 11/15/24 (c) | | | 32,779 | |
| | 290,000 | | | 5.00%, 06/15/25 (c) | | | 336,731 | |
| | 625,000 | | | 5.00%, 06/15/25 (c) | | | 733,806 | |
| | 575,000 | | | 5.00%, 06/15/25 (c) | | | 677,885 | |
| | 150,000 | | | 5.00%, 11/15/25 | | | 179,324 | |
| | 585,000 | | | 5.00%, 05/15/26 | | | 706,124 | |
| | 785,000 | | | 5.00%, 04/15/27 | | | 964,098 | |
| | 100,000 | | | 5.00%, 04/15/27 | | | 122,815 | |
| | 705,000 | | | State of Connecticut, Series C (GO)
4.00%, 06/15/28 (c) | | | 794,697 | |
| | 1,310,000 | | | State of Connecticut, Series D (GO)
4.00%, 08/15/26 (c) | | | 1,462,549 | |
| | | | | State of Connecticut, Series E (GO) | | | | |
| | 395,000 | | | 3.00%, 10/15/26 (c) | | | 404,156 | |
| | 585,000 | | | 4.00%, 09/01/24 (c) | | | 636,217 | |
| | 500,000 | | | 4.00%, 09/01/24 (c) | | | 550,755 | |
| | 100,000 | | | 5.00%, 08/01/25 (c) | | | 117,742 | |
| | 400,000 | | | 5.00%, 09/15/27 | | | 495,232 | |
| | 1,000,000 | | | 5.00%, 09/15/28 (c) | | | 1,246,090 | |
| | | | | State of Connecticut, Series F (GO) | | | | |
| | 335,000 | | | 3.25%, 11/15/25 (c) | | | 353,217 | |
| | 770,000 | | | 5.00%, 11/15/24 (c) | | | 895,017 | |
| | 420,000 | | | 5.00%, 11/15/25 (c) | | | 493,013 | |
| | 290,000 | | | 5.00%, 11/15/25 (c) | | | 345,025 | |
| | 400,000 | | | 5.00%, 11/15/25 (c) | | | 472,656 | |
| | 655,000 | | | 5.00%, 11/15/25 | | | 783,046 | |
| | | | | State of Connecticut, Special Tax Obligation, Series A (RB) | | | | |
| | 785,000 | | | 4.00%, 09/01/26 (c) | | | 865,180 | |
| | 320,000 | | | 5.00%, 09/01/24 (c) | | | 367,386 | |
| | 150,000 | | | 5.00%, 09/01/24 (c) | | | 171,644 | |
| | 470,000 | | | 5.00%, 09/01/24 (c) | | | 547,949 | |
| | 295,000 | | | 5.00%, 09/01/24 (c) | | | 342,964 | |
| | 220,000 | | | 5.00%, 09/01/24 (c) | | | 255,105 | |
| | 255,000 | | | 5.00%, 08/01/25 (c) | | | 299,436 | |
| | 590,000 | | | 5.00%, 08/01/25 (c) | | | 691,144 | |
| | 795,000 | | | 5.00%, 08/01/25 (c) | | | 927,662 | |
| | 55,000 | | | 5.00%, 08/01/25 (c) | | | 65,490 | |
| | 440,000 | | | 5.00%, 08/01/25 | | | 526,077 | |
| | 335,000 | | | 5.00%, 08/01/25 (c) | | | 396,201 | |
| | 225,000 | | | 5.00%, 08/01/25 (c) | | | 266,814 | |
| | 100,000 | | | 5.00%, 09/01/25 | | | 119,821 | |
| | 200,000 | | | 5.00%, 09/01/26 (c) | | | 238,492 | |
| | 10,000 | | | 5.00%, 09/01/26 | | | 12,223 | |
Principal
Amount | | | | | Value | |
| Connecticut: (continued) |
| $ | 475,000 | | | 5.00%, 09/01/26 (c) | | $ | 568,589 | |
| | 190,000 | | | 5.00%, 01/01/28 (c) | | | 231,278 | |
| | | | | State of Connecticut, Special Tax Obligation, Series B (RB) | | | | |
| | 335,000 | | | 5.00%, 09/01/26 (c) | | | 406,774 | |
| | 100,000 | | | 5.00%, 09/01/26 (c) | | | 121,797 | |
| | 470,000 | | | 5.00%, 10/01/26 | | | 575,482 | |
| | 1,025,000 | | | 5.00%, 10/01/28 | | | 1,292,894 | |
| | 135,000 | | | State of Connecticut, Special Tax Obligation, Series C (RB)
5.00%, 10/01/26 | | | 165,298 | |
| | | | | State of Connecticut, State Revolving Fund, Series A (RB) | | | | |
| | 125,000 | | | 3.13%, 03/01/25 (c) | | | 131,865 | |
| | 1,000,000 | | | 5.00%, 05/01/27 (c) | | | 1,231,280 | |
| | 275,000 | | | 5.00%, 02/01/29 (c) | | | 349,684 | |
| | | | | University of Connecticut, Series A (RB) | | | | |
| | 210,000 | | | 3.00%, 03/15/26 (c) | | | 214,826 | |
| | 200,000 | | | 5.00%, 02/15/25 (c) | | | 231,092 | |
| | 860,000 | | | 5.00%, 02/15/25 (c) | | | 1,001,556 | |
| | 100,000 | | | 5.00%, 02/15/25 (c) | | | 116,182 | |
| | 770,000 | | | 5.00%, 01/15/26 | | | 925,894 | |
| | 265,000 | | | 5.00%, 03/15/26 (c) | | | 313,561 | |
| | 280,000 | | | 5.00%, 03/15/26 (c) | | | 335,647 | |
| | 435,000 | | | 5.00%, 03/15/26 (c) | | | 519,747 | |
| | 380,000 | | | 5.00%, 03/15/26 (c) | | | 452,189 | |
| | 745,000 | | | 5.00%, 01/15/27 (c) | | | 903,454 | |
| | 335,000 | | | 5.00%, 01/15/27 (c) | | | 409,229 | |
| | 1,060,000 | | | 5.00%, 01/15/27 | | | 1,298,574 | |
| | 500,000 | | | 5.00%, 11/01/28 (c) | | | 613,810 | |
| | 500,000 | | | 5.00%, 11/01/28 (c) | | | 617,610 | |
| | | | | | | | 46,738,520 | |
| Delaware: 0.3% |
| | 180,000 | | | Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)
3.00%, 07/01/27 (c) | | | 188,933 | |
| | | | | Delaware Transportation Authority (RB) | | | | |
| | 30,000 | | | 4.00%, 07/01/25 | | | 34,448 | |
| | 20,000 | | | 5.00%, 07/01/25 | | | 24,151 | |
| | 220,000 | | | 5.00%, 07/01/26 (c) | | | 271,212 | |
| | | | | State of Delaware (GO) | | | | |
| | 505,000 | | | 3.13%, 03/01/27 (c) | | | 540,168 | |
| | 500,000 | | | 4.00%, 03/01/27 (c) | | | 582,955 | |
| | 1,000,000 | | | 5.00%, 03/01/26 | | | 1,230,870 | |
| | | | | State of Delaware, Series A (GO) | | | | |
| | 545,000 | | | 2.13%, 03/01/26 (c) | | | 567,476 | |
| | 500,000 | | | 5.00%, 02/01/28 (c) | | | 637,180 | |
| | 500,000 | | | 5.00%, 02/01/28 | | | 642,955 | |
| | 810,000 | | | 5.00%, 10/01/28 | | | 1,056,580 | |
| | | | | | | | 5,776,928 | |
| District of Columbia: 1.2% |
| | 130,000 | | | District of Columbia, Children’s Hospital Obligated Group (RB)
5.00%, 01/15/26 (c) | | | 153,303 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| District of Columbia: (continued) |
| | | | | District of Columbia, Georgetown University Issue (RB) | | | | |
| $ | 645,000 | | | 5.00%, 04/01/27 (c) | | $ | 787,668 | |
| | 105,000 | | | 5.00%, 04/01/27 (c) | | | 129,313 | |
| | | | | District of Columbia, Series A (GO) | | | | |
| | 30,000 | | | 5.00%, 06/01/25 | | | 36,124 | |
| | 420,000 | | | 5.00%, 06/01/25 (c) | | | 496,222 | |
| | 20,000 | | | 5.00%, 12/01/25 | | | 24,413 | |
| | 10,000 | | | 5.00%, 06/01/26 | | | 12,341 | |
| | 290,000 | | | 5.00%, 06/01/26 (c) | | | 349,261 | |
| | 210,000 | | | 5.00%, 06/01/26 (c) | | | 256,055 | |
| | 30,000 | | | 5.00%, 06/01/26 (c) | | | 36,404 | |
| | 250,000 | | | 5.00%, 06/01/26 (c) | | | 301,708 | |
| | 580,000 | | | 5.00%, 06/01/27 (c) | | | 710,796 | |
| | 170,000 | | | 5.00%, 06/01/27 (c) | | | 208,823 | |
| | 750,000 | | | 5.00%, 06/01/28 (c) | | | 933,825 | |
| | | | | District of Columbia, Series C (GO) | | | | |
| | 1,025,000 | | | 5.00%, 06/01/24 (c) | | | 1,184,767 | |
| | 280,000 | | | 5.00%, 06/01/24 (c) | | | 324,584 | |
| | | | | District of Columbia, Series D (GO) | | | | |
| | 500,000 | | | 4.00%, 06/01/27 (c) | | | 571,035 | |
| | 100,000 | | | 5.00%, 06/01/24 (c) | | | 116,503 | |
| | 20,000 | | | 5.00%, 12/01/26 (c) | | | 24,497 | |
| | 160,000 | | | 5.00%, 12/01/26 (c) | | | 197,621 | |
| | 1,500,000 | | | 5.00%, 06/01/27 (c) | | | 1,877,880 | |
| | 500,000 | | | 5.00%, 06/01/27 (c) | | | 614,185 | |
| | 25,000 | | | District of Columbia, Series E (GO)
5.00%, 12/01/26 (c) | | | 30,621 | |
| | 195,000 | | | District of Columbia, Water and Sewer Authority, Subordinated Lien, Series A (RB)
5.00%, 04/01/26 (c) | | | 233,721 | |
| | | | | District of Columbia, Water and Sewer Authority, Subordinated Lien, Series B (RB) | | | | |
| | 1,000,000 | | | 5.00%, 10/01/25 (c) | | | 1,189,650 | |
| | 1,010,000 | | | 5.00%, 10/01/25 (c) | | | 1,217,878 | |
| | 1,030,000 | | | 5.00%, 04/01/26 (c) | | | 1,238,946 | |
| | 100,000 | | | 5.00%, 04/01/26 (c) | | | 120,588 | |
| | | | | District of Columbia, Water and Sewer Authority, Subordinated Lien, Series C (RB) | | | | |
| | 100,000 | | | 5.00%, 10/01/24 (c) | | | 117,047 | |
| | 200,000 | | | 5.00%, 10/01/24 (c) | | | 235,238 | |
| | 1,000,000 | | | Metropolitan Washington Airports Authority, Airport System, Series A (RB)
5.00%, 10/01/28 (c) | | | 1,232,580 | |
| | | | | Washington Metropolitan Area Transit Authority, Series A-1 (RB) | | | | |
| | 140,000 | | | 5.00%, 07/01/27 (c) | | | 173,195 | |
| | 330,000 | | | 5.00%, 07/01/27 | | | 414,774 | |
| | | | | Washington Metropolitan Area Transit Authority, Series A-2 (RB) | | | | |
| | 810,000 | | | 5.00%, 07/01/27 (c) | | | 990,994 | |
| | 550,000 | | | 5.00%, 07/01/27 (c) | | | 675,191 | |
| | 300,000 | | | 5.00%, 07/01/27 (c) | | | 369,603 | |
Principal
Amount | | | | | Value | |
| District of Columbia: (continued) |
| | | | | Washington Metropolitan Area Transit Authority, Series B (RB) | | | | |
| $ | 1,070,000 | | | 5.00%, 07/01/27 (c) | | $ | 1,313,553 | |
| | 1,000,000 | | | 5.00%, 07/01/27 (c) | | | 1,223,450 | |
| | 650,000 | | | 5.00%, 07/01/27 (c) | | | 804,121 | |
| | 240,000 | | | 5.00%, 07/01/27 | | | 301,654 | |
| | 555,000 | | | 5.00%, 07/01/27 (c) | | | 688,866 | |
| | | | | | | | 21,918,998 | |
| Florida: 4.3% |
| | 10,000 | | | Brevard County School District, Series C (CP)
5.00%, 07/01/25 (c) | | | 11,722 | |
| | 520,000 | | | Central Florida Expressway Authority (RB)
3.00%, 07/01/27 (c) | | | 543,327 | |
| | 1,055,000 | | | Central Florida Expressway Authority, Series A (RB)
3.00%, 07/01/26 (c) | | | 1,101,030 | |
| | | | | Central Florida Expressway Authority, Series B (RB) | | | | |
| | 30,000 | | | 5.00%, 07/01/25 | | | 35,972 | |
| | 115,000 | | | 5.00%, 07/01/26 | | | 140,475 | |
| | 175,000 | | | City of Cape Coral, Water and Sewer (RB)
5.00%, 10/01/27 (c) | | | 216,307 | |
| | | | | City of Gainesville, Utilities System, Series A (RB) | | | | |
| | 200,000 | | | 5.00%, 10/01/26 | | | 247,694 | |
| | 500,000 | | | 5.00%, 10/01/27 (c) | | | 617,665 | |
| | 195,000 | | | 5.00%, 10/01/27 (c) | | | 241,925 | |
| | 515,000 | | | City of Jacksonville (RB)
5.00%, 10/01/24 (c) | | | 595,067 | |
| | | | | City of Jacksonville, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 10/01/29 (c) | | | 1,265,900 | |
| | 1,000,000 | | | 5.00%, 10/01/29 (c) | | | 1,272,460 | |
| | 585,000 | | | City of Jacksonville, Series B (RB)
5.00%, 10/01/27 | | | 732,256 | |
| | | | | City of Jacksonville, Transportation Revenue (RB) | | | | |
| | 100,000 | | | 3.00%, 10/01/25 (c) | | | 104,092 | |
| | 310,000 | | | 3.00%, 10/01/25 (c) | | | 323,063 | |
| | 450,000 | | | 3.25%, 10/01/25 (c) | | | 470,169 | |
| | 785,000 | | | 5.00%, 10/01/24 (c) | | | 907,107 | |
| | 210,000 | | | 5.00%, 10/01/25 (c) | | | 249,568 | |
| | 295,000 | | | City of Lakeland, Department of Electric Utilities (RB)
5.00%, 04/01/26 (c) | | | 358,859 | |
| | 540,000 | | | City of Lakeland, Lakeland Regional Health System (RB)
5.00%, 11/15/26 (c) | | | 650,581 | |
| | | | | City of Port St. Lucie, Utility System Revenue (RB) | | | | |
| | 500,000 | | | 4.00%, 09/01/26 (c) | | | 563,885 | |
| | 585,000 | | | 5.00%, 09/01/26 (c) | | | 711,225 | |
| | 680,000 | | | City of Tallahassee, Energy System Revenue (RB)
5.00%, 10/01/23 (c) | | | 770,365 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Florida: (continued) |
| $ | 100,000 | | | County of Lee, Florida Transportation Facilities (RB) (AGM)
5.00%, 10/01/24 (c) | | $ | 116,892 | |
| | | | | County of Miami-Dade (RB) | | | | |
| | 565,000 | | | 0.00%, 10/01/26 (c) ^ | | | 400,314 | |
| | 400,000 | | | 0.00%, 10/01/26 (c) ^ | | | 269,260 | |
| | 275,000 | | | 5.00%, 10/01/26 | | | 337,123 | |
| | 510,000 | | | 5.00%, 10/01/26 (c) | | | 621,466 | |
| | 115,000 | | | 5.00%, 10/01/26 (c) | | | 137,856 | |
| | | | | County of Miami-Dade, Aviation Revenue, Series A (RB) | | | | |
| | 750,000 | | | 5.00%, 10/01/26 (c) | | | 900,307 | |
| | 1,060,000 | | | 5.00%, 10/01/26 (c) | | | 1,292,490 | |
| | 290,000 | | | County of Miami-Dade, Aviation Revenue, Series B (RB)
5.00%, 10/01/24 (c) | | | 341,095 | |
| | | | | County of Miami-Dade, Building Better Communities Program, Series A (GO) | | | | |
| | 200,000 | | | 5.00%, 07/01/25 | | | 240,658 | |
| | 100,000 | | | 5.00%, 07/01/25 (c) | | | 118,822 | |
| | 55,000 | | | 5.00%, 07/01/25 | | | 66,181 | |
| | 280,000 | | | 5.00%, 07/01/26 (c) | | | 337,070 | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 600,095 | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,214,900 | |
| | 100,000 | | | 5.00%, 07/01/26 (c) | | | 122,920 | |
| | 575,000 | | | 5.00%, 07/01/26 (c) | | | 704,214 | |
| | | | | County of Miami-Dade, Building Better Communities Program, Series B (GO) | | | | |
| | 485,000 | | | 3.00%, 07/01/24 (c) | | | 505,671 | |
| | 555,000 | | | 4.00%, 07/01/24 (c) | | | 608,108 | |
| | 125,000 | | | 4.00%, 07/01/24 (c) | | | 136,709 | |
| | 275,000 | | | 5.00%, 07/01/24 (c) | | | 320,744 | |
| | | | | County of Miami-Dade, Capital Asset Acquisition, Series B (RB) | | | | |
| | 710,000 | | | 5.00%, 04/01/26 (c) | | | 857,218 | |
| | 1,000,000 | | | 5.00%, 04/01/26 (c) | | | 1,211,400 | |
| | 1,000,000 | | | County of Miami-Dade, Educational Facilities Authority, Series A (RB)
5.00%, 04/01/25 (c) | | | 1,163,770 | |
| | | | | County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | | | | |
| | 25,000 | | | 5.00%, 07/01/26 (c) | | | 29,391 | |
| | 105,000 | | | 5.00%, 07/01/26 (c) | | | 125,248 | |
| | | | | County of Miami-Dade, Expressway Authority Toll System, Series B (RB) | | | | |
| | 130,000 | | | 5.00%, 07/01/24 (c) | | | 149,275 | |
| | 275,000 | | | 5.00%, 07/01/24 (c) | | | 317,111 | |
| | 250,000 | | | County of Miami-Dade, Florida Transit System (RB)
4.00%, 07/01/26 (c) | | | 278,443 | |
| | 1,000,000 | | | County of Miami-Dade, Public Health Trust Program, Series A (GO)
3.38%, 07/01/28 (c) | | | 1,075,520 | |
| | | | | County of Miami-Dade, Water and Sewer System (RB) | | | | |
| | 250,000 | | | 5.00%, 10/01/25 (c) | | | 301,770 | |
| | 270,000 | | | 5.00%, 10/01/25 | | | 326,765 | |
| | 1,000,000 | | | 5.00%, 10/01/27 (c) | | | 1,260,930 | |
Principal
Amount | | | | | Value | |
| Florida: (continued) |
| | | | | County of Miami-Dade, Water and Sewer System, Series B (RB) | | | | |
| $ | 370,000 | | | 3.00%, 10/01/27 (c) | | $ | 379,590 | |
| | 605,000 | | | 5.00%, 10/01/25 (c) | | | 713,362 | |
| | 125,000 | | | Florida Department of Environmental Protection, Series A (RB)
5.00%, 07/01/27 | | | 156,905 | |
| | | | | Florida Department of Management Services, Series A (CP) | | | | |
| | 105,000 | | | 5.00%, 08/01/25 | | | 126,505 | |
| | 1,025,000 | | | 5.00%, 09/01/27 (c) | | | 1,291,018 | |
| | 500,000 | | | Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project (RB)
5.00%, 04/01/26 (c) | | | 578,495 | |
| | 455,000 | | | Florida Housing Finance Corp., Series 1 (RB)
3.25%, 01/01/27 (c) | | | 482,150 | |
| | | | | Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) | | | | |
| | 635,000 | | | 3.00%, 10/01/26 (c) | | | 671,728 | |
| | 125,000 | | | 5.00%, 10/01/26 (c) | | | 151,270 | |
| | 195,000 | | | 5.00%, 10/01/26 (c) | | | 237,619 | |
| | 470,000 | | | 5.00%, 10/01/27 | | | 587,909 | |
| | 145,000 | | | Florida Municipal Power Agency, All-Requirements Power Supply, Series B (RB)
5.00%, 10/01/25 (c) | | | 174,296 | |
| | 680,000 | | | Florida State Board of Education, Public Education Capital Outlay, Series B (GO)
3.00%, 06/01/24 (c) | | | 721,738 | |
| | 640,000 | | | Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
3.00%, 06/01/24 (c) | | | 669,466 | |
| | 1,000,000 | | | Florida State Department of Transportation, Turnpike Enterprise, Series A (RB)
5.00%, 07/01/25 (c) | | | 1,202,690 | |
| | | | | Florida’s Turnpike Enterprise, Series B (RB) | | | | |
| | 265,000 | | | 5.00%, 07/01/25 (c) | | | 316,794 | |
| | 110,000 | | | 5.00%, 07/01/25 (c) | | | 132,296 | |
| | 740,000 | | | Florida’s Turnpike Enterprise, Series C (RB)
5.00%, 07/01/26 (c) | | | 899,004 | |
| | 995,000 | | | Halifax Hospital Medical Center (RB)
3.38%, 06/01/26 (c) | | | 1,039,287 | |
| | | | | Hernando County School District, Series A (CP) (AGM) | | | | |
| | 245,000 | | | 3.00%, 07/01/26 (c) | | | 253,898 | |
| | 450,000 | | | 3.00%, 07/01/26 (c) | | | 467,527 | |
| | 450,000 | | | 3.00%, 07/01/26 (c) | | | 467,937 | |
| | | | | JEA Electric System, Series B (RB) | | | | |
| | 175,000 | | | 3.38%, 10/01/22 (c) | | | 178,012 | |
| | 695,000 | | | 5.00%, 10/01/27 (c) | | | 843,355 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Florida: (continued) |
| | | | | JEA Electric System, Series Three B (RB) | | | | |
| $ | 850,000 | | | 5.00%, 10/01/27 (c) | | $ | 1,047,922 | |
| | 610,000 | | | 5.00%, 10/01/27 (c) | | | 754,265 | |
| | 350,000 | | | 5.00%, 10/01/27 | | | 431,956 | |
| | 15,000 | | | JEA Water and Sewer System, Series A (RB)
5.00%, 04/01/24 (c) | | | 17,461 | |
| | 1,750,000 | | | Lee Memorial Health System, Series A-1 (RB)
5.00%, 04/01/29 (c) | | | 2,166,395 | |
| | | | | Manatee County School District (RB) (AGM) | | | | |
| | 290,000 | | | 5.00%, 10/01/26 | | | 360,453 | |
| | 160,000 | | | 5.00%, 04/01/27 (c) | | | 197,350 | |
| | | | | Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) | | | | |
| | 815,000 | | | 5.00%, 02/01/24 (c) | | | 924,870 | |
| | 610,000 | | | 5.00%, 02/01/24 (c) | | | 687,976 | |
| | 755,000 | | | 5.00%, 02/01/24 (c) | | | 859,666 | |
| | 640,000 | | | 5.00%, 02/01/24 (c) | | | 733,542 | |
| | 145,000 | | | 5.00%, 02/01/24 (c) | | | 165,422 | |
| | 425,000 | | | Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA)
5.00%, 02/01/24 (c) | | | 481,682 | |
| | 1,020,000 | | | Orange County Health Facilities Authority (RB)
5.00%, 08/01/23 (c) | | | 1,143,512 | |
| | 410,000 | | | Orange County School Board, Series C (CP)
5.00%, 08/01/26 (c) | | | 492,459 | |
| | 310,000 | | | Orange County School Board, Series D (CP)
5.00%, 08/01/25 (c) | | | 366,293 | |
| | | | | Orange County, Tourist Development Tax (RB) | | | | |
| | 150,000 | | | 5.00%, 10/01/26 | | | 185,547 | |
| | 110,000 | | | 5.00%, 10/01/27 | | | 138,713 | |
| | 420,000 | | | 5.00%, 10/01/30 | | | 557,239 | |
| | 120,000 | | | Orlando Utilities Commission, Series A (RB)
5.00%, 10/01/27 (c) | | | 149,378 | |
| | 10,000 | | | Palm Beach County Health Facilities Authority, Act Retirement-Life Communities, Inc. (RB)
5.00%, 11/15/26 (c) | | | 11,739 | |
| | | | | Palm Beach County School Board, Series A (CP) | | | | |
| | 125,000 | | | 5.00%, 08/01/26 | | | 154,138 | |
| | 120,000 | | | 5.00%, 08/01/27 | | | 151,096 | |
| | 110,000 | | | Palm Beach County School Board, Series C (CP)
5.00%, 08/01/28 (c) | | | 140,308 | |
| | 175,000 | | | Reedy Creek Improvement District, Series A (GO)
5.00%, 06/01/27 (c) | | | 217,338 | |
Principal
Amount | | | | | Value | |
| Florida: (continued) |
| $ | 200,000 | | | School Board of Duval County, Series B (CP)
5.00%, 07/01/25 (c) | | $ | 236,342 | |
| | 125,000 | | | School Board of Miami-Dade County (GO)
3.25%, 03/15/27 (c) | | | 132,430 | |
| | 720,000 | | | School Board of Miami-Dade County, Series B (CP) (AGM)
5.00%, 05/01/25 (c) | | | 852,336 | |
| | | | | School Board of Miami-Dade County, Series C (CP) | | | | |
| | 1,020,000 | | | 3.25%, 02/01/21 (c) | | | 1,031,873 | |
| | 265,000 | | | 3.25%, 02/01/21 (c) | | | 268,252 | |
| | | | | School Board of Miami-Dade County, Series D (CP) | | | | |
| | 140,000 | | | 4.00%, 02/01/26 (c) | | | 154,958 | |
| | 265,000 | | | 5.00%, 11/01/24 (c) | | | 307,556 | |
| | 165,000 | | | 5.00%, 02/01/26 | | | 200,351 | |
| | 250,000 | | | 5.00%, 02/01/26 (c) | | | 300,615 | |
| | 200,000 | | | School District of Broward County, Series A (CP)
5.00%, 07/01/26 (c) | | | 239,896 | |
| | | | | South Broward Hospital District (RB) | | | | |
| | 500,000 | | | 4.00%, 05/01/26 (c) | | | 551,965 | |
| | 435,000 | | | 5.00%, 05/01/26 (c) | | | 522,618 | |
| | | | | South Florida Water Management District (CP) | | | | |
| | 400,000 | | | 3.00%, 04/01/26 (c) | | | 419,364 | |
| | 150,000 | | | 5.00%, 04/01/26 (c) | | | 181,554 | |
| | | | | South Miami Health Facilities Authority (RB) | | | | |
| | 1,000,000 | | | 5.00%, 08/15/27 (c) | | | 1,220,370 | |
| | 710,000 | | | 5.00%, 08/15/27 (c) | | | 879,399 | |
| | | | | State of Florida, Board of Education, Lottery Revenue, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 07/01/25 | | | 120,451 | |
| | 255,000 | | | 5.00%, 07/01/26 | | | 314,945 | |
| | 100,000 | | | State of Florida, Board of Education, Lottery Revenue, Series B (RB)
5.00%, 07/01/26 | | | 123,508 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | | | | |
| | 825,000 | | | 2.70%, 06/01/24 (c) | | | 864,146 | |
| | 650,000 | | | 4.00%, 06/01/28 (c) | | | 760,578 | |
| | 525,000 | | | 5.00%, 06/01/24 (c) | | | 613,935 | |
| | 815,000 | | | 5.00%, 06/01/25 (c) | | | 979,907 | |
| | 795,000 | | | 5.00%, 06/01/28 (c) | | | 1,006,176 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) | | | | |
| | 10,000 | | | 3.00%, 06/01/24 (c) | | | 10,656 | |
| | 125,000 | | | 5.00%, 06/01/24 (c) | | | 146,175 | |
| | 1,000,000 | | | 5.00%, 06/01/27 (c) | | | 1,255,180 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | | | | |
| | 500,000 | | | 3.00%, 06/01/24 (c) | | | 523,020 | |
| | 250,000 | | | 3.00%, 06/01/24 (c) | | | 263,233 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Florida: (continued) |
| $ | 1,750,000 | | | 3.00%, 06/01/29 (c) | | $ | 1,868,667 | |
| | 725,000 | | | 4.00%, 06/01/26 (c) | | | 830,096 | |
| | 500,000 | | | 4.00%, 06/01/26 (c) | | | 574,950 | |
| | 1,500,000 | | | 4.00%, 06/01/27 (c) | | | 1,743,855 | |
| | 20,000 | | | 5.00%, 06/01/24 (c) | | | 23,388 | |
| | 585,000 | | | 5.00%, 06/01/27 | | | 735,398 | |
| | 145,000 | | | 5.00%, 06/01/28 (c) | | | 184,224 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | | | | |
| | 20,000 | | | 4.00%, 06/01/26 | | | 23,342 | |
| | 10,000 | | | 5.00%, 06/01/26 (c) | | | 12,252 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | | | | |
| | 1,070,000 | | | 2.38%, 06/01/26 (c) | | | 1,093,058 | |
| | 500,000 | | | 3.00%, 06/01/25 (c) | | | 530,600 | |
| | 200,000 | | | 4.00%, 06/01/25 (c) | | | 224,528 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) | | | | |
| | 35,000 | | | 5.00%, 06/01/25 (c) | | | 42,124 | |
| | 35,000 | | | 5.00%, 06/01/26 (c) | | | 42,881 | |
| | | | | 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) | | | 631,218 | |
| | 555,000 | | | 3.00%, 07/01/27 (c) | | | 598,479 | |
| | 40,000 | | | 5.00%, 07/01/26 (c) | | | 49,397 | |
| | 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) | | | 964,042 | |
| | 555,000 | | | State of Florida, Department of Transportation, Turnpike Revenue, Series B (RB)
2.63%, 07/01/25 (c) | | | 585,519 | |
| | | | | Tampa Bay, Water Utility System, Series A (RB) | | | | |
| | 110,000 | | | 4.00%, 10/01/25 (c) | | | 125,761 | |
| | 15,000 | | | 5.00%, 10/01/25 | | | 18,182 | |
| | | | | Volusia County School Board, Master Lease Program, Series B (CP) | | | | |
| | 280,000 | | | 5.00%, 08/01/24 (c) | | | 324,971 | |
| | 15,000 | | | 5.00%, 08/01/24 (c) | | | 17,439 | |
| | | | | West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area (TA) | | | | |
| | 680,000 | | | 5.00%, 03/01/29 (c) | | | 851,802 | |
| | 680,000 | | | 5.00%, 03/01/29 (c) | | | 854,427 | |
| | | | | | | | 81,332,410 | |
| Georgia: 1.7% |
| | 420,000 | | | Augusta, Water and Sewer Revenue (RB)
3.00%, 10/01/27 (c) | | | 442,247 | |
Principal
Amount | | | | | Value | |
| Georgia: (continued) |
| $ | 1,000,000 | | | City of Atlanta, Airport Passenger Facility Charge (RB)
5.00%, 07/01/29 (c) | | $ | 1,259,920 | |
| | | | | City of Atlanta, Public Improvement (GO) | | | | |
| | 630,000 | | | 4.50%, 12/01/24 (c) | | | 727,681 | |
| | 25,000 | | | 4.88%, 12/01/24 (c) | | | 29,442 | |
| | 330,000 | | | 5.00%, 12/01/24 (c) | | | 388,549 | |
| | | | | City of Atlanta, Water and Wastewater (RB) | | | | |
| | 200,000 | | | 4.00%, 11/01/29 (c) | | | 235,342 | |
| | 580,000 | | | 5.00%, 05/01/25 (c) | | | 681,819 | |
| | 1,050,000 | | | 5.00%, 05/01/25 (c) | | | 1,232,301 | |
| | 125,000 | | | 5.00%, 05/01/25 (c) | | | 149,119 | |
| | 295,000 | | | 5.00%, 05/01/25 (c) | | | 348,711 | |
| | 30,000 | | | 5.00%, 05/01/25 (c) | | | 35,395 | |
| | 990,000 | | | 5.00%, 05/01/25 (c) | | | 1,165,458 | |
| | 1,040,000 | | | City of Austin, Water and Wastewater System (RB)
5.00%, 05/01/25 (c) | | | 1,234,428 | |
| | 250,000 | | | Clarke County Hospital Authority, Series A (RB)
5.00%, 07/01/26 (c) | | | 300,398 | |
| | 750,000 | | | Cobb County Kennestone Hospital Authority, Series A (RB)
5.00%, 04/01/27 (c) | | | 898,110 | |
| | 25,000 | | | County of Forsyth, Series B (GO)
5.00%, 03/01/25 (c) | | | 29,849 | |
| | | | | Forsyth County School District (GO) | | | | |
| | 1,000,000 | | | 5.00%, 02/01/28 (c) | | | 1,265,910 | |
| | 1,000,000 | | | 5.00%, 02/01/28 (c) | | | 1,278,190 | |
| | | | | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | | | | |
| | 225,000 | | | 5.00%, 02/15/27 (c) | | | 264,400 | |
| | 100,000 | | | 5.00%, 02/15/27 (c) | | | 119,866 | |
| | | | | Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | | | | |
| | 925,000 | | | 2.90%, 12/01/25 (c) | | | 961,991 | |
| | 285,000 | | | 3.00%, 06/01/24 (c) | | | 296,223 | |
| | 190,000 | | | Glynn-Brunswick Memorial Hospital Authority (RB)
5.00%, 08/01/25 (c) | | | 216,353 | |
| | 15,000 | | | Henry County School District (GO) (SAW)
5.00%, 08/01/25 | | | 18,091 | |
| | | | | Metropolitan Atlanta Rapid Transit Authority, Series B (RB) | | | | |
| | 300,000 | | | 5.00%, 07/01/26 (c) | | | 363,129 | |
| | 30,000 | | | 5.00%, 07/01/26 (c) | | | 36,404 | |
| | | | | Metropolitan Atlanta Rapid Transit Authority, Series C (RB) | | | | |
| | 495,000 | | | 5.00%, 07/01/26 (c) | | | 604,647 | |
| | 235,000 | | | 5.00%, 07/01/26 (c) | | | 288,145 | |
| | 420,000 | | | 5.00%, 07/01/26 | | | 518,133 | |
| | | | | Municipal Electric Authority of Georgia, Series A (RB) | | | | |
| | 110,000 | | | 5.00%, 01/01/25 (c) | | | 127,166 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Georgia: (continued) |
| $ | 200,000 | | | 5.00%, 07/01/26 (c) | | $ | 237,062 | |
| | 1,090,000 | | | 5.00%, 07/01/26 (c) | | | 1,301,449 | |
| | 500,000 | | | Private Colleges and Universities Authority, Emory University, Series A (RB)
5.00%, 09/01/29 (c) | | | 646,245 | |
| | | | | Richmond County Hospital Authority, University Health Services, Inc. Project (RB) | | | | |
| | 345,000 | | | 3.00%, 07/01/26 (c) | | | 358,969 | |
| | 595,000 | | | 5.00%, 07/01/26 (c) | | | 720,366 | |
| | 375,000 | | | 5.00%, 07/01/26 (c) | | | 449,220 | |
| | | | | State of Georgia, Series A (GO) | | | | |
| | 985,000 | | | 2.50%, 02/01/26 (c) | | | 998,563 | |
| | 125,000 | | | 5.00%, 02/01/26 | | | 153,458 | |
| | 1,190,000 | | | 5.00%, 02/01/26 (c) | | | 1,455,489 | |
| | 680,000 | | | 5.00%, 02/01/26 (c) | | | 826,615 | |
| | 600,000 | | | 5.00%, 07/01/26 | | | 744,072 | |
| | 1,200,000 | | | 5.00%, 02/01/27 (c) | | | 1,476,816 | |
| | 1,000,000 | | | 5.00%, 02/01/27 | | | 1,256,450 | |
| | 350,000 | | | 5.00%, 02/01/27 (c) | | | 436,142 | |
| | 150,000 | | | 5.00%, 02/01/27 (c) | | | 186,186 | |
| | | | | State of Georgia, Series C (GO) | | | | |
| | 3,000,000 | | | 5.00%, 07/01/27 (c) | | | 3,755,460 | |
| | 130,000 | | | 5.00%, 07/01/27 | | | 164,905 | |
| | 1,010,000 | | | State of Georgia, Series C-1 (GO)
5.00%, 02/01/26 | | | 1,239,937 | |
| | 610,000 | | | State of Georgia, Series E (GO)
5.00%, 12/01/25 | | | 745,780 | |
| | | | | | | | 32,670,601 | |
| Hawaii: 1.2% |
| | 35,000 | | | City and County of Honolulu, Board of Water Supply, Series A (RB)
5.00%, 07/01/24 (c) | | | 40,481 | |
| | 675,000 | | | City and County of Honolulu, Series A (GO)
5.00%, 10/01/25 (c) | | | 806,807 | |
| | | | | City and County of Honolulu, Series B (GO) | | | | |
| | 10,000 | | | 5.00%, 10/01/25 (c) | | | 11,932 | |
| | 760,000 | | | 5.00%, 10/01/25 (c) | | | 913,193 | |
| | 1,010,000 | | | 5.00%, 10/01/25 (c) | | | 1,217,464 | |
| | 1,000,000 | | | 5.00%, 09/01/27 (c) | | | 1,241,050 | |
| | 1,000,000 | | | City and County of Honolulu, Series C (GO)
5.00%, 10/01/29 | | | 1,314,610 | |
| | | | | City and County of Honolulu, Wastewater System, Series A (RB) | | | | |
| | 970,000 | | | 4.00%, 07/01/26 (c) | | | 1,088,815 | |
| | 1,015,000 | | | 5.00%, 07/01/26 (c) | | | 1,224,323 | |
| | 100,000 | | | City and County of Honolulu, Wastewater System, Series B (RB)
4.00%, 07/01/26 (c) | | | 111,706 | |
| | 175,000 | | | State of Hawaii, Department of Budget and Finance, Series A (RB)
5.00%, 07/01/25 | | | 208,154 | |
| | 250,000 | | | State of Hawaii, Series A (RB)
5.00%, 07/01/24 (c) | | | 287,890 | |
Principal
Amount | | | | | Value | |
| Hawaii: (continued) |
| $ | 295,000 | | | State of Hawaii, Series B (RB)
5.00%, 07/01/26 (c) | | $ | 360,210 | |
| | 1,645,000 | | | State of Hawaii, Series EO (GO)
5.00%, 08/01/24 (c) | | | 1,913,398 | |
| | 25,000 | | | State of Hawaii, Series EQ (GO)
5.00%, 08/01/24 (c) | | | 28,833 | |
| | 50,000 | | | State of Hawaii, Series ET (GO)
5.00%, 10/01/25 | | | 60,639 | |
| | | | | State of Hawaii, Series EY (GO) | | | | |
| | 120,000 | | | 5.00%, 10/01/25 (c) | | | 144,649 | |
| | 1,205,000 | | | 5.00%, 10/01/25 (c) | | | 1,456,218 | |
| | 500,000 | | | State of Hawaii, Series EZ (GO)
5.00%, 10/01/25 (c) | | | 604,240 | |
| | 200,000 | | | State of Hawaii, Series FB (GO)
4.00%, 04/01/26 (c) | | | 230,510 | |
| | 130,000 | | | State of Hawaii, Series FE (GO)
5.00%, 10/01/25 | | | 157,661 | |
| | | | | State of Hawaii, Series FH (GO) | | | | |
| | 15,000 | | | 5.00%, 10/01/26 (c) | | | 18,511 | |
| | 375,000 | | | 5.00%, 10/01/26 (c) | | | 464,186 | |
| | | | | State of Hawaii, Series FK (GO) | | | | |
| | 690,000 | | | 5.00%, 05/01/27 (c) | | | 845,698 | |
| | 130,000 | | | 5.00%, 05/01/27 (c) | | | 159,861 | |
| | | | | State of Hawaii, Series FN (GO) | | | | |
| | 500,000 | | | 5.00%, 10/01/27 (c) | | | 627,300 | |
| | 105,000 | | | 5.00%, 10/01/27 (c) | | | 132,756 | |
| | | | | State of Hawaii, Series FT (GO) | | | | |
| | 295,000 | | | 4.00%, 01/01/28 (c) | | | 341,203 | |
| | 250,000 | | | 5.00%, 01/01/26 | | | 304,790 | |
| | 1,020,000 | | | 5.00%, 10/01/27 (c) | | | 1,271,838 | |
| | 150,000 | | | 5.00%, 01/01/28 (c) | | | 187,338 | |
| | 1,150,000 | | | 5.00%, 01/01/28 (c) | | | 1,438,224 | |
| | 1,300,000 | | | State of Hawaii, Series FW (GO)
5.00%, 01/01/28 | | | 1,653,639 | |
| | 160,000 | | | State of Hawaii, Series HI (GO)
5.00%, 10/01/26 | | | 198,512 | |
| | | | | University of Hawaii, Series E (RB) | | | | |
| | 285,000 | | | 5.00%, 10/01/26 (c) | | | 348,036 | |
| | 240,000 | | | 5.00%, 10/01/26 (c) | | | 292,356 | |
| | | | | | | | 21,707,031 | |
| Idaho: 0.0% |
| | 500,000 | | | Ada and Boise Counties Independent School District (GO)
5.00%, 02/01/27 (c) | | | 612,225 | |
| | | | | Idaho Health Facilities Authority, Trinity Health Group, Series D (RB) | | | | |
| | 115,000 | | | 5.00%, 06/01/22 (c) | | | 124,698 | |
| | 185,000 | | | 5.00%, 06/01/22 (c) | | | 200,697 | |
| | | | | | | | 937,620 | |
| Illinois: 4.3% |
| | 235,000 | | | Chicago Board of Education (ST)
5.75%, 04/01/27 (c) | | | 282,815 | |
| | 100,000 | | | Chicago Board of Education, Series A (GO)
0.00%, 12/01/30 ^ | | | 70,866 | |
| | 175,000 | | | Chicago O’Hare International Airport, Series A (RB)
5.00%, 01/01/27 (c) | | | 212,072 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Illinois: (continued) |
| | | | | Chicago O’Hare International Airport, Series B (RB) | | | | |
| $ | 575,000 | | | 5.00%, 01/01/25 (c) | | $ | 667,736 | |
| | 510,000 | | | 5.00%, 01/01/25 (c) | | | 589,310 | |
| | 135,000 | | | 5.00%, 01/01/25 (c) | | | 155,687 | |
| | 580,000 | | | 5.00%, 01/01/25 (c) | | | 667,951 | |
| | 315,000 | | | 5.00%, 01/01/25 (c) | | | 368,572 | |
| | 130,000 | | | 5.00%, 01/01/25 (c) | | | 152,595 | |
| | 470,000 | | | 5.00%, 01/01/27 (c) | | | 563,962 | |
| | 100,000 | | | 5.00%, 01/01/27 (c) | | | 119,770 | |
| | | | | Chicago O’Hare International Airport, Series C (RB) | | | | |
| | 135,000 | | | 5.00%, 01/01/26 (c) | | | 159,409 | |
| | 545,000 | | | 5.00%, 01/01/26 | | | 656,561 | |
| | 500,000 | | | Chicago Transit Authority (RB)
5.00%, 06/01/26 | | | 596,175 | |
| | 100,000 | | | City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST)
5.75%, 04/01/27 (c) | | | 120,637 | |
| | 750,000 | | | City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.50%, 01/01/25 (c) | | | 852,952 | |
| | | | | City of Chicago, Series A (GO) | | | | |
| | 2,000,000 | | | 5.50%, 01/01/25 (c) | | | 2,264,100 | |
| | 800,000 | | | 5.63%, 01/01/27 (c) | | | 943,328 | |
| | 340,000 | | | 5.63%, 01/01/27 (c) | | | 402,458 | |
| | 510,000 | | | City of Chicago, Series C (GO)
5.00%, 01/01/26 (c) | | | 565,529 | |
| | 100,000 | | | City of Chicago, Series E (GO)
5.50%, 01/01/25 (c) | | | 112,805 | |
| | | | | City of Chicago, Wastewater Transmission Revenue, Second Lien (RB) | | | | |
| | 125,000 | | | 5.00%, 01/01/24 (c) | | | 139,101 | |
| | 225,000 | | | 5.00%, 01/01/24 (c) | | | 251,840 | |
| | 1,260,000 | | | 5.00%, 01/01/24 (c) | | | 1,416,152 | |
| | 100,000 | | | City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B (RB)
5.00%, 01/01/26 | | | 117,827 | |
| | | | | City of Chicago, Water Revenue, Second Lien (RB) | | | | |
| | 120,000 | | | 5.00%, 11/01/24 (c) | | | 135,737 | |
| | 655,000 | | | 5.00%, 11/01/24 (c) | | | 746,451 | |
| | 75,000 | | | 5.00%, 11/01/24 (c) | | | 85,845 | |
| | 1,010,000 | | | 5.00%, 11/01/27 (c) | | | 1,212,404 | |
| | 180,000 | | | 5.25%, 11/01/27 (c) | | | 218,162 | |
| | | | | City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) | | | | |
| | 305,000 | | | 5.00%, 11/01/26 (c) | | | 356,847 | |
| | 420,000 | | | 5.00%, 11/01/26 (c) | | | 492,538 | |
| | | | | City of Springfield, Electric Revenue, Senior Lien (RB) | | | | |
| | 420,000 | | | 5.00%, 03/01/25 (c) | | | 482,567 | |
| | 15,000 | | | 5.00%, 03/01/25 (c) | | | 17,160 | |
| | 775,000 | | | 5.00%, 03/01/25 (c) | | | 905,153 | |
| | 425,000 | | | 5.00%, 03/01/25 (c) | | | 494,568 | |
Principal
Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 1,000,000 | | | Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO)
5.00%, 12/01/27 | | $ | 1,258,500 | |
| | 210,000 | | | Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO)
5.00%, 01/01/25 (c) | | | 242,823 | |
| | 325,000 | | | County of Cook, Series A (GO)
5.00%, 11/15/26 (c) | | | 380,568 | |
| | | | | Illinois Finance Authority of Clean Water Initiative (RB) | | | | |
| | 155,000 | | | 5.00%, 01/01/27 (c) | | | 188,471 | |
| | 115,000 | | | 5.00%, 01/01/27 (c) | | | 141,266 | |
| | | | | Illinois Finance Authority, Advocate Health Care Network (RB) | | | | |
| | 225,000 | | | 5.00%, 08/01/24 (c) | | | 256,516 | |
| | 250,000 | | | 5.00%, 08/01/24 (c) | | | 288,670 | |
| | | | | Illinois Finance Authority, Clean Water Initiative (RB) | | | | |
| | 165,000 | | | 4.00%, 01/01/26 (c) | | | 185,290 | |
| | 100,000 | | | 4.00%, 01/01/26 (c) | | | 114,321 | |
| | 135,000 | | | 5.00%, 01/01/26 | | | 163,517 | |
| | 685,000 | | | 5.00%, 01/01/26 (c) | | | 823,178 | |
| | 400,000 | | | 5.00%, 01/01/27 (c) | | | 496,080 | |
| | | | | Illinois Finance Authority, Mercy Health Corp. (RB) | | | | |
| | 80,000 | | | 4.00%, 06/01/26 (c) | | | 86,562 | |
| | 1,000,000 | | | 4.00%, 06/01/26 (c) | | | 1,077,390 | |
| | 160,000 | | | 4.00%, 06/01/26 (c) | | | 173,718 | |
| | 325,000 | | | 5.00%, 12/01/25 | | | 386,015 | |
| | 250,000 | | | 5.00%, 06/01/26 (c) | | | 290,858 | |
| | 130,000 | | | 5.00%, 06/01/26 (c) | | | 153,846 | |
| | | | | Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) | | | | |
| | 1,325,000 | | | 3.00%, 01/15/28 (c) | | | 1,370,063 | |
| | 280,000 | | | 5.00%, 07/15/27 | | | 350,599 | |
| | 260,000 | | | Illinois Finance Authority, Northwestern University (RB)
5.00%, 12/01/28 | | | 335,403 | |
| | 100,000 | | | Illinois Finance Authority, OSF Healthcare System, Series A (RB)
5.00%, 11/15/25 (c) | | | 115,311 | |
| | 1,010,000 | | | Illinois Finance Authority, Presence Health Network, Series C (RB)
4.00%, 02/15/27 (c) | | | 1,129,988 | |
| | | | | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 05/15/25 (c) | | | 115,038 | |
| | 125,000 | | | 5.00%, 05/15/25 (c) | | | 145,023 | |
| | 195,000 | | | 5.00%, 05/15/25 (c) | | | 229,104 | |
| | 190,000 | | | Illinois Finance Authority, University of Chicago, Series A (RB)
5.00%, 10/01/24 (c) | | | 221,506 | |
| | 500,000 | | | Illinois Housing Development Authority, Series B (RB)
3.45%, 04/01/27 (c) | | | 534,330 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Illinois: (continued) |
| | | | | Illinois Housing Development Authority, Series C (RB) | | | | |
| $ | 540,000 | | | 2.80%, 10/01/28 (c) | | $ | 552,226 | |
| | 220,000 | | | 3.10%, 02/01/26 (c) | | | 226,587 | |
| | 170,000 | | | Illinois Municipal Electric Agency, Power Supply System, Series A (RB)
5.00%, 08/01/25 (c) | | | 198,987 | |
| | | | | Illinois State Toll Highway Authority, Series A (RB) | | | | |
| | 290,000 | | | 4.00%, 01/01/26 (c) | | | 320,378 | |
| | 555,000 | | | 5.00%, 01/01/26 (c) | | | 653,013 | |
| | 760,000 | | | 5.00%, 01/01/26 (c) | | | 891,138 | |
| | 510,000 | | | 5.00%, 01/01/28 (c) | | | 621,226 | |
| | 175,000 | | | 5.00%, 01/01/29 | | | 221,473 | |
| | 345,000 | | | Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/24 (c) | | | 394,501 | |
| | | | | Illinois State Toll Highway Authority, Series C (RB) | | | | |
| | 500,000 | | | 5.00%, 01/01/25 (c) | | | 578,020 | |
| | 100,000 | | | 5.00%, 01/01/25 (c) | | | 116,706 | |
| | | | | Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | | | | |
| | 215,000 | | | 5.00%, 01/01/24 (c) | | | 239,521 | |
| | 120,000 | | | 5.00%, 01/01/24 (c) | | | 134,563 | |
| | | | | Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | | | | |
| | 190,000 | | | 5.00%, 01/01/24 (c) | | | 213,712 | |
| | 450,000 | | | 5.00%, 01/01/24 (c) | | | 503,851 | |
| | 410,000 | | | 5.00%, 01/01/24 (c) | | | 463,443 | |
| | 1,055,000 | | | 5.00%, 01/01/24 (c) | | | 1,188,215 | |
| | 700,000 | | | Kendall, Kane, and Will Counties Community Unit School District No. 308 (GO)
5.00%, 02/01/26 (c) | | | 816,802 | |
| | | | | Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | | | | |
| | 425,000 | | | 5.00%, 12/01/26 (c) | | | 511,742 | |
| | 340,000 | | | 5.00%, 12/01/26 | | | 417,010 | |
| | | | | Northern Illinois Municipal Power Agency, Series A (RB) | | | | |
| | 1,130,000 | | | 4.00%, 12/01/26 (c) | | | 1,254,989 | |
| | 45,000 | | | 5.00%, 12/01/25 | | | 53,879 | |
| | | | | Railsplitter Tobacco Settlement Authority (RB) | | | | |
| | 1,795,000 | | | 5.00%, 06/01/26 (c) | | | 2,163,280 | |
| | 325,000 | | | 5.00%, 06/01/26 | | | 393,328 | |
| | | | | Regional Transportation Authority of Illinois, Series A (RB) | | | | |
| | 530,000 | | | 5.00%, 07/01/25 | | | 628,824 | |
| | 500,000 | | | 5.00%, 07/01/27 (c) | | | 609,085 | |
| | 305,000 | | | 5.00%, 07/01/27 (c) | | | 372,152 | |
| | | | | Sales Tax Securitization Corp., Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/26 | | | 116,816 | |
Principal
Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 250,000 | | | 5.00%, 01/01/28 (c) | | $ | 292,770 | |
| | 570,000 | | | 5.00%, 01/01/28 (c) | | | 666,091 | |
| | 250,000 | | | 5.00%, 01/01/28 (c) | | | 293,650 | |
| | 880,000 | | | 5.00%, 01/01/28 (c) | | | 1,048,370 | |
| | 800,000 | | | 5.00%, 01/01/28 (c) | | | 946,320 | |
| | | | | State of Illinois (RB) | | | | |
| | 300,000 | | | 3.00%, 06/15/26 (c) | | | 280,755 | |
| | 495,000 | | | 3.00%, 06/15/26 (c) | | | 467,879 | |
| | 710,000 | | | 3.00%, 06/15/26 (c) | | | 685,832 | |
| | 320,000 | | | 3.00%, 06/15/26 (c) | | | 299,462 | |
| | 680,000 | | | 3.00%, 06/15/26 (c) | | | 651,012 | |
| | 720,000 | | | 3.50%, 06/01/26 (c) | | | 725,616 | |
| | 1,120,000 | | | 3.50%, 06/01/26 (c) | | | 1,120,426 | |
| | 595,000 | | | 4.00%, 01/01/26 (c) | | | 618,116 | |
| | 1,000,000 | | | 4.00%, 06/01/26 (c) | | | 1,029,700 | |
| | 1,060,000 | | | 4.00%, 06/01/26 (c) | | | 1,099,973 | |
| | 2,895,000 | | | 4.00%, 06/01/26 (c) | | | 2,987,322 | |
| | 380,000 | | | 4.00%, 06/15/26 (c) | | | 410,689 | |
| | 750,000 | | | 4.13%, 11/01/26 (c) | | | 786,952 | |
| | 275,000 | | | 5.00%, 05/01/24 (c) | | | 302,803 | |
| | 130,000 | | | 5.00%, 01/01/26 (c) | | | 144,154 | |
| | 1,080,000 | | | 5.00%, 01/01/26 | | | 1,226,146 | |
| | 1,025,000 | | | 5.00%, 01/01/26 (c) | | | 1,134,019 | |
| | 575,000 | | | 5.00%, 01/01/26 (c) | | | 643,793 | |
| | 185,000 | | | 5.00%, 01/01/26 (c) | | | 208,140 | |
| | 250,000 | | | 5.00%, 02/01/26 | | | 284,160 | |
| | 1,050,000 | | | 5.00%, 06/01/26 (c) | | | 1,187,854 | |
| | 400,000 | | | 5.00%, 06/15/26 (c) | | | 456,416 | |
| | 2,010,000 | | | 5.00%, 02/01/27 | | | 2,300,726 | |
| | 1,890,000 | | | 5.00%, 02/01/27 (c) | | | 2,155,942 | |
| | 150,000 | | | 6.00%, 05/01/25 | | | 175,770 | |
| | 1,000,000 | | | 6.00%, 05/01/26 | | | 1,199,880 | |
| | | | | State of Illinois, Series A (RB) | | | | |
| | 185,000 | | | 5.00%, 06/15/26 | | | 212,811 | |
| | 100,000 | | | 5.00%, 06/15/26 (c) | | | 114,103 | |
| | 1,000,000 | | | 5.00%, 05/01/28 (c) | | | 1,133,960 | |
| | 260,000 | | | 5.00%, 10/01/28 | | | 303,256 | |
| | 1,200,000 | | | 5.25%, 12/01/27 (c) | | | 1,391,964 | |
| | 1,770,000 | | | State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) | | | 2,008,242 | |
| | | | | State of Illinois, Series D (GO) | | | | |
| | 2,480,000 | | | 5.00%, 11/01/25 | | | 2,803,144 | |
| | 500,000 | | | 5.00%, 06/15/26 (c) | | | 563,225 | |
| | 955,000 | | | 5.00%, 11/01/26 | | | 1,085,873 | |
| | 2,200,000 | | | 5.00%, 11/01/27 (c) | | | 2,518,296 | |
| | 30,000 | | | University of Illinois, Series A (RB)
4.00%, 04/01/25 (c) | | | 32,457 | |
| | | | | | | | 81,705,132 | |
| Indiana: 0.8% |
| | 585,000 | | | Ball State University, Series R (RB)
5.00%, 07/01/27 | | | 734,795 | |
| | 15,000 | | | Carmel Local Public Improvement Bond Bank (RB)
5.00%, 07/15/26 (c) | | | 18,069 | |
| | | | | Indiana Finance Authority Highway, Series C (RB) | | | | |
| | 1,060,000 | | | 5.00%, 12/01/26 (c) | | | 1,315,131 | |
| | 160,000 | | | 5.00%, 12/01/26 (c) | | | 199,040 | |
| | 1,000,000 | | | 5.00%, 02/01/28 (c) | | | 1,270,170 | |
| | 420,000 | | | 5.00%, 06/01/28 | | | 538,524 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Indiana: (continued) |
| $ | 130,000 | | | Indiana Finance Authority, Series B (RB)
5.00%, 02/01/26 (c) | | $ | 158,305 | |
| | 610,000 | | | Indiana Finance Authority, Series C (RB)
5.00%, 02/01/28 (c) | | | 770,332 | |
| | | | | Indiana Finance Authority, Series E (RB) | | | | |
| | 100,000 | | | 5.00%, 08/01/26 (c) | | | 122,776 | |
| | 1,000,000 | | | 5.00%, 08/01/26 (c) | | | 1,222,520 | |
| | 160,000 | | | 5.00%, 08/01/26 (c) | | | 197,504 | |
| | 2,165,000 | | | 5.00%, 06/01/29 | | | 2,825,801 | |
| | 125,000 | | | Indiana Finance Authority, Stadium Project, Series A (RB)
5.00%, 08/01/25 (c) | | | 150,026 | |
| | 300,000 | | | Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB)
2.85%, 07/01/25 (c) | | | 305,277 | |
| | | | | Indiana Municipal Power Agency, Series A (RB) | | | | |
| | 1,650,000 | | | 5.00%, 07/01/26 (c) | | | 1,978,795 | |
| | 250,000 | | | 5.00%, 01/01/28 (c) | | | 305,363 | |
| | 205,000 | | | Indiana Municipal Power Agency, Series C (RB)
5.00%, 07/01/26 (c) | | | 250,073 | |
| | 15,000 | | | Indiana University, Series W-2 (RB)
5.00%, 08/01/24 (c) | | | 17,605 | |
| | 1,325,000 | | | Indianapolis Local Public Improvement Bond Bank, Series A (RB)
5.00%, 02/01/29 (c) | | | 1,686,977 | |
| | 160,000 | | | Indianapolis Local Public Improvement Bond Bank, Series C (RB)
4.00%, 01/01/28 (c) | | | 183,594 | |
| | 20,000 | | | IPS Multi-School Building Corp. (RB)
5.00%, 01/15/25 (c) | | | 23,492 | |
| | 185,000 | | | Trustees of the Indiana State University, Series A (RB)
5.00%, 06/01/26 (c) | | | 227,744 | |
| | 140,000 | | | Zionsville Community Schools Building Corp., Series B (RB)
3.00%, 07/15/24 (c) | | | 147,960 | |
| | | | | | | | 14,649,873 | |
| Iowa: 0.4% |
| | | | | Iowa Finance Authority (RB) | | | | |
| | 110,000 | | | 5.00%, 08/01/26 | | | 136,362 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,245,830 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,263,110 | |
| | 120,000 | | | Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c) | | | 134,165 | |
| | 3,700,000 | | | PEFA, Inc. (RB)
5.00%, 06/01/26 (c) (p) | | | 4,353,124 | |
| | 125,000 | | | State of Iowa, IJob Program, Series A (RB)
5.00%, 06/01/26 (c) | | | 152,443 | |
Principal
Amount | | | | | Value | |
| Iowa: (continued) |
| $ | 130,000 | | | State of Iowa, Prison Infrastructure Fund, Series A (RB)
5.00%, 06/15/26 | | $ | 159,838 | |
| | | | | | | | 7,444,872 | |
| Kansas: 0.7% |
| | | | | Butler County Unified School District No. 385 (GO) | | | | |
| | 300,000 | | | 4.00%, 09/01/27 (c) | | | 344,358 | |
| | 500,000 | | | 4.00%, 09/01/27 (c) | | | 576,460 | |
| | 500,000 | | | 5.00%, 09/01/27 (c) | | | 612,645 | |
| | 250,000 | | | 5.00%, 09/01/27 (c) | | | 306,975 | |
| | 540,000 | | | City of Wichita, Series 811 (GO)
3.00%, 06/01/23 (c) | | | 567,065 | |
| | | | | County of Johnson, Internal Improvement, Series A (GO) | | | | |
| | 750,000 | | | 4.00%, 09/01/27 (c) | | | 857,452 | |
| | 750,000 | | | 5.00%, 09/01/27 (c) | | | 939,060 | |
| | 210,000 | | | Johnson and Miami Counties Unified School District No. 230 Spring Hills (GO)
4.00%, 09/01/26 (c) | | | 234,368 | |
| | 300,000 | | | Johnson County Unified School District No. 512, Series A (GO)
4.00%, 10/01/25 (c) | | | 334,104 | |
| | | | | Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB) | | | | |
| | 225,000 | | | 5.00%, 04/01/23 (c) | | | 251,314 | |
| | 140,000 | | | 5.00%, 04/01/23 (c) | | | 155,852 | |
| | 10,000 | | | 5.00%, 04/01/23 (c) | | | 11,143 | |
| | | | | Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) | | | | |
| | 380,000 | | | 5.00%, 05/01/23 (c) | | | 425,349 | |
| | 690,000 | | | 5.00%, 05/01/23 (c) | | | 770,633 | |
| | 125,000 | | | Seward County Unified School District No. 480, Series B (GO)
5.00%, 09/01/25 (c) | | | 147,976 | |
| | | | | State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | | | | |
| | 110,000 | | | 5.00%, 09/01/24 (c) | | | 128,667 | |
| | 740,000 | | | 5.00%, 09/01/24 (c) | | | 868,235 | |
| | 150,000 | | | 5.00%, 09/01/27 (c) | | | 185,234 | |
| | 720,000 | | | 5.00%, 09/01/27 (c) | | | 894,154 | |
| | 775,000 | | | 5.00%, 09/01/27 (c) | | | 959,775 | |
| | 400,000 | | | 5.00%, 09/01/27 | | | 506,236 | |
| | 630,000 | | | 5.00%, 09/01/27 (c) | | | 782,384 | |
| | | | | State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) | | | | |
| | 120,000 | | | 5.00%, 09/01/25 (c) | | | 142,984 | |
| | 720,000 | | | 5.00%, 09/01/25 (c) | | | 855,670 | |
| | 765,000 | | | 5.00%, 09/01/25 (c) | | | 914,527 | |
| | 555,000 | | | 5.00%, 09/01/25 (c) | | | 669,341 | |
| | 295,000 | | | 5.00%, 09/01/25 (c) | | | 354,678 | |
| | 250,000 | | | Wyandotte County, Unified School District No. 500, Series A (GO)
4.00%, 09/01/26 (c) | | | 279,515 | |
| | | | | | | | 14,076,154 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Kentucky: 0.6% |
| $ | 125,000 | | | Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB)
5.00%, 08/01/25 (c) | | $ | 146,140 | |
| | | | | Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) | | | | |
| | 1,020,000 | | | 5.00%, 11/01/26 (c) | | | 1,219,165 | |
| | 585,000 | | | 5.00%, 11/01/26 (c) | | | 702,638 | |
| | 450,000 | | | 5.00%, 11/01/26 | | | 544,333 | |
| | | | | Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | | | | |
| | 20,000 | | | 5.00%, 09/01/25 (c) | | | 23,762 | |
| | 80,000 | | | 5.00%, 09/01/25 | | | 95,413 | |
| | 595,000 | | | Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB)
3.00%, 05/01/26 (c) | | | 617,408 | |
| | | | | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) | | | | |
| | 1,080,000 | | | 5.00%, 09/01/25 (c) | | | 1,257,390 | |
| | 200,000 | | | 5.00%, 09/01/25 (c) | | | 235,186 | |
| | 100,000 | | | Kentucky State Property and Building Commission No. 119 (RB)
5.00%, 05/01/28 | | | 123,333 | |
| | 165,000 | | | Kentucky Turnpike Authority, Series A (RB)
5.00%, 07/01/26 (c) | | | 197,845 | |
| | | | | Kentucky Turnpike Authority, Series B (RB) | | | | |
| | 800,000 | | | 5.00%, 07/01/26 | | | 965,944 | |
| | 380,000 | | | 5.00%, 07/01/27 | | | 468,016 | |
| | | | | Louisville and Jefferson County Metro Government, Norton Healthcare, Inc., Series A (RB) | | | | |
| | 975,000 | | | 4.00%, 10/01/26 (c) | | | 1,065,100 | |
| | 55,000 | | | 5.00%, 10/01/26 (c) | | | 66,224 | |
| | 290,000 | | | 5.00%, 10/01/26 (c) | | | 345,953 | |
| | 105,000 | | | Louisville and Jefferson County Metro Government, Water System (RB)
3.00%, 11/15/25 (c) | | | 109,383 | |
| | 20,000 | | | Paducah Electric Plant Board, Series A (RB) (AGM)
5.00%, 10/01/26 | | | 24,299 | |
| | 125,000 | | | Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series B (RB)
5.00%, 07/01/26 | | | 150,929 | |
| | | | | University of Kentucky, Series A (RB) | | | | |
| | 770,000 | | | 3.00%, 04/01/26 (c) | | | 795,741 | |
| | 500,000 | | | 4.00%, 04/01/26 (c) | | | 566,470 | |
| | 745,000 | | | University of Kentucky, Series B (RB)
5.00%, 04/01/25 (c) | | | 882,579 | |
| | | | | | | | 10,603,251 | |
| Louisiana: 0.8% |
| | 250,000 | | | East Baton Rouge Sewerage Commission, Series B (RB)
5.00%, 02/01/25 (c) | | | 291,875 | |
Principal
Amount | | | | | Value | |
| Louisiana: (continued) |
| $ | 2,635,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)
3.50%, 11/01/27 (c) | | $ | 2,798,370 | |
| | | | | 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) | | | 212,016 | |
| | 990,000 | | | 5.00%, 10/01/27 (c) | | | 1,211,542 | |
| | 295,000 | | | Louisiana Public Facilities Authority (RB)
5.00%, 07/01/25 (c) | | | 341,495 | |
| | 505,000 | | | Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB)
3.50%, 06/01/21 (c) | | | 513,610 | |
| | | | | Louisiana Public Facilities Authority, Hurricane Recovery Program (RB) | | | | |
| | 900,000 | | | 5.00%, 06/01/24 (c) | | | 1,033,200 | |
| | 535,000 | | | 5.00%, 06/01/24 (c) | | | 616,047 | |
| | 1,060,000 | | | Louisiana State Citizens Property Insurance Corp., Series A (RB)
5.00%, 06/01/26 | | | 1,294,695 | |
| | 350,000 | | | State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB)
5.00%, 05/01/24 (c) | | | 403,697 | |
| | | | | State of Louisiana, Series A (GO) | | | | |
| | 150,000 | | | 3.50%, 04/01/27 (c) | | | 162,534 | |
| | 760,000 | | | 5.00%, 05/01/25 (c) | | | 896,048 | |
| | 760,000 | | | 5.00%, 03/01/26 | | | 926,144 | |
| | 640,000 | | | 5.00%, 09/01/26 (c) | | | 774,950 | |
| | 565,000 | | | 5.00%, 04/01/27 (c) | | | 693,492 | |
| | | | | State of Louisiana, Series B (GO) | | | | |
| | 200,000 | | | 5.00%, 08/01/26 (c) | | | 243,740 | |
| | 205,000 | | | 5.00%, 08/01/26 (c) | | | 251,736 | |
| | 875,000 | | | 5.00%, 10/01/26 | | | 1,080,415 | |
| | 150,000 | | | 5.00%, 10/01/27 | | | 189,027 | |
| | | | | State of Louisiana, Series C (GO) | | | | |
| | 100,000 | | | 5.00%, 08/01/24 (c) | | | 116,412 | |
| | 710,000 | | | 5.00%, 08/01/24 (c) | | | 828,336 | |
| | | | | State of Louisiana, Series D (GO) | | | | |
| | 200,000 | | | 3.00%, 09/01/26 (c) | | | 211,932 | |
| | 100,000 | | | 5.00%, 09/01/26 (c) | | | 122,083 | |
| | | | | State of Louisiana, Series D-1 (GO) | | | | |
| | 125,000 | | | 5.00%, 12/01/24 (c) | | | 145,610 | |
| | 500,000 | | | 5.00%, 12/01/24 (c) | | | 588,390 | |
| | | | | | | | 15,947,396 | |
| Maine: 0.0% |
| | 480,000 | | | Maine Turnpike Authority (RB)
5.00%, 07/01/25 (c) | | | 575,261 | |
| Maryland: 3.0% |
| | | | | City of Baltimore, Consolidated Public Improvement, Series B (GO) | | | | |
| | 1,250,000 | | | 5.00%, 10/15/25 | | | 1,516,775 | |
| | 250,000 | | | 5.00%, 10/15/26 | | | 310,448 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Maryland: (continued) |
| $ | 250,000 | | | 5.00%, 10/15/27 (c) | | $ | 315,493 | |
| | 280,000 | | | 5.00%, 10/15/27 | | | 354,572 | |
| | 125,000 | | | City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c) | | | 150,185 | |
| | | | | County of Baltimore (GO) | | | | |
| | 1,505,000 | | | 4.00%, 03/01/29 (c) | | | 1,761,964 | |
| | 1,415,000 | | | 5.00%, 03/01/26 | | | 1,734,917 | |
| | 525,000 | | | County of Harford, Series B (GO)
3.00%, 07/01/24 (c) | | | 560,973 | |
| | | | | County of Montgomery, Series A (GO) | | | | |
| | 1,225,000 | | | 5.00%, 11/01/24 (c) | | | 1,438,419 | |
| | 875,000 | | | 5.00%, 11/01/24 (c) | | | 1,029,402 | |
| | 20,000 | | | 5.00%, 12/01/24 (c) | | | 23,614 | |
| | 300,000 | | | 5.00%, 12/01/24 (c) | | | 355,626 | |
| | | | | County of Montgomery, Series B (GO) | | | | |
| | 275,000 | | | 4.00%, 12/01/23 (c) | | | 305,176 | |
| | 1,735,000 | | | 5.00%, 11/01/24 (c) | | | 2,052,141 | |
| | 350,000 | | | 5.00%, 11/01/24 (c) | | | 413,024 | |
| | 1,190,000 | | | County of Montgomery, Series C (GO)
4.00%, 10/01/27 (c) | | | 1,391,288 | |
| | 15,000 | | | Maryland Economic Development Corp., College Park Projects (RB) (AGM)
5.00%, 06/01/26 (c) | | | 17,995 | |
| | 255,000 | | | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue (RB)
4.00%, 07/01/25 (c) | | | 276,132 | |
| | 550,000 | | | Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue (RB)
5.00%, 02/15/25 (c) | | | 645,425 | |
| | 950,000 | | | Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c) | | | 1,037,523 | |
| | | | | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) | | | | |
| | 750,000 | | | 5.00%, 05/01/26 (c) | | | 902,347 | |
| | 250,000 | | | 5.00%, 05/01/26 (c) | | | 298,145 | |
| | 240,000 | | | 5.00%, 05/01/26 | | | 293,095 | |
| | 250,000 | | | 5.00%, 05/01/26 (c) | | | 302,205 | |
| | 1,000,000 | | | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB)
5.00%, 05/01/28 (c) | | | 1,234,180 | |
| | | | | Maryland State Department of Transportation (RB) | | | | |
| | 500,000 | | | 3.00%, 09/01/27 (c) | | | 532,200 | |
| | 1,500,000 | | | 4.00%, 05/01/25 (c) | | | 1,703,865 | |
| | | | | Maryland State Transportation Authority (RB) | | | | |
| | 300,000 | | | 3.00%, 07/01/27 (c) | | | 313,287 | |
| | 510,000 | | | 3.00%, 07/01/27 (c) | | | 536,046 | |
Principal
Amount | | | | | Value | |
| Maryland: (continued) |
| | | | | Maryland Water Quality Financing Administration (RB) | | | | |
| $ | 1,095,000 | | | 2.80%, 03/01/24 (c) | | $ | 1,155,860 | |
| | 655,000 | | | 3.00%, 03/01/24 (c) | | | 686,126 | |
| | | | | Prince George’s County, Series A (GO) | | | | |
| | 140,000 | | | 4.00%, 09/01/24 (c) | | | 157,244 | |
| | 1,000,000 | | | 4.00%, 07/15/28 (c) | | | 1,185,290 | |
| | 1,000,000 | | | 5.00%, 07/15/28 | | | 1,291,980 | |
| | 1,150,000 | | | 5.00%, 07/15/28 (c) | | | 1,477,520 | |
| | | | | State of Maryland, Department of Transportation (RB) (SAW) | | | | |
| | 3,000,000 | | | 2.13%, 10/01/27 (c) | | | 2,943,690 | |
| | 1,000,000 | | | 3.00%, 11/01/24 (c) | | | 1,047,250 | |
| | 855,000 | | | 3.13%, 05/01/25 (c) | | | 903,880 | |
| | 750,000 | | | 4.00%, 05/01/28 (c) | | | 886,927 | |
| | 295,000 | | | 5.00%, 11/01/24 (c) | | | 347,183 | |
| | 200,000 | | | State of Maryland, Department of Transportation, Second Issue (RB)
3.13%, 06/01/23 (c) | | | 207,936 | |
| | 435,000 | | | State of Maryland, Department of Transportation, Third Issue (RB)
3.00%, 12/15/23 (c) | | | 451,995 | |
| | | | | State of Maryland, State and Local Facilities Loan, First Series (GO) | | | | |
| | 350,000 | | | 3.00%, 06/01/24 (c) | | | 366,114 | |
| | 420,000 | | | 5.00%, 06/01/24 (c) | | | 489,485 | |
| | | | | State of Maryland, State and Local Facilities Loan, First Series (GO) | | | | |
| | 485,000 | | | 4.00%, 06/01/24 (c) | | | 542,070 | |
| | 2,385,000 | | | 5.00%, 03/15/28 | | | 3,059,883 | |
| | 3,000,000 | | | 5.00%, 03/15/29 (c) | | | 3,863,730 | |
| | | | | State of Maryland, State and Local Facilities Loan, First Series A (GO) | | | | |
| | 405,000 | | | 3.00%, 03/01/23 (c) | | | 421,528 | |
| | 250,000 | | | 3.13%, 03/15/28 (c) | | | 266,285 | |
| | 1,185,000 | | | 4.00%, 03/15/27 (c) | | | 1,377,847 | |
| | 850,000 | | | 5.00%, 03/15/26 | | | 1,043,145 | |
| | 680,000 | | | 5.00%, 03/15/28 | | | 872,420 | |
| | 100,000 | | | State of Maryland, State and Local Facilities Loan, First Series B (GO)
4.00%, 08/01/26 | | | 117,314 | |
| | | | | State of Maryland, State and Local Facilities Loan, Second Series (GO) | | | | |
| | 530,000 | | | 4.00%, 08/01/28 (c) | | | 620,020 | |
| | 1,000,000 | | | 5.00%, 08/01/28 (c) | | | 1,278,930 | |
| | | | | State of Maryland, State and Local Facilities Loan, Second Series A (GO) | | | | |
| | 350,000 | | | 2.75%, 08/01/23 (c) | | | 368,896 | |
| | 1,000,000 | | | 3.00%, 08/01/27 (c) | | | 1,063,270 | |
| | 215,000 | | | 4.00%, 08/01/23 (c) | | | 235,070 | |
| | | | | State of Maryland, State and Local Facilities Loan, Second Series B (GO) | | | | |
| | 100,000 | | | 3.00%, 08/01/22 (c) | | | 103,389 | |
| | 955,000 | | | 4.00%, 08/01/22 (c) | | | 1,022,366 | |
| | 1,000,000 | | | 5.00%, 08/01/26 | | | 1,238,190 | |
| | | | | Washington Suburban Sanitary District (GO) | | | | |
| | 500,000 | | | 3.00%, 06/01/24 (c) | | | 525,865 | |
| | 115,000 | | | 3.00%, 06/01/24 (c) | | | 121,798 | |
| | 560,000 | | | 3.00%, 06/01/24 (c) | | | 593,102 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Maryland: (continued) |
| | | | | Washington Suburban Sanitary District, Second Series (GO) | | | | |
| $ | 685,000 | | | 4.00%, 06/01/24 (c) | | $ | 759,487 | |
| | 750,000 | | | 5.00%, 06/01/26 (c) | | | 904,200 | |
| | 550,000 | | | 5.00%, 06/01/27 (c) | | | 687,956 | |
| | | | | | | | 56,491,703 | |
| Massachusetts: 3.1% |
| | | | | Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) | | | | |
| | 1,100,000 | | | 5.00%, 06/01/24 (c) | | | 1,268,014 | |
| | 1,000,000 | | | 5.00%, 06/15/24 (c) | | | 1,164,580 | |
| | 15,000 | | | 5.00%, 06/01/25 (c) | | | 17,928 | |
| | 20,000 | | | 5.00%, 06/01/25 (c) | | | 23,888 | |
| | | | | Commonwealth of Massachusetts, Rail Enhancement Program, Series A (RB) | | | | |
| | 145,000 | | | 3.00%, 06/01/25 (c) | | | 152,144 | |
| | 745,000 | | | 5.00%, 06/01/25 (c) | | | 885,120 | |
| | | | | Commonwealth of Massachusetts, Series A (GO) | | | | |
| | 290,000 | | | 3.00%, 03/01/24 (c) | | | 299,950 | |
| | 850,000 | | | 5.00%, 03/01/24 (c) | | | 973,182 | |
| | 1,445,000 | | | 5.00%, 07/01/25 (c) | | | 1,725,070 | |
| | 160,000 | | | 5.00%, 07/01/25 (c) | | | 190,498 | |
| | 1,000,000 | | | 5.00%, 03/01/26 | | | 1,225,410 | |
| | 275,000 | | | 5.00%, 07/01/26 (c) | | | 336,603 | |
| | 1,000,000 | | | 5.00%, 07/01/26 | | | 1,235,080 | |
| | | | | Commonwealth of Massachusetts, Series B (GO) | | | | |
| | 600,000 | | | 5.00%, 07/01/26 (c) | | | 727,656 | |
| | 1,860,000 | | | 5.00%, 07/01/26 (c) | | | 2,241,430 | |
| | 155,000 | | | 5.00%, 07/01/26 (c) | | | 189,226 | |
| | 1,155,000 | | | 5.00%, 07/01/28 | | | 1,486,693 | |
| | | | | Commonwealth of Massachusetts, Series C (GO) | | | | |
| | 1,000,000 | | | 3.00%, 02/01/24 (c) | | | 1,043,350 | |
| | 205,000 | | | 5.00%, 05/01/23 (c) | | | 230,209 | |
| | 2,665,000 | | | 5.00%, 05/01/31 | | | 3,559,827 | |
| | 100,000 | | | Commonwealth of Massachusetts, Series D (GO)
3.00%, 09/01/25 (c) | | | 104,645 | |
| | | | | Commonwealth of Massachusetts, Series E (GO) | | | | |
| | 1,275,000 | | | 3.00%, 11/01/27 (c) | | | 1,343,263 | |
| | 250,000 | | | 5.00%, 11/01/26 | | | 311,138 | |
| | 100,000 | | | 5.00%, 11/01/27 (c) | | | 125,247 | |
| | 420,000 | | | Commonwealth of Massachusetts, Series F (GO)
3.00%, 11/01/22 (c) | | | 438,564 | |
| | | | | Commonwealth of Massachusetts, Series I (GO) | | | | |
| | 500,000 | | | 5.00%, 12/01/26 (c) | | | 609,300 | |
| | 10,000 | | | 5.00%, 12/01/26 (c) | | | 12,403 | |
| | | | | Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB) | | | | |
| | 450,000 | | | 4.00%, 12/01/27 (c) | | | 514,723 | |
| | 105,000 | | | 5.00%, 06/01/26 | | | 129,582 | |
| | 20,000 | | | 5.00%, 06/01/26 (c) | | | 24,607 | |
Principal
Amount | | | | | Value | |
| Massachusetts: (continued) |
| | | | | Massachusetts Bay Transportation Authority, Series A (RB) | | | | |
| $ | 810,000 | | | 0.00%, 07/01/26 (c) ^ | | $ | 666,646 | |
| | 130,000 | | | 0.00%, 07/01/26 (c) ^ | | | 103,518 | |
| | 1,160,000 | | | 0.00%, 07/01/26 (c) ^ | | | 865,731 | |
| | 890,000 | | | 0.00%, 07/01/26 (c) ^ | | | 755,672 | |
| | 210,000 | | | 2.00%, 07/01/26 (c) | | | 215,456 | |
| | 1,315,000 | | | 4.00%, 07/01/25 (c) | | | 1,469,986 | |
| | 800,000 | | | Massachusetts Clean Water Trust, Series 18 (RB)
5.00%, 02/01/24 (c) | | | 918,352 | |
| | | | | Massachusetts Clean Water Trust, Series 19 (RB) | | | | |
| | 500,000 | | | 5.00%, 02/01/26 (c) | | | 602,885 | |
| | 1,100,000 | | | 5.00%, 02/01/26 (c) | | | 1,331,099 | |
| | 940,000 | | | 5.00%, 02/01/26 (c) | | | 1,142,429 | |
| | 1,000,000 | | | Massachusetts Clean Water Trust, Series 21 (RB)
5.00%, 08/01/28 (c) | | | 1,259,680 | |
| | | | | Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) | | | | |
| | 1,000,000 | | | 5.00%, 01/01/29 (c) | | | 1,254,000 | |
| | 1,000,000 | | | 5.00%, 01/01/29 | | | 1,291,880 | |
| | 255,000 | | | Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB)
5.00%, 07/01/29 (c) | | | 314,731 | |
| | 1,905,000 | | | Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB)
5.00%, 07/01/26 (c) | | | 2,208,886 | |
| | 530,000 | | | Massachusetts Development Finance Agency, Brandeis University, Series S-1 (RB)
5.00%, 10/01/27 | | | 672,416 | |
| | | | | Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) | | | | |
| | 910,000 | | | 3.00%, 07/01/26 (c) | | | 949,703 | |
| | 200,000 | | | 3.25%, 07/01/26 (c) | | | 207,110 | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,212,900 | |
| | 200,000 | | | 5.00%, 07/01/26 (c) | | | 241,698 | |
| | 130,000 | | | Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG)
5.00%, 07/01/28 (c) | | | 159,514 | |
| | | | | Massachusetts Development Finance Agency, Harvard University, Series A (RB) | | | | |
| | 2,065,000 | | | 4.00%, 07/15/26 (c) | | | 2,372,602 | |
| | 700,000 | | | 5.00%, 07/15/26 (c) | | | 868,805 | |
| | 480,000 | | | 5.00%, 07/15/26 (c) | | | 586,402 | |
| | | | | Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB) | | | | |
| | 1,000,000 | | | 5.00%, 08/15/25 (c) | | | 1,168,460 | |
| | 125,000 | | | 5.00%, 08/15/25 (c) | | | 147,984 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Massachusetts: (continued) |
| | | | | Massachusetts Development Finance Agency, Partners Healthcare System, Series Q (RB) | | | | |
| $ | 100,000 | | | 3.13%, 07/01/26 (c) | | $ | 104,472 | |
| | 115,000 | | | 5.00%, 07/01/26 | | | 141,621 | |
| | 300,000 | | | 5.00%, 07/01/26 (c) | | | 364,884 | |
| | 750,000 | | | Massachusetts Development Finance Agency, South Shore Hospital Issue Series I (RB)
4.00%, 07/01/26 (c) | | | 803,340 | |
| | 500,000 | | | Massachusetts Development Finance Agency, Suffolk University (RB)
5.00%, 07/01/27 (c) | | | 592,225 | |
| | 100,000 | | | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c) | | | 119,873 | |
| | 330,000 | | | Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB)
5.00%, 07/01/27 | | | 401,683 | |
| | 500,000 | | | Massachusetts Housing Finance Agency, Series 178 (RB)
3.70%, 06/01/25 (c) | | | 528,990 | |
| | 1,000,000 | | | Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
5.00%, 01/15/25 (c) | | | 1,182,360 | |
| | | | | Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) | | | | |
| | 15,000 | | | 5.00%, 08/15/25 | | | 18,147 | |
| | 125,000 | | | 5.00%, 11/15/26 (c) | | | 152,363 | |
| | | | | Massachusetts State College Building Authority, Series A (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/01/25 (c) | | | 1,131,050 | |
| | 500,000 | | | 5.00%, 05/01/25 (c) | | | 587,540 | |
| | 560,000 | | | Massachusetts Water Pollution Abatement Trust (RB)
5.00%, 08/01/24 (c) | | | 657,238 | |
| | | | | Massachusetts Water Resources Authority, Series C (RB) | | | | |
| | 685,000 | | | 5.00%, 08/01/26 (c) | | | 833,104 | |
| | 2,115,000 | | | 5.00%, 08/01/27 (c) | | | 2,633,175 | |
| | 730,000 | | | University of Massachusetts Building Authority, Series 1 (RB)
5.00%, 11/01/25 (c) | | | 883,986 | |
| | 1,020,000 | | | University of Massachusetts Building Authority, Series 3 (RB)
5.00%, 11/01/27 (c) | | | 1,280,008 | |
| | | | | | | | 57,993,934 | |
| Michigan: 1.9% |
| | 285,000 | | | Board of Governors of Wayne State University, Series A (RB)
5.00%, 05/15/26 (c) | | | 342,516 | |
| | 340,000 | | | Board of Trustees of Michigan State University, Series B (RB)
5.00%, 02/15/29 (c) | | | 429,508 | |
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) | | $ | 297,968 | |
| | 250,000 | | | 5.00%, 07/01/26 (c) | | | 298,493 | |
| | | | | Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | | | | |
| | 1,220,000 | | | 5.00%, 07/01/26 (c) | | | 1,445,907 | |
| | 1,500,000 | | | 5.00%, 07/01/26 (c) | | | 1,787,805 | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 599,405 | |
| | | | | Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | | | | |
| | 1,025,000 | | | 5.00%, 07/01/26 (c) | | | 1,223,245 | |
| | 30,000 | | | 5.00%, 07/01/26 (c) | | | 36,160 | |
| | 130,000 | | | Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB)
5.00%, 07/01/26 (c) | | | 154,943 | |
| | | | | Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | | | | |
| | 155,000 | | | 5.00%, 07/01/26 (c) | | | 187,316 | |
| | 875,000 | | | 5.00%, 07/01/26 (c) | | | 1,059,441 | |
| | 365,000 | | | 5.00%, 07/01/26 | | | 447,669 | |
| | | | | Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB) | | | | |
| | 1,975,000 | | | 5.00%, 08/01/24 (c) | | | 2,266,806 | |
| | 1,790,000 | | | 5.00%, 08/01/24 (c) | | | 2,075,827 | |
| | | | | Michigan Finance Authority, Clean Water, Series B (RB) | | | | |
| | 110,000 | | | 5.00%, 10/01/25 | | | 133,685 | |
| | 100,000 | | | 5.00%, 10/01/26 | | | 124,518 | |
| | | | | Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series C-3 (RB) (AGM) | | | | |
| | 750,000 | | | 5.00%, 07/01/24 (c) | | | 865,972 | |
| | 405,000 | | | 5.00%, 07/01/24 (c) | | | 468,617 | |
| | 560,000 | | | 5.00%, 07/01/24 (c) | | | 651,907 | |
| | | | | Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series D-2 (RB) (AGM) | | | | |
| | 935,000 | | | 5.00%, 07/01/24 (c) | | | 1,086,395 | |
| | 110,000 | | | 5.00%, 07/01/24 (c) | | | 127,934 | |
| | 1,450,000 | | | Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series D-4 (RB)
5.00%, 07/01/24 (c) | | | 1,675,910 | |
| | 140,000 | | | Michigan Finance Authority, Henry Ford Health System (RB)
3.00%, 11/15/26 (c) | | | 142,267 | |
| | | | | Michigan Finance Authority, Local Government Loan Program, Series C (RB) | | | | |
| | 500,000 | | | 5.00%, 07/01/25 (c) | | | 589,020 | |
| | 250,000 | | | 5.00%, 07/01/25 (c) | | | 295,293 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Michigan: (continued) |
| | | | | Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | | | | |
| $ | 725,000 | | | 5.00%, 10/01/24 (c) | | $ | 827,848 | |
| | 140,000 | | | 5.00%, 11/15/26 (c) | | | 170,745 | |
| | | | | Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | | | | |
| | 105,000 | | | 5.00%, 06/01/22 (c) | | | 113,909 | |
| | 75,000 | | | 5.00%, 06/01/27 (c) | | | 91,786 | |
| | 1,205,000 | | | 5.50%, 06/01/25 (c) | | | 1,460,580 | |
| | 265,000 | | | 5.50%, 06/01/25 (c) | | | 318,925 | |
| | | | | Michigan State Building Authority, Series I (RB) | | | | |
| | 15,000 | | | 5.00%, 10/15/25 (c) | | | 17,826 | |
| | 200,000 | | | 5.00%, 10/15/25 (c) | | | 236,828 | |
| | 360,000 | | | 5.00%, 10/15/25 (c) | | | 431,266 | |
| | 125,000 | | | 5.00%, 10/15/26 (c) | | | 150,625 | |
| | 120,000 | | | 5.00%, 10/15/26 (c) | | | 144,143 | |
| | 570,000 | | | 5.00%, 10/15/26 (c) | | | 688,087 | |
| | 1,080,000 | | | 5.00%, 10/15/26 (c) | | | 1,310,429 | |
| | 515,000 | | | 5.00%, 10/15/26 (c) | | | 623,377 | |
| | 100,000 | | | Michigan State Hospital Finance Authority, Series B (RB)
5.00%, 12/01/26 | | | 123,706 | |
| | 100,000 | | | Michigan State Hospital Finance Authority, Series C (RB)
5.00%, 12/01/27 | | | 126,196 | |
| | 960,000 | | | Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB)
3.35%, 12/01/25 (c) | | | 1,010,534 | |
| | | | | Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | | | | |
| | 1,640,000 | | | 3.10%, 06/01/26 (c) | | | 1,711,143 | |
| | 170,000 | | | 3.35%, 06/01/26 (c) | | | 177,757 | |
| | 770,000 | | | Regents of the University of Michigan (RB)
5.00%, 04/01/26 (c) | | | 929,983 | |
| | 2,600,000 | | | State of Michigan, Environmental Program (GO)
3.00%, 05/01/26 (c) | | | 2,760,212 | |
| | | | | State of Michigan, Environmental Program, Series A (GO) | | | | |
| | 500,000 | | | 5.00%, 12/01/25 (c) | | | 604,125 | |
| | 10,000 | | | 5.00%, 12/01/25 (c) | | | 12,115 | |
| | | | | State of Michigan, Grant Anticipation (RB) | | | | |
| | 300,000 | | | 5.00%, 03/15/26 | | | 365,913 | |
| | 1,865,000 | | | 5.00%, 03/15/27 | | | 2,318,810 | |
| | | | | | | | 35,541,395 | |
| Minnesota: 1.2% |
| | | | | City of Maple Grove, Minnesota Health Care Facilities (RB) | | | | |
| | 180,000 | | | 3.38%, 05/01/27 (c) | | | 190,584 | |
| | 460,000 | | | 3.50%, 05/01/27 (c) | | | 488,644 | |
| | 1,000,000 | | | City of Minneapolis, Fairview Health Services, Series A (RB)
5.00%, 11/15/25 (c) | | | 1,171,550 | |
Principal
Amount | | | | | Value | |
| Minnesota: (continued) |
| $ | 520,000 | | | City of St. Cloud, Minnesota Health Care, Series A (RB)
3.00%, 05/01/26 (c) | | $ | 532,293 | |
| | 335,000 | | | City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c) | | | 362,761 | |
| | | | | County of Hennepin, First Lien, Sales Tax, Series A (RB) | | | | |
| | 760,000 | | | 5.00%, 12/15/23 (c) | | | 875,847 | |
| | 1,500,000 | | | 5.00%, 12/15/25 | | | 1,829,730 | |
| | | | | Minneapolis St Paul Metropolitan Airports Commission, Series B (RB) | | | | |
| | 135,000 | | | 4.00%, 01/01/26 | | | 155,582 | |
| | 120,000 | | | 5.00%, 01/01/26 | | | 145,745 | |
| | 515,000 | | | 5.00%, 01/01/27 (c) | | | 631,457 | |
| | 325,000 | | | 5.00%, 01/01/27 (c) | | | 396,818 | |
| | 750,000 | | | Minnesota Public Facilities Authority, Series B (GO)
5.00%, 10/01/26 | | | 933,322 | |
| | 1,000,000 | | | Regents of the University of Minnesota, Series B (RB)
5.00%, 12/01/27 (c) | | | 1,256,320 | |
| | 450,000 | | | Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG)
5.00%, 02/01/26 (c) | | | 548,280 | |
| | 500,000 | | | Roseville Independent School District No. 623 (GO) (SD CRED PROG)
5.00%, 02/01/27 (c) | | | 609,490 | |
| | | | | Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) | | | | |
| | 750,000 | | | 5.00%, 02/01/25 (c) | | | 891,675 | |
| | 600,000 | | | 5.00%, 02/01/25 (c) | | | 714,684 | |
| | | | | State of Minnesota, State Trunk Highway, Series B (GO) | | | | |
| | 555,000 | | | 2.25%, 08/01/26 (c) | | | 556,954 | |
| | 440,000 | | | 3.00%, 08/01/24 (c) | | | 467,570 | |
| | 500,000 | | | 3.00%, 08/01/26 (c) | | | 543,845 | |
| | 570,000 | | | 3.25%, 08/01/25 (c) | | | 604,987 | |
| | 185,000 | | | 4.00%, 08/01/26 | | | 217,421 | |
| | 585,000 | | | 4.00%, 08/01/26 (c) | | | 682,958 | |
| | 120,000 | | | State of Minnesota, State Trunk Highway, Series E (GO)
3.00%, 10/01/27 (c) | | | 132,152 | |
| | | | | State of Minnesota, Various Purpose, Series A (GO) | | | | |
| | 1,025,000 | | | 5.00%, 08/01/27 | | | 1,299,187 | |
| | 400,000 | | | 5.00%, 10/01/27 (c) | | | 507,788 | |
| | 1,000,000 | | | 5.00%, 08/01/29 (c) | | | 1,295,460 | |
| | | | | State of Minnesota, Various Purpose, Series D (GO) | | | | |
| | 925,000 | | | 2.25%, 08/01/26 (c) | | | 937,839 | |
| | 1,000,000 | | | 3.00%, 10/01/27 (c) | | | 1,084,650 | |
| | 1,000,000 | | | 3.00%, 10/01/27 (c) | | | 1,092,670 | |
| | 805,000 | | | University of Minnesota, Series B (RB)
5.00%, 12/01/27 (c) | | | 1,022,704 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Minnesota: (continued) |
| $ | 1,000,000 | | | Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG)
3.00%, 02/01/28 (c) | | $ | 1,062,940 | |
| | | | | | | | 23,243,907 | |
| Mississippi: 0.4% |
| | 300,000 | | | Mississippi Development Bank, Jackson Public School District, Series A (RB)
5.00%, 04/01/26 (c) | | | 357,162 | |
| | | | | State of Mississippi, Series A (GO) | | | | |
| | 125,000 | | | 5.00%, 10/01/26 | | | 154,901 | |
| | 1,335,000 | | | 5.00%, 10/01/27 (c) | | | 1,650,634 | |
| | 300,000 | | | 5.00%, 10/01/27 (c) | | | 370,104 | |
| | 500,000 | | | 5.00%, 10/01/27 (c) | | | 619,485 | |
| | 1,000,000 | | | 5.00%, 10/01/27 (c) | | | 1,246,180 | |
| | 650,000 | | | 5.00%, 10/01/27 (c) | | | 807,761 | |
| | | | | State of Mississippi, Series B (GO) | | | | |
| | 155,000 | | | 5.00%, 12/01/26 (c) | | | 187,962 | |
| | 750,000 | | | 5.00%, 12/01/26 (c) | | | 918,585 | |
| | | | | State of Mississippi, Series C (GO) | | | | |
| | 850,000 | | | 5.00%, 10/01/25 | | | 1,029,783 | |
| | 845,000 | | | 5.00%, 10/01/25 (c) | | | 1,019,036 | |
| | 105,000 | | | State of Mississippi, Series E (RB)
5.00%, 10/15/25 | | | 126,208 | |
| | | | | | | | 8,487,801 | |
| Missouri: 0.8% |
| | | | | City of Kansas City, Downtown Arena Project, Series E (RB) | | | | |
| | 450,000 | | | 3.00%, 04/01/25 (c) | | | 464,382 | |
| | 890,000 | | | 5.00%, 04/01/25 (c) | | | 1,036,289 | |
| | 570,000 | | | City of Kansas City, Sanitary Sewer System Revenue, Series A (RB)
5.00%, 01/01/25 (c) | | | 672,948 | |
| | 100,000 | | | City of Springfield, Missouri Public Utility (RB)
4.00%, 08/01/25 (c) | | | 111,718 | |
| | | | | County of Jackson, Harry S. Truman Sports Complex Project (RB) | | | | |
| | 10,000 | | | 5.00%, 12/01/24 (c) | | | 11,639 | |
| | 195,000 | | | 5.00%, 12/01/24 (c) | | | 227,493 | |
| | 110,000 | | | Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB)
5.00%, 02/01/24 (c) | | | 121,198 | |
| | | | | Metropolitan St. Louis Sewer District, Wastewater System, Series B (RB) | | | | |
| | 490,000 | | | 5.00%, 05/01/25 (c) | | | 577,764 | |
| | 1,165,000 | | | 5.00%, 05/01/25 (c) | | | 1,375,807 | |
| | | | | Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Series A (RB) | | | | |
| | 310,000 | | | 5.00%, 01/01/24 (c) | | | 349,575 | |
| | 290,000 | | | 5.00%, 01/01/24 (c) | | | 328,895 | |
| | 215,000 | | | 5.00%, 01/01/24 (c) | | | 244,924 | |
| | 100,000 | | | Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series A (RB)
5.00%, 01/01/25 (c) | | | 117,224 | |
Principal
Amount | | | | | Value | |
| Missouri: (continued) |
| $ | 395,000 | | | Missouri Joint Municipal Electric Utility Commission, Power Project, Series A (RB)
5.00%, 06/01/25 (c) | | $ | 462,814 | |
| | 15,000 | | | Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB)
4.00%, 06/01/26 (c) | | | 16,784 | |
| | | | | Platte County Park Hill School District (GO) (SAW) | | | | |
| | 225,000 | | | 3.00%, 03/01/26 (c) | | | 233,219 | |
| | 105,000 | | | 3.00%, 03/01/26 (c) | | | 109,337 | |
| | | | | Springfield School District No. R-12 (GO) (SAW) | | | | |
| | 1,035,000 | | | 4.00%, 03/01/28 (c) | | | 1,218,060 | |
| | 2,500,000 | | | 4.00%, 03/01/29 (c) | | | 2,907,125 | |
| | 500,000 | | | 4.00%, 03/01/29 (c) | | | 583,980 | |
| | 2,000,000 | | | 5.00%, 03/01/29 (c) | | | 2,541,500 | |
| | 1,000,000 | | | St. Louis Land Clearance for Redevelopment Authority, Series A (RB)
4.25%, 06/01/26 | | | 1,087,990 | |
| | | | | | | | 14,800,665 | |
| Nebraska: 0.5% |
| | | | | Central Plains Energy Project, Gas Project Crossover, Series A (RB) | | | | |
| | 220,000 | | | 5.00%, 09/01/26 | | | 260,146 | |
| | 1,000,000 | | | 5.00%, 09/01/27 | | | 1,203,910 | |
| | 300,000 | | | 5.00%, 09/01/32 | | | 383,859 | |
| | 100,000 | | | City of Lincoln, Electric System, Series A (RB)
5.00%, 09/01/25 (c) | | | 118,720 | |
| | | | | Douglas County Hospital Authority No. 2 (RB) | | | | |
| | 500,000 | | | 3.00%, 05/15/26 (c) | | | 515,325 | |
| | 115,000 | | | 4.00%, 05/15/26 (c) | | | 127,426 | |
| | 245,000 | | | Douglas County School District No. 0001 (GO)
3.00%, 12/15/24 (c) | | | 253,249 | |
| | 260,000 | | | Metropolitan Utilities District of Omaha, Water System (RB)
3.25%, 12/01/25 (c) | | | 272,917 | |
| | 210,000 | | | Nebraska Investment Finance Authority, Series C (RB)
3.45%, 09/01/27 (c) | | | 224,883 | |
| | 100,000 | | | Omaha Public Power District, Electric System, Series A (RB)
5.00%, 12/01/27 (c) | | | 123,634 | |
| | 1,315,000 | | | Omaha Public Power District, Electric System, Series B (RB)
5.00%, 08/01/24 (c) | | | 1,547,295 | |
| | | | | Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | | | | |
| | 1,295,000 | | | 3.00%, 07/01/26 (c) | | | 1,336,919 | |
| | 560,000 | | | 3.13%, 07/01/26 (c) | | | 578,766 | |
| | 1,400,000 | | | 5.00%, 01/01/25 (c) | | | 1,616,062 | |
| | | | | | | | 8,563,111 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Nevada: 1.1% |
| | | | | City of Las Vegas, Series C (GO) | | | | |
| $ | 125,000 | | | 5.00%, 03/01/26 (c) | | $ | 149,611 | |
| | 500,000 | | | 5.00%, 03/01/26 (c) | | | 604,685 | |
| | | | | Clark County Limited Tax Bond Bank, Series A (GO) | | | | |
| | 120,000 | | | 5.00%, 11/01/25 | | | 145,554 | |
| | 500,000 | | | 5.00%, 05/01/26 (c) | | | 610,765 | |
| | 300,000 | | | Clark County Limited Tax Bond Bank, Series B (GO)
5.00%, 11/01/26 (c) | | | 366,759 | |
| | 1,000,000 | | | Clark County Limited Tax Detention Center (GO)
4.00%, 06/01/29 (c) | | | 1,149,960 | |
| | | | | Clark County Limited Tax Flood Control (GO) | | | | |
| | 890,000 | | | 4.00%, 05/01/25 (c) | | | 985,372 | |
| | 420,000 | | | 5.00%, 05/01/25 (c) | | | 497,843 | |
| | 980,000 | | | 5.00%, 05/01/25 (c) | | | 1,152,852 | |
| | | | | Clark County Limited Tax, Series A (GO) | | | | |
| | 110,000 | | | 5.00%, 05/01/26 (c) | | | 133,227 | |
| | 150,000 | | | 5.00%, 06/01/28 (c) | | | 187,530 | |
| | 1,000,000 | | | 5.00%, 06/01/28 (c) | | | 1,265,020 | |
| | | | | Clark County Limited Tax, Series C (GO) | | | | |
| | 500,000 | | | 3.00%, 07/01/27 (c) | | | 518,870 | |
| | 305,000 | | | 3.00%, 07/01/27 (c) | | | 318,292 | |
| | | | | Clark County School District, Series B (GO) | | | | |
| | 250,000 | | | 4.00%, 11/01/26 (c) | | | 284,143 | |
| | 140,000 | | | 4.00%, 11/01/26 (c) | | | 159,663 | |
| | 975,000 | | | 5.00%, 11/01/26 | | | 1,210,492 | |
| | | | | Clark County School District, Series C (GO) | | | | |
| | 1,025,000 | | | 5.00%, 12/15/25 (c) | | | 1,220,273 | |
| | 200,000 | | | 5.00%, 12/15/25 (c) | | | 238,142 | |
| | 610,000 | | | 5.00%, 12/15/27 (c) | | | 742,974 | |
| | | | | Clark County School District, Series D (GO) | | | | |
| | 200,000 | | | 4.00%, 12/15/25 (c) | | | 221,152 | |
| | 25,000 | | | 5.00%, 06/15/25 | | | 29,643 | |
| | 760,000 | | | 5.00%, 12/15/25 (c) | | | 901,672 | |
| | | | | Clark County Water Reclamation District (GO) | | | | |
| | 630,000 | | | 3.00%, 07/01/26 (c) | | | 681,049 | |
| | 220,000 | | | 5.00%, 07/01/26 | | | 271,876 | |
| | | | | Las Vegas Valley Water District, Series A (GO) | | | | |
| | 500,000 | | | 4.00%, 02/01/27 (c) | | | 563,075 | |
| | 190,000 | | | 5.00%, 06/01/26 (c) | | | 233,227 | |
| | | | | State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | | | | |
| | 325,000 | | | 3.38%, 06/01/28 (c) | | | 348,884 | |
| | 1,000,000 | | | 4.00%, 06/01/27 (c) | | | 1,133,410 | |
| | 760,000 | | | 4.00%, 06/01/28 (c) | | | 873,628 | |
| | 760,000 | | | 4.00%, 06/01/28 (c) | | | 878,773 | |
| | 20,000 | | | 5.00%, 12/01/25 | | | 24,347 | |
| | 220,000 | | | 5.00%, 06/01/26 (c) | | | 270,345 | |
Principal
Amount | | | | | Value | |
| Nevada: (continued) |
| $ | 1,020,000 | | | 5.00%, 06/01/26 (c) | | $ | 1,247,888 | |
| | 270,000 | | | 5.00%, 06/01/26 (c) | | | 329,330 | |
| | 795,000 | | | 5.00%, 06/01/27 (c) | | | 984,297 | |
| | | | | Truckee Meadows Water Authority (RB) | | | | |
| | 355,000 | | | 5.00%, 07/01/26 (c) | | | 428,347 | |
| | 30,000 | | | 5.00%, 07/01/26 (c) | | | 36,362 | |
| | | | | | | | 21,399,332 | |
| New Jersey: 3.4% |
| | 500,000 | | | Board of Education of the Toms River Regional School District (GO)
3.00%, 07/15/26 (c) | | | 515,475 | |
| | 800,000 | | | Camden County, New Jersey Improvement Authority, Series A (RB)
5.00%, 02/15/24 (c) | | | 902,232 | |
| | 600,000 | | | County of Union, Technical School Bonds, Series A (GO)
3.00%, 09/01/25 (c) | | | 641,412 | |
| | 335,000 | | | New Brunswick Parking Authority, Series A (RB)
3.00%, 09/01/26 (c) | | | 347,753 | |
| | 755,000 | | | New Jersey Economic Development Authority, Motor Vehicle Surcharges Revenue, Series A (RB)
3.13%, 07/01/27 (c) | | | 785,744 | |
| | | | | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | | | | |
| | 335,000 | | | 3.38%, 07/01/27 (c) | | | 345,636 | |
| | 440,000 | | | 4.00%, 07/01/27 (c) | | | 468,151 | |
| | 450,000 | | | 4.00%, 07/01/27 (c) | | | 480,906 | |
| | 365,000 | | | 5.00%, 07/01/27 (c) | | | 421,243 | |
| | 2,030,000 | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
4.00%, 11/01/27 | | | 2,245,687 | |
| | | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | | | | |
| | 130,000 | | | 4.00%, 11/01/25 | | | 142,496 | |
| | 680,000 | | | 5.00%, 11/01/25 | | | 794,451 | |
| | 380,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.50%, 12/15/26 (c) | | | 449,981 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | | | | |
| | 1,140,000 | | | 4.75%, 12/15/26 (c) | | | 1,282,865 | |
| | 275,000 | | | 5.50%, 12/15/26 (c) | | | 328,595 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | | | | |
| | 1,175,000 | | | 5.00%, 06/15/27 (c) | | | 1,355,221 | |
| | 615,000 | | | 5.00%, 06/15/27 (c) | | | 706,961 | |
| | 340,000 | | | 5.00%, 06/15/27 (c) | | | 393,547 | |
| | 245,000 | | | 5.00%, 06/15/27 | | | 290,918 | |
| | 250,000 | | | 5.00%, 06/15/27 (c) | | | 291,518 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | | | | |
| $ | 240,000 | | | 5.00%, 06/15/24 (c) | | $ | 267,173 | |
| | 640,000 | | | 5.00%, 06/15/24 (c) | | | 717,446 | |
| | 555,000 | | | 5.00%, 06/15/24 (c) | | | 624,059 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | | | | |
| | 285,000 | | | 5.00%, 06/15/25 (c) | | | 319,055 | |
| | 180,000 | | | 5.00%, 06/15/25 (c) | | | 201,877 | |
| | 440,000 | | | 5.25%, 06/15/25 (c) | | | 507,857 | |
| | 100,000 | | | 5.25%, 06/15/25 (c) | | | 114,189 | |
| | 250,000 | | | 5.25%, 06/15/25 (c) | | | 285,688 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | | | | |
| | 1,195,000 | | | 4.25%, 06/15/25 (c) | | | 1,309,828 | |
| | 565,000 | | | 4.38%, 06/15/25 (c) | | | 620,715 | |
| | | | | New Jersey Economic Development Authority, State House Project, Series B (RB) | | | | |
| | 1,290,000 | | | 4.00%, 12/15/28 (c) | | | 1,422,535 | |
| | 1,400,000 | | | 5.00%, 06/15/26 | | | 1,644,790 | |
| | 235,000 | | | New Jersey Educational Facilities Authority, College of New Jersey, Series G (RB)
5.00%, 07/01/25 (c) | | | 277,284 | |
| | 230,000 | | | New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c) | | | 257,832 | |
| | 400,000 | | | New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB)
5.00%, 07/01/26 (c) | | | 486,852 | |
| | 200,000 | | | New Jersey Educational Facilities Authority, Princeton University, Series A (RB)
5.00%, 07/01/25 (c) | | | 240,658 | |
| | 1,000,000 | | | New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB)
5.00%, 07/01/26 (c) | | | 1,183,220 | |
| | 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) | | | 1,249,250 | |
| | 20,000 | | | New Jersey Health Care Facilities Financing Authority, Hospital Corp. (RB)
5.00%, 07/01/25 | | | 23,945 | |
| | 200,000 | | | New Jersey Health Care Facilities Financing Authority, Hospital Corp., Series A (RB) (AGM)
5.00%, 07/01/25 (c) | | | 230,602 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| | | | | New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) | | | | |
| $ | 1,475,000 | | | 3.00%, 07/01/26 (c) | | $ | 1,522,746 | |
| | 360,000 | | | 3.38%, 07/01/27 (c) | | | 380,376 | |
| | 1,590,000 | | | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c) | | | 1,775,776 | |
| | | | | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | | | | |
| | 115,000 | | | 3.00%, 07/01/26 (c) | | | 115,485 | |
| | 150,000 | | | 3.13%, 07/01/26 (c) | | | 151,175 | |
| | 1,055,000 | | | New Jersey Housing and Mortgage Finance Agency, Series A (RB)
3.75%, 10/01/27 (c) | | | 1,132,363 | |
| | | | | New Jersey State Turnpike Authority, Series B (RB) | | | | |
| | 2,900,000 | | | 5.00%, 01/01/28 (c) | | | 3,569,146 | |
| | 1,080,000 | | | 5.00%, 01/01/28 (c) | | | 1,331,953 | |
| | 115,000 | | | 5.00%, 01/01/28 (c) | | | 142,245 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | |
| | 1,330,000 | | | 4.00%, 12/15/28 (c) | | | 1,444,752 | |
| | 435,000 | | | 5.00%, 06/15/26 (c) | | | 508,036 | |
| | 500,000 | | | 5.00%, 12/15/27 | | | 600,220 | |
| | 1,250,000 | | | 5.00%, 12/15/28 (c) | | | 1,458,637 | |
| | 1,575,000 | | | 5.00%, 12/15/28 (c) | | | 1,842,592 | |
| | 500,000 | | | 5.00%, 12/15/28 | | | 601,615 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | | | | |
| | 780,000 | | | 4.10%, 06/15/26 (c) | | | 850,918 | |
| | 800,000 | | | 5.00%, 06/15/26 (c) | | | 946,232 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | |
| | 265,000 | | | 4.25%, 06/15/25 (c) | | | 291,487 | |
| | 320,000 | | | 4.63%, 06/15/25 (c) | | | 352,883 | |
| | 655,000 | | | 4.75%, 06/15/25 (c) | | | 717,638 | |
| | 500,000 | | | 5.00%, 06/15/25 (c) | | | 577,560 | |
| | 435,000 | | | 5.25%, 06/15/25 (c) | | | 503,821 | |
| | 300,000 | | | 5.25%, 06/15/25 (c) | | | 349,239 | |
| | 170,000 | | | New Jersey Transportation Trust Fund Authority, Series C (RB)
5.25%, 12/15/24 (c) | | | 193,290 | |
| | 1,110,000 | | | New Jersey Transportation Trust Fund Authority, Series D (RB)
5.00%, 12/15/24 (c) | | | 1,243,111 | |
| | | | | New Jersey Turnpike Authority, Series A (RB) | | | | |
| | 135,000 | | | 4.00%, 01/01/27 (c) | | | 151,830 | |
| | 285,000 | | | 5.00%, 07/01/24 (c) | | | 329,474 | |
| | 375,000 | | | 5.00%, 01/01/26 (c) | | | 443,460 | |
| | 105,000 | | | 5.00%, 01/01/26 (c) | | | 125,399 | |
| | 30,000 | | | 5.00%, 01/01/26 (c) | | | 35,693 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 1,625,000 | | | 5.00%, 01/01/27 (c) | | $ | 1,987,537 | |
| | 270,000 | | | 5.00%, 01/01/27 (c) | | | 326,179 | |
| | | | | New Jersey Turnpike Authority, Series E (RB) | | | | |
| | 340,000 | | | 5.00%, 01/01/25 (c) | | | 397,433 | |
| | 150,000 | | | 5.00%, 01/01/27 | | | 186,131 | |
| | 200,000 | | | 5.00%, 01/01/28 (c) | | | 247,382 | |
| | 115,000 | | | 5.00%, 01/01/28 (c) | | | 144,729 | |
| | | | | New Jersey Turnpike Authority, Series G (RB) (AGM) | | | | |
| | 2,130,000 | | | 4.00%, 01/01/28 (c) | | | 2,437,189 | |
| | 1,000,000 | | | 5.00%, 01/01/28 (c) | | | 1,223,720 | |
| | | | | State of New Jersey, Various Purposes (GO) | | | | |
| | 700,000 | | | 5.00%, 06/01/25 (c) | | | 812,532 | |
| | 130,000 | | | 5.00%, 06/01/25 (c) | | | 153,206 | |
| | 625,000 | | | 5.00%, 06/01/27 | | | 765,056 | |
| | 225,000 | | | The State University of New Jersey, Rutgers, Series M (RB)
5.00%, 05/01/26 (c) | | | 268,634 | |
| | | | | Tobacco Settlement Financing Corp., Series A (RB) | | | | |
| | 360,000 | | | 5.00%, 06/01/27 | | | 438,253 | |
| | 1,250,000 | | | 5.00%, 06/01/28 (c) | | | 1,505,525 | |
| | 225,000 | | | 5.00%, 06/01/28 (c) | | | 268,589 | |
| | 2,000,000 | | | 5.00%, 06/01/28 (c) | | | 2,416,320 | |
| | 195,000 | | | 5.00%, 06/01/28 (c) | | | 238,235 | |
| | 500,000 | | | 5.00%, 06/01/28 (c) | | | 607,275 | |
| | | | | | | | 63,288,724 | |
| New Mexico: 0.4% | | | | |
| | | | | Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) | | | | |
| | 500,000 | | | 2.85%, 07/01/25 (c) | | | 531,325 | |
| | 985,000 | | | 5.00%, 07/01/25 (c) | | | 1,183,044 | |
| | 285,000 | | | Albuquerque Municipal School District No. 12 (GO) (SAW)
5.00%, 08/01/26 | | | 352,263 | |
| | 2,400,000 | | | New Mexico Finance Authority, State Transportation, Senior Lien, Series B-1 (RB)
5.00%, 06/15/24 (c) | | | 2,790,312 | |
| | 520,000 | | | Regents of the University of New Mexico, Series A (RB)
2.50%, 06/01/26 (c) | | | 537,358 | |
| | 250,000 | | | State of New Mexico, Series A (GO)
5.00%, 03/01/27 | | | 313,330 | |
| | 1,245,000 | | | University of New Mexico, Series B (RB)
2.75%, 06/01/26 (c) | | | 1,300,701 | |
| | | | | | | | 7,008,333 | |
| New York: 14.3% | | | | |
| | 1,555,000 | | | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM)
4.00%, 01/15/27 (c) | | | 1,767,460 | |
| | 500,000 | | | City of New York Housing Development Corp., Series G-1 (RB)
3.10%, 11/01/25 (c) | | | 520,715 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 100,000 | | | City of New York, Series 1 (GO)
5.00%, 08/01/26 | | $ | 123,166 | |
| | | | | City of New York, Series A (GO) | | | | |
| | 470,000 | | | 4.00%, 08/01/26 (c) | | | 526,513 | |
| | 15,000 | | | 5.00%, 08/01/24 (c) | | | 17,537 | |
| | 770,000 | | | 5.00%, 08/01/25 (c) | | | 922,483 | |
| | 1,100,000 | | | 5.00%, 08/01/25 (c) | | | 1,315,094 | |
| | 1,810,000 | | | 5.00%, 08/01/26 (c) | | | 2,197,611 | |
| | 500,000 | | | 5.00%, 08/01/27 (c) | | | 625,315 | |
| | 100,000 | | | 5.00%, 08/01/27 | | | 125,496 | |
| | | | | City of New York, Series B-1 (GO) | | | | |
| | 395,000 | | | 5.00%, 12/01/26 (c) | | | 482,903 | |
| | 100,000 | | | 5.00%, 10/01/27 (c) | | | 122,306 | |
| | 1,000,000 | | | 5.00%, 10/01/29 (c) | | | 1,283,880 | |
| | 500,000 | | | 5.00%, 10/01/29 (c) | | | 645,330 | |
| | 920,000 | | | 5.25%, 10/01/27 (c) | | | 1,161,794 | |
| | | | | City of New York, Series C (GO) | | | | |
| | 210,000 | | | 5.00%, 02/01/25 (c) | | | 248,802 | |
| | 735,000 | | | 5.00%, 08/01/26 | | | 905,270 | |
| | 225,000 | | | 5.00%, 02/01/27 (c) | | | 277,949 | |
| | | | | City of New York, Series C and D (GO) | | | | |
| | 100,000 | | | 5.00%, 08/01/25 | | | 120,481 | |
| | 110,000 | | | 5.00%, 02/01/26 (c) | | | 133,300 | |
| | 1,050,000 | | | 5.00%, 02/01/26 (c) | | | 1,278,070 | |
| | 400,000 | | | 5.00%, 02/01/26 (c) | | | 480,512 | |
| | 500,000 | | | 5.00%, 08/01/26 | | | 615,830 | |
| | 1,250,000 | | | 5.00%, 02/01/28 (c) | | | 1,545,750 | |
| | 820,000 | | | 5.00%, 02/01/28 (c) | | | 1,037,243 | |
| | | | | City of New York, Series E (GO) | | | | |
| | 185,000 | | | 5.00%, 08/01/26 | | | 227,857 | |
| | 540,000 | | | 5.00%, 08/01/26 (c) | | | 655,641 | |
| | 560,000 | | | 5.00%, 08/01/26 | | | 689,730 | |
| | | | | City of New York, Series E-1 (GO) | | | | |
| | 1,015,000 | | | 5.00%, 03/01/28 (c) | | | 1,262,883 | |
| | 1,000,000 | | | 5.25%, 03/01/28 (c) | | | 1,262,510 | |
| | 1,500,000 | | | 5.25%, 03/01/28 (c) | | | 1,913,910 | |
| | 250,000 | | | City of New York, Series F-1 (GO)
5.00%, 04/01/28 (c) | | | 309,790 | |
| | 20,000 | | | City of New York, Series J (GO)
5.00%, 08/01/24 (c) | | | 23,162 | |
| | 280,000 | | | City of New York, Series J-7 (GO)
5.00%, 08/01/26 | | | 344,865 | |
| | 175,000 | | | City of New York, Series L-6 (GO)
5.00%, 04/01/28 | | | 222,507 | |
| | | | | County of Nassau, Series B (GO) | | | | |
| | 135,000 | | | 5.00%, 04/01/24 (c) | | | 151,922 | |
| | 300,000 | | | 5.00%, 04/01/24 (c) | | | 341,814 | |
| | 500,000 | | | County of Nassau, Series C (GO)
5.00%, 10/01/27 (c) | | | 613,470 | |
| | 105,000 | | | County of Suffolk, Series A (GO) (AGM)
5.00%, 02/01/26 | | | 126,313 | |
| | 500,000 | | | County of Suffolk, Series C (GO)
5.00%, 05/01/24 (c) | | | 573,750 | |
| | | | | Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | | | | |
| | 325,000 | | | 3.00%, 07/01/26 (c) | | | 345,319 | |
| | 300,000 | | | 4.00%, 07/01/26 (c) | | | 332,169 | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 592,925 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 1,000,000 | | | 5.00%, 07/01/26 | | $ | 1,221,520 | |
| | 100,000 | | | 5.00%, 07/01/26 (c) | | | 119,256 | |
| | 275,000 | | | 5.00%, 07/01/26 (c) | | | 332,720 | |
| | 300,000 | | | 5.00%, 07/01/26 (c) | | | 359,229 | |
| | | | | Erie County Industrial Development Agency, City School District of the City of Buffalo Project, Series A (RB) (SAW) | | | | |
| | 770,000 | | | 5.00%, 11/01/25 (c) | | | 936,251 | |
| | 100,000 | | | 5.00%, 11/01/25 (c) | | | 122,004 | |
| | | | | Hudson Yards Infrastructure Corp., Series A (RB) | | | | |
| | 450,000 | | | 5.00%, 02/15/27 (c) | | | 550,134 | |
| | 280,000 | | | 5.00%, 02/15/27 (c) | | | 344,915 | |
| | | | | Long Island Power Authority (RB) | | | | |
| | 750,000 | | | 5.00%, 09/01/27 (c) | | | 917,752 | |
| | 500,000 | | | 5.00%, 09/01/27 (c) | | | 613,540 | |
| | 250,000 | | | 5.00%, 09/01/27 (c) | | | 308,085 | |
| | 40,000 | | | Long Island Power Authority, Series B (RB)
5.00%, 09/01/26 (c) | | | 49,096 | |
| | | | | Metropolitan Transportation Authority, Series A (RB) | | | | |
| | 340,000 | | | 4.00%, 11/15/26 (c) | | | 380,008 | |
| | 150,000 | | | 4.00%, 11/15/26 | | | 176,043 | |
| | 205,000 | | | 5.25%, 11/15/26 (c) | | | 253,815 | |
| | 100,000 | | | 5.25%, 11/15/26 (c) | | | 124,286 | |
| | 105,000 | | | 5.25%, 11/15/26 (c) | | | 130,268 | |
| | 125,000 | | | 5.25%, 11/15/26 (c) | | | 155,778 | |
| | 290,000 | | | 5.25%, 11/15/26 (c) | | | 364,075 | |
| | | | | Metropolitan Transportation Authority, Series A-1 (RB) | | | | |
| | 240,000 | | | 5.00%, 05/15/25 (c) | | | 285,012 | |
| | 845,000 | | | 5.00%, 05/15/26 (c) | | | 1,007,324 | |
| | | | | Metropolitan Transportation Authority, Series A-2 (RB) | | | | |
| | 485,000 | | | 5.00%, 11/15/25 | | | 583,833 | |
| | 1,020,000 | | | 5.00%, 05/15/27 (c) | | | 1,241,503 | |
| | 125,000 | | | 5.00%, 05/15/27 (c) | | | 154,583 | |
| | | | | Metropolitan Transportation Authority, Series B (RB) | | | | |
| | 215,000 | | | 4.00%, 11/15/26 (c) | | | 240,095 | |
| | 1,445,000 | | | 5.00%, 11/15/25 | | | 1,739,462 | |
| | 30,000 | | | 5.00%, 11/15/25 | | | 36,094 | |
| | 250,000 | | | 5.00%, 11/15/26 | | | 307,270 | |
| | 825,000 | | | 5.00%, 11/15/27 | | | 1,033,783 | |
| | 365,000 | | | 5.00%, 11/15/28 | | | 463,090 | |
| | 450,000 | | | Metropolitan Transportation Authority, Series B-1 (RB)
5.00%, 11/15/26 (c) | | | 545,422 | |
| | | | | Metropolitan Transportation Authority, Series B-2 (RB) | | | | |
| | 2,030,000 | | | 4.00%, 11/15/27 (c) | | | 2,328,877 | |
| | 15,000 | | | 5.00%, 11/15/26 (c) | | | 18,570 | |
| | 1,050,000 | | | 5.00%, 11/15/27 (c) | | | 1,302,378 | |
| | 175,000 | | | 5.00%, 11/15/27 (c) | | | 218,757 | |
| | | | | Metropolitan Transportation Authority, Series C-1 (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/15/28 (c) | | | 1,143,840 | |
| | 395,000 | | | 4.00%, 05/15/28 (c) | | | 448,412 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 150,000 | | | 4.00%, 05/15/28 (c) | | $ | 169,551 | |
| | 1,590,000 | | | 5.00%, 11/15/25 (c) | | | 1,900,034 | |
| | 90,000 | | | 5.00%, 11/15/26 (c) | | | 108,273 | |
| | 115,000 | | | 5.00%, 11/15/26 (c) | | | 140,682 | |
| | 900,000 | | | 5.00%, 11/15/26 (c) | | | 1,096,209 | |
| | 350,000 | | | 5.00%, 11/15/27 | | | 438,574 | |
| | 2,000,000 | | | 5.00%, 05/15/28 (c) | | | 2,437,040 | |
| | 430,000 | | | 5.00%, 05/15/28 (c) | | | 536,446 | |
| | 520,000 | | | 5.00%, 05/15/28 (c) | | | 652,574 | |
| | 1,425,000 | | | 5.00%, 05/15/28 (c) | | | 1,753,562 | |
| | 2,540,000 | | | 5.00%, 05/15/28 (c) | | | 3,104,718 | |
| | 1,035,000 | | | Metropolitan Transportation Authority, Series C-2 (RB)
0.00%, 11/15/33 ^ | | | 720,815 | |
| | | | | Metropolitan Transportation Authority, Series D (RB) | | | | |
| | 265,000 | | | 3.13%, 11/15/26 (c) | | | 273,231 | |
| | 400,000 | | | 4.00%, 11/15/26 (c) | | | 450,664 | |
| | 200,000 | | | 5.00%, 11/15/26 | | | 245,816 | |
| | 735,000 | | | 5.00%, 11/15/26 (c) | | | 890,225 | |
| | 1,680,000 | | | 5.00%, 11/15/26 (c) | | | 2,025,862 | |
| | 535,000 | | | 5.00%, 05/15/28 (c) | | | 653,947 | |
| | 1,040,000 | | | 5.00%, 05/15/28 (c) | | | 1,287,042 | |
| | | | | Metropolitan Transportation Authority, Series D-1 (RB) | | | | |
| | 690,000 | | | 5.00%, 11/15/24 (c) | | | 794,832 | |
| | 105,000 | | | 5.00%, 11/15/24 (c) | | | 121,901 | |
| | 145,000 | | | 5.00%, 11/15/25 (c) | | | 171,393 | |
| | 1,000,000 | | | 5.00%, 11/15/25 (c) | | | 1,187,780 | |
| | 175,000 | | | 5.00%, 11/15/25 (c) | | | 208,331 | |
| | | | | Metropolitan Transportation Authority, Series F (RB) | | | | |
| | 600,000 | | | 5.00%, 11/15/25 (c) | | | 701,112 | |
| | 235,000 | | | 5.00%, 11/15/25 (c) | | | 279,128 | |
| | 25,000 | | | 5.00%, 11/15/25 | | | 30,079 | |
| | 20,000 | | | Nassau County Interim Finance Authority, Series A (RB)
5.00%, 11/15/25 | | | 24,529 | |
| | 200,000 | | | Nassau County, New York General Improvement, Series A (GO)
5.00%, 04/01/24 (c) | | | 228,422 | |
| | | | | Nassau County, New York General Improvement, Series B (GO) | | | | |
| | 1,095,000 | | | 5.00%, 04/01/24 (c) | | | 1,250,610 | |
| | 110,000 | | | 5.00%, 10/01/26 (c) | | | 132,574 | |
| | 265,000 | | | New York City Housing Development Corp., Multi-Family Housing, Series G-1 (RB)
3.38%, 11/01/23 (c) | | | 279,678 | |
| | 310,000 | | | New York City Housing Development Corp., Multi-Family Housing, Series H (RB)
2.95%, 05/01/25 (c) (p) | | | 327,186 | |
| | 955,000 | | | New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB)
4.50%, 06/15/26 (c) | | | 1,112,651 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 355,000 | | | New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)
5.00%, 06/15/24 (c) | | $ | 413,199 | |
| | | | | New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) | | | | |
| | 955,000 | | | 5.00%, 12/15/19 (c) | | | 959,212 | |
| | 510,000 | | | 5.00%, 06/15/25 (c) | | | 613,918 | |
| | | | | New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | | | | |
| | 500,000 | | | 5.00%, 07/15/21 (c) | | | 531,730 | |
| | 2,185,000 | | | 5.00%, 01/15/25 (c) | | | 2,542,466 | |
| | 100,000 | | | 5.00%, 01/15/25 (c) | | | 118,166 | |
| | 690,000 | | | 5.00%, 01/15/26 (c) | | | 822,425 | |
| | | | | New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW) | | | | |
| | 100,000 | | | 3.50%, 07/15/25 (c) | | | 106,437 | |
| | 135,000 | | | 5.00%, 07/15/25 (c) | | | 162,298 | |
| | 1,010,000 | | | 5.00%, 07/15/28 (c) | | | 1,274,852 | |
| | | | | New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW) | | | | |
| | 500,000 | | | 5.00%, 07/15/28 (c) | | | 626,200 | |
| | 100,000 | | | 5.00%, 07/15/28 (c) | | | 126,223 | |
| | 1,500,000 | | | 5.25%, 07/15/28 (c) | | | 1,901,730 | |
| | 200,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
5.00%, 08/01/24 (c) | | | 230,442 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | | | | |
| | 2,645,000 | | | 4.00%, 05/01/26 (c) | | | 3,006,968 | |
| | 880,000 | | | 5.00%, 08/01/25 (c) | | | 1,052,489 | |
| | 135,000 | | | 5.00%, 08/01/25 (c) | | | 160,993 | |
| | 1,155,000 | | | 5.00%, 08/01/25 (c) | | | 1,365,880 | |
| | 225,000 | | | 5.00%, 08/01/25 (c) | | | 265,327 | |
| | 1,100,000 | | | 5.00%, 05/01/26 (c) | | | 1,322,827 | |
| | 125,000 | | | 5.00%, 05/01/26 (c) | | | 148,839 | |
| | 1,000,000 | | | 5.00%, 05/01/26 (c) | | | 1,194,510 | |
| | 1,500,000 | | | 5.00%, 05/01/26 (c) | | | 1,796,985 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | | | | |
| | 260,000 | | | 5.00%, 08/01/24 (c) | | | 302,812 | |
| | 300,000 | | | 5.00%, 08/01/24 (c) | | | 347,994 | |
| | 10,000 | | | 5.00%, 08/01/24 (c) | | | 11,706 | |
| | 30,000 | | | 5.00%, 08/01/24 (c) | | | 35,088 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | | | | |
| | 115,000 | | | 4.00%, 08/01/27 (c) | | | 130,476 | |
| | 1,225,000 | | | 5.00%, 08/01/24 (c) | | | 1,419,089 | |
| | 100,000 | | | 5.00%, 08/01/24 (c) | | | 115,221 | |
| | 450,000 | | | 5.00%, 11/01/25 (c) | | | 535,257 | |
| | 185,000 | | | 5.00%, 11/01/25 (c) | | | 221,895 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 785,000 | | | 5.00%, 11/01/25 (c) | | $ | 936,945 | |
| | 1,015,000 | | | 5.00%, 08/01/26 (c) | | | 1,222,710 | |
| | 300,000 | | | 5.00%, 08/01/26 (c) | | | 363,660 | |
| | 540,000 | | | 5.00%, 08/01/26 (c) | | | 652,919 | |
| | 1,750,000 | | | 5.00%, 08/01/26 (c) | | | 2,136,470 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,229,990 | |
| | 350,000 | | | 5.00%, 08/01/27 (c) | | | 428,071 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | | | | |
| | 100,000 | | | 5.00%, 05/01/25 (c) | | | 119,639 | |
| | 20,000 | | | 5.00%, 11/01/25 (c) | | | 24,193 | |
| | 2,500,000 | | | 5.00%, 05/01/27 (c) | | | 3,077,900 | |
| | 1,510,000 | | | 5.00%, 05/01/27 (c) | | | 1,840,871 | |
| | 100,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB)
3.50%, 05/01/27 (c) | | | 107,805 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | | | | |
| | 100,000 | | | 3.00%, 02/01/26 (c) | | | 104,095 | |
| | 15,000 | | | 4.00%, 02/01/26 | | | 17,447 | |
| | 155,000 | | | 5.00%, 02/01/25 (c) | | | 180,609 | |
| | 500,000 | | | 5.00%, 02/01/26 (c) | | | 594,625 | |
| | 720,000 | | | 5.00%, 02/01/26 (c) | | | 862,942 | |
| | 2,115,000 | | | 5.00%, 02/01/26 (c) | | | 2,554,137 | |
| | 1,500,000 | | | 5.00%, 02/01/26 (c) | | | 1,804,230 | |
| | 1,155,000 | | | 5.00%, 02/01/27 (c) | | | 1,418,490 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB) | | | | |
| | 685,000 | | | 4.00%, 02/01/26 (c) | | | 772,207 | |
| | 715,000 | | | 5.00%, 02/01/26 (c) | | | 860,016 | |
| | 830,000 | | | 5.00%, 02/01/26 (c) | | | 994,780 | |
| | | | | New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | | | | |
| | 305,000 | | | 4.00%, 04/01/26 | | | 358,869 | |
| | 745,000 | | | 4.00%, 10/01/26 (c) | | | 865,370 | |
| | 850,000 | | | 4.00%, 10/01/26 (c) | | | 995,987 | |
| | 1,000,000 | | | New York City Water and Sewer System, Series AA (RB)
5.00%, 12/15/29 (c) | | | 1,296,000 | |
| | | | | New York City Water and Sewer System, Series BB (RB) | | | | |
| | 310,000 | | | 5.00%, 06/15/27 (c) | | | 381,582 | |
| | 595,000 | | | 5.00%, 06/15/27 (c) | | | 752,853 | |
| | 750,000 | | | New York City Water and Sewer System, Series DD (RB)
5.00%, 06/15/24 (c) | | | 860,850 | |
| | 135,000 | | | New York City Water and Sewer System, Series EE (RB)
5.00%, 06/15/27 (c) | | | 165,576 | |
| | | | | New York City Water and Sewer System, Series FF (RB) | | | | |
| | 195,000 | | | 5.00%, 06/15/25 (c) | | | 233,877 | |
| | 120,000 | | | 5.00%, 06/15/25 (c) | | | 143,320 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 100,000 | | | New York City Water and Sewer System, Series GG (RB)
5.00%, 06/15/25 (c) | | $ | 119,937 | |
| | | | | New York City Water and Sewer System, Series HH (RB) | | | | |
| | 250,000 | | | 3.38%, 06/15/25 (c) | | | 267,713 | |
| | 25,000 | | | 5.00%, 06/15/25 (c) | | | 30,128 | |
| | 305,000 | | | New York Convention Center Development Corp. (RB)
5.00%, 11/15/25 (c) | | | 365,896 | |
| | | | | New York State Dormitory Authority, Columbia University (RB) | | | | |
| | 10,000 | | | 5.00%, 10/01/25 | | | 12,281 | |
| | 110,000 | | | 5.00%, 04/01/26 (c) | | | 136,484 | |
| | 20,000 | | | 5.00%, 04/01/26 (c) | | | 24,744 | |
| | 100,000 | | | 5.00%, 10/01/26 | | | 126,101 | |
| | 105,000 | | | New York State Dormitory Authority, Columbia University, Series A (RB)
5.00%, 10/01/25 | | | 128,954 | |
| | 25,000 | | | New York State Dormitory Authority, Columbia University, Series B (RB)
5.00%, 10/01/27 | | | 32,280 | |
| | | | | New York State Dormitory Authority, Cornell University, Series A (RB) | | | | |
| | 200,000 | | | 4.00%, 07/01/26 (c) | | | 227,810 | |
| | 130,000 | | | 5.00%, 07/01/26 | | | 161,875 | |
| | 230,000 | | | 5.00%, 07/01/26 (c) | | | 282,028 | |
| | 800,000 | | | New York State Dormitory Authority, Fordham University (RB)
4.00%, 07/01/27 (c) | | | 901,960 | |
| | 770,000 | | | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 07/01/25 (c) | | | 912,573 | |
| | 105,000 | | | New York State Dormitory Authority, Long Island Jewish Obligated Group, Series A (RB)
5.00%, 05/01/25 (c) | | | 124,275 | |
| | 170,000 | | | New York State Dormitory Authority, New York NYU Hospitals Center, Series A (RB)
5.00%, 07/01/26 | | | 208,626 | |
| | | | | New York State Dormitory Authority, New York State University, Series A (RB) | | | | |
| | 30,000 | | | 5.00%, 07/01/25 | | | 36,099 | |
| | 20,000 | | | 5.00%, 07/01/25 (c) | | | 23,693 | |
| | 15,000 | | | 5.00%, 07/01/25 (c) | | | 18,030 | |
| | 160,000 | | | 5.00%, 07/01/25 (c) | | | 191,040 | |
| | | | | New York State Dormitory Authority, New York State University, Series B (RB) | | | | |
| | 200,000 | | | 5.00%, 07/01/25 (c) | | | 236,056 | |
| | 20,000 | | | 5.00%, 07/01/25 (c) | | | 23,705 | |
| | | | | New York State Dormitory Authority, New York University, Series A (RB) | | | | |
| | 1,000,000 | | | 2.80%, 07/01/25 (c) | | | 1,079,040 | |
| | 260,000 | | | 5.00%, 07/01/26 | | | 323,183 | |
| | 260,000 | | | 5.00%, 07/01/26 (c) | | | 318,258 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 250,000 | | | 5.00%, 07/01/27 (c) | | $ | 312,883 | |
| | 250,000 | | | 5.00%, 07/01/27 (c) | | | 316,540 | |
| | 385,000 | | | 5.00%, 07/01/28 (c) | | | 490,097 | |
| | 100,000 | | | 5.00%, 07/01/29 (c) | | | 131,506 | |
| | | | | New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | | | | |
| | 1,325,000 | | | 5.00%, 10/01/26 (c) | | | 1,620,978 | |
| | 200,000 | | | 5.00%, 10/01/26 (c) | | | 242,978 | |
| | 620,000 | | | 5.00%, 10/01/27 (c) | | | 777,052 | |
| | 100,000 | | | 5.00%, 10/01/27 (c) | | | 124,116 | |
| | 55,000 | | | New York State Dormitory Authority, School Districts Bond Financing Program, Series D (RB) (SAW)
5.00%, 10/01/25 (c) | | | 65,570 | |
| | 1,170,000 | | | New York State Dormitory Authority, School Districts Bond Financing Program, Series G (RB) (SAW)
5.00%, 10/01/25 | | | 1,419,690 | |
| | 525,000 | | | New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB)
4.00%, 07/01/27 (c) | | | 604,590 | |
| | | | | New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | | | | |
| | 475,000 | | | 4.00%, 02/15/27 (c) | | | 539,096 | |
| | 160,000 | | | 5.00%, 02/15/25 (c) | | | 185,774 | |
| | 15,000 | | | 5.00%, 02/15/25 (c) | | | 17,753 | |
| | 2,000,000 | | | 5.00%, 03/15/25 (c) | | | 2,338,500 | |
| | 195,000 | | | 5.00%, 03/15/25 (c) | | | 227,239 | |
| | 1,150,000 | | | 5.00%, 03/15/25 (c) | | | 1,347,926 | |
| | 150,000 | | | 5.00%, 03/15/25 (c) | | | 177,915 | |
| | 1,760,000 | | | 5.00%, 03/15/25 (c) | | | 2,075,198 | |
| | 1,040,000 | | | 5.00%, 08/15/26 (c) | | | 1,277,713 | |
| | 300,000 | | | 5.00%, 02/15/27 (c) | | | 365,166 | |
| | 1,375,000 | | | 5.00%, 02/15/27 (c) | | | 1,698,730 | |
| | 715,000 | | | 5.00%, 02/15/27 (c) | | | 873,616 | |
| | 1,500,000 | | | 5.00%, 03/15/29 (c) | | | 1,900,620 | |
| | 3,700,000 | | | 5.00%, 03/15/29 (c) | | | 4,657,930 | |
| | 1,500,000 | | | 5.00%, 03/15/29 (c) | | | 1,893,900 | |
| | | | | New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | | | | |
| | 1,025,000 | | | 5.00%, 02/15/25 (c) | | | 1,203,135 | |
| | 2,000,000 | | | 5.00%, 08/15/27 (c) | | | 2,472,160 | |
| | 640,000 | | | 5.00%, 08/15/27 (c) | | | 803,994 | |
| | 385,000 | | | New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
5.00%, 03/15/24 (c) | | | 442,865 | |
| | | | | New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | | | | |
| | 940,000 | | | 5.00%, 08/15/26 (c) | | | 1,135,003 | |
| | 315,000 | | | 5.00%, 08/15/26 (c) | | | 385,469 | |
| | 540,000 | | | 5.00%, 08/15/26 (c) | | | 663,428 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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) | | $ | 600,132 | |
| | 320,000 | | | 5.00%, 02/15/25 (c) | | | 378,739 | |
| | 350,000 | | | 5.00%, 09/15/25 (c) | | | 415,590 | |
| | 2,040,000 | | | 5.00%, 09/15/25 (c) | | | 2,415,890 | |
| | 100,000 | | | 5.00%, 09/15/25 (c) | | | 120,689 | |
| | 215,000 | | | 5.00%, 09/15/25 (c) | | | 256,938 | |
| | 175,000 | | | 5.25%, 09/15/25 (c) | | | 209,146 | |
| | | | | New York State Dormitory Authority, State Sales Tax, Series A (RB) | | | | |
| | 115,000 | | | 5.00%, 03/15/24 (c) | | | 131,703 | |
| | 570,000 | | | 5.00%, 03/15/24 (c) | | | 652,240 | |
| | 715,000 | | | 5.00%, 03/15/24 (c) | | | 815,879 | |
| | 775,000 | | | 5.00%, 03/15/24 (c) | | | 898,085 | |
| | 100,000 | | | 5.00%, 03/15/24 (c) | | | 115,743 | |
| | 1,060,000 | | | 5.00%, 03/15/24 (c) | | | 1,225,413 | |
| | 20,000 | | | 5.00%, 03/15/25 (c) | | | 23,767 | |
| | 140,000 | | | 5.00%, 09/15/26 (c) | | | 169,960 | |
| | 25,000 | | | 5.00%, 09/15/26 (c) | | | 30,169 | |
| | 2,380,000 | | | 5.00%, 09/15/26 (c) | | | 2,917,666 | |
| | 1,010,000 | | | 5.00%, 09/15/26 (c) | | | 1,248,077 | |
| | 2,350,000 | | | 5.00%, 09/15/26 (c) | | | 2,892,709 | |
| | 1,000,000 | | | 5.00%, 03/15/27 (c) | | | 1,216,250 | |
| | 1,405,000 | | | 5.00%, 03/15/27 (c) | | | 1,705,501 | |
| | 305,000 | | | 5.00%, 03/15/27 (c) | | | 375,467 | |
| | 515,000 | | | 5.00%, 03/15/27 (c) | | | 631,153 | |
| | | | | New York State Dormitory Authority, State Sales Tax, Series B (RB) | | | | |
| | 340,000 | | | 5.00%, 09/15/25 (c) | | | 404,532 | |
| | 1,640,000 | | | 5.00%, 09/15/25 (c) | | | 1,945,286 | |
| | 500,000 | | | 5.00%, 09/15/25 (c) | | | 591,820 | |
| | 120,000 | | | 5.00%, 09/15/25 (c) | | | 145,204 | |
| | 285,000 | | | 5.00%, 09/15/25 (c) | | | 341,829 | |
| | 170,000 | | | 5.00%, 09/15/25 (c) | | | 204,078 | |
| | 750,000 | | | New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c) | | | 926,257 | |
| | 2,500,000 | | | New York State Dormitory Authority, State Sales Tax, Series E (RB)
5.00%, 03/15/26 | | | 3,072,000 | |
| | | | | New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) | | | | |
| | 950,000 | | | 5.00%, 08/01/26 | | | 1,148,987 | |
| | 315,000 | | | 5.00%, 08/01/27 | | | 388,833 | |
| | 1,000,000 | | | 5.00%, 08/01/28 (c) | | | 1,217,190 | |
| | 10,000 | | | New York State Environmental Facilities Corp., Master Finance Program, Series B (RB)
5.00%, 05/15/24 (c) | | | 11,621 | |
| | | | | New York State Environmental Facilities Corp., Master Finance Program, Series D (RB) | | | | |
| | 690,000 | | | 5.00%, 03/15/25 (c) | | | 825,523 | |
| | 110,000 | | | 5.00%, 03/15/25 (c) | | | 131,831 | |
| | 100,000 | | | 5.00%, 03/15/25 (c) | | | 119,905 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | | | | |
| $ | 335,000 | | | 5.00%, 06/15/25 (c) | | $ | 398,797 | |
| | 15,000 | | | 5.00%, 06/15/25 (c) | | | 17,957 | |
| | 1,415,000 | | | 5.00%, 06/15/26 (c) | | | 1,716,013 | |
| | 765,000 | | | 5.00%, 06/15/26 (c) | | | 932,818 | |
| | 500,000 | | | 5.00%, 06/15/26 (c) | | | 612,635 | |
| | 150,000 | | | 5.00%, 06/15/27 (c) | | | 184,466 | |
| | | | | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | | | | |
| | 495,000 | | | 3.00%, 06/15/27 (c) | | | 524,126 | |
| | 500,000 | | | 5.00%, 06/15/27 (c) | | | 616,370 | |
| | 1,000,000 | | | 5.00%, 06/15/27 (c) | | | 1,235,300 | |
| | 500,000 | | | 5.00%, 06/15/27 | | | 632,365 | |
| | | | | New York State Thruway Authority, Series A (RB) | | | | |
| | 600,000 | | | 5.00%, 01/01/26 (c) | | | 710,304 | |
| | 650,000 | | | 5.00%, 01/01/26 (c) | | | 775,021 | |
| | | | | New York State Thruway Authority, Series K (RB) | | | | |
| | 1,040,000 | | | 5.00%, 01/01/25 (c) | | | 1,211,756 | |
| | 1,000,000 | | | 5.00%, 01/01/25 (c) | | | 1,167,300 | |
| | | | | New York State Thruway Authority, Series L (RB) | | | | |
| | 1,500,000 | | | 5.00%, 01/01/28 (c) | | | 1,879,875 | |
| | 1,000,000 | | | 5.00%, 01/01/28 (c) | | | 1,248,700 | |
| | | | | New York State Urban Development Corp., State Personal Income, Series A (RB) | | | | |
| | 780,000 | | | 5.00%, 03/15/24 (c) | | | 895,775 | |
| | 115,000 | | | 5.00%, 03/15/24 (c) | | | 130,988 | |
| | 125,000 | | | 5.00%, 03/15/24 (c) | | | 143,490 | |
| | 1,010,000 | | | 5.00%, 09/15/25 (c) | | | 1,201,122 | |
| | 170,000 | | | 5.00%, 09/15/25 (c) | | | 202,475 | |
| | 140,000 | | | 5.00%, 09/15/25 (c) | | | 167,222 | |
| | 670,000 | | | 5.00%, 03/15/26 (c) | | | 812,663 | |
| | 1,200,000 | | | 5.00%, 03/15/26 (c) | | | 1,465,608 | |
| | 990,000 | | | 5.00%, 03/15/26 | | | 1,215,146 | |
| | 750,000 | | | 5.00%, 03/15/27 (c) | | | 923,865 | |
| | 645,000 | | | 5.00%, 03/15/27 | | | 809,733 | |
| | | | | New York State Urban Development Corp., State Personal Income, Series B (RB) | | | | |
| | 740,000 | | | 5.00%, 03/15/24 (c) | | | 850,201 | |
| | 1,100,000 | | | 5.00%, 09/15/25 (c) | | | 1,322,772 | |
| | | | | New York State Urban Development Corp., State Personal Income, Series C (RB) | | | | |
| | 2,500,000 | | | 5.00%, 03/15/27 | | | 3,138,500 | |
| | 2,000,000 | | | 5.00%, 09/15/27 (c) | | | 2,472,880 | |
| | 350,000 | | | 5.00%, 09/15/27 (c) | | | 434,238 | |
| | | | | Port Authority of New York and New Jersey, Series 184 (RB) | | | | |
| | 205,000 | | | 5.00%, 09/01/24 (c) | | | 237,013 | |
| | 230,000 | | | 5.00%, 09/01/24 (c) | | | 266,296 | |
| | 190,000 | | | 5.00%, 09/01/24 (c) | | | 221,099 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 20,000 | | | Port Authority of New York and New Jersey, Series 189 (RB)
5.00%, 05/01/25 | | $ | 24,050 | |
| | | | | Port Authority of New York and New Jersey, Series 190 (RB) | | | | |
| | 900,000 | | | 5.00%, 05/01/20 (c) | | | 916,848 | |
| | 100,000 | | | 5.00%, 05/01/20 (c) | | | 101,917 | |
| | | | | Port Authority of New York and New Jersey, Series 194 (RB) | | | | |
| | 130,000 | | | 5.00%, 10/15/25 (c) | | | 154,687 | |
| | 100,000 | | | 5.00%, 10/15/25 (c) | | | 119,136 | |
| | | | | Port Authority of New York and New Jersey, Series 205 (RB) | | | | |
| | 2,500,000 | | | 5.00%, 11/15/27 (c) | | | 3,115,725 | |
| | 1,000,000 | | | 5.00%, 11/15/27 (c) | | | 1,254,310 | |
| | 840,000 | | | 5.00%, 11/15/27 (c) | | | 1,063,852 | |
| | 500,000 | | | Port Authority of New York and New Jersey, Series 209 (RB)
5.00%, 07/15/28 (c) | | | 622,260 | |
| | 500,000 | | | Port Authority of New York and New Jersey, Series 211 (RB)
5.00%, 09/01/28 (c) | | | 627,605 | |
| | | | | Sales Tax Asset Receivable Corp., Series A (RB) | | | | |
| | 335,000 | | | 3.00%, 10/15/24 (c) | | | 359,147 | |
| | 2,580,000 | | | 5.00%, 10/15/24 (c) | | | 3,031,139 | |
| | 1,200,000 | | | 5.00%, 10/15/24 (c) | | | 1,412,988 | |
| | 2,225,000 | | | 5.00%, 10/15/24 (c) | | | 2,616,400 | |
| | 130,000 | | | 5.00%, 10/15/24 (c) | | | 153,278 | |
| | 305,000 | | | 5.00%, 10/15/24 (c) | | | 360,900 | |
| | 790,000 | | | State of New York Mortgage Agency, Series 191 (RB)
3.45%, 04/01/24 (c) | | | 831,791 | |
| | 470,000 | | | State of New York Mortgage Agency, Series 192 (RB)
3.80%, 10/01/24 (c) | | | 499,257 | |
| | 615,000 | | | State of New York Mortgage Agency, Series 195 (RB)
3.00%, 04/01/25 (c) | | | 635,627 | |
| | 775,000 | | | State of New York Mortgage Agency, Series 197 (RB)
2.60%, 04/01/25 (c) | | | 786,516 | |
| | 830,000 | | | State of New York Mortgage Agency, Series 208 (RB)
3.60%, 04/01/27 (c) | | | 892,864 | |
| | 10,000 | | | Suffolk County Water Authority (RB)
4.00%, 06/01/25 (c) | | | 11,313 | |
| | 20,000 | | | Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 05/15/26 (c) | | | 24,353 | |
| | | | | Triborough Bridge and Tunnel Authority, Series B (RB) | | | | |
| | 115,000 | | | 5.00%, 11/15/25 | | | 140,666 | |
| | 1,070,000 | | | 5.00%, 05/15/27 (c) | | | 1,317,256 | |
| | 1,255,000 | | | 5.00%, 05/15/27 (c) | | | 1,540,086 | |
| | 1,550,000 | | | 5.00%, 05/15/27 (c) | | | 1,916,141 | |
| | 1,000,000 | | | 5.00%, 05/15/27 (c) | | | 1,261,690 | |
| | 1,035,000 | | | 5.00%, 05/15/27 (c) | | | 1,292,073 | |
| | 1,350,000 | | | 5.00%, 05/15/27 (c) | | | 1,675,255 | |
| | 1,000,000 | | | 5.00%, 11/15/31 | | | 1,375,840 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | Triborough Bridge and Tunnel Authority, Series C (RB) | | | | |
| $ | 1,165,000 | | | 5.00%, 11/15/27 | | $ | 1,494,159 | |
| | 500,000 | | | 5.00%, 11/15/28 | | | 655,300 | |
| | 130,000 | | | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c) | | | 157,693 | |
| | | | | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | | | | |
| | 845,000 | | | 5.00%, 06/01/27 (c) | | | 995,773 | |
| | 185,000 | | | 5.00%, 06/01/27 (c) | | | 223,180 | |
| | | | | Utility Debt Securitization Authority (RB) | | | | |
| | 1,210,000 | | | 3.00%, 12/15/25 (c) | | | 1,279,430 | |
| | 200,000 | | | 5.00%, 12/15/25 (c) | | | 242,964 | |
| | 1,685,000 | | | 5.00%, 12/15/25 (c) | | | 2,035,042 | |
| | | | | Utility Debt Securitization Authority, Series A (RB) | | | | |
| | 140,000 | | | 5.00%, 06/15/23 (c) | | | 159,012 | |
| | 455,000 | | | 5.00%, 06/15/24 (c) | | | 532,018 | |
| | 360,000 | | | 5.00%, 06/15/25 (c) | | | 431,842 | |
| | 185,000 | | | 5.00%, 12/15/25 (c) | | | 224,742 | |
| | 425,000 | | | 5.00%, 06/15/26 (c) | | | 522,435 | |
| | 610,000 | | | 5.00%, 06/15/26 (c) | | | 739,314 | |
| | 500,000 | | | 5.00%, 06/15/26 (c) | | | 601,725 | |
| | 1,135,000 | | | Utility Debt Securitization Authority, Series B (RB)
5.00%, 06/15/26 (c) | | | 1,383,792 | |
| | | | | | | | 269,598,568 | |
| North Carolina: 1.5% | | | | |
| | 450,000 | | | Cape Fear Public Utility Authority, Water and Sewer System (RB)
4.00%, 08/01/26 (c) | | | 514,660 | |
| | 100,000 | | | Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB)
4.00%, 01/15/26 (c) | | | 111,424 | |
| | 590,000 | | | County of Forsyth, Public Improvement, Series B (GO)
3.00%, 03/01/27 (c) | | | 624,450 | |
| | | | | County of Guilford (GO) | | | | |
| | 135,000 | | | 4.00%, 03/01/26 | | | 157,521 | |
| | 1,000,000 | | | 5.00%, 03/01/27 | | | 1,258,880 | |
| | | | | County of Mecklenburg, Series A (GO) | | | | |
| | 900,000 | | | 4.00%, 04/01/27 (c) | | | 1,045,044 | |
| | 1,000,000 | | | 4.00%, 04/01/27 (c) | | | 1,170,510 | |
| | | | | County of Mecklenburg, Series B (GO) | | | | |
| | 250,000 | | | 2.00%, 12/01/26 (c) | | | 246,958 | |
| | 500,000 | | | 5.00%, 12/01/25 | | | 610,970 | |
| | 1,300,000 | | | County of New Hanover, New Hanover Regional Medical Center (RB)
5.00%, 10/01/27 (c) | | | 1,532,427 | |
| | 1,000,000 | | | County of Wake (RB)
5.00%, 09/01/29 (c) | | | 1,298,160 | |
| | | | | County of Wake, Series A (RB) | | | | |
| | 150,000 | | | 3.13%, 08/01/28 (c) | | | 159,636 | |
| | 500,000 | | | 5.00%, 12/01/26 (c) | | | 615,815 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| North Carolina: (continued) | | | | |
| $ | 130,000 | | | North Carolina Capital Facilities Finance Agency (RB)
5.00%, 07/01/26 (c) | | $ | 159,912 | |
| | 25,000 | | | North Carolina Medical Care Commission, Duke University Health System, Series A (RB)
5.00%, 06/01/26 | | | 30,711 | |
| | 10,000 | | | North Carolina Medical Care Commission, Duke University Health System, Series D (RB)
4.00%, 06/01/26 (c) | | | 11,370 | |
| | 365,000 | | | North Carolina Medical Care Commission, Health Care Facilities, Series A (RB)
5.00%, 06/01/27 | | | 457,944 | |
| | 135,000 | | | North Carolina Medical Care Commission, Vidant Health (RB)
5.00%, 06/01/25 (c) | | | 157,791 | |
| | 1,000,000 | | | North Carolina Municipal Power Agency No. 1, Series A (RB)
5.00%, 01/01/30 (c) | | | 1,290,810 | |
| | | | | North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | | | | |
| | 500,000 | | | 5.00%, 01/01/26 | | | 598,445 | |
| | 500,000 | | | 5.00%, 01/01/27 (c) | | | 597,475 | |
| | 945,000 | | | 5.00%, 01/01/27 (c) | | | 1,150,632 | |
| | | | | North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | | | | |
| | 1,000,000 | | | 4.00%, 01/01/28 (c) | | | 1,141,440 | |
| | 360,000 | | | 4.00%, 01/01/28 (c) | | | 411,919 | |
| | 1,010,000 | | | 4.00%, 01/01/28 (c) | | | 1,158,116 | |
| | | | | State of North Carolina, Grant Anticipation Revenue Vehicle (RB) | | | | |
| | 75,000 | | | 5.00%, 03/01/25 (c) | | | 88,898 | |
| | 2,500,000 | | | 5.00%, 03/01/29 (c) | | | 3,195,900 | |
| | | | | State of North Carolina, Series A (GO) | | | | |
| | 380,000 | | | 3.00%, 06/01/28 (c) | | | 405,065 | |
| | 1,000,000 | | | 3.00%, 06/01/28 (c) | | | 1,071,440 | |
| | 500,000 | | | 5.00%, 06/01/26 | | | 618,835 | |
| | 1,140,000 | | | 5.00%, 06/01/28 (c) | | | 1,459,941 | |
| | | | | State of North Carolina, Series B (RB) | | | | |
| | 1,000,000 | | | 3.00%, 05/01/27 (c) | | | 1,062,810 | |
| | 1,140,000 | | | 5.00%, 06/01/26 (c) | | | 1,405,814 | |
| | 215,000 | | | 5.00%, 05/01/27 | | | 269,956 | |
| | 1,000,000 | | | 5.00%, 05/01/27 (c) | | | 1,243,900 | |
| | 500,000 | | | State of North Carolina, Series C (RB)
5.00%, 05/01/24 (c) | | | 579,400 | |
| | | | | | | | 27,914,979 | |
| North Dakota: 0.4% | | | | |
| | 1,010,000 | | | County of Ward, North Dakota Health Care Facilities, Series C (RB)
5.00%, 06/01/28 (c) | | | 1,178,044 | |
| | 2,000,000 | | | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW)
3.55%, 01/01/28 (c) | | | 2,138,200 | |
Principal
Amount | | | | | Value | |
| North Dakota: (continued) | | | | |
| $ | 2,580,000 | | | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB)
3.35%, 01/01/27 (c) | | $ | 2,732,194 | |
| | | | | North Dakota Public Finance Authority, Series A (RB) | | | | |
| | 1,085,000 | | | 5.00%, 10/01/24 (c) | | | 1,261,204 | |
| | 900,000 | | | 5.00%, 10/01/24 (c) | | | 1,052,487 | |
| | | | | | | | 8,362,129 | |
| Ohio: 2.5% | | | | |
| | 500,000 | | | City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB)
5.00%, 04/01/28 (c) | | | 624,055 | |
| | | | | City of Columbus, Series 1 (GO) | | | | |
| | 250,000 | | | 4.00%, 04/01/27 | | | 295,395 | |
| | 200,000 | | | 4.00%, 10/01/27 (c) | | | 232,658 | |
| | 250,000 | | | 5.00%, 10/01/27 (c) | | | 316,625 | |
| | 750,000 | | | 5.00%, 10/01/27 (c) | | | 946,057 | |
| | | | | City of Columbus, Sewerage Revenue (RB) | | | | |
| | 1,520,000 | | | 5.00%, 12/01/24 (c) | | | 1,801,899 | |
| | 250,000 | | | 5.00%, 12/01/24 (c) | | | 292,560 | |
| | 25,000 | | | 5.00%, 12/01/24 (c) | | | 29,551 | |
| | 500,000 | | | 5.00%, 12/01/24 (c) | | | 589,235 | |
| | | | | City of Columbus, Various Purpose, Series A (GO) | | | | |
| | 300,000 | | | 3.00%, 07/01/25 (c) | | | 321,414 | |
| | 500,000 | | | 3.00%, 07/01/25 (c) | | | 537,515 | |
| | 750,000 | | | 3.00%, 07/01/25 (c) | | | 815,377 | |
| | 960,000 | | | 3.00%, 08/15/25 (c) | | | 1,012,080 | |
| | 750,000 | | | 3.10%, 07/01/25 (c) | | | 800,302 | |
| | 1,120,000 | | | 3.20%, 07/01/25 (c) | | | 1,194,861 | |
| | 1,100,000 | | | 4.00%, 08/15/25 (c) | | | 1,257,509 | |
| | 1,000,000 | | | City of Columbus, Various Purpose, Series B (GO)
5.00%, 04/01/29 (c) | | | 1,288,120 | |
| | 10,000 | | | Cleveland Municipal School District, Series A (GO) (SD CRED PROG)
5.00%, 06/01/23 (c) | | | 11,169 | |
| | | | | County of Allen, Mercy Health, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 02/01/28 (c) | | | 1,231,820 | |
| | 115,000 | | | 5.00%, 02/01/28 (c) | | | 143,551 | |
| | | | | County of Butler (RB) | | | | |
| | 400,000 | | | 4.00%, 11/15/27 (c) | | | 442,856 | |
| | 1,805,000 | | | 5.00%, 11/15/27 (c) | | | 2,174,321 | |
| | | | | County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | | | | |
| | 100,000 | | | 5.00%, 02/15/27 (c) | | | 116,121 | |
| | 250,000 | | | 5.00%, 02/15/27 (c) | | | 294,300 | |
| | 350,000 | | | County of Cuyahoga, Various Purpose Sales Tax (RB)
3.13%, 12/01/24 (c) | | | 366,957 | |
| | | | | County of Franklin, Series A (RB) | | | | |
| | 145,000 | | | 5.00%, 11/01/27 (c) | | | 178,853 | |
| | 125,000 | | | 5.00%, 11/01/27 (c) | | | 154,658 | |
| | 120,000 | | | 5.00%, 11/01/27 (c) | | | 148,962 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| $ | 340,000 | | | County of Hamilton, Sales Tax, Series A (RB)
5.00%, 12/01/26 (c) | | $ | 414,423 | |
| | | | | County of Hamilton, Sewer System Revenue, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 12/01/24 (c) | | | 117,131 | |
| | 375,000 | | | 5.00%, 12/01/24 (c) | | | 439,425 | |
| | 1,350,000 | | | 5.00%, 12/01/24 (c) | | | 1,583,455 | |
| | 165,000 | | | County of Scioto, Southern Ohio Medical Center (RB)
3.38%, 02/15/26 (c) | | | 171,595 | |
| | | | | Cuyahoga Community College District (GO) | | | | |
| | 500,000 | | | 4.00%, 06/01/26 (c) | | | 562,730 | |
| | 350,000 | | | 4.00%, 06/01/26 (c) | | | 394,922 | |
| | | | | Dayton City School District (GO) (SD CRED PROG) | | | | |
| | 305,000 | | | 5.00%, 11/01/26 | | | 375,238 | |
| | 35,000 | | | 5.00%, 11/01/28 | | | 44,512 | |
| | 95,000 | | | 5.00%, 11/01/29 | | | 122,219 | |
| | 50,000 | | | Franklin County Convention Facilities Authority (RB)
5.00%, 12/01/24 (c) | | | 58,377 | |
| | 20,000 | | | Kent State University (RB)
5.00%, 05/01/26 (c) | | | 24,308 | |
| | 30,000 | | | Miami University (RB)
5.00%, 09/01/25 | | | 36,132 | |
| | 1,000,000 | | | Northeast Ohio Regional Sewer District (RB)
3.00%, 11/15/29 (c) | | | 1,052,470 | |
| | | | | Ohio Turnpike and Infrastructure Commission, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 02/15/28 (c) | | | 619,415 | |
| | 500,000 | | | 5.00%, 02/15/28 (c) | | | 623,785 | |
| | 500,000 | | | 5.00%, 02/15/28 (c) | | | 628,325 | |
| | 1,020,000 | | | Ohio Water Development Authority, Fresh Water (RB)
5.00%, 03/01/28 (c) | | | 1,304,539 | |
| | 125,000 | | | Ohio Water Development Authority, Fresh Water, Series A (RB)
5.00%, 06/01/26 (c) | | | 153,321 | |
| | | | | Ohio Water Development Authority, Fresh Water, Series B (RB) | | | | |
| | 140,000 | | | 5.00%, 06/01/26 (c) | | | 169,466 | |
| | 1,000,000 | | | 5.00%, 12/01/26 (c) | | | 1,225,590 | |
| | 200,000 | | | 5.00%, 12/01/26 (c) | | | 245,706 | |
| | | | | Ohio Water Development Authority, Water Pollution Control, Series A (RB) | | | | |
| | 10,000 | | | 5.00%, 06/01/25 | | | 12,017 | |
| | 2,355,000 | | | 5.00%, 06/01/27 (c) | | | 2,906,447 | |
| | | | | Ohio Water Development Authority, Water Pollution Control, Series B (RB) | | | | |
| | 20,000 | | | 5.00%, 12/01/25 (c) | | | 24,234 | |
| | 40,000 | | | 5.00%, 12/01/25 (c) | | | 48,616 | |
| | | | | State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | | | | |
| | 760,000 | | | 4.00%, 01/01/28 (c) | | | 865,936 | |
| | 1,875,000 | | | 5.00%, 03/15/24 (c) | | | 2,148,937 | |
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| $ | 140,000 | | | 5.00%, 01/01/27 | | $ | 173,936 | |
| | 130,000 | | | 5.00%, 01/01/28 (c) | | | 160,659 | |
| | 115,000 | | | 5.00%, 01/01/28 (c) | | | 144,202 | |
| | 110,000 | | | 5.00%, 01/01/28 (c) | | | 138,820 | |
| | 130,000 | | | 5.00%, 01/01/28 (c) | | | 162,022 | |
| | | | | State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | | | | |
| | 700,000 | | | 5.00%, 04/01/25 (c) | | | 827,022 | |
| | 615,000 | | | 5.00%, 04/01/28 (c) | | | 765,921 | |
| | 1,005,000 | | | 5.00%, 04/01/28 (c) | | | 1,244,562 | |
| | 640,000 | | | 5.00%, 04/01/28 (c) | | | 794,720 | |
| | 25,000 | | | State of Ohio, Common School, Series A (GO)
5.00%, 03/15/24 (c) | | | 28,608 | |
| | | | | State of Ohio, Common Schools, Series A (GO) | | | | |
| | 1,500,000 | | | 5.00%, 03/15/23 (c) | | | 1,684,785 | |
| | 500,000 | | | 5.00%, 03/15/24 (c) | | | 577,825 | |
| | 960,000 | | | 5.00%, 09/15/26 | | | 1,189,862 | |
| | 25,000 | | | State of Ohio, Higher Education, Series A (GO)
5.00%, 08/01/25 | | | 30,290 | |
| | 395,000 | | | State of Ohio, Higher Education, Series C (GO)
5.00%, 08/01/27 | | | 498,676 | |
| | 165,000 | | | State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)
3.25%, 12/01/25 (c) | | | 172,602 | |
| | 550,000 | | | State of Ohio, Highway Capital Improvement, Series S (GO)
5.00%, 05/01/26 (c) | | | 667,375 | |
| | 1,000,000 | | | State of Ohio, Highway Capital Improvement, Series T (GO)
5.00%, 05/01/27 (c) | | | 1,231,280 | |
| | 1,000,000 | | | State of Ohio, Highway Capital Improvement, Series U (GO)
5.00%, 05/01/28 | | | 1,284,620 | |
| | 350,000 | | | State of Ohio, Infrastructure Project, Series 1 (RB)
5.00%, 06/15/26 (c) | | | 427,514 | |
| | 225,000 | | | State of Ohio, Major New State Infrastructure Improvement Bonds (RB)
5.00%, 06/15/26 (c) | | | 274,725 | |
| | 100,000 | | | State of Ohio, Major New State Infrastructure Improvement Bonds, Series B (GO)
4.00%, 03/01/24 (c) | | | 111,299 | |
| | 100,000 | | | State of Ohio, Parks and Recreation Improvement, Series A (RB)
5.00%, 12/01/27 (c) | | | 125,205 | |
| | 500,000 | | | State of Ohio, Parks and Recreation Improvement, Series C (RB)
5.00%, 12/01/26 (c) | | | 612,430 | |
| | 100,000 | | | Village of Bluffton, Blanchard Valley Health System (RB)
4.00%, 12/01/27 (c) | | | 109,780 | |
| | | | | | | | 47,430,792 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Oklahoma: 0.3% | | | | |
| | | | | Canadian County Educational Facilities Authority (RB) | | | | |
| $ | 330,000 | | | 3.00%, 09/01/26 (c) | | $ | 349,985 | |
| | 1,000,000 | | | 5.00%, 09/01/26 (c) | | | 1,213,650 | |
| | | | | Grand River Dam Authority, Series A (RB) | | | | |
| | 1,065,000 | | | 5.00%, 06/01/24 (c) | | | 1,225,985 | |
| | 150,000 | | | 5.00%, 06/01/24 (c) | | | 172,986 | |
| | 130,000 | | | 5.00%, 06/01/24 (c) | | | 151,130 | |
| | 320,000 | | | 5.00%, 06/01/26 | | | 392,426 | |
| | 130,000 | | | 5.00%, 12/01/26 (c) | | | 158,064 | |
| | 100,000 | | | 5.00%, 12/01/26 (c) | | | 122,060 | |
| | 155,000 | | | Oklahoma Capitol Improvement Authority (RB)
4.00%, 07/01/26 (c) | | | 173,349 | |
| | 15,000 | | | Oklahoma Development Finance Authority, Integris Obligated Group, Series A (RB)
5.00%, 08/15/25 (c) | | | 17,676 | |
| | 565,000 | | | Oklahoma Turnpike Authority, Series C (RB)
5.00%, 01/01/27 (c) | | | 684,057 | |
| | 100,000 | | | Oklahoma Turnpike Authority, Series D (RB)
5.00%, 01/01/27 | | | 124,857 | |
| | | | | Oklahoma Turnpike Authority, Series E (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/27 (c) | | | 123,068 | |
| | 155,000 | | | 5.00%, 01/01/27 (c) | | | 192,378 | |
| | 530,000 | | | Tulsa County Industrial Authority (RB)
5.00%, 09/01/25 (c) | | | 633,276 | |
| | 30,000 | | | University of Oklahoma, Series C (RB)
5.00%, 07/01/25 (c) | | | 35,320 | |
| | | | | | | | 5,770,267 | |
| Oregon: 1.2% | | | | |
| | 410,000 | | | City of Eugene, Electric Utility System Revenue, Series A (RB)
4.00%, 08/01/26 (c) | | | 464,243 | |
| | 1,285,000 | | | Corvallis School District No. 509J, Series B (GO) (SBG)
5.00%, 06/15/28 (c) | | | 1,609,193 | |
| | | | | Hillsboro School District No. 1J (GO) (SBG) | | | | |
| | 590,000 | | | 5.00%, 06/15/27 (c) | | | 723,210 | |
| | 1,000,000 | | | 5.00%, 06/15/27 (c) | | | 1,239,180 | |
| | 375,000 | | | Medford School District No. 549C (GO) (SBG)
5.00%, 06/15/25 (c) | | | 448,185 | |
| | | | | Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | | | | |
| | 930,000 | | | 0.00%, 06/15/27 (c) ^ | | | 612,554 | |
| | 1,030,000 | | | 0.00%, 06/15/27 (c) ^ | | | 716,128 | |
| | 500,000 | | | Multnomah and Clackamas Counties School District No. 7J (GO) (SBG)
4.00%, 06/01/27 (c) | | | 569,150 | |
| | 130,000 | | | Multnomah County School District No. 7, Series B (GO) (SBG)
0.00%, 06/15/25 (c) ^ | | | 89,103 | |
Principal
Amount | | | | | Value | |
| Oregon: (continued) | | | | |
| | | | | North Clackamas School District No. 12 (GO) (SBG) | | | | |
| $ | 510,000 | | | 5.00%, 06/15/24 (c) | | $ | 592,860 | |
| | 1,385,000 | | | 5.00%, 06/15/24 (c) | | | 1,611,586 | |
| | 200,000 | | | Oregon Health and Science University, Series B (RB)
5.00%, 07/01/26 (c) | | | 240,904 | |
| | | | | Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) | | | | |
| | 195,000 | | | 5.00%, 10/01/26 (c) | | | 228,031 | |
| | 430,000 | | | 5.00%, 10/01/26 (c) | | | 504,476 | |
| | 25,000 | | | Oregon State Lottery, Department of Administrative Services, Series B (RB)
5.00%, 04/01/24 (c) | | | 29,027 | |
| | 120,000 | | | Oregon State Lottery, Department of Administrative Services, Series C (RB)
5.00%, 04/01/27 (c) | | | 150,158 | |
| | 115,000 | | | Portland Community College District (GO)
5.00%, 06/15/26 (c) | | | 140,777 | |
| | | | | Salem-Keizer School District No. 24J (GO) (SBG) | | | | |
| | 475,000 | | | 4.00%, 06/15/28 (c) | | | 550,154 | |
| | 515,000 | | | 5.00%, 06/15/28 (c) | | | 652,165 | |
| | 125,000 | | | Sherwood School District No. 88J, Series B (GO) (SBG)
5.00%, 06/15/27 (c) | | | 154,413 | |
| | 690,000 | | | State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB)
5.00%, 04/01/27 (c) | | | 859,581 | |
| | | | | State of Oregon, Department of Administrative Services, Lottery Revenue, Series D (RB) | | | | |
| | 690,000 | | | 5.00%, 04/01/25 (c) | | | 819,154 | |
| | 1,440,000 | | | 5.00%, 04/01/25 (c) | | | 1,715,717 | |
| | | | | State of Oregon, Department of Transportation, Highway User Tax, Senior Lien, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 11/15/24 (c) | | | 275,893 | |
| | 160,000 | | | 5.00%, 11/15/24 (c) | | | 187,110 | |
| | 745,000 | | | 5.00%, 11/15/24 (c) | | | 874,950 | |
| | 2,100,000 | | | 5.00%, 11/15/24 (c) | | | 2,461,557 | |
| | 1,520,000 | | | 5.00%, 11/15/24 (c) | | | 1,779,084 | |
| | 450,000 | | | State of Oregon, Higher Education, Series I (GO)
4.00%, 08/01/27 (c) | | | 514,971 | |
| | 145,000 | | | State of Oregon, Seismic Project and Article XI-Q, Series A (GO)
5.00%, 05/01/27 (c) | | | 179,307 | |
| | 10,000 | | | State of Oregon, Seismic Project and Article XI-Q, Series F (GO)
5.00%, 05/01/26 (c) | | | 12,205 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Oregon: (continued) | | | | |
| | | | | Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | | | | |
| $ | 320,000 | | | 3.25%, 04/01/28 (c) | | $ | 338,979 | |
| | 235,000 | | | 5.00%, 10/01/26 | | | 288,606 | |
| | 350,000 | | | Washington and Clackamas Counties, Tigard-Tualatin School District No. 23 (GO) (SBG)
5.00%, 06/15/26 | | | 431,826 | |
| | | | | | | | 22,064,437 | |
| Pennsylvania: 4.4% | | | | |
| | | | | Allegheny County Hospital Development Authority, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 04/01/27 | | | 122,800 | |
| | 120,000 | | | 5.00%, 04/01/28 (c) | | | 145,286 | |
| | 2,020,000 | | | 5.00%, 07/15/29 (c) | | | 2,536,474 | |
| | | | | Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) | | | | |
| | 100,000 | | | 4.00%, 12/01/26 (c) | | | 112,664 | |
| | 290,000 | | | 5.00%, 12/01/25 (c) | | | 343,470 | |
| | 10,000 | | | 5.00%, 12/01/25 | | | 12,200 | |
| | 380,000 | | | City of Philadelphia (GO) (AGM)
5.00%, 08/01/27 (c) | | | 467,430 | |
| | 1,000,000 | | | City of Philadelphia, Pennsylvania Gas Works, Series 14 (RB)
5.00%, 10/01/26 (c) | | | 1,199,470 | |
| | | | | City of Philadelphia, Series A (GO) | | | | |
| | 745,000 | | | 5.00%, 08/01/25 (c) | | | 885,246 | |
| | 285,000 | | | 5.00%, 08/01/25 (c) | | | 341,091 | |
| | 100,000 | | | 5.00%, 08/01/27 (c) | | | 121,468 | |
| | 750,000 | | | 5.00%, 08/01/27 (c) | | | 917,100 | |
| | 750,000 | | | 5.00%, 08/01/27 (c) | | | 921,570 | |
| | 110,000 | | | City of Philadelphia, Water and Wastewater Revenue (RB)
5.00%, 10/01/25 | | | 133,126 | |
| | 10,000 | | | City of Philadelphia, Water and Wastewater Revenue, Series B (RB)
5.00%, 07/01/25 (c) | | | 11,866 | |
| | | | | Commonwealth Financing Authority, Series A (RB) | | | | |
| | 200,000 | | | 5.00%, 06/01/25 (c) | | | 230,892 | |
| | 500,000 | | | 5.00%, 06/01/25 (c) | | | 578,135 | |
| | 1,000,000 | | | 5.00%, 06/01/28 | | | 1,235,250 | |
| | 1,000,000 | | | 5.00%, 06/01/29 | | | 1,255,260 | |
| | 1,000,000 | | | 5.00%, 06/01/30 (c) | | | 1,254,940 | |
| | 250,000 | | | 5.00%, 06/01/30 (c) | | | 314,848 | |
| | | | | Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | | | | |
| | 415,000 | | | 5.00%, 06/01/28 (c) | | | 507,835 | |
| | 265,000 | | | 5.00%, 06/01/28 (c) | | | 326,109 | |
| | 775,000 | | | 5.00%, 06/01/28 (c) | | | 957,381 | |
| | | | | Commonwealth of Pennsylvania, First Series (GO) | | | | |
| | 510,000 | | | 3.00%, 01/01/27 (c) | | | 537,326 | |
| | 600,000 | | | 4.00%, 01/01/27 (c) | | | 679,698 | |
| | 650,000 | | | 5.00%, 03/15/25 (c) | | | 761,286 | |
| | 1,045,000 | | | 5.00%, 03/15/25 (c) | | | 1,216,098 | |
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 230,000 | | | 5.00%, 03/15/25 (c) | | $ | 266,632 | |
| | 200,000 | | | 5.00%, 03/15/25 (c) | | | 237,338 | |
| | 775,000 | | | 5.00%, 08/15/25 | | | 930,876 | |
| | 935,000 | | | 5.00%, 09/15/25 | | | 1,125,525 | |
| | 500,000 | | | 5.00%, 02/01/26 (c) | | | 601,375 | |
| | 1,605,000 | | | 5.00%, 09/15/26 | | | 1,963,364 | |
| | | | | Commonwealth of Pennsylvania, Second Series (GO) (AGM) | | | | |
| | 395,000 | | | 3.00%, 09/15/26 (c) | | | 411,689 | |
| | 1,160,000 | | | 3.00%, 09/15/26 (c) | | | 1,199,950 | |
| | 350,000 | | | 4.00%, 08/15/25 (c) | | | 385,406 | |
| | 170,000 | | | 4.00%, 09/15/26 (c) | | | 189,242 | |
| | 610,000 | | | 4.00%, 09/15/26 (c) | | | 688,647 | |
| | 945,000 | | | 5.00%, 08/15/25 (c) | | | 1,107,729 | |
| | 1,230,000 | | | 5.00%, 09/15/25 | | | 1,480,637 | |
| | 1,775,000 | | | 5.00%, 09/15/26 | | | 2,171,322 | |
| | 430,000 | | | 5.00%, 01/15/27 (c) | | | 528,878 | |
| | 695,000 | | | County of Allegheny, Series C-75 (GO)
5.00%, 11/01/26 (c) | | | 853,085 | |
| | 750,000 | | | County of Chester, Series A (GO)
4.00%, 07/15/26 (c) | | | 869,280 | |
| | | | | Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) | | | | |
| | 1,090,000 | | | 3.00%, 06/01/26 (c) | | | 1,114,089 | |
| | 450,000 | | | 4.00%, 06/01/26 (c) | | | 497,421 | |
| | 20,000 | | | 4.00%, 06/01/26 (c) | | | 22,162 | |
| | 475,000 | | | 5.00%, 06/01/26 (c) | | | 559,170 | |
| | 330,000 | | | Lancaster County Hospital Authority University of Pennsylvania Health System, Series B (RB)
5.00%, 08/15/26 | | | 407,520 | |
| | 525,000 | | | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/28 (c) | | | 638,605 | |
| | | | | Pennsylvania Economic Development Financing Authority, UPMC (RB) | | | | |
| | 100,000 | | | 4.00%, 09/15/26 (c) | | | 110,602 | |
| | 215,000 | | | 4.00%, 09/15/26 (c) | | | 238,340 | |
| | 385,000 | | | 5.00%, 09/15/26 (c) | | | 467,136 | |
| | | | | Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | | | | |
| | 1,000,000 | | | 3.38%, 11/15/27 (c) | | | 1,052,480 | |
| | 205,000 | | | 4.00%, 11/15/27 (c) | | | 230,596 | |
| | 700,000 | | | 5.00%, 08/01/24 (c) | | | 814,989 | |
| | 125,000 | | | Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB)
5.00%, 05/01/26 (c) | | | 146,403 | |
| | | | | Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | | | | |
| | 775,000 | | | 4.00%, 06/15/26 (c) | | | 855,654 | |
| | 985,000 | | | 5.00%, 06/15/26 (c) | | | 1,172,248 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| | | | | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | | | | |
| $ | 150,000 | | | 3.13%, 08/15/27 (c) | | $ | 157,836 | |
| | 725,000 | | | 4.00%, 08/15/26 (c) | | | 829,675 | |
| | 1,000,000 | | | 5.00%, 08/15/27 (c) | | | 1,245,840 | |
| | 270,000 | | | 5.00%, 08/15/27 (c) | | | 329,662 | |
| | 275,000 | | | 5.00%, 08/15/27 (c) | | | 338,726 | |
| | 1,040,000 | | | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series C (RB)
5.00%, 08/15/25 | | | 1,253,668 | |
| | 425,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB)
3.20%, 04/01/25 (c) | | | 442,450 | |
| | 700,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB)
2.80%, 10/01/25 (c) | | | 717,038 | |
| | 1,985,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB)
3.65%, 04/01/26 (c) | | | 2,105,966 | |
| | 1,730,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB)
3.45%, 10/01/26 (c) | | | 1,839,215 | |
| | 300,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB)
3.20%, 10/01/26 (c) | | | 314,199 | |
| | 20,000 | | | Pennsylvania State University, Series B (RB)
5.00%, 09/01/26 (c) | | | 24,483 | |
| | | | | Pennsylvania Turnpike Commission (RB) | | | | |
| | 210,000 | | | 5.00%, 12/01/25 | | | 253,189 | |
| | 175,000 | | | 5.00%, 12/01/25 (c) | | | 208,647 | |
| | 550,000 | | | 5.00%, 12/01/25 (c) | | | 653,878 | |
| | 110,000 | | | 5.00%, 12/01/26 (c) | | | 135,852 | |
| | 250,000 | | | 5.00%, 12/01/27 (c) | | | 303,865 | |
| | 1,000,000 | | | 5.00%, 12/01/27 | | | 1,233,760 | |
| | 300,000 | | | 5.00%, 12/01/27 (c) | | | 363,141 | |
| | 450,000 | | | Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB)
5.00%, 12/01/26 (c) | | | 547,582 | |
| | | | | Pennsylvania Turnpike Commission, Second Series B (RB) | | | | |
| | 1,085,000 | | | 3.00%, 06/01/26 (c) | | | 1,118,646 | |
| | 720,000 | | | 3.00%, 06/01/26 (c) | | | 745,538 | |
| | 690,000 | | | 4.00%, 06/01/26 (c) | | | 754,066 | |
| | | | | Pennsylvania Turnpike Commission, Series A (RB) | | | | |
| | 15,000 | | | 5.00%, 12/01/26 (c) | | | 17,838 | |
| | 750,000 | | | 5.00%, 12/01/26 (c) | | | 910,590 | |
| | 310,000 | | | 5.00%, 12/01/26 (c) | | | 378,293 | |
| | 500,000 | | | 5.00%, 12/01/29 (c) | | | 632,400 | |
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 300,000 | | | Pennsylvania Turnpike Commission, Series A-1 (RB)
5.00%, 06/01/25 (c) | | $ | 352,395 | |
| | | | | Pennsylvania Turnpike Commission, Series A-2 (RB) | | | | |
| | 790,000 | | | 5.00%, 06/01/26 (c) | | | 933,022 | |
| | 175,000 | | | 5.00%, 12/01/27 (c) | | | 216,704 | |
| | 100,000 | | | 5.00%, 12/01/27 (c) | | | 125,055 | |
| | 510,000 | | | Pennsylvania Turnpike Commission, Series B (RB) (AGM)
5.00%, 06/01/27 (c) | | | 618,905 | |
| | 760,000 | | | Pennsylvania Turnpike Commission, Series B-1 (RB)
5.00%, 06/01/27 (c) | | | 917,746 | |
| | | | | Pennsylvania Turnpike Commission, Series B-2 (RB) | | | | |
| | 205,000 | | | 5.00%, 06/01/27 (c) | | | 246,699 | |
| | 910,000 | | | 5.00%, 06/01/27 (c) | | | 1,108,635 | |
| | 430,000 | | | Pennsylvania Turnpike Commission, Series C (RB)
5.00%, 12/01/24 (c) | | | 500,215 | |
| | 110,000 | | | Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB)
4.00%, 07/01/27 (c) | | | 124,434 | |
| | 930,000 | | | Philadelphia Authority for Industrial Development, Temple University, First Series (RB)
5.00%, 04/01/25 (c) | | | 1,073,527 | |
| | 10,000 | | | Philadelphia Authority for Industrial Development, Temple University, Second Series (RB)
5.00%, 04/01/25 (c) | | | 11,605 | |
| | | | | Philadelphia Gas Works Co., Fourteenth Series (RB) | | | | |
| | 680,000 | | | 5.00%, 10/01/25 | | | 811,009 | |
| | 680,000 | | | 5.00%, 10/01/26 (c) | | | 809,975 | |
| | 1,090,000 | | | 5.00%, 10/01/26 (c) | | | 1,300,708 | |
| | 735,000 | | | 5.00%, 10/01/26 (c) | | | 879,427 | |
| | | | | Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | | | | |
| | 1,460,000 | | | 5.00%, 09/01/31 | | | 1,915,067 | |
| | 2,000,000 | | | 5.00%, 09/01/32 | | | 2,655,180 | |
| | 1,500,000 | | | 5.00%, 09/01/33 | | | 2,015,520 | |
| | 170,000 | | | Reading School District of Berks County (GO) (AGM) (SAW)
5.00%, 03/01/27 (c) | | | 201,929 | |
| | | | | School District of Philadelphia, Series A (GO) (SAW) | | | | |
| | 410,000 | | | 5.00%, 09/01/28 (c) | | | 499,450 | |
| | 450,000 | | | 5.00%, 09/01/28 (c) | | | 551,245 | |
| | 250,000 | | | 5.00%, 09/01/28 (c) | | | 307,250 | |
| | 485,000 | | | School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/26 (c) | | | 572,397 | |
| | 220,000 | | | School District of the City of Erie, Series A (GO) (AGM) (SAW)
5.00%, 04/01/29 (c) | | | 271,924 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 845,000 | | | Southeastern Pennsylvania Transportation Authority (RB)
5.00%, 06/01/27 (c) | | $ | 1,052,160 | |
| | | | | State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) (SAW) | | | | |
| | 260,000 | | | 5.00%, 12/01/26 (c) | | | 305,375 | |
| | 1,000,000 | | | 5.00%, 12/01/26 (c) | | | 1,212,440 | |
| | 965,000 | | | Westmoreland County Municipal Authority (RB)
5.00%, 08/15/25 (c) | | | 1,144,654 | |
| | | | | | | | 82,055,404 | |
| Rhode Island: 0.2% | | | | |
| | | | | Rhode Island Commerce Corp., Department of Transportation, Series B (RB) | | | | |
| | 380,000 | | | 5.00%, 06/15/26 (c) | | | 457,087 | |
| | 230,000 | | | 5.00%, 06/15/26 (c) | | | 279,179 | |
| | 125,000 | | | 5.00%, 06/15/26 | | | 152,276 | |
| | | | | Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/15/26 (c) | | | 1,135,580 | |
| | 110,000 | | | 5.00%, 05/15/26 (c) | | | 132,747 | |
| | 385,000 | | | Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM)
5.00%, 05/15/25 (c) | | | 453,053 | |
| | 345,000 | | | State of Rhode Island and Providence Plantations, Series A (GO)
3.00%, 04/01/28 (c) | | | 363,454 | |
| | 250,000 | | | State of Rhode Island and Providence Plantations, Series B (GO)
5.00%, 08/01/27 (c) | | | 309,200 | |
| | | | | State of Rhode Island and Providence Plantations, Series D (GO) | | | | |
| | 180,000 | | | 5.00%, 08/01/24 (c) | | | 210,258 | |
| | 250,000 | | | 5.00%, 08/01/24 (c) | | | 292,403 | |
| | | | | | | | 3,785,237 | |
| South Carolina: 0.7% | | | | |
| | | | | Aiken County Consolidated School District, Series A (GO) | | | | |
| | 535,000 | | | 4.00%, 04/01/29 (c) | | | 622,783 | |
| | 1,000,000 | | | 4.00%, 04/01/29 (c) | | | 1,167,590 | |
| | | | | Charleston Educational Excellence Finance Corp. (RB) | | | | |
| | 150,000 | | | 5.00%, 12/01/24 (c) | | | 175,137 | |
| | 25,000 | | | 5.00%, 12/01/24 (c) | | | 29,411 | |
| | 185,000 | | | County of York (GO) (SAW)
5.00%, 04/01/24 (c) | | | 215,094 | |
| | | | | Greenwood Fifty Schools Facilities, Inc., Greenwood School District No. 50 (RB) | | | | |
| | 100,000 | | | 3.00%, 06/01/26 (c) | | | 104,473 | |
| | 135,000 | | | 3.13%, 06/01/26 (c) | | | 141,649 | |
| | 175,000 | | | 3.25%, 06/01/26 (c) | | | 184,356 | |
| | 250,000 | | | 5.00%, 06/01/26 (c) | | | 303,353 | |
Principal
Amount | | | | | Value | |
| South Carolina: (continued) | | | | |
| $ | 480,000 | | | Kershaw County Public School District (RB)
3.38%, 12/01/25 (c) | | $ | 509,299 | |
| | | | | Lancaster County School District (GO) | | | | |
| | 325,000 | | | 3.25%, 03/01/27 (c) | | | 344,923 | |
| | 1,000,000 | | | 4.00%, 03/01/27 (c) | | | 1,172,010 | |
| | 100,000 | | | Lexington County Health Services District, Inc. (RB) (AGM)
5.00%, 11/01/27 (c) | | | 122,415 | |
| | 250,000 | | | Lexington County School District No. 2 (GO)
3.00%, 03/01/26 (c) | | | 257,290 | |
| | 100,000 | | | SCAGO Educational Facilities Corp. for Pickens School District (RB)
3.50%, 06/01/25 (c) | | | 106,768 | |
| | | | | South Carolina Public Service Authority, Series A (RB) | | | | |
| | 140,000 | | | 3.13%, 06/01/26 (c) | | | 145,473 | |
| | 235,000 | | | 5.00%, 06/01/25 (c) | | | 277,027 | |
| | 200,000 | | | 5.00%, 06/01/26 (c) | | | 240,338 | |
| | 1,145,000 | | | 5.00%, 06/01/26 (c) | | | 1,361,600 | |
| | 205,000 | | | 5.00%, 06/01/26 (c) | | | 245,326 | |
| | 185,000 | | | 5.00%, 06/01/26 (c) | | | 220,492 | |
| | | | | South Carolina Public Service Authority, Series C (RB) | | | | |
| | 1,560,000 | | | 5.00%, 12/01/24 (c) | | | 1,803,204 | |
| | 110,000 | | | 5.00%, 12/01/24 (c) | | | 127,692 | |
| | 390,000 | | | 5.00%, 12/01/24 (c) | | | 456,444 | |
| | 1,000,000 | | | South Carolina State, Clemson University, Series A (GO) (SAW)
4.00%, 10/01/27 (c) | | | 1,170,580 | |
| | 655,000 | | | South Carolina Transportation Infrastructure Bank, Series A (RB)
2.25%, 10/01/25 (c) | | | 644,802 | |
| | | | | York County, South Carolina Fort Mill School District No. 4, Series B (GO) | | | | |
| | 500,000 | | | 3.00%, 03/01/27 (c) | | | 518,840 | |
| | 325,000 | | | 3.00%, 03/01/27 (c) | | | 338,816 | |
| | | | | | | | 13,007,185 | |
| South Dakota: 0.1% | | | | |
| | | | | South Dakota Health and Educational Facilities Authority (RB) | | | | |
| | 1,000,000 | | | 4.00%, 09/01/27 (c) | | | 1,090,640 | |
| | 255,000 | | | 5.00%, 09/01/27 (c) | | | 312,462 | |
| | 100,000 | | | 5.00%, 09/01/27 (c) | | | 121,929 | |
| | | | | | | | 1,525,031 | |
| Tennessee: 1.1% | | | | |
| | | | | Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 07/01/23 (c) | | | 1,111,920 | |
| | 815,000 | | | 5.00%, 07/01/23 (c) | | | 906,826 | |
| | 550,000 | | | 5.00%, 07/01/23 (c) | | | 612,793 | |
| | | | | Knox County Health Educational and Housing Facility Board (RB) | | | | |
| | 700,000 | | | 5.00%, 04/01/27 (c) | | | 824,565 | |
| | 490,000 | | | 5.00%, 04/01/27 (c) | | | 578,264 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Tennessee: (continued) | | | | |
| $ | 150,000 | | | Memphis-Shelby County Industrial Development Board (RB)
5.00%, 11/01/26 (c) | | $ | 181,724 | |
| | | | | Metropolitan Government of Nashville and Davidson County (GO) | | | | |
| | 915,000 | | | 2.50%, 07/01/26 (c) | | | 958,170 | |
| | 580,000 | | | 4.00%, 07/01/26 (c) | | | 657,505 | |
| | 545,000 | | | 4.00%, 07/01/26 (c) | | | 620,014 | |
| | 335,000 | | | 4.00%, 07/01/27 | | | 397,655 | |
| | 590,000 | | | 4.00%, 07/01/27 (c) | | | 696,460 | |
| | 1,205,000 | | | 4.00%, 07/01/27 (c) | | | 1,381,388 | |
| | 915,000 | | | 4.75%, 07/01/26 | | | 1,114,250 | |
| | 290,000 | | | 5.00%, 01/01/26 | | | 353,556 | |
| | 25,000 | | | 5.00%, 07/01/26 (c) | | | 30,283 | |
| | 235,000 | | | 5.00%, 07/01/26 (c) | | | 285,318 | |
| | | | | Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) | | | | |
| | 130,000 | | | 5.00%, 07/01/26 (c) | | | 152,926 | |
| | 600,000 | | | 5.00%, 07/01/26 (c) | | | 713,898 | |
| | 400,000 | | | Metropolitan Government of Nashville and Davidson County, Series C (GO)
5.00%, 07/01/25 (c) | | | 478,900 | |
| | | | | Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 05/01/26 | | | 121,708 | |
| | 200,000 | | | 5.00%, 05/01/27 (c) | | | 246,236 | |
| | | | | State of Tennessee, Series A (GO) | | | | |
| | 1,365,000 | | | 5.00%, 08/01/25 (c) | | | 1,630,370 | |
| | 500,000 | | | 5.00%, 08/01/26 (c) | | | 609,060 | |
| | 1,000,000 | | | 5.00%, 08/01/26 (c) | | | 1,235,050 | |
| | 780,000 | | | 5.00%, 08/01/26 | | | 968,635 | |
| | 15,000 | | | State of Tennessee, Series B (GO)
5.00%, 09/01/24 (c) | | | 17,694 | |
| | 495,000 | | | Tennessee Housing Development Agency, Series 2 (RB)
3.50%, 07/01/27 (c) | | | 536,699 | |
| | 205,000 | | | Tennessee Housing Development Agency, Series 2B (RB)
3.70%, 07/01/26 (c) | | | 222,087 | |
| | | | | Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 11/01/25 | | | 121,423 | |
| | 285,000 | | | 5.00%, 11/01/27 (c) | | | 356,099 | |
| | 395,000 | | | 5.00%, 11/01/27 (c) | | | 491,439 | |
| | 365,000 | | | 5.00%, 11/01/27 | | | 463,594 | |
| | 750,000 | | | 5.00%, 11/01/27 (c) | | | 945,937 | |
| | | | | Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB) | | | | |
| | 20,000 | | | 5.00%, 11/01/25 (c) | | | 24,272 | |
| | 40,000 | | | 5.00%, 11/01/25 | | | 48,569 | |
| | | | | | | | 20,095,287 | |
Principal
Amount | | | | | Value | |
| Texas: 9.5% | | | | |
| $ | 250,000 | | | Alamo Community College District (GO)
5.00%, 08/15/26 | | $ | 308,363 | |
| | | | | Aldine Independent School District, Series A (GO) | | | | |
| | 1,030,000 | | | 4.00%, 02/15/27 (c) | | | 1,167,917 | |
| | 675,000 | | | 4.00%, 02/15/27 (c) | | | 763,891 | |
| | 140,000 | | | 5.00%, 02/15/25 (c) | | | 165,463 | |
| | 700,000 | | | 5.00%, 02/15/27 (c) | | | 866,978 | |
| | 1,000,000 | | | 5.00%, 02/15/27 (c) | | | 1,237,540 | |
| | | | | Allen Independent School District (GO) | | | | |
| | 185,000 | | | 4.00%, 02/15/26 (c) | | | 206,804 | |
| | 135,000 | | | 5.00%, 02/15/26 | | | 164,430 | |
| | 400,000 | | | 5.00%, 02/15/26 (c) | | | 478,500 | |
| | 1,000,000 | | | Alvin Independent School District (GO)
4.00%, 02/15/28 (c) | | | 1,140,520 | |
| | 500,000 | | | Alvin Independent School District, Series A (GO)
5.00%, 02/15/26 (c) | | | 598,925 | |
| | | | | Austin Convention Enterprises, Inc., Series A (RB) | | | | |
| | 145,000 | | | 5.00%, 01/01/27 (c) | | | 169,791 | |
| | 770,000 | | | 5.00%, 01/01/27 (c) | | | 904,311 | |
| | 375,000 | | | 5.00%, 01/01/27 (c) | | | 444,675 | |
| | | | | Austin Convention Enterprises, Inc., Series B (RB) | | | | |
| | 500,000 | | | 5.00%, 01/01/27 (c) | | | 570,210 | |
| | 500,000 | | | 5.00%, 01/01/27 (c) | | | 573,440 | |
| | 500,000 | | | Austin Independent School District (GO)
4.00%, 08/01/26 (c) | | | 565,915 | |
| | 500,000 | | | Austin Independent School District, Series B (GO)
5.00%, 08/01/26 (c) | | | 613,910 | |
| | 100,000 | | | Austin Independent School District, Series C (GO)
5.00%, 08/01/26 (c) | | | 121,629 | |
| | 315,000 | | | Beaumont Independent School District (GO)
3.00%, 02/15/26 (c) | | | 331,626 | |
| | | | | Bexar County Hospital District (GO) | | | | |
| | 385,000 | | | 3.00%, 02/15/26 (c) | | | 405,005 | |
| | 115,000 | | | 4.00%, 02/15/26 (c) | | | 128,491 | |
| | 350,000 | | | 5.00%, 02/15/26 | | | 426,065 | |
| | 1,000,000 | | | 5.00%, 02/15/26 (c) | | | 1,200,490 | |
| | 250,000 | | | Birdville Independent School District, Series B (GO)
5.00%, 02/15/25 (c) | | | 295,255 | |
| | 545,000 | | | Board of Regents of Texas A&M University System, Series A (RB)
5.50%, 07/01/25 (c) | | | 667,625 | |
| | 250,000 | | | Board of Regents of the University of North Texas, Series A (RB)
5.00%, 04/15/27 | | | 312,188 | |
| | | | | Board of Regents of the University of Texas System, Series A (RB) | | | | |
| | 945,000 | | | 5.00%, 03/15/25 (c) | | | 1,119,267 | |
| | 575,000 | | | 5.00%, 07/01/25 (c) | | | 681,496 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Board of Regents of the University of Texas System, Series B (RB) | | | | |
| $ | 100,000 | | | 5.00%, 08/15/24 (c) | | $ | 115,680 | |
| | 125,000 | | | 5.00%, 07/01/26 (c) | | | 153,740 | |
| | 200,000 | | | Board of Regents of the University of Texas System, Series D (RB)
5.00%, 08/15/25 | | | 242,082 | |
| | 520,000 | | | Board of Regents of the University of Texas System, Series E (RB)
5.00%, 08/15/27 | | | 657,467 | |
| | | | | Board of Regents of the University of Texas System, Series J (RB) | | | | |
| | 215,000 | | | 5.00%, 08/15/25 | | | 260,238 | |
| | 25,000 | | | 5.00%, 08/15/26 (c) | | | 30,854 | |
| | 55,000 | | | Board of Regents of University of Texas System, Permanent University Fund Bonds, Series B (RB)
5.00%, 07/01/25 | | | 66,248 | |
| | 270,000 | | | Board of Regents of University of Texas System, Series E (RB)
5.00%, 08/15/26 | | | 334,214 | |
| | 330,000 | | | Burleson Independent School District (GO)
3.50%, 02/01/26 (c) | | | 353,229 | |
| | | | | Central Texas Regional Mobility Authority, Senior Lien (RB) | | | | |
| | 250,000 | | | 5.00%, 01/01/26 (c) | | | 292,820 | |
| | 625,000 | | | 5.00%, 01/01/26 (c) | | | 735,537 | |
| | 60,000 | | | 5.00%, 01/01/26 (c) | | | 71,198 | |
| | | | | Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 07/01/25 (c) | | | 115,224 | |
| | 400,000 | | | 5.00%, 07/01/25 (c) | | | 465,776 | |
| | 30,000 | | | Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c) | | | 34,208 | |
| | 150,000 | | | City of Arlington, Senior Lien Special Tax (AGM) (ST)
5.00%, 02/15/25 (c) | | | 176,180 | |
| | 15,000 | | | City of Austin (GO)
5.00%, 09/01/25 (c) | | | 18,053 | |
| | 100,000 | | | City of Austin, Airport System, Series A (RB)
5.00%, 11/15/26 (c) | | | 119,817 | |
| | 35,000 | | | City of Austin, Electric Utility, Series A (RB)
5.00%, 11/15/25 | | | 42,425 | |
| | | | | City of Austin, Water and Wastewater System (RB) | | | | |
| | 995,000 | | | 5.00%, 11/15/26 (c) | | | 1,210,557 | |
| | 360,000 | | | 5.00%, 11/15/26 (c) | | | 439,445 | |
| | 235,000 | | | 5.00%, 11/15/27 (c) | | | 296,053 | |
| | | | | City of Dallas (GO) | | | | |
| | 500,000 | | | 5.00%, 02/15/24 (c) | | | 568,755 | |
| | 1,140,000 | | | 5.00%, 02/15/24 (c) | | | 1,307,204 | |
| | 405,000 | | | 5.00%, 02/15/24 (c) | | | 466,167 | |
| | 420,000 | | | 5.00%, 02/15/25 (c) | | | 488,956 | |
| | 840,000 | | | 5.00%, 02/15/25 (c) | | | 987,983 | |
| | 500,000 | | | 5.00%, 02/15/27 (c) | | | 619,550 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | City of Dallas, Series A (GO) | | | | |
| $ | 600,000 | | | 3.00%, 02/15/29 (c) | | $ | 622,326 | |
| | 1,000,000 | | | 4.00%, 02/15/29 (c) | | | 1,157,320 | |
| | | | | City of Dallas, Series B (GO) | | | | |
| | 1,500,000 | | | 3.00%, 02/15/29 (c) | | | 1,557,075 | |
| | 500,000 | | | 4.00%, 02/15/29 (c) | | | 574,765 | |
| | | | | City of Dallas, Waterworks and Sewer System, Series A (RB) | | | | |
| | 1,080,000 | | | 5.00%, 10/01/25 (c) | | | 1,296,972 | |
| | 540,000 | | | 5.00%, 10/01/25 (c) | | | 650,203 | |
| | 600,000 | | | 5.00%, 10/01/26 (c) | | | 730,014 | |
| | 565,000 | | | 5.00%, 10/01/26 (c) | | | 689,142 | |
| | 750,000 | | | 5.00%, 10/01/26 (c) | | | 919,410 | |
| | 965,000 | | | City of Denton, Utility System (RB)
5.00%, 12/01/26 (c) | | | 1,167,621 | |
| | | | | City of El Paso (GO) | | | | |
| | 110,000 | | | 4.00%, 08/15/26 (c) | | | 122,938 | |
| | 100,000 | | | 4.00%, 08/15/26 (c) | | | 111,980 | |
| | 455,000 | | | City of El Paso, Water and Sewer Revenue (RB)
5.00%, 03/01/24 (c) | | | 524,356 | |
| | 130,000 | | | City of Fort Worth (GO)
5.00%, 03/01/26 | | | 157,806 | |
| | 545,000 | | | City of Fort Worth, Series A (GO)
5.00%, 03/01/25 (c) | | | 642,103 | |
| | 135,000 | | | City of Houston, Airport System, Series B (RB)
5.00%, 07/01/28 (c) | | | 169,908 | |
| | 125,000 | | | City of Houston, Airport System, Series D (RB)
5.00%, 07/01/28 (c) | | | 156,634 | |
| | | | | City of Houston, Combined Utility System, First Lien, Series B (RB) | | | | |
| | 180,000 | | | 5.00%, 11/15/26 (c) | | | 217,231 | |
| | 220,000 | | | 5.00%, 11/15/26 (c) | | | 269,064 | |
| | 555,000 | | | 5.00%, 11/15/26 | | | 688,816 | |
| | 285,000 | | | 5.00%, 11/15/27 | | | 361,297 | |
| | | | | City of Houston, Combined Utility System, First Lien, Series D (RB) | | | | |
| | 45,000 | | | 5.00%, 11/15/24 (c) | | | 53,136 | |
| | 750,000 | | | 5.00%, 11/15/28 (c) | | | 941,535 | |
| | | | | City of Houston, Series A (GO) | | | | |
| | 650,000 | | | 5.00%, 03/01/24 (c) | | | 743,496 | |
| | 1,000,000 | | | 5.00%, 03/01/24 (c) | | | 1,146,000 | |
| | 535,000 | | | 5.00%, 03/01/26 (c) | | | 634,991 | |
| | 180,000 | | | 5.00%, 03/01/26 (c) | | | 214,956 | |
| | 515,000 | | | 5.00%, 03/01/26 (c) | | | 617,480 | |
| | 520,000 | | | 5.00%, 03/01/27 (c) | | | 631,540 | |
| | 500,000 | | | 5.00%, 03/01/27 (c) | | | 609,580 | |
| | 105,000 | | | City of Lubbock (GO)
5.00%, 02/15/25 (c) | | | 123,980 | |
| | | | | City of San Antonio, Electric and Gas Systems (RB) | | | | |
| | 1,000,000 | | | 4.00%, 02/01/26 | | | 1,155,980 | |
| | 500,000 | | | 4.00%, 08/01/26 (c) | | | 563,025 | |
| | 1,000,000 | | | 4.00%, 02/01/30 | | | 1,203,340 | |
| | 100,000 | | | 5.00%, 02/01/26 (c) | | | 119,523 | |
| | 30,000 | | | 5.00%, 02/01/26 | | | 36,467 | |
| | 110,000 | | | 5.00%, 08/01/26 (c) | | | 133,258 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 125,000 | | | 5.00%, 08/01/26 (c) | | $ | 152,840 | |
| | 1,055,000 | | | 5.00%, 08/01/26 (c) | | | 1,298,473 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,232,540 | |
| | 100,000 | | | 5.00%, 08/01/27 (c) | | | 123,008 | |
| | 125,000 | | | City of San Antonio, Electric and Gas Systems, Series A (RB)
5.00%, 02/01/26 | | | 151,948 | |
| | | | | City of San Antonio, General Improvement (GO) | | | | |
| | 1,070,000 | | | 5.00%, 02/01/24 (c) | | | 1,231,302 | |
| | 1,030,000 | | | 5.00%, 02/01/24 (c) | | | 1,190,433 | |
| | 1,000,000 | | | 5.00%, 08/01/29 (c) | | | 1,278,930 | |
| | 535,000 | | | City of San Antonio, Water System, Series A (RB)
5.00%, 05/15/26 (c) | | | 642,455 | |
| | | | | Collin County Community College District (GO) | | | | |
| | 500,000 | | | 3.25%, 08/15/27 (c) | | | 530,805 | |
| | 925,000 | | | 4.00%, 08/15/27 (c) | | | 1,067,672 | |
| | 1,015,000 | | | 5.00%, 08/15/27 (c) | | | 1,272,952 | |
| | 190,000 | | | Colorado River Municipal Water District (RB)
5.00%, 01/01/28 | | | 240,350 | |
| | | | | Conroe Independent School District (GO) | | | | |
| | 35,000 | | | 5.00%, 02/15/25 (c) | | | 41,122 | |
| | 665,000 | | | 5.00%, 02/15/27 (c) | | | 817,817 | |
| | | | | County of Bexar (GO) | | | | |
| | 150,000 | | | 4.00%, 06/15/25 (c) | | | 166,673 | |
| | 520,000 | | | 4.00%, 06/15/25 (c) | | | 579,712 | |
| | 1,000,000 | | | 5.00%, 06/15/26 (c) | | | 1,205,070 | |
| | 260,000 | | | County of Dallas (GO)
5.00%, 08/15/26 (c) | | | 319,935 | |
| | 615,000 | | | County of Denton (GO)
4.00%, 07/15/25 (c) | | | 691,524 | |
| | 750,000 | | | County of Denton, Series A (GO)
4.00%, 07/15/28 (c) | | | 886,552 | |
| | | | | County of Fort Bend, Series B (GO) | | | | |
| | 500,000 | | | 4.00%, 03/01/26 (c) | | | 563,840 | |
| | 20,000 | | | 5.00%, 03/01/26 (c) | | | 24,154 | |
| | 280,000 | | | County of Harris, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
5.00%, 10/01/29 | | | 362,729 | |
| | | | | County of Harris, Toll Road, Senior Lien, Series A (RB) | | | | |
| | 385,000 | | | 5.00%, 08/15/25 | | | 463,386 | |
| | 160,000 | | | 5.00%, 08/15/26 (c) | | | 193,094 | |
| | 670,000 | | | 5.00%, 08/15/26 (c) | | | 805,548 | |
| | 675,000 | | | 5.00%, 08/15/26 (c) | | | 809,055 | |
| | 695,000 | | | 5.00%, 08/15/26 (c) | | | 844,001 | |
| | 115,000 | | | 5.00%, 08/15/26 | | | 141,596 | |
| | 195,000 | | | 5.00%, 08/15/26 (c) | | | 239,951 | |
| | 190,000 | | | 5.00%, 08/15/26 (c) | | | 231,739 | |
| | | | | County of Harris, Toll Road, Senior Lien, Series B (RB) | | | | |
| | 160,000 | | | 5.00%, 08/15/25 (c) | | | 188,200 | |
| | 335,000 | | | 5.00%, 08/15/25 (c) | | | 393,387 | |
| | 190,000 | | | 5.00%, 08/15/25 (c) | | | 227,227 | |
| | 600,000 | | | 5.00%, 08/15/25 (c) | | | 714,702 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | County of Harris, Unlimited Tax Road, Series A (GO) | | | | |
| $ | 1,115,000 | | | 5.00%, 10/01/25 (c) | | $ | 1,336,952 | |
| | 1,125,000 | | | 5.00%, 10/01/25 (c) | | | 1,347,491 | |
| | 25,000 | | | 5.00%, 10/01/25 | | | 30,177 | |
| | 365,000 | | | 5.00%, 10/01/25 (c) | | | 439,482 | |
| | 250,000 | | | County of Montgomery (GO)
5.00%, 03/01/26 (c) | | | 303,273 | |
| | | | | Cypress-Fairbanks Independent School District (GO) | | | | |
| | 360,000 | | | 3.00%, 02/15/26 (c) | | | 380,524 | |
| | 590,000 | | | 5.00%, 02/15/25 (c) | | | 695,250 | |
| | 125,000 | | | 5.00%, 02/15/26 (c) | | | 150,998 | |
| | 710,000 | | | Cypress-Fairbanks Independent School District, Series C (GO)
5.00%, 02/15/24 (c) | | | 819,794 | |
| | 835,000 | | | Dallas Area Rapid Transit, Senior Lien (RB)
5.00%, 12/01/29 (c) | | | 1,086,752 | |
| | | | | Dallas Area Rapid Transit, Senior Lien, Series A (RB) | | | | |
| | 185,000 | | | 5.00%, 12/01/24 (c) | | | 218,404 | |
| | 730,000 | | | 5.00%, 12/01/25 (c) | | | 877,781 | |
| | 560,000 | | | 5.00%, 12/01/25 (c) | | | 666,204 | |
| | 165,000 | | | 5.00%, 12/01/25 (c) | | | 198,828 | |
| | 545,000 | | | 5.00%, 12/01/25 (c) | | | 660,971 | |
| | 130,000 | | | 5.00%, 12/01/25 (c) | | | 156,988 | |
| | | | | Dallas County Utility and Reclamation District (GO) | | | | |
| | 650,000 | | | 5.00%, 02/15/26 | | | 785,609 | |
| | 340,000 | | | 5.00%, 02/15/28 | | | 427,859 | |
| | 1,000,000 | | | Dallas Independent School District (GO)
4.00%, 02/15/25 (c) | | | 1,111,260 | |
| | | | | Dallas Independent School District, Series A (GO) | | | | |
| | 100,000 | | | 4.00%, 02/15/25 (c) | | | 111,342 | |
| | 10,000 | | | 5.00%, 08/15/24 (c) | | | 11,688 | |
| | 1,030,000 | | | 5.00%, 08/15/24 (c) | | | 1,202,237 | |
| | 100,000 | | | Dripping Springs Independent School District (GO)
5.00%, 02/15/24 (c) | | | 115,464 | |
| | | | | Eagle Mountain and Saginaw Independent School District (GO) | | | | |
| | 335,000 | | | 4.00%, 02/15/26 (c) | | | 377,408 | |
| | 10,000 | | | 5.00%, 02/15/26 (c) | | | 11,987 | |
| | 115,000 | | | El Paso Independent School District (GO)
5.00%, 08/15/24 (c) | | | 133,088 | |
| | 265,000 | | | El Paso Independent School District, Series A (GO)
3.00%, 08/15/25 (c) | | | 279,912 | |
| | 315,000 | | | Forney Independent School District (GO)
5.00%, 08/15/25 (c) | | | 371,656 | |
| | | | | Fort Bend Independent School District (GO) | | | | |
| | 635,000 | | | 4.00%, 08/15/27 (c) | | | 736,429 | |
| | 155,000 | | | 5.00%, 08/15/27 (c) | | | 194,161 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Fort Worth Independent School District (GO) | | | | |
| $ | 45,000 | | | 5.00%, 02/15/25 (c) | | $ | 53,146 | |
| | 500,000 | | | 5.00%, 02/15/26 (c) | | | 605,230 | |
| | 750,000 | | | 5.00%, 02/15/26 | | | 912,997 | |
| | | | | Frisco Independent School District (GO) | | | | |
| | 500,000 | | | 4.00%, 02/15/27 (c) | | | 570,885 | |
| | 1,000,000 | | | 4.00%, 02/15/27 (c) | | | 1,145,710 | |
| | | | | Garland Independent School District (GO) | | | | |
| | 165,000 | | | 4.00%, 02/15/25 (c) | | | 183,538 | |
| | 120,000 | | | 5.00%, 02/15/25 (c) | | | 142,414 | |
| | 100,000 | | | Grand Parkway Transportation Corp., Series A (RB)
5.00%, 04/01/28 (c) | | | 125,712 | |
| | 250,000 | | | Grapevine-Colleyville Independent School District (GO)
5.00%, 08/15/25 (c) | | | 297,795 | |
| | | | | Harris County Flood Control District, Series A (GO) | | | | |
| | 900,000 | | | 5.00%, 10/01/25 (c) | | | 1,074,060 | |
| | 210,000 | | | 5.00%, 10/01/27 (c) | | | 259,302 | |
| | 250,000 | | | 5.00%, 10/01/27 (c) | | | 313,525 | |
| | | | | Harris County Hospital District (RB) | | | | |
| | 365,000 | | | 3.00%, 02/15/26 (c) | | | 372,698 | |
| | 570,000 | | | 3.13%, 02/15/26 (c) | | | 583,332 | |
| | 100,000 | | | 4.00%, 02/15/26 (c) | | | 108,341 | |
| | 100,000 | | | 4.00%, 02/15/26 (c) | | | 108,188 | |
| | | | | Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) | | | | |
| | 385,000 | | | 3.00%, 05/15/26 (c) | | | 391,845 | |
| | 730,000 | | | 3.00%, 05/15/26 (c) | | | 740,585 | |
| | 210,000 | | | 4.00%, 05/15/26 (c) | | | 237,279 | |
| | 295,000 | | | 5.00%, 05/15/26 (c) | | | 355,773 | |
| | 220,000 | | | 5.00%, 11/15/27 | | | 273,244 | |
| | 160,000 | | | Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB)
5.00%, 12/01/24 (c) | | | 187,003 | |
| | 10,000 | | | Harris County, Cultural Education Facilities Finance Corp., Series A (RB)
5.00%, 12/01/24 (c) | | | 11,470 | |
| | | | | Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | | | | |
| | 550,000 | | | 4.00%, 11/15/27 (c) | | | 626,164 | |
| | 300,000 | | | 5.00%, 11/15/27 (c) | | | 371,238 | |
| | 350,000 | | | 5.00%, 11/15/27 (c) | | | 430,682 | |
| | 270,000 | | | Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital (RB)
5.00%, 10/01/25 (c) | | | 323,571 | |
| | | | | Harris County, Flood Control District, Series A (GO) | | | | |
| | 275,000 | | | 5.00%, 10/01/25 (c) | | | 329,742 | |
| | 1,230,000 | | | 5.00%, 10/01/25 (c) | | | 1,478,792 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Harris County, Houston Sports Authority, Senior Lien, Series A (RB) | | | | |
| $ | 665,000 | | | 5.00%, 11/15/24 (c) | | $ | 765,880 | |
| | 100,000 | | | 5.00%, 11/15/24 (c) | | | 114,897 | |
| | 440,000 | | | 5.00%, 11/15/24 (c) | | | 510,514 | |
| | 445,000 | | | 5.00%, 11/15/24 (c) | | | 513,721 | |
| | 260,000 | | | Harris County, Toll Road Senior Lien, Series A (RB)
5.00%, 02/15/28 (c) | | | 320,858 | |
| | | | | Hays Consolidated Independent School District (GO) | | | | |
| | 800,000 | | | 4.00%, 02/15/27 (c) | | | 899,592 | |
| | 500,000 | | | 4.00%, 02/15/27 (c) | | | 564,425 | |
| | 605,000 | | | Houston Independent School District (GO)
5.00%, 07/15/28 (c) | | | 761,235 | |
| | | | | Houston Independent School District, Limited Tax School House (GO) | | | | |
| | 525,000 | | | 5.00%, 02/15/26 | | | 641,928 | |
| | 1,780,000 | | | 5.00%, 02/15/27 (c) | | | 2,166,509 | |
| | 750,000 | | | 5.00%, 02/15/27 (c) | | | 923,505 | |
| | 900,000 | | | 5.00%, 02/15/27 | | | 1,125,414 | |
| | | | | Houston Independent School District, Limited Tax School House, Series A (GO) | | | | |
| | 1,105,000 | | | 4.00%, 02/15/26 (c) | | | 1,239,434 | |
| | 350,000 | | | 4.00%, 02/15/26 (c) | | | 394,803 | |
| | 100,000 | | | 5.00%, 02/15/26 (c) | | | 121,819 | |
| | 1,000,000 | | | 5.00%, 02/15/26 (c) | | | 1,213,800 | |
| | 135,000 | | | 5.00%, 02/15/26 (c) | | | 162,872 | |
| | 750,000 | | | Houston, Public Improvement, Series A (GO)
5.00%, 03/01/24 (c) | | | 861,712 | |
| | 100,000 | | | Humble Independent School District, Series A (GO)
4.00%, 02/15/25 (c) | | | 113,117 | |
| | 210,000 | | | Humble Independent School District, Series C (GO)
4.00%, 02/15/26 (c) | | | 234,497 | |
| | | | | Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO) | | | | |
| | 315,000 | | | 4.00%, 02/15/25 (c) | | | 349,366 | |
| | 280,000 | | | 5.00%, 02/15/25 (c) | | | 331,083 | |
| | 1,000,000 | | | Killeen Independent School District (GO)
5.00%, 02/15/28 (c) | | | 1,252,820 | |
| | 100,000 | | | Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO)
5.00%, 02/15/25 (c) | | | 118,244 | |
| | 310,000 | | | Leander Independent School District (GO)
0.00%, 08/15/24 (c) ^ | | | 169,024 | |
| | | | | Lewisville Independent School District, Series A (GO) | | | | |
| | 100,000 | | | 4.00%, 08/15/25 (c) | | | 114,500 | |
| | 400,000 | | | 4.00%, 08/15/25 (c) | | | 457,036 | |
| | | | | Lewisville Independent School District, Series B (GO) | | | | |
| | 550,000 | | | 5.00%, 08/15/25 (c) | | | 655,072 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 145,000 | | | 5.00%, 08/15/25 (c) | | $ | 173,875 | |
| | 195,000 | | | 5.00%, 08/15/25 | | | 234,942 | |
| | 1,000,000 | | | Lone Star College System (GO)
5.00%, 02/15/26 (c) | | | 1,193,590 | |
| | | | | Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | | | | |
| | 320,000 | | | 5.00%, 05/15/26 (c) | | | 383,178 | |
| | 275,000 | | | 5.00%, 05/15/26 (c) | | | 333,955 | |
| | | | | Lower Colorado River Authority, Series B (RB) | | | | |
| | 370,000 | | | 5.00%, 05/15/25 (c) | | | 434,047 | |
| | 380,000 | | | 5.00%, 05/15/25 (c) | | | 445,687 | |
| | 105,000 | | | 5.00%, 05/15/25 (c) | | | 124,782 | |
| | 500,000 | | | Mansfield Independent School District (GO)
5.00%, 02/15/25 (c) | | | 590,235 | |
| | | | | Metropolitan Transit Authority of Harris County, Series A (RB) | | | | |
| | 150,000 | | | 5.00%, 11/01/25 | | | 182,039 | |
| | 75,000 | | | 5.00%, 11/01/26 (c) | | | 93,017 | |
| | | | | Montgomery Independent School District (GO) | | | | |
| | 500,000 | | | 4.00%, 02/15/25 (c) | | | 559,220 | |
| | 100,000 | | | 5.00%, 02/15/25 (c) | | | 118,132 | |
| | 470,000 | | | 5.00%, 02/15/25 (c) | | | 554,031 | |
| | 1,100,000 | | | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
4.00%, 07/01/26 (c) | | | 1,097,921 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 08/15/27 (c) | | | 280,348 | |
| | 250,000 | | | 5.00%, 08/15/27 (c) | | | 306,915 | |
| | | | | North Harris County Regional Water Authority (RB) | | | | |
| | 45,000 | | | 5.00%, 12/15/25 | | | 54,391 | |
| | 150,000 | | | 5.00%, 12/15/26 (c) | | | 182,525 | |
| | 55,000 | | | 5.00%, 12/15/26 (c) | | | 67,513 | |
| | 245,000 | | | 5.00%, 12/15/26 (c) | | | 301,727 | |
| | | | | North Texas Municipal Water District, Water System (RB) | | | | |
| | 150,000 | | | 3.00%, 09/01/25 (c) | | | 160,181 | |
| | 820,000 | | | 5.00%, 09/01/25 (c) | | | 967,461 | |
| | 530,000 | | | 5.00%, 09/01/25 (c) | | | 633,557 | |
| | 50,000 | | | 5.00%, 09/01/25 (c) | | | 59,743 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 605,995 | |
| | 715,000 | | | 5.00%, 09/01/26 (c) | | | 861,310 | |
| | 400,000 | | | 5.00%, 09/01/26 (c) | | | 487,352 | |
| | 45,000 | | | 5.00%, 09/01/26 (c) | | | 54,683 | |
| | | | | North Texas Tollway Authority, First Tier, Series A (RB) | | | | |
| | 2,200,000 | | | 4.00%, 01/01/29 (c) | | | 2,518,472 | |
| | 410,000 | | | 5.00%, 01/01/24 (c) | | | 469,315 | |
| | 295,000 | | | 5.00%, 01/01/26 (c) | | | 353,475 | |
| | 425,000 | | | 5.00%, 01/01/26 (c) | | | 507,518 | |
| | 575,000 | | | 5.00%, 01/01/26 (c) | | | 684,854 | |
| | 500,000 | | | 5.00%, 01/01/26 (c) | | | 592,240 | |
| | 460,000 | | | 5.00%, 01/01/26 (c) | | | 551,181 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 635,000 | | | 5.00%, 01/01/26 (c) | | $ | 758,292 | |
| | 640,000 | | | 5.00%, 01/01/26 (c) | | | 770,784 | |
| | 100,000 | | | North Texas Tollway Authority, First Tier, Series B (RB)
4.00%, 01/01/25 (c) | | | 108,863 | |
| | | | | North Texas Tollway Authority, Second Tier, Series A (RB) | | | | |
| | 655,000 | | | 5.00%, 01/01/25 (c) | | | 758,955 | |
| | 560,000 | | | 5.00%, 01/01/25 (c) | | | 658,090 | |
| | | | | North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) | | | | |
| | 450,000 | | | 4.00%, 01/01/27 (c) | | | 502,294 | |
| | 685,000 | | | 5.00%, 01/01/24 (c) | | | 775,749 | |
| | 185,000 | | | 5.00%, 01/01/26 (c) | | | 222,279 | |
| | 875,000 | | | 5.00%, 01/01/26 (c) | | | 1,044,479 | |
| | 1,000,000 | | | Northside Independent School District (GO)
5.00%, 08/15/27 (c) | | | 1,238,290 | |
| | | | | Northwest Independent School District (GO) | | | | |
| | 25,000 | | | 5.00%, 02/15/25 (c) | | | 29,390 | |
| | 315,000 | | | 5.00%, 02/15/25 (c) | | | 371,495 | |
| | 105,000 | | | 5.00%, 02/15/25 (c) | | | 124,274 | |
| | | | | Northwest Independent School District, Series A (GO) | | | | |
| | 545,000 | | | 4.00%, 08/15/28 (c) | | | 626,924 | |
| | 1,000,000 | | | 5.00%, 02/15/25 (c) | | | 1,183,560 | |
| | 270,000 | | | Permanent University Fund, Texas A&M University System, Series A (RB)
5.25%, 07/01/25 (c) | | | 323,487 | |
| | | | | Pharr-San Juan-Alamo Independent School District (GO) | | | | |
| | 100,000 | | | 3.25%, 02/01/25 (c) | | | 104,812 | |
| | 775,000 | | | 4.00%, 02/01/25 (c) | | | 860,513 | |
| | | | | Plano Independent School District, Series A (GO) | | | | |
| | 1,995,000 | | | 5.00%, 02/15/26 (c) | | | 2,411,257 | |
| | 100,000 | | | 5.00%, 02/15/26 (c) | | | 121,246 | |
| | 500,000 | | | San Antonio Independent School District (GO)
4.00%, 08/15/28 (c) | | | 577,960 | |
| | | | | San Antonio Water System, Junior Lien, Series A (RB) | | | | |
| | 400,000 | | | 5.00%, 05/15/26 (c) | | | 482,452 | |
| | 650,000 | | | 5.00%, 05/15/26 (c) | | | 787,273 | |
| | 500,000 | | | 5.00%, 05/15/28 (c) | | | 622,850 | |
| | 200,000 | | | San Antonio Water System, Junior Lien, Series B (RB)
5.00%, 05/15/25 (c) | | | 233,564 | |
| | | | | Socorro Independent School District, Series B (GO) | | | | |
| | 225,000 | | | 4.00%, 08/15/27 (c) | | | 257,137 | |
| | 780,000 | | | 5.00%, 08/15/27 (c) | | | 973,183 | |
| | 800,000 | | | 5.00%, 08/15/27 (c) | | | 993,256 | |
| | | | | Spring Independent School District (GO) | | | | |
| | 45,000 | | | 5.00%, 08/15/25 (c) | | | 53,603 | |
| | 1,000,000 | | | 5.00%, 08/15/25 (c) | | | 1,199,760 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 15,000 | | | State of Texas, Finance Authority (GO)
5.00%, 10/01/26 | | $ | 18,622 | |
| | | | | State of Texas, Finance Authority, Series A (GO) | | | | |
| | 170,000 | | | 5.00%, 10/01/26 | | | 211,047 | |
| | 130,000 | | | 5.00%, 10/01/27 (c) | | | 162,003 | |
| | | | | State of Texas, Transportation Commission, Highway Improvement (GO) | | | | |
| | 20,000 | | | 5.00%, 04/01/24 (c) | | | 23,114 | |
| | 125,000 | | | 5.00%, 04/01/26 (c) | | | 150,391 | |
| | 70,000 | | | 5.00%, 04/01/26 (c) | | | 84,024 | |
| | | | | State of Texas, Transportation Commission, Highway | | | | |
| | | | | Improvement, Series A (GO) | | | | |
| | 1,000,000 | | | 5.00%, 04/01/26 (c) | | | 1,203,130 | |
| | 500,000 | | | 5.00%, 04/01/26 (c) | | | 603,570 | |
| | | | | State of Texas, Transportation Commission, Mobility Fund, Series A (GO) | | | | |
| | 180,000 | | | 5.00%, 10/01/24 (c) | | | 209,196 | |
| | 150,000 | | | 5.00%, 10/01/25 (c) | | | 181,272 | |
| | 1,035,000 | | | 5.00%, 10/01/25 (c) | | | 1,245,654 | |
| | 150,000 | | | 5.00%, 10/01/27 (c) | | | 185,465 | |
| | | | | State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | | | | |
| | 240,000 | | | 5.00%, 10/01/27 (c) | | | 296,743 | |
| | 1,860,000 | | | 5.00%, 10/01/27 (c) | | | 2,304,484 | |
| | 105,000 | | | State of Texas, Water Infrastructure Fund, Series B-1 (GO)
5.00%, 08/01/21 (c) | | | 111,855 | |
| | | | | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) | | | | |
| | 80,000 | | | 5.00%, 05/15/26 (c) | | | 96,145 | |
| | 855,000 | | | 5.00%, 05/15/26 (c) | | | 1,031,797 | |
| | 140,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB)
5.00%, 07/01/28 | | | 174,657 | |
| | 315,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
5.00%, 02/15/26 | | | 382,401 | |
| | | | | Tarrant Regional Water Control and Improvement District (RB) | | | | |
| | 70,000 | | | 5.00%, 03/01/25 (c) | | | 82,964 | |
| | 260,000 | | | 5.00%, 03/01/25 (c) | | | 307,302 | |
| | 1,040,000 | | | 5.00%, 03/01/25 (c) | | | 1,238,598 | |
| | 1,020,000 | | | 5.00%, 03/01/25 (c) | | | 1,211,505 | |
| | | | | Texas A&M University, Series D (RB) | | | | |
| | 10,000 | | | 4.00%, 05/15/26 (c) | | | 11,501 | |
| | 110,000 | | | 4.00%, 05/15/26 (c) | | | 127,811 | |
| | 295,000 | | | 5.00%, 05/15/26 | | | 363,056 | |
| | | | | Texas A&M University, Series E (RB) | | | | |
| | 25,000 | | | 5.00%, 05/15/25 | | | 30,036 | |
| | 100,000 | | | 5.00%, 05/15/27 (c) | | | 124,889 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 545,000 | | | Texas Public Finance Authority (GO)
5.00%, 10/01/26 (c) | | $ | 673,402 | |
| | | | | Texas State University System, Board of Regents, Series A (RB) | | | | |
| | 160,000 | | | 5.00%, 03/15/25 (c) | | | 190,144 | |
| | 10,000 | | | 5.00%, 03/15/26 | | | 12,156 | |
| | 100,000 | | | 5.00%, 03/15/27 (c) | | | 123,597 | |
| | 1,020,000 | | | 5.00%, 03/15/27 (c) | | | 1,265,392 | |
| | 125,000 | | | Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c) | | | 143,466 | |
| | 1,115,000 | | | Texas Transportation Commission, State Highway Fund, First Tier (RB)
5.00%, 10/01/26 | | | 1,375,932 | |
| | | | | Texas Water Development Board (RB) | | | | |
| | 125,000 | | | 5.00%, 04/15/26 | | | 153,189 | |
| | 600,000 | | | 5.00%, 10/15/26 (c) | | | 738,618 | |
| | 370,000 | | | 5.00%, 10/15/26 (c) | | | 457,542 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,248,090 | |
| | | | | Texas Water Development Board, Series A (RB) | | | | |
| | 45,000 | | | 4.00%, 10/15/25 (c) | | | 50,607 | |
| | 400,000 | | | 4.00%, 10/15/27 (c) | | | 459,064 | |
| | 180,000 | | | 4.00%, 04/15/28 (c) | | | 206,273 | |
| | 600,000 | | | 4.00%, 04/15/28 (c) | | | 693,720 | |
| | 125,000 | | | 5.00%, 10/15/25 (c) | | | 148,724 | |
| | 1,160,000 | | | 5.00%, 10/15/25 (c) | | | 1,395,538 | |
| | 165,000 | | | 5.00%, 10/15/25 (c) | | | 198,239 | |
| | 250,000 | | | 5.00%, 10/15/27 (c) | | | 314,033 | |
| | 200,000 | | | 5.00%, 10/15/27 (c) | | | 249,582 | |
| | | | | Texas Water Development Board, Series B (RB) | | | | |
| | 1,000,000 | | | 4.00%, 10/15/28 (c) | | | 1,161,680 | |
| | 1,000,000 | | | 5.00%, 10/15/28 (c) | | | 1,265,930 | |
| | | | | Trinity River Authority, Regional Wastewater System (RB) | | | | |
| | 100,000 | | | 5.00%, 08/01/25 | | | 120,481 | |
| | 180,000 | | | 5.00%, 08/01/26 | | | 221,699 | |
| | 285,000 | | | 5.00%, 08/01/27 (c) | | | 350,473 | |
| | 670,000 | | | 5.00%, 08/01/27 (c) | | | 831,805 | |
| | | | | University of North Texas, Series A (RB) | | | | |
| | 140,000 | | | 5.00%, 04/15/27 (c) | | | 170,547 | |
| | 75,000 | | | 5.00%, 04/15/27 (c) | | | 92,436 | |
| | 165,000 | | | 5.00%, 04/15/27 (c) | | | 204,150 | |
| | 155,000 | | | University of Texas, Series B (RB)
5.00%, 08/15/26 | | | 191,864 | |
| | 135,000 | | | University of Texas, Series D (RB)
5.00%, 08/15/26 | | | 167,107 | |
| | 200,000 | | | University of Texas, Series J (RB)
5.00%, 08/15/26 | | | 247,566 | |
| | | | | Via Metropolitan Transit Authority, Sales Tax (RB) | | | | |
| | 275,000 | | | 5.00%, 01/15/27 (c) | | | 335,698 | |
| | 135,000 | | | 5.00%, 01/15/27 (c) | | | 165,576 | |
| | | | | | | | 179,485,307 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Utah: 0.3% | | | | |
| $ | 395,000 | | | Central Utah Water Conservancy District (RB)
4.00%, 10/01/27 (c) | | $ | 453,618 | |
| | 1,140,000 | | | State of Utah (GO)
5.00%, 01/01/27 (c) | | | 1,425,251 | |
| | 365,000 | | | University of Utah, Series A (RB)
5.00%, 08/01/27 (c) | | | 454,126 | |
| | 1,000,000 | | | University of Utah, Series B-1 (RB)
5.00%, 08/01/26 | | | 1,238,190 | |
| | | | | Utah Transit Authority, Subordinated Sales Tax (RB) | | | | |
| | 130,000 | | | 0.00%, 06/15/26 (c) ^ | | | 88,479 | |
| | 935,000 | | | 3.00%, 06/15/26 (c) | | | 999,646 | |
| | 850,000 | | | 4.00%, 06/15/26 (c) | | | 962,939 | |
| | | | | Utah Transit Authority, Subordinated Sales Tax, Series A (RB) | | | | |
| | 255,000 | | | 5.00%, 06/15/25 (c) | | | 301,749 | |
| | 100,000 | | | 5.00%, 06/15/25 (c) | | | 118,699 | |
| | | | | | | | 6,042,697 | |
| Vermont: 0.1% | | | | |
| | 1,100,000 | | | Vermont Educational and Health Buildings Financing Agency, Series A (RB)
5.00%, 06/01/26 (c) | | | 1,306,305 | |
| Virginia: 2.2% | | | | |
| | 650,000 | | | Arlington County, Series B (GO)
5.00%, 08/15/26 (c) | | | 806,955 | |
| | | | | City of Richmond, Public Utility Revenue, Series A (RB) | | | | |
| | 1,520,000 | | | 5.00%, 01/15/26 (c) | | | 1,835,491 | |
| | 20,000 | | | 5.00%, 01/15/26 | | | 24,526 | |
| | | | | Commonwealth of Virginia, Series B (GO) (SAW) | | | | |
| | 500,000 | | | 5.00%, 06/01/25 (c) | | | 599,975 | |
| | 1,000,000 | | | 5.00%, 06/01/25 (c) | | | 1,202,940 | |
| | | | | County of Arlington (GO) | | | | |
| | 1,990,000 | | | 4.00%, 06/15/29 (c) | | | 2,347,583 | |
| | 1,000,000 | | | 5.00%, 08/15/27 (c) | | | 1,256,510 | |
| | | | | County of Fairfax, Public Improvement, Series A (GO) (SAW) | | | | |
| | 15,000 | | | 5.00%, 10/01/24 (c) | | | 17,713 | |
| | 1,000,000 | | | 5.00%, 10/01/25 | | | 1,217,230 | |
| | 750,000 | | | 5.00%, 04/01/28 (c) | | | 952,830 | |
| | 1,755,000 | | | 5.00%, 04/01/29 (c) | | | 2,270,549 | |
| | 15,000 | | | County of Fairfax, Public Improvement, Series B (GO) (SAW)
5.00%, 04/01/25 (c) | | | 18,118 | |
| | 25,000 | | | County of Henrico, Water and Sewer Revenue (RB)
5.00%, 05/01/25 | | | 30,078 | |
| | 155,000 | | | Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB)
5.00%, 05/15/26 (c) | | | 187,271 | |
| | 165,000 | | | Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB)
5.00%, 05/15/26 | | | 202,140 | |
Principal
Amount | | | | | Value | |
| Virginia: (continued) | | | | |
| $ | 550,000 | | | Fairfax County Water Authority (RB)
4.00%, 04/01/27 (c) | | $ | 649,247 | |
| | 260,000 | | | Hampton Roads Sanitation District, Series A (RB)
5.00%, 08/01/26 (c) | | | 320,385 | |
| | | | | Upper Occoquan Sewage Authority (RB) | | | | |
| | 200,000 | | | 5.00%, 07/01/25 (c) | | | 239,692 | |
| | 845,000 | | | 5.00%, 07/01/25 (c) | | | 1,014,228 | |
| | | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | | | | |
| | 110,000 | | | 5.00%, 02/01/26 (c) | | | 134,098 | |
| | 130,000 | | | 5.00%, 02/01/26 | | | 159,246 | |
| | 110,000 | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
3.00%, 02/01/27 (c) | | | 115,779 | |
| | | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | | | | |
| | 145,000 | | | 5.00%, 02/01/26 | | | 177,621 | |
| | 125,000 | | | 5.00%, 02/01/27 | | | 156,565 | |
| | 2,000,000 | | | 5.00%, 02/01/28 (c) | | | 2,512,460 | |
| | 1,000,000 | | | 5.00%, 02/01/28 (c) | | | 1,261,960 | |
| | 120,000 | | | 5.00%, 02/01/28 (c) | | | 152,207 | |
| | | | | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | | | | |
| | 775,000 | | | 3.00%, 09/01/27 (c) | | | 811,836 | |
| | 1,040,000 | | | 5.00%, 09/01/26 (c) | | | 1,284,858 | |
| | 1,000,000 | | | 5.00%, 09/01/26 (c) | | | 1,233,120 | |
| | | | | Virginia Commonwealth Transportation Board (RB) | | | | |
| | 250,000 | | | 4.00%, 05/15/24 (c) | | | 274,723 | |
| | 15,000 | | | 5.00%, 05/15/24 (c) | | | 17,468 | |
| | 1,000,000 | | | 5.00%, 05/15/24 (c) | | | 1,166,900 | |
| | 1,000,000 | | | 5.00%, 05/15/26 | | | 1,230,700 | |
| | 100,000 | | | 5.00%, 05/15/26 (c) | | | 122,903 | |
| | 20,000 | | | 5.00%, 09/15/26 (c) | | | 24,724 | |
| | 510,000 | | | 5.00%, 09/15/26 (c) | | | 632,859 | |
| | 1,000,000 | | | 5.00%, 05/15/27 (c) | | | 1,253,130 | |
| | | | | Virginia Commonwealth Transportation Board, Series A (RB) | | | | |
| | 180,000 | | | 4.00%, 11/15/27 (c) | | | 207,423 | |
| | 120,000 | | | 5.00%, 11/15/27 (c) | | | 150,308 | |
| | 1,000,000 | | | 5.00%, 11/15/27 (c) | | | 1,248,970 | |
| | | | | Virginia Public Building Authority, Series A (RB) | | | | |
| | 125,000 | | | 3.00%, 08/01/24 (c) | | | 132,380 | |
| | 475,000 | | | 3.00%, 08/01/24 (c) | | | 503,424 | |
| | 695,000 | | | 3.00%, 08/01/26 (c) | | | 727,721 | |
| | 400,000 | | | 3.00%, 08/01/28 (c) | | | 421,192 | |
| | 1,050,000 | | | 3.13%, 08/01/28 (c) | | | 1,109,776 | |
| | 250,000 | | | 4.00%, 08/01/27 (c) | | | 289,975 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Virginia: (continued) | | | | |
| $ | 680,000 | | | 5.00%, 08/01/25 | | $ | 822,202 | |
| | 100,000 | | | 5.00%, 08/01/25 | | | 120,912 | |
| | 325,000 | | | 5.00%, 08/01/26 | | | 403,123 | |
| | 485,000 | | | 5.00%, 08/01/26 | | | 601,584 | |
| | 700,000 | | | 5.00%, 08/01/28 (c) | | | 894,103 | |
| | | | | Virginia Public Building Authority, Series B (RB) | | | | |
| | 25,000 | | | 5.00%, 08/01/25 | | | 30,228 | |
| | 15,000 | | | 5.00%, 08/01/26 | | | 18,606 | |
| | 400,000 | | | Virginia Public Building Authority, Series C (RB)
4.00%, 08/01/24 (c) | | | 451,316 | |
| | | | | Virginia Public School Authority (RB) (SAW) | | | | |
| | 750,000 | | | 5.00%, 08/01/26 (c) | | | 923,572 | |
| | 30,000 | | | 5.00%, 08/01/26 (c) | | | 36,819 | |
| | 30,000 | | | 5.00%, 08/01/26 | | | 37,146 | |
| | 575,000 | | | 5.00%, 08/01/26 (c) | | | 708,584 | |
| | | | | Virginia Public School Authority, Series A (RB) (SAW) | | | | |
| | 775,000 | | | 5.00%, 08/01/25 (c) | | | 930,868 | |
| | 365,000 | | | 5.00%, 08/01/25 (c) | | | 440,205 | |
| | 1,040,000 | | | Virginia Resources Authority, Series C (RB)
4.00%, 11/01/26 (c) | | | 1,183,281 | |
| | 750,000 | | | Virginia Small Business Financing Authority, Hampton University (RB)
5.25%, 10/01/24 (c) | | | 876,382 | |
| | | | | | | | 41,186,718 | |
| Washington: 3.9% | | | | |
| | 600,000 | | | Auburn School District No. 408 of King and Pierce Counties (GO) (SBG)
4.00%, 06/01/26 (c) | | | 672,144 | |
| | | | | Central Puget Sound Regional Transit Authority, Series S-1 (RB) | | | | |
| | 590,000 | | | 5.00%, 11/01/25 (c) | | | 706,761 | |
| | 815,000 | | | 5.00%, 11/01/25 (c) | | | 974,813 | |
| | 830,000 | | | 5.00%, 11/01/25 (c) | | | 987,152 | |
| | 110,000 | | | 5.00%, 11/01/25 (c) | | | 132,007 | |
| | 15,000 | | | 5.00%, 11/01/25 | | | 18,213 | |
| | 110,000 | | | 5.00%, 11/01/26 (c) | | | 136,093 | |
| | | | | City of Seattle, Drainage and Wastewater System (RB) | | | | |
| | 525,000 | | | 4.00%, 04/01/26 (c) | | | 591,328 | |
| | 500,000 | | | 4.00%, 07/01/27 (c) | | | 572,345 | |
| | 915,000 | | | City of Seattle, Municipal Light and Power Revenue, Series A (RB)
4.00%, 01/01/28 (c) | | | 1,046,632 | |
| | 135,000 | | | City of Seattle, Municipal Light and Power Revenue, Series B (RB)
5.00%, 04/01/26 (c) | | | 164,460 | |
| | | | | City of Seattle, Water System Improvement (RB) | | | | |
| | 115,000 | | | 4.00%, 02/01/27 (c) | | | 132,106 | |
| | 1,000,000 | | | 5.00%, 05/01/25 (c) | | | 1,187,890 | |
| | 20,000 | | | 5.00%, 08/01/26 | | | 24,764 | |
| | 500,000 | | | 5.00%, 02/01/27 (c) | | | 617,635 | |
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | |
| $ | 15,000 | | | City of Spokane, Water and Wastewater Revenue (RB)
5.00%, 12/01/24 (c) | | $ | 17,765 | |
| | | | | Energy Northwest, Colombia Generating Station Electric, Series A (RB) | | | | |
| | 195,000 | | | 5.00%, 07/01/20 (c) | | | 199,633 | |
| | 235,000 | | | 5.00%, 07/01/25 (c) | | | 279,843 | |
| | 185,000 | | | 5.00%, 07/01/26 (c) | | | 226,573 | |
| | 1,330,000 | | | 5.00%, 07/01/27 (c) | | | 1,639,158 | |
| | 915,000 | | | 5.00%, 07/01/27 (c) | | | 1,144,930 | |
| | 125,000 | | | 5.00%, 07/01/28 (c) | | | 157,396 | |
| | | | | Energy Northwest, Colombia Generating Station Electric, Series C (RB) | | | | |
| | 715,000 | | | 5.00%, 07/01/25 (c) | | | 846,152 | |
| | 1,000,000 | | | 5.00%, 07/01/28 (c) | | | 1,256,020 | |
| | | | | Energy Northwest, Project 1 Electric, Series A (RB) | | | | |
| | 430,000 | | | 5.00%, 07/01/22 (c) | | | 472,574 | |
| | 340,000 | | | 5.00%, 07/01/25 (c) | | | 407,289 | |
| | 525,000 | | | 5.00%, 07/01/27 (c) | | | 659,311 | |
| | 675,000 | | | Energy Northwest, Project 1 Electric, Series C (RB)
5.00%, 07/01/24 (c) | | | 787,779 | |
| | | | | Energy Northwest, Project 3 Electric, Series A (RB) | | | | |
| | 105,000 | | | 5.00%, 07/01/25 | | | 126,474 | |
| | 130,000 | | | 5.00%, 07/01/25 (c) | | | 156,216 | |
| | 1,455,000 | | | 5.00%, 07/01/26 | | | 1,792,866 | |
| | 130,000 | | | 5.00%, 07/01/26 (c) | | | 159,611 | |
| | 270,000 | | | Energy Northwest, Project 3 Electric, Series C (RB)
5.00%, 07/01/28 | | | 346,526 | |
| | 760,000 | | | FYI Properties (RB)
5.00%, 06/01/27 | | | 949,818 | |
| | | | | Grant and Douglas Counties School District No. 144-101 (GO) (SBG) | | | | |
| | 125,000 | | | 4.00%, 06/01/26 (c) | | | 139,030 | |
| | 520,000 | | | 4.00%, 06/01/26 (c) | | | 588,458 | |
| | 1,000,000 | | | King County School District No. 210 (GO) (SBG)
4.00%, 12/01/27 (c) | | | 1,146,300 | |
| | | | | King County School District No. 401 (GO) (SBG) | | | | |
| | 690,000 | | | 3.13%, 12/01/26 (c) | | | 731,276 | |
| | 900,000 | | | 5.00%, 12/01/26 (c) | | | 1,102,302 | |
| | | | | King County School District No. 405 (GO) (SBG) | | | | |
| | 515,000 | | | 5.00%, 12/01/26 (c) | | | 633,512 | |
| | 360,000 | | | 5.00%, 12/01/26 | | | 447,804 | |
| | 635,000 | | | King County School District No. 411 (GO) (SBG)
4.00%, 06/01/26 (c) | | | 724,929 | |
| | 1,075,000 | | | King County School District No. 414 (GO) (SBG)
5.00%, 06/01/27 (c) | | | 1,327,582 | |
| | 840,000 | | | King County, Washington Limited Tax (GO)
4.00%, 07/01/27 (c) | | | 977,777 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | | |
| $ | 570,000 | | | King County, Washington Limited Tax, Series A (GO)
5.00%, 01/01/25 (c) | | $ | 671,688 | |
| | | | | King County, Washington Limited Tax, Series E (GO) | | | | |
| | 460,000 | | | 4.00%, 12/01/25 (c) | | | 514,147 | |
| | 500,000 | | | 5.00%, 12/01/25 (c) | | | 605,115 | |
| | 445,000 | | | King County, Washington Sewer Revenue, Series B (RB)
5.00%, 07/01/24 (c) | | | 517,989 | |
| | | | | Kitsap County School District No. 401 (GO) (SBG) | | | | |
| | 250,000 | | | 4.00%, 06/01/26 (c) | | | 279,898 | |
| | 15,000 | | | 4.00%, 06/01/26 (c) | | | 17,218 | |
| | 945,000 | | | Klickitat County Public Utility District No. 1 (RB)
5.00%, 06/01/25 (c) | | | 1,096,172 | |
| | 1,085,000 | | | Pasco School District No. 1, Franklin County (GO) (SBG)
5.00%, 12/01/27 (c) | | | 1,360,232 | |
| | | | | Pierce County School District No. 10 (GO) (SBG) | | | | |
| | 640,000 | | | 5.00%, 12/01/24 (c) | | | 741,568 | |
| | 560,000 | | | 5.00%, 12/01/25 (c) | | | 667,761 | |
| | 25,000 | | | 5.00%, 12/01/25 (c) | | | 29,881 | |
| | 175,000 | | | Pierce County School District No. 416 (GO) (SBG)
4.00%, 06/01/26 (c) | | | 198,503 | |
| | | | | Port of Seattle, Intermediate Lien (RB) | | | | |
| | 30,000 | | | 5.00%, 02/01/26 (c) | | | 35,809 | |
| | 130,000 | | | 5.00%, 02/01/26 (c) | | | 156,014 | |
| | 395,000 | | | Port of Seattle, Intermediate Lien, Series B (RB)
5.00%, 09/01/24 (c) | | | 460,341 | |
| | 500,000 | | | Port of Tacoma, Series A (GO)
5.00%, 12/01/26 (c) | | | 615,060 | |
| | 565,000 | | | Puyallup School District No. 3 (GO) (SBG)
5.00%, 06/01/27 (c) | | | 693,989 | |
| | 735,000 | | | Snohomish County School District No. 201 (GO) (SBG)
5.00%, 12/01/25 (c) | | | 888,211 | |
| | 125,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series C (GO)
5.00%, 01/01/26 (c) | | | 148,943 | |
| | 825,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)
5.00%, 08/01/26 (c) | | | 999,479 | |
| | | | | State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) | | | | |
| | 135,000 | | | 5.00%, 08/01/26 (c) | | | 164,199 | |
| | 1,035,000 | | | 5.00%, 08/01/26 (c) | | | 1,264,315 | |
| | 720,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series R-C (GO)
5.00%, 01/01/26 (c) | | | 856,310 | |
| | 1,000,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO)
5.00%, 01/01/25 (c) | | | 1,168,970 | |
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | | |
| $ | 10,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series R-F (GO)
5.00%, 01/01/25 (c) | | $ | 11,839 | |
| | 545,000 | | | State of Washington, Motor Vehicle Fuel Tax, Series R-H (GO)
5.00%, 01/01/25 (c) | | | 637,089 | |
| | | | | State of Washington, Series A (GO) | | | | |
| | 115,000 | | | 5.00%, 08/01/26 (c) | | | 138,432 | |
| | 955,000 | | | 5.00%, 08/01/26 (c) | | | 1,151,778 | |
| | 150,000 | | | State of Washington, Series B (GO)
5.00%, 01/01/26 (c) | | | 179,832 | |
| | | | | State of Washington, Series C (GO) | | | | |
| | 175,000 | | | 5.00%, 02/01/25 (c) | | | 207,309 | |
| | 720,000 | | | 5.00%, 02/01/25 (c) | | | 836,410 | |
| | 500,000 | | | 5.00%, 02/01/26 (c) | | | 604,145 | |
| | 1,725,000 | | | 5.00%, 08/01/27 | | | 2,174,880 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,235,690 | |
| | 170,000 | | | 5.00%, 02/01/28 (c) | | | 214,234 | |
| | | | | State of Washington, Series D (GO) | | | | |
| | 100,000 | | | 5.00%, 02/01/27 (c) | | | 121,998 | |
| | 110,000 | | | 5.00%, 02/01/27 | | | 137,174 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,239,260 | |
| | | | | State of Washington, Various Purpose, Series A (GO) | | | | |
| | 1,000,000 | | | 5.00%, 08/01/26 (c) | | | 1,221,560 | |
| | 245,000 | | | 5.00%, 08/01/26 (c) | | | 297,991 | |
| | 915,000 | | | 5.00%, 08/01/26 (c) | | | 1,108,513 | |
| | 200,000 | | | 5.00%, 08/01/26 (c) | | | 243,258 | |
| | 500,000 | | | 5.00%, 08/01/27 (c) | | | 617,845 | |
| | 500,000 | | | 5.00%, 08/01/27 (c) | | | 614,765 | |
| | 730,000 | | | State of Washington, Various Purpose, Series A-1 (GO)
5.00%, 08/01/25 (c) | | | 862,407 | |
| | 20,000 | | | State of Washington, Various Purpose, Series C (GO)
5.00%, 02/01/26 (c) | | | 24,240 | |
| | 25,000 | | | State of Washington, Various Purpose, Series R-A (GO)
5.00%, 08/01/26 (c) | | | 30,151 | |
| | | | | State of Washington, Various Purpose, Series R-B (GO) | | | | |
| | 20,000 | | | 5.00%, 01/01/26 (c) | | | 23,831 | |
| | 1,090,000 | | | 5.00%, 01/01/26 (c) | | | 1,301,809 | |
| | 105,000 | | | 5.00%, 01/01/26 (c) | | | 126,833 | |
| | 145,000 | | | 5.00%, 08/01/26 (c) | | | 177,824 | |
| | | | | State of Washington, Various Purpose, Series R-C (GO) | | | | |
| | 360,000 | | | 5.00%, 01/01/25 (c) | | | 423,932 | |
| | 1,245,000 | | | 5.00%, 01/01/25 (c) | | | 1,469,698 | |
| | 1,000,000 | | | 5.00%, 08/01/27 (c) | | | 1,229,530 | |
| | 420,000 | | | 5.00%, 08/01/27 (c) | | | 520,489 | |
| | | | | State of Washington, Various Purpose, Series R-E (GO) | | | | |
| | 630,000 | | | 5.00%, 01/01/25 (c) | | | 734,737 | |
| | 250,000 | | | 5.00%, 01/01/25 (c) | | | 290,520 | |
| | 720,000 | | | 5.00%, 01/01/25 (c) | | | 852,394 | |
| | 550,000 | | | 5.00%, 01/01/25 (c) | | | 645,727 | |
| | 220,000 | | | Tacoma School District No. 10 (GO) (SBG)
5.00%, 12/01/25 (c) | | | 263,505 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | | |
| | | | | Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB) | | | | |
| $ | 1,000,000 | | | 5.00%, 08/01/29 (c) | | $ | 1,206,920 | |
| | 1,000,000 | | | 5.00%, 08/01/29 (c) | | | 1,219,140 | |
| | | | | Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) | | | | |
| | 195,000 | | | 5.00%, 10/01/25 | | | 234,275 | |
| | 225,000 | | | 5.00%, 10/01/28 (c) | | | 278,969 | |
| | 250,000 | | | 5.00%, 10/01/28 (c) | | | 316,405 | |
| | 760,000 | | | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/27 (c) | | | 883,196 | |
| | | | | Washington State Convention Center Public Facilities District (RB) | | | | |
| | 1,510,000 | | | 5.00%, 07/01/28 (c) | | | 1,860,879 | |
| | 1,000,000 | | | 5.00%, 07/01/28 (c) | | | 1,235,240 | |
| | | | | Washington State University (RB) | | | | |
| | 405,000 | | | 5.00%, 04/01/25 (c) | | | 472,027 | |
| | 325,000 | | | 5.00%, 04/01/25 (c) | | | 378,056 | |
| | 430,000 | | | 5.00%, 04/01/25 (c) | | | 503,401 | |
| | 820,000 | | | 5.00%, 04/01/25 (c) | | | 957,055 | |
| | | | | | | | 73,078,251 | |
| 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) | | | 336,037 | |
| | 200,000 | | | State of West Virginia, Series B (GO)
5.00%, 06/01/28 (c) | | | 252,168 | |
| | | | | West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | | | | |
| | 1,055,000 | | | 3.00%, 06/01/26 (c) | | | 1,087,979 | |
| | 240,000 | | | 4.00%, 06/01/26 (c) | | | 263,683 | |
| | 240,000 | | | 5.00%, 06/01/26 (c) | | | 287,203 | |
| | 1,045,000 | | | 5.00%, 06/01/26 | | | 1,261,085 | |
| | | | | | | | 3,488,155 | |
| Wisconsin: 1.5% | | | | |
| | 1,000,000 | | | Central Brown County Water Authority, Series A (RB)
5.00%, 11/01/24 (c) | | | 1,151,880 | |
| | 155,000 | | | City of Milwaukee, Series N2 (GO)
4.00%, 03/01/26 | | | 179,121 | |
| | | | | City of Milwaukee, Series N4 (GO) | | | | |
| | 200,000 | | | 5.00%, 04/01/26 | | | 244,606 | |
| | 100,000 | | | 5.00%, 04/01/27 | | | 124,691 | |
| | 350,000 | | | Middleton-Cross Plains Area School District, Series A (GO)
3.25%, 03/01/27 (c) | | | 367,262 | |
| | | | | Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB) | | | | |
| | 165,000 | | | 5.00%, 03/01/26 (c) | | | 196,065 | |
| | 180,000 | | | 5.00%, 03/01/26 (c) | | | 214,627 | |
| | 205,000 | | | 5.00%, 03/01/26 (c) | | | 246,105 | |
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| | | | | Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) | | | | |
| $ | 375,000 | | | 3.00%, 06/01/26 (c) | | $ | 378,180 | |
| | 560,000 | | | 5.00%, 06/01/25 (c) | | | 649,706 | |
| | | | | State of Wisconsin, Environmental Improvement Fund, Series A (RB) | | | | |
| | 185,000 | | | 5.00%, 06/01/25 (c) | | | 218,816 | |
| | 100,000 | | | 5.00%, 06/01/25 (c) | | | 118,122 | |
| | 100,000 | | | 5.00%, 06/01/25 | | | 120,534 | |
| | 185,000 | | | 5.00%, 06/01/25 (c) | | | 221,734 | |
| | 150,000 | | | 5.00%, 06/01/25 (c) | | | 179,130 | |
| | 220,000 | | | 5.00%, 06/01/25 (c) | | | 262,029 | |
| | | | | State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | | | | |
| | 10,000 | | | 5.00%, 05/01/26 (c) | | | 12,075 | |
| | 20,000 | | | 5.00%, 05/01/26 (c) | | | 24,227 | |
| | | | | State of Wisconsin, Series 1 (GO) | | | | |
| | 15,000 | | | 5.00%, 05/01/25 (c) | | | 17,967 | |
| | 460,000 | | | 5.00%, 05/01/27 (c) | | | 568,201 | |
| | 250,000 | | | 5.00%, 05/01/27 (c) | | | 311,053 | |
| | 405,000 | | | 5.00%, 05/01/27 (c) | | | 507,910 | |
| | | | | State of Wisconsin, Series 2 (GO) | | | | |
| | 510,000 | | | 5.00%, 05/01/26 (c) | | | 627,963 | |
| | 150,000 | | | 5.00%, 05/01/26 (c) | | | 183,563 | |
| | 635,000 | | | 5.00%, 11/01/26 | | | 787,419 | |
| | 315,000 | | | 5.00%, 11/01/26 | | | 390,609 | |
| | 500,000 | | | 5.00%, 05/01/27 (c) | | | 627,050 | |
| | | | | State of Wisconsin, Series 3 (GO) | | | | |
| | 145,000 | | | 5.00%, 11/01/22 (c) | | | 161,099 | |
| | 385,000 | | | 5.00%, 11/01/22 (c) | | | 427,835 | |
| | 500,000 | | | 5.00%, 05/01/27 (c) | | | 615,820 | |
| | 450,000 | | | 5.00%, 05/01/27 (c) | | | 555,849 | |
| | 295,000 | | | 5.00%, 05/01/27 (c) | | | 368,756 | |
| | | | | State of Wisconsin, Series 4 (GO) | | | | |
| | 40,000 | | | 5.00%, 11/01/24 (c) | | | 47,053 | |
| | 1,575,000 | | | 5.00%, 11/01/24 (c) | | | 1,856,878 | |
| | | | | State of Wisconsin, Series A (GO) | | | | |
| | 100,000 | | | 4.00%, 05/01/26 (c) | | | 112,895 | |
| | 250,000 | | | 5.00%, 05/01/25 (c) | | | 294,805 | |
| | 1,170,000 | | | 5.00%, 05/01/25 (c) | | | 1,372,246 | |
| | 1,010,000 | | | 5.00%, 05/01/25 (c) | | | 1,183,649 | |
| | 210,000 | | | State of Wisconsin, Series B (GO)
5.00%, 05/01/25 (c) | | | 247,636 | |
| | 500,000 | | | State of Wisconsin, Series D (GO)
4.00%, 05/01/24 (c) | | | 555,705 | |
| | 500,000 | | | Sun Prairie Area School District (GO)
4.00%, 03/01/25 (c) | | | 556,920 | |
| | | | | Wisconsin Department of Transportation, Series 1 (RB) | | | | |
| | 565,000 | | | 5.00%, 07/01/24 (c) | | | 650,795 | |
| | 15,000 | | | 5.00%, 07/01/25 (c) | | | 18,049 | |
| | 500,000 | | | 5.00%, 07/01/26 | | | 617,540 | |
| | | | | Wisconsin Department of Transportation, Series 2 (RB) | | | | |
| | 480,000 | | | 5.00%, 07/01/27 (c) | | | 592,138 | |
| | 115,000 | | | 5.00%, 07/01/27 (c) | | | 142,924 | |
| | | | | Wisconsin Department of Transportation, Series A (RB) | | | | |
| | 1,180,000 | | | 5.00%, 07/01/24 (c) | | | 1,367,065 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 510,000 | | | 5.00%, 07/01/24 (c) | | $ | 593,451 | |
| | 140,000 | | | 5.00%, 07/01/24 (c) | | | 163,426 | |
| | | | | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/15/26 (c) | | | 1,109,850 | |
| | 1,500,000 | | | 4.00%, 05/15/26 (c) | | | 1,653,990 | |
| | 290,000 | | | 5.00%, 05/15/26 (c) | | | 353,005 | |
| | 35,000 | | | 5.00%, 05/15/26 (c) | | | 42,479 | |
| | 100,000 | | | 5.00%, 05/15/26 (c) | | | 120,730 | |
| | 500,000 | | | Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB)
4.00%, 08/15/27 (c) | | | 562,835 | |
| | 125,000 | | | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)
5.00%, 04/01/27 (c) | | | 149,864 | |
| | 155,000 | | | Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB)
5.00%, 11/15/24 (c) | | | 180,876 | |
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 1,000,000 | | | Wisconsin Health and Educational Facilities Authority, ProHealth Care, Inc. Obligated Group (RB)
3.38%, 08/15/24 (c) | | $ | 1,053,890 | |
| | 855,000 | | | Wisconsin Health and Educational Facilities Authority, Series B (RB)
3.15%, 09/01/25 (c) | | | 862,917 | |
| | | | | | | | 27,523,615 | |
| Wyoming: 0.1% | | | | |
| | 1,000,000 | | | County of Sweetwater, Idaho Power Company Project (RB)
1.70%, 07/15/26 | | | 990,260 | |
Total Municipal Bonds: 98.9%
(Cost: $1,779,369,863) | | | 1,862,133,087 | |
| Other assets less liabilities: 1.1% | | | 21,556,190 | |
| NET ASSETS: 100.0% | | $ | 1,883,689,277 | |
| 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 | | | 6.2 | % | | $ | 114,361,984 | |
| Health Care | | | 7.3 | | | | 136,609,920 | |
| Housing | | | 1.6 | | | | 30,217,222 | |
| Industrial Revenue | | | 1.0 | | | | 18,139,233 | |
| Leasing | | | 7.0 | | | | 130,903,889 | |
| Local | | | 17.5 | | | | 325,167,008 | |
| Power | | | 5.4 | | | | 100,342,218 | |
| Solid Waste/Resource Recovery | | | 0.1 | | | | 1,140,971 | |
| Special Tax | | | 11.0 | | | | 205,344,130 | |
| State | | | 20.3 | | | | 378,338,443 | |
| Tobacco | | | 1.1 | | | | 20,230,929 | |
| Transportation | | | 12.0 | | | | 223,810,697 | |
| Water & Sewer | | | 9.5 | | | | 177,526,443 | |
| | | | | 100.0 | % | | $ | 1,862,133,087 | |
See Notes to Financial Statements
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Municipal Bonds* | | | $ | — | | | $ | 1,862,133,087 | | | | $ | — | | | $ | 1,862,133,087 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| MUNICIPAL BONDS: 98.1% | | | | |
| Alabama: 1.9% | | | | |
| | | | | Alabama Federal Aid Highway Finance Authority, Series A (RB) | | | | |
| $ | 235,000 | | | 4.00%, 09/01/27 (c) | | $ | 264,641 | |
| | 250,000 | | | 5.00%, 09/01/27 (c) | | | 306,577 | |
| | 260,000 | | | Infirmary Health System, Inc., Series A (RB)
4.00%, 02/01/26 (c) | | | 274,355 | |
| | 1,085,000 | | | Lower Alabama Gas District, Series A (RB)
5.00%, 09/01/46 | | | 1,534,667 | |
| | 105,000 | | | State of Alabama, Series A (GO)
5.00%, 11/01/28 (c) | | | 131,726 | |
| | 210,000 | | | Tuscaloosa City Board of Education (RB)
4.00%, 08/01/26 (c) | | | 227,428 | |
| | | | | UAB Medicine Finance Authority, Series B (RB) | | | | |
| | 110,000 | | | 4.00%, 09/01/26 (c) | | | 121,116 | |
| | 220,000 | | | 5.00%, 09/01/26 (c) | | | 257,618 | |
| | 280,000 | | | UAB Medicine Finance Authority, Series B2 (RB)
4.00%, 03/01/27 (c) | | | 304,402 | |
| | 260,000 | | | Water Works Board of the City of Birmingham, Series B (RB)
5.00%, 01/01/27 (c) | | | 305,466 | |
| | | | | | | | 3,727,996 | |
| Alaska: 0.1% | | | | |
| | 215,000 | | | Municipality Of Anchorage, Senior Lien, Series A (RB)
4.00%, 12/01/24 (c) | | | 228,266 | |
| Arizona: 0.7% | | | | |
| | 225,000 | | | Arizona Health Facilities Authority, Series A (RB)
5.00%, 01/01/24 (c) | | | 250,220 | |
| | 215,000 | | | City of Phoenix Civic Improvement Corp., Series D (RB)
4.00%, 07/01/27 (c) | | | 239,211 | |
| | | | | Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | | | | |
| | 350,000 | | | 4.00%, 01/01/27 (c) | | | 386,340 | |
| | 270,000 | | | 5.00%, 01/01/27 (c) | | | 319,974 | |
| | 220,000 | | | Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 06/01/25 (c) | | | 255,171 | |
| | | | | | | | 1,450,916 | |
| Arkansas: 0.1% | | | | |
| | 130,000 | | | City of Rogers, Sales and Use Tax, Series B (RB)
3.25%, 11/01/26 (c) | | | 136,035 | |
| California: 17.0% |
| | 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) | | | 364,227 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 500,000 | | | Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB)
5.00%, 05/01/29 (c) | | $ | 615,600 | |
| | 315,000 | | | Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM)
4.00%, 10/01/26 (c) | | | 346,232 | |
| | 230,000 | | | Anaheim Elementary School District (GO)
3.00%, 08/01/26 (c) | | | 231,642 | |
| | 150,000 | | | Anaheim Public Financing Authority, Series A (RB)
5.00%, 05/01/24 (c) | | | 171,845 | |
| | 345,000 | | | Antelope Valley Community College District (GO)
5.00%, 02/01/25 (c) | | | 400,862 | |
| | 220,000 | | | Bay Area Toll Authority, Series S-6 (RB)
5.00%, 10/01/24 (c) | | | 261,580 | |
| | 315,000 | | | Beverly Hills Unified School District (GO)
0.00%, 08/01/26 (c) ^ | | | 156,038 | |
| | 250,000 | | | California Community College Financing Authority, Orange Coast College Project (RB)
5.25%, 05/01/28 (c) | | | 293,942 | |
| | | | | California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) | | | | |
| | 850,000 | | | 3.00%, 10/01/26 (c) | | | 853,068 | |
| | 680,000 | | | 3.00%, 10/01/26 (c) | | | 685,800 | |
| | | | | California Health Facilities Financing Authority, Series A (RB) | | | | |
| | 350,000 | | | 4.00%, 03/01/26 (c) | | | 376,715 | |
| | 230,000 | | | 4.00%, 11/15/27 (c) | | | 250,889 | |
| | 250,000 | | | 5.00%, 11/15/25 (c) | | | 293,395 | |
| | | | | California Health Facilities Financing Authority, Series B (RB) | | | | |
| | 300,000 | | | 4.00%, 11/15/26 (c) | | | 334,371 | |
| | 155,000 | | | 4.00%, 11/15/26 (c) | | | 171,734 | |
| | 350,000 | | | 5.00%, 11/15/26 (c) | | | 425,075 | |
| | 100,000 | | | California Health Facilities Financing Authority, Stanford Health Care, Series A (RB)
5.00%, 11/15/27 (c) | | | 123,787 | |
| | 200,000 | | | California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c) | | | 247,742 | |
| | 415,000 | | | California Infrastructure and Economic Development Bank, Series A (RB)
4.00%, 11/01/23 (c) | | | 441,647 | |
| | 160,000 | | | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
4.00%, 07/01/27 (c) | | | 172,456 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 200,000 | | | California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program-Phase I, Series A (RB)
4.00%, 06/01/27 (c) | | $ | 220,874 | |
| | 350,000 | | | California Public Finance Authority, Henry Mayo Newhall Hospital (RB)
5.00%, 10/15/26 (c) | | | 400,582 | |
| | | | | California State University, Series A (RB) | | | | |
| | 305,000 | | | 3.13%, 05/01/26 (c) | | | 317,426 | |
| | 250,000 | | | 4.00%, 05/01/26 (c) | | | 274,275 | |
| | 300,000 | | | California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB)
5.00%, 03/01/28 (c) | | | 357,852 | |
| | | | | California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB) | | | | |
| | 120,000 | | | 4.00%, 07/01/24 (c) | | | 126,512 | |
| | 155,000 | | | 5.00%, 07/01/24 (c) | | | 174,522 | |
| | | | | California Statewide Communities Development Authority, John Muir Health, Series A (RB) | | | | |
| | 150,000 | | | 4.00%, 08/15/26 (c) | | | 163,260 | |
| | 385,000 | | | 4.00%, 08/15/26 (c) | | | 421,983 | |
| | 20,000 | | | 4.00%, 08/15/26 (c) | | | 22,059 | |
| | 200,000 | | | California Statewide Communities Development Authority, Marin General Hospital, Series A (RB)
4.00%, 08/01/23 (c) | | | 208,084 | |
| | 455,000 | | | Centinela Valley Union High School District, Series B (GO) (AGM)
4.00%, 08/01/26 (c) | | | 497,656 | |
| | 275,000 | | | Cerritos Community College District, Series A (GO)
5.00%, 08/01/24 (c) | | | 316,536 | |
| | 155,000 | | | City of Los Angeles, Department of Airports, Series B (RB)
5.00%, 05/15/25 (c) | | | 181,015 | |
| | 170,000 | | | City of Los Angeles, Department of Airports, Series C (RB)
5.00%, 05/15/29 (c) | | | 216,396 | |
| | 340,000 | | | City of Los Angeles, Wastewater System, Series A (RB)
4.00%, 06/01/25 (c) | | | 369,155 | |
| | 750,000 | | | City of San Jose, Disaster Preparedness, Public Safety and Infrastructure, Series A-1 (GO) (AGM)
5.00%, 03/01/29 (c) | | | 959,062 | |
| | 195,000 | | | Cupertino Union School District, Series C (GO)
4.00%, 08/01/26 (c) | | | 216,425 | |
| | 300,000 | | | Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB)
3.38%, 06/01/26 (c) | | | 312,537 | |
| | 290,000 | | | East Bay Municipal Utility District, Water System, Series B (RB)
4.00%, 06/01/25 (c) | | | 317,730 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 390,000 | | | Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB)
5.00%, 07/01/26 (c) | | $ | 461,760 | |
| | 170,000 | | | Elk Grove Unified School District (CP)
3.13%, 02/01/26 (c) | | | 173,640 | |
| | 300,000 | | | Fairfield-Suisun Unified School District (GO)
2.75%, 08/01/26 (c) | | | 302,706 | |
| | 130,000 | | | Glendale Community College District, Series A (GO)
4.00%, 08/01/27 (c) | | | 143,913 | |
| | | | | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | | | | |
| | 530,000 | | | 5.00%, 06/01/25 (c) | | | 613,189 | |
| | 125,000 | | | 5.00%, 06/01/25 (c) | | | 145,480 | |
| | 185,000 | | | Hayward Area Recreation and Park District, Series A (GO)
4.00%, 08/01/27 (c) | | | 206,179 | |
| | 105,000 | | | Imperial Irrigation District, Electric System, Series B-2 (RB)
5.00%, 11/01/26 (c) | | | 125,568 | |
| | 165,000 | | | Imperial Irrigation District, Electric System, Series C (RB)
5.00%, 05/01/26 (c) | | | 197,856 | |
| | 185,000 | | | Kaweah Delta Health Care District, Series B (RB)
5.00%, 06/01/25 (c) | | | 208,110 | |
| | | | | Livermore Valley Joint Unified School District (GO) | | | | |
| | 215,000 | | | 3.00%, 08/01/26 (c) | | | 217,855 | |
| | 250,000 | | | 4.00%, 08/01/26 (c) | | | 277,263 | |
| | 1,000,000 | | | Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM)
5.00%, 07/01/28 (c) | | | 1,236,140 | |
| | | | | Los Angeles Department of Water and Power, Series A (RB) | | | | |
| | 335,000 | | | 5.00%, 07/01/24 (c) | | | 385,863 | |
| | 105,000 | | | 5.00%, 01/01/26 (c) | | | 124,740 | |
| | 300,000 | | | 5.00%, 01/01/26 (c) | | | 353,217 | |
| | 340,000 | | | 5.00%, 01/01/26 (c) | | | 403,753 | |
| | 500,000 | | | 5.00%, 01/01/27 (c) | | | 600,530 | |
| | 540,000 | | | 5.00%, 01/01/27 (c) | | | 657,245 | |
| | 250,000 | | | 5.00%, 01/01/28 (c) | | | 306,082 | |
| | | | | Los Angeles Department of Water and Power, Series C (RB) | | | | |
| | 275,000 | | | 5.00%, 07/01/27 (c) | | | 333,935 | |
| | 1,000,000 | | | 5.00%, 07/01/29 (c) | | | 1,279,620 | |
| | | | | Los Angeles Unified School District, Series A (GO) | | | | |
| | 200,000 | | | 4.00%, 07/01/25 (c) | | | 219,472 | |
| | 335,000 | | | 5.00%, 07/01/25 (c) | | | 393,950 | |
| | 200,000 | | | Marin Healthcare District, Series A (GO)
4.00%, 08/01/25 (c) | | | 218,242 | |
| | | | | Metropolitan Water District of Southern California, Series A (RB) | | | | |
| | 345,000 | | | 5.00%, 07/01/25 (c) | | | 407,341 | |
| | 500,000 | | | 5.00%, 01/01/29 (c) | | | 635,000 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 530,000 | | | Miracosta Community College District, Series A (GO)
4.00%, 08/01/27 (c) | | $ | 593,828 | |
| | 100,000 | | | Montebello Unified School District, Series A (GO)
4.00%, 08/01/26 (c) | | | 107,563 | |
| | 110,000 | | | Oakland Unified School District, Series A (GO)
5.00%, 08/01/25 (c) | | | 127,910 | |
| | 380,000 | | | Oxnard School District, Series A (GO)
4.00%, 08/01/27 (c) | | | 420,668 | |
| | 110,000 | | | Peralta Community College District, Series D (GO)
4.00%, 08/01/25 (c) | | | 119,984 | |
| | 125,000 | | | Port of Los Angeles, Harbor Department, Series B (RB)
5.00%, 08/01/24 (c) | | | 143,005 | |
| | 250,000 | | | Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB)
4.00%, 10/01/25 (c) | | | 275,410 | |
| | 265,000 | | | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/26 (c) | | | 308,683 | |
| | 250,000 | | | Regents of the University of California, Series AR (RB)
4.00%, 05/15/26 (c) | | | 278,983 | |
| | 370,000 | | | Riverside County Public Financing Authority, Capital Facilities Project (RB)
4.13%, 11/01/25 (c) | | | 404,062 | |
| | 250,000 | | | San Diego Unified School District, Series G (GO)
4.00%, 07/01/25 (c) | | | 273,658 | |
| | | | | San Diego Unified School District, Series I (GO) | | | | |
| | 380,000 | | | 0.00%, 07/01/25 (c) ^ | | | 184,083 | |
| | 425,000 | | | 0.00%, 07/01/25 (c) ^ | | | 225,760 | |
| | 215,000 | | | 3.13%, 07/01/27 (c) | | | 221,263 | |
| | 595,000 | | | 4.00%, 07/01/27 (c) | | | 665,180 | |
| | 230,000 | | | San Francisco Bay Area Rapid Transit District, Series E (GO)
4.00%, 08/01/27 (c) | | | 264,742 | |
| | 150,000 | | | San Francisco Municipal Transportation Agency (RB)
4.00%, 03/01/27 (c) | | | 165,354 | |
| | 250,000 | | | Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/25 (c) | | | 255,488 | |
| | 250,000 | | | Santa Monica Community College District, Series A (GO)
5.00%, 08/01/28 (c) | | | 310,612 | |
| | | | | State of California, Various Purpose (GO) | | | | |
| | 105,000 | | | 4.00%, 09/01/26 (c) | | | 115,696 | |
| | 400,000 | | | 5.00%, 10/01/24 (c) | | | 460,520 | |
| | 700,000 | | | 5.00%, 09/01/26 (c) | | | 833,133 | |
| | 500,000 | | | 5.00%, 11/01/27 (c) | | | 608,955 | |
| | 935,000 | | | 5.00%, 10/01/28 (c) | | | 1,161,420 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 240,000 | | | Victor Valley Community College District (GO)
4.00%, 08/01/26 (c) | | $ | 263,210 | |
| | 235,000 | | | West Hollywood Public Financing Authority (RB)
4.00%, 04/01/26 (c) | | | 257,713 | |
| | 250,000 | | | West Valley-Mission Community College District, Series A (GO)
4.00%, 08/01/29 (c) | | | 286,067 | |
| | | | | | | | 33,254,187 | |
| Colorado: 2.5% | | | | |
| | 220,000 | | | Adams and Weld Counties, School District No. 27J (GO) (SAW)
5.00%, 12/01/25 (c) | | | 260,381 | |
| | 550,000 | | | Board of Governors of Colorado State University System (RB)
4.00%, 03/01/28 (c) | | | 615,202 | |
| | 230,000 | | | City and County of Denver, Board of Water Commissioners, Series B (RB)
4.00%, 09/15/27 (c) | | | 258,226 | |
| | 285,000 | | | City and County of Denver, Series A (CP)
4.00%, 06/01/26 (c) | | | 308,230 | |
| | 120,000 | | | City of Colorado Springs, Utilities System, Series A (RB)
4.00%, 11/15/25 (c) | | | 129,680 | |
| | 750,000 | | | City of Loveland, Electric and Communications Enterprise, Series A (RB)
5.00%, 12/01/28 (c) | | | 907,425 | |
| | 155,000 | | | Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB)
5.00%, 03/01/27 (c) | | | 184,422 | |
| | 320,000 | | | Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A (RB)
4.00%, 05/15/28 (c) | | | 351,549 | |
| | 280,000 | | | Colorado Health Facilities Authority, Children Hospital, Series A (RB)
5.00%, 06/01/26 (c) | | | 325,931 | |
| | 500,000 | | | Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c) | | | 474,430 | |
| | 225,000 | | | Colorado Health Facilities Authority, Vail Valley Center Project (RB)
4.00%, 01/15/26 (c) | | | 239,164 | |
| | | | | Colorado High Performance Transportation Enterprise (RB) | | | | |
| | 250,000 | | | 5.00%, 12/31/24 (c) | | | 272,985 | |
| | 250,000 | | | 5.00%, 12/31/24 (c) | | | 273,708 | |
| | 230,000 | | | University of Colorado, Series A-2 (RB)
4.00%, 06/01/28 (c) | | | 261,703 | |
| | | | | | | | 4,863,036 | |
| Connecticut: 1.1% | | | | |
| | 100,000 | | | Connecticut Housing Finance Authority, Series A-1 (RB)
3.50%, 05/15/25 (c) | | | 103,261 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Connecticut: (continued) | | | | |
| $ | 300,000 | | | Connecticut Housing Finance Authority, Series B-1 (RB)
4.00%, 05/15/27 (c) | | $ | 318,654 | |
| | 15,000 | | | Connecticut Housing Finance Authority, Series C-1 (RB)
3.50%, 11/15/24 (c) | | | 15,676 | |
| | 250,000 | | | Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)
5.00%, 06/01/26 (c) | | | 290,822 | |
| | 220,000 | | | Metropolitan District, Clean Water Project, Series A (RB)
5.00%, 11/01/24 (c) | | | 251,332 | |
| | 230,000 | | | State of Connecticut Health and Educational Facilities Authority, Quinnipiac University, Series L (RB)
4.13%, 07/01/25 (c) | | | 247,153 | |
| | 215,000 | | | State of Connecticut, State Revolving Fund, Series A (RB)
5.00%, 05/01/27 (c) | | | 262,018 | |
| | | | | University of Connecticut, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 11/01/28 (c) | | | 280,483 | |
| | 275,000 | | | 4.00%, 11/01/28 (c) | | | 309,301 | |
| | | | | | | | 2,078,700 | |
| Delaware: 0.2% | | | | |
| | 150,000 | | | County of New Castle (GO)
4.00%, 04/01/27 (c) | | | 166,098 | |
| | 115,000 | | | Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)
4.00%, 07/01/27 (c) | | | 126,403 | |
| | | | | | | | 292,501 | |
| District of Columbia: 0.5% | | | | |
| | 250,000 | | | District of Columbia, Children’s Hospital Obligated Group (RB)
5.00%, 01/15/26 (c) | | | 286,677 | |
| | | | | District of Columbia, Series A (GO) | | | | |
| | 100,000 | | | 4.00%, 04/15/29 (c) | | | 114,183 | |
| | 250,000 | | | 5.00%, 06/01/27 (c) | | | 303,375 | |
| | | | | District of Columbia, Water and Sewer Authority, Subordinated Lien, Series A (RB) | | | | |
| | 230,000 | | | 3.25%, 04/01/26 (c) | | | 239,851 | |
| | 100,000 | | | 5.00%, 04/01/26 (c) | | | 118,565 | |
| | | | | | | | 1,062,651 | |
| Florida: 4.0% | | | | |
| | 345,000 | | | Central Florida Expressway Authority (RB)
4.00%, 07/01/27 (c) | | | 380,742 | |
| | 250,000 | | | City of Jacksonville, Series A (RB)
5.25%, 10/01/27 (c) | | | 301,407 | |
| | | | | City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) | | | | |
| | 170,000 | | | 3.00%, 07/01/26 (c) | | | 173,142 | |
| | 200,000 | | | 3.25%, 07/01/26 (c) | | | 204,802 | |
Principal
Amount | | | | | Value | |
| Florida: (continued) | | | | |
| $ | 255,000 | | | City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB)
4.00%, 12/01/25 (c) | | $ | 267,360 | |
| | 345,000 | | | City of Tampa, Baycare Health System, Series A (RB)
4.00%, 05/15/26 (c) | | | 370,882 | |
| | 900,000 | | | Collier County Water and Sewer District (RB)
3.00%, 07/01/29 (c) | | | 940,905 | |
| | 805,000 | | | County of Miami-Dade (RB)
4.00%, 10/01/26 (c) | | | 882,755 | |
| | 250,000 | | | County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
3.13%, 04/01/26 (c) | | | 258,673 | |
| | | | | County of Miami-Dade, Educational Facilities Authority, Series A (RB) | | | | |
| | 240,000 | | | 4.00%, 04/01/25 (c) | | | 255,391 | |
| | 465,000 | | | 5.00%, 04/01/25 (c) | | | 527,821 | |
| | 510,000 | | | County of Miami-Dade, Florida Transit System (RB)
4.00%, 07/01/28 (c) | | | 567,487 | |
| | 210,000 | | | County of Miami-Dade, Water and Sewer System, Series A (RB)
4.00%, 10/01/27 (c) | | | 231,972 | |
| | | | | County of Miami-Dade, Water and Sewer System, Series B (RB) | | | | |
| | 140,000 | | | 3.13%, 10/01/27 (c) | | | 143,724 | |
| | 360,000 | | | 4.00%, 10/01/27 (c) | | | 403,294 | |
| | 100,000 | | | Florida Housing Finance Corp., Series 1 (RB)
3.20%, 07/01/28 (c) | | | 102,481 | |
| | 125,000 | | | Greater Orlando Aviation Authority, Airport Facilities, Series B (RB)
5.00%, 10/01/26 (c) | | | 147,606 | |
| | 260,000 | | | Halifax Hospital Medical Center (RB)
3.75%, 06/01/26 (c) | | | 269,480 | |
| | 140,000 | | | JEA Electric System, Series Three A (RB)
3.75%, 04/01/20 (c) | | | 140,484 | |
| | 160,000 | | | Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (AGM) (TA)
5.00%, 02/01/24 (c) | | | 180,485 | |
| | 135,000 | | | Miami Beach Redevelopment Agency, Historic Convention Village, Series A (AGM) (TA)
5.00%, 02/01/24 (c) | | | 153,160 | |
| | 265,000 | | | Orange County Health Facilities Authority (RB)
4.00%, 10/01/26 (c) | | | 285,612 | |
| | 355,000 | | | Palm Beach County, Public Improvement, Professional Sports Franchise Facility Project, Series D (RB)
5.00%, 12/01/25 (c) | | | 421,087 | |
| | 170,000 | | | State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
2.63%, 06/01/26 (c) | | | 172,480 | |
| | | | | | | | 7,783,232 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Georgia: 1.9% | | | | |
| $ | 260,000 | | | Burke County Development Authority, Series D (RB)
4.13%, 02/01/28 (c) | | $ | 277,545 | |
| | 150,000 | | | County of Paulding, Water and Sewerage Revenue (RB)
3.00%, 12/01/26 (c) | | | 151,058 | |
| | 90,000 | | | Dahlonega Downtown Development Authority (RB)
3.13%, 07/01/23 (c) | | | 91,252 | |
| | 185,000 | | | Dalton-Whitfield County Joint Development Authority (RB)
4.00%, 02/15/28 (c) | | | 202,669 | |
| | 270,000 | | | Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW)
4.00%, 07/01/29 (c) | | | 295,456 | |
| | 115,000 | | | Forsyth County School District (GO)
5.00%, 02/01/28 (c) | | | 142,824 | |
| | 350,000 | | | Georgia Higher Education Facilities Authority, USG Real Estate Foundation I, LLC Project (RB)
4.13%, 06/15/25 (c) | | | 380,933 | |
| | 165,000 | | | Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) (SAW)
3.35%, 06/01/28 (c) | | | 173,113 | |
| | 150,000 | | | Georgia Housing and Finance Authority, Single Family Mortgage, Series A-1 (RB)
3.20%, 12/01/25 (c) | | | 155,480 | |
| | | | | Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) | | | | |
| | 150,000 | | | 3.55%, 12/01/26 (c) | | | 157,166 | |
| | 450,000 | | | 4.05%, 12/01/27 (c) | | | 493,753 | |
| | | | | Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | | | | |
| | 115,000 | | | 3.35%, 12/01/25 (c) | | | 118,982 | |
| | 120,000 | | | 3.35%, 12/01/25 (c) | | | 124,156 | |
| | 335,000 | | | Gwinnett County School District (GO) (SAW)
5.00%, 02/01/29 (c) | | | 422,991 | |
| | 165,000 | | | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 07/01/25 (c) | | | 180,528 | |
| | 150,000 | | | Private Colleges and Universities Authority, Emory University, Series B (RB)
3.00%, 10/01/24 (c) | | | 152,529 | |
| | 100,000 | | | State of Georgia, Series A (GO)
3.00%, 02/01/27 (c) | | | 105,492 | |
| | | | | | | | 3,625,927 | |
| Hawaii: 0.6% | | | | |
| | 130,000 | | | City and County of Honolulu, Series A (GO)
5.00%, 10/01/25 (c) | | | 152,610 | |
Principal
Amount | | | | | Value | |
| Hawaii: (continued) | | | | |
| | | | | City and County of Honolulu, Series C (GO) | | | | |
| $ | 750,000 | | | 4.00%, 08/01/29 (c) | | $ | 852,465 | |
| | 200,000 | | | 5.00%, 08/01/29 (c) | | | 249,992 | |
| | | | | | | | 1,255,067 | |
| Illinois: 5.0% | | | | |
| | 100,000 | | | Chicago Board of Education (ST)
6.00%, 04/01/27 (c) | | | 119,471 | |
| | 250,000 | | | Chicago Midway International Airport, Series B (RB)
5.00%, 01/01/26 (c) | | | 287,455 | |
| | 890,000 | | | Chicago O’Hare International Airport, Series B (RB) (AGM)
4.00%, 01/01/29 (c) | | | 983,735 | |
| | | | | Chicago O’Hare International Airport, Series C (RB) | | | | |
| | 165,000 | | | 5.00%, 01/01/26 (c) | | | 192,903 | |
| | 150,000 | | | 5.00%, 01/01/27 (c) | | | 176,820 | |
| | | | | Chicago O’Hare International Airport, Series D (RB) | | | | |
| | 510,000 | | | 5.00%, 01/01/25 (c) | | | 577,391 | |
| | 150,000 | | | 5.00%, 01/01/27 (c) | | | 174,710 | |
| | 255,000 | | | 5.00%, 01/01/27 (c) | | | 298,031 | |
| | 250,000 | | | Chicago O’Hare International Airport, Series F (RB)
5.00%, 01/01/27 (c) | | | 291,182 | |
| | 500,000 | | | Chicago Transit Authority, Second Lien (RB) (AGM)
5.00%, 12/01/26 (c) | | | 567,625 | |
| | 250,000 | | | City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.50%, 01/01/25 (c) | | | 280,985 | |
| | | | | City of Chicago, Series A (GO) | | | | |
| | 1,000,000 | | | 5.00%, 01/01/29 (c) | | | 1,133,700 | |
| | 350,000 | | | 6.00%, 01/01/27 (c) | | | 415,590 | |
| | 250,000 | | | City of Chicago, Water Revenue, Second Lien (RB)
5.00%, 11/01/27 (c) | | | 293,785 | |
| | | | | County of Cook (RB) | | | | |
| | 150,000 | | | 4.00%, 11/15/27 (c) | | | 165,044 | |
| | 160,000 | | | 4.00%, 11/15/27 (c) | | | 175,262 | |
| | 115,000 | | | County of Will (GO)
4.00%, 11/15/25 (c) | | | 126,598 | |
| | 230,000 | | | Illinois Finance Authority, Advocate Health Care Network (RB)
4.13%, 05/01/25 (c) | | | 245,799 | |
| | 355,000 | | | Illinois Finance Authority, DePaul University, Series A (RB)
3.00%, 10/01/26 (c) | | | 361,177 | |
| | 510,000 | | | Illinois Finance Authority, Mercy Health Corp. (RB)
5.00%, 06/01/26 (c) | | | 580,298 | |
| | 300,000 | | | Illinois Finance Authority, OSF Healthcare System, Series A (RB)
4.13%, 11/15/25 (c) | | | 322,473 | |
| | 180,000 | | | Illinois Finance Authority, Series C (RB)
4.00%, 02/15/27 (c) | | | 197,456 | |
| | 140,000 | | | Illinois Finance Authority, University of Chicago, Series A (RB)
5.00%, 10/01/25 (c) | | | 162,529 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Illinois: (continued) | | | | |
| $ | 370,000 | | | Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/26 (c) | | $ | 427,365 | |
| | 165,000 | | | Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c) | | | 176,560 | |
| | | | | State of Illinois, Series A (GO) | | | | |
| | 630,000 | | | 5.00%, 05/01/28 (c) | | | 707,307 | |
| | 250,000 | | | 5.00%, 05/01/28 (c) | | | 281,313 | |
| | | | | | | | 9,722,564 | |
| Indiana: 0.6% | | | | |
| | 240,000 | | | Indiana Finance Authority, Stadium Project, Series A (RB)
5.25%, 08/01/25 (c) | | | 286,327 | |
| | 190,000 | | | Indiana Municipal Power Agency, Series A (RB)
5.00%, 07/01/26 (c) | | | 221,890 | |
| | 120,000 | | | Richmond Hospital Authority, Reid Hospital Project, Series A (RB)
5.00%, 01/01/25 (c) | | | 133,361 | |
| | 515,000 | | | Trustees of Indiana University, Series A (RB)
4.00%, 06/01/25 (c) | | | 559,460 | |
| | | | | | | | 1,201,038 | |
| Iowa: 0.3% | | | | |
| | | | | Iowa Higher Education Loan Authority (RB) | | | | |
| | 300,000 | | | 5.00%, 12/01/26 (c) | | | 357,837 | |
| | 250,000 | | | 5.00%, 12/01/26 (c) | | | 299,112 | |
| | | | | | | | 656,949 | |
| Kansas: 0.4% | | | | |
| | 180,000 | | | Johnson County, Series A (GO)
4.00%, 09/01/27 (c) | | | 204,176 | |
| | | | | Sedgwick County Unified School District No. 260, Series B (GO) | | | | |
| | 150,000 | | | 4.00%, 10/01/26 (c) | | | 166,826 | |
| | 300,000 | | | 5.00%, 10/01/26 (c) | | | 352,059 | |
| | 125,000 | | | State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
5.00%, 09/01/27 (c) | | | 153,391 | |
| | | | | | | | 876,452 | |
| Kentucky: 1.0% | | | | |
| | 500,000 | | | Commonwealth of Kentucky, Series A (CP)
4.00%, 04/15/28 (c) | | | 542,610 | |
| | 600,000 | | | Kentucky Bond Development Corp., Lexington Center Corp. Project (RB)
4.00%, 09/01/28 (c) | | | 656,670 | |
| | | | | Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) | | | | |
| | 345,000 | | | 3.00%, 11/15/25 (c) | | | 340,146 | |
| | 235,000 | | | 3.25%, 11/15/26 (c) | | | 237,686 | |
| | 140,000 | | | University of Kentucky, Series A (RB)
3.25%, 04/01/25 (c) | | | 144,833 | |
| | | | | | | | 1,921,945 | |
Principal
Amount | | | | | Value | |
| Louisiana: 1.5% | | | | |
| | | | | East Baton Rouge Sewerage Commission, Series B (RB) | | | | |
| $ | 235,000 | | | 4.00%, 02/01/25 (c) | | $ | 254,049 | |
| | 300,000 | | | 5.00%, 02/01/25 (c) | | | 347,043 | |
| | 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) | | | 246,705 | |
| | | | | Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB) | | | | |
| | 315,000 | | | 5.00%, 07/01/26 (c) | | | 358,886 | |
| | 340,000 | | | 5.00%, 07/01/26 (c) | | | 388,260 | |
| | | | | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) | | | | |
| | 230,000 | | | 4.00%, 05/15/27 (c) | | | 245,589 | |
| | 280,000 | | | 4.25%, 05/15/25 (c) | | | 300,840 | |
| | 240,000 | | | New Orleans Aviation Board, North Terminal Project, Series A (RB)
5.00%, 01/01/27 (c) | | | 279,701 | |
| | 500,000 | | | State of Louisiana, Gasoline and Fuels Tax Revenue, Series A (RB)
4.50%, 05/01/25 (c) | | | 555,220 | |
| | | | | | | | 2,976,293 | |
| Maine: 0.2% | | | | |
| | 250,000 | | | Maine Municipal Bond Bank, Series C (RB)
5.00%, 11/01/27 (c) | | | 307,080 | |
| Maryland: 1.7% | | | | |
| | | | | City of Baltimore, Water Projects, Series A (RB) (SAW) | | | | |
| | 225,000 | | | 4.00%, 07/01/29 (c) | | | 250,776 | |
| | 190,000 | | | 5.00%, 01/01/25 (c) | | | 217,259 | |
| | | | | County of Baltimore (GO) | | | | |
| | 250,000 | | | 4.00%, 03/01/28 (c) | | | 280,553 | |
| | 610,000 | | | 4.00%, 03/01/28 (c) | | | 694,570 | |
| | 115,000 | | | Maryland Health and Higher Educational Facilities Authority (RB)
4.00%, 07/01/24 (c) | | | 121,913 | |
| | 270,000 | | | Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c) | | | 285,660 | |
| | | | | Maryland Health and Higher Educational Facilities Authority, Series A (RB) | | | | |
| | 260,000 | | | 4.00%, 05/15/27 (c) | | | 282,526 | |
| | 220,000 | | | 5.00%, 07/01/26 (c) | | | 255,112 | |
| | 150,000 | | | Maryland Health and Higher Educational Facilities Authority, Series D (RB)
4.00%, 01/01/28 (c) | | | 162,902 | |
| | 100,000 | | | Prince George’s County, Regional Medical Center (CP)
3.25%, 10/01/27 (c) | | | 102,302 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Maryland: (continued) | | | | |
| $ | 270,000 | | | Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB)
4.00%, 06/01/27 (c) | | $ | 295,879 | |
| | 390,000 | | | Washington Suburban Sanitary District (GO)
4.00%, 06/01/24 (c) | | | 422,479 | |
| | | | | | | | 3,371,931 | |
| Massachusetts: 4.1% | | | | |
| | 160,000 | | | Boston Water and Sewer Commission, Series B (RB)
3.00%, 11/01/23 (c) | | | 161,035 | |
| | 315,000 | | | Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)
5.00%, 06/01/28 (c) | | | 382,451 | |
| | | | | Commonwealth of Massachusetts, Series A (GO) | | | | |
| | 430,000 | | | 5.00%, 03/01/24 (c) | | | 484,253 | |
| | 275,000 | | | 5.00%, 04/01/27 (c) | | | 328,922 | |
| | 200,000 | | | 5.00%, 01/01/28 (c) | | | 241,840 | |
| | | | | Commonwealth of Massachusetts, Series E (GO) | | | | |
| | 120,000 | | | 3.00%, 04/01/25 (c) | | | 121,255 | |
| | 275,000 | | | 3.25%, 09/01/25 (c) | | | 284,784 | |
| | 440,000 | | | 4.00%, 04/01/25 (c) | | | 476,304 | |
| | 375,000 | | | 4.00%, 09/01/25 (c) | | | 409,669 | |
| | 295,000 | | | 4.00%, 09/01/25 (c) | | | 322,692 | |
| | 245,000 | | | Commonwealth of Massachusetts, Series G (GO)
3.00%, 09/01/26 (c) | | | 247,504 | |
| | 230,000 | | | Commonwealth of Massachusetts, Series J (GO)
4.00%, 12/01/26 (c) | | | 253,327 | |
| | 100,000 | | | Massachusetts Bay Transportation Authority, Series A (RB)
5.00%, 07/01/27 (c) | | | 119,991 | |
| | 280,000 | | | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB)
5.00%, 07/01/25 (c) | | | 315,076 | |
| | 250,000 | | | Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB)
4.00%, 07/01/26 (c) | | | 267,820 | |
| | 200,000 | | | Massachusetts Development Finance Agency, Boston Student Housing Project (RB)
5.00%, 10/01/26 (c) | | | 226,166 | |
| | | | | Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) | | | | |
| | 200,000 | | | 5.00%, 12/01/26 (c) | | | 234,390 | |
| | 290,000 | | | 5.00%, 12/01/26 (c) | | | 347,191 | |
| | 300,000 | | | Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB)
5.00%, 08/15/25 (c) | | | 342,669 | |
Principal
Amount | | | | | Value | |
| Massachusetts: (continued) | | | | |
| $ | 480,000 | | | Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II Issue, UMass Dartmouth Student Housing Project (RB)
5.00%, 10/01/28 (c) | | $ | 558,571 | |
| | 250,000 | | | Massachusetts Development Finance Agency, Suffolk University (RB)
4.00%, 07/01/27 (c) | | | 270,360 | |
| | 250,000 | | | Massachusetts Development Finance Agency, The Broad Institute Issue (RB)
4.00%, 10/01/27 (c) | | | 278,720 | |
| | 600,000 | | | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
3.63%, 07/01/27 (c) | | | 630,576 | |
| | 565,000 | | | Massachusetts School Building Authority, Series C (RB)
5.00%, 08/15/25 (c) | | | 665,011 | |
| | 150,000 | | | Massachusetts Water Resources Authority, Series D (RB)
3.00%, 08/01/26 (c) | | | 152,633 | |
| | | | | | | | 8,123,210 | |
| Michigan: 1.7% | | | | |
| | 390,000 | | | Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB)
5.00%, 07/01/26 (c) | | | 454,900 | |
| | 320,000 | | | Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB)
5.00%, 07/01/26 (c) | | | 375,408 | |
| | | | | Michigan Finance Authority, Henry Ford Health System (RB) | | | | |
| | 225,000 | | | 4.00%, 11/15/26 (c) | | | 243,054 | |
| | 110,000 | | | 4.00%, 11/15/26 (c) | | | 120,989 | |
| | 135,000 | | | Michigan Finance Authority, Henry Ford Health System, Series A (RB)
5.00%, 11/02/29 (c) | | | 163,643 | |
| | | | | Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | | | | |
| | 410,000 | | | 4.00%, 06/01/25 (c) | | | 444,895 | |
| | 150,000 | | | 4.00%, 06/01/27 (c) | | | 162,338 | |
| | 500,000 | | | 5.00%, 06/01/22 (c) | | | 540,715 | |
| | | | | Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) | | | | |
| | 100,000 | | | 3.70%, 12/01/25 (c) | | | 105,930 | |
| | 545,000 | | | 4.00%, 06/01/28 (c) | | | 585,232 | |
| | 190,000 | | | Wayne County Airport Authority, Series A (RB)
5.00%, 12/01/27 (c) | | | 226,205 | |
| | | | | | | | 3,423,309 | |
| Minnesota: 0.2% | | | | |
| | | | | City of Apple Valley, Minnesota Senior Living LLC Project, Series A (RB) | | | | |
| | 175,000 | | | 4.25%, 01/01/22 (c) | | | 176,785 | |
| | 125,000 | | | 4.50%, 01/01/22 (c) | | | 125,775 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Minnesota: (continued) | | | | |
| $ | 100,000 | | | City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB)
5.00%, 01/01/22 (c) | | $ | 98,045 | |
| | | | | | | | 400,605 | |
| Missouri: 0.7% | | | | |
| | 330,000 | | | City of Kansas City, Sanitary Sewer System Revenue, Series A (RB)
4.00%, 01/01/28 (c) | | | 374,095 | |
| | 315,000 | | | Health and Educational Facilities Authority, BJC Health System, Series C (RB)
4.00%, 07/01/26 (c) (p) | | | 340,707 | |
| | 235,000 | | | Health and Educational Facilities Authority, Mercy Health, Series C (RB)
4.00%, 11/15/27 (c) | | | 260,906 | |
| | 250,000 | | | Health and Educational Facilities Authority, Mercy Health, Series F (RB)
4.00%, 11/15/24 (c) | | | 265,700 | |
| | 130,000 | | | Health and Educational Facilities Authority, Saint Louis University (RB)
5.00%, 10/01/25 (c) | | | 151,265 | |
| | | | | | | | 1,392,673 | |
| Montana: 0.1% | | | | |
| | 220,000 | | | Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.13%, 07/01/28 (c) | | | 231,735 | |
| Nebraska: 0.8% | | | | |
| | 475,000 | | | Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/37 | | | 633,769 | |
| | 505,000 | | | Nebraska Public Power District, Series A-2 (RB)
5.00%, 01/01/22 (c) | | | 539,754 | |
| | 480,000 | | | Sarpy County Hospital Authority No. 1 (RB)
3.00%, 05/15/26 (c) | | | 482,894 | |
| | | | | | | | 1,656,417 | |
| Nevada: 0.8% | | | | |
| | 390,000 | | | City of Carson, Tahoe Regional Healthcare Project (RB)
5.00%, 09/01/27 (c) | | | 454,225 | |
| | 285,000 | | | Clark County Limited Tax, Series A (GO)
5.00%, 06/01/28 (c) | | | 344,083 | |
| | 250,000 | | | County of Washoe, Nevada Highway, Fuel Tax (RB)
5.00%, 02/01/29 (c) | | | 305,172 | |
| | 200,000 | | | Las Vegas Convention and Visitors Authority, Series C (RB)
4.00%, 07/01/26 (c) | | | 214,852 | |
| | 100,000 | | | Las Vegas Redevelopment Agency (TA)
5.00%, 06/15/26 (c) | | | 113,065 | |
| | 135,000 | | | Las Vegas Valley Water District, Series A (GO)
4.00%, 02/01/27 (c) | | | 149,693 | |
| | | | | | | | 1,581,090 | |
Principal
Amount | | | | | Value | |
| New Hampshire: 0.3% | | | | |
| $ | 265,000 | | | New Hampshire Municipal Bond Bank, Series B (RB)
4.00%, 08/15/27 (c) | | $ | 296,442 | |
| | 200,000 | | | New Hampshire Municipal Bond Bank, Series D (RB)
4.00%, 08/15/26 (c) | | | 222,102 | |
| | | | | | | | 518,544 | |
| New Jersey: 3.1% | | | | |
| | | | | Atlantic County Improvement Authority, Series A (RB) (AGM) | | | | |
| | 140,000 | | | 3.25%, 07/01/26 (c) | | | 144,276 | |
| | 165,000 | | | 4.00%, 07/01/26 (c) | | | 177,773 | |
| | 180,000 | | | Board of Education of the Toms River Regional School District (GO)
3.00%, 07/15/26 (c) | | | 184,390 | |
| | 165,000 | | | New Jersey Educational Facilities Authority, Princeton University, Series I (RB)
4.00%, 07/01/27 (c) | | | 191,648 | |
| | 320,000 | | | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 04/01/28 (c) | | | 365,808 | |
| | | | | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) | | | | |
| | 130,000 | | | 5.00%, 07/01/24 (c) | | | 148,543 | |
| | 55,000 | | | 5.00%, 07/01/26 (c) | | | 64,805 | |
| | 235,000 | | | New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/28 (c) | | | 272,856 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | |
| | 910,000 | | | 4.50%, 12/15/28 (c) | | | 991,054 | |
| | 485,000 | | | 4.75%, 06/15/25 (c) | | | 528,102 | |
| | 100,000 | | | 5.00%, 06/15/24 (c) | | | 109,080 | |
| | 190,000 | | | 5.00%, 06/15/25 (c) | | | 210,526 | |
| | 380,000 | | | New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/29 (c) | | | 424,259 | |
| | 100,000 | | | New Jersey Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c) | | | 121,084 | |
| | 215,000 | | | New Jersey Turnpike Authority, Series E (RB)
5.00%, 01/01/25 (c) | | | 245,526 | |
| | 210,000 | | | New Jersey Turnpike Authority, Series G (RB)
4.00%, 01/01/28 (c) | | | 233,722 | |
| | | | | Rutgers, State University of New Jersey, Series M (RB) | | | | |
| | 290,000 | | | 3.13%, 05/01/21 (c) | | | 292,854 | |
| | 125,000 | | | 3.13%, 05/01/21 (c) | | | 126,114 | |
| | | | | Tobacco Settlement Financing Corp., Series A (RB) | | | | |
| | 205,000 | | | 5.00%, 06/01/28 (c) | | | 233,630 | |
| | 405,000 | | | 5.00%, 06/01/28 (c) | | | 479,945 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| New Jersey: (continued) |
| $ | 500,000 | | | Tobacco Settlement Financing Corp., Series B (RB)
5.00%, 06/01/28 (c) | | $ | 551,235 | |
| | | | | | | | 6,097,230 | |
| New Mexico: 0.1% |
| | 250,000 | | | New Mexico Mortgage Finance Authority, Series C (RB)
3.60%, 07/01/28 (c) | | | 262,643 | |
| New York: 16.0% |
| | 1,000,000 | | | Battery Park City Authority, Series A (RB)
4.00%, 11/01/29 (c) | | | 1,153,950 | |
| | 110,000 | | | Brooklyn Arena Local Development Corp., Series A (RB) (AGM)
3.00%, 01/15/27 (c) | | | 109,883 | |
| | | | | Build NYC Resource Corp., New York Law School Project (RB) | | | | |
| | 240,000 | | | 4.00%, 01/01/26 (c) | | | 249,406 | |
| | 500,000 | | | 5.00%, 01/01/26 (c) | | | 558,075 | |
| | 1,000,000 | | | City of New York, Series A-1 (GO) (SBG)
3.00%, 08/01/29 (c) | | | 1,009,040 | |
| | 200,000 | | | City of New York, Series B-1 (GO)
5.00%, 10/01/27 (c) | | | 242,606 | |
| | 100,000 | | | City of New York, Series D-1 (GO)
5.00%, 12/01/28 (c) | | | 123,628 | |
| | 125,000 | | | County of Nassau, Series C (GO)
5.00%, 04/01/26 (c) | | | 145,120 | |
| | 255,000 | | | Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c) | | | 295,558 | |
| | 115,000 | | | Dutchess County Local Development Corp., Marist College Project, Series A (RB)
5.00%, 07/01/25 (c) | | | 132,165 | |
| | | | | Hudson Yards Infrastructure Corp., Series A (RB) | | | | |
| | 500,000 | | | 4.00%, 02/15/27 (c) | | | 552,500 | |
| | 1,160,000 | | | 5.00%, 02/15/27 (c) | | | 1,386,652 | |
| | 290,000 | | | Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB)
4.00%, 11/01/27 (c) | | | 302,937 | |
| | 300,000 | | | Long Island Power Authority (RB)
5.00%, 09/01/27 (c) | | | 356,955 | |
| | | | | Metropolitan Transportation Authority, Series A (RB) | | | | |
| | 300,000 | | | 5.00%, 05/15/25 (c) | | | 341,541 | |
| | 715,000 | | | 5.00%, 11/15/28 (c) | | | 863,827 | |
| | 285,000 | | | Metropolitan Transportation Authority, Series A-1 (RB)
5.00%, 05/15/26 (c) | | | 334,530 | |
| | | | | Metropolitan Transportation Authority, Series B (RB) | | | | |
| | 465,000 | | | 4.00%, 11/15/26 (c) | | | 515,894 | |
| | 155,000 | | | 5.25%, 05/15/25 (c) | | | 179,377 | |
| | 1,000,000 | | | Metropolitan Transportation Authority, Series C (RB) (AGM)
4.00%, 11/15/29 (c) | | | 1,123,110 | |
Principal
Amount | | | | | Value | |
| New York: (continued) |
| | | | | Metropolitan Transportation Authority, Series C-1 (RB) | | | | |
| $ | 225,000 | | | 5.00%, 11/15/26 (c) | | $ | 264,832 | |
| | 370,000 | | | 5.25%, 11/15/26 (c) | | | 440,400 | |
| | 250,000 | | | Metropolitan Transportation Authority, Series C-2 (RB)
0.00%, 11/15/40 ^ | | | 134,088 | |
| | 250,000 | | | Metropolitan Transportation Authority, Series D (RB)
4.00%, 05/15/28 (c) | | | 276,223 | |
| | 250,000 | | | Metropolitan Transportation Authority, Series D-1 (RB)
5.25%, 11/15/24 (c) | | | 288,827 | |
| | | | | MTA Hudson Rail Yards Trust, Series A (RB) | | | | |
| | 270,000 | | | 5.00%, 11/21/19 (c) | | | 270,448 | |
| | 145,000 | | | 5.00%, 11/15/23 (c) | | | 161,033 | |
| | 275,000 | | | New York City Housing Development Corp., Multi-Family Housing, Series D (RB)
3.65%, 02/01/25 (c) | | | 286,649 | |
| | | | | New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) | | | | |
| | 425,000 | | | 3.45%, 11/01/25 (c) | | | 445,255 | |
| | 250,000 | | | 3.75%, 11/01/25 (c) | | | 261,013 | |
| | 375,000 | | | New York City Municipal Water Finance Authority, Series BB-2 (RB)
5.00%, 06/15/25 (c) | | | 435,757 | |
| | 190,000 | | | New York City Municipal Water Finance Authority, Series CC-1 (RB)
4.00%, 12/15/26 (c) | | | 211,654 | |
| | 175,000 | | | New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)
4.00%, 06/15/27 (c) | | | 195,552 | |
| | 205,000 | | | New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB)
5.00%, 06/15/25 (c) | | | 240,008 | |
| | 235,000 | | | New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
4.00%, 01/15/26 (c) | | | 257,043 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | | | | |
| | 315,000 | | | 4.00%, 05/01/26 (c) | | | 347,577 | |
| | 250,000 | | | 5.00%, 08/01/25 (c) | | | 293,405 | |
| | 260,000 | | | 5.00%, 08/01/28 (c) | | | 317,299 | |
| | 1,000,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB)
5.00%, 05/01/29 (c) | | | 1,251,070 | |
| | 500,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB)
5.00%, 08/01/27 (c) | | | 602,105 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| New York: (continued) |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | | | | |
| $ | 400,000 | | | 4.00%, 08/01/27 (c) | | $ | 443,976 | |
| | 500,000 | | | 5.00%, 08/01/24 (c) | | | 573,795 | |
| | 250,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 05/01/29 (c) | | | 285,852 | |
| | 285,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
5.00%, 05/01/27 (c) | | | 339,817 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-3 (RB) | | | | |
| | 175,000 | | | 3.00%, 02/01/26 (c) | | | 179,366 | |
| | 245,000 | | | 3.00%, 02/01/26 (c) | | | 251,948 | |
| | 200,000 | | | New York City Water and Sewer System, Series AA (RB)
5.00%, 12/15/29 (c) | | | 251,956 | |
| | 500,000 | | | New York City Water and Sewer System, Series CC-1 (RB)
5.00%, 12/15/26 (c) | | | 604,665 | |
| | 300,000 | | | New York City Water and Sewer System, Series EE (RB)
5.00%, 06/15/29 (c) | | | 374,460 | |
| | 270,000 | | | New York Convention Center Development Corp. (RB)
5.00%, 11/15/25 (c) | | | 318,079 | |
| | 230,000 | | | New York Convention Center Development Corp., Series A (RB)
0.00%, 11/15/47 ^ | | | 101,699 | |
| | 285,000 | | | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 03/15/29 (c) | | | 350,348 | |
| | | | | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) | | | | |
| | 205,000 | | | 4.00%, 07/01/27 (c) | | | 233,532 | |
| | 300,000 | | | 4.00%, 07/01/29 (c) | | | 347,361 | |
| | | | | New York State Dormitory Authority, New York University, Series A (RB) | | | | |
| | 160,000 | | | 2.13%, 07/01/21 (c) | | | 160,102 | |
| | 375,000 | | | 4.00%, 07/01/26 (c) | | | 418,057 | |
| | 200,000 | | | 4.00%, 07/01/26 (c) | | | 221,988 | |
| | 600,000 | | | 5.00%, 07/01/28 (c) | | | 749,574 | |
| | 235,000 | | | 5.00%, 07/01/28 (c) | | | 292,685 | |
| | 390,000 | | | 5.00%, 07/01/28 (c) | | | 484,255 | |
| | 250,000 | | | New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 08/15/26 (c) | | | 295,202 | |
| | | | | New York State Dormitory Authority, State Sales Tax, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 03/15/27 (c) | | | 276,920 | |
| | 800,000 | | | 4.00%, 03/15/27 (c) | | | 884,256 | |
| | 155,000 | | | 5.00%, 03/15/24 (c) | | | 176,334 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| New York: (continued) |
| $ | 150,000 | | | 5.00%, 03/15/27 (c) | | $ | 178,077 | |
| | 420,000 | | | New York State Dormitory Authority, The New School, Series A (RB)
5.00%, 01/01/27 (c) | | | 489,901 | |
| | 225,000 | | | New York State Housing Finance Agency, Series D (RB)
3.70%, 05/01/28 (c) | | | 238,997 | |
| | 195,000 | | | New York State Housing Finance Agency, Series M (RB)
3.75%, 11/01/26 (c) | | | 205,269 | |
| | | | | New York State Urban Development Corp., State Personal Income, Series A (RB) | | | | |
| | 115,000 | | | 5.00%, 09/15/25 (c) | | | 135,331 | |
| | 500,000 | | | 5.00%, 09/15/28 (c) | | | 611,815 | |
| | 450,000 | | | Port Authority of New York and New Jersey, Series 194 (RB)
5.00%, 10/15/25 (c) | | | 528,813 | |
| | 485,000 | | | Port Authority of New York and New Jersey, Series 212 (RB)
4.00%, 09/01/29 (c) | | | 562,052 | |
| | 700,000 | | | Port Authority of New York and New Jersey, Series 213 (RB)
5.00%, 09/01/29 (c) | | | 884,079 | |
| | 190,000 | | | State of New York Mortgage Agency, Series 203 (RB)
3.50%, 04/01/26 (c) | | | 198,058 | |
| | 300,000 | | | Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 05/15/26 (c) | | | 354,711 | |
| | 130,000 | | | Triborough Bridge and Tunnel Authority, Series B-3 (RB)
5.00%, 11/15/25 (c) | | | 153,997 | |
| | | | | Utility Debt Securitization Authority (RB) | | | | |
| | 160,000 | | | 5.00%, 12/15/25 (c) | | | 191,571 | |
| | 550,000 | | | 5.00%, 12/15/27 (c) | | | 676,945 | |
| | 370,000 | | | Westchester County Local Development Corp., Medical Center (RB)
3.75%, 11/01/25 (c) | | | 384,367 | |
| | | | | | | | 31,367,202 | |
| North Carolina: 0.8% |
| | 100,000 | | | North Carolina Agricultural and Technical State University, Series A (RB)
5.00%, 10/01/25 (c) | | | 115,791 | |
| | 265,000 | | | North Carolina Capital Facilities Finance Agency, Duke University Project, Series B (RB)
5.00%, 10/01/25 (c) | | | 308,259 | |
| | | | | North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB) | | | | |
| | 145,000 | | | 3.85%, 07/01/27 (c) | | | 156,797 | |
| | 340,000 | | | 4.00%, 07/01/27 (c) | | | 364,674 | |
| | 350,000 | | | North Carolina Medical Care Commission, Duke University Health System, Series D (RB)
4.00%, 06/01/26 (c) | | | 385,234 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| North Carolina: (continued) |
| $ | 220,000 | | | North Carolina Medical Care Commission, Novant Health Obligated Group, Series A (RB)
3.13%, 11/01/29 (c) | | $ | 223,260 | |
| | | | | | | | 1,554,015 | |
| Ohio: 2.7% |
| | | | | American Municipal Power, Inc., Series A (RB) | | | | |
| | 190,000 | | | 4.00%, 02/15/26 (c) | | | 204,147 | |
| | 220,000 | | | 5.00%, 02/15/26 (c) | | | 253,669 | |
| | 240,000 | | | City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB)
4.00%, 12/01/27 (c) | | | 259,764 | |
| | 100,000 | | | City of Cleveland, Airport System Revenue, Series B (RB)
5.00%, 07/01/28 (c) | | | 119,398 | |
| | 100,000 | | | Clermont County Port Authority, West Clermont Local School District Project (RB)
4.25%, 12/01/25 (c) | | | 107,218 | |
| | 375,000 | | | Columbus City School District (GO)
5.00%, 12/01/26 (c) | | | 447,484 | |
| | 150,000 | | | County of Allen, Mercy Health, Series A (RB)
5.00%, 11/01/24 (c) | | | 168,821 | |
| | 260,000 | | | County of Franklin (RB)
5.00%, 06/01/27 (c) | | | 306,017 | |
| | 1,000,000 | | | County of Ross, Adena Health System Obligated Group Project (RB)
5.00%, 12/01/29 (c) | | | 1,203,300 | |
| | 150,000 | | | Euclid City School District, Series A (GO) (SD CRED PROG)
4.00%, 01/15/26 (c) | | | 160,748 | |
| | 250,000 | | | Hamilton County, Life Enriching Communities Project (RB)
5.00%, 01/01/26 (c) | | | 278,213 | |
| | 190,000 | | | North Royalton City School District (GO)
5.00%, 06/01/25 (c) | | | 219,347 | |
| | | | | Northeast Ohio Regional Sewer District (RB) | | | | |
| | 350,000 | | | 3.00%, 11/15/29 (c) | | | 362,848 | |
| | 565,000 | | | 5.00%, 11/15/24 (c) | | | 647,479 | |
| | 205,000 | | | Ohio Housing Finance Agency, Series D (RB)
3.63%, 09/01/26 (c) | | | 213,733 | |
| | 250,000 | | | State of Ohio, Higher Education, Series A (GO)
5.00%, 02/01/26 (c) | | | 295,335 | |
| | | | | | | | 5,247,521 | |
| Oklahoma: 0.4% |
| | 250,000 | | | Edmond Public Works Authority (RB)
4.00%, 07/01/27 (c) | | | 274,148 | |
| | 350,000 | | | Oklahoma Turnpike Authority, Series A (RB)
4.00%, 01/01/26 (c) | | | 382,543 | |
| | 100,000 | | | University of Oklahoma, Series C (RB)
4.00%, 07/01/25 (c) | | | 108,735 | |
| | | | | | | | 765,426 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Oregon: 1.2% |
| $ | 190,000 | | | Lake Oswego School District No. 7J (GO) (SBG)
4.00%, 06/01/27 (c) | | $ | 210,974 | |
| | 295,000 | | | Multnomah County School District No. 1J, Series B (GO) (SBG)
3.25%, 06/15/27 (c) | | | 308,369 | |
| | 175,000 | | | North Clackamas School District No. 12, Series A (GO) (SBG)
0.00%, 06/15/27 (c) ^ | | | 85,174 | |
| | 170,000 | | | Oregon Health and Science University, Series B (RB)
4.00%, 07/01/26 (c) | | | 184,889 | |
| | 240,000 | | | Salem Hospital Facility Authority, Series A (RB)
4.00%, 05/15/26 (c) | | | 258,557 | |
| | 510,000 | | | Sherwood School District No. 88J, Series A (GO) (SBG)
0.00%, 06/15/28 (c) ^ | | | 170,422 | |
| | | | | State of Oregon, Higher Education, Series G (GO) | | | | |
| | 500,000 | | | 3.00%, 08/01/29 (c) | | | 522,780 | |
| | 500,000 | | | 3.00%, 08/01/29 (c) | | | 524,455 | |
| | | | | | | | 2,265,620 | |
| Pennsylvania: 5.5% |
| | 685,000 | | | Allegheny County Sanitary Authority, Sewer Revenue (RB)
5.00%, 06/01/28 (c) | | | 827,994 | |
| | 200,000 | | | Berks County Industrial Development Authority (RB)
5.00%, 11/01/27 (c) | | | 227,132 | |
| | 180,000 | | | Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)
4.00%, 10/01/27 (c) | | | 196,538 | |
| | 505,000 | | | City of Philadelphia, Series B (GO)
5.00%, 08/01/29 (c) | | | 626,069 | |
| | 1,170,000 | | | Commonwealth of Pennsylvania, Series A (CP) (FHA)
4.00%, 01/30/28 (c) | | | 1,288,860 | |
| | 500,000 | | | County of Allegheny, Series C-77 (GO)
5.00%, 11/01/28 (c) | | | 610,305 | |
| | | | | Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB) | | | | |
| | 140,000 | | | 3.75%, 04/01/27 (c) | | | 149,463 | |
| | 170,000 | | | 5.00%, 04/01/27 (c) | | | 202,414 | |
| | 230,000 | | | Geisinger Authority, Health System, Series A-2 (RB)
4.00%, 02/15/27 (c) | | | 252,213 | |
| | 610,000 | | | General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group, Series A (RB)
4.00%, 06/01/29 (c) | | | 680,723 | |
| | 145,000 | | | Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)
5.00%, 12/01/24 (c) | | | 159,153 | |
| | 110,000 | | | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/28 (c) | | | 131,968 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Pennsylvania: (continued) |
| $ | 150,000 | | | Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group (RB)
5.00%, 11/15/26 (c) | | $ | 174,726 | |
| | 115,000 | | | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB)
4.00%, 08/15/25 (c) | | | 123,246 | |
| | | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) | | | | |
| | 195,000 | | | 3.20%, 10/01/25 (c) | | | 198,851 | |
| | 250,000 | | | 3.90%, 10/01/26 (c) | | | 267,943 | |
| | 455,000 | | | 4.00%, 10/01/26 (c) | | | 485,917 | |
| | 260,000 | | | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB)
3.65%, 04/01/27 (c) | | | 271,908 | |
| | 250,000 | | | Pennsylvania Turnpike Commission (RB)
4.00%, 12/01/27 (c) | | | 276,463 | |
| | 155,000 | | | Pennsylvania Turnpike Commission, Motor License, Second Series (RB)
5.00%, 12/01/27 (c) | | | 184,579 | |
| | 650,000 | | | Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM)
5.00%, 12/01/28 (c) | | | 783,016 | |
| | | | | Pennsylvania Turnpike Commission, Series A (RB) (AGM) | | | | |
| | 125,000 | | | 4.00%, 12/01/26 (c) | | | 138,035 | |
| | 500,000 | | | 5.00%, 12/01/29 (c) | | | 604,235 | |
| | 150,000 | | | Pennsylvania Turnpike Commission, Series A-1 (RB)
5.00%, 12/01/27 (c) | | | 178,674 | |
| | | | | Pennsylvania Turnpike Commission, Series B (RB) | | | | |
| | 230,000 | | | 5.00%, 12/01/25 (c) | | | 265,602 | |
| | 100,000 | | | 5.00%, 12/01/25 (c) | | | 116,912 | |
| | 125,000 | | | 5.00%, 12/01/25 (c) | | | 143,506 | |
| | 205,000 | | | 5.00%, 12/01/25 (c) | | | 238,032 | |
| | 100,000 | | | Philadelphia Authority for Industrial Development, Temple University, First Series (RB)
5.00%, 04/01/25 (c) | | | 113,796 | |
| | 305,000 | | | Philadelphia Gas Works Co., Fifteenth Series (RB)
5.00%, 08/01/27 (c) | | | 357,399 | |
| | 100,000 | | | School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/26 (c) | | | 117,054 | |
| | 220,000 | | | State College Area School District (GO) (SAW)
5.00%, 03/15/25 (c) | | | 253,977 | |
| | 145,000 | | | West View Municipal Authority Water Revenue (RB)
4.00%, 11/15/24 (c) | | | 155,405 | |
| | | | | | | | 10,802,108 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| 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) | | $ | 347,361 | |
| South Carolina: 1.0% |
| | 100,000 | | | Brookland-Cayce School District No. 2, Lexington County (GO)
3.00%, 03/01/26 (c) | | | 102,144 | |
| | 195,000 | | | Greenville Health System, Series B (RB)
5.00%, 05/01/24 (c) | | | 217,392 | |
| | 100,000 | | | Lexington County School District No. 2 (GO)
3.00%, 03/01/26 (c) | | | 102,334 | |
| | | | | South Carolina Public Service Authority, Series A (RB) | | | | |
| | 125,000 | | | 4.00%, 06/01/25 (c) | | | 133,233 | |
| | 205,000 | | | 5.00%, 06/01/25 (c) | | | 232,156 | |
| | | | | South Carolina Public Service Authority, Series C (RB) | | | | |
| | 120,000 | | | 4.00%, 12/01/24 (c) | | | 127,241 | |
| | 200,000 | | | 5.00%, 12/01/24 (c) | | | 225,440 | |
| | 185,000 | | | South Carolina Public Service Authority, Series E (RB)
5.25%, 12/01/25 (c) | | | 213,581 | |
| | 665,000 | | | South Carolina Transportation Infrastructure Bank, Series A (RB)
3.00%, 10/01/25 (c) | | | 681,977 | |
| | | | | | | | 2,035,498 | |
| Tennessee: 1.3% |
| | | | | Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 10/01/24 (c) | | | 277,620 | |
| | 375,000 | | | 5.00%, 10/01/24 (c) | | | 414,067 | |
| | 125,000 | | | Metropolitan Nashville Airport Authority, Series A (RB)
5.00%, 07/01/25 (c) | | | 143,156 | |
| | | | | Sullivan County (GO) | | | | |
| | 250,000 | | | 3.75%, 05/01/26 (c) | | | 262,045 | |
| | 230,000 | | | 4.00%, 05/01/26 (c) | | | 250,008 | |
| | 500,000 | | | Tennessee Housing Development Agency, Series 3 (RB)
2.95%, 01/01/29 (c) | | | 495,335 | |
| | 585,000 | | | Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB)
5.00%, 11/01/25 (c) | | | 687,433 | |
| | | | | | | | 2,529,664 | |
| Texas: 10.2% |
| | 190,000 | | | Aldine Independent School District (GO)
3.13%, 02/15/25 (c) | | | 194,739 | |
| | 350,000 | | | Alvin Independent School District (GO)
3.38%, 02/15/28 (c) | | | 370,877 | |
| | 150,000 | | | Board of Regents of the Houston University System, Series C (RB)
4.00%, 02/15/26 (c) | | | 165,492 | |
| | 650,000 | | | Board of Regents of the University of Texas System, Series E (RB)
4.00%, 08/15/27 (c) | | | 727,018 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 250,000 | | | Central Texas Regional Mobility Authority, Senior Lien (RB)
5.00%, 01/01/26 (c) | | $ | 287,210 | |
| | 250,000 | | | Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
5.00%, 07/01/25 (c) | | | 284,673 | |
| | 175,000 | | | Central Texas Turnpike System, Series B (RB)
5.00%, 08/15/24 (c) | | | 199,631 | |
| | 145,000 | | | City of Arlington, Senior Lien Special Tax, Series A (AGM) (ST)
4.00%, 02/15/28 (c) | | | 160,282 | |
| | 280,000 | | | City of Austin, Airport System, Series A (RB)
5.00%, 11/15/26 (c) | | | 331,080 | |
| | 260,000 | | | City of Corpus Christi, Utility System, Series C (RB)
5.00%, 07/15/25 (c) | | | 297,970 | |
| | 190,000 | | | City of Dallas (GO) (AGM)
3.25%, 02/15/27 (c) | | | 198,803 | |
| | 280,000 | | | City of Denton (GO)
4.00%, 02/15/27 (c) | | | 305,866 | |
| | 285,000 | | | City of El Paso (GO)
4.00%, 08/15/26 (c) | | | 311,616 | |
| | 440,000 | | | City of Houston, Combined Utility System, First Lien, Series B (RB)
4.00%, 11/15/26 (c) | | | 491,401 | |
| | 220,000 | | | City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c) | | | 270,323 | |
| | 265,000 | | | Cleburne Independent School District (GO)
5.00%, 02/15/26 (c) | | | 310,288 | |
| | 250,000 | | | College of the Mainland (GO)
3.75%, 08/15/28 (c) | | | 269,590 | |
| | 150,000 | | | Collin County Community College District (GO)
3.50%, 08/15/22 (c) | | | 153,575 | |
| | 250,000 | | | Coppell Independent School District (GO)
4.00%, 08/15/28 (c) | | | 279,300 | |
| | | | | County of Bexar, Combined Venue Tax (RB) (AGM) | | | | |
| | 55,000 | | | 3.75%, 08/15/24 (c) | | | 57,626 | |
| | 220,000 | | | 4.00%, 06/15/26 (c) | | | 243,487 | |
| | 195,000 | | | County of Harris, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB)
3.13%, 07/01/26 (c) | | | 201,605 | |
| | 350,000 | | | County of Harris, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
3.00%, 10/01/29 (c) | | | 358,512 | |
| | 185,000 | | | County of Harris, Cultural Education Facilities Finance Corp., Thermal Utility Project (RB)
4.00%, 11/15/27 (c) | | | 207,687 | |
| | 400,000 | | | County of Travis, Series A (GO)
5.00%, 03/01/29 (c) | | | 502,112 | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Dallas Area Rapid Transit, Senior Lien, Series A (RB) | | | | |
| $ | 220,000 | | | 5.00%, 12/01/25 (c) | | $ | 256,357 | |
| | 175,000 | | | 5.00%, 12/01/25 (c) | | | 205,466 | |
| | | | | Frisco Independent School District (GO) | | | | |
| | 200,000 | | | 4.00%, 02/15/25 (c) | | | 216,880 | |
| | 1,020,000 | | | 4.00%, 02/15/27 (c) | | | 1,130,476 | |
| | 250,000 | | | Galena Park Independent School District (GO)
3.00%, 02/15/29 (c) | | | 260,038 | |
| | 640,000 | | | Grand Parkway Transportation Corp., Series A (RB)
5.00%, 04/01/28 (c) | | | 765,664 | |
| | | | | Harris County, Toll Road Senior Lien, Series A (RB) | | | | |
| | 150,000 | | | 4.00%, 02/15/28 (c) | | | 170,516 | |
| | 340,000 | | | 5.00%, 08/15/26 (c) | | | 399,684 | |
| | 215,000 | | | Keller Independent School District (GO)
4.00%, 08/15/25 (c) | | | 234,232 | |
| | 200,000 | | | Klein Independent School District (GO)
4.00%, 08/01/26 (c) | | | 218,472 | |
| | 305,000 | | | Klein Independent School District, Series A (GO)
4.00%, 08/01/25 (c) | | | 330,126 | |
| | | | | Leander Independent School District, Series A (GO) | | | | |
| | 125,000 | | | 0.00%, 08/16/26 (c) ^ | | | 49,738 | |
| | 1,460,000 | | | 0.00%, 08/16/26 (c) ^ | | | 633,231 | |
| | 300,000 | | | 2.75%, 12/02/19 (c) | | | 300,102 | |
| | 100,000 | | | Leander Independent School District, Series D (GO)
0.00%, 08/15/24 (c) ^ | | | 46,410 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) | | | | |
| | 300,000 | | | 5.00%, 07/01/26 (c) | | | 328,560 | |
| | 520,000 | | | 5.00%, 07/01/26 (c) | | | 572,759 | |
| | 250,000 | | | North Fort Bend Water Authority, Series A (RB)
4.00%, 12/15/29 (c) | | | 283,638 | |
| | 290,000 | | | North Texas Tollway Authority, First Tier, Series A (RB)
4.00%, 01/01/26 (c) | | | 317,031 | |
| | 345,000 | | | North Texas Tollway Authority, First Tier, Series B (RB)
5.00%, 01/01/23 (c) | | | 379,452 | |
| | 250,000 | | | San Antonio Independent School District (GO)
4.00%, 08/15/28 (c) | | | 286,282 | |
| | 145,000 | | | San Jacinto College District, Series B (GO)
3.38%, 02/15/26 (c) | | | 151,505 | |
| | 325,000 | | | State of Texas, Series D (GO)
4.00%, 05/15/25 (c) | | | 354,442 | |
| | 450,000 | | | State of Texas, Transportation Commission, Mobility Fund, Series A (GO)
5.00%, 10/01/24 (c) | | | 519,682 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 115,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB)
4.00%, 05/15/26 (c) | | $ | 123,896 | |
| | 250,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB)
5.00%, 01/01/29 (c) | | | 300,300 | |
| | 220,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
4.00%, 08/15/26 (c) | | | 237,908 | |
| | | | | Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | | | | |
| | 150,000 | | | 5.00%, 08/15/24 (c) | | | 167,627 | |
| | 290,000 | | | 5.00%, 08/15/24 (c) | | | 326,436 | |
| | | | | Texas Water Development Board (RB) | | | | |
| | 400,000 | | | 4.00%, 10/15/26 (c) | | | 449,136 | |
| | 485,000 | | | 5.00%, 10/15/26 (c) | | | 573,876 | |
| | | | | Texas Water Development Board, Series A (RB) | | | | |
| | 325,000 | | | 4.00%, 04/15/28 (c) | | | 362,459 | |
| | 265,000 | | | 5.00%, 10/15/25 (c) | | | 310,964 | |
| | 840,000 | | | 5.00%, 04/15/28 (c) | | | 1,023,128 | |
| | 225,000 | | | Texas Water Development Board, Series B (RB)
5.00%, 10/15/28 (c) | | | 274,592 | |
| | 250,000 | | | West Harris County Regional Water Authority (RB)
3.00%, 12/15/29 (c) | | | 243,033 | |
| | | | | | | | 19,984,861 | |
| Utah: 0.7% | | | | |
| | 360,000 | | | Salt Lake City, International Airport, Series B (RB)
5.00%, 07/01/28 (c) | | | 436,057 | |
| | | | | Utah County, IHC Health Services, Inc., Series B (RB) | | | | |
| | 210,000 | | | 3.00%, 05/15/26 (c) | | | 212,617 | |
| | 350,000 | | | 4.00%, 05/15/24 (c) | | | 371,738 | |
| | 220,000 | | | Utah Transit Authority, Subordinated Sales Tax, Series A (RB)
5.00%, 06/15/25 (c) | | | 257,213 | |
| | | | | | | | 1,277,625 | |
| Vermont: 0.1% | | | | |
| | 220,000 | | | Vermont Educational and Health Buildings Financing Agency, Series B (RB)
5.00%, 06/01/26 (c) | | | 254,630 | |
| Virginia: 0.7% | | | | |
| | 260,000 | | | Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM)
5.00%, 07/01/26 (c) | | | 307,778 | |
| | 250,000 | | | Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB)
4.00%, 05/15/28 (c) | | | 276,008 | |
Principal
Amount | | | | | Value | |
| Virginia: (continued) | | | | |
| $ | 250,000 | | | Norfolk Economic Development Authority, Series B (RB)
4.00%, 11/01/28 (c) | | $ | 277,105 | |
| | | | | Virginia Commonwealth Transportation Board (RB) | | | | |
| | 105,000 | | | 3.00%, 05/15/26 (c) | | | 107,850 | |
| | 150,000 | | | 3.25%, 05/15/28 (c) | | | 157,697 | |
| | 195,000 | | | Virginia Small Business Financing Authority, Hampton University (RB)
4.00%, 10/01/24 (c) | | | 205,602 | |
| | | | | | | | 1,332,040 | |
| Washington: 2.4% | | | | |
| | | | | Central Puget Sound Regional Transit Authority, Series S-1 (RB) | | | | |
| | 210,000 | | | 5.00%, 11/01/25 (c) | | | 245,318 | |
| | 245,000 | | | 5.00%, 11/01/25 (c) | | | 290,835 | |
| | 450,000 | | | City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 01/01/28 (c) | | | 497,412 | |
| | 230,000 | | | City of Seattle, Municipal Light and Power Improvement, Series C (RB)
4.00%, 09/01/27 (c) | | | 257,439 | |
| | 590,000 | | | County of King, Housing Authority, Ballinger Commons Apartments (RB)
3.50%, 05/01/28 (c) | | | 632,899 | |
| | 360,000 | | | Port of Seattle (GO)
5.00%, 01/01/27 (c) | | | 433,508 | |
| | | | | State of Washington, Various Purpose, Series A (GO) | | | | |
| | 340,000 | | | 5.00%, 08/01/26 (c) | | | 404,661 | |
| | 200,000 | | | 5.00%, 08/01/27 (c) | | | 243,906 | |
| | 195,000 | | | Tacoma School District No. 10 (GO) (SBG)
5.25%, 12/01/24 (c) | | | 228,195 | |
| | 475,000 | | | University of Washington, Series A (RB)
4.00%, 12/01/26 (c) | | | 526,870 | |
| | 100,000 | | | Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB)
5.00%, 08/01/29 (c) | | | 119,857 | |
| | 435,000 | | | Washington Health Care Facilities Authority, MultiCare Health System, Series A (RB)
5.00%, 08/15/25 (c) | | | 500,681 | |
| | 205,000 | | | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
4.00%, 08/15/27 (c) | | | 214,713 | |
| | 125,000 | | | Washington State Convention Center Public Facilities District (RB)
4.00%, 07/01/28 (c) | | | 134,968 | |
| | | | | | | | 4,731,262 | |
| West Virginia: 0.7% | | | | |
| | | | | State of West Virginia, Series B (GO) | | | | |
| | 310,000 | | | 4.00%, 06/01/28 (c) | | | 344,091 | |
| | 100,000 | | | 5.00%, 06/01/28 (c) | | | 122,651 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| West Virginia: (continued) | | | | |
| $ | 505,000 | | | West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Series A (RB)
4.00%, 01/01/29 (c) | | $ | 543,834 | |
| | | | | West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | | | | |
| | 160,000 | | | 3.25%, 06/01/26 (c) | | | 163,544 | |
| | 200,000 | | | 4.00%, 06/01/28 (c) | | | 215,986 | |
| | | | | | | | 1,390,106 | |
| Wisconsin: 0.9% | | | | |
| | 250,000 | | | Village of Mount Pleasant, Series A (TA)
5.00%, 04/01/28 (c) | | | 296,532 | |
| | | | | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | | | | |
| | 275,000 | | | 4.00%, 05/15/26 (c) | | | 296,997 | |
| | 410,000 | | | 4.50%, 05/15/26 (c) | | | 464,874 | |
| | 205,000 | | | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)
4.00%, 04/01/27 (c) | | | 224,916 | |
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 225,000 | | | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB)
3.50%, 02/15/26 (c) | | $ | 229,538 | |
| | | | | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | | | | |
| | 115,000 | | | 4.00%, 02/15/27 (c) | | | 120,581 | |
| | 105,000 | | | 4.00%, 02/15/27 (c) | | | 111,096 | |
| | | | | | | | 1,744,534 | |
| Wyoming: 0.1% | | | | |
| | 90,000 | | | Wyoming Community Development Authority Housing, Series 3 (RB)
3.70%, 06/01/24 (c) | | | 93,464 | |
| | 160,000 | | | Wyoming Municipal Power Agency, Inc., Series A (RB)
5.00%, 01/01/27 (c) | | | 185,744 | |
| | | | | | | | 279,208 | |
Total Municipal Bonds: 98.1%
(Cost: $184,332,039) | | | 192,388,903 | |
| Other assets less liabilities: 1.9% | | | 3,694,437 | |
| NET ASSETS: 100.0% | | $ | 196,083,340 | |
| Definitions: | |
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| 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 |
See Notes to Financial Statements
Summary of Investments
By Sector | | | % of Investments | | Value | |
| Education | | | | 8.2 | % | | $ | 15,762,589 | |
| Health Care | | | | 18.9 | | | | 36,391,082 | |
| Housing | | | | 4.3 | | | | 8,291,606 | |
| Industrial Revenue | | | | 1.4 | | | | 2,719,966 | |
| Leasing | | | | 4.3 | | | | 8,362,845 | |
| Local | | | | 15.4 | | | | 29,564,587 | |
| Power | | | | 5.3 | | | | 10,169,841 | |
| Special Tax | | | | 11.7 | | | | 22,421,952 | |
| State | | | | 6.0 | | | | 11,498,153 | |
| Tobacco | | | | 1.1 | | | | 2,023,479 | |
| Transportation | | | | 13.1 | | | | 25,286,393 | |
| Water & Sewer | | | | 10.3 | | | | 19,896,410 | |
| | | | | 100.0 | % | | $ | 192,388,903 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | | Level 1
Quoted
Prices | | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Municipal Bonds* | | | $ | — | | | $ | 192,388,903 | | | | $ | — | | | $ | 192,388,903 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| MUNICIPAL BONDS: 98.7% | | | | |
| Alabama: 1.7% | | | | |
| $ | 250,000 | | | Alabama Federal Aid Highway Finance Authority, Series A (RB)
5.00%, 09/01/22 | | $ | 276,835 | |
| | 125,000 | | | Alabama Federal Aid Highway Finance Authority, Series B (RB)
5.00%, 09/01/23 | | | 142,979 | |
| | | | | Alabama Public School and College Authority, Series B (RB) | | | | |
| | 285,000 | | | 5.00%, 01/01/21 | | | 297,754 | |
| | 25,000 | | | 5.00%, 01/01/23 | | | 27,931 | |
| | | | | Black Belt Energy Gas District, Series A (RB) (SAW) | | | |
| | 400,000 | | | 4.00%, 09/01/23 (c) (p) | | | 430,168 | |
| | 860,000 | | | 5.00%, 12/01/23 | | | 967,629 | |
| | 375,000 | | | Jefferson County (RB)
5.00%, 09/15/22 | | | 413,216 | |
| | 250,000 | | | Southeast Alabama Gas Supply District, Series A (RB)
4.00%, 03/01/24 (c) (p) | | 273,152 | |
| | 450,000 | | | UAB Medicine Finance Authority, Series B (RB)
5.00%, 09/01/23 | | | 511,641 | |
| | | | | | | | 3,341,305 | |
| Alaska: 0.5% | | | | |
| | 750,000 | | | Alaska Municipal Bond Bank Authority, Series 3 (RB)
4.00%, 12/01/21 | | 791,160 | |
| | 125,000 | | | Alaska Railroad Corp., Series B (RB)
5.00%, 08/01/23 | | | 140,789 | |
| | | | | | | | 931,949 | |
| Arizona: 2.0% | | | | |
| | 15,000 | | | Arizona Health Facilities, Banner Health, Series A (RB)
5.00%, 01/01/23 | | 16,724 | |
| | 95,000 | | | Arizona School Facilities Board, Series A (CP)
5.00%, 09/01/20 | | | 98,017 | |
| | 225,000 | | | Board of Regents of Arizona, University Projects, Series A (CP)
5.00%, 06/01/22 | | | 246,544 | |
| | 250,000 | | | City of Chandler (GO)
4.00%, 07/01/21 | | | 261,838 | |
| | 125,000 | | | City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
5.00%, 07/01/23 | | | 142,031 | |
| | 870,000 | | | City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series B (RB)
5.00%, 07/01/23 | | | 990,217 | |
| | 200,000 | | | City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
5.00%, 07/01/24 | | | 234,060 | |
| | 250,000 | | | City of Phoenix Civic Improvement Corp., Series D (RB)
5.00%, 07/01/23 | | 283,485 | |
Principal
Amount | | | | | Value | |
| Arizona: (continued) | | | | |
| $ | 250,000 | | | City of Tucson, Water System Revenue (RB)
5.00%, 07/01/21 | | $ | 265,848 | |
| | 50,000 | | | Maricopa County High School District No. 210 (GO)
5.00%, 07/01/22 | | | 55,006 | |
| | 250,000 | | | Maricopa County Industrial Development Authority, Series A (RB)
5.00%, 01/01/21 | | | 260,833 | |
| | | | | Pima County (GO) | | | | |
| | 15,000 | | | 4.00%, 07/01/22 | | | 16,110 | |
| | 310,000 | | | 4.00%, 07/01/23 | | | 341,170 | |
| | | | | State of Arizona (CP) | | | | |
| | 105,000 | | | 5.00%, 10/01/21 | | | 112,587 | |
| | 500,000 | | | 5.00%, 09/01/22 | | | 552,640 | |
| | | | | | | | 3,877,110 | |
| California: 13.8% | | | | |
| | 100,000 | | | ABAG Finance Authority for Nonprofit Corporations, Series A (RB)
5.00%, 08/01/21 | | | 107,032 | |
| | 250,000 | | | Anaheim Housing and Public Improvements Authority, Series B (RB)
5.00%, 04/01/23 (c) | | | 283,252 | |
| | 475,000 | | | Bay Area Toll Authority, Series G (RB)
2.00%, 10/01/23 (c) (p) | | | 488,419 | |
| | 500,000 | | | Bay Area Toll Authority, Toll Bridge Revenue, Series E (RB)
2.00%, 10/01/20 (c) (p) | | | 503,735 | |
| | 500,000 | | | California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB)
5.00%, 10/18/22 (p) | | | 555,445 | |
| | 100,000 | | | California Infrastructure and Economic Development Bank, Clean Water State (RB)
5.00%, 10/01/24 | | | 119,142 | |
| | 325,000 | | | California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/22 | | | 352,433 | |
| | 360,000 | | | California State Department of Water Resources, Central Valley Project (RB)
5.00%, 12/01/21 | | | 389,819 | |
| | 720,000 | | | California State Department of Water Resources, Power Supply Revenue, Series O (RB)
5.00%, 05/01/21 | | | 762,977 | |
| | 1,215,000 | | | California State Public Works Board, Series D (RB)
5.00%, 09/01/23 | | | 1,390,239 | |
| | 450,000 | | | California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/22 | | | 500,089 | |
| | 320,000 | | | California State University, Series A (RB)
5.00%, 11/01/21 | | | 345,600 | |
| | 70,000 | | | California State University, Series B-2 (RB)
4.00%, 05/01/21 (c) (p) | | | 72,907 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| | | | | California State, Various Purpose (GO) | | | | |
| $ | 600,000 | | | 5.00%, 09/01/23 | | $ | 687,750 | |
| | 250,000 | | | 5.00%, 10/01/23 | | | 287,330 | |
| | 100,000 | | | City and County of San Francisco, Series B (CP)
5.00%, 04/01/25 | | | 120,607 | |
| | 250,000 | | | City and County of San Francisco, Series R-1 (GO)
5.00%, 06/15/21 | | | 266,175 | |
| | 275,000 | | | City of Bakersfield, Wastewater Revenue, Series A (RB)
5.00%, 09/15/21 | | 295,738 | |
| | 150,000 | | | City of Los Angeles, Department of Airports, Series C (RB)
4.00%, 05/15/20 | | 152,408 | |
| | 500,000 | | | Contra Costa Transportation Authority Sales Tax, Series A (RB)
5.00%, 03/01/21 | | | 526,800 | |
| | 285,000 | | | Department of Airports of the City of Los Angeles, Series C (RB)
5.00%, 05/15/22 | | | 313,338 | |
| | 275,000 | | | Elk Grove Unified School District (GO)
5.00%, 08/01/21 | | | 294,387 | |
| | 500,000 | | | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/22 | | | 548,275 | |
| | | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | | | | |
| | 700,000 | | | 5.00%, 06/01/21 | | | 738,885 | |
| | 1,000,000 | | | 5.00%, 06/01/23 | | | 1,115,080 | |
| | 500,000 | | | Los Angeles Community College District, Series J (GO)
3.00%, 08/01/23 | | 536,740 | |
| | | | | Los Angeles Department of Water and Power, Series A (RB) | | | | |
| | 35,000 | | | 5.00%, 07/01/21 | | | 37,350 | |
| | 250,000 | | | 5.00%, 07/01/23 | | | 286,287 | |
| | 115,000 | | | Los Angeles Department of Water and Power, Series B (RB)
5.00%, 07/01/20 | | | 118,087 | |
| | 200,000 | | | Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/22 | | | 221,190 | |
| | | | | Los Angeles Unified School District, Series A (GO) | | | | |
| | 10,000 | | | 4.00%, 07/01/21 | | | 10,484 | |
| | 60,000 | | | 5.00%, 07/01/21 | | | 63,885 | |
| | 750,000 | | | 5.00%, 07/01/24 | | | 879,952 | |
| | 130,000 | | | Los Angeles Unified School District, Series B (GO)
5.00%, 07/01/23 | | | 147,913 | |
| | 140,000 | | | Los Angeles Unified School District, Series C (GO)
5.00%, 07/01/21 | | | 149,065 | |
| | 35,000 | | | Metropolitan Water District of Southern California, Series E (RB)
5.00%, 07/01/21 | | | 37,338 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 125,000 | | | Municipal Improvement Corp. of Los Angeles, Series A (RB)
5.00%, 11/01/23 | | $ | 144,261 | |
| | 1,000,000 | | | Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p) | | | 1,088,970 | |
| | | | | Oakland Unified School District (GO) (AGM) | | | | |
| | 515,000 | | | 5.00%, 08/01/21 | | | 549,268 | |
| | 430,000 | | | 5.00%, 08/01/23 | | | 489,194 | |
| | 350,000 | | | Oakland Unified School District, Series A (GO)
5.00%, 08/01/23 | | | 398,181 | |
| | 100,000 | | | Orange County Sanitation District (RB)
5.00%, 02/01/24 | | | 116,818 | |
| | 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) | | 957,407 | |
| | 15,000 | | | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
5.00%, 11/01/22 | | | 16,763 | |
| | 240,000 | | | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/21 | | | 254,772 | |
| | 420,000 | | | Regents of the University of California, Series AO (RB)
5.00%, 05/15/21 | | 445,851 | |
| | 100,000 | | | Riverside County Transportation Commission, Series A (RB)
5.00%, 06/01/21 | | | 106,364 | |
| | 250,000 | | | Riverside County Transportation Commission, Series B (RB)
5.00%, 06/01/25 | | | 304,197 | |
| | 300,000 | | | Sacramento County, Airport System, Series B (RB)
5.00%, 07/01/23 | | | 341,916 | |
| | 15,000 | | | Sacramento County, Sanitation District Financial Authority, Series A (RB)
5.00%, 12/01/21 | | | 16,239 | |
| | 125,000 | | | Sacramento Municipal Utility District, Series D (RB)
5.00%, 08/15/24 | | | 148,149 | |
| | 25,000 | | | San Diego Public Facilities Financing Authority (RB)
5.00%, 05/15/22 | | | 27,499 | |
| | 100,000 | | | San Francisco Community College District (GO)
5.00%, 06/15/24 | | | 117,912 | |
| | 10,000 | | | San Francisco State Building Authority, Civic Center Complex, Series A (RB)
5.00%, 12/01/21 | | | 10,826 | |
| | 285,000 | | | San Francisco Unified School District,
Proposition A (GO)
2.00%, 06/15/22 | | 292,686 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| | | | | State of California, Various Purpose (GO) | | | | |
| $ | 300,000 | | | 4.00%, 11/01/24 | | $ | 341,571 | |
| | 300,000 | | | 5.00%, 09/01/21 | | | 321,360 | |
| | 500,000 | | | 5.00%, 09/01/21 | | | 535,600 | |
| | 145,000 | | | 5.00%, 08/01/22 | | | 160,412 | |
| | 265,000 | | | 5.00%, 09/01/22 | | | 293,994 | |
| | 450,000 | | | 5.00%, 10/01/22 | | | 500,638 | |
| | 1,000,000 | | | 5.00%, 09/01/23 | | | 1,146,250 | |
| | 500,000 | | | 5.00%, 09/01/23 | | | 573,125 | |
| | 525,000 | | | 5.00%, 11/01/23 | | | 605,005 | |
| | 100,000 | | | 5.00%, 03/01/24 | | | 116,345 | |
| | 100,000 | | | 5.00%, 10/01/24 | | | 118,404 | |
| | 250,000 | | | 5.00%, 11/01/24 | | | 296,740 | |
| | 100,000 | | | 5.00%, 03/01/25 | | | 119,738 | |
| | 1,500,000 | | | 5.00%, 08/01/25 | | | 1,817,385 | |
| | 300,000 | | | Stockton Unified School District (GO)
5.00%, 08/01/23 | | | 341,061 | |
| | 500,000 | | | University of California, Series AT (RB)
1.40%, 11/15/20 (c) (p) | | | 502,045 | |
| | | | | | | | 27,323,099 | |
| Colorado: 0.6% | | | | |
| | 125,000 | | | Boulder Valley School District No. RE-2, Series B (GO) (SAW)
4.00%, 12/01/23 | | | 139,033 | |
| | 250,000 | | | City of Aurora, Water Revenue, First Lien (RB)
5.00%, 08/01/22 | | | 275,785 | |
| | 500,000 | | | Colorado Higher Education, Series A (CP)
5.00%, 11/01/23 | | | 573,450 | |
| | 125,000 | | | Denver City and County School District No. 1 (GO) (SAW)
5.00%, 12/01/20 | | 130,195 | |
| | | | | | | | 1,118,463 | |
| Connecticut: 3.9% | | | | |
| | 215,000 | | | City of New Haven, Series A (GO) (AGM)
5.00%, 08/15/24 | | | 246,792 | |
| | 1,000,000 | | | Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
5.00%, 07/01/25 | | | 1,187,660 | |
| | 390,000 | | | State of Connecticut Health and Educational Facilities Authority, Yale University, Series C-2 (RB)
5.00%, 02/01/23 (p) | | 436,227 | |
| | | | | State of Connecticut, Series A (GO) | | | | |
| | 280,000 | | | 5.00%, 03/15/23 | | | 313,020 | |
| | 265,000 | | | 5.00%, 04/15/23 | | | 296,996 | |
| | | | | State of Connecticut, Series B (GO) | | | | |
| | 375,000 | | | 4.00%, 05/15/23 | | | 407,374 | |
| | 290,000 | | | 5.00%, 05/15/21 | | | 306,753 | |
| | 125,000 | | | State of Connecticut, Series C (GO) | | | | |
| | | | | 5.00%, 06/15/24 | | | 144,696 | |
| | | | | State of Connecticut, Series D (GO) | | | | |
| | 115,000 | | | 5.00%, 06/15/20 | | | 117,692 | |
| | 300,000 | | | 5.00%, 08/15/23 | | | 339,567 | |
Principal
Amount | | | | | Value | |
| Connecticut: (continued) | | | | |
| | | | | State of Connecticut, Series E (GO) | | | | |
| $ | 175,000 | | | 5.00%, 09/01/22 | | $ | 192,602 | |
| | 350,000 | | | 5.00%, 10/15/22 | | | 386,666 | |
| | 290,000 | | | State of Connecticut, Series G (GO)
3.00%, 11/01/20 | | | 295,246 | |
| | | | | State of Connecticut, Special Tax Obligation,
Series A (RB) | | | |
| | 305,000 | | | 5.00%, 01/01/22 | | | 328,933 | |
| | 325,000 | | | 5.00%, 09/01/22 | | | 358,069 | |
| | 300,000 | | | 5.00%, 01/01/23 | | | 333,984 | |
| | 375,000 | | | 5.00%, 04/15/23 | | | 420,277 | |
| | 300,000 | | | 5.00%, 08/01/23 | | | 340,002 | |
| | 100,000 | | | 5.00%, 09/01/23 | | | 113,618 | |
| | 175,000 | | | 5.00%, 09/01/23 | | | 198,832 | |
| | 250,000 | | | State of Connecticut, Special Tax Obligation, Series B (RB)
5.00%, 08/01/23 | | 283,335 | |
| | | | | University of Connecticut, Series A (RB) | | | | |
| | 170,000 | | | 5.00%, 01/15/22 | | | 183,610 | |
| | 370,000 | | | 5.00%, 02/15/24 | | | 425,703 | |
| | | | | | | | 7,657,654 | |
| Delaware: 0.4% | | | | |
| | 650,000 | | | State of Delaware, Series B (GO)
5.00%, 07/01/23 | | | 740,818 | |
| District of Columbia: 1.1% | | | | |
| | | | | District of Columbia, Series A (GO) | | | | |
| | 1,020,000 | | | 5.00%, 06/01/21 | | | 1,081,271 | |
| | 440,000 | | | 5.00%, 06/01/22 | | | 483,072 | |
| | 120,000 | | | District of Columbia, Series B (GO)
5.00%, 06/01/25 | | | 144,497 | |
| | 225,000 | | | Washington Metropolitan Area Transit Authority, Series A-1 (RB)
5.00%, 07/01/24 | | | 262,982 | |
| | 100,000 | | | Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/25 | | | 120,148 | |
| | | | | | | | 2,091,970 | |
| Florida: 5.2% | | | | |
| | | | | Citizens Property Insurance Corp., Series A-1 (RB) | | | | |
| | 300,000 | | | 5.00%, 12/01/21 (c) | | | 323,172 | |
| | 2,000,000 | | | 5.00%, 12/01/24 (c) | | | 2,361,300 | |
| | 265,000 | | | City of Jacksonville, Series B (RB)
5.00%, 10/01/24 | | | 311,277 | |
| | 110,000 | | | County of Miami-Dade, Building Better Communities Program, Series B (GO)
5.00%, 07/01/20 | | | 112,768 | |
| | | | | County of Miami-Dade, Expressway Authority Toll System, Series B (RB) | | | | |
| | 50,000 | | | 5.00%, 07/01/20 | | | 51,198 | |
| | 250,000 | | | 5.00%, 07/01/21 | | | 264,995 | |
| | 665,000 | | | 5.00%, 07/01/22 | | | 725,901 | |
| | | | | County of Miami-Dade, Water and Sewer System (RB) | | | |
| | 185,000 | | | 5.00%, 10/01/20 | | | 191,468 | |
| | 495,000 | | | 5.00%, 10/01/23 | | | 566,869 | |
| | 200,000 | | | Hillsborough County (RB)
5.00%, 11/01/21 | | | 215,052 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Florida: (continued) | | | | |
| $ | 710,000 | | | Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA)
5.00%, 02/01/24 | | $ | 817,253 | |
| | 85,000 | | | Miami-Dade County, School Board Foundation, Inc., Series A (CP)
5.00%, 05/01/20 | | | 86,570 | |
| | 100,000 | | | Palm Beach County School Board, Series B (CP)
5.00%, 08/01/22 | | | 110,257 | |
| | 270,000 | | | School District of Broward County, Series A (CP)
5.00%, 07/01/22 | | | 296,509 | |
| | 340,000 | | | School District of Broward County, Series C (CP)
5.00%, 07/01/24 | | | 397,059 | |
| | 450,000 | | | State of Florida, Board of Education, Lottery Revenue, Series A (RB)
5.00%, 07/01/23 | | | 510,790 | |
| | 1,150,000 | | | State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
5.00%, 06/01/24 | | | 1,345,925 | |
| | 130,000 | | | State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO)
5.00%, 06/01/23 | | | 147,520 | |
| | 125,000 | | | State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
5.00%, 06/01/22 | | | 137,270 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | | | | |
| | 275,000 | | | 5.00%, 06/01/21 | | | 291,698 | |
| | 150,000 | | | 5.00%, 06/01/23 | | | 170,216 | |
| | | | | State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | | | | |
| | 225,000 | | | 5.00%, 06/01/23 | | | 255,323 | |
| | 100,000 | | | 5.00%, 06/01/24 | | | 117,037 | |
| | | | | State of Florida, Department of Management Services, Series A (CP) | | | | |
| | 275,000 | | | 5.00%, 08/01/22 | | | 303,443 | |
| | 180,000 | | | 5.00%, 09/01/23 | | | 205,816 | |
| | | | | | | | 10,316,686 | |
| Georgia: 2.9% | | | | |
| | 500,000 | | | Burke County Development Authority, Series F (RB)
3.00%, 02/01/23 (p) | | 513,125 | |
| | 290,000 | | | Georgia State Road and Tollway Authority, Series B (RB)
5.00%, 06/01/21 | | 307,374 | |
| | 500,000 | | | Main Street Natural Gas, Inc., Series A (RB)
4.00%, 06/01/23 (c) (p) | | | 540,705 | |
| | 500,000 | | | Main Street Natural Gas, Inc., Series C (RB)
4.00%, 06/01/23 | | | 544,230 | |
Principal
Amount | | | | | Value | |
| Georgia: (continued) | | | | |
| $ | 1,000,000 | | | Monroe County Industrial Development Agency (RB)
2.35%, 12/11/20 (p) | | $ | 1,009,470 | |
| | 200,000 | | | Municipal Electric Authority of Georgia, Series A (RB)
4.00%, 01/01/21 | | | 206,022 | |
| | 730,000 | | | Richmond County, Board of Education (GO) (SAW)
5.00%, 10/01/21 | | | 782,319 | |
| | | | | State of Georgia, Series A (GO) | | | | |
| | 50,000 | | | 5.00%, 02/01/21 | | | 52,398 | |
| | 160,000 | | | 5.00%, 02/01/23 | | | 179,726 | |
| | 15,000 | | | 5.00%, 02/01/23 | | | 16,849 | |
| | 1,000,000 | | | State of Georgia, Series E (GO)
5.00%, 12/01/24 | | | 1,188,770 | |
| | 460,000 | | | State of Georgia, Series F (GO)
5.00%, 07/01/21 | | | 489,394 | |
| | | | | | | | 5,830,382 | |
| Hawaii: 1.0% | | | | |
| | 120,000 | | | City and County of Honolulu, Series B (GO)
5.00%, 10/01/23 | | | 137,572 | |
| | 115,000 | | | City and County of Honolulu, Wastewater System, Series A (RB)
5.00%, 07/01/24 | | | 134,413 | |
| | 120,000 | | | State of Hawaii, Series EZ (GO)
5.00%, 10/01/23 | | | 137,572 | |
| | 500,000 | | | State of Hawaii, Series FB (GO)
5.00%, 04/01/21 | | | 526,665 | |
| | 700,000 | | | State of Hawaii, Series FE (GO)
5.00%, 10/01/23 | | | 802,501 | |
| | 110,000 | | | State of Hawaii, Series FN (GO)
5.00%, 10/01/24 | | | 129,898 | |
| | 100,000 | | | State of Hawaii, Series FT (GO)
5.00%, 01/01/23 | | | 111,922 | |
| | | | | | | | 1,980,543 | |
| Idaho: 0.5% | | | | |
| | 950,000 | | | Idaho Health Facilities Authority, Trinity Health Credit Group, Series D (RB)
5.00%, 12/01/21 | | | 1,022,124 | |
| Illinois: 5.3% | | | | |
| | | | | Chicago O’Hare International Airport, Series B (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/22 | | | 107,891 | |
| | 445,000 | | | 5.00%, 01/01/24 | | | 510,397 | |
| | | | | Chicago O’Hare International Airport, Series C (RB) | | | | |
| | 250,000 | | | 5.00%, 01/01/22 | | | 269,727 | |
| | 100,000 | | | 5.00%, 01/01/22 | | | 107,891 | |
| | 650,000 | | | 5.00%, 01/01/23 | | | 723,417 | |
| | 115,000 | | | 5.00%, 01/01/24 | | | 131,900 | |
| | | | | Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | | | | |
| | 380,000 | | | 5.00%, 06/01/22 | | | 411,244 | |
| | 350,000 | | | 5.00%, 06/01/23 | | | 389,354 | |
| | | | | City of Chicago, Water Revenue, Second Lien (RB) | | | | |
| | 500,000 | | | 3.15%, 11/01/24 | | | 534,640 | |
| | 345,000 | | | 5.00%, 11/01/23 | | | 390,209 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Illinois: (continued) | | | | |
| | | | | City of Springfield, Electric Revenue, Senior Lien (RB) | | | |
| $ | 165,000 | | | 5.00%, 03/01/23 | | $ | 183,501 | |
| | 235,000 | | | 5.00%, 03/01/24 | | | 268,384 | |
| | 130,000 | | | 5.00%, 03/01/25 | | | 152,212 | |
| | | | | Illinois Finance Authority of Clean Water Initiative (RB) | | | |
| | 310,000 | | | 4.00%, 01/01/23 | | | 336,666 | |
| | 340,000 | | | 5.00%, 07/01/22 | | | 373,946 | |
| | 250,000 | | | 5.00%, 01/01/23 | | | 279,227 | |
| | 155,000 | | | 5.00%, 01/01/24 | | | 178,255 | |
| | 600,000 | | | 5.00%, 01/01/25 | | | 710,028 | |
| | 250,000 | | | Illinois Finance Authority, Series A (RB)
5.00%, 07/15/23 | | | 283,632 | |
| | 120,000 | | | McHenry County Conservation District (GO)
5.00%, 02/01/21 | | | 125,509 | |
| | 250,000 | | | Regional Transportation Authority of Illinois,
Series A (RB)
5.00%, 07/01/24 | | 289,012 | |
| | 370,000 | | | Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/23 | | | 404,939 | |
| | | | | State of Illinois (GO) | | | | |
| | 460,000 | | | 5.00%, 01/01/21 | | | 475,548 | |
| | 575,000 | | | 5.00%, 06/01/21 | | | 601,329 | |
| | 350,000 | | | 5.00%, 06/01/22 | | | 374,745 | |
| | 350,000 | | | 5.00%, 02/01/23 | | | 379,498 | |
| | | | | State of Illinois, Series C (RB) | | | | |
| | 250,000 | | | 4.00%, 06/15/21 | | | 257,525 | |
| | 395,000 | | | 5.00%, 06/15/22 | | | 423,057 | |
| | 470,000 | | | State of Illinois, Series D (GO)
5.00%, 11/01/22 | | | 508,573 | |
| | 300,000 | | | State of Illinois, Toll Highway Authority, Series A (RB)
5.00%, 12/01/22 | | | 333,024 | |
| | | | | | | | 10,515,280 | |
| Indiana: 0.2% | | | | |
| | 110,000 | | | Indiana Finance Authority, Indiana University Health Obligated Group, Series A (RB)
5.00%, 12/01/23 | | | 126,335 | |
| | 250,000 | | | Indiana Municipal Power Agency, Series A (RB)
5.00%, 01/01/22 | | | 269,950 | |
| | | | | | | | 396,285 | |
| Iowa: 0.3% | | | | |
| | 250,000 | | | Iowa Finance Authority (RB)
5.00%, 08/01/23 | | | 285,300 | |
| | 25,000 | | | State of Iowa, IJob Program, Series A (RB)
5.00%, 06/01/22 | | | 27,434 | |
| | 250,000 | | | State of Iowa, Prison Infrastructure Fund (RB)
5.00%, 06/15/23 | | | 283,665 | |
| | | | | | | | 596,399 | |
| Kansas: 0.6% | | | | |
| | 350,000 | | | Johnson County Unified School District No. 233, Series B (GO)
5.00%, 09/01/22 | | | 387,569 | |
Principal
Amount | | | | | Value | |
| Kansas: (continued) | | | | |
| $ | 230,000 | | | Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB)
5.00%, 04/01/22 | | $ | 250,585 | |
| | 535,000 | | | State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
5.00%, 09/01/22 | | | 592,427 | |
| | | | | | | | 1,230,581 | |
| Kentucky: 1.4% | | | | |
| | 220,000 | | | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/24 | | | 253,909 | |
| | | | | Kentucky State Property and Building Commission No. 108, Series B (RB) | | | | |
| | 15,000 | | | 5.00%, 08/01/21 | | | 15,952 | |
| | 320,000 | | | 5.00%, 08/01/22 | | | 350,637 | |
| | | | | Kentucky State Property and Building Commission No. 112, Series B (RB) | | | | |
| | 570,000 | | | 5.00%, 11/01/22 | | | 628,989 | |
| | 320,000 | | | 5.00%, 11/01/23 | | | 363,526 | |
| | | | | Kentucky Turnpike Authority, Series A (RB) | | | | |
| | 55,000 | | | 5.00%, 07/01/20 | | | 56,318 | |
| | 20,000 | | | 5.00%, 07/01/21 | | | 21,200 | |
| | | | | Kentucky Turnpike Authority, Series B (RB) | | | | |
| | 310,000 | | | 5.00%, 07/01/22 | | | 339,239 | |
| | 300,000 | | | 5.00%, 07/01/23 | | | 338,001 | |
| | 125,000 | | | 5.00%, 07/01/24 | | | 144,445 | |
| | 250,000 | | | University of Kentucky, Series B (RB)
5.00%, 10/01/21 | | | 268,065 | |
| | | | | | | | 2,780,281 | |
| Louisiana: 1.0% | | | | |
| | 390,000 | | | City of New Orleans (GO)
5.00%, 12/01/20 | | | 405,694 | |
| | 70,000 | | | City of New Orleans, Sewerage Service (RB)
5.00%, 06/01/22 | | | 76,143 | |
| | 175,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB)
5.00%, 10/01/22 | | | 192,889 | |
| | | | | Louisiana State Citizens Property Insurance Corp. (RB) | | | |
| | 35,000 | | | 5.00%, 06/01/20 | | | 35,754 | |
| | 310,000 | | | 5.00%, 06/01/21 | | | 328,172 | |
| | 300,000 | | | 5.00%, 06/01/22 | | | 327,765 | |
| | 590,000 | | | 5.00%, 06/01/23 | | | 664,871 | |
| | | | | | | | 2,031,288 | |
| Maryland: 3.4% | | | | |
| | 35,000 | | | Anne Arundel County (GO)
5.00%, 04/01/23 | | | 39,505 | |
| | 320,000 | | | Maryland State Stadium Authority, Baltimore City Public Schools (RB)
5.00%, 05/01/23 | | | 360,870 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Maryland: (continued) | | | | |
| $ | 145,000 | | | Maryland Water Quality Financing Administration (RB)
5.00%, 03/01/21 | | $ | 152,357 | |
| | 410,000 | | | Montgomery County, Consolidated Public Improvement, Series B (GO)
5.00%, 12/01/23 | | | 472,648 | |
| | 300,000 | | | Montgomery County, Series A (GO)
5.00%, 11/01/22 | | | 334,035 | |
| | 455,000 | | | Montgomery County, Series B (GO)
5.00%, 11/01/23 | | | 523,186 | |
| | 2,730,000 | | | State of Maryland (GO)
5.00%, 03/15/24 | | | 3,172,396 | |
| | | | | State of Maryland, Department of Transportation (RB) | | | |
| | 15,000 | | | 5.00%, 02/01/23 | | | 16,839 | |
| | 165,000 | | | 5.00%, 09/01/24 | | | 194,373 | |
| | 40,000 | | | State of Maryland, Department of Transportation, Second Issue (RB)
5.00%, 06/01/21 | | | 42,422 | |
| | | | | State of Maryland, Department of Transportation, Third Issue (RB) | | | | |
| | 100,000 | | | 5.00%, 12/15/20 | | | 104,293 | |
| | 200,000 | | | 5.00%, 12/15/23 | | | 230,834 | |
| | 790,000 | | | State of Maryland, State and Local Facilities Loan, First Series (GO)
5.00%, 06/01/22 | | | 867,546 | |
| | 30,000 | | | State of Maryland, State and Local Facilities Loan, First Series A (GO)
5.00%, 03/01/23 | | | 33,770 | |
| | 145,000 | | | State of Maryland, State and Local Facilities Loan, Second Series (GO)
5.00%, 08/01/22 | | | 160,121 | |
| | | | | | | | 6,705,195 | |
| Massachusetts: 1.7% | | | | |
| | | | | Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) | | | | |
| | 20,000 | | | 5.00%, 06/15/21 (c) | | | 21,237 | |
| | 150,000 | | | 5.00%, 06/15/23 (c) | | | 170,235 | |
| | 10,000 | | | Commonwealth of Massachusetts, Series C (GO)
5.00%, 10/01/21 | | | 10,734 | |
| | 900,000 | | | Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/23 | | | 1,023,318 | |
| | 125,000 | | | Massachusetts Bay Transportation Authority (RB)
4.00%, 12/01/21 | | | 132,416 | |
| | | | | Massachusetts Development Finance Agency, Care Group, Series H-1 (RB) | | | | |
| | 480,000 | | | 5.00%, 07/01/21 | | | 509,606 | |
| | 500,000 | | | 5.00%, 07/01/22 | | | 548,400 | |
| | 325,000 | | | Massachusetts Development Finance Agency, Care Group, Series I (RB)
5.00%, 07/01/21 | | | 345,046 | |
| | 10,000 | | | Massachusetts Development Finance Agency, Harvard University, Series A (RB)
5.00%, 07/15/22 | | | 11,038 | |
Principal
Amount | | | | | Value | |
| Massachusetts: (continued) | | | | |
| $ | 30,000 | | | Massachusetts Development Finance Agency, Healthcare System, Series Q (RB)
5.00%, 07/01/22 | | $ | 32,954 | |
| | | | | Massachusetts State Water Resources Authority, Series C (RB) | | | | |
| | 250,000 | | | 5.00%, 08/01/22 | | | 276,000 | |
| | 220,000 | | | 5.00%, 08/01/23 | | | 250,804 | |
| | | | | | | | 3,331,788 | |
| Michigan: 1.1% | | | | |
| | 295,000 | | | Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB)
5.00%, 08/01/22 | | | 324,586 | |
| | 200,000 | | | Michigan Finance Authority, Henry Ford Health System (RB)
5.00%, 11/15/21 | | | 214,530 | |
| | 100,000 | | | Michigan State Building Authority, Series I (RB)
5.00%, 04/15/23 | | | 112,867 | |
| | 500,000 | | | Michigan Strategic Fund, Detroit Edison Company Pollution Control Project, Series CC (RB)
1.45%, 09/01/21 (p) | | | 498,830 | |
| | 500,000 | | | Regents of University of Michigan, Series A (RB)
5.00%, 04/01/23 | | | 564,890 | |
| | 35,000 | | | Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB)
5.00%, 09/01/21 | | 37,380 | |
| | 175,000 | | | State of Michigan, Grant Anticipation (RB)
5.00%, 03/15/24 | | | 202,631 | |
| | 145,000 | | | Wayne County Airport Authority, Series C (RB)
5.00%, 12/01/23 | | | 165,973 | |
| | | | | | | | 2,121,687 | |
| Minnesota: 1.3% | | | | |
| | 200,000 | | | Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG)
5.00%, 02/01/25 | | | 234,124 | |
| | 480,000 | | | Regents of University of Minnesota, Series B (RB)
5.00%, 12/01/22 | | | 535,920 | |
| | 370,000 | | | Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG)
5.00%, 02/01/22 | | | 401,835 | |
| | 290,000 | | | State of Minnesota, 911 Services Revenue (RB)
5.00%, 06/01/21 | | | 307,562 | |
| | 150,000 | | | State of Minnesota, Various Purpose, Series A (GO)
5.00%, 08/01/21 | | 160,062 | |
| | | | | State of Minnesota, Various Purpose, Series D (GO) | | | |
| | 510,000 | | | 5.00%, 08/01/22 | | | 563,331 | |
| | 380,000 | | | 5.00%, 08/01/22 | | | 419,737 | |
| | | | | | | | 2,622,571 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Mississippi: 0.1% | | | | |
| $ | 200,000 | | | State of Mississippi, Series E (RB)
5.00%, 10/15/21 | | $ | 214,582 | |
| Missouri: 0.7% | | | | |
| | 1,000,000 | | | City of St. Louis, Missouri Airport, Series A (RB) (AGM)
5.00%, 07/01/23 | | | 1,133,170 | |
| | 260,000 | | | Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB)
5.00%, 11/15/22 | | | 288,306 | |
| | | | | | | | 1,421,476 | |
| Nebraska: 1.1% | | | | |
| | 500,000 | | | Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 10/01/23 (c) (p) | | | 557,200 | |
| | 525,000 | | | Metropolitan Utilities District of Omaha, Water System (RB)
5.00%, 12/01/21 | | | 566,228 | |
| | 70,000 | | | Nebraska Public Power District, Series A (RB)
5.00%, 01/01/21 | | | 73,058 | |
| | 570,000 | | | Omaha Public Power District, Electric System, Series B (RB)
5.00%, 02/01/21 | | | 597,115 | |
| | | | | Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/22 | | | 107,624 | |
| | 195,000 | | | 5.00%, 01/01/23 | | | 216,323 | |
| | | | | | | | 2,117,548 | |
| Nevada: 1.3% | | | | |
| | 230,000 | | | Clark County Flood Control (GO)
5.00%, 11/01/22 | | | 255,732 | |
| | 100,000 | | | Clark County Limited Tax Bond Bank, Series A (GO)
5.00%, 11/01/23 | | | 114,732 | |
| | 250,000 | | | Clark County School District, Series D (GO)
5.00%, 06/15/23 | | | 281,300 | |
| | 250,000 | | | Clark County Water Reclamation District (GO)
5.00%, 07/01/22 | | | 275,375 | |
| | 450,000 | | | Clark County, Series B (GO)
5.00%, 11/01/23 | | | 516,294 | |
| | 300,000 | | | Las Vegas Valley Water District, Series A (GO)
5.00%, 06/01/22 | | | 329,127 | |
| | 300,000 | | | State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB)
5.00%, 12/01/24 | | | 355,653 | |
| | 500,000 | | | State of Nevada, Series B (GO)
5.00%, 11/01/21 | | | 538,105 | |
| | | | | | | | 2,666,318 | |
| New Jersey: 3.2% | | | | |
| | | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | | | | |
| | 125,000 | | | 5.00%, 11/01/23 | | | 140,605 | |
| | 100,000 | | | 5.00%, 11/01/24 | | | 115,022 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 160,000 | | | New Jersey Economic Development Authority, Princeton University, Series B (RB)
5.00%, 07/01/22 | | $ | 176,418 | |
| | 125,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
5.00%, 06/15/22 | | | 135,793 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | | | | |
| | 90,000 | | | 5.00%, 06/15/20 | | | 91,928 | |
| | 320,000 | | | 5.00%, 06/15/21 | | | 337,894 | |
| | | | | New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | | | | |
| | 330,000 | | | 5.00%, 06/15/22 | | | 358,492 | |
| | 365,000 | | | 5.00%, 06/15/23 | | | 406,599 | |
| | 35,000 | | | New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
5.00%, 07/01/20 | | | 35,886 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 06/15/21 | | | 105,674 | |
| | 890,000 | | | 5.00%, 06/15/24 | | | 1,021,658 | |
| | | | | New Jersey Turnpike Authority, Series C (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/21 | | | 104,380 | |
| | 120,000 | | | 5.00%, 01/01/22 | | | 129,763 | |
| | | | | State of New Jersey, Series T (GO) | | | | |
| | 225,000 | | | 5.00%, 06/01/21 | | | 238,262 | |
| | 335,000 | | | 5.00%, 06/01/22 | | | 366,450 | |
| | | | | State of New Jersey, Various Purposes (GO) | | | | |
| | 1,105,000 | | | 5.00%, 06/01/21 | | | 1,170,129 | |
| | 800,000 | | | 5.00%, 06/01/22 | | | 875,104 | |
| | 220,000 | | | 5.00%, 06/01/22 | | | 240,654 | |
| | 290,000 | | | Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/23 | | | 323,602 | |
| | | | | | | | 6,374,313 | |
| New Mexico: 1.3% | | | | |
| | 415,000 | | | Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB)
5.00%, 07/01/21 | | | 441,307 | |
| | 100,000 | | | Albuquerque Bernalillo County Water Utility Authority, Subordinate Lien, Series B (RB)
5.00%, 07/01/24 | | | 116,881 | |
| | 250,000 | | | Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) | | | 250,783 | |
| | 325,000 | | | New Mexico Finance Authority, Series D (RB)
5.00%, 06/01/22 | | | 356,554 | |
| | 320,000 | | | State of New Mexico, Series A (GO)
5.00%, 03/01/23 | | | 359,763 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New Mexico: (continued) | | | | |
| | | | | State of New Mexico, Series B (RB) | | | | |
| $ | 505,000 | | | 4.00%, 07/01/23 | | $ | 555,207 | |
| | 340,000 | | | 5.00%, 03/01/23 | | | 382,248 | |
| | 160,000 | | | State of New Mexico, Severance Tax, Series B (RB)
5.00%, 07/01/21 | | | 170,061 | |
| | | | | | | | 2,632,804 | |
| New York: 12.2% | | | | |
| | 750,000 | | | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/23 | | | 838,777 | |
| | | | | City of New York, Series A (GO) | | | | |
| | 670,000 | | | 5.00%, 08/01/22 | | | 739,486 | |
| | 375,000 | | | 5.00%, 08/01/22 | | | 413,891 | |
| | 120,000 | | | 5.00%, 08/01/24 | | | 140,716 | |
| | 320,000 | | | City of New York, Series C and D (GO)
5.00%, 08/01/23 | | | 364,429 | |
| | 100,000 | | | City of Yonkers, Series C (GO)
5.00%, 10/01/23 | | | 114,643 | |
| | 100,000 | | | County of Nassau, Series B (GO)
5.00%, 04/01/22 | | | 109,000 | |
| | 775,000 | | | County of Nassau, Series C (GO)
5.00%, 10/01/22 | | | 858,677 | |
| | 50,000 | | | Erie County Industrial Development Agency, City School District of the City of Buffalo Project, Series A (RB) (SAW)
5.00%, 05/01/21 | | | 52,916 | |
| | | | | Hudson Yards Infrastructure Corp., Series A (RB) | | | | |
| | 100,000 | | | 3.00%, 02/15/22 | | | 104,234 | |
| | 210,000 | | | 5.00%, 02/15/22 | | | 228,323 | |
| | 100,000 | | | 5.00%, 02/15/23 | | | 112,368 | |
| | 500,000 | | | Long Island Power Authority, Series B (RB)
5.00%, 09/01/22 | | | 552,785 | |
| | 30,000 | | | Metropolitan Transportation Authority, Series A (RB)
5.00%, 11/15/22 | | | 33,446 | |
| | | | | Metropolitan Transportation Authority, Series A-1 (RB) | | | | |
| | 600,000 | | | 5.00%, 11/15/23 | | | 686,148 | |
| | 500,000 | | | 5.00%, 11/15/24 (p) | | | 584,015 | |
| | | | | Metropolitan Transportation Authority, Series A-2 (RB) | | | | |
| | 250,000 | | | 5.00%, 11/15/20 | | | 259,490 | |
| | 15,000 | | | 5.00%, 11/15/21 | | | 16,115 | |
| | | | | Metropolitan Transportation Authority, Series B (RB) | | | | |
| | 135,000 | | | 5.00%, 11/15/21 | | | 145,033 | |
| | 450,000 | | | 5.00%, 11/15/22 | | | 499,842 | |
| | 10,000 | | | 5.00%, 11/15/22 | | | 11,130 | |
| | 290,000 | | | 5.00%, 11/15/23 | | | 331,638 | |
| | 250,000 | | | 5.00%, 11/15/23 | | | 285,895 | |
| | 125,000 | | | 5.00%, 11/15/24 | | | 146,865 | |
| | 500,000 | | | Metropolitan Transportation Authority, Series C-1 (RB)
5.00%, 11/15/23 | | | 571,790 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | Metropolitan Transportation Authority, Series D (RB) | | | | |
| $ | 255,000 | | | 5.00%, 11/15/21 | | $ | 273,952 | |
| | 10,000 | | | 5.00%, 11/15/22 | | | 11,108 | |
| | 200,000 | | | Metropolitan Transportation Authority, Series F (RB)
5.00%, 11/15/23 | | | 228,716 | |
| | 250,000 | | | Monroe County Industrial Development Agency (RB) (SAW)
5.00%, 05/01/23 | | | 283,212 | |
| | 640,000 | | | New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB)
2.20%, 11/01/20 (c) | | | 645,299 | |
| | | | | New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | | | | |
| | 790,000 | | | 5.00%, 07/15/23 | | | 899,059 | |
| | 250,000 | | | 5.00%, 07/15/24 | | | 293,167 | |
| | 1,000,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB)
5.00%, 11/01/22 | | | 1,113,760 | |
| | | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | | | | |
| | 90,000 | | | 5.00%, 11/01/20 | | | 93,443 | |
| | 310,000 | | | 5.00%, 11/01/21 | | | 333,690 | |
| | 60,000 | | | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/22 | | | 65,162 | |
| | 500,000 | | | New York City Transitional Finance Authority, Series S-3 (RB) (SAW)
5.00%, 07/15/21 (c) | | | 532,605 | |
| | 125,000 | | | New York State Dormitory Authority, Columbia University (RB)
5.00%, 10/01/24 | | | 148,994 | |
| | 240,000 | | | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 07/01/25 | | | 287,774 | |
| | 300,000 | | | New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW)
5.00%, 01/15/23 | | | 336,294 | |
| | | | | New York State Dormitory Authority, New York NYU Hospitals Center (RB) | | | | |
| | 100,000 | | | 5.00%, 07/01/21 | | | 106,322 | |
| | 100,000 | | | 5.00%, 07/01/22 | | | 109,956 | |
| | | | | New York State Dormitory Authority, New York State University, Series A (RB) | | | | |
| | 200,000 | | | 5.00%, 03/15/21 | | | 210,500 | |
| | 325,000 | | | 5.00%, 07/01/22 | | | 357,809 | |
| | 110,000 | | | New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/24 | | | 129,388 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | | | | |
| $ | 250,000 | | | 5.00%, 10/01/22 | | $ | 277,220 | |
| | 365,000 | | | 5.00%, 10/01/23 | | | 418,297 | |
| | 675,000 | | | New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 02/15/23 | | | 758,963 | |
| | 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 | | | 837,383 | |
| | 815,000 | | | 5.00%, 02/15/23 | | | 916,378 | |
| | | | | New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | | | | |
| | 900,000 | | | 4.00%, 03/15/21 | | | 935,100 | |
| | 225,000 | | | 5.00%, 03/15/21 | | | 236,813 | |
| | 350,000 | | | 5.00%, 03/15/25 | | | 418,768 | |
| | | | | New York State Dormitory Authority, State Sales Tax, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 03/15/21 | | | 263,125 | |
| | 155,000 | | | 5.00%, 03/15/22 | | | 169,046 | |
| | 100,000 | | | 5.00%, 03/15/24 | | | 116,442 | |
| | 600,000 | | | 5.00%, 03/15/24 | | | 698,652 | |
| | 100,000 | | | New York State Dormitory Authority, State Sales Tax, Series B (RB)
5.00%, 03/15/23 | | | 112,851 | |
| | | | | New York State Dormitory Authority, State Sales Tax, Series C (RB) | | | | |
| | 155,000 | | | 5.00%, 03/15/24 | | | 180,485 | |
| | 775,000 | | | 5.00%, 03/15/25 | | | 928,163 | |
| | 250,000 | | | New York State Housing Finance Agency, Series M (RB)
2.00%, 05/01/21 | | | 252,010 | |
| | 200,000 | | | New York State Thruway Authority, Series K (RB)
5.00%, 01/01/24 | | | 230,356 | |
| | 165,000 | | | New York State Thruway Authority, Series L (RB)
5.00%, 01/01/24 | | | 190,044 | |
| | 790,000 | | | New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/23 | | | 890,970 | |
| | 20,000 | | | Sales Tax Asset Receivable Corp., Series A (RB)
5.00%, 10/15/22 | | | 22,329 | |
| | 75,000 | | | Triborough Bridge and Tunnel Authority, Series C-1 (RB)
5.00%, 11/15/23 | | | 86,534 | |
| | 500,000 | | | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/22 | | | 544,700 | |
| | | | | | | | 24,157,766 | |
Principal
Amount | | | | | Value | |
| North Carolina: 1.4% | | | | |
| | | | | Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) | | | | |
| $ | 115,000 | | | 4.00%, 01/15/23 | | $ | 124,783 | |
| | 105,000 | | | 5.00%, 01/15/22 | | | 113,573 | |
| | 340,000 | | | City of Charlotte, North Carolina Water and Sewer System (RB)
5.00%, 07/01/22 | | | 374,605 | |
| | 290,000 | | | County of Durham (GO)
4.00%, 10/01/24 | | | 329,266 | |
| | 150,000 | | | Mecklenburg County, Series A (GO)
5.00%, 09/01/21 | | | 160,482 | |
| | 350,000 | | | Mecklenburg County, Series B (GO)
5.00%, 12/01/21 | | | 377,937 | |
| | 500,000 | | | State of North Carolina, Grant Anticipation Revenue Vehicle (RB)
5.00%, 03/01/23 | | | 561,430 | |
| | 500,000 | | | State of North Carolina, Series A (GO)
5.00%, 06/01/24 | | | 585,675 | |
| | 140,000 | | | State of North Carolina, Series C (RB)
5.00%, 05/01/23 | | | 158,291 | |
| | 10,000 | | | Wake County, Series A (RB)
5.00%, 12/01/20 | | | 10,413 | |
| | | | | | | | 2,796,455 | |
| Ohio: 2.3% | | | | |
| | | | | American Municipal Power, Inc., Series A (RB) | | | | |
| | 145,000 | | | 5.00%, 02/15/21 | | | 151,808 | |
| | 15,000 | | | 5.00%, 02/15/23 | | | 16,773 | |
| | 260,000 | | | City of Cleveland, Airport System Revenue, Series B (RB) (AGM)
5.00%, 01/01/23 | | | 289,710 | |
| | 100,000 | | | County of Hamilton, Sales Tax, Series A (RB)
5.00%, 12/01/21 | | | 107,874 | |
| | 155,000 | | | Hamilton County, Ohio Sales Tax Revenue, Series A (RB)
5.00%, 12/01/23 | | | 178,417 | |
| | 200,000 | | | Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/24 | | | 233,686 | |
| | 150,000 | | | Ohio Water Development Authority, Water Pollution Control, Series B (RB)
5.00%, 12/01/21 | | | 161,871 | |
| | 520,000 | | | State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)
5.00%, 12/01/23 | | | 597,438 | |
| | 260,000 | | | State of Ohio, Highway Capital Improvement, Series R (GO)
5.00%, 05/01/22 | | | 284,791 | |
| | 200,000 | | | State of Ohio, Highway Capital Improvement, Series S (GO)
5.00%, 05/01/22 | | | 219,070 | |
| | 675,000 | | | State of Ohio, Highway Capital Improvement, Series T (GO)
5.00%, 11/01/22 | | | 751,788 | |
| | 350,000 | | | State of Ohio, Highway Capital Improvement, Series U (GO)
5.00%, 05/01/23 | | | 396,242 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| $ | 930,000 | | | State of Ohio, Infrastructure Improvement, Series C (GO)
5.00%, 09/01/21 | | $ | 995,342 | |
| | 20,000 | | | State of Ohio, Infrastructure Project, Series 1 (RB)
5.00%, 12/15/22 | | | 22,287 | |
| | 100,000 | | | State of Ohio, Infrastructure Project, Series 1-A (RB)
5.00%, 12/15/23 | | | 114,939 | |
| | | | | | | | 4,522,036 | |
| Oklahoma: 0.5% | | | | |
| | 500,000 | | | Oklahoma Development Finance Authority, Integris Obligated Group, Series A (RB)
5.00%, 08/15/22 | | | 549,815 | |
| | 10,000 | | | Oklahoma Water Resources Board, Clean Water Program (RB)
5.00%, 04/01/23 | | | 11,262 | |
| | 350,000 | | | Tulsa Public Facilities Authority (RB)
3.00%, 06/01/25 | | | 379,284 | |
| | | | | | | | 940,361 | |
| Oregon: 0.6% | | | | |
| | 250,000 | | | City of Portland, Water System, First Lien, Series A (RB)
5.00%, 04/01/21 | | | 263,550 | |
| | 200,000 | | | Medford School District No. 549C (GO) (SBG)
5.00%, 12/15/20 | | | 208,586 | |
| | 10,000 | | | Oregon State Lottery, Department of Administrative Services, Series B (RB)
5.00%, 04/01/23 | | | 11,291 | |
| | 285,000 | | | Oregon State Lottery, Department of Administrative Services, Series C (RB)
5.00%, 04/01/23 | | | 321,782 | |
| | 365,000 | | | State of Oregon, Series A (GO)
5.00%, 05/01/22 | | | 399,332 | |
| | 25,000 | | | Washington County, Series B (GO)
5.00%, 03/01/23 | | | 28,150 | |
| | | | | | | | 1,232,691 | |
| Pennsylvania: 3.9% | | | | |
| | 385,000 | | | Allegheny County Sanitary Authority, Sewer Revenue (RB)
5.00%, 12/01/22 | | | 428,740 | |
| | 500,000 | | | City of Philadelphia, Gas Works Revenue, Thirteenth Series (RB)
5.00%, 08/01/21 | | | 533,090 | |
| | 310,000 | | | City of Philadelphia, Water and Wastewater Revenue (RB)
5.00%, 10/01/22 | | | 344,035 | |
| | 100,000 | | | City of Philadelphia, Water and Wastewater Revenue, Series B (RB)
5.00%, 07/01/22 | | | 110,067 | |
| | 250,000 | | | Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/23 | | | 279,957 | |
| | 380,000 | | | Commonwealth of Pennsylvania (GO)
5.00%, 01/15/22 | | | 411,373 | |
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 150,000 | | | Commonwealth of Pennsylvania, First Series (GO)
5.00%, 03/15/21 | | $ | 157,707 | |
| | | | | Commonwealth of Pennsylvania, Second Series (GO) | | | | |
| | 580,000 | | | 5.00%, 01/15/21 | | | 606,181 | |
| | 250,000 | | | 5.00%, 08/15/22 | | | 275,920 | |
| | 590,000 | | | 5.00%, 09/15/22 | | | 652,935 | |
| | 370,000 | | | 5.00%, 01/15/23 | | | 413,401 | |
| | 300,000 | | | Delaware River Port Authority, Series B (RB)
5.00%, 01/01/25 | | | 356,499 | |
| | 270,000 | | | Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB)
5.00%, 08/15/22 | | | 297,759 | |
| | 500,000 | | | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/23 | | | 567,490 | |
| | 150,000 | | | Northampton County, General Purpose Authority (RB)
5.00%, 11/01/23 | | | 171,783 | |
| | 310,000 | | | Pennsylvania Economic Development Financing Authority, UPMC (RB)
5.00%, 03/15/24 | | | 357,805 | |
| | 175,000 | | | Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
5.00%, 06/15/23 | | | 197,503 | |
| | 350,000 | | | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB)
5.00%, 08/15/21 | | | 373,418 | |
| | | | | Pennsylvania State University, Series B (RB) | | | | |
| | 315,000 | | | 5.00%, 09/01/21 | | | 337,192 | |
| | 350,000 | | | 5.00%, 09/01/22 | | | 387,569 | |
| | | | | School District of Philadelphia, Series F (GO) (SAW) | | | | |
| | 100,000 | | | 5.00%, 09/01/22 | | | 110,029 | |
| | 120,000 | | | 5.00%, 09/01/24 | | | 139,343 | |
| | 115,000 | | | Southeastern Pennsylvania Transportation Authority (RB)
5.00%, 06/01/23 | | | 129,894 | |
| | | | | | | | 7,639,690 | |
| Rhode Island: 0.9% | | | | |
| | | | | Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | | | | |
| | 25,000 | | | 5.00%, 06/15/21 | | | 26,501 | |
| | 235,000 | | | 5.00%, 06/15/22 | | | 257,508 | |
| | 1,000,000 | | | Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM)
4.00%, 05/15/23 | | | 1,091,750 | |
| | 70,000 | | | State of Rhode Island and Providence Plantations, Series D (GO)
5.00%, 08/01/20 | | | 71,994 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Rhode Island: (continued) | | | | |
| $ | 290,000 | | | Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/22 | | $ | 314,238 | |
| | | | | | | | 1,761,991 | |
| South Carolina: 2.1% | | | | |
| | 510,000 | | | County of Charleston, Series C (GO) (SAW)
5.00%, 11/01/24 | | | 604,258 | |
| | 500,000 | | | County of York (GO) (SAW)
5.00%, 04/01/24 | | | 582,740 | |
| | 1,500,000 | | | Patriots Energy Group Financing Agency, Series A (RB)
4.00%, 11/01/23 (c) (p) | | | 1,633,365 | |
| | 575,000 | | | SCAGO Educational Facilities Corp. for Pickens School District (RB)
5.00%, 12/01/21 | | | 619,764 | |
| | 350,000 | | | State of South Carolina, Series B (GO) (SAW)
5.00%, 04/01/24 | | | 407,918 | |
| | 330,000 | | | York County, South Carolina Fort Mill School District No. 4, Series B (GO)
5.00%, 03/01/23 | | | 371,006 | |
| | | | | | | | 4,219,051 | |
| Tennessee: 0.7% | | | | |
| | 10,000 | | | City of Chattanooga, Tennessee Electric System, Series A (RB)
5.00%, 09/01/20 | | | 10,317 | |
| | 200,000 | | | Metropolitan Government of Nashville and Davidson County (GO)
5.00%, 07/01/24 | | | 234,258 | |
| | 200,000 | | | Metropolitan Government of Nashville and Davidson County, Series A (GO)
5.00%, 07/01/23 | | | 227,326 | |
| | 100,000 | | | State of Tennessee, School Bond Authority, Series B (RB)
5.00%, 11/01/20 | | | 103,826 | |
| | 500,000 | | | Tennergy Corp., Series A (RB)
5.00%, 07/01/24 (c) (p) | | | 576,130 | |
| | 250,000 | | | Tennessee Energy Acquisition Corp., Series A (RB)
4.00%, 02/01/23 (c) (p) | | | 266,607 | |
| | | | | | | | 1,418,464 | |
| Texas: 9.7% | | | | |
| | 300,000 | | | Aldine Independent School District, Series A (GO)
5.00%, 02/15/23 | | | 336,588 | |
| | 50,000 | | | Alvin Independent School District, Series C (GO)
5.00%, 02/15/21 | | | 52,446 | |
| | | | | Austin Independent School District, Series B (GO) | | | | |
| | 250,000 | | | 5.00%, 08/01/22 | | | 276,000 | |
| | 680,000 | | | 5.00%, 08/01/24 | | | 798,415 | |
| | 725,000 | | | Bexar County Hospital District (GO)
5.00%, 02/15/24 | | | 839,383 | |
| | 240,000 | | | Board of Regents of the Texas State University System, Series A (RB)
5.00%, 03/15/22 | | | 261,214 | |
| Principal Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 10,000 | | | Board of Regents of the Texas State University System, Series D (RB)
5.00%, 08/15/22 | | $ | 11,054 | |
| | 250,000 | | | Board of Regents of the University of North Texas, Series A (RB)
5.00%, 04/15/22 | | | 273,170 | |
| | 15,000 | | | City of Austin, Electric Utility, Series A (RB)
5.00%, 11/15/22 | | | 16,695 | |
| | 290,000 | | | City of Austin, Water and Wastewater System (RB)
5.00%, 11/15/22 | | | 322,761 | |
| | 310,000 | | | City of Austin, Water and Wastewater System, Series A (RB)
5.00%, 05/15/22 | | | 339,434 | |
| | | | | City of Dallas (GO) | | | | |
| | 225,000 | | | 5.00%, 02/15/21 | | | 236,036 | |
| | 500,000 | | | 5.00%, 02/15/22 | | | 542,090 | |
| | 250,000 | | | 5.00%, 02/15/24 | | | 287,975 | |
| | 105,000 | | | City of Fort Worth (GO)
5.00%, 03/01/24 | | | 121,440 | |
| | 350,000 | | | City of Fort Worth, Series A (GO)
5.00%, 03/01/23 | | | 393,123 | |
| | 65,000 | | | City of Frisco, Series A (GO)
5.00%, 02/15/22 | | | 70,595 | |
| | 250,000 | | | City of Houston, Airport System, Series D (RB)
5.00%, 07/01/24 | | | 291,710 | |
| | | | | City of Houston, Series A (GO) | | | | |
| | 250,000 | | | 5.00%, 03/01/23 | | | 280,107 | |
| | 125,000 | | | 5.00%, 03/01/23 | | | 140,054 | |
| | 50,000 | | | City of San Antonio, Electric and Gas Systems (RB)
5.00%, 02/01/22 | | | 54,221 | |
| | | | | City of San Antonio, General Improvement (GO) | | | | |
| | 65,000 | | | 5.00%, 02/01/21 | | | 68,059 | |
| | 500,000 | | | 5.00%, 08/01/25 | | | 601,790 | |
| | 115,000 | | | Colorado River Municipal Water District (RB)
5.00%, 01/01/24 | | | 132,253 | |
| | 150,000 | | | Conroe Independent School District (GO)
5.00%, 02/15/23 | | | 168,243 | |
| | 125,000 | | | Cypress-Fairbanks Independent School District (GO)
5.00%, 02/15/24 | | | 144,551 | |
| | 700,000 | | | Cypress-Fairbanks Independent School District, Series C (GO)
5.00%, 02/15/23 | | | 785,134 | |
| | 115,000 | | | Dallas Area Rapid Transit, Senior Lien, Series A (RB)
5.00%, 12/01/22 | | | 128,250 | |
| | 375,000 | | | Dallas County, Texas Combination Tax and Parking Garage (GO)
5.00%, 08/15/23 | | | 427,432 | |
| | 150,000 | | | Dallas/Fort Worth International Airport, Series E (RB)
5.00%, 11/01/20 | | | 155,633 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Fort Worth Independent School District (GO) | | | | |
| $ | 125,000 | | | 5.00%, 02/15/21 | | $ | 131,049 | |
| | 100,000 | | | 5.00%, 02/15/22 | | | 108,630 | |
| | 150,000 | | | 5.00%, 02/15/24 | | | 173,394 | |
| | 500,000 | | | Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
5.00%, 10/01/24 | | | 585,755 | |
| | 200,000 | | | Harris County, Houston Sports Authority, Senior Lien, Series A (RB)
5.00%, 11/15/20 | | | 207,404 | |
| | 320,000 | | | Harris County, Series A (GO)
5.00%, 10/01/22 | | | 354,646 | |
| | | | | Houston Independent School District, Limited Tax School House (GO) | | | | |
| | 450,000 | | | 5.00%, 02/15/21 | | | 472,009 | |
| | 440,000 | | | 5.00%, 02/15/22 | | | 478,183 | |
| | 155,000 | | | 5.00%, 02/15/24 | | | 179,385 | |
| | | | | Houston Independent School District, Limited Tax School House, Series A (GO) | | | | |
| | 650,000 | | | 5.00%, 02/15/23 | | | 729,722 | |
| | 165,000 | | | 5.00%, 02/15/24 | | | 190,958 | |
| | 250,000 | | | Judson Independent School District (GO)
5.00%, 02/01/25 | | | 297,925 | |
| | 290,000 | | | Metropolitan Transit Authority of Harris County, Series A (RB)
5.00%, 11/01/24 | | | 342,362 | |
| | 160,000 | | | New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)
5.00%, 08/15/23 | | | 181,800 | |
| | 70,000 | | | North Texas Municipal Water District, Water System (RB)
5.00%, 09/01/20 | | | 72,217 | |
| | 150,000 | | | North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/25 | | | 177,755 | |
| | 320,000 | | | Northeast Independent School District (GO)
5.00%, 08/01/21 | | | 341,062 | |
| | 390,000 | | | Northwest Independent School District, Series B (GO)
5.00%, 02/15/23 | | | 437,432 | |
| | 100,000 | | | Permanent University Fund, Texas A&M University System, Series A (RB)
5.75%, 07/01/24 | | | 120,718 | |
| | | | | Plano Independent School District (GO) | | | | |
| | 125,000 | | | 5.00%, 02/15/21 | | | 131,114 | |
| | 425,000 | | | 5.00%, 02/15/22 | | | 461,677 | |
| | | | | San Antonio Independent School District (GO) | | | | |
| | 150,000 | | | 5.00%, 02/15/21 | | | 157,337 | |
| | 200,000 | | | 5.00%, 02/15/25 | | | 238,376 | |
| | 90,000 | | | San Antonio Water System, Junior Lien, Series A (RB)
5.00%, 05/15/20 | | | 91,813 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 490,000 | | | Spring Branch Independent School District, Series A (GO)
5.00%, 02/01/21 | | $ | 513,246 | |
| | 250,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
5.00%, 02/15/24 | | | 288,200 | |
| | 300,000 | | | Tarrant Regional Water Control and Improvement District (RB)
5.00%, 03/01/22 | | | 326,310 | |
| | 710,000 | | | Texas Transportation Commission, State Highway Fund, First Tier (RB)
5.00%, 10/01/23 | | | 813,085 | |
| | | | | Texas Water Development Board (RB) | | | | |
| | 350,000 | | | 5.00%, 08/01/23 | | | 398,870 | |
| | 225,000 | | | 5.00%, 08/01/25 | | | 271,636 | |
| | 340,000 | | | Texas Water Development Board, Series A (RB)
5.00%, 04/15/23 | | | 383,748 | |
| | 345,000 | | | Trinity River Authority, Regional Wastewater System (RB)
3.00%, 08/01/22 | | | 361,732 | |
| | 360,000 | | | University of Texas, Series D (RB)
5.00%, 08/15/21 | | | 384,350 | |
| | 275,000 | | | University of Texas, Series H (RB)
5.00%, 08/15/23 | | | 313,890 | |
| | | | | | | | 19,273,646 | |
| Utah: 0.6% | | | | |
| | 500,000 | | | State of Utah (GO)
5.00%, 07/01/23 | | | 569,475 | |
| | 100,000 | | | University of Utah, Series A (RB)
5.00%, 08/01/23 | | | 113,963 | |
| | 385,000 | | | Utah Transit Authority, Subordinated Sales Tax, Series A (RB)
5.00%, 06/15/22 | | | 422,399 | |
| | | | | | | | 1,105,837 | |
| Virginia: 2.8% | | | | |
| | 240,000 | | | City of Alexandria, Series C (GO) (SAW)
5.00%, 07/01/23 | | | 273,254 | |
| | 125,000 | | | City of Richmond, Public Utility Revenue, Series A (RB)
5.00%, 01/15/25 | | | 148,844 | |
| | 125,000 | | | Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB)
5.00%, 05/15/24 | | | 145,563 | |
| | 1,000,000 | | | Louisa Industrial Development Authority, Virginia Electric and Power Company Project, Series A (RB) (SAW)
1.90%, 06/01/23 (p) | | | 1,011,900 | |
| | | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | | | | |
| | 365,000 | | | 5.00%, 02/01/22 | | | 396,233 | |
| | 60,000 | | | 5.00%, 02/01/23 | | | 67,356 | |
See Notes to Financial Statements
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Virginia: (continued) |
| $ | 250,000 | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB)
5.00%, 02/01/22 | | $ | 271,392 | |
| | 135,000 | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
5.00%, 02/01/24 | | | 156,300 | |
| | 250,000 | | | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/23 | | | 280,565 | |
| | 125,000 | | | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
5.00%, 09/01/22 | | | 138,455 | |
| | 215,000 | | | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) (SAW)
5.00%, 09/01/22 | | | 238,143 | |
| | | | | Virginia Commonwealth Transportation Board (RB) | | | | |
| | 150,000 | | | 5.00%, 09/15/22 | | | 166,226 | |
| | 400,000 | | | 5.00%, 09/15/23 | | | 457,768 | |
| | 325,000 | | | 5.00%, 09/15/24 | | | 383,123 | |
| | 175,000 | | | Virginia Commonwealth Transportation Board, Series C (RB)
5.00%, 05/15/23 | | | 198,174 | |
| | | | | Virginia Public Building Authority, Series A (RB) | | | | |
| | 160,000 | | | 5.00%, 08/01/23 | | | 182,277 | |
| | 120,000 | | | 5.00%, 08/01/24 | | | 140,958 | |
| | 425,000 | | | Virginia Public School Authority, Series A (RB) (SAW)
5.00%, 08/01/24 | | | 499,439 | |
| | 395,000 | | | Virginia Resources Authority (RB)
5.00%, 10/01/22 | | | 438,486 | |
| | | | | | | | 5,594,456 | |
| Washington: 1.3% |
| | 25,000 | | | Central Puget Sound Regional Transit Authority, Series S-1 (RB)
5.00%, 11/01/22 | | | 27,836 | |
| | 100,000 | | | County of King (GO)
5.00%, 07/01/24 | | | 117,228 | |
| | | | | Energy Northwest, Colombia Generating Station Electric, Series A (RB) | | | | |
| | 465,000 | | | 5.00%, 07/01/22 | | | 511,942 | |
| | 100,000 | | | 5.00%, 07/01/23 | | | 113,741 | |
| | 410,000 | | | 5.00%, 07/01/24 | | | 480,229 | |
Principal
Amount | | | | | Value | |
| Washington: (continued) |
| $ | 50,000 | | | Port of Seattle, Series B (RB)
5.00%, 03/01/23 | | $ | 56,074 | |
| | 100,000 | | | State of Washington, Certificates of Participation, State and Local Agency Real and Personal Property, Series A (CP)
5.00%, 07/01/21 | | | 106,236 | |
| | 200,000 | | | State of Washington, Series D (GO)
5.00%, 02/01/24 | | | 231,466 | |
| | 750,000 | | | State of Washington, Various Purpose, Series R-A (GO)
5.00%, 08/01/24 | | | 880,987 | |
| | | | | | | | 2,525,739 | |
| West Virginia: 0.2% |
| | 410,000 | | | State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB)
5.00%, 09/01/23 | | | 467,150 | |
| Wisconsin: 1.9% |
| | 545,000 | | | City of Madison, Series A (GO)
4.00%, 10/01/22 | | | 588,317 | |
| | 100,000 | | | City of Milwaukee, Series N2 (GO)
4.00%, 03/01/23 | | | 108,833 | |
| | | | | City of Milwaukee, Series N4 (GO) | | | | |
| | 225,000 | | | 5.00%, 04/01/24 | | | 261,392 | |
| | 125,000 | | | 5.00%, 04/01/25 | | | 149,090 | |
| | | | | State of Wisconsin, Series 1 (GO) | | | | |
| | 125,000 | | | 5.00%, 11/01/21 | | | 134,588 | |
| | 210,000 | | | 5.00%, 11/01/21 | | | 226,107 | |
| | 500,000 | | | 5.00%, 11/01/22 | | | 556,100 | |
| | | | | State of Wisconsin, Series A (GO) | | | | |
| | 110,000 | | | 5.00%, 05/01/23 (c) | | | 124,171 | |
| | 750,000 | | | 5.00%, 05/01/23 (c) | | | 846,622 | |
| | 500,000 | | | Wisconsin Department of Transportation, Series 1 (RB)
5.00%, 07/01/21 | | | 531,780 | |
| | 120,000 | | | Wisconsin Department of Transportation, Series 2 (RB)
5.00%, 07/01/24 | | | 140,674 | |
| | 165,000 | | | Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB)
5.00%, 11/15/23 | | | 188,272 | |
| | | | | | | | 3,855,946 | |
Total Municipal Bonds: 98.7%
(Cost: $192,353,388) | | | 195,501,778 | |
| Other assets less liabilities: 1.3% | | | 2,619,596 | |
| NET ASSETS: 100.0% | | $ | 198,121,374 | |
See Notes to Financial Statements
| 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 |
| | | | | | |
Summary of Investments
By Sector | | % of Investments | | Value | |
| Education | | | 6.7 | % | | $ | 13,021,481 | |
| Health Care | | | 5.6 | | | | 11,005,836 | |
| Housing | | | 0.5 | | | | 897,309 | |
| Industrial Revenue | | | 5.4 | | | | 10,487,916 | |
| Leasing | | | 7.5 | | | | 14,741,162 | |
| Local | | | 15.7 | | | | 30,800,190 | |
| Power | | | 3.5 | | | | 6,884,586 | |
| Solid Waste/Resource Recovery | | | 0.0 | | | | 16,239 | |
| Special Tax | | | 11.6 | | | | 22,756,760 | |
| State | | | 21.9 | | | | 42,813,486 | |
| Tobacco | | | 2.0 | | | | 3,864,737 | |
| Transportation | | | 11.9 | | | | 23,245,480 | |
| Water & Sewer | | | 7.7 | | | | 14,966,596 | |
| | | | 100.0 | % | | $ | 195,501,778 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | | Value | |
| Municipal Bonds* | | $ | — | | | | $ | 195,501,778 | | | | $ | — | | | | | $ | 195,501,778 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| MUNICIPAL BONDS: 97.8% |
| Alabama: 1.7% |
| | | | | Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | | | | |
| $ | 800,000 | | | 6.45%, 12/02/19 (c) | | $ | 811,184 | |
| | 2,415,000 | | | 6.45%, 12/02/19 (c) | | | 2,448,762 | |
| | | | | Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | | | | |
| | 550,000 | | | 5.25%, 06/01/25 | | | 592,471 | |
| | 1,910,000 | | | 5.75%, 06/01/26 (c) | | | 2,137,787 | |
| | 2,750,000 | | | 6.00%, 06/01/26 (c) | | | 3,109,205 | |
| | 1,150,000 | | | City of Hoover Industrial Development Board, United States Corp. (RB) (SD CRED PROG)
5.75%, 10/01/29 (c) | | | 1,214,848 | |
| | 1,390,000 | | | Huntsville-Redstone Village Special Care Facilities Financing Authority (RB)
5.50%, 12/02/19 (c) (d) * | | | 1,147,223 | |
| | | | | Jefferson County, Alabama Sewer Revenue, Series D (RB) | | | | |
| | 9,000,000 | | | 6.00%, 10/01/23 (c) | | | 10,673,100 | |
| | 9,000,000 | | | 6.50%, 10/01/23 (c) | | | 10,804,410 | |
| | | | | Jefferson County, Alabama Sewer Revenue, Series E (RB) | | | | |
| | 60,000 | | | 0.00%, 10/01/23 (c) ^ | | | 22,499 | |
| | 100,000 | | | 0.00%, 10/01/23 (c) ^ | | | 44,300 | |
| | | | | Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) | | | | |
| | 11,500,000 | | | 4.50%, 05/01/29 (c) | | | 12,685,765 | |
| | 7,000,000 | | | 5.25%, 05/01/29 (c) | | | 8,067,570 | |
| | | | | | | | 53,759,124 | |
| Alaska: 0.4% |
| | | | | Northern Tobacco Securitization Corp., Series A (RB) | | | | |
| | 8,080,000 | | | 5.00%, 11/18/19 (c) | | | 8,090,989 | |
| | 4,680,000 | | | 5.00%, 11/18/19 (c) | | | 4,686,365 | |
| | 1,720,000 | | | Northern Tobacco Securitization Corp., Series B (RB)
0.00%, 11/18/19 (c) ^ | | | 194,274 | |
| | | | | | | | 12,971,628 | |
| American Samoa: 0.1% |
| | | | | American Samoa Economic Development Authority, Series A (RB) | | | | |
| | 250,000 | | | 6.50%, 09/01/28 | | | 279,313 | |
| | 1,000,000 | | | 6.63%, 09/01/25 (c) | | | 1,070,990 | |
| | 500,000 | | | 7.13%, 09/01/28 (c) | | | 562,355 | |
| | | | | | | | 1,912,658 | |
| Arizona: 2.4% |
| | | | | Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | | | | |
| | 2,940,000 | | | 6.00%, 07/01/27 (c) | | | 3,353,540 | |
| | 2,000,000 | | | 6.00%, 07/01/27 (c) | | | 2,315,780 | |
Principal
Amount | | | | | Value | |
| Arizona: (continued) |
| | | | | Arizona Industrial Development Authority, Basis School Project, Series A (RB) | | | | |
| $ | 250,000 | | | 5.13%, 07/01/26 (c) | | $ | 274,398 | |
| | 500,000 | | | 5.25%, 07/01/26 (c) | | | 545,035 | |
| | 500,000 | | | 5.38%, 07/01/26 (c) | | | 547,455 | |
| | | | | Arizona Industrial Development Authority, Basis School Project, Series D (RB) | | | | |
| | 515,000 | | | 5.00%, 07/01/27 (c) | | | 557,127 | |
| | 270,000 | | | 5.00%, 07/01/27 (c) | | | 293,023 | |
| | 500,000 | | | Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)
5.00%, 07/01/27 (c) | | | 542,635 | |
| | | | | Arizona Industrial Development Authority, Doral Academy-Fire Mesa and Red Rock Campus, Series A (RB) | | | | |
| | 300,000 | | | 5.00%, 07/15/27 (c) | | | 326,109 | |
| | 400,000 | | | 5.00%, 07/15/27 (c) | | | 439,876 | |
| | | | | Arizona Industrial Development Authority, Education Facility, Series A (RB) | | | | |
| | 1,000,000 | | | 5.25%, 07/01/23 (c) | | | 1,078,020 | |
| | 2,800,000 | | | 5.50%, 07/01/23 (c) | | | 3,012,296 | |
| | 130,000 | | | Arizona Industrial Development Authority, Great Lakes Living Communities, First Tier, Series A (RB)
5.00%, 07/01/29 (c) | | | 145,245 | |
| | | | | Arizona Industrial Development Authority, Great Lakes Living Communities, Third Tier, Series C (RB) | | | | |
| | 2,500,000 | | | 5.00%, 07/01/29 (c) | | | 2,679,875 | |
| | 2,500,000 | | | 5.50%, 07/01/29 (c) | | | 2,757,800 | |
| | 1,000,000 | | | Arizona Industrial Development Authority, Kazen Education Project (RB)
5.70%, 07/01/26 (c) | | | 1,097,200 | |
| | | | | Arizona Industrial Development Authority, Leman Academy of Excellence, Series A (RB) | | | | |
| | 500,000 | | | 4.00%, 07/01/24 (c) | | | 507,875 | |
| | 500,000 | | | 5.00%, 07/01/24 (c) | | | 517,850 | |
| | | | | Glendale Industrial Development Authority, Beatitudes Campus Project (RB) | | | | |
| | 250,000 | | | 4.00%, 11/15/24 (c) | | | 260,868 | |
| | 1,350,000 | | | 5.00%, 11/15/24 (c) | | | 1,440,976 | |
| | 1,000,000 | | | 5.00%, 11/15/24 (c) | | | 1,081,700 | |
| | | | | Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB) | | | | |
| | 600,000 | | | 5.00%, 11/15/26 (c) | | | 639,474 | |
| | 700,000 | | | 5.25%, 11/15/26 (c) | | | 744,331 | |
| | 425,000 | | | 5.25%, 11/15/26 (c) | | | 450,589 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Arizona: (continued) |
| | | | | Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | | | | |
| $ | 500,000 | | | 4.00%, 07/01/25 | | $ | 530,105 | |
| | 1,000,000 | | | 5.00%, 07/01/25 (c) | | | 1,065,770 | |
| | 1,500,000 | | | 5.00%, 07/01/25 (c) | | | 1,624,125 | |
| | 500,000 | | | 5.00%, 07/01/25 (c) | | | 533,150 | |
| | | | | Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 07/01/28 (c) | | | 582,325 | |
| | 650,000 | | | 5.00%, 07/01/28 (c) | | | 767,006 | |
| | 3,000,000 | | | Industrial Development Authority of the City of Phoenix, Guam Facilities Foundation, Inc. (RB)
5.38%, 02/01/24 (c) | | | 3,062,820 | |
| | 675,000 | | | Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)
5.00%, 07/01/25 (c) | | | 711,288 | |
| | 750,000 | | | Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)
5.00%, 07/01/26 (c) | | | 808,875 | |
| | 1,000,000 | | | Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB)
5.25%, 07/01/22 (c) | | | 1,030,460 | |
| | 1,000,000 | | | Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)
6.00%, 07/01/28 (c) | | | 1,139,060 | |
| | 750,000 | | | Maricopa County Industrial Development Authority, Paradise School Project (RB)
5.00%, 07/01/26 (c) | | | 807,030 | |
| | 400,000 | | | Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)
5.00%, 11/15/24 | | | 410,900 | |
| | | | | Pima County Industrial Development Authority, American Leadership Academy Project (RB) | | | | |
| | 1,250,000 | | | 4.13%, 06/15/22 (c) | | | 1,275,275 | |
| | 2,000,000 | | | 4.75%, 06/15/22 (c) | | | 2,050,780 | |
| | 3,540,000 | | | 5.00%, 06/15/22 (c) | | | 3,639,297 | |
| | 3,000,000 | | | 5.00%, 06/15/22 (c) | | | 3,095,430 | |
| | 500,000 | | | 5.00%, 06/15/25 (c) | | | 528,505 | |
| | 750,000 | | | 5.00%, 06/15/25 (c) | | | 788,887 | |
| | 1,250,000 | | | 5.63%, 06/15/25 (c) | | | 1,372,912 | |
| | | | | Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | | | | |
| | 250,000 | | | 5.25%, 07/01/26 (c) | | | 235,848 | |
| | 250,000 | | | 5.38%, 07/01/26 (c) | | | 228,618 | |
| | 250,000 | | | 5.50%, 07/01/26 (c) | | | 229,978 | |
| | 295,000 | | | 6.00%, 07/01/20 (c) | | | 297,543 | |
| | 1,000,000 | | | 6.00%, 07/01/20 (c) | | | 994,550 | |
Principal
Amount | | | | | Value | |
| Arizona: (continued) |
| $ | 2,000,000 | | | Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project (RB)
7.25%, 10/01/23 (c) | | $ | 2,203,100 | |
| | | | | Salt Verde Financial Corp. (RB) | | | | |
| | 5,540,000 | | | 5.00%, 12/01/32 | | | 7,186,543 | |
| | 6,055,000 | | | 5.00%, 12/01/37 | | | 8,151,604 | |
| | 290,000 | | | 5.25%, 12/01/23 | | | 329,620 | |
| | 305,000 | | | 5.25%, 12/01/24 | | | 355,505 | |
| | 265,000 | | | 5.25%, 12/01/25 | | | 316,362 | |
| | 215,000 | | | 5.25%, 12/01/27 | | | 266,359 | |
| | 245,000 | | | 5.25%, 12/01/28 | | | 308,688 | |
| | 315,000 | | | 5.50%, 12/01/29 | | | 409,374 | |
| | | | | Tempe Industrial Development Authority, Friendship Village (RB) | | | | |
| | 355,000 | | | 5.00%, 12/01/26 (c) | | | 391,001 | |
| | 250,000 | | | 5.00%, 12/01/26 (c) | | | 276,013 | |
| | 1,025,000 | | | Tempe Industrial Development Authority, Friendship Village of Tempe, Series A (RB)
6.25%, 12/01/21 (c) | | | 1,094,925 | |
| | | | | Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | | | | |
| | 1,000,000 | | | 6.00%, 10/01/27 (c) | | | 1,151,970 | |
| | 500,000 | | | 6.13%, 10/01/27 (c) | | | 569,225 | |
| | 2,100,000 | | | 6.13%, 10/01/27 (c) | | | 2,398,368 | |
| | | | | | | | 78,828,271 | |
| Arkansas: 0.5% |
| | 15,000,000 | | | Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c) | | | 15,967,500 | |
| | | | | Pulaski County Public Facilities Board, Carti Project (RB) | | | | |
| | 715,000 | | | 5.25%, 07/01/23 (c) | | | 737,630 | |
| | 760,000 | | | 5.50%, 07/01/23 (c) | | | 782,352 | |
| | | | | | | | 17,487,482 | |
| California: 12.9% |
| | | | | Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | | | | |
| | 2,055,000 | | | 5.00%, 10/01/26 (c) | | | 2,407,576 | |
| | 5,000,000 | | | 5.00%, 10/01/26 (c) | | | 5,839,650 | |
| | 3,000,000 | | | 5.00%, 10/01/26 (c) | | | 3,530,400 | |
| | 1,650,000 | | | 5.00%, 10/01/26 (c) | | | 1,937,265 | |
| | | | | Anaheim Community Facilities District No. 08-1 (ST) | | | | |
| | 500,000 | | | 4.00%, 09/01/23 (c) | | | 533,025 | |
| | 750,000 | | | 4.00%, 09/01/23 (c) | | | 801,232 | |
| | 200,000 | | | 4.00%, 09/01/23 (c) | | | 214,874 | |
| | | | | Antelope Valley Healthcare District, Series A (RB) | | | | |
| | 300,000 | | | 5.00%, 03/01/26 (c) | | | 318,606 | |
| | 1,250,000 | | | 5.25%, 03/01/26 (c) | | | 1,376,937 | |
| | 500,000 | | | California Community College Financing Authority, Orange Coast College Project (RB)
5.25%, 05/01/28 (c) | | | 585,925 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) |
| $ | 2,000,000 | | | California Community Housing Agency, Essential Housing, Series A (RB)
5.00%, 08/01/29 (c) | | $ | 2,261,600 | |
| | 2,900,000 | | | California Community Housing Agency, Workforce Housing, Series A (RB)
5.00%, 04/01/29 (c) | | | 3,221,552 | |
| | | | | California County Tobacco Securitization Agency (RB) | | | | |
| | 1,200,000 | | | 5.45%, 11/18/19 (c) | | | 1,218,276 | |
| | 3,555,000 | | | 5.60%, 11/18/19 (c) | | | 3,580,489 | |
| | 8,190,000 | | | 5.70%, 11/18/19 (c) | | | 8,243,808 | |
| | 30,000 | | | California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)
5.88%, 12/02/19 (c) | | | 30,295 | |
| | 205,000 | | | California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. (RB)
5.25%, 11/18/19 (c) | | | 205,029 | |
| | | | | California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) | | | | |
| | 4,115,000 | | | 5.00%, 11/18/19 (c) | | | 4,115,453 | |
| | 15,000 | | | 5.00%, 11/18/19 (c) | | | 15,002 | |
| | 25,000 | | | California County Tobacco Securitization Agency, Kern County Tobacco Funding Corp. (RB)
5.00%, 06/01/21 | | | 26,193 | |
| | 3,700,000 | | | California County Tobacco Securitization Agency, Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 645,391 | |
| | | | | California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | | | | |
| | 1,120,000 | | | 5.13%, 12/02/19 (c) | | | 1,123,125 | |
| | 2,000,000 | | | 5.25%, 12/02/19 (c) | | | 2,005,600 | |
| | 25,850,000 | | | California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 2,094,884 | |
| | 17,250,000 | | | California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB)
0.00%, 11/18/19 (c) ^ | | | 995,670 | |
| | | | | California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 08/15/27 (c) | | | 270,483 | |
| | 500,000 | | | 4.20%, 08/15/27 (c) | | | 549,945 | |
| | 80,000 | | | 4.25%, 11/15/22 (c) | | | 85,606 | |
| | 460,000 | | | 5.00%, 08/15/27 (c) | | | 549,268 | |
| | 1,410,000 | | | 5.00%, 08/15/27 (c) | | | 1,668,298 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | California Municipal Finance Authority, California Baptist University, Series A (RB) | | | | |
| $ | 500,000 | | | 5.50%, 11/01/25 (c) | | $ | 574,880 | |
| | 1,000,000 | | | 6.13%, 11/01/23 (c) | | | 1,155,420 | |
| | | | | California Municipal Finance Authority, CHF-Davis I-West Village Student Housing Project (RB) | | | | |
| | 150,000 | | | 4.00%, 11/15/28 (c) | | | 164,394 | |
| | 500,000 | | | 5.00%, 11/15/28 (c) | | | 601,210 | |
| | | | | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 07/01/27 (c) | | | 298,763 | |
| | 200,000 | | | 5.00%, 07/01/27 (c) | | | 240,108 | |
| | 900,000 | | | California Municipal Finance Authority, Eisenhower Medical Center, Series B (RB)
5.00%, 07/01/27 (c) | | | 1,045,629 | |
| | | | | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) | | | | |
| | 320,000 | | | 5.00%, 03/01/25 | | | 329,152 | |
| | 2,900,000 | | | 5.63%, 03/01/25 (c) | | | 3,012,404 | |
| | | | | California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | | | | |
| | 1,950,000 | | | 3.00%, 06/30/28 (c) | | | 2,032,056 | |
| | 650,000 | | | 3.25%, 06/30/28 (c) | | | 684,125 | |
| | 730,000 | | | 3.50%, 06/30/28 (c) | | | 773,493 | |
| | 3,500,000 | | | 4.00%, 06/30/28 (c) | | | 3,730,685 | |
| | 7,555,000 | | | 5.00%, 06/30/28 (c) | | | 8,808,903 | |
| | 2,040,000 | | | 5.00%, 06/30/28 (c) | | | 2,437,739 | |
| | 2,550,000 | | | 5.00%, 06/30/28 (c) | | | 2,985,744 | |
| | 500,000 | | | 5.00%, 06/30/28 (c) | | | 612,035 | |
| | 500,000 | | | 5.00%, 06/30/28 (c) | | | 613,650 | |
| | 200,000 | | | 5.00%, 06/30/28 (c) | | | 239,832 | |
| | 1,035,000 | | | 5.00%, 06/30/28 (c) | | | 1,255,300 | |
| | 1,600,000 | | | California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM)
5.00%, 06/01/28 (c) | | | 1,862,528 | |
| | | | | California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) | | | | |
| | 230,000 | | | 5.25%, 11/01/26 (c) | | | 264,265 | |
| | 750,000 | | | 5.25%, 11/01/26 (c) | | | 867,210 | |
| | | | | California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 549,160 | |
| | 1,000,000 | | | 5.00%, 07/01/28 (c) | | | 1,115,910 | |
| | 130,000 | | | 5.00%, 07/01/28 (c) | | | 147,170 | |
| | 1,250,000 | | | 5.00%, 11/15/29 (c) | | | 1,497,737 | |
| | 930,000 | | | California Municipal Finance Authority, Rocketship Education, Series A (RB)
7.00%, 06/01/22 (c) | | | 1,033,304 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) |
| $ | 1,500,000 | | | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB)
6.00%, 07/01/22 (c) | | $ | 1,609,320 | |
| | 250,000 | | | California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB)
4.00%, 11/15/28 (c) | | | 273,990 | |
| | 1,000,000 | | | California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB)
4.00%, 07/15/29 | | | 1,135,210 | |
| | | | | California Pollution Control Financing Authority, Solid Waste Disposal (RB) | | | | |
| | 10,500,000 | | | 7.50%, 07/01/22 (c) | | | 10,980,795 | |
| | 6,000,000 | | | 7.50%, 12/01/24 (c) | | | 6,251,640 | |
| | 6,300,000 | | | 7.50%, 12/01/29 (c) | | | 6,121,647 | |
| | 6,635,000 | | | 8.00%, 07/01/27 (c) | | | 7,218,747 | |
| | 400,000 | | | California Public Finance Authority, Henry Mayo Newhall Hospital (RB)
5.00%, 10/15/26 (c) | | | 451,652 | |
| | | | | California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | | | | |
| | 300,000 | | | 5.00%, 07/01/27 (c) | | | 301,173 | |
| | 4,900,000 | | | 5.00%, 07/01/27 (c) | | | 4,919,159 | |
| | 345,000 | | | 5.00%, 07/01/27 | | | 347,149 | |
| | 485,000 | | | 5.00%, 07/01/27 (c) | | | 488,036 | |
| | 400,000 | | | California School Finance Authority, Bright Star Schools Obligated Group (RB)
5.00%, 06/01/27 (c) | | | 427,524 | |
| | | | | California School Finance Authority, Rocketship Education Obligated Group, Series A (RB) | | | | |
| | 250,000 | | | 5.13%, 06/01/26 (c) | | | 269,105 | |
| | 250,000 | | | 5.25%, 06/01/26 (c) | | | 269,400 | |
| | 1,000,000 | | | California Statewide Communities Development Authority, Baptist University, Series A (RB)
5.00%, 11/01/27 (c) | | | 1,152,690 | |
| | 250,000 | | | California Statewide Communities Development Authority, College Housing (RB)
5.25%, 07/01/29 (c) | | | 288,015 | |
| | | | | California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | | | | |
| | 1,960,000 | | | 5.50%, 12/02/19 (c) | | | 1,920,643 | |
| | 375,000 | | | 5.75%, 12/02/19 (c) | | | 373,155 | |
| | 3,270,000 | | | 5.75%, 12/02/19 (c) | | | 3,251,165 | |
| | 1,445,000 | | | 5.75%, 12/02/19 (c) | | | 1,441,893 | |
| | 55,000 | | | California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)
5.75%, 12/02/19 (c) | | | 54,681 | |
Principal
Amount | | | | | Value | |
| California: (continued) |
| | | | | California Statewide Communities Development Authority, Independence Support, LLC Project (RB) | | | | |
| $ | 100,000 | | | 6.00%, 06/01/25 (d) * | | $ | 57,000 | |
| | 125,000 | | | 6.50%, 06/01/25 (c) (d) * | | | 71,250 | |
| | 1,000,000 | | | California Statewide Communities Development Authority, Infrastructure Program, Series B (SA)
5.00%, 09/02/28 (c) | | | 1,162,880 | |
| | 385,000 | | | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)
5.00%, 05/15/26 (c) | | | 458,061 | |
| | | | | California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 06/01/29 (c) | | | 575,045 | |
| | 435,000 | | | 5.00%, 06/01/29 (c) | | | 507,323 | |
| | 75,000 | | | California Statewide Communities Development Authority, Lancer Plaza Project (RB)
5.63%, 11/01/23 (c) | | | 84,765 | |
| | | | | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | | | | |
| | 1,010,000 | | | 4.90%, 11/18/19 (c) | | | 1,030,957 | |
| | 1,100,000 | | | 5.00%, 06/01/26 (c) | | | 1,278,959 | |
| | 350,000 | | | 5.00%, 06/01/26 (c) | | | 408,261 | |
| | 1,835,000 | | | 5.00%, 06/01/26 (c) | | | 2,059,769 | |
| | 1,595,000 | | | 5.00%, 06/01/26 (c) | | | 1,811,856 | |
| | 3,240,000 | | | 5.25%, 12/01/24 (c) | | | 3,652,160 | |
| | 4,880,000 | | | 5.25%, 12/01/24 (c) | | | 5,407,577 | |
| | 1,300,000 | | | 5.25%, 12/01/24 (c) | | | 1,486,524 | |
| | 7,380,000 | | | 5.25%, 06/01/26 (c) | | | 8,329,511 | |
| | 1,000,000 | | | 5.25%, 06/01/28 (c) | | | 1,160,870 | |
| | 7,940,000 | | | 5.50%, 12/01/24 (c) | | | 8,850,639 | |
| | 6,500,000 | | | 5.50%, 06/01/28 (c) | | | 7,627,360 | |
| | 1,325,000 | | | California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)
4.25%, 01/01/28 (c) | | | 1,453,790 | |
| | | | | California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | | | | |
| | 3,130,000 | | | 5.00%, 06/01/26 (c) | | | 3,495,490 | |
| | 125,000 | | | 5.75%, 01/15/23 (c) | | | 134,845 | |
| | | | | California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB) | | | | |
| | 23,000,000 | | | 0.00%, 11/18/19 (c) ^ | | | 1,257,870 | |
| | 7,350,000 | | | 0.00%, 11/18/19 (c) ^ | | | 1,430,089 | |
| | 56,750,000 | | | 0.00%, 12/02/19 (c) ^ | | | 2,410,172 | |
| | 3,175,000 | | | 6.00%, 12/02/19 (c) | | | 3,193,320 | |
| | 900,000 | | | 6.00%, 12/02/19 (c) | | | 905,193 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 120,000 | | | Cathedral City, California Public Financing Authority, Series A (AMBAC) (TA)
4.50%, 12/02/19 (c) | | $ | 120,169 | |
| | 55,000 | | | Chino Public Financing Authority (ST)
5.00%, 09/01/22 (c) | | | 59,120 | |
| | | | | City of Dublin, Community Facilities District No. 2015-1 (ST) | | | | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 577,915 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 579,615 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 584,400 | |
| | 1,150,000 | | | 5.00%, 09/01/27 (c) | | | 1,350,939 | |
| | 1,840,000 | | | 5.00%, 09/01/27 (c) | | | 2,135,283 | |
| | 250,000 | | | City of Fremont, Community Facilities District No. 1 (ST)
5.00%, 09/01/25 (c) | | | 283,703 | |
| | | | | City of Irvine, Community Facilities District No. 2013-3 (ST) | | | | |
| | 1,000,000 | | | 4.00%, 09/01/23 (c) | | | 1,066,930 | |
| | 1,800,000 | | | 4.00%, 09/01/23 (c) | | | 1,911,114 | |
| | 250,000 | | | 4.00%, 09/01/23 (c) | | | 269,453 | |
| | 230,000 | | | 4.00%, 09/01/23 (c) | | | 248,573 | |
| | 250,000 | | | 4.00%, 09/01/23 (c) | | | 269,835 | |
| | 750,000 | | | City of Irvine, Reassessment District No. 15-2 (SA)
5.00%, 09/02/25 (c) | | | 848,812 | |
| | 1,620,000 | | | City of Long Beach, Marina System Revenue (RB)
5.00%, 05/15/25 (c) | | | 1,826,177 | |
| | 110,000 | | | City of Marysville, Fremont-Rideout Health Group (RB)
5.25%, 01/01/21 (c) | | | 115,369 | |
| | 3,235,000 | | | City of Oroville Hospital (RB)
5.25%, 04/01/29 (c) | | | 3,800,510 | |
| | 840,000 | | | City of Rocklin, Community Facilities District No. 10 (ST)
5.00%, 09/01/25 (c) | | | 953,543 | |
| | | | | City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | | | | |
| | 500,000 | | | 3.75%, 09/01/27 (c) | | | 525,775 | |
| | 155,000 | | | 5.00%, 09/01/27 (c) | | | 184,686 | |
| | 135,000 | | | 5.00%, 09/01/27 (c) | | | 160,430 | |
| | 200,000 | | | City of Roseville, Westpark Community Facility District No. 1 (ST)
5.00%, 09/01/25 (c) | | | 227,988 | |
| | 225,000 | | | City of San Buenaventura, Community Memorial Health System (RB)
6.50%, 12/01/21 | | | 246,737 | |
| | 1,060,000 | | | City of San Clemente, Facilities District No. 2006-1 (ST)
5.00%, 09/01/25 (c) | | | 1,200,938 | |
| | 910,000 | | | City of Upland, San Antonio Regional Hospital (CP)
5.00%, 01/01/28 (c) | | | 1,047,337 | |
| | 1,000,000 | | | Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c) | | | 1,029,600 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 1,300,000 | | | Elk Grove Finance Authority (ST)
5.00%, 09/01/26 (c) | | $ | 1,498,237 | |
| | | | | Folsom Ranch Financing Authority (ST) | | | | |
| | 1,000,000 | | | 5.00%, 09/01/27 (c) | | | 1,163,520 | |
| | 2,000,000 | | | 5.00%, 09/01/27 (c) | | | 2,359,400 | |
| | 1,100,000 | | | 5.00%, 09/01/27 (c) | | | 1,313,279 | |
| | | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | | | | |
| | 1,000,000 | | | 5.75%, 01/15/24 (c) | | | 1,156,720 | |
| | 2,500,000 | | | 6.00%, 01/15/24 (c) | | | 2,929,125 | |
| | | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) | | | | |
| | 100,000 | | | 3.95%, 07/15/27 (c) | | | 108,093 | |
| | 1,000,000 | | | 6.00%, 01/15/24 (c) | | | 1,170,150 | |
| | 350,000 | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB)
3.50%, 07/15/29 (c) | | | 366,884 | |
| | 6,525,000 | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB)
5.50%, 07/15/22 (c) (p) | | | 7,240,727 | |
| | 1,000,000 | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB)
6.50%, 01/15/24 (c) | | | 1,180,980 | |
| | | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | | | | |
| | 3,045,000 | | | 3.50%, 06/01/22 (c) | | | 3,109,463 | |
| | 6,505,000 | | | 5.00%, 06/01/22 (c) | | | 6,689,742 | |
| | 2,630,000 | | | 5.00%, 06/01/25 | | | 3,052,141 | |
| | 400,000 | | | 5.00%, 06/01/27 | | | 480,084 | |
| | 4,000,000 | | | 5.00%, 06/01/28 (c) | | | 4,805,600 | |
| | 750,000 | | | 5.00%, 06/01/28 (c) | | | 889,020 | |
| | 3,815,000 | | | 5.25%, 06/01/22 (c) | | | 3,938,949 | |
| | | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB) | | | | |
| | 12,750,000 | | | 5.00%, 06/01/22 (c) | | | 13,112,100 | |
| | 14,585,000 | | | 5.30%, 06/01/22 (c) | | | 15,139,959 | |
| | 83,895,000 | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB)
0.00%, 11/18/19 (c) ^ | | | 14,293,191 | |
| | 250,000 | | | Independent Cities Finance Authority, Mobil Home Park, Series A (RB)
3.75%, 10/15/26 (c) | | | 254,440 | |
| | 9,410,000 | | | Inland Empire Tobacco Securitization Authority, Series C-2 (RB)
0.00%, 11/18/19 (c) ^ | | | 1,508,611 | |
| | 51,150,000 | | | Inland Empire Tobacco Securitization Authority, Series D (RB)
0.00%, 11/18/19 (c) ^ | | | 3,034,729 | |
| | 25,000,000 | | | Inland Empire Tobacco Securitization Authority, Series E (RB)
0.00%, 11/18/19 (c) ^ | | | 1,093,500 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 25,000,000 | | | Inland Empire Tobacco Securitization Authority, Series F (RB)
0.00%, 11/18/19 (c) ^ | | $ | 772,750 | |
| | 1,000,000 | | | Irvine Unified School District No. 09-1, Series D (ST)
5.00%, 09/01/27 (c) | | | 1,151,320 | |
| | 405,000 | | | Lake Elsinore Public Financing Authority (ST)
5.00%, 09/01/25 (c) | | | 459,084 | |
| | 50,000 | | | Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)
6.00%, 09/02/21 (c) | | | 54,283 | |
| | | | | MSR Energy Authority, Series A (RB) | | | | |
| | 170,000 | | | 6.13%, 11/01/29 | | | 216,684 | |
| | 1,575,000 | | | 6.50%, 11/01/39 | | | 2,468,671 | |
| | 1,500,000 | | | 7.00%, 11/01/34 | | | 2,296,320 | |
| | | | | MSR Energy Authority, Series B (RB) | | | | |
| | 1,680,000 | | | 6.13%, 11/01/29 | | | 2,144,873 | |
| | 805,000 | | | 6.50%, 11/01/39 | | | 1,261,765 | |
| | 3,500,000 | | | 7.00%, 11/01/34 | | | 5,358,080 | |
| | | | | MSR Energy Authority, Series C (RB) | | | | |
| | 700,000 | | | 6.13%, 11/01/29 | | | 892,647 | |
| | 3,850,000 | | | 6.50%, 11/01/39 | | | 6,034,528 | |
| | 3,105,000 | | | 7.00%, 11/01/34 | | | 4,753,382 | |
| | | | | Orange County Community Facilities District No. 1, Series A (ST) | | | | |
| | 975,000 | | | 4.25%, 08/15/25 (c) | | | 1,052,639 | |
| | 455,000 | | | 5.25%, 08/15/25 (c) | | | 520,361 | |
| | | | | Palomar Health (CP) (AGM) | | | | |
| | 875,000 | | | 4.00%, 11/01/27 (c) | | | 928,532 | |
| | 1,500,000 | | | 4.00%, 11/01/27 (c) | | | 1,579,485 | |
| | 250,000 | | | 5.00%, 11/01/26 (c) | | | 291,795 | |
| | 500,000 | | | 5.00%, 11/01/26 (c) | | | 576,180 | |
| | 125,000 | | | Palomar Pomerado Health, Series A (GO)
0.00%, 08/01/25 ^ | | | 111,391 | |
| | 80,000 | | | Patterson Public Financing Authority, Community Facilities District No. 2001-1, Series A (ST)
4.00%, 09/01/21 | | | 82,478 | |
| | 1,000,000 | | | Perris Union High School District Financing Authority (ST)
5.00%, 03/01/25 (c) | | | 1,121,380 | |
| | 750,000 | | | Poway Unified School District Public Financing Authority, Series A (ST)
5.00%, 09/01/25 (c) | | | 858,900 | |
| | 180,000 | | | Rancho Cordova Community Facilities District No. 2003-1 (ST)
4.00%, 09/01/26 (c) | | | 193,324 | |
| | | | | River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST) | | | | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 564,530 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 563,540 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 568,840 | |
| | 3,000,000 | | | 5.50%, 09/01/22 (c) | | | 3,260,130 | |
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| | | | | River Islands Public Financing Authority, Community Facilities District No. 2019-1 (ST) | | | | |
| $ | 1,000,000 | | | 4.00%, 09/01/26 (c) | | $ | 1,009,240 | |
| | 750,000 | | | 5.00%, 09/01/26 (c) | | | 834,000 | |
| | 500,000 | | | Romoland School District No. 2004-1 (ST)
5.00%, 09/01/25 (c) | | | 575,335 | |
| | | | | Sacramento County, Community Facilities District No. 2005-2 (ST) | | | | |
| | 495,000 | | | 5.00%, 09/01/26 (c) | | | 568,413 | |
| | 345,000 | | | 5.00%, 09/01/26 (c) | | | 398,071 | |
| | 3,120,000 | | | San Buenaventura, Community Memorial Health System (RB)
7.50%, 12/01/21 (c) | | | 3,448,349 | |
| | 300,000 | | | San Jacinto Unified School District Financing Authority (ST)
5.00%, 09/01/26 (c) | | | 350,667 | |
| | | | | San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) | | | | |
| | 145,000 | | | 0.00%, 01/15/32 ^ | | | 100,856 | |
| | 105,000 | | | 0.00%, 01/15/36 ^ | | | 63,049 | |
| | 1,750,000 | | | 5.00%, 01/15/25 (c) | | | 1,986,897 | |
| | 3,780,000 | | | 5.00%, 01/15/25 (c) | | | 4,260,400 | |
| | 500,000 | | | 5.00%, 01/15/25 (c) | | | 581,215 | |
| | 2,300,000 | | | 5.00%, 01/15/25 (c) | | | 2,637,617 | |
| | 200,000 | | | San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)
5.25%, 01/15/25 (c) | | | 225,490 | |
| | 1,815,000 | | | San Mateo Union High School District, Series A (GO)
5.00%, 09/01/23 (c) | | | 2,070,606 | |
| | | | | Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | | | | |
| | 500,000 | | | 5.00%, 03/01/26 (c) | | | 568,930 | |
| | 500,000 | | | 5.00%, 03/01/26 (c) | | | 571,120 | |
| | 9,000,000 | | | Silicon Valley Tobacco Securitization Authority, Series A (RB)
0.00%, 12/02/19 (c) ^ | | | 3,588,750 | |
| | 7,515,000 | | | Silicon Valley Tobacco Securitization Authority, Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 716,480 | |
| | 29,250,000 | | | Silicon Valley Tobacco Securitization Authority, Series D (RB)
0.00%, 11/18/19 (c) ^ | | | 2,162,160 | |
| | | | | South California Tobacco Securitization Authority, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 12/01/29 (c) | | | 1,192,820 | |
| | 500,000 | | | 5.00%, 12/01/29 (c) | | | 609,485 | |
| | 250,000 | | | South California Tobacco Securitization Authority, Series B (RB)
2.25%, 06/01/29 | | | 254,758 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| California: (continued) | | | | |
| $ | 18,050,000 | | | South California Tobacco Securitization Authority, Series C (RB)
0.00%, 11/18/19 (c) ^ | | $ | 2,621,040 | |
| | 1,035,000 | | | Thousand Oaks, California Community Facilities, District No. 1994-1 (ST)
5.38%, 09/01/22 (c) | | | 1,093,001 | |
| | | | | Tobacco Securitization Authority of Northern California, Series A-1 (RB) | | | | |
| | 2,085,000 | | | 5.38%, 11/18/19 (c) | | | 2,093,006 | |
| | 6,025,000 | | | 5.50%, 11/18/19 (c) | | | 6,048,437 | |
| | 8,000,000 | | | Tobacco Securitization Authority of Northern California, Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 1,001,280 | |
| | | | | Tobacco Securitization Authority of Southern California, Series A-1 (RB) | | | | |
| | 5,455,000 | | | 5.00%, 11/18/19 (c) | | | 5,461,000 | |
| | 6,425,000 | | | 5.13%, 11/18/19 (c) | | | 6,432,324 | |
| | | | | Tobacco Securitization Authority of Southern California, Series B (RB) | | | | |
| | 10,485,000 | | | 0.00%, 11/18/19 (c) ^ | | | 1,877,339 | |
| | 15,000,000 | | | 0.00%, 11/18/19 (c) ^ | | | 3,344,850 | |
| | 16,440,000 | | | Tobacco Securitization Authority of Southern California, Series D (RB)
0.00%, 11/18/19 (c) ^ | | | 1,997,953 | |
| | | | | Tustin Community Facilities District, Series A (ST) | | | | |
| | 100,000 | | | 5.00%, 09/01/25 (c) | | | 112,892 | |
| | 100,000 | | | 5.00%, 09/01/25 (c) | | | 113,296 | |
| | 750,000 | | | Val Verde Unified School District (ST)
5.00%, 03/01/25 (c) | | | 845,707 | |
| | 300,000 | | | Vernon Electric System, Series A (RB)
5.13%, 12/02/19 (c) | | | 301,053 | |
| | | | | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | | | | |
| | 850,000 | | | 4.00%, 09/01/21 | | | 646,000 | |
| | 530,000 | | | 5.30%, 09/01/22 (c) | | | 402,800 | |
| | 445,000 | | | William S. Hart Union High School District No. 2015-1 (ST)
5.00%, 09/01/26 (c) | | | 512,280 | |
| | | | | | | | 416,563,041 | |
| Colorado: 2.3% | | | | |
| | | | | Arista Metropolitan District in the City and County of Broomfield, Series A (GO) | | | | |
| | 500,000 | | | 5.00%, 12/01/23 (c) | | | 539,030 | |
| | 750,000 | | | 5.13%, 12/01/23 (c) | | | 805,515 | |
| | 1,000,000 | | | Aviation Station North Metropolitan District No. 2, Series A (GO)
5.00%, 09/01/24 (c) | | | 1,063,800 | |
| | 1,000,000 | | | Base Village Metropolitan District No. 2, Series A (GO)
5.75%, 12/01/21 (c) | | | 1,053,660 | |
| | | | | Castle Oaks Metropolitan District No. 3 (GO) | | | | |
| | 500,000 | | | 5.00%, 12/01/20 (c) | | | 512,375 | |
| | 500,000 | | | 5.00%, 12/01/20 (c) | | | 514,255 | |
Principal
Amount | | | | | Value | |
| Colorado: (continued) | | | | |
| | | | | Centerra Metropolitan District No. 1 (TA) | | | | |
| $ | 500,000 | | | 5.00%, 12/01/22 (c) | | $ | 526,715 | |
| | 500,000 | | | 5.00%, 12/01/22 (c) | | | 531,360 | |
| | 500,000 | | | 5.00%, 12/01/22 (c) | | | 540,215 | |
| | 4,900,000 | | | City and County of Denver, United Airlines, Inc. Project (RB)
5.00%, 10/01/23 (c) | | | 5,360,845 | |
| | 4,250,000 | | | City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)
5.50%, 01/01/28 (c) | | | 4,753,030 | |
| | 1,035,000 | | | City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c) | | | 1,084,204 | |
| | | | | Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) | | | | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,055,500 | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 536,195 | |
| | 750,000 | | | Colorado Health Facilities Authority, Capella of Grand Junction Project (RB)
5.00%, 12/01/26 (c) | | | 771,495 | |
| | | | | Colorado Health Facilities Authority, Catholic Health Initiatives, Series A (RB) | | | | |
| | 150,000 | | | 5.00%, 02/01/21 (c) | | | 156,983 | |
| | 1,390,000 | | | 5.00%, 02/01/21 (c) | | | 1,454,704 | |
| | 425,000 | | | 5.25%, 02/01/21 (c) | | | 446,089 | |
| | | | | Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) | | | | |
| | 350,000 | | | 4.00%, 01/01/29 (c) | | | 371,777 | |
| | 1,000,000 | | | 5.00%, 01/01/24 (c) | | | 1,100,660 | |
| | 105,000 | | | 5.00%, 01/01/24 (c) | | | 116,843 | |
| | 500,000 | | | 5.00%, 01/01/26 (c) | | | 571,065 | |
| | 3,600,000 | | | Colorado Health Facilities Authority, Commonspirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c) | | | 3,897,180 | |
| | 2,000,000 | | | Colorado Health Facilities Authority, Commonspirit Health, Series A-2 (RB)
4.00%, 08/01/29 (c) | | | 2,140,040 | |
| | | | | Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB) | | | | |
| | 1,500,000 | | | 5.00%, 06/01/27 (c) | | | 1,869,720 | |
| | 335,000 | | | 5.00%, 06/01/27 (c) | | | 417,571 | |
| | 400,000 | | | 5.00%, 06/01/27 (c) | | | 498,592 | |
| | 1,700,000 | | | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
5.30%, 12/02/19 (c) | | | 1,702,023 | |
| | | | | Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB) | | | | |
| | 2,100,000 | | | 5.75%, 11/01/25 (c) | | | 2,162,286 | |
| | 1,835,000 | | | 6.00%, 11/01/25 (c) | | | 1,919,006 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Colorado: (continued) | | | | |
| $ | 730,000 | | | Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB)
4.00%, 11/01/20 (c) | | $ | 732,037 | |
| | 1,350,000 | | | Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB)
6.13%, 12/01/25 (c) | | | 1,438,843 | |
| | | | | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB) | | | | |
| | 1,695,000 | | | 5.00%, 06/01/22 (c) | | | 1,857,364 | |
| | 195,000 | | | 5.00%, 06/01/27 (c) | | | 243,064 | |
| | | | | Colorado High Performance Transportation Enterprise (RB) | | | | |
| | 250,000 | | | 5.00%, 12/31/24 (c) | | | 272,985 | |
| | 250,000 | | | 5.00%, 12/31/24 (c) | | | 273,708 | |
| | 2,500,000 | | | Colorado International Center, Metropolitan District No. 14 (GO)
5.88%, 12/01/23 (c) | | | 2,733,425 | |
| | | | | Copperleaf Metropolitan District No. 2 (GO) | | | | |
| | 500,000 | | | 5.25%, 12/01/20 (c) | | | 523,810 | |
| | 500,000 | | | 5.75%, 12/01/20 (c) | | | 523,855 | |
| | | | | Creekwalk Marketplace Business Improvement District, Series A (RB) | | | | |
| | 500,000 | | | 5.50%, 12/01/26 (c) | | | 510,445 | |
| | 500,000 | | | 5.75%, 12/01/26 (c) | | | 510,320 | |
| | | | | Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) | | | | |
| | 1,000,000 | | | 5.63%, 12/01/23 (c) | | | 1,049,550 | |
| | 1,500,000 | | | 5.75%, 12/01/23 (c) | | | 1,572,660 | |
| | | | | Denver Convention Center Hotel Authority (RB) | | | | |
| | 250,000 | | | 5.00%, 12/01/26 (c) | | | 284,460 | |
| | 1,000,000 | | | 5.00%, 12/01/26 (c) | | | 1,159,280 | |
| | | | | Dominion Water and Sanitation District (RB) | | | | |
| | 3,500,000 | | | 5.75%, 12/01/21 (c) | | | 3,735,935 | |
| | 500,000 | | | 6.00%, 12/01/21 (c) | | | 535,770 | |
| | | | | Eaton Area Park and Recreation District (GO) | | | | |
| | 250,000 | | | 5.25%, 12/01/22 (c) | | | 264,513 | |
| | 310,000 | | | 5.50%, 12/01/22 (c) | | | 329,871 | |
| | 250,000 | | | 5.50%, 12/01/22 (c) | | | 268,145 | |
| | | | | Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | | | | |
| | 990,000 | | | 4.50%, 11/01/25 (c) | | | 1,016,136 | |
| | 2,345,000 | | | 5.25%, 11/01/25 (c) | | | 2,475,499 | |
| | 1,865,000 | | | 5.50%, 11/01/25 (c) | | | 1,984,136 | |
| | 1,000,000 | | | Independence Metropolitan District No. 3, Series A (GO)
6.25%, 06/01/24 (c) | | | 1,049,060 | |
| | | | | Lambertson Farms Metropolitan District No. 1 (GO) | | | | |
| | 500,000 | | | 5.75%, 12/15/23 (c) | | | 521,870 | |
| | 500,000 | | | 6.00%, 12/15/23 (c) | | | 525,555 | |
| | 1,000,000 | | | Southglenn Metropolitan District (GO)
5.00%, 12/01/21 (c) | | | 1,051,440 | |
Principal
Amount | | | | | Value | |
| Colorado: (continued) | | | | |
| $ | 500,000 | | | Southlands Metropolitan District No. 1, Series A-1 (GO)
5.00%, 12/01/27 (c) | | $ | 561,305 | |
| | | | | Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | | | | |
| | 5,000,000 | | | 5.00%, 12/01/22 (c) | | | 5,171,700 | |
| | 500,000 | | | 5.00%, 12/01/22 (c) | | | 522,905 | |
| | 1,000,000 | | | 5.00%, 12/01/22 (c) | | | 1,053,800 | |
| | | | | Velocity Metropolitan District No. 3 (GO) | | | | |
| | 500,000 | | | 5.13%, 12/01/23 (c) | | | 532,925 | |
| | 500,000 | | | 5.38%, 12/01/23 (c) | | | 533,845 | |
| | 1,500,000 | | | 5.50%, 12/01/23 (c) | | | 1,600,905 | |
| | | | | | | | 75,893,854 | |
| Connecticut: 0.3% | | | | |
| | 630,000 | | | Bridgeport Housing Authority, Energy Performance Equipment (RB)
5.60%, 11/12/19 (c) | | | 630,063 | |
| | 1,500,000 | | | Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c) | | | 1,627,890 | |
| | 120,000 | | | Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)
4.00%, 07/01/26 (c) | | | 127,220 | |
| | 235,000 | | | Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series I (RB)
4.50%, 07/01/20 (c) | | | 238,896 | |
| | | | | Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB) | | | | |
| | 935,000 | | | 4.25%, 07/01/22 (c) | | | 986,032 | |
| | 655,000 | | | 4.50%, 07/01/22 (c) | | | 684,279 | |
| | 380,000 | | | 5.00%, 07/01/22 (c) | | | 408,196 | |
| | 470,000 | | | 5.00%, 07/01/22 (c) | | | 501,100 | |
| | 100,000 | | | 5.00%, 07/01/22 (c) | | | 106,884 | |
| | 1,040,000 | | | Hartford Stadium Authority, Series A (RB)
4.00%, 02/01/25 (c) | | | 878,509 | |
| | | | | Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | | | | |
| | 250,000 | | | 5.75%, 02/01/24 | | | 266,995 | |
| | 1,000,000 | | | 6.25%, 02/01/26 (c) | | | 1,119,610 | |
| | | | | Town of Hamden, Whitney Center Project (RB) | | | | |
| | 250,000 | | | 5.00%, 01/01/26 (c) | | | 268,603 | |
| | 500,000 | | | 5.00%, 01/01/26 (c) | | | 543,960 | |
| | | | | Town of Hamden, Whitney Center Project, Series A (RB) | | | | |
| | 410,000 | | | 7.63%, 01/01/20 (c) | | | 414,116 | |
| | 2,000,000 | | | 7.75%, 01/01/20 (c) | | | 2,020,480 | |
| | | | | | | | 10,822,833 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Delaware: 0.0% | | | | |
| | | | | Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | | | | |
| $ | 500,000 | | | 5.00%, 06/01/26 (c) | | $ | 537,305 | |
| | 250,000 | | | 5.00%, 06/01/26 (c) | | | 272,918 | |
| | 275,000 | | | Delaware Economic Development Authority, Indian River Power, LLC Project (RB)
5.38%, 10/01/20 (c) | | | 283,319 | |
| | | | | | | | 1,093,542 | |
| District of Columbia: 1.1% | | | | |
| | | | | District of Columbia Tobacco Settlement Financing Corp. (RB) | | | | |
| | 60,800,000 | | | 0.00%, 11/18/19 (c) ^ | | | 6,446,624 | |
| | 62,960,000 | | | 0.00%, 12/02/19 (c) ^ | | | 12,026,619 | |
| | 49,000 | | | 6.50%, 05/15/33 | | | 56,007 | |
| | | | | District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | | | | |
| | 665,000 | | | 4.13%, 07/01/24 (c) | | | 698,922 | |
| | 180,000 | | | 5.00%, 07/01/24 (c) | | | 193,183 | |
| | 1,000,000 | | | 5.00%, 07/01/24 (c) | | | 1,068,070 | |
| | 250,000 | | | 5.00%, 07/01/24 (c) | | | 273,043 | |
| | 665,000 | | | 5.00%, 07/01/24 (c) | | | 718,466 | |
| | 4,200,000 | | | District of Columbia, National Center for Law Enforcement Issue, Series A (RB)
7.75%, 07/01/21 (c) | | | 955,500 | |
| | 1,130,000 | | | District of Columbia, National Center for Law Enforcement Issue, Series B (RB)
6.38%, 12/02/19 (c) | | | 257,075 | |
| | | | | District of Columbia, Provident Group-Howard Properties, LLC Issue (RB) | | | | |
| | 1,115,000 | | | 5.00%, 10/01/22 (c) | | | 1,164,283 | |
| | 395,000 | | | 5.00%, 10/01/22 (c) | | | 410,350 | |
| | 790,000 | | | 5.00%, 10/01/22 (c) | | | 814,308 | |
| | 985,000 | | | 6.25%, 04/01/21 (c) | | | 1,026,705 | |
| | 1,525,000 | | | 6.50%, 04/01/21 (c) | | | 1,587,067 | |
| | 1,450,000 | | | 6.50%, 04/01/21 (c) | | | 1,511,248 | |
| | 1,110,000 | | | District of Columbia, The Howard University Issue, Series A (RB)
6.25%, 04/01/21 (c) | | | 1,164,534 | |
| | | | | Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) | | | | |
| | 825,000 | | | 0.00%, 10/01/37 ^ | | | 443,058 | |
| | 1,895,000 | | | 5.00%, 04/01/22 (c) | | | 2,024,675 | |
| | | | | Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | | | | |
| | 5,520,000 | | | 0.00%, 10/01/37 ^ | | | 3,125,314 | |
| | 245,000 | | | 6.50%, 10/01/28 (c) | | | 326,568 | |
| | | | | | | | 36,291,619 | |
| Florida: 5.5% | | | | |
| | 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) | | | 1,682,538 | |
Principal
Amount | | | | | Value | |
| Florida: (continued) | | | | |
| | | | | Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB) | | | | |
| $ | 1,540,000 | | | 8.00%, 11/15/21 (c) | | $ | 1,557,926 | |
| | 1,005,000 | | | 8.13%, 11/15/21 (c) | | | 1,011,543 | |
| | | | | Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB) | | | | |
| | 800,000 | | | 6.00%, 11/15/24 (c) | | | 716,064 | |
| | 1,000,000 | | | 6.25%, 11/15/24 (c) | | | 870,790 | |
| | | | | Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) | | | | |
| | 385,000 | | | 5.40%, 07/01/25 (c) | | | 412,231 | |
| | 165,000 | | | 5.88%, 07/01/25 (c) | | | 179,647 | |
| | 1,335,000 | | | 6.00%, 07/01/25 (c) | | | 1,454,122 | |
| | 1,000,000 | | | Capital Trust Agency, American Eagle Portfolio Project, Second Tier, Series B (RB)
6.00%, 07/01/25 (c) | | | 940,480 | |
| | 9,905,000 | | | Capital Trust Agency, American Eagle Portfolio Project, Series A (RB)
5.88%, 01/01/29 (c) | | | 10,693,537 | |
| | | | | Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | | | | |
| | 500,000 | | | 5.13%, 01/01/29 (c) | | | 526,285 | |
| | 500,000 | | | 5.25%, 01/01/29 (c) | | | 525,560 | |
| | 500,000 | | | 5.38%, 01/01/29 (c) | | | 525,605 | |
| | 500,000 | | | Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
5.25%, 06/15/27 (c) | | | 532,545 | |
| | 1,565,000 | | | Capital Trust Agency, Elim Senior Housing, Inc. (RB)
5.63%, 08/01/24 (c) | | | 1,641,356 | |
| | | | | Capital Trust Agency, First Mortgage, Tallahassee Tapestry Housing Project, Series A (RB) | | | | |
| | 1,005,000 | | | 7.00%, 12/01/25 (c) | | | 1,042,034 | |
| | 500,000 | | | 7.13%, 12/01/25 (c) | | | 520,265 | |
| | 1,250,000 | | | Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB)
5.88%, 08/01/24 (c) | | | 1,307,150 | |
| | | | | Capital Trust Agency, Tapestry Walden, Series A (RB) | | | | |
| | 975,000 | | | 6.75%, 07/01/27 (c) | | | 1,036,474 | |
| | 3,550,000 | | | 7.00%, 07/01/27 (c) | | | 3,760,586 | |
| | | | | Capital Trust Agency, Tuscan Gardens of Palm Coast Project, Series A (RB) | | | | |
| | 3,220,000 | | | 7.00%, 04/01/22 (c) | | | 3,244,118 | |
| | 1,210,000 | | | 7.00%, 04/01/24 (c) | | | 1,175,999 | |
| | | | | Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | | | | |
| | 2,200,000 | | | 4.00%, 12/01/28 | | | 2,208,536 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Florida: (continued) | | | | |
| $ | 8,775,000 | | | 5.25%, 12/01/28 (c) | | $ | 9,200,587 | |
| | 2,500,000 | | | 5.25%, 12/01/28 (c) | | | 2,649,825 | |
| | 750,000 | | | City of Jacksonville, Educational Facilities, Series B (RB)
5.00%, 06/01/28 (c) | | | 830,940 | |
| | 815,000 | | | City of Orlando, Senior Tourist Development, Series A (RB) (AGM)
5.00%, 11/01/27 (c) | | | 980,152 | |
| | | | | City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | | | | |
| | 230,000 | | | 4.00%, 06/01/25 (c) | | | 242,940 | |
| | 300,000 | | | 5.00%, 06/01/25 (c) | | | 335,142 | |
| | 2,500,000 | | | 5.00%, 06/01/25 (c) | | | 2,805,925 | |
| | | | | City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB) | | | | |
| | 475,000 | | | 4.00%, 12/01/25 (c) | | | 498,023 | |
| | 3,540,000 | | | 5.00%, 12/01/25 (c) | | | 3,963,101 | |
| | | | | Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | | | | |
| | 1,150,000 | | | 7.00%, 05/15/24 | | | 1,097,100 | |
| | 2,500,000 | | | 8.13%, 05/15/24 (c) | | | 2,385,600 | |
| | | | | Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) | | | | |
| | 1,000,000 | | | 4.75%, 07/15/26 (c) | | | 1,021,210 | |
| | 500,000 | | | 6.00%, 06/15/27 (c) | | | 532,935 | |
| | 1,000,000 | | | 6.13%, 06/15/27 (c) | | | 1,058,770 | |
| | | | | Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | | | | |
| | 360,000 | | | 5.63%, 06/15/24 (c) | | | 355,241 | |
| | 450,000 | | | 5.88%, 06/15/24 (c) | | | 443,210 | |
| | 695,000 | | | 6.00%, 06/15/24 (c) | | | 682,844 | |
| | | | | Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | | | | |
| | 655,000 | | | 5.50%, 06/15/22 | | | 667,026 | |
| | 1,000,000 | | | 5.75%, 06/15/24 (c) | | | 1,084,850 | |
| | 2,600,000 | | | 6.00%, 06/15/22 (c) | | | 2,692,118 | |
| | 500,000 | | | 6.00%, 06/15/25 (c) | | | 553,255 | |
| | 2,000,000 | | | 6.13%, 06/15/22 (c) | | | 2,055,340 | |
| | 685,000 | | | 6.13%, 06/15/25 (c) | | | 750,048 | |
| | 3,000,000 | | | 7.63%, 06/15/21 (c) | | | 3,198,690 | |
| | 5,250,000 | | | Florida Development Finance Corp., Tuscan Isle ChampionsGate Project, Series A (RB)
6.38%, 06/01/23 (c) | | | 3,990,000 | |
| | 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) | | | | |
| | 9,400,000 | | | 6.25%, 01/01/20 (c) (p) | | | 8,953,500 | |
| | 12,950,000 | | | 6.38%, 01/01/20 (c) (p) | | | 12,249,923 | |
| | 19,000,000 | | | 6.50%, 01/01/20 (c) (p) | | | 17,901,990 | |
Principal
Amount | | | | | Value | |
| Florida: (continued) | | | | |
| $ | 500,000 | | | Florida Higher Educational Facilities Financial Authority, Institute of Technology (RB)
4.00%, 10/01/29 (c) | | $ | 526,425 | |
| | | | | Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A1 (RB) | | | | |
| | 750,000 | | | 4.50%, 06/01/28 (c) | | | 825,525 | |
| | 500,000 | | | 4.75%, 06/01/28 (c) | | | 553,735 | |
| | 750,000 | | | 5.00%, 06/01/28 (c) | | | 836,820 | |
| | | | | Highlands County Health Facilities Authority, Trousdale Foundation Properties, Series A (RB) | | | | |
| | 1,860,000 | | | 6.00%, 04/01/28 (c) | | | 2,072,728 | |
| | 2,500,000 | | | 6.25%, 04/01/28 (c) | | | 2,799,625 | |
| | 1,500,000 | | | Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB)
7.13%, 01/01/27 (c) | | | 1,546,665 | |
| | 65,000 | | | Lakes by the Bay South Community Development District (SA)
5.00%, 11/01/22 (c) | | | 67,532 | |
| | | | | Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) | | | | |
| | 1,895,000 | | | 5.25%, 12/02/19 (c) | | | 1,896,004 | |
| | 3,500,000 | | | 5.38%, 12/02/19 (c) | | | 3,500,560 | |
| | 1,475,000 | | | 5.75%, 06/15/22 (c) | | | 1,495,576 | |
| | 300,000 | | | Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA)
5.13%, 12/02/19 (c) | | | 299,985 | |
| | | | | Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) | | | | |
| | 1,950,000 | | | 4.25%, 12/02/19 (c) | | | 1,953,178 | |
| | 925,000 | | | 5.00%, 11/15/24 (c) | | | 1,029,044 | |
| | 1,910,000 | | | 5.00%, 11/15/24 (c) | | | 2,143,784 | |
| | 250,000 | | | Miami World Center Community Development District (SA)
5.25%, 11/01/27 (c) | | | 274,423 | |
| | | | | Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) | | | | |
| | 1,765,000 | | | 5.00%, 06/01/25 (c) | | | 1,810,643 | |
| | 1,390,000 | | | 5.00%, 06/01/25 (c) | | | 1,416,340 | |
| | 665,000 | | | 5.00%, 06/01/25 (c) | | | 695,889 | |
| | 4,000,000 | | | 5.00%, 06/01/25 (c) | | | 4,141,320 | |
| | | | | Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 10/01/25 (c) | | | 563,560 | |
| | 500,000 | | | 5.00%, 10/01/25 (c) | | | 569,925 | |
| | 1,000,000 | | | Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB)
5.00%, 10/01/25 (c) | | | 1,121,310 | |
| | 545,000 | | | Midtown Miami Community Development District, Infrastructure Project, Series B (SA)
4.25%, 05/01/23 (c) | | | 569,449 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| Florida: (continued) |
| | | | | Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | | | | |
| $ | 1,655,000 | | | 4.25%, 05/01/23 (c) | | $ | 1,729,243 | |
| | 1,480,000 | | | 5.00%, 05/01/23 (c) | | | 1,561,341 | |
| | 155,000 | | | North Broward Hospital District, Series B (RB)
5.00%, 01/01/28 (c) | | | 180,857 | |
| | | | | Northern Palm Beach County Improvement District (RB) | | | | |
| | 200,000 | | | 5.00%, 08/01/27 (c) | | | 215,676 | |
| | 200,000 | | | 5.00%, 08/01/27 (c) | | | 217,072 | |
| | 890,000 | | | Orange County Industrial Development Authority, Series B (RB)
5.00%, 07/01/25 (c) | | | 691,753 | |
| | | | | Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB) | | | | |
| | 1,740,000 | | | 5.00%, 05/15/23 (c) | | | 1,857,259 | |
| | 1,500,000 | | | 5.00%, 05/15/23 (c) | | | 1,625,505 | |
| | 1,500,000 | | | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB)
7.50%, 06/01/22 (c) | | | 1,683,810 | |
| | | | | Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | | | | |
| | 2,500,000 | | | 5.00%, 04/01/29 (c) | | | 2,756,150 | |
| | 1,000,000 | | | 5.00%, 04/01/29 (c) | | | 1,119,330 | |
| | 190,000 | | | Palm Cost Park Community Development District (SA)
5.70%, 12/02/19 (c) | | | 190,065 | |
| | 380,000 | | | Sumter County, Florida Village Community Development District No. 8 (SA)
6.13%, 05/01/20 (c) | | | 388,178 | |
| | 835,000 | | | Sumter County, Florida Village Community Development District No. 9 (SA)
5.50%, 05/01/22 (c) | | | 885,376 | |
| | 400,000 | | | Town of Davie, Florida Educational Facilities, Nova Southeastern University Project, Series A (RB)
6.00%, 04/01/23 (c) | | | 449,512 | |
| | | | | Village Community Development District No. 12 (SA) | | | | |
| | 245,000 | | | 3.25%, 05/01/26 | | | 253,080 | |
| | 2,455,000 | | | 3.63%, 05/01/26 (c) | | | 2,555,189 | |
| | 2,460,000 | | | 3.88%, 05/01/26 (c) | | | 2,540,590 | |
| | 995,000 | | | 4.25%, 05/01/28 (c) | | | 1,061,944 | |
| | 1,250,000 | | | 4.38%, 05/01/28 (c) | | | 1,337,337 | |
| | 1,000,000 | | | Volusia County Industrial Development Authority, Woodland Towers Project, Series C (RB)
7.25%, 07/01/24 (c) | | | 1,002,590 | |
| | | | | | | | 178,042,578 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Georgia: 0.9% |
| | | | | Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB) | | | | |
| $ | 1,000,000 | | | 6.50%, 01/01/28 (c) | | $ | 1,069,260 | |
| | 2,725,000 | | | 6.75%, 01/01/28 (c) | | | 2,881,333 | |
| | 6,000,000 | | | 7.00%, 01/01/28 (c) | | | 6,371,580 | |
| | 1,000,000 | | | Burke County Development Authority, Series C (RB) (SAW)
4.13%, 02/01/28 (c) | | | 1,067,480 | |
| | 720,000 | | | Burke County Development Authority, Series D (RB)
4.13%, 02/01/28 (c) | | | 768,586 | |
| | | | | Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB) | | | | |
| | 1,000,000 | | | 6.00%, 07/01/23 (c) | | | 949,790 | |
| | 1,000,000 | | | 6.00%, 07/01/23 (c) | | | 995,740 | |
| | 1,000,000 | | | DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. & Clairmont Crest, Inc., Series A (RB)
5.00%, 01/01/29 (c) | | | 981,800 | |
| | | | | Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) | | | | |
| | 250,000 | | | 5.50%, 12/01/24 (c) | | | 259,385 | |
| | 1,000,000 | | | 6.25%, 12/01/24 (c) | | | 1,041,730 | |
| | 1,000,000 | | | 6.50%, 12/01/24 (c) | | | 1,050,470 | |
| | | | | Fulton County Residential Care Facilities for the Elderly, Canterbury Court Project, Series A (RB) (SD CRED PROG) | | | | |
| | 500,000 | | | 5.00%, 04/01/26 (c) | | | 539,650 | |
| | 500,000 | | | 5.00%, 04/01/26 (c) | | | 543,775 | |
| | 246,000 | | | Georgia Local Government, Grantor Trust, Series A (CP) (NATL)
4.75%, 06/01/28 | | | 283,087 | |
| | | | | Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | | | | |
| | 250,000 | | | 5.75%, 06/15/27 (c) | | | 258,223 | |
| | 500,000 | | | 5.88%, 06/15/27 (c) | | | 513,065 | |
| | 1,000,000 | | | 6.00%, 06/15/27 (c) | | | 1,021,340 | |
| | | | | Marietta Development Authority, Life University, Inc. Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 11/01/27 (c) | | | 553,730 | |
| | 750,000 | | | 5.00%, 11/01/27 (c) | | | 843,967 | |
| | 375,000 | | | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 07/01/25 (c) | | | 410,291 | |
| | 1,000,000 | | | Oconee County Industrial Development Authority, Series A-1 (RB)
6.25%, 12/01/25 (c) | | | 1,061,770 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Georgia: (continued) |
| $ | 3,850,000 | | | Rockdale County Development Authority, Pratt Paper LLC Project (RB)
4.00%, 01/01/28 (c) | | $ | 4,086,544 | |
| | | | | | | | 27,552,596 | |
| Guam: 0.5% |
| | | | | A. B. Won Pat International Airport Authority, Series C (RB) | | | | |
| | 635,000 | | | 5.00%, 10/01/21 | | | 663,238 | |
| | 200,000 | | | 6.25%, 10/01/23 (c) | | | 231,028 | |
| | 1,100,000 | | | Guam Economic Development and Commerce Authority (RB)
5.63%, 11/18/19 (c) | | | 1,099,956 | |
| | 1,100,000 | | | Guam Government Department of Education, John F. Kennedy Project, Series A (CP)
6.88%, 12/01/20 (c) | | | 1,129,095 | |
| | 620,000 | | | Guam Government Limited Obligation, Series A (RB)
5.00%, 12/01/26 (c) | | | 693,154 | |
| | | | | Guam Government Waterworks Authority, Water and Wastewater System (RB) | | | | |
| | 1,375,000 | | | 5.00%, 07/01/26 (c) | | | 1,553,062 | |
| | 500,000 | | | 5.25%, 07/01/23 (c) | | | 549,900 | |
| | 3,530,000 | | | 5.50%, 07/01/23 (c) | | | 3,879,082 | |
| | | | | Guam Government, Business Privilege Tax, Series A (RB) (AGM) | | | | |
| | 125,000 | | | 5.00%, 01/01/21 | | | 129,449 | |
| | 500,000 | | | 5.00%, 01/01/22 (c) | | | 528,735 | |
| | 1,390,000 | | | 5.13%, 01/01/22 (c) | | | 1,453,328 | |
| | | | | Guam Government, Business Privilege Tax, Series B (RB) | | | | |
| | 1,280,000 | | | 5.00%, 01/01/22 (c) | | | 1,338,496 | |
| | 330,000 | | | 5.00%, 01/01/22 (c) | | | 343,827 | |
| | | | | Guam Government, Business Privilege Tax, Series D (RB) | | | | |
| | 585,000 | | | 5.00%, 11/15/25 (c) | | | 649,707 | |
| | 1,000,000 | | | 5.00%, 11/15/25 (c) | | | 1,120,820 | |
| | 500,000 | | | 5.00%, 11/15/25 (c) | | | 562,560 | |
| | | | | Guam Power Authority, Series A (RB) | | | | |
| | 345,000 | | | 5.00%, 10/01/22 (c) | | | 368,795 | |
| | 500,000 | | | 5.00%, 10/01/27 (c) | | | 570,670 | |
| | | | | | | | 16,864,902 | |
| Hawaii: 0.4% |
| | | | | Kuakini, Hawaii Health System, Series A (RB) | | | | |
| | 985,000 | | | 6.30%, 12/02/19 (c) | | | 988,113 | |
| | 1,675,000 | | | 6.38%, 12/02/19 (c) | | | 1,676,256 | |
| | 3,430,000 | | | State of Hawaii, Department of Budget and Finance (RB)
3.20%, 07/01/29 (c) | | | 3,495,684 | |
| | | | | State of Hawaii, Department of Budget and Finance, Series A (RB) | | | | |
| | 1,150,000 | | | 5.00%, 01/01/25 (c) | | | 1,176,668 | |
| | 1,400,000 | | | 6.25%, 07/01/23 (c) | | | 1,500,702 | |
| | 2,085,000 | | | 6.63%, 07/01/23 (c) | | | 2,233,473 | |
| | 2,000,000 | | | 6.88%, 07/01/23 (c) | | | 2,135,480 | |
| | | | | | | | 13,206,376 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Idaho: 0.2% |
| | | | | Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | | | | |
| $ | 450,000 | | | 3.50%, 09/01/26 (c) | | $ | 450,284 | |
| | 1,135,000 | | | 5.00%, 09/01/26 (c) | | | 1,269,112 | |
| | | | | Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB) | | | | |
| | 100,000 | | | 7.00%, 10/01/24 | | | 110,849 | |
| | 900,000 | | | 7.38%, 10/01/24 (c) | | | 994,023 | |
| | 2,250,000 | | | 8.00%, 10/01/24 (c) | | | 2,517,615 | |
| | 1,000,000 | | | 8.13%, 10/01/24 (c) | | | 1,121,990 | |
| | | | | | | | 6,463,873 | |
| Illinois: 12.4% |
| | | | | Chicago Board of Education, Series A (GO) | | | | |
| | 465,000 | | | 0.00%, 12/01/27 ^ | | | 370,368 | |
| | 230,000 | | | 0.00%, 12/01/28 ^ | | | 176,638 | |
| | 30,000 | | | 0.00%, 12/01/30 ^ | | | 21,260 | |
| | 6,115,000 | | | 5.00%, 12/01/21 (c) | | | 6,344,679 | |
| | 15,195,000 | | | 5.00%, 12/01/22 (c) | | | 16,017,961 | |
| | 300,000 | | | 5.00%, 12/01/23 | | | 334,167 | |
| | 100,000 | | | 5.00%, 12/01/25 | | | 116,267 | |
| | 250,000 | | | 5.00%, 12/01/28 (c) | | | 288,548 | |
| | 250,000 | | | 5.00%, 12/01/28 (c) | | | 298,208 | |
| | 435,000 | | | 5.25%, 12/01/21 (c) | | | 453,509 | |
| | 5,730,000 | | | 5.50%, 12/01/21 (c) | | | 6,008,421 | |
| | 110,000 | | | 5.50%, 12/01/25 | | | 128,148 | |
| | 175,000 | | | 5.50%, 12/01/26 | | | 207,218 | |
| | 285,000 | | | 5.50%, 12/01/26 | | | 331,398 | |
| | 5,200,000 | | | 7.00%, 12/01/25 (c) | | | 6,505,512 | |
| | 14,020,000 | | | 7.00%, 12/01/25 (c) | | | 17,051,825 | |
| | 1,250,000 | | | 7.00%, 12/01/27 (c) | | | 1,592,287 | |
| | | | | Chicago Board of Education, Series B (GO) | | | | |
| | 150,000 | | | 4.00%, 12/01/22 (c) | | | 152,564 | |
| | 1,675,000 | | | 5.00%, 12/01/22 (c) | | | 1,778,749 | |
| | 1,105,000 | | | 5.00%, 12/01/22 (c) | | | 1,174,913 | |
| | 1,500,000 | | | 5.00%, 12/01/27 | | | 1,743,855 | |
| | 1,100,000 | | | 6.50%, 12/01/26 (c) | | | 1,327,469 | |
| | | | | Chicago Board of Education, Series C (GO) | | | | |
| | 500,000 | | | 5.00%, 12/01/23 | | | 550,340 | |
| | 2,000,000 | | | 5.00%, 12/01/27 | | | 2,325,140 | |
| | 6,250,000 | | | 5.00%, 12/01/27 (c) | | | 7,216,312 | |
| | 250,000 | | | 5.00%, 12/01/27 (c) | | | 285,338 | |
| | 5,435,000 | | | 5.25%, 12/01/24 (c) | | | 6,014,860 | |
| | 4,370,000 | | | 5.25%, 12/01/24 (c) | | | 4,804,990 | |
| | 1,065,000 | | | 6.00%, 12/01/24 (c) | | | 1,218,711 | |
| | 750,000 | | | Chicago Board of Education, Series D (GO) (AGM)
5.00%, 12/01/23 (c) | | | 800,025 | |
| | 2,055,000 | | | Chicago Board of Education, Series E (GO)
5.13%, 12/01/24 (c) | | | 2,274,186 | |
| | | | | Chicago Board of Education, Series F (GO) | | | | |
| | 2,000,000 | | | 5.00%, 12/01/20 (c) | | | 2,045,720 | |
| | 1,565,000 | | | 5.00%, 12/01/20 | | | 1,614,657 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 8,500,000 | | | Chicago Board of Education, Series H (GO)
5.00%, 12/01/27 (c) | | $ | 9,484,555 | |
| | 400,000 | | | Chicago O’Hare International Airport (RB)
5.50%, 01/01/23 (c) | | | 450,816 | |
| | | | | Chicago School Reform Board of Trustees, Series A (GO) | | | | |
| | 160,000 | | | 0.00%, 12/01/21 ^ | | | 152,246 | |
| | 250,000 | | | 0.00%, 12/01/23 ^ | | | 225,923 | |
| | 265,000 | | | 0.00%, 12/01/25 ^ | | | 226,366 | |
| | 1,160,000 | | | 0.00%, 12/01/29 ^ | | | 857,414 | |
| | | | | Chicago School Reform Board of Trustees, Series B-1 (GO) | | | | |
| | 450,000 | | | 0.00%, 12/01/21 ^ | | | 428,193 | |
| | 120,000 | | | 0.00%, 12/01/22 ^ | | | 111,330 | |
| | 675,000 | | | 0.00%, 12/01/24 ^ | | | 593,872 | |
| | 1,555,000 | | | 0.00%, 12/01/25 ^ | | | 1,328,297 | |
| | 1,265,000 | | | 0.00%, 12/01/26 ^ | | | 1,042,664 | |
| | 835,000 | | | 0.00%, 12/01/27 ^ | | | 665,069 | |
| | 690,000 | | | 0.00%, 12/01/28 ^ | | | 529,913 | |
| | 645,000 | | | 0.00%, 12/01/29 ^ | | | 476,752 | |
| | 1,025,000 | | | 0.00%, 12/01/30 ^ | | | 726,376 | |
| | 460,000 | | | 0.00%, 12/01/31 ^ | | | 313,412 | |
| | 345,000 | | | Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/21 | | | 363,278 | |
| | | | | City of Chicago (GO) | | | | |
| | 195,000 | | | 0.00%, 01/01/28 ^ | | | 155,025 | |
| | 375,000 | | | 0.00%, 01/01/33 ^ | | | 245,696 | |
| | 290,000 | | | 0.00%, 01/01/34 ^ | | | 182,717 | |
| | | | | City of Chicago, Modern School Across Chicago Program, Series A (GO) | | | | |
| | 915,000 | | | 5.00%, 12/01/20 (c) | | | 944,436 | |
| | 500,000 | | | 5.00%, 12/01/20 (c) | | | 516,790 | |
| | | | | City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | | | | |
| | 235,000 | | | 5.00%, 01/01/25 | | | 262,960 | |
| | 910,000 | | | 5.25%, 01/01/25 (c) | | | 1,027,499 | |
| | 945,000 | | | 5.25%, 01/01/25 (c) | | | 1,068,899 | |
| | 3,980,000 | | | 5.50%, 01/01/25 (c) | | | 4,473,281 | |
| | 855,000 | | | 5.50%, 01/01/25 (c) | | | 972,366 | |
| | 115,000 | | | 5.50%, 01/01/25 (c) | | | 131,175 | |
| | 1,585,000 | | | City of Chicago, O’Hare International Airport, Senior Lien (RB)
5.75%, 01/01/23 (c) | | | 1,784,409 | |
| | | | | City of Chicago, Series A (GO) | | | | |
| | 140,000 | | | 0.00%, 01/01/29 ^ | | | 107,103 | |
| | 905,000 | | | 4.63%, 01/01/21 (c) | | | 920,783 | |
| | 125,000 | | | 5.00%, 12/02/19 (c) | | | 125,360 | |
| | 2,160,000 | | | 5.00%, 01/01/21 (c) | | | 2,207,002 | |
| | 370,000 | | | 5.00%, 01/01/21 | | | 385,858 | |
| | 865,000 | | | 5.00%, 01/01/22 (c) | | | 904,072 | |
| | 1,015,000 | | | 5.00%, 01/01/22 (c) | | | 1,061,599 | |
| | 395,000 | | | 5.00%, 01/01/23 | | | 425,016 | |
| | 640,000 | | | 5.00%, 01/01/24 (c) | | | 694,195 | |
| | 1,555,000 | | | 5.00%, 01/01/24 (c) | | | 1,683,832 | |
| | 2,935,000 | | | 5.00%, 01/01/24 (c) | | | 3,173,322 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 1,000,000 | | | 5.00%, 01/01/27 | | $ | 1,153,240 | |
| | 2,000,000 | | | 5.00%, 01/01/29 (c) | | | 2,253,280 | |
| | 2,110,000 | | | 5.25%, 01/01/21 (c) | | | 2,166,696 | |
| | 600,000 | | | 5.25%, 01/01/24 (c) | | | 657,756 | |
| | 280,000 | | | 5.25%, 01/01/24 (c) | | | 308,809 | |
| | 1,120,000 | | | 5.25%, 01/01/24 (c) | | | 1,229,883 | |
| | 150,000 | | | 5.25%, 01/01/24 (c) | | | 165,861 | |
| | 1,150,000 | | | 5.25%, 01/01/24 (c) | | | 1,273,855 | |
| | 880,000 | | | 5.38%, 01/01/25 (c) | | | 998,914 | |
| | 605,000 | | | 5.50%, 01/01/25 (c) | | | 677,431 | |
| | 475,000 | | | 5.50%, 01/01/25 (c) | | | 536,893 | |
| | 1,320,000 | | | 5.50%, 01/01/25 (c) | | | 1,494,306 | |
| | 500,000 | | | 5.63%, 01/01/27 (c) | | | 589,580 | |
| | 1,000,000 | | | 5.63%, 01/01/27 (c) | | | 1,188,390 | |
| | 1,180,000 | | | 5.75%, 01/01/27 (c) | | | 1,392,966 | |
| | 6,505,000 | | | 6.00%, 01/01/27 (c) | | | 7,724,037 | |
| | 870,000 | | | City of Chicago, Series B (GO)
5.00%, 01/01/23 | | | 936,111 | |
| | | | | City of Chicago, Series C (GO) | | | | |
| | 695,000 | | | 0.00%, 01/01/30 ^ | | | 491,052 | |
| | 195,000 | | | 0.00%, 01/01/32 ^ | | | 126,567 | |
| | 1,800,000 | | | 5.00%, 01/01/22 (c) | | | 1,900,224 | |
| | 1,235,000 | | | 5.00%, 01/01/22 | | | 1,300,764 | |
| | 110,000 | | | 5.00%, 01/01/22 (c) | | | 115,915 | |
| | 195,000 | | | 5.00%, 01/01/22 (c) | | | 205,370 | |
| | 1,110,000 | | | 5.00%, 01/01/24 | | | 1,219,679 | |
| | 1,760,000 | | | 5.00%, 01/01/25 | | | 1,969,405 | |
| | 2,600,000 | | | 5.00%, 01/01/26 (c) | | | 2,864,368 | |
| | 380,000 | | | 5.00%, 01/01/26 | | | 432,657 | |
| | | | | City of Chicago, Series D (GO) | | | | |
| | 870,000 | | | 5.00%, 12/02/19 (c) | | | 872,097 | |
| | 345,000 | | | 5.00%, 12/02/19 (c) | | | 345,831 | |
| | 1,045,000 | | | 5.50%, 01/01/25 (c) | | | 1,174,517 | |
| | 710,000 | | | 5.50%, 01/01/25 (c) | | | 793,837 | |
| | 520,000 | | | 5.50%, 01/01/25 (c) | | | 588,666 | |
| | 2,715,000 | | | 5.50%, 01/01/25 (c) | | | 3,068,764 | |
| | | | | City of Chicago, Series E (GO) | | | | |
| | 910,000 | | | 5.50%, 01/01/25 (c) | | | 1,014,577 | |
| | 915,000 | | | 5.50%, 01/01/25 (c) | | | 1,032,166 | |
| | 1,020,000 | | | City of Chicago, Water Revenue, Second Lien (RB) (AMBAC)
5.75%, 11/01/30 | | | 1,274,786 | |
| | | | | City of Harvey, Series A (GO) | | | | |
| | 465,000 | | | 5.50%, 12/02/19 (c) | | | 288,300 | |
| | 3,600,000 | | | 5.63%, 12/02/19 (c) (d) * | | | 2,232,000 | |
| | 625,000 | | | Cook County Community College District No. 508 (GO)
5.25%, 12/01/23 (c) | | | 681,450 | |
| | 1,020,000 | | | Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB)
6.75%, 10/15/20 (c) | | | 1,053,201 | |
| | | | | Illinois Finance Authority, Admiral Lake Project (RB) | | | | |
| | 1,020,000 | | | 5.00%, 05/15/24 (c) | | | 1,078,273 | |
| | 380,000 | | | 5.13%, 05/15/24 (c) | | | 399,730 | |
| | 1,250,000 | | | 5.25%, 05/15/24 (c) | | | 1,302,812 | |
| | 1,000,000 | | | 5.25%, 05/15/24 (c) | | | 1,051,350 | |
| | 300,000 | | | 5.50%, 05/15/24 (c) | | | 317,406 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 15,000 | | | Illinois Finance Authority, Central Baptist Village (RB)
5.38%, 12/02/19 (c) | | $ | 15,008 | |
| | | | | Illinois Finance Authority, CHF-Cook, LLC-Northeastern University, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 07/01/25 (c) | | | 963,670 | |
| | 1,000,000 | | | 5.00%, 07/01/25 (c) | | | 1,002,470 | |
| | 1,000,000 | | | 5.00%, 07/01/25 (c) | | | 1,012,410 | |
| | | | | Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | | | | |
| | 705,000 | | | 4.75%, 05/15/23 (c) | | | 743,373 | |
| | 260,000 | | | 5.13%, 05/15/23 (c) | | | 275,512 | |
| | 860,000 | | | 5.25%, 05/15/23 (c) | | | 913,681 | |
| | | | | Illinois Finance Authority, Friendship Village of Schaumburg (RB) | | | | |
| | 7,500,000 | | | 5.00%, 02/15/27 (c) | | | 7,397,025 | |
| | 2,560,000 | | | 5.00%, 02/15/27 | | | 2,620,979 | |
| | 8,230,000 | | | 5.13%, 02/15/27 (c) | | | 7,985,404 | |
| | 100,000 | | | Illinois Finance Authority, Greenfields of Geneva Project (RB)
7.10%, 11/01/27 (c) | | | 100,785 | |
| | | | | Illinois Finance Authority, Institute of Technology, Series A (RB) | | | | |
| | 990,000 | | | 5.00%, 12/02/19 (c) | | | 992,871 | |
| | 2,610,000 | | | 5.00%, 12/02/19 (c) | | | 2,617,647 | |
| | 500,000 | | | Illinois Finance Authority, Intrinsic School Project, Series A (RB)
6.00%, 12/01/25 (c) | | | 529,115 | |
| | | | | Illinois Finance Authority, Lutheran Home and Obligated Group (RB) | | | | |
| | 500,000 | | | 5.50%, 05/15/22 (c) | | | 526,115 | |
| | 400,000 | | | 5.75%, 05/15/22 (c) | | | 414,244 | |
| | 1,000,000 | | | Illinois Finance Authority, Montgomery Place (RB)
5.25%, 05/15/27 (c) | | | 1,074,520 | |
| | 1,555,000 | | | Illinois Finance Authority, Navistar International Corp. Project (RB)
6.75%, 10/15/20 (c) | | | 1,605,615 | |
| | 1,000,000 | | | Illinois Finance Authority, Norwegian American Hospital Inc. (RB)
7.75%, 09/15/20 (c) | | | 1,057,200 | |
| | | | | Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) | | | | |
| | 715,000 | | | 6.20%, 05/15/20 (c) | | | 637,737 | |
| | 230,000 | | | 6.24%, 05/15/20 (c) | | | 204,139 | |
| | 315,000 | | | 6.33%, 05/15/20 (c) | | | 278,756 | |
| | 535,000 | | | 6.44%, 05/15/20 (c) | | | 473,026 | |
| | 537,508 | | | Illinois Finance Authority, Park Place of Elmhurst Project, Series B (RB)
5.63%, 05/15/20 | | | 496,883 | |
| | 475,000 | | | Illinois Finance Authority, Roosevelt University Project (RB)
5.50%, 12/02/19 (c) | | | 475,570 | |
| | | | | Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) | | | | |
| | 230,000 | | | 5.00%, 08/15/25 (c) | | | 261,315 | |
| | 525,000 | | | 5.00%, 08/15/25 (c) | | | 587,239 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 880,000 | | | Illinois Finance Authority, Three Crowns Park (RB)
5.25%, 02/15/24 (c) | | $ | 949,837 | |
| | 100,000 | | | Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB)
7.13%, 10/01/21 (c) | | | 106,459 | |
| | 2,695,000 | | | Illinois Finance Authority, Westminster Village, Series A (RB) (AGM)
5.25%, 05/01/25 (c) | | | 2,937,280 | |
| | | | | Illinois Sports Facilities Authority (RB) (AMBAC) | | | | |
| | 690,000 | | | 0.00%, 06/15/26 ^ | | | 583,181 | |
| | 1,000,000 | | | 5.00%, 06/15/24 (c) | | | 1,129,130 | |
| | | | | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | | | | |
| | 840,000 | | | 0.00%, 06/15/29 ^ | | | 641,777 | |
| | 555,000 | | | 0.00%, 06/15/30 ^ | | | 407,459 | |
| | 475,000 | | | 0.00%, 12/15/30 ^ | | | 341,715 | |
| | 125,000 | | | 0.00%, 06/15/31 ^ | | | 88,003 | |
| | 190,000 | | | 0.00%, 06/15/34 ^ | | | 119,390 | |
| | 590,000 | | | 0.00%, 12/15/34 ^ | | | 363,947 | |
| | 185,000 | | | 0.00%, 06/15/37 ^ | | | 103,115 | |
| | 115,000 | | | 0.00%, 06/15/39 ^ | | | 58,919 | |
| | 1,500,000 | | | 0.00%, 06/15/40 ^ | | | 737,955 | |
| | 4,410,000 | | | 5.00%, 06/15/22 (c) | | | 4,632,264 | |
| | 3,230,000 | | | 5.00%, 12/15/25 (c) | | | 3,508,329 | |
| | 250,000 | | | 5.00%, 12/15/27 (c) | | | 276,838 | |
| | 400,000 | | | 5.50%, 06/15/20 (c) | | | 405,608 | |
| | 1,400,000 | | | 5.50%, 12/15/25 (c) | | | 1,558,956 | |
| | | | | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | | | | |
| | 1,080,000 | | | 0.00%, 06/15/28 ^ | | | 861,235 | |
| | 1,065,000 | | | 0.00%, 12/15/41 ^ | | | 480,272 | |
| | 720,000 | | | 0.00%, 12/15/50 ^ | | | 222,250 | |
| | 15,515,000 | | | 0.00%, 12/15/51 ^ | | | 4,578,321 | |
| | 740,000 | | | 0.00%, 12/15/54 ^ | | | 189,144 | |
| | 6,780,000 | | | 4.25%, 06/15/22 (c) | | | 6,884,073 | |
| | 1,360,000 | | | 5.00%, 12/15/20 | | | 1,406,226 | |
| | 1,450,000 | | | 5.00%, 06/15/22 (c) | | | 1,558,982 | |
| | 1,135,000 | | | 5.00%, 06/15/22 (c) | | | 1,188,073 | |
| | 290,000 | | | 5.00%, 06/15/22 (c) | | | 310,761 | |
| | 3,765,000 | | | 5.00%, 06/15/22 (c) | | | 4,031,261 | |
| | 335,000 | | | 5.00%, 12/15/22 | | | 362,400 | |
| | 410,000 | | | 5.70%, 06/15/23 | | | 462,894 | |
| | | | | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B-2 (RB) | | | | |
| | 6,400,000 | | | 5.00%, 06/15/20 (c) | | | 6,470,400 | |
| | 425,000 | | | 5.20%, 06/15/20 (c) | | | 430,189 | |
| | 5,965,000 | | | 5.25%, 06/15/20 (c) | | | 6,039,622 | |
| | 435,000 | | | Northeastern Illinois University, Capital Improvement Project (CP)
4.00%, 10/01/22 (c) | | | 369,359 | |
| | 230,000 | | | Southwestern Illinois Development Authority (RB)
5.35%, 12/02/19 (c) | | | 168,907 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) |
| $ | 430,000 | | | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
5.75%, 08/01/22 (c) | | $ | 444,470 | |
| | | | | State of Illinois (RB) | | | | |
| | 100,000 | | | 3.00%, 06/15/26 (c) | | | 96,596 | |
| | 175,000 | | | 3.50%, 06/01/26 (c) | | | 175,067 | |
| | 1,050,000 | | | 3.50%, 06/01/26 (c) | | | 1,053,675 | |
| | 935,000 | | | 3.50%, 06/01/26 (c) | | | 942,293 | |
| | 150,000 | | | 4.00%, 08/01/22 (c) | | | 155,366 | |
| | 500,000 | | | 4.00%, 01/01/26 (c) | | | 519,425 | |
| | 1,000,000 | | | 4.00%, 06/01/26 (c) | | | 1,035,570 | |
| | 220,000 | | | 4.00%, 06/01/26 (c) | | | 228,296 | |
| | 360,000 | | | 4.00%, 06/01/26 (c) | | | 371,480 | |
| | 460,000 | | | 4.00%, 06/01/26 (c) | | | 471,385 | |
| | 595,000 | | | 4.00%, 06/01/26 (c) | | | 611,357 | |
| | 270,000 | | | 4.00%, 06/01/26 (c) | | | 278,019 | |
| | 160,000 | | | 4.13%, 03/01/22 (c) | | | 164,952 | |
| | 485,000 | | | 4.13%, 11/01/26 (c) | | | 508,896 | |
| | 530,000 | | | 4.50%, 11/01/26 (c) | | | 558,217 | |
| | 155,000 | | | 5.00%, 01/01/20 (c) | | | 155,665 | |
| | 1,240,000 | | | 5.00%, 01/01/20 (c) | | | 1,245,865 | |
| | 100,000 | | | 5.00%, 01/01/21 | | | 103,380 | |
| | 750,000 | | | 5.00%, 01/01/21 | | | 775,350 | |
| | 100,000 | | | 5.00%, 04/01/21 | | | 104,101 | |
| | 505,000 | | | 5.00%, 07/01/21 | | | 529,326 | |
| | 1,000,000 | | | 5.00%, 02/01/22 | | | 1,061,950 | |
| | 1,020,000 | | | 5.00%, 02/01/22 | | | 1,083,189 | |
| | 250,000 | | | 5.00%, 03/01/22 (c) | | | 261,860 | |
| | 100,000 | | | 5.00%, 03/01/22 (c) | | | 104,652 | |
| | 305,000 | | | 5.00%, 03/01/22 (c) | | | 318,460 | |
| | 565,000 | | | 5.00%, 03/01/22 | | | 601,245 | |
| | 140,000 | | | 5.00%, 03/01/22 (c) | | | 147,931 | |
| | 55,000 | | | 5.00%, 06/01/22 | | | 58,889 | |
| | 100,000 | | | 5.00%, 07/01/22 | | | 107,286 | |
| | 1,830,000 | | | 5.00%, 08/01/22 (c) | | | 1,950,963 | |
| | 1,465,000 | | | 5.00%, 08/01/22 | | | 1,574,890 | |
| | 3,690,000 | | | 5.00%, 02/01/23 | | | 4,000,993 | |
| | 3,235,000 | | | 5.00%, 02/01/23 | | | 3,507,646 | |
| | 335,000 | | | 5.00%, 05/01/23 | | | 365,294 | |
| | 250,000 | | | 5.00%, 07/01/23 | | | 273,610 | |
| | 2,325,000 | | | 5.00%, 02/01/24 (c) | | | 2,492,818 | |
| | 350,000 | | | 5.00%, 02/01/24 (c) | | | 382,774 | |
| | 375,000 | | | 5.00%, 02/01/24 (c) | | | 411,184 | |
| | 2,195,000 | | | 5.00%, 02/01/24 | | | 2,416,739 | |
| | 1,100,000 | | | 5.00%, 02/01/24 (c) | | | 1,207,954 | |
| | 1,105,000 | | | 5.00%, 02/01/24 | | | 1,216,627 | |
| | 2,350,000 | | | 5.00%, 04/01/24 (c) | | | 2,565,565 | |
| | 585,000 | | | 5.00%, 04/01/24 (c) | | | 641,575 | |
| | 100,000 | | | 5.00%, 05/01/24 (c) | | | 108,272 | |
| | 175,000 | | | 5.00%, 05/01/24 (c) | | | 189,754 | |
| | 580,000 | | | 5.00%, 05/01/24 | | | 641,700 | |
| | 2,005,000 | | | 5.00%, 05/01/24 (c) | | | 2,197,159 | |
| | 1,025,000 | | | 5.00%, 05/01/24 (c) | | | 1,125,696 | |
| | 275,000 | | | 5.00%, 05/01/24 (c) | | | 299,519 | |
| | 1,770,000 | | | 5.00%, 01/01/26 (c) | | | 1,934,486 | |
| | 2,750,000 | | | 5.00%, 02/01/26 | | | 3,125,760 | |
| | 800,000 | | | 5.00%, 06/01/26 (c) | | | 905,032 | |
| | 125,000 | | | 5.00%, 06/01/26 | | | 142,726 | |
| | 1,040,000 | | | 5.00%, 06/01/26 (c) | | | 1,174,306 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) | | | |
| $ | 625,000 | | | 5.00%, 11/01/26 (c) | | $ | 710,763 | |
| | 1,000,000 | | | 5.00%, 11/01/26 (c) | | | 1,135,140 | |
| | 2,220,000 | | | 5.00%, 02/01/27 (c) | | | 2,532,376 | |
| | 290,000 | | | 5.25%, 07/01/23 (c) | | | 314,044 | |
| | 1,550,000 | | | 5.25%, 07/01/23 (c) | | | 1,689,159 | |
| | 510,000 | | | 5.25%, 07/01/23 (c) | | | 554,579 | |
| | 700,000 | | | 5.25%, 02/01/24 (c) | | | 769,223 | |
| | 2,545,000 | | | 5.50%, 07/01/23 (c) | | | 2,814,261 | |
| | 1,165,000 | | | 5.50%, 07/01/23 (c) | | | 1,287,045 | |
| | 560,000 | | | 5.50%, 07/01/23 (c) | | | 607,779 | |
| | 445,000 | | | 5.50%, 01/01/30 | | | 543,572 | |
| | | | | State of Illinois, Series A (GO) | | | | |
| | 1,030,000 | | | 4.00%, 01/01/22 (c) | | | 1,054,895 | |
| | 100,000 | | | 4.00%, 01/01/22 (c) | | | 102,053 | |
| | 190,000 | | | 4.00%, 01/01/22 (c) | | | 196,656 | |
| | 320,000 | | | 4.00%, 01/01/22 (c) | | | 328,611 | |
| | 195,000 | | | 5.00%, 04/01/21 | | | 202,997 | |
| | 1,000,000 | | | 5.00%, 01/01/22 (c) | | | 1,042,750 | |
| | 1,000,000 | | | 5.00%, 01/01/22 (c) | | | 1,043,390 | |
| | 110,000 | | | 5.00%, 04/01/23 (c) | | | 116,672 | |
| | 500,000 | | | 5.00%, 12/01/27 (c) | | | 564,745 | |
| | 500,000 | | | 5.00%, 12/01/27 (c) | | | 567,895 | |
| | 500,000 | | | 5.00%, 12/01/27 | | | 577,915 | |
| | 1,000,000 | | | 5.00%, 05/01/28 (c) | | | 1,134,950 | |
| | 270,000 | | | 5.00%, 05/01/28 (c) | | | 303,818 | |
| | 365,000 | | | 5.00%, 05/01/28 (c) | | | 409,789 | |
| | 1,000,000 | | | 5.00%, 05/01/28 (c) | | | 1,133,960 | |
| | 1,045,000 | | | 5.00%, 05/01/28 (c) | | | 1,202,032 | |
| | 1,000,000 | | | 5.00%, 05/01/28 (c) | | | 1,145,720 | |
| | 215,000 | | | 5.25%, 05/01/22 | | | 231,035 | |
| | 790,000 | | | State of Illinois, Series B (GO)
5.25%, 01/01/21 | | | 818,953 | |
| | 5,000,000 | | | State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) | | | 5,673,000 | |
| | | | | State of Illinois, Series D (GO) | | | | |
| | 1,815,000 | | | 3.25%, 11/01/26 | | | 1,838,141 | |
| | 4,070,000 | | | 5.00%, 11/01/23 | | | 4,492,018 | |
| | 3,250,000 | | | 5.00%, 11/01/25 | | | 3,673,475 | |
| | 2,190,000 | | | 5.00%, 11/01/26 | | | 2,490,118 | |
| | 16,060,000 | | | 5.00%, 11/01/27 (c) | | | 18,383,561 | |
| | 6,000,000 | | | 5.00%, 11/01/27 | | | 6,882,180 | |
| | 500,000 | | | Village of Bolingbrook, Special Service Area No. 1 (ST)
5.25%, 03/01/28 (c) | | | 525,765 | |
| | 360,000 | | | Village of Bridgeview (GO)
5.00%, 12/01/22 (c) | | | 361,300 | |
| | | | | Village of Bridgeview, Series A (GO) | | | | |
| | 1,175,000 | | | 5.50%, 12/02/19 (c) | | | 1,175,129 | |
| | 4,260,000 | | | 5.50%, 06/01/24 (c) | | | 4,332,974 | |
| | | | | Will County Community High School District No. 210, Series B (GO) | | | | |
| | 90,000 | | | 0.00%, 01/01/29 ^ | | | 67,621 | |
| | 245,000 | | | 0.00%, 01/01/31 ^ | | | 169,724 | |
| | 540,000 | | | 0.00%, 01/01/33 ^ | | | 342,095 | |
| | | | | | | | 401,845,859 | |
| Indiana: 1.1% |
| | | | | Allen County, Storypoint Fort Wayne Project, Series A-1 (RB) | | | | |
| | 300,000 | | | 6.75%, 01/15/24 (c) | | | 329,382 | |
| | 225,000 | | | 6.88%, 01/15/24 (c) | | | 246,731 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Indiana: (continued) |
| | | | | Barrington of Carmel Project, Series A (RB) | | | | |
| $ | 896,784 | | | 7.13%, 11/15/22 (c) | | $ | 23,765 | |
| | 1,275,226 | | | 7.13%, 11/15/22 (c) | | | 33,794 | |
| | | | | City of Anderson, Anderson University (RB) | | | | |
| | 215,000 | | | 4.75%, 10/01/22 (c) | | | 226,496 | |
| | 1,655,000 | | | 6.00%, 10/01/22 (c) | | | 1,758,073 | |
| | 2,710,000 | | | 6.00%, 10/01/22 (c) | | | 2,878,779 | |
| | 200,000 | | | City of Crown Point, Indiana Economic Development, Series A (RB)
8.00%, 11/18/19 (c) | | | 200,228 | |
| | 1,000,000 | | | City of Rockport, Indiana Steel Corp. Project, Series A (RB)
7.00%, 02/01/22 (c) | | | 1,027,300 | |
| | 900,000 | | | City of Valparaiso, Indiana Exempt Facilities Revenue, Pratt Paper, LLC Project (RB)
5.88%, 01/01/24 | | | 982,503 | |
| | 165,000 | | | County of Knox, Indiana Good Samaritian Hospital Project, Series A (RB)
5.00%, 04/01/22 (c) | | | 170,452 | |
| | 500,000 | | | Indiana Finance Authority, Baptist Healthcare System (RB)
5.00%, 08/15/27 (c) | | | 572,625 | |
| | | | | Indiana Finance Authority, Earlham College Project (RB) | | | | |
| | 1,105,000 | | | 5.00%, 10/01/23 (c) | | | 1,160,482 | |
| | 50,000 | | | 5.00%, 10/01/23 (c) | | | 53,281 | |
| | | | | Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB) | | | | |
| | 765,000 | | | 5.13%, 08/15/20 (c) | | | 784,660 | |
| | 725,000 | | | 5.50%, 08/15/20 (c) | | | 745,140 | |
| | 600,000 | | | 5.50%, 08/15/20 (c) | | | 617,418 | |
| | | | | Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 07/01/23 (c) | | | 273,065 | |
| | 2,805,000 | | | 5.00%, 07/01/23 (c) | | | 3,046,314 | |
| | 3,890,000 | | | 5.25%, 07/01/23 (c) | | | 4,256,749 | |
| | | | | Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | | | | |
| | 2,305,000 | | | 5.00%, 06/01/22 (c) | | | 2,410,938 | |
| | 1,575,000 | | | 5.00%, 06/01/22 (c) | | | 1,648,647 | |
| | 10,500,000 | | | Indiana Finance Authority, Res Polyflow Indiana Project (RB)
7.00%, 03/01/26 (c) | | | 10,605,840 | |
| | | | | Indiana Finance Authority, United States Steel Corp. Project (RB) | | | | |
| | 320,000 | | | 5.75%, 08/01/22 (c) | | | 330,768 | |
| | 1,315,000 | | | 6.00%, 06/01/20 (c) | | | 1,336,737 | |
| | | | | | | | 35,720,167 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Iowa: 1.9% |
| $ | 25,000 | | | City of Coralville, Marriott Hotel & Convention Center, Series E (CP)
4.00%, 06/01/24 (c) | | $ | 25,034 | |
| | 8,725,000 | | | Iowa Finance Authority, Alcoa, Inc. Project (RB)
4.75%, 08/01/22 (c) | | | 9,093,195 | |
| | 1,500,000 | | | Iowa Finance Authority, Drake West Village Project, Series A (RB)
4.50%, 06/01/26 (c) | | | 1,467,465 | |
| | | | | Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | | | | |
| | 7,165,000 | | | 5.25%, 12/01/23 (c) | | | 7,801,825 | |
| | 2,775,000 | | | 5.88%, 11/21/19 (c) | | | 2,916,913 | |
| | 9,300,000 | | | Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB)
5.25%, 12/01/22 (c) (p) | | | 10,075,992 | |
| | | | | Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | | | | |
| | 3,400,000 | | | 5.00%, 05/15/27 (c) | | | 3,789,674 | |
| | 355,000 | | | 5.00%, 05/15/27 (c) | | | 396,904 | |
| | | | | Iowa Finance Authority, Northcrest, Inc. Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 03/01/24 (c) | | | 542,325 | |
| | 500,000 | | | 5.00%, 03/01/24 (c) | | | 547,635 | |
| | | | | Iowa Finance Authority, Sunrise Retirement Community Project (RB) | | | | |
| | 1,215,000 | | | 5.50%, 09/01/20 (c) | | | 1,234,975 | |
| | 885,000 | | | 5.50%, 09/01/20 (c) | | | 900,992 | |
| | 945,000 | | | 5.75%, 09/01/20 (c) | | | 960,885 | |
| | | | | Iowa Higher Education Loan Authority, Wartburg College Project (RB) | | | | |
| | 875,000 | | | 4.00%, 10/01/25 | | | 899,369 | |
| | 3,615,000 | | | 5.00%, 10/01/25 (c) | | | 3,761,914 | |
| | 850,000 | | | 5.00%, 10/01/25 (c) | | | 895,679 | |
| | 180,000 | | | Tobacco Settlement Authority, Series B (RB)
5.60%, 12/02/19 (c) | | | 180,232 | |
| | | | | Tobacco Settlement Authority, Series C (RB) | | | | |
| | 3,190,000 | | | 5.38%, 12/02/19 (c) | | | 3,190,638 | |
| | 5,585,000 | | | 5.50%, 12/02/19 (c) | | | 5,586,061 | |
| | 6,960,000 | | | 5.63%, 12/02/19 (c) | | | 6,961,253 | |
| | 800,000 | | | Tobacco Settlement Authority, Series D (RB)
0.00%, 12/02/19 (c) ^ | | | 151,528 | |
| | | | | | | | 61,380,488 | |
| Kansas: 0.9% |
| | 750,000 | | | City of Lenexa, Health Care Facility, Lake View Village, Inc., Series A (RB)
5.00%, 05/15/25 (c) | | | 841,710 | |
| | 1,000,000 | | | City of Wichita, Health Care Facilities, Series I (RB)
5.00%, 05/15/25 (c) | | | 1,076,150 | |
| | 255,000 | | | City of Wichita, Health Care Facilities, Series II-A (RB)
5.25%, 12/01/26 (c) | | �� | 278,238 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Kansas: (continued) | | | | |
| $ | 380,000 | | | City of Wichita, Health Care Facilities, Series IV-A (RB)
5.63%, 05/15/24 (c) | | $ | 410,909 | |
| | | | | City of Wichita, Kansas Health Care Facilities, Presbyterian Manors, Inc., Series III (RB) | | | | |
| | 500,000 | | | 5.00%, 05/15/26 (c) | | | 540,530 | |
| | 250,000 | | | 5.00%, 05/15/26 (c) | | | 276,610 | |
| | 1,000,000 | | | Kansas Development Finance Authority, Village Shalom Project, Series A (RB)
5.25%, 11/15/23 (c) | | | 1,062,920 | |
| | | | | Overland Park Development Corp., Series A (RB) (AMBAC) | | | | |
| | 100,000 | | | 5.13%, 12/16/19 (c) | | | 100,153 | |
| | 1,000,000 | | | 5.25%, 12/16/19 (c) | | | 1,001,660 | |
| | 7,200,000 | | | Overland Park Development Corp., Series B (RB) (AMBAC)
5.13%, 12/16/19 (c) | | | 7,210,944 | |
| | 2,550,000 | | | Overland Park, Prairiefire at LionsGate Project (RB)
6.00%, 12/15/22 (c) | | | 1,224,000 | |
| | 980,000 | | | Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB)
4.50%, 12/01/26 (c) | | | 1,025,903 | |
| | 340,000 | | | Wyandotte County, Kansas City Unified Government, Sales Tax (RB)
0.00%, 12/01/27 ^ | | | 256,455 | |
| | | | | Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | | | | |
| | 425,000 | | | 5.00%, 09/01/25 (c) | | | 462,298 | |
| | 6,000,000 | | | 5.75%, 09/01/25 (c) | | | 6,599,280 | |
| | 2,125,000 | | | 6.00%, 09/01/25 (c) | | | 2,325,281 | |
| | 10,000,000 | | | Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB)
0.00%, 09/01/34 ^ | | | 4,207,600 | |
| | | | | | | | 28,900,641 | |
| Kentucky: 0.7% | | | | |
| | 1,000,000 | | | Christian County, Jennie Stuart Medical Center (RB)
5.50%, 02/01/26 (c) | | | 1,122,090 | |
| | | | | Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB) | | | | |
| | 500,000 | | | 5.50%, 11/15/26 (c) | | | 424,060 | |
| | 780,000 | | | 6.00%, 11/15/26 (c) | | | 633,173 | |
| | 570,000 | | | 6.25%, 11/15/26 (c) | | | 462,812 | |
| | 750,000 | | | 6.38%, 11/15/26 (c) | | | 608,993 | |
| | | | | Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 05/15/26 (c) | | | 261,318 | |
| | 350,000 | | | 5.00%, 05/15/26 (c) | | | 371,588 | |
| | 300,000 | | | 5.00%, 05/15/26 (c) | | | 321,720 | |
| | | | | | | | | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Kentucky: (continued) | | | | |
| | | | | Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | | | | |
| $ | 400,000 | | | 5.38%, 11/15/22 (c) | | $ | 421,736 | |
| | 250,000 | | | 5.50%, 11/15/22 (c) | | | 262,273 | |
| | | | | Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) | | | | |
| | 7,365,000 | | | 4.25%, 07/01/25 (c) | | | 7,781,933 | |
| | 1,585,000 | | | 5.00%, 07/01/25 (c) | | | 1,743,120 | |
| | 1,525,000 | | | 5.00%, 07/01/25 (c) | | | 1,670,500 | |
| | | | | Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | | | | |
| | 150,000 | | | 5.00%, 06/01/26 | | | 175,214 | |
| | 750,000 | | | 5.25%, 06/01/27 (c) | | | 868,972 | |
| | 500,000 | | | Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)
5.00%, 06/01/27 (c) | | | 570,955 | |
| | | | | Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | | | | |
| | 510,000 | | | 5.50%, 11/15/25 (c) | | | 546,113 | |
| | 500,000 | | | 5.75%, 11/15/25 (c) | | | 536,500 | |
| | 1,000,000 | | | Kentucky Economic Development Finance Authority, Series A (RB)
5.00%, 08/01/29 (c) | | | 1,183,090 | |
| | 265,000 | | | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/23 | | | 298,236 | |
| | 335,000 | | | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB)
5.75%, 07/01/23 (c) | | | 375,317 | |
| | | | | Louisville and Jefferson County, Metropolitan Government Catholic Health Initiatives, Series A (RB) | | | | |
| | 150,000 | | | 5.00%, 06/01/22 (c) | | | 163,769 | |
| | 220,000 | | | 5.00%, 06/01/22 (c) | | | 240,194 | |
| | 1,220,000 | | | Ohio County, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB)
6.00%, 07/15/20 (c) | | | 1,243,400 | |
| | | | | | | | 22,287,076 | |
| Louisiana: 0.5% | | | | |
| | | | | Calcasieu Parish Memorial Hospital Service District (RB) | | | | |
| | 500,000 | | | 5.00%, 12/01/29 (c) | | | 587,640 | |
| | 500,000 | | | 5.00%, 12/01/29 (c) | | | 598,370 | |
| | | | | City of Shreveport, Water and Sewer Revenue, Series C (RB) | | | | |
| | 470,000 | | | 4.00%, 12/01/28 (c) | | | 536,731 | |
| | 2,235,000 | | | 4.00%, 12/01/28 (c) | | | 2,560,997 | |
| | 100,000 | | | 5.00%, 12/01/25 | | | 118,965 | |
| | | | | Jefferson Parish Hospital Service District No. 2 (RB) | | | | |
| | 500,000 | | | 5.63%, 07/01/21 (c) | | | 510,890 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Louisiana: (continued) | | | | |
| $ | 290,000 | | | 6.25%, 07/01/21 (c) | | $ | 297,659 | |
| | 3,490,000 | | | 6.38%, 07/01/21 (c) | | | 3,568,455 | |
| | 100,000 | | | Louisiana Housing Finance Agency, Chateau Project, Series A (RB)
7.25%, 12/02/19 (c) | | | 96,528 | |
| | 175,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)
4.25%, 12/01/22 (c) | | | 134,332 | |
| | 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) | | | 1,119,490 | |
| | | | | Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 07/01/29 (c) | | | 537,840 | |
| | 500,000 | | | 5.00%, 07/01/29 (c) | | | 548,105 | |
| | 3,200,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)
3.50%, 11/01/27 (c) | | | 3,398,400 | |
| | 530,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
6.50%, 08/01/20 (c) | | | 549,785 | |
| | 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) | | | 523,720 | |
| | 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) | | | 418,976 | |
| | 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 | |
| | | | | | | | | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Louisiana: (continued) | | | | |
| $ | 350,000 | | | Parish of St. Charles, Valero Project (RB)
4.00%, 06/01/22 (p) | | $ | 369,453 | |
| | | | | | | | 16,476,389 | |
| Maine: 0.5% | | | | |
| | 4,500,000 | | | Maine Finance Authority, Solid Disposal Facility (RB)
5.38%, 12/15/26 (c) | | | 4,783,680 | |
| | 200,000 | | | Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB)
6.95%, 07/01/21 (c) | | | 215,788 | |
| | | | | 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) | | | 1,529,182 | |
| | 530,000 | | | 4.00%, 07/01/26 (c) | | | 553,786 | |
| | 645,000 | | | 5.00%, 07/01/26 (c) | | | 718,988 | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,118,290 | |
| | | | | Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB) | | | | |
| | 75,000 | | | 5.25%, 07/01/21 | | | 78,527 | |
| | 1,735,000 | | | 6.00%, 07/01/21 (c) | | | 1,837,278 | |
| | 2,220,000 | | | 6.75%, 07/01/21 (c) | | | 2,378,819 | |
| | 50,000 | | | 6.95%, 07/01/21 (c) | | | 53,799 | |
| | 55,000 | | | 7.50%, 07/01/21 (c) | | | 60,022 | |
| | 2,000,000 | | | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)
6.88%, 12/02/19 (c) | | | 2,027,960 | |
| | | | | | | | 15,356,119 | |
| Maryland: 1.0% | | | | |
| | 1,000,000 | | | Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST)
5.25%, 07/01/24 (c) | | | 1,035,430 | |
| | | | | City of Baltimore, Convention Center Hotel (RB) | | | | |
| | 2,000,000 | | | 5.00%, 09/01/27 (c) | | | 2,260,080 | |
| | 1,425,000 | | | 5.00%, 09/01/27 (c) | | | 1,617,631 | |
| | 915,000 | | | 5.00%, 09/01/27 (c) | | | 1,045,488 | |
| | 500,000 | | | City of Baltimore, East Baltimore Research Park Project, Series A (RB)
5.00%, 09/01/27 (c) | | | 554,175 | |
| | 250,000 | | | City of Baltimore, Harbor Point Project (RB)
5.13%, 06/01/26 (c) | | | 267,753 | |
| | 2,600,000 | | | Frederick County Urbana Community Development Authority, Series B (ST)
5.50%, 07/01/20 (c) | | | 2,651,038 | |
| | 2,000,000 | | | Frederick County, Maryland Education Facilities Project, Series A (RB)
5.00%, 09/01/27 (c) | | | 2,231,240 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Maryland: (continued) | | | | |
| $ | 500,000 | | | Howard County, Series A (TA)
4.50%, 02/15/26 (c) | | $ | 529,395 | |
| | 3,785,000 | | | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)
5.75%, 09/01/20 (c) | | | 3,874,137 | |
| | | | | Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | | | | |
| | 100,000 | | | 3.75%, 01/01/27 (c) | | | 104,468 | |
| | 470,000 | | | 4.38%, 01/01/27 (c) | | | 494,304 | |
| | 530,000 | | | 4.50%, 01/01/27 (c) | | | 557,449 | |
| | 1,000,000 | | | Maryland Economic Development Corp., Purple Line Light Rail Project, Series D (RB)
5.00%, 09/30/26 (c) | | | 1,124,180 | |
| | 1,120,000 | | | Maryland Economic Development Corp., Transportation Facilities Project, Series A (RB)
5.00%, 06/01/28 (c) | | | 1,352,154 | |
| | | | | Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | | | | |
| | 400,000 | | | 4.00%, 07/01/26 (c) | | | 423,200 | |
| | 250,000 | | | 5.00%, 07/01/26 (c) | | | 286,985 | |
| | | | | Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | | | | |
| | 210,000 | | | 4.00%, 07/01/25 (c) | | | 229,347 | |
| | 145,000 | | | 4.25%, 07/01/25 (c) | | | 158,281 | |
| | 1,500,000 | | | 5.00%, 07/01/25 (c) | | | 1,705,920 | |
| | 500,000 | | | 5.00%, 07/01/25 (c) | | | 573,165 | |
| | 625,000 | | | 5.00%, 07/01/25 (c) | | | 724,312 | |
| | | | | Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) | | | | |
| | 40,000 | | | 5.00%, 07/01/22 | | | 43,586 | |
| | 1,025,000 | | | 5.00%, 07/01/24 | | | 1,177,971 | |
| | 500,000 | | | 5.25%, 07/01/24 (c) | | | 578,545 | |
| | | | | Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) | | | | |
| | 1,000,000 | | | 5.00%, 11/01/24 (c) | | | 1,100,410 | |
| | 1,000,000 | | | 5.00%, 11/01/24 (c) | | | 1,108,530 | |
| | | | | Prince George County, Collington Episcopal Life Care Community, Inc. (RB) | | | | |
| | 1,000,000 | | | 5.25%, 04/01/27 (c) | | | 1,084,760 | |
| | 1,000,000 | | | 5.25%, 04/01/27 (c) | | | 1,097,560 | |
| | | | | Prince George’s County, Suitland-Naylor Road Project (TA) | | | | |
| | 500,000 | | | 4.75%, 01/01/26 (c) | | | 532,425 | |
| | 500,000 | | | 5.00%, 01/01/26 (c) | | | 534,695 | |
| | | | | | | | 31,058,614 | |
Principal
Amount | | | | | Value | |
| Massachusetts: 1.2% | | | | |
| | | | | Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | | | | |
| $ | 285,000 | | | 4.00%, 07/01/25 (c) | | $ | 300,008 | |
| | 2,105,000 | | | 5.00%, 07/01/25 (c) | | | 2,368,693 | |
| | | | | Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) | | | | |
| | 750,000 | | | 4.00%, 07/01/26 (c) | | | 803,460 | |
| | 550,000 | | | 5.00%, 07/01/26 (c) | | | 637,736 | |
| | | | | Massachusetts Development Finance Agency, Emerson College (RB) | | | | |
| | 705,000 | | | 5.00%, 01/01/25 (c) | | | 784,066 | |
| | 680,000 | | | 5.00%, 01/01/25 (c) | | | 753,705 | |
| | 500,000 | | | 5.00%, 01/01/25 (c) | | | 561,830 | |
| | | | | Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) | | | | |
| | 1,660,000 | | | 4.00%, 10/01/26 (c) | | | 1,745,307 | |
| | 445,000 | | | 5.00%, 07/01/22 (c) | | | 488,984 | |
| | 1,035,000 | | | 5.00%, 10/01/26 (c) | | | 1,179,103 | |
| | | | | Massachusetts Development Finance Agency, Lawrence General Hospital (RB) | | | | |
| | 585,000 | | | 5.00%, 07/01/27 (c) | | | 649,683 | |
| | 1,000,000 | | | 5.00%, 07/01/27 (c) | | | 1,115,540 | |
| | | | | Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) | | | | |
| | 350,000 | | | 5.25%, 07/01/24 (c) | | | 388,871 | |
| | 550,000 | | | 5.50%, 07/01/24 (c) | | | 608,988 | |
| | | | | Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | | | | |
| | 500,000 | | | 5.00%, 11/15/25 (c) | | | 565,530 | |
| | 500,000 | | | 5.13%, 11/15/25 (c) | | | 564,495 | |
| | | | | Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | | | | |
| | 1,000,000 | | | 4.00%, 10/01/22 (c) | | | 1,069,920 | |
| | 750,000 | | | 4.00%, 10/01/22 (c) | | | 815,122 | |
| | 7,250,000 | | | 5.00%, 10/01/22 (c) | | | 7,961,587 | |
| | 1,000,000 | | | 5.00%, 10/01/22 (c) | | | 1,101,130 | |
| | | | | Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II Issue, UMass Dartmouth Student Housing Project (RB) | | | | |
| | 955,000 | | | 5.00%, 10/01/28 (c) | | | 1,111,324 | |
| | 825,000 | | | 5.00%, 10/01/28 (c) | | | 971,751 | |
| | 1,000,000 | | | Massachusetts Development Finance Agency, South Shore Hospital Issue Series I (RB)
4.00%, 07/01/26 (c) | | | 1,071,120 | |
| | | | | Massachusetts Development Finance Agency, Suffolk University (RB) | | | | |
| | 740,000 | | | 4.00%, 07/01/27 (c) | | | 800,266 | |
| | 1,000,000 | | | 5.00%, 07/01/27 (c) | | | 1,193,260 | |
| | 3,000,000 | | | 5.00%, 07/01/27 (c) | | | 3,544,830 | |
| | 1,500,000 | | | 5.00%, 07/01/27 (c) | | | 1,776,675 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Massachusetts: (continued) | | | | |
| | | | | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | | | | |
| $ | 510,000 | | | 5.00%, 07/01/26 (c) | | $ | 584,358 | |
| | 190,000 | | | 5.00%, 07/01/26 (c) | | | 226,771 | |
| | 1,020,000 | | | 5.00%, 07/01/26 (c) | | | 1,227,876 | |
| | | | | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB) | | | | |
| | 290,000 | | | 3.63%, 07/01/27 (c) | | | 304,778 | |
| | 550,000 | | | 4.00%, 07/01/27 (c) | | | 591,503 | |
| | 1,510,000 | | | Massachusetts Educational Financing Authority, Series C (RB)
4.13%, 07/01/28 (c) | | | 1,617,150 | |
| | | | | | | | 39,485,420 | |
| Michigan: 1.3% | | | | |
| | 290,000 | | | Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)
5.00%, 02/15/27 (c) | | | 318,658 | |
| | 990,000 | | | City of Flint Hospital Building Authority, Hurley Medical Center (RB)
7.38%, 07/01/20 (c) | | | 1,022,512 | |
| | 425,000 | | | City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB)
4.75%, 07/01/23 (c) | | | 440,309 | |
| | 120,000 | | | Detroit Local Development Finance Authority, Series A (TA)
5.50%, 12/02/19 (c) | | | 119,233 | |
| | | | | Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 11/01/24 (c) | | | 531,450 | |
| | 500,000 | | | 5.00%, 11/01/24 (c) | | | 533,210 | |
| | | | | Michigan Finance Authority, Lawrence Technological University Project (RB) | | | | |
| | 2,000,000 | | | 5.00%, 02/01/27 (c) | | | 2,184,940 | |
| | 900,000 | | | 5.25%, 02/01/27 (c) | | | 993,852 | |
| | | | | Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | | | | |
| | 895,000 | | | 4.75%, 11/15/25 | | | 966,054 | |
| | 250,000 | | | 5.25%, 11/15/25 (c) | | | 268,840 | |
| | 300,000 | | | 5.50%, 11/15/25 (c) | | | 322,107 | |
| | | | | Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | | | | |
| | 110,000 | | | 5.00%, 07/01/23 | | | 122,064 | |
| | 3,020,000 | | | 5.00%, 07/01/24 (c) | | | 3,321,487 | |
| | 195,000 | | | 5.00%, 07/01/24 (c) | | | 215,760 | |
| | 150,000 | | | 5.00%, 07/01/24 (c) | | | 170,043 | |
| | | | | Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) | | | | |
| | 795,000 | | | 5.00%, 07/01/24 (c) | | | 886,822 | |
| | 1,030,000 | | | 6.75%, 07/01/24 (c) | | | 1,082,612 | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Michigan: (continued) | | | | |
| $ | 1,000,000 | | | Michigan Municipal Bond Authority, Series C (RB) (AMBAC)
4.75%, 12/02/19 (c) | | $ | 1,000,590 | |
| | 455,000 | | | Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
7.50%, 12/02/19 (c) | | | 454,536 | |
| | 100,000 | | | Michigan State Building Authority, Series F (RB)
4.00%, 10/01/24 | | | 107,825 | |
| | 500,000 | | | Michigan Strategic Fund, Canterbury Health Care Inc. (RB)
5.00%, 07/01/24 (c) | | | 525,665 | |
| | 1,000,000 | | | Michigan Strategic Fund, Evangelical Homes Project (RB)
5.50%, 06/01/22 (c) | | | 1,049,310 | |
| | 3,000,000 | | | Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c) | | | 3,547,770 | |
| | | | | Michigan Tobacco Settlement Finance Authority, Series A (RB) | | | | |
| | 285,000 | | | 5.13%, 11/18/19 (c) | | | 285,399 | |
| | 9,650,000 | | | 6.00%, 11/18/19 (c) | | | 9,702,689 | |
| | 3,975,000 | | | 6.00%, 11/18/19 (c) | | | 3,996,703 | |
| | 6,000,000 | | | 6.88%, 11/18/19 (c) | | | 6,064,800 | |
| | 1,205,000 | | | Michigan Tobacco Settlement Finance Authority, Series B (RB)
0.00%, 11/18/19 (c) ^ | | | 69,974 | |
| | 1,400,000 | | | Michigan Tobacco Settlement Finance Authority, Series C (RB)
0.00%, 06/01/33 (c) ^ | | | 47,642 | |
| | 1,000,000 | | | Waterford Chapter Township, Canterbury Health Care, Inc., Series A (RB)
5.00%, 07/01/24 (c) | | | 1,054,310 | |
| | | | | | | | 41,407,166 | |
| Minnesota: 1.0% | | | | |
| | | | | City of Anoka, Homestead at Anoka, Inc. Project (RB) | | | | |
| | 500,000 | | | 4.25%, 11/01/24 (c) | | | 528,780 | |
| | 1,000,000 | | | 5.50%, 11/01/24 (c) | | | 1,103,910 | |
| | | | | City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB) | | | | |
| | 1,000,000 | | | 5.00%, 01/01/22 (c) | | | 980,450 | |
| | 1,015,000 | | | 5.00%, 01/01/22 (c) | | | 1,003,327 | |
| | | | | City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB) | | | | |
| | 2,920,000 | | | 4.38%, 09/01/23 (c) | | | 3,026,960 | |
| | 940,000 | | | 4.50%, 09/01/23 (c) | | | 978,042 | |
| | | | | City of Bethel, The Lodge at the Lakes at Stillwater Project (RB) | | | | |
| | 500,000 | | | 5.00%, 06/01/23 (c) | | | 525,005 | |
| | 750,000 | | | 5.00%, 06/01/23 (c) | | | 790,582 | |
| | 350,000 | | | 5.00%, 06/01/23 (c) | | | 371,235 | |
| | 500,000 | | | 5.25%, 06/01/23 (c) | | | 529,465 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Minnesota: (continued) | | | | |
| | | | | City of Blaine, Crest View Senior Communities Project, Series A (RB) | | | | |
| $ | 1,355,000 | | | 5.75%, 07/01/25 (c) | | $ | 1,379,729 | |
| | 1,055,000 | | | 6.13%, 07/01/25 (c) | | | 1,079,402 | |
| | 400,000 | | | 6.13%, 07/01/25 (c) | | | 410,224 | |
| | | | | City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | | | | |
| | 245,000 | | | 5.50%, 07/01/25 (c) | | | 261,006 | |
| | 250,000 | | | 5.50%, 07/01/25 (c) | | | 268,808 | |
| | 500,000 | | | 5.75%, 07/01/25 (c) | | | 535,775 | |
| | | | | City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | | | | |
| | 500,000 | | | 5.25%, 07/01/25 (c) | | | 542,400 | |
| | 1,000,000 | | | 5.50%, 07/01/25 (c) | | | 1,090,450 | |
| | 500,000 | | | City of Forest Lake, International Language Academy, Series A (RB) (SAW)
5.38%, 08/01/27 (c) | | | 553,420 | |
| | 750,000 | | | City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB)
5.00%, 07/01/24 (c) | | | 788,055 | |
| | | | | City of Maple Grove, Minnesota Health Care Facilities (RB) | | | | |
| | 1,000,000 | | | 4.00%, 05/01/27 (c) | | | 1,093,360 | |
| | 625,000 | | | 5.00%, 05/01/27 (c) | | | 747,075 | |
| | 500,000 | | | City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB)
5.00%, 07/01/24 (c) | | | 533,095 | |
| | 1,245,000 | | | City of Rochester, Health Care and Housing Facilities, Series A (RB)
5.00%, 12/01/25 (c) | | | 1,281,727 | |
| | | | | City of St. Paul Park, Minnesota Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) | | | | |
| | 730,000 | | | 4.38%, 05/01/23 (c) | | | 747,717 | |
| | 1,000,000 | | | 5.00%, 05/01/23 (c) | | | 1,060,490 | |
| | | | | City of St. Paul, Housing and Redevelopment Authority, Series A (RB) | | | | |
| | 325,000 | | | 5.75%, 09/01/26 (c) | | | 359,882 | |
| | 500,000 | | | 6.00%, 09/01/26 (c) | | | 559,495 | |
| | 1,100,000 | | | City of Victoria, Minnesota Holy Family Catholic High School Project (RB)
5.00%, 09/01/22 (c) | | | 1,117,578 | |
| | | | | City of Wayzata, Folkestone Senior Living Community (RB) | | | | |
| | 350,000 | | | 4.00%, 08/01/24 (c) | | | 362,971 | |
| | 500,000 | | | 5.00%, 08/01/24 (c) | | | 549,280 | |
| | 500,000 | | | 5.00%, 08/01/24 (c) | | | 550,445 | |
| | 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) | | | 528,040 | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Minnesota: (continued) | | | | |
| $ | 665,000 | | | Duluth Independent School District No. 709, Series A (CP)
4.20%, 03/01/27 (c) | | $ | 709,888 | |
| | 750,000 | | | Rice County Educational Facility, St. Mary’s School Project (RB)
5.00%, 08/01/22 | | | 787,905 | |
| | 2,500,000 | | | Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB)
5.00%, 05/01/23 (c) | | | 2,608,025 | |
| | | | | Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) | | | | |
| | 250,000 | | | 4.00%, 08/01/26 (c) | | | 256,683 | |
| | 865,000 | | | 4.25%, 08/01/26 (c) | | | 886,884 | |
| | | | | | | | 31,487,565 | |
| Mississippi: 0.0% | | | | |
| | 1,000,000 | | | Mississippi Development Bank, Water and Sewer System (RB) (AGM)
6.88%, 12/01/23 (c) | | | 1,187,230 | |
| Missouri: 1.6% | | | | |
| | 1,000,000 | | | Citizens Memorial Hospital District of Polk County (RB)
5.00%, 12/02/19 (c) | | | 1,000,600 | |
| | 495,000 | | | City of Blue Springs, Adams Farm Project, Series A (TA)
4.00%, 06/01/24 (c) | | | 506,212 | |
| | | | | City of Liberty, Liberty Commons Project, Series A (TA) | | | | |
| | 500,000 | | | 5.75%, 06/01/25 (c) | | | 511,200 | |
| | 500,000 | | | 6.00%, 06/01/25 (c) | | | 514,010 | |
| | | | | City of St. Ann, Northwest Plaza Development Project, Series A (TA) | | | | |
| | 1,500,000 | | | 4.63%, 11/01/27 (c) | | | 1,527,525 | |
| | 1,310,000 | | | 5.38%, 11/01/27 (c) | | | 1,334,995 | |
| | | | | City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) | | | | |
| | 250,000 | | | 4.38%, 11/15/26 (c) | | | 271,640 | |
| | 500,000 | | | 4.75%, 11/15/26 (c) | | | 545,485 | |
| | | | | City of St. Louis, Industrial Development Authority, Confluence Academy Project, Series A (RB) | | | | |
| | 1,150,000 | | | 5.25%, 12/02/19 (c) | | | 1,150,356 | |
| | 570,000 | | | 5.35%, 12/02/19 (c) | | | 570,017 | |
| | 1,500,000 | | | City of St. Louis, Industrial Development Authority, Ranken-Jordan Project (RB)
5.00%, 11/15/25 (c) | | | 1,649,595 | |
| | | | | Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA) | | | | |
| | 1,095,000 | | | 4.25%, 05/01/25 (c) | | | 1,092,569 | |
| | 885,000 | | | 5.00%, 05/01/25 (c) | | | 901,806 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Missouri: (continued) | | | | |
| | | | | I-470 Western Gateway Transportation Development District, Series A (RB) | | | | |
| $ | 500,000 | | | 4.50%, 12/01/26 (c) | | $ | 520,370 | |
| | 1,000,000 | | | 5.25%, 12/01/26 (c) | | | 1,048,070 | |
| | 730,000 | | | Industrial Development Authority of the City of St. Louis, Series A (RB)
3.88%, 11/15/26 (c) | | | 792,130 | |
| | | | | Kansas City Industrial Development Authority, Kingswood Project (RB) | | | | |
| | 2,400,000 | | | 5.75%, 11/15/25 (c) | | | 2,197,704 | |
| | 4,910,000 | | | 6.00%, 11/15/25 (c) | | | 4,336,610 | |
| | 2,810,000 | | | 6.00%, 11/15/25 (c) | | | 2,514,528 | |
| | | | | Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (AGM) (TA) | | | | |
| | 2,800,000 | | | 5.00%, 02/01/28 (c) | | | 3,043,880 | |
| | 500,000 | | | 5.00%, 02/01/28 (c) | | | 552,140 | |
| | | | | Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | | | | |
| | 1,000,000 | | | 5.25%, 05/15/27 (c) | | | 1,114,260 | |
| | 500,000 | | | 5.25%, 05/15/27 (c) | | | 568,820 | |
| | | | | Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | | | | |
| | 2,250,000 | | | 5.00%, 08/15/24 (c) | | | 2,461,500 | |
| | 1,000,000 | | | 5.00%, 08/15/24 (c) | | | 1,091,670 | |
| | 570,000 | | | 5.00%, 08/15/25 (c) | | | 651,037 | |
| | 200,000 | | | 5.00%, 08/15/25 (c) | | | 223,960 | |
| | 1,250,000 | | | 5.25%, 08/15/24 (c) | | | 1,372,000 | |
| | | | | Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Series A (RB) | | | | |
| | 2,000,000 | | | 5.00%, 03/15/28 (c) | | | 2,157,060 | |
| | 860,000 | | | 5.00%, 03/15/28 (c) | | | 937,813 | |
| | | | | Missouri Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) | | | | |
| | 1,000,000 | | | 4.00%, 02/01/29 (c) | | | 1,049,950 | |
| | 1,000,000 | | | 4.00%, 02/01/29 (c) | | | 1,054,400 | |
| | 40,000 | | | Nevada City, Regional Medical Center (RB) (ACA)
4.30%, 12/02/19 (c) | | | 39,335 | |
| | 860,000 | | | Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA)
5.38%, 05/01/25 (c) | | | 891,596 | |
| | | | | St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 09/01/25 (c) | | | 563,080 | |
| | 5,500,000 | | | 5.13%, 09/01/25 (c) | | | 6,201,800 | |
| | 3,000,000 | | | 5.25%, 09/01/25 (c) | | | 3,393,960 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| Missouri: (continued) | | | | |
| $ | 150,000 | | | St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB)
5.00%, 12/01/25 (c) | | $ | 165,057 | |
| | | | | | | | 50,518,740 | |
| Montana: 0.0% | | | | |
| | 500,000 | | | Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.13%, 07/01/28 (c) | | | 526,670 | |
| Nebraska: 0.2% | | | | |
| | | | | Central Plains Energy Project, Gas Project Crossover, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 09/01/29 | | | 619,865 | |
| | 125,000 | | | 5.00%, 09/01/30 | | | 156,653 | |
| | 830,000 | | | 5.00%, 09/01/34 | | | 1,085,491 | |
| | 1,185,000 | | | 5.00%, 09/01/35 | | | 1,562,896 | |
| | 3,250,000 | | | 5.00%, 09/01/42 | | | 4,486,852 | |
| | | | | | | | 7,911,757 | |
| Nevada: 0.6% | | | | |
| | 500,000 | | | City of Carson, Tahoe Regional Healthcare Project (RB)
5.00%, 09/01/27 (c) | | | 579,035 | |
| | 4,000,000 | | | City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM)
0.00%, 07/01/38 (c) ^ | | | 576,680 | |
| | 915,000 | | | City of Reno, Tax Increment Senior Lien, Series C (TA)
5.40%, 12/02/19 (c) | | | 906,024 | |
| | 180,000 | | | Clark County, Special Improvement District No. 159 (SA)
5.00%, 08/01/25 (c) | | | 196,567 | |
| | 625,000 | | | Henderson Local Improvement District No. T-18 (SA)
4.00%, 09/01/26 (c) | | | 637,994 | |
| | | | | North Las Vegas, Special Improvement District No. 64 (SA) | | | | |
| | 250,000 | | | 4.63%, 12/01/28 (c) | | | 263,508 | |
| | 500,000 | | | 4.63%, 12/01/28 (c) | | | 530,610 | |
| | | | | State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) | | | | |
| | 500,000 | | | 5.88%, 12/15/27 | | | 555,965 | |
| | 4,485,000 | | | 6.25%, 12/15/27 (c) | | | 5,214,216 | |
| | 4,000,000 | | | State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB)
6.95%, 08/15/28 (c) | | | 4,603,720 | |
| | | | | State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | | | | |
| | 1,250,000 | | | 5.00%, 12/15/25 (c) | | | 1,360,962 | |
| | 500,000 | | | 5.00%, 12/15/25 (c) | | | 538,090 | |
| | 1,000,000 | | | 5.00%, 12/15/25 (c) | | | 1,095,710 | |
| | 1,000,000 | | | 5.13%, 12/15/25 (c) | | | 1,084,700 | |
| | | | | | | | 18,143,781 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New Hampshire: 0.6% | | | | |
| | | | | National Finance Authority, Vista Project, Series A (RB) | | | | |
| $ | 810,000 | | | 5.25%, 07/01/25 (c) | | $ | 883,224 | |
| | 1,600,000 | | | 5.63%, 07/01/25 (c) | | | 1,761,872 | |
| | 3,750,000 | | | 5.75%, 07/01/25 (c) | | | 4,136,737 | |
| | 4,000,000 | | | New Hampshire Business Finance Authority, Covanta Project, Series B (RB)
4.63%, 07/01/23 (c) | | | 4,212,120 | |
| | 870,000 | | | New Hampshire Business Finance Authority, Covanta Project, Series C (RB)
4.88%, 07/01/23 (c) | | | 923,601 | |
| | 3,750,000 | | | New Hampshire Health and Education Facilities Authority, Elliot Hospital (RB)
5.00%, 10/01/26 (c) | | | 4,344,937 | |
| | | | | New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | | | | |
| | 2,950,000 | | | 6.13%, 07/01/24 (c) | | | 3,187,327 | |
| | 500,000 | | | 6.13%, 07/01/24 (c) | | | 542,640 | |
| | 500,000 | | | 6.25%, 07/01/24 (c) | | | 543,910 | |
| | | | | | | | 20,536,368 | |
| New Jersey: 6.0% | | | | |
| | | | | Atlantic City (GO) | | | | |
| | 25,000 | | | 5.00%, 11/01/21 | | | 25,820 | |
| | 50,000 | | | 5.00%, 12/01/21 | | | 51,704 | |
| | 115,000 | | | 5.00%, 11/01/22 | | | 120,551 | |
| | 65,000 | | | 5.00%, 12/01/23 (c) | | | 69,167 | |
| | | | | Camden County, New Jersey Improvement Authority, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 02/15/24 (c) | | | 1,119,320 | |
| | 1,000,000 | | | 5.00%, 02/15/24 (c) | | | 1,114,920 | |
| | 150,000 | | | 5.00%, 02/15/24 (c) | | | 168,792 | |
| | 1,000,000 | | | 5.00%, 02/15/24 (c) | | | 1,133,190 | |
| | 1,055,000 | | | 5.00%, 02/15/24 (c) | | | 1,189,818 | |
| | | | | Casino Reinvestment Development Authority (RB) | | | | |
| | 2,450,000 | | | 5.25%, 11/01/24 (c) | | | 2,656,559 | |
| | 1,410,000 | | | 5.25%, 11/01/24 (c) | | | 1,530,795 | |
| | 1,000,000 | | | Essex County Improvement Authority, Covanta Project (RB)
5.25%, 07/01/20 (c) | | | 1,023,250 | |
| | 2,370,000 | | | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB)
5.00%, 12/01/24 | | | 2,577,588 | |
| | 470,000 | | | New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)
5.00%, 06/01/26 (c) | | | 511,365 | |
| | 500,000 | | | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series A (RB) (SAW)
5.00%, 10/01/27 (c) | | | 501,530 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| | | | | New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | | | | |
| $ | 1,665,000 | | | 4.25%, 06/15/22 (c) | | $ | 1,751,130 | |
| | 1,250,000 | | | 5.00%, 06/15/21 | | | 1,316,987 | |
| | 535,000 | | | 5.00%, 06/15/22 (c) | | | 571,294 | |
| | 520,000 | | | 5.00%, 06/15/22 (c) | | | 556,431 | |
| | 1,150,000 | | | 5.00%, 06/15/22 (c) | | | 1,237,584 | |
| | 110,000 | | | 5.00%, 06/15/22 | | | 119,232 | |
| | 1,020,000 | | | 5.00%, 06/15/22 (c) | | | 1,102,895 | |
| | 160,000 | | | 5.00%, 06/15/22 (c) | | | 172,603 | |
| | | | | New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | | | | |
| | 2,075,000 | | | 5.25%, 08/20/22 (c) | | | 2,268,182 | |
| | 2,215,000 | | | 5.50%, 12/02/19 (c) | | | 2,220,560 | |
| | 60,000 | | | 5.50%, 06/20/23 (c) | | | 66,992 | |
| | 285,000 | | | 5.63%, 03/05/24 (c) | | | 327,331 | |
| | 350,000 | | | 5.63%, 03/05/24 (c) | | | 401,986 | |
| | 2,795,000 | | | 5.75%, 09/15/22 (c) | | | 3,079,810 | |
| | | | | New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 12/15/27 (c) | | | 563,845 | |
| | 1,130,000 | | | 5.00%, 12/15/27 (c) | | | 1,281,205 | |
| | 55,000 | | | New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA)
5.75%, 04/01/31 | | | 63,282 | |
| | | | | New Jersey Economic Development Authority, Lions Gate Project (RB) | | | | |
| | 655,000 | | | 4.88%, 01/01/24 (c) | | | 686,695 | |
| | 500,000 | | | 5.00%, 01/01/24 (c) | | | 520,705 | |
| | 1,800,000 | | | 5.25%, 01/01/24 (c) | | | 1,874,808 | |
| | | | | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | | | | |
| | 980,000 | | | 3.38%, 07/01/27 (c) | | | 1,011,115 | |
| | 3,055,000 | | | 4.00%, 07/01/27 (c) | | | 3,250,459 | |
| | 1,640,000 | | | 4.00%, 07/01/27 (c) | | | 1,752,635 | |
| | 1,275,000 | | | 5.00%, 07/01/27 (c) | | | 1,471,465 | |
| | 515,000 | | | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)
0.00%, 07/01/26 ^ | | | 439,939 | |
| | 985,000 | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
4.00%, 11/01/27 | | | 1,089,656 | |
| | | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | | | | |
| | 120,000 | | | 4.00%, 11/01/25 | | | 131,534 | |
| | 4,000,000 | | | 5.00%, 11/01/22 | | | 4,390,480 | |
| | | | | New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) | | | | |
| | 1,000,000 | | | 5.00%, 10/01/27 (c) | | | 1,143,510 | |
| | 1,000,000 | | | 5.00%, 10/01/27 (c) | | | 1,161,860 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 745,000 | | | New Jersey Economic Development Authority, Saint Barnabas Project, Series A (RB)
0.00%, 07/01/21 ^ | | $ | 727,366 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | | | | |
| | 1,740,000 | | | 5.00%, 12/15/26 (c) | | | 1,965,765 | |
| | 220,000 | | | 5.00%, 12/15/26 (c) | | | 251,904 | |
| | 1,730,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c) | | | 1,946,804 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | | | | |
| | 3,500,000 | | | 4.00%, 06/15/27 (c) | | | 3,700,865 | |
| | 780,000 | | | 5.00%, 06/15/27 (c) | | | 909,535 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) | | | | |
| | 745,000 | | | 5.00%, 03/01/21 (c) | | | 779,367 | |
| | 845,000 | | | 5.25%, 03/01/21 (c) | | | 885,940 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) | | | | |
| | 165,000 | | | 5.00%, 03/01/21 (c) | | | 172,501 | |
| | 360,000 | | | 5.25%, 03/01/21 (c) | | | 377,201 | |
| | 210,000 | | | 5.25%, 03/01/21 (c) | | | 220,118 | |
| | 105,000 | | | 5.25%, 03/01/21 (c) | | | 110,087 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | | | | |
| | 335,000 | | | 5.00%, 03/01/22 (c) | | | 358,752 | |
| | 515,000 | | | 5.00%, 03/01/22 (c) | | | 550,458 | |
| | 435,000 | | | 5.00%, 03/01/22 (c) | | | 467,808 | |
| | 470,000 | | | 5.00%, 03/01/22 (c) | | | 504,019 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) | | | | |
| | 1,645,000 | | | 4.00%, 12/15/27 (c) | | | 1,704,944 | |
| | 355,000 | | | 5.00%, 09/01/22 (c) | | | 380,251 | |
| | 685,000 | | | 5.00%, 09/01/22 (c) | | | 731,272 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | | | | |
| | 650,000 | | | 5.00%, 03/01/21 | | | 679,900 | |
| | 3,050,000 | | | 5.00%, 03/01/22 | | | 3,285,307 | |
| | 155,000 | | | 5.00%, 03/01/23 (c) | | | 168,992 | |
| | 300,000 | | | 5.00%, 03/01/23 (c) | | | 327,636 | |
| | 265,000 | | | 5.00%, 03/01/23 (c) | | | 288,405 | |
| | 650,000 | | | 5.00%, 03/01/23 (c) | | | 711,341 | |
| | 1,680,000 | | | 5.00%, 03/01/23 (c) | | | 1,842,674 | |
| | 865,000 | | | 5.00%, 03/01/23 (c) | | | 952,227 | |
| | 1,175,000 | | | 5.00%, 03/01/23 (c) | | | 1,275,909 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | | | | |
| | 580,000 | | | 5.00%, 06/15/24 (c) | | | 644,276 | |
| | 140,000 | | | 5.00%, 06/15/24 (c) | | | 156,393 | |
| | 920,000 | | | 5.00%, 06/15/24 (c) | | | 1,041,734 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 120,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB)
5.00%, 06/15/24 (c) | | $ | 133,062 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | | | | |
| | 4,840,000 | | | 5.00%, 06/15/24 (c) | | | 5,301,930 | |
| | 875,000 | | | 5.00%, 06/15/24 (c) | | | 967,540 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | | | | |
| | 405,000 | | | 5.00%, 06/15/25 (c) | | | 452,563 | |
| | 630,000 | | | 5.00%, 06/15/25 (c) | | | 702,349 | |
| | 1,235,000 | | | 5.00%, 06/15/25 (c) | | | 1,385,102 | |
| | 680,000 | | | 5.00%, 06/15/25 (c) | | | 761,253 | |
| | 435,000 | | | 5.25%, 06/15/25 (c) | | | 502,086 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | | | | |
| | 220,000 | | | 4.00%, 06/15/24 | | | 237,923 | |
| | 595,000 | | | 4.25%, 06/15/25 (c) | | | 652,174 | |
| | 125,000 | | | 4.38%, 06/15/25 (c) | | | 137,326 | |
| | 1,085,000 | | | 5.00%, 06/15/21 | | | 1,145,673 | |
| | 1,000,000 | | | 5.00%, 06/15/23 | | | 1,113,970 | |
| | 1,080,000 | | | 5.00%, 06/15/24 | | | 1,228,943 | |
| | | | | New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | | | | |
| | 350,000 | | | 5.13%, 01/01/24 (c) | | | 393,568 | |
| | 900,000 | | | 5.38%, 01/01/24 (c) | | | 1,008,360 | |
| | 500,000 | | | 5.50%, 01/01/24 (c) | | | 574,680 | |
| | 100,000 | | | New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)
4.13%, 07/01/25 (c) | | | 101,994 | |
| | | | | New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | | | | |
| | 550,000 | | | 5.00%, 06/15/22 | | | 597,487 | |
| | 150,000 | | | 5.00%, 06/15/23 | | | 167,096 | |
| | 265,000 | | | New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)
5.00%, 09/01/24 (c) | | | 300,025 | |
| | | | | New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 07/01/25 | | | 1,172,260 | |
| | 1,050,000 | | | 5.00%, 07/01/26 (c) | | | 1,216,015 | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,169,540 | |
| | | | | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | | | | |
| | 630,000 | | | 5.00%, 04/01/28 (c) | | | 720,185 | |
| | 940,000 | | | 5.00%, 04/01/28 (c) | | | 1,077,137 | |
| | 1,000,000 | | | 5.00%, 04/01/28 (c) | | | 1,150,090 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| | | | | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | | | | |
| $ | 850,000 | | | 3.00%, 07/01/26 (c) | | $ | 853,587 | |
| | 835,000 | | | 3.13%, 07/01/26 (c) | | | 841,538 | |
| | 845,000 | | | 4.00%, 07/01/26 (c) | | | 901,285 | |
| | 1,750,000 | | | 5.00%, 07/01/26 (c) | | | 1,990,922 | |
| | | | | New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) | | | | |
| | 100,000 | | | 5.00%, 07/01/21 | | | 104,082 | |
| | 170,000 | | | 6.00%, 07/01/21 (c) | | | 180,107 | |
| | 1,050,000 | | | 6.25%, 07/01/21 (c) | | | 1,113,819 | |
| | 430,000 | | | New Jersey State Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/24 ^ | | | 386,626 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | |
| | 230,000 | | | 0.00%, 12/15/25 ^ | | | 199,824 | |
| | 270,000 | | | 0.00%, 12/15/25 ^ | | | 234,576 | |
| | 575,000 | | | 0.00%, 12/15/26 ^ | | | 482,759 | |
| | 4,440,000 | | | 0.00%, 12/15/28 ^ | | | 3,451,301 | |
| | 870,000 | | | 0.00%, 12/15/28 ^ | | | 676,268 | |
| | 325,000 | | | 0.00%, 12/15/29 ^ | | | 244,215 | |
| | 2,210,000 | | | 0.00%, 12/15/30 ^ | | | 1,605,609 | |
| | 1,780,000 | | | 0.00%, 12/15/31 ^ | | | 1,252,159 | |
| | 1,480,000 | | | 0.00%, 12/15/32 ^ | | | 1,006,977 | |
| | 1,190,000 | | | 0.00%, 12/15/33 ^ | | | 781,901 | |
| | 705,000 | | | 0.00%, 12/15/33 ^ | | | 463,227 | |
| | 765,000 | | | 0.00%, 12/15/34 ^ | | | 484,704 | |
| | 915,000 | | | 0.00%, 12/15/34 ^ | | | 579,744 | |
| | 340,000 | | | 0.00%, 12/15/35 ^ | | | 206,098 | |
| | 1,780,000 | | | 0.00%, 12/15/37 ^ | | | 969,904 | |
| | 1,115,000 | | | 0.00%, 12/15/37 ^ | | | 607,552 | |
| | 605,000 | | | 0.00%, 12/15/38 ^ | | | 313,886 | |
| | 705,000 | | | 0.00%, 12/15/38 ^ | | | 365,768 | |
| | 1,500,000 | | | 0.00%, 12/15/39 ^ | | | 745,740 | |
| | 750,000 | | | 0.00%, 12/15/40 ^ | | | 357,000 | |
| | 695,000 | | | 4.00%, 12/15/28 (c) | | | 754,965 | |
| | 1,000,000 | | | 4.25%, 12/15/28 (c) | | | 1,078,080 | |
| | 360,000 | | | 5.00%, 06/15/21 (c) | | | 379,541 | |
| | 5,875,000 | | | 5.00%, 06/15/22 (c) | | | 6,228,910 | |
| | 665,000 | | | 5.00%, 06/15/24 | | | 758,605 | |
| | 1,000,000 | | | 5.00%, 12/15/28 (c) | | | 1,166,910 | |
| | 100,000 | | | 5.25%, 06/15/21 (c) | | | 105,863 | |
| | 370,000 | | | 5.25%, 06/15/21 (c) | | | 389,814 | |
| | 430,000 | | | 5.25%, 12/15/21 | | | 463,613 | |
| | 100,000 | | | 5.25%, 12/15/23 | | | 114,081 | |
| | 310,000 | | | 5.50%, 12/15/21 | | | 335,839 | |
| | 205,000 | | | 5.50%, 12/15/23 | | | 236,777 | |
| | 250,000 | | | 6.00%, 06/15/21 (c) | | | 265,830 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | |
| | 220,000 | | | 4.00%, 06/15/22 (c) | | | 228,752 | |
| | 695,000 | | | 4.25%, 06/15/24 (c) | | | 725,045 | |
| | 150,000 | | | 4.75%, 06/15/25 (c) | | | 164,345 | |
| | 1,375,000 | | | 4.75%, 06/15/25 (c) | | | 1,497,196 | |
| | 345,000 | | | 5.00%, 06/15/22 | | | 375,250 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 265,000 | | | 5.00%, 06/15/22 (c) | | $ | 285,249 | |
| | 425,000 | | | 5.00%, 06/15/22 (c) | | | 454,750 | |
| | 4,710,000 | | | 5.00%, 06/15/22 (c) | | | 5,010,121 | |
| | 1,940,000 | | | 5.00%, 06/15/22 (c) | | | 2,073,996 | |
| | 135,000 | | | 5.00%, 06/15/23 (c) | | | 148,792 | |
| | 640,000 | | | 5.00%, 06/15/23 (c) | | | 694,272 | |
| | 1,115,000 | | | 5.00%, 06/15/23 (c) | | | 1,199,383 | |
| | 200,000 | | | 5.00%, 06/15/23 (c) | | | 221,482 | |
| | 1,620,000 | | | 5.00%, 06/15/24 (c) | | | 1,779,343 | |
| | 1,195,000 | | | 5.00%, 06/15/24 (c) | | | 1,303,506 | |
| | 340,000 | | | 5.00%, 06/15/25 (c) | | | 376,370 | |
| | 665,000 | | | 5.00%, 06/15/25 (c) | | | 736,840 | |
| | 130,000 | | | 5.25%, 06/15/23 (c) | | | 142,641 | |
| | 925,000 | | | 5.25%, 06/15/23 (c) | | | 1,019,322 | |
| | 505,000 | | | 5.25%, 06/15/25 (c) | | | 571,276 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series B (RB) | | | | |
| | 3,425,000 | | | 5.00%, 06/15/21 (c) | | | 3,570,049 | |
| | 835,000 | | | 5.25%, 06/15/21 (c) | | | 877,201 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | | | | |
| | 250,000 | | | 0.00%, 12/15/25 ^ | | | 218,518 | |
| | 985,000 | | | 0.00%, 12/15/26 ^ | | | 832,817 | |
| | 185,000 | | | 0.00%, 12/15/28 ^ | | | 145,103 | |
| | 265,000 | | | 0.00%, 12/15/30 ^ | | | 194,650 | |
| | 365,000 | | | 0.00%, 12/15/31 ^ | | | 259,847 | |
| | 5,475,000 | | | 0.00%, 12/15/35 ^ | | | 3,371,833 | |
| | 2,245,000 | | | 5.25%, 12/15/24 (c) | | | 2,552,565 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series D (RB) | | | | |
| | 325,000 | | | 5.00%, 12/15/24 | | | 374,897 | |
| | 960,000 | | | 5.00%, 12/15/24 (c) | | | 1,075,123 | |
| | 295,000 | | | 5.25%, 12/15/23 | | | 336,539 | |
| | 100,000 | | | Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB)
5.25%, 01/01/27 | | | 120,938 | |
| | 1,690,000 | | | Pollution Control Financing Authority, Chambers Project, Series A (RB)
5.00%, 12/01/23 | | | 1,819,369 | |
| | | | | South Jersey Port Corp., Marine Terminal, Series B (RB) | | | | |
| | 500,000 | | | 5.00%, 01/01/28 (c) | | | 578,955 | |
| | 2,000,000 | | | 5.00%, 01/01/28 (c) | | | 2,296,120 | |
| | 1,260,000 | | | 5.00%, 01/01/28 (c) | | | 1,475,775 | |
| | 360,000 | | | 5.00%, 01/01/28 (c) | | | 424,019 | |
| | 750,000 | | | 5.00%, 01/01/28 (c) | | | 879,577 | |
| | | | | Tobacco Settlement Financing Corp., Series A (RB) | | | | |
| | 4,800,000 | | | 5.00%, 06/01/28 (c) | | | 5,470,368 | |
| | 4,000,000 | | | 5.25%, 06/01/28 (c) | | | 4,652,760 | |
| | | | | Tobacco Settlement Financing Corp., Series B (RB) | | | | |
| | 2,315,000 | | | 3.20%, 06/01/27 | | | 2,366,578 | |
| | 5,300,000 | | | 5.00%, 06/01/28 (c) | | | 5,843,091 | |
| | | | | | | | 194,735,290 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New Mexico: 0.1% | | | | |
| $ | 500,000 | | | Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) | | $ | 501,565 | |
| | 695,000 | | | Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB)
6.25%, 06/01/20 (c) | | | 712,924 | |
| | 1,000,000 | | | New Mexico Hospital Equipment Loan Council, La Vida Expansion Project, Series A (RB)
5.00%, 07/01/26 (c) | | | 1,127,340 | |
| | 1,000,000 | | | Winrock Town Center Tax Increment Development District No. 1 (TA)
5.75%, 05/01/20 (c) | | | 1,028,910 | |
| | | | | | | | 3,370,739 | |
| New York: 7.5% | | | | |
| | | | | Brooklyn Arena Local Development Corp., Barclays Center (RB) | | | | |
| | 270,000 | | | 0.00%, 07/15/32 ^ | | | 183,125 | |
| | 370,000 | | | 0.00%, 07/15/33 ^ | | | 241,629 | |
| | 4,350,000 | | | 0.00%, 07/15/45 ^ | | | 1,716,423 | |
| | | | | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | | | | |
| | 125,000 | | | 5.00%, 07/15/26 | | | 148,175 | |
| | 9,980,000 | | | 5.00%, 01/15/27 (c) | | | 11,352,949 | |
| | 500,000 | | | 5.00%, 01/15/27 (c) | | | 588,010 | |
| | 2,350,000 | | | 5.00%, 01/15/27 (c) | | | 2,789,262 | |
| | 760,000 | | | Buffalo and Erie County Industrial Land Development Corp., Series A (RB)
5.00%, 08/01/27 (c) | | | 830,216 | |
| | | | | Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | | | | |
| | 3,000,000 | | | 5.00%, 12/31/28 | | | 3,347,370 | |
| | 8,700,000 | | | 5.25%, 12/31/28 (c) | | | 9,774,972 | |
| | 4,000,000 | | | 5.50%, 12/31/28 (c) | | | 4,518,280 | |
| | 250,000 | | | Build NYC Resource Corp., Metropolitan College of New York Project (RB)
5.25%, 11/01/24 (c) | | | 272,868 | |
| | | | | Build NYC Resource Corp., New York Law School Project (RB) | | | | |
| | 695,000 | | | 4.00%, 01/01/26 (c) | | | 722,237 | |
| | 1,225,000 | | | 5.00%, 01/01/26 (c) | | | 1,367,284 | |
| | | | | Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) | | | | |
| | 1,050,000 | | | 4.50%, 01/01/25 | | | 1,161,657 | |
| | 560,000 | | | 5.00%, 11/01/24 (c) | | | 592,379 | |
| | 600,000 | | | 5.00%, 01/01/25 (c) | | | 660,732 | |
| | 750,000 | | | 5.25%, 11/01/24 (c) | | | 808,920 | |
| | 1,145,000 | | | 5.50%, 11/01/24 (c) | | | 1,230,589 | |
| | 1,100,000 | | | Build NYC Resource Corp., South Bronx Charter School for International Cultures (RB)
5.00%, 04/15/23 (c) | | | 1,150,578 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 1,000,000 | | | Chautauqua Tobacco Asset Securitization Corp. (RB)
5.00%, 06/01/24 (c) | | $ | 1,026,250 | |
| | | | | Dutchess County Industrial Development Agency, Bard College Civic Facility, Series A (RB) | | | | |
| | 950,000 | | | 4.50%, 12/02/19 (c) | | | 949,971 | |
| | 65,000 | | | 4.50%, 12/02/19 (c) | | | 65,026 | |
| | 400,000 | | | 5.00%, 12/02/19 (c) | | | 400,000 | |
| | | | | Erie Tobacco Asset Securitization Corp., Series A (RB) | | | | |
| | 1,295,000 | | | 5.00%, 12/02/19 (c) | | | 1,295,259 | |
| | 335,000 | | | 5.00%, 12/02/19 (c) | | | 335,064 | |
| | 10,000,000 | | | Erie Tobacco Asset Securitization Corp., Series D (RB)
0.00%, 12/02/19 (c) ^ | | | 626,600 | |
| | 3,285,000 | | | Nassau County Tobacco Settlement Corp., Series A-2 (RB)
5.25%, 11/18/19 (c) | | | 3,283,916 | |
| | | | | Nassau County Tobacco Settlement Corp., Series A-3 (RB) | | | | |
| | 3,655,000 | | | 5.00%, 12/02/19 (c) | | | 3,626,783 | |
| | 3,905,000 | | | 5.13%, 11/18/19 (c) | | | 3,904,844 | |
| | | | | New Rochelle Industrial Development Agency (RB) | | | | |
| | 2,075,000 | | | 5.25%, 01/01/20 (c) (d) * | | | 715,875 | |
| | 95,000 | | | 5.50%, 07/01/19 (c) # | | | 38,000 | |
| | 2,000,000 | | | New York City Housing Development Corp., 8 Spruce Street, Class E (RB)
3.50%, 05/15/24 (c) | | | 2,083,440 | |
| | | | | New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | | | | |
| | 1,520,000 | | | 4.75%, 12/02/19 (c) | | | 1,542,739 | |
| | 110,000 | | | 5.00%, 12/02/19 (c) | | | 111,877 | |
| | 650,000 | | | 5.00%, 12/02/19 (c) | | | 659,984 | |
| | 100,000 | | | 5.00%, 12/02/19 (c) | | | 100,266 | |
| | 825,000 | | | 5.00%, 12/02/19 (c) | | | 827,211 | |
| | 120,000 | | | 5.00%, 12/02/19 (c) | | | 120,329 | |
| | 2,000,000 | | | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB)
5.00%, 07/01/22 (c) | | | 2,155,220 | |
| | | | | New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC) | | | | |
| | 1,500,000 | | | 4.50%, 12/02/19 (c) | | | 1,502,340 | |
| | 600,000 | | | 5.00%, 12/02/19 (c) | | | 617,688 | |
| | 410,000 | | | New York City, Series B (GO)
5.00%, 12/01/26 (c) | | | 499,429 | |
| | 5,000 | | | New York Counties Tobacco Trust II (RB)
5.63%, 12/02/19 (c) | | | 5,018 | |
| | | | | New York Counties Tobacco Trust IV (RB) | | | | |
| | 10,525,000 | | | 0.00%, 11/18/19 (c) ^ | | | 579,191 | |
| | 420,000 | | | 5.00%, 11/18/19 (c) | | | 420,025 | |
| | 745,000 | | | 5.00%, 11/18/19 (c) | | | 745,037 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 1,640,000 | | | New York Counties Tobacco Trust V (RB)
0.00%, 11/18/19 (c) ^ | | $ | 547,006 | |
| | | | | New York Counties Tobacco Trust VI (RB) | | | | |
| | 980,000 | | | 3.75%, 06/01/26 (c) | | | 933,421 | |
| | 5,500,000 | | | 5.00%, 06/01/26 (c) | | | 5,743,925 | |
| | | | | New York Liberty Development Corp., 3 World Trade Center Project (RB) | | | | |
| | 24,350,000 | | | 5.00%, 11/15/24 (c) | | | 26,871,199 | |
| | 3,500,000 | | | 5.15%, 11/15/24 (c) | | | 3,923,535 | |
| | 3,700,000 | | | 5.38%, 11/15/24 (c) | | | 4,168,161 | |
| | 1,100,000 | | | 7.25%, 11/15/24 (c) | | | 1,309,418 | |
| | 255,000 | | | New York Liberty Development Corp., 7 World Trade Center Project (RB)
5.00%, 03/15/22 (c) | | | 274,171 | |
| | 4,500,000 | | | New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project (RB)
2.45%, 03/15/29 (c) | | | 4,548,240 | |
| | 7,500,000 | | | New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB)
2.80%, 03/15/29 (c) | | | 7,654,050 | |
| | 480,000 | | | New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC)
5.50%, 07/01/35 | | | 659,462 | |
| | 150,000 | | | New York State Dormitory Authority, Fit Student Housing Corp. (RB)
5.25%, 07/01/31 | | | 189,714 | |
| | 450,000 | | | New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)
4.00%, 08/01/28 (c) | | | 497,826 | |
| | | | | New York State Dormitory Authority, Orange Regional Medical Center (RB) | | | | |
| | 300,000 | | | 5.00%, 06/01/27 (c) | | | 352,149 | |
| | 300,000 | | | 5.00%, 06/01/27 (c) | | | 360,162 | |
| | 200,000 | | | New York State Dormitory Authority, Pace University, Series A (RB)
4.25%, 05/01/23 (c) | | | 208,450 | |
| | 25,000 | | | New York State Dormitory Authority, St. Joseph’s College (RB)
5.25%, 07/01/20 (c) | | | 25,288 | |
| | 50,000 | | | New York State Dormitory Authority, Yeshiva University, Series A (RB)
5.00%, 11/01/21 (c) | | | 52,048 | |
| | | | | New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | | | | |
| | 7,400,000 | | | 5.00%, 08/01/21 (c) | | | 7,745,432 | |
| | 5,435,000 | | | 5.00%, 08/01/21 (c) | | | 5,703,163 | |
| | 6,190,000 | | | 5.00%, 08/01/21 | | | 6,511,632 | |
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | | | | |
| $ | 1,340,000 | | | 4.00%, 07/01/24 (c) | | $ | 1,406,116 | |
| | 2,410,000 | | | 4.00%, 07/01/24 (c) | | | 2,533,850 | |
| | 835,000 | | | 4.00%, 07/01/24 (c) | | | 888,824 | |
| | 730,000 | | | 4.00%, 07/01/24 (c) | | | 778,202 | |
| | 500,000 | | | 4.00%, 07/01/24 (c) | | | 533,990 | |
| | 420,000 | | | 5.00%, 07/01/24 (c) | | | 475,448 | |
| | 3,255,000 | | | 5.00%, 07/01/24 (c) | | | 3,617,509 | |
| | 5,720,000 | | | 5.00%, 07/01/24 (c) | | | 6,326,263 | |
| | 230,000 | | | 5.00%, 07/01/24 (c) | | | 258,400 | |
| | 6,955,000 | | | 5.25%, 07/01/24 (c) | | | 7,766,788 | |
| | | | | New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | | | | |
| | 15,000 | | | 5.00%, 01/01/21 | | | 15,588 | |
| | 1,000,000 | | | 5.00%, 01/01/22 | | | 1,069,830 | |
| | 250,000 | | | 5.00%, 01/01/23 | | | 274,813 | |
| | 4,000,000 | | | Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB)
4.75%, 07/01/23 (c) | | | 4,229,280 | |
| | 495,000 | | | Orange County Industrial Development Agency, The Glen Arden, Inc. Project (RB)
5.70%, 12/02/19 (c) | | | 483,882 | |
| | | | | Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) | | | | |
| | 260,000 | | | 5.00%, 12/01/20 | | | 265,671 | |
| | 110,000 | | | 6.00%, 12/01/20 (c) | | | 115,245 | |
| | | | | Suffolk Tobacco Asset Securitization Corp., Series B (RB) | | | | |
| | 60,000 | | | 5.38%, 12/02/19 (c) | | | 60,019 | |
| | 4,150,000 | | | 6.00%, 12/02/19 (c) | | | 4,156,640 | |
| | 6,150,000 | | | Suffolk Tobacco Asset Securitization Corp., Series C (RB)
6.63%, 06/01/22 (c) | | | 6,478,717 | |
| | | | | Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | | | | |
| | 200,000 | | | 5.00%, 01/01/26 (c) | | | 218,566 | |
| | 1,950,000 | | | 5.00%, 01/01/26 (c) | | | 2,119,708 | |
| | 3,050,000 | | | 5.00%, 01/01/26 (c) | | | 3,374,276 | |
| | 550,000 | | | 5.00%, 01/01/26 (c) | | | 604,918 | |
| | | | | Tompkins County Development Corp., Tompkins Cortland Community College Foundation, Inc. Project, Series A (RB) | | | | |
| | 345,000 | | | 5.00%, 07/01/23 (c) | | | 241,500 | |
| | 2,260,000 | | | 5.00%, 07/01/23 (c) | | | 1,582,000 | |
| | 1,235,000 | | | 5.00%, 07/01/23 (c) | | | 864,500 | |
| | 1,710,000 | | | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c) | | | 1,921,630 | |
| | 200,000 | | | TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
5.00%, 06/01/21 | | | 207,546 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 9,900,000 | | | 5.00%, 06/01/27 (c) | | $ | 9,854,856 | |
| | 5,000,000 | | | 5.00%, 06/01/27 (c) | | | 4,991,200 | |
| | 5,000,000 | | | Tuxedo Farms Local Development Corp. (RB)
6.55%, 05/01/27 (c) | | | 5,971,850 | |
| | | | | Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | | | | |
| | 1,050,000 | | | 4.00%, 09/15/24 (c) | | | 1,049,958 | |
| | 400,000 | | | 5.00%, 09/15/24 (c) | | | 409,112 | |
| | 1,200,000 | | | 5.25%, 09/15/24 (c) | | | 1,226,280 | |
| | 1,000,000 | | | 5.25%, 09/15/24 (c) | | | 1,025,830 | |
| | 1,000,000 | | | 5.25%, 09/15/24 (c) | | | 1,030,450 | |
| | 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) | | | 4,513,280 | |
| | | | | Westchester County Local Development Corp., Medical Center (RB) | | | | |
| | 320,000 | | | 3.75%, 11/01/25 (c) | | | 332,426 | |
| | 1,445,000 | | | 5.00%, 11/01/25 (c) | | | 1,622,851 | |
| | | | | Westchester County Local Development Corp., Series A (RB) | | | | |
| | 565,000 | | | 5.00%, 05/01/24 (c) | | | 629,218 | |
| | 1,390,000 | | | 5.50%, 05/01/24 (c) | | | 1,559,399 | |
| | 4,575,000 | | | Westchester Tobacco Asset Securitization Corp., Series C (RB)
5.00%, 06/01/23 (c) | | | 4,681,460 | |
| | | | | | | | 241,741,378 | |
| North Carolina: 0.3% | | | | |
| | | | | North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | | | | |
| | 250,000 | | | 5.00%, 06/30/25 (c) | | | 280,915 | |
| | 1,000,000 | | | 5.00%, 06/30/25 (c) | | | 1,106,620 | |
| | 1,225,000 | | | North Carolina Medical Care Commission Retirement Facilities, Galloway Ridge, Series A (RB)
5.00%, 01/01/27 (c) | | | 1,412,278 | |
| | | | | North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB) | | | | |
| | 245,000 | | | 4.75%, 03/01/22 (c) | | | 256,745 | |
| | 1,330,000 | | | 5.00%, 03/01/22 (c) | | | 1,386,512 | |
| | 820,000 | | | 5.00%, 03/01/22 (c) | | | 858,606 | |
| | 150,000 | | | North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB)
5.00%, 10/01/25 | | | 171,095 | |
| | | | | North Carolina Medical Care Commission, Retirement Facilities (RB) | | | | |
| | 550,000 | | | 4.70%, 07/01/25 (c) | | | 585,624 | |
| | 250,000 | | | 5.00%, 10/01/24 (c) | | | 277,828 | |
| | 250,000 | | | 5.00%, 10/01/24 (c) | | | 274,083 | |
| | 1,395,000 | | | 6.00%, 01/01/20 (c) | | | 1,405,546 | |
Principal
Amount | | | | | Value | |
| North Carolina: (continued) | | | | |
| $ | 165,000 | | | North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)
5.00%, 10/01/24 (c) | | $ | 180,894 | |
| | 465,000 | | | North Carolina Medical Care Commission, Salemtowne Project (RB)
5.25%, 10/01/25 (c) | | | 513,300 | |
| | | | | North Carolina Turnpike Authority, Triangle Expressway System (RB) | | | | |
| | 1,000,000 | | | 5.00%, 01/01/27 (c) | | | 1,203,650 | |
| | 100,000 | | | 5.00%, 01/01/29 (c) | | | 124,735 | |
| | | | | | | | 10,038,431 | |
| North Dakota: 0.3% | | | | |
| | | | | City of Grand Forks, Altru Health System Obligated Group (RB) | | | | |
| | 25,000 | | | 4.00%, 12/01/21 (c) | | | 25,801 | |
| | 640,000 | | | 5.00%, 12/01/21 (c) | | | 676,147 | |
| | | | | City of Williston, Eagle Crest Apartments LLC Project (RB) | | | | |
| | 615,000 | | | 6.25%, 09/01/23 (d) * | | | 270,600 | |
| | 1,285,000 | | | 7.75%, 09/01/23 (c) (d) * | | | 565,400 | |
| | | | | County of Grand Forks, Red River BioRefinery, LLC Project (RB) | | | | |
| | 1,000,000 | | | 5.00%, 09/15/28 | | | 991,470 | |
| | 2,500,000 | | | 5.38%, 09/15/28 (c) | | | 2,429,000 | |
| | | | | County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) | | | | |
| | 2,050,000 | | | 5.00%, 06/01/28 (c) | | | 2,300,510 | |
| | 750,000 | | | 5.00%, 06/01/28 (c) | | | 845,655 | |
| | | | | | | | 8,104,583 | |
| Ohio: 6.5% | | | | |
| | | | | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB) | | | | |
| | 500,000 | | | 5.25%, 11/15/26 (c) | | | 589,330 | |
| | 1,150,000 | | | 5.25%, 11/15/26 (c) | | | 1,347,271 | |
| | | | | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | | | | |
| | 24,400,000 | | | 5.13%, 11/18/19 (c) | | | 24,433,672 | |
| | 7,920,000 | | | 5.38%, 11/18/19 (c) | | | 7,928,712 | |
| | 11,460,000 | | | 5.75%, 11/18/19 (c) | | | 11,474,440 | |
| | 24,715,000 | | | 5.88%, 11/18/19 (c) | | | 24,873,670 | |
| | 31,705,000 | | | 5.88%, 11/18/19 (c) | | | 31,791,872 | |
| | 7,385,000 | | | 6.00%, 11/18/19 (c) | | | 7,427,094 | |
| | 15,710,000 | | | 6.50%, 11/18/19 (c) | | | 16,066,774 | |
| | 8,500,000 | | | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB)
6.25%, 06/01/22 (c) | | | 8,707,315 | |
| | 5,070,000 | | | Buckeye, Ohio Tobacco Settlement Financing Authority, Series B (RB)
0.00%, 11/18/19 (c) ^ | | | 310,031 | |
| | 2,300,000 | | | Buckeye, Ohio Tobacco Settlement Financing Authority, Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 100,050 | |
| | 1,250,000 | | | Butler County Port Authority, Senior Series A (RB)
6.25%, 01/15/24 (c) | | | 1,363,050 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| $ | 1,400,000 | | | 6.38%, 01/15/24 (c) | | $ | 1,515,038 | |
| | 890,000 | | | 6.50%, 01/15/24 (c) | | | 961,414 | |
| | | | | Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB) | | | | |
| | 750,000 | | | 5.25%, 12/01/28 (c) | | | 865,140 | |
| | 1,740,000 | | | 5.50%, 12/01/28 (c) | | | 2,005,594 | |
| | 900,000 | | | 5.50%, 12/01/28 (c) | | | 1,044,972 | |
| | 1,465,000 | | | Columbus-Franklin County Finance Authority (RB) (SBG)
6.50%, 03/01/25 (c) | | | 1,574,509 | |
| | | | | County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | | | | |
| | 405,000 | | | 4.00%, 02/15/27 (c) | | | 439,425 | |
| | 510,000 | | | 4.75%, 02/15/27 (c) | | | 549,999 | |
| | 775,000 | | | 5.00%, 02/15/27 (c) | | | 864,094 | |
| | 1,050,000 | | | 5.00%, 02/15/27 (c) | | | 1,187,686 | |
| | 570,000 | | | 5.25%, 02/15/27 (c) | | | 654,554 | |
| | 800,000 | | | 5.50%, 02/15/27 (c) | | | 931,288 | |
| | 825,000 | | | 5.50%, 02/15/27 (c) | | | 957,462 | |
| | | | | County of Licking, Health Care Facilities, Series A (RB) | | | | |
| | 1,555,000 | | | 6.00%, 07/01/25 (c) | | | 1,619,812 | |
| | 1,500,000 | | | 6.13%, 07/01/25 (c) | | | 1,574,625 | |
| | 2,350,000 | | | County of Montgomery, Trousdale Foundation Properties, Series A (RB)
6.00%, 04/01/28 (c) | | | 2,618,769 | |
| | 750,000 | | | Dayton-Montgomery County Port Authority, Storypoint Troy Project, Series 1 (RB)
7.00%, 01/15/25 (c) | | | 766,215 | |
| | 400,000 | | | Franklin County, First Community Village Obligated Group (RB)
5.63%, 07/01/20 (c) | | | 407,980 | |
| | 890,000 | | | Gallia County, Holzer Health System Obligated Group (RB)
8.00%, 07/01/22 (c) | | | 1,001,597 | |
| | | | | Hamilton County, Life Enriching Communities Project (RB) | | | | |
| | 385,000 | | | 5.00%, 01/01/26 (c) | | | 428,447 | |
| | 2,780,000 | | | 5.00%, 01/01/26 (c) | | | 3,072,289 | |
| | 300,000 | | | 5.00%, 01/01/26 (c) | | | 343,104 | |
| | 250,000 | | | 5.00%, 01/01/26 (c) | | | 282,263 | |
| | 500,000 | | | Hickory Chase Community Infrastructure, Series A (RB)
5.00%, 12/01/29 (c) | | | 516,370 | |
| | | | | Lake County, Port and Economic Development Authority, Tapestry Wickliffe, Series A (RB) | | | | |
| | 2,200,000 | | | 6.50%, 12/01/27 (c) | | | 2,298,054 | |
| | 5,000,000 | | | 6.75%, 12/01/27 (c) | | | 5,204,500 | |
| | 3,865,000 | | | Montgomery County, Trousdale Foundation Properties, Series A (RB)
6.25%, 04/01/28 (c) | | | 4,328,220 | |
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| | | | | Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) | | | | |
| $ | 490,000 | | | 5.00%, 02/15/23 (c) | | $ | 523,737 | |
| | 1,530,000 | | | 5.00%, 02/15/23 (c) | | | 1,632,433 | |
| | 490,000 | | | 5.00%, 02/15/23 (c) | | | 528,284 | |
| | 2,270,000 | | | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB)
6.75%, 02/01/22 (c) | | | 2,338,940 | |
| | 500,000 | | | Ohio Air Quality Development Authority, American Electric Company Project, Series B (RB)
2.60%, 10/01/24 (c) (p) | | | 505,480 | |
| | 10,000,000 | | | Ohio Air Quality Development Authority, AMG Vanadium Project (RB)
5.00%, 07/01/29 (c) | | | 11,055,800 | |
| | 5,500,000 | | | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)
3.25%, 09/01/29 | | | 5,670,775 | |
| | | | | Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) | | | | |
| | 500,000 | | | 4.25%, 01/15/28 (c) | | | 539,820 | |
| | 4,000,000 | | | 4.50%, 01/15/28 (c) | | | 4,327,160 | |
| | 1,100,000 | | | Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
5.38%, 12/02/19 (c) | | | 1,102,992 | |
| | 795,000 | | | Ohio Water Development Authority, United States Steel Corp. Project (RB)
6.60%, 11/01/21 (c) | | | 831,085 | |
| | | | | Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | | | | |
| | 250,000 | | | 5.00%, 12/01/24 (c) | | | 263,078 | |
| | 245,000 | | | 5.00%, 12/01/24 (c) | | | 267,307 | |
| | 70,000 | | | 5.50%, 12/01/24 (c) | | | 75,797 | |
| | 710,000 | | | 5.75%, 12/01/22 (c) | | | 774,418 | |
| | 570,000 | | | 6.00%, 12/01/22 (c) | | | 615,315 | |
| | | | | State of Ohio, Portsmouth Bypass Project (RB) | | | | |
| | 800,000 | | | 5.00%, 06/30/25 (c) | | | 895,600 | |
| | 1,525,000 | | | 5.00%, 06/30/25 (c) | | | 1,686,757 | |
| | 1,000,000 | | | Toledo-Lucas County Port Authority, StoryPoint Waterville Project, Series A-1 (RB)
6.38%, 01/15/24 (c) | | | 1,073,420 | |
| | | | | | | | 209,134,899 | |
| Oklahoma: 1.1% | | | | |
| | | | | Comanche County Hospital Authority, Series A (RB) | | | | |
| | 300,000 | | | 4.25%, 07/01/22 (c) | | | 300,726 | |
| | 210,000 | | | 5.00%, 07/01/22 (c) | | | 220,101 | �� |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Oklahoma: (continued) | | | | |
| | | | | Holdenville Public Works Authority, Series A (RB) (AGM) | | | | |
| $ | 590,000 | | | 4.30%, 11/01/24 (c) | | $ | 586,950 | |
| | 160,000 | | | 4.38%, 11/01/24 (c) | | | 158,960 | |
| | 1,612,366 | | | Kingfisher Hospital Authority (RB)
6.50%, 12/02/19 (c) | | | 1,614,494 | |
| | | | | Norman Regional Hospital Authority (RB) | | | | |
| | 150,000 | | | 4.00%, 09/01/26 (c) | | | 162,200 | |
| | 1,030,000 | | | 5.00%, 09/01/26 (c) | | | 1,217,336 | |
| | | | | Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | | | | |
| | 825,000 | | | 5.00%, 04/01/22 (c) | | | 812,303 | |
| | 175,000 | | | 5.00%, 04/01/23 | | | 176,048 | |
| | 1,225,000 | | | 5.13%, 04/01/22 (c) | | | 1,173,783 | |
| | | | | Oklahoma Development Finance Authority, Inverness Village Community (RB) | | | | |
| | 275,000 | | | 5.25%, 12/02/19 (c) (d) * | | | 173,250 | |
| | 1,930,000 | | | 5.75%, 01/01/22 (c) (d) * | | | 1,215,900 | |
| | 1,000,000 | | | 6.00%, 01/01/22 (c) (d) * | | | 630,000 | |
| | | | | Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | | | | |
| | 700,000 | | | 5.00%, 08/15/28 (c) | | | 841,596 | |
| | 400,000 | | | 5.00%, 08/15/28 (c) | | | 489,640 | |
| | 4,100,000 | | | 5.25%, 08/15/28 (c) | | | 4,868,422 | |
| | 2,900,000 | | | 5.25%, 08/15/28 (c) | | | 3,469,995 | |
| | 8,500,000 | | | 5.50%, 08/15/28 (c) | | | 10,136,165 | |
| | 2,800,000 | | | 5.50%, 08/15/28 (c) | | | 3,360,504 | |
| | | | | Payne County Economic Development Authority, Series A (RB) | | | | |
| | 239,568 | | | 6.00%, 11/01/26 (d) * | | | 1,988 | |
| | 332,734 | | | 6.63%, 11/01/26 (c) (d) * | | | 2,762 | |
| | 1,996,401 | | | 6.88%, 11/01/26 (c) (d) * | | | 16,570 | |
| | 1,863,308 | | | 7.00%, 11/01/26 (c) (d) * | | | 15,465 | |
| | 765,287 | | | Payne County Economic Development Authority, Series B (RB)
4.75%, 11/21/19 (c) (d) * | | | 6,352 | |
| | 998,201 | | | Payne County Economic Development Authority, Series B-1 (RB)
5.25%, 11/21/19 (c) (d) * | | | 8,285 | |
| | 375,000 | | | Rogers County Industrial Development Authority (RB)
3.63%, 04/01/25 (c) | | | 390,533 | |
| | 2,125,000 | | | Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)
5.00%, 06/01/25 (c) (p) | | | 2,392,729 | |
| | | | | | | | 34,443,057 | |
| Oregon: 0.7% | | | | |
| | | | | Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 05/15/25 (c) | | | 549,385 | |
| | 425,000 | | | 5.00%, 05/15/25 (c) | | | 467,887 | |
| | 605,000 | | | 5.00%, 05/15/25 (c) | | | 667,666 | |
Principal
Amount | | | | | Value | |
| Oregon: (continued) | | | | |
| $ | 500,000 | | | Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project, Series B-3 (RB)
2.60%, 11/21/19 (c) | | $ | 500,115 | |
| | | | | Clackamas County Hospital Facility Authority, Willamette View Project, Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 11/15/25 (c) | | | 566,320 | |
| | 760,000 | | | 5.00%, 11/15/25 (c) | | | 862,638 | |
| | | | | Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW) | | | | |
| | 7,500,000 | | | 6.50%, 04/01/28 (c) | | | 7,067,775 | |
| | 8,500,000 | | | 6.50%, 04/01/28 (c) | | | 8,010,145 | |
| | 500,000 | | | Polk County Hospital Facility Authority, Dallas Retirement Village Project (RB)
5.38%, 07/01/25 (c) | | | 517,320 | |
| | | | | Yamhill County Hospital Authority, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 11/15/24 (c) | | | 1,105,980 | |
| | 500,000 | | | 5.00%, 11/15/24 (c) | | | 551,755 | |
| | 300,000 | | | 5.00%, 11/15/24 (c) | | | 335,232 | |
| | | | | | | | 21,202,218 | |
| Pennsylvania: 3.0% | | | | |
| | 1,645,000 | | | Allegheny County, Pennsylvania Hospital Development Authority, Series A (RB)
5.13%, 12/02/19 (c) | | | 1,515,473 | |
| | | | | Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | | | | |
| | 445,000 | | | 5.75%, 08/01/22 (c) | | | 459,974 | |
| | 730,000 | | | 6.75%, 11/15/19 (c) | | | 732,920 | |
| | 1,100,000 | | | 6.75%, 12/01/21 (c) | | | 1,158,267 | |
| | 600,000 | | | 6.88%, 11/15/19 (c) | | | 602,250 | |
| | 1,000,000 | | | Allentown Commercial and Industrial Development Authority, Series A (RB)
6.25%, 07/01/24 (c) | | | 1,021,310 | |
| | | | | Allentown Neighborhood Improvement Zone Development Authority (RB) | | | | |
| | 2,000,000 | | | 5.00%, 05/01/27 (c) | | | 2,235,300 | |
| | 250,000 | | | 5.00%, 05/01/27 (c) | | | 288,033 | |
| | 500,000 | | | 5.00%, 05/01/28 (c) | | | 563,685 | |
| | 250,000 | | | 5.00%, 05/01/28 (c) | | | 291,515 | |
| | | | | Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) | | | | |
| | 1,915,000 | | | 5.00%, 05/01/22 (c) | | | 2,020,593 | |
| | 150,000 | | | 5.00%, 05/01/22 (c) | | | 158,624 | |
| | 3,980,000 | | | 5.00%, 05/01/22 (c) | | | 4,170,005 | |
| | 1,000,000 | | | Blythe Township Solid Waste Authority (RB)
7.75%, 12/01/27 (c) | | | 1,139,430 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| | | | | Chester County Health and Education Facilities Authority, Immaculata University Project (RB) | | | | |
| $ | 1,590,000 | | | 4.25%, 11/01/27 (c) | | $ | 1,627,890 | |
| | 3,505,000 | | | 5.00%, 11/01/27 (c) | | | 3,735,314 | |
| | 440,000 | | | Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB)
5.25%, 12/01/25 (c) | | | 474,553 | |
| | | | | Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | | | | |
| | 400,000 | | | 5.00%, 03/01/28 (c) | | | 426,604 | |
| | 400,000 | | | 5.13%, 03/01/28 (c) | | | 426,032 | |
| | | | | Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | | | | |
| | 1,440,000 | | | 6.00%, 06/01/26 (c) | | | 1,643,558 | |
| | 440,000 | | | 6.00%, 06/01/26 (c) | | | 505,520 | |
| | 400,000 | | | Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group (RB)
5.25%, 01/01/22 (c) | | | 416,188 | |
| | 500,000 | | | Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project (RB)
4.00%, 01/01/25 (c) | | | 522,755 | |
| | | | | Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | | | | |
| | 3,000,000 | | | 5.00%, 10/15/27 (c) | | | 3,371,670 | |
| | 500,000 | | | 5.00%, 10/15/27 | | | 565,425 | |
| | 3,850,000 | | | 5.13%, 10/15/27 (c) | | | 4,274,963 | |
| | 315,000 | | | Delaware County Authority, Eastern University (RB)
5.25%, 10/01/22 (c) | | | 318,364 | |
| | | | | Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) | | | | |
| | 395,000 | | | 5.13%, 06/01/26 (c) | | | 420,221 | |
| | 720,000 | | | 5.25%, 08/15/20 (c) | | | 691,862 | |
| | 800,000 | | | 6.13%, 08/15/20 (c) | | | 802,112 | |
| | | | | Delaware River Port Authority, Port District Project (RB) | | | | |
| | 100,000 | | | 5.00%, 01/01/21 | | | 104,156 | |
| | 100,000 | | | 5.00%, 01/01/22 | | | 107,669 | |
| | 840,000 | | | 5.00%, 01/01/23 (c) | | | 924,689 | |
| | 1,080,000 | | | 5.00%, 01/01/23 (c) | | | 1,191,175 | |
| | | | | Franklin County Industrial Development Authority, Menno-Haven, Inc. (RB) | | | | |
| | 215,000 | | | 5.00%, 12/01/25 (c) | | | 233,389 | |
| | 500,000 | | | 5.00%, 12/01/25 (c) | | | 544,770 | |
| | 200,000 | | | Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB)
5.00%, 07/01/26 (c) | | | 211,552 | |
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 1,000,000 | | | Lancaster County Hospital Authority, Brethren Village Project (RB)
5.13%, 07/01/27 (c) | | $ | 1,092,140 | |
| | 1,100,000 | | | Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB)
5.25%, 07/01/22 (c) | | | 1,125,641 | |
| | 205,000 | | | Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB)
4.25%, 01/15/25 (c) | | | 218,366 | |
| | | | | Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | | | | |
| | 150,000 | | | 5.00%, 01/01/25 (c) | | | 155,505 | |
| | 870,000 | | | 5.25%, 01/01/25 (c) | | | 896,857 | |
| | 820,000 | | | 5.38%, 01/01/25 (c) | | | 848,077 | |
| | | | | Moon Industrial Development Authority, Baptist Homes Society (RB) | | | | |
| | 300,000 | | | 5.63%, 07/01/25 (c) | | | 327,624 | |
| | 590,000 | | | 6.00%, 07/01/25 (c) | | | 640,174 | |
| | | | | Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) | | | | |
| | 1,000,000 | | | 5.25%, 06/01/26 | | | 1,038,740 | |
| | 3,000,000 | | | 5.75%, 06/01/26 (c) | | | 3,199,980 | |
| | 2,950,000 | | | Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB)
6.40%, 09/01/25 (c) | | | 3,190,012 | |
| | | | | Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | | | | |
| | 1,440,000 | | | 6.50%, 12/01/28 (c) | | | 1,456,618 | |
| | 5,470,000 | | | 6.75%, 12/01/28 (c) | | | 5,532,413 | |
| | | | | Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | | | | |
| | 1,685,000 | | | 4.13%, 06/30/26 (c) | | | 1,775,215 | |
| | 170,000 | | | 5.00%, 12/31/20 | | | 176,224 | |
| | 45,000 | | | 5.00%, 12/31/22 | | | 49,190 | |
| | 125,000 | | | 5.00%, 12/31/23 | | | 139,873 | |
| | 550,000 | | | 5.00%, 12/31/24 | | | 628,986 | |
| | 1,105,000 | | | 5.00%, 12/31/25 | | | 1,290,110 | |
| | 3,200,000 | | | 5.00%, 06/30/26 (c) | | | 3,648,832 | |
| | 575,000 | | | 5.00%, 06/30/26 (c) | | | 671,589 | |
| | 935,000 | | | 5.00%, 06/30/26 (c) | | | 1,097,774 | |
| | 500,000 | | | 5.00%, 06/30/26 (c) | | | 581,885 | |
| | 500,000 | | | 5.00%, 06/30/26 (c) | | | 565,350 | |
| | 1,965,000 | | | 5.00%, 06/30/26 (c) | | | 2,260,025 | |
| | 410,000 | | | 5.00%, 06/30/26 (c) | | | 475,006 | |
| | 870,000 | | | 5.00%, 06/30/26 | | | 1,024,016 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| | | | | Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | | | | |
| $ | 230,000 | | | 4.00%, 11/01/22 (c) | | $ | 226,789 | |
| | 250,000 | | | 5.00%, 11/01/22 (c) | | | 260,490 | |
| | 330,000 | | | Philadelphia Authority for Industrial Development, Esperanza Academy Charter School Project (RB)
8.20%, 01/01/23 (c) | | | 363,498 | |
| | 1,000,000 | | | Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)
7.25%, 06/15/24 (c) | | | 1,154,300 | |
| | | | | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | | | | |
| | 440,000 | | | 6.38%, 06/01/25 (c) | | | 463,852 | |
| | 440,000 | | | 6.50%, 06/01/25 (c) | | | 465,612 | |
| | 415,000 | | | 6.63%, 06/01/25 (c) | | | 440,606 | |
| | 2,000,000 | | | Philadelphia Authority for Industrial Development, University Square Apartments Project (RB)
5.50%, 12/01/26 (c) | | | 2,122,420 | |
| | | | | Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) | | | | |
| | 735,000 | | | 5.00%, 07/01/27 (c) | | | 834,350 | |
| | 2,500,000 | | | 5.00%, 07/01/27 (c) | | | 2,753,450 | |
| | 1,000,000 | | | 5.00%, 07/01/27 (c) | | | 1,109,170 | |
| | 1,000,000 | | | Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB)
5.00%, 07/01/27 (c) | | | 1,166,860 | |
| | | | | 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) | | | 1,455,152 | |
| | 220,000 | | | 5.00%, 07/01/27 (c) | | | 257,451 | |
| | 2,020,000 | | | 5.63%, 07/01/22 (c) | | | 2,191,033 | |
| | 1,275,000 | | | 5.63%, 07/01/22 (c) | | | 1,389,520 | |
| | 750,000 | | | Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB)
3.13%, 11/21/19 (c) | | | 749,677 | |
| | 250,000 | | | Scranton Redevelopment Authority, Series A (RB)
5.00%, 05/15/24 (c) | | | 258,170 | |
| | | | | Susquehanna Area Regional Airport Authority, Series A (RB) | | | | |
| | 650,000 | | | 5.00%, 01/01/23 (c) | | | 708,845 | |
| | 1,500,000 | | | 5.00%, 01/01/23 | | | 1,641,120 | |
| | 1,210,000 | | | Susquehanna Area Regional Airport Authority, Series B (RB)
4.00%, 01/01/23 (c) | | | 1,253,209 | |
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 175,000 | | | Wilson School District (GO) (SAW)
4.00%, 05/15/21 (c) | | $ | 182,270 | |
| | | | | | | | 95,451,876 | |
| Puerto Rico: 4.0% | | | | |
| | 5,920,000 | | | Children’s Trust, Tobacco Settlement (RB)
5.63%, 12/02/19 (c) | | | 6,024,843 | |
| | 23,000,000 | | | Children’s Trust, Tobacco Settlement, Series A (RB)
0.00%, 12/02/19 (c) ^ | | | 3,266,230 | |
| | | | | Children’s Trust, Tobacco Settlement, Series B (RB) | | | | |
| | 50,000,000 | | | 0.00%, 12/02/19 (c) ^ | | | 1,585,500 | |
| | 100,000,000 | | | 0.00%, 12/02/19 (c) ^ | | | 4,938,000 | |
| | 25,000,000 | | | 0.00%, 12/02/19 (c) ^ | | | 1,844,750 | |
| | | | | Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | | | | |
| | 25,000 | | | 4.00%, 07/01/22 | | | 25,844 | |
| | 1,080,000 | | | 4.25%, 07/01/22 (c) | | | 1,105,650 | |
| | 500,000 | | | 5.00%, 07/01/21 | | | 519,375 | |
| | 5,145,000 | | | 5.00%, 07/01/22 (c) | | | 5,370,094 | |
| | 80,000 | | | 5.00%, 07/01/22 | | | 83,700 | |
| | 885,000 | | | 5.13%, 07/01/22 (c) | | | 925,931 | |
| | 1,000,000 | | | 5.25%, 07/01/22 (c) | | | 1,051,250 | |
| | 1,055,000 | | | 5.25%, 07/01/22 (c) | | | 1,111,706 | |
| | 6,040,000 | | | 5.25%, 07/01/22 (c) | | | 6,334,450 | |
| | 1,000,000 | | | 5.50%, 07/01/22 (c) | | | 1,061,250 | |
| | 3,195,000 | | | 5.75%, 07/01/22 (c) | | | 3,398,681 | |
| | 3,060,000 | | | 6.00%, 12/02/19 (c) | | | 3,102,075 | |
| | 2,835,000 | | | 6.00%, 12/02/19 (c) | | | 2,873,981 | |
| | 6,505,000 | | | 6.00%, 07/01/22 (c) | | | 6,935,956 | |
| | 200,000 | | | 6.13%, 07/01/24 | | | 216,250 | |
| | 100,000 | | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB)
6.63%, 12/02/19 (c) | | | 102,625 | |
| | | | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) | | | | |
| | 500,000 | | | 5.00%, 12/02/19 (c) | | | 500,490 | |
| | 100,000 | | | 5.13%, 04/01/22 (c) | | | 101,338 | |
| | 100,000 | | | 5.38%, 04/01/22 (c) | | | 101,250 | |
| | | | | 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) | | | 488,325 | |
| | 500,000 | | | 5.00%, 10/01/22 (c) | | | 491,925 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Puerto Rico: (continued) | | | | |
| $ | 20,000 | | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB)
5.00%, 01/01/20 (c) | | $ | 20,012 | |
| | | | | Puerto Rico Sales Tax Financing Corp. (RB) | | | | |
| | 14,383,000 | | | 0.00%, 07/01/28 (c) ^ | | | 3,757,559 | |
| | 193,279 | | | 0.00%, 08/01/47 ^ | | | 51,147 | |
| | | | | Puerto Rico Sales Tax Financing Corp., Series A (RB) | | | | |
| | 1,662,000 | | | 0.00%, 07/01/24 ^ | | | 1,458,438 | |
| | 3,029,000 | | | 0.00%, 07/01/27 ^ | | | 2,426,714 | |
| | 7,927,000 | | | 0.00%, 07/01/28 (c) ^ | | | 4,994,644 | |
| | 8,574,000 | | | 0.00%, 07/01/28 (c) ^ | | | 5,966,046 | |
| | 1,322,000 | | | 0.00%, 07/01/28 (c) ^ | | | 988,314 | |
| | 1,212,000 | | | 4.33%, 07/01/28 (c) | | | 1,233,198 | |
| | 2,095,000 | | | 4.33%, 07/01/28 (c) | | | 2,131,642 | |
| | 2,000,000 | | | 4.78%, 07/01/28 (c) | | | 2,065,460 | |
| | | | | Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | | | | |
| | 8,529,000 | | | 0.00%, 07/01/28 (c) ^ | | | 1,664,349 | |
| | 3,644,000 | | | 4.50%, 07/01/25 (c) | | | 3,894,270 | |
| | 6,692,000 | | | 4.55%, 07/01/28 (c) | | | 6,856,757 | |
| | 8,860,000 | | | 4.75%, 07/01/28 (c) | | | 9,173,644 | |
| | 28,749,000 | | | 5.00%, 07/01/28 (c) | | | 30,252,573 | |
| | | | | | | | 130,496,236 | |
| Rhode Island: 0.4% | | | | |
| | 100,000 | | | Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26 | | | 116,657 | |
| | | | | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | | | | |
| | 700,000 | | | 4.00%, 05/15/26 (c) | | | 743,967 | |
| | 250,000 | | | 5.00%, 05/15/23 | | | 278,235 | |
| | 690,000 | | | 5.00%, 05/15/26 (c) | | | 791,271 | |
| | | | | Tobacco Settlement Financing Corp., Series A (RB) | | | | |
| | 24,580,000 | | | 0.00%, 11/18/19 (c) ^ | | | 3,291,754 | |
| | 115,000 | | | 5.00%, 06/01/23 | | | 127,980 | |
| | 2,750,000 | | | 5.00%, 06/01/25 (c) | | | 3,063,362 | |
| | | | | Tobacco Settlement Financing Corp., Series B (RB) | | | | |
| | 2,000,000 | | | 4.50%, 06/01/25 (c) | | | 2,076,820 | |
| | 2,000,000 | | | 5.00%, 06/01/25 (c) | | | 2,137,120 | |
| | | | | | | | 12,627,166 | |
| South Carolina: 0.3% | | | | |
| | 25,000,000 | | | Connector 2000 Association, Inc., Series A-1 (RB)
0.00%, 04/01/26 (c) ^ | | | 2,508,000 | |
| | | | | South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | | | | |
| | 500,000 | | | 5.00%, 11/01/24 (c) | | | 548,665 | |
| | 500,000 | | | 5.00%, 11/01/24 (c) | | | 552,145 | |
| | 500,000 | | | 5.00%, 11/01/24 (c) | | | 556,390 | |
Principal
Amount | | | | | Value | |
| South Carolina: (continued) | | | | |
| | | | | South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | | | | |
| $ | 500,000 | | | 5.75%, 12/15/26 (c) | | $ | 557,945 | |
| | 500,000 | | | 5.75%, 12/15/26 (c) | | | 563,910 | |
| | 320,000 | | | South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB)
5.00%, 05/01/23 (c) | | | 332,128 | |
| | | | | South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | | | | |
| | 795,000 | | | 4.00%, 11/15/24 (c) | | | 819,796 | |
| | 450,000 | | | 4.00%, 11/15/24 (c) | | | 463,775 | |
| | 3,280,000 | | | 5.25%, 11/15/24 (c) | | | 3,607,574 | |
| | | | | | | | 10,510,328 | |
| South Dakota: 0.0% | | | | |
| | | | | City of Sioux Falls, Dow Rummel Village Project (RB) | | | | |
| | 750,000 | | | 5.00%, 11/01/26 (c) | | | 792,067 | |
| | 500,000 | | | 5.00%, 11/01/26 (c) | | | 526,180 | |
| | | | | | | | 1,318,247 | |
| Tennessee: 1.0% | | | | |
| | | | | Blount County, Health and Educational Facilities Board, Series A (RB) | | | | |
| | 1,000,000 | | | 5.00%, 01/01/25 (c) | | | 1,048,330 | |
| | 1,150,000 | | | 5.00%, 01/01/25 (c) | | | 1,222,381 | |
| | 3,135,000 | | | Board of the City of Franklin, Health and Educational Facilities, Series A (RB)
7.50%, 06/01/27 (c) | | | 3,490,258 | |
| | | | | Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | | | | |
| | 2,000,000 | | | 5.00%, 12/01/26 (c) | | | 2,067,300 | |
| | 8,000,000 | | | 5.13%, 12/01/26 (c) | | | 8,218,560 | |
| | 1,500,000 | | | Chattanooga Health Educational & Housing Facility Board, Series A-2 (RB)
5.00%, 08/01/29 (c) | | | 1,774,680 | |
| | | | | Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) | | | | |
| | 750,000 | | | 5.00%, 10/01/24 (c) | | | 832,860 | |
| | 615,000 | | | 5.00%, 10/01/24 (c) | | | 679,071 | |
| | 775,000 | | | 5.00%, 10/01/24 (c) | | | 867,589 | |
| | 120,000 | | | Johnson City Health and Educational Facilities Board, Series A (RB)
0.00%, 07/01/27 ^ | | | 100,080 | |
| | | | | Knox County Health Educational and Housing Facility Board (RB) | | | | |
| | 295,000 | | | 4.00%, 09/01/26 (c) | | | 312,558 | |
| | 290,000 | | | 4.00%, 09/01/26 (c) | | | 304,819 | |
| | 2,250,000 | | | 5.00%, 04/01/27 (c) | | | 2,609,820 | |
| | | | | Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) | | | | |
| | 500,000 | | | 5.50%, 07/01/27 (c) | | | 555,995 | |
| | 1,000,000 | | | 5.63%, 07/01/27 (c) | | | 1,106,920 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Tennessee: (continued) | | | | |
| $ | 1,065,000 | | | Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB)
5.25%, 10/01/29 (c) | | $ | 1,283,059 | |
| | | | | Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Trousdale Foundation Properties, Series A (RB) | | | | |
| | 1,000,000 | | | 6.00%, 04/01/28 (c) | | | 1,114,370 | |
| | 2,135,000 | | | 6.25%, 04/01/28 (c) | | | 2,390,880 | |
| | | | | Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | | | | |
| | 1,225,000 | | | 5.38%, 09/01/23 (c) | | | 1,252,697 | |
| | 200,000 | | | 5.50%, 09/01/23 (c) | | | 204,684 | |
| | | | | Shelby County, Tennessee Health, Educational and Housing Facility Board, Village at Germantown (RB) | | | | |
| | 1,300,000 | | | 5.25%, 12/01/22 (c) | | | 1,363,804 | |
| | 450,000 | | | 5.38%, 12/01/22 (c) | | | 473,445 | |
| | 70,000 | | | Tennessee Energy Acquisition Corp., Series B (RB)
5.63%, 09/01/26 | | | 85,490 | |
| | 160,000 | | | Tennessee Energy Acquisition Corp., Series C (RB)
5.00%, 02/01/23 | | | 176,173 | |
| | | | | | | | 33,535,823 | |
| Texas: 4.8% | | | | |
| | 115,000 | | | Austin Convention Enterprises, Inc., Series A (RB)
5.00%, 01/01/27 (c) | | | 135,331 | |
| | | | | Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | | | | |
| | 215,000 | | | 5.00%, 12/01/25 (c) | | | 230,456 | |
| | 610,000 | | | 5.00%, 12/01/25 (c) | | | 656,360 | |
| | 700,000 | | | 5.25%, 12/01/25 (c) | | | 783,167 | |
| | | | | Central Texas Regional Mobility Authority, Senior Lien (RB) | | | | |
| | 1,315,000 | | | 3.38%, 01/01/26 (c) | | | 1,336,697 | |
| | 250,000 | | | 5.00%, 01/01/22 | | | 268,008 | |
| | 285,000 | | | 5.00%, 01/01/26 (c) | | | 330,469 | |
| | 200,000 | | | 5.00%, 01/01/26 (c) | | | 227,508 | |
| | 850,000 | | | 5.00%, 01/01/26 (c) | | | 1,000,331 | |
| | 400,000 | | | 5.00%, 01/01/26 (c) | | | 459,536 | |
| | 545,000 | | | 6.00%, 01/01/21 (c) | | | 574,861 | |
| | 810,000 | | | 6.25%, 01/01/21 (c) | | | 856,705 | |
| | | | | Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | | | | |
| | 1,305,000 | | | 5.00%, 01/01/23 (c) | | | 1,413,250 | |
| | 1,270,000 | | | 5.00%, 01/01/23 (c) | | | 1,388,085 | |
| | 565,000 | | | 5.00%, 07/01/25 (c) | | | 638,055 | |
| | 805,000 | | | 5.00%, 07/01/25 (c) | | | 916,645 | |
| | 120,000 | | | 5.00%, 07/01/25 (c) | | | 139,733 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| | | | | Central Texas Regional Mobility Authority, Subordinated Lien (RB) | | | | |
| $ | 360,000 | | | 5.00%, 01/01/23 (c) | | $ | 389,675 | |
| | 400,000 | | | 5.00%, 01/01/23 (c) | | | 436,804 | |
| | 25,000 | | | Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 | | | 28,971 | |
| | 2,050,000 | | | City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB)
6.50%, 07/15/21 (c) | | | 2,197,784 | |
| | | | | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | | | | |
| | 7,630,000 | | | 4.75%, 07/01/24 | | | 8,299,685 | |
| | 650,000 | | | 5.00%, 07/01/24 (c) | | | 726,407 | |
| | 1,000,000 | | | 5.00%, 07/15/28 | | | 1,197,820 | |
| | | | | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | | | | |
| | 2,000,000 | | | 5.00%, 07/15/25 (c) | | | 2,235,160 | |
| | 600,000 | | | 5.00%, 07/15/25 (c) | | | 674,454 | |
| | | | | Clifton Higher Education Finance Corp., Series A (RB) | | | | |
| | 730,000 | | | 5.13%, 08/15/25 (c) | | | 794,744 | |
| | 610,000 | | | 5.50%, 08/15/25 (c) | | | 668,963 | |
| | | | | Clifton Higher Education Finance Corp., Series D (RB) | | | | |
| | 500,000 | | | 5.75%, 08/15/25 (c) | | | 557,000 | |
| | 500,000 | | | 6.00%, 08/15/25 (c) | | | 557,945 | |
| | 3,010,000 | | | 6.13%, 08/15/25 (c) | | | 3,358,347 | |
| | 850,000 | | | Dallas County Flood Control District No. 1 (GO)
5.00%, 04/01/23 (c) | | | 902,734 | |
| | 360,000 | | | Grand Parkway Transportation Corp., Series A (RB)
5.50%, 10/01/23 (c) | | | 405,014 | |
| | 2,665,000 | | | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
4.88%, 10/01/22 (c) | | | 2,720,992 | |
| | | | | Harris County, Houston Sports Authority, Series A-3 (RB) | | | | |
| | 335,000 | | | 0.00%, 11/15/24 (c) ^ | | | 151,108 | |
| | 100,000 | | | 0.00%, 11/15/24 (c) ^ | | | 57,412 | |
| | | | | Harris County, Houston Sports Authority, Series H (RB) | | | | |
| | 250,000 | | | 0.00%, 11/15/23 ^ | | | 228,810 | |
| | 675,000 | | | 0.00%, 11/15/23 ^ | | | 633,258 | |
| | 495,000 | | | 0.00%, 11/15/25 ^ | | | 429,749 | |
| | 590,000 | | | 0.00%, 11/15/27 ^ | | | 481,540 | |
| | 1,405,000 | | | 0.00%, 11/15/29 ^ | | | 1,060,972 | |
| | 115,000 | | | 0.00%, 11/15/30 ^ | | | 83,235 | |
| | 150,000 | | | 0.00%, 11/15/31 (c) ^ | | | 72,360 | |
| | 100,000 | | | 0.00%, 11/15/31 (c) ^ | | | 66,156 | |
| | 145,000 | | | 0.00%, 11/15/31 (c) ^ | | | 61,487 | |
| | 490,000 | | | 0.00%, 11/15/31 (c) ^ | | | 182,300 | |
| | 170,000 | | | 0.00%, 11/15/31 (c) ^ | | | 67,529 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 675,000 | | | La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB)
5.50%, 08/15/24 (c) | | $ | 730,822 | |
| | | | | Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) | | | | |
| | 450,000 | | | 5.00%, 11/01/22 (c) | | | 489,506 | |
| | 280,000 | | | 5.00%, 11/01/22 | | | 308,804 | |
| | 895,000 | | | 5.25%, 11/01/20 (c) | | | 926,173 | |
| | 175,000 | | | Matagorda County District No. 1, Pollution Control, Series A (RB) (AMBAC)
4.40%, 05/01/30 | | | 207,764 | |
| | 105,000 | | | Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC)
4.55%, 05/01/30 | | | 122,921 | |
| | | | | Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) | | | | |
| | 770,000 | | | 5.00%, 02/15/26 (c) | | | 778,624 | |
| | 700,000 | | | 5.13%, 02/15/24 (c) | | | 708,925 | |
| | 1,150,000 | | | 5.13%, 02/15/24 (c) | | | 1,125,240 | |
| | 235,000 | | | New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB)
5.00%, 07/01/25 (c) | | | 202,389 | |
| | 1,160,000 | | | New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB)
7.25%, 12/01/25 (c) | | | 1,228,637 | |
| | 750,000 | | | New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB)
12.00%, 12/01/25 (c) | | | 770,542 | |
| | 50,000 | | | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
4.00%, 07/01/26 (c) | | | 49,906 | |
| | 230,000 | | | New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)
5.00%, 07/01/24 (c) | | | 238,818 | |
| | 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) | | | 1,600,890 | |
| | 3,020,000 | | | New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus II, LLC, Series A (RB)
5.00%, 04/01/26 (c) | | | 3,033,016 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) | | | | |
| | 1,375,000 | | | 4.00%, 08/15/21 (c) | | | 1,399,337 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 250,000 | | | 4.25%, 08/15/21 (c) | | $ | 255,370 | |
| | 1,000,000 | | | 5.00%, 08/15/21 (c) | | | 1,020,930 | |
| | 1,000,000 | | | 5.13%, 08/15/21 (c) | | | 1,022,890 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) | | | | |
| | 250,000 | | | 5.25%, 02/15/23 (c) | | | 264,530 | |
| | 1,515,000 | | | 6.00%, 02/15/23 (c) | | | 1,606,021 | |
| | 1,000,000 | | | 6.00%, 02/15/23 (c) | | | 1,076,810 | |
| | 2,950,000 | | | New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project (RB)
5.00%, 01/01/24 (c) | | | 3,197,534 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) | | | | |
| | 1,460,000 | | | 5.00%, 11/15/24 (c) | | | 1,569,266 | |
| | 100,000 | | | 5.00%, 11/15/24 (c) | | | 110,253 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., MRC Senior Living-The Langford Project, Series A (RB) | | | | |
| | 975,000 | | | 5.38%, 11/15/26 (c) | | | 1,047,169 | |
| | 2,275,000 | | | 5.50%, 11/15/26 (c) | | | 2,412,205 | |
| | 750,000 | | | 5.50%, 11/15/26 (c) | | | 798,945 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | | | | |
| | 115,000 | | | 5.00%, 07/01/24 | | | 107,592 | |
| | 440,000 | | | 5.00%, 07/01/25 (c) | | | 407,827 | |
| | 100,000 | | | 5.00%, 07/01/25 (c) | | | 92,995 | |
| | 500,000 | | | 5.00%, 07/01/25 (c) | | | 466,025 | |
| | 2,000,000 | | | Newark Higher Education Finance Corp., Series A (RB)
5.13%, 08/15/22 (c) | | | 2,050,580 | |
| | 1,050,000 | | | North East Texas Regional Mobility Authority, Series A (RB)
5.00%, 01/01/26 (c) | | | 1,181,040 | |
| | | | | North East Texas Regional Mobility Authority, Series B (RB) | | | | |
| | 600,000 | | | 5.00%, 01/01/26 (c) | | | 670,920 | |
| | 400,000 | | | 5.00%, 01/01/26 (c) | | | 450,208 | |
| | 500,000 | | | Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB)
8.00%, 02/01/26 (c) | | | 525,885 | |
| | | | | Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | | | | |
| | 400,000 | | | 5.00%, 08/15/26 (c) | | | 424,016 | |
| | 400,000 | | | 5.00%, 08/15/26 (c) | | | 430,912 | |
| | 2,150,000 | | | Red River Health Facilities Development Corp., MRC Crossing Project, Series A (RB)
8.00%, 11/15/24 (c) | | | 2,558,822 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 1,075,000 | | | Sam Rayburn Municipal Power Agency, Power Supply System (RB)
5.00%, 10/01/21 | | $ | 1,146,197 | |
| | 9,900,000 | | | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)
8.00%, 07/01/22 (c) (d) * | | | 2,475,000 | |
| | 750,000 | | | Tarrant County Cultural Education Facilities Finance Corp. Series A (RB)
5.00%, 11/15/25 (c) | | | 799,755 | |
| | 1,540,000 | | | Tarrant County Cultural Education Facilities Finance Corp. Series B (RB)
5.00%, 11/15/25 (c) | | | 1,624,315 | |
| | | | | Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) | | | | |
| | 1,000,000 | | | 5.00%, 05/15/24 (c) | | | 1,079,420 | |
| | 125,000 | | | 5.00%, 05/15/24 (c) | | | 136,416 | |
| | | | | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series A (RB) | | | | |
| | 100,000 | | | 5.25%, 11/15/25 (c) (d) * | | | 70,000 | |
| | 800,000 | | | 5.50%, 11/15/25 (c) (d) * | | | 560,000 | |
| | 690,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB)
4.50%, 12/02/19 (c) (d) * | | | 483,000 | |
| | | | | Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB) | | | | |
| | 4,850,000 | | | 6.63%, 05/15/27 (c) | | | 5,616,057 | |
| | 2,150,000 | | | 6.75%, 05/15/27 (c) | | | 2,463,448 | |
| | 1,000,000 | | | 6.75%, 05/15/27 (c) | | | 1,149,240 | |
| | | | | 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) | | | 1,776,686 | |
| | 3,010,000 | | | 6.38%, 02/15/27 (c) | | | 3,344,983 | |
| | 2,130,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB)
5.25%, 05/15/27 (c) | | | 2,266,000 | |
| | 2,975,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)
4.00%, 05/15/24 (c) | | | 3,140,112 | |
| | | | | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) | | | | |
| | 240,000 | | | 8.00%, 12/02/19 (c) (d) * | | | 228,000 | |
| | 170,000 | | | 8.25%, 12/02/19 (c) (f) | | | 161,500 | |
| | 1,480,000 | | | 8.25%, 12/02/19 (c) (f) | | | 1,406,000 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 891,899 | | | Tarrant County Cultural Education Facilities Finance Corp., SQLC Senior Living Center at Corpus Christo, Inc., Series A (RB)
5.00%, 05/15/27 (c) | | $ | 8,919 | |
| | 1,375,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB)
8.00%, 12/02/19 (c) (f) | | | 1,306,250 | |
| | | | | Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | | | | |
| | 1,490,000 | | | 5.00%, 12/15/21 | �� | | 1,593,585 | |
| | 1,265,000 | | | 5.00%, 12/15/22 (c) | | | 1,377,560 | |
| | 1,720,000 | | | 5.00%, 12/15/22 (c) | | | 1,877,002 | |
| | 1,285,000 | | | 5.00%, 12/15/22 (c) | | | 1,396,923 | |
| | 175,000 | | | 5.00%, 12/15/22 (c) | | | 189,730 | |
| | 790,000 | | | 5.00%, 12/15/22 (c) | | | 857,821 | |
| | 750,000 | | | 5.00%, 12/15/22 (c) | | | 819,967 | |
| | 1,280,000 | | | 5.00%, 12/15/22 (c) | | | 1,407,898 | |
| | 1,715,000 | | | 5.00%, 12/15/22 | | | 1,886,208 | |
| | 1,445,000 | | | 5.00%, 12/15/22 (c) | | | 1,587,607 | |
| | 1,245,000 | | | 5.00%, 12/15/22 (c) | | | 1,362,989 | |
| | 1,360,000 | | | 5.00%, 12/15/22 (c) | | | 1,491,893 | |
| | | | | Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | | | | |
| | 250,000 | | | 5.00%, 12/31/25 (c) | | | 278,148 | |
| | 460,000 | | | 5.00%, 12/31/25 (c) | | | 512,997 | |
| | 230,000 | | | 5.00%, 12/31/25 (c) | | | 258,039 | |
| | | | | Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC Project, Senior Lien (RB) | | | | |
| | 150,000 | | | 7.00%, 06/30/20 (c) | | | 155,874 | |
| | 1,785,000 | | | 7.00%, 06/30/20 (c) | | | 1,851,848 | |
| | 1,095,000 | | | 7.50%, 06/30/20 (c) | | | 1,141,888 | |
| | 1,070,000 | | | 7.50%, 06/30/20 (c) | | | 1,116,181 | |
| | | | | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | | | | |
| | 5,000,000 | | | 5.00%, 06/30/29 (c) | | | 5,832,700 | |
| | 515,000 | | | 7.00%, 09/01/23 (c) | | | 604,152 | |
| | 230,000 | | | 7.50%, 12/31/19 (c) | | | 232,415 | |
| | | | | Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | | | | |
| | 7,100,000 | | | 5.00%, 08/15/24 (c) | | | 7,992,044 | |
| | 1,500,000 | | | 5.00%, 08/15/24 (c) | | | 1,676,265 | |
| | 600,000 | | | 5.00%, 08/15/24 (c) | | | 681,510 | |
| | 850,000 | | | 5.00%, 08/15/24 (c) | | | 962,353 | |
| | | | | Town of Westlake, Solana Public Improvement District (SA) | | | | |
| | 1,000,000 | | | 6.13%, 09/01/25 (c) | | | 1,036,240 | |
| | 1,000,000 | | | 6.25%, 09/01/25 (c) | | | 1,037,860 | |
| | 1,000,000 | | | 6.38%, 09/01/25 (c) | | | 1,044,020 | |
| | 4,980,000 | | | Woodloch Health Facilities Development Corp., Series A-1 (RB)
6.75%, 06/01/20 (c) | | | 4,194,106 | |
| | | | | | | | 156,453,792 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Utah: 0.3% | | | | |
| | | | | Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | | | | |
| $ | 1,500,000 | | | 5.25%, 06/15/27 (c) | | $ | 1,577,700 | |
| | 6,505,000 | | | 5.38%, 06/15/27 (c) | | | 6,795,643 | |
| | | | | | | | 8,373,343 | |
| Vermont: 0.1% | | | | |
| | 1,100,000 | | | Vermont Economic Development Authority, Wake Robin Corp. Project (RB)
5.40%, 05/01/22 (c) | | | 1,148,917 | |
| | 910,000 | | | Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB)
5.00%, 05/01/27 (c) | | | 998,643 | |
| | | | | | | | 2,147,560 | |
| Virgin Islands: 1.0% | | | | |
| | 720,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB)
4.25%, 12/02/19 (c) | | | 728,028 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | | | | |
| | 450,000 | | | 4.50%, 10/01/24 (c) | | | 418,500 | |
| | 1,500,000 | | | 5.00%, 10/01/24 (c) | | | 1,500,000 | |
| | 4,250,000 | | | 5.00%, 10/01/24 (c) | | | 4,210,135 | |
| | 185,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB)
6.00%, 12/02/19 (c) | | | 185,000 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) | | | | |
| | 110,000 | | | 6.63%, 12/02/19 (c) | | | 110,279 | |
| | 1,840,000 | | | 6.75%, 12/02/19 (c) | | | 1,843,533 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) | | | | |
| | 4,265,000 | | | 5.00%, 10/01/20 (c) | | | 4,283,681 | |
| | 3,870,000 | | | 5.00%, 10/01/20 (c) | | | 3,894,497 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) | | | | |
| | 155,000 | | | 4.50%, 12/02/19 (c) | | | 154,225 | |
| | 1,125,000 | | | 5.00%, 12/02/19 (c) | | | 1,126,406 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | | | | |
| | 1,270,000 | | | 5.00%, 12/02/19 (c) | | | 1,272,388 | |
| | 1,085,000 | | | 5.00%, 12/02/19 (c) | | | 1,085,684 | |
| | 465,000 | | | 5.00%, 10/01/20 (c) | | | 467,530 | |
| | 3,135,000 | | | 5.25%, 10/01/20 (c) | | | 3,152,054 | |
Principal
Amount | | | | | Value | |
| Virgin Islands: (continued) | | | | |
| $ | 270,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB)
5.00%, 12/02/19 (c) | | $ | 270,675 | |
| | | | | Virgin Islands Water and Power Authority, Series A (RB) | | | | |
| | 315,000 | | | 4.00%, 07/01/21 | | | 305,433 | |
| | 330,000 | | | 5.00%, 12/02/19 (c) | | | 320,183 | |
| | 65,000 | | | 5.00%, 12/02/19 (c) | | | 62,563 | |
| | | | | Virgin Islands Water and Power Authority, Series B (RB) | | | | |
| | 170,000 | | | 5.00%, 12/02/19 (c) | | | 160,225 | |
| | 5,410,000 | | | 5.00%, 12/02/19 (c) | | | 5,017,775 | |
| | 1,170,000 | | | 5.00%, 12/02/19 (c) | | | 1,117,350 | |
| | 1,070,000 | | | 5.00%, 12/02/19 (c) | | | 1,013,825 | |
| | | | | | | | 32,699,969 | |
| Virginia: 1.4% | | | | |
| | | | | Albemarle County, Virginia Economic Development Authority, Series A (RB) | | | | |
| | 640,000 | | | 4.63%, 01/01/23 (c) | | | 665,600 | |
| | 1,000,000 | | | 5.00%, 01/01/23 (c) | | | 1,041,700 | |
| | 500,000 | | | Ballston Quarter Community Development Authority, Series A (TA)
5.50%, 03/01/27 (c) | | | 532,800 | |
| | 1,000,000 | | | Botetourt County, Series A (RB)
6.00%, 07/01/24 (c) | | | 1,107,910 | |
| | 250,000 | | | Bristol Industrial Development Authority, Series B (RB)
6.35%, 11/01/24 (c) | | | 226,065 | |
| | | | | Cherry Hill Community Development Authority, Potomac Shores Project (SA) | | | | |
| | 200,000 | | | 5.15%, 03/01/25 (c) | | | 211,020 | |
| | 500,000 | | | 5.40%, 03/01/25 (c) | | | 528,090 | |
| | | | | Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | | | | |
| | 1,000,000 | | | 5.00%, 11/01/23 | | | 1,137,270 | |
| | 1,000,000 | | | 5.00%, 07/01/26 (c) | | | 1,146,450 | |
| | 1,025,000 | | | 5.00%, 07/01/26 (c) | | | 1,173,184 | |
| | 650,000 | | | Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
4.13%, 01/01/22 (c) | | | 665,561 | |
| | 380,000 | | | City of Chesapeake, Virginia Chesapeake Expressway, Series A (RB)
5.00%, 07/15/22 (c) | | | 407,698 | |
| | 240,000 | | | City of Hopewell, Sewer System, Series A (RB)
5.00%, 07/15/21 (c) | | | 253,831 | |
| | | | | City of Newport News, Economic Development Authority, Residential Care Facilities (RB) | | | | |
| | 650,000 | | | 3.13%, 12/01/25 (c) | | | 651,599 | |
| | 3,000,000 | | | 5.00%, 12/01/25 (c) | | | 3,245,970 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Virginia: (continued) | | | | |
| | | | | Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) | | | | |
| $ | 1,450,000 | | | 6.63%, 03/01/21 (c) | | $ | 1,522,935 | |
| | 1,000,000 | | | 6.88%, 03/01/21 (c) | | | 1,051,650 | |
| | | | | Farmville Industrial Development Authority, Series A (RB) (AMBAC) | | | | |
| | 500,000 | | | 5.00%, 01/01/29 (c) | | | 562,725 | |
| | 500,000 | | | 5.00%, 01/01/29 (c) | | | 566,920 | |
| | 500,000 | | | 5.00%, 01/01/29 (c) | | | 568,685 | |
| | | | | Hanover County Economic Development Authority (RB) | | | | |
| | 500,000 | | | 5.00%, 07/01/24 (c) | | | 541,325 | |
| | 500,000 | | | 5.00%, 07/01/24 (c) | | | 542,005 | |
| | | | | Hanover County, Economic Development Authority, Series A (RB) | | | | |
| | 260,000 | | | 4.00%, 07/01/22 | | | 266,828 | |
| | 1,500,000 | | | 5.00%, 07/01/22 (c) | | | 1,552,335 | |
| | 1,500,000 | | | 5.00%, 07/01/22 (c) | | | 1,554,645 | |
| | 2,475,000 | | | Henrico County Economic Development Authority, Residential Care Facilities, Series C (RB)
5.00%, 12/01/27 (c) | | | 2,750,665 | |
| | | | | Peninsula Town Center Community Development Authority (RB) | | | | |
| | 2,500,000 | | | 5.00%, 09/01/27 (c) | | | 2,770,225 | |
| | 500,000 | | | 5.00%, 09/01/27 (c) | | | 561,810 | |
| | 1,000,000 | | | Riverside County Transportation Commission, Series A (RB)
5.38%, 09/01/26 (c) | | | 1,046,150 | |
| | 1,000,000 | | | Roanoke County Economic Development Authority, Series B (RB)
4.63%, 09/01/24 (c) (p) | | | 1,023,600 | |
| | 2,000,000 | | | Tobacco Settlement Financing Corp., Series B-1 (RB)
5.00%, 11/18/19 (c) | | | 2,005,440 | |
| | 17,265,000 | | | Tobacco Settlement Financing Corp., Series C (RB)
0.00%, 11/18/19 (c) ^ | | | 2,016,897 | |
| | | | | Virginia College Building Authority, Marymount University Project, Series A (RB) | | | | |
| | 2,000,000 | | | 5.00%, 07/01/25 (c) | | | 2,138,920 | |
| | 1,000,000 | | | 5.00%, 07/01/25 (c) | | | 1,085,970 | |
| | 300,000 | | | Virginia College Building Authority, Marymount University Project, Series B (RB)
5.25%, 07/01/25 (c) | | | 334,050 | |
| | 1,760,000 | | | Virginia College Building Authority, Regent University Project (RB)
5.00%, 12/02/19 (c) | | | 1,708,080 | |
| | | | | Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | | | | |
| | 760,000 | | | 5.50%, 07/01/22 (c) | | | 827,480 | |
| | 1,550,000 | | | 6.00%, 07/01/22 (c) | | | 1,717,338 | |
Principal
Amount | | | | | Value | |
| Virginia: (continued) | | | | |
| | | | | Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | | | | |
| $ | 1,000,000 | | | 5.00%, 01/01/22 (c) | | $ | 1,064,330 | |
| | 300,000 | | | 5.00%, 01/01/22 (c) | | | 319,764 | |
| | 1,450,000 | | | 5.00%, 01/01/22 (c) | | | 1,545,526 | |
| | 2,000,000 | | | Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB)
5.00%, 07/01/23 (c) (p) | | | 2,125,400 | |
| | | | | | | | 46,766,446 | |
| Washington: 1.1% | | | | |
| | 1,000,000 | | | Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB)
5.50%, 09/01/22 (c) | | | 1,028,590 | |
| | | | | Kalispel Tribe Indians Priority, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 01/01/28 (c) | | | 279,790 | |
| | 250,000 | | | 5.25%, 01/01/28 (c) | | | 277,433 | |
| | | | | King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO) | | | | |
| | 1,000,000 | | | 5.00%, 12/01/25 (c) | | | 1,057,210 | |
| | 500,000 | | | 5.75%, 12/01/25 (c) | | | 531,410 | |
| | 500,000 | | | 6.00%, 12/01/25 (c) | | | 531,555 | |
| | 250,000 | | | 6.25%, 12/01/25 (c) | | | 264,865 | |
| | | | | Klickitat County Public Hospital District No. 2 (RB) | | | | |
| | 1,000,000 | | | 5.00%, 12/01/27 (c) | | | 1,004,070 | |
| | 1,170,000 | | | 5.00%, 12/01/27 (c) | | | 1,182,425 | |
| | 1,415,000 | | | 5.00%, 12/01/27 (c) | | | 1,433,989 | |
| | 2,000,000 | | | Washington Economic Development Finance Authority, Columbia Pulp I, LLC Project, Series A (RB)
7.50%, 01/01/28 (c) | | | 2,054,840 | |
| | 300,000 | | | Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB)
5.00%, 02/01/21 (c) | | | 313,773 | |
| | 1,650,000 | | | Washington Health Care Facilities Authority, Central Washington Health Services Association (RB)
5.00%, 07/01/25 (c) | | | 1,857,042 | |
| | 100,000 | | | Washington Health Care Facilities Authority, Commonspirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c) | | | 108,255 | |
| | 2,500,000 | | | Washington Health Care Facilities Authority, Commonspirit Health, Series A-2 (RB)
5.00%, 08/01/29 (c) | | | 2,957,800 | |
| | | | | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) | | | | |
| | 500,000 | | | 5.00%, 08/15/27 (c) | | | 576,980 | |
| | 205,000 | | | 5.00%, 08/15/27 (c) | | | 237,720 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | | |
| | | | | Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | | | | |
| $ | 1,000,000 | | | 5.00%, 07/01/24 (c) | | $ | 1,075,990 | |
| | 1,000,000 | | | 5.00%, 07/01/24 (c) | | | 1,078,230 | |
| | 150,000 | | | 5.00%, 07/01/24 (c) | | | 163,770 | |
| | 500,000 | | | Washington State Housing Finance Commission, Hearthstone Project, Series A (RB)
5.00%, 07/01/26 (c) | | | 530,620 | |
| | | | | Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) | | | | |
| | 200,000 | | | 6.00%, 07/01/25 | | | 216,694 | |
| | 1,640,000 | | | 6.75%, 07/01/25 (c) | | | 1,793,291 | |
| | 2,000,000 | | | 7.00%, 07/01/25 (c) | | | 2,185,580 | |
| | | | | Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) | | | | |
| | 150,000 | | | 5.50%, 11/21/19 (c) | | | 150,102 | |
| | 1,350,000 | | | 6.50%, 07/01/25 (c) | | | 1,467,301 | |
| | 1,100,000 | | | Washington State Housing Finance Commission, Mirabella Project, Series A (RB)
6.75%, 10/01/22 (c) | | | 1,181,290 | |
| | | | | Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | | | | |
| | 150,000 | | | 3.75%, 07/01/26 | | | 154,925 | |
| | 825,000 | | | 5.00%, 01/01/25 (c) | | | 924,181 | |
| | 2,495,000 | | | 5.00%, 01/01/25 (c) | | | 2,753,033 | |
| | 1,500,000 | | | 5.00%, 01/01/25 (c) | | | 1,658,910 | |
| | 1,000,000 | | | Washington State Housing Finance Commission, Rockwood Retirement Communities Project (RB)
5.00%, 01/01/26 (c) | | | 1,057,100 | |
| | 1,000,000 | | | Washington State Housing Finance Commission, Transforming Age Project, Series A (RB)
5.00%, 07/01/26 (c) | | | 1,085,250 | |
| | | | | Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | | | | |
| | 1,250,000 | | | 5.00%, 07/01/26 (c) | | | 1,329,125 | |
| | 500,000 | | | 5.00%, 07/01/26 (c) | | | 533,160 | |
| | | | | | | | 35,036,299 | |
| West Virginia: 0.3% | | | | |
| | 325,000 | | | Brooke County Commission, Series A (RB)
6.75%, 04/01/21 (c) | | | 329,225 | |
| | 560,000 | | | County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
4.00%, 06/01/22 (c) | | | 573,070 | |
| | 530,000 | | | Glenville State College Board of Governors (RB)
5.25%, 06/01/27 (c) | | | 558,037 | |
Principal
Amount | | | | | Value | |
| West Virginia: (continued) | | | | |
| | | | | Ohio County Development Authority, Sports Complex Project (RB) | | | | |
| $ | 1,000,000 | | | 5.00%, 09/01/28 (c) | | $ | 1,031,610 | |
| | 2,750,000 | | | 5.00%, 09/01/28 (c) | | | 2,902,377 | |
| | | | | West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | | | | |
| | 3,395,000 | | | 6.50%, 11/18/19 (c) | | | 1,986,075 | |
| | 2,230,000 | | | 6.50%, 11/18/19 (c) | | | 1,304,550 | |
| | 2,720,000 | | | 6.75%, 11/18/19 (c) | | | 1,591,200 | |
| | | | | | | | 10,276,144 | |
| Wisconsin: 2.9% | | | | |
| | | | | Public Finance Authority, American Dream at Meadowlands Project (RB) | | | | |
| | 500,000 | | | 6.75%, 12/01/27 (c) | | | 591,795 | |
| | 17,500,000 | | | 7.00%, 12/01/27 (c) | | | 20,958,175 | |
| | 100,000 | | | Public Finance Authority, American Dream at Meadowlands Project, Series A (RB)
6.75%, 08/01/31 | | | 119,128 | |
| | 1,000,000 | | | Public Finance Authority, American Preparatory Academy (RB)
5.38%, 07/15/27 (c) | | | 1,099,300 | |
| | 250,000 | | | Public Finance Authority, Bancroft Neurohealth Project, Series A (RB)
5.13%, 06/01/26 (c) | | | 267,005 | |
| | | | | Public Finance Authority, Cedars Nursing Care Center (RB) | | | | |
| | 455,000 | | | 4.25%, 05/01/27 (c) | | | 461,156 | |
| | 1,000,000 | | | 5.50%, 05/01/27 (c) | | | 1,008,820 | |
| | 2,500,000 | | | 5.75%, 05/01/27 (c) | | | 2,525,475 | |
| | 3,000,000 | | | Public Finance Authority, Celanese Corp., Series C (RB)
4.30%, 05/01/26 (c) | | | 3,276,600 | |
| | | | | Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | | | | |
| | 495,000 | | | 5.00%, 02/01/26 (c) | | | 516,513 | |
| | 500,000 | | | 5.13%, 02/01/26 (c) | | | 517,905 | |
| | | | | Public Finance Authority, Corvian Community School Project, Series A (RB) | | | | |
| | 580,000 | | | 4.25%, 06/15/24 (c) | | | 600,120 | |
| | 800,000 | | | 5.00%, 06/15/24 (c) | | | 824,528 | |
| | 1,000,000 | | | 5.13%, 06/15/24 (c) | | | 1,030,350 | |
| | 2,000,000 | | | Public Finance Authority, Denver International Airport Great Hall (RB)
5.00%, 09/30/27 (c) | | | 2,056,260 | |
| | 1,000,000 | | | Public Finance Authority, Friends Homes (RB)
5.00%, 09/01/26 (c) | | | 1,099,800 | |
| | 1,500,000 | | | Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB)
5.25%, 12/01/24 (c) | | | 1,618,155 | |
| | 6,250,000 | | | Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB)
7.00%, 01/01/32 (c) | | | 7,724,125 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 2,500,000 | | | Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA)
3.75%, 03/15/28 (c) | | $ | 2,218,275 | |
| | | | | Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) | | | | |
| | 500,000 | | | 6.25%, 01/01/28 (c) | | | 527,310 | |
| | 2,000,000 | | | 6.38%, 01/01/28 (c) | | | 2,111,660 | |
| | 1,000,000 | | | Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB)
5.25%, 05/15/25 (c) | | | 1,120,470 | |
| | 3,275,000 | | | Public Finance Authority, Million Air Two LLC, Series B (RB)
7.13%, 06/01/24 (c) | | | 3,669,310 | |
| | 500,000 | | | Public Finance Authority, National Gypsum Comp. (RB)
5.25%, 11/01/24 (c) | | | 551,550 | |
| | 2,900,000 | | | Public Finance Authority, Nevada State College (RB)
5.00%, 05/01/29 (c) | | | 3,117,645 | |
| | | | | Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | | | | |
| | 2,150,000 | | | 5.00%, 06/15/26 (c) | | | 2,099,453 | |
| | 5,000,000 | | | 5.00%, 06/15/26 (c) | | | 5,030,500 | |
| | | | | Public Finance Authority, Penick Village (RB) | | | | |
| | 500,000 | | | 4.00%, 09/01/26 (c) | | | 523,145 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 537,720 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 542,785 | |
| | 500,000 | | | 5.00%, 09/01/26 (c) | | | 547,005 | |
| | 500,000 | | | Public Finance Authority, Phoenix Academy Project, Series A (RB)
5.88%, 06/15/24 (c) | | | 507,110 | |
| | 1,000,000 | | | Public Finance Authority, Prime Healthcare Foundation, Series A (RB)
5.35%, 12/01/27 (c) | | | 1,169,850 | |
| | 610,000 | | | Public Finance Authority, Senior Airport Facilities, Series B (RB)
5.00%, 07/01/22 | | | 640,177 | |
| | 1,455,000 | | | Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB)
5.00%, 07/01/22 (c) | | | 1,550,608 | |
| | 300,000 | | | Public Finance Authority, Triad Educational Services, Inc., Series A (RB)
5.50%, 06/15/25 (c) | | | 314,268 | |
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 3,155,000 | | | Public Finance Authority, Vista Grande Villa Project, Series A (RB)
6.50%, 07/01/25 (c) | | $ | 3,258,421 | |
| | | | | Public Finance Authority, Whitestone (RB) | | | | |
| | 2,580,000 | | | 5.00%, 03/01/28 (c) | | | 2,814,445 | |
| | 1,250,000 | | | 5.00%, 03/01/28 (c) | | | 1,391,975 | |
| | 100,000 | | | Wisconsin Health and Educational Facilities Authority, Series A (RB)
5.25%, 08/01/25 (c) | | | 109,282 | |
| | 750,000 | | | Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
5.00%, 08/01/24 (c) | | | 830,737 | |
| | | | | Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc., Series B (RB) | | | | |
| | 1,095,000 | | | 5.00%, 07/01/23 (c) | | | 1,170,818 | |
| | 1,000,000 | | | 5.00%, 07/01/23 (c) | | | 1,070,910 | |
| | 550,000 | | | Wisconsin Health and Educational Facilities Authority, Mile Bluff Medical Center, Inc. (RB)
5.13%, 05/01/24 (c) | | | 594,919 | |
| | | | | Wisconsin Health and Educational Facilities Authority, Saul-Prairie Memorial Hospital, Inc., Series A (RB) | | | | |
| | 2,150,000 | | | 5.25%, 02/01/23 (c) | | | 2,204,502 | |
| | 1,975,000 | | | 5.38%, 02/01/23 (c) | | | 2,030,043 | |
| | 3,950,000 | | | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)
5.13%, 02/01/23 (c) | | | 4,041,363 | |
| | 1,250,000 | | | Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB)
8.25%, 06/01/21 (c) | | | 1,374,850 | |
| | | | | | | | 93,966,316 | |
Total Municipal Bonds: 97.8%
(Cost: $3,053,376,960) | | | 3,164,414,567 | |
| Other assets less liabilities: 2.2% | | | 72,833,515 | |
| NET ASSETS: 100.0% | | $ | 3,237,248,082 | |
See Notes to Financial Statements
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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 |
| SD CRED PROG | Special District Credit Enhancement Program |
| 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 |
| (f) | On the last coupon date only partial interest was paid |
| (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 $38,000 which represents 0.0% of net assets. |
Summary of Investments
By Sector | | | % of Investments | | Value | |
| Education | | | | 7.6 | % | | $ | 239,688,303 | |
| Health Care | | | | 23.0 | | | | 726,943,331 | |
| Housing | | | | 2.2 | | | | 70,771,810 | |
| Industrial Revenue | | | | 17.3 | | | | 546,474,555 | |
| Leasing | | | | 6.2 | | | | 197,010,683 | |
| Local | | | | 6.8 | | | | 214,549,494 | |
| Power | | | | 0.4 | | | | 12,928,662 | |
| Solid Waste/Resource Recovery | | | 0.2 | | | | 7,715,666 | |
| Special Tax | | | | 9.3 | | | | 294,327,741 | |
| State | | | | 3.7 | | | | 117,155,459 | |
| Tobacco | | | | 14.3 | | | | 452,904,663 | |
| Transportation | | | | 6.7 | | | | 212,097,409 | |
| Water & Sewer | | | | 2.3 | | | | 71,846,791 | |
| | | | | 100.0 | % | | $ | 3,164,414,567 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Municipal Bonds* | | | $ | — | | | $ | 3,164,414,567 | | | $ | — | | | $ | 3,164,414,567 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
| Principal | | | | | | |
| Amount | | | | | Value | |
| MUNICIPAL BONDS: 98.7% |
| Alabama: 0.6% |
| | | | | Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | | | | |
| $ | 150,000 | | | 6.45%, 12/02/19 (c) | | $ | 152,097 | |
| | 150,000 | | | 6.45%, 12/02/19 (c) | | | 152,097 | |
| | 1,000,000 | | | Southeast Alabama Gas Supply District, Series A (RB)
4.00%, 01/01/24 (c) (p) | | | 1,079,220 | |
| | | | | | | | 1,383,414 | |
| American Samoa: 0.3% |
| | | | | American Samoa Economic Development Authority, Series A (RB) | | | | |
| | 400,000 | | | 6.00%, 09/01/23 | | | 416,388 | |
| | 250,000 | | | 6.50%, 09/01/28 | | | 279,312 | |
| | | | | | | | 695,700 | |
| Arizona: 1.6% |
| | 125,000 | | | Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
5.00%, 02/01/21 | | | 130,613 | |
| | | | | Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | | | | |
| | 250,000 | | | 4.75%, 07/01/23 (c) | | | 267,610 | |
| | 200,000 | | | 5.00%, 07/01/26 | | | 224,104 | |
| | 500,000 | | | Arizona Industrial Development Authority, Doral Academy-Fire Mesa and Red Rock Campus, Series A (RB)
3.55%, 07/15/27 (c) | | | 517,715 | |
| | 500,000 | | | Arizona Industrial Development Authority, Leman Academy of Excellence-East Tucson and Central Tucson Projects, Series A (RB)
4.00%, 07/01/24 (c) | | | 507,875 | |
| | 1,000,000 | | | Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c) | | | 1,043,470 | |
| | 500,000 | | | Industrial Development Authority of the City of Phoenix, Series A (RB)
4.00%, 07/01/25 | | | 530,105 | |
| | 250,000 | | | Pima County Industrial Development Authority, American Leadership Academy Project (RB)
4.13%, 06/15/22 (c) | | | 255,055 | |
| | | | | Salt Verde Financial Corp. (RB) | | | | |
| | 65,000 | | | 5.25%, 12/01/21 | | | 69,852 | |
| | 200,000 | | | 5.25%, 12/01/23 | | | 227,324 | |
| | 65,000 | | | 5.25%, 12/01/24 | | | 75,763 | |
| | 10,000 | | | 5.25%, 12/01/28 | | | 12,600 | |
| | | | | | | | 3,862,086 | |
| California: 6.2% |
| | 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) | | | 205,854 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| California: (continued) |
| | | | | Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series H (RB) | | | | |
| $ | 500,000 | | | 5.00%, 05/01/27 | | $ | 617,395 | |
| | 500,000 | | | 5.00%, 05/01/29 | | | 636,010 | |
| | 375,000 | | | Bay Area Toll Authority, Series S-4 (RB)
5.00%, 04/01/23 (c) | | | 425,137 | |
| | 320,000 | | | California Health Facilities Financing Authority, Catholic Healthcare West, Series E (RB)
5.63%, 12/02/19 (c) | | | 322,320 | |
| | | | | California Municipal Finance Authority, Community Medical Centers, Series A (RB) | | | | |
| | 50,000 | | | 5.00%, 02/01/27 (c) | | | 60,983 | |
| | 50,000 | | | 5.00%, 02/01/27 | | | 61,694 | |
| | 500,000 | | | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) | | | | |
| | | | | 5.00%, 03/01/25 | | | 514,300 | |
| | | | | California Municipal Finance Authority, LINXS APM Project, Series A (RB) | | | | |
| | 545,000 | | | 5.00%, 06/30/27 | | | 663,341 | |
| | 220,000 | | | 5.00%, 06/30/28 | | | 271,872 | |
| | 400,000 | | | California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
3.88%, 07/01/28 | | | 421,192 | |
| | 400,000 | | | California Pollution Control Financing Authority, Solid Waste Disposal, Series A-1 (RB)
3.38%, 07/01/25 | | | 435,648 | |
| | 735,000 | | | California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 | | | 739,579 | |
| | | | | California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) | | | | |
| | 250,000 | | | 3.00%, 05/01/28 (c) | | | 269,767 | |
| | 300,000 | | | 5.00%, 09/01/21 | | | 321,021 | |
| | | | | California Statewide Communities Development Authority (RB) | | | | |
| | 200,000 | | | 5.00%, 07/01/24 | | | 217,706 | |
| | 250,000 | | | 5.00%, 07/01/29 | | | 290,387 | |
| | | | | California Statewide Communities Development Authority, Baptist University, Series A (RB) | | | | |
| | 150,000 | | | 3.00%, 11/01/22 | | | 151,977 | |
| | 500,000 | | | 3.50%, 11/01/27 | | | 539,360 | |
| | 180,000 | | | California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.75%, 12/02/19 (c) | | | 179,114 | |
| | 430,000 | | | California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB)
5.50%, 12/02/19 (c) | | | 428,349 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | | |
| Amount | | | | | | Value | |
| California: (continued) |
| $ | 500,000 | | | California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
3.00%, 06/01/29 | | $ | 513,950 | |
| | 350,000 | | | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c) | | | 408,261 | |
| | 500,000 | | | California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB)
2.63%, 12/01/23 (p) | | | 519,460 | |
| | 30,000 | | | City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC)
5.00%, 11/01/23 | | | 31,190 | |
| | 500,000 | | | City of Oroville Hospital (RB)
5.00%, 04/01/29 (c) | | | 602,005 | |
| | 375,000 | | | City of San Buenaventura, Community Memorial Health System (RB)
6.50%, 12/01/21 | | | 411,229 | |
| | 250,000 | | | County of Sacramento, Airport System, Series C (RB)
5.00%, 07/01/27 | | | 311,145 | |
| | 115,000 | | | County of Sacramento, Airport System, Series E (RB)
5.00%, 07/01/28 | | | 149,002 | |
| | 145,000 | | | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB)
5.50%, 07/15/22 (c) (p) | | | 160,905 | |
| | | | | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | | | | |
| | 110,000 | | | 5.00%, 06/01/23 | | | 122,659 | |
| | 110,000 | | | 5.00%, 06/01/25 | | | 127,656 | |
| | 250,000 | | | 5.00%, 06/01/26 | | | 295,312 | |
| | 110,000 | | | Irvine Unified School District, Special Tax, Community Facilities No. 09-1, Series A (ST)
5.00%, 09/01/26 | | | 132,823 | |
| | 230,000 | | | Lake Elsinore Public Financing Authority, Local Agency Revenue (ST)
5.00%, 09/01/24 | | | 264,206 | |
| | 265,000 | | | Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB)
5.50%, 11/15/30 | | | 349,861 | |
| | 165,000 | | | Los Angeles Unified School District, Series B (CP)
5.00%, 10/01/22 (c) | | | 181,668 | |
| | 1,250,000 | | | Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p) | | | 1,361,212 | |
| | | | | Palomar Health (RB) | | | | |
| | 250,000 | | | 5.00%, 11/01/25 | | | 293,465 | |
| | 90,000 | | | 5.00%, 11/01/26 (c) | | | 106,738 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| California: (continued) |
| $ | 250,000 | | | Port of Oakland (RB)
5.00%, 11/01/23 | | $ | 285,465 | |
| | 110,000 | | | Poway Unified School District Public Financing Authority, Series A (ST)
5.00%, 09/01/24 | | | 126,346 | |
| | 110,000 | | | Riverside County Public Financing Authority, Capital Facilities Project (RB)
5.00%, 11/01/23 | | | 126,485 | |
| | 85,000 | | | San Francisco Community College District (GO)
5.00%, 06/15/22 | | | 93,906 | |
| | 120,000 | | | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST)
5.00%, 08/01/22 (c) | | | 131,136 | |
| | 250,000 | | | Tobacco Securitization Authority of Southern California, Series B-1 (RB)
2.25%, 06/01/29 | | | 254,758 | |
| | 35,000 | | | Vernon Electric System, Series A (RB)
5.13%, 12/02/19 (c) | | | 35,123 | |
| | 370,000 | | | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 | | | 281,200 | |
| | | | | | | | 15,450,172 | |
| Colorado: 3.6% |
| | 500,000 | | | Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
4.38%, 12/01/23 (c) | | | 535,450 | |
| | 295,000 | | | City and County of Denver, Airport System, Series A (RB)
5.00%, 12/01/28 (c) | | | 366,927 | |
| | 500,000 | | | Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB)
3.75%, 07/01/26 | | | 517,575 | |
| | 1,000,000 | | | Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
5.00%, 08/01/29 (c) | | | 1,235,180 | |
| | 200,000 | | | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB)
4.00%, 12/01/22 (c) | | | 211,802 | |
| | 150,000 | | | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
5.20%, 12/02/19 (c) | | | 150,260 | |
| | 85,000 | | | Colorado Health Facilities Authority, NCMC, Inc. Project (RB)
5.00%, 05/15/26 (c) | | | 103,618 | |
| | 1,000,000 | | | Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB)
4.00%, 11/01/20 (c) | | | 1,002,790 | |
| | 150,000 | | | Colorado Public Authority, Natural Gas Purchase (RB)
6.13%, 11/15/23 | | | 164,790 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Colorado: (continued) |
| $ | 120,000 | | | Denver Convention Center Hotel Authority (RB)
5.00%, 12/01/22 | | $ | 131,572 | |
| | 2,500,000 | | | Dominion Water and Sanitation District (RB)
5.25%, 12/01/21 (c) | | | 2,668,725 | |
| | 1,425,000 | | | Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c) | | | 1,462,620 | |
| | 140,000 | | | Public Authority for Colorado Energy (RB)
6.25%, 11/15/28 | | | 179,458 | |
| | 200,000 | | | Southlands Metropolitan District No. 1, Series A-1 (GO)
3.50%, 12/01/27 | | | 210,152 | |
| | | | | | | | 8,940,919 | |
| Connecticut: 1.6% |
| | 405,000 | | | City of Hartford, Series A (GO)
5.00%, 04/01/23 (c) | | | 452,636 | |
| | | | | Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | | | | |
| | 250,000 | | | 5.25%, 02/01/22 | | | 257,937 | |
| | 250,000 | | | 5.50%, 02/01/23 | | | 262,987 | |
| | | | | State of Connecticut, Series B (GO) | | | | |
| | 200,000 | | | 5.00%, 04/15/22 (c) | | | 216,664 | |
| | 250,000 | | | 5.00%, 04/15/28 | | | 312,502 | |
| | | | | State of Connecticut, Series D (GO) | | | | |
| | 250,000 | | | 5.00%, 10/01/20 (c) | | | 258,252 | |
| | 100,000 | | | 5.00%, 11/01/21 (c) | | | 107,078 | |
| | 250,000 | | | State of Connecticut, Special Tax Obligation, Series B (RB)
5.00%, 09/01/26 (c) | | | 304,492 | |
| | 500,000 | | | Town of Hamden (RB)
5.00%, 01/01/26 (c) | | | 559,260 | |
| | | | | University of Connecticut, Series A (RB) | | | | |
| | 815,000 | | | 5.00%, 02/15/21 (c) | | | 851,178 | |
| | 380,000 | | | 5.00%, 03/15/25 | | | 449,430 | |
| | | | | | | | 4,032,416 | |
| District of Columbia: 0.1% |
| | 250,000 | | | District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
4.13%, 07/01/24 (c) | | | 262,752 | |
| Florida: 6.8% |
| | 500,000 | | | Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c) | | | 529,615 | |
| | 400,000 | | | Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27 | | | 417,632 | |
| | 1,000,000 | | | Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28 | | | 1,003,880 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Florida: (continued) | | | | |
| | | | | Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | | | | |
| $ | 400,000 | | | 5.00%, 06/15/25 | | $ | 420,580 | |
| | 160,000 | | | 5.50%, 06/15/22 | | | 162,938 | |
| | 250,000 | | | Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB)
5.13%, 06/15/27 | | | 260,922 | |
| | | | | Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | | | | |
| | 2,750,000 | | | 6.25%, 01/01/20 (c) (p) | | | 2,619,375 | |
| | 3,250,000 | | | 6.38%, 01/01/20 (c) (p) | | | 3,074,305 | |
| | 5,750,000 | | | 6.50%, 01/01/20 (c) (p) | | | 5,417,707 | |
| | 110,000 | | | JEA Electric System, Series Three B (RB)
5.00%, 10/01/27 (c) | | | 136,015 | |
| | 265,000 | | | Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
5.00%, 06/01/25 (c) | | | 277,309 | |
| | | | | Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | | | | |
| | 250,000 | | | 5.00%, 10/01/23 | | | 280,892 | |
| | 250,000 | | | 5.00%, 10/01/24 | | | 287,362 | |
| | 250,000 | | | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA)
4.50%, 08/01/24 | | | 260,105 | |
| | 500,000 | | | Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 | | | 567,610 | |
| | 120,000 | | | School Board of Miami-Dade County, Series D (CP)
5.00%, 02/01/26 (c) | | | 142,376 | |
| | 250,000 | | | School District of St. Lucie County, Sales Tax (RB) (AGM)
5.00%, 10/01/25 | | | 298,945 | |
| | 305,000 | | | South Miami Health Facilities Authority (RB)
3.00%, 08/15/27 (c) | | | 320,009 | |
| | 500,000 | | | Village Community Development District No. 12 (SA) (SAW)
3.80%, 05/01/28 | | | 529,500 | |
| | | | | | | | 17,007,077 | |
| Georgia: 2.1% |
| | | | | Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB) | | | | |
| | 250,000 | | | 6.00%, 01/01/23 | | | 255,958 | |
| | 500,000 | | | 6.50%, 01/01/28 (c) | | | 534,630 | |
| | | | | Burke County Development Authority (RB) | | | | |
| | 250,000 | | | 2.25%, 05/25/23 (p) | | | 254,193 | |
| | 250,000 | | | 2.93%, 03/12/24 (p) | | | 261,420 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| Georgia: (continued) |
| $ | 1,000,000 | | | Burke County Development Authority, Series E (RB)
3.25%, 02/03/25 (p) | | $ | 1,043,460 | |
| | 250,000 | | | Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG)
5.50%, 12/01/24 (c) | | | 259,385 | |
| | | | | Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) | | | | |
| | 500,000 | | | 3.00%, 04/01/24 | | | 500,715 | |
| | 500,000 | | | 4.00%, 04/01/26 (c) | | | 528,490 | |
| | 160,000 | | | Georgia Local Government, Grantor Trust, Series A (CP) (NATL)
4.75%, 06/01/28 | | | 184,122 | |
| | 325,000 | | | Greene County Development Authority, Glen-I, LLC Project, Series A (RB)
6.13%, 01/01/25 (d) * | | | 219,278 | |
| | | | | Main Street Natural Gas, Inc., Series A-1 (RB) | | | | |
| | 130,000 | | | 5.50%, 09/15/23 | | | 148,363 | |
| | 135,000 | | | 5.50%, 09/15/25 | | | 162,667 | |
| | 250,000 | | | Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 | | | 285,097 | |
| | 500,000 | | | Oconee County Industrial Development Authority, Series A-3 (RB)
5.50%, 12/01/21 (c) | | | 508,395 | |
| | | | | | | | 5,146,173 | |
| Guam: 0.9% |
| | 480,000 | | | A. B. Won Pat International Airport Authority, Series C (RB)
5.00%, 10/01/21 | | | 501,346 | |
| | 300,000 | | | Guam Government, Business Privilege Tax, Series A (RB)
5.00%, 01/01/22 (c) | | | 317,241 | |
| | 360,000 | | | Guam Government, Business Privilege Tax, Series D (RB)
5.00%, 11/15/25 (c) | | | 413,006 | |
| | 1,000,000 | | | Guam Government, Series A (RB)
5.00%, 12/01/24 | | | 1,134,820 | |
| | | | | | | | 2,366,413 | |
| Hawaii: 0.0% |
| | 90,000 | | | Kuakini, Hawaii Health System, Series A (RB)
6.30%, 12/02/19 (c) | | | 90,284 | |
| Illinois: 19.2% |
| | | | | Chicago Board of Education, Series A (GO) | | | | |
| | 250,000 | | | 0.00%, 12/01/22 ^ | | | 231,938 | |
| | 160,000 | | | 0.00%, 12/01/24 ^ | | | 140,770 | |
| | 260,000 | | | 0.00%, 12/01/26 ^ | | | 214,302 | |
| | 435,000 | | | 0.00%, 12/01/28 ^ | | | 334,076 | |
| | 150,000 | | | 4.00%, 12/01/20 | | | 153,173 | |
| | 500,000 | | | 4.00%, 12/01/22 | | | 525,325 | |
| | 200,000 | | | 5.00%, 12/01/28 (c) | | | 242,488 | |
| | 250,000 | | | 5.00%, 12/01/28 (c) | | | 292,705 | |
| Principal | | | | | | |
| Amount | | | | | | Value | |
| Illinois: (continued) | | | | |
| $ | 175,000 | | | 5.50%, 12/01/26 | | $ | 207,218 | |
| | 200,000 | | | 7.00%, 12/01/25 (c) | | | 250,212 | |
| | 1,000,000 | | | Chicago Board of Education, Series B (GO)
5.00%, 12/01/29 (c) | | | 1,181,040 | |
| | 345,000 | | | Chicago Board of Education, Series B-1 (GO)
0.00%, 12/01/23 ^ | | | 311,773 | |
| | 500,000 | | | Chicago Board of Education, Series C (GO)
5.00%, 12/01/27 | | | 581,285 | |
| | 495,000 | | | Chicago Board of Education, Series F (GO)
5.00%, 12/01/20 | | | 510,706 | |
| | | | | Chicago O’Hare International Airport, Series B (RB) | | | | |
| | 300,000 | | | 4.00%, 01/01/22 (c) | | | 312,825 | |
| | 750,000 | | | 5.00%, 01/01/21 | | | 782,227 | |
| | 575,000 | | | Chicago School Reform Board of Trustees, Series A (GO)
0.00%, 12/01/29 ^ | | | 425,011 | |
| | | | | Chicago School Reform Board of Trustees, Series B-1 (GO) | | | | |
| | 490,000 | | | 0.00%, 12/01/24 ^ | | | 431,107 | |
| | 560,000 | | | 0.00%, 12/01/25 ^ | | | 478,358 | |
| | 395,000 | | | 0.00%, 12/01/26 ^ | | | 325,575 | |
| | 1,515,000 | | | 0.00%, 12/01/28 ^ | | | 1,163,505 | |
| | 585,000 | | | 0.00%, 12/01/29 ^ | | | 432,403 | |
| | 200,000 | | | Chicago Transit Authority (RB)
5.25%, 12/01/21 (c) | | | 213,344 | |
| | 115,000 | | | Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24 | | | 131,282 | |
| | 105,000 | | | City of Chicago, Modern School Across Chicago Program, Series A (GO)
5.00%, 12/01/20 (c) | | | 108,378 | |
| | 100,000 | | | City of Chicago, Motor Fuel Tax (RB) (AGM)
5.00%, 01/01/24 (c) | | | 110,776 | |
| | | | | City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | | | | |
| | 280,000 | | | 5.00%, 01/01/25 | | | 313,314 | |
| | 350,000 | | | 5.25%, 01/01/25 (c) | | | 395,192 | |
| | | | | City of Chicago, Series A (GO) | | | | |
| | 715,000 | | | 5.00%, 01/01/24 (c) | | | 786,486 | |
| | 270,000 | | | 5.25%, 01/01/24 (c) | | | 299,079 | |
| | 180,000 | | | 5.25%, 01/01/24 (c) | | | 199,033 | |
| | | | | City of Chicago, Series C (GO) | | | | |
| | 95,000 | | | 5.00%, 01/01/22 | | | 102,540 | |
| | 300,000 | | | 5.00%, 01/01/22 (c) | | | 315,954 | |
| | 660,000 | | | 5.00%, 01/01/23 | | | 710,153 | |
| | 400,000 | | | 5.00%, 01/01/24 | | | 439,524 | |
| | 1,090,000 | | | 5.00%, 01/01/25 | | | 1,219,688 | |
| | | | | City of Chicago, Water Revenue, Second Lien (RB) | | | | |
| | 100,000 | | | 5.00%, 11/01/22 (c) | | | 108,748 | |
| | 150,000 | | | 5.00%, 11/01/24 (c) | | | 170,405 | |
| | 100,000 | | | 5.00%, 11/01/24 (c) | | | 113,114 | |
| | 270,000 | | | 5.00%, 11/01/24 (c) | | | 305,602 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) | | | |
| $ | 100,000 | | | City of Chicago, Water Revenue, Second Lien, Series A-1 (RB)
5.00%, 11/01/26 (c) | | $ | 117,271 | |
| | 240,000 | | | Cook County Community College District No. 508 (GO)
5.25%, 12/01/23 (c) | | | 260,364 | |
| | 500,000 | | | County of Cook, Series A (GO)
5.25%, 11/15/21 (c) | | | 534,830 | |
| | 1,190,000 | | | Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 | | | 1,218,346 | |
| | 1,000,000 | | | Illinois Finance Authority, Lutheran Home and Obligated Group (RB)
5.50%, 05/15/22 (c) | | | 1,052,230 | |
| | 100,000 | | | Illinois Finance Authority, Roosevelt University (RB)
5.40%, 12/02/19 (c) | | | 100,138 | |
| | 250,000 | | | Illinois Finance Authority, Three Crowns Park (RB)
4.00%, 02/15/24 (c) | | | 259,767 | |
| | | | | Illinois Railsplitter Tobacco Settlement Authority (RB) | | | | |
| | 75,000 | | | 5.25%, 06/01/21 | | | 79,467 | |
| | 70,000 | | | 5.38%, 06/01/21 | | | 74,305 | |
| | 260,000 | | | Illinois Sports Facilities Authority (RB) (AMBAC)
0.00%, 06/15/26 ^ | | | 219,749 | |
| | | | | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | | | | |
| | 195,000 | | | 0.00%, 12/15/22 ^ | | | 182,976 | |
| | 130,000 | | | 0.00%, 12/15/24 ^ | | | 115,651 | |
| | | | | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | | | | |
| | 115,000 | | | 0.00%, 06/15/28 ^ | | | 91,706 | |
| | 110,000 | | | 5.00%, 06/15/22 (c) | | | 118,268 | |
| | 970,000 | | | 5.00%, 06/15/22 (c) | | | 1,038,598 | |
| | 35,000 | | | 5.00%, 12/15/22 | | | 37,863 | |
| | 500,000 | | | 5.00%, 12/15/27 (c) | | | 578,230 | |
| | 100,000 | | | Northern Illinois Municipal Power Agency, Series A (RB)
5.00%, 12/01/26 (c) | | | 120,117 | |
| | 285,000 | | | Southern Illinois University, Series A (RB)
5.25%, 04/01/21 | | | 297,714 | |
| | | | | State of Illinois (RB) | | | | |
| | 100,000 | | | 3.75%, 06/15/21 (c) | | | 102,042 | |
| | 275,000 | | | 4.00%, 03/01/22 (c) | | | 282,879 | |
| | 80,000 | | | 4.00%, 08/01/22 (c) | | | 82,862 | |
| | 660,000 | | | 4.00%, 05/01/24 | | | 698,861 | |
| | 430,000 | | | 4.00%, 06/15/26 (c) | | | 464,727 | |
| | 300,000 | | | 4.13%, 03/01/22 (c) | | | 309,285 | |
| | 540,000 | | | 5.00%, 01/01/20 (c) | | | 542,554 | |
| | 300,000 | | | 5.00%, 01/01/21 | | | 310,140 | |
| | 135,000 | | | 5.00%, 01/01/21 | | | 139,563 | |
| | 785,000 | | | 5.00%, 05/01/21 | | | 819,085 | |
| | 125,000 | | | 5.00%, 06/15/21 | | | 130,736 | |
| | 70,000 | | | 5.00%, 07/01/21 | | | 73,372 | |
| | 445,000 | | | 5.00%, 01/01/22 (c) | | | 467,495 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Illinois: (continued) | | | |
| $ | 200,000 | | | 5.00%, 02/01/22 | | $ | 212,390 | |
| | 600,000 | | | 5.00%, 05/01/22 | | | 641,130 | |
| | 165,000 | | | 5.00%, 06/15/22 | | | 176,720 | |
| | 920,000 | | | 5.00%, 08/01/22 (c) | | | 980,812 | |
| | 750,000 | | | 5.00%, 08/01/22 | | | 806,257 | |
| | 480,000 | | | 5.00%, 06/15/23 | | | 524,405 | |
| | 145,000 | | | 5.00%, 06/15/23 (c) | | | 158,073 | |
| | 230,000 | | | 5.00%, 06/15/23 (c) | | | 250,408 | |
| | 700,000 | | | 5.00%, 08/01/23 | | | 767,515 | |
| | 500,000 | | | 5.00%, 02/01/24 | | | 550,510 | |
| | 100,000 | | | 5.00%, 02/01/24 | | | 110,102 | |
| | 150,000 | | | 5.00%, 02/01/24 (c) | | | 164,721 | |
| | 100,000 | | | 5.00%, 05/01/24 (c) | | | 109,824 | |
| | 500,000 | | | 5.00%, 11/01/24 | | | 558,400 | |
| | 1,315,000 | | | 5.00%, 12/01/25 | | | 1,491,210 | |
| | 200,000 | | | 5.00%, 01/01/26 | | | 227,064 | |
| | 500,000 | | | 5.00%, 02/01/26 | | | 568,320 | |
| | 100,000 | | | 5.00%, 06/01/26 | | | 114,181 | |
| | 445,000 | | | 5.00%, 06/01/26 (c) | | | 503,424 | |
| | 1,000,000 | | | 5.00%, 02/01/27 | | | 1,144,640 | |
| | 275,000 | | | 5.25%, 07/01/23 (c) | | | 299,038 | |
| | 270,000 | | | 5.50%, 07/01/23 (c) | | | 298,566 | |
| | 60,000 | | | 5.50%, 07/01/23 (c) | | | 66,160 | |
| | 500,000 | | | 5.50%, 07/01/23 (c) | | | 552,380 | |
| | 500,000 | | | 6.00%, 05/01/25 | | | 585,900 | |
| | | | | State of Illinois, Series A (GO) | | | | |
| | 220,000 | | | 4.00%, 12/02/19 (c) | | | 220,220 | |
| | 305,000 | | | 4.00%, 01/01/21 | | | 311,838 | |
| | 170,000 | | | 4.00%, 01/01/22 (c) | | | 175,527 | |
| | 100,000 | | | 4.00%, 01/01/22 (c) | | | 102,691 | |
| | 100,000 | | | 4.00%, 01/01/22 (c) | | | 102,417 | |
| | 105,000 | | | 4.00%, 01/01/22 | | | 109,072 | |
| | 50,000 | | | 4.00%, 01/01/22 (c) | | | 51,752 | |
| | 100,000 | | | 5.00%, 04/01/21 | | | 104,101 | |
| | 185,000 | | | 5.00%, 06/01/21 | | | 193,471 | |
| | 315,000 | | | State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) | | | 357,399 | |
| | | | | State of Illinois, Series D (GO) | | | | |
| | 165,000 | | | 3.25%, 11/01/26 | | | 167,104 | |
| | 2,355,000 | | | 5.00%, 11/01/21 | | | 2,489,117 | |
| | 1,500,000 | | | 5.00%, 11/01/25 | | | 1,695,450 | |
| | 2,505,000 | | | 5.00%, 11/01/26 | | | 2,848,285 | |
| | 110,000 | | | 5.00%, 11/01/27 (c) | | | 125,915 | |
| | 130,000 | | | 5.00%, 11/01/27 | | | 149,114 | |
| | 145,000 | | | Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/28 ^ | | | 112,890 | |
| | | | | | | | 47,670,338 | |
| Indiana: 0.0% |
| | 179,357 | | | City of Carmel (RB)
7.00%, 11/15/22 (c) | | | 4,753 | |
| Iowa: 1.7% |
| | 270,000 | | | City of Coralville, Marriott Hotel and Convention Center, Series E (CP)
4.00%, 06/01/24 (c) | | | 270,370 | |
| | | | | Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | | | | |
| | 500,000 | | | 3.13%, 12/01/20 (c) | | | 506,785 | |
| | 500,000 | | | 5.25%, 12/01/23 (c) | | | 544,440 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | | | | | | |
| Amount | | | | | Value | |
| Iowa: (continued) | | | |
| | | | | Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) | | | | |
| $ | 500,000 | | | 3.25%, 12/02/19 (c) | | $ | 500,290 | |
| | 495,000 | | | 5.00%, 03/01/24 (c) | | | 551,569 | |
| | 1,880,000 | | | Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25 | | | 1,932,358 | |
| | | | | | | | 4,305,812 | |
| Kansas: 1.1% |
| | 500,000 | | | City of Goddard, Olympic Park Star Bond Project (RB)
3.60%, 12/01/22 (c) | | | 495,240 | |
| | 500,000 | | | City of Wichita, Health Care Facilities, Series I (RB)
5.00%, 05/15/25 (c) | | | 562,780 | |
| | 1,375,000 | | | Kansas Development Finance Authority, Village Shalom Project, Series B (RB)
4.00%, 11/15/25 | | | 1,434,881 | |
| | 60,000 | | | Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC)
5.13%, 12/16/19 (c) | | | 60,101 | |
| | 370,000 | | | Wyandotte County, Kansas City Unified Government, Sales Tax (RB)
0.00%, 12/01/27 ^ | | | 279,084 | |
| | | | | | | | 2,832,086 | |
| Kentucky: 0.5% |
| | 140,000 | | | Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB)
5.00%, 08/01/26 | | | 168,532 | |
| | 325,000 | | | Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB)
5.00%, 11/01/26 (c) | | | 388,459 | |
| | 500,000 | | | Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB)
5.50%, 11/15/26 (c) | | | 424,060 | |
| | 100,000 | | | Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 | | | 109,482 | |
| | 140,000 | | | Kentucky State Property and Building Commission No. 108, Series A (RB)
5.00%, 08/01/25 (c) | | | 163,902 | |
| | | | | | | | 1,254,435 | |
| Louisiana: 1.4% | | | | |
| | | | | Calcasieu Parish Memorial Hospital Service District (RB) | | | | |
| | 1,525,000 | | | 5.00%, 12/01/27 | | | 1,819,676 | |
| | 150,000 | | | 5.00%, 12/01/29 | | | 182,130 | |
| | 20,000 | | | City of New Orleans, Sewerage Service (RB)
5.00%, 06/01/22 | | | 21,755 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Louisiana: (continued) |
| $ | 600,000 | | | Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB)
5.50%, 11/15/25 | | $ | 655,290 | |
| | 329,665 | | | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB)
7.00%, 07/01/24 (d) * | | | 3 | |
| | 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) | | | 749,462 | |
| | 80,000 | | | Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 05/15/21 | | | 84,183 | |
| | | | | | | | 3,512,504 | |
| Maryland: 1.3% |
| | 250,000 | | | City of Baltimore, Harbor Point Project (RB)
4.25%, 06/01/26 | | | 265,295 | |
| | 200,000 | | | City of Baltimore, Maryland Special Obligation, Research Park Project, Series A (RB)
4.00%, 09/01/27 | | | 214,666 | |
| | 350,000 | | | County of Frederick, Mount Saint Mary’s University, Series A (RB)
5.00%, 09/01/27 | | | 400,183 | |
| | 200,000 | | �� | County of Howard, Series A (TA)
4.00%, 02/15/26 (c) | | | 213,776 | |
| | 695,000 | | | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)
5.75%, 09/01/20 (c) | | | 711,367 | |
| | 245,000 | | | Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c) | | | 255,947 | |
| | 425,000 | | | Maryland Economic Development Corp., Transportation Facilities, Series A (RB)
5.00%, 06/01/28 | | | 524,892 | |
| | 190,000 | | | Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB)
5.00%, 07/01/24 | | | 218,356 | |
| | 500,000 | | | Mayor and Council of Rockville, Ingleside at King Farm Project, Series C-1 (RB)
3.50%, 05/01/20 (c) | | | 503,085 | |
| | | | | | | | 3,307,567 | |
See Notes to Financial Statements
| Principal | | | | | | |
| Amount | | | | | Value | |
| Massachusetts: 1.2% |
| $ | 500,000 | | | Massachusetts Development Finance Agency (RB) (SBG)
5.00%, 07/01/28 (c) | | $ | 623,995 | |
| | 310,000 | | | Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB)
5.00%, 07/01/26 (c) | | | 374,632 | |
| | 500,000 | | | Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG)
5.00%, 07/01/28 (c) | | | 620,670 | |
| | 130,000 | | | Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)
5.00%, 07/01/22 (c) | | | 142,849 | |
| | | | | Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | | | | |
| | 250,000 | | | 4.00%, 10/01/22 (c) | | | 271,707 | |
| | 500,000 | | | 4.00%, 10/01/22 (c) | | | 544,760 | |
| | 100,000 | | | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c) | | | 119,873 | |
| | 275,000 | | | Massachusetts Educational Financing Authority (RB)
5.00%, 01/01/25 (c) | | | 316,610 | |
| | | | | | | | 3,015,096 | |
| Michigan: 0.8% |
| | 50,000 | | | Detroit Water Supply System, Senior Lien, Series C (RB)
5.25%, 07/01/21 (c) | | | 53,211 | |
| | 250,000 | | | Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB)
4.00%, 11/01/24 (c) | | | 264,547 | |
| | 540,000 | | | Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c) | | | 606,431 | |
| | 400,000 | | | Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
7.50%, 12/02/19 (c) | | | 399,592 | |
| | | | | Michigan Tobacco Settlement Finance Authority, Series A (RB) | | | | |
| | 535,000 | | | 5.13%, 11/18/19 (c) | | | 535,749 | |
| | 60,000 | | | 5.25%, 11/18/19 (c) | | | 60,083 | |
| | | | | | | | 1,919,613 | |
| Minnesota: 0.4% |
| | 100,000 | | | City of Anoka, Homestead at Anoka, Inc. Project (RB)
4.25%, 11/01/24 (c) | | | 105,756 | |
| | 180,000 | | | City of Blaine, Senior Housing and Health Facility, Series A (RB)
5.13%, 07/01/25 | | | 182,768 | |
| | 350,000 | | | City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.25%, 07/01/25 (c) | | | 375,970 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Minnesota: (continued) |
| $ | 250,000 | | | Rice County Educational Facility, St. Mary’s School Project (RB)
5.00%, 08/01/22 | | $ | 262,635 | |
| | 120,000 | | | Saint Paul Housing and Redevelopment Authority, Series A (RB)
5.00%, 09/01/26 | | | 130,978 | |
| | | | | | | | 1,058,107 | |
| Missouri: 0.7% |
| | 160,000 | | | City of Liberty, Liberty Commons Project, Series A (TA)
5.13%, 06/01/25 | | | 163,374 | |
| | 235,000 | | | City of St. Ann, Northwest Plaza Redevelopment, Series A (TA)
4.00%, 11/01/26 | | | 239,319 | |
| | 220,000 | | | Industrial Development Authority of the City of St. Louis, Series A (RB)
3.88%, 11/15/26 (c) | | | 238,724 | |
| | 500,000 | | | Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB)
4.38%, 03/15/28 (c) | | | 531,165 | |
| | 500,000 | | | St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB)
5.00%, 09/01/25 (c) | | | 577,065 | |
| | | | | | | | 1,749,647 | |
| Montana: 0.5% |
| | 1,320,000 | | | City of Forsyth, Rosebud County, Montana Pollution Control (RB)
2.00%, 08/01/23 | | | 1,345,648 | |
| Nevada: 0.9% |
| | 455,000 | | | City of Reno, Tax Increment Senior Lien, Series C (TA)
5.40%, 12/02/19 (c) | | | 450,536 | |
| | | | | Clark County School District, Series B (GO) (AGM) | | | | |
| | 250,000 | | | 5.00%, 06/15/29 (c) | | | 314,227 | |
| | 250,000 | | | 5.00%, 06/15/29 | | | 316,060 | |
| | 115,000 | | | Clark County School District, Series C (GO)
5.00%, 12/15/25 (c) | | | 136,909 | |
| | 500,000 | | | State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)
5.88%, 12/15/27 | | | 555,965 | |
| | 535,000 | | | State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
4.50%, 12/15/25 (c) | | | 579,507 | |
| | | | | | | | 2,353,204 | |
| New Hampshire: 0.2% |
| | 250,000 | | | New Hampshire Business Finance Authority, Covanta Project, Series A (RB)
4.00%, 07/01/23 (c) | | | 264,282 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | | | | | Value | |
| New Hampshire: (continued) | | | | |
| $ | 290,000 | | | New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
5.25%, 07/01/24 (c) | | $ | 300,539 | |
| | | | | | | | 564,821 | |
| New Jersey: 11.0% | | | | |
| | 75,000 | | | Atlantic City (GO)
5.00%, 12/01/20 | | | 76,349 | |
| | 240,000 | | | Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM)
0.00%, 11/01/22 ^ | | | 229,831 | |
| | 750,000 | | | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB)
5.00%, 12/01/24 | | | 815,692 | |
| | | | | New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | | | | |
| | 345,000 | | | 4.25%, 06/15/22 (c) | | | 362,847 | |
| | 165,000 | | | 5.00%, 06/15/22 | | | 178,848 | |
| | 150,000 | | | 5.00%, 06/15/22 (c) | | | 162,191 | |
| | | | | New Jersey Economic Development Authority, Continental Airlines, Inc.Project (RB) | | | | |
| | 225,000 | | | 5.13%, 08/20/22 (c) | | | 242,138 | |
| | 300,000 | | | 5.75%, 09/15/22 (c) | | | 330,570 | |
| | 75,000 | | | New Jersey Economic Development Authority, Lions Gate Project (RB)
4.38%, 01/01/24 | | | 76,760 | |
| | 210,000 | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
4.00%, 11/01/27 | | | 232,313 | |
| | | | | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | | | | |
| | 500,000 | | | 4.00%, 11/01/25 | | | 548,060 | |
| | 115,000 | | | 5.00%, 11/01/25 | | | 134,356 | |
| | 115,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.50%, 12/15/26 (c) | | | 138,726 | |
| | 100,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
5.50%, 12/15/26 (c) | | | 119,489 | |
| | 500,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
5.25%, 03/01/21 (c) | | | 524,360 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) | | | | |
| | 520,000 | | | 5.25%, 03/01/21 (c) | | | 545,054 | |
| | 240,000 | | | 5.25%, 03/01/21 (c) | | | 251,628 | |
| | 260,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
5.00%, 03/01/22 (c) | | | 278,434 | |
Principal
Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 145,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB)
5.50%, 09/01/23 | | $ | 164,536 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | | | | |
| | 250,000 | | | 5.00%, 03/01/21 | | | 261,500 | |
| | 640,000 | | | 5.00%, 03/01/23 (c) | | | 696,525 | |
| | 490,000 | | | 5.00%, 03/01/23 (c) | | | 535,139 | |
| | 320,000 | | | 5.00%, 03/01/23 (c) | | | 348,886 | |
| | 200,000 | | | 5.00%, 03/01/23 (c) | | | 219,366 | |
| | 300,000 | | | 5.00%, 03/01/23 (c) | | | 330,252 | |
| | 480,000 | | | 5.00%, 03/01/23 (c) | | | 521,222 | |
| | 500,000 | | | 5.00%, 03/01/23 (c) | | | 547,185 | |
| | 340,000 | | | New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c) | | | 383,306 | |
| | | | | New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | | | | |
| | 440,000 | | | 4.25%, 06/15/25 (c) | | | 482,280 | |
| | 130,000 | | | 4.38%, 06/15/25 (c) | | | 142,819 | |
| | 375,000 | | | 5.00%, 06/15/21 | | | 395,970 | |
| | 345,000 | | | 5.00%, 06/15/25 (c) | | | 395,756 | |
| | 750,000 | | | New Jersey Economic Development Authority, State House Project, Series B (RB)
4.00%, 12/15/28 (c) | | | 827,055 | |
| | | | | New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | | | | |
| | 145,000 | | | 5.00%, 06/15/24 (c) | | | 163,469 | |
| | 175,000 | | | 5.00%, 06/15/24 (c) | | | 198,156 | |
| | 315,000 | | | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 10/01/24 | | | 360,958 | |
| | 75,000 | | | New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB)
5.00%, 07/01/21 | | | 78,062 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | |
| | 120,000 | | | 0.00%, 12/15/25 ^ | | | 104,256 | |
| | 2,000,000 | | | 0.00%, 12/15/30 ^ | | | 1,453,040 | |
| | 200,000 | | | 5.00%, 06/15/21 (c) | | | 210,856 | |
| | 500,000 | | | 5.00%, 12/15/24 | | | 576,765 | |
| | 500,000 | | | 5.00%, 12/15/25 | | | 585,480 | |
| | 500,000 | | | 5.00%, 06/15/26 (c) | | | 582,220 | |
| | 1,000,000 | | | 5.00%, 12/15/26 | | | 1,184,650 | |
| | 110,000 | | | New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
5.00%, 06/15/26 (c) | | | 129,086 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | |
| | 235,000 | | | 4.00%, 06/15/22 (c) | | | 245,063 | |
| | 605,000 | | | 5.00%, 06/15/22 (c) | | | 650,193 | |
| | 200,000 | | | 5.00%, 06/15/22 | | | 217,536 | |
See Notes to Financial Statements
| Principal Amount | | | | | Value | |
| New Jersey: (continued) | | | | |
| $ | 205,000 | | | 5.00%, 06/15/22 (c) | | $ | 221,759 | |
| | 285,000 | | | 5.00%, 06/15/23 (c) | | | 315,612 | |
| | 275,000 | | | 5.00%, 06/15/25 (c) | | | 317,658 | |
| | 500,000 | | | 5.00%, 12/15/28 (c) | | | 590,805 | |
| | 100,000 | | | 5.25%, 06/15/25 (c) | | | 116,413 | |
| | 345,000 | | | 5.25%, 06/15/25 (c) | | | 398,316 | |
| | 100,000 | | | New Jersey Transportation Trust Fund Authority, Series B (RB)
5.25%, 06/15/21 (c) | | | 105,825 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series C (RB) | | | | |
| | 1,300,000 | | | 0.00%, 12/15/27 ^ | | | 1,064,388 | |
| | 1,340,000 | | | 0.00%, 12/15/28 ^ | | | 1,051,016 | |
| | 200,000 | | | 0.00%, 12/15/29 ^ | | | 155,008 | |
| | | | | New Jersey Transportation Trust Fund Authority, Series D (RB) | | | | |
| | 415,000 | | | 5.00%, 12/15/23 | | | 469,328 | |
| | 130,000 | | | 5.25%, 12/15/23 | | | 148,305 | |
| | 1,675,000 | | | Pollution Control Financing Authority, Chambers Project, Series A (RB)
5.00%, 12/01/23 | | | 1,803,221 | |
| | | | | State of New Jersey, Series T (GO) | | | | |
| | 300,000 | | | 5.00%, 06/01/21 | | | 317,682 | |
| | 250,000 | | | 5.00%, 06/01/22 | | | 273,470 | |
| | | | | State of New Jersey, Various Purposes (GO) | | | | |
| | 80,000 | | | 3.00%, 06/01/26 | | | 85,330 | |
| | 110,000 | | | 4.00%, 06/01/23 (c) | | | 119,645 | |
| | 100,000 | | | 5.00%, 06/01/27 | | | 122,409 | |
| | | | | Tobacco Settlement Financing Corp., Series A (RB) | | | | |
| | 500,000 | | | 5.00%, 06/01/23 | | | 557,935 | |
| | 500,000 | | | 5.00%, 06/01/28 (c) | | | 610,860 | |
| | 150,000 | | | 5.00%, 06/01/28 (c) | | | 184,434 | |
| | | | | | | | 27,268,652 | |
| New Mexico: 0.1% | | | | |
| | 250,000 | | | Farmington, New Mexico Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) | | | 250,783 | |
| New York: 5.1% | | | | |
| | | | | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | | | | |
| | 400,000 | | | 5.00%, 07/15/23 | | | 447,348 | |
| | 250,000 | | | 5.00%, 07/15/24 | | | 286,012 | |
| | 100,000 | | | 5.00%, 07/15/26 | | | 118,540 | |
| | 1,500,000 | | | 5.00%, 01/15/27 (c) | | | 1,764,030 | |
| | 100,000 | | | 5.00%, 01/15/27 (c) | | | 118,692 | |
| | 100,000 | | | 5.00%, 01/15/27 (c) | | | 119,373 | |
| | 1,000,000 | | | Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28 | | | 1,115,790 | |
| | 250,000 | | | Metropolitan Transportation Authority, Series C-1 (RB)
5.00%, 05/15/28 (c) | | | 311,887 | |
| | | | | New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | | | | |
| | 25,000 | | | 5.00%, 12/02/19 (c) | | | 25,067 | |
| Principal Amount | | | | | Value | |
| New York: (continued) | | | | |
| $ | 100,000 | | | 5.00%, 12/02/19 (c) | | $ | 100,266 | |
| | 105,000 | | | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB)
5.00%, 07/01/22 | | | 114,299 | |
| | | | | New York State Dormitory Authority, Medical Center Obligated Group (RB) | | | | |
| | 300,000 | | | 5.00%, 12/01/26 | | | 359,733 | |
| | 300,000 | | | 5.00%, 06/01/27 (c) | | | 362,082 | |
| | 250,000 | | | New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB)
5.00%, 08/01/24 | | | 289,407 | |
| | | | | New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | | | | |
| | 1,060,000 | | | 5.00%, 08/01/21 (c) | | | 1,112,300 | |
| | 35,000 | | | 5.00%, 08/01/21 | | | 36,819 | |
| | | | | 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) | | | 193,301 | |
| | 230,000 | | | 5.00%, 01/01/28 (c) | | | 279,261 | |
| | 1,500,000 | | | 5.00%, 01/01/28 | | | 1,830,600 | |
| | | | | New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | | | | |
| | 35,000 | | | 5.00%, 01/01/21 | | | 36,372 | |
| | 50,000 | | | 5.00%, 01/01/22 | | | 53,492 | |
| | 500,000 | | | Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB)
3.50%, 07/01/23 (c) | | | 522,360 | |
| | 130,000 | | | Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB)
5.00%, 12/01/20 | | | 132,835 | |
| | 25,000 | | | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB)
5.00%, 07/01/21 (c) | | | 26,451 | |
| | 1,000,000 | | | Suffolk Tobacco Asset Securitization Corp., Series B (RB)
5.38%, 12/02/19 (c) | | | 1,000,320 | |
| | 355,000 | | | Tompkins County Development Corp., Tompkins Cortland Community College Foundation, Inc. Project, Series A (RB)
5.00%, 07/01/23 (c) | | | 248,500 | |
| | 665,000 | | | Town of Oyster Bay, Public Improvement, Series B (GO) (AGM)
3.25%, 02/01/26 (c) | | | 709,814 | |
| | | | | Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | | | | |
| | 120,000 | | | 4.00%, 05/15/23 (c) | | | 123,758 | |
| | 100,000 | | | 4.13%, 05/15/23 (c) | | | 103,433 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| New York: (continued) | | | | |
| | | | | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | | | | |
| $ | 70,000 | | | 5.00%, 06/01/27 (c) | | $ | 84,911 | |
| | 70,000 | | | 5.00%, 06/01/27 | | | 85,339 | |
| | 550,000 | | | Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c) | | | 549,978 | |
| | | | | | | | 12,662,370 | |
| North Carolina: 0.4% | | | | |
| | 150,000 | | | North Carolina Medical Care Commission, Baptist Hospital (RB)
5.25%, 06/01/20 (c) | | | 153,513 | |
| | 340,000 | | | North Carolina Medical Care Commission, Retirement Facilities (RB)
5.13%, 07/01/23 | | | 355,555 | |
| | 350,000 | | | North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/25 | | | 408,471 | |
| | | | | | | | 917,539 | |
| North Dakota: 0.4% | | | | |
| | 1,000,000 | | | County of Grand Forks, Red River BioRefinery, LLC Project (RB)
5.00%, 09/15/28 | | | 991,470 | |
| Ohio: 6.9% | | | | |
| | | | | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | | | | |
| | 4,455,000 | | | 5.13%, 11/18/19 (c) | | | 4,461,148 | |
| | 895,000 | | | 5.38%, 11/18/19 (c) | | | 895,984 | |
| | 3,500,000 | | | 5.88%, 11/18/19 (c) | | | 3,509,590 | |
| | 90,000 | | | City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC)
5.25%, 01/01/21 | | | 94,126 | |
| | 1,450,000 | | | Cleveland-Cuyahoga County Port Authority (RB)
5.00%, 12/01/28 | | | 1,613,647 | |
| | | | | County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | | | | |
| | 250,000 | | | 5.00%, 02/15/25 | | | 285,045 | |
| | 50,000 | | | 5.00%, 02/15/26 | | | 58,119 | |
| | 110,000 | | | 5.00%, 02/15/27 (c) | | | 129,492 | |
| | 250,000 | | | 5.00%, 02/15/27 | | | 295,315 | |
| | 375,000 | | | County of Licking, Health Care Facilities, Series A (RB)
5.10%, 07/01/25 | | | 394,519 | |
| | 255,000 | | | County of Licking, Health Care Facilities, Series B (RB)
3.75%, 01/01/20 (c) | | | 254,908 | |
| | 50,000 | | | County of Muskingum, Genesis HealthCare System (RB)
4.00%, 02/15/23 | | | 52,967 | |
| | 10,000 | | | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB)
6.75%, 02/01/22 (c) | | | 10,304 | |
| | 1,000,000 | | | Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB)
2.50%, 10/01/29 (p) | | | 1,017,180 | |
Principal
Amount | | | | | Value | |
| Ohio: (continued) | | | | |
| $ | 500,000 | | | Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)
2.60%, 10/01/24 (c) (p) | | $ | 505,480 | |
| | 2,500,000 | | | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)
3.25%, 09/01/29 | | | 2,577,625 | |
| | 550,000 | | | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB)
2.88%, 02/01/26 | | | 558,569 | |
| | 500,000 | | | Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
3.75%, 01/15/28 | | | 541,040 | |
| | | | | | | | 17,255,058 | |
| Oklahoma: 0.2% | | | | |
| | 500,000 | | | Oklahoma Development Finance Authority, Inverness Village Community (RB)
5.75%, 01/01/22 (c) (d) * | | | 315,000 | |
| | 250,000 | | | Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/27 | | | 303,555 | |
| | 166,367 | | | Payne County Economic Development Authority, Series B (RB)
4.75%, 11/21/19 (c) (d) * | | | 1,381 | |
| | | | | | | | 619,936 | |
| Oregon: 1.4% | | | | |
| | | | | Clackamas County Hospital Facility Authority (RB) | | | | |
| | 500,000 | | | 2.80%, 11/21/19 (c) | | | 500,140 | |
| | 500,000 | | | 3.20%, 05/15/20 (c) | | | 502,385 | |
| | | | | Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW) | | | | |
| | 500,000 | | | 6.50%, 04/01/28 (c) | | | 471,185 | |
| | 1,500,000 | | | 6.50%, 04/01/28 (c) | | | 1,413,555 | |
| | 500,000 | | | 11.50%, 04/01/26 (c) | | | 535,980 | |
| | | | | | | | 3,423,245 | |
| Pennsylvania: 3.7% | | | | |
| | | | | Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) | | | | |
| | 500,000 | | | 4.88%, 11/01/24 | | | 514,830 | |
| | 500,000 | | | 5.13%, 05/01/30 | | | 523,770 | |
| | 225,000 | | | 6.75%, 11/15/19 (c) | | | 225,900 | |
| | | | | Allentown Neighborhood Improvement Zone Development Authority (RB) | | | | |
| | 150,000 | | | 5.00%, 05/01/22 | | | 159,378 | |
| | 250,000 | | | 5.00%, 05/01/23 | | | 271,297 | |
| | 250,000 | | | 5.00%, 05/01/27 | | | 290,605 | |
| | 250,000 | | | 5.00%, 05/01/28 | | | 294,665 | |
| | 80,000 | | | City of Philadelphia, Pennsylvania Gas Works, Series 13 (RB)
5.00%, 08/01/25 | | | 95,019 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Pennsylvania: (continued) | | | | |
| $ | 500,000 | | | Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/23 | | $ | 559,915 | |
| | | | | Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | | | | |
| | 250,000 | | | 4.00%, 10/15/22 | | | 256,987 | |
| | 850,000 | | | 5.00%, 10/15/27 | | | 961,222 | |
| | 135,000 | | | Delaware River Port Authority, Port District Project (RB)
5.00%, 01/01/22 | | | 145,353 | |
| | 240,000 | | | Delaware River Port Authority, Series B (RB)
5.00%, 01/01/21 | | | 250,570 | |
| | 100,000 | | | Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB)
4.00%, 07/01/26 (c) | | | 105,442 | |
| | 130,000 | | | Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
4.00%, 01/01/25 | | | 131,970 | |
| | 1,000,000 | | | Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB)
5.25%, 06/01/26 | | | 1,038,740 | |
| | | | | Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | | | | |
| | 80,000 | | | 5.00%, 12/31/20 | | | 82,929 | |
| | 250,000 | | | 5.00%, 12/31/21 | | | 266,362 | |
| | 125,000 | | | 5.00%, 12/31/23 | | | 139,873 | |
| | 650,000 | | | 5.00%, 12/31/24 | | | 743,346 | |
| | 550,000 | | | 5.00%, 06/30/26 (c) | | | 645,749 | |
| | 130,000 | | | 5.00%, 06/30/26 | | | 153,014 | |
| | 100,000 | | | Pennsylvania Turnpike Commission, Series A-2 (RB)
5.00%, 06/01/26 (c) | | | 118,465 | |
| | 100,000 | | | Philadelphia Gas Works Co., Fourteenth Series (RB)
5.00%, 10/01/26 | | | 121,567 | |
| | 250,000 | | | Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB)
3.13%, 11/21/19 (c) | | | 249,893 | |
| | 110,000 | | | Redevelopment Authority of the City of Scranton, Series A (RB)
5.00%, 11/15/21 | | | 113,185 | |
| | 200,000 | | | State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW)
5.00%, 12/01/26 (c) | | | 239,888 | |
| | | | | The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | | | | |
| | 115,000 | | | 5.00%, 07/01/26 | | | 134,588 | |
| | 275,000 | | | 5.00%, 07/01/27 (c) | | | 324,478 | |
| | | | | | | | 9,159,000 | |
Principal
Amount | | | | | Value | |
| Puerto Rico: 3.0% | | | | |
| | | | | Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | | | | |
| $ | 500,000 | | | 5.00%, 07/01/21 | | $ | 519,375 | |
| | 485,000 | | | 5.25%, 07/01/22 (c) | | | 511,069 | |
| | 950,000 | | | 6.13%, 07/01/24 | | | 1,027,187 | |
| | 185,000 | | | Puerto Rico Convention Center District Authority, Series A (RB) (CIFG)
5.00%, 12/02/19 (c) | | | 189,703 | |
| | 250,000 | | | Puerto Rico Electric Power Authority, Series UU (RB) (AGM)
5.00%, 12/02/19 (c) | | | 256,378 | |
| | 200,000 | | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB)
5.00%, 12/02/19 (c) | | | 200,196 | |
| | 780,000 | | | Puerto Rico Municipal Finance Agency (RB) (AGM)
5.00%, 12/02/19 (c) | | | 798,268 | |
| | | | | Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | | | | |
| | 1,380,013 | | | 0.00%, 07/01/24 ^ | | | 1,210,989 | |
| | 2,610,000 | | | 0.00%, 07/01/27 ^ | | | 2,091,028 | |
| | 100,000 | | | 0.00%, 07/01/28 (c) ^ | | | 69,583 | |
| | 651,000 | | | 0.00%, 07/01/28 (c) ^ | | | 486,681 | |
| | | | | | | | 7,360,457 | |
| Rhode Island: 0.1% | | | | |
| | 155,000 | | | Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
5.00%, 06/15/26 | | | 188,823 | |
| South Carolina: 0.5% | | | | |
| | 500,000 | | | South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.00%, 12/15/26 (c) | | | 558,525 | |
| | 475,000 | | | South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/24 (c) | | | 489,540 | |
| | 220,000 | | | South Carolina Public Service Authority, Series C (RB)
5.00%, 12/01/24 (c) | | | 255,123 | |
| | | | | | | | 1,303,188 | |
| Tennessee: 0.4% | | | | |
| | 500,000 | | | Blount County, Health and Educational Facilities Board, Series A (RB)
5.00%, 01/01/25 (c) | | | 538,770 | |
| | 25,000 | | | Clarksville Natural Gas Acquisition Corp. (RB)
5.00%, 12/15/21 | | | 26,749 | |
| | 85,000 | | | Johnson City Health and Educational Facilities Board, Series A (RB)
5.38%, 07/01/20 (c) | | | 87,330 | |
| | 225,000 | | | Memphis-Shelby County Industrial Development Board, Series A (TA)
4.75%, 07/01/27 | | | 246,591 | |
| | | | | | | | 899,440 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Texas: 5.1% | | | | |
| $ | 120,000 | | | Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 | | $ | 139,058 | |
| | | | | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | | | | |
| | 2,000,000 | | | 4.75%, 07/01/24 | | | 2,175,540 | |
| | 1,500,000 | | | 5.00%, 07/15/28 | | | 1,796,730 | |
| | | | | Clifton Higher Education Finance Corp., Series A (RB) | | | | |
| | 100,000 | | | 4.63%, 08/15/25 | | | 108,065 | |
| | 665,000 | | | 6.00%, 09/28/23 (c) | | | 735,650 | |
| | | | | Clifton Higher Education Finance Corp., Series D (RB) | | | | |
| | 500,000 | | | 5.25%, 08/15/25 (c) | | | 553,680 | |
| | 500,000 | | | 5.25%, 08/15/25 (c) | | | 555,630 | |
| | 120,000 | | | Dallas/Fort Worth International Airport, Series F (RB)
5.00%, 11/01/20 (c) | | | 124,361 | |
| | 335,000 | | | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
4.88%, 10/01/22 (c) | | | 342,038 | |
| | 300,000 | | | Harris County, Houston Sports Authority, Senior Lien, Series A (RB)
5.00%, 11/15/20 | | | 311,106 | |
| | 215,000 | | | Harris County, Houston Sports Authority, Series H (RB)
0.00%, 11/15/29 ^ | | | 162,355 | |
| | 600,000 | | | New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB)
5.00%, 04/01/27 (c) | | | 657,036 | |
| | 100,000 | | | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
4.00%, 08/15/21 (c) | | | 101,770 | |
| | 250,000 | | | New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)
5.25%, 02/15/23 (c) | | | 264,530 | |
| | | | | New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | | | | |
| | 100,000 | | | 5.00%, 07/01/23 | | | 93,669 | |
| | 100,000 | | | 5.00%, 07/01/24 | | | 93,558 | |
| | 90,000 | | | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB)
5.00%, 01/01/24 | | | 94,139 | |
| | | | | SA Energy Acquisition Public Facility Corp. (RB) | | | | |
| | 75,000 | | | 5.50%, 08/01/21 | | | 79,976 | |
| | 85,000 | | | 5.50%, 08/01/22 | | | 93,576 | |
| | 55,000 | | | 5.50%, 08/01/24 | | | 64,045 | |
| | 125,000 | | | 5.50%, 08/01/25 | | | 148,933 | |
| | 110,000 | | | 5.50%, 08/01/27 | | | 136,155 | |
Principal
Amount | | | | | Value | |
| Texas: (continued) | | | | |
| $ | 450,000 | | | Sam Rayburn Municipal Power Agency, Power Supply System (RB)
5.00%, 10/01/21 | | $ | 479,803 | |
| | 190,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB)
4.50%, 12/02/19 (c) (d) * | | | 133,000 | |
| | 300,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)
5.00%, 11/15/25 (c) | | | 319,902 | |
| | 200,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)
4.00%, 05/15/24 (c) | | | 211,100 | |
| | 500,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB)
6.00%, 05/15/27 (c) | | | 572,585 | |
| | | | | Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | | | | |
| | 240,000 | | | 5.25%, 12/15/21 | | | 258,084 | |
| | 155,000 | | | 5.25%, 12/15/22 | | | 171,694 | |
| | 15,000 | | | 5.25%, 12/15/23 | | | 17,099 | |
| | 60,000 | | | 5.25%, 12/15/24 | | | 70,196 | |
| | 100,000 | | | 5.25%, 12/15/25 | | | 119,800 | |
| | | | | Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | | | | |
| | 115,000 | | | 5.00%, 12/15/21 | | | 122,995 | |
| | 70,000 | | | 5.00%, 12/15/22 (c) | | | 76,908 | |
| | 1,000,000 | | | 5.00%, 12/15/22 (c) | | | 1,099,920 | |
| | 105,000 | | | 5.00%, 12/15/22 | | | 115,482 | |
| | | | | | | | 12,600,168 | |
| Vermont: 0.1% | | | | |
| | 150,000 | | | Vermont Economic Development Authority, Recovery Zone Facility (RB)
5.00%, 12/15/20 | | | 155,304 | |
| Virgin Islands: 1.5% | | | | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | | | | |
| | 1,000,000 | | | 5.00%, 10/01/24 (c) | | | 1,000,000 | |
| | 300,000 | | | 5.00%, 10/01/24 | | | 301,500 | |
| | 500,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
5.00%, 10/01/20 (c) | | | 503,165 | |
| | 270,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB)
5.00%, 12/02/19 (c) | | | 270,675 | |
| | | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | | | | |
| | 30,000 | | | 5.00%, 12/02/19 (c) | | | 30,056 | |
| | 140,000 | | | 5.00%, 10/01/20 (c) | | | 140,762 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Virgin Islands: (continued) | | | | |
| $ | 750,000 | | | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB)
5.00%, 12/02/19 (c) | | $ | 751,875 | |
| | | | | Virgin Islands Water and Power Authority, Series A (RB) | | | | |
| | 440,000 | | | 4.00%, 07/01/21 | | | 426,637 | |
| | 150,000 | | | 5.00%, 12/02/19 (c) | | | 145,538 | |
| | 75,000 | | | 5.00%, 12/02/19 (c) | | | 72,188 | |
| | 55,000 | | | Virgin Islands Water and Power Authority, Series B (RB)
5.00%, 12/02/19 (c) | | | 52,525 | |
| | | | | | | | 3,694,921 | |
| Virginia: 1.0% | | | | |
| | 140,000 | | | Amherst Industrial Development Authority (RB)
4.75%, 12/02/19 (c) | | | 139,558 | |
| | 500,000 | | | Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 11/01/23 | | | 568,635 | |
| | 75,000 | | | Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
4.13%, 01/01/22 (c) | | | 76,796 | |
| | 100,000 | | | City of Newport News, Economic Development Authority, Residential Care Facilities (RB)
3.13%, 12/01/25 (c) | | | 100,246 | |
| | 125,000 | | | Economic Development Authority of the City of Newport News, Residential Care Facilities (RB)
5.00%, 12/01/24 | | | 139,743 | |
| | 325,000 | | | Peninsula Town Center Community Development Authority (RB)
4.50%, 09/01/27 (c) | | | 359,720 | |
| | 500,000 | | | Roanoke County Economic Development Authority, Series A (RB)
4.75%, 09/01/26 (c) | | | 522,805 | |
| | 500,000 | | | Virginia College Building Authority, Regent University Project (RB)
5.00%, 12/02/19 (c) | | | 485,250 | |
| | | | | | | | 2,392,753 | |
| Washington: 1.2% | | | | |
| | 120,000 | | | Clark County Public Utility District No 1, Electric System Revenue (RB)
5.00%, 01/01/26 (c) | | | 144,571 | |
| | 155,000 | | | King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.00%, 12/01/25 | | | 161,719 | |
| | 500,000 | | | Washington State Housing Finance Commission, Hearthstone Project, Series B (RB)
3.13%, 12/02/19 (c) | | | 500,200 | |
| | 475,000 | | | Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB)
6.00%, 07/01/25 | | | 514,648 | |
Principal
Amount | | | | | Value | |
| Washington: (continued) | | | | |
| $ | 350,000 | | | Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB)
5.50%, 11/21/19 (c) | | $ | 350,238 | |
| | | | | Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | | | | |
| | 250,000 | | | 3.75%, 07/01/26 | | | 258,207 | |
| | 500,000 | | | 4.00%, 01/01/25 (c) | | | 542,785 | |
| | 500,000 | | | Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB)
2.38%, 07/01/21 (c) | | | 500,600 | |
| | | | | | | | 2,972,968 | |
| West Virginia: 0.3% | | | | |
| | 370,000 | | | County of Ohio, West Virginia Tax, Fort Henry Centre Tax Increment Financing District No. 1 (TA)
3.00%, 06/01/22 (c) | | | 370,540 | |
| | | | | West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | | | | |
| | 65,000 | | | 6.25%, 11/18/19 (c) | | | 38,025 | |
| | 410,000 | | | 6.50%, 11/18/19 (c) | | | 239,850 | |
| | 150,000 | | | West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
5.00%, 06/01/26 | | | 181,017 | |
| | | | | | | | 829,432 | |
| Wisconsin: 2.6% | | | | |
| | 500,000 | | | Public Finance Authority, Cedars Obligated Group (RB)
4.25%, 05/01/27 (c) | | | 506,765 | |
| | 2,000,000 | | | Public Finance Authority, Celanese Corp., Series C (RB)
4.30%, 05/01/26 (c) | | | 2,184,400 | |
| | 500,000 | | | Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c) | | | 517,345 | |
| | | | | Public Finance Authority, Friends Homes (RB) | | | | |
| | 250,000 | | | 4.00%, 09/01/24 | | | 265,300 | |
| | 500,000 | | | 4.00%, 09/01/26 (c) | | | 538,285 | |
| | 200,000 | | | Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)
4.10%, 06/15/26 | | | 199,534 | |
| | 325,000 | | | Public Finance Authority, North Carolina Leadership Academy, Series A (RB)
4.00%, 06/15/26 (c) | | | 339,196 | |
| | 250,000 | | | Public Finance Authority, Phoenix Academy Project, Series A (RB)
5.00%, 06/15/24 (c) | | | 254,935 | |
| | 420,000 | | | Public Finance Authority, Senior Airport Facilities, Series B (RB)
5.00%, 07/01/22 | | | 440,777 | |
See Notes to Financial Statements
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 750,000 | | | Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB)
2.00%, 06/01/21 (p) | | $ | 754,057 | |
| | | | | Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) | | | | |
| | 225,000 | | | 3.50%, 08/01/22 | | | 227,540 | |
Principal
Amount | | | | | Value | |
| Wisconsin: (continued) | | | | |
| $ | 250,000 | | | 5.00%, 08/01/24 (c) | | $ | 276,912 | |
| | | | | | | | 6,505,046 | |
Total Municipal Bonds: 98.7%
(Cost: $239,928,491) | | | 245,581,590 | |
| Other assets less liabilities: 1.3% | | | 3,309,373 | |
| NET ASSETS: 100.0% | | $ | 248,890,963 | |
Definitions:
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| CIFG | CDC Ixis Financial Guaranty |
| 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 |
| 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 |
| (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 | | | | 7.9 | % | | $ | 19,302,439 | |
| Health Care | | | | 15.9 | | | | 39,095,688 | |
| Housing | | | 1.8 | | | | 4,454,684 | |
| Industrial Revenue | | | 19.1 | | | | 46,973,476 | |
| Leasing | | | 10.4 | | | | 25,684,795 | |
| Local | | | 7.3 | | | | 17,911,514 | |
| Power | | | 1.4 | | | | 3,384,064 | |
| Solid Waste/Resource Recovery | | | 0.2 | | | | 399,600 | |
| Special Tax | | | 9.3 | | | | 22,780,658 | |
| State | | | 10.4 | | | | 25,495,145 | |
| Tobacco | | | 5.5 | | | | 13,584,608 | |
| Transportation | | | 8.5 | | | | 20,898,457 | |
| Water & Sewer | | | 2.3 | | | | 5,616,462 | |
| | | | 100.0 | % | | $ | 245,581,590 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Municipal Bonds* | | | $ | — | | | $ | 245,581,590 | | | | $ | — | | | $ | 245,581,590 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Number
of Shares | | | | | Value | |
| CLOSED-END FUNDS: 99.9% (a) | | | | |
| | 160,703 | | | AllianceBernstein National Municipal Income Fund, Inc. | | $ | 2,183,954 | |
| | 75,273 | | | BlackRock Investment Quality Municipal Trust, Inc. | | | 1,146,408 | |
| | 41,847 | | | BlackRock Long-Term Municipal Advantage Trust | | | 531,038 | |
| | 197,501 | | | BlackRock Muni Intermediate Duration Fund, Inc. | | | 2,802,539 | |
| | 90,328 | | | BlackRock MuniAssets Fund, Inc. | | | 1,399,181 | |
| | 352,204 | | | BlackRock Municipal 2030 Target Term Trust | | | 8,410,632 | |
| | 52,280 | | | BlackRock Municipal Bond Trust | | | 803,544 | |
| | 134,387 | | | BlackRock Municipal Income Quality Trust | | | 1,870,667 | |
| | 161,083 | | | BlackRock Municipal Income Trust | | | 2,243,886 | |
| | 72,900 | | | BlackRock Municipal Income Trust II | | | 1,081,107 | |
| | 134,293 | | | BlackRock MuniEnhanced Fund, Inc. | | | 1,498,710 | |
| | 45,496 | | | BlackRock MuniHoldings Fund, Inc. | | | 739,765 | |
| | 191,296 | | | BlackRock MuniHoldings Investment Quality Fund | | | 2,557,628 | |
| | 114,184 | | | BlackRock MuniHoldings Quality Fund II, Inc. | | | 1,434,151 | |
| | 65,839 | | | BlackRock MuniHoldings Quality Fund, Inc. | | | 826,279 | |
| | 76,990 | | | BlackRock MuniVest Fund II, Inc. | | | 1,112,506 | |
| | 238,050 | | | BlackRock MuniVest Fund, Inc. | | | 2,156,733 | |
| | 163,458 | | | BlackRock MuniYield Fund, Inc. | | | 2,379,948 | |
| | 43,578 | | | BlackRock MuniYield Investment Fund | | | 613,578 | |
| | 114,896 | | | BlackRock MuniYield Quality Fund II, Inc. | | | 1,472,967 | |
| | 379,060 | | | BlackRock MuniYield Quality Fund III, Inc. | | | 5,105,938 | |
| | 152,467 | | | BlackRock MuniYield Quality Fund, Inc. | | | 2,251,938 | |
| | 64,125 | | | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | | | 926,606 | |
| | 90,239 | | | BNY Mellon Municipal Income, Inc. | | | 798,615 | |
| | 152,629 | | | BNY Mellon Strategic Municipal Bond Fund, Inc. | | | 1,297,346 | |
| | 219,785 | | | BNY Mellon Strategic Municipals, Inc. | | | 1,892,349 | |
| | 199,483 | | | DWS Municipal Income Trust | | | 2,290,065 | |
| | 432,551 | | | Eaton Vance Municipal Bond Fund | | | 5,540,978 | |
| | 38,005 | | | Eaton Vance Municipal Income 2028 Term Trust | | | 804,186 | |
| | 198,328 | | | Eaton Vance Municipal Income Trust | | | 2,550,498 | |
| | 40,349 | | | Eaton Vance National Municipal Opportunities Trust | | | 949,412 | |
| | 200,044 | | | Invesco Advantage Municipal Income Trust II | | | 2,232,491 | |
| | 143,854 | | | Invesco Municipal Income Opportunities Trust | | | 1,127,815 | |
Number
of Shares | | | | | Value | |
| CLOSED-END FUNDS: (continued) | | | | |
| | 308,399 | | | Invesco Municipal Opportunity Trust | | $ | 3,827,232 | |
| | 251,518 | | | Invesco Municipal Trust | | | 3,103,732 | |
| | 239,329 | | | Invesco Quality Municipal Income Trust | | | 2,991,612 | |
| | 270,220 | | | Invesco Trust for Investment Grade Municipals | | | 3,464,220 | |
| | 234,721 | | | Invesco Value Municipal Income Trust | | | 3,640,523 | |
| | 82,826 | | | MainStay Defined Term Municipal Opportunities Fund | | | 1,726,922 | |
| | 112,717 | | | MFS High Income Municipal Trust | | | 597,400 | |
| | 186,523 | | | MFS Municipal Income Trust | | | 1,306,650 | |
| | 64,909 | | | Neuberger Berman Intermediate Municipal Fund, Inc. | | | 1,010,633 | |
| | 786,517 | | | Nuveen AMT-Free Municipal Credit Income Fund | | | 12,938,205 | |
| | 42,489 | | | Nuveen AMT-Free Municipal Value Fund | | | 715,090 | |
| | 916,499 | | | Nuveen AMT-Free Quality Municipal Income Fund | | | 13,014,286 | |
| | 111,795 | | | Nuveen Enhanced Municipal Value Fund | | | 1,632,207 | |
| | 208,286 | | | Nuveen Intermediate Duration Municipal Term Fund | | | 2,874,347 | |
| | 58,649 | | | Nuveen Intermediate Duration Quality Municipal Term Fund | | | 807,010 | |
| | 506,703 | | | Nuveen Municipal Credit Income Fund | | | 8,122,449 | |
| | 202,703 | | | Nuveen Municipal High Income Opportunity Fund | | | 2,882,437 | |
| | 724,445 | | | Nuveen Municipal Value Fund, Inc. | | | 7,555,961 | |
| | 911,372 | | | Nuveen Quality Municipal Income Fund | | | 13,141,984 | |
| | 78,420 | | | Nuveen Select Tax-Free Income 2 Portfolio | | | 1,171,595 | |
| | 58,218 | | | Nuveen Select Tax-Free Income Portfolio | | | 951,282 | |
| | 62,692 | | | PIMCO Municipal Income Fund | | | 940,380 | |
| | 80,293 | | | PIMCO Municipal Income Fund III | | | 1,000,451 | |
| | 119,985 | | | Pioneer Municipal High Income Advantage Trust | | | 1,292,238 | |
| | 101,354 | | | Pioneer Municipal High Income Trust | | | 1,229,424 | |
| | 177,582 | | | Putnam Managed Municipal Income Trust | | | 1,415,329 | |
| | 152,313 | | | Putnam Municipal Opportunities Trust | | | 2,007,485 | |
| | 133,903 | | | Western Asset Managed Municipals Fund, Inc. | | | 1,839,827 | |
| | 32,090 | | | Western Asset Municipal Defined Opportunity Trust, Inc. | | | 702,129 | |
Total Closed-End Funds
(Cost: $158,809,059) | | | 162,936,498 | |
| Other assets less liabilities: 0.1% | | | 243,987 | |
| NET ASSETS: 100.0% | | $ | 163,180,485 | |
See Notes to Financial Statements
VANECK VECTORS CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 | | | | 100.0 | % | | $ | 162,936,498 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Closed-End Funds | | $ | 162,936,498 | | | | $ | — | | | | $ | — | | | $ | 162,936,498 | |
See Notes to Financial Statements
VANECK VECTORS MUNICIPAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Number
of Shares | | | | | Value | |
| EXCHANGE TRADED FUNDS: 100.0% (a) | | | | |
| | 15,213 | | | VanEck Vectors AMT-Free Intermediate Municipal Index ETF ‡ | | $ | 765,366 | |
| | 54,744 | | | VanEck Vectors AMT-Free Long Municipal Index ETF ‡ | | | 1,157,288 | |
| | 23,892 | | | VanEck Vectors High-Yield Municipal Index ETF ‡ | | | 1,536,495 | |
Number
of Shares | | | | | Value | |
| EXCHANGE TRADED FUNDS: (continued) | | | | |
| | 15,096 | | | VanEck Vectors Short High-Yield Municipal Index ETF ‡ | | $ | 380,045 | |
Total Exchange Traded Funds
(Cost: $3,788,229) | | | 3,839,194 | |
| Other assets less liabilities: 0.0% | | | 304 | |
| NET ASSETS: 100.0% | | $ | 3,839,498 | |
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. |
| ‡ | Affiliated issuer — as defined under the Investment Company Act of 1940. |
A summary of the Fund’s transactions in securities of affiliates for the period ended October 31, 2019 is set forth below:
| Affiliates | | Value
05/15/19* | | | Purchases | | Sales
Proceeds | | Realized
Gain (Loss) | | Dividend
Income | | Net Change in
Unrealized
Appreciation
(Depreciation) | | Value
10/31/19 | |
| VanEck Vectors AMT-Free Intermediate Municipal Index ETF | | | $ | — | | | | $ | 755,832 | | | $ | — | | | | $ | — | | | | $ | 4,654 | | | | $ | 9,534 | | | $ | 765,366 | |
| VanEck Vectors AMT-Free Long Municipal Index ETF | | | | — | | | | | 1,136,485 | | | | — | | | | | — | | | | | 8,828 | | | | | 20,803 | | | | 1,157,288 | |
| VanEck Vectors High-Yield Municipal Index ETF | | | | — | | | | | 1,519,518 | | | | — | | | | | — | | | | | 17,767 | | | | | 16,977 | | | | 1,536,495 | |
| VanEck Vectors Short High-Yield Municipal Index ETF | | | | — | | | | | 376,394 | | | | — | | | | | — | | | | | 3,472 | | | | | 3,651 | | | | 380,045 | |
| | | | $ | — | | | | $ | 3,788,229 | | | $ | — | | | | $ | — | | | | $ | 34,721 | | | | $ | 50,965 | | | $ | 3,839,194 | |
| * | Commencement of operations. |
Summary of Investments
By Sector | | | % of Investments | | Value |
| Exchange Traded Funds | | | | 100.0 | % | | | $ | 3,839,194 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value |
| Exchange Traded Funds | | $ | 3,839,194 | | | $ | — | | | | $ | — | | | | $ | 3,839,194 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2019 (unaudited)
| | | 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) | | | $ | 1,862,133,087 | | | | $ | 192,388,903 | | | | $ | 195,501,778 | |
| Affiliated issuers (2) | | | | — | | | | | — | | | | | — | |
| Cash | | | | 5,024,780 | | | | | 2,412,137 | | | | | 100,245 | |
| Receivables: | | | | | | | | | | | | | | | |
| Investment securities sold | | | | — | | | | | 21,283 | | | | | 320,318 | |
| Shares sold | | | | — | | | | | 2,098,770 | | | | | — | |
| Due from Adviser | | | | — | | | | | — | | | | | — | |
| Dividends and Interest | | | | 20,934,063 | | | | | 2,223,832 | | | | | 2,507,569 | |
| Prepaid expenses | | | | — | | | | | — | | | | | — | |
| Total assets | | | | 1,888,091,930 | | | | | 199,144,925 | | | | | 198,429,910 | |
| | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | |
| Investment securities purchased | | | | 4,018,423 | | | | | 3,020,797 | | | | | 273,362 | |
| Line of credit | | | | — | | | | | — | | | | | — | |
| Due to Adviser | | | | 381,230 | | | | | 39,271 | | | | | 33,528 | |
| Deferred Trustee fees | | | | 3,000 | | | | | 1,517 | | | | | 1,600 | |
| Accrued expenses | | | | — | | | | | — | | | | | 46 | |
| Total liabilities | | | | 4,402,653 | | | | | 3,061,585 | | | | | 308,536 | |
| NET ASSETS | | | $ | 1,883,689,277 | | | | $ | 196,083,340 | | | | $ | 198,121,374 | |
| Shares outstanding | | | | 37,448,916 | | | | | 9,300,000 | | | | | 11,150,000 | |
| Net asset value, redemption and offering price per share | | | $ | 50.30 | | | | $ | 21.08 | | | | $ | 17.77 | |
| | | | | | | | | | | | | | | | |
| Net assets consist of: | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | | $ | 1,791,452,361 | | | | $ | 187,209,966 | | | | $ | 196,125,038 | |
| Total distributable earnings (loss) | | | | 92,236,916 | | | | | 8,873,374 | | | | | 1,996,336 | |
| NET ASSETS | | | $ | 1,883,689,277 | | | | $ | 196,083,340 | | | | $ | 198,121,374 | |
| (1) Cost of investments – Unaffiliated issuers | | | $ | 1,779,369,863 | | | | $ | 184,332,039 | | | | $ | 192,353,388 | |
| (2) Cost of investments – Affiliated issuers | | | $ | — | | | | $ | — | | | | $ | — | |
See Notes to Financial Statements
High-Yield
Municipal
Index
ETF | | Short High-Yield
Municipal
Index
ETF | | CEF
Municipal
Index
ETF | | Municipal
Allocation
ETF |
| | | | | | | | | | | | | | | | | | | |
| | $ | 3,164,414,567 | | | | $ | 245,581,590 | | | | $ | 162,936,498 | | | | $ | — | |
| | | — | | | | | — | | | | | — | | | | | 3,839,194 | |
| | | 21,008,658 | | | | | 1,193,792 | | | | | — | | | | | 19,734 | |
| | | | | | | | | | | | | | | | | | | |
| | | 35,365 | | | | | 973,271 | | | | | — | | | | | — | |
| | | 16,046,116 | | | | | — | | | | | — | | | | | — | |
| | | — | | | | | — | | | | | — | | | | | 7,510 | |
| | | 49,952,982 | | | | | 3,382,028 | | | | | 419,918 | | | | | 30 | |
| | | — | | | | | — | | | | | 2,013 | | | | | 2,308 | |
| | | 3,251,457,688 | | | | | 251,130,681 | | | | | 163,358,429 | | | | | 3,868,776 | |
| | | | | | | | | | | | | | | | | | | |
| | | 13,278,829 | | | | | 2,167,601 | | | | | — | | | | | — | |
| | | — | | | | | — | | | | | 85,303 | | | | | — | |
| | | 927,593 | | | | | 72,117 | | | | | 41,662 | | | | | — | |
| | | 3,184 | | | | | — | | | | | 4,115 | | | | | — | |
| | | — | | | | | — | | | | | 46,864 | | | | | 29,278 | |
| | | 14,209,606 | | | | | 2,239,718 | | | | | 177,944 | | | | | 29,278 | |
| | $ | 3,237,248,082 | | | | $ | 248,890,963 | | | | $ | 163,180,485 | | | | $ | 3,839,498 | |
| | | 50,346,401 | | | | | 9,900,000 | | | | | 5,950,000 | | | | | 150,000 | |
| | | | | | | | | | | | | | | | | | | |
| | $ | 64.30 | | | | $ | 25.14 | | | | $ | 27.43 | | | | $ | 25.60 | |
| | | | | | | �� | | | | | | | | | | | | |
| | $ | 3,158,426,055 | | | | $ | 247,470,646 | | | | $ | 163,139,280 | | | | $ | 3,781,887 | |
| | | 78,822,027 | | | | | 1,420,317 | | | | | 41,205 | | | | | 57,611 | |
| | $ | 3,237,248,082 | | | | $ | 248,890,963 | | | | $ | 163,180,485 | | | | $ | 3,839,498 | |
| | $ | 3,053,376,960 | | | | $ | 239,928,491 | | | | $ | 158,809,059 | | | | $ | — | |
| | $ | — | | | | $ | — | | | | $ | — | | | | $ | 3,788,229 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2019 (unaudited)
| | | AMT-Free
Intermediate
Municipal Index
ETF | | AMT-Free
Long Municipal
Index
ETF | | AMT-Free
Short Municipal
Index
ETF |
| | | | | | | |
| Income: | | | | | | | | | | | | | | | |
| Dividends | | | $ | 103,197 | | | | $ | 7,485 | | | | $ | 12,118 | |
| Interest | | | | 22,040,721 | | | | | 2,667,199 | | | | | 1,733,401 | |
| Total Income | | | | 22,143,918 | | | | | 2,674,684 | | | | | 1,745,519 | |
| | | | | | | | | | | | | | | | |
| Expenses: | | | | | | | | | | | | | | | |
| Management fees | | | | 2,180,069 | | | | | 210,891 | | | | | 199,182 | |
| Interest | | | | 2,480 | | | | | 384 | | | | | 246 | |
| Total expenses | | | | 2,182,549 | | | | | 211,275 | | | | | 199,428 | |
| Net investment income | | | | 19,961,369 | | | | | 2,463,409 | | | | | 1,546,091 | |
| | | | | | | | | | | | | | | | |
| Net realized gain on: | | | | | | | | | | | | | | | |
| Investments | | | | 4,037,214 | | | | | 200,987 | | | | | 235,581 | |
| In-kind redemptions | | | | 3,579,377 | | | | | 116,772 | | | | | 39,638 | |
| Net realized gain | | | | 7,616,591 | | | | | 317,759 | | | | | 275,219 | |
| | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | |
| Investments | | | | 39,730,542 | | | | | 4,716,258 | | | | | 2,255,877 | |
| Net Increase in Net Assets Resulting from Operations | | | $ | 67,308,502 | | | | $ | 7,497,426 | | | | $ | 4,077,187 | |
See Notes to Financial Statements
High-Yield
Municipal
Index
ETF | | Short High-Yield
Municipal
Index
ETF |
| | | | | | | | | |
| | $ | 234,209 | | | | $ | 17,779 | |
| | | 66,871,926 | | | | | 4,142,162 | |
| | | 67,106,135 | | | | | 4,159,941 | |
| | | | | | | | | |
| | | 5,144,536 | | | | | 393,439 | |
| | | — | | | | | 237 | |
| | | 5,144,536 | | | | | 393,676 | |
| | | 61,961,599 | | | | | 3,766,265 | |
| | | | | | | | | |
| | | (3,382,684 | ) | | | | (54,750 | ) |
| | | — | | | | | — | |
| | | (3,382,684 | ) | | | | (54,750 | ) |
| | | | | | | | | |
| | | 68,582,450 | | | | | 3,597,390 | |
| | $ | 127,161,365 | | | | $ | 7,308,905 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2019 (unaudited) (continued)
| | | CEF
Municipal
Income
ETF | | Municipal
Allocation
ETF(a) |
| | | | | | | | | | | |
| Income: | | | | | | | | | | |
| Dividends – Unaffiliated issuers | | | $ | 3,470,332 | | | | $ | 123 | |
| Dividends – Affiliated issuers | | | | — | | | | | 34,721 | |
| Total Income | | | | 3,470,332 | | | | | 34,844 | |
| | | | | | | | | | | |
| Expenses: | | | | | | | | | | |
| Management fees | | | | 312,304 | | | | | 968 | |
| Professional fees | | | | 31,454 | | | | | 25,421 | |
| Insurance | | | | 1,155 | | | | | 496 | |
| Trustees’ fees and expenses | | | | 2,236 | | | | | 228 | |
| Reports to shareholders | | | | 15,474 | | | | | 5,317 | |
| Indicative optimized portfolio value fee | | | | 1,834 | | | | | 1,429 | |
| Custodian fees | | | | 4,002 | | | | | 833 | |
| Registration fees | | | | 4,053 | | | | | 1,523 | |
| Transfer agent fees | | | | 1,159 | | | | | 1,156 | |
| Fund accounting fees | | | | 4,322 | | | | | 95 | |
| Interest | | | | 3,899 | | | | | — | |
| Other | | | | 2,112 | | | | | 100 | |
| Total expenses | | | | 384,004 | | | | | 37,566 | |
| Waiver of management fees | | | | (67,800 | ) | | | | (968 | ) |
| Expenses assumed by the Adviser | | | | — | | | | | (35,630 | ) |
| Net expenses | | | | 316,204 | | | | | 968 | |
| Net investment income | | | | 3,154,128 | | | | | 33,876 | |
| | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | |
| Investments | | | | (454,056 | ) | | | | — | |
| In-kind redemptions | | | | 659,796 | | | | | — | |
| Net realized gain | | | | 205,740 | | | | | — | |
| | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | |
| Investments – Unaffiliated issuers | | | | 6,853,129 | | | | | — | |
| Investments – Affiliated issuers | | | | — | | | | | 50,965 | |
| Net change in unrealized appreciation (depreciation) | | | | 6,853,129 | | | | | 50,965 | |
| Net Increase in Net Assets Resulting from Operations | | | $ | 10,212,997 | | | | $ | 84,841 | |
| (a) | For the period May 15, 2019 (commencement of operations) through October 31, 2019. |
See Notes to Financial Statements
[This page intentionally left blank.]
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | AMT-Free Intermediate
Municipal Index ETF | | AMT-Free Long
Municipal Index ETF |
| | | For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 | | For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 |
| | | (unaudited) | | | | | (unaudited) | | | |
| Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | $ | 19,961,369 | | | | $ | 39,302,092 | | | | $ | 2,463,409 | | | | $ | 4,493,371 | |
| Net realized gain (loss) | | | | 7,616,591 | | | | | 558,035 | | | | | 317,759 | | | | | (517,877 | ) |
| Net change in unrealized appreciation (depreciation) | | | | 39,730,542 | | | | | 73,777,750 | | | | | 4,716,258 | | | | | 5,697,114 | |
| Net increase in net assets resulting from operations | | | | 67,308,502 | | | | | 113,637,877 | | | | | 7,497,426 | | | | | 9,672,608 | |
| | | | | | | | | | | | | | | | | | | | | |
| Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends and Distributions | | | | (19,780,595 | ) | | | | (39,306,781 | ) | | | | (2,374,950 | ) | | | | (4,518,275 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Share transactions:** | | | | | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | 208,373,757 | | | | | 375,018,774 | | | | | 40,082,157 | | | | | 26,897,181 | |
| Cost of shares redeemed | | | | (92,393,439 | ) | | | | (426,770,532 | ) | | | | (2,122,885 | ) | | | | (33,156,469 | ) |
| Increase (Decrease) in net assets resulting from share transactions | | | | 115,980,318 | | | | | (51,751,758 | ) | | | | 37,959,272 | | | | | (6,259,288 | ) |
| Total increase (decrease) in net assets | | | | 163,508,225 | | | | | 22,579,338 | | | | | 43,081,748 | | | | | (1,104,955 | ) |
| Net Assets, beginning of period | | | | 1,720,181,052 | | | | | 1,697,601,714 | | | | | 153,001,592 | | | | | 154,106,547 | |
| Net Assets, end of period | | | $ | 1,883,689,277 | | | | $ | 1,720,181,052 | | | | $ | 196,083,340 | | | | $ | 153,001,592 | |
| | | | | | | | | | | | | | | | | | | | | |
| ** Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | 4,150,000 | | | | | 7,900,000 | | | | | 1,900,000 | | | | | 1,350,000 | |
| Shares redeemed | | | | (1,850,000 | ) | | | | (9,001,084 | ) | | | | (100,000 | ) | | | | (1,700,000 | ) |
| Net increase (decrease) | | | | 2,300,000 | | | | | (1,101,084 | ) | | | | 1,800,000 | | | | | (350,000 | ) |
See Notes to Financial Statements
AMT-Free Short
Municipal Index ETF | | High-Yield
Municipal Index ETF | | Short High-Yield
Municipal Index ETF |
For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 | | For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 | | For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 |
| | (unaudited) | | | | | | | (unaudited) | | | | | | | (unaudited) | | | | |
| | $ | 1,546,091 | | | | $ | 3,170,739 | | | | $ | 61,961,599 | | | | $ | 108,136,498 | | | | $ | 3,766,265 | | | | $ | 5,493,541 | |
| | | 275,219 | | | | | (1,041,127 | ) | | | | (3,382,684 | ) | | | | (12,121,310 | ) | | | | (54,750 | ) | | | | (1,833,671 | ) |
| | | 2,255,877 | | | | | 5,337,459 | | | | | 68,582,450 | | | | | 34,933,118 | | | | | 3,597,390 | | | | | 4,661,696 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4,077,187 | | | | | 7,467,071 | | | | | 127,161,365 | | | | | 130,948,306 | | | | | 7,308,905 | | | | | 8,321,566 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (1,557,955 | ) | | | | (3,158,590 | ) | | | | (60,432,391 | ) | | | | (107,905,812 | ) | | | | (3,607,080 | ) | | | | (5,237,285 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | 4,380,706 | | | | | 514,583,374 | | | | | 603,500,210 | | | | | 42,644,567 | | | | | 80,525,205 | |
| | | (5,272,536 | ) | | | | (27,681,850 | ) | | | | — | | | | | (407,349,929 | ) | | | | — | | | | | (15,601,955 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (5,272,536 | ) | | | | (23,301,144 | ) | | | | 514,583,374 | | | | | 196,150,281 | | | | | 42,644,567 | | | | | 64,923,250 | |
| | | (2,753,304 | ) | | | | (18,992,663 | ) | | | | 581,312,348 | | | | | 219,192,775 | | | | | 46,346,392 | | | | | 68,007,531 | |
| | | 200,874,678 | | | | | 219,867,341 | | | | | 2,655,935,734 | | | | | 2,436,742,959 | | | | | 202,544,571 | | | | | 134,537,040 | |
| | $ | 198,121,374 | | | | $ | 200,874,678 | | | | $ | 3,237,248,082 | | | | $ | 2,655,935,734 | | | | $ | 248,890,963 | | | | $ | 202,544,571 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | 250,000 | | | | | 8,050,000 | | | | | 9,700,000 | | | | | 1,700,000 | | | | | 3,300,000 | |
| | | (300,000 | ) | | | | (1,600,000 | ) | | | | — | | | | | (6,603,599 | ) | | | | — | | | | | (650,000 | ) |
| | | (300,000 | ) | | | | (1,350,000 | ) | | | | 8,050,000 | | | | | 3,096,401 | | | | | 1,700,000 | | | | | 2,650,000 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| | | CEF Municipal Income ETF | | Municipal
Allocation ETF |
| | | For the Six
Months Ended
October 31, 2019 | | For the Year
Ended
April 30, 2019 | | For the Period
May 15, 2019*
through
October 31, 2019 |
| | | (unaudited) | | | | | | (unaudited) |
| Operations: | | | | | | | | | | | | | | | |
| Net investment income | | | $ | 3,154,128 | | | | $ | 5,476,289 | | | | $ | 33,876 | |
| Net realized gain (loss) | | | | 205,740 | | | | | (800,801 | ) | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | | 6,853,129 | | | | | 6,795,757 | | | | | 50,965 | |
| Net increase in net assets resulting from operations | | | | 10,212,997 | | | | | 11,471,245 | | | | | 84,841 | |
| | | | | | | | | | | | | | | | |
| Distributions to shareholders: | | | | | | | | | | | | | | | |
| Dividends and Distributions | | | | (3,302,845 | ) | | | | (5,350,340 | ) | | | | (27,230 | ) |
| | | | | | | | | | | | | | | | |
| Share transactions:** | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | 20,354,081 | | | | | 64,240,348 | | | | | 3,781,887 | |
| Cost of shares redeemed | | | | (8,053,742 | ) | | | | (21,267,448 | ) | | | | — | |
| Increase in net assets resulting from share transactions | | | | 12,300,339 | | | | | 42,972,900 | | | | | 3,781,887 | |
| Total increase in net assets | | | | 19,210,491 | | | | | 49,093,805 | | | | | 3,839,498 | |
| Net Assets, beginning of period | | | | 143,969,994 | | | | | 94,876,189 | | | | | — | |
| Net Assets, end of period | | | $ | 163,180,485 | | | | $ | 143,969,994 | | | | $ | 3,839,498 | |
| | | | | | | | | | | | | | | | |
| ** Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | |
| Shares sold | | | | 750,000 | | | | | 2,550,000 | | | | | 150,000 | |
| Shares redeemed | | | | (300,000 | ) | | | | (850,000 | ) | | | | — | |
| Net increase | | | | 450,000 | | | | | 1,700,000 | | | | | 150,000 | |
| * | Commencement of operations |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | AMT-Free Intermediate Municipal Index ETF # | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 48.94 | | | | $ | 46.83 | | | | $ | 47.40 | | | | $ | 48.84 | | | | $ | 46.98 | | | | $ | 46.14 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 0.55 | (a) | | | | 1.12 | (a) | | | | 1.08 | (a) | | | | 1.06 | | | | | 1.10 | | | | | 1.12 | | |
| Net realized and unrealized gain (loss) on investments | | | | 1.36 | | | | | 2.11 | | | | | (0.59 | ) | | | | (1.44 | ) | | | | 1.86 | | | | | 0.86 | | |
| Total from investment operations | | | | 1.91 | | | | | 3.23 | | | | | 0.49 | | | | | (0.38 | ) | | | | 2.96 | | | | | 1.98 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.55 | ) | | | | (1.12 | ) | | | | (1.06 | ) | | | | (1.06 | ) | | | | (1.10 | ) | | | | (1.14 | ) | |
| Net asset value, end of period | | | $ | 50.30 | | | | $ | 48.94 | | | | $ | 46.83 | | | | $ | 47.40 | | | | $ | 48.84 | | | | $ | 46.98 | | |
| Total return (b) | | | | 3.92 | %(c) | | | | 6.98 | % | | | | 1.04 | % | | | | (0.80 | )% | | | | 6.38 | % | | | | 4.32 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $1,883,689 | | | $1,720,181 | | | $1,697,602 | | | $1,592,512 | | | $1,418,799 | | | $1,042,806 | | |
| Ratio of expenses to average net assets | | | | 0.24 | %(d) | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | |
| Ratio of expenses to average net assets excluding interest expense | | | | 0.24 | %(d) | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | |
| Ratio of net investment income to average net assets | | | | 2.20 | %(d) | | | | 2.37 | % | | | | 2.24 | % | | | | 2.22 | % | | | | 2.32 | % | | | | 2.45 | % | |
| Portfolio turnover rate (e) | | | | 6 | %(c) | | | | 7 | % | | | | 9 | % | | | | 7 | % | | | | 2 | % | | | | 3 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | AMT-Free Long Municipal Index ETF | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 20.40 | | | | $ | 19.63 | | | | $ | 19.63 | | | | $ | 20.43 | | | | $ | 19.60 | | | | $ | 18.96 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 0.30 | (a) | | | | 0.60 | (a) | | | | 0.59 | (a) | | | | 0.60 | | | | | 0.66 | | | | | 0.71 | | |
| Net realized and unrealized gain (loss) on investments | | | | 0.67 | | | | | 0.77 | | | | | 0.01 | | | | | (0.79 | ) | | | | 0.83 | | | | | 0.65 | | |
| Total from investment operations | | | | 0.97 | | | | | 1.37 | | | | | 0.60 | | | | | (0.19 | ) | | | | 1.49 | | | | | 1.36 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.29 | ) | | | | (0.60 | ) | | | | (0.60 | ) | | | | (0.61 | ) | | | | (0.66 | ) | | | | (0.72 | ) | |
| Net asset value, end of period | | | $ | 21.08 | | | | $ | 20.40 | | | | $ | 19.63 | | | | $ | 19.63 | | | | $ | 20.43 | | | | $ | 19.60 | | |
| Total return (b) | | | | 4.79 | %(c) | | | | 7.15 | % | | | | 3.02 | % | | | | (0.99 | )% | | | | 7.80 | % | | | | 7.25 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $196,083 | | | $153,002 | | | $154,107 | | | $161,965 | | | $156,292 | | | $108,772 | | |
| Ratio of expenses to average net assets | | | | 0.24 | %(d) | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | |
| Ratio of expenses to average net assets excluding interest expense | | | | 0.24 | %(d) | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | | | | 0.24 | % | |
| Ratio of net investment income to average net assets | | | | 2.80 | %(d) | | | | 3.06 | % | | | | 2.96 | % | | | | 2.99 | % | | | | 3.36 | % | | | | 3.68 | % | |
| Portfolio turnover rate (e) | | | | 24 | %(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) | Not Annualized |
| (d) | Annualized |
| (e) | 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 prior to October 26, 2018 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | AMT-Free Short Municipal Index ETF | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.54 | | | | $ | 17.18 | | | | $ | 17.52 | | | | $ | 17.68 | | | | $ | 17.54 | | | | $ | 17.61 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 0.14 | (a) | | | | 0.27 | (a) | | | | 0.22 | (a) | | | | 0.20 | | | | | 0.20 | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) on investments | | | | 0.23 | | | | | 0.36 | | | | | (0.34 | ) | | | | (0.17 | ) | | | | 0.14 | | | | | (0.07 | ) | |
| Total from investment operations | | | | 0.37 | | | | �� | 0.63 | | | | | (0.12 | ) | | | | 0.03 | | | | | 0.34 | | | | | 0.13 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.14 | ) | | | | (0.27 | ) | | | | (0.22 | ) | | | | (0.19 | ) | | | | (0.20 | ) | | | | (0.20 | ) | |
| Net asset value, end of period | | | $ | 17.77 | | | | $ | 17.54 | | | | $ | 17.18 | | | | $ | 17.52 | | | | $ | 17.68 | | | | $ | 17.54 | | |
| Total return (b) | | | | 2.10 | %(c) | | | | 3.70 | % | | | | (0.70 | )% | | | | 0.20 | % | | | | 1.95 | % | | | | 0.75 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $198,121 | | | $200,875 | | | $219,867 | | | $267,138 | | | $264,291 | | | $274,541 | | |
| Ratio of expenses to average net assets | | | | 0.20 | %(d) | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | |
| Ratio of expenses to average net assets excluding interest expense | | | | 0.20 | %(d) | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | | | | 0.20 | % | |
| Ratio of net investment income to average net assets | | | | 1.55 | %(d) | | | | 1.57 | % | | | | 1.26 | % | | | | 1.11 | % | | | | 1.13 | % | | | | 1.14 | % | |
| Portfolio turnover rate (e) | | | | 22 | %(c) | | | | 33 | % | | | | 41 | % | | | | 12 | % | | | | 3 | % | | | | 2 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High-Yield Municipal Index ETF # | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 62.79 | | | | $ | 62.16 | | | | $ | 61.52 | | | | $ | 63.18 | | | | $ | 62.12 | | | | $ | 59.80 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 1.35 | (a) | | | | 2.67 | (a) | | | | 2.72 | (a) | | | | 2.68 | | | | | 2.96 | | | | | 3.08 | | |
| Net realized and unrealized gain (loss) on investments | | | | 1.50 | | | | | 0.64 | | | | | 0.60 | | | | | (1.64 | ) | | | | 0.98 | | | | | 2.24 | | |
| Total from investment operations | | | | 2.85 | | | | | 3.31 | | | | | 3.32 | | | | | 1.04 | | | | | 3.94 | | | | | 5.32 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (1.34 | ) | | | | (2.68 | ) | | | | (2.68 | ) | | | | (2.70 | ) | | | | (2.88 | ) | | | | (3.00 | ) | |
| Net asset value, end of period | | | $ | 64.30 | | | | $ | 62.79 | | | | $ | 62.16 | | | | $ | 61.52 | | | | $ | 63.18 | | | | $ | 62.12 | | |
| Total return (b) | | | | 4.56 | %(c) | | | | 5.46 | % | | | | 5.48 | % | | | | 1.69 | % | | | | 6.59 | % | | | | 9.08 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $3,237,248 | | | $2,655,936 | | | $2,436,743 | | | $2,106,741 | | | $1,882,555 | | | $1,605,601 | | |
| Ratio of expenses to average net assets | | | | 0.35 | %(d) | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | |
| Ratio of expenses to average net assets excluding interest expense | | | | 0.35 | %(d) | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | |
| Ratio of net investment income to average net assets | | | | 4.22 | %(d) | | | | 4.31 | % | | | | 4.37 | % | | | | 4.36 | % | | | | 4.86 | % | | | | 5.19 | % | |
| Portfolio turnover rate (e) | | | | 3 | %(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) | Not Annualized |
| (d) | Annualized |
| (e) | 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 prior to October 26, 2018 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Short High-Yield Municipal Index ETF | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 24.70 | | | | $ | 24.24 | | | | $ | 24.26 | | | | $ | 25.15 | | | | $ | 25.43 | | | | $ | 25.24 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 0.42 | (a) | | | | 0.80 | (a) | | | | 0.76 | (a) | | | | 0.72 | | | | | 0.87 | | | | | 0.82 | | |
| Net realized and unrealized gain (loss) on investments | | | | 0.43 | | | | | 0.43 | | | | | (0.02 | ) | | | | (0.92 | ) | | | | (0.34 | ) | | | | 0.15 | | |
| Total from investment operations | | | | 0.85 | | | | | 1.23 | | | | | 0.74 | | | | | (0.20 | ) | | | | 0.53 | | | | | 0.97 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.41 | ) | | | | (0.77 | ) | | | | (0.76 | ) | | | | (0.69 | ) | | | | (0.81 | ) | | | | (0.78 | ) | |
| Net asset value, end of period | | | $ | 25.14 | | | | $ | 24.70 | | | | $ | 24.24 | | | | $ | 24.26 | | | | $ | 25.15 | | | | $ | 25.43 | | |
| Total return (b) | | | | 3.46 | %(c) | | | | 5.16 | % | | | | 3.07 | % | | | | (0.81 | )% | | | | 2.14 | % | | | | 3.91 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $248,891 | | | $202,545 | | | $134,537 | | | $114,033 | | | $110,672 | | | $99,171 | | |
| Ratio of expenses to average net assets | | | | 0.35 | %(d) | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | |
| Ratio of expenses to average net assets excluding interest expense | | | | 0.35 | %(d) | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | | | | 0.35 | % | |
| Ratio of net investment income to average net assets | | | | 3.35 | %(d) | | | | 3.28 | % | | | | 3.11 | % | | | | 2.93 | % | | | | 3.55 | % | | | | 3.48 | % | |
| Portfolio turnover rate (e) | | | | 8 | %(c) | | | | 22 | % | | | | 27 | % | | | | 20 | % | | | | 16 | % | | | | 26 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | CEF Municipal Income ETF | |
| | | For the Six
Months Ended
October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 26.18 | | | | $ | 24.97 | | | | $ | 26.58 | | | | $ | 28.50 | | | | $ | 26.62 | | | | $ | 25.55 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | 0.55 | (a) | | | | 1.16 | (a) | | | | 1.27 | (a) | | | | 1.37 | | | | | 1.39 | | | | | 1.41 | | |
| Net realized and unrealized gain (loss) on investments | | | | 1.28 | | | | | 1.21 | | | | | (1.61 | ) | | | | (1.90 | ) | | | | 1.88 | | | | | 1.08 | | |
| Total from investment operations | | | | 1.83 | | | | | 2.37 | | | | | (0.34 | ) | | | | (0.53 | ) | | | | 3.27 | | | | | 2.49 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | | (0.58 | ) | | | | (1.16 | ) | | | | (1.27 | ) | | | | (1.39 | ) | | | | (1.39 | ) | | | | (1.42 | ) | |
| Net asset value, end of period | | | $ | 27.43 | | | | $ | 26.18 | | | | $ | 24.97 | | | | $ | 26.58 | | | | $ | 28.50 | | | | $ | 26.62 | | |
| Total return (b) | | | | 7.02 | %(c) | | | | 9.83 | % | | | | (1.45 | )% | | | | (1.93 | )% | | | | 12.87 | % | | | | 10.02 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $163,180 | | | $143,970 | | | $94,876 | | | $83,719 | | | $95,475 | | | $47,921 | | |
| Ratio of gross expenses to average net assets (f) | | | | 0.49 | %(d) | | | | 0.48 | % | | | | 0.50 | % | | | | 0.51 | % | | | | 0.54 | % | | | | 0.57 | % | |
| Ratio of net expenses to average net assets (f) | | | | 0.40 | %(d) | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | |
| Ratio of net expenses to average net assets excluding interest expense (f) | | | | 0.40 | %(d) | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | | | | 0.40 | % | |
| Ratio of net investment income to average net assets (f) | | | | 4.04 | %(d) | | | | 4.67 | % | | | | 4.78 | % | | | | 4.98 | % | | | | 5.38 | % | | | | 5.52 | % | |
| Portfolio turnover rate (e) | | | | 3 | %(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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | 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
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Municipal | |
| | | Allocation ETF | |
| | | For the Period | |
| | | May 15, 2019(a) | |
| | | through | |
| | | October 31, | |
| | | 2019 | |
| | | (unaudited) | |
| Net asset value, beginning of period | | | $ | 25.00 | | |
| Income from investment operations: | | | | | | |
| Net investment income (b) | | | | 0.33 | | |
| Net realized and unrealized gain on investments | | | | 0.54 | | |
| Total from investment operations | | | | 0.87 | | |
| Less: | | | | | | |
| Dividends from net investment income | | | | (0.27 | ) | |
| Net asset value, end of period | | | $ | 25.60 | | |
| Total return (c) | | | | 3.28 | %(d) | |
| Ratios/Supplemental Data | | | | | | |
| Net assets, end of period (000’s) | | | $ | 3,839 | | |
| Ratio of gross expenses to average net assets (g) | | | | 3.10 | %(e) | |
| Ratio of net expenses to average net assets (g) | | | | 0.08 | %(e) | |
| Ratio of net expenses to average net assets excluding interest expense (g) | | | | 0.08 | %(e) | |
| Ratio of net investment income to average net assets (g) | | | | 2.79 | %(e) | |
| Portfolio turnover rate (f) | | | | 0 | %(d) | |
| (a) | Commencement of operations |
| (b) | Calculated based upon average shares outstanding |
| (c) | 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. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (g) | 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
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (unaudited)
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 investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | | Diversification Classification |
| AMT-Free Intermediate Municipal Index ETF (“Intermediate”) | | Diversified |
| AMT-Free Long Municipal Index ETF (“Long”) | | Diversified |
| AMT-Free Short Municipal Index ETF (“Short”) | | Diversified |
| High-Yield Municipal ETF (“High-Yield”) | | Diversified |
| Short High-Yield Municipal Index ETF (“Short High-Yield”) | | Diversified |
| CEF Municipal Income ETF (“CEF Municipal”) | | Diversified |
| Municipal Allocation ETF* (“Municipal Allocation”) | | Non-Diversified |
| * | Fund commenced operations May 15, 2019 |
Each Fund’s investment objective (except for Municipal Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of Municipal Allocation is to maximize long-term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Municipal and Municipal Allocation) 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. The Municipal Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck Vectors ETFs that invest in publicly traded municipal bonds.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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 closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (“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 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| | 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 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. |
| | |
| 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. | 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 accrued on debt securities in default or upon determination that the income is not realizable. |
| | |
| | The character of distributions received from investment in underlying funds may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data provided by the underlying funds if actual amounts are not available. After each calendar year end, the underlying funds report the actual tax character of these distributions. |
| | Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
| | |
| | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser 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 and Municipal Allocation) 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 and Municipal Allocation the Adviser has agreed, until at least September 1, 2020 to waive management fees and assume expenses to prevent the Funds’ total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% and 0.08% of average daily net assets, respectively.
Refer to the Statement of Operations for the amounts waived/assumed by the Adviser for the period ended October 31, 2019.
The management fee rates for the period ended October 31, 2019 are as follows:
| Fund | | Management
Fee Rate |
| CEF Municipal | | | 0.40 | % |
| Municipal Allocation | | | 0.08 | |
| | | | | |
| 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.
Note 4—Capital Share Transactions—As of October 31, 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”), consisting of 50,000 shares, or multiples thereof. 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
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2019, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| | | | | | | | | | | In-kind Capital Share Transactions |
| Fund | | Purchases | | Sales | | Purchases | | Sales |
| Intermediate | | $ | 289,366,035 | | | $ | 109,642,332 | | | $ | 41,520,018 | | | $ | 92,158,160 | |
| Long | | | 67,993,555 | | | | 31,800,697 | | | | 2,928,628 | | | | 2,122,924 | |
| Short | | | 29,854,229 | | | | 26,784,540 | | | | — | | | | 5,198,705 | |
| High-Yield | | | 573,462,054 | | | | 81,140,139 | | | | — | | | | — | |
| Short High-Yield | | | 61,268,505 | | | | 17,585,990 | | | | — | | | | — | |
| CEF Municipal | | | 5,198,513 | | | | 5,396,649 | | | | 20,354,383 | | | | 8,041,661 | |
| Municipal Allocation | | | 6,475 | | | | — | | | | 3,781,755 | | | | — | |
Note 6—Income Taxes—As of October 31, 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 | | $ | 1,779,328,055 | | | $ | 83,950,914 | | | $ | (1,145,882 | ) | | $ | 82,805,032 | |
| Long | | | 184,319,019 | | | | 8,229,864 | | | | (159,980 | ) | | | 8,069,884 | |
| Short | | | 192,353,208 | | | | 3,238,113 | | | | (89,543 | ) | | | 3,148,570 | |
| High-Yield | | | 3,050,560,250 | | | | 162,463,552 | | | | (48,609,235 | ) | | | 113,854,317 | |
| Short High-Yield | | | 239,708,255 | | | | 8,661,739 | | | | (2,788,404 | ) | | | 5,873,335 | |
| CEF Municipal | | | 158,886,880 | | | | 4,834,162 | | | | (784,544 | ) | | | 4,049,618 | |
| Municipal Allocation | | | 3,788,229 | | | | 50,965 | | | | — | | | | 50,965 | |
The tax character of dividends paid to shareholders during the year ended April 30, 2019 was as follows:
| Fund | | Tax-Exempt
Dividends | | Ordinary Income |
| Intermediate | | $ | 39,219,343 | | | $ | 87,438 | |
| Long | | | 4,510,425 | | | | 7,850 | |
| Short | | | 3,148,479 | | | | 10,111 | |
| High-Yield | | | 107,112,165 | | | | 793,647 | |
| Short High-Yield | | | 5,192,715 | | | | 44,570 | |
| CEF Municipal | | | 5,280,748 | | | | 69,592 | |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2019, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| | | Short-Term
Capital Losses
with No Expirations | | Long-Term
Capital Losses
with No Expirations | | 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 | ) |
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 period ended October 31, 2019, the Funds did not incur any interest or penalties.
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 and Municipal Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Municipal 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 and Municipal Allocation, 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 (“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 period ended October 31, 2019, the following Funds borrowed under this facility:
| Fund | | Days
Outstanding | | Average Daily
Loan Balance | | Average
Interest Rate |
| Intermediate | | | 3 | | | | $ | 7,924,561 | | | | 3.88 | % |
| Long | | | 9 | | | | | 485,730 | | | | 3.39 | |
| Short | | | 21 | | | | | 125,732 | | | | 3.45 | |
| Short High-Yield | | | 8 | | | | | 274,386 | | | | 3.89 | |
| CEF Municipal | | | 147 | | | | | 259,556 | | | | 3.69 | |
As of October 31, 2019, outstanding loan balances, if any, are reflected in the Statements of Assets and Liabilities.
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (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 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 period ended October 31, 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 Funds early adopted certain provisions of Accounting Standards Update No. 2018-13Disclosure 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 ASU 2018-13 had no material effect on the financial statements and related disclosures. Management evaluated the additional requirements, not yet adopted, and they are not expected to have a material impact to the financial statements. Public companies will be required to disclose the range and weighted average of significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
Effective May 1, 2019, the Funds adopted Accounting Standards Update ASU 2017-08,Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities(the “ASU 2017-08”), that shortened the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance has not changed the accounting for purchased callable debt securities held at a discount. Based on management’s evaluation, the adoption of the ASU 2017-08 had no material effect on the financial statements and related disclosures.
Note 13—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective November 1, 2019, CEF Municipal and Municipal Allocation utilize a unitary management fee structure where the Adviser has agreed until at least September 1, 2021, to pay all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The unitary management fees are 0.40% and 0.08%, respectively.
Effective November 4, 2019, State Street Bank and Trust Company is the Funds’ custodian, securities lending agent and transfer agent. Prior to November 4, 2019, Bank of New York Mellon provided these services to the Funds.
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2019 (unaudited)
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved (i) the continuation of the investment management agreements (the “Municipal Investment Management Agreements”) between the Trust and Van Eck Associates Corporation (the “Adviser”) with respect to the VanEck Vectors AMT-Free 8-12 Year Municipal Index ETF, AMT-Free Intermediate Municipal Index ETF, AMT-Free Long Municipal Index ETF, AMT-Free National Municipal Index ETF, AMT-Free Short Municipal Index ETF, California Long Municipal Index ETF, High-Yield Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF, Puerto Rico and U.S. Territories Municipal Index ETF and Short High-Yield Municipal Index ETF (the “Municipal Funds”) and (ii) the continuation of the investment management agreement between the Trust and the Adviser (the “CEF Investment Management Agreement,” and together with the Municipal Investment Management Agreements, the “Investment Management Agreements”) with respect to the VanEck Vectors CEF Municipal Income ETF (the “CEF Muni Fund” and together with the Municipal Funds, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses (for those Funds which had begun operations) of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 10, 2019 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, with respect to the CEF Muni Fund, the Adviser’s commitment to waive certain fees and/or pay expenses of the CEF Muni Fund to the extent necessary to prevent the operating expenses of the CEF Muni Fund from exceeding agreed upon limits for a period of time and, with respect to the Municipal Funds, the Adviser’s agreement to pay all of the direct expenses of the Municipal Funds (excluding the fee payment under the Municipal Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2019 (unaudited) (continued)
As noted above, the Trustees were also provided various data from Broadridge comparing the Operating Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Operating Fund had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, except for each of VanEck Vectors AMT-Free Intermediate Municipal Index ETF and AMT-Free Long Municipal Index ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average but equal to the median of its respective peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ management fees (after the effect of any applicable expense limitation) exceeded the average of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees also noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds. The Trustees noted that the CEF Muni Fund had unique investment characteristics as a “fund of closed-end funds,” which differentiated the Fund from those funds contained in its Broadridge peer group because a portion of the fees attributable to the CEF Muni Fund were fees incurred by the funds in which it invests. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Operating Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees also considered, with respect to the Municipal Funds, the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Municipal Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund is reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of VanEck Vectors AMT-Free 8-12 Year Municipal Index ETF, AMT-Free National Municipal Index ETF, California Long Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF and Puerto Rico and U.S. Territories Municipal Index ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting, as part of their consideration of the Investment Management Agreements.
Subsequent to the approval of the continuation of the CEF Investment Management Agreement at the Renewal Meeting, at a meeting held on September 13, 2019 (the “September Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated CEF Investment Management Agreement (the “Amended and Restated CEF Investment Management Agreement”) between the Trust and the Adviser to convert the CEF Muni Fund to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the CEF Muni Fund (excluding fees under the Amended and Restated CEF Investment Management Agreement, acquired fund
fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to 0.40%, reflecting the existing management fee rate and expense limitation in the CEF Investment Management Agreement. The Municipal Investment Management Agreements, the CEF Investment Management Agreement and the Amended and Restated CEF Investment Management Agreement are collectively referred to as the “Agreements.”
Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated CEF Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the CEF Muni Fund would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the CEF Muni Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the September Meeting as part of their consideration of the Amended and Restated CEF Investment Management Agreement.
In voting to approve the continuation of the Municipal Investment Management Agreements and the CEF Investment Management Agreement and the adoption of the Amended and Restated CEF Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Vectors Municipal Allocation ETF
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Municipal Allocation ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees discussed the information that the Adviser had provided to them. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser and its affiliates at the Renewal Meeting and the May 10, 2019 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and its affiliates, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed upon limit for a period of time. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
The Trustees did not consider the historical performance of the Fund due to the Fund’s limited operational history (the Fund commenced operations on May 15, 2019). The Trustees also did not consider the actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2019 (unaudited) (continued)
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees reviewed the Fund’s expense ratio and expense cap and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on the Fund since its inception. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Investment Management Agreement.
Subsequent to the approval of the continuation of the Investment Management Agreement at the Renewal Meeting, at a meeting held on September 13, 2019 (the “September Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated investment management agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Fund to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Fund (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to 0.08%, reflecting the existing management fee rate and expense limitation in the Investment Management Agreement. The Investment Management Agreement and the Amended and Restated Investment Management Agreement are collectively referred to as the “Agreements.”
Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Fund would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the September Meeting as part of their consideration of the Amended and Restated Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement and the adoption of the Amended and Restated Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of the Fund and the Fund’s shareholders.
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-PORT. The Trust’s Form N-PORT Filings 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 | | MUNISAR |
 | SEMI-ANNUAL REPORT
October 31, 2019 (unaudited) |
| 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® |
Certain information contained in this President’s letter 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. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2019.
VANECK VECTORS ETFs
PRESIDENT’S LETTER
October 31, 2019 (unaudited)
Dear Shareholders:
The story for 2019 is simple and familiar—slower economic growth has been combated by expansive monetary policy.
A comment on global growth: the two engines of the global economy, the U.S. and China, continue to move forward, albeit at a slower pace. The latest economic statistics from China are no cause for panic. China’s services sector is expanding robustly and manufacturing is struggling but not collapsing. My blog,China’s Economic Growth: Continuing Despite Headlines, shows this in two charts.
The biggest event in the markets this summer was the surge in bonds with negative interest rates in Europe. At the end of September, nearly $15 trillion worth of debt globally carried a negative yield.1Despite moves by the European Central Bank to stimulate, not only is the European economy slowing down, but there are also concerns about just how effective central bank actions are. Looking forward, therefore, I think investors should assess their hedge against central bank uncertainty by considering, for example, their gold allocations. While high interest rate environments tend to be tough for gold (it does not pay any yield), against negative interest rates, gold and other hedges against central bank impotence should be strongly considered.
We encourage you to stay in touch with us through the videos, email subscriptions and research blogs available on our website, www.vaneck.com. I have started my own email subscription where I share interesting research—you can sign up on 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 financial statements for each of the funds for the fiscal half-year ended October 31, 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
November 12, 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 contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
| 1 | Financial Times: September was the busiest month ever for corporate debt issuance, September 30, 2019, https://www.ft.com/content/eef8234c-e3c0-11e9-b112-9624ec9edc59 |
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, May 1, 2019 to October 31, 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
May 1, 2019 | | Ending
Account
Value
October 31, 2019 | | Annualized
Expense
Ratio
During Period | | Expenses Paid
During the Period*
May 1, 2019 —
October 31, 2019 |
| BDC Income ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,033.30 | | | 0.41% | | $2.10 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.08 | | | 0.41% | | $2.08 |
| ChinaAMC China Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 977.30 | | | 0.50% | | $2.49 |
| Hypothetical** | | $1,000.00 | | $ | 1,022.62 | | | 0.50% | | $2.54 |
| Emerging Markets Aggregate Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,063.20 | | | 0.35% | | $1.82 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.38 | | | 0.35% | | $1.78 |
| Emerging Markets High Yield Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,034.00 | | | 0.40% | | $2.05 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.13 | | | 0.40% | | $2.03 |
| Fallen Angel High Yield Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,037.40 | | | 0.35% | | $1.79 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.38 | | | 0.35% | | $1.78 |
| Green Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,038.60 | | | 0.27% | | $1.38 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.78 | | | 0.27% | | $1.37 |
| International High Yield Bond ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,033.60 | | | 0.40% | | $2.04 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.13 | | | 0.40% | | $2.03 |
| Investment Grade Floating Rate ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,018.10 | | | 0.14% | | $0.71 |
| Hypothetical** | | $1,000.00 | | $ | 1,024.43 | | | 0.14% | | $0.71 |
| J.P. Morgan EM Local Currency Bond ETF | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,050.30 | | | 0.30% | | $1.55 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.63 | | | 0.30% | | $1.53 |
| Mortgage REIT Income ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,028.70 | | | 0.42% | | $2.14 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.03 | | | 0.42% | | $2.14 |
| Preferred Securities ex Financials ETF | | | | | | | | | | |
| Actual | | $1,000.00 | | $ | 1,065.70 | | | 0.41% | | $2.13 |
| Hypothetical** | | $1,000.00 | | $ | 1,023.08 | | | 0.41% | | $2.08 |
| | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 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 |
See Notes to Financial Statements
VANECK VECTORS BDC INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
| Number | | | | | | |
| of Shares | | | | | Value | |
| COMMON STOCKS: 100.2% |
| Diversified Financials: 23.5% |
| | 389,301 | | | Bain Capital Specialty Finance, Inc. | | $ | 7,381,147 | |
| | 255,983 | | | Barings BDC, Inc. | | | 2,628,945 | |
| | 520,450 | | | BlackRock TCP Capital Corp. | | | 7,203,028 | |
| | 212,043 | | | Fidus Investment Corp. | | | 3,127,634 | |
| | 171,510 | | | Newtek Business Services Corp. | | | 3,778,365 | |
| | 956,215 | | | Oaktree Specialty Lending Corp. | | | 4,943,632 | |
| | 448,949 | | | Oxford Square Capital Corp. | | | 2,294,129 | |
| | 501,057 | | | TCG BDC, Inc. | | | 7,160,105 | |
| | 469,760 | | | TPG Specialty Lending, Inc. | | | 10,005,888 | |
| | 217,822 | | | TriplePoint Venture Growth BDC Corp. | | | 3,641,984 | |
| | | | | | | | 52,164,857 | |
| Investment Companies: 76.7% |
| | 562,062 | | | Apollo Investment Corp. | | | 8,908,683 | |
| | 2,275,340 | | | Ares Capital Corp. | | | 41,638,722 | |
| | 648,549 | | | BlackRock Kelso Capital Corp. | | | 3,002,782 | |
| | 3,593,484 | | | FS KKR Capital Corp. | | | 20,518,794 | |
| | 285,907 | | | Gladstone Capital Corp. | | | 2,821,902 | |
| | 309,241 | | | Gladstone Investment Corp. | | | 3,992,301 | |
| | 319,241 | | | Goldman Sachs BDC, Inc. | | | 6,649,790 | |
| | | | | | | | | |
| Number | | | | | | |
| of Shares | | | | | Value | |
| Investment Companies: (continued) |
| | 900,660 | | | Golub Capital BDC, Inc. | | $ | 16,040,755 | |
| | 811,712 | | | Hercules Technology Growth Capital, Inc. | | | 11,469,491 | |
| | 437,524 | | | Main Street Capital Corp. | | | 18,835,408 | |
| | 696,436 | | | New Mountain Finance Corp. | | | 9,457,601 | |
| | 365,294 | | | PennantPark Floating Rate Capital Ltd. | | | 4,193,575 | |
| | 568,505 | | | PennantPark Investment Corp. | | | 3,439,455 | |
| | 2,112,587 | | | Prospect Capital Corp. | | | 13,605,060 | |
| | 286,679 | | | Solar Capital Ltd. | | | 5,931,388 | |
| | | | | | | | 170,505,707 | |
Total Common Stocks
(Cost: $231,045,778) | | | 222,670,564 | |
| Liabilities in excess of other assets: (0.2)% | | (521,753 | ) |
| NET ASSETS: 100.0% | | $ | 222,148,811 | |
| Summary of Investments by Sector | | % of Investments | | Value | |
| Financial | | | 100.0 | % | | $ | 222,670,564 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | | | | Level 2 | | | Level 3 | | | | |
| | | Level 1 | | | Significant | | | Significant | | | | |
| | | Quoted | | | Observable | | | Unobservable | | | | |
| | | Prices | | | Inputs | | | Inputs | | | Value | |
| Common Stocks* | | $ | 222,670,564 | | | | $ | — | | | | | $ | — | | | | $ | 222,670,564 | |
| | |
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
| Principal | | | | | | |
| Amount | | | | | Value | |
| CORPORATE BONDS: 74.0% |
| Consumer, Cyclical: 6.1% |
| CNY | 1,400,000 | | | China South Industries Group Co. Ltd.
3.20%, 04/19/20 | | $ | 198,824 | |
| | 500,000 | | | Sinochem International Corp.
3.61%, 06/06/21 | | | 70,983 | |
| | | | | | | | 269,807 | |
| Consumer, Non-cyclical: 7.1% |
| | 1,135,000 | | | Jiangxi Ganyue Expressway Co. Ltd.
5.15%, 04/19/23 | | | 168,064 | |
| | 1,000,000 | | | Port of Dalian Corp.
3.94%, 11/26/20 | | | 142,383 | |
| | | | | | | | 310,447 | |
| Energy: 7.3% |
| | 1,200,000 | | | China Petroleum & Chemical Corp.
4.90%, 06/01/22 | | | 175,852 | |
| | 1,000,000 | | | Jizhong Energy Resources Co. Ltd.
5.40%, 03/23/21 | | | 145,345 | |
| | | | | | | | 321,197 | |
| Financial: 40.6% |
| | 1,000,000 | | | China Chengtong Holdings Group Ltd.
4.67%, 07/10/21 | | | 144,411 | |
| | 3,400,000 | | | China Development Bank Corp.
3.91%, 04/06/22 | | | 490,504 | |
| | | | | China Fortune Land Development Co. Ltd. | | | | |
| | 1,000,000 | | | 5.10%, 10/20/22 | | | 141,791 | |
| | 1,000,000 | | | 7.00%, 03/03/21 | | | 144,814 | |
| | 1,000,000 | | | China Merchants Securities Co. Ltd.
5.08%, 05/26/25 | | | 149,133 | |
| | 1,000,000 | | | China Overseas Property Group Co. Ltd.
3.85%, 11/19/22 | | | 142,661 | |
| | 700,000 | | | Financial Street Holdings Co. Ltd.
4.24%, 08/31/22 | | | 100,077 | |
| | 900,000 | | | Guangzhou R&F Properties Co. Ltd.
7.00%, 01/22/21 | | | 128,458 | |
| | 1,000,000 | | | Guangzhou Yue Xiu Holdings Ltd.
5.20%, 02/28/20 | | | 142,828 | |
| | 600,000 | | | Poly Real Estate Group Co. Ltd.
4.00%, 01/15/21 | | | 85,773 | |
| | 800,000 | | | Wuxi Guolian Development Group Co. Ltd.
4.88%, 05/09/23 | | | 115,981 | |
| | | | | | | | 1,786,431 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Industrial: 12.9% |
| CNY | 1,248,200 | | | China Railway Corp.
4.63%, 08/25/21 | | $ | 180,745 | |
| | 500,000 | | | Hubei Provincial Communications Investment Co. Ltd.
6.68%, 03/27/24 | | | 78,102 | |
| | 1,000,000 | | | Power Construction Corp. of China Ltd.
5.20%, 10/29/22 | | | 147,670 | |
| | 1,080,000 | | | Tianjin Infrastructure Construction & Investment Group Co. Ltd.
5.70%, 02/26/23 | | | 157,973 | |
| | | | | | | | 564,490 | |
Total Corporate Bonds
(Cost: $3,465,567) | | | 3,252,372 | |
| GOVERNMENT OBLIGATIONS: 24.0% |
| | | | | China Government Bonds | | | | |
| | 500,000 | | | 3.27%, 08/22/46 | | | 64,786 | |
| | 5,347,000 | | | 3.40%, 04/17/23 | | | 766,226 | |
| | 1,541,000 | | | 4.26%, 07/31/21 | | | 224,097 | |
Total Government Obligations
(Cost: $1,173,138) | | | 1,055,109 | |
Total Investments: 98.0%
(Cost: $4,638,705) | | | 4,307,481 | |
| Other assets less liabilities: 2.0% | | | 90,090 | |
| NET ASSETS: 100.0% | | $ | 4,397,571 | |
| | | | | |
| Summary of Investments by Sector | | % of Investments | | Value | |
| Consumer, Cyclical | | | 6.3 | % | | $ | 269,807 | |
| Consumer, Non-cyclical | | | 7.2 | | | | 310,447 | |
| Energy | | | 7.4 | | | | 321,197 | |
| Financial | | | 41.5 | | | | 1,786,431 | |
| Government | | | 24.5 | | | | 1,055,109 | |
| Industrial | | | 13.1 | | | | 564,490 | |
| | | | 100.0 | % | | $ | 4,307,481 | |
See Notes to Financial Statements
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | Level 1 | | Level 2
Significant | | | Level 3
Significant | | | |
| | Quoted | | Observable | | | Unobservable | | | |
| | Prices | | Inputs | | | Inputs | | Value | |
| Corporate Bonds* | | $ | — | | | $ | 3,252,372 | | | | $ | — | | | $ | 3,252,372 | |
| Government Obligations* | | | — | | | | 1,055,109 | | | | | — | | | | 1,055,109 | |
| Total | | $ | — | | | $ | 4,307,481 | | | | $ | — | | | $ | 4,307,481 | |
| | |
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
| Principal | | | | | | |
| Amount | | | | | Value | |
| CORPORATE BONDS: 33.1% | | | |
| Argentina: 0.1% | | | |
| USD | 25,000 | | | YPF SA Reg S
8.50%, 07/28/25 | | $ | 19,925 | |
| Austria: 0.4% | | | | |
| | 64,000 | | | JBS Investments GmbH Reg S
6.25%, 02/05/23 | | | 65,402 | |
| Bermuda: 0.8% |
| | 101,431 | | | Digicel Group Two Ltd. 144A
9.13% 04/01/24 | | | 18,765 | |
| | 100,000 | | | Ooredoo International Finance Ltd. Reg S
3.25%, 02/21/23 | | | 101,887 | |
| | | | | | | | 120,652 | |
| Brazil: 1.0% |
| | | | | Banco do Brasil SA Reg S | | | | |
| | 50,000 | | | 5.88%, 01/26/22 | | | 52,475 | |
| | 50,000 | | | 8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (o) | | | 52,655 | |
| | 50,000 | | | Itau Unibanco Holding SA of Cayman Island Reg S
5.13%, 05/13/23 | | | 53,150 | |
| | | | | | | | 158,280 | |
| British Virgin Islands: 2.9% |
| | 100,000 | | | China Cinda Finance I Ltd. Reg S
4.25%, 04/23/25 | | | 106,060 | |
| | 57,000 | | | CNOOC Finance Ltd. Reg S
3.88%, 05/02/22 | | | 58,920 | |
| | 50,000 | | | Gerdau Trade, Inc. Reg S
5.75%, 01/30/21 | | | 52,188 | |
| | 200,000 | | | Huarong Finance II Co. Ltd. Reg S
5.50%, 01/16/25 | | | 219,866 | |
| | | | | | | | 437,034 | |
| Canada: 0.4% |
| | 50,000 | | | First Quantum Minerals Ltd. 144A
7.50%, 04/01/25 | | | 50,313 | |
| | 12,000 | | | First Quantum Minerals Ltd. Reg S
7.00%, 02/15/21 | | | 12,083 | |
| | | | | | | | 62,396 | |
| Cayman Islands: 5.2% |
| | 100,000 | | | Alibaba Group Holding Ltd. 144A
3.60%, 11/28/24 | | | 105,119 | |
| | 75,000 | | | CK Hutchison International 17 Ltd. Reg S
2.88%, 04/05/22 | | | 75,861 | |
| | 50,000 | | | Comunicaciones Celulares SA Reg S
6.88%, 02/06/24 | | | 51,625 | |
| | 75,000 | | | Hutchison Whampoa International 11 Ltd. Reg S
4.63%, 01/13/22 | | | 78,445 | |
| | 100,000 | | | Saudi Electricity Global Sukuk Co. 2 144A
3.47%, 04/08/23 | | | 103,048 | |
| Principal | | | | | | |
| Amount | | | | | Value | |
| Cayman Islands: (continued) |
| USD | 200,000 | | | Swire Pacific MTN Financing Ltd. Reg S
4.50%, 10/09/23 | | $ | 214,589 | |
| | | | | Vale Overseas Ltd. | | | | |
| | 60,000 | | | 4.38%, 01/11/22 | | | 62,760 | |
| | 75,000 | | | 6.88%, 11/21/36 | | | 95,430 | |
| | | | | | | | 786,877 | |
| China / Hong Kong: 0.7% |
| | 100,000 | | | Bank of China Ltd. Reg S
5.00%, 11/13/24 | | | 109,143 | |
| Colombia: 1.0% |
| | 100,000 | | | Bancolombia SA
4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 | | | 103,126 | |
| | 40,000 | | | Ecopetrol SA
5.38%, 06/26/26 | | | 44,900 | |
| COP | 24,857,000 | | | Empresas Públicas de Medellín ESP Reg S
8.38%, 02/01/21 | | | 7,589 | |
| | | | | | | | 155,615 | |
| Curacao: 0.1% |
| USD | 10,000 | | | Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22 | | | 9,138 | |
| Czech Republic: 0.5% |
| EUR | 50,000 | | | CEZ AS Reg S
4.88%, 04/16/25 | | | 69,082 | |
| France: 0.4% |
| | 50,000 | | | mFinance France SA Reg S
2.00%, 11/26/21 | | | 57,866 | |
| India: 1.1% |
| USD | 50,000 | | | ICICI Bank Ltd. Reg S
4.00%, 03/18/26 | | | 52,180 | |
| | 100,000 | | | State Bank of India/London 144A
4.88%, 04/17/24 | | | 108,575 | |
| | | | | | | | 160,755 | |
| Indonesia: 1.2% |
| | 70,000 | | | Pertamina Persero PT 144A
4.30%, 05/20/23 | | | 73,916 | |
| | 100,000 | | | Perusahaan Listrik Negara PT Reg S
4.13%, 05/15/27 | | | 104,791 | |
| | | | | | | | 178,707 | |
| Ireland: 0.8% |
| EUR | 100,000 | | | Vnesheconombank Via VEB Finance Plc Reg S
4.03%, 02/21/23 | | | 124,397 | |
| Luxembourg: 2.2% |
| | | | | Gaz Capital SA Reg S | | | | |
| USD | 100,000 | | | 6.51%, 03/07/22 | | | 108,808 | |
| | 60,000 | | | 8.63%, 04/28/34 | | | 86,131 | |
| | 100,000 | | | Gazprom OAO Via Gaz Capital SA Reg S
7.29%, 08/16/37 | | | 135,286 | |
| | | | | | | | 330,225 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Malaysia: 0.7% | | | | |
| USD | 100,000 | | | Petronas Capital Ltd. Reg S
7.88%, 05/22/22 | | $ | 113,528 | |
| Mexico: 4.0% | | | | |
| | 125,000 | | | America Movil SAB de CV
6.13%, 03/30/40 | | | 169,727 | |
| | 50,000 | | | Comision Federal de Electricidad Reg S
4.88%, 01/15/24 | | | 53,438 | |
| | | | | Petróleos Mexicanos | | | | |
| | 75,000 | | | 6.50%, 03/13/27 | | | 79,687 | |
| | 50,000 | | | 6.50%, 06/02/41 | | | 49,863 | |
| | 64,000 | | | 6.63%, 06/15/38 | | | 63,457 | |
| | 50,000 | | | 6.75%, 09/21/47 | | | 49,995 | |
| EUR | 110,000 | | | Petróleos Mexicanos Reg S
5.50%, 02/24/25 | | | 138,754 | |
| | | | | | | | 604,921 | |
| Netherlands: 3.4% | | | | |
| USD | 100,000 | | | Lukoil International Finance BV Reg S
6.66%, 06/07/22 | | | 110,319 | |
| | 75,000 | | | MDGH-GMTN BV Reg S
5.50%, 03/01/22 | | | 80,445 | |
| | 50,000 | | | Metinvest BV 144A
7.75%, 04/23/23 | | | 52,403 | |
| | | | | Petrobras Global Finance BV | | | | |
| | 12,000 | | | 4.38%, 05/20/23 | | | 12,534 | |
| | 50,000 | | | 6.00%, 01/27/28 | | | 56,478 | |
| | 60,000 | | | 6.75%, 01/27/41 | | | 69,637 | |
| EUR | 100,000 | | | Teva Pharmaceutical Finance Netherlands II BV Reg S
1.13%, 10/15/24 | | | 89,811 | |
| | | | | Teva Pharmaceutical Finance Netherlands III BV | | | | |
| USD | 20,000 | | | 2.20%, 07/21/21 | | | 19,035 | |
| | 20,000 | | | 2.80%, 07/21/23 | | | 17,350 | |
| | 20,000 | | | 3.15%, 10/01/26 | | | 15,100 | |
| | | | | | | | 523,112 | |
| Peru: 0.9% | | | | |
| | 125,000 | | | Banco de Credito del Peru Reg S
4.25%, 04/01/23 | | | 132,212 | |
| Turkey: 1.0% | | | | |
| | 50,000 | | | Turkiye Garanti Bankasi AS Reg S
5.25%, 09/13/22 | | | 50,285 | |
| | 100,000 | | | Yapi ve Kredi Bankasi AS 144A
6.10%, 03/16/23 | | | 99,615 | |
| | | | | | | | 149,900 | |
| United Arab Emirates: 1.7% | | | | |
| | 100,000 | | | DP World Ltd. Reg S
6.85%, 07/02/37 | | | 131,738 | |
| EUR | 100,000 | | | Emirates Telecommunications Group Co. PJSC Reg S
2.75%, 06/18/26 | | | 128,979 | |
| | | | | | | | 260,717 | |
| | | | | | | | | |
| Principal Amount | | | | | Value | |
| United Kingdom: 1.9% | | | | |
| | | | | Anglo American Capital Plc Reg S | | | | |
| USD | 50,000 | | | 3.63%, 09/11/24 | | $ | 51,917 | |
| | 50,000 | | | 4.75%, 04/10/27 | | | 54,243 | |
| | 50,000 | | | AngloGold Ashanti Holdings Plc
5.13%, 08/01/22 | | | 52,742 | |
| | 25,000 | | | DTEK Finance Plc
10.75%, 12/31/24 | | | 25,538 | |
| | 100,000 | | | Vedanta Resources Plc Reg S
6.38%, 07/30/22 | | | 99,250 | |
| | | | | | | | 283,690 | |
| United States: 0.7% | | | | |
| | 100,000 | | | DAE Funding LLC Reg S
5.00%, 08/01/24 | | | 104,630 | |
Total Corporate Bonds
(Cost: $4,791,279) | | | 5,018,204 | |
| GOVERNMENT OBLIGATIONS: 65.2% | | | | |
| Angola: 0.3% | | | | |
| | 50,000 | | | Angolan Government International Bond 144A
8.25%, 05/09/28 | | | 52,352 | |
| Argentina: 0.3% | | | | |
| EUR | 120,000 | | | Provincia de Buenos Aires Reg S
4.00%, 05/15/35 (s) | | | 48,565 | |
| Bahrain: 0.8% | | | | |
| | | | | Bahrain Government International Bonds 144A | | | | |
| USD | 64,000 | | | 6.13%, 08/01/23 | | | 69,905 | |
| | 50,000 | | | 6.75%, 09/20/29 | | | 57,124 | |
| | | | | | | | 127,029 | |
| Brazil: 4.8% | | | | |
| | | | | Brazil Government International Bonds | | | | |
| | 25,000 | | | 4.25%, 01/07/25 | | | 26,531 | |
| | 20,000 | | | 4.88%, 01/22/21 | | | 20,695 | |
| | 50,000 | | | 7.13%, 01/20/37 | | | 64,376 | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| BRL | 240,000 | | | 0.00%04/01/21 ^ | | | 56,161 | |
| | 220,000 | | | 0.00%07/01/21 ^ | | | 50,826 | |
| | 200,000 | | | 0.00%01/01/22 ^ | | | 44,927 | |
| | 180,000 | | | 0.00%07/01/22 ^ | | | 39,253 | |
| | 190,000 | | | 0.00%07/01/23 ^ | | | 38,795 | |
| | | | | Brazil Notas do Tesouro Nacional, Series F | | | | |
| | 305,000 | | | 10.00%, 01/01/21 | | | 80,429 | |
| | 395,000 | | | 10.00%, 01/01/23 | | | 111,032 | |
| | 300,000 | | | 10.00%, 01/01/25 | | | 87,661 | |
| | 230,000 | | | 10.00%, 01/01/27 | | | 69,321 | |
| | 105,000 | | | 10.00%, 01/01/29 | | | 32,355 | |
| | | | | | | | 722,362 | |
| Cayman Islands: 0.7% | | | | |
| | | | | KSA Sukuk Ltd. 144A | | | | |
| USD | 50,000 | | | 2.89%, 04/20/22 | | | 50,837 | |
| | 50,000 | | | 3.63%, 04/20/27 | | | 52,557 | |
| | | | | | | | 103,394 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Chile: 3.0% | | | | |
| | | | | Bonos de la Tesoreria de la Republica de Chile | | | | |
| CLP | 5,000,000 | | | 4.50%, 03/01/21 | | $ | 6,998 | |
| | 30,000,000 | | | 4.50%, 03/01/26 | | | 44,081 | |
| | 25,000,000 | | | 5.00%, 03/01/35 | | | 39,922 | |
| | 20,000,000 | | | 6.00%, 01/01/43 | | | 37,013 | |
| USD | 100,000 | | | Chile Government International Bond
3.13%, 03/27/25 | | | 105,000 | |
| EUR | 100,000 | | | Corp. Nacional del Cobre de Chile Reg S
2.25%, 07/09/24 | | | 122,035 | |
| USD | 100,000 | | | Empresa Nacional del Petroleo Reg S
4.75%, 12/06/21 | | | 103,983 | |
| | | | | | | | 459,032 | |
| China / Hong Kong: 0.7% | | | | |
| | 100,000 | | | Export-Import Bank of China Reg S
3.63%, 07/31/24 | | | 105,942 | |
| Colombia: 2.5% | | | | |
| | | | | Colombia Government International Bonds | | | | |
| | 25,000 | | | 4.00%, 02/26/24 | | | 26,458 | |
| | 50,000 | | | 5.00%, 06/15/45 | | | 58,363 | |
| | 25,000 | | | 6.13%, 01/18/41 | | | 32,469 | |
| | | | | Colombian TES | | | | |
| COP | 132,200,000 | | | 6.00%, 04/28/28 | | | 39,669 | |
| | 69,000,000 | | | 6.25%, 11/26/25 | | | 21,247 | |
| | 137,500,000 | | | 7.00%, 05/04/22 | | | 42,771 | |
| | 68,000,000 | | | 7.00%, 06/30/32 | | | 21,635 | |
| | 158,100,000 | | | 7.50%, 08/26/26 | | | 51,869 | |
| | 100,500,000 | | | 7.75%, 09/18/30 | | | 33,817 | |
| | 139,400,000 | | | 10.00%, 07/24/24 | | | 49,585 | |
| | | | | | | | 377,883 | |
| Croatia: 0.6% | | | | |
| USD | 75,000 | | | Croatia Government International Bond 144A
6.00%, 01/26/24 | | | 86,357 | |
| Czech Republic: 1.3% | | | | |
| | | | | Czech Republic Government Bonds | | | | |
| CZK | 250,000 | | | 0.25%, 02/10/27 | | | 10,107 | |
| | 110,000 | | | 0.75%, 02/23/21 | | | 4,781 | |
| | 230,000 | | | 2.00%, 10/13/33 | | | 10,871 | |
| | 430,000 | | | 2.75%, 07/23/29 | | | 21,213 | |
| | | | | Czech Republic Government Bonds Reg S | | | | |
| | 250,000 | | | 0.45%, 10/25/23 | | | 10,624 | |
| | 420,000 | | | 0.95%, 05/15/30 | | | 17,595 | |
| | 380,000 | | | 1.00%, 06/26/26 | | | 16,291 | |
| | 440,000 | | | 2.40%, 09/17/25 | | | 20,512 | |
| | 440,000 | | | 2.50%, 08/25/28 | | | 21,025 | |
| | 50,000 | | | Czech Republic International Bonds Reg S
3.88%, 05/24/22 | | | 61,913 | |
| | | | | | | | 194,932 | |
Principal
Amount | | | | | Value | |
| Dominican Republic: 0.5% | | | | |
| | | | | Dominican Republic International Bonds Reg S | | | | |
| USD | 25,000 | | | 5.95%, 01/25/27 | | $ | 27,532 | |
| | 25,000 | | | 6.85%, 01/27/45 | | | 28,282 | |
| | 14,133 | | | 7.50%, 05/06/21 | | | 14,752 | |
| | | | | | | | 70,566 | |
| Ecuador: 0.6% | | | | |
| | 50,000 | | | Ecuador Government International Bonds 144A
7.95%, 06/20/24 | | | 48,313 | |
| | 50,000 | | | Ecuador Government International Bonds Reg S
7.88%, 01/23/28 | | | 44,925 | |
| | | | | | | | 93,238 | |
| Egypt: 0.4% | | | | |
| | 50,000 | | | Egypt Government International Bond 144A
7.50%, 01/31/27 | | | 54,376 | |
| El Salvador: 0.2% | | | | |
| | 30,000 | | | El Salvador Government International Bonds Reg S
7.65%, 06/15/35 | | | 32,775 | |
| Hungary: 1.9% | | | | |
| | | | | Hungary Government Bonds | | | | |
| HUF | 7,400,000 | | | 1.75%, 10/26/22 | | | 26,115 | |
| | 2,600,000 | | | 2.50%, 10/27/21 | | | 9,279 | |
| | 5,500,000 | | | 3.00%, 06/26/24 | | | 20,586 | |
| | 7,450,000 | | | 3.00%, 10/27/27 | | | 28,137 | |
| | 6,520,000 | | | 5.50%, 06/24/25 | | | 27,553 | |
| | 6,600,000 | | | 6.00%, 11/24/23 | | | 27,243 | |
| | 6,100,000 | | | 7.00%, 06/24/22 | | | 24,451 | |
| | 4,830,000 | | | 7.50%, 11/12/20 | | | 17,672 | |
| USD | 100,000 | | | Hungary Government International Bonds
6.38%, 03/29/21 | | | 106,012 | |
| | | | | | | | 287,048 | |
| Indonesia: 5.6% | | | | |
| | | | | Indonesia Government International Bonds Reg S | | | | |
| | 75,000 | | | 7.75%, 01/17/38 | | | 111,944 | |
| | 100,000 | | | 8.50%, 10/12/35 | | | 156,508 | |
| | | | | Indonesia Treasury Bonds | | | | |
| IDR | 579,000,000 | | | 5.63%, 05/15/23 | | | 40,470 | |
| | 712,000,000 | | | 6.13%, 05/15/28 | | | 48,524 | |
| | 598,000,000 | | | 6.63%, 05/15/33 | | | 40,210 | |
| | 635,000,000 | | | 7.00%, 05/15/22 | | | 46,131 | |
| | 696,000,000 | | | 7.00%, 05/15/27 | | | 50,377 | |
| | 140,000,000 | | | 8.13%, 05/15/24 | | | 10,659 | |
| | 595,000,000 | | | 8.25%, 07/15/21 | | | 44,034 | |
| | 230,000,000 | | | 8.25%, 05/15/29 | | | 17,856 | |
| | 425,000,000 | | | 8.25%, 05/15/36 | | | 32,194 | |
| | 610,000,000 | | | 8.38%, 03/15/24 | | | 46,711 | |
| | 709,000,000 | | | 8.38%, 09/15/26 | | | 55,309 | |
| | 628,000,000 | | | 8.38%, 03/15/34 | | | 48,477 | |
| | 268,000,000 | | | 8.75%, 05/15/31 | | | 21,348 | |
| | 630,000,000 | | | 9.00%, 03/15/29 | | | 50,866 | |
| | 214,000,000 | | | 10.50%, 08/15/30 | | | 18,945 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Indonesia: (continued) | | | | |
| IDR | 66,000,000 | | | 11.00%, 11/15/20 | | $ | 4,962 | |
| | | | | | | | 845,525 | |
| Israel: 2.5% | | | | |
| | | | | Israel Government Bonds | | | | |
| ILS | 120,000 | | | 1.75%, 08/31/25 | | | 36,375 | |
| | 110,000 | | | 2.00%, 03/31/27 | | | 34,093 | |
| | 50,000 | | | 3.75%, 03/31/24 | | | 16,267 | |
| | 155,000 | | | 4.25%, 03/31/23 | | | 49,865 | |
| | 130,000 | | | 5.50%, 01/31/22 | | | 41,298 | |
| | 120,000 | | | 5.50%, 01/31/42 | | | 57,510 | |
| | 100,000 | | | 6.25%, 10/30/26 | | | 39,208 | |
| | | | | Israel Government International Bonds | | | | |
| USD | 50,000 | | | 4.00%, 06/30/22 | | | 52,774 | |
| | 50,000 | | | 4.50%, 01/30/43 | | | 60,488 | |
| | | | | | | | 387,878 | |
| Jamaica: 0.4% | | | | |
| | 50,000 | | | Jamaica Government International Bonds
6.75%, 04/28/28 | | | 59,213 | |
| Kazakhstan: 0.4% | | | | |
| | 50,000 | | | Kazakhstan Government International Bonds Reg S
5.13%, 07/21/25 | | | 56,787 | |
| Kuwait: 0.3% | | | | |
| | 40,000 | | | Kuwait International Government Bonds 144A
3.50%, 03/20/27 | | | 43,135 | |
| Lebanon: 0.6% | | | | |
| | 140,000 | | | Lebanon Government International Bonds Reg S
8.25%, 04/12/21 | | | 97,831 | |
| Malaysia: 3.9% | | | | |
| | | | | Malaysia Government Bonds | | | | |
| MYR | 130,000 | | | 3.42%, 08/15/22 | | | 31,314 | |
| | 225,000 | | | 3.48%, 03/15/23 | | | 54,237 | |
| | 47,000 | | | 3.66%, 10/15/20 | | | 11,307 | |
| | 130,000 | | | 3.73%, 06/15/28 | | | 31,646 | |
| | 130,000 | | | 3.80%, 09/30/22 | | | 31,629 | |
| | 180,000 | | | 3.84%, 04/15/33 | | | 43,616 | |
| | 32,000 | | | 3.88%, 03/10/22 | | | 7,786 | |
| | 175,000 | | | 3.89%, 03/15/27 | | | 43,141 | |
| | 92,000 | | | 3.90%, 11/16/27 | | | 22,674 | |
| | 147,000 | | | 3.96%, 09/15/25 | | | 36,228 | |
| | 25,000 | | | 4.05%, 09/30/21 | | | 6,087 | |
| | 125,000 | | | 4.06%, 09/30/24 | | | 30,892 | |
| | 150,000 | | | 4.16%, 07/15/21 | | | 36,527 | |
| | 123,000 | | | 4.18%, 07/15/24 | | | 30,503 | |
| | 130,000 | | | 4.23%, 06/30/31 | | | 32,847 | |
| | 125,000 | | | 4.39%, 04/15/26 | | | 31,683 | |
| | 125,000 | | | 4.50%, 04/15/30 | | | 32,250 | |
| | 133,000 | | | 4.74%, 03/15/46 | | | 35,645 | |
| | 130,000 | | | 4.76%, 04/07/37 | | | 35,067 | |
| | 35,000 | | | 4.89%, 06/08/38 | | | 9,559 | |
| | | | | | | | 594,638 | |
Principal
Amount | | | | | Value | |
| Mexico: 5.6% | | | | |
| | | | | Mexican Bonos | | | | |
| MXN | 664,000 | | | 5.75%, 03/05/26 | | $ | 32,996 | |
| | 1,128,000 | | | 6.50%, 06/10/21 | | | 58,763 | |
| | 1,150,000 | | | 6.50%, 06/09/22 | | | 59,973 | |
| | 1,110,000 | | | 7.25%, 12/09/21 | | | 58,739 | |
| | 1,190,100 | | | 7.50%, 06/03/27 | | | 64,927 | |
| | 546,000 | | | 7.75%, 05/29/31 | | | 30,485 | |
| | 477,000 | | | 7.75%, 11/23/34 | | | 26,715 | |
| | 762,000 | | | 7.75%, 11/13/42 | | | 42,495 | |
| | 906,000 | | | 8.00%, 12/07/23 | | | 49,721 | |
| | 394,000 | | | 8.00%, 11/07/47 | | | 22,643 | |
| | 520,000 | | | 8.50%, 05/31/29 | | | 30,415 | |
| | 620,000 | | | 8.50%, 11/18/38 | | | 37,116 | |
| | 1,095,000 | | | 10.00%, 12/05/24 | | | 65,476 | |
| | 430,000 | | | 10.00%, 11/20/36 | | | 29,058 | |
| | | | | Mexico Government International Bonds | | | | |
| USD | 77,000 | | | 4.00%, 10/02/23 | | | 81,840 | |
| | 75,000 | | | 4.75%, 03/08/44 | | | 82,051 | |
| | 60,000 | | | 6.05%, 01/11/40 | | | 76,726 | |
| | | | | | | | 850,139 | |
| Nigeria: 1.0% | | | | |
| NGN | 18,470,000 | | | Nigeria Government Bonds
16.39%, 01/27/22 | | | 53,914 | |
| USD | 100,000 | | | Nigeria Government International Bonds 144A
6.50%, 11/28/27 | | | 100,534 | |
| | | | | | | | 154,448 | |
| Oman: 0.8% | | | | |
| | | | | Oman Government International Bonds 144A | | | | |
| | 75,000 | | | 5.63%, 01/17/28 | | | 74,398 | |
| | 50,000 | | | 6.75%, 01/17/48 | | | 47,058 | |
| | | | | | | | 121,456 | |
| Panama: 0.3% | | | | |
| | | | | Panama Government International Bonds | | | | |
| | 20,000 | | | 3.88%, 03/17/28 | | | 21,788 | |
| | 19,400 | | | 7.13%, 01/29/26 | | | 24,420 | |
| | | | | | | | 46,208 | |
| Peru: 2.1% | | | | |
| | | | | Peru Government Bonds | | | | |
| PEN | 45,000 | | | 5.70%, 08/12/24 | | | 14,992 | |
| | 90,000 | | | 6.35%, 08/12/28 | | | 31,379 | |
| | 60,000 | | | 6.85%, 02/12/42 | | | 22,293 | |
| | 60,000 | | | 6.90%, 08/12/37 | | | 22,196 | |
| | 65,000 | | | 6.95%, 08/12/31 | | | 23,794 | |
| | 55,000 | | | 8.20%, 08/12/26 | | | 20,842 | |
| | | | | Peru Government Bonds Reg S 144A | | | | |
| | 44,000 | | | 5.40%, 08/12/34 | | | 14,146 | |
| | 74,000 | | | 5.94%, 02/12/29 | | | 25,097 | |
| | 70,000 | | | 6.15%, 08/12/32 | | | 24,064 | |
| | | | | Peru Government International Bonds | | | | |
| USD | 62,000 | | | 7.35%, 07/21/25 | | | 78,864 | |
| | 25,000 | | | 8.75%, 11/21/33 | | | 41,313 | |
| | | | | | | | 318,980 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Philippines: 1.1% | | | | |
| | | | | Philippine Government International Bonds | | | | |
| USD | 50,000 | | | 5.00%, 01/13/37 | | $ | 63,902 | |
| | 25,000 | | | 6.38%, 10/23/34 | | | 35,368 | |
| | 25,000 | | | 9.50%, 02/02/30 | | | 40,338 | |
| | 25,000 | | | 10.63%, 03/16/25 | | | 35,695 | |
| | | | | | | | 175,303 | |
| Poland: 3.0% | | | | |
| | | | | Republic of Poland Government Bonds | | | | |
| PLN | 180,000 | | | 1.75%, 07/25/21 | | | 47,472 | |
| | 160,000 | | | 2.25%, 04/25/22 | | | 42,693 | |
| | 154,000 | | | 2.50%, 01/25/23 | | | 41,488 | |
| | 175,000 | | | 2.50%, 07/25/26 | | | 47,681 | |
| | 175,000 | | | 2.50%, 07/25/27 | | | 47,808 | |
| | 130,000 | | | 2.75%, 04/25/28 | | | 36,187 | |
| | 14,000 | | | 2.75%, 10/25/29 | | | 3,930 | |
| | 130,000 | | | 3.25%, 07/25/25 | | | 36,734 | |
| | 135,000 | | | 4.00%, 10/25/23 | | | 38,564 | |
| | 110,000 | | | 5.25%, 10/25/20 | | | 30,007 | |
| | 100,000 | | | 5.75%, 10/25/21 | | | 28,406 | |
| | 120,000 | | | 5.75%, 09/23/22 | | | 35,165 | |
| | 50,000 | | | 5.75%, 04/25/29 | | | 17,630 | |
| | | | | | | | 453,765 | |
| Qatar: 1.0% | | | | |
| USD | 100,000 | | | Qatar Government International Bonds Reg S
6.40%, 01/20/40 | | | 146,337 | |
| Romania: 1.6% | | | | |
| | | | | Romania Government Bonds | | | | |
| RON | 80,000 | | | 3.25%, 03/22/21 | | | 18,750 | |
| | 60,000 | | | 3.25%, 04/29/24 | | | 13,775 | |
| | 80,000 | | | 3.40%, 03/08/22 | | | 18,732 | |
| | 80,000 | | | 4.75%, 02/24/25 | | | 19,539 | |
| | 60,000 | | | 5.80%, 07/26/27 | | | 15,663 | |
| | 70,000 | | | 5.85%, 04/26/23 | | | 17,592 | |
| | 70,000 | | | 5.95%, 06/11/21 | | | 17,074 | |
| | | | | Romanian Government International Bonds Reg S | | | | |
| EUR | 25,000 | | | 2.75%, 10/29/25 | | | 31,665 | |
| | 45,000 | | | 3.88%, 10/29/35 | | | 59,951 | |
| USD | 25,000 | | | 4.88%, 01/22/24 | | | 27,516 | |
| | | | | | | | 240,257 | |
| Russia: 3.6% | | | | |
| | | | | Russian Federal Bonds | | | | |
| RUB | 700,000 | | | 6.50%, 02/28/24 | | | 11,104 | |
| | 1,690,000 | | | 6.90%, 05/23/29 | | | 27,369 | |
| | 2,000,000 | | | 7.00%, 12/15/21 | | | 31,887 | |
| | 1,200,000 | | | 7.00%, 08/16/23 | | | 19,337 | |
| | 2,000,000 | | | 7.05%, 01/19/28 | | | 32,698 | |
| | 2,300,000 | | | 7.10%, 10/16/24 | | | 37,398 | |
| | 800,000 | | | 7.25%, 05/10/34 | | | 13,260 | |
| | 2,400,000 | | | 7.40%, 12/07/22 | | | 39,075 | |
| | 510,000 | | | 7.40%, 07/17/24 | | | 8,383 | |
| | 1,930,000 | | | 7.50%, 08/18/21 | | | 30,941 | |
| | 800,000 | | | 7.60%, 07/20/22 | | | 12,999 | |
| | 2,600,000 | | | 7.70%, 03/23/33 | | | 44,698 | |
Principal
Amount | | | | | Value | |
| Russia: (continued) | | | | |
| RUB | 2,100,000 | | | 7.75%, 09/16/26 | | $ | 35,611 | |
| | 800,000 | | | 7.95%, 10/07/26 | | | 13,716 | |
| | 2,080,000 | | | 8.15%, 02/03/27 | | | 35,933 | |
| | 1,700,000 | | | 8.50%, 09/17/31 | | | 30,915 | |
| | | | | Russian Foreign Bonds Reg S | | | | |
| USD | 33,500 | | | 7.50%, 03/31/30 (s) | | | 38,341 | |
| | 45,000 | | | 12.75%, 06/24/28 | | | 76,751 | |
| | | | | | | | 540,416 | |
| Saudi Arabia: 0.4% | | | | |
| | 50,000 | | | Saudi Government International Bonds 144A
4.50%, 10/26/46 | | | 55,124 | |
| South Africa: 3.8% | | | | |
| | | | | Republic of South Africa Government Bonds | | | | |
| ZAR | 193,000 | | | 6.25%, 03/31/36 | | | 9,168 | |
| | 700,000 | | | 7.00%, 02/28/31 | | | 38,784 | |
| | 550,000 | | | 7.75%, 02/28/23 | | | 36,751 | |
| | 760,000 | | | 8.00%, 01/31/30 | | | 46,440 | |
| | 600,000 | | | 8.25%, 03/31/32 | | | 36,114 | |
| | 700,000 | | | 8.50%, 01/31/37 | | | 40,998 | |
| | 720,000 | | | 8.75%, 01/31/44 | | | 41,970 | |
| | 1,175,000 | | | 8.75%, 02/28/48 | | | 67,956 | |
| | 550,000 | | | 8.88%, 02/28/35 | | | 33,926 | |
| | 320,000 | | | 9.00%, 01/31/40 | | | 19,368 | |
| | 1,050,000 | | | 10.50%, 12/21/26 | | | 76,536 | |
| | | | | Republic of South Africa Government International Bonds | | | | |
| USD | 50,000 | | | 4.30%, 10/12/28 | | | 48,313 | |
| | 75,000 | | | 5.88%, 09/16/25 | | | 81,922 | |
| | | | | | | | 578,246 | |
| Sri Lanka: 0.6% | | | | |
| | | | | Sri Lanka Government International Bonds 144A | | | | |
| | 50,000 | | | 5.75%, 04/18/23 | | | 50,173 | |
| | 40,000 | | | 6.85%, 11/03/25 | | | 40,637 | |
| | | | | | | | 90,810 | |
| Thailand: 3.7% | | | | |
| | | | | Thailand Government Bonds | | | | |
| THB | 1,300,000 | | | 1.88%, 06/17/22 | | | 43,588 | |
| | 1,300,000 | | | 2.00%, 12/17/22 | | | 43,833 | |
| | 1,400,000 | | | 2.13%, 12/17/26 | | | 48,290 | |
| | 160,000 | | | 2.40%, 12/17/23 | | | 5,512 | |
| | 124,000 | | | 2.88%, 12/17/28 | | | 4,571 | |
| | 1,350,000 | | | 3.40%, 06/17/36 | | | 56,076 | |
| | 1,033,000 | | | 3.63%, 06/16/23 | | | 36,874 | |
| | 1,315,000 | | | 3.65%, 12/17/21 | | | 45,589 | |
| | 1,300,000 | | | 3.65%, 06/20/31 | | | 52,519 | |
| | 589,000 | | | 3.78%, 06/25/32 | | | 24,379 | |
| | 1,250,000 | | | 3.85%, 12/12/25 | | | 47,274 | |
| | 1,000,000 | | | 4.68%, 06/29/44 | | | 52,870 | |
| | 1,400,000 | | | 4.88%, 06/22/29 | | | 60,113 | |
| | 900,000 | | | Thailand Government Bonds Reg S
4.26%, 12/12/37 | | | 41,194 | |
| | | | | | | | 562,682 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Turkey: 2.9% | | | | |
| | | | | Turkey Government International Bonds | | | | |
| USD | 60,000 | | | 5.63%, 03/30/21 | | $ | 61,441 | |
| | 50,000 | | | 6.00%, 03/25/27 | | | 49,610 | |
| | 90,000 | | | 6.88%, 03/17/36 | | | 88,883 | |
| TRY | 100,000 | | | 7.10%, 03/08/23 | | | 15,072 | |
| USD | 80,000 | | | 7.38%, 02/05/25 | | | 85,978 | |
| TRY | 170,000 | | | 8.00%, 03/12/25 | | | 24,393 | |
| | 100,000 | | | 9.20%, 09/22/21 | | | 16,726 | |
| | 130,000 | | | 10.50%, 08/11/27 | | | 20,527 | |
| | 118,000 | | | 10.60%, 02/11/26 | | | 18,983 | |
| | 100,000 | | | 10.70%, 08/17/22 | | | 16,788 | |
| | 130,000 | | | 11.00%, 03/02/22 | | | 22,229 | |
| | 27,000 | | | 12.20%, 01/18/23 | | | 4,726 | |
| | 110,000 | | | 12.40%, 03/08/28 | | | 19,237 | |
| | | | | | | | 444,593 | |
| United Arab Emirates: 0.8% | | | | |
| | | | | Abu Dhabi Government International Bonds 144A | | | | |
| USD | 50,000 | | | 2.50%, 10/11/22 | | | 50,601 | |
| | 65,000 | | | 3.13%, 10/11/27 | | | 67,972 | |
| | | | | | | | 118,573 | |
Principal
Amount | | | | | Value | |
| Uruguay: 0.6% | | | | |
| USD | 77,000 | | | Uruguay Government International Bonds
4.50%, 08/14/24 | | $ | 83,257 | |
| | | | | Uruguay Government International Bonds Reg S | | | | |
| UYU | 370,000 | | | 8.50%, 03/15/28 | | | 8,291 | |
| | 300,000 | | | 9.88%, 06/20/22 | | | 7,842 | |
| | | | | | | | 99,390 | |
Total Government Obligations
(Cost: $9,744,998) | | | 9,897,585 | |
Total Investments: 98.3%
(Cost: $14,536,277) | | | 14,915,789 | |
| Other assets less liabilities: 1.7% | | | 250,834 | |
| NET ASSETS: 100.0% | | $ | 15,166,623 | |
| 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:
| (o) | Perpetual Maturity – the date shown is the next call date |
| (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 |
| 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 $1,676,514, or 11.1% of net assets. |
See Notes to Financial Statements
| Summary of Investments by Sector | | % of Investments | | Value | |
| Basic Materials | | | | 3.9 | % | | | $ | 583,329 | |
| Communications | | | | 3.9 | | | | | 576,102 | |
| Consumer, Non-cyclical | | | | 2.3 | | | | | 347,574 | |
| Diversified | | | | 2.5 | | | | | 368,895 | |
| Energy | | | | 8.7 | | | | | 1,297,676 | |
| Financial | | | | 9.4 | | | | | 1,402,050 | |
| Government | | | | 66.3 | | | | | 9,897,585 | |
| Industrial | | | | 0.7 | | | | | 104,630 | |
| Utilities | | | | 2.3 | | | | | 337,948 | |
| | | | | 100.0 | % | | | $ | 14,915,789 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Corporate Bonds* | | | $ | — | | | $ | 5,018,204 | | | | $ | — | | | $ | 5,018,204 | |
| Government Obligations* | | | | — | | | | 9,897,585 | | | | | — | | | | 9,897,585 | |
| Total | | | $ | — | | | $ | 14,915,789 | | | | $ | — | | | $ | 14,915,789 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| CORPORATE BONDS: 94.0% | | | | |
| Argentina: 3.9% | | | | |
| $ | 468,750 | | | Aeropuertos Argentina 2000 SA 144A
6.88%, 02/01/27 | | $ | 437,109 | |
| | 350,000 | | | AES Argentina Generacion SA 144A
7.75%, 02/02/24 | | | 275,625 | |
| | 475,000 | | | Agua y Saneamientos Argentinos SA Reg S
6.63%, 02/01/23 | | | 188,813 | |
| | 550,000 | | | Arcor SAIC 144A
6.00%, 07/06/23 | | | 495,143 | |
| | 350,000 | | | Banco Macro SA 144A
6.75% (USD Swap Semi 30/360
5 Year+5.46%), 11/04/26 | | | 257,250 | |
| | 500,000 | | | Cablevision SA 144A
6.50%, 06/15/21 | | | 476,250 | |
| | 300,000 | | | Capex SA 144A
6.88%, 05/15/24 | | | 240,003 | |
| | 300,000 | | | Cia General de Combustibles SA 144A
9.50%, 11/07/21 | | | 234,000 | |
| | 400,000 | | | Cia Latinoamericana de Infraestructura & Servicios SA 144A
9.50%, 07/20/23 | | | 186,000 | |
| | 300,000 | | | Generacion Mediterranea SA 144A
9.63%, 07/27/23 | | | 171,000 | |
| | 600,000 | | | Genneia SA 144A
8.75%, 01/20/22 | | | 408,000 | |
| | 400,000 | | | IRSA Propiedades Comerciales SA 144A
8.75%, 03/23/23 | | | 325,004 | |
| | | | | Pampa Energia SA 144A | | | | |
| | 500,000 | | | 7.38%, 07/21/23 | | | 437,500 | |
| | 800,000 | | | 7.50%, 01/24/27 | | | 644,808 | |
| | 350,000 | | | 9.13%, 04/15/29 | | | 285,950 | |
| | 350,000 | | | Pan American Energy LLC 144A
7.88%, 05/07/21 | | | 355,250 | |
| | 550,000 | | | Rio Energy SA / UGEN SA / UENSA SA 144A
6.88%, 02/01/25 | | | 321,756 | |
| | 500,000 | | | Tecpetrol SA 144A
4.88%, 12/12/22 | | | 460,625 | |
| | 400,000 | | | Telecom Argentina SA 144A
8.00%, 07/18/26 | | | 361,000 | |
| | 500,000 | | | Transportadora de Gas del Sur SA 144A
6.75%, 05/02/25 | | | 421,750 | |
| | 450,000 | | | YPF Energia Electrica SA 144A
10.00%, 07/25/26 | | | 342,630 | |
| | | | | YPF SA 144A | | | | |
| | 1,180,000 | | | 6.95%, 07/21/27 | | | 886,782 | |
| | 675,000 | | | 7.00%, 12/15/47 | | | 481,788 | |
| | 950,000 | | | 8.50%, 03/23/21 | | | 871,625 | |
| | 1,600,000 | | | 8.50%, 07/28/25 | | | 1,275,200 | |
| | 500,000 | | | 8.50%, 06/27/29 | | | 383,600 | |
| | 1,300,000 | | | 8.75%, 04/04/24 | | | 1,092,000 | |
| | | | | | | | 12,316,461 | |
| Austria: 0.5% | | | | |
| | 100,000 | | | BRF GmbH 144A
4.35%, 09/29/26 | | | 99,876 | |
Principal
Amount | | | | | Value | |
| Austria: (continued) | | | | |
| $ | 200,000 | | | Eldorado Intl. Finance GmbH 144A
8.63%, 06/16/21 | | $ | 210,010 | |
| | 200,000 | | | JBS Investments GmbH 144A
6.25%, 02/05/23 | | | 204,380 | |
| | | | | JBS Investments II GmbH 144A | | | | |
| | 200,000 | | | 5.75%, 01/15/28 | | | 208,850 | |
| | 500,000 | | | 7.00%, 01/15/26 | | | 543,250 | |
| | 200,000 | | | Klabin Austria GmbH 144A
5.75%, 04/03/29 | | | 212,240 | |
| | | | | | | | 1,478,606 | |
| Azerbaijan: 1.0% | | | | |
| | 2,075,000 | | | Southern Gas Corridor CJSC 144A
6.88%, 03/24/26 | | | 2,423,301 | |
| | 700,000 | | | State Oil Co. of the Azerbaijan Republic Reg S
6.95%, 03/18/30 | | | 842,698 | |
| | | | | | | | 3,265,999 | |
| Bahrain: 0.9% | | | | |
| | 500,000 | | | BBK BSC Reg S
5.50%, 07/09/24 | | | 507,050 | |
| | | | | Oil and Gas Holding Co. BSCC 144A | | | | |
| | 1,075,000 | | | 7.50%, 10/25/27 | | | 1,203,552 | |
| | 500,000 | | | 7.63%, 11/07/24 | | | 567,625 | |
| | 500,000 | | | 8.38%, 11/07/28 | | | 589,491 | |
| | | | | | | | 2,867,718 | |
| Belarus: 0.2% | | | | |
| | 500,000 | | | Development Bank of the Republic of Belarus JSC 144A
6.75%, 05/02/24 | | | 526,283 | |
| Bermuda: 1.7% | | | | |
| | 200,000 | | | China Oil & Gas Group Ltd. Reg S
4.63%, 04/20/22 | | | 201,297 | |
| | 200,000 | | | Cosan Ltd. 144A
5.50%, 09/20/29 | | | 208,150 | |
| | 912,000 | | | Digicel Group One Ltd. 144A
8.25%, 12/30/22 | | | 543,780 | |
| | | | | Digicel Group Two Ltd. 144A | | | | |
| | 698,000 | | | 8.25%, 09/30/22 | | | 184,970 | |
| | 1,217,183 | | | 9.13% 04/01/24 | | | 225,179 | |
| | | | | Digicel Ltd. 144A | | | | |
| | 1,275,000 | | | 6.00%, 04/15/21 | | | 956,263 | |
| | 900,000 | | | 6.75%, 03/01/23 | | | 477,009 | |
| | 400,000 | | | GCL New Energy Holdings Ltd. Reg S
7.10%, 01/30/21 | | | 370,616 | |
| | 500,000 | | | Geopark Ltd. 144A
6.50%, 09/21/24 | | | 518,625 | |
| | 400,000 | | | Hopson Development Holdings Ltd. Reg S
7.50%, 06/27/22 | | | 405,840 | |
| | 600,000 | | | Inkia Energy Ltd. 144A
5.88%, 11/09/27 | | | 624,006 | |
| | 750,000 | | | Li & Fung Ltd. Reg S
5.25%, 11/03/21 (o) | | | 580,125 | |
| | | | | | | | 5,295,860 | |
| Brazil: 4.0% | | | | |
| | | | | Banco Bradesco SA 144A | | | | |
| | 450,000 | | | 5.75%, 03/01/22 | | | 478,692 | |
| | 600,000 | | | 5.90%, 01/16/21 | | | 621,840 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Brazil: (continued) | | | | |
| $ | 75,000 | | | Banco BTG Pactual SA 144A
5.75%, 09/28/22 | | $ | 78,816 | |
| | 300,000 | | | Banco BTG Pactual SA Reg S
5.75%, 09/28/22 | | | 315,263 | |
| | 700,000 | | | Banco do Brasil SA
3.88%, 10/10/22 | | | 718,200 | |
| | | | | Banco do Brasil SA 144A | | | | |
| | 730,000 | | | 5.88%, 01/26/22 | | | 766,135 | |
| | 400,000 | | | 5.88%, 01/19/23 | | | 431,504 | |
| | | | | Banco do Brasil SA/Cayman 144A | | | | |
| | 200,000 | | | 4.63%, 01/15/25 | | | 209,250 | |
| | 400,000 | | | 4.75%, 03/20/24 | | | 419,700 | |
| | 200,000 | | | 4.88%, 04/19/23 | | | 210,375 | |
| | 200,000 | | | 5.38%, 01/15/21 | | | 206,252 | |
| | 50,000 | | | Banco do Estado do Rio Grande do Sul SA 144A
7.38%, 02/02/22 | | | 53,688 | |
| | 200,000 | | | Banco do Estado do Rio Grande do Sul SA Reg S
7.38%, 02/02/22 | | | 214,752 | |
| | | | | Banco Nacional de Desenvolvimento Economico e Social 144A | | | | |
| | 400,000 | | | 4.75%, 05/09/24 | | | 426,004 | |
| | 300,000 | | | 5.75%, 09/26/23 | | | 331,875 | |
| | 400,000 | | | Banco Safra SA 144A
6.75%, 01/27/21 | | | 419,740 | |
| | 400,000 | | | Banco Votorantim SA 144A
4.00%, 09/24/22 | | | 409,540 | |
| | | | | BRF SA 144A | | | | |
| | 550,000 | | | 4.75%, 05/22/24 | | | 572,137 | |
| | 200,000 | | | 4.88%, 01/24/30 | | | 199,780 | |
| | 200,000 | | | Caixa Economica Federal 144A
3.50%, 11/07/22 | | | 202,750 | |
| | 560,000 | | | Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24 | | | 655,066 | |
| | 660,000 | | | Centrais Eletricas Brasileiras SA 144A
5.75%, 10/27/21 | | | 693,000 | |
| | 200,000 | | | Cia de Saneamento Basico do Estado de Sao Paulo Reg S
6.25%, 12/16/20 | | | 203,000 | |
| | | | | Globo Comunicacao e Participacoes SA 144A | | | | |
| | 150,000 | | | 4.84%, 06/08/25 | | | 155,627 | |
| | 150,000 | | | 4.88%, 04/11/22 | | | 156,094 | |
| | | | | Itau Unibanco Holding SA 144A | | | | |
| | 1,200,000 | | | 5.13%, 05/13/23 | | | 1,275,600 | |
| | 950,000 | | | 5.75%, 01/22/21 | | | 983,734 | |
| | 200,000 | | | 6.20%, 12/21/21 | | | 213,000 | |
| | 300,000 | | | Itau Unibanco Holding SA/Cayman Island 144A
5.50%, 08/06/22 | | | 318,900 | |
| | 200,000 | | | Light Servicos de Eletricidade SA/Light Energia SA 144A
7.25%, 05/03/23 | | | 216,002 | |
| | 300,000 | | | Natura Cosmeticos SA 144A
5.38%, 02/01/23 | | | 315,378 | |
| | | | | | | | 12,471,694 | |
Principal
Amount | | | | | Value | |
| British Virgin Islands: 4.2% | | | | |
| $ | 350,000 | | | Arcos Dorados Holdings, Inc. 144A
6.63%, 09/27/23 | | $ | 380,188 | |
| | 500,000 | | | Central American Bottling Corp. 144A
5.75%, 01/31/27 | | | 528,755 | |
| | 300,000 | | | Champion Sincerity Holdings Ltd. Reg S
8.13% (US Treasury Yield Curve Rate T
3 Year+10.58%), 02/08/22 (o) | | | 317,250 | |
| | | | | Easy Tactic Ltd. Reg S | | | | |
| | 700,000 | | | 5.75%, 01/13/22 | | | 679,429 | |
| | 200,000 | | | 7.00%, 04/25/21 | | | 200,538 | |
| | 200,000 | | | 8.13%, 02/27/23 | | | 199,180 | |
| | 300,000 | | | 8.75%, 01/10/21 | | | 307,471 | |
| | 1,200,000 | | | Fortune Star BVI Ltd. Reg S
5.25%, 03/23/22 | | | 1,197,715 | |
| | 400,000 | | | Franshion Brilliant Ltd. Reg S
5.75% (USD Swap Semi 30/360
5 Year+3.86%), 01/17/22 (o) | | | 396,198 | |
| | | | | Gold Fields Orogen Holdings BVI Ltd. 144A | | | | |
| | 550,000 | | | 5.13%, 05/15/24 | | | 583,000 | |
| | 550,000 | | | 6.13%, 05/15/29 | | | 622,875 | |
| | | | | Greenland Global Investment Ltd. Reg S | | | | |
| | 400,000 | | | 5.25%, 02/12/21 | | | 402,549 | |
| | 350,000 | | | 5.88%, 07/03/24 | | | 341,181 | |
| | 300,000 | | | 6.75%, 06/25/22 | | | 308,884 | |
| | 450,000 | | | Grupo Unicomer Co. Ltd. 144A
7.88%, 04/01/24 | | | 490,505 | |
| | 300,000 | | | Lai Fung Bonds 2018 Ltd. Reg S
5.65%, 01/18/23 | | | 290,562 | |
| | 425,000 | | | LS Finance 2022 Ltd. Reg S
4.25%, 10/16/22 | | | 419,927 | |
| | 200,000 | | | LS Finance 2025 Ltd. Reg S
4.50%, 06/26/25 | | | 192,403 | |
| | 400,000 | | | New Metro Global Ltd. Reg S
6.50%, 04/23/21 | | | 395,608 | |
| | 220,000 | | | Prime Bloom Holdings Ltd. Reg S
6.95%, 07/05/22 | | | 151,822 | |
| | 200,000 | | | RKI Overseas Finance 2016 B Ltd. Reg S
4.70%, 09/06/21 | | | 198,830 | |
| | 250,000 | | | RKI Overseas Finance 2017 A Ltd. Reg S
7.00%, 06/23/22 (o) | | | 213,778 | |
| | 200,000 | | | RKP Overseas Finance 2016 A Ltd. Reg S
7.95%, 02/17/22 (o) | | | 190,881 | |
| | 200,000 | | | RongXingDa Development BVI Ltd. Reg S
8.00%, 04/24/22 | | | 186,111 | |
| | | | | Scenery Journey Ltd. Reg S | | | | |
| | 200,000 | | | 9.00%, 03/06/21 | | | 195,357 | |
| | 500,000 | | | 11.00%, 11/06/20 | | | 510,589 | |
| | 300,000 | | | 13.75%, 11/06/23 | | | 304,257 | |
| | 200,000 | | | Sino-Ocean Land Treasure III Ltd. Reg S
4.90% (US Treasury Yield Curve Rate T
5 Year+3.26%), 09/21/22 (o) | | | 175,095 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| British Virgin Islands: (continued) | | | | |
| $ | 506,000 | | | Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33 | | $ | 538,416 | |
| | 900,000 | | | Studio City Co. Ltd. 144A
7.25%, 11/30/21 | | | 924,930 | |
| | 670,000 | | | Studio City Finance Ltd. 144A
7.25%, 02/11/24 | | | 713,550 | |
| | 300,000 | | | Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24 | | | 304,947 | |
| | 200,000 | | | Yingde Gases Investment Ltd. 144A
6.25%, 01/19/23 | | | 206,746 | |
| | 200,000 | | | Zhongrong International Resources Co. Ltd. Reg S
7.25%, 10/26/20 | | | 104,539 | |
| | | | | | | | 13,174,066 | |
| Canada: 1.9% | | | | |
| | 400,000 | | | Canacol Energy Ltd. 144A
7.25%, 05/03/25 | | | 420,504 | |
| | | | | First Quantum Minerals Ltd. 144A | | | | |
| | 800,000 | | | 6.50%, 03/01/24 | | | 785,600 | |
| | 1,000,000 | | | 6.88%, 03/01/26 | | | 983,750 | |
| | 800,000 | | | 7.25%, 05/15/22 | | | 805,000 | |
| | 1,100,000 | | | 7.25%, 04/01/23 | | | 1,108,937 | |
| | 1,277,000 | | | 7.50%, 04/01/25 | | | 1,284,981 | |
| | 300,000 | | | Frontera Energy Corp. 144A
9.70%, 06/25/23 | | | 320,625 | |
| | 265,675 | | | Stoneway Capital Corp. 144A
10.00%, 03/01/27 | | | 137,489 | |
| | | | | | | | 5,846,886 | |
| Cayman Islands: 12.5% | | | | |
| | 300,000 | | | 361 Degrees International Ltd. Reg S
7.25%, 06/03/21 | | | 246,900 | |
| | | | | Agile Group Holdings Ltd. Reg S | | | | |
| | 400,000 | | | 6.70%, 03/07/22 | | | 415,186 | |
| | 200,000 | | | 8.50%, 07/18/21 | | | 211,659 | |
| | 700,000 | | | Alpha Star Holding III Ltd. Reg S
6.25%, 04/20/22 | | | 668,472 | |
| | 200,000 | | | Alpha Star Holding V Ltd. Reg S
6.63%, 04/18/23 | | | 187,978 | |
| | 200,000 | | | CAR, Inc. Reg S
6.00%, 02/11/21 | | | 189,546 | |
| | 300,000 | | | Cementos Progreso Trust 144A
7.13%, 11/06/23 | | | 308,816 | |
| | | | | Central China Real Estate Ltd. Reg S | | | | |
| | 200,000 | | | 6.50%, 03/05/21 | | | 199,800 | |
| | 275,000 | | | 8.75%, 01/23/21 | | | 282,288 | |
| | | | | CFLD Cayman Investment Ltd. Reg S | | | | |
| | 400,000 | | | 6.50%, 12/21/20 | | | 402,526 | |
| | 200,000 | | | 8.63%, 02/28/21 | | | 205,500 | |
| | 500,000 | | | 9.00%, 07/31/21 | | | 519,004 | |
| | 200,000 | | | China Aoyuan Group Ltd. Reg S
7.95%, 09/07/21 | | | 209,040 | |
| | 300,000 | | | China Aoyuan Property Group Ltd. Reg S
7.50%, 05/10/21 | | | 309,027 | |
Principal
Amount | | | | | Value | |
| Cayman Islands: (continued) | | | | |
| | | | | China Evergrande Group Reg S | | | | |
| $ | 850,000 | | | 7.50%, 06/28/23 | | $ | 728,379 | |
| | 300,000 | | | 8.25%, 03/23/22 | | | 278,829 | |
| | 1,625,000 | | | 8.75%, 06/28/25 | | | 1,364,946 | |
| | 500,000 | | | 9.50%, 03/29/24 | | | 448,217 | |
| | 700,000 | | | China SCE Property Holdings Ltd. Reg S
5.88%, 03/10/22 | | | 689,927 | |
| | | | | CIFI Holdings Group Co. Ltd. Reg S | | | | |
| | 200,000 | | | 5.50%, 01/23/22 | | | 201,099 | |
| | 200,000 | | | 6.55%, 03/28/24 | | | 202,282 | |
| | 200,000 | | | 6.88%, 04/23/21 | | | 205,600 | |
| | 200,000 | | | 7.63%, 03/02/21 | | | 207,100 | |
| | 200,000 | | | 7.63%, 02/28/23 | | | 210,598 | |
| | 825,000 | | | Comcel Trust 144A
6.88%, 02/06/24 | | | 851,812 | |
| | | | | Country Garden Holdings Co. Ltd. Reg S | | | | |
| | 600,000 | | | 4.75%, 09/28/23 | | | 601,478 | |
| | 300,000 | | | 5.63%, 12/15/26 | | | 307,308 | |
| | 500,000 | | | Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.88%, 03/21/23 | | | 494,709 | |
| | 750,000 | | | DIB Tier 1 Sukuk 3 Ltd. Reg S
6.25% (USD Swap Semi 30/360
6 Year+3.66%), 01/22/25 (o) | | | 803,437 | |
| | 200,000 | | | E-House China Enterprise Holdings Ltd. Reg S
7.75%, 02/28/21 | | | 201,500 | |
| | 400,000 | | | Emirates Reit Sukuk Ltd. Reg S
5.13%, 12/12/22 | | | 393,878 | |
| | 400,000 | | | Energuate Trust 144A
5.88%, 05/03/27 | | | 403,004 | |
| | | | | Ezdan Sukuk Co. Ltd. Reg S | | | | |
| | 800,000 | | | 4.38%, 05/18/21 | | | 712,152 | |
| | 400,000 | | | 4.88%, 04/05/22 | | | 350,000 | |
| | | | | Fantasia Holdings Group Co. Ltd. Reg S | | | | |
| | 300,000 | | | 7.38%, 10/04/21 | | | 279,150 | |
| | 200,000 | | | 15.00%, 12/18/21 | | | 209,137 | |
| | 600,000 | | | Global A&T Electronics Ltd.
8.50%, 01/12/23 | | | 561,121 | |
| | 950,000 | | | Grupo Aval Ltd. 144A
4.75%, 09/26/22 | | | 987,810 | |
| | 191,000 | | | Health and Happiness H&H International Holdings Ltd. 144A
7.25%, 06/21/21 | | | 194,388 | |
| | 600,000 | | | Industrial Senior Trust 144A
5.50%, 11/01/22 | | | 627,750 | |
| | 200,000 | | | Jingrui Holdings Ltd. Reg S
9.45%, 04/23/21 | | | 185,400 | |
| | | | | Kaisa Group Holdings Ltd. Reg S | | | | |
| | 400,000 | | | 8.50%, 06/30/22 | | | 379,588 | |
| | 850,000 | | | 9.38%, 06/30/24 | | | 767,837 | |
| | 200,000 | | | 11.25%, 04/09/22 | | | 202,304 | |
| | 400,000 | | | King Talent Management Ltd. Reg S
5.60% (US Treasury Yield Curve Rate T
5 Year+3.52%), 12/04/22 (o) | | | 349,987 | |
| | | | | KWG Group Holdings Ltd. Reg S | | | | |
| | 200,000 | | | 7.88%, 08/09/21 | | | 207,500 | |
| | 200,000 | | | 7.88%, 09/01/23 | | | 205,816 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Cayman Islands: (continued) | | | | |
| | | | | KWG Property Holding Ltd. Reg S | | | | |
| $ | 200,000 | | | 5.88%, 11/10/24 | | $ | 184,881 | |
| | 300,000 | | | 6.00%, 09/15/22 | | | 298,641 | |
| | 500,000 | | | Lamar Funding Ltd. 144A
3.96%, 05/07/25 | | | 469,047 | |
| | 800,000 | | | Lamar Funding Ltd. Reg S
3.96%, 05/07/25 | | | 750,474 | |
| | | | | Latam Finance Ltd. 144A | | | | |
| | 700,000 | | | 6.88%, 04/11/24 | | | 742,525 | |
| | 900,000 | | | 7.00%, 03/01/26 | | | 971,550 | |
| | | | | Logan Property Holdings Co. Ltd. Reg S | | | | |
| | 200,000 | | | 5.25%, 02/23/23 | | | 197,191 | |
| | 400,000 | | | 6.88%, 04/24/21 | | | 411,400 | |
| | | | | MAF Global Securities Ltd. Reg S | | | | |
| | 550,000 | | | 5.50% (USD Swap Semi 30/360
5 Year+3.48%), 09/07/22 (o) | | | 553,437 | |
| | 300,000 | | | 6.38% (US Treasury Yield Curve Rate T
5 Year+3.54%), 03/20/26 (o) | | | 299,169 | |
| | | | | Melco Resorts Finance Ltd. 144A | | | | |
| | 900,000 | | | 4.88%, 06/06/25 | | | 923,211 | |
| | 600,000 | | | 5.25%, 04/26/26 | | | 626,638 | |
| | 700,000 | | | 5.63%, 07/17/27 | | | 731,828 | |
| | | | | MGM China Holdings Ltd. 144A | | | | |
| | 200,000 | | | 5.38%, 05/15/24 | | | 210,000 | |
| | 200,000 | | | 5.88%, 05/15/26 | | | 212,000 | |
| | 200,000 | | | Modern Land China Co. Ltd. Reg S
7.95%, 03/05/21 | | | 185,120 | |
| | | | | Mumtalakat Sukuk Holding Co. Reg S | | | | |
| | 500,000 | | | 4.00%, 11/25/21 | | | 500,308 | |
| | 800,000 | | | 5.63%, 02/27/24 | | | 831,100 | |
| | 300,000 | | | NagaCorp Ltd. 144A
9.38%, 05/21/21 | | | 318,444 | |
| | 500,000 | | | NMC Healthcare Sukuk Ltd. Reg S
5.95%, 11/21/23 | | | 535,012 | |
| | 149,056 | | | Odebrecht Offshore Drilling Finance Ltd. 144A
6.72%, 12/01/22 | | | 146,822 | |
| | 200,000 | | | OmGrid Funding Ltd. 144A
5.20%, 05/16/27 | | | 195,570 | |
| | 200,000 | | | Powerlong Real Estate Holdings Ltd.
6.95%, 04/17/21 | | | 201,700 | |
| | | | | Redsun Properties Group Ltd. Reg S | | | | |
| | 200,000 | | | 9.95%, 04/11/22 | | | 189,635 | |
| | 200,000 | | | 11.50%, 03/04/21 | | | 201,275 | |
| | | | | Ronshine China Holdings Ltd. Reg S | | | | |
| | 400,000 | | | 8.25%, 02/01/21 | | | 407,019 | |
| | 200,000 | | | 8.75%, 10/25/22 | | | 205,143 | |
| | 200,000 | | | 11.25%, 08/22/21 | | | 212,700 | |
| | 250,000 | | | Sagicor Finance 2015 Ltd. 144A
8.88%, 08/11/22 | | | 263,750 | |
| | 900,000 | | | Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 | | | 760,500 | |
| | 450,000 | | | Shimao Property Holdings Ltd. Reg S
4.75%, 07/03/22 | | | 461,915 | |
| | | | | Sunac China Holdings Ltd. Reg S | | | | |
| | 500,000 | | | 7.88%, 02/15/22 | | | 512,424 | |
| | 600,000 | | | 7.95%, 08/08/22 | | | 614,292 | |
| | 300,000 | | | 8.38%, 01/15/21 | | | 308,981 | |
Principal
Amount | | | | | Value | |
| Cayman Islands: (continued) | | | | |
| $ | 500,000 | | | Termocandelaria Power Ltd. 144A
7.88%, 01/30/29 | | $ | 550,630 | |
| | 800,000 | | | Times Property Holdings Ltd. Reg S
6.60%, 03/02/23 | | | 804,364 | |
| | 578,000 | | | WTT Investment Ltd./Hong Kong 144A
5.50%, 11/21/22 | | | 599,794 | |
| | | | | Wynn Macau Ltd. 144A | | | | |
| | 700,000 | | | 4.88%, 10/01/24 | | | 706,790 | |
| | 700,000 | | | 5.50%, 10/01/27 | | | 722,094 | |
| | 200,000 | | | Yankuang Group Cayman Ltd. Reg S
6.00%, 01/30/22 | | | 206,839 | |
| | | | | Yuzhou Properties Co. Ltd. Reg S | | | | |
| | 300,000 | | | 6.00%, 01/25/22 | | | 297,598 | |
| | 200,000 | | | 6.00%, 10/25/23 | | | 190,287 | |
| | 400,000 | | | 7.90%, 05/11/21 | | | 413,600 | |
| | 200,000 | | | 8.50%, 02/26/24 | | | 204,258 | |
| | 200,000 | | | 8.63%, 01/23/22 | | | 209,299 | |
| | | | | Zhenro Properties Group Ltd. Reg S | | | | |
| | 200,000 | | | 8.65%, 01/21/23 | | | 198,895 | |
| | 200,000 | | | 12.50%, 01/02/21 | | | 211,300 | |
| | | | | | | | 39,119,235 | |
| Chile: 0.6% | | | | |
| | | | | AES Gener SA 144A | | | | |
| | 300,000 | | | 6.35% (US Treasury Yield Curve Rate T
5 Year+4.92%), 10/07/79 | | | 301,740 | |
| | 600,000 | | | 7.13% (USD Swap Semi 30/360
5 Year+4.64%), 03/26/79 | | | 624,484 | |
| | 500,000 | | | CorpGroup Banking SA 144A
6.75%, 03/15/23 | | | 488,130 | |
| | 500,000 | | | Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25 | | | 432,078 | |
| | | | | | | | 1,846,432 | |
| China / Hong Kong: 2.5% | | | | |
| | 200,000 | | | Agile Group Holdings Ltd. Reg S
6.88% (US Treasury Yield Curve Rate T
5 Year+9.22%), 03/07/23 (o) | | | 198,956 | |
| | | | | Bank of East Asia Ltd. Reg S | | | | |
| | 1,150,000 | | | 5.50% (US Treasury Yield Curve Rate T
5 Year+3.83%), 12/02/20 (o) | | | 1,159,635 | |
| | 250,000 | | | 5.88% (US Treasury Yield Curve Rate T
5 Year+4.26%), 09/19/24 (o) | | | 259,343 | |
| | 200,000 | | | Chengdu Economic & Technological Development Zone State-Owned Assets Investment Reg S
7.50%, 02/12/22 | | | 202,851 | |
| | 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 (o) | | | 1,043,899 | |
| | | | | China CITIC Bank International Ltd. Reg S | | | | |
| | 600,000 | | | 4.25% (US Treasury Yield Curve Rate T
5 Year+3.11%), 10/11/21 (o) | | | 592,203 | |
| | 200,000 | | | 7.10% (US Treasury Yield Curve Rate T
5 Year+4.15%), 11/06/23 (o) | | | 216,547 | |
| | 400,000 | | | Chong Hing Bank Ltd. Reg S
5.70% (US Treasury Yield Curve Rate T
5 Year+3.86%), 07/15/24 (o) | | | 414,110 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| China / Hong Kong: (continued) | | | | |
| $ | 500,000 | | | CMB Wing Lung Bank Ltd. Reg S
6.50% (US Treasury Yield Curve Rate T
5 Year+3.95%), 01/24/24 (o) | | $ | 530,636 | |
| | 200,000 | | | Full Dragon Hong Kong International Development Ltd. Reg S
5.60%, 02/14/21 | | | 202,100 | |
| | 200,000 | | | Gemdale Ever Prosperity Investment Ltd. Reg S
6.00%, 09/06/21 | | | 204,200 | |
| | 200,000 | | | Guangxi Financial Investment Group Co. Ltd. Reg S
5.75%, 01/23/21 | | | 193,700 | |
| | 450,000 | | | ICBC Asia Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T
5 Year+3.13%), 07/21/21 (o) | | | 451,717 | |
| | 1,300,000 | | | Nanyang Commercial Bank Ltd. Reg S
5.00% (US Treasury Yield Curve Rate T
5 Year+3.21%), 06/02/22 (o) | | | 1,300,869 | |
| | 200,000 | | | Qinghai Provincial Investment Group Co. Ltd. Reg S
6.40%, 07/10/21 | | | 93,023 | |
| | 200,000 | | | Union Life Insurance Co. Ltd. Reg S
3.00%, 09/19/21 | | | 176,483 | |
| | | | | Yanlord Land HK Co. Ltd. Reg S | | | | |
| | 200,000 | | | 5.88%, 01/23/22 | | | 201,499 | |
| | 200,000 | | | 6.75%, 04/23/23 | | | 204,490 | |
| | 200,000 | | | Zoomlion HK SPV Co. Ltd. 144A
6.13%, 12/20/22 | | | 203,738 | |
| | | | | | | | 7,849,999 | |
| Colombia: 1.6% | | | | |
| | 550,000 | | | Banco Davivienda SA 144A
5.88%, 07/09/22 | | | 587,818 | |
| | | | | Banco de Bogota SA 144A | | | | |
| | 1,175,000 | | | 5.38%, 02/19/23 | | | 1,255,405 | |
| | 550,000 | | | 6.25%, 05/12/26 | | | 622,880 | |
| | 300,000 | | | Banco GNB Sudameris SA 144A
6.50% (US Treasury Yield Curve Rate T
5 Year+4.56%), 04/03/27 | | | 317,775 | |
| | 1,100,000 | | | Bancolombia SA
5.13%, 09/11/22 | | | 1,160,390 | |
| | 700,000 | | | Colombia Telecomunicaciones SA ESP 144A
5.38%, 09/27/22 | | | 708,575 | |
| | 300,000 | | | Credivalores-Crediservicios SAS 144A
9.75%, 07/27/22 | | | 310,503 | |
| | | | | | | | 4,963,346 | |
| Costa Rica: 0.3% | | | | |
| | | | | Banco Nacional de Costa Rica 144A | | | | |
| | 350,000 | | | 5.88%, 04/25/21 | | | 354,813 | |
| | 500,000 | | | 6.25%, 11/01/23 | | | 516,880 | |
| | | | | | | | 871,693 | |
| Croatia: 0.2% | | | | |
| | 600,000 | | | Hrvatska Elektroprivreda 144A
5.88%, 10/23/22 | | | 657,613 | |
| Curacao: 0.2% | | | | |
| | 450,000 | | | Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22 | | | 411,188 | |
Principal
Amount | | | | | Value | |
| Curacao: (continued) | | | | |
| $ | 375,000 | | | Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21 | | $ | 361,406 | |
| | | | | | | | 772,594 | |
| Dominican Republic: 0.2% | | | | |
| | 300,000 | | | Aeropuertos Dominicanos Siglo XXI SA 144A
6.75%, 03/30/29 | | | 319,875 | |
| | 300,000 | | | Banco de Reservas de la Republica Dominicana 144A
7.00%, 02/01/23 | | | 315,753 | |
| | | | | | | | 635,628 | |
| Ecuador: 0.1% | | | | |
| | 400,000 | | | Petroamazonas EP 144A
4.63%, 11/06/20 | | | 397,000 | |
| Georgia: 0.5% | | | | |
| | 400,000 | | | Bank of Georgia JSC 144A
6.00%, 07/26/23 | | | 416,728 | |
| | 200,000 | | | Georgia Capital JSC 144A
6.13%, 03/09/24 | | | 190,000 | |
| | 500,000 | | | Georgian Railway JSC 144A
7.75%, 07/11/22 | | | 548,070 | |
| | 300,000 | | | TBC Bank JSC 144A
5.75%, 06/19/24 | | | 310,500 | |
| | | | | | | | 1,465,298 | |
| India: 2.4% | | | | |
| | 600,000 | | | Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energ 144A
6.25%, 12/10/24 | | | 637,452 | |
| | 500,000 | | | Delhi International Airport Ltd. 144A
6.45%, 06/04/29 | | | 537,500 | |
| | 500,000 | | | Delhi International Airport Pvt Ltd. 144A
6.13%, 10/31/26 | | | 534,917 | |
| | | | | GMR Hyderabad International Airport Ltd. 144A | | | | |
| | 300,000 | | | 4.25%, 10/27/27 | | | 281,810 | |
| | 400,000 | | | 5.38%, 04/10/24 | | | 413,765 | |
| | 600,000 | | | HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27 | | | 598,691 | |
| | 500,000 | | | IDBI Bank Ltd. Reg S
4.25%, 11/30/20 | | | 504,605 | |
| | 300,000 | | | Indiabulls Housing Finance Ltd. Reg S
6.38%, 05/28/22 | | | 194,997 | |
| | | | | JSW Steel Ltd. Reg S | | | | |
| | 900,000 | | | 5.25%, 04/13/22 | | | 916,187 | |
| | 600,000 | | | 5.95%, 04/18/24 | | | 615,248 | |
| | 400,000 | | | Muthoot Finance Ltd. 144A
6.13%, 10/31/22 | | | 406,700 | |
| | 400,000 | | | ReNew Power Ltd. 144A
6.45%, 09/27/22 | | | 405,700 | |
| | 500,000 | | | ReNew Power Synthetic 144A
6.67%, 03/12/24 | | | 506,963 | |
| | 500,000 | | | Shriram Transport Finance Co. Ltd. 144A
5.95%, 10/24/22 | | | 506,295 | |
| | 200,000 | | | Shriram Transport Finance Co. Ltd. Reg S
5.70%, 02/27/22 | | | 201,248 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| India: (continued) |
| $ | 200,000 | | | Yes Bank Ifsc Banking Unit Branch Reg S
3.75%, 02/06/23 | | $ | 183,112 | |
| | | | | | | | 7,445,190 | |
| Indonesia: 0.9% |
| | 500,000 | | | ABM Investama Tbk PT 144A
7.13%, 08/01/22 | | | 434,514 | |
| | 900,000 | | | Adaro Indonesia PT 144A
4.25%, 10/31/24 | | | 887,850 | |
| | 360,000 | | | Bukit Makmur Mandiri Utama PT 144A
7.75%, 02/13/22 | | | 370,617 | |
| | 320,000 | | | Chandra Asri Petrochemical Tbk PT 144A
4.95%, 11/08/24 | | | 313,806 | |
| | 200,000 | | | Delta Merlin Dunia Tekstil PT 144A
8.63%, 03/12/24 | | | 23,000 | |
| | 700,000 | | | Saka Energi Indonesia PT 144A
4.45%, 05/05/24 | | | 709,477 | |
| | | | | | | | 2,739,264 | |
| Ireland: 3.5% |
| | 1,125,000 | | | Alfa Bank OJSC 144A
7.75%, 04/28/21 | | | 1,201,823 | |
| | 750,000 | | | Bank Otkritie Financial Corp. OJSC Reg S
10.00%, 12/17/19 (d) #¥* | | | 0 | |
| | 400,000 | | | Borets Finance DAC 144A
6.50%, 04/07/22 | | | 411,218 | |
| | 400,000 | | | Celtic Resources Holdings DAC 144A
4.13%, 10/09/24 | | | 402,202 | |
| | 200,000 | | | Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A
4.50%, 09/19/24 | | | 201,213 | |
| | | | | Credit Bank of Moscow Via CBOM Finance Plc 144A | | | | |
| | 450,000 | | | 5.55%, 02/14/23 | | | 456,628 | |
| | 550,000 | | | 5.88%, 11/07/21 | | | 566,500 | |
| | 500,000 | | | 7.12%, 06/25/24 | | | 533,040 | |
| | 700,000 | | | Eurochem Finance DAC 144A
5.50%, 03/13/24 | | | 754,250 | |
| | 400,000 | | | Eurotorg LLC via Bonitron DAC 144A
8.75%, 10/30/22 | | | 431,600 | |
| | 600,000 | | | Gtlk Europe Capital DAC Reg S
5.95%, 04/17/25 | | | 641,370 | |
| | | | | GTLK Europe DAC Reg S | | | | |
| | 800,000 | | | 5.13%, 05/31/24 | | | 834,000 | |
| | 700,000 | | | 5.95%, 07/19/21 | | | 731,937 | |
| | 600,000 | | | Hacienda Investments Ltd. Via DME Airport DAC Reg S
5.08%, 02/15/23 | | | 624,606 | |
| | 400,000 | | | Koks OAO Via Koks Finance DAC 144A
7.50%, 05/04/22 | | | 407,826 | |
| | 1,000,000 | | | Metalloinvest Finance DAC 144A
4.85%, 05/02/24 | | | 1,063,366 | |
| | 550,000 | | | Mobile Telesystems OJSC 144A
5.00%, 05/30/23 | | | 582,436 | |
| | 1,000,000 | | | SCF Capital Ltd. 144A
5.38%, 06/16/23 | | | 1,061,365 | |
| | | | | | | | 10,905,380 | |
Principal
Amount | | | | | Value | |
| Kazakhstan: 1.5% |
| | | | | Halyk Savings Bank of Kazakhstan JSC 144A | | | | |
| $ | 476,206 | | | 5.50%, 12/21/22 | | $ | 481,412 | |
| | 500,000 | | | 7.25%, 01/28/21 | | | 526,240 | |
| | | | | KazMunayGas National Co. JSC 144A | | | | |
| | 500,000 | | | 3.88%, 04/19/22 | | | 513,986 | |
| | 400,000 | | | 4.40%, 04/30/23 | | | 423,366 | |
| | 1,000,000 | | | 4.75%, 04/19/27 | | | 1,093,610 | |
| | 1,400,000 | | | 5.75%, 04/19/47 | | | 1,639,814 | |
| | | | | | | | 4,678,428 | |
| 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 (o) | | | 318,343 | |
| Luxembourg: 4.6% | | | |
| | 500,000 | | | Adecoagro SA 144A
6.00%, 09/21/27 | | | 485,000 | |
| | 200,000 | | | Aegea Finance Sarl 144A
5.75%, 10/10/24 | | | 211,502 | |
| | 200,000 | | | Atento Luxco 1 SA 144A
6.13%, 08/10/22 | | | 204,500 | |
| | 300,000 | | | Avation Capital SA 144A
6.50%, 05/15/21 | | | 314,250 | |
| | | | | Consolidated Energy Finance SA 144A | | | | |
| | 550,000 | | | 6.50%, 05/15/26 | | | 532,125 | |
| | 550,000 | | | 6.88%, 06/15/25 | | | 536,250 | |
| | 300,000 | | | Cosan Luxembourg SA 144A
7.00%, 01/20/27 | | | 332,253 | |
| | | | | CSN Resources SA 144A | | | | |
| | 300,000 | | | 7.63%, 02/13/23 | | | 310,913 | |
| | 300,000 | | | 7.63%, 04/17/26 | | | 305,250 | |
| | 300,000 | | | Gilex Holding Sarl 144A
8.50%, 05/02/23 | | | 326,625 | |
| | 300,000 | | | Gol Finance, Inc. 144A
7.00%, 01/31/25 | | | 308,250 | |
| | 200,000 | | | Hidrovias International Finance SARL 144A
5.95%, 01/24/25 | | | 209,002 | |
| | 200,000 | | | JSL Europe SA
144A 7.75%, 07/26/24 | | | 213,500 | |
| | 500,000 | | | Kernel Holding SA 144A
8.75%, 01/31/22 | | | 530,540 | |
| | 500,000 | | | Klabin Finance SA 144A
4.88%, 09/19/27 | | | 521,255 | |
| | | | | MHP Lux SA 144A | | | | |
| | 200,000 | | | 6.25%, 09/19/29 | | | 192,790 | |
| | 750,000 | | | 6.95%, 04/03/26 | | | 775,507 | |
| | | | | Minerva Luxembourg SA 144A | | | | |
| | 200,000 | | | 5.88%, 01/19/28 | | | 204,400 | |
| | 550,000 | | | 6.50%, 09/20/26 | | | 577,500 | |
| | | | | Puma International Financing SA 144A | | | | |
| | 1,200,000 | | | 5.00%, 01/24/26 | | | 1,154,892 | |
| | 200,000 | | | 5.13%, 10/06/24 | | | 196,802 | |
| | 200,000 | | | Rede D’or Finance Sarl 144A
4.95%, 01/17/28 | | | 203,250 | |
| | 500,000 | | | Rumo Luxembourg Sarl 144A
7.38%, 02/09/24 | | | 540,650 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Luxembourg: (continued) |
| $ | 2,250,000 | | | Sberbank of Russia 144A
5.13%, 10/29/22 | | $ | 2,373,685 | |
| | 200,000 | | | Tupy Overseas SA 144A
6.63%, 07/17/24 | | | 207,102 | |
| | | | | Ultrapar International SA 144A | | | | |
| | 300,000 | | | 5.25%, 10/06/26 | | | 322,503 | |
| | 200,000 | | | 5.25%, 06/06/29 | | | 208,500 | |
| | 300,000 | | | Usiminas International Sarl 144A
5.88%, 07/18/26 | | | 306,375 | |
| | 300,000 | | | Vm Holding SA 144A
5.38%, 05/04/27 | | | 319,316 | |
| | 1,465,000 | | | VTB Bank SA 144A
6.95%, 10/17/22 | | | 1,581,693 | |
| | | | | | | | 14,506,180 | |
| Malaysia: 0.2% |
| | 500,000 | | | Press Metal Labuan Ltd. Reg S
4.80%, 10/30/22 | | | 486,233 | |
| | 300,000 | | | SD International Sukuk Ltd. Reg S
6.30%, 05/09/22 | | | 305,620 | |
| | | | | | | | 791,853 | |
| Marshall Islands: 0.1% |
| | 450,000 | | | Navios South American Logistics, Inc. 144A
7.25%, 05/01/22 | | | 445,500 | |
| Mauritius: 1.8% |
| | 575,000 | | | Azure Power Energy Ltd. 144A
5.50%, 11/03/22 | | | 583,237 | |
| | 200,000 | | | Azure Power Solar Energy Pvt Ltd. 144A
5.65%, 12/24/24 | | | 201,350 | |
| | 500,000 | | | Greenko Investment Co. 144A
4.88%, 08/16/23 | | | 495,027 | |
| | 300,000 | | | Greenko Mauritius Ltd. 144A
6.25%, 02/21/23 | | | 305,181 | |
| | | | | Greenko Solar Mauritius Ltd. 144A | | | | |
| | 500,000 | | | 5.55%, 01/29/25 | | | 502,144 | |
| | 200,000 | | | 5.95%, 07/29/26 | | | 202,520 | |
| | 300,000 | | | HT Global IT Solutions Holdings Ltd. 144A
7.00%, 07/14/21 | | | 309,832 | |
| | 750,000 | | | HTA Group Ltd. 144A
9.13%, 03/08/22 | | | 783,960 | |
| | | | | MTN Mauritius Investments Ltd. 144A | | | | |
| | 800,000 | | | 4.76%, 11/11/24 | | | 820,600 | |
| | 500,000 | | | 5.37%, 02/13/22 | | | 518,469 | |
| | 500,000 | | | 6.50%, 10/13/26 | | | 554,312 | |
| | 500,000 | | | Neerg Energy Ltd. 144A
6.00%, 02/13/22 | | | 495,746 | |
| | | | | | | | 5,772,378 | |
| Mexico: 4.0% |
| | 500,000 | | | Axtel SAB de CV 144A
6.38%, 11/14/24 | | | 523,775 | |
| | 700,000 | | | Banco Nacional de Comercio Exterior SNC/Cayman Islands 144A
3.80% (US Treasury Yield Curve Rate T 5 Year+3.00%), 08/11/26 | | | 711,382 | |
| | 1,100,000 | | | BBVA Bancomer SA 144A
5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/33 | | | 1,075,855 | |
Principal
Amount | | | | | Value | |
| Mexico: (continued) |
| | | | | Cemex SAB de CV 144A | | | | |
| $ | 1,200,000 | | | 5.70%, 01/11/25 | | $ | 1,237,800 | |
| | 700,000 | | | 6.13%, 05/05/25 | | | 727,125 | |
| | 900,000 | | | 7.75%, 04/16/26 | | | 973,134 | |
| | 200,000 | | | Credito Real SAB de CV 144A
7.25%, 07/20/23 | | | 211,502 | |
| | 400,000 | | | Credito Real SAB de CV SOFOM ER 144A
9.50%, 02/07/26 | | | 461,000 | |
| | 300,000 | | | Cydsa SAB de CV 144A
6.25%, 10/04/27 | | | 310,503 | |
| | 350,000 | | | Docuformas SAPI de CV 144A
10.25%, 07/24/24 | | | 355,775 | |
| | 560,000 | | | Elementia SAB de CV 144A
5.50%, 01/15/25 | | | 564,200 | |
| | 600,000 | | | Grupo Bimbo SAB de CV 144A
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | | | 637,200 | |
| | 300,000 | | | Grupo Idesa SA de CV 144A
7.88%, 12/18/20 | | | 226,125 | |
| | 585,000 | | | Grupo KUO SAB De CV 144A
5.75%, 07/07/27 | | | 604,012 | |
| | 400,000 | | | Grupo Posadas SAB de CV 144A
7.88%, 06/30/22 | | | 402,000 | |
| | 350,000 | | | Metalsa SA de CV 144A
4.90%, 04/24/23 | | | 364,875 | |
| | 600,000 | | | Nemak SAB de CV 144A
4.75%, 01/23/25 | | | 622,500 | |
| | 300,000 | | | Sixsigma Networks Mexico SA de CV 144A
7.50%, 05/02/25 | | | 301,500 | |
| | 450,000 | | | TV Azteca SAB de CV Reg S
8.25%, 08/09/24 | | | 424,130 | |
| | | | | Unifin Financiera SA de CV 144A | | | | |
| | 400,000 | | | 7.00%, 01/15/25 | | | 401,290 | |
| | 500,000 | | | 7.25%, 09/27/23 | | | 519,380 | |
| | | | | Unifin Financiera SAB de CV 144A | | | | |
| | 300,000 | | | 7.38%, 02/12/26 | | | 301,725 | |
| | 500,000 | | | 8.38%, 01/27/28 | | | 513,125 | |
| | | | | | | | 12,469,913 | |
| Mongolia: 0.2% |
| | 400,000 | | | Mongolian Mining Corp./Energy Resources LLC 144A
9.25%, 04/15/24 | | | 375,936 | |
| | 300,000 | | | Mongolian Mortgage Corp Hfc LLC 144A
9.75%, 01/29/22 | | | 294,686 | |
| | | | | | | | 670,622 | |
| Netherlands: 9.1% |
| | 470,000 | | | Ajecorp BV 144A
6.50%, 05/14/22 | | | 461,775 | |
| | 400,000 | | | Cimpor Financial Operations BV 144A
5.75%, 07/17/24 | | | 296,004 | |
| | 1,500,000 | | | Greenko Dutch BV 144A
5.25%, 07/24/24 | | | 1,513,875 | |
| | 650,000 | | | GTH Finance BV 144A
7.25%, 04/26/23 | | | 727,684 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Netherlands: (continued) |
| | | | | IHS Netherlands Holdco BV 144A | | | | |
| $ | 400,000 | | | 7.13%, 03/18/25 | | $ | 414,000 | |
| | 700,000 | | | 8.00%, 09/18/27 | | | 733,250 | |
| | 200,000 | | | Jababeka International BV 144A
6.50%, 10/05/23 | | | 177,908 | |
| | 1,200,000 | | | Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42 | | | 1,624,990 | |
| | 600,000 | | | Listrindo Capital BV 144A
4.95%, 09/14/26 | | | 610,200 | |
| | 900,000 | | | Marfrig Holding Europe BV 144A
8.00%, 06/08/23 | | | 938,259 | |
| | | | | Metinvest BV 144A | | | | |
| | 1,050,000 | | | 7.75%, 04/23/23 | | | 1,100,461 | |
| | 650,000 | | | 8.50%, 04/23/26 | | | 682,209 | |
| | 600,000 | | | Mong Duong Finance Holdings BV 144A
5.13%, 05/07/29 | | | 612,447 | |
| | 400,000 | | | MV24 Capital BV 144A
6.75%, 06/01/34 | | | 419,200 | |
| | | | | Nostrum Oil & Gas Finance BV 144A | | | | |
| | 250,000 | | | 7.00%, 02/16/25 | | | 134,975 | |
| | 850,000 | | | 8.00%, 07/25/22 | | | 464,865 | |
| | | | | Petrobras Global Finance BV | | | | |
| | 275,000 | | | 4.38%, 05/20/23 | | | 287,238 | |
| | 400,000 | | | 5.75%, 02/01/29 | | | 445,840 | |
| | 704,000 | | | 6.00%, 01/27/28 | | | 795,212 | |
| | 350,000 | | | 6.25%, 03/17/24 | | | 394,363 | |
| | 450,000 | | | 6.85%, 06/05/15 | | | 518,625 | |
| | 100,000 | | | 6.88%, 01/20/40 | | | 117,100 | |
| | 300,000 | | | 6.90%, 03/19/49 | | | 349,290 | |
| | 200,000 | | | 7.25%, 03/17/44 | | | 243,500 | |
| | 700,000 | | | 7.38%, 01/17/27 | | | 849,100 | |
| | 380,000 | | | 8.75%, 05/23/26 | | | 487,160 | |
| | 558,000 | | | Petrobras Global Finance BV 144A
5.09%, 01/15/30 | | | 592,456 | |
| | | | | Teva Pharmaceutical Finance Netherlands III BV | | | | |
| | 2,100,000 | | | 2.20%, 07/21/21 | | | 1,998,717 | |
| | 2,125,000 | | | 2.80%, 07/21/23 | | | 1,843,437 | |
| | 2,145,000 | | | 3.15%, 10/01/26 | | | 1,619,475 | |
| | 1,335,000 | | | 4.10%, 10/01/46 | | | 919,481 | |
| | 875,000 | | | 6.00%, 04/15/24 | | | 821,406 | |
| | 950,000 | | | 6.75%, 03/01/28 | | | 855,000 | |
| | | | | VEON Holdings BV 144A | | | | |
| | 600,000 | | | 3.95%, 06/16/21 | | | 609,336 | |
| | 645,000 | | | 4.00%, 04/09/25 | | | 663,421 | |
| | 600,000 | | | 4.95%, 06/16/24 | | | 640,104 | |
| | 500,000 | | | 5.95%, 02/13/23 | | | 545,785 | |
| | 550,000 | | | 7.50%, 03/01/22 | | | 609,812 | |
| | 1,376,000 | | | VTR Finance BV 144A
6.88%, 01/15/24 | | | 1,413,840 | |
| | | | | | | | 28,531,800 | |
| Nigeria: 0.6% |
| | 400,000 | | | Access Bank Plc 144A
10.50%, 10/19/21 | | | 444,980 | |
| | 400,000 | | | Fidelity Bank Plc 144A
10.50%, 10/16/22 | | | 450,243 | |
Principal
Amount | | | | | Value | |
| Nigeria: (continued) |
| $ | 400,000 | | | SEPLAT Petroleum Development Co. Plc 144A
9.25%, 04/01/23 | | $ | 422,000 | |
| | 400,000 | | | United Bank for Africa Plc 144A
7.75%, 06/08/22 | | | 425,232 | |
| | | | | | | | 1,742,455 | |
| Oman: 0.6% |
| | | | | Bank Muscat SAOG Reg S | | | | |
| | 400,000 | | | 3.75%, 05/03/21 | | | 399,553 | |
| | 500,000 | | | 4.88%, 03/14/23 | | | 507,967 | |
| | 550,000 | | | Mazoon Assets Co. SAOC 144A
5.20%, 11/08/27 | | | 552,040 | |
| | 500,000 | | | National Bank of Oman SAOG Reg
S 5.63%, 09/25/23 | | | 518,269 | |
| | | | | | | | 1,977,829 | |
| Panama: 0.2% |
| | 375,000 | | | AES El Salvador Trust II 144A
6.75%, 03/28/23 | | | 375,900 | |
| | 300,000 | | | AES Panama SRL 144A
6.00%, 06/25/22 | | | 309,978 | |
| | | | | | | | 685,878 | |
| Paraguay: 0.1% |
| | 400,000 | | | Telefonica Celular del Paraguay SA 144A
5.88%, 04/15/27 | | | 432,074 | |
| Peru: 1.1% |
| | 500,000 | | | Inretail Pharma SA 144A
5.38%, 05/02/23 | | | 527,500 | |
| | 500,000 | | | Minsur SA 144A
6.25%, 02/07/24 | | | 554,375 | |
| | 300,000 | | | Nexa Resources Peru SAA 144A
4.63%, 03/28/23 | | | 311,253 | |
| | 600,000 | | | Orazul Energy Egenor S. en C. por A. 144A
5.63%, 04/28/27 | | | 616,875 | |
| | 400,000 | | | Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A
5.75%, 04/03/28 | | | 430,480 | |
| | 400,000 | | | SAN Miguel Industrias Pet SA 144A
4.50%, 09/18/22 | | | 409,540 | |
| | 530,000 | | | Volcan Cia Minera SAA 144A
5.38%, 02/02/22 | | | 551,205 | |
| | | | | | | | 3,401,228 | |
| Russia: 0.3% |
| | 400,000 | | | Global Ports Finance Plc 144A
6.50%, 09/22/23 | | | 437,500 | |
| | 525,000 | | | MHP SE 144A
7.75%, 05/10/24 | | | 558,358 | |
| | | | | | | | 995,858 | |
| Saint Lucia: 0.2% |
| | 600,000 | | | Digicel International Finance Ltd./ Digicel Holdings Bermuda Ltd. 144A
8.75%, 05/25/24 | | | 571,500 | |
| Saudi Arabia: 0.2% |
| | 600,000 | | | Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.88%, 04/10/22 | | | 605,246 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Singapore: 2.6% |
| | | | | ABJA Investment Co. Pte Ltd. Reg S | | | | |
| $ | 600,000 | | | 5.45%, 01/24/28 | | $ | 585,220 | |
| | 1,700,000 | | | 5.95%, 07/31/24 | | | 1,786,105 | |
| | 200,000 | | | APL Realty Holdings Pte Ltd. Reg S
5.95%, 06/02/24 | | | 165,103 | |
| | 111,000 | | | Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) (e) * | | | 1,388 | |
| | 300,000 | | | Geo Coal International Pte Ltd. 144A
8.00%, 10/04/22 | | | 219,006 | |
| | 300,000 | | | Global Prime Capital Pte Ltd. Reg S
7.25%, 04/26/21 | | | 310,200 | |
| | 800,000 | | | Indika Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24 | | | 778,319 | |
| | 300,000 | | | Jubilant Pharma Ltd. Reg S
4.88%, 10/06/21 | | | 307,340 | |
| | 600,000 | | | Marble II Pte Ltd. 144A
5.30%, 06/20/22 | | | 609,298 | |
| | 500,000 | | | Medco Oak Tree Pte Ltd. 144A
7.38%, 05/14/26 | | | 510,929 | |
| | 800,000 | | | Medco Platinum Road Pte Ltd.
144A 6.75%, 01/30/25 | | | 808,716 | |
| | 300,000 | | | Medco Straits Services Pte Ltd.
144A 8.50%, 08/17/22 | | | 320,841 | |
| | 400,000 | | | SSMS Plantation Holdings Pte Ltd. Reg S
7.75%, 01/23/23 | | | 322,989 | |
| | 400,000 | | | TBG Global Pte Ltd. Reg S
5.25%, 02/10/22 | | | 406,799 | |
| | | | | Theta Capital Pte Ltd. Reg S | | | | |
| | 200,000 | | | 6.75%, 10/31/26 | | | 181,044 | |
| | 700,000 | | | 7.00%, 04/11/22 | | | 704,088 | |
| | | | | | | | 8,017,385 | |
| South Africa: 2.5% |
| | 400,000 | | | Absa Group Ltd. Reg S
6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28 | | | 418,600 | |
| | | | | Eskom Holdings SOC Ltd. 144A | | | | |
| | 1,825,000 | | | 5.75%, 01/26/21 | | | 1,840,978 | |
| | 1,075,000 | | | 6.35%, 08/10/28 | | | 1,140,836 | |
| | 980,000 | | | 6.75%, 08/06/23 | | | 1,009,188 | |
| | 1,215,000 | | | 7.13%, 02/11/25 | | | 1,252,632 | |
| | 500,000 | | | 8.45%, 08/10/28 | | | 549,089 | |
| | 450,000 | | | FirstRand Bank Ltd. Reg S
6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28 | | | 479,120 | |
| | 1,000,000 | | | Transnet SOC Ltd. 144A
4.00%, 07/26/22 | | | 1,012,568 | |
| | | | | | | | 7,703,011 | |
| South Korea: 0.5% |
| | | | | Woori Bank 144A | | | | |
| | 500,000 | | | 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | | | 500,902 | |
| | 700,000 | | | 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (o) | | | 708,113 | |
| | 400,000 | | | 5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (o) | | | 413,110 | |
| | | | | | | | 1,622,125 | |
Principal
Amount | | | | | Value | |
| Spain: 0.4% |
| $ | 650,000 | | | AI Candelaria Spain SLU 144A
7.50%, 12/15/28 | | $ | 735,312 | |
| | 500,000 | | | International Airport Finance SA 144A
12.00%, 03/15/33 | | | 541,750 | |
| | | | | | | | 1,277,062 | |
| Thailand: 0.2% |
| | 575,000 | | | PTTEP Treasury Center Co. Ltd. 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+2.72%), 07/17/22 (o) | | | 591,362 | |
| Togo: 0.2% |
| | 500,000 | | | Ecobank Transnational, Inc. 144A
9.50%, 04/18/24 | | | 561,250 | |
| Trinidad and Tobago: 0.3% |
| | 300,000 | | | Telecommunications Services of Trinidad & Tobago Ltd. 144A
8.88%, 10/18/29 | | | 300,750 | |
| | 550,000 | | | Trinidad Petroleum Holdings Ltd. 144A
9.75%, 06/15/26 | | | 621,569 | |
| | | | | | | | 922,319 | |
| Turkey: 8.9% |
| | | | | Akbank TAS 144A | | | | |
| | 550,000 | | | 5.00%, 10/24/22 | | | 546,569 | |
| | 400,000 | | | 5.13%, 03/31/25 | | | 383,459 | |
| | 300,000 | | | 6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28 | | | 268,808 | |
| | 375,000 | | | 7.20% (USD Swap Semi 30/360 5 Year+5.03%), 03/16/27 | | | 355,665 | |
| | 300,000 | | | Alternatifbank AS Reg S
8.75% (USD Swap Semi 30/360 5 Year+7.83%), 04/16/26 | | | 297,498 | |
| | 600,000 | | | Anadolu Efes Biracilik Ve Malt Sanayii AS 144A
3.38%, 11/01/22 | | | 595,872 | |
| | 580,000 | | | Arcelik AS 144A
5.00%, 04/03/23 | | | 586,673 | |
| | 500,000 | | | Coca-Cola Icecek AS 144A
4.22%, 09/19/24 | | | 501,205 | |
| | | | | Fibabanka AS Reg S | | | | |
| | 450,000 | | | 6.00%, 01/25/23 | | | 431,838 | |
| | 200,000 | | | 7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 | | | 182,500 | |
| | 700,000 | | | Finansbank AS 144A
4.88%, 05/19/22 | | | 699,707 | |
| | | | | KOC Holding AS 144A | | | | |
| | 700,000 | | | 5.25%, 03/15/23 | | | 708,767 | |
| | 800,000 | | | 6.50%, 03/11/25 | | | 834,880 | |
| | 500,000 | | | KT Kira Sertifikalari Varlik Kiralama AS Reg S
5.14%, 11/02/21 | | | 507,111 | |
| | 500,000 | | �� | Petkim Petrokimya Holding AS 144A
5.88%, 01/26/23 | | | 493,546 | |
| | 500,000 | | | QNB Finansbank AS 144A
6.88%, 09/07/24 | | | 527,463 | |
| | 250,000 | | | Ronesans Gayrimenkul Yatirim AS 144A
7.25%, 04/26/23 | | | 222,433 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Turkey: (continued) |
| | | | | TC Ziraat Bankasi AS 144A | | | | |
| $ | 600,000 | | | 4.75%, 04/29/21 | | $ | 596,688 | |
| | 600,000 | | | 5.13%, 05/03/22 | | | 587,642 | |
| | 300,000 | | | 5.13%, 09/29/23 | | | 286,104 | |
| | 700,000 | | | Tupras Turkiye Petrol Rafinerileri AS 144A
4.50%, 10/18/24 | | | 670,522 | |
| | | | | Turk Telekomunikasyon AS 144A | | | | |
| | 400,000 | | | 4.88%, 06/19/24 | | | 393,444 | |
| | 500,000 | | | 6.88%, 02/28/25 | | | 531,915 | |
| | | | | Turkcell Iletisim Hizmetleri AS 144A | | | | |
| | 400,000 | | | 5.75%, 10/15/25 | | | 401,629 | |
| | 500,000 | | | 5.80%, 04/11/28 | | | 486,850 | |
| | | | | Turkiye Garanti Bankasi AS 144A | | | | |
| | 800,000 | | | 5.25%, 09/13/22 | | | 804,564 | |
| | 400,000 | | | 5.88%, 03/16/23 | | | 407,049 | |
| | 850,000 | | | 6.13% (USD Swap Semi 30/360 5 Year+4.22%), 05/24/27 | | | 765,000 | |
| | 300,000 | | | 6.25%, 04/20/21 | | | 308,424 | |
| | | | | Turkiye Halk Bankasi AS 144A | | | | |
| | 500,000 | | | 4.75%, 02/11/21 | | | 465,050 | |
| | 500,000 | | | 5.00%, 07/13/21 | | | 463,953 | |
| | | | | Turkiye Is Bankasi AS 144A | | | | |
| | 575,000 | | | 5.00%, 06/25/21 | | | 573,567 | |
| | 600,000 | | | 5.38%, 10/06/21 | | | 601,578 | |
| | 680,000 | | | 5.50%, 04/21/22 | | | 678,589 | |
| | 1,500,000 | | | 6.00%, 10/24/22 | | | 1,458,937 | |
| | 1,200,000 | | | 6.13%, 04/25/24 | | | 1,173,173 | |
| | 200,000 | | | 7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | | | 184,920 | |
| | 175,000 | | | 7.85%, 12/10/23 | | | 178,478 | |
| | | | | Turkiye Sinai Kalkinma Bankasi AS Reg S | | | | |
| | 200,000 | | | 4.88%, 05/18/21 | | | 199,216 | |
| | 350,000 | | | 5.50%, 01/16/23 | | | 342,602 | |
| | 200,000 | | | 7.63% (USD Swap Semi 30/360 5 Year+5.54%), 03/29/27 | | | 189,703 | |
| | 700,000 | | | Turkiye Sise ve Cam Fabrikalari AS 144A
6.95%, 03/14/26 | | | 730,625 | |
| | | | | Turkiye Vakiflar Bankasi TAO 144A | | | | |
| | 500,000 | | | 5.50%, 10/27/21 | | | 497,425 | |
| | 630,000 | | | 5.63%, 05/30/22 | | | 619,762 | |
| | 600,000 | | | 5.75%, 01/30/23 | | | 582,657 | |
| | 600,000 | | | 6.00%, 11/01/22 | | | 581,130 | |
| | 550,000 | | | 8.13%, 03/28/24 | | | 567,699 | |
| | | | | Yapi ve Kredi Bankasi AS 144A | | | | |
| | 1,750,000 | | | 5.50%, 12/06/22 | | | 1,706,448 | |
| | 350,000 | | | 5.75%, 02/24/22 | | | 351,488 | |
| | 750,000 | | | 5.85%, 06/21/24 | | | 725,958 | |
| | 250,000 | | | 6.10%, 03/16/23 | | | 249,037 | |
| | 175,000 | | | 8.25%, 10/15/24 | | | 184,888 | |
| | 200,000 | | | 8.50% (USD Swap Semi 30/360 5 Year+7.40%), 03/09/26 | | | 199,425 | |
| | | | | | | | 27,890,133 | |
Principal
Amount | | | | | Value | |
| United Arab Emirates: 1.3% |
| $ | 500,000 | | | ADES International Holding Plc 144A
8.63%, 04/24/24 | | $ | 515,625 | |
| | 950,000 | | | Emirates NBD PJSC Reg S
6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | | | 989,920 | |
| | 800,000 | | | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A
7.13%, 07/31/26 | | | 832,000 | |
| | | | | Oztel Holdings SPC Ltd. 144A | | | | |
| | 700,000 | | | 5.63%, 10/24/23 | | | 732,854 | |
| | 850,000 | | | 6.63%, 04/24/28 | | | 878,432 | |
| | | | | | | | 3,948,831 | |
| United Kingdom: 5.2% |
| | | | | AngloGold Ashanti Holdings Plc | | | | |
| | 700,000 | | | 5.13%, 08/01/22 | | | 738,391 | |
| | 400,000 | | | 6.50%, 04/15/40 | | | 453,654 | |
| | 1,450,062 | | | DTEK Finance Plc
10.75%, 12/31/24 | | | 1,481,238 | |
| | | | | Evraz Plc 144A | | | | |
| | 700,000 | | | 5.25%, 04/02/24 | | | 747,806 | |
| | 975,000 | | | 5.38%, 03/20/23 | | | 1,043,055 | |
| | | | | Evraz Plc Reg S | | | | |
| | 400,000 | | | 6.75%, 01/31/22 | | | 433,700 | |
| | 600,000 | | | 8.25%, 01/28/21 | | | 640,500 | |
| | 800,000 | | | Liquid Telecommunications Financing Plc 144A
8.50%, 07/13/22 | | | 800,872 | |
| | 200,000 | | | NAK Naftogaz Ukraine via Kondor Finance Plc Reg S
7.38%, 07/19/22 | | | 203,580 | |
| | 322,000 | | | Oschadbank 144A
9.38%, 03/10/23 (s) | | | 337,221 | |
| | 700,000 | | | Petra Diamonds US Treasury Plc 144A
7.25%, 05/01/22 | | | 493,500 | |
| | 200,000 | | | Petropavlovsk 2016 Ltd. 144A
8.13%, 11/14/22 | | | 201,863 | |
| | | | | Polyus Finance Plc 144A | | | | |
| | 550,000 | | | 4.70%, 03/28/22 | | | 570,829 | |
| | 450,000 | | | 4.70%, 01/29/24 | | | 473,562 | |
| | 800,000 | | | 5.25%, 02/07/23 | | | 849,752 | |
| | | | | Tullow Oil Plc 144A | | | | |
| | 1,200,000 | | | 6.25%, 04/15/22 | | | 1,212,900 | |
| | 350,000 | | | 7.00%, 03/01/25 | | | 362,688 | |
| | 900,000 | | | Ukraine Railways Via Rail Capital Markets Plc Reg S
8.25%, 07/09/24 | | | 953,550 | |
| | | | | Vedanta Resources Finance II Plc 144A | | | | |
| | 500,000 | | | 8.00%, 04/23/23 | | | 510,000 | |
| | 300,000 | | | 9.25%, 04/23/26 | | | 301,950 | |
| | | | | Vedanta Resources Ltd. 144A | | | | |
| | 650,000 | | | 6.38%, 07/30/22 | | | 645,125 | |
| | 200,000 | | | 7.13%, 05/31/23 | | | 199,550 | |
| | | | | Vedanta Resources Plc 144A | | | | |
| | 1,450,000 | | | 6.13%, 08/09/24 | | | 1,348,549 | |
| | 1,310,000 | | | 8.25%, 06/07/21 | | | 1,367,967 | |
| | | | | | | | 16,371,802 | |
See Notes to Financial Statements
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United States: 3.1% |
| $ | 200,000 | | | Azul Investments LLP 144A
5.88%, 10/26/24 | | $ | 206,752 | |
| | 1,170,000 | | | Cemex Finance LLC 144A
6.00%, 04/01/24 | | | 1,201,941 | |
| | | | | DAE Funding LLC 144A | | | | |
| | 400,000 | | | 4.50%, 08/01/22 | | | 408,272 | |
| | 1,800,000 | | | 5.00%, 08/01/24 | | | 1,883,340 | |
| | 200,000 | | | 5.25%, 11/15/21 | | | 208,750 | |
| | | | | JBS USA LUX SA / JBS USA Finance, Inc. 144A | | | | |
| | 900,000 | | | 5.75%, 06/15/25 | | | 938,250 | |
| | 350,000 | | | 5.88%, 07/15/24 | | | 361,375 | |
| | 300,000 | | | 6.75%, 02/15/28 | | | 331,128 | |
| | | | | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A | | | | |
| | 200,000 | | | 5.50%, 01/15/30 | | | 216,000 | |
| | 500,000 | | | 6.50%, 04/15/29 | | | 557,515 | |
| | 600,000 | | | Kosmos Energy Ltd. 144A
7.13%, 04/04/26 | | | 628,500 | |
| | 500,000 | | | NBM US Holdings, Inc. 144A
7.00%, 05/14/26 | | | 531,812 | |
| | 519,115 | | | Rio Oil Finance Trust 144A
9.25%, 07/06/24 | | | 580,111 | |
| | 700,000 | | | Stillwater Mining Co. 144A
7.13%, 06/27/25 | | | 724,675 | |
| | 520,000 | | | Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 | | | 430,300 | |
| | 500,000 | | | VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A
10.50%, 06/01/24 | | | 487,500 | |
| | | | | | | | 9,696,221 | |
| Vietnam: 0.1% |
| | 400,000 | | | Vietnam Prosperity JSC Bank Reg S
6.25%, 07/17/22 | | | 392,776 | |
Total Corporate Bonds
(Cost: $296,242,597) | | | 294,503,607 | |
| GOVERNMENT OBLIGATIONS: 4.2% | | | | |
| Argentina: 2.0% | | | | |
| | | | | City of Buenos Aires 144A | | | | |
| | 875,000 | | | 7.50%, 06/01/27 | | | 671,562 | |
| | 402,000 | | | 8.95%, 02/19/21 | | | 365,824 | |
| | 350,000 | | | Province of Salta 144A
9.13%, 07/07/24 | | | 196,000 | |
| | | | | Provincia de Buenos Aires 144A | | | | |
| | 750,000 | | | 6.50%, 02/15/23 | | | 258,758 | |
| | 1,850,000 | | | 7.88%, 06/15/27 | | | 656,768 | |
| | 1,380,000 | | | 9.13%, 03/16/24 | | | 486,450 | |
| | 950,000 | | | 9.95%, 06/09/21 | | | 375,260 | |
| | 436,689 | | | 10.88%, 01/26/21 | | | 217,034 | |
| | 300,000 | | | Provincia de Buenos Aires/Government Bonds 144A
9.63%, 04/18/28 | | | 115,503 | |
| | 500,000 | | | Provincia de Buenos Aires/Government Bonds Reg S
9.63%, 04/18/28 | | | 192,505 | |
| | 400,000 | | | Provincia de Chubut 144A
7.75%, 07/26/26 | | | 262,000 | |
Principal
Amount | | | | | Value | |
| Argentina: (continued) | | | | |
| | | | | Provincia de Cordoba 144A | | | | |
| $ | 800,000 | | | 7.13%, 06/10/21 | | $ | 604,008 | |
| | 600,000 | | | 7.13%, 08/01/27 | | | 384,006 | |
| | 325,000 | | | 7.45%, 09/01/24 | | | 209,953 | |
| | 500,000 | | | Provincia de Entre Rios 144A
8.75%, 02/08/25 | | | 282,500 | |
| | 325,000 | | | Provincia de la Rioja 144A
9.75%, 02/24/25 | | | 141,375 | |
| | 500,000 | | | Provincia de Mendoza 144A
8.38%, 05/19/24 | | | 327,505 | |
| | 550,000 | | | Provincia de Neuquen 144A
8.63%, 05/12/28 | | | 478,506 | |
| | 125,000 | | | Provincia de Neuquen Argentina 144A
7.50%, 04/27/25 | | | 84,375 | |
| | 200,000 | | | Provincia de Rio Negro 144A
7.75%, 12/07/25 | | | 84,000 | |
| | | | | | | | 6,393,892 | |
| Azerbaijan: 0.4% | | | | |
| | 1,050,000 | | | State Oil Co. of the Azerbaijan Republic Reg S
4.75%, 03/13/23 | | | 1,096,578 | |
| Cayman Islands: 0.2% | | | | |
| | 450,000 | | | Brazil Minas SPE 144A
5.33%, 02/15/28 | | | 479,817 | |
| Costa Rica: 0.3% | | | | |
| | | | | Instituto Costarricense de Electricidad 144A | | | | |
| | 550,000 | | | 6.38%, 05/15/43 | | | 449,631 | |
| | 500,000 | | | 6.95%, 11/10/21 | | | 509,380 | |
| | | | | | | | 959,011 | |
| Mongolia: 0.2% | | | | |
| | 600,000 | | | Development Bank of Mongolia LLC 144A
7.25%, 10/23/23 | | | 629,976 | |
| Turkey: 0.9% | | | | |
| | | | | Export Credit Bank of Turkey 144A | | | | |
| | 550,000 | | | 4.25%, 09/18/22 | | | 529,741 | |
| | 500,000 | | | 5.00%, 09/23/21 | | | 502,482 | |
| | 400,000 | | | 5.38%, 02/08/21 | | | 403,374 | |
| | 400,000 | | | 5.38%, 10/24/23 | | | 389,500 | |
| | 500,000 | | | 6.13%, 05/03/24 | | | 495,461 | |
| | 500,000 | | | 8.25%, 01/24/24 | | | 535,019 | |
| | | | | | | | 2,855,577 | |
| Ukraine: 0.2% | | | | |
| | 650,000 | | | Ukreximbank 144A
9.75%, 01/22/25 | | | 691,307 | |
Total Government Obligations
(Cost: $18,554,024) | | | 13,106,158 | |
Total Investments: 98.2%
(Cost: $314,796,621) | | | 307,609,765 | |
| Other assets less liabilities: 1.8% | | | 5,695,246 | |
| NET ASSETS: 100.0% | | $ | 313,305,011 | |
See Notes to Financial Statements
Footnotes:
| (d) | Security in default of coupon payment |
| (e) | Security in default of principal |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (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 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 $220,721,841, or 70.4% of net assets. |
| Summary of Investments by Sector | | % of Investments | | Value | |
| Basic Materials | | | | 11.2 | % | | $ | 34,388,286 | |
| Communications | | | | 6.6 | | | | 20,212,250 | |
| Consumer, Cyclical | | | | 4.6 | | | | 14,333,927 | |
| Consumer, Non-cyclical | | | | 8.8 | | | | 26,983,614 | |
| Diversified | | | | 1.0 | | | | 3,255,673 | |
| Energy | | | | 14.8 | | | | 45,463,971 | |
| Financial | | | | 35.6 | | | | 109,596,514 | |
| Government | | | | 4.3 | | | | 13,106,158 | |
| Industrial | | | | 6.7 | | | | 20,624,267 | |
| Technology | | | | 0.2 | | | | 609,298 | |
| Utilities | | | | 6.2 | | | | 19,035,807 | |
| | | | | 100.0 | % | | $ | 307,609,765 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Corporate Bonds* | | | $ | — | | | $ | 294,503,607 | | | | $ | — | | | $ | 294,503,607 | |
| Government Obligations* | | | | — | | | | 13,106,158 | | | | | — | | | | 13,106,158 | |
| Total | | | $ | — | | | $ | 307,609,765 | | | | $ | — | | | $ | 307,609,765 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| CORPORATE BONDS: 98.1% | | | | |
| Canada: 1.3% | | | | |
| $ | 2,954,000 | | | Bombardier, Inc. 144A
7.45%, 05/01/34 | | $ | 2,747,220 | |
| | | | | TransAlta Corp. | | | | |
| | 4,684,000 | | | 4.50%, 11/15/22 | | | 4,852,816 | |
| | 3,517,000 | | | 6.50%, 03/15/40 | | | 3,556,676 | |
| | 4,675,000 | | | WestJet Airlines Ltd. 144A
3.50%, 06/16/21 | | | 4,741,281 | |
| | | | | | | | 15,897,993 | |
| Cayman Islands: 2.0% | | | | |
| | | | | Noble Holding International Ltd. | | | | |
| | 5,587,000 | | | 5.25%, 03/15/42 | | | 2,150,995 | |
| | 4,809,000 | | | 6.05%, 03/01/41 | | | 1,707,195 | |
| | 4,696,000 | | | 6.20%, 08/01/40 | | | 1,831,440 | |
| | 5,272,000 | | | 7.95%, 04/01/25 | | | 3,057,760 | |
| | 4,743,000 | | | 8.95%, 04/01/45 | | | 2,051,348 | |
| | | | | Transocean, Inc. | | | | |
| | 11,700,000 | | | 6.80%, 03/15/38 | | | 7,268,625 | |
| | 6,942,000 | | | 7.50%, 04/15/31 | | | 4,685,850 | |
| | 3,537,000 | | | 9.35%, 12/15/41 | | | 2,458,215 | |
| | | | | | | | 25,211,428 | |
| Finland: 0.5% | | | | |
| | 5,906,000 | | | Nokia OYJ | | | | |
| | | | | 6.63%, 05/15/39 | | | 6,791,900 | |
| Germany: 2.7% | | | | |
| | | | | Deutsche Bank AG | | | | |
| | 17,487,000 | | | 4.30% (USD Swap Semi 30/360 | | | | |
| | | | | 5 Year+2.25%), 05/24/28 | | | 16,575,986 | |
| | 17,506,000 | | | 4.50%, 04/01/25 | | | 17,079,315 | |
| | | | | | | | 33,655,301 | |
| Ireland: 0.3% | | | | |
| | 3,060,000 | | | Smurfit Kappa Treasury Funding Ltd.
7.50%, 11/20/25 | | | 3,725,550 | |
| Italy: 2.0% | | | | | | | |
| | 23,143,000 | | | Intesa Sanpaolo SpA 144A
5.02%, 06/26/24 | | | 24,159,314 | |
| Luxembourg: 4.3% | | | | |
| | | | | Telecom Italia Capital | | | | |
| | 11,663,000 | | | 6.00%, 09/30/34 | | | 12,508,567 | |
| | 11,619,000 | | | 6.38%, 11/15/33 | | | 12,864,673 | |
| | 11,709,000 | | | 7.20%, 07/18/36 | | | 13,699,530 | |
| | 11,639,000 | | | 7.72%, 06/04/38 | | | 14,286,872 | |
| | | | | | | | 53,359,642 | |
| Sweden: 1.0% | | | | |
| | 11,749,000 | | | Ericsson LM
4.13%, 05/15/22 | | | 12,205,449 | |
| United Kingdom: 6.3% | | | | |
| | 6,820,000 | | | Barclays Bank Plc 6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (o) | | | 7,621,350 | |
| | | | | Lloyds Banking Group Plc 144A | | | | |
| | 4,385,000 | | | 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | | | 4,905,719 | |
| | 5,089,000 | | | 6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) | | | 5,776,015 | |
| | | | | | | | | |
| | | | | | | | | |
Principal
Amount | | | | | Value | |
| United Kingdom: (continued) | | | | |
| $ | 8,887,000 | | | Royal Bank of Scotland Group Plc
7.65% (ICE LIBOR USD 3 Month+2.50%), 09/30/31 (o) | | $ | 12,666,641 | |
| | 300,000 | | | Signet UK Finance Plc
4.70%, 06/15/24 | | | 283,500 | |
| | 8,800,000 | | | Standard Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | | | 10,323,764 | |
| | | | | Valaris plc | | | | |
| | 1,600,000 | | | 4.50%, 10/01/24 | | | 824,000 | |
| | 5,910,000 | | | 5.20%, 03/15/25 | | | 3,102,750 | |
| | 11,736,000 | | | 5.75%, 10/01/44 | | | 4,811,760 | |
| | 23,392,000 | | | Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | | | 27,105,197 | |
| | | | | | | | 77,420,696 | |
| United States: 77.7% | | | | |
| | | | | ADT Corp. | | | | |
| | 11,646,000 | | | 3.50%, 07/15/22 | | | 11,716,691 | |
| | 8,154,000 | | | 4.13%, 06/15/23 | | | 8,296,695 | |
| | | | | Allegheny Technologies, Inc. | | | | |
| | 5,847,000 | | | 5.95%, 01/15/21 | | | 6,051,645 | |
| | 5,845,000 | | | 7.88%, 08/15/23 | | | 6,387,416 | |
| | 6,070,000 | | | Ally Financial, Inc.
8.00%, 11/01/31 | | | 8,378,421 | |
| | | | | Arconic, Inc. | | | | |
| | 14,703,000 | | | 5.40%, 04/15/21 | | | 15,173,643 | |
| | 7,392,000 | | | 5.87%, 02/23/22 | | | 7,907,259 | |
| | 7,511,000 | | | 5.90%, 02/01/27 | | | 8,358,306 | |
| | 7,275,000 | | | 5.95%, 02/01/37 | | | 7,862,129 | |
| | 3,272,000 | | | 6.75%, 01/15/28 | | | 3,776,215 | |
| | 5,749,000 | | | Avon Products, Inc.
7.00%, 03/15/23 | | | 6,065,195 | |
| | | | | Bed Bath & Beyond, Inc. | | | | |
| | 3,500,000 | | | 3.75%, 08/01/24 † | | | 3,482,500 | |
| | 3,586,000 | | | 4.92%, 08/01/34 | | | 2,756,817 | |
| | 10,520,000 | | | 5.17%, 08/01/44 | | | 7,690,120 | |
| | | | | Buckeye Partners LP | | | | |
| | 6,965,000 | | | 3.95%, 12/01/26 | | | 6,439,693 | |
| | 4,750,000 | | | 4.13%, 12/01/27 | | | 4,388,394 | |
| | 6,000,000 | | | 4.15%, 07/01/23 | | | 6,040,962 | |
| | 3,512,000 | | | 4.35%, 10/15/24 | | | 3,524,072 | |
| | 7,570,000 | | | 4.88%, 02/01/21 | | | 7,690,487 | |
| | 2,676,000 | | | 5.60%, 10/15/44 | | | 2,234,510 | |
| | 4,750,000 | | | 5.85%, 11/15/43 | | | 4,110,434 | |
| | | | | Carpenter Technology Corp. | | | | |
| | 3,505,000 | | | 4.45%, 03/01/23 | | | 3,619,249 | |
| | 2,924,000 | | | 5.20%, 07/15/21 | | | 2,997,403 | |
| | | | | CBL & Associates LP | | | | |
| | 3,498,000 | | | 4.60%, 10/15/24 | | | 2,238,720 | |
| | 5,251,000 | | | 5.25%, 12/01/23 | | | 3,688,828 | |
| | 7,241,000 | | | 5.95%, 12/15/26 | | | 4,851,470 | |
| | 5,938,000 | | | CDK Global, Inc.
5.00%, 10/15/24 | | | 6,436,792 | |
| | | | | CenturyLink, Inc. | | | | |
| | 4,930,000 | | | 6.88%, 01/15/28 | | | 5,250,450 | |
| | 6,285,000 | | | 7.60%, 09/15/39 | | | 6,426,412 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| United States: (continued) | | | | |
| | | | | CF Industries Holdings, Inc. | | | | |
| $ | 8,737,000 | | | 3.45%, 06/01/23 | | $ | 8,900,819 | |
| | 8,742,000 | | | 4.95%, 06/01/43 | | | 8,785,710 | |
| | 8,761,000 | | | 5.15%, 03/15/34 | | | 9,330,465 | |
| | 8,762,000 | | | 5.38%, 03/15/44 | | | 9,024,860 | |
| | 3,496,000 | | | Cliffs Natural Resources, Inc.
6.25%, 10/01/40 | | | 2,989,080 | |
| | 4,176,000 | | | Crown Cork & Seal Co., Inc.
7.38%, 12/15/26 | | | 5,032,080 | |
| | | | | DCP Midstream Operating LP | | | | |
| | 5,862,000 | | | 3.88%, 03/15/23 | | | 5,942,603 | |
| | 4,102,000 | | | 4.95%, 04/01/22 | | | 4,245,980 | |
| | 4,669,000 | | | 5.60%, 04/01/44 | | | 4,436,951 | |
| | 3,584,000 | | | 8.13%, 08/16/30 | | | 4,417,280 | |
| | | | | DCP Midstream Operating LP 144A | | | | |
| | 5,892,000 | | | 4.75%, 09/30/21 | | | 6,024,570 | |
| | 3,600,000 | | | 6.45%, 11/03/36 | | | 3,717,000 | |
| | 5,266,000 | | | 6.75%, 09/15/37 | | | 5,516,135 | |
| | 11,671,000 | | | Dell EMC
3.38%, 06/01/23 | | | 11,758,532 | |
| | | | | Dell, Inc. | | | | |
| | 4,693,000 | | | 4.63%, 04/01/21 | | | 4,848,456 | |
| | 3,138,000 | | | 5.40%, 09/10/40 | | | 3,106,620 | |
| | 4,523,000 | | | 6.50%, 04/15/38 | | | 4,787,053 | |
| | 3,493,000 | | | 7.10%, 04/15/28 | | | 4,060,613 | |
| | | | | Diamond Offshore Drilling, Inc. | | | | |
| | 2,912,000 | | | 3.45%, 11/01/23 | | | 2,389,645 | |
| | 8,838,000 | | | 4.88%, 11/01/43 | | | 4,540,523 | |
| | 5,853,000 | | | 5.70%, 10/15/39 | | | 3,102,090 | |
| | 11,620,000 | | | Dresdner Funding Trust I 144A
8.15%, 06/30/31 | | | 15,562,085 | |
| | | | | Edgewell Personal Care | | | | |
| | 7,180,000 | | | 4.70%, 05/19/21 | | | 7,377,450 | |
| | 5,980,000 | | | 4.70%, 05/24/22 | | | 6,196,775 | |
| | 17,283,000 | | | Embarq Corp.
8.00%, 06/01/36 | | | 17,196,585 | |
| | 4,642,000 | | | Energen Corp.
4.63%, 09/01/21 | | | 4,723,235 | |
| | | | | EnLink Midstream Partners LP | | | | |
| | 8,765,000 | | | 4.15%, 06/01/25 | | | 7,942,142 | |
| | 6,419,000 | | | 4.40%, 04/01/24 | | | 6,041,884 | |
| | 5,355,000 | | | 5.05%, 04/01/45 | | | 4,043,025 | |
| | 4,136,000 | | | 5.60%, 04/01/44 | | | 3,195,060 | |
| | | | | Freeport-McMoRan, Inc. | | | | |
| | 21,932,000 | | | 3.55%, 03/01/22 | | | 22,233,565 | |
| | 22,411,000 | | | 3.88%, 03/15/23 | | | 22,803,192 | |
| | 9,929,000 | | | 4.55%, 11/14/24 | | | 10,350,982 | |
| | 8,782,000 | | | 5.40%, 11/14/34 | | | 8,617,337 | |
| | 21,849,000 | | | 5.45%, 03/15/43 | | | 20,428,815 | |
| | 11,015,000 | | | Frontier Communications Corp.
9.00%, 08/15/31 | | | 4,956,750 | |
| | 3,487,000 | | | Frontier Florida LLC
6.86%, 02/01/28 | | | 3,260,345 | |
| | | | | Genworth Holdings, Inc. | | | | |
| | 4,469,000 | | | 4.80%, 02/15/24 | | | 4,167,343 | |
| | 4,424,000 | | | 4.90%, 08/15/23 | | | 4,187,316 | |
| | 3,501,000 | | | 6.50%, 06/15/34 | | | 3,210,207 | |
| | 4,457,000 | | | 7.20%, 02/15/21 | | | 4,579,568 | |
| | 8,123,000 | | | 7.63%, 09/24/21 | | | 8,443,046 | |
Principal
Amount | | | | | Value | |
| United States: (continued) | | | | |
| $ | 3,679,000 | | | Global Marine, Inc.
7.00%, 06/01/28 | | $ | 3,219,125 | |
| | 13,799,000 | | | Goldman Sachs Capital I
6.35%, 02/15/34 | | | 17,973,666 | |
| | 3,520,000 | | | H.B. Fuller Co.
4.00%, 02/15/27 | | | 3,484,800 | |
| | 3,419,000 | | | HCA, Inc.
7.69%, 06/15/25 | | | 4,136,990 | |
| | 2,955,000 | | | IFM US Colonial Pipeline 2 LLC 144A
6.45%, 05/01/21 | | | 3,070,478 | |
| | | | | Ingram Micro, Inc. | | | | |
| | 3,533,000 | | | 5.00%, 08/10/22 | | | 3,622,617 | |
| | 5,868,000 | | | 5.45%, 12/15/24 | | | 6,068,094 | |
| | | | | JC Penney Corp., Inc. | | | | |
| | 4,492,000 | | | 6.38%, 10/15/36 | | | 1,572,200 | |
| | 3,609,000 | | | 7.40%, 04/01/37 | | | 1,317,285 | |
| | 5,803,000 | | | 7.63%, 03/01/97 | | | 1,740,900 | |
| | | | | L Brands, Inc. | | | | |
| | 4,085,000 | | | 6.95%, 03/01/33 | | | 3,247,575 | |
| | 3,510,000 | | | 7.60%, 07/15/37 | | | 2,930,850 | |
| | 3,095,000 | | | Leonardo US Holdings, Inc. 144A
6.25%, 01/15/40 | | | 3,406,048 | |
| | | | | Mack-Cali Realty LP | | | | |
| | 3,219,000 | | | 3.15%, 05/15/23 | | | 3,080,541 | |
| | 3,512,000 | | | 4.50%, 04/18/22 | | | 3,542,776 | |
| | 4,714,000 | | | Magellan Health, Inc.
4.90%, 09/22/24 | | | 4,690,430 | |
| | | | | Mattel, Inc. | | | | |
| | 4,117,000 | | | 2.35%, 08/15/21 | | | 4,055,245 | |
| | 2,934,000 | | | 3.15%, 03/15/23 | | | 2,809,305 | |
| | 3,393,000 | | | 5.45%, 11/01/41 | | | 2,731,297 | |
| | 2,999,000 | | | 6.20%, 10/01/40 | | | 2,534,155 | |
| | 657,000 | | | McClatchy Co.
6.88%, 03/15/29 | | | 335,070 | |
| | | | | MDC Holdings, Inc. | | | | |
| | 2,911,000 | | | 5.50%, 01/15/24 | | | 3,187,545 | |
| | 5,842,000 | | | 6.00%, 01/15/43 | | | 6,112,192 | |
| | 2,177,233 | | | Midland Cogeneration Venture LP 144A
6.00%, 03/15/25 | | | 2,184,132 | |
| | | | | Murphy Oil Corp. | | | | |
| | 5,852,000 | | | 4.00%, 06/01/22 | | | 5,925,150 | |
| | 6,989,000 | | | 4.20%, 12/01/22 | | | 7,146,252 | |
| | 4,072,000 | | | 5.63%, 12/01/42 | | | 3,486,324 | |
| | 2,821,000 | | | 7.05%, 05/01/29 | | | 3,032,575 | |
| | | | | Nabors Industries, Inc. | | | | |
| | 7,456,000 | | | 4.63%, 09/15/21 | | | 6,952,720 | |
| | 4,051,000 | | | 5.10%, 09/15/23 | | | 3,119,270 | |
| | | | | New Albertsons, Inc. | | | | |
| | 3,882,000 | | | 7.45%, 08/01/29 | | | 3,940,230 | |
| | 3,282,000 | | | 8.00%, 05/01/31 | | | 3,364,050 | |
| | 2,963,000 | | | NuStar Logistics, LP
4.75%, 02/01/22 | | | 3,022,260 | |
| | | | | Oceaneering International, Inc. | | | | |
| | 5,981,000 | | | 4.65%, 11/15/24 | | | 5,592,235 | |
| | 3,505,000 | | | 6.00%, 02/01/28 | | | 3,259,650 | |
| | | | | Owens & Minor, Inc. | | | | |
| | 3,287,000 | | | 3.88%, 09/15/21 | | | 3,128,567 | |
| | 3,175,000 | | | 4.38%, 12/15/24 | | | 2,460,625 | |
See Notes to Financial Statements
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United States: (continued) | | | | |
| $ | 3,253,000 | | | Pactiv LLC
7.95%, 12/15/25 | | $ | 3,529,505 | |
| | | | | Pitney Bowes, Inc. | | | | |
| | 6,967,000 | | | 4.13%, 10/01/21 | | | 7,051,997 | |
| | 4,706,000 | | | 4.63%, 05/15/22 | | | 4,729,530 | |
| | 5,857,000 | | | 4.63%, 03/15/24 | | | 5,534,279 | |
| | 4,696,000 | | | 5.20%, 04/01/23 | | | 4,649,040 | |
| | | | | PulteGroup, Inc. | | | | |
| | 3,487,000 | | | 6.00%, 02/15/35 | | | 3,861,853 | |
| | 4,652,000 | | | 6.38%, 05/15/33 | | | 5,314,910 | |
| | 3,495,000 | | | 7.88%, 06/15/32 | | | 4,429,913 | |
| | | | | Qwest Corp. | | | | |
| | 11,096,000 | | | 6.75%, 12/01/21 | | | 11,979,963 | |
| | 9,927,000 | | | 6.88%, 09/15/33 | | | 9,998,971 | |
| | 2,917,000 | | | 7.13%, 11/15/43 | | | 2,960,172 | |
| | 2,913,000 | | | 7.25%, 09/15/25 | | | 3,343,275 | |
| | 4,611,000 | | | RBS Capital Trust II
6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (o) | | | 6,340,125 | |
| | 3,218,000 | | | Rite Aid Corp.
7.70%, 02/15/27 | | | 2,148,015 | |
| | | | | Rowan Cos, Inc. | | | | |
| | 3,700,000 | | | 4.75%, 01/15/24 | | | 2,146,000 | |
| | 7,164,000 | | | 4.88%, 06/01/22 | | | 4,835,700 | |
| | 4,650,000 | | | 5.40%, 12/01/42 | | | 1,790,250 | |
| | 4,662,000 | | | 5.85%, 01/15/44 | | | 1,794,870 | |
| | 7,352,159 | | | Ruby Pipeline LLC 144A | | | | |
| | | | | 6.50%, 04/01/22 | | | 7,611,266 | |
| | 3,096,000 | | | Safeway, Inc.
7.25%, 02/01/31 | | | 3,173,400 | |
| | | | | Sealed Air Corp. 144A | | | | |
| | 575,000 | | | 4.88%, 12/01/22 | | | 610,938 | |
| | 4,823,000 | | | 6.88%, 07/15/33 | | | 5,642,910 | |
| | | | | Senior Housing Properties Trust | | | | |
| | 2,867,000 | | | 4.75%, 05/01/24 | | | 2,969,690 | |
| | 5,854,000 | | | 4.75%, 02/15/28 | | | 6,040,235 | |
| | 3,504,000 | | | 6.75%, 12/15/21 | | | 3,734,763 | |
| | 6,969,000 | | | SLM Corp.
5.63%, 08/01/33 | | | 6,132,720 | |
| | 10,922,000 | | | Southwestern Energy Co.
6.20%, 01/23/25 | | | 9,665,970 | |
| | | | | Sprint Capital Corp. | | | | |
| | 28,930,000 | | | 6.88%, 11/15/28 | | | 31,461,375 | |
| | 23,328,000 | | | 8.75%, 03/15/32 | | | 28,504,017 | |
| | 4,715,000 | | | Symantec Corp.
3.95%, 06/15/22 | | | 4,848,943 | |
| | 4,266,000 | | | Tenet Healthcare Corp.
6.88%, 11/15/31 | | | 3,914,055 | |
| | 8,361,192 | | | Topaz Solar Farms LLC 144A
5.75%, 09/30/39 | | | 9,369,698 | |
| | 4,716,000 | | | Trinity Industries, Inc.
4.55%, 10/01/24 | | | 4,875,325 | |
| | 7,015,000 | | | Tupperware Brands Corp.
4.75%, 06/01/21 | | | 7,037,250 | |
| | 7,008,000 | | | Under Armour, Inc.
3.25%, 06/15/26 | | | 6,779,769 | |
| | 6,359,000 | | | United States Cellular Corp.
6.70%, 12/15/33 | | | 6,933,218 | |
Principal
Amount | | | | | Value | |
| United States: (continued) | | | | |
| $ | 4,085,000 | | | United States Steel Corp.
6.65%, 06/01/37 | | $ | 3,063,750 | |
| | 8,830,000 | | | Washington Prime Group LP
6.45%, 08/15/24 | | | 8,509,912 | |
| | | | | Wyndham Destinations, Inc. | | | | |
| | 4,677,000 | | | 3.90%, 03/01/23 | | | 4,720,847 | |
| | 7,589,000 | | | 4.25%, 03/01/22 | | | 7,759,752 | |
| | 3,529,000 | | | 5.40%, 04/01/24 | | | 3,758,385 | |
| | 4,692,000 | | | 5.75%, 04/01/27 | | | 5,131,875 | |
| | 4,101,000 | | | 6.35%, 10/01/25 | | | 4,562,363 | |
| | | | | Xerox Corp. | | | | |
| | 3,486,000 | | | 3.80%, 05/15/24 | | | 3,520,860 | |
| | 3,151,000 | | | 4.07%, 03/17/22 | | | 3,221,898 | |
| | 11,636,000 | | | 4.13%, 03/15/23 | | | 11,941,445 | |
| | 12,387,000 | | | 4.50%, 05/15/21 | | | 12,766,352 | |
| | 2,953,000 | | | 4.80%, 03/01/35 | | | 2,517,433 | |
| | 4,030,000 | | | 6.75%, 12/15/39 | | | 4,079,085 | |
| | 3,579,000 | | | XPO CNW, Inc.
6.70%, 05/01/34 | | | 3,605,843 | |
| | | | | Yum! Brands, Inc. | | | | |
| | 4,004,000 | | | 3.75%, 11/01/21 | | | 4,114,110 | |
| | 4,001,000 | | | 3.88%, 11/01/20 | | | 4,061,015 | |
| | 3,723,000 | | | 3.88%, 11/01/23 | | | 3,872,590 | |
| | 3,119,000 | | | 5.35%, 11/01/43 | | | 3,072,215 | |
| | 3,785,000 | | | 6.88%, 11/15/37 | | | 4,333,825 | |
| | | | | | | | 960,155,389 | |
Total Investments Before Collateral for Securities Loaned: 98.1%
(Cost: $1,212,328,539) | | | 1,212,582,662 | |
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% | | | | |
| Repurchase Agreements: 0.1% | | | | |
| $ | 83,026 | | | Repurchase agreement dated 10/31/19 with BofA Securities, Inc., 1.73%, due 11/1/19, proceeds $83,030; (collateralized by various U.S. government and agency obligations, 1.63% to 2.63%, due 11/30/20 to 8/15/27, valued at $84,687 including accrued interest) | | | 83,026 | |
| | 1,000,000 | | | Repurchase agreement dated 10/31/19 with Citigroup Global Markets, Inc., 1.72%, due 11/1/19, proceeds $1,000,048; (collateralized by various U.S. government and agency obligations, 0.13% to 4.25%, due 3/31/20 to 2/15/49, valued at $1,020,000 including accrued interest) | | | 1,000,000 | |
Total Short-Term Investments Held As Collateral For Securities On Loan
(Cost: $1,083,026) | | | 1,083,026 | |
Total Investments: 98.2%
(Cost: $1,213,411,565) | | | 1,213,665,688 | |
| Other assets less liabilities: 1.8% | | | 22,070,284 | |
| NET ASSETS: 100.0% | | $ | 1,235,735,972 | |
See Notes to Financial Statements
Footnotes:
| (o) | Perpetual Maturity — the date shown is the next call date |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,040,770. |
| 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 $115,368,573, or 9.3% of net assets. |
| Summary of Investments by Sector | | | | | | |
| Excluding Collateral for Securities Loaned | | | % of Investments | | Value | |
| Basic Materials | | | | 16.2 | % | | $ | 195,872,190 | |
| Communications | | | | 19.5 | | | | 236,917,734 | |
| Consumer, Cyclical | | | | 11.0 | | | | 133,455,734 | |
| Consumer, Non-cyclical | | | | 3.9 | | | | 47,582,648 | |
| Energy | | | | 18.5 | | | | 223,696,406 | |
| Financial | | | | 17.9 | | | | 216,739,536 | |
| Industrial | | | | 4.3 | | | | 52,714,805 | |
| Technology | | | | 7.8 | | | | 95,009,985 | |
| Utilities | | | | 0.9 | | | | 10,593,624 | |
| | | | | 100.0 | % | | $ | 1,212,582,662 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Corporate Bonds* | | | $ | — | | | $ | 1,212,582,662 | | | | $ | — | | | $ | 1,212,582,662 | |
| Repurchase Agreements | | | | — | | | | 1,083,026 | | | | | — | | | | 1,083,026 | |
| Total | | | $ | — | | | $ | 1,213,665,688 | | | | $ | — | | | $ | 1,213,665,688 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| CORPORATE BONDS: 69.5% | | | | |
| Australia: 0.9% | | | | |
| $ | 225,000 | | | National Australia Bank Ltd.
3.63%, 06/20/23 | | $ | 236,568 | |
| Austria: 1.0% | | | | |
| | 50,000 | | | Klabin Austria GmbH 144A
7.00%, 04/03/49 | | | 54,076 | |
| | 200,000 | | | Suzano Austria GmbH 144A
5.75%, 07/14/26 | | | 222,302 | |
| | | | | | | | 276,378 | |
| Bermuda: 0.7% | | | | |
| | 200,000 | | | GCL New Energy Holdings Ltd. Reg S
7.10%, 01/30/21 | | | 185,308 | |
| Brazil: 0.4% | | | | |
| | 100,000 | | | Banco Nacional de Desenvolvimento Econômico e Social Reg S
4.75%, 05/09/24 | | | 106,501 | |
| British Virgin Islands: 2.7% | | | | |
| | 200,000 | | | Beijing Capital Polaris Investment Co. Ltd. Reg S
4.25%, 03/26/21 | | | 202,816 | |
| | 200,000 | | | LTC GB Ltd. Reg S
2.75%, 05/26/21 | | | 199,029 | |
| | 200,000 | | | Rongshi International Finance Ltd. Reg S
3.25%, 05/21/24 | | | 205,382 | |
| | 92,000 | | | Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33 | | | 97,894 | |
| | | | | | | | 705,121 | |
| Canada: 1.2% | | | | |
| | 125,000 | | | Bank of Nova Scotia
2.38%, 01/18/23 | | | 126,442 | |
| | 200,000 | | | Toronto-Dominion Bank
1.85%, 09/11/20 | | | 200,049 | |
| | | | | | | | 326,491 | |
| Cayman Islands: 3.0% | | | | |
| | 175,000 | | | Fibria Overseas Finance Ltd.
5.50%, 01/17/27 | | | 191,188 | |
| | 200,000 | | | MAF Sukuk Ltd. Reg S
4.64%, 05/14/29 | | | 213,500 | |
| | 225,000 | | | Modern Land China Co. Ltd. Reg S
7.95%, 03/05/21 | | | 208,260 | |
| | 200,000 | | | MTR Corp. Ltd. Reg S
2.50%, 11/02/26 | | | 198,711 | |
| | | | | | | | 811,659 | |
| Chile: 0.2% | | | | |
| | 50,000 | | | Inversiones CMPC SA 144A
4.38%, 04/04/27 | | | 51,928 | |
| China / Hong Kong: 10.6% | | | | |
| | 200,000 | | | Agricultural Bank of China Ltd. Reg S
2.75%, 10/20/20 | | | 200,637 | |
| | | | | Bank of China Ltd. Reg S | | | | |
| | 450,000 | | | 2.25%, 07/12/21 | | | 448,560 | |
| | 300,000 | | | 3.03% (ICE LIBOR USD
3 Month+.88%), 11/22/22 | | | 301,746 | |
| | 200,000 | | | CGNPC International Ltd. Reg S
2.75%, 07/02/24 | | | 200,846 | |
| | 200,000 | | | China Development Bank Reg S
2.75%, 11/16/22 | | | 202,761 | |
Principal
Amount | | | | | Value | |
| China / Hong Kong: (continued) | | | | |
| | | | | Industrial & Commercial Bank of China Ltd. Reg S | | | | |
| $ | 475,000 | | | 2.66% (ICE LIBOR USD 3 Month+.72%), 04/25/22 | | $ | 475,483 | |
| | 300,000 | | | 2.77% (ICE LIBOR USD 3 Month+.83%), 04/25/24 | | | 300,725 | |
| | 200,000 | | | 2.77% (ICE LIBOR USD 3 Month+.77%), 10/12/20 | | | 200,366 | |
| | 300,000 | | | 2.85% (ICE LIBOR USD 3 Month+.73%), 06/14/21 | | | 300,482 | |
| | 200,000 | | | 2.95% (ICE LIBOR USD 3 Month+.83%), 06/14/23 | | | 200,711 | |
| | | | | | | | 2,832,317 | |
| Costa Rica: 0.4% | | | | |
| | 100,000 | | | Banco Nacional de Costa Rica 144A
5.88%, 04/25/21 | | | 101,375 | |
| France: 1.2% | | | | |
| | 300,000 | | | Electricite de France SA 144A
3.63%, 10/13/25 | | | 320,890 | |
| Germany: 5.7% | | | | |
| | | | | Kreditanstalt fuer Wiederaufbau | | | | |
| | 500,000 | | | 1.75%, 09/14/29 | | | 499,538 | |
| | 600,000 | | | 2.00%, 11/30/21 | | | 604,926 | |
| | 200,000 | | | 2.00%, 09/29/22 | | | 202,489 | |
| | 200,000 | | | Landesbank Baden-Wuerttemberg Reg S
2.38%, 05/31/22 | | | 202,907 | |
| | | | | | | | 1,509,860 | |
| India: 4.1% | | | | |
| | 200,000 | | | Adani Green Energy Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. Reg S
6.25%, 12/10/24 | | | 212,484 | |
| | 50,000 | | | Axis Bank Ltd.
144A 2.88%, 06/01/21 | | | 50,052 | |
| | 200,000 | | | IDBI Bank Ltd. Reg S
4.25%, 11/30/20 | | | 201,842 | |
| | 200,000 | | | REC Ltd. Reg S
3.88%, 07/07/27 | | | 200,737 | |
| | 200,000 | | | ReNew Power Synthetic
144A 6.67%, 03/12/24 | | | 202,785 | |
| | 200,000 | | | State Bank of India/London Reg S
4.50%, 09/28/23 | | | 212,233 | |
| | | | | | | | 1,080,133 | |
| Japan: 2.7% | | | | |
| | 400,000 | | | Development Bank of Japan, Inc. Reg S
2.50%, 10/18/22 | | | 406,255 | |
| | 200,000 | | | Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/23 | | | 201,978 | |
| | 100,000 | | | Sumitomo Mitsui Banking Corp.
2.45%, 10/20/20 | | | 100,570 | |
| | | | | | | | 708,803 | |
| Luxembourg: 0.9% | | | | |
| | 240,000 | | | Klabin Finance SA 144A
4.88%, 09/19/27 | | | 250,202 | |
| Mauritius: 1.1% | | | | |
| | 200,000 | | | Azure Power Energy Ltd. 144A
5.50%, 11/03/22 | | | 202,865 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Mauritius: (continued) | | | | |
| $ | 100,000 | | | Greenko Investment Co. 144A
4.88%, 08/16/23 | | $ | 99,005 | |
| | | | | | | | 301,870 | |
| Netherlands: 4.5% | | | | |
| | | | | Greenko Dutch BV 144A | | | | |
| | 200,000 | | | 4.88%, 07/24/22 | | | 201,737 | |
| | 50,000 | | | 5.25%, 07/24/24 | | | 50,463 | |
| | 350,000 | | | ING Groep NV
144A 4.63%, 01/06/26 | | | 389,888 | |
| | | | | Nederlandse Waterschapsbank NV 144A | | | | |
| | 300,000 | | | 2.13%, 11/15/21 | | | 302,662 | |
| | 250,000 | | | 3.13%, 12/05/22 | | | 262,024 | |
| | | | | | | | 1,206,774 | |
| South Korea: 3.3% | | | | |
| | 50,000 | | | Hyundai Capital Services, Inc. 144A
2.88%, 03/16/21 | | | 50,254 | |
| | 100,000 | | | Korea Electric Power Corp. 144A
2.50%, 06/24/24 | | | 101,298 | |
| | 50,000 | | | Korea Hydro & Nuclear Power Co. Ltd. 144A
3.75%, 07/25/23 | | | 52,637 | |
| | 200,000 | | | Korea Midland Power Co. Ltd. Reg S
3.38%, 01/22/22 | | | 205,158 | |
| | 200,000 | | | Korea Water Resources Corp. Reg S
3.88%, 05/15/23 | | | 210,761 | |
| | 250,000 | | | LG Chem Ltd. 144A
3.63%, 04/15/29 | | | 261,611 | |
| | | | | | | | 881,719 | |
| United Arab Emirates: 0.8% | | | | |
| | 200,000 | | | First Abu Dhabi Bank PJSC Reg S
3.00%, 03/30/22 | | | 203,713 | |
| United States: 24.1% | | | | |
| | | | | Alexandria Real Estate Equities, Inc. | | | | |
| | 100,000 | | | 3.80%, 04/15/26 | | | 107,563 | |
| | 200,000 | | | 4.00%, 01/15/24 | | | 214,309 | |
| | | | | Apple, Inc. | | | | |
| | 150,000 | | | 2.85%, 02/23/23 | | | 154,573 | |
| | 500,000 | | | 3.00%, 06/20/27 | | | 528,002 | |
| | | | | Avangrid, Inc. | | | | |
| | 50,000 | | | 3.15%, 12/01/24 | | | 52,061 | |
| | 250,000 | | | 3.80%, 06/01/29 | | | 269,532 | |
| | 525,000 | | | Bank of America Corp. 3.50% (ICE LIBOR USD
3 Month+.63%), 05/17/22 | | | 536,194 | |
| | 450,000 | | | Boston Properties LP
4.50%, 12/01/28 | | | 515,117 | |
| | 200,000 | | | Clearway Energy Operating LLC
5.38%, 08/15/24 | | | 203,500 | |
| | 150,000 | | | Digital Realty Trust LP
3.95%, 07/01/22 | | | 156,723 | |
| | 175,000 | | | DTE Electric Co.
3.95%, 03/01/49 | | | 202,459 | |
| | 350,000 | | | Duke Energy Carolinas LLC
3.95%, 11/15/28 | | | 395,873 | |
| | 100,000 | | | ERP Operating LP
4.15%, 12/01/28 | | | 112,920 | |
| | 100,000 | | | HAT Holdings I LLC / HAT Holdings II LLC 144A
5.25%, 07/15/24 | | | 105,375 | |
Principal
Amount | | | | | Value | |
| United States: (continued) | | | | |
| $ | 100,000 | | | Host Hotels & Resorts LP
3.38%, 12/15/29 | | $ | 100,216 | |
| | | | | Interstate Power & Light Co. | | | | |
| | 100,000 | | | 3.50%, 09/30/49 | | | 101,461 | |
| | 175,000 | | | 4.10%, 09/26/28 | | | 194,425 | |
| | 180,000 | | | Kaiser Foundation Hospitals
3.15%, 05/01/27 | | | 190,639 | |
| | 100,000 | | | Kilroy Realty LP
4.75%, 12/15/28 | | | 113,863 | |
| | | | | MidAmerican Energy Co. | | | | |
| | 100,000 | | | 3.10%, 05/01/27 | | | 106,043 | |
| | 100,000 | | | 3.15%, 04/15/50 | | | 102,928 | |
| | 100,000 | | | 3.65%, 08/01/48 | | | 110,599 | |
| | 200,000 | | | 3.95%, 08/01/47 | | | 231,226 | |
| | 325,000 | | | 4.25%, 07/15/49 | | | 399,505 | |
| | 100,000 | | | NSTAR Electric Co.
3.25%, 05/15/29 | | | 106,948 | |
| | 125,000 | | | Owens Corning
3.95%, 08/15/29 | | | 128,782 | |
| | | | | Public Service Co. of Colorado | | | | |
| | 100,000 | | | 3.70%, 06/15/28 | | | 110,625 | |
| | 75,000 | | | 4.10%, 06/15/48 | | | 87,444 | |
| | 75,000 | | | Regency Centers LP
3.75%, 06/15/24 | | | 79,024 | |
| | 400,000 | | | Southern Power Co.
4.15%, 12/01/25 | | | 437,941 | |
| | 250,000 | | | Verizon Communications, Inc.
3.88%, 02/08/29 | | | 276,712 | |
| | | | | | | | 6,432,582 | |
Total Corporate Bonds
(Cost: $18,343,380) | | | 18,530,192 | |
| GOVERNMENT OBLIGATIONS: 29.3% | | | | |
| Canada: 0.4% | | | | |
| | 100,000 | | | Export Development Canada
1.63%, 06/01/20 | | | 99,936 | |
| Chile: 1.4% | | | | |
| | 350,000 | | | Chile Government International Bond
3.50%, 01/25/50 | | | 376,950 | |
| China / Hong Kong: 1.0% | | | | |
| | 250,000 | | | Hong Kong Government International Bond 144A
2.50%, 05/28/24 | | | 256,062 | |
| Finland: 0.2% | | | | |
| | 50,000 | | | Municipality Finance Plc 144A
1.38%, 09/21/21 | | | 49,725 | |
| Indonesia: 3.1% | | | | |
| | | | | Perusahaan Penerbit SBSN Indonesia III 144A | | | | |
| | 375,000 | | | 3.90%, 08/20/24 | | | 396,041 | |
| | 400,000 | | | 4.45%, 02/20/29 | | | 442,000 | |
| | | | | | | | 838,041 | |
| Mexico: 0.2% | | | | |
| | 50,000 | | | Nacional Financiera SNC 144A
3.38%, 11/05/20 | | | 50,313 | |
| Norway: 0.7% | | | | |
| | 200,000 | | | Kommunalbanken AS 144A
1.38%, 10/26/20 | | | 199,257 | |
See Notes to Financial Statements
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| South Korea: 0.9% | | | | |
| $ | 250,000 | | | Export-Import Bank of Korea
2.13%, 02/11/21 | | $ | 250,017 | |
| Supranational: 13.3% | | | | |
| | | | | Asian Development Bank | | | | |
| | 300,000 | | | 1.88%, 08/10/22 | | | 302,316 | |
| | 200,000 | | | 2.13%, 03/19/25 | | | 205,355 | |
| | 100,000 | | | 2.38%, 08/10/27 | | | 104,705 | |
| | 100,000 | | | 3.13%, 09/26/28 | | | 111,365 | |
| | 125,000 | | | European Bank for Reconstruction & Development
1.88%, 07/15/21 | | | 125,444 | |
| | | | | European Investment Bank | | | | |
| | 100,000 | | | 1.63%, 10/09/29 | | | 98,901 | |
| | 100,000 | | | 2.13%, 04/13/26 | | | 102,887 | |
| | 625,000 | | | 2.50%, 10/15/24 | | | 651,537 | |
| | 600,000 | | | European Investment Bank 144A
2.88%, 06/13/25 | | | 640,465 | |
| | | | | International Bank for Reconstruction & Development | | | | |
| | 280,000 | | | 2.13%, 03/03/25 | | | 287,250 | |
| | 150,000 | | | 3.13%, 11/20/25 | | | 162,834 | |
| | | | | International Finance Corp. | | | | |
| | 230,000 | | | 2.00%, 10/24/22 | | | 232,874 | |
| | 320,000 | | | 2.13%, 04/07/26 | | | 328,894 | |
Principal
Amount | | | | | Value | |
| Supranational: (continued) | | | | |
| $ | 200,000 | | | Nordic Investment Bank
2.25%, 09/30/21 | | $ | 202,241 | |
| | | | | | | | 3,557,068 | |
| Sweden: 1.4% | | | | |
| | 175,000 | | | Kommuninvest I Sverige AB 144A
1.88%, 06/01/21 | | | 175,444 | |
| | 200,000 | | | Svensk Exportkredit AB
1.88%, 06/23/20 | | | 200,110 | |
| | | | | | | | 375,554 | |
| United States: 6.7% | | | | |
| | 20,000 | | | District of Columbia Water & Sewer Authority
4.81%, 10/01/14 | | | 27,783 | |
| | | | | Fannie Mae-Aces | | | | |
| | 925,000 | | | 3.04%, 03/25/28 | | | 982,057 | |
| | 200,000 | | | 3.33%, 06/25/28 | | | 216,817 | |
| | 500,000 | | | 3.55%, 09/25/28 | | | 552,648 | |
| | | | | | | | 1,779,305 | |
Total Government Obligations
(Cost: $7,827,241) | | | 7,832,228 | |
Total Investments: 98.8%
(Cost: $26,170,621) | | | 26,362,420 | |
| Other assets less liabilities: 1.2% | | | 308,372 | |
| NET ASSETS: 100.0% | | $ | 26,670,792 | |
Footnotes:
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. 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 $5,640,630, or 21.1% of net assets. |
| Summary of Investments by Sector | | | % of Investments | | Value | |
| Basic Materials | | | | 3.7 | % | | $ | 977,231 | |
| Communications | | | | 1.0 | | | | 276,712 | |
| Consumer, Cyclical | | | | 1.7 | | | | 457,543 | |
| Consumer, Non-cyclical | | | | 0.7 | | | | 190,639 | |
| Diversified | | | | 0.8 | | | | 202,816 | |
| Energy | | | | 3.3 | | | | 870,334 | |
| Financial | | | | 37.6 | | | | 9,904,406 | |
| Government | | | | 23.1 | | | | 6,080,706 | |
| Industrial | | | | 2.2 | | | | 566,877 | |
| Mortgage Securities | | | | 6.6 | | | | 1,751,522 | |
| Technology | | | | 2.6 | | | | 682,575 | |
| Utilities | | | | 16.7 | | | | 4,401,059 | |
| | | | | 100.0 | % | | $ | 26,362,420 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Corporate Bonds* | | | $ | — | | | $ | 18,530,192 | | | | $ | — | | | $ | 18,530,192 | |
| Government Obligations* | | | | — | | | | 7,832,228 | | | | | — | | | | 7,832,228 | |
| Total | | | $ | — | | | $ | 26,362,420 | | | | $ | — | | | $ | 26,362,420 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| CORPORATE BONDS: 97.3% | | | |
| Argentina: 1.2% | | | |
| USD | 130,000 | | | Arcor SAIC 144A
6.00%, 07/06/23 | | $ | 117,034 | |
| | 100,000 | | | Genneia SA 144A
8.75%, 01/20/22 | | | 68,000 | |
| | | | | Pampa Energia SA 144A | | | | |
| | 50,000 | | | 7.38%, 07/21/23 | | | 43,750 | |
| | 200,000 | | | 7.50%, 01/24/27 | | | 161,202 | |
| | 66,667 | | | Pan American Energy LLC Reg S
7.88%, 05/07/21 | | | 67,667 | |
| | 100,000 | | | Telecom Argentina SA 144A | | | | |
| | | | | 8.00%, 07/18/26 | | | 90,250 | |
| | 150,000 | | | Transportadora de Gas del Sur SA 144A
6.75%, 05/02/25 | | | 126,525 | |
| | | | | YPF SA 144A | | | | |
| | 170,000 | | | 6.95%, 07/21/27 | | | 127,757 | |
| | 25,000 | | | 7.00%, 12/15/47 | | | 17,844 | |
| | 100,000 | | | 8.50%, 03/23/21 | | | 91,750 | |
| | 250,000 | | | 8.50%, 07/28/25 | | | 199,250 | |
| | 200,000 | | | 8.75%, 04/04/24 | | | 168,000 | |
| | | | | | | | 1,279,029 | |
| Australia: 0.5% | | | |
| | 300,000 | | | FMG Resources 144A
5.13%, 05/15/24 | | | 316,125 | |
| | 100,000 | | | Mineral Resources Ltd. 144A
8.13%, 05/01/27 | | | 105,500 | |
| | 50,000 | | | Virgin Australia Holdings Ltd. 144A
7.88%, 10/15/21 | | | 51,500 | |
| | | | | | | | 473,125 | |
| Austria: 0.8% | | | |
| | | | | JBS Investments II GmbH 144A | | | | |
| | 100,000 | | | 5.75%, 01/15/28 | | | 104,425 | |
| | 150,000 | | | 7.00%, 01/15/26 | | | 162,975 | |
| | 200,000 | | | Klabin Austria GmbH 144A
5.75%, 04/03/29 | | | 212,240 | |
| EUR | 100,000 | | | Novomatic AG
1.63%, 09/20/23 | | | 113,587 | |
| | | | | Sappi Papier Holding GmbH Reg S | | | | |
| | 100,000 | | | 3.13%, 04/15/26 | | | 106,159 | |
| | 100,000 | | | 4.00%, 04/01/23 | | | 113,713 | |
| | 50,000 | | | Wienerberger AG
5.00% (EUR Swap Annual 5 Year+5.95%), 02/09/21 (o) | | | 59,126 | |
| | | | | | | | 872,225 | |
| Bahamas: 0.2% | | | |
| | 200,000 | | | Starfruit Finco BV / Starfruit US Holdco LLC Reg S
6.50%, 10/01/26 | | | 225,936 | |
| Bermuda: 0.9% | | | |
| USD | 200,000 | | | China Oil & Gas Group Ltd. Reg S
4.63%, 04/20/22 | | | 201,297 | |
Principal
Amount | | | | | Value | |
| Bermuda: (continued) | | | |
| USD | 200,000 | | | Cosan Ltd. 144A
5.50%, 09/20/29 | | $ | 208,150 | |
| | 51,000 | | | Digicel Group One Ltd. 144A
8.25%, 12/30/22 | | | 30,409 | |
| | | | | Digicel Group Two Ltd. 144A | | | | |
| | 49,000 | | | 8.25%, 09/30/22 | | | 12,985 | |
| | 405,728 | | | 9.13%04/01/24 | | | 75,060 | |
| | 300,000 | | | Digicel Ltd. 144A
6.00%, 04/15/21 | | | 225,003 | |
| | 200,000 | | | Inkia Energy Ltd. 144A
5.88%, 11/09/27 | | | 208,002 | |
| | | | | | | | 960,906 | |
| Brazil: 3.5% | | | |
| | | | | Banco Bradesco SA 144A | | | | |
| | 100,000 | | | 5.75%, 03/01/22 | | | 106,376 | |
| | 250,000 | | | 5.90%, 01/16/21 † | | | 259,100 | |
| | 550,000 | | | Banco do Brasil SA
3.88%, 10/10/22 | | | 564,300 | |
| | 200,000 | | | Banco do Brasil SA 144A
5.88%, 01/19/23 | | | 215,752 | |
| | 100,000 | | | Banco do Brasil SA/ Cayman 144A
4.63%, 01/15/25 | | | 104,625 | |
| | 200,000 | | | Banco Safra SA/Cayman Islands 144A
4.13%, 02/08/23 | | | 206,000 | |
| | 300,000 | | | BRF SA 144A
4.75%, 05/22/24 | | | 312,075 | |
| | 150,000 | | | Caixa Economica Federal 144A
3.50%, 11/07/22 | | | 152,063 | |
| | 200,000 | | | Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24 | | | 233,952 | |
| | 200,000 | | | Centrais Eletricas Brasileiras SA 144A
5.75%, 10/27/21 | | | 210,000 | |
| | 200,000 | | | Globo Comunicacao e Participacoes SA 144A
4.84%, 06/08/25 | | | 207,502 | |
| | | | | Itau Unibanco Holding SA 144A | | | | |
| | 400,000 | | | 5.13%, 05/13/23 | | | 425,200 | |
| | 300,000 | | | 5.75%, 01/22/21 | | | 310,653 | |
| | 100,000 | | | 6.20%, 12/21/21 | | | 106,500 | |
| | 200,000 | | | Natura Cosmeticos SA 144A
5.38%, 02/01/23 | | | 210,252 | |
| | | | | | | | 3,624,350 | |
| British Virgin Islands: 3.3% | | | |
| | 100,000 | | | Arcos Dorados Holdings, Inc. 144A
6.63%, 09/27/23 | | | 108,625 | |
| | 100,000 | | | Central American Bottling Corp. 144A
5.75%, 01/31/27 | | | 105,751 | |
| | | | | Easy Tactic Ltd. Reg S | | | | |
| | 200,000 | | | 5.75%, 01/13/22 | | | 194,123 | |
| | 200,000 | | | 5.88%, 02/13/23 | | | 187,411 | |
| | 200,000 | | | 7.00%, 04/25/21 | | | 200,538 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| British Virgin Islands: (continued) | | | |
| USD | 300,000 | | | Fortune Star BVI Ltd. Reg S
5.25%, 03/23/22 | | $ | 299,429 | |
| | | | | Gold Fields Orogen Holdings BVI Ltd. 144A | | | | |
| | 100,000 | | | 5.13%, 05/15/24 | | | 106,000 | |
| | 100,000 | | | 6.13%, 05/15/29 | | | 113,250 | |
| | | | | Greenland Global Investment Ltd. Reg S | | | | |
| | 200,000 | | | 5.88%, 07/03/24 | | | 194,960 | |
| | 200,000 | | | 6.75%, 06/25/22 | | | 205,923 | |
| | 200,000 | | | New Metro Global Ltd. Reg S
6.50%, 04/23/21 | | | 197,804 | |
| | 250,000 | | | RKI Overseas Finance 2017 A Ltd. Reg S
7.00%, 06/23/22 (o) | | | 213,778 | |
| | 200,000 | | | Scenery Journey Ltd. Reg S
11.00%, 11/06/20 | | | 204,235 | |
| | 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 (o) | | | 218,868 | |
| | 184,000 | | | Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33 | | | 195,788 | |
| | 200,000 | | | Studio City Co. Ltd. 144A
7.25%, 11/30/21 | | | 205,540 | |
| | 100,000 | | | Studio City Finance Ltd. 144A
7.25%, 02/11/24 | | | 106,500 | |
| | 200,000 | | | Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24 | | | 203,298 | |
| | 200,000 | | | Wealth Driven Ltd. Reg S
5.50%, 08/17/23 | | | 200,817 | |
| | | | | | | | 3,462,638 | |
| Bulgaria: 0.1% | | | |
| EUR | 125,000 | | | Bulgarian Energy Holding EAD Reg S
3.50%, 06/28/25 | | | 154,142 | |
| Canada: 6.3% | | | |
| USD | 50,000 | | | Air Canada 144A
7.75%, 04/15/21 | | | 53,813 | |
| | 100,000 | | | Athabasca Oil Corp. 144A
9.88%, 02/24/22 | | | 93,250 | |
| | 100,000 | | | Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A
8.75%, 07/15/26 | | | 100,500 | |
| | 150,000 | | | Baytex Energy Corp. 144A
5.63%, 06/01/24 | | | 134,250 | |
| | | | | Bombardier, Inc. 144A | | | | |
| | 50,000 | | | 6.00%, 10/15/22 | | | 49,000 | |
| | 150,000 | | | 6.13%, 01/15/23 | | | 147,000 | |
| CAD | 150,000 | | | 7.35%, 12/22/26 | | | 111,632 | |
| USD | 100,000 | | | 7.50%, 12/01/24 | | | 97,188 | |
| | 300,000 | | | 7.50%, 03/15/25 | | | 288,000 | |
| | 250,000 | | | 7.88%, 04/15/27 | | | 236,875 | |
| | 100,000 | | | 8.75%, 12/01/21 | | | 106,250 | |
Principal
Amount | | | | | Value | |
| Canada: (continued) | | | |
| USD | 200,000 | | | Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 144A
6.25%, 09/15/27 | | $ | 204,500 | |
| | 50,000 | | | Cascades, Inc. 144A
5.50%, 07/15/22 | | | 51,000 | |
| | 150,000 | | | Emera, Inc.
6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | | | 168,897 | |
| | 100,000 | | | Ensign Drilling, Inc. 144A
9.25%, 04/15/24 | | | 85,250 | |
| | | | | First Quantum Minerals Ltd. 144A | | | | |
| | 200,000 | | | 7.25%, 04/01/23 | | | 201,625 | |
| | 300,000 | | | 7.50%, 04/01/25 | | | 301,875 | |
| | 100,000 | | | goeasy Ltd. 144A
7.88%, 11/01/22 | | | 104,125 | |
| | 100,000 | | | Hudbay Minerals, Inc. 144A
7.63%, 01/15/25 | | | 102,313 | |
| | 125,000 | | | Hulk Finance Corp. 144A
7.00%, 06/01/26 | | | 132,813 | |
| | 100,000 | | | IAMGOLD Corp. 144A
7.00%, 04/15/25 | | | 103,750 | |
| | 256,000 | | | Lightstream Resources 144A
8.63%, 02/01/20 (d) * | | | 1,754 | |
| | 175,000 | | | Mattamy Group Corp. 144A
6.88%, 12/15/23 | | | 181,781 | |
| | 350,000 | | | MEG Energy Corp. 144A
6.38%, 01/30/23 | | | 332,062 | |
| | 100,000 | | | New Gold, Inc. 144A
6.25%, 11/15/22 | | | 100,500 | |
| | | | | New Red Finance, Inc. 144A | | | | |
| | 180,000 | | | 4.25%, 05/15/24 | | | 185,175 | |
| | 400,000 | | | 5.00%, 10/15/25 | | | 413,000 | |
| | 120,000 | | | Norbord, Inc. 144A
5.75%, 07/15/27 | | | 124,500 | |
| | 100,000 | | | Northwest Acquisitions ULC / Dominion Finco, Inc. 144A
7.13%, 11/01/22 | | | 50,250 | |
| | 350,000 | | | NOVA Chemicals Corp. 144A
5.25%, 08/01/23 | | | 354,594 | |
| | 200,000 | | | Open Text Corp. 144A
5.63%, 01/15/23 | | | 204,750 | |
| CAD | 150,000 | | | Parkland Fuel Corp.
5.63%, 05/09/25 | | | 118,956 | |
| | | | | Parkland Fuel Corp. 144A | | | | |
| USD | 50,000 | | | 5.88%, 07/15/27 | | | 53,041 | |
| | 100,000 | | | 6.00%, 04/01/26 | | | 106,095 | |
| | 150,000 | | | Precision Drilling Corp. 144A
7.13%, 01/15/26 | | | 130,500 | |
| | 100,000 | | | Quebecor Media, Inc.
5.75%, 01/15/23 | | | 108,720 | |
| CAD | 250,000 | | | Quebecor Media, Inc. 144A
6.63%, 01/15/23 | | | 208,124 | |
| USD | 100,000 | | | Ritchie Bros Auctioneers, Inc. 144A
5.38%, 01/15/25 | | | 104,750 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Canada: (continued) | | | |
| USD | 200,000 | | | Seven Generations Energy Ltd. 144A
6.75%, 05/01/23 | | $ | 203,500 | |
| CAD | 150,000 | | | Sobeys, Inc.
4.70%, 08/08/23 | | | 121,456 | |
| USD | 150,000 | | | Superior Plus LP / Superior General Partner, Inc. 144A
7.00%, 07/15/26 | | | 162,000 | |
| | 100,000 | | | Tervita Escrow Corp. 144A
7.63%, 12/01/21 | | | 99,000 | |
| | | | | TransAlta Corp. | | | | |
| | 75,000 | | | 4.50%, 11/15/22 | | | 77,703 | |
| | 75,000 | | | 6.50%, 03/15/40 | | | 75,846 | |
| CAD | 200,000 | | | Videotron Ltd.
5.63%, 06/15/25 | | | 164,592 | |
| | 50,000 | | | Videotron Ltd. Reg S
5.75%, 01/15/26 | | | 40,328 | |
| | | | | | | | 6,596,883 | |
| Cayman Islands: 10.8% | | | |
| USD | 200,000 | | | Agile Group Holdings Ltd. Reg S
6.70%, 03/07/22 | | | 207,593 | |
| | 200,000 | | | Alpha Star Holding III Ltd. Reg S
6.25%, 04/20/22 | | | 190,992 | |
| | 200,000 | | | Central China Real Estate Ltd. Reg S
8.75%, 01/23/21 | | | 205,300 | |
| | | | | CFLD Cayman Investment Ltd. Reg S | | | | |
| | 200,000 | | | 6.50%, 12/21/20 | | | 201,263 | |
| | 200,000 | | | 9.00%, 07/31/21 | | | 207,602 | |
| | 200,000 | | | China Aoyuan Property Group Ltd. Reg S
5.38%, 09/13/22 | | | 198,226 | |
| | | | | China Evergrande Group Reg S | | | | |
| | 200,000 | | | 6.25%, 06/28/21 | | | 187,886 | |
| | 200,000 | | | 8.25%, 03/23/22 | | | 185,886 | |
| | 800,000 | | | 8.75%, 06/28/25 | | | 671,974 | |
| | 300,000 | | | 9.50%, 03/29/24 | | | 268,930 | |
| | 400,000 | | | China SCE Property Holdings Ltd. Reg S
5.88%, 03/10/22 | | | 394,244 | |
| | | | | CIFI Holdings Group Co. Ltd. Reg S | | | | |
| | 200,000 | | | 5.38% (US Treasury Yield Curve Rate T 5 Year+8.57%), 08/24/22 (o) | | | 190,295 | |
| | 200,000 | | | 7.63%, 02/28/23 | | | 210,598 | |
| | 100,000 | | | Comcel Trust 144A
6.88%, 02/06/24 | | | 103,250 | |
| | 200,000 | | | Country Garden Holdings Co. Ltd. Reg S
4.75%, 09/28/23 | | | 200,493 | |
| | 200,000 | | | Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.88%, 03/21/23 | | | 197,883 | |
Principal
Amount | | | | | Value | |
| Cayman Islands: (continued) | | | |
| USD | 200,000 | | | Ezdan Sukuk Co. Ltd. Reg S
4.88%, 04/05/22 | | $ | 175,000 | |
| | 200,000 | | | Fantasia Holdings Group Co. Ltd. Reg S
7.38%, 10/04/21 | | | 186,100 | |
| | 100,000 | | | Global A&T Electronics Ltd.
8.50%, 01/12/23 | | | 93,520 | |
| | 200,000 | | | Global Aircraft Leasing Co. Ltd. 144A
7.25%, 09/15/24 | | | 205,190 | |
| | 100,000 | | | Gran Tierra Energy International Holdings Ltd. 144A
6.25%, 02/15/25 | | | 94,125 | |
| | 100,000 | | | Grupo Aval Ltd. 144A
4.75%, 09/26/22 | | | 103,980 | |
| | 100,000 | | | Industrial Senior Trust Reg S
5.50%, 11/01/22 | | | 104,625 | |
| | | | | Kaisa Group Holdings Ltd. Reg S | | | | |
| | 450,000 | | | 9.38%, 06/30/24 | | | 406,502 | |
| | 200,000 | | | 11.25%, 04/09/22 | | | 202,304 | |
| | 200,000 | | | KWG Group Holdings Ltd. Reg S
7.88%, 09/01/23 | | | 205,816 | |
| | 350,000 | | | KWG Property Holding Ltd. Reg S
5.88%, 11/10/24 | | | 323,542 | |
| | 225,000 | | | Lamar Funding Ltd. Reg S
3.96%, 05/07/25 | | | 211,071 | |
| | | | | Latam Finance Ltd. 144A | | | | |
| | 100,000 | | | 6.88%, 04/11/24 | | | 106,075 | |
| | 200,000 | | | 7.00%, 03/01/26 | | | 215,900 | |
| | 400,000 | | | Logan Property Holdings Co. Ltd. Reg S
5.25%, 02/23/23 | | | 394,382 | |
| | 200,000 | | | MAF Global Securities Ltd. Reg S
5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) | | | 201,250 | |
| | 200,000 | | | Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25 | | | 205,158 | |
| | 200,000 | | | MGM China Holdings Ltd. 144A
5.88%, 05/15/26 | | | 212,000 | |
| | 400,000 | | | Noble Holding International Ltd.
7.95%, 04/01/25 | | | 232,000 | |
| | 130,424 | | | Odebrecht Offshore Drilling Finance Ltd. 144A
6.72%, 12/01/22 | | | 128,469 | |
| | 200,000 | | | Redsun Properties Group Ltd. Reg S
9.95%, 04/11/22 | | | 189,635 | |
| | 200,000 | | | Ronshine China Holdings Ltd. Reg S
8.25%, 02/01/21 | | | 203,510 | |
| | 100,000 | | | Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 | | | 84,500 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Cayman Islands: (continued) | | | |
| USD | 200,000 | | | Shimao Property Holdings Ltd. Reg S
4.75%, 07/03/22 | | $ | 205,295 | |
| | | | | Sunac China Holdings Ltd. Reg S | | | | |
| | 200,000 | | | 7.35%, 07/19/21 | | | 203,547 | |
| | 400,000 | | | 7.95%, 08/08/22 | | | 409,528 | |
| | | | | Times China Holdings Ltd. Reg S | | | | |
| | 200,000 | | | 6.75%, 07/16/23 | | | 202,212 | |
| | 200,000 | | | 7.85%, 06/04/21 | | | 206,100 | |
| | 150,000 | | | UPCB Finance IV Ltd. 144A
5.38%, 01/15/25 | | | 155,438 | |
| EUR | 90,000 | | | UPCB Finance IV Ltd. Reg S
4.00%, 01/15/27 | | | 105,870 | |
| | 100,000 | | | UPCB Finance VII Ltd. Reg S
3.63%, 06/15/29 | | | 117,749 | |
| USD | 200,000 | | | WTT Investment Ltd./Hong Kong 144A
5.50%, 11/21/22 | | | 207,541 | |
| | 200,000 | | | Wynn Macau Ltd. 144A
5.50%, 10/01/27 | | | 206,312 | |
| | 200,000 | | | Yankuang Group Cayman Ltd. Reg S
6.00%, 01/30/22 | | | 206,839 | |
| | | | | Yuzhou Properties Co. Ltd. Reg S | | | | |
| | 300,000 | | | 6.00%, 10/25/23 | | | 285,431 | |
| | 200,000 | | | 7.90%, 05/11/21 | | | 206,800 | |
| | 200,000 | | | Zhenro Properties Group Ltd. Reg S
12.50%, 01/02/21 | | | 211,300 | |
| | | | | | | | 11,237,031 | |
| Chile: 0.2% | | | |
| | 100,000 | | | AES Gener SA 144A
7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | | | 104,081 | |
| | 100,000 | | | Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25 | | | 86,416 | |
| | | | | | | | 190,497 | |
| 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 (o) | | | 198,956 | |
| | 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 (o) | | | 397,676 | |
| | 200,000 | | | China CITIC Bank International Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (o) | | | 197,401 | |
Principal
Amount | | | | | Value | |
| China / Hong Kong: (continued) | | | |
| USD | 200,000 | | | China South City Holdings Ltd. Reg S
6.75%, 09/13/21 | | $ | 169,800 | |
| | 200,000 | | | ICBC Asia Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (o) | | | 200,763 | |
| | 200,000 | | | Nanyang Commercial Bank Ltd. Reg S
5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o) | | | 200,134 | |
| | 200,000 | | | Yanlord Land HK Co. Ltd. Reg S
5.88%, 01/23/22 | | | 201,499 | |
| | | | | | | | 1,566,229 | |
| Colombia: 0.5% | | | |
| | 100,000 | | | Banco Davivienda SA Reg S
5.88%, 07/09/22 | | | 106,876 | |
| | | | | Banco de Bogota SA 144A | | | | |
| | 100,000 | | | 5.38%, 02/19/23 | | | 106,843 | |
| | 100,000 | | | 6.25%, 05/12/26 | | | 113,251 | |
| | 50,000 | | | Banco GNB Sudameris SA 144A
7.50%, 07/30/22 | | | 54,063 | |
| | 80,000 | | | Banco GNB Sudameris SA Reg S
7.50%, 07/30/22 | | | 86,501 | |
| | 50,000 | | | Bancolombia SA
5.13%, 09/11/22 | | | 52,745 | |
| | | | | | | | 520,279 | |
| Curacao: 0.1% | | | |
| | 100,000 | | | Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22 | | | 91,375 | |
| | 50,000 | | | Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21 | | | 48,188 | |
| | | | | | | | 139,563 | |
| Czech Republic: 0.3% | | | |
| EUR | 100,000 | | | Energo-Pro AS Reg S
4.00%, 12/07/22 | | | 114,650 | |
| | 150,000 | | | Residomo SRO Reg S
3.38%, 10/15/24 | | | 174,135 | |
| | | | | | | | 288,785 | |
| Denmark: 0.4% | | | |
| | 275,000 | | | DKT Finance ApS Reg S
7.00%, 06/17/23 | | | 325,580 | |
| | 100,000 | | | Norican A/S Reg S
4.50%, 05/15/23 | | | 95,086 | |
| | | | | | | | 420,666 | |
| Finland: 0.6% | | | |
| | | | | Nokia OYJ | | | | |
| USD | 100,000 | | | 3.38%, 06/12/22 | | | 101,375 | |
| | 100,000 | | | 6.63%, 05/15/39 | | | 115,000 | |
| EUR | 200,000 | | | Nokia OYJ Reg S
2.00%, 03/15/24 | | | 233,644 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Finland: (continued) | | | | |
| EUR | 175,000 | | | Teollisuuden Voima OYJ Reg S
2.13%, 02/04/25 | | $ | 206,822 | |
| | | | | | | | 656,841 | |
| France: 5.2% | | | | |
| | 100,000 | | | Accor SA Reg S
4.38% (EUR Swap Annual 5 Year+4.56%), 01/30/24 (o) | | | 119,670 | |
| | | | | Altice France SA 144A | | | | |
| USD | 800,000 | | | 7.38%, 05/01/26 | | | 858,676 | |
| | 300,000 | | | 8.13%, 02/01/27 | | | 333,375 | |
| EUR | 100,000 | | | Altice France SA Reg S
5.88%, 02/01/27 | | | 123,346 | |
| | | | | Casino Guichard Perrachon SA Reg S | | | | |
| | 100,000 | | | 1.87%, 06/13/22 | | | 104,307 | |
| | 200,000 | | | 4.50%, 03/07/24 | | | 193,593 | |
| | 100,000 | | | 4.56%, 01/25/23 | | | 104,015 | |
| | 100,000 | | | 5.98%, 05/26/21 | | | 114,828 | |
| | 250,000 | | | CMA CGM SA Reg S
7.75%, 01/15/21 | | | 232,331 | |
| | 200,000 | | | Elis SA Reg S
1.88%, 02/15/23 | | | 231,894 | |
| | | | | Europcar Mobility Group Reg S | | | | |
| | 100,000 | | | 4.00%, 04/30/26 | | | 104,304 | |
| | 100,000 | | | 4.13%, 11/15/24 | | | 105,953 | |
| | 200,000 | | | Faurecia SE Reg S
3.63%, 06/15/23 | | | 227,615 | |
| | 125,000 | | | Fnac Darty SA Reg S
1.88%, 05/30/24 | | | 142,720 | |
| | 100,000 | | | Getlink SE Reg S
3.63%, 10/01/23 | | | 116,871 | |
| | 150,000 | | | La Financiere Atalian SASU Reg S
4.00%, 05/15/24 | | | 112,516 | |
| | 100,000 | | | La Poste SA Reg S
3.13% (EUR Swap Annual 5 Year+2.44%), 10/29/25 (o) | | | 117,148 | |
| | | | | Loxam SAS Reg S | | | | |
| | 100,000 | | | 2.88%, 04/15/26 | | | 109,892 | |
| | 125,000 | | | 3.50%, 04/15/22 | | | 141,011 | |
| | 100,000 | | | 4.25%, 04/15/24 | | | 113,199 | |
| | 200,000 | | | New AREVA Holding SA
4.88%, 09/23/24 | | | 261,000 | |
| | 100,000 | | | New AREVA Holding SA Reg S
3.13%, 03/20/23 | | | 119,507 | |
| | 100,000 | | | Nexans SA Reg S
3.25%, 05/26/21 | | | 115,984 | |
| | 100,000 | | | Orano SA Reg S
3.50%, 03/22/21 | | | 116,569 | |
| | 100,000 | | | Paprec Holding SA Reg S
4.00%, 03/31/25 | | | 101,176 | |
| | 200,000 | | | Rexel SA Reg S
2.13%, 06/15/25 | | | 227,124 | |
| | 250,000 | | | Solvay Finance SA Reg S
5.43% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (o) | | | 320,569 | |
| USD | 100,000 | | | SPCM SA 144A
4.88%, 09/15/25 | | | 103,750 | |
Principal
Amount | | | | | Value | |
| France: (continued) | | | | |
| EUR | 100,000 | | | SPIE SA Reg S
3.13%, 03/22/24 | | $ | 120,472 | |
| | 100,000 | | | Tereos Finance Groupe I SA Reg S
4.13%, 06/16/23 | | | 71,775 | |
| | | | | Vallourec SA Reg S | | | | |
| | 100,000 | | | 2.25%, 09/30/24 | | | 72,271 | |
| | 125,000 | | | 6.63%, 10/15/22 | | | 119,062 | |
| | | | | | | | 5,456,523 | |
| Georgia: 0.2% | | | | |
| USD | 200,000 | | | Bank of Georgia JSC 144A
6.00%, 07/26/23 | | | 208,364 | |
| Germany: 4.1% | | | | |
| EUR | 200,000 | | | ADLER Real Estate AG Reg S
1.50%, 12/06/21 | | | 225,082 | |
| | | | | Deutsche Bank AG | | | | |
| USD | 100,000 | | | 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | | | 94,790 | |
| | 375,000 | | | 4.50%, 04/01/25 | | | 365,860 | |
| EUR | 135,000 | | | Deutsche Bank AG Reg S
2.75%, 02/17/25 | | | 155,234 | |
| | 100,000 | | | Deutsche Lufthansa AG Reg S 5.13% (EUR Swap Annual 5 Year+4.78%), 08/12/75 | | | 118,249 | |
| | 100,000 | | | Deutsche Pfandbriefbank AG Reg S
2.88% (EUR Swap Annual 5 Year+2.75%), 06/28/27 | | | 112,821 | |
| | 150,000 | | | Douglas GmbH Reg S
6.25%, 07/15/22 | | | 166,788 | |
| | 110,000 | | | Hapag-Lloyd AG Reg S
5.13%, 07/15/24 | | | 129,626 | |
| USD | 200,000 | | | IHO Verwaltungs GmbH 144A
5.50%, 09/15/26 | | | 199,000 | |
| | | | | IHO Verwaltungs GmbH Reg S | | | | |
| EUR | 100,000 | | | 4.38%, 05/15/25 | | | 114,284 | |
| | 100,000 | | | 4.50%, 09/15/26 | | | 113,389 | |
| | 300,000 | | | K+S AG Reg S
3.00%, 06/20/22 | | | 351,778 | |
| | 100,000 | | | LANXESS AG Reg S
4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 | | | 122,526 | |
| | 140,000 | | | Metro Wholesale & Food Reg S
1.50%, 03/19/25 | | | 164,143 | |
| | 200,000 | | | Nidda Healthcare Holding GmbH Reg S
3.50%, 09/30/24 | | | 231,294 | |
| USD | 200,000 | | | Norddeutsche Landesbank- Girozentrale Reg S
6.25%, 04/10/24 | | | 184,064 | |
| EUR | 100,000 | | | Platin 1426 GmbH Reg S
5.38%, 06/15/23 | | | 105,681 | |
| | 130,000 | | | ProGroup AG Reg S
3.00%, 03/31/26 | | | 142,165 | |
| USD | 100,000 | | | RWE AG Reg S
6.63% (+4.52%), 07/30/75 | | | 113,336 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Germany: (continued) | | | | |
| EUR | 100,000 | | | Tele Columbus AG Reg S
3.88%, 05/02/25 | | $ | 109,073 | |
| | | | | thyssenkrupp AG Reg S | | | | |
| | 300,000 | | | 1.38%, 03/03/22 | | | 336,040 | |
| | 200,000 | | | 2.50%, 02/25/25 | | | 229,440 | |
| | 100,000 | | | 2.75%, 03/08/21 | | | 114,376 | |
| | 100,000 | | | TUI AG Reg S
2.13%, 10/26/21 | | | 114,549 | |
| | 100,000 | | | WEPA Hygieneprodukte GmbH Reg S
3.75%, 05/15/24 | | | 113,699 | |
| | | | | | | | 4,227,287 | |
| India: 0.7% | | | | |
| USD | 200,000 | | | Delhi International Airport Ltd. Reg S
6.13%, 02/03/22 | | | 210,262 | |
| | 200,000 | | | IDBI Bank Ltd. Reg S
4.25%, 11/30/20 | | | 201,842 | |
| | 200,000 | | | JSW Steel Ltd. Reg S
5.95%, 04/18/24 | | | 205,083 | |
| | 100,000 | | | ReNew Power Synthetic 144A
6.67%, 03/12/24 | | | 101,393 | |
| | | | | | | | 718,580 | |
| Indonesia: 0.2% | | | | |
| | 200,000 | | | Saka Energi Indonesia PT 144A
4.45%, 05/05/24 | | | 202,708 | |
| Ireland: 2.3% | | | | |
| | 200,000 | | | Alfa Bank OJSC 144A
7.75%, 04/28/21 | | | 213,657 | |
| EUR | 100,000 | | | Allied Irish Banks Plc Reg S
4.13% (EUR Swap Annual 5 Year+3.95%), 11/26/25 | | | 115,904 | |
| GBP | 100,000 | | | Bank of Ireland Group Plc Reg S
3.13% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/27 | | | 129,348 | |
| USD | 200,000 | | | C&W Senior Financing DAC 144A
6.88%, 09/15/27 | | | 211,250 | |
| | 200,000 | | | Credit Bank of Moscow Via CBOM Finance Plc 144A
5.55%, 02/14/23 | | | 202,946 | |
| EUR | 100,000 | | | eircom Finance DAC Reg S
3.50%, 05/15/26 | | | 117,179 | |
| USD | 200,000 | | | GTLK Europe DAC Reg S
5.13%, 05/31/24 | | | 208,500 | |
| | 150,000 | | | James Hardie International Finance DAC 144A
5.00%, 01/15/28 | | | 157,875 | |
| | 100,000 | | | Metalloinvest Finance DAC 144A
4.85%, 05/02/24 | | | 106,337 | |
| | 200,000 | | | Mobile Telesystems OJSC 144A
5.00%, 05/30/23 | | | 211,795 | |
| | 200,000 | | | SCF Capital Ltd. 144A
5.38%, 06/16/23 | | | 212,273 | |
| EUR | 300,000 | | | Smurfit Kappa Acquisitions ULC Reg S
2.38%, 02/01/24 | | | 360,830 | |
Principal
Amount | | | | | Value | |
| Ireland: (continued) | | | | |
| GBP | 150,000 | | | Virgin Media Receivables Financing Notes I DAC Reg S
5.50%, 09/15/24 | | $ | 199,448 | |
| | | | | | | | 2,447,342 | |
| Italy: 5.7% | | | | |
| EUR | 100,000 | | | Astaldi SpA Reg S
7.13%, 12/01/20 (d) * | | | 23,309 | |
| | 100,000 | | | Banca IFIS SpA Reg S
4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27 | | | 106,661 | |
| | 100,000 | | | Banca Popolare di Sondrio SCPA Reg S
2.38%, 04/03/24 | | | 112,855 | |
| | | | | Banco BPM SpA Reg S | | | | |
| | 200,000 | | | 1.75%, 04/24/23 | | | 226,976 | |
| | 100,000 | | | 2.00%, 03/08/22 | | | 114,355 | |
| | 100,000 | | | 4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27 | | | 116,388 | |
| | 100,000 | | | Banco Popolare SC Reg S
6.00%, 11/05/20 | | | 117,176 | |
| | 100,000 | | | BPER Banca Reg S
5.13% (EUR Swap Annual 5 Year+4.91%), 05/31/27 | | | 118,398 | |
| | 100,000 | | | Iccrea Banca SpA Reg S
1.50%, 10/11/22 | | | 114,453 | |
| | | | | Intesa Sanpaolo SpA 144A | | | | |
| USD | 100,000 | | | 5.02%, 06/26/24 | | | 104,391 | |
| | 150,000 | | | 5.71%, 01/15/26 | | | 160,957 | |
| | | | | Intesa Sanpaolo SpA Reg S | | | | |
| EUR | 200,000 | | | 3.93%, 09/15/26 | | | 252,164 | |
| | 200,000 | | | 6.63%, 09/13/23 | | | 268,954 | |
| | 100,000 | | | Intesa Sanpaolo Vita SpA Reg S
4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o) | | | 120,905 | |
| | | | | Leonardo Finmeccanica SpA | | | | |
| | 150,000 | | | 4.88%, 03/24/25 | | | 201,555 | |
| | 150,000 | | | 5.25%, 01/21/22 | | | 185,950 | |
| | 100,000 | | | Mediobanca SpA
5.00%, 11/15/20 | | | 116,829 | |
| | 100,000 | | | Salini Impregilo SpA Reg S
3.75%, 06/24/21 | | | 114,199 | |
| | 100,000 | | | Sisal Group SpA Reg S
7.00%, 07/31/23 | | | 115,825 | |
| | 100,000 | | | Societa Cattolica di Assicurazioni SC Reg S
4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 | | | 116,167 | |
| | | | | Telecom Italia SpA | | | | |
| | 100,000 | | | 5.25%, 03/17/55 | | | 127,912 | |
| GBP | 150,000 | | | 5.88%, 05/19/23 | | | 216,933 | |
| USD | 400,000 | | | Telecom Italia SpA 144A
5.30%, 05/30/24 | | | 429,500 | |
| | | | | Telecom Italia SpA Reg S | | | | |
| EUR | 230,000 | | | 2.38%, 10/12/27 | | | 264,805 | |
| | 200,000 | | | 2.88%, 01/28/26 | | | 237,281 | |
| | 250,000 | | | 3.63%, 05/25/26 | | | 310,359 | |
| | 200,000 | | | 4.00%, 04/11/24 | | | 247,412 | |
| | 300,000 | | | 5.25%, 02/10/22 | | | 374,179 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Italy: (continued) | | | | |
| | | | | Unione di Banche Italiane SpA Reg S | | | | |
| EUR | 100,000 | | | 4.25% (EUR Swap Annual 5 Year+4.18%), 05/05/26 | | $ | 116,246 | |
| | 150,000 | | | 4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27 | | | 179,680 | |
| | 100,000 | | | 5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | | | 123,291 | |
| | 200,000 | | | Unipol Gruppo SpA Reg S
3.00%, 03/18/25 | | | 239,493 | |
| | 200,000 | | | UnipolSai Assicurazioni SpA Reg S
5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o) | | | 238,661 | |
| | | | | | | | 5,914,219 | |
| Japan: 2.0% | | | | |
| USD | 200,000 | | | Asahi Mutual Life Insurance Co. Reg S
6.50% (USD Swap Semi 30/360 5 Year+4.59%), 09/05/23 (o) | | | 210,821 | |
| | | | | SoftBank Group Corp. Reg S | | | | |
| | 200,000 | | | 4.75%, 09/19/24 | | | 203,536 | |
| | 200,000 | | | 5.13%, 09/19/27 | | | 204,721 | |
| | 200,000 | | | 5.38%, 07/30/22 | | | 208,250 | |
| | 700,000 | | | 6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (o) | | | 661,500 | |
| | 350,000 | | | 6.25%, 04/15/28 | | | 383,185 | |
| | 200,000 | | | 6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (o) | | | 189,797 | |
| | | | | | | | 2,061,810 | |
| Kazakhstan: 0.6% | | | | |
| | 150,000 | | | Halyk Savings Bank of Kazakhstan JSC 144A
7.25%, 01/28/21 | | | 157,872 | |
| | | | | KazMunayGas National Co. JSC 144A | | | | |
| | 200,000 | | | 4.40%, 04/30/23 | | | 211,683 | |
| | 100,000 | | | 4.75%, 04/19/27 | | | 109,361 | |
| | 125,000 | | | 5.75%, 04/19/47 | | | 146,412 | |
| | | | | | | | 625,328 | |
| Luxembourg: 8.4% | | | | |
| | 150,000 | | | Adecoagro SA 144A
6.00%, 09/21/27 | | | 145,500 | |
| | | | | Altice Financing SA 144A | | | | |
| | 500,000 | | | 6.63%, 02/15/23 | | | 514,850 | |
| | 200,000 | | | 7.50%, 05/15/26 | | | 213,000 | |
| EUR | 150,000 | | | Altice Financing SA Reg S
5.25%, 02/15/23 | | | 172,209 | |
| USD | 300,000 | | | Altice Luxembourg SA 144A
7.63%, 02/15/25 | | | 310,500 | |
| | | | | Altice Luxembourg SA Reg S | | | | |
| EUR | 100,000 | | | 6.25%, 02/15/25 | | | 116,235 | |
| | 100,000 | | | 8.00%, 05/15/27 | | | 122,659 | |
Principal
Amount | | | | | Value | |
| Luxembourg: (continued) | | | | |
| GBP | 100,000 | | | Amigo Luxembourg SA Reg S
7.63%, 01/15/24 | | $ | 125,933 | |
| EUR | 200,000 | | | ARD Finance SA
7.38% 09/15/23 | | | 231,782 | |
| | | | | Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | | | | |
| USD | 200,000 | | | 4.63%, 05/15/23 | | | 204,900 | |
| | 100,000 | | | 6.00%, 02/15/25 | | | 105,250 | |
| | | | | Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S | | | | |
| EUR | 250,000 | | | 2.75%, 03/15/24 | | | 284,972 | |
| | 250,000 | | | 4.13%, 05/15/23 | | | 285,192 | |
| | 100,000 | | | BMBG Bond Finance SCA Reg S
3.00%, 06/15/21 | | | 112,327 | |
| GBP | 101,000 | | | Cabot Financial Luxembourg SA Reg S
7.50%, 10/01/23 | | | 135,758 | |
| EUR | 150,000 | | | Cirsa Finance International Sarl 144A
6.25%, 12/20/23 | | | 177,598 | |
| | 100,000 | | | Codere Finance SA Reg S
6.75%, 11/01/21 | | | 97,249 | |
| USD | 150,000 | | | Consolidated Energy Finance SA 144A
6.88%, 06/15/25 | | | 146,250 | |
| | 100,000 | | | Cosan Luxembourg SA 144A
7.00%, 01/20/27 | | | 110,751 | |
| EUR | 100,000 | | | CPI Property Group SA Reg S
4.38% (EUR Swap Annual 5 Year+4.15%), 08/09/23 (o) | | | 115,477 | |
| USD | 200,000 | | | CSN Resources SA 144A
7.63%, 02/13/23 | | | 207,275 | |
| EUR | 150,000 | | | Dufry Finance SCA Reg S
4.50%, 08/01/23 | | | 171,882 | |
| | 100,000 | | | eDreams ODIGEO SA Reg S
5.50%, 09/01/23 | | | 117,839 | |
| | | | | Fiat Chrysler Finance Europe SA Reg S | | | | |
| | 100,000 | | | 4.75%, 03/22/21 | | | 118,964 | |
| | 150,000 | | | 4.75%, 07/15/22 | | | 188,099 | |
| | 200,000 | | | Garfunkelux Holdco 3 SA Reg S
7.50%, 08/01/22 | | | 212,258 | |
| | 100,000 | | | Gestamp Funding Luxembourg SA Reg S
3.50%, 05/15/23 | | | 113,232 | |
| | 100,000 | | | Holcim Finance Luxembourg SA Reg S
3.00% (Euribor ICE Swap Rate 11:00am 5 Year+3.07%), 07/05/24 (o) | | | 116,804 | |
| | 300,000 | | | INEOS Group Holdings SA Reg S
5.38%, 08/01/24 | | | 343,161 | |
| | 200,000 | | | Intralot Capital Luxembourg SA Reg S
5.25%, 09/15/24 | | | 122,347 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Luxembourg: (continued) | | | | |
| EUR | 150,000 | | | Lincoln Financing SARL Reg S
3.63%, 04/01/24 | | $ | 171,454 | |
| | 100,000 | | | Matterhorn Telecom SA Reg S
4.00%, 11/15/27 | | | 116,792 | |
| USD | 200,000 | | | MHP Lux SA 144A
6.95%, 04/03/26 | | | 206,802 | |
| | | | | Millicom International Cellular SA 144A | | | | |
| | 200,000 | | | 5.13%, 01/15/28 | | | 206,750 | |
| | 100,000 | | | 6.25%, 03/25/29 | | | 109,373 | |
| | | | | Minerva Luxembourg SA 144A | | | | |
| | 125,000 | | | 5.88%, 01/19/28 | | | 127,750 | |
| | 200,000 | | | 6.50%, 09/20/26 | | | 210,000 | |
| | 250,000 | | | Puma International Financing SA 144A
5.00%, 01/24/26 | | | 240,603 | |
| EUR | 100,000 | | | Rossini Sarl Reg S
6.75%, 10/30/25 | | | 123,784 | |
| USD | 200,000 | | | Rumo Luxembourg Sarl 144A
7.38%, 02/09/24 | | | 216,260 | |
| | 250,000 | | | Sberbank of Russia 144A
5.13%, 10/29/22 | | | 263,743 | |
| EUR | 100,000 | | | SCHMOLZ + BICKENBACH Luxembourg Finance SA Reg S
5.63%, 07/15/22 | | | 88,694 | |
| | 100,000 | | | SES SA Reg S
4.63% (EUR Swap Annual 5 Year+4.66%), 01/02/22 (o) | | | 119,029 | |
| | 200,000 | | | Telecom Italia Finance SA
7.75%, 01/24/33 | | | 332,011 | |
| USD | 200,000 | | | Telenet Finance Luxembourg Notes Sarl 144A
5.50%, 03/01/28 | | | 213,700 | |
| | 11,000 | | | Trafigura Funding SA 144A
5.25%, 03/19/23 | | | 10,821 | |
| | 200,000 | | | Ultrapar International SA 144A
5.25%, 10/06/26 | | | 215,002 | |
| EUR | 100,000 | | | Vivion Investments Sarl Reg S
3.00%, 08/08/24 | | | 111,398 | |
| USD | 200,000 | | | VTB Bank SA 144A
6.95%, 10/17/22 | | | 215,931 | |
| | | | | | | | 8,740,150 | |
| Malta: 0.0% | | | | |
| | 32,000 | | | Nyrstar Holdings Plc Reg S
0.00%, 07/31/26 ^ # | | | 16,010 | |
| Mauritius: 0.6% | | | | |
| | 200,000 | | | Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25 | | | 200,858 | |
| | 200,000 | | | MTN Mauritius Investments Ltd. 144A
4.76%, 11/11/24 | | | 205,150 | |
| | 200,000 | | | Neerg Energy Ltd. 144A
6.00%, 02/13/22 | | | 198,298 | |
| | | | | | | | 604,306 | |
Principal
Amount | | | | | Value | |
| Mexico: 1.4% | | | | |
| USD | 200,000 | | | BBVA Bancomer SA 144A
5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/33 | | $ | 195,610 | |
| | | | | Cemex SAB de CV 144A | | | | |
| | 200,000 | | | 5.70%, 01/11/25 | | | 206,300 | |
| | 150,000 | | | 6.13%, 05/05/25 | | | 155,813 | |
| | 100,000 | | | 7.75%, 04/16/26 | | | 108,126 | |
| | 200,000 | | | Grupo Bimbo SAB de CV 144A
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | | | 212,400 | |
| | 200,000 | | | Grupo KUO SAB De CV 144A
5.75%, 07/07/27 | | | 206,500 | |
| | 200,000 | | | Nemak SAB de CV 144A
4.75%, 01/23/25 | | | 207,500 | |
| | | | | Unifin Financiera SA de CV 144A | | | | |
| | 100,000 | | | 7.00%, 01/15/25 | | | 100,323 | |
| | 100,000 | | | 7.25%, 09/27/23 | | | 103,876 | |
| | | | | | | | 1,496,448 | |
| Netherlands: 12.7% | | | | |
| | 200,000 | | | Cimpor Financial Operations BV 144A
5.75%, 07/17/24 | | | 148,002 | |
| EUR | 200,000 | | | Constellium SE Reg S
4.25%, 02/15/26 | | | 232,502 | |
| | 125,000 | | | Ferrovial Netherlands BV Reg S
2.12% (EUR Swap Annual 5 Year+2.13%), 02/04/23 (o) | | | 136,040 | |
| USD | 200,000 | | | Fiat Chrysler Automobiles NV
5.25%, 04/15/23 | | | 214,250 | |
| EUR | 100,000 | | | Fiat Chrysler Automobiles NV Reg S
3.75%, 03/29/24 | | | 126,473 | |
| USD | 200,000 | | | Greenko Dutch BV 144A
5.25%, 07/24/24 | | | 201,850 | |
| | 200,000 | | | GTH Finance BV 144A
7.25%, 04/26/23 | | | 223,903 | |
| | 200,000 | | | IHS Netherlands Holdco BV 144A
8.00%, 09/18/27 | | | 209,500 | |
| | 114,000 | | | Indo Energy Finance II BV 144A
6.38%, 01/24/23 | | | 114,561 | |
| EUR | 100,000 | | | Intertrust Group BV Reg S
3.38%, 11/15/25 | | | 117,110 | |
| | 200,000 | | | InterXion Holding NV Reg S
4.75%, 06/15/25 | | | 243,202 | |
| | 100,000 | | | IPD 3 BV Reg S
4.50%, 07/15/22 | | | 114,204 | |
| USD | 150,000 | | | Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42 | | | 203,124 | |
| | 200,000 | | | Marfrig Holding Europe BV 144A
8.00%, 06/08/23 | | | 208,502 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Netherlands: (continued) | | | | |
| | | | | Metinvest BV 144A | | | | |
| USD | 150,000 | | | 7.75%, 04/23/23 | | $ | 157,209 | |
| | 100,000 | | | 8.50%, 04/23/26 | | | 104,955 | |
| | 250,000 | | | Mong Duong Finance Holdings BV 144A
5.13%, 05/07/29 | | | 255,186 | |
| | 200,000 | | | MV24 Capital BV 144A
6.75%, 06/01/34 | | | 209,600 | |
| EUR | 200,000 | | | Naturgy Finance BV Reg S
4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o) | | | 242,030 | |
| USD | 100,000 | | | Nostrum Oil & Gas Finance BV 144A
8.00%, 07/25/22 | | | 54,690 | |
| EUR | 225,000 | | | OCI NV Reg S
5.00%, 04/15/23 | | | 262,468 | |
| | | | | Petrobras Global Finance BV | | | | |
| USD | 200,000 | | | 5.30%, 01/27/25 | | | 219,030 | |
| | 150,000 | | | 5.75%, 02/01/29 | | | 167,190 | |
| | 400,000 | | | 6.00%, 01/27/28 | | | 451,825 | |
| | 200,000 | | | 6.25%, 03/17/24 | | | 225,350 | |
| | 275,000 | | | 6.85%, 06/05/15 | | | 316,937 | |
| | 100,000 | | | 6.88%, 01/20/40 | | | 117,100 | |
| | 150,000 | | | 6.90%, 03/19/49 | | | 174,645 | |
| | 150,000 | | | 7.25%, 03/17/44 | | | 182,625 | |
| | 400,000 | | | 7.38%, 01/17/27 | | | 485,200 | |
| | 44,000 | | | 8.38%, 05/23/21 | | | 48,180 | |
| | 330,000 | | | 8.75%, 05/23/26 | | | 423,060 | |
| | 281,000 | | | Petrobras Global Finance BV 144A
5.09%, 01/15/30 | | | 298,352 | |
| EUR | 41,000 | | | Phoenix PIB Dutch Finance BV Reg S
3.63%, 07/30/21 | | | 48,319 | |
| | 100,000 | | | PPF Arena 1 BV Reg S
3.13%, 03/27/26 | | | 117,154 | |
| | 200,000 | | | Repsol International Finance BV Reg S
3.88% (EUR Swap Annual 6 Year+3.56%), 03/25/21 (o) | | | 233,383 | |
| | 300,000 | | | Saipem Finance International BV Reg S
3.75%, 09/08/23 | | | 369,922 | |
| | 125,000 | | | Samvardhana Motherson Automotive Systems Group BV Reg S
1.80%, 07/06/24 | | | 131,438 | |
| | 125,000 | | | Selecta Group BV Reg S
5.88%, 02/01/24 | | | 141,299 | |
| | 200,000 | | | Sigma Holdco BV Reg S
5.75%, 05/15/26 | | | 213,620 | |
| USD | 150,000 | | | Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A
7.00%, 07/15/26 | | | 162,188 | |
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 (d) (o) * | | $ | 3,882 | |
| | | | | Telefonica Europe BV Reg S | | | | |
| | 200,000 | | | 2.63% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o) | | | 227,464 | |
| | 200,000 | | | 3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o) | | | 230,311 | |
| | 200,000 | | | 3.75% (EUR Swap Annual 5 Year+3.86%), 03/15/22 (o) | | | 235,790 | |
| | 100,000 | | | 3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o) | | | 119,063 | |
| GBP | 100,000 | | | 6.75% (GBP Swap 5 Year+4.46%), 11/26/20 (o) | | | 136,125 | |
| EUR | 175,000 | | | TenneT Holding BV Reg S
3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o) | | | 208,831 | |
| | | | | Teva Pharmaceutical Finance Netherlands II BV Reg S | | | | |
| | 250,000 | | | 1.13%, 10/15/24 | | | 224,529 | |
| | 100,000 | | | 1.25%, 03/31/23 | | | 98,286 | |
| | 100,000 | | | 1.63%, 10/15/28 | | | 80,957 | |
| | 100,000 | | | 1.88%, 03/31/27 | | | 84,734 | |
| | | | | Teva Pharmaceutical Finance Netherlands III BV | | | | |
| USD | 380,000 | | | 2.20%, 07/21/21 | | | 361,673 | |
| | 350,000 | | | 2.80%, 07/21/23 | | | 303,625 | |
| | 400,000 | | | 3.15%, 10/01/26 | | | 302,000 | |
| | 250,000 | | | 4.10%, 10/01/46 | | | 172,187 | |
| | 150,000 | | | 6.00%, 04/15/24 | | | 140,813 | |
| | 200,000 | | | 6.75%, 03/01/28 | | | 180,000 | |
| EUR | 200,000 | | | Trivium Packaging Finance BV Reg S
3.75%, 08/15/26 | | | 232,457 | |
| | 160,000 | | | United Group BV Reg S
4.38%, 07/01/22 | | | 182,312 | |
| USD | 100,000 | | | UPC Holding BV 144A
5.50%, 01/15/28 | | | 102,250 | |
| | | | | VEON Holdings BV 144A | | | | |
| | 100,000 | | | 3.95%, 06/16/21 | | | 101,556 | |
| | 200,000 | | | 4.00%, 04/09/25 | | | 205,712 | |
| | 100,000 | | | 7.50%, 03/01/22 | | | 110,875 | |
| | 200,000 | | | VTR Finance BV 144A
6.88%, 01/15/24 | | | 205,500 | |
| EUR | 225,000 | | | Ziggo BV Reg S
4.25%, 01/15/27 | | | 271,057 | |
| USD | 350,000 | | | Ziggo Secured Finance BV 144A
5.50%, 01/15/27 | | | 369,680 | |
| | | | | | | | 13,197,847 | |
| Norway: 0.2% | | | | |
| | 150,000 | | | Aker BP ASA 144A
6.00%, 07/01/22 | | | 155,250 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Oman: 0.2% | | | | |
| USD | 200,000 | | | Bank Muscat SAOG Reg S
4.88%, 03/14/23 | | $ | 203,187 | |
| Panama: 0.2% | | | | |
| | 200,000 | | | AES Panama SRL 144A
6.00%, 06/25/22 | | | 206,652 | |
| Peru: 0.2% | | | | |
| | 100,000 | | | Orazul Energy Egenor S. en C. por A. 144A
5.63%, 04/28/27 | | | 102,813 | |
| | 100,000 | | | Volcan Cia Minera SAA 144A
5.38%, 02/02/22 | | | 104,001 | |
| | | | | | | | 206,814 | |
| Portugal: 0.4% | | | | |
| EUR | 100,000 | | | Caixa Geral de Depositos SA Reg S
5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 | | | 126,384 | |
| | 200,000 | | | EDP – Energias de Portugal SA Reg S
5.38% (EUR Swap Annual 5 Year+5.04%), 09/16/75 | | | 237,726 | |
| | | | | | | | 364,110 | |
| Singapore: 0.9% | | | | |
| USD | 250,000 | | | ABJA Investment Co. Pte Ltd. Reg S
5.95%, 07/31/24 | | | 262,662 | |
| | 150,000 | | | Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) (e) * | | | 1,875 | |
| | 200,000 | | | Marble II Pte Ltd. 144A
5.30%, 06/20/22 | | | 203,099 | |
| | 200,000 | | | Medco Platinum Road Pte Ltd. 144A
6.75%, 01/30/25 | | | 202,179 | |
| | 200,000 | | | Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26 | | | 181,044 | |
| EUR | 34,000 | | | Trafigura Group Pte Ltd. Reg S
7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o) | | | 35,985 | |
| | | | | | | | 886,844 | |
| South Africa: 0.6% | | | | |
| | | | | Eskom Holdings SOC Ltd. 144A | | | | |
| USD | 200,000 | | | 5.75%, 01/26/21 | | | 201,751 | |
| | 100,000 | | | 6.75%, 08/06/23 | | | 102,978 | |
| | 100,000 | | | 7.13%, 02/11/25 | | | 103,097 | |
| | 100,000 | | | 8.45%, 08/10/28 | | | 109,818 | |
| | 130,265 | | | South Africa Ltd. 144A
3.00%, 12/31/22 | | | 1,303 | |
| | 100,000 | | | Transnet SOC Ltd. 144A
4.00%, 07/26/22 | | | 101,257 | |
| | | | | | | | 620,204 | |
| South Korea: 0.1% | | | | |
| | 100,000 | | | Woori Bank 144A
4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (o) | | | 101,159 | |
Principal
Amount | | | | | Value | |
| Spain: 1.5% | | | | |
| EUR | 100,000 | | | Abanca Corp. Bancaria SA Reg S
6.13% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | | $ | 122,594 | |
| USD | 63,204 | | | Abengoa Abenewco 2 SAU Reg S
1.25%, 03/31/23 # | | | 948 | |
| EUR | 100,000 | | | Abengoa SA
0.00%, 03/31/27 (d) (s) * | | | 853 | |
| USD | 200,000 | | | AI Candelaria Spain SLU 144A
7.50%, 12/15/28 | | | 226,250 | |
| EUR | 200,000 | | | Banco de Sabadell SA Reg S
5.63%, 05/06/26 | | | 264,991 | |
| | | | | Bankia SA Reg S | | | | |
| | 100,000 | | | 3.38% (EUR Swap Annual 5 Year+3.35%), 03/15/27 | | | 117,772 | |
| | 100,000 | | | 3.75% (EUR Swap Annual 5 Year+3.62%), 02/15/29 | | | 121,185 | |
| | 200,000 | | | Cellnex Telecom SAU Reg S
3.13%, 07/27/22 | | | 239,962 | |
| | 100,000 | | | El Corte Ingles SA Reg S
3.00%, 03/15/24 | | | 116,219 | |
| | 175,000 | | | Grifols SA Reg S
3.20%, 05/01/25 | | | 200,045 | |
| | 125,000 | | | Grupo Antolin-Irausa SA Reg S
3.25%, 04/30/24 | | | 123,927 | |
| | | | | Grupo Isolux Corsan SA | | | | |
| | 302 | | | 0.25%, 12/30/21 (d) # * | | | 5 | |
| | 56,417 | | | 6.00%, 12/30/21 (d) * | | | 504 | |
| | 100,000 | | | Obrascon Huarte Lain SA Reg S
5.50%, 03/15/23 | | | 75,078 | |
| | | | | | | | 1,610,333 | |
| Sweden: 1.7% | | | | |
| | 175,000 | | | Akelius Residential Property AB Reg S
3.88% (Euribor ICE Swap Rate 11:00am 5 Year+3.49%), 10/05/78 | | | 209,296 | |
| | 100,000 | | | Corral Petroleum Holdings AB Reg S
13.25%, 05/15/21 | | | 117,422 | |
| | 100,000 | | | Dometic Group AB Reg S
3.00%, 05/08/26 | | | 114,556 | |
| USD | 200,000 | | | Ericsson LM
4.13%, 05/15/22 | | | 207,770 | |
| EUR | 425,000 | | | Intrum AB Reg S
3.13%, 07/15/24 | | | 482,072 | |
| USD | 100,000 | | | Stena AB 144A
7.00%, 02/01/24 | | | 101,750 | |
| EUR | 100,000 | | | Telefonaktiebolaget LM Ericsson Reg S
1.88%, 03/01/24 | | | 118,128 | |
| | 200,000 | | | Verisure Midholding AB Reg S
5.75%, 12/01/23 | | | 230,632 | |
| | | | | Volvo Car AB Reg S | | | | |
| | 100,000 | | | 2.00%, 01/24/25 | | | 114,633 | |
| | 100,000 | | | 3.25%, 05/18/21 | | | 116,805 | |
| | | | | | | | 1,813,064 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Turkey: 3.1% | | | | |
| | | | | Akbank TAS 144A | | | | |
| USD | 125,000 | | | 5.00%, 10/24/22 | | $ | 124,220 | |
| | 150,000 | | | 5.13%, 03/31/25 | | | 143,797 | |
| | 100,000 | | | Arcelik AS 144A
5.00%, 04/03/23 | | | 101,151 | |
| | 200,000 | | | Finansbank AS 144A
4.88%, 05/19/22 | | | 199,916 | |
| | 200,000 | | | KOC Holding AS 144A
5.25%, 03/15/23 | | | 202,505 | |
| | 200,000 | | | TC Ziraat Bankasi AS 144A
5.13%, 05/03/22 | | | 195,881 | |
| | 100,000 | | | Turk Telekomunikasyon AS 144A
4.88%, 06/19/24 | | | 98,361 | |
| | 200,000 | | | Turkcell Iletisim Hizmetleri AS 144A
5.80%, 04/11/28 | | | 194,740 | |
| | 300,000 | | | Turkiye Garanti Bankasi AS 144A
5.25%, 09/13/22 | | | 301,711 | |
| | 100,000 | | | Turkiye Halk Bankasi AS 144A
4.75%, 02/11/21 | | | 93,010 | |
| | | | | Turkiye Is Bankasi AS 144A | | | | |
| | 325,000 | | | 6.00%, 10/24/22 | | | 316,103 | |
| | 250,000 | | | 6.13%, 04/25/24 | | | 244,411 | |
| | 200,000 | | | Turkiye Sinai Kalkinma Bankasi AS Reg S
5.50%, 01/16/23 | | | 195,772 | |
| | 100,000 | | | Turkiye Sise ve Cam Fabrikalari AS 144A
6.95%, 03/14/26 | | | 104,375 | |
| | | | | Turkiye Vakiflar Bankasi TAO 144A | | | | |
| | 125,000 | | | 5.50%, 10/27/21 | | | 124,356 | |
| | 100,000 | | | 5.75%, 01/30/23 | | | 97,110 | |
| | 100,000 | | | 6.00%, 11/01/22 | | | 96,855 | |
| | | | | Yapi ve Kredi Bankasi AS 144A | | | | |
| | 100,000 | | | 5.50%, 12/06/22 | | | 97,511 | |
| | 150,000 | | | 5.75%, 02/24/22 | | | 150,638 | |
| | 100,000 | | | 5.85%, 06/21/24 | | | 96,794 | |
| | 100,000 | | | 8.50% (USD Swap Semi 30/360 5 Year+7.40%), 03/09/26 | | | 99,713 | |
| | | | | | | | 3,278,930 | |
| United Arab Emirates: 0.4% | | | | |
| | 200,000 | | | Emirates NBD PJSC Reg S
6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | | | 208,404 | |
| | 200,000 | | | Oztel Holdings SPC Ltd. 144A 5.63%, 10/24/23 | | | 209,387 | |
| | | | | | | | 417,791 | |
| United Kingdom: 9.3% | | | | |
| | | | | AngloGold Ashanti Holdings Plc | | | | |
| | 75,000 | | | 5.13%, 08/01/22 | | | 79,113 | |
| | 50,000 | | | 6.50%, 04/15/40 | | | 56,707 | |
| GBP | 100,000 | | | Ardonagh Midco 3 Plc Reg S 8.38%, 07/15/23 | | | 121,578 | |
Principal
Amount | | | | | Value | |
| United Kingdom: (continued) | | | | |
| GBP | 100,000 | | | Arqiva Broadcast Finance Plc Reg S
6.75%, 09/30/23 | | $ | 139,033 | |
| USD | 100,000 | | | Aston Martin Capital Holdings Ltd. 144A
6.50%, 04/15/22 | | | 88,514 | |
| | 100,000 | | | Barclays Bank Plc
6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (o) | | | 111,750 | |
| GBP | 100,000 | | | Boparan Finance Plc Reg S
5.50%, 07/15/21 | | | 74,532 | |
| | 100,000 | | | Centrica Plc Reg S
5.25% (GBP Swap 5 Year+3.61%), 04/10/75 | | | 137,588 | |
| USD | 200,000 | | | Connect Finco SARL / Connect US Finco LLC 144A
6.75%, 10/01/26 | | | 207,500 | |
| GBP | 150,000 | | | Co-operative Group Holdings 2011 Ltd. Reg S
7.50%, 07/08/26 (s) | | | 222,576 | |
| USD | 150,000 | | | Delphi Technologies Plc 144A
5.00%, 10/01/25 | | | 130,500 | |
| | 100,000 | | | Drax Finco Plc 144A
6.63%, 11/01/25 | | | 106,375 | |
| | 200,000 | | | DTEK Finance Plc
10.75%, 12/31/24 | | | 204,300 | |
| | 200,000 | | | eG Global Finance Plc 144A
6.75%, 02/07/25 | | | 200,750 | |
| EUR | 100,000 | | | eG Global Finance Plc Reg S
4.38%, 02/07/25 | | | 108,814 | |
| GBP | 100,000 | | | EI Group Plc Reg S
6.38%, 02/15/22 | | | 131,970 | |
| USD | 300,000 | | | Evraz Plc 144A
5.38%, 03/20/23 | | | 320,940 | |
| GBP | 150,000 | | | GKN Holdings Plc Reg S
5.38%, 09/19/22 | | | 210,130 | |
| | 150,000 | | | Heathrow Finance Plc Reg S
5.75%, 03/03/25 | | | 215,210 | |
| USD | 200,000 | | | Inmarsat Finance Plc 144A
4.88%, 05/15/22 | | | 203,000 | |
| EUR | 150,000 | | | International Personal Finance Plc Reg S
5.75%, 04/07/21 | | | 158,520 | |
| GBP | 150,000 | | | Jaguar Land Rover Automotive Plc 144A
5.00%, 02/15/22 | | | 194,088 | |
| EUR | 100,000 | | | Jaguar Land Rover Automotive Plc Reg S
2.20%, 01/15/24 | | | 101,245 | |
| GBP | 110,000 | | | Jerrold Finco Plc Reg S
6.25%, 09/15/21 | | | 145,208 | |
| USD | 200,000 | | | KCA Deutag Finance Plc 144A
7.25%, 05/15/21 | | | 128,000 | |
| GBP | 100,000 | | | Ladbrokes Group Finance Plc Reg S
5.13%, 09/16/22 | | | 136,879 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United Kingdom: (continued) | | | | |
| EUR | 100,000 | | | LHC3 Plc Reg S
9.00% 08/15/24 | | $ | 115,389 | |
| | | | | Lloyds Banking Group Plc 144A | | | | |
| USD | 190,000 | | | 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | | | 212,562 | |
| | 150,000 | | | 6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) | | | 170,250 | |
| | 200,000 | | | MARB BondCo Plc 144A
6.88%, 01/19/25 | | | 208,840 | |
| GBP | 100,000 | | | Matalan Finance Plc Reg S
6.75%, 01/31/23 | | | 117,744 | |
| | 100,000 | | | Mclaren Finance Plc Reg S
5.00%, 08/01/22 | | | 124,279 | |
| EUR | 150,000 | | | Merlin Entertainments Plc Reg S
2.75%, 03/15/22 | | | 177,468 | |
| USD | 70,000 | | | Oschadbank 144A
9.38%, 03/10/23 (s) | | | 73,309 | |
| EUR | 100,000 | | | OTE Plc Reg S
2.38%, 07/18/22 | | | 118,272 | |
| USD | 100,000 | | | Petra Diamonds US Treasury Plc 144A
7.25%, 05/01/22 | | | 70,500 | |
| EUR | 100,000 | | | Playtech Plc Reg S
3.75%, 10/12/23 | | | 116,155 | |
| USD | 200,000 | | | Polyus Finance Plc 144A
5.25%, 02/07/23 | | | 212,438 | |
| GBP | 100,000 | | | Shop Direct Funding Plc Reg S
7.75%, 11/15/22 | | | 110,637 | |
| USD | 100,000 | | | Standard Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | | | 117,316 | |
| GBP | 100,000 | | | Stonegate Pub Co. Financing Plc Reg S
4.88%, 03/15/22 | | | 132,522 | |
| | 100,000 | | | Stretford 79 Plc Reg S
6.75%, 07/15/24 | | | 118,849 | |
| EUR | 100,000 | | | Titan Global Finance Plc Reg S
3.50%, 06/17/21 | | | 117,395 | |
| GBP | 100,000 | | | Travis Perkins Plc Reg S
4.38%, 09/15/21 | | | 134,188 | |
| USD | 200,000 | | | Tullow Oil Plc 144A
7.00%, 03/01/25 | | | 207,250 | |
| GBP | 100,000 | | | Twinkle Pizza Plc Reg S
6.63%, 08/01/21 | | | 112,320 | |
| USD | 36,000 | | | Ukraine Railways Via Shortline Plc Reg S
9.88%, 09/15/21 | | | 37,511 | |
| | 500,000 | | | Valaris Plc
5.75%, 10/01/44 | | | 205,000 | |
| | 200,000 | | | Vedanta Resources Finance II Plc 144A
9.25%, 04/23/26 | | | 201,300 | |
| | 300,000 | | | Vedanta Resources Plc 144A
6.13%, 08/09/24 | | | 279,010 | |
Principal
Amount | | | | | Value | |
| United Kingdom: (continued) | | | | |
| EUR | 100,000 | | | Virgin Media Finance Plc Reg S
4.50%, 01/15/25 | | $ | 114,945 | |
| USD | 100,000 | | | Virgin Media Secured Finance Plc 144A
5.50%, 05/15/29 | | | 106,500 | |
| | | | | Virgin Media Secured Finance Plc Reg S | | | | |
| GBP | 275,000 | | | 4.88%, 01/15/27 | | | 369,639 | |
| | 200,000 | | | 5.00%, 04/15/27 | | | 273,386 | |
| EUR | 100,000 | | | Viridian Group FinanceCo Plc / Viridian Power & Energy Reg S
4.00%, 09/15/25 | | | 114,943 | |
| USD | 225,000 | | | Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | | | 260,716 | |
| EUR | 500,000 | | | Vodafone Group Plc Reg S
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | | | 584,866 | |
| | 200,000 | | | Walnut Bidco Plc 144A
9.13%, 08/01/24 | | | 206,150 | |
| GBP | 150,000 | | | William Hill Plc Reg S
4.88%, 09/07/23 | | | 209,706 | |
| | | | | | | | 9,666,175 | |
| United States: 3.2% | | | | |
| USD | 150,000 | | | AerCap Global Aviation Trust 144A
6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | | | 165,187 | |
| | 100,000 | | | Calfrac Holdings LP 144A
8.50%, 06/15/26 | | | 43,405 | |
| | 250,000 | | | Cemex Finance LLC 144A
6.00%, 04/01/24 | | | 256,825 | |
| EUR | 100,000 | | | CGG Holding US, Inc. Reg S
7.88%, 05/01/23 | | | 118,780 | |
| USD | 150,000 | | | Cott Holdings, Inc. 144A
5.50%, 04/01/25 | | | 156,938 | |
| | | | | DAE Funding LLC 144A | | | | |
| | 200,000 | | | 5.00%, 08/01/24 | | | 209,260 | |
| | 200,000 | | | 5.25%, 11/15/21 | | | 208,750 | |
| | 150,000 | | | Dresdner Funding Trust I 144A
8.15%, 06/30/31 | | | 200,887 | |
| | | | | JBS USA LUX SA / JBS USA Finance, Inc. 144A | | | | |
| | 100,000 | | | 5.75%, 06/15/25 | | | 104,250 | |
| | 100,000 | | | 6.75%, 02/15/28 | | | 110,376 | |
| | | | | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A | | | | |
| | 350,000 | | | 5.50%, 01/15/30 | | | 378,000 | |
| | 150,000 | | | 6.50%, 04/15/29 | | | 167,254 | |
| | 100,000 | | | Kronos Acquisition Holdings, Inc. 144A
9.00%, 08/15/23 | | | 87,500 | |
| | | | | Mercer International, Inc. | | | | |
| | 41,000 | | | 5.50%, 01/15/26 | | | 39,490 | |
| | 100,000 | | | 6.50%, 02/01/24 | | | 103,375 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| United States: (continued) | | | |
| USD | 160,000 | | | Navios Maritime Holdings, Inc. and Navios Maritime Finance II USA, Inc. 144A
7.38%, 01/15/22 | | $ | 93,600 | |
| | 100,000 | | | RBS Capital Trust II
6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (o) | | | 137,500 | |
| | 100,000 | | | Resolute Forest Products, Inc.
5.88%, 05/15/23 | | | 99,750 | |
| | 245,137 | | | Rio Oil Finance Trust 144A
9.25%, 07/06/24 | | | 273,941 | |
| | 100,000 | | | Stillwater Mining Co. 144A
7.13%, 06/27/25 | | | 103,525 | |
| | 220,000 | | | Targa Resources Partners LP / Targa Resources Partners Finance Corp. 144A
6.50%, 07/15/27 | | | 235,954 | |
| | 100,000 | | | Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 | | | 82,750 | |
| | | | | | | | 3,377,297 | |
Total Corporate Bonds
(Cost: $103,787,284) | | | 101,493,857 | |
| GOVERNMENT OBLIGATIONS: 0.7% | | | | |
| Azerbaijan: 0.2% | | | | |
| | 200,000 | | | State Oil Co. of the Azerbaijan Republic Reg S
4.75%, 03/13/23 | | | 208,872 | |
| Costa Rica: 0.1% | | | | |
| | 100,000 | | | Instituto Costarricense de Electricidad Reg S
6.95%, 11/10/21 | | | 101,876 | |
| Turkey: 0.4% | | | | |
| | | | | Export Credit Bank of Turkey 144A | | | | |
| | 100,000 | | | 5.00%, 09/23/21 | | | 100,496 | |
| | 100,000 | | | 5.38%, 02/08/21 | | | 100,843 | |
| | 200,000 | | | 6.13%, 05/03/24 | | | 198,184 | |
| | | | | | | | 399,523 | |
Total Government Obligations
(Cost: $678,000) | | | 710,271 | |
| Number of Shares | | | | | Value | |
COMMON STOCK: 0.0%
(Cost: $5,626) | | | | |
| Canada: 0.0% | | | | |
| | 988 | | | Tervita Corp. * | | $ | 5,262 | |
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: 98.0%
(Cost: $104,481,887) | | | 102,209,390 | |
| SHORT-TERM INVESTMENT HELD AS | | | | |
COLLATERAL FOR SECURITIES ON LOAN: 0.1%
(Cost: $47,952) | | | | |
| | | | | |
Principal
Amount | | | | | | |
| Repurchase Agreements: 0.1% | | | | |
| USD | 47,952 | | | Repurchase agreement dated 10/31/19 with BofA Securities, Inc., 1.73%, due 11/1/19, proceeds $47,954; (collateralized by various U.S. government and agency obligations, 1.63% to 2.63%, due 11/30/20 to 8/15/27, valued at $48,911 including accrued interest) | | | 47,952 | |
Total Investments: 98.1%
(Cost: $104,529,839) | | | 102,257,342 | |
| Other assets less liabilities: 1.9% | | | 2,004,164 | |
| NET ASSETS: 100.0% | | $ | 104,261,506 | |
See Notes to Financial Statements
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| (d) | Security in default of coupon payment |
| (e) | Security in default of principal |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | Step Bond — 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 |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $51,820. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $16,963 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 $42,058,519, or 40.3% of net assets. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned | | | % of Investments | | | Value | |
| Basic Materials | | | | 8.4 | % | | $ | 8,608,282 | |
| Communications | | | | 17.3 | | | | 17,698,070 | |
| Consumer, Cyclical | | | | 9.1 | | | | 9,322,941 | |
| Consumer, Non-cyclical | | | | 9.1 | | | | 9,339,076 | |
| Diversified | | | | 0.7 | | | | 652,920 | |
| Energy | | | | 10.5 | | | | 10,725,548 | |
| Financial | | | | 29.8 | | | | 30,431,519 | |
| Government | | | | 0.7 | | | | 710,271 | |
| Industrial | | | | 8.8 | | | | 9,024,360 | |
| Technology | | | | 0.9 | | | | 881,410 | |
| Utilities | | | | 4.7 | | | | 4,814,993 | |
| | | | | 100.0 | % | | $ | 102,209,390 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Corporate Bonds* | | | $ | — | | | $ | 101,493,857 | | | | $ | — | | | $ | 101,493,857 | |
| Government Obligations* | | | | — | | | | 710,271 | | | | | — | | | | 710,271 | |
| Common Stock* | | | | 5,262 | | | | — | | | | | — | | | | 5,262 | |
| Warrants* | | | | — | | | | — | | | | | 0 | | | | 0 | |
| Repurchase Agreements | | | | — | | | | 47,952 | | | | | — | | | | 47,952 | |
| Total | | | $ | 5,262 | | | $ | 102,252,080 | | | | $ | 0 | | | $ | 102,257,342 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
| Principal Amount | | | | | Value | |
| FLOATING RATE NOTES: 99.6% |
| Australia: 4.7% |
| | | | | Australia & New Zealand Banking Group Ltd. 144A | | | | |
| $ | 350,000 | | | 2.50% (ICE LIBOR USD
3 Month+.32%), 11/09/20 | | $ | 350,667 | |
| | 700,000 | | | 2.58% (ICE LIBOR USD 3 Month+.46%), 05/17/21 | | | 702,854 | |
| | 1,450,000 | | | 2.83% (ICE LIBOR USD 3 Month+.71%), 05/19/22 | | | 1,462,125 | |
| | | | | Commonwealth Bank of Australia 144A | | | | |
| | 2,125,000 | | | 2.82% (ICE LIBOR USD 3 Month+.70%), 03/16/23 | | | 2,140,932 | |
| | 600,000 | | | 2.83% (ICE LIBOR USD 3 Month+.70%), 03/10/22 | | | 604,992 | |
| | 600,000 | | | 2.94% (ICE LIBOR USD 3 Month+.83%), 09/06/21 | | | 607,014 | |
| | 1,425,000 | | | 2.95% (ICE LIBOR USD 3 Month+.82%), 06/04/24 | | | 1,437,579 | |
| | 300,000 | | | Macquarie Bank Ltd. 144A
3.05% (ICE LIBOR USD 3 Month+1.12%), 07/29/20 | | | 302,098 | |
| | 1,550,000 | | | Macquarie Group Ltd. 144A
3.45% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | | | 1,575,257 | |
| | | | | National Australia Bank Ltd. 144A | | | | |
| | 400,000 | | | 2.35% (ICE LIBOR USD 3 Month+.35%), 01/12/21 | | | 400,958 | |
| | 1,400,000 | | | 2.60% (ICE LIBOR USD 3 Month+.60%), 04/12/23 | | | 1,406,507 | |
| | 300,000 | | | 2.61% (ICE LIBOR USD 3 Month+.71%), 11/04/21 | | | 303,194 | |
| | 900,000 | | | 2.66% (ICE LIBOR USD 3 Month+.51%), 05/22/20 | | | 902,553 | |
| | 1,425,000 | | | 2.87% (ICE LIBOR USD 3 Month+.72%), 05/22/22 | | | 1,437,561 | |
| | 500,000 | | | 2.90% (ICE LIBOR USD 3 Month+.89%), 01/10/22 | | | 505,794 | |
| | 525,000 | | | 3.00% (ICE LIBOR USD 3 Month+1.00%), 07/12/21 | | | 531,630 | |
| | | | | Westpac Banking Corp. | | | | |
| | 300,000 | | | 2.28% (ICE LIBOR USD 3 Month+.34%), 01/25/21 | | | 300,551 | |
| | 450,000 | | | 2.44% (ICE LIBOR USD 3 Month+.28%), 05/15/20 | | | 450,653 | |
| | 1,400,000 | | | 2.55% (ICE LIBOR USD 3 Month+.57%), 01/11/23 | | | 1,406,175 | |
| | 1,400,000 | | | 2.81% (ICE LIBOR USD 3 Month+.71%), 06/28/22 | | | 1,413,581 | |
| | 500,000 | | | 2.83% (ICE LIBOR USD 3 Month+.85%), 01/11/22 | | | 505,422 | |
| | 2,100,000 | | | 2.88% (ICE LIBOR USD 3 Month+.72%), 05/15/23 | | | 2,118,307 | |
| | 1,400,000 | | | 2.90% (ICE LIBOR USD 3 Month+.77%), 02/26/24 | | | 1,412,812 | |
| | 500,000 | | | 2.97% (ICE LIBOR USD 3 Month+.85%), 08/19/21 | | | 505,633 | |
| | | | | | | | 22,784,849 | |
Principal
Amount | | | | | Value | |
| Canada: 3.3% |
| | | | | Bank of Montreal | | | | |
| $ | 750,000 | | | 2.34% (ICE LIBOR USD 3 Month+.34%), 07/13/20 | | $ | 751,145 | |
| | 725,000 | | | 2.46% (ICE LIBOR USD 3 Month+.46%), 04/13/21 | | | 728,299 | |
| | 625,000 | | | 2.56% (ICE LIBOR USD 3 Month+.44%), 06/15/20 | | | 626,525 | |
| | 500,000 | | | 2.68% (ICE LIBOR USD 3 Month+.57%), 03/26/22 | | | 503,084 | |
| | 525,000 | | | 2.92% (ICE LIBOR USD 3 Month+.79%), 08/27/21 | | | 530,873 | |
| | | | | Bank of Nova Scotia | | | | |
| | 325,000 | | | 2.32% (ICE LIBOR USD 3 Month+.29%), 01/08/21 | | | 325,676 | |
| | 725,000 | | | 2.41% (ICE LIBOR USD 3 Month+.44%), 04/20/21 | | | 727,534 | |
| | 525,000 | | | 2.74% (ICE LIBOR USD 3 Month+.64%), 03/07/22 | | | 528,858 | |
| | | | | Canadian Imperial Bank of Commerce | | | | |
| | 350,000 | | | 2.22% (ICE LIBOR USD 3 Month+.32%), 02/02/21 | | | 350,748 | |
| | 300,000 | | | 2.35% (ICE LIBOR USD 3 Month+.31%), 10/05/20 | | | 300,728 | |
| | 1,450,000 | | | 2.79% (ICE LIBOR USD 3 Month+.66%), 09/13/23 | | | 1,456,014 | |
| | 1,450,000 | | | 2.84% (ICE LIBOR USD 3 Month+.72%), 06/16/22 | | | 1,464,291 | |
| | 320,000 | | | Enbridge, Inc.
2.82% (ICE LIBOR USD 3 Month+.70%), 06/15/20 | | | 320,531 | |
| | 435,000 | | | National Bank of Canada
2.69% (ICE LIBOR USD 3 Month+.56%), 06/12/20 | | | 436,198 | |
| | | | | Royal Bank of Canada | | | | |
| | 300,000 | | | 2.18% (ICE LIBOR USD 3 Month+.24%), 10/26/20 | | | 300,737 | |
| | 600,000 | | | 2.25% (ICE LIBOR USD 3 Month+.30%), 07/22/20 | | | 601,462 | |
| | 1,475,000 | | | 2.33% (ICE LIBOR USD 3 Month+.39%), 04/30/21 | | | 1,480,656 | |
| | 1,400,000 | | | 2.40% (ICE LIBOR USD 3 Month+.47%), 04/29/22 | | | 1,402,514 | |
| | 500,000 | | | 2.64% (ICE LIBOR USD 3 Month+.73%), 02/01/22 | | | 504,175 | |
| | | | | Toronto-Dominion Bank | | | | |
| | 300,000 | | | 2.18% (ICE LIBOR USD 3 Month+.24%), 01/25/21 | | | 300,337 | |
| | 600,000 | | | 2.40% (ICE LIBOR USD 3 Month+.26%), 09/17/20 | | | 601,152 | |
| | 550,000 | | | 2.42% (ICE LIBOR USD 3 Month+.28%), 06/11/20 | | | 551,001 | |
| | 750,000 | | | 2.57% (ICE LIBOR USD 3 Month+.43%), 06/11/21 | | | 752,847 | |
| | 500,000 | | | 3.04% (ICE LIBOR USD 3 Month+1.00%), 04/07/21 | | | 505,839 | |
| | | | | | | | 16,051,224 | |
See Notes to Financial Statements
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Cayman Islands: 0.7% |
| | | | | Tencent Holdings Ltd. 144A | | | | |
| $ | 1,375,000 | | | 2.57% (ICE LIBOR USD 3 Month+.60%), 01/19/23 | | $ | 1,366,897 | |
| | 2,100,000 | | | 2.89% (ICE LIBOR USD 3 Month+.91%), 04/11/24 | | | 2,106,333 | |
| | | | | | | | 3,473,230 | |
| China / Hong Kong: 0.2% |
| | 525,000 | | | AIA Group Ltd. 144A
2.68% (ICE LIBOR USD 3 Month+.52%), 09/20/21 | | | 524,920 | |
| | 300,000 | | | Industrial & Commercial Bank of China Ltd.
2.94% (ICE LIBOR USD 3 Month+.75%), 11/08/20 | | | 300,516 | |
| | | | | | | | 825,436 | |
| Finland: 0.1% |
| | 500,000 | | | Nordea Bank Abp 144A
2.59% (ICE LIBOR USD 3 Month+.47%), 05/29/20 | | | 501,257 | |
| France: 1.5% |
| | 375,000 | | | Banque Federative du Credit Mutuel SA 144A
2.46% (ICE LIBOR USD 3 Month+.49%), 07/20/20 | | | 376,036 | |
| | 1,825,000 | | | BPCE SA
3.00% (ICE LIBOR USD 3 Month+.88%), 05/31/22 | | | 1,839,973 | |
| | | | | BPCE SA 144A | | | | |
| | 1,400,000 | | | 3.37% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 | | | 1,418,217 | |
| | 1,450,000 | | | 3.37% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | | | 1,466,553 | |
| | | | | Credit Agricole SA 144A | | | | |
| | 1,400,000 | | | 2.96% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 | | | 1,408,660 | |
| | 300,000 | | | 3.10% (ICE LIBOR USD 3 Month+.97%), 06/10/20 | | | 301,770 | |
| | 450,000 | | | Societe Generale SA 144A
3.36% (ICE LIBOR USD 3 Month+1.33%), 04/08/21 | | | 456,564 | |
| | | | | | | | 7,267,773 | |
| Germany: 0.5% |
| | | | | Deutsche Bank AG | | | | |
| | 350,000 | | | 2.77% (ICE LIBOR USD 3 Month+.81%), 01/22/21 | | | 348,309 | |
| | 450,000 | | | 2.97% (ICE LIBOR USD 3 Month+.97%), 07/13/20 | | | 449,651 | |
| | 300,000 | | | 3.19% (ICE LIBOR USD 3 Month+1.29%), 02/04/21 | | | 299,126 | |
| | 1,350,000 | | | 3.36% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 | | | 1,317,622 | |
| | | | | | | | 2,414,708 | |
| Italy: 0.2% |
| | 875,000 | | | UniCredit SpA 144A
5.90% (ICE LIBOR USD 3 Month+3.90%), 01/14/22 | | | 919,532 | |
Principal
Amount | | | | | Value | |
| Japan: 7.4% |
| | | | | Mitsubishi UFJ Financial Group, Inc. | | | | |
| $ | 750,000 | | | 2.59% (ICE LIBOR USD 3 Month+.65%), 07/26/21 | | $ | 753,227 | |
| | 2,800,000 | | | 2.73% (ICE LIBOR USD 3 Month+.79%), 07/25/22 | | | 2,813,543 | |
| | 4,600,000 | | | 2.80% (ICE LIBOR USD 3 Month+.86%), 07/26/23 | | | 4,627,127 | |
| | 500,000 | | | 2.80% (ICE LIBOR USD 3 Month+.70%), 03/07/22 | | | 501,790 | |
| | 2,100,000 | | | 2.88% (ICE LIBOR USD 3 Month+.74%), 03/02/23 | | | 2,103,664 | |
| | 500,000 | | | 3.07% (ICE LIBOR USD 3 Month+.92%), 02/22/22 | | | 504,431 | |
| | 1,000,000 | | | 3.19% (ICE LIBOR USD 3 Month+1.06%), 09/13/21 | | | 1,011,880 | |
| | 450,000 | | | 4.02% (ICE LIBOR USD 3 Month+1.88%), 03/01/21 | | | 459,273 | |
| | | | | Mizuho Financial Group, Inc. | | | | |
| | 1,400,000 | | | 2.84% (ICE LIBOR USD 3 Month+.84%), 07/16/23 | | | 1,404,508 | |
| | 2,400,000 | | | 2.92% (ICE LIBOR USD 3 Month+.79%), 03/05/23 | | | 2,404,614 | |
| | 1,400,000 | | | 2.98% (ICE LIBOR USD 3 Month+.85%), 09/13/23 | | | 1,405,727 | |
| | 3,250,000 | | | 3.02% (ICE LIBOR USD 3 Month+.88%), 09/11/22 | | | 3,277,121 | |
| | 1,225,000 | | | 3.08% (ICE LIBOR USD 3 Month+.94%), 02/28/22 | | | 1,235,816 | |
| | 1,850,000 | | | 3.14% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | | | 1,868,142 | |
| | 975,000 | | | 3.27% (ICE LIBOR USD 3 Month+1.14%), 09/13/21 | | | 987,511 | |
| | 500,000 | | | Mizuho Financial Group, Inc. 144A
3.48% (ICE LIBOR USD 3 Month+1.48%), 04/12/21 | | | 508,122 | |
| | 600,000 | | | Sumitomo Mitsui Banking Corp.
2.37% (ICE LIBOR USD 3 Month+.37%), 10/16/20 | | | 601,501 | |
| | | | | Sumitomo Mitsui Financial Group, Inc. | | | | |
| | 1,400,000 | | | 2.74% (ICE LIBOR USD 3 Month+.74%), 01/17/23 | | | 1,402,868 | |
| | 1,400,000 | | | 2.74% (ICE LIBOR USD 3 Month+.74%), 10/18/22 | | | 1,405,835 | |
| | 1,400,000 | | | 2.78% (ICE LIBOR USD 3 Month+.78%), 07/12/22 | | | 1,406,508 | |
| | 2,375,000 | | | 2.80% (ICE LIBOR USD 3 Month+.80%), 10/16/23 | | | 2,383,775 | |
| | 1,400,000 | | | 2.83% (ICE LIBOR USD 3 Month+.86%), 07/19/23 | | | 1,409,132 | |
| | 500,000 | | | 3.11% (ICE LIBOR USD 3 Month+1.14%), 10/19/21 | | | 506,386 | |
| | 500,000 | | | 3.11% (ICE LIBOR USD 3 Month+1.11%), 07/14/21 | | | 505,866 | |
| | | | | | | | 35,488,367 | |
| Luxembourg: 0.1% |
| | 325,000 | | | Allergan Funding SCS
3.39% (ICE LIBOR USD 3 Month+1.25%), 03/12/20 | | | 326,073 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Netherlands: 2.5% |
| | | | | ABN AMRO Bank NV 144A | | | | |
| $ | 500,000 | | | 2.38% (ICE LIBOR USD
3 Month+.41%), 01/19/21 | | $ | 500,755 | |
| | 950,000 | | | 2.70% (ICE LIBOR USD 3 Month+.57%), 08/27/21 | | | 954,120 | |
| | 1,100,000 | | | BNG Bank NV 144A
2.10% (ICE LIBOR USD 3 Month+.10%), 07/14/20 | | | 1,100,821 | |
| | | | | Cooperatieve Rabobank UA | | | | |
| | 750,000 | | | 2.37% (ICE LIBOR USD 3 Month+.43%), 04/26/21 | | | 752,696 | |
| | 500,000 | | | 2.84% (ICE LIBOR USD 3 Month+.83%), 01/10/22 | | | 505,028 | |
| | | | | ING Groep NV | | | | |
| | 1,450,000 | | | 3.09% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 | | | 1,463,148 | |
| | 2,875,000 | | | 3.25% (ICE LIBOR USD 3 Month+1.15%), 03/29/22 | | | 2,913,871 | |
| | 840,000 | | | Nederlandse Waterschapsbank NV 144A
2.19% (ICE LIBOR USD 3 Month+.01%), 11/10/20 | | | 839,714 | |
| | | | | Shell International Finance BV | | | | |
| | 1,450,000 | | | 2.58% (ICE LIBOR USD 3 Month+.40%), 11/13/23 | | | 1,451,688 | |
| | 500,000 | | | 2.63% (ICE LIBOR USD 3 Month+.45%), 05/11/20 | | | 501,171 | |
| | 950,000 | | | Siemens Financieringsmaatschappij NV 144A
2.73% (ICE LIBOR USD 3 Month+.61%), 03/16/22 | | | 955,762 | |
| | | | | | | | 11,938,774 | |
| New Zealand: 0.3% |
| | 1,470,000 | | | ASB Bank Ltd. 144A
3.09% (ICE LIBOR USD 3 Month+.97%), 06/14/23 | | | 1,486,326 | |
| Norway: 0.1% |
| | 300,000 | | | DNB Bank ASA 144A
2.46% (ICE LIBOR USD 3 Month+.37%), 10/02/20 | | | 300,677 | |
| Singapore: 0.8% |
| | 1,550,000 | | | BOC Aviation Ltd. 144A
3.24% (ICE LIBOR USD 3 Month+1.12%), 09/26/23 | | | 1,561,000 | |
| | | | | DBS Group Holdings Ltd. 144A | | | | |
| | 900,000 | | | 2.56% (ICE LIBOR USD 3 Month+.62%), 07/25/22 | | | 904,706 | |
| | 950,000 | | | 2.59% (ICE LIBOR USD 3 Month+.49%), 06/08/20 | | | 951,132 | |
| | 550,000 | | | United Overseas Bank Ltd. 144A
2.41% (ICE LIBOR USD 3 Month+.48%), 04/23/21 | | | 551,165 | |
| | | | | | | | 3,968,003 | |
| South Korea: 0.1% |
| | 400,000 | | | KEB Hana Bank 144A
2.77% (ICE LIBOR USD 3 Month+.72%), 04/05/20 | | | 400,640 | |
Principal
Amount | | | | | Value | |
| Spain: 0.9% |
| | | | | Banco Santander SA | | | | |
| $ | 1,400,000 | | | 3.12% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | | $ | 1,404,944 | |
| | 1,400,000 | | | 3.24% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | | | 1,408,364 | |
| | 1,350,000 | | | 3.54% (ICE LIBOR USD 3 Month+1.56%), 04/11/22 | | | 1,373,445 | |
| | | | | | | | 4,186,753 | |
| Sweden: 0.7% |
| | 1,100,000 | | | Skandinaviska Enskilda Banken AB 144A
2.55% (ICE LIBOR USD 3 Month+.43%), 05/17/21 | | | 1,103,531 | |
| | | | | Svenska Handelsbanken AB | | | | |
| | 350,000 | | | 2.46% (ICE LIBOR USD 3 Month+.36%), 09/08/20 | | | 350,833 | |
| | 1,225,000 | | | 2.60% (ICE LIBOR USD 3 Month+.47%), 05/24/21 | | | 1,230,683 | |
| | 725,000 | | | Swedbank AB 144A
2.82% (ICE LIBOR USD 3 Month+.70%), 03/14/22 | | | 726,206 | |
| | | | | | | | 3,411,253 | |
| Switzerland: 2.8% |
| | | | | Credit Suisse Group AG 144A | | | | |
| | 1,400,000 | | | 3.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | | | 1,411,845 | |
| | 2,100,000 | | | 3.37% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | | | 2,123,011 | |
| | | | | UBS AG 144A | | | | |
| | 600,000 | | | 2.62% (ICE LIBOR USD 3 Month+.48%), 12/01/20 | | | 601,809 | |
| | 1,175,000 | | | 2.68% (ICE LIBOR USD 3 Month+.58%), 06/08/20 | | | 1,178,198 | |
| | | | | UBS Group AG 144A | | | | |
| | 3,500,000 | | | 3.11% (ICE LIBOR USD 3 Month+.95%), 08/15/23 | | | 3,521,360 | |
| | 2,800,000 | | | 3.37% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | | | 2,838,391 | |
| | 950,000 | | | 3.77% (ICE LIBOR USD 3 Month+1.78%), 04/14/21 | | | 968,785 | |
| | 515,000 | | | UBS Group Funding Jersey Ltd. 144A
3.44% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 | | | 527,147 | |
| | | | | | | | 13,170,546 | |
| United Kingdom: 8.1% |
| | | | | Barclays Plc | | | | |
| | 575,000 | | | 2.44% (ICE LIBOR USD 3 Month+.46%), 01/11/21 | | | 574,870 | |
| | 2,100,000 | | | 3.59% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | | | 2,116,723 | |
| | 2,100,000 | | | 3.63% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | | | 2,120,193 | |
| | 950,000 | | | 4.29% (ICE LIBOR USD 3 Month+2.11%), 08/10/21 | | | 970,588 | |
| | 600,000 | | | BP Capital Markets Plc
2.38% (ICE LIBOR USD 3 Month+.25%), 11/24/20 | | | 601,199 | |
See Notes to Financial Statements
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United Kingdom: (continued) |
| $ | 925,000 | | | Credit Suisse Group Funding Guernsey Ltd.
4.29% (ICE LIBOR USD 3 Month+2.29%), 04/16/21 | | $ | 949,721 | |
| | 400,000 | | | Diageo Capital Plc
2.36% (ICE LIBOR USD 3 Month+.24%), 05/18/20 | | | 400,333 | |
| | 850,000 | | | GlaxoSmithKline Capital Plc
2.53% (ICE LIBOR USD 3 Month+.35%), 05/14/21 | | | 852,161 | |
| | | | | HSBC Holdings Plc | | | | |
| | 1,900,000 | | | 2.72% (ICE LIBOR USD 3 Month+.60%), 05/18/21 | | | 1,902,069 | |
| | 1,925,000 | | | 2.78% (ICE LIBOR USD 3 Month+.65%), 09/11/21 | | | 1,929,550 | |
| | 5,575,000 | | | 3.12% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | | | 5,616,927 | |
| | 1,200,000 | | | 3.54% (ICE LIBOR USD 3 Month+1.50%), 01/05/22 | | | 1,225,190 | |
| | 950,000 | | | 3.79% (ICE LIBOR USD 3 Month+1.66%), 05/25/21 | | | 967,762 | |
| | 600,000 | | | 4.34% (ICE LIBOR USD 3 Month+2.24%), 03/08/21 | | | 614,409 | |
| | 1,050,000 | | | Lloyds Bank Plc
2.70% (ICE LIBOR USD 3 Month+.49%), 05/07/21 | | | 1,051,498 | |
| | 350,000 | | | Lloyds Banking Group Plc
2.96% (ICE LIBOR USD 3 Month+.80%), 06/21/21 | | | 351,924 | |
| | 2,200,000 | | | Reckitt Benckiser Treasury Services Plc 144A
2.69% (ICE LIBOR USD 3 Month+.56%), 06/24/22 | | | 2,205,533 | |
| | 4,350,000 | | | Royal Bank of Scotland Group Plc
3.63% (ICE LIBOR USD 3 Month+1.47%), 05/15/23 | | | 4,386,868 | |
| | | | | Santander UK Plc | | | | |
| | 750,000 | | | 2.76% (ICE LIBOR USD 3 Month+.62%), 06/01/21 | | | 752,528 | |
| | 550,000 | | | 2.82% (ICE LIBOR USD 3 Month+.66%), 11/15/21 | | | 551,132 | |
| | | | | Standard Chartered Plc 144A | | | | |
| | 1,685,000 | | | 3.12% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | | | 1,695,993 | |
| | 4,200,000 | | | 3.33% (ICE LIBOR USD 3 Month+1.20%), 09/10/22 | | | 4,229,526 | |
| | 2,944,000 | | | Vodafone Group Plc
2.99% (ICE LIBOR USD 3 Month+.99%), 01/16/24 | | | 2,976,286 | |
| | | | | | | | 39,042,983 | |
| United States: 64.6% |
| | | | | American Express Co. | | | | |
| | 300,000 | | | 2.27% (ICE LIBOR USD 3 Month+.33%), 10/30/20 | | | 300,549 | |
| | 800,000 | | | 2.65% (ICE LIBOR USD 3 Month+.53%), 05/17/21 | | | 803,041 | |
| | 1,400,000 | | | 2.65% (ICE LIBOR USD 3 Month+.75%), 08/03/23 | | | 1,411,213 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 2,525,000 | | | 2.76% (ICE LIBOR USD 3 Month+.62%), 05/20/22 | | $ | 2,537,668 | |
| | 950,000 | | | 2.89% (ICE LIBOR USD 3 Month+.60%), 11/05/21 | | | 955,294 | |
| | 300,000 | | | American Express Credit Corp.
3.17% (ICE LIBOR USD 3 Month+1.05%), 09/14/20 | | | 302,305 | |
| | | | | American Honda Finance Corp. | | | | |
| | 450,000 | | | 2.38% (ICE LIBOR USD 3 Month+.26%), 06/16/20 | | | 450,667 | |
| | 1,000,000 | | | 2.49% (ICE LIBOR USD 3 Month+.35%), 06/11/21 | | | 1,002,620 | |
| | 1,400,000 | | | 2.64% (ICE LIBOR USD 3 Month+.54%), 06/27/22 | | | 1,406,152 | |
| | | | | Apple, Inc. | | | | |
| | 300,000 | | | 2.25% (ICE LIBOR USD 3 Month+.07%), 05/11/20 | | | 300,114 | |
| | 300,000 | | | 2.48% (ICE LIBOR USD 3 Month+.30%), 05/06/20 | | | 300,452 | |
| | 2,100,000 | | | 2.53% (ICE LIBOR USD 3 Month+.35%), 05/11/22 | | | 2,111,458 | |
| | 950,000 | | | 2.68% (ICE LIBOR USD 3 Month+.50%), 02/09/22 | | | 957,517 | |
| | 300,000 | | | 3.28% (ICE LIBOR USD 3 Month+1.13%), 02/23/21 | | | 304,050 | |
| | | | | AT&T, Inc. | | | | |
| | 1,450,000 | | | 2.89% (ICE LIBOR USD 3 Month+.75%), 06/01/21 | | | 1,456,802 | |
| | 1,425,000 | | | 2.95% (ICE LIBOR USD 3 Month+.95%), 07/15/21 | | | 1,439,940 | |
| | 425,000 | | | 3.03% (ICE LIBOR USD 3 Month+.93%), 06/30/20 | | | 427,237 | |
| | 9,400,000 | | | 3.31% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | | | 9,569,702 | |
| | 1,700,000 | | | Athene Global Funding 144A
3.32% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 | | | 1,722,027 | |
| | 180,000 | | | Aviation Capital Group LLC 144A
3.08% (ICE LIBOR USD 3 Month+.95%), 06/01/21 | | | 180,422 | |
| | | | | Bank of America Corp. | | | | |
| | 500,000 | | | 2.31% (ICE LIBOR USD 3 Month+.38%), 01/23/22 | | | 500,207 | |
| | 1,050,000 | | | 2.63% (ICE LIBOR USD 3 Month+.66%), 07/21/21 | | | 1,053,294 | |
| | 775,000 | | | 2.75% (ICE LIBOR USD 3 Month+.65%), 10/01/21 | | | 777,836 | |
| | 2,475,000 | | | 2.76% (ICE LIBOR USD 3 Month+.65%), 06/25/22 | | | 2,487,577 | |
| | 1,400,000 | | | 2.89% (ICE LIBOR USD 3 Month+.96%), 07/23/24 | | | 1,414,112 | |
| | 4,175,000 | | | 2.92% (ICE LIBOR USD 3 Month+.79%), 03/05/24 | | | 4,204,104 | |
| | 4,200,000 | | | 2.94% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | | | 4,245,190 | |
| | 4,225,000 | | | 3.06% (ICE LIBOR USD 3 Month+.77%), 02/05/26 | | | 4,208,981 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 2,100,000 | | | 3.13% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | | $ | 2,130,106 | |
| | 1,400,000 | | | 3.15% (ICE LIBOR USD 3 Month+1.18%), 10/21/22 | | | 1,420,274 | |
| | 500,000 | | | 3.39% (ICE LIBOR USD 3 Month+1.42%), 04/19/21 | | | 508,794 | |
| | | | | Bank of America NA | | | | |
| | 1,100,000 | | | 2.26% (ICE LIBOR USD 3 Month+.32%), 07/26/21 | | | 1,100,834 | |
| | 1,750,000 | | | 2.48% (ICE LIBOR USD 3 Month+.35%), 05/24/21 | | | 1,751,812 | |
| | | | | Bank of New York Mellon | | | | |
| | 1,250,000 | | | 2.41% (ICE LIBOR USD 3 Month+.28%), 06/04/21 | | | 1,251,771 | |
| | 650,000 | | | 2.43% (ICE LIBOR USD 3 Month+.30%), 12/04/20 | | | 650,267 | |
| | | | | BAT Capital Corp. | | | | |
| | 600,000 | | | 2.77% (ICE LIBOR USD 3 Month+.59%), 08/14/20 | | | 601,288 | |
| | 2,075,000 | | | 3.04% (ICE LIBOR USD 3 Month+.88%), 08/15/22 | | | 2,086,005 | |
| | | | | Bayer US Finance II LLC 144A | | | | |
| | 1,225,000 | | | 2.74% (ICE LIBOR USD 3 Month+.63%), 06/25/21 | | | 1,228,575 | |
| | 3,600,000 | | | 3.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | | | 3,622,201 | |
| | 615,000 | | | BB&T Corp.
2.69% (ICE LIBOR USD 3 Month+.57%), 06/15/20 | | | 616,981 | |
| | | | | BMW US Capital LLC 144A | | | | |
| | 800,000 | | | 2.41% (ICE LIBOR USD 3 Month+.41%), 04/12/21 | | | 801,461 | |
| | 350,000 | | | 2.42% (ICE LIBOR USD 3 Month+.38%), 04/06/20 | | | 350,450 | |
| | 500,000 | | | 2.55% (ICE LIBOR USD 3 Month+.37%), 08/14/20 | | | 500,892 | |
| | 775,000 | | | 2.68% (ICE LIBOR USD 3 Month+.50%), 08/13/21 | | | 776,681 | |
| | | | | Bristol-Myers Squibb Co. 144A | | | | |
| | 500,000 | | | 2.37% (ICE LIBOR USD 3 Month+.20%), 11/16/20 | | | 500,348 | |
| | 1,450,000 | | | 2.55% (ICE LIBOR USD 3 Month+.38%), 05/16/22 | | | 1,451,948 | |
| | 315,000 | | | Capital One Financial Corp.
2.94% (ICE LIBOR USD 3 Month+.76%), 05/12/20 | | | 315,773 | |
| | 1,450,000 | | | Capital One NA
3.09% (ICE LIBOR USD 3 Month+1.15%), 01/30/23 | | | 1,462,987 | |
| | | | | Caterpillar Financial Services Corp. | | | | |
| | 400,000 | | | 2.34% (ICE LIBOR USD 3 Month+.18%), 05/15/20 | | | 400,335 | |
| | 1,200,000 | | | 2.35% (ICE LIBOR USD 3 Month+.23%), 03/15/21 | | | 1,201,335 | |
| | 500,000 | | | 2.38% (ICE LIBOR USD 3 Month+.25%), 08/26/20 | | | 500,808 | |
| | 800,000 | | | 2.51% (ICE LIBOR USD 3 Month+.39%), 05/17/21 | | | 802,034 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| | | | | Cigna Corp. | | | | |
| $ | 975,000 | | | 2.79% (ICE LIBOR USD 3 Month+.65%), 09/17/21 | | $ | 975,160 | |
| | 2,050,000 | | | 2.89% (ICE LIBOR USD 3 Month+.89%), 07/15/23 | | | 2,058,595 | |
| | | | | Citibank NA | | | | |
| | 875,000 | | | 2.23% (ICE LIBOR USD 3 Month+.32%), 05/01/20 | | | 876,144 | |
| | 400,000 | | | 2.27% (ICE LIBOR USD 3 Month+.30%), 10/20/20 | | | 400,542 | |
| | 750,000 | | | 2.50% (ICE LIBOR USD 3 Month+.57%), 07/23/21 | | | 753,132 | |
| | 775,000 | | | 2.53% (ICE LIBOR USD 3 Month+.35%), 02/12/21 | | | 776,342 | |
| | 300,000 | | | 2.63% (ICE LIBOR USD 3 Month+.50%), 06/12/20 | | | 300,895 | |
| | 500,000 | | | 2.65% (ICE LIBOR USD 3 Month+.53%), 02/19/22 | | | 500,983 | |
| | 4,200,000 | | | 2.74% (ICE LIBOR USD 3 Month+.60%), 05/20/22 | | | 4,213,120 | |
| | | | | Citigroup, Inc. | | | | |
| | 1,500,000 | | | 2.68% (ICE LIBOR USD 3 Month+.55%), 08/25/36 | | | 1,189,966 | |
| | 2,100,000 | | | 2.89% (ICE LIBOR USD 3 Month+.95%), 07/24/23 | | | 2,113,604 | |
| | 3,475,000 | | | 2.90% (ICE LIBOR USD 3 Month+.96%), 04/25/22 | | | 3,519,098 | |
| | 742,000 | | | 3.09% (ICE LIBOR USD 3 Month+1.19%), 08/02/21 | | | 752,934 | |
| | 2,800,000 | | | 3.16% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | | | 2,833,154 | |
| | 725,000 | | | 3.17% (ICE LIBOR USD 3 Month+1.07%), 12/08/21 | | | 735,488 | |
| | 4,200,000 | | | 3.22% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | | | 4,254,056 | |
| | 1,825,000 | | | 3.35% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | | | 1,855,135 | |
| | 1,000,000 | | | 3.48% (ICE LIBOR USD 3 Month+1.38%), 03/30/21 | | | 1,015,352 | |
| | 5,600,000 | | | 3.57% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | | | 5,718,560 | |
| | | | | Comcast Corp. | | | | |
| | 650,000 | | | 2.43% (ICE LIBOR USD 3 Month+.33%), 10/01/20 | | | 651,735 | |
| | 950,000 | | | 2.54% (ICE LIBOR USD 3 Month+.44%), 10/01/21 | | | 955,340 | |
| | 1,400,000 | | | 2.63% (ICE LIBOR USD 3 Month+.63%), 04/15/24 | | | 1,413,150 | |
| | | | | Conagra Brands, Inc. | | | | |
| | 350,000 | | | 2.51% (ICE LIBOR USD 3 Month+.50%), 10/09/20 | | | 350,568 | |
| | 350,000 | | | 2.70% (ICE LIBOR USD 3 Month+.75%), 10/22/20 | | | 350,032 | |
| | 1,550,000 | | | ConocoPhillips Co.
3.06% (ICE LIBOR USD 3 Month+.90%), 05/15/22 | | | 1,572,558 | |
| | 700,000 | | | Consolidated Edison Co. of New York, Inc.
2.51% (ICE LIBOR USD 3 Month+.40%), 06/25/21 | | | 702,826 | |
See Notes to Financial Statements
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 750,000 | | | Constellation Brands, Inc.
2.86% (ICE LIBOR USD 3 Month+.70%), 11/15/21 | | $ | 750,059 | |
| | 715,000 | | | CVS Health Corp.
2.82% (ICE LIBOR USD 3 Month+.72%), 03/09/21 | | | 719,137 | |
| | | | | Daimler Finance North America LLC 144A | | | | |
| | 725,000 | | | 2.45% (ICE LIBOR USD 3 Month+.55%), 05/04/21 | | | 725,392 | |
| | 725,000 | | | 2.60% (ICE LIBOR USD 3 Month+.45%), 02/22/21 | | | 725,339 | |
| | 305,000 | | | 2.82% (ICE LIBOR USD 3 Month+.53%), 05/05/20 | | | 305,347 | |
| | 525,000 | | | 2.96% (ICE LIBOR USD 3 Month+.67%), 11/05/21 | | | 526,000 | |
| | 750,000 | | | 3.03% (ICE LIBOR USD 3 Month+.88%), 02/22/22 | | | 754,313 | |
| | 1,500,000 | | | 3.06% (ICE LIBOR USD 3 Month+.90%), 02/15/22 | | | 1,510,114 | |
| | 451,000 | | | Dollar Tree, Inc.
2.70% (ICE LIBOR USD 3 Month+.70%), 04/17/20 | | | 451,070 | |
| | 550,000 | | | Dominion Energy Gas Holdings LLC
2.72% (ICE LIBOR USD 3 Month+.60%), 06/15/21 | | | 552,821 | |
| | 400,000 | | | DowDuPont, Inc.
2.87% (ICE LIBOR USD 3 Month+.71%), 11/15/20 | | | 401,933 | |
| | 550,000 | | | Duke Energy Corp. 144A
2.68% (ICE LIBOR USD 3 Month+.50%), 05/14/21 | | | 552,061 | |
| | 450,000 | | | DXC Technology Co.
3.08% (ICE LIBOR USD 3 Month+.95%), 03/01/21 | | | 450,006 | |
| | 350,000 | | | EQT Corp.
2.87% (ICE LIBOR USD 3 Month+.77%), 10/01/20 | | | 349,377 | |
| | 525,000 | | | Exxon Mobil Corp.
2.48% (ICE LIBOR USD 3 Month+.37%), 03/06/22 | | | 528,337 | |
| | 2,800,000 | | | Florida Power & Light Co.
2.64% (ICE LIBOR USD 3 Month+.40%), 05/06/22 | | | 2,800,168 | |
| | | | | General Dynamics Corp. | | | | |
| | 325,000 | | | 2.47% (ICE LIBOR USD 3 Month+.29%), 05/11/20 | | | 325,509 | |
| | 525,000 | | | 2.56% (ICE LIBOR USD 3 Month+.38%), 05/11/21 | | | 527,633 | |
| | | | | General Electric Capital Corp. | | | | |
| | 2,432,000 | | | 2.67% (ICE LIBOR USD 3 Month+.38%), 05/05/26 | | | 2,241,950 | |
| | 1,750,000 | | | 3.12% (ICE LIBOR USD 3 Month+1.00%), 03/15/23 | | | 1,740,446 | |
| | 931,000 | | | General Mills, Inc.
2.54% (ICE LIBOR USD 3 Month+.54%), 04/16/21 | | | 933,776 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 325,000 | | | General Motors Co.
3.01% (ICE LIBOR USD 3 Month+.80%), 08/07/20 | | $ | 325,524 | |
| | | | | General Motors Financial Co., Inc. | | | | |
| | 525,000 | | | 2.86% (ICE LIBOR USD 3 Month+.85%), 04/09/21 | | | 525,511 | |
| | 750,000 | | | 2.92% (ICE LIBOR USD 3 Month+.93%), 04/13/20 | | | 751,731 | |
| | 1,425,000 | | | 3.41% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | | | 1,431,121 | |
| | 500,000 | | | 3.54% (ICE LIBOR USD 3 Month+1.55%), 01/14/22 | | | 504,864 | |
| | 973,000 | | | Goldman Sachs Bank USA/ New York NY
2.60% (United States SOFR Secured Overnight Financing Rate+.60%), 05/24/21 | | | 974,024 | |
| | | | | Goldman Sachs Group, Inc. | | | | |
| | 3,500,000 | | | 2.71% (ICE LIBOR USD 3 Month+.78%), 10/31/22 | | | 3,517,722 | |
| | 500,000 | | | 2.83% (ICE LIBOR USD 3 Month+.73%), 12/27/20 | | | 500,482 | |
| | 7,300,000 | | | 2.90% (ICE LIBOR USD 3 Month+.75%), 02/23/23 | | | 7,322,776 | |
| | 2,100,000 | | | 2.94% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | | | 2,115,178 | |
| | 4,875,000 | | | 3.05% (ICE LIBOR USD 3 Month+1.11%), 04/26/22 | | | 4,926,323 | |
| | 750,000 | | | 3.09% (ICE LIBOR USD 3 Month+1.16%), 04/23/20 | | | 753,031 | |
| | 2,125,000 | | | 3.18% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | | | 2,144,819 | |
| | 950,000 | | | 3.30% (ICE LIBOR USD 3 Month+1.36%), 04/23/21 | | | 964,139 | |
| | 600,000 | | | 3.32% (ICE LIBOR USD 3 Month+1.20%), 09/15/20 | | | 604,999 | |
| | 1,200,000 | | | 3.33% (ICE LIBOR USD 3 Month+1.17%), 11/15/21 | | | 1,210,031 | |
| | 4,175,000 | | | 3.33% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | | | 4,228,228 | |
| | 2,775,000 | | | 3.69% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | | | 2,917,561 | |
| | 5,050,000 | | | 3.72% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | | | 5,218,518 | |
| | 400,000 | | | 3.90% (ICE LIBOR USD 3 Month+1.77%), 02/25/21 | | | 407,693 | |
| | 1,500,000 | | | Hartford Financial Services Group, Inc. 144A
4.28% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | | | 1,325,220 | |
| | 850,000 | | | Hewlett Packard Enterprise Co.
2.76% (ICE LIBOR USD 3 Month+.72%), 10/05/21 | | | 850,010 | |
| | 390,000 | | | Home Depot, Inc.
2.28% (ICE LIBOR USD 3 Month+.15%), 06/05/20 | | | 390,308 | |
| | 1,800,000 | | | Honeywell International, Inc.
2.56% (ICE LIBOR USD 3 Month+.37%), 08/08/22 | | | 1,808,624 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 650,000 | | | Hyundai Capital America 144A
2.97% (ICE LIBOR USD 3 Month+.94%), 07/08/21 | | $ | 651,341 | |
| | | | | IBM Credit LLC | | | | |
| | 350,000 | | | 2.23% (ICE LIBOR USD 3 Month+.26%), 01/20/21 | | | 350,744 | |
| | 450,000 | | | 2.59% (ICE LIBOR USD 3 Month+.47%), 11/30/20 | | | 452,014 | |
| | | | | Intel Corp. | | | | |
| | 350,000 | | | 2.26% (ICE LIBOR USD 3 Month+.08%), 05/11/20 | | | 350,129 | |
| | 2,275,000 | | | 2.53% (ICE LIBOR USD 3 Month+.35%), 05/11/22 | | | 2,284,581 | |
| | | | | International Business Machines Corp. | | | | |
| | 1,450,000 | | | 2.58% (ICE LIBOR USD 3 Month+.40%), 05/13/21 | | | 1,457,063 | |
| | 1,050,000 | | | 2.82% (ICE LIBOR USD 3 Month+.58%), 11/06/21 | | | 1,057,474 | |
| | | | | Jackson National Life Global Funding 144A | | | | |
| | 350,000 | | | 2.30% (ICE LIBOR USD 3 Month+.30%), 10/15/20 | | | 350,573 | |
| | 550,000 | | | 2.62% (ICE LIBOR USD 3 Month+.48%), 06/11/21 | | | 552,235 | |
| | | | | John Deere Capital Corp. | | | | |
| | 342,000 | | | 2.37% (ICE LIBOR USD 3 Month+.24%), 03/12/21 | | | 342,401 | |
| | 350,000 | | | 2.43% (ICE LIBOR USD 3 Month+.42%), 07/10/20 | | | 350,881 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 1,075,000 | | | 2.65% (ICE LIBOR USD 3 Month+.55%), 03/09/21 | | | 1,076,716 | |
| | 1,425,000 | | | 2.66% (ICE LIBOR USD 3 Month+.73%), 04/23/24 | | | 1,427,688 | |
| | 3,100,000 | | | 2.76% (ICE LIBOR USD 3 Month+.61%), 06/18/22 | | | 3,111,292 | |
| | 1,000,000 | | | 2.82% (ICE LIBOR USD 3 Month+.68%), 06/01/21 | | | 1,002,963 | |
| | 2,800,000 | | | 2.82% (ICE LIBOR USD 3 Month+.89%), 07/23/24 | | | 2,819,353 | |
| | 3,475,000 | | | 2.84% (ICE LIBOR USD 3 Month+.90%), 04/25/23 | | | 3,500,395 | |
| | 1,400,000 | | | 2.86% (ICE LIBOR USD 3 Month+.85%), 01/10/25 | | | 1,400,771 | |
| | 1,400,000 | | | 3.00% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | | | 1,414,209 | |
| | 300,000 | | | 3.13% (ICE LIBOR USD 3 Month+1.21%), 10/29/20 | | | 302,628 | |
| | 1,700,000 | | | 3.16% (ICE LIBOR USD 3 Month+1.00%), 05/15/47 | | | 1,409,334 | |
| | 5,550,000 | | | 3.17% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | | | 5,650,478 | |
| | 750,000 | | | 3.20% (ICE LIBOR USD 3 Month+1.10%), 06/07/21 | | | 759,395 | |
| | 450,000 | | | 3.62% (ICE LIBOR USD 3 Month+1.48%), 03/01/21 | | | 457,146 | |
| | | | | JPMorgan Chase Bank NA | | | | |
| | 625,000 | | | 2.20% (ICE LIBOR USD 3 Month+.29%), 02/01/21 | | | 625,178 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 1,225,000 | | | 2.28% (ICE LIBOR USD 3 Month+.34%), 04/26/21 | | $ | 1,225,877 | |
| | 925,000 | | | 2.49% (ICE LIBOR USD 3 Month+.37%), 02/19/21 | | | 925,801 | |
| | | | | Kraft Heinz Foods Co. | | | | |
| | 400,000 | | | 2.75% (ICE LIBOR USD 3 Month+.57%), 02/10/21 | | | 399,718 | |
| | 1,425,000 | | | 3.00% (ICE LIBOR USD 3 Month+.82%), 08/10/22 | | | 1,427,021 | |
| | 350,000 | | | Marriott International, Inc.
2.74% (ICE LIBOR USD 3 Month+.60%), 12/01/20 | | | 350,984 | |
| | 650,000 | | | McDonald’s Corp.
2.37% (ICE LIBOR USD 3 Month+.43%), 10/28/21 | | | 650,125 | |
| | | | | Metropolitan Life Global Funding I 144A | | | | |
| | 720,000 | | | 2.26% (ICE LIBOR USD 3 Month+.23%), 01/08/21 | | | 720,984 | |
| | 600,000 | | | 2.39% (United States SOFR Secured Overnight Financing Rate+.57%), 09/07/20 | | | 601,562 | |
| | | | | Morgan Stanley | | | | |
| | 1,200,000 | | | 2.73% (ICE LIBOR USD 3 Month+.55%), 02/10/21 | | | 1,201,260 | |
| | 5,575,000 | | | 2.88% (ICE LIBOR USD 3 Month+.93%), 07/22/22 | | | 5,626,651 | |
| | 2,850,000 | | | 3.15% (ICE LIBOR USD 3 Month+1.18%), 01/20/22 | | | 2,879,985 | |
| | 6,950,000 | | | 3.34% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | | | 7,096,049 | |
| | 950,000 | | | 3.37% (ICE LIBOR USD 3 Month+1.40%), 04/21/21 | | | 965,519 | |
| | 4,875,000 | | | 3.41% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | | | 4,952,807 | |
| | | | | MPLX LP | | | | |
| | 1,000,000 | | | 3.00% (ICE LIBOR USD 3 Month+.90%), 09/09/21 | | | 1,003,956 | |
| | 950,000 | | | 3.20% (ICE LIBOR USD 3 Month+1.10%), 09/09/22 | | | 953,578 | |
| | 1,425,000 | | | NBCUniversal Enterprise, Inc. 144A
2.50% (ICE LIBOR USD 3 Month+.40%), 04/01/21 | | | 1,430,174 | |
| | 507,000 | | | New York Life Global Funding 144A
2.26% (ICE LIBOR USD 3 Month+.16%), 10/01/20 | | | 507,677 | |
| | 450,000 | | | NextEra Energy Capital Holdings, Inc.
2.54% (ICE LIBOR USD 3 Month+.40%), 08/21/20 | | | 450,053 | |
| | 600,000 | | | Nissan Motor Acceptance Corp. 144A
2.89% (ICE LIBOR USD 3 Month+.89%), 01/13/22 | | | 602,803 | |
| | | | | Occidental Petroleum Corp. | | | | |
| | 350,000 | | | 3.14% (ICE LIBOR USD 3 Month+.95%), 02/08/21 | | | 352,505 | |
| | 500,000 | | | 3.44% (ICE LIBOR USD 3 Month+1.25%), 08/13/21 | | | 503,223 | |
| | 3,500,000 | | | 3.64% (ICE LIBOR USD 3 Month+1.45%), 08/15/22 | | | 3,522,056 | |
See Notes to Financial Statements
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 300,000 | | | Phillips 66
2.73% (ICE LIBOR USD 3 Month+.60%), 02/26/21 | | $ | 300,043 | |
| | | | | PNC Bank NA | | | | |
| | 2,525,000 | | | 2.40% (ICE LIBOR USD 3 Month+.45%), 07/22/22 | | | 2,529,082 | |
| | 1,400,000 | | | 2.44% (ICE LIBOR USD 3 Month+.50%), 07/27/22 | | | 1,405,254 | |
| | 800,000 | | | 2.44% (ICE LIBOR USD 3 Month+.31%), 06/10/21 | | | 801,156 | |
| | 650,000 | | | 2.48% (ICE LIBOR USD 3 Month+.35%), 03/12/21 | | | 650,882 | |
| | 300,000 | | | 2.48% (ICE LIBOR USD 3 Month+.36%), 05/19/20 | | | 300,560 | |
| | 1,550,000 | | | QUALCOMM, Inc.
2.67% (ICE LIBOR USD 3 Month+.73%), 01/30/23 | | | 1,563,792 | |
| | 625,000 | | | Regions Bank
2.68% (ICE LIBOR USD 3 Month+.50%), 08/13/21 | | | 625,633 | |
| | | | | Sempra Energy | | | | |
| | 450,000 | | | 2.50% (ICE LIBOR USD 3 Month+.50%), 01/15/21 | | | 449,790 | |
| | 581,000 | | | 2.57% (ICE LIBOR USD 3 Month+.45%), 03/15/21 | | | 579,512 | |
| | 350,000 | | | Southern Power Co. 144A
2.71% (ICE LIBOR USD 3 Month+.55%), 12/20/20 | | | 350,068 | |
| | 386,000 | | | State Street Corp.
3.02% (ICE LIBOR USD 3 Month+.90%), 08/18/20 | | | 388,535 | |
| | 1,965,000 | | | SunTrust Bank
2.71% (ICE LIBOR USD 3 Month+.59%), 05/17/22 | | | 1,972,911 | |
| | 700,000 | | | TD Ameritrade Holding Corp.
2.34% (ICE LIBOR USD 3 Month+.43%), 11/01/21 | | | 701,208 | |
| | 715,000 | | | The Charles Schwab Corp.
2.47% (ICE LIBOR USD 3 Month+.32%), 05/21/21 | | | 715,989 | |
| | | | | Toyota Motor Credit Corp. | | | | |
| | 751,000 | | | 2.16% (ICE LIBOR USD 3 Month+.15%), 10/09/20 | | | 751,823 | |
| | 545,000 | | | 2.22% (ICE LIBOR USD 3 Month+.07%), 05/22/20 | | | 545,044 | |
| | 350,000 | | | 2.24% (ICE LIBOR USD 3 Month+.24%), 07/15/20 | | | 350,413 | |
| | 450,000 | | | 2.26% (ICE LIBOR USD 3 Month+.26%), 04/17/20 | | | 450,514 | |
| | 725,000 | | | 2.28% (ICE LIBOR USD 3 Month+.28%), 04/13/21 | | | 726,306 | |
| | 450,000 | | | 2.32% (ICE LIBOR USD 3 Month+.17%), 09/18/20 | | | 450,571 | |
| | 1,725,000 | | | 2.58% (ICE LIBOR USD 3 Month+.48%), 09/08/22 | | | 1,731,762 | |
| | 1,509,000 | | | United Parcel Service, Inc.
2.55% (ICE LIBOR USD 3 Month+.45%), 04/01/23 | | | 1,518,064 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 820,000 | | | United Technologies Corp.
2.82% (ICE LIBOR USD 3 Month+.65%), 08/16/21 | | $ | 820,162 | |
| | | | | US Bank NA | | | | |
| | 850,000 | | | 2.19% (ICE LIBOR USD 3 Month+.25%), 07/24/20 | | | 850,784 | |
| | 550,000 | | | 2.21% (ICE LIBOR USD 3 Month+.31%), 02/04/21 | | | 550,765 | |
| | 1,000,000 | | | 2.26% (ICE LIBOR USD 3 Month+.32%), 04/26/21 | | | 1,002,820 | |
| | 500,000 | | | 2.44% (ICE LIBOR USD 3 Month+.29%), 05/21/21 | | | 500,629 | |
| | 1,965,000 | | | 2.59% (ICE LIBOR USD 3 Month+.44%), 05/23/22 | | | 1,968,910 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 610,000 | | | 2.70% (ICE LIBOR USD 3 Month+.55%), 05/22/20 | | | 611,635 | |
| | 1,350,000 | | | 3.12% (ICE LIBOR USD 3 Month+1.00%), 03/16/22 | | | 1,372,206 | |
| | 4,975,000 | | | 3.26% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | | | 5,064,524 | |
| | | | | Volkswagen Group of America Finance LLC 144A | | | | |
| | 750,000 | | | 2.95% (ICE LIBOR USD 3 Month+.77%), 11/13/20 | | | 753,350 | |
| | 650,000 | | | 3.12% (ICE LIBOR USD 3 Month+.94%), 11/12/21 | | | 654,033 | |
| | 375,000 | | | Vulcan Materials Co.
2.78% (ICE LIBOR USD 3 Month+.65%), 03/01/21 | | | 375,981 | |
| | | | | Walmart, Inc. | | | | |
| | 310,000 | | | 2.20% (ICE LIBOR USD 3 Month+.04%), 06/23/20 | | | 310,098 | |
| | 800,000 | | | 2.39% (ICE LIBOR USD 3 Month+.23%), 06/23/21 | | | 802,815 | |
| | | | | Walt Disney Co. | | | | |
| | 300,000 | | | 2.32% (ICE LIBOR USD 3 Month+.19%), 06/05/20 | | | 300,331 | |
| | 1,200,000 | | | 2.50% (ICE LIBOR USD 3 Month+.39%), 09/01/22 | | | 1,208,468 | |
| | 550,000 | | | 2.52% (ICE LIBOR USD 3 Month+.39%), 03/04/22 | | | 552,886 | |
| | | | | Wells Fargo & Co. | | | | |
| | 450,000 | | | 2.83% (ICE LIBOR USD 3 Month+.88%), 07/22/20 | | | 452,453 | |
| | 1,150,000 | | | 2.96% (ICE LIBOR USD 3 Month+1.02%), 07/26/21 | | | 1,164,354 | |
| | 3,500,000 | | | 3.05% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | | | 3,545,506 | |
| | 1,900,000 | | | 3.11% (ICE LIBOR USD 3 Month+.93%), 02/11/22 | | | 1,912,842 | |
| | 5,575,000 | | | 3.16% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | | | 5,675,517 | |
| | 750,000 | | | 3.47% (ICE LIBOR USD 3 Month+1.34%), 03/04/21 | | | 760,563 | |
| | | | | Wells Fargo Bank NA | | | | |
| | 1,175,000 | | | 2.13% (ICE LIBOR USD 1 Month+.22%), 07/15/20 | | | 1,175,178 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| United States: (continued) |
| $ | 450,000 | | | 2.31% (ICE LIBOR USD 3 Month+.31%), 01/15/21 | | $ | 451,189 | |
| | 1,200,000 | | | 2.43% (ICE LIBOR USD 3 Month+.50%), 07/23/21 | | | 1,202,033 | |
| | 1,000,000 | | | 2.46% (ICE LIBOR USD 3 Month+.51%), 10/22/21 | | | 1,003,936 | |
| | 1,425,000 | | | 2.53% (ICE LIBOR USD 3 Month+.38%), 05/21/21 | | | 1,425,990 | |
Principal
Amount | | | | | Value | |
| United States: (continued) |
| | 2,825,000 | | | 2.75% (ICE LIBOR USD 3 Month+.62%), 05/27/22 | | $ | 2,834,633 | |
| | 2,800,000 | | | 2.80% (ICE LIBOR USD 3 Month+.66%), 09/09/22 | | | 2,811,256 | |
| | | | | | | | 310,774,294 | |
Total Floating Rate Notes
(Cost: $477,750,520) | | | 478,732,698 | |
| Other assets less liabilities: 0.4% | | | 2,072,552 | |
| NET ASSETS: 100.0% | | $ | 480,805,250 | |
Footnotes:
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $84,398,320, or 17.6% of net assets. |
| Summary of Investments by Sector | | | % of Investments | | Value | |
| Basic Materials | | | | 0.1 | % | | $ | 401,933 | |
| Communications | | | | 6.9 | | | | 32,903,646 | |
| Consumer, Cyclical | | | | 5.1 | | | | 24,716,676 | |
| Consumer, Non-cyclical | | | | 4.3 | | | | 20,519,394 | |
| Energy | | | | 2.5 | | | | 11,960,222 | |
| Financial | | | | 75.0 | | | | 358,894,173 | |
| Industrial | | | | 2.1 | | | | 10,109,951 | |
| Technology | | | | 2.7 | | | | 12,789,404 | |
| Utilities | | | | 1.3 | | | | 6,437,299 | |
| | | | | 100.0 | % | | $ | 478,732,698 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Floating Rate Notes* | | | $ | — | | | $ | 478,732,698 | | | | $ | — | | | $ | 478,732,698 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Principal
Amount | | | | | Value | |
| CORPORATE BONDS: 0.5% | | | | |
| Colombia: 0.2% | | | | |
| COP | 3,596,000,000 | | | Empresas Públicas de Medellín ESP Reg S
7.63%, 09/10/24 | | $ | 1,125,442 | |
| | 19,450,000,000 | | | Financiera de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24 | | | 6,153,285 | |
| | | | | | | | 7,278,727 | |
| Germany: 0.0% | | | | |
| ZAR | 26,800,000 | | | Landwirtschaftliche Rentenbank Reg S
8.25%, 05/23/22 | | | 1,832,451 | |
| Ireland: 0.0% | | | | |
| RUB | 134,900,000 | | | RusHydro Via RusHydro Capital Markets DAC Reg S
8.13%, 09/28/22 | | | 2,181,139 | |
| Mexico: 0.1% | | | | |
| | | | | Petróleos Mexicanos Reg S | | | | |
| MXN | 28,330,000 | | | 7.19%, 09/12/24 | | | 1,322,520 | |
| | 50,200,000 | | | 7.65%, 11/24/21 | | | 2,557,278 | |
| | | | | | | | 3,879,798 | |
| South Africa: 0.2% | | | | |
| | | | | Eskom Holdings Ltd. | | | | |
| ZAR | 82,330,000 | | | 0.00% 08/18/27 ^ | | | 1,926,599 | |
| | 11,000,000 | | | 7.50%, 09/15/33 | | | 555,278 | |
| | 25,350,000 | | | 7.85%, 04/02/26 | | | 1,545,909 | |
| | | | | Transnet Ltd. | | | | |
| | 21,000,000 | | | 9.50%, 08/19/25 | | | 1,367,823 | |
| | 85,800,000 | | | 10.80%, 11/06/23 | | | 6,060,903 | |
| | 5,000,000 | | | 13.50%, 04/18/28 | | | 402,626 | |
| | | | | | | | 11,859,138 | |
Total Corporate Bonds
(Cost: $40,558,738) | | | 27,031,253 | |
| FOREIGN GOVERNMENT OBLIGATIONS: 96.9% | | | | |
| Argentina: 0.8% | | | | |
| ARS | 46,750,000 | | | Argentina Treasury Bill
0.00% 04/08/20 ^ | | | 398,726 | |
| | | | | Argentine Bonos del Tesoro | | | | |
| | 4,148,143,000 | | | 15.50%, 10/17/26 † | | | 20,079,132 | |
| | 1,311,489,000 | | | 16.00%, 10/17/23 † | | | 6,345,116 | |
| | 2,962,424,463 | | | 18.20%, 10/03/21 | | | 13,978,471 | |
| | | | | | | | 40,801,445 | |
| Brazil: 9.7% | | | | |
| | | | | Brazil Government International Bonds | | | | |
| BRL | 8,410,000 | | | 8.50%, 01/05/24 | | | 2,270,306 | |
| | 11,420,000 | | | 10.25%, 01/10/28 | | | 3,517,928 | |
| | 6,290,000 | | | 12.50%, 01/05/22 | | | 1,795,245 | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| | 200,379,000 | | | 0.00% 07/01/21 ^ | | | 46,293,444 | |
| | 191,770,000 | | | 0.00% 01/01/22 ^ | | | 43,078,442 | |
| | 175,050,000 | | | 0.00% 07/01/22 ^ | | | 38,173,454 | |
| | 264,380,000 | | | 0.00% 07/01/23 ^ | | | 53,982,609 | |
Principal
Amount | | | | | Value | |
| Brazil: (continued) | | | | |
| | | | | Brazil Notas do Tesouro Nacional, Series F | | | | |
| BRL | 234,261,000 | | | 10.00%, 01/01/21 | | $ | 61,775,361 | |
| | 287,823,000 | | | 10.00%, 01/01/23 | | | 80,905,558 | |
| | 233,535,000 | | | 10.00%, 01/01/25 | | | 68,239,561 | |
| | 170,550,000 | | | 10.00%, 01/01/27 | | | 51,402,909 | |
| | 92,010,000 | | | 10.00%, 01/01/29 | | | 28,351,811 | |
| | | | | | | | 479,786,628 | |
| Chile: 2.9% | | | | |
| | | | | Bonos de la Tesoreria de la Republica de Chile | | | | |
| CLP | 8,635,000,000 | | | 4.50%, 03/01/21 | | | 12,085,478 | |
| | 18,240,000,000 | | | 4.50%, 03/01/26 | | | 26,801,516 | |
| | 20,690,000,000 | | | 5.00%, 03/01/35 | | | 33,039,158 | |
| | 16,305,000,000 | | | 6.00%, 01/01/43 | | | 30,175,217 | |
| | | | | Bonos de la Tesoreria de la Republica de Chile Reg S 144A | | | | |
| | 12,530,000,000 | | | 4.00%, 03/01/23 | | | 17,868,343 | |
| | 15,395,000,000 | | | 4.70%, 09/01/30 | | | 23,345,564 | |
| | | | | | | | 143,315,276 | |
| Colombia: 4.6% | | | | |
| | | | | Colombia Government International Bonds | | | | |
| COP | 4,400,000,000 | | | 4.38%, 03/21/23 | | | 1,279,952 | |
| | 9,610,000,000 | | | 7.75%, 04/14/21 | | | 2,961,381 | |
| | 7,116,000,000 | | | 9.85%, 06/28/27 | | | 2,648,232 | |
| | | | | Colombian TES | | | | |
| | 115,418,100,000 | | | 6.00%, 04/28/28 | | | 34,633,432 | |
| | 74,811,000,000 | | | 6.25%, 11/26/25 | | | 23,035,885 | |
| | 127,962,900,000 | | | 7.00%, 05/04/22 | | | 39,804,758 | |
| | 70,726,700,000 | | | 7.00%, 06/30/32 | | | 22,502,731 | |
| | 34,440,000,000 | | | 7.25%, 10/18/34 | | | 11,247,617 | |
| | 110,961,700,000 | | | 7.50%, 08/26/26 | | | 36,404,343 | |
| | 67,762,100,000 | | | 7.75%, 09/18/30 | | | 22,801,329 | |
| | 83,483,800,000 | | | 10.00%, 07/24/24 | | | 29,695,158 | |
| | | | | | | | 227,014,818 | |
| Czech Republic: 3.0% | | | | |
| | | | | Czech Republic Government Bonds | | | | |
| CZK | 300,210,000 | | | 0.25%, 02/10/27 | | | 12,137,187 | |
| | 362,490,000 | | | 2.75%, 07/23/29 | | | 17,882,478 | |
| | | | | Czech Republic Government Bonds Reg S | | | | |
| | 216,990,000 | | | 0.45%, 10/25/23 | | | 9,221,037 | |
| | 348,500,000 | | | 0.95%, 05/15/30 | | | 14,599,460 | |
| | 371,120,000 | | | 1.00%, 06/26/26 | | | 15,910,630 | |
| | 379,940,000 | | | 2.40%, 09/17/25 | | | 17,712,110 | |
| | 375,420,000 | | | 2.50%, 08/25/28 | | | 17,938,992 | |
| | 291,870,000 | | | 3.85%, 09/29/21 | | | 13,419,563 | |
| | 277,170,000 | | | 4.70%, 09/12/22 | | | 13,317,578 | |
| | 291,390,000 | | | 5.70%, 05/25/24 | | | 15,418,688 | |
| | | | | | | | 147,557,723 | |
| Dominican Republic: 2.9% | | | | |
| DOP | 2,753,250,000 | | | Dominican Republic International Bonds 144A
9.75%, 06/05/26 | | | 53,260,902 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Dominican Republic: (continued) | | | | |
| | | | | Dominican Republic International Bonds Reg S | | | | |
| DOP | 3,636,850,000 | | | 8.90%, 02/15/23 | | $ | 69,004,851 | |
| | 1,057,600,000 | | | 9.75%, 06/05/26 | | | 20,458,996 | |
| | | | | | | | 142,724,749 | |
| Germany: 0.0% | | | | |
| | | | | Kreditanstalt fuer Wiederaufbau | | | | |
| ZAR | 18,000,000 | | | 6.75%, 07/15/21 | | | 1,191,676 | |
| MXN | 10,725,000 | | | 7.75%, 03/01/21 | | | 567,773 | |
| ZAR | 8,300,000 | | | 7.75%, 06/06/23 | | | 562,186 | |
| | | | | | | | 2,321,635 | |
| Hungary: 3.1% | | | | |
| | | | | Hungary Government Bonds | | | | |
| HUF | 1,463,110,000 | | | 0.50%, 04/21/21 | | | 5,008,605 | |
| | 4,363,800,000 | | | 1.75%, 10/26/22 | | | 15,400,271 | |
| | 1,968,350,000 | | | 2.50%, 10/27/21 | | | 7,025,105 | |
| | 4,301,210,000 | | | 2.50%, 10/24/24 | | | 15,755,873 | |
| | 3,223,160,000 | | | 2.75%, 12/22/26 | | | 11,949,794 | |
| | 3,484,300,000 | | | 3.00%, 06/26/24 | | | 13,041,265 | |
| | 4,636,240,000 | | | 3.00%, 10/27/27 | | | 17,510,271 | |
| | 2,098,700,000 | | | 3.00%, 08/21/30 | | | 7,857,463 | |
| | 4,599,600,000 | | | 5.50%, 06/24/25 | | | 19,437,602 | |
| | 3,892,790,000 | | | 6.00%, 11/24/23 | | | 16,068,629 | |
| | 2,453,580,000 | | | 6.75%, 10/22/28 | | | 11,863,820 | |
| | 3,548,140,000 | | | 7.00%, 06/24/22 | | | 14,222,383 | |
| | | | | | | | 155,141,081 | |
| Indonesia: 8.8% | | | | |
| | | | | Indonesia Treasury Bonds | | | | |
| IDR | 255,630,000,000 | | | 5.63%, 05/15/23 | | | 17,867,564 | |
| | 385,591,000,000 | | | 6.13%, 05/15/28 | | | 26,278,571 | |
| | 23,300,000,000 | | | 6.50%, 06/15/25 | | | 1,664,049 | |
| | 291,083,000,000 | | | 6.63%, 05/15/33 | | | 19,572,465 | |
| | 67,137,000,000 | | | 7.00%, 05/15/22 | | | 4,877,321 | |
| | 405,238,000,000 | | | 7.00%, 05/15/27 | | | 29,331,182 | |
| | 11,600,000,000 | | | 7.00%, 09/15/30 | | | 821,181 | |
| | 170,100,000,000 | | | 7.50%, 08/15/32 | | | 12,293,703 | |
| | 256,840,000,000 | | | 7.50%, 05/15/38 | | | 18,304,225 | |
| | 228,120,000,000 | | | 8.13%, 05/15/24 | | | 17,368,615 | |
| | 112,953,000,000 | | | 8.25%, 07/15/21 | | | 8,359,315 | |
| | 257,190,000,000 | | | 8.25%, 05/15/29 | | | 19,966,900 | |
| | 162,914,000,000 | | | 8.25%, 06/15/32 | | | 12,442,167 | |
| | 309,105,000,000 | | | 8.25%, 05/15/36 | | | 23,414,801 | |
| | 544,673,000,000 | | | 8.38%, 03/15/24 | | | 41,708,984 | |
| | 411,917,000,000 | | | 8.38%, 09/15/26 | | | 32,133,418 | |
| | 467,214,000,000 | | | 8.38%, 03/15/34 | | | 36,065,712 | |
| | 163,580,000,000 | | | 8.38%, 04/15/39 | | | 12,523,070 | |
| | 257,537,000,000 | | | 8.75%, 05/15/31 | | | 20,514,984 | |
| | 393,392,000,000 | | | 9.00%, 03/15/29 | | | 31,762,299 | |
| | 93,361,000,000 | | | 9.50%, 07/15/31 | | | 7,796,944 | |
| | 110,942,000,000 | | | 10.50%, 08/15/30 | | | 9,821,572 | |
| | 57,912,000,000 | | | 11.00%, 09/15/25 | | | 4,990,018 | |
| | | | | Perusahaan Penerbit SBSN | | | | |
| | 74,159,000,000 | | | 8.25%, 09/15/23 | | | 5,570,381 | |
| | 80,410,000,000 | | | 8.75%, 08/15/23 | | | 6,131,141 | |
| | 181,630,000,000 | | | 8.88%, 11/15/31 | | | 14,197,897 | |
| | | | | | | | 435,778,479 | |
Principal
Amount | | | | | Value | |
| Malaysia: 4.5% | | | | |
| | | | | Malaysia Government Bonds | | | | |
| MYR | 38,781,000 | | | 3.62%, 11/30/21 | | $ | 9,377,015 | |
| | 44,634,000 | | | 3.73%, 06/15/28 | | | 10,865,202 | |
| | 33,563,000 | | | 3.76%, 04/20/23 | | | 8,159,174 | |
| | 39,341,000 | | | 3.80%, 08/17/23 | | | 9,591,061 | |
| | 43,990,000 | | | 3.89%, 08/15/29 | | | 10,909,346 | |
| | 55,014,000 | | | 3.90%, 11/16/27 | | | 13,558,841 | |
| | 36,339,000 | | | 3.90%, 11/30/26 | | | 8,940,123 | |
| | 38,435,000 | | | 3.91%, 07/15/26 | | | 9,474,819 | |
| | 42,343,000 | | | 3.95%, 04/14/22 | | | 10,315,036 | |
| | 52,194,000 | | | 3.96%, 09/15/25 | | | 12,863,059 | |
| | 43,188,000 | | | 4.06%, 09/30/24 | | | 10,673,441 | |
| | 43,628,000 | | | 4.09%, 11/30/23 | | | 10,744,383 | |
| | 48,942,000 | | | 4.13%, 08/15/25 | | | 12,139,535 | |
| | 51,482,000 | | | 4.16%, 07/15/21 | | | 12,536,384 | |
| | 42,297,000 | | | 4.18%, 07/15/24 | | | 10,489,263 | |
| | 774,000 | | | 4.25%, 05/31/35 | | | 195,770 | |
| | 42,790,000 | | | 4.26%, 07/26/27 | | | 10,787,029 | |
| | 45,678,000 | | | 4.37%, 10/31/28 | | | 11,713,070 | |
| | 47,215,000 | | | 4.76%, 04/07/37 | | | 12,736,228 | |
| | | | | Malaysia Government Investment Issue | | | | |
| | 23,910,000 | | | 3.66%, 10/15/24 | | | 5,795,782 | |
| | 22,900,000 | | | 3.73%, 03/31/26 | | | 5,591,852 | |
| | 26,135,000 | | | 3.73%, 03/31/22 | | | 6,337,724 | |
| | 29,795,000 | | | 4.13%, 07/09/29 | | | 7,508,379 | |
| | | | | | | | 221,302,516 | |
| Mexico: 8.6% | | | | |
| | | | | Mexican Bonos | | | | |
| MXN | 362,490,000 | | | 5.75%, 03/05/26 | | | 18,013,325 | |
| | 542,200,000 | | | 6.50%, 06/10/21 | | | 28,246,041 | |
| | 873,553,000 | | | 6.50%, 06/09/22 | | | 45,556,254 | |
| | 18,789,000 | | | 6.75%, 03/09/23 | | | 986,285 | |
| | 520,559,000 | | | 7.25%, 12/09/21 | | | 27,546,835 | |
| | 726,264,300 | | | 7.50%, 06/03/27 | | | 39,621,786 | |
| | 428,819,000 | | | 7.75%, 05/29/31 | | | 23,942,245 | |
| | 278,951,000 | | | 7.75%, 11/23/34 | | | 15,623,264 | |
| | 582,374,800 | | | 7.75%, 11/13/42 | | | 32,478,057 | |
| | 688,600,000 | | | 8.00%, 12/07/23 | | | 37,790,391 | |
| | 210,955,000 | | | 8.00%, 09/05/24 | | | 11,643,704 | |
| | 386,724,000 | | | 8.00%, 11/07/47 | | | 22,224,385 | |
| | 487,513,000 | | | 8.50%, 05/31/29 | | | 28,514,374 | |
| | 452,221,900 | | | 8.50%, 11/18/38 | | | 27,071,750 | |
| | 804,083,200 | | | 10.00%, 12/05/24 | | | 48,080,166 | |
| | 256,757,000 | | | 10.00%, 11/20/36 | | | 17,351,052 | |
| | | | | | | | 424,689,914 | |
| Peru: 3.0% | | | | |
| | | | | Peru Government Bonds | | | | |
| PEN | 47,375,000 | | | 5.70%, 08/12/24 | | | 15,783,147 | |
| | 59,115,000 | | | 6.35%, 08/12/28 | | | 20,610,997 | |
| | 68,230,000 | | | 6.90%, 08/12/37 | | | 25,240,337 | |
| | 58,812,000 | | | 6.95%, 08/12/31 | | | 21,528,396 | |
| | 51,225,000 | | | 8.20%, 08/12/26 | | | 19,411,152 | |
| | | | | Peru Government Bonds Reg S 144A | | | | |
| | 15,400,000 | | | 5.40%, 08/12/34 | | | 4,951,155 | |
| | 57,190,000 | | | 5.94%, 02/12/29 | | | 19,395,757 | |
| | 58,885,000 | | | 6.15%, 08/12/32 | | | 20,243,012 | |
| | | | | | | | 147,163,953 | |
See Notes to Financial Statements
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| Philippines: 3.0% | | | | |
| | | | | Philippine Government International Bonds | | | | |
| PHP | 1,619,500,000 | | | 3.90%, 11/26/22 | | $ | 31,938,133 | |
| | 2,314,500,000 | | | 4.95%, 01/15/21 | | | 46,271,756 | |
| | 2,870,500,000 | | | 6.25%, 01/14/36 | | | 68,545,243 | |
| | | | | | | | 146,755,132 | |
| Poland: 7.1% | | | | |
| | | | | Republic of Poland Government Bonds | | | | |
| PLN | 116,981,000 | | | 1.75%, 07/25/21 | | | 30,852,008 | |
| | 88,877,000 | | | 2.00%, 04/25/21 | | | 23,527,361 | |
| | 99,802,000 | | | 2.25%, 04/25/22 | | | 26,630,234 | |
| | 43,375,000 | | | 2.25%, 10/25/24 | | | 11,641,171 | |
| | 117,520,000 | | | 2.50%, 01/25/23 | | | 31,660,530 | |
| | 78,097,000 | | | 2.50%, 04/25/24 | | | 21,165,464 | |
| | 107,629,000 | | | 2.50%, 07/25/26 | | | 29,324,736 | |
| | 122,853,000 | | | 2.50%, 07/25/27 | | | 33,562,216 | |
| | 119,012,000 | | | 2.75%, 04/25/28 | | | 33,128,074 | |
| | 66,380,000 | | | 2.75%, 10/25/29 | | | 18,631,738 | |
| | 109,736,000 | | | 3.25%, 07/25/25 | | | 31,007,625 | |
| | 108,409,000 | | | 4.00%, 10/25/23 | | | 30,967,890 | |
| | 48,031,000 | | | 5.75%, 10/25/21 | | | 13,643,498 | |
| | 60,107,000 | | | 5.75%, 09/23/22 | | | 17,614,014 | |
| | | | | | | | 353,356,559 | |
| Romania: 2.9% | | | | |
| | | | | Romania Government Bonds | | | | |
| RON | 50,535,000 | | | 3.25%, 03/22/21 | | | 11,844,170 | |
| | 53,035,000 | | | 3.25%, 04/29/24 | | | 12,175,550 | |
| | 50,675,000 | | | 3.40%, 03/08/22 | | | 11,865,805 | |
| | 50,710,000 | | | 3.50%, 12/19/22 | | | 11,867,397 | |
| | 51,765,000 | | | 4.00%, 10/27/21 | | | 12,283,863 | |
| | 53,435,000 | | | 4.25%, 06/28/23 | | | 12,789,179 | |
| | 52,385,000 | | | 4.75%, 02/24/25 | | | 12,794,166 | |
| | 36,790,000 | | | 4.85%, 04/22/26 | | | 9,056,697 | |
| | 37,870,000 | | | 5.00%, 02/12/29 | | | 9,465,812 | |
| | 54,220,000 | | | 5.80%, 07/26/27 | | | 14,154,186 | |
| | 51,370,000 | | | 5.85%, 04/26/23 | | | 12,910,244 | |
| | 52,570,000 | | | 5.95%, 06/11/21 | | | 12,822,943 | |
| | | | | | | | 144,030,012 | |
| Russia: 5.6% | | | | |
| | | | | Russian Federal Bonds | | | | |
| RUB | 1,323,402,000 | | | 6.50%, 02/28/24 | | | 20,992,563 | |
| | 1,358,901,000 | | | 6.90%, 05/23/29 | | | 22,006,789 | |
| | 549,195,000 | | | 7.00%, 12/15/21 | | | 8,756,219 | |
| | 125,460,000 | | | 7.00%, 01/25/23 | | | 2,013,313 | |
| | 791,325,000 | | | 7.00%, 08/16/23 | | | 12,751,792 | |
| | 1,356,058,000 | | | 7.05%, 01/19/28 | | | 22,170,068 | |
| | 1,013,533,000 | | | 7.10%, 10/16/24 | | | 16,479,833 | |
| | 1,160,126,000 | | | 7.25%, 05/10/34 | | | 19,228,980 | |
| | 579,231,000 | | | 7.40%, 12/07/22 | | | 9,430,514 | |
| | 914,480,000 | | | 7.40%, 07/17/24 | | | 15,030,821 | |
| | 545,214,000 | | | 7.50%, 08/18/21 | | | 8,740,571 | |
| | 186,536,000 | | | 7.60%, 04/14/21 | | | 2,979,845 | |
| | 423,173,000 | | | 7.60%, 07/20/22 | | | 6,875,849 | |
| | 1,398,623,000 | | | 7.70%, 03/23/33 | | | 24,044,517 | |
| | 1,312,543,000 | | | 7.75%, 09/16/26 | | | 22,257,689 | |
| | 1,287,660,000 | | | 7.95%, 10/07/26 | | | 22,077,100 | |
Principal
Amount | | | | | Value | |
| Russia: (continued) | | | | |
| RUB | 1,366,383,000 | | | 8.15%, 02/03/27 | | $ | 23,604,675 | |
| | 947,071,000 | | | 8.50%, 09/17/31 | | | 17,222,772 | |
| | | | | | | | 276,663,910 | |
| South Africa: 7.2% | | | | |
| | | | | Republic of South Africa Government Bonds | | | | |
| ZAR | 398,485,000 | | | 6.25%, 03/31/36 | | | 18,928,982 | |
| | 352,739,000 | | | 6.50%, 02/28/41 | | | 16,240,723 | |
| | 23,457,000 | | | 6.75%, 03/31/21 | | | 1,559,154 | |
| | 425,559,000 | | | 7.00%, 02/28/31 | | | 23,578,288 | |
| | 237,030,000 | | | 7.75%, 02/28/23 | | | 15,838,454 | |
| | 596,972,000 | | | 8.00%, 01/31/30 | | | 36,477,828 | |
| | 451,224,000 | | | 8.25%, 03/31/32 | | | 27,159,276 | |
| | 512,985,000 | | | 8.50%, 01/31/37 | | | 30,044,841 | |
| | 562,342,000 | | | 8.75%, 01/31/44 | | | 32,780,086 | |
| | 911,661,000 | | | 8.75%, 02/28/48 | | | 52,726,064 | |
| | 455,414,000 | | | 8.88%, 02/28/35 | | | 28,091,627 | |
| | 378,860,000 | | | 9.00%, 01/31/40 | | | 22,930,392 | |
| | 665,246,000 | | | 10.50%, 12/21/26 | | | 48,490,730 | |
| | | | | | | | 354,846,445 | |
| Supranational: 5.1% | | | | |
| RUB | 842,000,000 | | | Asian Development Bank
7.00%, 03/14/22 | | | 13,550,981 | |
| | | | | European Bank for Reconstruction and Development | | | | |
| IDR | 6,700,000,000 | | | 6.25%, 12/22/21 | | | 476,735 | |
| | 73,700,000,000 | | | 6.25%, 07/25/22 | | | 5,215,232 | |
| | 21,600,000,000 | | | 6.45%, 12/13/22 | | | 1,544,484 | |
| | 16,200,000,000 | | | 7.50%, 05/15/22 | | | 1,178,046 | |
| | 80,730,000,000 | | | 9.25%, 12/02/20 | | | 5,937,569 | |
| ARS | 212,000,000 | | | 37.50%, 07/23/21 | | | 1,835,488 | |
| RUB | 62,000,000 | | | European Bank for Reconstruction and Development Reg S
6.00%, 07/24/23 | | | 987,413 | |
| | | | | European Investment Bank | | | | |
| BRL | 5,620,000 | | | 0.00% 08/27/21 ^ | | | 1,307,017 | |
| PLN | 34,160,000 | | | 4.25%, 10/25/22 | | | 9,573,844 | |
| BRL | 5,000,000 | | | 7.25%, 11/08/22 | | | 1,341,795 | |
| ZAR | 5,200,000 | | | 7.25%, 02/28/23 | | | 354,188 | |
| MXN | 44,420,000 | | | 7.63%, 01/12/22 | | | 2,363,491 | |
| | 17,210,000 | | | 7.75%, 01/30/25 | | | 942,187 | |
| ZAR | 206,265,000 | | | 8.13%, 12/21/26 | | | 14,212,546 | |
| | 72,600,000 | | | 8.25%, 09/13/21 | | | 4,951,365 | |
| | 87,800,000 | | | 9.00%, 03/31/21 | | | 6,018,440 | |
| IDR | 42,500,000,000 | | | European Investment Bank 144A
5.75%, 01/24/25 | | | 2,937,986 | |
| | | | | European Investment Bank Reg S | | | | |
| PLN | 17,492,000 | | | 2.25%, 05/25/21 | | | 4,641,203 | |
| | 35,358,000 | | | 2.75%, 08/25/26 | | | 9,740,364 | |
| | 48,952,000 | | | 3.00%, 05/24/24 | | | 13,525,957 | |
| MXN | 184,400,000 | | | 4.75%, 01/19/21 | | | 9,409,286 | |
| IDR | 133,400,000,000 | | | 5.20%, 03/01/22 | | | 9,252,089 | |
| ZAR | 17,500,000 | | | 8.00%, 05/05/27 | | | 1,200,493 | |
| | 42,600,000 | | | 8.50%, 09/17/24 | | | 2,985,691 | |
See Notes to Financial Statements
Principal
Amount | | | | | Value | |
| Supranational: (continued) | | | | |
| TRY | 30,020,000 | | | 8.75%, 09/18/21 | | $ | 5,185,251 | |
| | | | | Inter-American Development Bank | | | | |
| IDR | 148,480,000,000 | | | 6.25%, 06/15/21 | | | 10,557,132 | |
| MXN | 37,000,000 | | | 7.25%, 06/10/21 | | | 1,922,738 | |
| | 129,870,000 | | | 7.50%, 12/05/24 | | | 7,013,739 | |
| IDR | 108,090,000,000 | | | 7.88%, 03/14/23 | | | 8,043,029 | |
| MXN | 52,500,000 | | | Inter-American Development Bank Reg S
7.70%, 02/12/24 | | | 2,833,527 | |
| | | | | International Bank for Reconstruction & Development | | | | |
| PLN | 15,200,000 | | | 1.63%, 12/30/21 | | | 4,004,631 | |
| RUB | 535,000,000 | | | 6.00%, 07/31/24 | | | 8,547,141 | |
| | 541,500,000 | | | 6.75%, 11/14/22 | | | 8,789,590 | |
| | 220,000,000 | | | 7.25%, 11/23/20 | | | 3,492,668 | |
| IDR | 45,300,000,000 | | | 7.25%, 03/15/24 | | | 3,297,828 | |
| | 43,944,800,000 | | | 7.45%, 08/20/21 | | | 3,189,653 | |
| MXN | 11,000,000 | | | 8.00%, 07/01/21 | | | 588,441 | |
| IDR | 27,500,000,000 | | | 8.40%, 10/12/21 | | | 2,033,045 | |
| MXN | 41,770,000 | | | International Bank for Reconstruction & Development Reg S
7.13%, 02/09/21 | | | 2,191,574 | |
| | | | | International Finance Corp. | | | | |
| RUB | 171,000,000 | | | 5.25%, 03/22/22 | | | 2,655,493 | |
| | 540,000,000 | | | 5.50%, 03/20/23 | | | 8,455,930 | |
| | 39,600,000 | | | 6.03%, 05/19/21 | | | 615,432 | |
| | 255,000,000 | | | 6.38%, 04/11/22 | | | 4,070,687 | |
| | 305,000,000 | | | 6.50%, 02/04/26 | | | 5,058,560 | |
| BRL | 4,450,000 | | | 7.00%, 02/14/24 | | | 1,166,013 | |
| MXN | 175,100,000 | | | 7.00%, 07/20/27 | | | 9,253,211 | |
| | 2,500,000 | | | 7.25%, 02/02/24 | | | 133,737 | |
| | 97,100,000 | | | 7.50%, 01/18/28 | | | 5,255,869 | |
| | 106,780,000 | | | 7.75%, 01/18/30 | | | 5,897,629 | |
| IDR | 7,100,000,000 | | | 8.00%, 10/09/23 | | | 530,945 | |
| ZAR | 3,000,000 | | | 8.00%, 07/27/27 | | | 199,589 | |
| | | | | International Finance Corp. Reg S | | | | |
| RUB | 576,100,000 | | | 6.25%, 06/07/21 | | | 9,099,001 | |
| MXN | 50,500,000 | | | 8.38%, 05/31/29 | | | 2,877,699 | |
| | | | | | | | 252,443,672 | |
| Sweden: 0.1% | | | | |
| RUB | 95,200,000 | | | Svensk Exportkredit AB
6.12%, 08/10/21 | | | 1,490,044 | |
| | 65,000,000 | | | Svensk Exportkredit AB Reg S
6.00%, 06/16/21 | | | 1,016,108 | |
| | | | | | | | 2,506,152 | |
| Thailand: 8.3% | | | | |
| | | | | Thailand Government Bonds | | | | |
| THB | 692,123,000 | | | 1.88%, 06/17/22 | | | 23,206,539 | |
| | 804,628,000 | | | 2.00%, 12/17/22 | | | 27,130,179 | |
| | 876,654,000 | | | 2.13%, 12/17/26 | | | 30,238,103 | |
| | 789,960,000 | | | 2.40%, 12/17/23 | | | 27,211,889 | |
| | 690,373,000 | | | 2.88%, 12/17/28 | | | 25,451,544 | |
Principal
Amount | | | | | Value | |
| Thailand: (continued) | | | | |
| THB | 698,805,000 | | | 2.88%, 06/17/46 | | $ | 28,583,518 | |
| | 485,210,000 | | | 3.30%, 06/17/38 | | | 20,283,162 | |
| | 735,867,000 | | | 3.40%, 06/17/36 | | | 30,566,398 | |
| | 750,310,000 | | | 3.63%, 06/16/23 | | | 26,783,439 | |
| | 1,033,086,000 | | | 3.65%, 12/17/21 | | | 35,815,681 | |
| | 755,363,000 | | | 3.65%, 06/20/31 | | | 30,516,135 | |
| | 932,676,000 | | | 3.78%, 06/25/32 | | | 38,603,124 | |
| | 791,991,000 | | | 3.85%, 12/12/25 | | | 29,952,461 | |
| | 824,000 | | | 4.75%, 12/20/24 | | | 31,776 | |
| | 864,936,000 | | | 4.88%, 06/22/29 | | | 37,138,476 | |
| | | | | | | | 411,512,424 | |
| Turkey: 2.8% | | | | |
| | | | | Turkey Government International Bonds | | | | |
| TRY | 65,996,000 | | | 7.10%, 03/08/23 | | | 9,946,969 | |
| | 59,509,000 | | | 8.00%, 03/12/25 | | | 8,539,011 | |
| | 42,400,000 | | | 8.50%, 09/14/22 | | | 6,783,941 | |
| | 44,747,000 | | | 9.00%, 07/24/24 | | | 6,893,132 | |
| | 29,757,000 | | | 9.20%, 09/22/21 | | | 4,977,254 | |
| | 38,197,000 | | | 9.50%, 01/12/22 | | | 6,338,808 | |
| | 32,082,000 | | | 10.40%, 03/20/24 | | | 5,217,316 | |
| | 73,274,000 | | | 10.50%, 08/11/27 | | | 11,569,815 | |
| | 80,082,000 | | | 10.60%, 02/11/26 | | | 12,883,101 | |
| | 60,926,000 | | | 10.70%, 02/17/21 | | | 10,531,973 | |
| | 60,086,000 | | | 10.70%, 08/17/22 | | | 10,086,997 | |
| | 69,047,000 | | | 11.00%, 03/02/22 | | | 11,806,480 | |
| | 63,121,000 | | | 11.00%, 02/24/27 | | | 10,253,965 | |
| | 56,683,000 | | | 12.20%, 01/18/23 | | | 9,922,539 | |
| | 41,435,000 | | | 12.40%, 03/08/28 | | | 7,246,075 | |
| | 41,872,000 | | | 16.20%, 06/14/23 | | | 8,059,144 | |
| | | | | | | | 141,056,520 | |
| Uruguay: 2.9% | | | | |
| | | | | Uruguay Government International Bonds 144A | | | | |
| UYU | 606,742,000 | | | 8.50%, 03/15/28 | | | 13,596,112 | |
| | 211,088,000 | | | 9.88%, 06/20/22 | | | 5,517,905 | |
| | | | | Uruguay Government International Bonds Reg S | | | | |
| | 2,155,320,000 | | | 8.50%, 03/15/28 | | | 48,297,255 | |
| | 2,870,725,000 | | | 9.88%, 06/20/22 | | | 75,041,624 | |
| | | | | | | | 142,452,896 | |
Total Foreign Government Obligations
(Cost: $4,865,752,214) | | | 4,793,221,939 | |
Total Investments Before Collateral for Securities Loaned: 97.4%
(Cost: $4,906,310,952) | | | 4,820,253,192 | |
See Notes to Financial Statements
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Principal
Amount | | | | | Value | |
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% | | | | |
| Repurchase Agreements: 0.2% | | | | |
| USD | 2,952,036 | | | Repurchase agreement dated 10/31/19 with BofA Securities, Inc., 1.75%, due 11/1/19, proceeds $2,952,180; (collateralized by various U.S. government and agency obligations, 3.00% to 4.00%, due 11/1/39 to 10/1/49, valued at $3,011,077 including accrued interest) | | $ | 2,952,036 | |
| | 2,952,036 | | | Repurchase agreement dated 10/31/19 with Citigroup Global Markets, Inc., 1.74%, due 11/1/19, proceeds $2,952,179; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 12/1/20 to 1/1/59, valued at $3,011,077 including accrued interest) | | | 2,952,036 | |
| | 2,952,036 | | | Repurchase agreement dated 10/31/19 with Credit Agricole CIB, 1.74%, due 11/1/19, proceeds $2,952,179; (collateralized by various U.S. government and agency obligations, 3.50% to 4.00%, due 10/1/48 to 8/1/49, valued at $3,011,077 including accrued interest) | | | 2,952,036 | |
Principal
Amount | | | | | Value | |
| Repurchase Agreements: (continued) | | | | |
| USD | 2,952,036 | | | Repurchase agreement dated 10/31/19 with Daiwa Capital Markets America, Inc., 1.75%, due 11/1/19, proceeds $2,952,180; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 11/21/19 to 10/20/49, valued at $3,011,077 including accrued interest) | | $ | 2,952,036 | |
| | 511,012 | | | Repurchase agreement dated 10/31/19 with Nomura Securities International, Inc., 1.72%, due 11/1/19, proceeds $511,036; (collateralized by various U.S. government and agency obligations, 0.00% to 2.88%, due 11/7/19 to 5/15/49, valued at $521,232 including accrued interest) | | | 511,012 | |
Total Short-Term Investments Held As Collateral For Securities On Loan
(Cost: $12,319,156) | | | 12,319,156 | |
Total Investments: 97.6%
(Cost: $4,918,630,108) | | | 4,832,572,348 | |
| Other assets less liabilities: 2.4% | | | 116,468,697 | |
| NET ASSETS: 100.0% | | $ | 4,949,041,045 | |
See Notes to Financial Statements
| 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:
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,972,871. |
| 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 $161,116,736, or 3.3% of net assets. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned | | % of Investments | | Value | |
| Energy | | | 0.1 | % | | $ | 3,879,798 | |
| Financial | | | 0.2 | | | | 7,985,736 | |
| Government | | | 99.4 | | | | 4,793,221,939 | |
| Industrial | | | 0.2 | | | | 7,831,352 | |
| Utilities | | | 0.1 | | | | 7,334,367 | |
| | | | 100.0 | % | | $ | 4,820,253,192 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value |
| Corporate Bonds* | | | $ | — | | | $ | 27,031,253 | | | $ | — | | | $ | 27,031,253 | |
| Foreign Government Obligations* | | | | — | | | | 4,793,221,939 | | | | — | | | | 4,793,221,939 | |
| Repurchase Agreements | | | | — | | | | 12,319,156 | | | | — | | | | 12,319,156 | |
| Total | | | $ | — | | | $ | 4,832,572,348 | | | $ | — | | | $ | 4,832,572,348 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Number
of Shares | | | | | Value | |
| COMMON STOCKS: 99.5% | | | | |
| Real Estate Investment Trusts: 99.5% | | | | |
| | 146,198 | | | AG Mortgage Investment Trust, Inc. | | $ | 2,286,537 | |
| | 1,069,541 | | | AGNC Investment Corp. | | | 18,235,674 | |
| | 2,914,234 | | | Annaly Capital Management, Inc. | | | 26,169,821 | |
| | 456,652 | | | Apollo Commercial Real Estate Finance, Inc. | | | 8,356,732 | |
| | 520,161 | | | Arbor Realty Trust, Inc. | | | 7,105,399 | |
| | 241,511 | | | ARMOUR Residential REIT, Inc. | | | 4,040,479 | |
| | 272,153 | | | Blackstone Mortgage Trust, Inc. | | | 9,879,154 | |
| | 354,704 | | | Capstead Mortgage Corp. | | | 2,741,862 | |
| | 497,604 | | | Chimera Investment Corp. | | | 10,081,457 | |
| | 425,233 | | | Colony Credit Real Estate, Inc. | | | 6,093,589 | |
| | 226,830 | | | Granite Point Mortgage Trust, Inc. | | | 4,219,038 | |
| | 264,395 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 7,894,835 | |
| | 576,264 | | | Invesco Mortgage Capital, Inc. | | | 9,070,395 | |
| | 117,126 | | | KKR Real Estate Finance Trust, Inc. | | | 2,348,376 | |
Number
of Shares | | | | | Value | |
| Real Estate Investment Trusts: (continued) | | | | |
| | 498,225 | | | Ladder Capital Corp. | | $ | 8,604,346 | |
| | 1,193,848 | | | MFA Financial, Inc. | | | 9,061,306 | |
| | 811,246 | | | New Residential Investment Corp. | | | 12,850,137 | |
| | 1,141,865 | | | New York Mortgage Trust, Inc. | | | 7,148,075 | |
| | 372,786 | | | PennyMac Mortgage Investment Trust | | | 8,533,071 | |
| | 146,935 | | | Ready Capital Corp. | | | 2,325,981 | |
| | 315,995 | | | Redwood Trust, Inc. | | | 5,163,358 | |
| | 583,905 | | | Starwood Property Trust, Inc. | | | 14,364,063 | |
| | 108,590 | | | TPG RE Finance Trust, Inc. | | | 2,196,776 | |
| | 728,834 | | | Two Harbors Investment Corp. | | | 10,108,928 | |
| | 249,441 | | | Western Asset Mortgage Capital Corp. | | | 2,504,388 | |
Total Common Stocks:
(Cost: $198,383,155) | | | 201,383,777 | |
| Other assets less liabilities: 0.5% | | | 988,543 | |
| NET ASSETS: 100.0% | | $ | 202,372,320 | |
| Summary of Investments by Sector | | % of Investments | | Value | |
| Financials | | | 96.1 | % | | $ | 193,488,942 | |
| Real Estate | | | 3.9 | | | | 7,894,835 | |
| | | | 100.0 | % | | $ | 201,383,777 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Common Stocks* | | $ | 201,383,777 | | | | $ | — | | | | $ | — | | | $ | 201,383,777 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (unaudited)
Number
of Shares | | | | | Value | |
| PREFERRED SECURITIES: 99.8% | | | | |
| Basic Materials: 1.2% | | | | |
| | 186,061 | | | International Flavors & Fragrances, Inc.
6.00%, 09/15/21 | | $ | 8,702,073 | |
| Communications: 12.0% | | | | |
| | | | | AT&T, Inc. | | | | |
| | 596,523 | | | 5.35%, 11/01/66 | | | 16,094,191 | |
| | 372,122 | | | 5.63%, 08/01/67 | | | 10,240,797 | |
| | 338,293 | | | eBay, Inc. | | | | |
| | | | | 6.00%, 02/01/56 | | | 9,001,977 | |
| | | | | Qwest Corp. | | | | |
| | 349,568 | | | 6.13%, 06/01/53 | | | 8,634,330 | |
| | 440,907 | | | 6.50%, 09/01/56 | | | 11,238,719 | |
| | 184,933 | | | 6.63%, 09/15/55 | | | 4,789,765 | |
| | 297,697 | | | 6.75%, 06/15/57 | | | 7,838,362 | |
| | 225,529 | | | 6.88%, 10/01/54 | | | 5,872,775 | |
| | 135,317 | | | Telephone & Data Systems, Inc.
7.00%, 03/15/60 | | | 3,442,464 | |
| | | | | United States Cellular Corp. | | | | |
| | 154,262 | | | 6.95%, 05/15/60 | | | 3,930,596 | |
| | 124,041 | | | 7.25%, 12/01/63 | | | 3,243,672 | |
| | 135,317 | | | 7.25%, 12/01/64 | | | 3,690,095 | |
| | | | | | | | 88,017,743 | |
| Consumer, Cyclical: 1.2% | | | | |
| | 338,293 | | | Ford Motor Co.
6.20%, 06/01/59 | | | 8,998,594 | |
| Consumer, Non-cyclical: 10.1% | | | | |
| | 233,422 | | | Avantor, Inc.
6.25%, 05/15/22 | | | 12,140,278 | |
| | 558,184 | | | Becton Dickinson and Co.
6.13%, 05/01/20 | | | 34,428,789 | |
| | | | | CHS, Inc. | | | | |
| | 222,145 | | | 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 | | | 5,897,950 | |
| | 189,445 | | | 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | | | 5,185,110 | |
| | 233,422 | | | 7.50%, 01/21/25 | | | 6,461,121 | |
| | 234,150 | | | 7.88%, 09/26/23 | | | 6,464,881 | |
| | 138,385 | | | 8.00%, 07/18/23 | | | 3,878,932 | |
| | | | | | | | 74,457,061 | |
| Energy: 5.5% | | | | |
| | | | | Algonquin Power & Utilities Corp. | | | | |
| | 157,871 | | | 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 | | | 4,384,078 | |
| | 129,678 | | | 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | | | 3,624,500 | |
| | 339,957 | | | Blueknight Energy Partners LP
11.00%, Perpetual Maturity | | | 1,811,971 | |
| | 270,635 | | | Enbridge, Inc.
6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 | | | 7,431,637 | |
| | | | | Energy Transfer Operating LP | | | | |
| | 202,975 | | | 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 | | | 4,916,055 | |
| | 360,845 | | | 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 | | | 9,122,162 | |
| | 200,720 | | | 7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | | | 4,953,770 | |
| | | | | | | | | |
Number
of Shares | | | | | Value | |
| Energy: (continued) | | | | |
| | 173,658 | | | NuStar Energy LP
7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 | | $ | 3,926,407 | |
| | | | | | | | 40,170,580 | |
| Finance – Other Services: 0.4% | | | | |
| | 112,764 | | | National Rural Utilities Cooperative Finance Corp.
5.50%, 05/15/64 | | | 3,112,286 | |
| Government: 0.4% | | | | |
| | 123,323 | | | Tennessee Valley Authority
3.55% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | | | 3,185,433 | |
| Industrial: 1.2% | | | | |
| | 338,293 | | | Stanley Black & Decker, Inc.
5.75%, 07/25/52 | | | 8,751,640 | |
| Real Estate Investment Trusts: 24.5% | | | | |
| | | | | AGNC Investment Corp. | | | | |
| | 181,045 | | | 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | | | 4,658,288 | |
| | 146,594 | | | 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 | | | 3,801,182 | |
| | 116,710 | | | American Homes 4 Rent
6.50%, 05/24/21 | | | 3,126,661 | |
| | | | | Annaly Capital Management, Inc. | | | | |
| | 191,700 | | | 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 | | | 4,955,445 | |
| | 199,593 | | | 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | | | 5,183,430 | |
| | 324,761 | | | 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | | | 8,456,776 | |
| | 207,487 | | | 7.50%, 12/02/19 | | | 5,328,266 | |
| | 112,450 | | | Brookfield Property Partners LP
6.38%, 09/30/24 | | | 3,084,504 | |
| | 112,764 | | | Brookfield Property REIT, Inc.
6.38%, 12/02/19 | | | 2,843,908 | |
| | 116,474 | | | Capstead Mortgage Corp.
7.50%, 12/02/19 | | | 2,947,957 | |
| | 204,668 | | | CBL & Associates Properties, Inc.
7.38%, 12/02/19 | | | 1,864,525 | |
| | | | | Chimera Investment Corp. | | | | |
| | 117,274 | | | 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | | | 2,952,959 | |
| | 146,594 | | | 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | | | 3,870,082 | |
| | | | | Colony Capital, Inc. | | | | |
| | 129,678 | | | 7.13%, 04/13/20 | | | 3,098,007 | |
| | 142,084 | | | 7.13%, 09/22/22 | | | 3,378,758 | |
| | 155,616 | | | 7.15%, 06/05/22 | | | 3,703,661 | |
| | 112,764 | | | 8.75%, 12/02/19 | | | 2,876,610 | |
| | | | | Digital Realty Trust, Inc. | | | | |
| | 155,182 | | | 5.20%, 10/10/24 | | | 4,034,732 | |
| | 112,764 | | | 5.88%, 12/02/19 | | | 2,860,823 | |
| | 112,764 | | | 6.35%, 08/24/20 | | | 2,914,949 | |
| | 139,829 | | | Government Properties Income Trust
5.88%, 05/01/46 | | | 3,646,740 | |
See Notes to Financial Statements
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number
of Shares | | | | | Value | |
| Real Estate Investment Trusts: (continued) | | | | |
| | 129,678 | | | Invesco Mortgage Capital, Inc.
7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 | | $ | 3,459,809 | |
| | 119,305 | | | Kimco Realty Corp.
5.25%, 12/20/22 | | | 3,094,772 | |
| | 126,778 | | | Monmouth Real Estate Investment Corp.
6.13%, 09/15/21 | | | 3,169,450 | |
| | 155,616 | | | National Retail Properties, Inc.
5.20%, 10/11/21 | | | 4,030,454 | |
| | 127,423 | | | New Residential Investment Corp.
7.13% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | | | 3,250,561 | |
| | 181,551 | | | NuStar Logistics LP
8.73% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 | | | 4,729,404 | |
| | | | | Public Storage | | | | |
| | 142,646 | | | 4.88%, 09/12/24 | | | 3,734,472 | |
| | 157,871 | | | 4.90%, 10/14/21 | | | 4,009,923 | |
| | 146,594 | | | 4.95%, 07/20/21 | | | 3,745,477 | |
| | 135,317 | | | 5.05%, 08/09/22 | | | 3,499,298 | |
| | 126,296 | | | 5.15%, 06/02/22 | | | 3,314,007 | |
| | 225,529 | | | 5.20%, 12/02/19 | | | 5,723,926 | |
| | 223,274 | | | 5.38%, 12/02/19 | | | 5,686,789 | |
| | 135,317 | | | 5.40%, 01/20/21 | | | 3,504,710 | |
| | 128,551 | | | 5.60%, 03/11/24 | | | 3,557,006 | |
| | 145,234 | | | RLJ Lodging Trust
1.95%, Perpetual Maturity | | | 3,960,531 | |
| | | | | Senior Housing Properties Trust | | | | |
| | 157,871 | | | 5.63%, 08/01/42 | | | 3,852,052 | |
| | 112,764 | | | 6.25%, 02/01/46 | | | 2,867,589 | |
| | | | | Two Harbors Investment Corp. | | | | |
| | 133,061 | | | 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | | | 3,410,353 | |
| | 129,678 | | | 7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | | | 3,398,860 | |
| | 438,380 | | | VEREIT, Inc.
6.70%, 12/02/19 | | | 11,134,852 | |
| | | | | Vornado Realty Trust | | | | |
| | 144,114 | | | 5.25%, 12/13/22 | | | 3,755,611 | |
| | 135,317 | | | 5.40%, 12/02/19 | | | 3,423,520 | |
| | 135,317 | | | 5.70%, 12/02/19 | | | 3,427,580 | |
| | 124,041 | | | Wells Fargo Real Estate Investment Corp.
6.38%, 12/11/19 | | | 3,170,488 | |
| | | | | | | | 180,499,757 | |
| Reinsurance: 4.8% | | | | |
| | | | | Aspen Insurance Holdings Ltd. | | | | |
| | 112,764 | | | 5.63%, 10/01/24 | | | 2,956,672 | |
| | 112,764 | | | 5.63%, 01/01/27 | | | 2,936,375 | |
| | 124,041 | | | 5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 | | | 3,344,145 | |
| | 248,081 | | | Axis Capital Holdings Ltd.
5.50%, 11/07/21 | | | 6,407,932 | |
| | 132,540 | | | PartnerRe Ltd.
7.25%, 04/29/21 | | | 3,571,953 | |
Number
of Shares | | | | | Value | |
| Reinsurance: (continued) | | | | |
| | | | | Reinsurance Group of America, Inc. | | | | |
| | 180,423 | | | 5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/56 | | $ | 5,091,537 | |
| | 180,423 | | | 6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/42 | | | 4,918,331 | |
| | | | | RenaissanceRe Holdings Ltd. | | | | |
| | 124,041 | | | 5.38%, 12/02/19 | | | 3,135,756 | |
| | 112,764 | | | 5.75%, 06/30/23 | | | 3,045,756 | |
| | | | | | | | 35,408,457 | |
| Technology: 0.5% | | | | |
| | 191,700 | | | Pitney Bowes, Inc.
6.70%, 03/07/43 | | | 3,979,692 | |
| Utilities: 38.0% | | | | |
| | 112,764 | | | Alabama Power Co.
5.00%, 10/01/22 | | | 2,958,927 | |
| | 181,551 | | | American Electric Power Co., Inc.
6.13%, 03/15/22 | | | 9,983,489 | |
| | 155,333 | | | Aqua America, Inc.
6.00%, 04/30/22 | | | 9,358,813 | |
| | 220,455 | | | CenterPoint Energy, Inc.
7.00%, 09/01/21 | | | 11,243,205 | |
| | | | | CMS Energy Corp. | | | | |
| | 126,296 | | | 5.88%, 10/15/78 | | | 3,468,088 | |
| | 284,165 | | | 5.88%, 03/01/79 | | | 7,945,253 | |
| | | | | Dominion Energy, Inc. | | | | |
| | 360,845 | | | 5.25%, 07/30/76 | | | 9,374,753 | |
| | 181,551 | | | 7.25%, 06/01/22 | | | 19,464,083 | |
| | | | | DTE Energy Co. | | | | |
| | 180,423 | | | 5.25%, 12/01/77 | | | 4,851,574 | |
| | 135,317 | | | 5.38%, 06/01/76 | | | 3,526,361 | |
| | 126,296 | | | 6.00%, 12/15/76 | | | 3,435,251 | |
| | | | | Duke Energy Corp. | | | | |
| | 225,529 | | | 5.13%, 01/15/73 | | | 5,717,160 | |
| | 225,529 | | | 5.63%, 09/15/78 | | | 6,134,389 | |
| | 451,058 | | | 5.75%, 06/15/24 | | | 12,584,518 | |
| | 184,933 | | | Entergy Arkansas, Inc.
4.88%, 09/01/66 | | | 4,902,574 | |
| | 121,784 | | | Entergy Louisiana LLC
4.88%, 09/01/66 | | | 3,224,840 | |
| | 117,274 | | | Entergy Mississippi, Inc.
4.90%, 10/01/66 | | | 3,187,507 | |
| | 121,784 | | | Georgia Power Co.
5.00%, 10/01/77 | | | 3,267,465 | |
| | | | | NextEra Energy Capital Holdings, Inc. | | | | |
| | 202,975 | | | 5.00%, 01/15/73 | | | 5,090,613 | |
| | 225,529 | | | 5.13%, 11/15/72 | | | 5,674,310 | |
| | 257,103 | | | 5.25%, 06/01/76 | | | 6,988,060 | |
| | 310,101 | | | 5.65%, 03/01/79 | | | 8,611,505 | |
| | 338,293 | | | NextEra Energy, Inc.
4.87%, 09/01/22 | | | 17,205,582 | |
| | 225,529 | | | NiSource, Inc.
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | | | 6,249,409 | |
| | 202,975 | | | PPL Capital Funding, Inc.
5.90%, 04/30/73 | | | 5,161,654 | |
| | 180,423 | | | SCE Trust II
5.10%, 12/02/19 | | | 4,102,819 | |
See Notes to Financial Statements
Number
of Shares | | | | | Value | |
| Utilities: (continued) | | | | |
| | 124,041 | | | SCE Trust III
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 | | $ | 2,960,859 | |
| | 146,594 | | | SCE Trust IV
5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 | | | 3,412,708 | |
| | 135,317 | | | SCE Trust V
5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 | | | 3,236,783 | |
| | 214,252 | | | SCE Trust VI
5.00%, 06/26/22 | | | 4,790,675 | |
| | | | | Sempra Energy | | | | |
| | 341,675 | | | 5.75%, 07/01/79 | | | 9,054,387 | |
| | 194,519 | | | 6.00%, 01/15/21 | | | 22,570,040 | |
Number
of Shares | | | | | Value | |
| Utilities: (continued) | | | | |
| | | | | Southern Co. | | | | |
| | 360,845 | | | 5.25%, 10/01/76 | | $ | 9,493,832 | |
| | 202,975 | | | 5.25%, 12/01/77 | | | 5,395,075 | |
| | 451,058 | | | 6.25%, 10/15/75 | | | 11,903,421 | |
| | 389,036 | | | 6.75%, 08/01/22 | | | 20,681,154 | |
| | 112,764 | | | Spire, Inc.
5.90%, 08/15/24 | | | 3,051,394 | |
| | | | | | | | 280,262,530 | |
Total Preferred Securities: 99.8%
(Cost: $719,294,978) | | | 735,545,846 | |
| Other assets less liabilities: 0.2% | | | 1,269,949 | |
| NET ASSETS: 100.0% | | $ | 736,815,795 | |
| Summary of Investments by Sector | | % of Investments | | Value | |
| Basic Materials | | | 1.2 | % | | $ | 8,702,073 | |
| Communications | | | 12.0 | | | | 88,017,743 | |
| Consumer, Cyclical | | | 1.2 | | | | 8,998,594 | |
| Consumer, Non-cyclical | | | 10.1 | | | | 74,457,061 | |
| Energy | | | 5.5 | | | | 40,170,580 | |
| Financial | | | 0.4 | | | | 3,112,286 | |
| Government | | | 0.4 | | | | 3,185,433 | |
| Industrial | | | 1.2 | | | | 8,751,640 | |
| Real Estate | | | 24.6 | | | | 180,499,757 | |
| Reinsurance | | | 4.8 | | | | 35,408,457 | |
| Technology | | | 0.5 | | | | 3,979,692 | |
| Utilities | | | 38.1 | | | | 280,262,530 | |
| | | | 100.0 | % | | $ | 735,545,846 | |
The summary of inputs used to value the Fund’s investments as of October 31, 2019 is as follows:
| | | Level 1
Quoted
Prices | | | Level 2
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs | | Value | |
| Preferred Securities* | | $ | 735,545,846 | | | | $ | — | | | | $ | — | | | $ | 735,545,846 | |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2019 (unaudited)
| | | 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) | | | $ | 222,670,564 | | | | $ | 4,307,481 | | | | $ | 14,915,789 | | | | $ | 307,609,765 | |
| Short-term investments held as collateral for securities loaned (3) | | | | — | | | | | — | | | | | — | | | | | — | |
| Cash | | | | 143,267 | | | | | 16,974 | | | | | 49,704 | | | | | 1,998,570 | |
| Cash denominated in foreign currency, at value (4) | | | | — | | | | | 31,935 | (a) | | | | 32,779 | | | | | — | |
| Receivables: | | | | | | | | | | | | | | | | | | | | |
| Investment securities sold | | | | — | | | | | — | | | | | 6,862 | | | | | 2,666,098 | |
| Shares sold | | | | — | | | | | — | | | | | — | | | | | 4,676,194 | |
| Due from Adviser | | | | — | | | | | 10,665 | | | | | 9,887 | | | | | — | |
| Dividends and interest | | | | 281,894 | | | | | 82,625 | | | | | 219,057 | | | | | 4,584,196 | |
| Prepaid expenses | | | | 3,002 | | | | | 994 | | | | | 1,001 | | | | | 3,014 | |
| Total assets | | | | 223,098,727 | | | | | 4,450,674 | | | | | 15,235,079 | | | | | 321,537,837 | |
| | | | | | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | | | | | |
| Investment securities purchased | | | | 836,531 | | | | | — | | | | | 6,872 | | | | | 8,054,997 | |
| Collateral for securities loaned | | | | — | | | | | — | | | | | — | | | | | — | |
| Due to Adviser | | | | 58,048 | | | | | — | | | | | — | | | | | 84,717 | |
| Deferred Trustee fees | | | | 4,695 | | | | | 195 | | | | | 1,563 | | | | | 27,287 | |
| Accrued expenses | | | | 50,642 | | | | | 52,908 | | | | | 60,021 | | | | | 65,825 | |
| Total liabilities | | | | 949,916 | | | | | 53,103 | | | | | 68,456 | | | | | 8,232,826 | |
| NET ASSETS | | | $ | 222,148,811 | | | | $ | 4,397,571 | | | | $ | 15,166,623 | | | | $ | 313,305,011 | |
| Shares outstanding | | | | 13,600,000 | | | | | 200,000 | | | | | 700,000 | | | | | 13,400,000 | |
| Net asset value, redemption and offering price per share | | | $ | 16.33 | | | | $ | 21.99 | | | | $ | 21.67 | | | | $ | 23.38 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets consist of: | | | | | | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | | $ | 253,475,258 | | | | $ | 4,780,612 | | | | $ | 16,687,872 | | | | $ | 362,400,793 | |
| Total distributable earnings (loss) | | | | (31,326,447 | ) | | | | (383,041 | ) | | | | (1,521,249 | ) | | | | (49,095,782 | ) |
| NET ASSETS | | | $ | 222,148,811 | | | | $ | 4,397,571 | | | | $ | 15,166,623 | | | | $ | 313,305,011 | |
| (1) | Value of securities on loan | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | |
| (2) | Cost of investments | | | $ | 231,045,778 | | | | $ | 4,638,705 | | | | $ | 14,536,277 | | | | $ | 314,796,621 | |
| (3) | Cost of short-term investments held as collateral for securities loaned | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | |
| (4) | Cost of cash denominated in foreign currency | | | $ | — | | | | $ | 31,144 | | | | $ | 33,131 | | | | $ | — | |
| (a) | Includes $620 of foreign investor minimum settlement reserve funds (See Note 2I) |
See Notes to Financial Statements
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 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,212,582,662 | | | | $ | 26,362,420 | | | | $ | 102,209,390 | | | | $ | 478,732,698 | | | | $ | 4,820,253,192 | | | | $ | 201,383,777 | | | | $ | 735,545,846 | |
| | | 1,083,026 | | | | | — | | | | | 47,952 | | | | | — | | | | | 12,319,156 | | | | | — | | | | | — | |
| | | 2,106,121 | | | | | 160,705 | | | | | 481,749 | | | | | 397,807 | | | | | 18,581,877 | | | | | 875,072 | | | | | 680,522 | |
| | | — | | | | | — | | | | | 524,645 | | | | | — | | | | | 7,314,875 | | | | | — | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 31,380,869 | | | | | 506,112 | | | | | 635,280 | | | | | — | | | | | 143,617,778 | | | | | — | | | | | 10,256,877 | |
| | | — | | | | | — | | | | | — | | | | | 8,390 | | | | | — | | | | | — | | | | | 1,266 | |
| | | — | | | | | 6,107 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | |
| | | 18,177,610 | | | | | 211,182 | | | | | 1,535,181 | | | | | 1,777,713 | | | | | 88,309,805 | | | | | 234,651 | | | | | 1,953,350 | |
| | | 5,003 | | | | | 1,009 | | | | | 2,012 | | | | | 4,994 | | | | | 19,883 | | | | | 3,002 | | | | | 4,994 | |
| | | 1,265,335,291 | | | | | 27,247,535 | | | | | 105,436,209 | | | | | 480,921,602 | | | | | 5,090,416,566 | | | | | 202,496,502 | | | | | 748,442,855 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 28,124,972 | | | | | 506,189 | | | | | 1,014,587 | | | | | — | | | | | 127,179,752 | | | | | — | | | | | 11,323,085 | |
| | | 1,083,026 | | | | | — | | | | | 47,952 | | | | | — | | | | | 12,319,156 | | | | | — | | | | | — | |
| | | 310,737 | | | | | — | | | | | 15,337 | | | | | 33,940 | | | | | 674,273 | | | | | 51,318 | | | | | 215,632 | |
| | | 13,268 | | | | | 280 | | | | | 25,608 | | | | | 12,582 | | | | | 165,512 | | | | | 11,003 | | | | | 20,677 | |
| | | 67,316 | | | | | 70,274 | | | | | 71,219 | | | | | 69,830 | | | | | 1,036,828 | | | | | 61,861 | | | | | 67,666 | |
| | | 29,599,319 | | | | | 576,743 | | | | | 1,174,703 | | | | | 116,352 | | | | | 141,375,521 | | | | | 124,182 | | | | | 11,627,060 | |
| | $ | 1,235,735,972 | | | | $ | 26,670,792 | | | | $ | 104,261,506 | | | | $ | 480,805,250 | | | | $ | 4,949,041,045 | | | | $ | 202,372,320 | | | | $ | 736,815,795 | |
| | | 42,200,000 | | | | | 1,000,000 | | | | | 4,200,000 | | | | | 19,000,000 | | | | | 146,222,682 | | | | | 8,600,000 | | | | | 36,550,000 | |
| | $ | 29.28 | | | | $ | 26.67 | | | | $ | 24.82 | | | | $ | 25.31 | | | | $ | 33.85 | | | | $ | 23.53 | | | | $ | 20.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,242,270,336 | | | | $ | 26,049,951 | | | | $ | 114,677,965 | | | | $ | 479,348,558 | | | | $ | 5,474,973,417 | | | | $ | 233,386,052 | | | | $ | 755,225,742 | |
| | | (6,534,364 | ) | | | | 620,841 | | | | | (10,416,459 | ) | | | | 1,456,692 | | | | | (525,932,372 | ) | | | | (31,013,732 | ) | | | | (18,409,947 | ) |
| | $ | 1,235,735,972 | | | | $ | 26,670,792 | | | | $ | 104,261,506 | | | | $ | 480,805,250 | | | | $ | 4,949,041,045 | | | | $ | 202,372,320 | | | | $ | 736,815,795 | |
| | $ | 1,040,770 | | | | $ | — | | | | $ | 51,820 | | | | $ | — | | | | $ | 6,972,871 | | | | $ | — | | | | $ | — | |
| | $ | 1,212,328,539 | | | | $ | 26,170,621 | | | | $ | 104,481,887 | | | | $ | 477,750,520 | | | | $ | 4,906,310,952 | | | | $ | 198,383,155 | | | | $ | 719,294,978 | |
| | $ | 1,083,026 | | | | $ | — | | | | $ | 47,952 | | | | $ | — | | | | $ | 12,319,156 | | | | $ | — | | | | $ | — | |
| | $ | — | | | | $ | — | | | | $ | 521,390 | | | | $ | — | | | | $ | 9,347,697 | | | | $ | — | | | | $ | — | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2019 (unaudited)
| | | BDC Income
ETF | | ChinaAMC
China Bond
ETF | | Emerging
Markets
Aggregate
Bond ETF | | Emerging
Markets
High Yield
Bond ETF |
| | | | | | | | | | | | | | | | | | | | | |
| Income: | | | | | | | | | | | | | | | | | | | | |
| Dividends | | | $ | 10,203,956 | | | | $ | 83 | | | | $ | 395 | | | | $ | 16,887 | |
| Interest | | | | — | | | | | 97,169 | | | | | 390,030 | | | | | 9,825,342 | |
| Securities lending income | | | | 293,172 | | | | | — | | | | | 213 | | | | | 45,145 | |
| Foreign taxes withheld | | | | — | | | | | — | | | | | (2,361 | ) | | | | — | |
| Total Income | | | | 10,497,128 | | | | | 97,252 | | | | | 388,277 | | | | | 9,887,374 | |
| | | | | | | | | | | | | | | | | | | | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | |
| Management fees | | | | 429,840 | | | | | 8,941 | | | | | 26,261 | | | | | 591,615 | |
| Professional fees | | | | 35,677 | | | | | 40,563 | | | | | 39,224 | | | | | 39,026 | |
| Insurance | | | | 1,779 | | | | | 505 | | | | | 521 | | | | | 2,056 | |
| Trustees’ fees and expenses | | | | 3,035 | | | | | 80 | | | | | 434 | | | | | 6,495 | |
| Reports to shareholders | | | | 16,720 | | | | | 6,961 | | | | | 7,544 | | | | | 15,351 | |
| Indicative optimized portfolio value fee | | | | 2,512 | | | | | 6,201 | | | | | 6,200 | | | | | 6,200 | |
| Custodian fees | | | | 4,032 | | | | | 1,830 | | | | | 15,820 | | | | | 15,431 | |
| Registration fees | | | | 3,594 | | | | | 2,512 | | | | | 2,415 | | | | | 2,515 | |
| Transfer agent fees | | | | 1,159 | | | | | 1,159 | | | | | 1,159 | | | | | 1,159 | |
| Fund accounting fees | | | | 6,119 | | | | | 664 | | | | | 750 | | | | | 8,018 | |
| Interest | | | | 8,715 | | | | | — | | | | | 349 | | | | | — | |
| Other | | | | 3,961 | | | | | 1,333 | | | | | 928 | | | | | 3,070 | |
| Total expenses | | | | 517,143 | | | | | 70,749 | | | | | 101,605 | | | | | 690,936 | |
| Waiver of management fees | | | | (78,587 | ) | | | | (8,941 | ) | | | | (26,261 | ) | | | | (99,320 | ) |
| Expenses assumed by the Adviser | | | | — | | | | | (50,632 | ) | | | | (48,733 | ) | | | | — | |
| Net expenses | | | | 438,556 | | | | | 11,176 | | | | | 26,611 | | | | | 591,616 | |
| Net investment income | | | | 10,058,572 | | | | | 86,076 | | | | | 361,666 | | | | | 9,295,758 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | (3,076,176 | ) | | | | (10,473 | ) | | | | (80,718 | ) | | | | (1,171,315 | ) |
| Capital gain distributions from REITs | | | | — | | | | | — | | | | | — | | | | | — | |
| In-kind redemptions | | | | 1,660,237 | | | | | — | | | | | — | | | | | — | |
| Foreign currency transactions and foreign denominated assets and liabilities | | | | — | | | | | (2,374 | ) | | | | (1,382 | ) | | | | — | |
| Net realized gain (loss) | | | | (1,415,939 | ) | | | | (12,847 | ) | | | | (82,100 | ) | | | | (1,171,315 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments. | | | | (1,527,643 | ) | | | | (174,569 | ) | | | | 627,540 | (a) | | | | 1,380,479 | |
| Foreign currency transactions and foreign denominated assets and liabilities | | | | — | | | | | (1,889 | ) | | | | 1,923 | | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | | (1,527,643 | ) | | | | (176,458 | ) | | | | 629,463 | | | | | 1,380,479 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | $ | 7,114,990 | | | | $ | (103,229 | ) | | | $ | 909,029 | | | | $ | 9,504,922 | |
| (a) | Net of foreign taxes of $2,633 |
| (b) | Net of foreign taxes of $2,487,264 |
See Notes to Financial Statements
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 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 62,596 | | | | $ | 1,949 | | | | $ | 3,415 | | | | $ | 7,552 | | | | $ | 67,462 | | | | $ | 6,954,071 | | | | $ | 19,755,182 | |
| | | 32,055,277 | | | | | 260,913 | | | | | 3,311,893 | | | | | 8,170,512 | | | | | 175,641,450 | | | | | — | | | | | — | |
| | | 327,247 | | | | | 117 | | | | | 28,875 | | | | | 3,352 | | | | | 309,341 | | | | | 19,282 | | | | | 80,500 | |
| | | — | | | | | — | | | | | — | | | | | — | | | | | (2,084,464 | ) | | | | — | | | | | — | |
| | | 32,445,120 | | | | | 262,979 | | | | | 3,344,183 | | | | | 8,181,416 | | | | | 173,933,789 | | | | | 6,973,353 | | | | | 19,835,682 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2,226,967 | | | | | 46,722 | | | | | 222,483 | | | | | 901,951 | | | | | 6,904,072 | | | | | 374,931 | | | | | 1,308,452 | |
| | | 36,953 | | | | | 27,291 | | | | | 38,589 | | | | | 31,675 | | | | | 45,147 | | | | | 38,345 | | | | | 42,217 | |
| | | 4,344 | | | | | 531 | | | | | 1,254 | | | | | 3,119 | | | | | 18,063 | | | | | 1,706 | | | | | 3,267 | |
| | | 13,813 | | | | | 372 | | | | | 4,280 | | | | | 8,892 | | | | | 83,696 | | | | | 3,330 | | | | | 9,429 | |
| | | 59,870 | | | | | 3,235 | | | | | 10,399 | | | | | 22,641 | | | | | 392,756 | | | | | 15,930 | | | | | 29,007 | |
| | | 6,200 | | | | | 6,032 | | | | | 6,200 | | | | | 6,201 | | | | | 6,200 | | | | | 2,651 | | | | | 2,508 | |
| | | 38,022 | | | | | 14,035 | | | | | 35,029 | | | | | 25,168 | | | | | 2,249,369 | | | | | 2,380 | | | | | 9,070 | |
| | | 3,856 | | | | | 942 | | | | | 2,519 | | | | | 7,210 | | | | | 19,925 | | | | | 4,534 | | | | | 7,399 | |
| | | 1,160 | | | | | 1,159 | | | | | 1,158 | | | | | 1,159 | | | | | 1,159 | | | | | 1,159 | | | | | 1,159 | |
| | | 26,929 | | | | | 1,244 | | | | | 3,850 | | | | | 15,712 | | | | | 144,508 | | | | | 5,957 | | | | | 15,395 | |
| | | — | | | | | 319 | | | | | 163 | | | | | 41 | | | | | 2,175 | | | | | 18,065 | | | | | 23,777 | |
| | | 18,779 | | | | | 1,911 | | | | | 3,339 | | | | | 8,297 | | | | | 98,638 | | | | | 2,998 | | | | | 10,393 | |
| | | 2,436,893 | | | | | 103,793 | | | | | 329,263 | | | | | 1,032,066 | | | | | 9,965,708 | | | | | 471,986 | | | | | 1,462,073 | |
| | | (488,296 | ) | | | | (46,722 | ) | | | | (106,618 | ) | | | | (671,245 | ) | | | | (2,292,341 | ) | | | | (78,989 | ) | | | | (129,845 | ) |
| | | — | | | | | (21,160 | ) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | |
| | | 1,948,597 | | | | | 35,911 | | | | | 222,645 | | | | | 360,821 | | | | | 7,673,367 | | | | | 392,997 | | | | | 1,332,228 | |
| | | 30,496,523 | | | | | 227,068 | | | | | 3,121,538 | | | | | 7,820,595 | | | | | 166,260,422 | | | | | 6,580,356 | | | | | 18,503,454 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (12,976,296 | ) | | | | 107,062 | | | | | (379,643 | ) | | | | (309,929 | ) | | | | (238,329,801 | ) | | | | (2,332,040 | ) | | | | 2,547,022 | |
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 408,434 | | | | | — | |
| | | 3,938,824 | | | | | 486,303 | | | | | (203,272 | ) | | | | 130,676 | | | | | 18,233,919 | | | | | 721,562 | | | | | 429,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | (46,604 | ) | | | | (21,182 | ) | | | | — | | | | | (13,421,095 | ) | | | | — | | | | | — | |
| | | (9,037,472 | ) | | | | 546,761 | | | | | (604,097 | ) | | | | (179,253 | ) | | | | (233,516,977 | ) | | | | (1,202,044 | ) | | | | 2,976,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 19,282,936 | | | | | 208,354 | | | | | 1,116,174 | | | | | 1,570,163 | | | | | 301,298,028 | (b) | | | | 642,883 | | | | | 19,096,578 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | 95 | | | | | 4,388 | | | | | — | | | | | (126,327 | ) | | | | — | | | | | — | |
| | | 19,282,936 | | | | | 208,449 | | | | | 1,120,562 | | | | | 1,570,163 | | | | | 301,171,701 | | | | | 642,883 | | | | | 19,096,578 | |
| | $ | 40,741,987 | | | | $ | 982,278 | | | | $ | 3,638,003 | | | | $ | 9,211,505 | | | | $ | 233,915,146 | | | | $ | 6,021,195 | | | | $ | 40,576,301 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | BDC Income ETF | | ChinaAMC China Bond ETF |
| | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 |
| | | (unaudited) | | | | | (unaudited) | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | $ | 10,058,572 | | | | $ | 19,246,145 | | | | $ | 86,076 | | | | $ | 150,533 | |
| Net realized loss | | | | (1,415,939 | ) | | | | (5,257,411 | ) | | | | (12,847 | ) | | | | (54,170 | ) |
| Net change in unrealized appreciation (depreciation) | | | | (1,527,643 | ) | | | | 9,446,120 | | | | | (176,458 | ) | | | | (195,992 | ) |
| Net increase (decrease) in net assets resulting from operations | | | | 7,114,990 | | | | | 23,434,854 | | | | | (103,229 | ) | | | | (99,629 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends and Distributions | | | | (9,900,780 | ) | | | | (18,917,640 | ) | | | | (76,200 | ) | | | | (75,947 | ) |
| Return of capital | | | | — | | | | | — | | | | | — | | | | | (75,613 | ) |
| Total Dividends and Distributions | | | | (9,900,780 | ) | | | | (18,917,640 | ) | | | | (76,200 | ) | | | | (151,560 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Share transactions:** | | | | | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | 36,401,794 | | | | | 59,854,177 | | | | | — | | | | | — | |
| Cost of shares redeemed | | | | (18,282,181 | ) | | | | (35,482,112 | ) | | | | — | | | | | — | |
| Increase (Decrease) in net assets resulting from share transactions | | | | 18,119,613 | | | | | 24,372,065 | | | | | — | | | | | — | |
| Total increase (decrease) in net assets | | | | 15,333,823 | | | | | 28,889,279 | | | | | (179,429 | ) | | | | (251,189 | ) |
| Net Assets, beginning of period | | | | 206,814,988 | | | | | 177,925,709 | | | | | 4,577,000 | | | | | 4,828,189 | |
| Net Assets, end of period | | | $ | 222,148,811 | | | | $ | 206,814,988 | | | | $ | 4,397,571 | | | | $ | 4,577,000 | |
| | | | | | | | | | | | | | | | | | | | | |
| ** Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | 2,200,000 | | | | | 3,650,000 | | | | | — | | | | | — | |
| Shares redeemed | | | | (1,100,000 | ) | | | | (2,200,000 | ) | | | | — | | | | | — | |
| Net increase (decrease) | | | | 1,100,000 | | | | | 1,450,000 | | | | | — | | | | | — | |
See Notes to Financial Statements
Emerging Markets
Aggregate Bond ETF | | Emerging Markets
High Yield Bond ETF | | Fallen Angel
High Yield Bond ETF |
For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 |
| (unaudited) | | | | | (unaudited) | | | | | (unaudited) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 361,666 | | | | $ | 857,111 | | | | $ | 9,295,758 | | | | $ | 16,670,176 | | | | $ | 30,496,523 | | | | $ | 58,811,261 | |
| | | (82,100 | ) | | | | (396,797 | ) | | | | (1,171,315 | ) | | | | (7,194,136 | ) | | | | (9,037,472 | ) | | | | (4,231,620 | ) |
| | | 629,463 | | | | | 408,143 | | | | | 1,380,479 | | | | | (1,919,555 | ) | | | | 19,282,936 | | | | | (12,960,329 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 909,029 | | | | | 868,457 | | | | | 9,504,922 | | | | | 7,556,485 | | | | | 40,741,987 | | | | | 41,619,312 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (300,160 | ) | | | | (396,164 | ) | | | | (9,166,600 | ) | | | | (17,159,220 | ) | | | | (29,496,875 | ) | | | | (57,221,575 | ) |
| | | — | | | | | (424,256 | ) | | | | — | | | | | — | | | | | — | | | | | — | |
| | | (300,160 | ) | | | | (820,420 | ) | | | | (9,166,600 | ) | | | | (17,159,220 | ) | | | | (29,496,875 | ) | | | | (57,221,575 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | 16,223,578 | | | | | 51,510,864 | | | | | 4,642,504 | | | | | 326,514,366 | | | | | 211,481,227 | |
| | | — | | | | | (16,706,509 | ) | | | | — | | | | | (105,262,054 | ) | | | | (77,939,872 | ) | | | | (443,069,325 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | (482,931 | ) | | | | 51,510,864 | | | | | (100,619,550 | ) | | | | 248,574,494 | | | | | (231,588,098 | ) |
| | | 608,869 | | | | | (434,894 | ) | | | | 51,849,186 | | | | | (110,222,285 | ) | | | | 259,819,606 | | | | | (247,190,361 | ) |
| | | 14,557,754 | | | | | 14,992,648 | | | | | 261,455,825 | | | | | 371,678,110 | | | | | 975,916,366 | | | | | 1,223,106,727 | |
| | $ | 15,166,623 | | | | $ | 14,557,754 | | | | $ | 313,305,011 | | | | $ | 261,455,825 | | | | $ | 1,235,735,972 | | | | $ | 975,916,366 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | 800,000 | | | | | 2,200,000 | | | | | 200,000 | | | | | 11,250,000 | | | | | 7,450,000 | |
| | | — | | | | | (800,000 | ) | | | | — | | | | | (4,600,000 | ) | | | | (2,700,000 | ) | | | | (15,700,000 | ) |
| | | — | | | | | — | | | | | 2,200,000 | | | | | (4,400,000 | ) | | | | 8,550,000 | | | | | (8,250,000 | ) |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| | | Green Bond ETF | | International
High Yield Bond ETF |
| | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 |
| | | | (unaudited) | | | | | | | | (unaudited) | | | | | |
| Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | $ | 227,068 | | | | $ | 297,923 | | | | $ | 3,121,538 | | | | $ | 6,483,850 | |
| Net realized gain (loss) | | | | 546,761 | | | | | (234,572 | ) | | | | (604,097 | ) | | | | (2,805,333 | ) |
| Net change in unrealized appreciation (depreciation) | | | | 208,449 | | | | | (238,117 | ) | | | | 1,120,562 | | | | | (2,601,796 | ) |
| Net increase (decrease) in net assets resulting from operations | | | | 982,278 | | | | | (174,766 | ) | | | | 3,638,003 | | | | | 1,076,721 | |
| | | | | | | �� | | | | | | | | | | | | | | |
| Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| Dividends and Distributions | | | | (196,400 | ) | | | | (250,504 | ) | | | | (2,393,440 | ) | | | | (6,138,316 | ) |
| Return of capital | | | | — | | | | | (43,266 | ) | | | | — | | | | | (272,224 | ) |
| Total Dividends and Distributions | | | | (196,400 | ) | | | | (293,770 | ) | | | | (2,393,440 | ) | | | | (6,410,540 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Share transactions:** | | | | | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | 2,698,235 | | | | | 9,085,096 | | | | | — | | | | | 14,757,781 | |
| Cost of shares redeemed | | | | (2,683,557 | ) | | | | — | | | | | (9,861,517 | ) | | | | (67,903,985 | ) |
| Increase (Decrease) in net assets resulting from share transactions | | | | 14,678 | | | | | 9,085,096 | | | | | (9,861,517 | ) | | | | (53,146,204 | ) |
| Total increase (decrease) in net assets | | | | 800,556 | | | | | 8,616,560 | | | | | (8,616,954 | ) | | | | (58,480,023 | ) |
| Net Assets, beginning of period | | | | 25,870,236 | | | | | 17,253,676 | | | | | 112,878,460 | | | | | 171,358,483 | |
| Net Assets, end of period | | | $ | 26,670,792 | | | | $ | 25,870,236 | | | | $ | 104,261,506 | | | | $ | 112,878,460 | |
| | | | | | | | | | | | | | | | | | | | | |
| ** Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | 100,000 | | | | | 350,000 | | | | | — | | | | | 600,000 | |
| Shares redeemed | | | | (100,000 | ) | | | | — | | | | | (400,000 | ) | | | | (2,800,000 | ) |
| Net increase (decrease) | | | | — | | | | | 350,000 | | | | | (400,000 | ) | | | | (2,200,000 | ) |
| (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). |
See Notes to Financial Statements
Investment Grade
Floating Rate ETF | | J.P. Morgan EM
Local Currency Bond ETF (a) | | Mortgage REIT Income ETF |
For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 |
| (unaudited) | | | | | (unaudited) | | | | | (unaudited) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 7,820,595 | | | | $ | 16,691,838 | | | | $ | 166,260,422 | | | | $ | 300,418,671 | | | | $ | 6,580,356 | | | | $ | 10,683,000 | |
| | | (179,253 | ) | | | | (1,582,030 | ) | | | | (233,516,977 | ) | | | | (295,066,252 | ) | | | | (1,202,044 | ) | | | | (5,658,405 | ) |
| | | 1,570,163 | | | | | (2,144,191 | ) | | | | 301,171,701 | | | | | (340,630,530 | ) | | | | 642,883 | | | | | 11,882,468 | |
| | | 9,211,505 | | | | | 12,965,617 | | | | | 233,915,146 | | | | | (335,278,111 | ) | | | | 6,021,195 | | | | | 16,907,063 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (8,130,200 | ) | | | | (16,008,835 | ) | | | | (137,832,368 | ) | | | | (187,663,587 | ) | | | | (6,150,030 | ) | | | | (10,684,627 | ) |
| | | — | | | | | — | | | | | — | | | | | (113,204,112 | ) | | | | — | | | | | (185,563 | ) |
| | | (8,130,200 | ) | | | | (16,008,835 | ) | | | | (137,832,368 | ) | | | | (300,867,699 | ) | | | | (6,150,030 | ) | | | | (10,870,190 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2,529,638 | | | | | 379,873,713 | | | | | 347,655,110 | | | | | 1,498,892,254 | | | | | 34,466,103 | | | | | 43,069,583 | |
| | | (64,312,913 | ) | | | | (212,522,242 | ) | | | | (826,609,247 | ) | | | | (1,175,872,435 | ) | | | | (6,836,356 | ) | | | | (5,967,010 | ) |
| | | (61,783,275 | ) | | | | 167,351,471 | | | | | (478,954,137 | ) | | | | 323,019,819 | | | | | 27,629,747 | | | | | 37,102,573 | |
| | | (60,701,970 | ) | | | | 164,308,253 | | | | | (382,871,359 | ) | | | | (313,125,991 | ) | | | | 27,500,912 | | | | | 43,139,446 | |
| | | 541,507,220 | | | | | 377,198,967 | | | | | 5,331,912,404 | | | | | 5,645,038,395 | | | | | 174,871,408 | | | | | 131,731,962 | |
| | $ | 480,805,250 | | | | $ | 541,507,220 | | | | $ | 4,949,041,045 | | | | $ | 5,331,912,404 | | | | $ | 202,372,320 | | | | $ | 174,871,408 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 100,000 | | | | | 15,050,000 | | | | | 10,100,000 | | | | | 44,600,000 | | | | | 1,500,000 | | | | | 1,850,000 | |
| | | (2,550,000 | ) | | | | (8,500,000 | ) | | | | (24,900,000 | ) | | | | (33,877,318 | ) | | | | (300,000 | ) | | | | (250,000 | ) |
| | | (2,450,000 | ) | | | | 6,550,000 | | | | | (14,800,000 | ) | | | | 10,722,682 | | | | | 1,200,000 | | | | | 1,600,000 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| | | Preferred Securities
ex Financials ETF |
| | | For the Six
Months Ended
October 31,
2019 | | For the Year
Ended
April 30,
2019 |
| | | (unaudited) | | | |
| | | | | | | | | | | |
| Operations: | | | | | | | | | | |
| Net investment income | | | $ | 18,503,454 | | | | $ | 31,486,896 | |
| Net realized gain (loss) | | | | 2,976,269 | | | | | (15,492,893 | ) |
| Net change in unrealized appreciation (depreciation) | | | | 19,096,578 | | | | | 22,841,710 | |
| Net increase in net assets resulting from operations | | | | 40,576,301 | | | | | 38,835,713 | |
| | | | | | | | | | | |
| Distributions to shareholders: | | | | | | | | | | |
| Dividends and Distributions | | | | (15,413,735 | ) | | | | (32,627,855 | ) |
| | | | | | | | | | | |
| Share transactions:** | | | | | | | | | | |
| Proceeds from sale of shares | | | | 134,377,722 | | | | | 115,390,399 | |
| Cost of shares redeemed | | | | (6,840,500 | ) | | | | (35,730,391 | ) |
| Increase in net assets resulting from share transactions | | | | 127,537,222 | | | | | 79,660,008 | |
| Total increase in net assets | | | | 152,699,788 | | | | | 85,867,866 | |
| Net Assets, beginning of period | | | | 584,116,007 | | | | | 498,248,141 | |
| Net Assets, end of period | | | $ | 736,815,795 | | | | $ | 584,116,007 | |
| | | | | | | | | | | |
| ** Shares of Common Stock Issued (no par value) | | | | | | | | | | |
| Shares sold | | | | 6,750,000 | | | | | 6,000,000 | |
| Shares redeemed | | | | (350,000 | ) | | | | (1,950,000 | ) |
| Net increase | | | | 6,400,000 | | | | | 4,050,000 | |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | BDC Income ETF | |
| | | For the Six
Months Ended | | | | | | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $16.55 | | | | $16.10 | | | | $19.17 | | | | $16.43 | | | | $18.56 | | | | $19.84 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.77 | (a) | | | 1.59 | (a) | | | 1.52 | (a) | | | 1.54 | | | | 1.59 | | | | 1.51 | | |
| Net realized and unrealized gain (loss) on investments | | | (0.24 | ) | | | 0.41 | | | | (3.04 | ) | | | 2.67 | | | | (2.20 | ) | | | (1.27 | ) | |
| Total from investment operations | | | 0.53 | | | | 2.00 | | | | (1.52 | ) | | | 4.21 | | | | (0.61 | ) | | | 0.24 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.75 | ) | | | (1.55 | ) | | | (1.55 | ) | | | (1.47 | ) | | | (1.52 | ) | | | (1.52 | ) | |
| Net asset value, end of period | | | $16.33 | | | | $16.55 | | | | $16.10 | | | | $19.17 | | | | $16.43 | | | | $18.56 | | |
| Total return (b) | | | 3.33 | %(c) | | | 13.27 | % | | | (8.08 | )% | | | 26.67 | % | | | (2.98 | )% | | | 1.28 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $222,149 | | | $206,815 | | | $177,926 | | | $183,067 | | | $85,454 | | | $74,259 | | |
| Ratio of gross expenses to average net assets | | | 0.48 | %(d) | | | 0.47 | % | | | 0.49 | % | | | 0.52 | % | | | 0.58 | % | | | 0.58 | % | |
| Ratio of net expenses to average net assets | | | 0.41 | %(d) | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 9.36 | %(d) | | | 9.73 | % | | | 8.85 | % | | | 9.12 | % | | | 9.87 | % | | | 8.59 | % | |
| Portfolio turnover rate (e) | | | 8 | %(c) | | | 13 | % | | | 19 | % | | | 23 | % | | | 23 | % | | | 20 | % | |
| | | | | | | | | | | | | | |
| | | ChinaAMC China Bond ETF |
| | | | | | | | | | | | | For the Period | |
| | | For the Six | | | | | | | | | | November 10, | |
| | | Months Ended | | | | | | | | | | 2014(f) through | |
| | | October 31, | | For the Year Ended April 30, | | April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $22.89 | | | | $24.14 | | | | $22.16 | | | | $24.28 | | | | $24.94 | | | | $25.00 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.43 | (a) | | | 0.75 | (a) | | | 0.74 | (a) | | | 0.21 | | | | 0.70 | | | | 0.29 | | |
| Net realized and unrealized gain (loss) on investments | | | (0.95 | ) | | | (1.24 | ) | | | 2.07 | | | | (1.64 | ) | | | (0.65 | ) | | | (0.12 | ) | |
| Total from investment operations | | | (0.52 | ) | | | (0.49 | ) | | | 2.81 | | | | (1.43 | ) | | | 0.05 | | | | 0.17 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.38 | ) | | | (0.38 | ) | | | — | | | | — | | | | (0.37 | ) | | | (0.15 | ) | |
| Return of capital | | | — | | | | (0.38 | ) | | | (0.83 | ) | | | (0.69 | ) | | | (0.34 | ) | | | (0.08 | ) | |
| Total dividends | | | (0.38 | ) | | | (0.76 | ) | | | (0.83 | ) | | | (0.69 | ) | | | (0.71 | ) | | | (0.23 | ) | |
| Net asset value, end of period | | | $21.99 | | | | $22.89 | | | | $24.14 | | | | $22.16 | | | | $24.28 | | | | $24.94 | | |
| Total return (b) | | | (2.27 | )%(c) | | | (1.98 | )% | | | 12.94 | % | | | (6.00 | )% | | | 0.20 | % | | | 0.71 | %(c) | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $4,398 | | | $4,577 | | | $4,828 | | | $6,649 | | | $12,140 | | | $19,955 | | |
| Ratio of gross expenses to average net assets | | | 3.17 | %(d) | | | 2.25 | % | | | 2.59 | % | | | 1.90 | % | | | 1.12 | % | | | 1.22 | %(d) | |
| Ratio of net expenses to average net assets | | | 0.50 | %(d) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | %(d) | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.50 | %(d) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | %(d) | |
| Ratio of net investment income to average net assets | | | 3.85 | %(d) | | | 3.29 | % | | | 3.21 | % | | | 3.04 | % | | | 2.88 | % | | | 2.61 | %(d) | |
| Portfolio turnover rate (e) | | | 7 | %(c) | | | 22 | % | | | 39 | % | | | 9 | % | | | 58 | % | | | 58 | %(c) | |
| (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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Commencement of operations |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Emerging Markets Aggregate Bond ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $20.80 | | | | $21.42 | | | | $21.64 | | | | $21.68 | | | | $22.41 | | | | $23.95 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.52 | (a) | | | 1.00 | (a) | | | 0.96 | (a) | | | 0.98 | | | | 0.95 | | | | 1.04 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.78 | | | | (0.63 | ) | | | (0.15 | ) | | | (0.08 | ) | | | (0.70 | ) | | | (1.63 | ) | |
| Total from investment operations | | | 1.30 | | | | 0.37 | | | | 0.81 | | | | 0.90 | | | | 0.25 | | | | (0.59 | ) | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.43 | ) | | | (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 | | | (0.43 | ) | | | (0.99 | ) | | | (1.03 | ) | | | (0.94 | ) | | | (0.98 | ) | | | (0.95 | ) | |
| Net asset value, end of period | | | $21.67 | | | | $20.80 | | | | $21.42 | | | | $21.64 | | | | $21.68 | | | | $22.41 | | |
| Total return (b) | | | 6.32 | %(c) | | | 1.91 | % | | | 3.78 | % | | | 4.27 | % | | | 1.33 | % | | | (2.52 | )% | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $15,167 | | | $14,558 | | | $14,993 | | | $15,150 | | | $15,179 | | | $17,928 | | |
| Ratio of gross expenses to average net assets | | | 1.35 | %(d) | | | 0.92 | % | | | 1.12 | % | | | 1.26 | % | | | 1.21 | % | | | 1.01 | % | |
| Ratio of net expenses to average net assets | | | 0.35 | %(d) | | | 0.36 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.35 | %(d) | | | 0.36 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | |
| Ratio of net investment income to average net assets | | | 4.82 | %(d) | | | 4.85 | % | | | 4.38 | % | | | 4.60 | % | | | 4.61 | % | | | 4.41 | % | |
| Portfolio turnover rate (e) | | | 6 | %(c) | | | 25 | % | | | 20 | % | | | 11 | % | | | 13 | % | | | 24 | % | |
| | | | | | | | | | | | | | |
| | | Emerging Markets High Yield Bond ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $23.34 | | | | $23.83 | | | | $24.86 | | | | $23.37 | | | | $24.51 | | | | $25.68 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.74 | (a) | | | 1.33 | (a) | | | 1.33 | (a) | | | 1.46 | | | | 1.64 | | | | 1.64 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.04 | | | | (0.46 | ) | | | (1.01 | ) | | | 1.50 | | | | (1.13 | ) | | | (1.18 | ) | |
| Total from investment operations | | | 0.78 | | | | 0.87 | | | | 0.32 | | | | 2.96 | | | | 0.51 | | | | 0.46 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.74 | ) | | | (1.36 | ) | | | (1.35 | ) | | | (1.47 | ) | | | (1.65 | ) | | | (1.63 | ) | |
| Net asset value, end of period | | | $23.38 | | | | $23.34 | | | | $23.83 | | | | $24.86 | | | | $23.37 | | | | $24.51 | | |
| Total return (b) | | | 3.40 | %(c) | | | 3.93 | % | | | 1.28 | % | | | 13.04 | % | | | 2.38 | % | | | 1.94 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $313,305 | | | $261,456 | | | $371,678 | | | $372,926 | | | $247,709 | | | $387,262 | | |
| Ratio of gross expenses to average net assets | | | 0.47 | %(d) | | | 0.46 | % | | | 0.45 | % | | | 0.47 | % | | | 0.50 | % | | | 0.47 | % | |
| Ratio of net expenses to average net assets | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 6.29 | %(d) | | | 5.81 | % | | | 5.43 | % | | | 6.13 | % | | | 6.93 | % | | | 6.64 | % | |
| Portfolio turnover rate (e) | | | 11 | %(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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Fallen Angel High Yield Bond ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $29.00 | | | | $29.19 | | | | $29.65 | | | | $27.14 | | | | $27.66 | | | | $27.82 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.80 | (a) | | | 1.64 | (a) | | | 1.54 | (a) | | | 1.56 | | | | 1.39 | | | | 1.43 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.26 | | | | (0.24 | ) | | | (0.40 | ) | | | 2.62 | | | | (0.51 | ) | | | 0.17 | | |
| Total from investment operations | | | 1.06 | | | | 1.40 | | | | 1.14 | | | | 4.18 | | | | 0.88 | | | | 1.60 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.78 | ) | | | (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 | | | (0.78 | ) | | | (1.59 | ) | | | (1.60 | ) | | | (1.67 | ) | | | (1.40 | ) | | | (1.76 | ) | |
| Net asset value, end of period | | | $29.28 | | | | $29.00 | | | | $29.19 | | | | $29.65 | | | | $27.14 | | | | $27.66 | | |
| Total return (b) | | | 3.74 | %(c) | | | 5.04 | % | | | 3.86 | % | | | 15.86 | % | | | 3.59 | % | | | 5.98 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $1,235,736 | | | $975,916 | | | $1,223,107 | | | $855,380 | | | $145,182 | | | $26,279 | | |
| Ratio of gross expenses to average net assets | | | 0.44 | %(d) | | | 0.45 | % | | | 0.44 | % | | | 0.46 | % | | | 0.65 | % | | | 0.90 | % | |
| Ratio of net expenses to average net assets | | | 0.35 | %(d) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.35 | %(d) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 5.48 | %(d) | | | 5.76 | % | | | 5.16 | % | | | 5.61 | % | | | 6.27 | % | | | 5.27 | % | |
| Portfolio turnover rate (e) | | | 13 | %(c) | | | 29 | % | | | 20 | % | | | 32 | % | | | 39 | % | | | 50 | % | |
| | | | | | | | | | | | | | | | | | |
| | | Green Bond ETF | | | | | | | | | |
| | | | | | | | | For the Period | | | | | | | | | |
| | | For the Six | | | | | | March 3, 2017(f) | | | | | | | | | |
| | | Months Ended | | | | | | through | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | | April 30, | | | | | | | | | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | | | | | | | | |
| | | (unaudited) | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $25.87 | | | | $26.54 | | | | $25.44 | | | | $24.75 | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.23 | (a) | | | 0.34 | (a) | | | 0.29 | (a) | | | 0.04 | | | | | | | | | | |
| Net realized and unrealized gain (loss) on investments | | | 0.77 | | | | (0.68 | ) | | | 1.16 | | | | 0.67 | | | | | | | | | | |
| Total from investment operations | | | 1.00 | | | | (0.34 | ) | | | 1.45 | | | | 0.71 | | | | | | | | | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.20 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.02 | ) | | | | | | | | | |
| Distributions from net realized capital gains | | | — | | | | — | | | | 0.00 | (g) | | | — | | | | | | | | | | |
| Return of capital | | | — | | | | (0.04 | ) | | | — | | | | — | | | | | | | | | | |
| Total dividends | | | (0.20 | ) | | | (0.33 | ) | | | (0.35 | ) | | | (0.02 | ) | | | | | | | | | |
| Net asset value, end of period | | | $26.67 | | | | $25.87 | | | | $26.54 | | | | $25.44 | | | | | | | | | | |
| Total return (b) | | | 3.86 | %(c) | | | (1.25 | )% | | | 5.72 | % | | | 2.86 | %(c) | | | | | | | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $26,671 | | | $25,870 | | | $17,254 | | | $5,088 | | | | | | | | | | |
| Ratio of gross expenses to average net assets | | | 0.78 | %(d) | | | 1.02 | % | | | 1.56 | % | | | 5.49 | %(d) | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.27 | %(d) | | | 0.33 | % | | | 0.40 | % | | | 0.40 | %(d) | | | | | | | | | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.27 | %(d) | | | 0.33 | % | | | 0.40 | % | | | 0.40 | %(d) | | | | | | | | | |
| Ratio of net investment income to average net assets | | | 1.70 | %(d) | | | 1.32 | % | | | 1.10 | % | | | 1.03 | %(d) | | | | | | | | | |
| Portfolio turnover rate (e) | | | 78 | %(c) | | | 28 | % | | | 26 | % | | | 0 | %(c) | | | | | | | | | |
| (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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Commencement of operations |
| (g) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | International High Yield Bond ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $24.54 | | | | $25.20 | | | | $24.90 | | | | $24.20 | | | | $25.00 | | | | $27.73 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.69 | (a) | | | 1.13 | (a) | | | 1.07 | (a) | | | 1.24 | | | | 1.30 | | | | 1.32 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.12 | | | | (0.65 | ) | | | 0.39 | | | | 0.65 | | | | (0.80 | ) | | | (2.67 | ) | |
| Total from investment operations | | | 0.81 | | | | 0.48 | | | | 1.46 | | | | 1.89 | | | | 0.50 | | | | (1.35 | ) | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.53 | ) | | | (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 | | | (0.53 | ) | | | (1.14 | ) | | | (1.16 | ) | | | (1.19 | ) | | | (1.30 | ) | | | (1.38 | ) | |
| Net asset value, end of period | | | $24.82 | | | | $24.54 | | | | $25.20 | | | | $24.90 | | | | $24.20 | | | | $25.00 | | |
| Total return (b) | | | 3.36 | %(c) | | | 2.08 | % | | | 5.91 | % | | | 8.04 | % | | | 2.29 | % | | | (4.94 | )% | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $104,262 | | | $112,878 | | | $171,358 | | | $129,478 | | | $130,686 | | | $155,003 | | |
| Ratio of gross expenses to average net assets | | | 0.59 | %(d) | | | 0.54 | % | | | 0.52 | % | | | 0.54 | % | | | 0.61 | % | | | 0.54 | % | |
| Ratio of net expenses to average net assets | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 5.61 | %(d) | | | 4.66 | % | | | 4.19 | % | | | 4.95 | % | | | 5.48 | % | | | 5.13 | % | |
| Portfolio turnover rate (e) | | | 18 | %(c) | | | 32 | % | | | 41 | % | | | 34 | % | | | 20 | % | | | 37 | % | |
| | | | | | | | | | | | | | |
| | | Investment Grade Floating Rate ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $25.25 | | | | $25.32 | | | | $25.14 | | | | $24.77 | | | | $24.94 | | | | $25.02 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.38 | (a) | | | 0.77 | (a) | | | 0.52 | (a) | | | 0.33 | | | | 0.20 | | | | 0.16 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.08 | | | | (0.10 | ) | | | 0.13 | | | | 0.36 | | | | (0.18 | ) | | | (0.07 | ) | |
| Total from investment operations | | | 0.46 | | | | 0.67 | | | | 0.65 | | | | 0.69 | | | | 0.02 | | | | 0.09 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.40 | ) | | | (0.74 | ) | | | (0.47 | ) | | | (0.32 | ) | | | (0.19 | ) | | | (0.16 | ) | |
| Distributions from net realized capital gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | |
| Total dividends and distributions | | | (0.40 | ) | | | (0.74 | ) | | | (0.47 | ) | | | (0.32 | ) | | | (0.19 | ) | | | (0.17 | ) | |
| Net asset value, end of period | | | $25.31 | | | | $25.25 | | | | $25.32 | | | | $25.14 | | | | $24.77 | | | | $24.94 | | |
| Total return (b) | | | 1.81 | %(c) | | | 2.71 | % | | | 2.59 | % | | | 2.80 | % | | | 0.10 | % | | | 0.35 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $480,805 | | | $541,507 | | | $377,199 | | | $148,322 | | | $79,273 | | | $99,769 | | |
| Ratio of gross expenses to average net assets | | | 0.40 | %(d) | | | 0.40 | % | | | 0.41 | % | | | 0.46 | % | | | 0.48 | % | | | 0.48 | % | |
| Ratio of net expenses to average net assets | | | 0.14 | %(d) | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.17 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.14 | %(d) | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.17 | % | |
| Ratio of net investment income to average net assets | | | 3.03 | %(d) | | | 3.05 | % | | | 2.06 | % | | | 1.40 | % | | | 0.81 | % | | | 0.63 | % | |
| Portfolio turnover rate (e) | | | 16 | %(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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | J.P. Morgan EM Local Currency Bond ETF # | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $33.11 | | | | $37.56 | | | | $37.24 | | | | $37.90 | | | | $41.10 | | | | $47.38 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 1.10 | (a) | | | 2.14 | (a) | | | 2.18 | (a) | | | 2.56 | | | | 2.08 | (a) | | | 2.46 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.56 | | | | (4.45 | ) | | | 0.40 | | | | (1.34 | ) | | | (3.24 | ) | | | (6.52 | ) | |
| Total from investment operations | | | 1.66 | | | | (2.31 | ) | | | 2.58 | | | | 1.22 | | | | (1.16 | ) | | | (4.06 | ) | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.92 | ) | | | (1.36 | ) | | | (1.98 | ) | | | (0.60 | ) | | | — | | | | (1.24 | ) | |
| Return of capital | | | — | | | | (0.78 | ) | | | (0.28 | ) | | | (1.28 | ) | | | (2.04 | ) | | | (0.98 | ) | |
| Total dividends | | | (0.92 | ) | | | (2.14 | ) | | | (2.26 | ) | | | (1.88 | ) | | | (2.04 | ) | | | (2.22 | ) | |
| Net asset value, end of period | | | $33.85 | | | | $33.11 | | | | $37.56 | | | | $37.24 | | | | $37.90 | | | | $41.10 | | |
| Total return (b) | | | 5.03 | %(c) | | | (6.05 | )% | | | 7.05 | % | | | 3.41 | % | | | (2.47 | )% | | | (8.85 | )% | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $4,949,041 | | | $5,331,912 | | | $5,645,038 | | | $3,354,751 | | | $1,489,642 | | | $1,093,524 | | |
| Ratio of gross expenses to average net assets | | | 0.39 | %(d) | | | 0.41 | % | | | 0.46 | % | | | 0.48 | % | | | 0.51 | % | | | 0.49 | % | |
| Ratio of net expenses to average net assets | | | 0.30 | %(d) | | | 0.31 | % | | | 0.44 | % | | | 0.47 | % | | | 0.47 | % | | | 0.47 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.30 | %(d) | | | 0.31 | % | | | 0.44 | % | | | 0.47 | % | | | 0.47 | % | | | 0.47 | % | |
| Ratio of net investment income to average net assets | | | 6.50 | %(d) | | | 6.35 | % | | | 5.69 | % | | | 5.60 | % | | | 5.69 | % | | | 5.49 | % | |
| Portfolio turnover rate (e) | | | 21 | %(c) | | | 36 | % | | | 28 | % | | | 37 | % | | | 34 | % | | | 36 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mortgage REIT Income ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $23.63 | | | | $22.71 | | | | $24.49 | | | | $20.03 | | | | $23.59 | | | | $24.40 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.81 | (a) | | | 1.68 | (a) | | | 1.70 | (a) | | | 1.81 | | | | 2.12 | | | | 2.03 | | |
| Net realized and unrealized gain (loss) on investments | | | (0.16 | ) | | | 0.94 | | | | (1.59 | ) | | | 4.38 | | | | (3.71 | ) | | | (0.55 | ) | |
| Total from investment operations | | | 0.65 | | | | 2.62 | | | | 0.11 | | | | 6.19 | | | | (1.59 | ) | | | 1.48 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.75 | ) | | | (1.67 | ) | | | (1.81 | ) | | | (1.73 | ) | | | (1.90 | ) | | | (2.29 | ) | |
| Return of capital | | | — | | | | (0.03 | ) | | | (0.08 | ) | | | — | | | | (0.07 | ) | | | — | | |
| Total dividends | | | (0.75 | ) | | | (1.70 | ) | | | (1.89 | ) | | | (1.73 | ) | | | (1.97 | ) | | | (2.29 | ) | |
| Net asset value, end of period | | | $23.53 | | | | $23.63 | | | | $22.71 | | | | $24.49 | | | | $20.03 | | | | $23.59 | | |
| Total return (b) | | | 2.87 | %(c) | | | 12.00 | % | | | 0.32 | % | | | 32.15 | % | | | (6.66 | )% | | | 6.23 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $202,372 | | | $174,871 | | | $131,732 | | | $148,143 | | | $96,150 | | | $117,960 | | |
| Ratio of gross expenses to average net assets | | | 0.50 | %(d) | | | 0.49 | % | | | 0.49 | % | | | 0.54 | % | | | 0.57 | % | | | 0.51 | % | |
| Ratio of net expenses to average net assets | | | 0.42 | %(d) | | | 0.42 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 9.78 | %(d) | | | 7.19 | % | | | 7.13 | % | | | 8.25 | % | | | 10.27 | % | | | 8.65 | % | |
| Portfolio turnover rate (e) | | | 8 | %(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 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) | Not Annualized |
| (d) | Annualized |
| (e) | 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 prior to October 26, 2018 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Preferred Securities ex Financials ETF | |
| | | For the Six | | | | | | | | | | | |
| | | Months Ended | | | | | | | | | | | |
| | | October 31, | | For the Year Ended April 30, | |
| | | 2019 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | |
| | | (unaudited) | | | | | | | | | | | |
| Net asset value, beginning of period | | | $19.37 | | | | $19.09 | | | | $20.12 | | | | $20.34 | | | | $20.75 | | | | $20.70 | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.56 | (a) | | | 1.13 | (a) | | | 1.10 | (a) | | | 1.15 | | | | 1.20 | | | | 1.22 | | |
| Net realized and unrealized gain (loss) on investments | | | 0.70 | | | | 0.32 | | | | (0.98 | ) | | | (0.19 | ) | | | (0.48 | ) | | | — | (f) | |
| Total from investment operations | | | 1.26 | | | | 1.45 | | | | 0.12 | | | | 0.96 | | | | 0.72 | | | | 1.22 | | |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.47 | ) | | | (1.17 | ) | | | (1.14 | ) | | | (1.18 | ) | | | (1.13 | ) | | | (1.17 | ) | |
| Return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | | |
| Total dividends | | | (0.47 | ) | | | (1.17 | ) | | | (1.15 | ) | | | (1.18 | ) | | | (1.13 | ) | | | (1.17 | ) | |
| Net asset value, end of period | | | $20.16 | | | | $19.37 | | | | $19.09 | | | | $20.12 | | | | $20.34 | | | | $20.75 | | |
| Total return (b) | | | 6.57 | %(c) | | | 7.90 | % | | | 0.57 | % | | | 4.88 | % | | | 3.77 | % | | | 6.08 | % | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s) | | $736,816 | | | $584,116 | | | $498,248 | | | $437,716 | | | $310,138 | | | $287,354 | | |
| Ratio of gross expenses to average net assets | | | 0.45 | %(d) | | | 0.46 | % | | | 0.45 | % | | | 0.46 | % | | | 0.49 | % | | | 0.47 | % | |
| Ratio of net expenses to average net assets | | | 0.41 | %(d) | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % | | | 0.40 | % | |
| Ratio of net expenses to average net assets excluding interest expense | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | |
| Ratio of net investment income to average net assets | | | 5.66 | %(d) | | | 5.92 | % | | | 5.57 | % | | | 5.70 | % | | | 6.05 | % | | | 6.04 | % | |
| Portfolio turnover rate (e) | | | 22 | %(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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (unaudited)
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 investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| 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 | |
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.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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 closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| | 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. |
| | |
| 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 Statement 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. | 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 October 31, 2019 are reflected in the Schedules of Investments. |
| | |
| G. | 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 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 October 31, 2019, if any, are reflected in the Schedules of Investments. |
| | |
| H. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, 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 October 31, 2019 is presented in the Schedules of Investments. Refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
| | |
| I. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not accrued on debt securities in default or upon determination that the income is not realizable. |
| | |
| | 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 underlying 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. |
| | |
| | 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. |
| | |
| | At October 31, 2019, ChinaAMC China Bond included $620 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. |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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, 2020, 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 period ended October 31, 2019.
The current expense limitations and management fee rates are as follows:
| Fund | | Expense
Limitations | | Management
Fee Rates |
| BDC Income ETF | | 0.40% | | 0.40% |
| ChinaAMC China Bond ETF | | 0.50 | | 0.40 |
| Emerging Markets Aggregate Bond ETF | | 0.35 | | 0.35 |
| Emerging Markets High Yield Bond ETF | | 0.40 | | 0.40 |
| Fallen Angel High Yield Bond ETF | | 0.35 | | 0.40 |
| Green Bond ETF* | | 0.20 | | 0.35 |
| International High Yield Bond ETF | | 0.40 | | 0.40 |
| Investment Grade Floating Rate ETF | | 0.14 | | 0.35 |
| J.P. Morgan EM Local Currency Bond ETF | | 0.30 | | 0.27 |
| Mortgage REIT Income ETF | | 0.40 | | 0.40 |
| Preferred Securities ex Financials ETF | | 0.40 | | 0.40 |
| * | Effective September 1, 2019 the expense limitation for Green Bond was reduced from 0.30% to 0.20% |
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—Capital Share Transactions—As of October 31, 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 | |
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.
Note 5—Investments—For the period ended October 31, 2019, purchases and sales of investments (excluding short-term obligations and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| | | | | | | | | In-kind Capital Share Transactions |
| Fund | | Purchases | | Sales | | Purchases | | Sales |
| BDC Income | | $ | 18,955,880 | | | $ | 18,000,182 | | | $ | 36,407,922 | | | $ | 18,280,671 | |
| ChinaAMC China Bond | | | 371,900 | | | | 291,813 | | | | — | | | | — | |
| Emerging Markets Aggregate | | | 984,027 | | | | 940,508 | | | | 1,004 | | | | — | |
| Emerging Markets High Yield | | | 79,575,807 | | | | 32,240,312 | | | | 3,995,487 | | | | — | |
| Fallen Angel | | | 400,038,763 | | | | 145,035,332 | | | | 63,397,185 | | | | 73,004,132 | |
| Green Bond | | | 23,364,699 | | | | 20,422,340 | | | | — | | | | 3,056,128 | |
| International High Yield | | | 19,191,715 | | | | 19,463,422 | | | | 4,017 | | | | 9,329,674 | |
| Investment Grade | | | 82,418,944 | | | | 82,371,498 | | | | 2,509,010 | | | | 63,900,478 | |
| J.P. Morgan EM | | | 1,036,526,332 | | | | 1,151,134,400 | | | | 197,759,433 | | | | 558,047,028 | |
| Mortgage REIT | | | 18,249,842 | | | | 15,702,194 | | | | 34,551,533 | | | | 6,836,925 | |
| Preferred Securities | | | 142,978,592 | | | | 143,344,228 | | | | 134,372,154 | | | | 6,838,938 | |
Note 6—Income Taxes—As of October 31, 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 | | $ | 232,653,419 | | | $ | 9,492,087 | | | $ | (19,474,942 | ) | | $ | (9,982,855 | ) |
| ChinaAMC China Bond | | | 4,638,705 | | | | 360 | | | | (331,584 | ) | | | (331,224 | ) |
| Emerging Markets Aggregate | | | 14,538,363 | | | | 969,976 | | | | (592,550 | ) | | | 377,426 | |
| Emerging Markets High Yield | | | 314,811,529 | | | | 8,400,355 | | | | (15,602,119 | ) | | | (7,201,764 | ) |
| Fallen Angel | | | 1,215,298,196 | | | | 42,656,049 | | | | (44,288,557 | ) | | | (1,632,508 | ) |
| Green Bond | | | 26,171,418 | | | | 309,741 | | | | (118,739 | ) | | | 191,002 | |
| International High Yield | | | 104,551,331 | | | | 2,721,479 | | | | (5,015,468 | ) | | | (2,293,989 | ) |
| Investment Grade | | | 477,885,810 | | | | 1,492,027 | | | | (645,139 | ) | | | 846,888 | |
| J.P. Morgan EM | | | 5,080,071,960 | | | | 172,202,664 | | | | (419,702,276 | ) | | | (247,499,612 | ) |
| Mortgage REIT | | | 199,998,993 | | | | 11,177,268 | | | | (9,792,484 | ) | | | 1,384,784 | |
| Preferred Securities | | | 718,662,469 | | | | 26,157,648 | | | | (9,274,271 | ) | | | 16,883,377 | |
The tax character of dividends paid to shareholders during the year ended April 30, 2019 was as follows:
| Fund | | Ordinary
Income | | Return of
Capital |
| BDC Income | | $ | 18,917,640 | | | $ | — | |
| ChinaAMC China Bond | | | 75,947 | | | | 75,613 | |
| Emerging Markets Aggregate | | | 396,164 | | | | 424,256 | |
| Emerging Markets High Yield | | | 17,159,220 | | | | — | |
| Fallen Angel | | | 57,221,575 | | | | — | |
| Green Bond | | | 250,504 | | | | 43,266 | |
| International High Yield | | | 6,138,316 | | | | 272,224 | |
| Investment Grade | | | 16,008,835 | | | | — | |
| J.P. Morgan EM | | | 187,663,587 | | | | 113,204,112 | |
| Mortgage REIT | | | 10,684,627 | | | | 185,563 | |
| Preferred Securities | | | 32,627,855 | | | | — | |
The tax character of current year distributions will be determined at the end of the current fiscal year.
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 | ) |
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2019 to October 31, 2019, the net realized gains (losses) from foreign currency translations were as follows:
| ChinaAMC China Bond | | $ | (14,835 | ) |
| Emerging Markets Aggregate | | | (101,005 | ) |
| Green Bond | | | (343,948 | ) |
| International High Yield | | | (420,723 | ) |
| J.P. Morgan EM | | | (189,040,870 | ) |
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. 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 period ended October 31, 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 ChinaAMC China Bond 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, ChinaAMC China Bond could be subject to WHT liability. The impact of any such tax liability on ChinaAMC China Bond return could be substantial. ChinaAMC China Bond 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.
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.
Investments in the Funds involve risks similar to those of investing in any bond fund, 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 BDC Income, 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 REIT management expenses along with the direct expenses of the REIT. 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.
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Investment Grade, Green Bond, Preferred Securities and International High Yield invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
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 European Union 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 October 31, 2019, the Adviser owned approximately 55% and 20% of Emerging Markets Aggregate and Green Bond, respectively.
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 October 31, 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 October 31, 2019:
| Fund | | Corporate Bonds | | Equity Securities | | Foreign
Government
Obligations | | Gross amount of
Recognized Liabilities
for Securities Loaned
in the Statements of
Assets and Liabilities* |
| Fallen Angel | | $ | 1,083,026 | | | $ | — | | | $ | — | | | $ | 1,083,026 | |
| International High Yield | | | 47,952 | | | | — | | | | — | | | | 47,952 | |
| J.P. Morgan EM | | | — | | | | — | | | | 12,319,156 | | | | 12,319,156 | |
| * | 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.
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, if any, for each respective fund as of October 31, 2019 is disclosed as Line of Credit in the Statement of Assets and Liabilities. During the period ended October 31, 2019, the following Funds borrowed under this Facility:
| Fund | | Days
Outstanding | | Average Daily
Loan Balance | | Average
Interest Rate |
| BDC Income | | | 143 | | | $ | 584,885 | | | | 3.70 | % |
| Green Bond | | | 1 | | | | 2,680,165 | | | | 3.63 | |
| International High Yield | | | 4 | | | | 402,931 | | | | 3.64 | |
| J.P. Morgan EM | | | 3 | | | | 6,693,827 | | | | 3.90 | |
| Mortgage REIT | | | 145 | | | | 1,215,278 | | | | 3.69 | |
| Preferred Securities | | | 103 | | | | 2,099,341 | | | | 3.71 | |
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 period ended October 31, 2019, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statement of Operations.
Note 13—Recent Accounting Pronouncements and Regulatory Requirements—The Funds early adopted certain provisions of Accounting Standards Update No. 2018-13Disclosure 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 ASU 2018-13 had no material effect on the financial statements and related disclosures. Management evaluated the additional requirements, not yet adopted, and they are not expected to have a material impact to the financial statements. Public companies will be required to disclose the range and weighted average of significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
Effective May 1, 2019, the Funds adopted Accounting Standards Update ASU 2017-08,Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities(the “ASU 2017-08”), that shortened the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance has not changed the accounting for purchased callable debt securities held at a discount. Based on management’s evaluation, the adoption of the ASU 2017-08 had no material effect on the financial statements and related disclosures.
Note 14—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective November 4, 2019, State Street Bank and Trust Company is the Funds’ custodian, securities lending agent and transfer agent. Prior to November 4, 2019, Bank of New York Mellon provided these services to the Funds.
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2019 (unaudited)
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Asia ex-Japan Aggregate Bond ETF, BDC Income ETF, Business Development Company/Specialty Finance ETF, ChinaAMC China Bond ETF (the “China Fund”), Defaulted & Distressed Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets Corporate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fallen Angel High Yield Bond ETF, Fixed Income II ETF, Global Fallen Angel Bond ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, Green Bond ETF, High Yield Floating Rate ETF, International High Yield Bond ETF, International US$ High Yield Bond ETF, Investment Grade Floating Rate ETF, Japanese Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, MV Emerging Markets Aggregate Bond ETF, Non-Agency RMBS ETF, Preferred Securities ex Financials ETF, REIT Preferred Securities ETF and USD Emerging Markets Aggregate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses (for those Funds which had begun operations) of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 10, 2019 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each
Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Operating Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Operating Fund had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, except for each of VanEck Vectors BDC Income ETF, Emerging Markets High Yield Bond ETF and Mortgage REIT Income ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average, but below the median, of its respective peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, except for each of the China Fund, VanEck Vectors BDC Income ETF, International High Yield Bond ETF and Mortgage REIT Income ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than or equal to the average and/or median of its respective peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Operating Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Operating Fund since its inception. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of VanEck Vectors Asia ex-Japan Aggregate Bond ETF, Business Development Company/Specialty Finance ETF, Defaulted & Distressed Bond ETF, Emerging Markets Corporate Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fixed Income II ETF, Global Fallen Angel Bond ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, High Yield Floating Rate ETF, International US$ High Yield Bond ETF, Japanese Bond ETF, MV Emerging Markets Aggregate Bond ETF, Non-Agency RMBS ETF, REIT Preferred Securities ETF and USD Emerging Markets Aggregate Bond ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser (and the Sub-
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
Adviser, with respect to the China Fund) were appropriate based on the Trustees’ knowledge of the Adviser and Sub-Adviser (to the extent applicable) and their personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Vectors Dynamic Put Write ETF
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Dynamic Put Write ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser and its affiliates at the Renewal Meeting and the May 10, 2019 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and its affiliates, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 10, 2019 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding interest expense, trading expenses, taxes, accrued deferred tax liability and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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-PORT. The Trust’s Form N-PORT filings 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 | | INCOMESAR |
Item 2. CODE OF ETHICS.
Not applicable.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
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 MANAGERS 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.
Not applicable.
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-3(d)) that occurred during the period covered by this report that
has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.
Item 13. EXHIBITS.
(a)(1) Not applicable.
(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(a)) 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 & Chief Financial Officer
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Date January 8, 2020
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer
--------------------------------------------
Date January 8, 2020
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By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
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Date January 8, 2020
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