VanEck Semiconductor ETF NCSRS Certified semi-annual shareholder report (management investment company)

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: SEPTEMBER 30

Date of reporting period: MARCH 31, 2020

ITEM 1. REPORT TO SHAREHOLDERS

SEMI-ANNUAL REPORT

March 31, 2020

(unaudited)

VANECK VECTORS^®

Biotech ETF	BBH

Environmental Services ETF	EVX^®

Gaming ETF	BJK^®

Pharmaceutical ETF	PPH^®

Retail ETF	RTH^®

Semiconductor ETF	SMH^®

Video Gaming and eSports ETF	ESPO^®


	800.826.2333	vaneck.com

Certain information contained in this report 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 March 31, 2020.

VANECK VECTORS ETFs

PRESIDENT’S LETTER

March 31, 2020 (unaudited)

Dear Fellow Shareholders:

The story for 2019 was simple and familiar—slower economic growth was combated by expansive monetary policy. China continued its “drip stimulus” policies after its hard credit squeeze of 2018, resulting in satisfactory growth as we track monthly in our China blog.¹

But that seems a long time ago now that COVID-19 virus has triggered a global recession in 2020. In early March, we entered a period of “heightened uncertainty” that I expected would last to mid-April. (I say “heightened” because there is always uncertainty in the world.) Now, investors are awaiting: (a) for the virus’ effects to abate, hopefully, and (b) for the pace of economic recovery to be established. A possible scenario is one that echoes the global financial crisis: a slow pace of economic recovery (uneven industry sector recovery), slow employment growth, but quicker financial market recovery.

To get our quarterly investment outlooks, please subscribe to “Investment Outlook” on 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 six month period ended March 31, 2020. 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
CEO and President
VanEck Vectors ETF Trust

April 17, 2020

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

¹	VanEck: China’s Economic Growth, https://www.vaneck.com/blogs/investment-outlook/china-economic-growth

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, October 1, 2019 to March 31, 2020.

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 October 1, 2019	Ending Account Value March 31, 2020		Annualized Expense Ratio During Period	Expenses Paid During the Period* October 1, 2019 – March 31, 2020
Biotech ETF
Actual	$1,000.00	$	1,087.20	0.35%	$1.83
Hypothetical**	$1,000.00	$	1,023.25	0.35%	$1.77
Environmental Services ETF
Actual	$1,000.00	$	744.10	0.55%	$2.40
Hypothetical**	$1,000.00	$	1,022.25	0.55%	$2.78
Gaming ETF
Actual	$1,000.00	$	726.70	0.65%	$2.81
Hypothetical**	$1,000.00	$	1,021.75	0.65%	$3.29
Pharmaceutical ETF
Actual	$1,000.00	$	964.00	0.35%	$1.72
Hypothetical**	$1,000.00	$	1,023.25	0.35%	$1.77
Retail ETF
Actual	$1,000.00	$	929.60	0.35%	$1.69
Hypothetical**	$1,000.00	$	1,023.25	0.35%	$1.77
Semiconductor ETF
Actual	$1,000.00	$	997.60	0.35%	$1.75
Hypothetical**	$1,000.00	$	1,023.25	0.35%	$1.77
Video Gaming and eSports ETF
Actual	$1,000.00	$	1,146.40	0.55%	$2.95
Hypothetical**	$1,000.00	$	1,022.25	0.55%	$2.78

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2020) 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

VANECK VECTORS BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.2%
China / Hong Kong: 1.5%
	39,404	BeiGene Ltd. (ADR) *	$	4,851,026
Netherlands: 3.3%
	257,111	QIAGEN NV (USD) * †		10,695,818
Spain: 2.3%
	359,607	Grifols SA (ADR) †		7,242,485
United States: 93.1%
	168,224	Alexion Pharmaceuticals, Inc. *		15,104,833
	122,747	Allergan Plc		21,738,494
	87,004	Alnylam Pharmaceuticals, Inc. * †		9,470,385
	199,581	Amgen, Inc.		40,461,056
	57,390	Biogen, Inc. *		18,157,048
	162,165	BioMarin Pharmaceutical, Inc. *		13,702,943
	24,926	Bluebird Bio, Inc. * †		1,145,599
	60,537	Charles River Laboratories International, Inc. *		7,640,375
	185,243	Exact Sciences Corp. * †		10,744,094
	411,149	Gilead Sciences, Inc.		30,737,499
	90,443	Guardant Health, Inc. * †		6,294,833
	63,647	Illumina, Inc. *		17,383,269
	190,975	Incyte Corp. *		13,985,099
	81,766	Ionis Pharmaceuticals, Inc. *		3,865,896
	112,359	IQVIA Holdings, Inc. *		12,119,042
	450,114	Moderna, Inc. * †		13,480,914
	72,749	Neurocrine Biosciences, Inc. *		6,296,426
	33,695	Regeneron Pharmaceuticals, Inc. *		16,452,932
	76,934	Sarepta Therapeutics, Inc. * †		7,525,684
	79,872	Seattle Genetics, Inc. *		9,215,631
	50,192	United Therapeutics Corp. *		4,759,456
	71,062	Vertex Pharmaceuticals, Inc. *		16,909,203
				297,190,711
Total Common Stocks (Cost: $353,501,472)				319,980,040

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $5,861,761)
Money Market Fund: 1.9%
	5,861,761	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,861,761
Total Investments: 102.1% (Cost: $359,363,233)				325,841,801
Liabilities in excess of other assets: (2.1)%				(6,548,999	)
NET ASSETS: 100.0%			$	319,292,802

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $39,535,676.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		76.3	%	$	244,108,209
Health Care Services		2.0			6,294,833
Life Sciences Tools & Services		14.9			47,838,504
Pharmaceuticals		6.8			21,738,494
		100.0	%	$	319,980,040

See Notes to Financial Statements

VANECK VECTORS BIOTECH ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	319,980,040		$	—		$	—	$	319,980,040
Money Market Fund		5,861,761			—			—		5,861,761
Total	$	325,841,801		$	—		$	—	$	325,841,801


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 104.4%
United States: 104.4%
	40,214	ABM Industries, Inc.	$	979,613
	35,398	Advanced Disposal Services, Inc. *		1,161,054
	104,219	Advanced Emissions Solutions, Inc. †		684,719
	39,401	Cantel Medical Corp. †		1,414,496
	25,450	Casella Waste Systems, Inc. *		994,077
	31,699	Clean Harbors, Inc. *		1,627,427
	112,837	Covanta Holding Corp.		964,756
	70,855	Darling International, Inc. *		1,358,290
	27,838	Donaldson Co., Inc.		1,075,382
	77,038	Energy Recovery, Inc. * †		573,163
	102,273	Evoqua Water Technologies Corp. *		1,146,480
	41,454	Heritage-Crystal Clean, Inc. *		673,213
	34,058	Republic Services, Inc.		2,556,394
	44,678	Schnitzer Steel Industries, Inc.		582,601
	20,091	Stericycle, Inc. * †		976,021
	21,051	STERIS Plc		2,946,508
	17,092	Tennant Co.		990,481
	168,380	Tenneco, Inc. †		606,168
	14,376	Tetra Tech, Inc.		1,015,233
	38,938	US Ecology, Inc.		1,183,715
	30,645	Waste Connections, Inc.		2,374,988
	25,226	Waste Management, Inc.		2,334,919
Total Common Stocks (Cost: $33,468,429)				28,219,698

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6% (Cost: $709,976)
Money Market Fund: 2.6%
	709,976	State Street Navigator Securities Lending Government Money Market Portfolio	$	709,976
Total Investments: 107.0% (Cost: $34,178,405)				28,929,674
Liabilities in excess of other assets: (7.0)%				(1,897,729	)
NET ASSETS: 100.0%			$	27,031,945

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,128,304.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		2.1	%	$	606,168
Consumer Staples		4.8			1,358,290
Health Care		15.5			4,361,004
Industrials		73.1			20,626,916
Materials		4.5			1,267,320
		100.0	%	$	28,219,698

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	28,219,698		$	—		$	—	$	28,219,698
Money Market Fund		709,976			—			—		709,976
Total	$	28,929,674		$	—		$	—	$	28,929,674


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS GAMING ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.1%
Australia: 10.4%
	101,446	Aristocrat Leisure Ltd. † #	$	1,307,982
	54,424	Crown Resorts Ltd. #		251,315
	123,731	Star Entertainment Group Ltd. #		163,545
	365,140	TABCORP Holdings Ltd. #		562,288
				2,285,130
Cambodia: 1.7%
	364,000	Nagacorp Ltd. #		368,563
Canada: 3.6%
	5,413	Great Canadian Gaming Corp. * †		94,999
	33,850	Stars Group, Inc. (USD) * †		691,217
				786,216
China / Hong Kong: 22.3%
	336,240	Galaxy Entertainment Group Ltd. #		1,771,338
	88,000	Melco International Development Ltd. #		126,167
	48,249	Melco Resorts & Entertainment Ltd. (ADR)		598,288
	182,100	MGM China Holdings Ltd. #		184,150
	413,200	Sands China Ltd. #		1,503,618
	457,000	SJM Holdings Ltd. #		381,427
	225,600	Wynn Macau Ltd. #		338,415
				4,903,403
Greece: 1.5%
	43,621	OPAP SA #		326,969
Ireland: 5.4%
	13,276	Flutter Entertainment Plc † #		1,188,100
Japan: 4.5%
	13,500	Heiwa Corp. † #		251,146
	9,679	Sankyo Co. Ltd. #		279,579
	37,100	Sega Sammy Holdings, Inc. #		448,314
				979,039
Malaysia: 3.2%
	476,700	Genting Bhd #		412,317
	626,198	Genting Malaysia Bhd #		290,440
				702,757
Malta: 0.6%
	37,991	Kindred Group Plc (SDR)		138,977
New Zealand: 0.4%
	78,259	SkyCity Entertainment Group Ltd. #		85,929

Number of Shares			Value

Singapore: 2.7%
	1,231,700	Genting Singapore Ltd. #	$	596,030
South Korea: 2.0%
	19,983	Kangwon Land, Inc. #		322,023
	11,063	Paradise Co. Ltd. #		116,129
				438,152
Sweden: 3.0%
	19,724	Evolution Gaming Group AB Reg S 144A #		667,717
United Kingdom: 3.9%
	94,936	GVC Holdings Plc #		656,458
	45,856	Playtech Ltd. #		95,023
	132,922	William Hill Plc #		110,001
				861,482
United States: 34.9%
	11,154	Boyd Gaming Corp.		160,841
	81,509	Caesars Entertainment Corp. * †		551,001
	5,499	Churchill Downs, Inc.		566,122
	5,409	Eldorado Resorts, Inc. *		77,890
	30,369	Gaming and Leisure Properties, Inc.		841,525
	21,760	International Game Technology Plc †		129,472
	45,000	Las Vegas Sands Corp.		1,911,150
	21,679	MGM Growth Properties LLC		513,142
	70,597	MGM Resorts International		833,044
	13,709	Penn National Gaming, Inc. * †		173,419
	65,128	VICI Properties, Inc. †		1,083,730
	13,544	Wynn Resorts Ltd.		815,213
				7,656,549
Total Common Stocks (Cost: $32,622,166)				21,985,013
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% (Cost: $122,572)
Money Market Fund: 0.5%
	122,572	State Street Navigator Securities Lending Government Money Market Portfolio		122,572
Total Investments: 100.6% (Cost: $32,744,738)				22,107,585
Liabilities in excess of other assets: (0.6)%				(136,890	)
NET ASSETS: 100.0%			$	21,970,695

Definitions:

ADR	American Depositary Receipt
SDR	Swedish Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,522,691.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $12,804,983 which represents 58.3% of net assets.
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 $667,717, or 3.0% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		88.9	%	$	19,546,616
Real Estate		11.1			2,438,397
		100.0	%	$	21,985,013

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia	$	—		$	2,285,130		$	—	$	2,285,130
Cambodia		—			368,563			—		368,563
Canada		786,216			—			—		786,216
China / Hong Kong		598,288			4,305,115			—		4,903,403
Greece		—			326,969			—		326,969
Ireland		—			1,188,100			—		1,188,100
Japan		—			979,039			—		979,039
Malaysia		—			702,757			—		702,757
Malta		138,977			—			—		138,977
New Zealand		—			85,929			—		85,929
Singapore		—			596,030			—		596,030
South Korea		—			438,152			—		438,152
Sweden		—			667,717			—		667,717
United Kingdom		—			861,482			—		861,482
United States		7,656,549			—			—		7,656,549
Money Market Fund		122,572			—			—		122,572
Total	$	9,302,602		$	12,804,983		$	—	$	22,107,585

See Notes to Financial Statements

VANECK VECTORS PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.7%
Denmark: 5.4%
	160,671	Novo Nordisk A/S (ADR)	$	9,672,394
France: 4.6%
	186,896	Sanofi SA (ADR)		8,171,093
Ireland: 6.5%
	380,318	Amarin Corp. Plc (ADR) * †		1,521,272
	52,386	Jazz Pharmaceuticals Plc (USD) *		5,224,980
	100,984	Perrigo Co. Plc (USD)		4,856,320
				11,602,572
Israel: 4.6%
	929,094	Teva Pharmaceutical Industries Ltd. (ADR) *		8,343,264
Japan: 4.1%
	488,111	Takeda Pharmaceutical Co. Ltd. (ADR)		7,409,525
Switzerland: 5.2%
	113,237	Novartis AG (ADR)		9,336,391
United Kingdom: 11.6%
	208,642	AstraZeneca Plc (ADR)		9,317,952
	233,288	GlaxoSmithKline Plc (ADR) †		8,839,282
	29,220	GW Pharmaceuticals Plc (ADR) * †		2,558,795
				20,716,029

Number of Shares			Value

United States: 57.7%
	109,620	AbbVie, Inc.	$	8,351,948
	98,531	AmerisourceBergen Corp.		8,719,993
	341,830	Bausch Health Cos, Inc. *		5,298,365
	164,593	Bristol-Myers Squibb Co.		9,174,414
	100,058	Catalent, Inc. *		5,198,013
	281,340	Elanco Animal Health, Inc. *		6,299,203
	66,427	Eli Lilly & Co.		9,214,753
	70,570	Johnson & Johnson		9,253,844
	61,930	McKesson Corp.		8,376,652
	117,366	Merck & Co., Inc.		9,030,140
	432,326	Mylan NV *		6,445,981
	63,048	Patterson Companies, Inc. †		964,004
	289,127	Pfizer, Inc.		9,437,105
	64,259	Zoetis, Inc.		7,562,642
				103,327,057
Total Common Stocks (Cost: $239,061,726)				178,578,325
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $2,698,352)
Money Market Fund: 1.5%
	2,698,352	State Street Navigator Securities Lending Government Money Market Portfolio		2,698,352
Total Investments: 101.2% (Cost: $241,760,078)				181,276,677
Liabilities in excess of other assets: (1.2)%				(2,236,573	)
NET ASSETS: 100.0%			$	179,040,104

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $13,187,047.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		5.5	%	$	9,873,220
Health Care Distributors		10.1			18,060,649
Pharmaceuticals		84.4			150,644,456
		100.0	%	$	178,578,325

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	178,578,325		$	—		$	—	$	178,578,325
Money Market Fund		2,698,352			—			—		2,698,352
Total	$	181,276,677		$	—		$	—	$	181,276,677


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%
China / Hong Kong: 4.2%
	83,688	JD.com, Inc. (ADR) *	$	3,389,364
United States: 95.8%
	9,464	Amazon.com, Inc. *		18,452,150
	13,910	AmerisourceBergen Corp.		1,231,035
	2,126	AutoZone, Inc. *		1,798,596
	19,325	Best Buy Co., Inc.		1,101,525
	23,172	Cardinal Health, Inc.		1,110,866
	14,484	Costco Wholesale Corp.		4,129,823
	70,270	CVS Caremark Corp.		4,169,119
	21,730	Dollar General Corp.		3,281,447
	15,710	Dollar Tree, Inc. *		1,154,214
	12,436	Kohl’s Corp.		181,441
	19,664	L Brands, Inc. †		227,316
	39,106	Lowe’s Cos, Inc.		3,365,071
	23,443	Macy’s, Inc. †		115,105
	17,408	McKesson Corp.		2,354,606
	7,012	O’Reilly Automotive, Inc. *		2,110,963
	30,628	Ross Stores, Inc.		2,663,717
	47,619	Sysco Corp.		2,172,855
	36,725	Target Corp.		3,414,323
	29,648	The Gap, Inc. †		208,722
	42,947	The Home Depot, Inc.		8,018,634
	74,970	The Kroger Co.		2,258,097
	69,726	TJX Cos, Inc.		3,333,600
	68,255	Walgreens Boots Alliance, Inc.		3,122,666
	70,699	Walmart, Inc.		8,032,821
				78,008,712
Total Common Stocks (Cost: $93,158,976)				81,398,076

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $173,209)
Money Market Fund: 0.2%
	173,209	State Street Navigator Securities Lending Government Money Market Portfolio	$	173,209
Total Investments: 100.2% (Cost: $93,332,185)				81,571,285
Liabilities in excess of other assets: (0.2)%				(196,190	)
NET ASSETS: 100.0%			$	81,375,095

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $417,954.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		64.9	%	$	52,816,188
Consumer Staples		24.2			19,716,262
Health Care		10.9			8,865,626
		100.0	%	$	81,398,076

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	81,398,076		$	—		$	—	$	81,398,076
Money Market Fund		173,209			—			—		173,209
Total	$	81,571,285		$	—		$	—	$	81,571,285


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.9%
Netherlands: 9.0%
	341,675	ASML Holding NV (USD)	$	89,395,847
	795,405	NXP Semiconductor NV (USD)		65,962,937
				155,358,784
Switzerland: 2.5%
	2,065,981	STMicroelectronics NV (USD) †		44,150,014
Taiwan: 12.4%
	4,496,360	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		214,881,044
United States: 76.0%
	1,777,368	Advanced Micro Devices, Inc. *		80,834,697
	860,363	Analog Devices, Inc.		77,131,543
	1,547,453	Applied Materials, Inc.		70,904,296
	366,917	Broadcom, Inc.		86,996,021
	715,922	Cadence Design Systems, Inc. *		47,279,489
	3,527,282	Intel Corp.		190,896,502
	383,683	KLA-Tencor Corp.		55,150,594
	293,623	Lam Research Corp.		70,469,520
	1,182,796	Marvell Technology Group Ltd.		26,766,673
	659,283	Maxim Integrated Products, Inc.		32,047,747
	534,498	Microchip Technology, Inc. †		36,238,964
	1,857,871	Micron Technology, Inc. *		78,142,054
	504,734	NVIDIA Corp.		133,047,882
	976,412	ON Semiconductor Corp. *		12,146,565
	266,471	Qorvo, Inc. *		21,485,557
	1,209,484	Qualcomm, Inc.		81,821,593
	465,415	Skyworks Solutions, Inc.		41,598,793
	408,176	Teradyne, Inc.		22,110,894
	847,423	Texas Instruments, Inc.		84,682,980
	118,874	Universal Display Corp.		15,665,216
	689,575	Xilinx, Inc.		53,745,476
				1,319,163,056
Total Common Stocks (Cost: $2,086,147,511)				1,733,552,898

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7% (Cost: $29,169,812)
Money Market Fund: 1.7%
	29,169,812	State Street Navigator Securities Lending Government Money Market Portfolio	$	29,169,812
Total Investments: 101.6% (Cost: $2,115,317,323)				1,762,722,710
Liabilities in excess of other assets: (1.6)%				(27,224,869	)
NET ASSETS: 100.0%			$	1,735,497,841

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $59,635,815.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Application Software		2.7	%	$	47,279,489
Semiconductor Equipment		17.8			308,031,151
Semiconductors		79.5			1,378,242,258
		100.0	%	$	1,733,552,898

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	1,733,552,898		$	—		$	—	$	1,733,552,898
Money Market Fund		29,169,812			—			—		29,169,812
Total	$	1,762,722,710		$	—		$	—	$	1,762,722,710


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.9%
China / Hong Kong: 17.2%
	138,644	Bilibili, Inc. (ADR) * †	$	3,247,042
	657,000	Kingsoft Corp. Ltd. * #		2,112,381
	18,775	NetEase, Inc. (ADR)		6,026,024
	199,800	Tencent Holdings Ltd. #		9,877,990
				21,263,437
France: 4.3%
	73,851	Ubisoft Entertainment SA * #		5,370,194
Japan: 23.1%
	104,400	Bandai Namco Holdings, Inc. † #		5,043,566
	83,000	Capcom Co. Ltd. #		2,592,091
	90,500	Dena Co. Ltd. † #		987,336
	89,600	Konami Holdings Corp. † #		2,737,320
	353,700	Nexon Co. Ltd. #		5,756,733
	21,300	Nintendo Co. Ltd. #		8,245,345
	70,600	Square Enix Holdings Co. Ltd. #		3,141,539
				28,503,930
Poland: 4.5%
	80,722	CD Project SA #		5,536,747
Singapore: 4.1%
	114,035	Sea Ltd. (ADR) * †		5,052,891
South Korea: 7.1%
	9,811	NCSoft Corp. #		5,236,173
	30,862	Netmarble Corp. Reg S 144A * † #		2,351,070
	8,127	Pearl Abyss Corp. * #		1,185,562
				8,772,805

Number of Shares			Value

Sweden: 1.3%
	164,069	Embracer Group AB * #	$	1,608,224
Taiwan: 2.3%
	954,000	Micro-Star International Co. Ltd. #		2,788,344
United States: 36.0%
	133,316	Activision Blizzard, Inc.		7,929,636
	186,393	Advanced Micro Devices, Inc. *		8,477,154
	66,146	Electronic Arts, Inc. *		6,625,845
	39,499	NVIDIA Corp.		10,411,936
	45,996	Take-Two Interactive Software, Inc. *		5,455,585
	818,520	Zynga, Inc. *		5,606,862
				44,507,018
Total Common Stocks (Cost: $113,181,017)				123,403,590
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1% (Cost: $10,036,902)
Money Market Fund: 8.1%
	10,036,902	State Street Navigator Securities Lending Government Money Market Portfolio		10,036,902
Total Investments: 108.0% (Cost: $123,217,919)				133,440,492
Liabilities in excess of other assets: (8.0)%				(9,928,399	)
NET ASSETS: 100.0%			$	123,512,093

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $13,309,582.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $64,570,615 which represents 52.3% of net assets.
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 $2,351,070, or 1.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		76.6	%	$	94,570,209
Consumer Discretionary		4.1			5,043,566
Information Technology		19.3			23,789,815
		100.0	%	$	123,403,590

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks
China / Hong Kong	$	9,273,066	$	11,990,371		$	—	$	21,263,437
France		—		5,370,194			—		5,370,194
Japan		—		28,503,930			—		28,503,930
Poland		—		5,536,747			—		5,536,747
Singapore		5,052,891		—			—		5,052,891
South Korea		—		8,772,805			—		8,772,805
Sweden		—		1,608,224			—		1,608,224
Taiwan		—		2,788,344			—		2,788,344
United States		44,507,018		—			—		44,507,018
Money Market Fund		10,036,902		—			—		10,036,902
Total	$	68,869,877	$	64,570,615		$	—	$	133,440,492

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2020 (unaudited)

	Biotech ETF				Environmental Services ETF				Gaming ETF				Pharmaceutical ETF

Assets:
Investments, at value
Unaffiliated issuers (1)(2)		$	319,980,040			$	28,219,698			$	21,985,013			$	178,578,325
Short-term investments held as collateral for securities loaned (3)			5,861,761				709,976				122,572				2,698,352
Cash			—				335,352				—				23,236
Receivables:
Investment securities sold			—				3,607,027				—				—
Shares of beneficial interest sold			—				—				—				—
Dividends and interest			11,302				36,321				109,253				547,878
Prepaid expenses			3,478				484				479				1,981
Total assets			325,856,581				32,908,858				22,217,317				181,849,772

Liabilities:
Payables:
Investment securities purchased			—				5,133,321				—				—
Collateral for securities loaned			5,861,761				709,976				122,572				2,698,352
Shares of beneficial interest redeemed			—				—				—				—
Line of credit			500,678				—				—				—
Due to Adviser			82,443				4,036				471				42,867
Due to custodian			—				—				86,404				—
Deferred Trustee fees			20,867				2,148				1,570				11,610
Accrued expenses			98,030				27,432				35,605				56,839
Total liabilities			6,563,779				5,876,913				246,622				2,809,668
NET ASSETS		$	319,292,802			$	27,031,945			$	21,970,695			$	179,040,104
Shares outstanding			2,496,503				350,000				850,000				3,288,138
Net asset value, redemption and offering price per share		$	127.90			$	77.23			$	25.85			$	54.45

Net Assets consist of:
Aggregate paid in capital		$	403,765,070			$	41,239,122			$	43,266,585			$	281,338,180
Total distributable earnings (loss)			(84,472,268	)			(14,207,177	)			(21,295,890	)			(102,298,076	)
NET ASSETS		$	319,292,802			$	27,031,945			$	21,970,695			$	179,040,104
(1) Value of securities on loan		$	39,535,676			$	2,128,304			$	3,522,691			$	13,187,047
(2) Cost of investments		$	353,501,472			$	33,468,429			$	32,622,166			$	239,061,726
(3) Cost of short-term investments held as collateral for securities loaned		$	5,861,761			$	709,976			$	122,572			$	2,698,352

See Notes to Financial Statements

Retail ETF				Semiconductor ETF				Video Gaming and eSports ETF

	$	81,398,076			$	1,733,552,898			$	123,403,590
		173,209				29,169,812				10,036,902
		—				31,727				7,670

		—				163,943,883				—
		—				101,740,860				—
		71,493				2,514,038				310,083
		1,133				5,770				423
		81,643,911				2,030,958,988				133,758,668

		—				101,750,728				—
		173,209				29,169,812				10,036,902
		—				163,936,626				—
		—				—				160,502
		11,205				469,768				38,139
		51,716				—				—
		6,036				85,763				3,283
		26,650				48,450				7,749
		268,816				295,461,147				10,246,575
	$	81,375,095			$	1,735,497,841			$	123,512,093
		771,531				14,820,937				3,200,000
	$	105.47			$	117.10			$	38.60

	$	96,404,498			$	1,896,592,665			$	114,908,511
		(15,029,403	)			(161,094,824	)			8,603,582
	$	81,375,095			$	1,735,497,841			$	123,512,093
	$	417,954			$	59,635,815			$	13,309,582
	$	93,158,976			$	2,086,147,511			$	113,181,017
	$	173,209			$	29,169,812			$	10,036,902

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2020 (unaudited)

	Biotech ETF				Environmental Services ETF				Gaming ETF				Pharmaceutical ETF

Income:
Dividends		$	1,281,760			$	202,389			$	363,152			$	2,058,909
Interest			261				178				373				225
Securities lending income			12,433				17,378				1,514				11,335
Foreign taxes withheld			(13,813	)			(2,266	)			(6,158	)			(129,247	)
Total income			1,280,641				217,679				358,881				1,941,222

Expenses:
Management fees			608,723				89,818				60,856				307,035
Professional fees			15,856				20,957				19,816				16,278
Custodian fees			2,351				1,489				2,721				1,999
Fund accounting fees			9,498				4,577				5,375				5,608
Reports to shareholders			11,979				5,292				6,063				7,615
IOPV fees			1,814				—				2,916				1,952
Trustees’ fees and expenses			2,402				85				147				1,131
Registration fees			1,655				4,319				2,443				2,067
Transfer agent fees			869				1,185				1,170				936
Insurance			3,425				806				792				2,163
Interest			6,995				—				295				3,782
Other			1,621				409				3,228				972
Total expenses			667,188				128,937				105,822				351,538
Waiver of management fees			(52,125	)			(30,136	)			(26,408	)			(40,115	)
Net expenses			615,063				98,801				79,414				311,423
Net investment income			665,578				118,878				279,467				1,629,799

Net realized gain (loss) on:
Investments			(16,114,169	)			(3,305,076	)			(534,799	)			(6,529,144	)
In-kind redemptions			10,533,358				1,599,132				348,583				16,301,594
Foreign currency transactions and foreign denominated assets and liabilities			—				(35	)			(4,367	)			—
Net realized gain (loss)			(5,580,811	)			(1,705,979	)			(190,583	)			9,772,450

Net change in unrealized appreciation (depreciation) on:
Investments			33,177,804				(7,704,785	)			(5,671,153	)			(12,166,525	)
Foreign currency transactions and foreign denominated assets and liabilities			—				—				455				—
Net change in unrealized appreciation (depreciation)			33,177,804				(7,704,785	)			(5,670,698	)			(12,166,525	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	28,262,571			$	(9,291,886	)		$	(5,581,814	)		$	(764,276	)

See Notes to Financial Statements

Retail ETF				Semiconductor ETF				Video Gaming and eSports ETF

	$	660,174			$	14,919,177			$	440,307
		302				6,329				669
		327				109,185				10,066
		—				(986,027	)			(38,080	)
		660,803				14,048,664				412,962

		155,546				2,751,361				166,894
		19,993				19,314				18,598
		763				10,375				4,730
		5,443				31,800				2,994
		7,603				25,100				4,754
		2,420				1,685				1,970
		1,114				14,475				589
		2,423				2,507				4,192
		1,160				1,047				1,202
		1,674				5,415				790
		170				9,524				621
		514				5,542				239
		198,823				2,878,145				207,573
		(43,351	)			(129,917	)			(21,779	)
		155,472				2,748,228				185,794
		505,331				11,300,436				227,168

		(1,727,345	)			(26,460,576	)			(1,553,494	)
		3,383,953				237,752,614				—

		—				—				(24,017	)
		1,656,608				211,292,038				(1,577,511	)

		(6,977,833	)			(259,955,464	)			7,344,928

		—				—				(602	)
		(6,977,833	)			(259,955,464	)			7,344,326

	$	(4,815,894	)		$	(37,362,990	)		$	5,993,983

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF								Environmental Services ETF
	Six Months Ended March 31, 2020				Year Ended September 30, 2019				Six Months Ended March 31, 2020				Year Ended September 30, 2019
	(unaudited)								(unaudited)
Operations:
Net investment income		$	665,578			$	1,220,768			$	118,878			$	138,740
Net realized gain (loss)			(5,580,811	)			(5,451,394	)			(1,705,979	)			3,118,604
Net change in unrealized appreciation (depreciation)			33,177,804				(54,057,304	)			(7,704,785	)			(1,067,809	)
Net increase (decrease) in net assets resulting from operations			28,262,571				(58,287,930	)			(9,291,886	)			2,189,535

Distributions to shareholders:
Dividends and Distributions			(1,250,208	)			(1,899,023	)			(165,025	)			(95,100	)

Share transactions:**
Proceeds from sale of shares			26,902,143				45,900,271				5,324,969				29,326,383
Cost of shares redeemed			(52,920,791	)			(143,308,258	)			(5,324,703	)			(19,092,505	)
Increase (decrease) in net assets resulting from share transactions			(26,018,648	)			(97,407,987	)			266				10,233,878
Total increase (decrease) in net assets			993,715				(157,594,940	)			(9,456,645	)			12,328,313
Net Assets, beginning of period			318,299,087				475,894,027				36,488,590				24,160,277
Net Assets, end of period		$	319,292,802			$	318,299,087			$	27,031,945			$	36,488,590

** Shares of Common Stock Issued (no par value)
Shares sold			200,000				400,000				50,000				300,000
Shares redeemed			(400,000	)			(1,200,000	)			(50,000	)			(200,000	)
Net increase (decrease)			(200,000	)			(800,000	)			—				100,000

See Notes to Financial Statements

Gaming ETF								Pharmaceutical ETF								Retail ETF
Six Months Ended March 31, 2020				Year Ended September 30, 2019				Six Months Ended March 31, 2020				Year Ended September 30, 2019				Six Months Ended March 31, 2020				Year Ended September 30, 2019
(unaudited)								(unaudited)								(unaudited)

	$	279,467			$	769,118			$	1,629,799			$	3,577,677			$	505,331			$	1,128,265
		(190,583	)			(2,157,504	)			9,772,450				(36,404,108	)			1,656,608				2,451,083
		(5,670,698	)			285,460				(12,166,525	)			7,257,515				(6,977,833	)			(8,435,510	)
		(5,581,814	)			(1,102,926	)			(764,276	)			(25,568,916	)			(4,815,894	)			(4,856,162	)

		(800,020	)			(849,750	)			(1,269,120	)			(3,869,339	)			(950,056	)			(1,300,386	)

		6,662,304				3,636,558				297,514,573				147,451,491				51,036,813				52,873,806
		(2,108,887	)			(3,726,047	)			(258,101,498	)			(252,397,944	)			(35,051,855	)			(111,684,252	)
		4,553,417				(89,489	)			39,413,075				(104,946,453	)			15,984,958				(58,810,446	)
		(1,828,417	)			(2,042,165	)			37,379,679				(134,384,708	)			10,219,008				(64,966,994	)
		23,799,112				25,841,277				141,660,425				276,045,133				71,156,087				136,123,081
	$	21,970,695			$	23,799,112			$	179,040,104			$	141,660,425			$	81,375,095			$	71,156,087

		250,000				100,000				4,950,000				2,550,000				450,000				500,000
		(50,000	)			(100,000	)			(4,150,000	)			(4,350,000	)			(300,000	)			(1,100,000	)
		200,000				—				800,000				(1,800,000	)			150,000				(600,000	)

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Semiconductor ETF								Video Gaming and eSports ETF
	Six Months Ended March 31,				Year Ended September 30,				Six Months Ended March 31,				For the Period October 16, 2018* through September 30,
	2020				2019				2020				2019
	(unaudited)								(unaudited)

Operations:
Net investment income		$	11,300,436			$	17,752,181			$	227,168			$	64,985
Net realized gain (loss)			211,292,038				113,864,810				(1,577,511	)			(205,932	)
Net change in unrealized appreciation (depreciation)			(259,955,464	)			17,079,544				7,344,326				2,877,646
Net increase (decrease) in net assets resulting from operations			(37,362,990	)			148,696,535				5,993,983				2,736,699

Distributions to shareholders:
Dividends and Distributions			(19,250,342	)			(14,202,995	)			(125,100	)			(2,000	)

Share transactions**:
Proceeds from sale of shares			7,746,403,102				19,302,146,323				78,840,000				36,068,511
Cost of shares redeemed			(7,315,028,511	)			(19,291,227,031	)			—				—
Increase (decrease) in net assets resulting from share transactions			431,374,591				10,919,292				78,840,000				36,068,511
Total increase (decrease) in net assets			374,761,259				145,412,832				84,708,883				38,803,210
Net Assets, beginning of period			1,360,736,582				1,215,323,750				38,803,210				—
Net Assets, end of period		$	1,735,497,841			$	1,360,736,582			$	123,512,093			$	38,803,210

** Shares of Common Stock Issued (no par value)
Shares sold			59,300,000				188,800,000				2,050,000				1,150,000
Shares redeemed			(55,900,000	)			(188,800,000	)			—				—
Net increase (decrease)			3,400,000				—				2,050,000				1,150,000

*	Commencement of operations

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Biotech ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	118.04			$	136.11			$	134.17			$	115.25			$	114.45			$	105.84
Income from investment operations:
Net investment income			0.26	(a)		0.39		(a)		0.52		(a)		0.58		(a)			0.33			0.24
Net realized and unrealized gain (loss) on investments			10.07				(17.91	)			2.10	(f)			18.67				0.81				8.37
Total from investment operations			10.33				(17.52	)			2.62				19.25				1.14				8.61
Less:
Dividends from net investment income			(0.47	)			(0.55	)			(0.68	)			(0.33	)			(0.34	)		—
Net asset value, end of period		$	127.90			$	118.04			$	136.11			$	134.17			$	115.25			$	114.45
Total return (b)		8.72		%(c)		(12.84		)%		2.00		%		16.77		%		0.97		%		8.13		%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$319,293				$318,299				$475,894				$717,330				$598,914				$651,978
Ratio of gross expenses to average net assets		0.38		%(d)		0.40		%		0.40		%		0.39		%		0.40		%		0.40		%
Ratio of net expenses to average net assets		0.35		%(d)		0.35		%		0.35		%		0.35		%		0.35		%		0.35		%
Ratio of net 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		0.38		%(d)		0.31		%		0.41		%		0.48		%		0.29		%		0.18		%
Portfolio turnover rate (e)		20		%(c)		24		%		30		%		27		%		41		%		12		%
	Environmental Services ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	104.25			$	96.64			$	86.02			$	69.68			$	58.37			$	64.57
Income from investment operations:
Net investment income		0.34		(a)			0.46	(a)		0.42		(a)		0.66		(a)		0.63				0.73
Net realized and unrealized gain (loss) on investments			(26.89	)			7.47				10.98				16.21				11.36				(5.88	)
Total from investment operations			(26.55	)			7.93				11.40				16.87				11.99				(5.15	)
Less:
Dividends from net investment income			(0.47	)			(0.32	)			(0.78	)		(0.53		)			(0.68	)			(1.05	)
Net asset value, end of period		$	77.23			$	104.25			$	96.64			$	86.02			$	69.68			$	58.37
Total return (b)		(25.59		)%(c)		8.30		%		13.36		%		24.31		%		20.75		%		(8.18		)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$27,032				$36,489				$24,160				$17,204				$17,420				$14,593
Ratio of gross expenses to average net assets		0.72		%(d)		0.81		%		0.98		%		0.95		%		0.93		%		1.15		%
Ratio of net expenses to average net assets		0.55		%(d)		0.55		%		0.56		%		0.55		%		0.55		%		0.55		%
Ratio of net expenses to average net assets excluding interest expense		0.55		%(d)		0.55		%		0.55		%		0.55		%		0.55		%		0.55		%
Ratio of net investment income to average net assets		0.66		%(d)		0.47		%		0.47		%		0.86		%		1.00		%		1.15		%
Portfolio turnover rate (e)		16		%(c)		20		%		24		%		20		%		40		%		19		%

(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 the 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 amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Gaming ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	36.61			$	39.76			$	42.61			$	36.15			$	29.82			$	43.38
Income from investment operations:
Net investment income (a)		0.44					1.07				1.03				1.13				0.94				1.12
Net realized and unrealized gain (loss) on investments			(9.97	)			(3.09	)			(2.80	)			6.40				6.69				(12.80	)
Total from investment operations			(9.53	)			(2.02	)			(1.77	)			7.53				7.63				(11.68	)
Less:
Dividends from net investment income			(1.23	)			(1.13	)			(1.08	)			(1.07	)			(1.30	)			(1.88	)
Net asset value, end of period		$	25.85			$	36.61			$	39.76			$	42.61			$	36.15			$	29.82
Total return (b)		(27.33		)%(c)			(4.73	)%			(4.51	)%			21.58	%			26.23	%			(27.91	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$21,971				$23,799				$25,841				$23,436				$19,881				$23,859
Ratio of gross expenses to average net assets		0.87		%(d)		0.94		%		0.86		%		0.94		%		0.93		%		1.00		%
Ratio of net expenses to average net assets		0.65		%(d)		0.66		%		0.66		%		0.65		%		0.67		%		0.66		%
Ratio of net expenses to average net assets excluding interest expense		0.65		%(d)		0.65		%		0.65		%		0.65		%		0.65		%		0.65		%
Ratio of net investment income to average net assets		2.30		%(d)		2.92		%		2.24		%		2.97		%		2.88		%		2.92		%
Portfolio turnover rate (e)		7		%(c)		20		%		31		%		22		%		29		%		27		%
	Pharmaceutical ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	56.93			$	64.37			$	57.75			$	57.44			$	63.01			$	63.54
Income from investment operations:
Net investment income			0.57	(a)			1.04	(a)			1.01	(a)			1.18	(a)			1.24	(a)			1.31
Net realized and unrealized gain (loss) on investments			(2.59	)			(7.37	)			6.62				0.26				(5.41	)			(0.62	)
Total from investment operations			(2.02	)			(6.33	)			7.63				1.44				(4.17	)			0.69
Less:
Dividends from net investment income			(0.46	)			(1.11	)			(1.01	)			(1.13	)			(1.40	)			(1.22	)
Net asset value, end of period		$	54.45			$	56.93			$	64.37			$	57.75			$	57.44			$	63.01
Total return (b)			(3.60	)%(c)		(9.88		)%			13.42	%			2.59	%			(6.72	)%		0.96		%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$179,040				$141,660				$276,045				$285,190				$231,938				$314,297
Ratio of gross expenses to average net assets		0.40		%(d)		0.43		%		0.43		%		0.40		%		0.41		%		0.41		%
Ratio of net expenses to average net assets		0.35		%(d)		0.36		%		0.36		%		0.35		%		0.35		%		0.36		%
Ratio of net 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		1.85		%(d)		1.77		%		1.70		%		2.14		%		2.04		%		1.78		%
Portfolio turnover rate (e)		11		%(c)		21		%		18		%		40		%		25		%		12		%

(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 the 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:

	Retail ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	114.49			$	111.44			$	81.42			$	78.02			$	73.57			$	62.27
Income from investment operations:
Net investment income (a)			0.67				1.31				1.13				1.15				0.93				1.12
Net realized and unrealized gain (loss) on investments			(8.60	)			2.72				30.32				3.64				5.27				10.47
Total from investment operations			(7.93	)			4.03				31.45				4.79				6.20				11.59
Less:
Dividends from net investment income			(1.09	)			(0.98	)			(1.43	)			(1.39	)			(1.75	)			(0.29	)
Net asset value, end of period		$	105.47			$	114.49			$	111.44			$	81.42			$	78.02			$	73.57
Total return (b)			(7.04	)%(c)		3.82		%		39.01		%		6.25		%		8.42		%		18.63		%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$81,375				$71,156				$136,123				$58,746				$118,706				$203,909
Ratio of gross expenses to average net assets		0.45		%(d)		0.48		%		0.52		%		0.50		%		0.43		%		0.42		%
Ratio of net expenses to average net assets		0.35		%(d)		0.35		%		0.35		%		0.35		%		0.35		%		0.35		%
Ratio of net 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		1.14		%(d)		1.25		%		1.15		%		1.46		%		1.22		%		1.49		%
Portfolio turnover rate (e)		3		%(c)		9		%		16		%		17		%		9		%		5		%
	Semiconductor ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019				2018				2017				2016				2015
	(unaudited)
Net asset value, beginning of period		$	119.14			$	106.41			$	93.34			$	69.36			$	49.97			$	51.10
Income from investment operations:
Net investment income (a)			0.95			1.75				1.19				1.10				0.82				1.08
Net realized and unrealized gain (loss) on investments			(0.87	)		12.62				13.28				23.46				19.67				(1.58		)
Payment from Adviser			—				—				—				—				0.04	(f)			—
Total from investment operations			0.08			14.37					14.47				24.56				20.53				(0.50	)
Less:
Dividends from net investment income			(2.12	)			(1.64	)			(1.40	)			(0.58	)			(1.14	)			(0.63	)
Net asset value, end of period		$	117.10			$	119.14			$	106.41			$	93.34			$	69.36			$	49.97
Total return (b)			(0.24	)%(c)		14.09		%		15.61		%		35.63		%		41.73		%(f)		(1.09		)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$1,735,498				$1,360,737				$1,215,324				$800,053				$577,130				$190,923
Ratio of gross expenses to average net assets		0.37		%(d)		0.39		%		0.39		%		0.38		%		0.41		%		0.41		%
Ratio of net expenses to average net assets		0.35		%(d)		0.35		%		0.35		%		0.35		%		0.36		%		0.35		%
Ratio of net 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		1.44		%(d)		1.68		%		1.14		%		1.38		%		1.45		%		2.01		%
Portfolio turnover rate (e)		6		%(c)		19		%		23		%		22		%		53		%		18		%

(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 the 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)	For the year ended September 30, 2016, 0.06% of total return, representing $0.04 per share, consisted of a payment by the Adviser (See Note 3).

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Video Gaming and eSports ETF
	For the Six Months Ended March 31, 2020				For the Period October 16, 2018(f) through September 30, 2019
	(unaudited)
Net asset value, beginning of period		$	33.74			$	30.88
Income from investment operations:
Net investment income (a)			0.13				0.12
Net realized and unrealized gain on investments			4.81				2.75
Total from investment operations			4.94				2.87
Less:
Dividends from net investment income			(0.08	)			(0.01	)
Net asset value, end of period		$	38.60			$	33.74
Total return (b)			14.64	%(c)			9.31	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$123,512				$38,803
Ratio of gross expenses to average net assets			0.62	%(d)			0.99	%(d)
Ratio of net expenses to average net assets			0.55	%(d)			0.55	%(d)
Ratio of net expenses to average net assets excluding interest expense			0.55	%(d)			0.55	%(d)
Ratio of net investment income to average net assets			0.67	%(d)			0.38	%(d)
Portfolio turnover rate (e)			10	%(c)			27	%(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 the 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

NOTES TO FINANCIAL STATEMENTS

March 31, 2020 (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”).

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

Fund		Diversification Classification
Biotech ETF		Non-Diversified
Environmental Services ETF		Non-Diversified
Gaming ETF		Non-Diversified
Pharmaceutical ETF		Non-Diversified
Retail ETF		Non-Diversified
Semiconductor ETF		Non-Diversified
Video Gaming and eSports ETF		Non-Diversified

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

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

The following summarizes the Funds’ significant accounting policies.

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. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The 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 market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

	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 and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income on Pharmaceutical ETF, which are declared and paid quarterly). 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 Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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

F.	Offsetting Assets and Liabilities-In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for

	derivative instruments and securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral held in the form of money market fund investments, if any, at March 31, 2020 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

	The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of 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 Adviser has agreed, until at least February 1, 2021, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.

The management fee rates and expense limitations for the period ended March 31, 2020, are as follows:

	Management		Expense
Fund	Fees Rates		Limitations
Biotech ETF	0.35	%	0.35	%
Environmental Services ETF	0.50		0.55
Gaming ETF	0.50		0.65
Pharmaceutical ETF	0.35		0.35
Retail ETF	0.35		0.35
Semiconductor ETF	0.35		0.35
Video Gaming and eSports ETF	0.50		0.55

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

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.

During the year ended September 30, 2016, the Adviser voluntarily reimbursed the Semiconductor ETF $340,000 for transactional losses. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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.

For the period ended March 31, 2020, there were offsets to custodian fees under an expense offset agreement and these amounts are reflected in custody expense in the Statements of Operations.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 4—Capital Share Transactions—As of March 31, 2020, 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, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose 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 March 31, 2020, 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
Biotech ETF	$	66,746,289	$	69,589,567	$	26,901,812	$	49,974,543
Environmental Services ETF		6,790,482		5,609,916		5,322,689		5,389,101
Gaming ETF		1,590,927		1,849,782		6,254,124		1,967,706
Pharmaceutical ETF		19,393,104		18,993,177		259,191,496		219,816,149
Retail ETF		2,400,796		5,911,109		51,038,185		32,011,577
Semiconductor ETF		94,346,391		99,170,048		5,311,897,413		4,885,382,852
Video Gaming and eSports ETF		14,760,993		6,776,169		70,849,459		—

Note 6—Income Taxes—As of March 31, 2020, 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:

			Gross		Gross			Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Investments		Appreciation		Depreciation			(Depreciation)
Biotech ETF	$	359,686,628	$	19,805,649	$	(53,650,476	)	$	(33,844,827	)
Environmental Services ETF		34,185,656		636,287		(5,892,269	)		(5,255,982	)
Gaming ETF		33,331,275		458,653		(11,682,343	)		(11,223,690	)
Pharmaceutical ETF		241,762,517		1,051,951		(61,537,791	)		(60,485,840	)
Retail ETF		93,351,652		1,175,934		(12,956,301	)		(11,780,367	)
Semiconductor ETF		2,115,379,461		—		(352,656,751	)		(352,656,751	)
Video Gaming and eSports ETF		123,322,221		11,852,064		(1,733,793	)		10,118,271

The tax character of dividends paid to shareholders during the year ended September 30, 2019 was as follows:

	Ordinary
Fund	Income
Biotech ETF	$	1,899,023
Environmental Services ETF		95,100
Gaming ETF		849,750
Pharmaceutical ETF		3,869,339
Retail ETF		1,300,386
Semiconductor ETF		14,202,995
Video Gaming and eSports ETF		2,000

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

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

	Short-Term			Long-Term
	Capital Losses			Capital Losses
Fund	with No Expiration			with No Expiration			Total
Biotech ETF	$	—		$	(45,197,462	)	$	(45,197,462	)
Environmental Services ETF		(1,187,792	)		(6,133,075	)		(7,320,867	)
Gaming ETF		(3,789,765	)		(6,221,744	)		(10,011,509	)
Pharmaceutical ETF		(2,464,404	)		(50,163,476	)		(52,627,880	)
Retail ETF		(2,057,233	)		(2,928,589	)		(4,985,822	)
Semiconductor ETF		(14,622,887	)		(11,228,479	)		(25,851,366	)
Video Gaming and eSports ETF		(148,269	)		—			(148,269	)

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended March 31, 2020, the Funds did not incur any interest or penalties.

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse political and economic developments and local/regional conflicts or natural or other disasters, such as the recent coronavirus outbreak. These risks are heightened for investments in emerging market countries. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of comparable U.S. issuers.

A recent outbreak of respiratory disease caused by a novel coronavirus, which was first detected in China in December 2019, has subsequently spread internationally and has been declared a pandemic by the World Health Organization. The coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, the market and the Funds. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.

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.

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.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at March 31, 2020 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2020:

	Market Value
	of Securities		Cash		Non-Cash		Total
Fund	on Loan		Collateral		Collateral		Collateral
Biotech ETF	$	39,535,676	$	5,861,761	$	35,075,763	$	40,937,524
Environmental Services ETF		2,128,304		709,976		1,544,448		2,254,424
Gaming ETF		3,522,691		122,572		3,414,320		3,536,892
Pharmaceutical ETF		13,187,047		2,698,352		14,323,390		17,021,742
Retail ETF		417,954		173,209		276,456		449,665
Semiconductor ETF		59,635,815		29,169,812		32,295,155		61,464,967
Video Gaming and eSports ETF		13,309,582		10,036,902		3,792,769		13,829,671

The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2020:

	Gross Amount of Recognized
	Liabilities for Securities
	Loaned in the Statements
	of Assets and Liabilities*
Fund	Equity Securities
Biotech ETF	$	5,861,761
Environmental Services ETF		709,976
Gaming ETF		122,572
Pharmaceutical ETF		2,698,352
Retail ETF		173,209
Semiconductor ETF		29,169,812
Video Gaming and eSports ETF		10,036,902

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2020, the following Funds borrowed under this Facility:

	Days		Average Daily		Average
Fund	Outstanding		Loan Balance		Interest Rate
Biotech ETF		28	$	2,164,274		2.75	%
Environmental Services ETF		3		295,498		3.02
Gaming ETF		27		90,570		3.06
Pharmaceutical ETF		131		340,539		2.98
Retail ETF		27		76,301		2.96
Semiconductor ETF		77		1,536,018		2.97
Video Gaming and eSports ETF		30		329,523		2.41

Outstanding loan balances as of March 31, 2020, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Recent Accounting Pronouncements—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 the ASU 2018-13 had no material effect on 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 used to develop 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.

Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

VANECK VECTORS ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period December 1, 2018 to December 31, 2019 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

The Board reviewed a report prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. During the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

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 and summary prospectus, which includes more complete information. 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 Fund 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.

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	INDUSSAR

SEMI-ANNUAL REPORT

March 31, 2020

(unaudited)

VANECK VECTORS^®

Long/Flat Trend ETF	LFEQ^®

Morningstar Durable Dividend ETF	DURA^®

Morningstar Global Wide Moat ETF	GOAT^®

Morningstar International Moat ETF	MOTI^®

Morningstar Wide Moat ETF	MOAT^®

Real Asset Allocation ETF	RAAX^®


	800.826.2333	vaneck.com

President’s Letter	1
Explanation of Expenses	2
Schedule of Investments
Long/Flat Trend ETF	3
Morningstar Durable Dividend ETF	4
Morningstar Global Wide Moat ETF	6
Morningstar International Moat ETF	8
Morningstar Wide Moat ETF	11
Real Asset Allocation ETF (Consolidated Schedule of Investments)	13
Statements of Assets and Liabilities (Consolidated for Real Asset Allocation ETF)	16
Statements of Operations (Consolidated for Real Asset Allocation ETF)	18
Statements of Changes in Net Assets (Consolidated for Real Asset Allocation ETF)	20
Financial Highlights
Long/Flat Trend ETF	23
Morningstar Durable Dividend ETF	23
Morningstar Global Wide Moat ETF	24
Morningstar International Moat ETF	24
Morningstar Wide Moat ETF	25
Real Asset Allocation ETF (Consolidated Financial Highlights)	25
Notes to Financial Statements (Consolidated for Real Asset Allocation ETF)	26
Approval of Investment Management Agreement	33
Funds’ Liquidity Risk Management Program	34

VANECK VECTORS ETFs

PRESIDENT’S LETTER

March 31, 2020 (unaudited)

Dear Fellow Shareholders:

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

April 17, 2020

¹	VanEck: China’s Economic Growth, https://www.vaneck.com/blogs/investment-outlook/china-economic-growth

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2019 to March 31, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value October 1, 2019	Ending Account Value March 31, 2020		Annualized Expense Ratio During Period	Expenses Paid During the Period* October 1, 2019 – March 31, 2020
Long/Flat Trend ETF
Actual	$1,000.00	$	874.70	0.55%	$2.58
Hypothetical**	$1,000.00	$	1,022.25	0.55%	$2.78
Morningstar Durable Dividend ETF
Actual	$1,000.00	$	850.50	0.29%	$1.34
Hypothetical**	$1,000.00	$	1,023.55	0.29%	$1.47
Morningstar Global Wide Moat ETF
Actual	$1,000.00	$	883.30	0.52%	$2.45
Hypothetical**	$1,000.00	$	1,022.40	0.52%	$2.63
Morningstar International Moat ETF
Actual	$1,000.00	$	827.70	0.57%	$2.60
Hypothetical**	$1,000.00	$	1,022.15	0.57%	$2.88
Morningstar Wide Moat ETF
Actual	$1,000.00	$	885.90	0.47%	$2.22
Hypothetical**	$1,000.00	$	1,022.65	0.47%	$2.38
Real Asset Allocation ETF
Actual	$1,000.00	$	774.10	0.55%	$2.44
Hypothetical**	$1,000.00	$	1,022.25	0.55%	$2.78

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2020) 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

VANECK VECTORS LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

EXCHANGE TRADED FUND: 99.4% (a) (Cost: $47,612,352)
	177,446	Vanguard S&P 500 ETF †	$	42,022,762
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% (Cost: $296,300)
Money Market Fund: 0.7%
	296,300	State Street Navigator Securities Lending Government Money Market Portfolio		296,300
Total Investments: 100.1% (Cost: $47,908,652)				42,319,062
Liabilities in excess of other assets: (0.1)%				(37,702	)
NET ASSETS: 100.0%			$	42,281,360

Footnotes:

(a)	The underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov
†	Security fully or partially on loan. Total market value of securities on loan is $284,184.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Exchange Traded Fund			100.0	%		$	42,022,762

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Exchange Traded Fund	$	42,022,762		$	—		$	—	$	42,022,762
Money Market Fund		296,300			—			—		296,300
Total	$	42,319,062		$	—		$	—	$	42,319,062

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.5%
Banks: 11.8%
	619	Cullen/Frost Bankers, Inc. †	$	34,534
	13,070	JPMorgan Chase & Co.		1,176,692
	13,405	US Bancorp		461,802
	38,593	Wells Fargo & Co.		1,107,619
				2,780,647
Capital Goods: 8.0%
	4,892	3M Co.		667,807
	3,009	Eaton Corp. Plc		233,769
	5,006	Emerson Electric Co.		238,536
	338	Hubbell, Inc.		38,782
	349	Lincoln Electric Holdings, Inc.		24,081
	1,385	Lockheed Martin Corp.		469,446
	526	MSC Industrial Direct Co.		28,914
	626	Rockwell Automation, Inc.		94,470
	371	Snap-on, Inc.		40,372
	198	WW Grainger, Inc.		49,203
				1,885,380
Consumer Services: 3.1%
	417	Dunkin’ Brands Group, Inc.		22,143
	4,167	McDonald’s Corp.		689,013
	598	Wyndham Hotels & Resorts, Inc.		18,843
				729,999
Diversified Financials: 2.8%
	781	BlackRock, Inc.		343,617
	132	Cohen & Steers, Inc.		5,999
	1,074	Eaton Vance Corp.		34,636
	379	Evercore, Inc.		17,457
	1,021	Federated Investors, Inc.		19,450
	3,373	Franklin Resources, Inc.		56,295
	2,900	Janus Henderson Group Plc		44,428
	1,458	T. Rowe Price Group, Inc.		142,374
				664,256
Energy: 7.1%
	15,067	Chevron Corp.		1,091,755
	27,200	Kinder Morgan, Inc.		378,624
	8,957	ONEOK, Inc.		195,352
				1,665,731
Food, Beverage & Tobacco: 20.0%
	30,744	Altria Group, Inc.		1,188,870
	4,846	General Mills, Inc.		255,723
	8,808	PepsiCo, Inc.		1,057,841
	15,616	Philip Morris International, Inc.		1,139,343
	23,839	The Coca-Cola Co.		1,054,876
				4,696,653
Insurance: 0.7%
	1,604	Travelers Cos, Inc.		159,357
Materials: 0.3%
	1,994	CF Industries Holdings, Inc.		54,237
	1,023	Valvoline, Inc.		13,391
				67,628

Number of Shares			Value

Pharmaceuticals / Biotechnology: 17.4%
	3,851	Amgen, Inc.	$	780,713
	15,050	Bristol-Myers Squibb Co.		838,887
	15,694	Merck & Co., Inc.		1,207,496
	38,815	Pfizer, Inc.		1,266,922
				4,094,018
Semiconductor: 7.1%
	3,908	Broadcom, Inc.		926,587
	2,247	Maxim Integrated Products, Inc.		109,227
	6,349	Texas Instruments, Inc.		634,456
				1,670,270
Software & Services: 0.9%
	2,288	Paychex, Inc.		143,961
	3,336	The Western Union Co.		60,482
				204,443
Technology Hardware & Equipment: 0.5%
	1,823	TE Connectivity Ltd.		114,813
Telecommunication Services: 9.7%
	36,596	AT&T, Inc.		1,066,773
	22,851	Verizon Communications, Inc.		1,227,784
				2,294,557
Transportation: 2.7%
	918	CH Robinson Worldwide, Inc.		60,772
	4,017	Union Pacific Corp.		566,558
				627,330
Utilities: 7.4%
	7,094	CenterPoint Energy, Inc.		109,602
	8,321	Dominion Energy, Inc.		600,693
	1,538	DTE Energy Co.		146,064
	6,519	Duke Energy Corp.		527,257
	7,764	Exelon Corp.		285,793
	754	New Jersey Resources Corp.		25,613
	1,915	OGE Energy Corp.		58,848
				1,753,870
Total Common Stocks (Cost: $26,098,487)				23,408,952
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $33,813)
Money Market Fund: 0.1%
	33,813	State Street Navigator Securities Lending Government Money Market Portfolio		33,813
Total Investments: 99.6% (Cost: $26,132,300)				23,442,765
Other assets less liabilities: 0.4%				92,300
NET ASSETS: 100.0%			$	23,535,065

See Notes to Financial Statements

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $32,805.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		9.8	%	$	2,294,557
Consumer Discretionary		3.1			729,999
Consumer Staples		20.1			4,696,653
Energy		7.1			1,665,731
Financials		15.4			3,604,260
Health Care		17.5			4,094,018
Industrials		10.7			2,512,710
Information Technology		8.5			1,989,526
Materials		0.3			67,628
Utilities		7.5			1,753,870
		100.0	%	$	23,408,952

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	23,408,952		$	—		$	—	$	23,408,952
Money Market Fund		33,813			—			—		33,813
Total	$	23,442,765		$	—		$	—	$	23,442,765

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.3%
Australia: 1.9%
	9,731	Brambles Ltd. #	$	62,587
	1,419	Commonwealth Bank of Australia #		53,273
				115,860
Canada: 4.9%
	304	Canadian Pacific Railway Ltd.		66,327
	1,958	Enbridge, Inc.		56,373
	2,027	Royal Bank of Canada		124,139
	1,380	Toronto-Dominion Bank		58,008
				304,847
China / Hong Kong: 6.6%
	699	Alibaba Group Holding Ltd. (ADR) *		135,942
	2,900	Tencent Holdings Ltd. #		143,374
	3,193	Yum China Holdings, Inc. (USD)		136,118
				415,434
Denmark: 1.2%
	1,308	Novo Nordisk AS #		77,745
France: 5.3%
	538	Airbus SE #		34,514
	541	Essilor International SA #		56,985
	572	Safran SA #		50,418
	1,473	Sanofi SA #		126,872
	716	Schneider Electric SE #		60,208
				328,997
Germany: 2.6%
	954	Bayer AG #		54,383
	5,158	GEA Group AG #		106,007
				160,390
Ireland: 2.0%
	1,403	Medtronic Plc (USD)		126,523
Japan: 5.3%
	1,800	Kao Corp. #		146,059
	5,300	Nabtesco Corp. #		120,753
	2,400	Yaskawa Electric Corp. #		64,998
				331,810
Mexico: 0.6%
	4,135	Grupo Aeroportuario del Sureste, SAB de CV		39,370
Switzerland: 4.9%
	1,003	Cie Financiere Richemont SA #		53,334
	3,254	Julius Baer Group Ltd. #		108,432
	445	Roche Holding AG #		142,428
				304,194
United Kingdom: 7.0%
	3,539	British American Tobacco Plc #		120,348
	6,537	GlaxoSmithKline Plc #		122,449
	926	Reckitt Benckiser Group Plc #		70,416
	1,306	Unilever NV (EUR) #		63,863
	1,265	Unilever Plc #		63,684
				440,760

Number of Shares			Value

United States: 58.0%
	113	Alphabet, Inc. *	$	131,300
	43	Amazon.com, Inc. *		83,838
	696	American Express Co.		59,585
	654	Amgen, Inc.		132,585
	2,226	Bank of America Corp.		47,258
	341	Berkshire Hathaway, Inc. *		62,345
	154	BlackRock, Inc.		67,755
	1,206	Bristol-Myers Squibb Co.		67,222
	535	Caterpillar, Inc.		62,081
	971	Cerner Corp.		61,163
	2,930	Compass Minerals International, Inc.		112,717
	428	Constellation Brands, Inc.		61,358
	957	Dominion Energy, Inc.		69,086
	2,285	Emerson Electric Co.		108,880
	566	Equifax, Inc.		67,609
	769	Facebook, Inc. *		128,269
	1,538	Guidewire Software, Inc. *		121,979
	2,609	Intel Corp.		141,199
	484	Kansas City Southern		61,555
	2,186	Kellogg Co.		131,138
	449	KLA-Tencor Corp.		64,539
	353	McDonald’s Corp.		58,369
	1,682	Merck & Co., Inc.		129,413
	904	Microchip Technology, Inc. †		61,291
	929	Microsoft Corp.		146,513
	1,576	NIKE, Inc.		130,398
	512	PepsiCo, Inc.		61,491
	831	Philip Morris International, Inc.		60,630
	423	Raytheon Co.		55,476
	903	Salesforce.com, Inc. *		130,014
	513	ServiceNow, Inc. *		147,016
	972	Starbucks Corp.		63,899
	629	T. Rowe Price Group, Inc.		61,422
	1,166	The Walt Disney Co.		112,636
	5,799	The Western Union Co.		105,136
	258	Tyler Technologies, Inc. *		76,512
	1,172	United Technologies Corp.		110,555
	993	Veeva Systems, Inc. *		155,275
	1,126	Zimmer Biomet Holdings, Inc.		113,816
				3,623,323
Total Common Stocks: 100.3% (Cost: $6,601,777)				6,269,253
Liabilities in excess of other assets: (0.3)%				(20,365)
NET ASSETS: 100.0%			$	6,248,888

See Notes to Financial Statements

Definitions:

ADR	American Depositary Receipt
EUR	Euro
USD	United States Dollar

Footnotes:

*	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 $1,903,130 which represents 30.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Communication Services		8.2	%	$	515,579
Consumer Discretionary		11.5			718,883
Consumer Staples		12.4			778,987
Energy		0.9			56,373
Financials		10.2			642,217
Health Care		20.9			1,309,874
Industrials		17.1			1,071,338
Information Technology		15.9			994,199
Materials		1.8			112,717
Utilities		1.1			69,086
		100.0	%	$	6,269,253

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia	$	—		$	115,860		$	—	$	115,860
Canada		304,847			—			—		304,847
China / Hong Kong		272,060			143,374			—		415,434
Denmark		—			77,745			—		77,745
France		—			328,997			—		328,997
Germany		—			160,390			—		160,390
Ireland		126,523			—			—		126,523
Japan		—			331,810			—		331,810
Mexico		39,370			—			—		39,370
Switzerland		—			304,194			—		304,194
United Kingdom		—			440,760			—		440,760
United States		3,623,323			—			—		3,623,323
Total	$	4,366,123		$	1,903,130		$	—	$	6,269,253

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.4%
Australia: 1.9%
	108,214	Crown Resorts Ltd. † #	$	499,702
	296,447	Telstra Corp. Ltd. #		553,716
				1,053,418
Belgium: 1.5%
	8,750	Anheuser-Busch InBev SA/NV #		384,506
	9,739	KBC Group NV #		439,645
				824,151
Canada: 1.9%
	8,949	Canadian Imperial Bank of Commerce †		515,557
	19,269	Enbridge, Inc.		554,778
				1,070,335
China / Hong Kong: 26.1%
	538,500	3SBio, Inc. Reg S 144A * #		554,112
	1,550,000	Agricultural Bank of China Ltd. #		619,008
	3,348,000	Bank of China Ltd. #		1,274,766
	199,500	BOC Hong Kong Holdings Ltd. #		547,762
	861,000	China Construction Bank Corp. #		700,028
	195,800	China Gas Holdings Ltd. #		677,224
	326,000	CSPC Pharmaceutical Group Ltd. #		641,424
	1,879,000	Industrial & Commercial Bank of China Ltd. #		1,282,119
	292,800	Sands China Ltd. #		1,065,487
	362,600	Shanghai Pharmaceuticals Holding Co. Ltd. #		611,980
	1,268,000	SJM Holdings Ltd. #		1,058,314
	95,500	Sun Hung Kai Properties Ltd. #		1,248,868
	15,500	Tencent Holdings Ltd. #		766,311
	45,585	Trip.com Group Ltd. (USD) *		1,068,968
	128,000	Wharf Real Estate Investment Co. Ltd. † #		522,228
	653,600	Wynn Macau Ltd. #		980,444
	15,790	Yum China Holdings, Inc. (USD)		673,128
				14,292,171
France: 6.8%
	21,484	Accor SA #		574,233
	6,606	Airbus SE #		423,785
	103,542	Orange SA #		1,247,209
	5,501	Safran SA #		484,876
	21,866	Scor SE #		478,615
	7,768	Sodexo SA #		518,989
				3,727,707
Germany: 11.4%
	19,490	Bayer AG #		1,111,027
	8,942	Bayerische Motoren Werke AG #		454,144
	29,277	Fresenius SE & Co. KGaA #		1,084,477
	50,123	GEA Group AG #		1,030,124
	10,332	HeidelbergCement AG #		439,153
	35,364	Infineon Technologies AG #		507,891
	23,566	KION Group AG #		1,009,036
	7,102	Siemens AG #		591,640
				6,227,492
Italy: 2.8%
	140,811	Leonardo SpA #		926,156
	1,483,108	Telecom Italia SpA * † #		597,249
				1,523,405

Number of Shares			Value

Japan: 13.8%
	17,900	Asahi Group Holdings Ltd. #	$	578,420
	25,000	Calbee, Inc. #		671,984
	34,300	Denso Corp. #		1,091,672
	64,400	Japan Tobacco, Inc. #		1,186,442
	12,600	Murata Manufacturing Co. Ltd. #		623,910
	26,600	Nabtesco Corp. #		606,044
	21,200	Nidec Corp. † #		1,088,180
	37,000	Takeda Pharmaceutical Co. Ltd. #		1,122,092
	22,800	Yaskawa Electric Corp. #		617,477
				7,586,221
Mexico: 1.0%
	883,100	America Movil SAB de CV		528,898
Netherlands: 1.4%
	61,223	ING Groep NV #		312,106
	25,970	Royal Dutch Shell Plc (GBP) #		450,413
				762,519
Singapore: 4.0%
	537,300	CapitaLand Ltd. #		1,074,820
	186,662	Oversea-Chinese Banking Corp. Ltd. #		1,128,986
				2,203,806
Spain: 3.1%
	126,447	Banco Bilbao Vizcaya Argentaria SA #		389,544
	32,799	Gas Natural SDG SA #		572,472
	21,471	Grifols SA #		714,684
				1,676,700
Sweden: 2.0%
	73,882	Elekta AB #		601,392
	45,357	Swedbank AB #		499,488
				1,100,880
Switzerland: 12.1%
	64,353	ABB Ltd. #		1,112,684
	10,290	Cie Financiere Richemont SA #		547,169
	123,121	Credit Suisse Group AG #		988,566
	31,628	Julius Baer Group Ltd. #		1,053,928
	28,875	LafargeHolcim Ltd. #		1,048,250
	2,316	Roche Holding AG #		741,265
	2,776	The Swatch Group AG #		542,357
	65,802	UBS Group AG #		600,000
				6,634,219
United Kingdom: 10.6%
	120,975	BP Plc #		495,253
	34,431	British American Tobacco Plc #		1,170,871
	102,055	HSBC Holdings Plc #		571,921
	916,736	Lloyds Banking Group Plc #		357,779
	77,146	Smiths Group Plc #		1,161,130
	811,142	Vodafone Group Plc #		1,120,227
	133,651	WPP Plc #		907,111
				5,784,292
Total Common Stocks (Cost: $65,743,293)				54,996,214

See Notes to Financial Statements

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% (Cost: $292,469)
Money Market Fund: 0.5%
	292,469	State Street Navigator Securities Lending Government Money Market Portfolio	$	292,469
Total Investments: 100.9% (Cost: $66,035,762)				55,288,683
Liabilities in excess of other assets: (0.9)%				(495,723	)
NET ASSETS: 100.0%			$	54,792,960

Definitions:

GBP	British Pound
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $785,056.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $51,654,885 which represents 94.3% of net assets.
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 $554,112, or 1.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		10.4	%	$	5,720,721
Consumer Discretionary		16.5			9,074,607
Consumer Staples		7.3			3,992,223
Energy		2.7			1,500,444
Financials		21.4			11,759,818
Health Care		13.1			7,182,453
Industrials		16.4			9,051,132
Information Technology		2.0			1,131,801
Materials		2.7			1,487,403
Real Estate		5.2			2,845,916
Utilities		2.3			1,249,696
		100.0	%	$	54,996,214

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia	$	—		$	1,053,418		$	—	$	1,053,418
Belgium		—			824,151			—		824,151
Canada		1,070,335			—			—		1,070,335
China / Hong Kong		1,742,096			12,550,075			—		14,292,171
France		—			3,727,707			—		3,727,707
Germany		—			6,227,492			—		6,227,492
Italy		—			1,523,405			—		1,523,405
Japan		—			7,586,221			—		7,586,221
Mexico		528,898			—			—		528,898
Netherlands		—			762,519			—		762,519
Singapore		—			2,203,806			—		2,203,806
Spain		—			1,676,700			—		1,676,700
Sweden		—			1,100,880			—		1,100,880
Switzerland		—			6,634,219			—		6,634,219
United Kingdom		—			5,784,292			—		5,784,292
Money Market Fund		292,469			—			—		292,469
Total	$	3,633,798		$	51,654,885		$	—	$	55,288,683

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%
Banks: 4.5%
	1,478,449	Bank of America Corp.	$	31,387,472
	925,624	US Bancorp		31,887,747
	1,819,667	Wells Fargo & Co.		52,224,443
				115,499,662
Capital Goods: 11.6%
	177,272	Boeing Co.		26,438,346
	608,668	Caterpillar, Inc.		70,629,835
	1,164,021	Emerson Electric Co.		55,465,601
	451,536	General Dynamics Corp.		59,742,728
	195,604	Raytheon Co.		25,653,465
	597,568	United Technologies Corp.		56,368,589
				294,298,564
Consumer Durables & Apparel: 4.2%
	803,698	NIKE, Inc.		66,497,973
	870,634	Polaris Industries, Inc.		41,921,027
				108,419,000
Diversified Financials: 11.5%
	351,392	American Express Co.		30,082,669
	349,317	Berkshire Hathaway, Inc. *		63,865,627
	159,819	BlackRock, Inc.		70,315,565
	618,494	State Street Corp.		32,947,175
	335,676	T. Rowe Price Group, Inc.		32,778,761
	1,845,807	The Charles Schwab Corp.		62,056,031
				292,045,828
Energy: 3.6%
	1,485,137	Cheniere Energy, Inc. *		49,752,089
	4,054,906	Core Laboratories NV ‡ †		41,927,728
				91,679,817
Food, Beverage & Tobacco: 8.9%
	1,611,664	Altria Group, Inc.		62,323,047
	216,138	Constellation Brands, Inc.		30,985,544
	1,114,846	Kellogg Co.		66,879,612
	898,732	Philip Morris International, Inc.		65,571,487
				225,759,690
Health Care Equipment & Services: 7.9%
	715,269	Medtronic Plc		64,502,958
	507,010	Veeva Systems, Inc. *		79,281,154
	573,832	Zimmer Biomet Holdings, Inc.		58,002,939
				201,787,051
Materials: 4.8%
	1,493,670	Compass Minerals International, Inc. †		57,461,485
	2,755,963	Corteva, Inc.		64,765,130
				122,226,615
Media & Entertainment: 5.2%
	900,216	Comcast Corp.		30,949,426
	392,121	Facebook, Inc. *		65,405,783
	936,998	John Wiley & Sons, Inc.		35,128,055
				131,483,264

Number of Shares			Value

Pharmaceuticals / Biotechnology: 12.7%
	246,670	Biogen, Inc. *	$	78,041,455
	619,126	Bristol-Myers Squibb Co.		34,510,083
	1,019,806	Gilead Sciences, Inc.		76,240,697
	857,807	Merck & Co., Inc.		65,999,671
	2,096,587	Pfizer, Inc.		68,432,600
				323,224,506
Retailing: 3.1%
	40,785	Amazon.com, Inc. *		79,519,330
Semiconductor: 7.6%
	666,231	Applied Materials, Inc.		30,526,704
	1,330,899	Intel Corp.		72,028,254
	231,276	KLA-Tencor Corp.		33,243,612
	864,749	Microchip Technology, Inc. †		58,629,982
				194,428,552
Software & Services: 11.7%
	1,058,572	Blackbaud, Inc.		58,803,675
	783,847	Guidewire Software, Inc. * †		62,166,906
	218,168	Microsoft Corp.		34,407,275
	460,952	Salesforce.com, Inc. *		66,367,869
	261,861	ServiceNow, Inc. *		75,044,125
				296,789,850
Transportation: 1.3%
	567,070	CSX Corp.		32,493,111
Utilities: 1.4%
	491,729	Dominion Energy, Inc.		35,497,916
Total Common Stocks (Cost: $2,892,735,318)				2,545,152,756
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% (Cost: $94,234)
Money Market Fund: 0.0%
	94,234	State Street Navigator Securities Lending Government Money Market Portfolio		94,234
Total Investments: 100.0% (Cost: $2,892,829,552)				2,545,246,990
Liabilities in excess of other assets: (0.0)%				(359,596	)
NET ASSETS: 100.0%			$	2,544,887,394

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

‡	Affiliated issuer-as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $75,283,106.

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2020 is set forth below:

Affiliates		Value 09/30/19					Purchases				Sales Proceeds				Realized Gain (Loss)				Dividend Income				Net Change in Unrealized Appreciation (Depreciation)					Value 03/31/20
Core Laboratories NV			$	—	(a)		$	49,123,530			$	(3,547,608	)		$	(3,828,414	)		$	1,104,058				$	(55,992,125	)		$	41,927,728

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

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		5.2	%	$	131,483,264
Consumer Discretionary		7.4			187,938,330
Consumer Staples		8.9			225,759,690
Energy		3.6			91,679,817
Financials		16.0			407,545,490
Health Care		20.6			525,011,557
Industrials		12.8			326,791,675
Information Technology		19.3			491,218,402
Materials		4.8			122,226,615
Utilities		1.4			35,497,916
		100.0	%	$	2,545,152,756

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	2,545,152,756		$	—		$	—	$	2,545,152,756
Money Market Fund		94,234			—			—		94,234
Total	$	2,545,246,990		$	—		$	—	$	2,545,246,990

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VECTORS REAL ASSET ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

Number of Shares			Value

EXCHANGE TRADED FUNDS: 47.5% (a)
	6,205	Energy Select Sector SPDR Fund †	$	180,317
	26,479	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF †		312,982
	15,270	iShares Global Infrastructure ETF †		521,471
	161,074	iShares Gold Trust *		2,427,385
	11,840	iShares MSCI Global Metals & Mining Producers ETF †		228,512
	154,225	SPDR Gold MiniShares Trust *		2,424,417
	4,784	VanEck Vectors Agribusiness ETF ‡ †		245,754
	27,525	VanEck Vectors Coal ETF ‡ †		173,132
	23,846	VanEck Vectors Energy Income ETF ‡		216,572
	33,582	VanEck Vectors Gold Miners ETF ‡		773,729
	4,533	VanEck Vectors Low Carbon Energy ETF * ‡ †		273,044
	31,356	VanEck Vectors Oil Services ETF ‡ †		126,051
	9,516	VanEck Vectors Steel ETF ‡		208,210
	35,026	VanEck Vectors Unconventional Oil & Gas ETF ‡		144,657
	18,181	Vanguard Real Estate ETF		1,269,943
Total Exchange Traded Funds (Cost: $10,534,210)				9,526,176

Principal Amount			Value

SHORT-TERM INVESTMENTS: 24.9%
United States Treasury Obligations: 24.9% (Cost: $4,999,616)
$	5,000,000	United States Treasury Bill, 1.57% 06/25/20	$	4,999,082
Total Investments Before Collateral for Securities Loaned: 72.4% (Cost: $15,533,826)				14,525,258

Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.1% (Cost: $2,024,849)
Money Market Fund: 10.1%
	2,024,849	State Street Navigator Securities Lending Government Money Market Portfolio		2,024,849
Total Investments: 82.5% (Cost: $17,558,675)				16,550,107
Other assets less liabilities: 17.5%				3,501,749
NET ASSETS: 100.0%			$	20,051,856

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.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,399,536.

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2020 is set forth below:

Affiliates	Value 09/30/19		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)				Value 03/31/20
VanEck Vectors Agribusiness ETF	$	629,819	$	2,192,333	$	(2,294,252	)	$	(225,663	)	$	28,789		$	(56,483	)	$	245,754
VanEck Vectors Coal ETF		438,018		2,910,372		(2,653,781	)		(550,653	)		103,333			29,176			173,132
VanEck Vectors Energy Income ETF		—		1,746,145		(632,723	)		(676,325	)		27,137			(220,525	)		216,572
VanEck Vectors Gold Miners ETF		623,358		4,383,515		(3,611,688	)		(483,285	)		9,748			(138,171	)		773,729
VanEck Vectors Low Carbon Energy ETF		—		1,299,446		(822,759	)		(161,190	)		—			(42,453	)		273,044
VanEck Vectors Oil Services ETF		645,333		1,694,650		(1,358,670	)		(709,630	)		25,910			(145,632	)		126,051
VanEck Vectors Steel ETF		658,101		1,395,200		(1,267,838	)		(472,879	)		—			(104,374	)		208,210
VanEck Vectors Unconventional Oil & Gas ETF		459,934		1,654,980		(1,187,411	)		(635,548	)		21,437			(147,298	)		144,657
	$	3,454,563	$	17,276,641	$	(13,829,122	)	$	(3,915,173	)	$	216,354		$	(825,760	)	$	2,161,149

See Notes to Financial Statements

VANECK VECTORS REAL ASSET ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Agribusiness		1.7	%	$	245,754
Coal		1.2			173,132
Diversified Commodities Futures		2.2			312,982
Energy		2.7			396,889
Global Metals and Mining		1.6			228,512
Gold Bullion		33.4			4,851,802
Gold Mining		5.3			773,729
Government		34.4			4,999,082
Low Carbon Energy		1.9			273,044
Oil Services		0.9			126,051
Steel		1.4			208,210
Unconventional Oil & Gas		1.0			144,657
US Real Estate Investment Trusts		8.7			1,269,943
Utilities		3.6			521,471
		100.0	%	$	14,525,258

The summary of inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Exchange Traded Funds	$	9,526,176		$	—		$	—	$	9,526,176
Money Market Fund		2,024,849			—			—		2,024,849
United States Treasury Obligations		—			4,999,082			—		4,999,082
Total	$	11,551,025		$	4,999,082		$	—	$	16,550,107

See Notes to Financial Statements

[This Page Intentionally Left Blank.]

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2020 (unaudited)

	Long/Flat Trend ETF			Morningstar Durable Dividend ETF				Morningstar Global Wide Moat ETF				Morningstar International Moat ETF

Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	42,022,762			$	23,408,952			$	6,269,253			$	54,996,214
Affiliated issuers (3)		—				—				—				—
Short-term investments held as collateral for securities loaned (4)		296,300				33,813				—				292,469
Cash		291,182				85,569				—				—
Cash denominated in foreign currency, at value (5)		—				—				2,423				596,985
Receivables:
Investment securities sold		1,226,470				—				2,398				—
Shares of beneficial interest sold		—				—				—				—
Due from Adviser		—				3,567				6,451				—
Dividends and interest		1,664				47,015				11,420				271,519
Prepaid expenses		974				391				381				1,085
Total assets		43,839,352				23,579,307				6,292,326				56,158,272

Liabilities:
Payables:
Investment securities purchased		—				—				2,406				—
Collateral for securities loaned		296,300				33,813				—				292,469
Line of credit		—				—				—				1,031,411
Shares of beneficial interest redeemed		1,226,154				—				—				—
Due to Adviser		18,461				—				—				15,866
Due to custodian		—				—				31,227				—
Deferred Trustee fees		3,984				1,285				443				4,053
Accrued expenses		13,093				9,144				9,362				21,513
Total liabilities		1,557,992				44,242				43,438				1,365,312
NET ASSETS	$	42,281,360			$	23,535,065			$	6,248,888			$	54,792,960
Shares outstanding		1,750,000				1,000,000				250,000				2,250,000
Net asset value, redemption and offering price per share	$	24.16			$	23.54			$	25.00			$	24.35

Net Assets consist of:
Aggregate paid in capital	$	52,317,920			$	28,069,813			$	6,722,853			$	75,565,601
Total distributable earnings (loss)		(10,036,560	)			(4,534,748	)			(473,965	)			(20,772,641	)
NET ASSETS	$	42,281,360			$	23,535,065			$	6,248,888			$	54,792,960
(1) Value of securities on loan	$	284,184			$	32,805			$	—			$	785,056
(2) Cost of investments—Unaffiliated issuers	$	47,612,352			$	26,098,487			$	6,601,777			$	65,743,293
(3) Cost of investments—Affiliated issuers	$	—			$	—			$	—			$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	296,300			$	33,813			$	—			$	292,469
(5) Cost of cash denominated in foreign currency	$	—			$	—			$	2,435			$	596,134

(a) Represents consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements

Morningstar Wide Moat ETF				Real Asset Allocation ETF (a)

	$	2,503,225,028			$	12,364,109
		41,927,728				2,161,149
		94,234				2,024,849
		4,597				80,969
		—				—

		—				11,410,826
		11,045,998				—
		—				—
		4,967,024				3,170
		66,785				458
		2,561,331,394				28,045,530

		11,042,709				4,999,616
		94,234				2,024,849
		4,066,208				—
		—				953,702
		1,010,460				2,326
		—				—
		190,032				1,705
		40,357				11,476
		16,444,000				7,993,674
	$	2,544,887,394			$	20,051,856
		58,050,000				1,050,000
	$	43.84			$	19.10

	$	3,015,724,294			$	29,436,374
		(470,836,900	)			(9,384,518	)
	$	2,544,887,394			$	20,051,856
	$	75,283,106			$	3,399,536
	$	2,788,468,213			$	12,309,245
	$	104,267,105			$	3,224,581
	$	94,234			$	2,024,849
	$	—			$	—

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2020 (unaudited)

	Long/Flat Trend ETF			Morningstar Durable Dividend ETF				Morningstar Global Wide Moat ETF				Morningstar International Moat ETF

Income:
Dividends—unaffiliated issuers	$	681,265			$	374,342			$	72,674			$	877,546
Dividends—affiliated issuers		—				—				—				—
Interest		456				37				106				702
Securities lending income		1,664				12				105				15,246
Foreign taxes withheld		—				—				(3,014	)			(81,031	)
Total income		683,385				374,391				69,871				812,463

Expenses:
Management fees		169,719				30,317				15,543				186,705
Professional fees		20,416				19,571				19,508				21,607
Custodian fees		599				2,274				2,319				5,900
Fund accounting fees		5,526				2,436				2,735				8,520
Reports to shareholders		6,720				3,694				3,620				7,259
IOPV fees		2,213				1,970				1,970				2,562
Trustees’ fees and expenses		810				175				170				272
Registration fees		3,011				3,484				3,065				2,595
Transfer agent fees		1,221				1,228				1,228				1,228
Insurance		1,655				770				760				1,740
Interest		34				37				79				2,443
Other		693				435				682				725
Total expenses		212,617				66,391				51,679				241,556
Waiver of management fees		(25,983	)			(30,317	)			(15,543	)			(30,088	)
Expenses assumed by the Adviser		—				(5,675	)			(18,073	)			—
Net expenses		186,634				30,399				18,063				211,468
Net investment income		496,751				343,992				51,808				600,995

Net realized gain (loss) on:
Investments—unaffiliated issuers		—				(2,380,103	)			(157,934	)			(5,985,382	)
Investments—affiliated issuers		—				—				—				—
In-kind redemptions—unaffiliated issuers		(1,710,788	)			344,322				—				695,427
In-kind redemptions—affiliated issuers		—				—				—				—
Foreign currency transactions and foreign denominated assets and liabilities		—				—				(1,398	)			(17,849	)
Net realized loss		(1,710,788	)			(2,035,781	)			(159,332	)			(5,307,804	)

Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated issuers		(10,081,489	)			(2,759,606	)			(774,568	)			(6,674,923	)
Investments—affiliated issuers		—				—				—				—
Foreign currency transactions and foreign denominated assets and liabilities		—				—				(107	)			5,045
Net change in unrealized appreciation (depreciation)		(10,081,489	)			(2,759,606	)			(774,675	)			(6,669,878	)
Net Decrease in Net Assets Resulting from Operations	$	(11,295,526	)		$	(4,451,395	)		$	(882,199	)		$	(11,376,687	)

(a)	Represents Consolidated Statement of Operations

See Notes to Financial Statements

Morningstar Wide Moat ETF				Real Asset Allocation ETF (a)

	$	33,799,474			$	286,960
		1,104,058				197,597
		20,572				28,250
		36,343				28,761
		(165,609	)			—
		34,794,838				541,568

		6,834,392				73,916
		22,919				22,406
		14,616				1,736
		69,181				3,179
		52,614				7,271
		2,562				2,097
		10,757				242
		29,252				6,444
		1,228				2,458
		12,460				814
		20,381				—
		11,921				490
		7,082,283				121,053
		—				(39,622	)
		—				—
		7,082,283				81,431
		27,712,555				460,137

		(37,811,698	)			(994,115	)
		(809,356	)			(2,945,456	)
		108,957,250				(1,792,708	)
		(3,019,058	)			(964,197	)

		—				—
		67,317,138				(6,696,476	)

		(411,706,814	)			(958,848	)
		(55,992,125	)			(812,523	)

		—				—
		(467,698,939	)			(1,771,371	)
	$	(372,669,246	)		$	(8,007,710	)

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long/Flat Trend ETF								Morningstar Durable Dividend ETF
	Six Months Ended March 31, 2020				Year Ended September 30, 2019				Six Months Ended March 31, 2020				For the Period October 30, 2018* through September 30, 2019
	(unaudited)								(unaudited)
Operations:
Net investment income		$	496,751			$	869,293			$	343,992			$	251,795
Net realized gain (loss)			(1,710,788	)			(1,822,896	)			(2,035,781	)			712,818
Net change in unrealized appreciation (depreciation)			(10,081,489	)			2,238,147				(2,759,606	)			70,071
Net increase (decrease) in net assets resulting from operations			(11,295,526	)			1,284,544				(4,451,395	)			1,034,684

Distributions to shareholders:
Dividends and Distributions			(1,000,040	)			(550,200	)			(421,910	)			(130,030	)

Share transactions:**
Proceeds from sale of shares			18,877,077				23,560,640				13,031,128				21,719,158
Cost of shares redeemed			(30,150,710	)			(10,687,796	)			(2,977,818	)			(4,268,752	)
Increase (decrease) in net assets resulting from share transactions			(11,273,633	)			12,872,844				10,053,310				17,450,406
Total increase (decrease) in net assets			(23,569,199	)			13,607,188				5,180,005				18,355,060
Net Assets, beginning of period			65,850,559				52,243,371				18,355,060				—
Net Assets, end of period		$	42,281,360			$	65,850,559			$	23,535,065			$	18,355,060

** Shares of Common Stock Issued (no par value)
Shares sold			650,000				900,000				450,000				800,001
Shares redeemed			(1,250,000	)			(400,000	)			(100,000	)			(150,001	)
Net increase (decrease)			(600,000	)			500,000				350,000				650,000

*	Commencement of operations

See Notes to Financial Statements

Morningstar Global Wide Moat ETF								Morningstar International Moat ETF								Morningstar Wide Moat ETF
Six Months Ended March 31, 2020				For the Period October 30, 2018* through September 30, 2019				Six Months Ended March 31, 2020				Year Ended September 30, 2019				Six Months Ended March 31, 2020				Year Ended September 30, 2019
(unaudited)								(unaudited)								(unaudited)

	$	51,808			$	70,454			$	600,995			$	2,724,202			$	27,712,555			$	38,743,341
		(159,332	)			87,961				(5,307,804	)			(4,499,913	)			67,317,138				155,959,301
		(774,675	)			442,069				(6,669,878	)			(3,098,724	)			(467,698,939	)			7,136,244
		(882,199	)			600,484				(11,376,687	)			(4,874,435	)			(372,669,246	)			201,838,886

		(181,250	)			(11,000	)			(2,750,000	)			(2,801,050	)			(43,002,000	)			(29,003,400	)

		1,519,146				5,203,707				7,963,936				21,706,439				1,185,441,668				1,740,552,075
		—				—				(21,594,511	)			(20,939,444	)			(711,258,095	)			(997,112,445	)

		1,519,146				5,203,707				(13,630,575	)			766,995				474,183,573				743,439,630
		455,697				5,793,191				(27,757,262	)			(6,908,490	)			58,512,327				916,275,116
		5,793,191				—				82,550,222				89,458,712				2,486,375,067				1,570,099,951
	$	6,248,888			$	5,793,191			$	54,792,960			$	82,550,222			$	2,544,887,394			$	2,486,375,067

		50,000				200,000				250,000				700,000				22,200,000				36,700,000
		—				—				(700,000	)			(700,000	)			(13,750,000	)			(20,700,000	)
		50,000				200,000				(450,000	)			—				8,450,000				16,000,000

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Real Asset Allocation ETF(a)
	Six Months Ended March 31, 2020				Year Ended September 30, 2019
	(unaudited)
Operations:
Net investment income		$	460,137			$	274,945
Net realized loss			(6,696,476	)			(851,309	)
Net change in unrealized appreciation (depreciation)			(1,771,371	)			704,784
Net increase (decrease) in net assets resulting from operations			(8,007,710	)			128,420

Distributions to shareholders:
Dividends and Distributions			(700,005	)			(83,400	)

Share transactions:**
Proceeds from sale of shares			7,647,599				30,284,674
Cost of shares redeemed			(9,192,728	)			(15,258,996	)
Increase (decrease) in net assets resulting from share transactions			(1,545,129	)			15,025,678
Total increase (decrease) in net assets			(10,252,844	)			15,070,698
Net Assets, beginning of period			30,304,700				15,234,002
Net Assets, end of period		$	20,051,856			$	30,304,700

** Shares of Common Stock Issued (no par value)
Shares sold			300,000				1,200,000
Shares redeemed			(450,000	)			(600,000	)
Net increase (decrease)			(150,000	)			600,000

*	Commencement of operations
(a)	Represents Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long/Flat Trend ETF
	For the Six Months Ended March 31, 2020				For the Year Ended September 30, 2019				For the Period October 4, 2017(a) through September 30, 2018
	(unaudited)
Net asset value, beginning of period		$	28.02			$	28.24			$	25.03
Income from investment operations:
Net investment income (b)			0.21				0.39				0.42
Net realized and unrealized gain (loss) on investments			(3.64	)			(0.35	)			2.89
Total from investment operations			(3.43	)			0.04				3.31
Less:
Dividends from net investment income			(0.43	)			(0.26	)			(0.10	)
Net asset value, end of period		$	24.16			$	28.02			$	28.24
Total return (c)		(12.53		)%(d)			0.29	%			13.25	%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$42,281				$65,851				$52,243
Ratio of gross expenses to average net assets (f)			0.63	%(e)			0.69	%			0.86	%(e)
Ratio of net expenses to average net assets (f)			0.55	%(e)			0.57	%			0.56	%(e)
Ratio of net expenses to average net assets excluding interest expense (f)			0.55	%(e)			0.55	%			0.55	%(e)
Ratio of net investment income to average net assets (f)			1.46	%(e)			1.47	%			1.58	%(e)
Portfolio turnover rate (g)			0	%(d)			59	%			28	%(d)


	Morningstar Durable Dividend ETF
	For the Six Months Ended March 31, 2020				For the Period October 30, 2018(a) through September 30, 2019
	(unaudited)
Net asset value, beginning of period		$	28.24			$	25.36
Income from investment operations:
Net investment income (b)			0.46				0.75
Net realized and unrealized gain (loss) on investments			(4.57	)			2.62
Total from investment operations			(4.11	)			3.37
Less:
Dividends from net investment income			(0.39	)			(0.49	)
Distributions from net realized capital gains			(0.20	)			—
Total dividends and distributions			(0.59	)			(0.49	)
Net asset value, end of period		$	23.54			$	28.24
Total return (c)		(14.95		)%(d)			13.41	%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$23,535				$18,355
Ratio of gross expenses to average net assets			0.63	%(e)			1.14	%(e)
Ratio of net expenses to average net assets			0.29	%(e)			0.29	%(e)
Ratio of net expenses to average net assets excluding interest expense			0.29	%(e)			0.29	%(e)
Ratio of net investment income to average net assets			3.29	%(e)			3.00	%(e)
Portfolio turnover rate (g)			33	%(d)			94	%(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Global Wide Moat ETF
	For the Six Months Ended March 31, 2020				For the Period October 30, 2018(a) through September 30, 2019
	(unaudited)
Net asset value, beginning of period		$	28.97			$	25.30
Income from investment operations:
Net investment income (b)			0.22				0.47
Net realized and unrealized gain (loss) on investments			(3.46	)			3.31
Total from investment operations			(3.24	)			3.78
Less:
Dividends from net investment income			(0.34	)			(0.11	)
Distributions from net realized capital gains			(0.39	)			—
Total dividends and distributions			(0.73	)			(0.11	)
Net asset value, end of period		$	25.00			$	28.97
Total return (c)		(11.67		)%(d)			15.01	%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	6,249			$	5,793
Ratio of gross expenses to average net assets			1.49	%(e)			2.50	%(e)
Ratio of net expenses to average net assets			0.52	%(e)			0.56	%(e)
Ratio of net expenses to average net assets excluding interest expense			0.52	%(e)			0.52	%(e)
Ratio of net investment income to average net assets			1.50	%(e)			1.86	%(e)
Portfolio turnover rate (f)			29	%(d)			71	%(d)

	Morningstar International Moat ETF
	For the Six Months Ended March 31,						For the Year Ended September 30,											For the Period July 13, 2015(a) through September 30,
	2020						2019			2018			2017			2016		2015
	(unaudited)
Net asset value, beginning of period		$	30.57				$33.13			$35.49			$28.34			$26.48			$	30.17
Income from investment operations:
Net investment income			0.25	(b)			1.00	(b)		0.91	(b)		0.93	(b)		0.76				0.18
Net realized and unrealized gain (loss) on investments			(5.22	)			(2.50	)		(1.27	)		6.59			1.33				(3.87	)
Total from investment operations			(4.97	)			(1.50	)		(0.36	)		7.52			2.09				(3.69	)
Less:
Dividends from net investment income			(1.25	)			(1.06	)		(0.98	)		(0.37	)		(0.23	)			—
Distributions from net realized capital gains			—				—			(1.02	)		—			—				—
Total dividends and distributions			(1.25	)			(1.06	)		(2.00	)		(0.37	)		(0.23	)			—
Net asset value, end of period		$	24.35				$30.57			$33.13			$35.49			$28.34			$	26.48
Total return (c)		(17.23		)%(d)		(4.25		)%		(1.14	)%		26.91	%		7.91	%		(12.23		)%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$54,793				$82,550				$89,459			$81,631			$12,755			$10,591
Ratio of gross expenses to average net assets			0.65	%(e)			0.69	%		0.72	%		0.84	%		1.62	%			2.49	%(e)
Ratio of net expenses to average net assets			0.57	%(e)			0.57	%		0.57	%		0.56	%		0.56	%			0.56	%(e)
Ratio of net expenses to average net assets excluding interest expense			0.56	%(e)			0.56	%		0.56	%		0.56	%		0.56	%			0.56	%(e)
Ratio of net investment income to average net assets			1.61	%(e)			3.26	%		2.67	%		2.92	%		2.99	%			3.27	%(e)
Portfolio turnover rate (f)			47	%(d)			85	%		112	%		129	%		168	%			54	%(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.

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Morningstar Wide Moat ETF
	For the Six Months Ended March 31,				For the Year Ended September 30,
	2020				2019			2018			2017			2016			2015
	(unaudited)
Net asset value, beginning of period		$50.13			$46.73			$40.33			$34.01			$27.96			$31.27
Income from investment operations:
Net investment income		0.48	(b)		0.89	(b)		0.73	(b)		0.53	(b)		0.48			0.57
Net realized and unrealized gain (loss) on investments		(6.05	)		3.25			6.13			6.20			6.19			(3.46	)
Total from investment operations		(5.57	)		4.14			6.86			6.73			6.67			(2.89	)
Less:
Dividends from net investment income		(0.72	)		(0.74	)		(0.46	)		(0.41	)		(0.62	)		(0.42	)
Net asset value, end of period		$43.84			$50.13			$46.73			$40.33			$34.01			$27.96
Total return (c)		(11.41	)%(d)		9.21	%		17.11	%		19.96	%		24.23	%		(9.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$2,544,887			$2,486,375			$1,570,100			$1,286,451			$753,358			$742,364
Ratio of gross expenses to average net assets		0.47	%(e)		0.48	%		0.49	%		0.48	%		0.50	%		0.50	%
Ratio of net expenses to average net assets		0.47	%(e)		0.48	%		0.49	%		0.48	%		0.49	%		0.49	%
Ratio of net expenses to average net assets excluding interest expense		0.47	%(e)		0.48	%		0.49	%		0.48	%		0.49	%		0.49	%
Ratio of net investment income to average net assets		1.83	%(e)		1.90	%		1.69	%		1.42	%		1.44	%		1.88	%
Portfolio turnover rate (g)		21	%(d)		58	%		56	%		53	%		178	%		14	%

	Real Asset Allocation ETF (h)
	For the Six Months Ended March 31, 2020				For the Year Ended September 30, 2019				For the Period April 9, 2018(a) through September 30, 2018
	(unaudited)
Net asset value, beginning of period		$	25.25			$	25.39			$	25.18
Income from investment operations:
Net investment income (b)			0.38				0.31				0.10
Net realized and unrealized gain (loss) on investments			(5.92	)			(0.31	)			0.11
Total from investment operations			(5.54	)			0.00				0.21
Less:
Dividends from net investment income			(0.61	)			(0.14	)			—
Net asset value, end of period		$	19.10			$	25.25			$	25.39
Total return (c)	(22.59			)%(d)			0.02	%			0.83	%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$20,052				$30,305				$15,234
Ratio of gross expenses to average net assets (f)			0.82	%(e)			0.93	%			1.57	%(e)
Ratio of net expenses to average net assets (f)			0.55	%(e)			0.55	%			0.55	%(e)
Ratio of net expenses to average net assets excluding interest expense (f)			0.55	%(e)			0.55	%			0.55	%(e)
Ratio of net investment income to average net assets (f)			3.11	%(e)			1.23	%			0.78	%(e)
Portfolio turnover rate (g)			112	%(d)			449	%			130	%(d)

(a)	Commencement of operations
(f)	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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(h)	Represents Consolidated Financial Highlights

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2020 (unaudited)

Each Fund, except for Real Asset Allocation ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Real Asset Allocation ETF seeks to achieve its investment objective by investing primarily in exchange traded products (the “ETPs”) that provide exposure to real assets, which include commodities, real estate, natural resources, and infrastructure, using a proprietary, rules-based real asset allocation model.

Fund		Diversification Classification
Long/Flat Trend ETF*		Non-Diversified
Morningstar Durable Dividend ETF		Non-Diversified
Morningstar Global Wide Moat ETF		Non-Diversified
Morningstar International Moat ETF		Diversified
Morningstar Wide Moat ETF		Diversified
Real Asset Allocation ETF		Non-Diversified

*	Formerly known as NDR CMG Long/Flat Allocation ETF

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

The following summarizes the Funds’ significant accounting policies.

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. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. 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 (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (“VEAC”) and Van Eck Absolute Return Advisers Corporation (“VEARA”) (VEAC and VEARA, collectively referred to as the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value,

	including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

D.	Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income from Morningstar Durable Dividend ETF, which are declared and paid quarterly). 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.

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

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

G.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral held in the form of money market fund investments, if any, at March 31, 2020 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

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

	The character of distributions received from 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—VEAC is the investment adviser to the Long/Flat Trend ETF, Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF and Morningstar Wide Moat ETF. VEARA is the investment adviser to the Real Asset Allocation ETF and its Subsidiary. VEARA is a wholly-owned subsidiary of VEAC. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2021, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the following table.

The current management fee rate and expense limitations for the period ended March 31, 2020, are as follows:

Fund	Management Fees			Expense Limitation
Long/Flat Trend ETF		0.50	%		0.55	%
Morningstar Durable Dividend ETF		0.29			0.29
Morningstar Global Wide Moat ETF		0.45			0.52
Morningstar International Moat ETF		0.50			0.56
Morningstar Wide Moat ETF		0.45			0.49
Real Asset Allocation ETF		0.50			0.55

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

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.

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the period ended March 31, 2020, the Adviser waived management fees of $18,239 due to such investments held in the Real Asset Allocation ETF.

At March 31, 2020, the Adviser owned approximately 15% of Morningstar Global Wide Moat ETF.

For the period ended March 31, 2020, there were offsets to custodian fees under an expense offset agreement and these amounts are reflected in custody expense in the Statements of Operations.

					In-kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Long/Flat Trend ETF	$	—	$	—	$	18,877,017	$	30,900,057
Morningstar Durable Dividend ETF		6,855,055		6,726,526		13,028,723		3,193,917
Morningstar Global Wide Moat ETF		1,907,800		2,003,655		1,508,393		—
Morningstar International Moat ETF		35,043,356		37,565,054		7,840,962		20,991,448
Morningstar Wide Moat ETF		615,926,541		625,351,432		1,128,397,161		659,222,395
Real Asset Allocation ETF		28,460,753		31,265,553		10,882,545		6,693,639

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Long/Flat Trend ETF	$	47,908,652	$	—	$	(5,589,590	)	$	(5,589,590	)
Morningstar Durable Dividend ETF		26,122,026		685,289		(3,364,550	)		(2,679,261	)
Morningstar Global Wide Moat ETF		6,603,535		279,728		(614,010	)		(334,282	)
Morningstar International Moat ETF		66,041,497		1,314,858		(12,067,672	)		(10,752,814	)
Morningstar Wide Moat ETF		2,893,229,906		87,329,202		(435,312,118	)		(347,982,916	)
Real Asset Allocation ETF		17,689,642		1,043,104		(2,182,639	)		(1,139,535	)

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The tax character of dividends paid to shareholders during the year ended September 30, 2019 was as follows:

Fund	Ordinary Income*
Long/Flat Trend ETF	$	550,200
Morningstar Durable Dividend ETF		130,030
Morningstar Global Wide Moat ETF		11,000
Morningstar International Moat ETF		2,801,050
Morningstar Wide Moat ETF		29,003,400
Real Asset Allocation ETF		83,400


*	Includes short-term capital gains (if any).

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

At September 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
Long/Flat Trend ETF	$	(2,821,262	)	$	(84,444	)	$	(2,905,706	)
Morningstar International Moat ETF		(3,020,555	)		(1,928,413	)		(4,948,968	)
Morningstar Wide Moat ETF		(127,351,331	)		(76,887,791	)		(204,239,122	)
Real Asset Allocation ETF		(1,591,002	)		—			(1,591,002	)

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

Real Asset Allocation ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

The coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, the market and the Funds. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value 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 interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at March 31, 2020 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of March 31, 2020:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Long/Flat Trend ETF	$	284,184	$	296,300	$	—	$	296,300
Morningstar Durable Dividend ETF		32,805		33,813		—		33,813
Morningstar International Moat ETF		785,056		292,469		561,584		854,053
Morningstar Wide Moat ETF		75,283,106		94,234		78,637,886		78,732,121
Real Asset Allocation ETF		3,399,536		2,024,849		1,447,398		3,472,247

The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2020:

	Gross Amount of Recognized Liabilities for Securities Loaned in the Statements of Assets and Liabilities*
Fund	Equity Securities
Long/Flat Trend ETF		$	296,300
Morningstar Durable Dividend ETF			33,813
Morningstar International Moat ETF			292,469
Morningstar Wide Moat ETF			94,234
Real Asset Allocation ETF			2,024,849


*	Remaining contractual maturity: overnight and continuous

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Days Outstanding	Average Daily Loan Balance		Average Interest Rate
Morningstar International Moat ETF	97	$	339,598		2.92	%
Morningstar Wide Moat ETF	66		4,008,702		2.95
Real Asset Allocation ETF	17		506,439		2.96

Outstanding loan balances as of March 31, 2020, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Recent Accounting Pronouncements—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 the ASU 2018-13 had no material effect on 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 used to develop 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.

Note 12—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

(unaudited)

At a meeting held on February 26, 2020 (the “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”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Innovation ETF (the “Fund”).

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

In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide 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 agreed upon limits for a period of at least one year following the effective date of the registration statement.

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

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

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

VANECK VECTORS ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

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	STRATSAR

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 MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9.

PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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(a) 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

DateJune 8, 2020

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

DateJune 8, 2020

By (Signature and Title)

/s/ John J. Crimmins, Treasurer & Chief Financial Officer

DateJune 8, 2020

VanEck Semiconductor ETF (SMH) N-CSRSCertified semi-annual shareholder report (management investment company)